Notes to the Consolidated Financial Statements for the year ended 30 June 2025 30 Icon Energy Annual Report 2025 ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2025 NOTE 4 - KEY MANAGEMENT PERSONNEL REMUNERATION (Continued) - Debt Conversion and Share Placement: - 50,000,000 shares issued on conversion of a $300,000 loan (Stage 1); - 50,000,000 shares issued for cash subscription of $300,000 (Stage 2). - Loans: Loan 1 – Interest-Free Director Loan Loan 2 – Convertible Loan (Stage 3 Loan) The loan is unsecured and interest-free, with repayment to occur by either: - the issue of shares (Stage 3 Shares) subject to shareholder approval, or - cash repayment by 31 December 2025, to the extent that the loan is not converted. As the loan remains repayable within 12 months, it is classified as a current liability at 30 June 2025. Consolidated Entity Note 30 June 2025 30 June 2024 $ $ 271,929 - 9,881 - 8 281,810 - 445,389 393,458 less: loan re-assessment (54,149) (1,570) Interest expense (included in finance cost) 56,520 53,501 Balance at the end of the year 8 447,760 445,389 45 45 431,368 448,702 431,413 448,747 Cash on hand Cash at bank Movement in Loans from Directors and Related Parties CONSOLIDATED ENTITY Current Balance at beginning of the year Loans advanced Interest expense (included in finance cost) Balance at end of the year NOTE 5 - CASH AND CASH EQUIVALENTS Balance at beginning of the year During the year ended 30 June 2025, the Company issued a total of 100,000,000 fully paid ordinary shares to Paradise Marine Pty Ltd as Trustee for the James Superannuation Fund, an entity associated with Mr Raymond James, under the Debt Conversion and Conditional Placement Agreement announced on 11 October 2024. The share issues were as follows: Both tranches were issued at $0.006 per share and were approved by shareholders at the Annual General Meeting held on 29 November 2024. Refer to note 10 for further information on the equity transactions. Non-Current On 13 March 2023, Mr Raymond James, a Director of the Company, provided an unsecured, interest-free loan of $520,000 to the Company under a formal loan agreement. The loan has a contractual term of 2.5 years, with a maturity date of 13 September 2025. In accordance with AASB 9 Financial Instruments, the loan was initially recognised at fair value, being the present value of future cash flows discounted using a standard business unsecured bank rate. The difference between fair value at initial recognition and the associated transaction cost is recognised as contributed equity in the Consolidated Statement of Financial Position. The loan is subsequently measured at amortised cost with the increase in the carrying amount of the loan due to the passage of time is recognised as finance cost in profit or loss. During the financial year, Mr James confirmed that he will not call upon repayment of the loan on its due date unless and until the Company has sufficient funds to do so. This agreement forms part of the loan terms as at reporting date and reflects the Director’s continued financial support of the Company. The loan remains classified as a non-current liability at 30 June 2025. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS On 31 March 2025, under a variation to the Debt Conversion and Conditional Placement Agreement dated 11 October 2024, Paradise Marine Pty Ltd as Trustee for the James Superannuation Fund, an entity associated with Mr Raymond James, advanced $300,000 to the Company as a Stage 3 Loan.
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