ABUNDANT PRODUCE PTY LIMITED ABN 49 148 987 811 FINANCIAL REPORT (UNAUDITED) FOR THE YEAR ENDED 30 JUNE 2015 CONTENTS Page No. Directors' Report 2 Statement of Comprehensive income 3 Statement of Financial Position 4 Directors' Declaration 6 1
DIRECTORS' REPORT The Directors present their report of Abundant Produce Pty Limited (the Company). The following persons held office as Directors at any time during or since the end of the financial year. Current directors: The name and details of the Company s Directors in office during the financial year and until the date of this report as follows. Anthony Crimmins Executive Chairman and Chief Executive Officer Anthony (Tony) Crimmins has been actively involved in the business development of numerous start up companies currently listed on the Australian Securities Exchange, including BluGlass Limited and Jatenergy Limited. He was fundamental in identifying projects and businesses that could be successfully listed, particularly in breakthrough businesses. Tony worked for six years as an environmental engineer and business development manager in Asia, and has a high level of fluency in Mandarin and an understanding of Asian business practices. He has previously worked as a general and project manager, and in commercialisation of technology based products and services. Tony is currently the executive chairman of Jatenergy Limited. Company Secretary Mr Graeme Hogan is Company Secretary. Principal activity Abundant Produce is a private Australian company incorporated in January 2011 and based in Sydney. The company specialises in the acquisition, development and commercialisation of new varieties of high value food crops, particularly greenhouse vegetables such as cucumbers and tomatoes that can be grown under non ideal conditions. Result For Year For the year ended 30 June 2015, the net result of the Company after applicable income tax for was a profit of $566,518 (30 June 2014: profit of $27,266). Dividends No dividends were declared for the year ended 30 June 2015 (30 June 2014:$ NIL). Insurance of Directors and officers The Company does not hold an insurance policy to insure the Directors and officers of the Company against all liabilities to other persons that may arise from their position. Options There were no options outstanding at the date of this report. There were no options granted which expired during or since the end of the financial year. During the year, no share options have been issued to any directors, executives or staff. Environmental regulations The Company s operations are not subject to environmental regulations under either Commonwealth or State legislation. Proceedings on Behalf of the Company No person has applied for leave of court to bring proceedings on behalf of the Company or intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of those proceedings. The Company was not a party to any such proceedings during the year. Signed this 24 th day of November 2015 in accordance with a resolution of the Directors. Mr Tony Crimmins (Director) 2
STATEMENT OF PROFIT OR LOSS AND OF THE COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2015 (UNAUDITED) 2015 2014 $ $ Gain on recognition of Seed 455,537 R&D Tax Incentive 281,023 74,413 Sale of Cucumber Seed 15,536 Other Revenue 36 Interest Received 38 64 Total Revenue 752,134 74,513 Cost of Sales Cucumber Seeds (15,536) Bank Charges (156) (347) Depreciation (12,725) (31,364) Travel expenses (2,555) (5,905) Professional Fees (8,074) (6,274) Other expenses (18,405) (14,730) Profit before income tax 694,683 15,893 Income tax expense/(benefit) 128,165 (11,333) Profit) for the year 566,518 27,226 Other Comprehensive Income Other Comprehensive Income, net of tax 10,853 Total Comprehensive Income Loss attributable to members of the parent entity 10,853 Total comprehensive income attributable to members of the parent entity 577,371 27,226 3
STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2015 (UNAUDITED) 2015 2014 $ $ ASSETS CURRENT ASSETS Cash and cash equivalents 14,640 3,513 Trade and other receivables 161,449 2,374 Inventory 440,000 TOTAL CURRENT ASSETS 616,089 5,887 NON CURRENT ASSETS Property, plant & equipment 28,381 7,245 Intangible assets Research & Development 1,132,727 824,857 Formation costs 2,445 1,630 Deferred tax assets 67,977 69,505 TOTAL NON CURRENT ASSETS 1,231,530 903,237 TOTAL ASSETS 1,847,619 909,124 CURRENT LIABILITIES Trade and other payables 197,191 197,992 Deferred tax liabilities 132,000 TOTAL CURRENT LIABILITIES 329,191 197,992 TOTAL LIABILITIES 329,191 197,992 NET ASSETS 1,518,428 711,132 EQUITY Contributed equity 808,977 579,052 Retained Earnings 709,451 132,080 TOTAL EQUITY 1,518,428 711,132 4
NOTE : COMPANY DETAILS The registered office of the Company is: Abundant Produce Pty Limited Floor 6, Suite 8, 55 Miller St. Pyrmont. Sydney NSW 2009. The principal place of business is: Abundant Produce Pty Limited Floor 6, Suite 8, 55 Miller St. Pyrmont. Sydney NSW 2009. 5
DIRECTORS DECLARATION 1. In the Directors opinion: (a) these financial statements set out on pages 3 to 5 are in accordance with the Corporations Act 2001, including: (i) complying with Australian Accounting Standards and the Corporations Regulations 2001 and other mandatory professional reporting requirements; and (ii) giving a true and fair view of the Company s financial position as at 30 June 2015 and of its performance for the financial year ended on that date; and (b) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable. This declaration is made in accordance with a resolution of the Directors on this 24 th day of November 2015 Mr Tony Crimmins (Director) 6