Cellmid 2018 Annual Report 53
21. CASH FLOW INFORMATION
22. EVENTS AFTER THE REPORTING PERIOD
On 31 July 2018 the Group completed a private placement of shares to sophisticated and institutional investors and received
ﬁrm, irrevocable commitments for $9 million equity funding (before costs of 5%). Costs of the offer included the issuing of
1,000,000 options to the lead manager, Blue Ocean Equities, at a nil issue price, an exercise price of $0.80 and a term of 3
years. Approximately $7.2 million of this funding was subject to shareholders’ approval. The Group held a general meeting of
the shareholders on 7 September 2018 where the issuing of the shares pursuant to the placement was approved.
On 31 July 2018 the Group announced a Share Purchase Plan (SPP) to the amount of $1 million. The Share Purchase Plan
closed on 30 August 2018 raising $1,025,000.
23. RELATED PARTY TRANSACTIONS
(a) The Group’s main related parties are as follows:
Cellmid Limited is the ultimate parent entity.
For details of disclosures relating to subsidiaries, refer to Note 25. Transactions and balances between subsidiaries and the
parent have been eliminated on consolidation of the Group.
Key management personnel
For details of disclosures relating to key management personnel, refer to the remuneration report contained within the
Directors’ report and Note 6.
Transactions with related parties
The remuneration for Ms Halasz has been restructured to reﬂect the management costs incurred by each wholly owned
subsidiary of the Consolidated Entity. As a result, Direct Capital Group Pty Ltd, a related party to Ms Halasz, was paid $188,538
(2017: $188,538) for management services. No amount was outstanding as at 30 June 2018 (30 June 2017: Nil). In addition
to the above Ms Halasz was paid $155,077 (2017: Nil) through DCG in accumulated leave entitlements during the year. This
amount was disclosed as remuneration in previous years’ annual reports.
Reconciliation of loss after income tax to net cash used in operating activities
Loss after income tax for the year (3,732,615) (4,482,273)
- depreciation and amortisation 187,538 168,523
- share-based payments 111,490 16,107
- bad and doubtful debts - 8,485
- interest expense 115,293 231,997
- interest income - (76,952)
- foreign exchange movements (16,972) -
Changes in operating assets and liabilities
- (increase) in trade and other receivables (653,062) (79,945)
- (increase) / decrease in prepayments (229,169) 26,590
- (increase) in inventories (101,408) (69,531)
- increase / (decrease) in trade and other payables (73,926) 179,225
- increase / (decrease) in provisions (128,803) 17,255
Net cash used in operating activities (4,521,634) (4,060,519)