Cellmid 2018 Annual Report
NOTES TO THE
Operating lease commitments includes contracted amounts for ofﬁce space under non-cancellable operating lease expiring
within ﬁve years with no option to extend, and the business telephone system.
28. CONTINGENT LIABILITIES AND CONTINGENT ASSETS
On 22 July 2016, the Group announced that Ikon Communications Pty Ltd (Ikon) had ﬁled a claim for an amount of $939,055
plus interest pursuant to the services agreement entered into between Group company Advangen International Pty Ltd
(Advangen) and Ikon on 15 June 2015, being a claim for invoices which Advangen has not paid to Ikon. Advangen continued
to vigorously defend its position that it is not liable for those unpaid invoices because Ikon has breached the services
agreement, failed to provide certain contractually required services at all or adequately and engaged in misleading or
deceptive conduct that has caused Advangen loss and damage. Advangen ﬁled a cross claim for payments made for services
not provided or not properly provided by Ikon, plus other loss it says it suffered by reason of Ikon’s conduct and submitted
evidence, including expert evidence, to that effect during the reporting period. The proceedings (Ikon’s claim and Advangen’s
cross claim) began hearing in the New South Wales Supreme Court commencing on 10 September 2018.
The Group has given bank guarantees as at 30 June 2018 of $129,560 (30 June 2017: $65,829) relating to the lease of
commercial ofﬁce space.
For information about guarantees given by entities within the Group, including the parent entity, please refer to note 2.
Other than the matter noted above, the Group had no contingent liabilities or contingent assets at 30 June 2018 (30 June
Lease commitments - operating
Committed at the reporting date but not recognised as liabilities, payable:
Within one year 127,082 131,541
One to ﬁve years 833,205 2,919
Over ﬁve years 19,093 -
Minimum lease payments 979,380 134,460