52 Impact Minerals Ltd Annual Report 2022 Notes to the Consolidated Financial Statements continued NOTE 2: STATEMENT OF COMPLIANCE (CONTINUED) j) Financial instruments (continued) The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade and other payables. NOTE 3: REVENUE AND EXPENSES a) Revenue from operating activities Consolidated 2022 $ 2021 $ Interest income 3,509 15,630 Gain on sale of tenements (Note 9) 114,859 – Research and development tax rebate 245,622 93,502 Other government rebates – 16,430 Other income 83,904 30,220 Total revenue from operating activities 447,894 155,782 Revenue is measured at fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, trade allowances, rebates and amounts collected on behalf of third parties. Interest income is recognised as it accrues. Amounts received or receivable from the Australian Tax Office (ATO) in respect of the Research and Development Tax Rebate (R&D Rebate) are recognised in Other Income for the year in which the claim is lodged with the ATO. Management assesses its research and development activities and expenditures to determine if these are likely to eligible under the R&D Rebate. b) Employee benefits expense Consolidated 2022 $ 2021 $ Wages, salaries and other remuneration expenses 143,893 110,795 Directors’ fees 137,169 116,125 Superannuation fund contributions 19,702 17,459 Share-based payment expense (Note 24) 585,400 138,838 Total employee benefits expense 886,164 383,217 NOTE 4: SEGMENT INFORMATION The Group operates in one geographical segment, being Australia and in one operating category, being mineral exploration. Therefore, information reported to the chief operating decision maker (the Board of Impact Minerals Limited) for the purposes of resource allocation and performance assessment is focused on mineral exploration within Australia. The Board has considered the requirements of AASB 8: Operating Segments and the internal reports that are reviewed by the chief operating decision maker in allocating resources and have concluded at this time that there are no separately identifiable segments.
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