Impact Minerals Ltd Annual Report 2022 61 Notes to the Consolidated Financial Statements continued NOTE 17: ACCUMULATED LOSSES Consolidated 2022 $ 2021 $ Balance at the beginning of the financial year (37,940,790) (33,398,966) Net loss attributable to members (2,399,307) (4,760,174) Transfer from financial asset reserve – – Transfer from share option reserve upon lapse of options 152,800 218,350 Balance at the end of the financial year (40,187,297) (37,940,790) NOTE 18: LOSS PER SHARE 2022 Cents 2021 Cents Basic and diluted loss per share (0.11) (0.26) The following reflects the income and share data used in the calculations of basic and diluted loss per share: 2022 $ 2021 $ Profits/(losses) used in calculating basic and diluted loss per share (2,399,307) (4,760,174) 2022 Number 2021 Number Weighted average number of ordinary shares used in calculating basic loss per share 2,093,716,040 1,802,937,566 Basic loss per share Basic loss per share is calculated by dividing the loss attributable to owners of the Group, excluding any costs of servicing equity other than ordinary shares by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year. Diluted earnings per share Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares. The issue of potential ordinary shares is antidilutive when their conversion to ordinary shares would increase earnings per share or decrease loss per share from continuing operations. The calculation of diluted earnings per share has therefore not assumed the conversion, exercise, or other issue of potential ordinary shares that would have an antidilutive effect on earnings per share.
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