48 Impact Minerals Ltd Annual Report 2023 Notes to the Consolidated Financial Statements continued NOTE 2: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (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 2023 $ 2022 $ Interest income 76,233 3,509 Gain on sale of tenements – 114,859 Research and development tax rebate 752,597 245,622 BHP Xplor payments 719,663 – Other income 5,000 83,904 Total revenue from operating activities 1,553,493 447,894 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 2023 $ 2022 $ Wages, salaries and other remuneration expenses 199,689 143,893 Directors’ fees 125,114 137,169 Superannuation fund contributions 27,861 19,702 Share-based payment expense (Note 26) 422,717 585,400 Total employee benefits expense 775,381 886,164 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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