56 Impact Minerals Ltd Annual Report 2023 Notes to the Consolidated Financial Statements continued NOTE 18: RESERVES a) Option reserve Consolidated 2023 $ 2022 $ Opening balance 1,406,016 901,996 Fair value of options issued(a) 422,717 656,820 Transfer to retained earnings upon expiry/lapse of options (117,300) (152,800) Balance at the end of the financial year 1,711,433 1,406,016 (a) During the year 85,000,000 Director and employee options were issued. The fair value of Director and employee options is determined at grant date and is expensed over the vesting period for those options. The options reserve is used to recognise the fair value of options issued to Directors and employees. The details of share-based payments made during the reporting period are shown at Note 26. b) Financial asset reserve Consolidated 2023 $ 2022 $ Opening balance 72,500 45,000 Financial assets at fair value through other comprehensive income (Note 10) (96,250) 27,500 Closing balance (23,750) 72,500 NOTE 19: ACCUMULATED LOSSES Consolidated 2023 $ 2022 $ Balance at the beginning of the financial year (40,187,297) (37,940,790) Net loss attributable to members (5,782,028) (2,399,307) Transfer from financial asset reserve – – Transfer from share option reserve upon lapse of options 117,300 152,800 Balance at the end of the financial year (45,852,025) (40,187,297) NOTE 20: LOSS PER SHARE 2023 Cents 2022 Cents Basic and diluted loss per share (0.23) (0.11) The following reflects the income and share data used in the calculations of basic and diluted loss per share: 2023 $ 2022 $ Profits/(losses) used in calculating basic and diluted loss per share (5,782,028) (2,399,307)
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