EQ Resources Limited Annual Report 2021

52 EQ Resources Limited Annual Report 2021 Notes to the Consolidated Financial Statements continued ANNUAL Report June 2021 Notes to the Consolidated Financial Statements 38 Terms and Conditions of Contributed Equity Ordinary Shares Ordinary shares have the right to receive dividends as declared and in the event of winding up the Company, to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up, on the shares held. Ordinary shares entitle their holder to one vote, either in person or by proxy, at a meeting of the Company. Option holders have no voting rights until the options are exercised. (b) Movements in Share Options Reserve The following table illustrates the share-based payments expense, number and weighted average exercise prices (WAEP) of, and movements in, share options during the year: Number WAEP $ Balance at 1 July 2020 5,000,000 - - Options recognised as share based payments expense 56,000,000 0.057 279,446 Options recognised as share issue costs 25,000,000 0.043 503,385 Forfeited / cancelled (2,000,000) 0.060 - Exercised - - - Expired - - - Balance at 30 June 2021 84,000,000` 0.055 782,831 The following table illustrates outstanding options that have vested and are exercisable at year end: Number outstanding Number vested and exercisable Exercise price Expiry Date Remaining Contractual Life (Years) Employee Options Issue EQRAB 2,000,000 2,000,000 0.040 05/05/23 1.85 Issue EQRAC 3,000,000 3,000,000 0.060 05/05/23 1.85 Issue EQRAD 2,000,000 2,000,000 0.040 01/07/23 2.00 Issue EQRAE 3,000,000 3,000,000 0.060 01/07/23 2.00 Issue EQRAF 2,000,000 2,000,000 0.040 01/02/24 2.59 Issue EQRAG 30,000,000 30,000,000 0.432 19/03/24 2.72 Outstanding at 30 June 2021 42,000,000 42,000,000 (c) Movements in Performance Rights Reserve No performance rights were issued nor outstanding at the end of the reporting period. 13. EARNINGS PER SHARE 2021 $ 2020 $ Profit (Loss) after income tax attributable to the owners of the Company used in calculating basic and diluted earnings per share (4,574,191) (3,015,680) Number Number Weighted average number of ordinary shares on issue used in the calculation of basic loss per share 1,165,452,234 1,008,440,208 Weighted average number of ordinary shares used in calculating diluted earnings per share. Note options outstanding at reporting date have not been brought to account as they are anti-dilutive. 1,177,616,617 1,008,440,208 Basic profit (loss) per share (cents) (0.39) (0.30) Diluted profit (loss) per share (cents) (0.39) (0.30)