ANNUAL Report June 2022 Notes to the Consolidated Financial Statements 44 23. OTHER BORROWINGS 2022 $ 2021 $ Unsecured at amortised cost Principal 1,500,000 - Accrued interest 23,336 - 1,523,336 - A 6-month unsecured loan facility was provided by a related party of the Group, Director and shareholder, Zhui Pei Yeo, at an interest rate of 8% per annum charged on the outstanding loan balance. The repayment of this loan was subsequently extended to July 2023 hence its classification as a non-current liability in the Balance Sheet. 24. LEASES Right-of-use assets 2022 $ 2021 $ Balance at 1 July 2021 1,118,930 1,225,390 Additions: - Plant & equipment 1,269,864 57,066 - Motor vehicle 129,047 - Disposals (11,749) Depreciation charge for the year (486,129) (163,526) Balance at 30 June 2022 2,019,963 1,118,930 Lease Liability - Maturity Analysis Less than 1 year 665,754 268,167 1 to 5 years 1,335,829 681,140 5+ years - - 2,001,583 949,307 Amounts Recognised in profit or loss Interest on lease liabilities 93,238 29,425 Expenses relating to short-term leases - - 93,238 29,425 Amounts recognised in statement of cash flows Total cash outflow for leases 119,007 10,523 25. CORPORATE INFORMATION The Financial Report of the Group for the year ended 30 June 2022 was authorised for issue in accordance with a resolution of the Directors on 30 September 2022. EQ Resources Limited is a company limited by shares and incorporated in Australia. Its shares are publicly traded on the Australian Securities Exchange under the ticker code “EQR”. 26. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES The Company’s principal financial instruments comprise cash, short term deposits and available for sale investments. The main purpose of these financial instruments is to finance the Company’s operations. The Company has various other financial assets and liabilities such as trade receivable and trade payables, which arise directly from its operations. It is, and has been throughout the entire period under review, the Company’s policy that no trading in financial instruments shall be undertaken. EQ Resources Limited Annual Report 2022 75
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