ANNUAL Report June 2022 Notes to the Consolidated Financial Statements 48 28. EMPLOYEE BENEFITS 2022 $ 2021 $ Current Annual leave benefits 263,736 182,840 Long service leave benefits 18,661 - 282,397 182,840 Non-current Long service leave benefits 15,418 24,112 Total employee benefits 297,815 206,952 29. NEW ACCOUNTING STANDARDS AND INTERPRETATIONS Adoption of New Standards and Interpretations Changes in accounting policies on initial application of Accounting Standards From 1 July 2021, the Group has adopted all the standards and interpretations mandatory for annual periods beginning on or after 1 July 2021 Adoption of these standards and interpretations did not have any effect on the statements of financial position or performance of the Group. The Group has not elected to early adopt any new standards or amendments. 30. PARENT ENTITY INFORMATION The following information relates to the parent entity, EQ Resources Limited. The information presented has been prepared using accounting policies that are consistent with those presented in Note 1. 2022 $ 2021 $ ASSETS Current assets 12,969,887 8,878,042 Non-current assets 19,921,558 17,054,241 TOTAL ASSETS 32,891,445 25,932,283 LIABILITIES Current liabilities 4,236,606 1,226,826 Non-current liabilities 5,347,157 3,823,821 TOTAL LIABILITIES 9,583,763 5,050,647 NET ASSETS 23,307,682 20,881,636 EQUITY Issued capital 22,192,755 20,603,965 Reserves 2,848,576 782,831 Accumulated losses (1,733,649) (505,160) TOTAL EQUITY 23,307,682 20,881,636 FINANCIAL PERFORMANCE Profit (loss) for the year (1,228,489) (2,000,234) Other comprehensive income/(loss) for the year 1,933 1,547 Total comprehensive profit/(loss) (1,226,556) (1,998,687) Contingent Liabilities As at 30 June 2022 and 30 June 2021 the Company had no contingent liabilities other than those disclosed in Note 16. EQ Resources Limited Annual Report 2022 79
RkJQdWJsaXNoZXIy MjE2NDg3