Cellmid 2017 Annual Report
Contingent liabilities and contingent assets
Bank Guarantees
The parent entity has given bank guarantees as at 30 June 2017 of $65,829 (30 June 2016: $65,829) relating to the lease of
commercial office space.
Guarantees entered into by the parent entity in relation to the debts of its subsidiaries
On 30 June 2016, Cellmid Limited entered into a deed of cross guarantee to support the liabilities and obligations of four of its
wholly-owned subsidiaries, Advangen Limited, Advangen International Pty Ltd, Kinera Limited and Lyramid Limited.
By entering into the deed, the wholly-owned unlisted public entities have been relieved from the requirement to prepare
a financial report and directors’ report under Class Order 98/1418 issued by the Australian Securities and Investments
Apart from the items noted above the parent entity had no contingent liabilities or contingent assets at 30 June 2017.
Capital Commitments
The parent entity had no capital commitments at 30 June 2017 (Nil at 30 June 2016).
Accounting Policy
Revenue is recognised when it is probable that the economic benefit will flow to the Group and the revenue can be reliably
measured. Revenue is measured at the fair value of the consideration received or receivable and after taking into account any
trade discounts and volume rebates allowed.
Revenue from the sale of products is recognised at the point of delivery as this corresponds to the transfer of significant risks
and rewards of ownership of the products and the cessation of all involvement in those products.
Interest revenue is recognised as interest accrues using the effective interest rate method.
Royalties are recognised when it is probable that the economic benefits associated with the transaction will flow to the Group.
Government grants are recognised in profit or loss when the grant is received.