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Net asset position
The net asset position at 30 June 2020 was $1,485,609 (2019: $2,254,938).
Total assets at 30 June 2020 were $15,651,889 (2019: $13,251,596). Financial assets declined by $1,702,119 mainly due to improved payment terms by trade debtors. Non financial assets have increased by $4,102,413 primarily due the introduction of AASB 16 which has resulted in recognition of right of use assets (leases) for the first time.
Total liabilities at 30 June 2020 were $14,166,280 (2019: $10,996,658). Liabilities increased by $3,169,622 which was primarily due to the introduction of AASB 16 resulting in the addition of the right of use liability (leases) for the first time.