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Balance sheet

Net asset position

The net asset position at 30 June 2020 was $1,485,609 (2019: $2,254,938).

Total assets

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

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.