Ai-Media Technologies Limited (AIM) 2024年年度報告「ASX」.pdf

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1、Ai-Media Technologies Limited Appendix 4E Preliminary final report 1.Company details Name of entity:Ai-Media Technologies Limited ABN:12 122 058 708 Reporting period:For the year ended 30 June 2024 Previous period:For the year ended 30 June 2023 2.Results for announcement to the market$Revenues from

2、 ordinary activities up 7.2%to 66,236,058 Earnings Before Interest,Tax,Depreciation and Amortisation(EBITDA)up 24.2%to 4,111,855 Loss from ordinary activities after tax attributable to the owners of Ai-Media Technologies Limited down 66.6%to (1,340,996)Loss for the year attributable to the owners of

3、 Ai-Media Technologies Limited down 66.6%to (1,340,996)Dividends There were no dividends paid,recommended or declared during the current financial period.Comments The loss for the Group after providing for income tax amounted to$1,340,996(30 June 2023:$4,017,064).Revenue for the period was$66,236,05

4、8,up 7.2%from the prior year(30 June 2023:$61,769,967).Revenue share of technology sales(including hardware and SaaS)increased to 50%of total revenue,compared to 39%in the prior year.EBITDA for the Group was$4,111,855 up 24.2%from the prior period(30 June 2023:$3,310,552).EBITDA growth was driven by

5、 increase in higher margin technology sales.EBITDA is a financial measure which is not prescribed by the Australian Accounting Standards(AASBs)and represents the profit under AASBs adjusted for specific items.The directors consider EBITDA to be one of the key financial measures of the Group.The loss

6、 for the Group after providing for income tax amounted to$1,340,996,an improvement of 66.6%year on year(30 June 2023:$4,017,064).Refer to the attached Directors report Review of Operations section for further explanation.Appendix 4E Preliminary final reportAi-Media Technologies Limited Appendix 4E P

7、reliminary final report The following table summarises key reconciling items between statutory loss after income tax and EBITDA:Consolidated 2024 2023$Revenue 66,236,058 61,769,967 Less:Direct employee costs (18,375,556)(20,750,957)Less:Other direct costs including inventory expenses (5,389,045)(4,1

8、58,191)Gross profit*42,471,457 36,860,819 Add:Other revenue*-456,469 Less:Indirect costs or overheads (42,767,740)(39,623,352)Less:Income tax expense (1,044,713)(1,711,000)Loss after income tax expense (1,340,996)(4,017,064)Add:Finance costs 162,487 761,594 Add:Income tax expense 1,044,713 1,711,000

9、 Less:Interest income (164,822)(50,169)Loss before interest and taxation(EBIT)(298,618)(1,594,639)Depreciation and amortisation expense 4,410,473 4,905,191 EBITDA 4,111,855 3,310,552 *Not all allocations of indirect costs or overheads to direct employee costs and other direct costs are included.*Thi

10、s consists of a reversal of an over accrual of USA sales tax.3.Net tangible assets Reporting period Previous period Cents Cents Net tangible assets per ordinary security 8.10 6.91 The net tangible assets calculation includes rights-of-use assets of$500,675(30 June 2023:$318,220)and the corresponding

11、 lease liabilities of$532,486(30 June 2023:$345,713).4.Control gained over entities Not applicable.5.Loss of control over entities Not applicable.6.Dividends Current period There were no dividends paid,recommended or declared during the current financial period.Previous period There were no dividend

12、s paid,recommended or declared during the previous financial period.Appendix 4E Preliminary final reportAi-Media Technologies Limited Appendix 4E Preliminary final report 7.Dividend reinvestment plans Not applicable.8.Details of associates and joint venture entities Not applicable.9.Foreign entities

13、 Details of origin of accounting standards used in compiling the report:Not applicable.10.Audit qualification or review Details of audit/review dispute or qualification(if any):The financial statements have been audited and an unmodified opinion has been issued.11.Attachments Details of attachments(

14、if any):The Annual Report of Ai-Media Technologies Limited for the year ended 30 June 2024 is attached.12.Signed As authorised by the Board of Directors.Signed _ Date:28 August 2024 Anthony Abrahams Director Sydney Appendix 4E Preliminary final reportAnnual Report 2024World leading AI-powered captio

15、ning solutionsContents01About AI-Media02Highlights04Chair and CEO letters08Products and technology 10Growth priorities12Board of directors15Directors report28Auditors independence declaration29Financial report67Directors declaration73Shareholder information75Corporate directoryAnnual Report 2024Abou

16、t AI MediaHighlightsChair&CEO lettersHighlightsChair&CEO lettersAbout AI MediaABOUT AI-MEDIAAI-Media is the leading captioning,transcription and translation provider globally,with over 9 million minutes captured on its iCap platform.The Company has deployed the latest in artificial intelligence(AI)t

17、echnology to transform its market offering to better serve the growing demand for high-quality captioning worldwide.The demand for captioning,transcription and translation has grown far beyond its broadcasting origin.AI-Medias best-in-class technology,provides the only end-to-end captioning solution

18、 in market,from encrypting source data to encoding,captioning and translation.We are uniquely positioned as a global leader in the live captioning and translation industry with six offices across three continents servicing live streaming in media,events,corporate,education,government,municipalities

19、and more.Products&technologyGrowth prioritiesBoard of directorsDirectors reportFinancial reportCorporate directory01Products&technologyGrowth prioritiesBoard of directorsDirectors reportFinancial reportCorporate directoryHighlights$66.2mFY23$61.8mUp 7%Total revenue164%FY23 60%Up 4%Total gross margin

20、85%FY23 84%Up 1%Tech gross margin$4.1mFY23$3.3mUp 24%EBITDA$32.9mFY23$24.0mUp 37%Tech revenue2$28.0mFY23$20.2mUp 39%Tech gross profit$10.9mFY23$17.0mDown$6.1m Cash balance3$3.6mFY23$3.5mUp 3%Operating cash flowContinued success in executing on transformation strategy to grow technology revenue at hi

21、gher margins1.FY24 and FY23 revenue from ordinary activities,excluding interest and other income.2.Including revenue from Hardware,SaaS&Support with gross margins 80%.3.Cash balance as at 30 June 2024 reduced mainly due to$8.1m final vendor payments from acquisitions paid in H1 FY24.Annual Report 20

22、24About AI MediaHighlightsChair&CEO letters02About AI MediaChair&CEO lettersHighlightsREVENUE COMPOSITION($M)AND GROSS PROFIT MARGIN(%)35%FY2218.059.841.8FY2324.061.837.8FY2432.966.233.355%60%64%We remain committed to driving further growth and profitability.JOHN MARTIN CHAIRTECH REVENUE CAGRTargeti

23、ng 80%Technology revenue byDecember 2025 TECH SERVICES GP MARGINProducts&technologyGrowth prioritiesBoard of directorsDirectors reportFinancial reportCorporate directory03Products&technologyGrowth prioritiesBoard of directorsDirectors reportFinancial reportCorporate directoryChairs letterDear fellow

24、 Shareholders,As I reflect on the past three years,I am proud of the accomplishments achieved by our Company.Since we acquired New York-based EEG in May 2021,we have successfully transitioned our legacy human services business to offer a suite of AI-powered technology solutions to a diverse range of

25、 customers globally.This shift has enabled us to broaden our customer base,expanding into new segments and territories,and transition to more recurring,higher-margin revenue while increasing service quality and customer satisfaction.From FY22 to FY24 we increased our technology revenue at a compound

26、 annual growth rate(CAGR)of 35%,and we significantly improved our gross profit margins from 55%to 64%.In FY24,approximately 50%of our revenue is derived from technology sales,reflecting our ability to build a scalable business model while delivering sustainable growth.In FY24,total revenue grew 7%to

27、$66.2 million,and we saw a 24%increase on FY23 to Earnings Before Interest Tax and Depreciation(EBITDA)to$4.1 million.As we continue to drive adoption of our technology products,we remain committed to growing technology revenues and are targeting this segment to account for greater than 80%of total

28、revenue within the next 18months.The growth in technology sales in FY24 was driven by the successful launch of LEXI 3.0 in May 2023.LEXI 3.0 is a new and improved version of our flagship live automatic captioning solution that takes advantage of the latest innovations in AI.LEXI 3.0 delivers results

29、 that rival human captions at a fraction of the cost.It is capable of live captioning a wide range of content types from linear TV broadcasts,Over-the-Top(OTT),live sports,government and court proceedings,meetings,events and more.Captions are delivered through our encoders(hardware or virtual)and co

30、nnected to our iCap Cloud Network.This integrated end-to-end solution fits into our customers workflows,providing superior service for them and a competitive moat for us.During FY24,we were pleased to grow and diversify our revenue mix and customer base to include sports-rights holders,local,state a

31、nd federal governments and an increasing number of large enterprises and universities.To continue growing our technology sales and our iCap Cloud Network,we enhanced our global presence by expanding our sales team and increasing our attendance at key industry tradeshows,and we established new strate

32、gic distribution partnerships.These initiatives resulted in major new contract wins and renewals in FY24 and building out our sales pipeline for FY25.To drive future growth,we continued to invest in the Companys ongoing Research and Development(R&D)initiatives and leveraged new LEXI product releases

33、,including LEXI Disaster Recovery(DR)and LEXI Recorded,adding to our LEXI solutions suite and leading to additional cross-selling opportunities.By continuously incorporating the latest advancements in AI,we continue to offer market leading solutions,further strengthening and extending our defensive

34、moat.The triumphs over the course of the year would not have been possible without the dedication of the broader AI-Media team led by CEO and Co-Founder Tony Abrahams.I would like to express my gratitude for being nominated as Chair of the Company and recognise Deanne Weir for her stewardship in the

35、 Chair role over the past ten years.I have appreciated working alongside Deanne on the Board and on behalf of all Directors and staff,thank her for her valuable contribution and dedication over the years.Her efforts have been instrumental to our success.I would also like to thank my fellow Board mem

36、bers Cheryl Hayman and Alison Loat for their continuous efforts in driving the Company tosuccess.As we move into the new financial year,I am pleased to announce the appointment of Brent Cubis as Independent,Non-Executive Director as of 1 July 2024.Brent is a highly experienced Non-Executive Director

37、 and CFO with over 30 years of board level experience in senior finance roles for global businesses in health,medical devices,media,property and tourism;we look forward to his contribution as we execute on our growth priorities.As we look forward into FY25,we are well positioned to continue our grow

38、th trajectory.We remain focused on deepening our engagement with existing customers,continuously improving our solutions via our ongoing R&D investment initiatives and investing in sales and marketing activities to acquire new customers across new territories andmarketsegments.Annual Report 2024Abou

39、t AI MediaHighlightsChair&CEO letters04About AI MediaHighlightsChair&CEO lettersAs we continue to deliver sustainable growth,we are confident in our ability to keep increasing our technology revenue,further improving gross profit margins,to deliver a valuation uplift and enhance shareholder value.On

40、 behalf of the Board,I would like to express our gratitude to our dedicated employees for their hard work and our shareholders for their ongoing support.Together,we will continue to execute on our transformation and position AI-Media for substantial growth.I look forward to updating you with recent

41、wins and milestones at our Annual General Meeting to be held in November 2024.Thank you,JOHN MARTINCHAIRAI-Media24%Increase in FY24 EBITDAChairJohn MartinProducts&technologyGrowth prioritiesBoard of directorsDirectors reportFinancial reportCorporate directory05Products&technologyGrowth prioritiesBoa

42、rd of directorsDirectors reportFinancial reportCorporate directoryCEOs letterDear fellow Shareholders,FY24 was a pivotal year in which AI-Media successfully transitioned the majority of its key customers in our core Live Captioning market from human Services to technology products and began to exten

43、d the AI-driven LEXI Toolkit beyond live captioning to the much larger language services market.Technology revenues accounted for half of the Companys total revenue ata gross margin of 85%,mainly driven by the uptake of LEXI solutions.With over 80%of FY24 revenue derived from Live Captioning product

44、s,the transformational performance of LEXI has accelerated the uptake ofa technology-only solution by an increasing number of customers,including broadcasters.The value proposition for LEXI is clear:LEXI offers superior quality,latency,security and resilience over traditional live human captioning a

45、t a fraction of the cost.LEXI TOOLKIT UPDATEAI-Medias value proposition is to embed the best AI language products within our customers existing workflows.For the first time in FY24,the quality of our AI captioning product LEXI overtook the significantly more expensive legacy human-in-the-loop Live C

46、aptioning workflows.This monumental milestone was achieved in Live Captioning first,and over the next few years we anticipate LEXI superseding humans in other products serviced by our LEXI Toolkit.In Q4 FY24 AI-Media launched innovative product LEXI DR(Disaster Recovery),an on-premise device providi

47、ng failover for cloud and connectivity issues.During the quarter,the Company sold 13 LEXI DR devices and 66 licenses to four different customers.LEXI DR is the final module required to remove the traditional requirement for humans as a backup or failover workflow,therefore as we continue to sell dev

48、ices,human services revenue will continue to decline.LEXI Recorded was also launched in FY24,offering fast and secure AI-driven captioning of media clips.The quality of LEXI Recorded already exceeds that of LEXI Live and has generated great interest from early adopters.With 100 times more recorded c

49、ontent than live content produced,the total addressable market for LEXI Recorded is considerably larger than the market for LEXI Live.Continuing to improve the quality and features of LEXI Recorded is a key product development priority for the Company.As we step into FY25,AI-Media will continue to i

50、nvest in our R&D initiatives and several product releases are scheduled throughout the financial year,including an upgrade to LEXI Translate and LEXI Library,and the first launch of AI-Medias LEXI Voice products,LEXI Audio Description,LEXI Voice and LEXIDub.CEO and co-founderTony AbrahamsAnnual Repo

51、rt 2024About AI MediaHighlightsChair&CEO letters06About AI MediaHighlightsChair&CEO lettersOPERATIONAL HIGHLIGHTSAI-Media earns technology revenue from new encoder sales when a)a new customer is won;b)an existing customer replaces an old encoder;and c)when an existing customer adds additional encode

52、rs.In FY24,AI-Media sold over 800 hardware encoders to 50 new customers,and it was the Companys most successful year in terms of up-selling additional encoders to existing customers.Revenue from encoding hardware grew 40%year-on-year to$12.8 million in FY24,compared to$9.1 million in FY23.As we look

53、 to extend our market leading position from live closed captioning into other AIpowered language services,our ability to persist with increased encoder penetration will create exciting opportunities for revenue growth.AI-Media successfully implemented the monetisation of our iCap network for third-p

54、arty captioning agencies,previously supplied at no cost by EEG.Over the last three years,the iCap network usage grew at a CAGR of 18%and is estimated to contribute to over$1.6 million per annum.This will fund further improvements in the resilience of the network from 99.80%in 2021 at the date of EEG

55、 acquisition to a target of 99.999%in FY25(Five Nines).Between FY21 and FY24,the usage of LEXI products grew at a CAGR of 76%.This exceptional growth underscores the increasing effectiveness and demand for our technology solutions,specifically with improved accuracy and automation features.FINANCIAL

56、 PERFORMANCEIn FY24 technology represented 66%of our gross profit,with gross margin expansion reaching 64%in FY24,up from 60%in the prior corresponding year(pcp).EBITDA has also increased by over 24%,reaching$4.1 million,reflecting improved performance and growing technology revenue,while still allo

57、wing for growth investments in sales,product and engineering teams.Our successful transition away from legacy human Services has seen a reduction in operational expenditure for that product line.A large investment has been made during the year to grow our sales team,up by 13%on FY23.As we aim to pen

58、etrate new regions specifically in the Americas and EMEA as well as target growth in the enterprise and government segments,we will continue to invest in additional sales resources,trade show attendance,and product development,permitting us to remain at the forefront of the market in terms of innova

59、tion and to further advance our defensive moat.We achieved operating cash flow of$3.6 million signalling sustained performance and scalable growth potential within our technology business.Our inventories increased from a very low$0.9 million in FY23 to$2.4 million in FY24 as a direct result of a str

60、ategic decision to keep additional stock to meet latent customer demand.During the first half of the financial year,we paid the final instalment of$8.1 million related to the acquisition of EEG and ACS.While this reduced our cash position,we remain well positioned to execute on future growth objecti

61、ves with a solid cash balance of$10.9million.STRATEGY&OUTLOOKLooking ahead,AI-Media will continue to focus on expanding into new segments and territories and growing technology revenues at higher margins to improve the Companys overall profitability.Our future growth plans draw on three key strategi

62、c goals:1.Global expansion:harness our leadership position in North America and Australia to extend to EMEA,APAC and Latin America.2.Expand beyond broadcast:AI-driven language services have innate demand in Government,Enterprise and Education sectors.AI-Medias focus in coming years is to increase th

63、e percentage of revenue generated by sectors outside of broadcast.3.Drive adoption of new AI-powered LEXI products:Live Captioning represents less than 1%of the total addressable market by our LEXI Toolkit yet currently comprises 80%of FY24 revenues.Continuing to expand the LEXI Toolkit and grow sal

64、es outside of Live Captioning is our third growth goal.Our continued growth in building a vertically integrated ecosystem of customer workflows has been the cornerstone to our success and our accomplishments this year have set a strong foundation for continued growth.We remain committed to innovatin

65、g and enhancing our technology solutions to capture a greater share of the language services market.Our success and achievements to date would not have been possible without the dedicated AI-Media team,the wisdom of the Board,and the continued support of our customers.Thank you to our shareholders f

66、or your continued support and I look forward to updating you as we advance towards our strategic goals and capitalise on emergingopportunities.TONY ABRAHAMSCEO AND CO-FOUNDERAI-MediaProducts&technologyGrowth prioritiesBoard of directorsDirectors reportFinancial reportCorporate directory07Products&te

67、chnologyGrowth prioritiesBoard of directorsDirectors reportFinancial reportCorporate directoryProducts&technologyAI-MEDIA ECOSYSTEMLeading global captioning platform,providing customers with the only end-to-end solution in marketEcosystemAI-Medias unique product suite offers an end-to-end ecosystem

68、of captioning,translation and transcription solutions to a large and growing customer base.Our product suite combines the best technology,security and service,differentiating AI-Media from the competition as we are able to deliver end-to-end solutions to meet any customers captioning needs.Our world

69、 leading captioning network is comprised of an ecosystem of hardware,infrastructure,and software solutions.Our network of end-to-end solutions begins with a range of on-premise,virtualised,cloud-captioning encoders that seamlessly integrate via iCap to our world-leading proprietary speech recognitio

70、nsolutions.Our encoders,Falcon,Alta and Encoder Core are compatible with multiple resolutions and deliver physical,virtual,and cloud-based encoding technology to our customers,captioning content reliably,flexibly and securely.AI-Medias encoding solutions make it easy to deliver a high-quality,low-la

71、tency broadcast with near real-time captions for any need.The iCap network integrates seamlessly with AI-Media ASR cloud captioning solutions LEXI and third-party captioners across the globe.iCaps scalable cloud-based network separates us from the competition by delivering a secure,encrypted connect

72、ion with a global standard of service with the highest accuracy at an affordable price to customers anywhere in the globe.Fast,accurate,efficient and scalable LEXI is our proprietary speech recognition solution.Underpinned by AI,LEXI has leading captioning capabilities,delivering coherent captions u

73、sing advanced algorithms with enterprise grade accuracy of98.7%.VIDEO INPUTENCRYPTED ENCODINGREAL-TIME CAPTIONINGCAPTIONED VIDEO OUTPUT1234Live or recorded video source via broadcasts,events or over-the-top(OTT)content.Cloud,virtual,or physical encoders convert audio into digital data that is sent t

74、o iCap network.Matches captions to video sources and provides encrypted remote access to customer data improving contextual accuracy.LEXI converts spoken language into written text to present live captions on any screen or platform,in any language.ENCODERS AND ICAP NETWORK USED BY BOTH CUSTOMERS AND

75、 COMPETITORSAnnual Report 2024About AI MediaHighlightsChair&CEO letters08About AI MediaHighlightsChair&CEO lettersLEXI DR-DISASTER RECOVERYDynamic Real-Time Captioning LEXI DR(Disaster Recovery)offers peace of mind around the clock by delivering live,automatic captions on-premises and off the cloud,

76、providing a seamless failover when access to the cloud has been compromised.When things dont go as planned and you lose connectivity your captions are not at risk.While youre dealing with disaster recovery,with LEXI DR as your failover solution you can be assured that your content will always be acc

77、essible and youre meeting compliance requirements.Benefits On-premise Redundant Servers Host your own fully redundant iCap and LEXI server,without needing to rely on an external connection for ongoing captioning services.Continuous Captioning If the primary cloud-based captioning service becomes una

78、vailable due to outages or technical issues the system automatically switches to the LEXI DR solution.This seamless transition ensures that captioning services remain operational with minimal interruption.Security LEXI DR prioritizes security,with robust encryption&advanced security measures,your co

79、ntent remains confidential and protected from cyberthreats.Compliance Support LEXI DR aids in meeting compliance requirements by providing a reliable backup solution for captions.This is particularly important for industries subject to accessibility regulations andstandards.Seamless Integration Desi

80、gned to seamlessly integrate with your organizations existing captioning workflow,making it easy to switch between the primary cloud-based solution and the disaster recovery solution without major disruptions.LEXI RECORDEDCaption recorded content with a few clicksLEXI Recorded makes captioning your

81、recorded content quick and easy.This fully automated solution provides lightning-fast turnaround times for time-sensitive news clips,highlights,and promos.BenefitsSave time by allowing LEXI Recorded to do all the work for you.Simply upload your content and LEXI Recorded automatically adds captions a

82、nd delivers your file to your preferred content platform.Accuracy above 98%NER Unmatched accuracy combined with automated broadcast style&formatting.Secure self service Intuitive&secure point-and-click ordering platform.Multilingual captions Captions in over 30 different languages.Automation&integra

83、tion Configurable no-touch automation and integration for bulk ordering through FTP,S3,or API.Fast turnaround Content returned in as little as the length of the video.Competitive rate Caption your recorded from as little as$0.20USD/minute!Global support Rest assured with AI-Medias 24/7 global suppor

84、t when you need us.Multi format file output Flexible file formats including,srt,vtt,ttml,dfxp,stl,docx,scc.DRRECORDED37%increase in FY24 Tech revenue to$32.9 millionOperational highlightsENCODING Hardwarerevenue grew 40%YoY(FY24$12.8m vs FY23$9.1m)Continued maturation of IP video support in Alta New

85、 SDI encoder for unifying 4K/CCMatch/AV features and improving manufacturing yield/costs Non-English customization to improve regional technical standards anddelivery.ICAP 100%of iCap traffic now being monetised with third party iCap charging implemented in H1 FY24 Stabilization and reliability impr

86、ovements on iCap leading to a 50%reduction in incidents Enhanced software development kit for 3rd party partners.LEXI SaaS&support revenue grew 35%YoY(FY24$20.1m vs FY23$14.9m)LEXI revenue totalled$11m in FY24(FY23:$7.8m)Improved LEXI accuracy and formatting,especially speaker attribution LEXI Disas

87、ter Recovery launched inFebruary LEXI Recorded launched in April.SERVICES TRANSITION Transition away from legacy services successfully continues Resulted in a reduction in direct costs and overheads No new hires since July 2022 Over 35%headcount reduction sincepeak Ongoing changes resulting in a sig

88、nificant reduction in OPEX.Products&technologyGrowth prioritiesBoard of directorsDirectors reportFinancial reportCorporate directory09Products&technologyGrowth prioritiesBoard of directorsDirectors reportFinancial reportCorporate directoryProducts&technologyGrowth prioritiesFY25 Encoders Everywhere

89、Targeting new territories Expansion into new industries Grow channel partnerships Improving scalability&resilience of the network Leverage new LEXI Toolkit releases to broaden marketappeal.Grow iCap Network Increase encoder penetration togrow iCap user base Grow iCapoutside of US with 3rdparties.Ser

90、vices Transition Continue transition of existing human services customers toLEXI Win new LEXI customers in established broadcast markets Introduce LEXI to enterprise customers in new markets andterritories Increase NER1 analysis to provide quality assurances.LEXI Toolkit GrowthNew AI-driven media so

91、lutions driven by Broadcast customers priorities:LEXI DR,LEXI Recorded launched H2FY24 LEXI Audio Description(LEXI AD)launching Sept 2024 LEXI Live Voice Dubbing launching Sept 2024.1.NER:Number edition error and recognition error is a global metric for determining quality of live captioning.Annual

92、Report 2024About AI MediaHighlightsChair&CEO letters10About AI MediaHighlightsChair&CEO lettersFY25 outlookContinued technology transition will drive long-term business modelLeverage recent product releases(LEXI 3.0 And LEXI toolkit)to drive growth.Accelerate conversion of 3rd party iCap users to LE

93、XI&upsell baseScale global presence through new strategic partnerships,track record and enhanced solutionsPrioritise iCap and encoding technology development to broaden revenue opportunity and drive customer stickinessExecute on growth opportunities in new territories and adjacentmarketsProducts&tec

94、hnologyGrowth prioritiesBoard of directorsDirectors reportFinancial reportCorporate directory11Products&technologyGrowth prioritiesBoard of directorsDirectors reportFinancial reportCorporate directoryGrowth prioritiesBoard of directorsTONY ABRAHAMSCO-FOUNDER AND CEO Tony co-founded AI-Media in 2003.

95、He served as a Director of Northcott Disability Services 2010-2018.Worked to establish the Oxford Internet Institute in 2001,while attending the University of Oxford as a Rhodes Scholar.Tony has been a member ofthe Australian Institute of Company Directors since2006.ALISON LOATNON-EXECUTIVE DIRECTOR

96、 Alison joined the Board in2018.Alison is the Managing Director,Sustainable Investing and Innovation at OPTrust,a Canadian public pension plan.Previously,she was the Senior Managing Director of FCLTGlobal,a long-term investing organization,the CEO of a think tank and a consultant at McKinsey&Company

97、.Shes also on the board of two Canadian educational institutions and a privately held mediacompany.Alison received the Queens Gold and Diamond Jubilee Medals and was named one of the 100 Most Powerful Women in Canada.She received the ICD designation from Canadas Institute of Corporate Directors.She

98、has degrees from Queens University and the Harvard KennedySchool.JOHN MARTINNON-EXECUTIVE CHAIR(appointed February 2024)John joined the Board in 2010 and served as Chair until 2013,NED until 2024 and has been re-elected as Chair in February 2024.He is an experienced company director and business exe

99、cutive,having served as CEO and director of ASX-listed Babcock&Brown Communities,Primelife and Regeneus.He is a former corporate and commercial partner of law firm Allens.John is a Non-Executive Director of Australian law firm Sparke Helmore;Sydney biotech company Biopoint;US internet services compa

100、ny Lokket and Melbourne not for-profit CCRM Australia.He is also a member of the Australian Institute of Company Directors.Annual Report 2024About AI MediaHighlightsChair&CEO letters12About AI MediaHighlightsChair&CEO lettersCHERYL HAYMANNON-EXECUTIVE DIRECTOR Cheryl joined the Board in March 2022.H

101、as extensive experience working as an independent Director across multiple sectors including ASX-listed companies as well as industry bodies and not-for-profit organisations.Cheryl is currently on the board of Silk Logistics Holdings(ASX:SLH)Chartered Accountants ANZ and Guide Dogs NSW/ACT.Cheryls c

102、orporate experience encompasses a range of senior strategic technology,digital strategy roles and global marketing roles including Head of Marketing and Innovation at Sunrice,George Weston Foods,Unilever Australia,NZ and UK,Yum Restaurants International and Who Weekly magazine.Cheryl is a Fellow of

103、the Australian Institute of Company Directors and a Fellow of the Governance Institute of Australia,and serves as Chair of AIMs Remuneration and Nomination Committee and member of the Audit and Risk Committee.BRENT CUBISNON-EXECUTIVE DIRECTOR Brent joined the Board in July 2024 and is Chairman of th

104、e Audit and Risk Committee.Brent is a highly experienced Non Executive Director and CFO with over 30 years of board level experience in senior finance roles for global businesses in Health,Medical Devices,Media,Property,Tourism and started his career at Deloitte.Brent has been the Chair of the Audit

105、 and Risk Committees for all the public and private companies outlined below.His previous executive roles have included CFO of Cochlear Ltd and Nine Network Australia and for various other private companies.Products&technologyGrowth prioritiesBoard of directorsDirectors reportFinancial reportCorpora

106、te directory13Products&technologyGrowth prioritiesBoard of directorsDirectors reportFinancial reportCorporate directoryBoard of directorsAi-Media Technologies Limited Contents 30 June 2024 Directors report 15 Auditors independence declaration 28 Consolidated statement of profit or loss and other com

107、prehensive income 29 Consolidated statement of financial position 30 Consolidated statement of changes in equity 31 Consolidated statement of cash flows 32 Notes to the consolidated financial statements 33 Note 1.General information 33 Note 2.Material accounting policy information 33 Note 3.Critical

108、 accounting judgements,estimates and assumptions 42 Note 4.Operating segments 42 Note 5.Revenue 43 Note 6.Expenses 45 Note 7.Income tax 46 Note 8.Cash and cash equivalents 48 Note 9.Trade and other receivables 48 Note 10.Inventories 49 Note 11.Contract assets 50 Note 12.Term deposits 50 Note 13.Prop

109、erty,plant and equipment 50 Note 14.Right-of-use assets 51 Note 15.Intangibles 52 Note 16.Trade and other payables 53 Note 17.Contract liabilities 54 Note 18.Lease liabilities 54 Note 19.Provisions 55 Note 20.Issued capital 56 Note 21.Reserves 57 Note 22.Dividends 58 Note 23.Financial instruments 58

110、 Note 24.Remuneration of auditors 61 Note 25.Contingent liabilities 61 Note 26.Key management personnel disclosures 61 Note 27.Related party transactions 61 Note 28.Interests in subsidiaries 62 Note 29.Earnings per share 62 Note 30.Parent entity information 63 Note 31.Reconciliation of loss after in

111、come tax to net cash from operating activities 64 Note 32.Changes in liabilities arising from financing activities 64 Note 33.Share-based payments 65 Note 34.Events after the reporting period 65 Consolidated entity disclosure statement 66 Directors declaration 67 Independent auditors report to the m

112、embers of Ai-Media Technologies Limited 68 Shareholder information 73 ContentsAnnual Report 202414About AI MediaHighlightsChair&CEO lettersAbout AI MediaHighlightsChair&CEO lettersAi-Media Technologies Limited Directors report 30 June 2024 The directors present their report,together with the financi

113、al statements,on the consolidated entity(referred to hereafter as the Group)consisting of Ai-Media Technologies Limited(referred to hereafter as the Company or parent entity)and the entities it controlled at the end of,or during,the year ended 30 June 2024.Directors The following persons were direct

114、ors of Ai-Media Technologies Limited during the whole of the financial year and up to the date of this report,unless otherwise stated:John Martin-Non-Executive Director and Chair(appointed as Chair on 29 February 2024)Anthony Abrahams-Executive Director and Chief Executive Officer Alison Loat-Non-Ex

115、ecutive Director Cheryl Hayman-Non-Executive Director Brent Cubis-Non-Executive Director(appointed on 1 July 2024)Deanne Weir-Non-Executive Director and Chair(retired on 29 February 2024)Principal activities Ai-Media Technologies Limited(Ai-Media or Company)(ASX:AIM),is a global provider of technolo

116、gy-driven captioning,transcription and translation products and services.Dividends There were no dividends paid,recommended or declared during the current or previous financial year.Review of operations The loss for the Group after providing for income tax amounted to$1,340,996(30 June 2023:$4,017,0

117、64).Operations A summary of the results for the year is as follows:2024 2023 Change Change$%Revenue from operating activities 66,236,058 61,769,967 4,466,091 7.2%Earnings/(loss)before interest,taxation,depreciation and amortisation(EBITDA)4,111,855 3,310,552 801,303 24.2%Loss after tax(expense)/bene

118、fit from ordinary activities (1,340,996)(4,017,064)2,676,068 (66.6%)EBITDA is a financial measure which is not prescribed by the Australian Accounting Standards(AASBs)and represents the profit under AASBs adjusted for specific items.The directors consider EBITDA to be one of the key financial measur

119、es of the Group.The strong growth in technology sales and the ongoing transition from human based services has led to material EBITDA growth.The improved accuracy of LEXI,the Groups automated captioning solution,has seen the successful transition of existing customers and the acquisition of new cust

120、omers.This is particularly evident in the Broadcast sector where the adoption of LEXI for live captioning has accelerated.The Group continues to grow its market share in this broadly defined area and anticipates this will continue in current and new markets.As at 30 June 2024,the consolidated statem

121、ent of financial position reflects a net asset position of$75,912,603(30 June 2023:$77,122,909).The EBITDA growth along with a strong balance sheet with minimal debt and a solid cash balance provides the Group the flexibility to execute on strategic initiatives.Directors report15Products&technologyG

122、rowth prioritiesBoard of directorsDirectors reportFinancial reportCorporate directoryProducts&technologyGrowth prioritiesBoard of directorsCorporate directoryDirectors reportAi-Media Technologies Limited Directors report 30 June 2024 The following table summarises key reconciling items between statu

123、tory loss after income tax and EBITDA:Consolidated 2024 2023$Revenue 66,236,058 61,769,967 Less:Direct employee costs (18,375,556)(20,750,957)Less:Other direct costs including inventory expenses (5,389,045)(4,158,191)Gross profit*42,471,457 36,860,819 Add:Other revenue*-456,469 Less:Indirect costs o

124、r overheads (42,767,740)(39,623,352)Less:Income tax expense (1,044,713)(1,711,000)Loss after income tax expense (1,340,996)(4,017,064)Add:Finance costs 162,487 761,594 Add:Income tax expense 1,044,713 1,711,000 Less:Interest income (164,822)(50,169)Loss before interest and taxation(EBIT)(298,618)(1,

125、594,639)Depreciation and amortisation expense 4,410,473 4,905,191 EBITDA 4,111,855 3,310,552 *Not all allocations of indirect costs or overheads to direct employee costs and other direct costs are included.*This consists of a reversal of an over accrual of USA sales tax.EBITDA for the Group was$4,11

126、1,855(2023:$3,310,552),showing significant progress in the Groups performance compared to the previous year.Liquidity The Group continued to improve on all financial metrics over the past 12 months.The consolidated statement of profit or loss and other comprehensive income for the year ended 30 June

127、 2024 reflects a net loss after income tax of$1,340,996(2023:$4,017,064)and the consolidated statement of cash flows reflects net cash inflows from operating activities of$3,566,414(2023:$3,477,003).As at 30 June 2024,the consolidated statement of financial position reflects a net asset position of$

128、75,912,603(2023:net asset of$77,122,909)and a net current asset position of$12,652,780(2023:net current asset of$10,395,527).While revenue for the period was up 7.2%,this was primarily driven by growth in technology sales(hardware and SaaS),which provide improved margins over human driven captioning

129、 services,and comprised 50%of total revenue for the year(2023:39%).The Group,with a robust balance sheet featuring a cash balance of nearly$10.9 million,no debt and improving performance,is now well-positioned to confidently pursue growth opportunities as they arise.The directors have assessed that

130、based on the Groups position it is appropriate to prepare the financial report on a going concern basis.For further information,refer to note 2.Business risks The following is a summary of material business risks that could adversely affect the Groups financial performance and growth potential in fu

131、ture years and how the Group propose to mitigate such risks.Macroeconomic risks The Groups financial performance can be impacted by current and future economic conditions which it cannot control,such as increases in interest rates and inflation and foreign currency fluctuations.TheGroupstays abreast

132、 of these conditions,focuses on its internal debtor controls and diversifies its customer base by industry and geography and the natural currency hedge which all help to manage these risks.Directors reportAnnual Report 202416About AI MediaHighlightsChair&CEO lettersAbout AI MediaHighlightsChair&CEO

133、lettersAi-Media Technologies Limited Directors report 30 June 2024 Recruitment It is evident that the labour landscape has displayed a trend of increasing availability since COVID-19 within sectors such as technology,sales,operations,and professional services.However,labour market tightness persists

134、 as a noteworthy consideration.While inflationary pressures have also shown signs of stabilising,the consequences stemming from these pressures throughout the past year have led to a notable salary escalation of up to 10%beyond the initially budgeted projections for positions demanding professional

135、expertise or high-level skills.Competitive market and changes to market trends The Group operates in a highly competitive market.Innovation is constant and competitive superior products that may be released to the market could result in pricing pressures on our product suite and result in unfavourab

136、le product positioning within the market.The Group seeks to mitigate this risk through maintaining experienced product development teams that remain abreast of the latest technological advances,developing leading edge technology,building deep customer relationships and monitoring all potential compe

137、titive impacts on the business,and current and future products.Disruption to,or failure of,technology systems and software,including cybersecurity breaches The risk of system disruption,either malicious or accidental,is something that can never be completely mitigated against as technology and metho

138、ds of potential disruption are,by definition,constantly changing.We manage this risk in diverse ways,including utilising third parties to proactively review our environments and make recommendations for improvement,focusing on monitoring and reporting back so we can be aware of any changes as they h

139、appen(before causing noticeable disruption).This enables us to make certain that we have backups and methods in place to reproduce our data and materials from scratch in case a worst-case scenario does happen.Data protection and privacy laws Data protection and privacy laws are regularly being imple

140、mented and updated across many jurisdictions globally.This could be a risk if we are not aware of the changes or not able to comply and therefore,we need to make sure we are actively and constantly monitoring changes.We look to minimise this risk by basing our data protection and privacy standards o

141、n the most robust jurisdictions in order to aid in global compliance.Significant changes in the state of affairs There were no significant changes in the state of affairs of the Group during the financial year.Matters subsequent to the end of the financial year After the reporting period,a new direc

142、tor,Brent Cubis,joined the board.He was appointed on 1 July 2024.This event does not require adjustment to the financial statements for the year ended 30 June 2024,but is significant for the ongoing operations and governance of the Group.No other matter or circumstance has arisen since 30 June 2024

143、that has significantly affected,or may significantly affect the Groups operations,the results of those operations,or the Groups state of affairs in future financial years.Likely developments and expected results of operations With the success of LEXI Live now outperforming expensive human workflows,

144、the Groups growth strategy is focused on exploiting its strengths as the clear leader in the provision of the highest quality AI-driven live captioning in the North American and Australian markets to further grow in three key directions:Geographic expansion:utilise the leadership in North America an

145、d Australia to grow aggressively in EMEA,APAC andLatin America;Beyond broadcast:AI-driven language services have latent demand in Government,Enterprise and Educationsectors.AIMs focus in coming years is to increase the percentage of revenue generated by sectors outside of broadcast;and Drive adoptio

146、n of new AI-powered LEXI products:Continuing to expand the LEXI Toolkit and grow sales outside of LiveCaptioning into LEXI Recorded,LEXI Translate,LEXI Audio Description,LEXI Voice,LEXI Dub,LEXI DR and LEXILibrary.The Group will continue to drive organic growth,partnership opportunities for new sale

147、s channels and consider acquisition opportunities to accelerate sales momentum.Environmental regulation The Group is not subject to any significant environmental regulation under federal or state law within all the geographical locations the Group operate in.Directors report17Products&technologyGrow

148、th prioritiesBoard of directorsDirectors reportFinancial reportCorporate directoryProducts&technologyGrowth prioritiesBoard of directorsCorporate directoryDirectors reportAi-Media Technologies Limited Directors report 30 June 2024 Information on directors Name:John Martin Title:Independent,Non-Execu

149、tive Director and Chair(Chair appointed on 29 February 2024)Qualifications:BA LLB(Hons)Experience and expertise:John joined the board in 2010 and served as the Companys first Chairman until 2013and served as Chairman of the Audit and Risk Committee between 2014 and June 2024.He is an experienced com

150、pany director and business executive,having served as CEOand director of ASX-listed Babcock&Brown Communities,Primelife and Regeneus.Heis a former corporate and commercial partner of law firm Allens.John is a Non-ExecutiveDirector of Australian law firm Sparke Helmore;Sydney biotech company Biopoint

151、;USinternet services company Lokket and Melbourne not for-profit CCRM Australia.He isalso a member of the Australian Institute of Company Directors.Other current directorships:No other listed entities Former directorships(last 3 years):Concentrated Leaders Fund Limited Special responsibilities:Membe

152、r of Remuneration and Nomination Committee Interests in shares:147,122 ordinary shares directly held and 1,276,669 ordinary shares indirectly held Name:Anthony Abrahams Title:Co-Founder,Director and Chief Executive Officer Qualifications:BCom(Hons).LLB(UNSW),MPhil.MBA(Oxford)Experience and expertise

153、:Tony co-founded Ai-Media in 2003.Tony served as a Director of Northcott DisabilityServices from 2010 to 2018,and was recognised by the World Economic Forum as aYoung Global Leader in 2013.In previous roles,Tony worked to establish the Oxford Internet Institute in 2001,whileattending the University

154、of Oxford as a Rhodes Scholar.Tony has been a member ofthe Australian Institute of Company Directors since 2006.Other current directorships:No other listed entities Former directorships(last 3 years):No other listed entities Special responsibilities:Chief Executive Officer Interests in shares:5,000,

155、000 ordinary shares directly held and 30,339,898 ordinary shares indirectly held Name:Alison Loat Title:Independent,Non-Executive Director Qualifications:BAH,Queens University,Kingston Canada;MPP,Harvard Kennedy School Experience and expertise:Alison is the Managing Director,Sustainable Investing an

156、d Innovation at OPTrust,aCanadian public pension plan.Previously,she was the Senior Managing Director ofFCLTGlobal,a long-term investing organization,the CEO of a think tank and aconsultant at McKinsey&Company.Shes also on the board of two Canadianeducational institutions and a privately held media

157、company.Alison received the Queens Gold and Diamond Jubilee Medals and was named one ofthe 100 Most Powerful Women in Canada.She received the ICD designation fromCanadas Institute of Corporate Directors.Other current directorships:No other listed entities Former directorships(last 3 years):No other

158、listed entities Special responsibilities:Member of RNC(Remuneration and Nominations Committee);Member of ARC(Auditand Risk Committee)Interests in shares:397,122 ordinary shares directly held Directors reportAnnual Report 202418About AI MediaHighlightsChair&CEO lettersAbout AI MediaHighlightsChair&CE

159、O lettersAi-Media Technologies Limited Directors report 30 June 2024 Name:Cheryl Hayman Title:Independent Non-Executive Director Qualifications:BCom(Mktg),FAICD,FGIA Experience and expertise:Cheryl joined the board in March 2022 and has extensive experience working as anindependent Director across m

160、ultiple sectors including ASX-listed companies as well asindustry bodies and not-for-profit organisations.Cheryl is currently on the board of Silk Logistics Holdings(ASX:SLH)and Guide DogsNSW/ACT.Cheryls corporate experience encompasses a range of senior strategic marketing rolespredominantly in fas

161、t moving consumer goods organisations focussed onmanufacturing,supply chain and branded customer new product delivery and innovationstrategy.Her focus areas are in consumer strategy,branding and digital technologydevelopment in global organisations including Head of Marketing and Innovation atGeorge

162、 Weston Foods,Unilever Australia,NZ and the UK,Yum RestaurantsInternational and Who Weekly magazine.Cheryl is a Fellow of the Australian Institute of Company Directors,a Fellow of theGovernance Institute of Australia and a member of Chief Executive Womens Policy andEngagement Committee.Cheryl serves

163、 as Chair of AIMs Remuneration andNomination Committee and is a member of the Audit and Risk Committee.Other current directorships:Silk Logistics Holdings Ltd(ASX:SLH)Former directorships(last 3 years):Shriro Holdings Ltd(ASX:SHM),Clover Corporation(ASX:CLV)and HGL Limited(ASX:HNG),Beston Global Foo

164、d Company(ASX:BFC)Special responsibilities:Chair of RNC(Remuneration and Nominations Committee);Member of ARC(Audit andRisk Committee)Interests in shares:110,533 ordinary shares directly held and 50,000 ordinary shares indirectly held Name:Brent Cubis Title:Independent,Non-Executive Director(appoint

165、ed on 1 July 2024)Qualifications:BComm(UNSW);Chartered Accountant;GAICD Experience and expertise:Brent was appointed as a Director on 1 July 2024.He is Chairman of the Audit and RiskCommittee.Brent is a highly experienced Non-Executive Director and CFO with over 30years of board level experience in

166、senior finance roles for global businesses in Health,Medical Devices,Media,Property,Tourism and started his career at Deloitte.Brent hasbeen the Chair of the Audit and Risk Committees for all the public and private companiesoutlined below.His previous executive roles have included CFO of Cochlear Lt

167、d andNine Network Australia and for various other private companies.Other current directorships:ARN Media Ltd(ASX:A1N),non-listed companies:Silverchain Group,Canteen Former directorships(last 3 years):A2B Australia Limited,Prime Media Group Limited,EML Payments Limited(ASX:EML),Carbon Cybernetics Sp

168、ecial responsibilities:Chair of Audit and Risk Committee;Member of Remuneration and NominationCommittee Interests in shares:28,571 ordinary shares indirectly held Interests in options:None Directors report19Products&technologyGrowth prioritiesBoard of directorsDirectors reportFinancial reportCorpora

169、te directoryProducts&technologyGrowth prioritiesBoard of directorsCorporate directoryDirectors reportAi-Media Technologies Limited Directors report 30 June 2024 Name:Deanne Weir Title:Non-Executive Director and Chair(retired on 29 February 2024)Qualifications:BA(Hons)LLB(Hons)LLM Experience and expe

170、rtise:Deanne has served as a director of Ai-Media since 2010,and became Chair in August2013.An entrepreneur,company director and philanthropist,Deanne previously spent 10years at ASX listed company Austar United Communications as a senior executive,including as General Counsel and Company Secretary.

171、Deanne is Chair of Seer Dataand Analytics,an Australian scale up technology company,and also a Board memberat Verve Super.Deanne is passionate about community engagement and the power of story-telling tohelp influence social change.Deanne was a long-term Board member and Deputy Chairat Screen Austra

172、lia and in 2017 was appointed Chair of the Sydney Film Festival.Deanne is a Graduate of the Australian Institute of Company Directors.Other current directorships:No other listed entities Former directorships(last 3 years):No other listed entities Special responsibilities:Board Chair,Member of RNC(Re

173、muneration and Nominations Committee)Interests in shares:16,072,336 ordinary shares directly held 2,572,659 ordinary shares indirectly held Other current directorships quoted above are current directorships for listed entities only and excludes directorships of all other types of entities,unless oth

174、erwise stated.Former directorships(last 3 years)quoted above are directorships held in the last 3 years for listed entities only and excludes directorships of all other types of entities,unless otherwise stated.All information current as per Ms Weirs Final Directors Interest Notice dated 1 March 202

175、4.Company secretary Name:Lisa Jones Title:Company Secretary(appointed 1 September 2022)Experience and expertise:Lisa is an experienced corporate lawyer and governance professional and a Fellow of the Governance Institute of Australia.She has more than 20 years experience in commercial and corporate

176、affairs,working with both public listed and private companies in Australia and Europe after starting her career in the corporate practice Allens.She is the principal of Jones Meredith Group which provides governance;corporate advisory and company secretarial services to ASX listed and private compan

177、ies.Meetings of directors The number of meetings of the Companys Board of Directors(the Board)and of each Board committee held during the year ended 30 June 2024,and the number of meetings attended by each director were:Full Board Audit and Risk Committee Remuneration and Nomination Committee Attend

178、ed Held Attended Held Attended Held Anthony Abrahams 8 8 -John Martin 8 8 3 3 3 3 Alison Loat 8 8 3 3 3 3 Cheryl Hayman 8 8 3 3 3 3 Deanne Weir(retired on 29 February 2024)3 4 -1 2 Held:represents the number of meetings held during the time the director held office or was a member of the relevant co

179、mmittee.Directors reportAnnual Report 202420About AI MediaHighlightsChair&CEO lettersAbout AI MediaHighlightsChair&CEO lettersAi-Media Technologies Limited Directors report 30 June 2024 Remuneration report(audited)The remuneration report details the key management personnel remuneration arrangements

180、 for the Group,in accordance with the requirements of the Corporations Act 2001 and its Regulations.Key management personnel are those persons having authority and responsibility for planning,directing and controlling the activities of the entity,directly or indirectly,including all directors.The re

181、muneration report is set out under the following main headings:Principles used to determine the nature and amount of remuneration Details of remuneration Service agreements Share-based compensation Additional information Additional disclosures relating to key management personnel Principles used to

182、determine the nature and amount of remuneration The objective of the Groups executive reward framework is to ensure reward for performance is competitive and appropriate for the results delivered.The framework aligns executive reward with the achievement of strategic objectives and the creation of v

183、alue for shareholders,and it is considered to conform to the market best practice for the delivery of reward.The Board of Directors(the Board)ensures that executive reward satisfies the following key criteria for good reward governance practices:competitiveness and reasonableness;acceptability to sh

184、areholders;performance linkage/alignment of executive compensation;and transparency.The Remuneration and Nomination Committee is responsible for determining and reviewing remuneration arrangements for its directors and executives.The performance of the Group depends on the quality of its directors a

185、nd executives.The remuneration philosophy is to attract,motivate and retain high performance and high quality personnel.The Remuneration and Nomination Committee has structured an executive remuneration framework that is market competitive and complementary to the reward strategy of the Group.The re

186、ward framework is designed to align executive reward to shareholders interests.The Board has considered that it should seek to enhance shareholders interests by:having economic profit as a core component of plan design;focusing on sustained growth in shareholder wealth,consisting of dividends and gr

187、owth in share price,and deliveringconstant or increasing return on assets as well as focusing the executive on key non-financial drivers of value;and attracting and retaining high calibre executives.Additionally,the reward framework should seek to enhance executives interests by:rewarding capability

188、 and experience;reflecting competitive reward for contribution to growth in shareholder wealth;and providing a clear structure for earning rewards.In accordance with best practice corporate governance,the structure of non-executive director and executive director remuneration is separate.Non-executi

189、ve directors remuneration Fees and payments to non-executive directors reflect the demands and responsibilities of their role.Non-executive directors fees and payments are reviewed annually by the Remuneration and Nomination Committee.The Remuneration and Nomination Committee may,from time to time,r

190、eceive advice from independent remuneration consultants to ensure non-executive directors fees and payments are appropriate and in line with the market.The chairs fees are determined independently to the fees of other non-executive directors based on comparative roles in the external market.The chai

191、r is not present at any discussions relating to the determination of his own remuneration.ASX listing rules require the aggregate non-executive directors remuneration be determined periodically by a general meeting.The most recent determination was at the Annual General Meeting held on 9 August 2020

192、,where the shareholders approved a maximum annual aggregate remuneration of$500,000.Directors report21Products&technologyGrowth prioritiesBoard of directorsDirectors reportFinancial reportCorporate directoryProducts&technologyGrowth prioritiesBoard of directorsCorporate directoryDirectors reportAi-M

193、edia Technologies Limited Directors report 30 June 2024 Executive remuneration The Group aims to reward executives based on their position and responsibility,with a level and mix of remuneration which has both fixed and variable components.The executive remuneration and reward framework has three co

194、mponents:base pay and non-monetary benefits;short-term performance incentives;and other remuneration such as superannuation and long service leave.The combination of these comprises the executives total remuneration.Fixed remuneration,consisting of base salary,superannuation and non-monetary benefit

195、s,are reviewed annually by the Remuneration and Nomination Committee based on individual and business unit performance,the overall performance of the Group and comparable market remunerations.Executives may receive their fixed remuneration in the form of cash or other fringe benefits(for example mot

196、or vehicle benefits)where it does not create any additional costs to the Group and provides additional value to the executive.The short-term incentives(STI)program includes salaries,annual leave and other short term incentive payments and is designed to align the targets of the business units with t

197、he performance hurdles of executives.STI payments are granted to executives based on specific annual targets and key performance indicators(KPIs)being achieved.KPIs include profit contribution,customer satisfaction,leadership contribution and product management.The long-term benefits includes long s

198、ervice leave.Consolidated entity performance and link to remuneration Remuneration for certain individuals is directly linked to the performance of the Group.A portion of cash bonus and incentive payments are dependent on EBITDA targets being met.The remaining portion of the cash bonus and incentive

199、 payments are at the discretion of the Remuneration and Nomination Committee.Refer to the section Additional information below for details of the earnings and total shareholders return for the last five years.The Remuneration and Nomination Committee is of the opinion that the continued improved res

200、ults can be attributed in part to the adoption of performance based compensation and is satisfied that this improvement will continue to increase shareholder wealth if maintained over the coming years.Use of remuneration consultants During the financial year ended 30 June 2024,the Group engaged the

201、use of remuneration consultants,Guerdon Associates,to benchmark its existing remuneration policies,including Executive and CEO remuneration practices,to ensure they adhere to the Groups practices noted above.The benchmarking was also used to analyse the peer group market and seek to improve both the

202、 Groups Short Term Incentives and Long Term Incentives programs for future financial years.Voting and comments made at the Companys 30 June 2023 Annual General Meeting(AGM)At the 27 October 2023 AGM,99.56%of the votes received supported the adoption of the remuneration report for the year ended 30 J

203、une 2023.The Company did not receive any specific feedback at the AGM regarding its remuneration practices.Details of remuneration Amounts of remuneration Details of the remuneration of key management personnel of the Group are set out in the following tables.The key management personnel of the Grou

204、p consisted of the following directors of Ai-Media Technologies Limited:John Martin-Chair appointed on 29 February 2024 Anthony Abrahams-Chief Executive Officer Alison Loat-Non-Executive Director Cheryl Hayman-Non-Executive Director Deanne Weir-Chair retired on 29 February 2024 And the following per

205、son:John Bird-Chief Financial Officer Directors reportAnnual Report 202422About AI MediaHighlightsChair&CEO lettersAbout AI MediaHighlightsChair&CEO lettersAi-Media Technologies Limited Directors report 30 June 2024 Changes since the end of the reporting period:Brent Cubis(appointed 1 July 2024)Shor

206、t-term benefits Post-employment benefits Long-term benefits Share-based payments Cash salary Cash Annual Super-Long service Equity-and fees bonus leave annuation leave settled Total 2024$Non-Executive Directors:John Martin 88,688 45,662 -13,650 -148,000 Alison Loat 86,252 10,267 -5,750 -102,269 Cher

207、yl Hayman 85,135 8,900 -10,465 -104,500 Deanne Weir*114,761 -12,624 -127,385 Executive Directors:Anthony Abrahams 405,227 -47,151 27,546 5,729 -485,653 Other Key Management Personnel:John Bird 380,881 100,000 29,950 27,303 -538,134 1,160,944 164,829 77,101 97,338 5,729 -1,505,941 *Remuneration discl

208、osed is from 1 July 2023 to the date of resignation of 29 February 2024.Short-term benefits Post-employment benefits Long-term benefits Share-based payments Cash salary Cash Annual Super-Long service Equity-and fees bonus leave annuation leave settled Total 2023$Non-Executive Directors:Deanne Weir 9

209、1,324 -9,589 -100,913 John Martin 58,824 -6,176 -25,000 90,000 Alison Loat 70,028 -3,878 -25,000 98,906 Cheryl Hayman 59,091 -6,205 -25,000 90,296 Executive Directors:Anthony Abrahams 332,920 -12,272 18,411 4,135 -367,738 Other Key Management Personnel:John Bird 285,029 -21,234 25,292 -331,555 897,2

210、16 -33,506 69,551 4,135 75,000 1,079,408 Directors report23Products&technologyGrowth prioritiesBoard of directorsDirectors reportFinancial reportCorporate directoryProducts&technologyGrowth prioritiesBoard of directorsCorporate directoryDirectors reportAi-Media Technologies Limited Directors report

211、30 June 2024 The proportion of remuneration linked to performance and the fixed proportion are as follows:Fixed remuneration At risk-STI At risk-LTI Name 2024 2023 2024 2023 2024 2023 Non-Executive Directors:John Martin 69%72%31%28%-Alison Loat 90%75%10%25%-Cheryl Hayman 91%72%9%28%-Deanne Weir 100%

212、100%-Executive Directors:Anthony Abrahams 100%100%-Other Key Management Personnel:John Bird 81%100%19%-*At risk-STI relates to the share based payments,equity settled,cash bonus.Service agreements Remuneration and other terms of employment for key management personnel are formalised in service agree

213、ments.Details of these agreements are as follows:Name:Anthony Abrahams Title:Chief Executive Officer Australia Agreement commenced:1 July 2020 Term of agreement:Ongoing-no fixed minimum term Details:Annual fees of$381,353 including superannuation from 1 January 2024(previously$153,287 including supe

214、rannuation)Name:Anthony Abrahams Title:Chief Executive Officer Canada Agreement commenced:19 April 2018 Term of agreement:Ongoing-no fixed minimum term Details:Annual fees of CAD186,576 Name:John Bird Title:Chief Financial Officer Agreement commenced:15 March 2021 Term of agreement:Ongoing-no fixed

215、minimum term Details:Annual fees of$449,550 including superannuation Key management personnel have no entitlement to termination payments in the event of removal for misconduct.Share-based compensation Issue of shares Details of ordinary issued to directors and other key management personnel as part

216、 of compensation(from the exercise of restricted share units)during the year ended 30 June 2024 are set out below:Name Date Shares Issue price$John Martin 7 September 2023 97,972$0.26 25,000 Alison Loat 7 September 2023 97,972$0.26 25,000 Cheryl Hayman 7 September 2023 97,972$0.26 25,000 Directors r

217、eportAnnual Report 202424About AI MediaHighlightsChair&CEO lettersAbout AI MediaHighlightsChair&CEO lettersAi-Media Technologies Limited Directors report 30 June 2024 Restricted Share Units(RSUs)There were no RSUs granted to directors and other key management personnel as part of compensation during

218、 the year ended 30 June 2024.Additional information The earnings of the Group for the five years to 30 June 2024 are summarised below:2024 2023 2022 2021 2020$Sales revenue 66,236,058 61,769,967 59,784,026 48,662,420 25,423,090 EBITDA 4,111,855 3,310,552 1,100,574 (8,678,600)(10,048,332)Loss after i

219、ncome tax (1,340,996)(4,017,064)(4,923,715)(10,691,490)(12,741,152)Additional disclosures relating to key management personnel Shareholding The number of shares in the Company held during the financial year by each director and other members of key management personnel of the Group,including their p

220、ersonally related parties,is set out below:Balance at Received Balance at the start of as part of Disposals/the end of the year remuneration Additions other the year Ordinary shares John Martin 1,325,819 97,972 -1,423,791 Anthony Abrahams 30,339,898 -5,000,000 -35,339,898 Alison Loat 299,150 97,972

221、-397,122 Cheryl Hayman 62,561 97,972 -160,533 Deanne Weir*18,644,995 -(18,644,995)-John Bird -50,672,423 293,916 5,000,000 (18,644,995)37,321,344 *Deanne Weirs disposals/other represents a member no longer being designated as a key management personnel anddoes not represent a disposal of holding.Opt

222、ion holding There were no options over ordinary shares in the Company held during the financial year by each director and other members of key management personnel of the Group.RSU holding The number of RSUs over ordinary shares in the Company held during the financial year by each director and othe

223、r members of key management personnel of the Group,including their personally related parties,is set out below:Balance at Expired/Balance at the start of forfeited/the end of the year Granted Vested Issued other the year RSUs John Martin 97,972 -(97,972)-Alison Loat 97,972 -(97,972)-Cheryl Hayman 97

224、,972 -(97,972)-293,916 -(293,916)-This concludes the remuneration report,which has been audited.Shares under option and restricted share units There were no unissued ordinary shares of Ai-Media Technologies Limited under options and restricted share units outstanding at the date of this report.Direc

225、tors report25Products&technologyGrowth prioritiesBoard of directorsDirectors reportFinancial reportCorporate directoryProducts&technologyGrowth prioritiesBoard of directorsCorporate directoryDirectors reportAi-Media Technologies Limited Directors report 30 June 2024 Shares issued on the exercise of

226、options and restricted share units The following ordinary shares of Ai-Media Technologies Limited were issued on 7 September 2023,covering the year ended 30 June 2024 on the exercise of RSUs granted:Exercise Number of Date RSU granted price shares issued 4 September 2023$0.28 270,999 Indemnity and i

227、nsurance of officers The Company has indemnified the directors and executives of the Company for costs incurred,in their capacity as a director or executive,for which they may be held personally liable,except where there is a lack of good faith.During the financial year,the Company paid a premium in

228、 respect of a contract to insure the directors and executives of the Company against a liability to the extent permitted by the Corporations Act 2001.The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium.Indemnity and insurance of auditor The Com

229、pany has not,during or since the end of the financial year,except to the extent permitted by the law,indemnified or agreed to indemnify the auditor of the Company or any related entity against a liability incurred by the auditor.During the financial year,the Company has not paid a premium in respect

230、 of a contract to insure the auditor of the Company or any related entity.Proceedings on behalf of the Company No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Company,or to intervene in any proceedings to which the Com

231、pany is a party for the purpose of taking responsibility on behalf of the Company for all or part of those proceedings.Non-audit services During the financial year,Deloitte Touche Tohmatsu Australia,the Companys auditor,has performed certain other services in addition to their statutory duties.The B

232、oard is satisfied that the provision of those non-audit services during the period by the auditor is compatible with,and did not compromise,the auditor independence requirements of the Corporations Act 2001(Cth)or as set out in Code of Conduct APES 110 Code of Ethics for Professional Accountants(inc

233、luding Independence Standards)issued by the Accounting Professional&Ethical Standards Board,as they did not involve reviewing or auditing the auditors own work,acting in a management or decision making capacity for the Company,acting as an advocate for the Company or jointly sharing risks or rewards

234、.Details of amounts paid or payable to the auditor for non-audit services provided during the year by the auditor are outlined in note 24 to the financial statements.Officers of the Company who are former partners of Deloitte Touche Tohmatsu There are no officers of the Company who are former partne

235、rs of Deloitte Touche Tohmatsu.Directors reportAnnual Report 202426About AI MediaHighlightsChair&CEO lettersAbout AI MediaHighlightsChair&CEO lettersAi-Media Technologies Limited Directors report 30 June 2024 Auditors independence declaration A copy of the auditors independence declaration as requir

236、ed under section 307C of the Corporations Act 2001 is set out immediately after this directors report.This report is made in accordance with a resolution of directors,pursuant to section 298(2)(a)of the Corporations Act 2001.On behalf of the directors _ Anthony Abrahams Director and Chief Executive

237、Officer 28 August 2024 Sydney Directors report27Products&technologyGrowth prioritiesBoard of directorsDirectors reportFinancial reportCorporate directoryProducts&technologyGrowth prioritiesBoard of directorsCorporate directoryDirectors reportAuditors independence declarationLiability limited by a sc

238、heme approved under Professional Standards Legislation.Member of Deloitte Asia Pacific Limited and the Deloitte organisationDeloitte Touche TohmatsuABN 74 490 121 0608 Parramatta SquareLevel 37,10 Darcy StreetParramatta,NSW,2150AustraliaPhone:+61 2 9840 .au28 August 2024The Board of DirectorsAi-Medi

239、a Technologies LimitedLevel 1,103 Miller StreetNorth Sydney NSW 2060AustraliaDear Board MembersA Au ud di it to or r s s I In nd de ep pe en nd de en nc ce e D De ec cl la ar ra at ti io on n t to o A Ai i-MMe ed di ia a T Te ec ch hn no ol lo og gi ie es s L Li im mi it te ed dIn accordance with se

240、ction 307C of the Corporations Act 2001,I am pleased to provide the following declarationof independence to the Board of Directors of Ai-Media Technologies Limited and its subsidiaries.As lead audit partner for the audit of the financial report of Ai-Media Technologies Limited for the year ended 30J

241、une 2024,I declare that to the best of my knowledge and belief there have been no contraventions of:The auditor independence requirements of the Corporations Act 2001 in relation to the audit;andAny applicable code of professional conduct in relation to the audit.Yours faithfullyDELOITTE TOUCHE TOHM

242、ATSUV Vi in nc ce en nt t S Sn ni ij jd de er rs sPartnerChartered AccountantsAnnual Report 202428About AI MediaHighlightsChair&CEO lettersAbout AI MediaHighlightsChair&CEO lettersAi-Media Technologies Limited Consolidated statement of profit or loss and other comprehensive income For the year ended

243、 30 June 2024 Consolidated Note 2024 2023$Revenue 5 66,236,058 61,769,967 Other income -456,469 Interest revenue calculated using the effective interest method 164,822 50,169 Expenses Cost of inventories consumed (1,983,677)(1,860,305)Employee benefits expense (42,570,307)(39,483,865)Outsourcing and

244、 contractor expenses (4,271,739)(5,227,133)Information technology related expenses (5,337,395)(4,932,213)Depreciation and amortisation expense 6 (4,410,473)(4,905,191)Professional and consulting expenses (4,028,360)(4,048,113)Business development expenses (1,179,765)(1,216,015)Occupancy expenses (47

245、6,020)(637,555)Recovery/(impairment)of receivables 9 (65,795)78,923 Other expenses (2,211,145)(1,589,608)Finance costs 6 (162,487)(761,594)Loss before income tax expense (296,283)(2,306,064)Income tax expense 7 (1,044,713)(1,711,000)Loss after income tax expense for the year attributable to the owne

246、rs of Ai-Media Technologies Limited (1,340,996)(4,017,064)Other comprehensive income Items that may be reclassified subsequently to profit or loss Foreign currency translation 131,256 2,053,353 Other comprehensive income for the year,net of tax 131,256 2,053,353 Total comprehensive loss for the year

247、 attributable to the owners of Ai-Media Technologies Limited (1,209,740)(1,963,711)Cents Cents Basic loss per share 29 (0.64)(1.93)Diluted loss per share 29 (0.64)(1.93)The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanyi

248、ng notes Consolidated statement of profit or loss and other comprehensive incomeFor the year ended 30 June 202429Products&technologyGrowth prioritiesBoard of directorsDirectors reportFinancial reportCorporate directoryProducts&technologyGrowth prioritiesBoard of directorsDirectors reportCorporate di

249、rectoryFinancial reportAi-Media Technologies Limited Consolidated statement of financial position As at 30 June 2024 Consolidated Note 2024 2023$Assets Current assets Cash and cash equivalents 8 10,927,978 16,982,857 Trade and other receivables 9 12,164,398 11,951,203 Contract assets 11 797,645 504,

250、250 Inventories 10 2,417,646 892,246 Term deposits 12 165,623 165,623 Income tax receivable 7 286,132 466,091 Total current assets 26,759,422 30,962,270 Non-current assets Property,plant and equipment 13 4,351,493 4,209,116 Right-of-use assets 14 500,675 318,220 Intangibles 15 56,235,619 59,278,446

251、Deferred tax assets 7 5,292,291 6,029,335 Total non-current assets 66,380,078 69,835,117 Total assets 93,139,500 100,797,387 Liabilities Current liabilities Trade and other payables 16 7,371,007 6,207,504 Contract liabilities 17 4,319,139 3,916,839 Lease liabilities 18 241,280 193,114 Income tax pay

252、able 7 82,500 82,500 Provisions 19 2,092,716 10,166,786 Total current liabilities 14,106,642 20,566,743 Non-current liabilities Lease liabilities 18 291,206 152,599 Deferred tax 7 2,524,903 2,564,558 Provisions 19 304,146 390,578 Total non-current liabilities 3,120,255 3,107,735 Total liabilities 17

253、,226,897 23,674,478 Net assets 75,912,603 77,122,909 Equity Issued capital 20 110,247,853 110,098,328 Reserves 21 9,226,132 9,244,967 Accumulated losses (43,561,382)(42,220,386)Total equity 75,912,603 77,122,909 Consolidated statement of financial position As at 30 June 2024The above consolidated st

254、atement of financial position should be read in conjunction with the accompanying notes Annual Report 202430About AI MediaHighlightsChair&CEO lettersAbout AI MediaHighlightsChair&CEO lettersAi-Media Technologies Limited Consolidated statement of changes in equity For the year ended 30 June 2024 The

255、above consolidated statement of changes in equity should be read in conjunction with the accompanying notes Total equity Issued capital Reserves Accumulated losses Consolidated$Balance at 1 July 2022 109,968,446 7,195,693 (38,203,322)78,960,817 Loss after income tax expense for the year -(4,017,064)

256、(4,017,064)Other comprehensive income for the year,net of tax -2,053,353 -2,053,353 Total comprehensive(loss)/income for the year -2,053,353 (4,017,064)(1,963,711)Transactions with owners in their capacity as owners:Share-based payments(note 33)-125,803 -125,803 Conversion of Restricted Stock/Share

257、Units(note 20,note 21)129,882 (129,882)-Balance at 30 June 2023 110,098,328 9,244,967 (42,220,386)77,122,909 Total equity Issued capital Reserves Accumulated losses Consolidated$Balance at 1 July 2023 110,098,328 9,244,967 (42,220,386)77,122,909 Loss after income tax expense for the year -(1,340,996

258、)(1,340,996)Other comprehensive income for the year,net of tax -131,256 -131,256 Total comprehensive(loss)/income for the year -131,256 (1,340,996)(1,209,740)Transactions with owners in their capacity as owners:Conversion of Restricted Stock/Share Units(note 20,note 21)149,525 (150,091)-(566)Balance

259、 at 30 June 2024 110,247,853 9,226,132 (43,561,382)75,912,603 Consolidated statement of changes in equity For the year ended 30 June 2024The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes 31Products&technologyGrowth prioritiesBoard of dire

260、ctorsDirectors reportFinancial reportCorporate directoryProducts&technologyGrowth prioritiesBoard of directorsDirectors reportFinancial reportCorporate directoryAi-Media Technologies Limited Consolidated statement of cash flows For the year ended 30 June 2024 Consolidated Note 2024 2023$Cash flows f

261、rom operating activities Receipts from customers(inclusive of GST)73,303,004 66,974,968 Payments to suppliers and employees(inclusive of GST)(69,563,957)(63,632,282)Interest received 164,822 50,169 Other revenue -456,469 Interest and other finance costs paid (162,487)(372,321)Income taxes paid (174,

262、968)-Net cash from operating activities 31 3,566,414 3,477,003 Cash flows from investing activities Payment for expenses relating to acquisitions*(8,129,670)(367,647)Payments for property,plant and equipment 13 (882,382)(585,505)Payments for intangibles 15 (285,046)(695,426)Net cash used in investin

263、g activities (9,297,098)(1,648,578)Cash flows from financing activities Repayment of lease liabilities 32 (261,237)(280,990)Net cash used in financing activities (261,237)(280,990)Net increase/(decrease)in cash and cash equivalents (5,991,921)1,547,435 Cash and cash equivalents at the beginning of t

264、he financial year 16,982,857 15,184,270 Effects of exchange rate changes on cash and cash equivalents (62,958)251,152 Cash and cash equivalents at the end of the financial year 8 10,927,978 16,982,857 *Refer to note 19 for further information.Consolidated statement of cash flows For the year ended 3

265、0 June 2024The above consolidated statement of cash flows should be read in conjunction with the accompanying notes Annual Report 202432About AI MediaHighlightsChair&CEO lettersAbout AI MediaHighlightsChair&CEO lettersAi-Media Technologies Limited Notes to the consolidated financial statements 30 Ju

266、ne 2024 Note 1.General information The financial statements cover Ai-Media Technologies Limited as a Group consisting of Ai-Media Technologies Limited(Company or parent entity)and the entities it controlled at the end of,or during,the year(referred to in these financial statements as the Group).The

267、financial statements are presented in Australian dollars,which is Ai-Media Technologies Limiteds functional and presentation currency.Ai-Media Technologies Limited(formerly known as Access Innovation Holdings Limited)is an ASX listed public company limited by shares,incorporated and domiciled in Aus

268、tralia.Its registered office and principal place of business are:Registered office Principal place of business Level 20 Level 1 15 William Street 103 Miller Street Melbourne VIC 3000 North Sydney NSW 2060 A description of the nature of the Groups operations and its principal activities are included

269、in the directors report,which is not part of the financial statements.The financial statements were authorised for issue,in accordance with a resolution of directors,on 28 August 2024.The directors have the power to amend and reissue the financial statements.Note 2.Material accounting policy informa

270、tion The accounting policies that are material to the Group are set out below.The accounting policies adopted are consistent with those of the previous financial year,unless otherwise stated.New or amended Accounting Standards and Interpretations adopted The Group has adopted all of the new,revised

271、or amending Accounting Standards and Interpretations issued by the Australian Accounting Standards Board(AASB)that are mandatory for the current reporting period.The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or positio

272、n of the Group.Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.The following Accounting Standards and Interpretations have been adopted from 1 July 2023:AASB 2021-2 Amendments to Australian Accounting Standards Disclosure of Accountin

273、g Policies and Definition of Accounting Estimates AASB 2021-2 was issued in March 2021 and is applicable to annual periods beginning on or after 1 January 2023.This standard amends AASB Standards to improve accounting policy disclosures so that they provide more useful information to investors and u

274、sers of the financial statements and clarifies the distinction between accounting policies and accounting estimates.Specifically,AASB 2021-2 amends:AASB 7 Financial Instruments:Disclosures,to clarify that information about measurement bases for financial instrumentsis expected to be material to an e

275、ntitys financial statements.AASB 101 Presentation of Financial Statements,to require entities to disclose their material accounting policy informationrather than their significant accounting policies.AASB 108 Accounting Policies,Changes in Accounting Estimates and Errors,to clarify how entities shou

276、ld distinguishchanges in accounting policies and changes in accounting estimates.AASB 134 Interim Financial Reporting,to identify material accounting policy information as a component of a completeset of financial statements.AASB Practice Statement 2 Making Materiality Judgements,to provide non-mand

277、atory guidance on how to apply theconcept of materiality to accounting policy disclosures.Notes to the consolidated financial statements 33Products&technologyGrowth prioritiesBoard of directorsDirectors reportFinancial reportCorporate directoryProducts&technologyGrowth prioritiesBoard of directorsDi

278、rectors reportFinancial reportCorporate directoryAi-Media Technologies Limited Notes to the consolidated financial statements 30 June 2024 Note 2.Material accounting policy information(continued)AASB 2021-5 Amendments to Australian Accounting Standards Deferred Tax related to Assets and Liabilities

279、arising from a Single Transaction AASB 2021-5 was issued in June 2021 and is applicable to annual periods beginning on or after 1 January 2023.The standard amends AASB 112 to clarify that the initial recognition exemption from the requirement to recognise deferred tax does not apply to transactions

280、for which entities recognise both an asset and a liability and that give rise to equal taxable and deductible temporary differences.Such transactions include leases and decommissioning,restoration and similar obligations.For lease accounting,the implication is that where the entity has adopted an ac

281、counting policy that attributes the tax deduction as being directly related to the repayment of the lease liability,a deferred tax asset will arise on initial recognition of the lease liability,and a deferred tax liability will be recognised on initial recognition of the related component of the lea

282、se assets cost.Alternatively,where the entity attributes the tax deduction as being related to the consumption of the right-of-use asset,the deferred tax liability and deferred tax asset are both attributable to the recognition of the right-of-use asset and will net off resulting in no deferred tax

283、recognised.The amendments to AASB 1 require deferred tax related to such transactions to be recognised by first-time adopters at the date of transaction to AASBs.Comparative information Certain comparatives in the statement of profit or loss and other comprehensive income have been reclassified to c

284、onform with the current year disclosure.The reclassification of the comparatives has not changed the net results for the prior year.Going concern The financial report has been prepared on the going concern basis which contemplates the continuity of normal business activities and the realisation of a

285、ssets and settlement of liabilities in the ordinary course of business and assumes the Group will have sufficient cash resources to pay their debts as and when they become due and payable for at least 12 months from the date of signing the financial report.The consolidated statement of profit or los

286、s and other comprehensive income for the year ended 30 June 2024 reflects a net loss after income tax of$1,340,996(30 June 2023:$4,017,064)and the consolidated statement of cash flows reflects net cash inflows from operating activities of$3,566,414(30 June 2023:$3,477,003).As at30 June 2024,the cons

287、olidated statement of financial position reflects a net asset position of$75,912,603(30 June 2023:net asset of$77,122,909)and a net current asset position of$12,652,780(30 June 2023:net current asset of$10,395,527).While the Group continues to experience losses it is taking the necessary action to g

288、row revenue sustainably and ensure that it will become profitable in the near future.Based upon the growth of the business achieved to date,sufficient cash reserves at reporting date and after reviewing forecasts and projections prepared for the business,the directors are confident that it is approp

289、riate to prepare the financial statements on the going concern basis.Basis of preparation These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board(AASB)and the Corporations

290、 Act 2001,as appropriate for for-profit oriented entities.These financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board(IASB).Historical cost convention The financial statements have been prepared under the historica

291、l cost convention.Critical accounting estimates The preparation of the financial statements requires the use of certain critical accounting estimates.It also requires management to exercise its judgement in the process of applying the Groups accounting policies.The areas involving a higher degree of

292、 judgement or complexity,or areas where assumptions and estimates are significant to the financial statements,are disclosed in note 3.Parent entity information In accordance with the Corporations Act 2001,these financial statements present the results of the Group only.Supplementary information abou

293、t the parent entity is disclosed in note 30.Principles of consolidation The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Ai-Media Technologies Limited as at 30 June 2024 and the results of all subsidiaries for the year then ended.Notes to the consol

294、idated financial statements Annual Report 202434About AI MediaHighlightsChair&CEO lettersAbout AI MediaHighlightsChair&CEO lettersAi-Media Technologies Limited Notes to the consolidated financial statements 30 June 2024 Note 2.Material accounting policy information(continued)Subsidiaries are all tho

295、se entities over which the Group has control.The Group controls an entity when the Group is exposed to,or has rights to,variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity.Subsidiaries are fully co

296、nsolidated from the date on which control is transferred to the Group.They are de-consolidated from the date that control ceases.Intercompany transactions,balances and unrealised gains on transactions between entities in the Group are eliminated.Unrealised losses are also eliminated unless the trans

297、action provides evidence of the impairment of the asset transferred.Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.The acquisition of subsidiaries is accounted for using the acquisition method of accounting.A change

298、in ownership interest,without the loss of control,is accounted for as an equity transaction,where the difference between the consideration transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity attributable to the parent.Where the Group

299、loses control over a subsidiary,it derecognises the assets including goodwill,liabilities and non-controlling interest in the subsidiary together with any cumulative translation differences recognised in equity.The Group recognises the fair value of the consideration received and the fair value of a

300、ny investment retained together with any gain or loss in profit or loss.Operating segments Operating segments are presented using the management approach,where the information presented is on the same basis as the internal reports provided to the Chief Operating Decision Makers(CODM).The CODM is res

301、ponsible for the allocation of resources to operating segments and assessing their performance.Foreign currency translation Foreign currency transactions Foreign currency transactions are translated into the Companys functional currency using the exchange rates prevailing at the dates of the transac

302、tions.Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.Foreign operations The assets and liabilities

303、 of foreign operations are translated into Australian dollars using the exchange rates at the reporting date.The revenues and expenses of foreign operations are translated into Australian dollars using the average exchange rates,which approximate the rates at the dates of the transactions,for the pe

304、riod.All resulting foreign exchange differences are recognised in other comprehensive income through the foreign currency reserve in equity.The foreign currency reserve is recognised in profit or loss when the foreign operation or net investment is disposed of.Revenue recognition The Group recognise

305、s revenue as follows:Revenue from contracts with customers Revenue is recognised at an amount that reflects the consideration to which the Group is expected to be entitled in exchange for transferring goods or services to a customer.For each contract with a customer,the Group:identifies the contract

306、 with a customer;identifies the performance obligations in the contract;determines the transaction price which takes into account estimates of variable consideration and the time value of money;allocates the transaction price to the separate performance obligations on the basis of the relative stand

307、-alone selling price of each distinct good or service to be delivered;and recognises revenue when or as each performance obligation is satisfied in a manner that depicts the transfer to the customer of the goods or services promised.Notes to the consolidated financial statements 35Products&technolog

308、yGrowth prioritiesBoard of directorsDirectors reportFinancial reportCorporate directoryProducts&technologyGrowth prioritiesBoard of directorsDirectors reportFinancial reportCorporate directoryAi-Media Technologies Limited Notes to the consolidated financial statements 30 June 2024 Note 2.Material ac

309、counting policy information(continued)Variable consideration within the transaction price,if any,reflects concessions provided to the customer such as discounts,rebates and refunds,any potential bonuses receivable from the customer and any other contingent events.Such estimates are determined using

310、either the expected value or most likely amount method.The measurement of variable consideration is subject to a constraining principle whereby revenue will only be recognised to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not

311、 occur.The measurement constraint continues until the uncertainty associated with the variable consideration is subsequently resolved.Amounts received that are subject to the constraining principle are recognised as a refund liability.During the year,variable consideration comprised of immaterial di

312、scounts to certain customers.Revenue from services Revenue from a contract to provide services is recognised over time for all live captioning,as customers simultaneously receive and consume captioning services as live captioned events occur.All recorded captioning is recognised at a point in time,a

313、t such time that the customers gains control of and derives the benefits from the completed captioned medium(s)produced and incurs the obligation to pay for completed captioning.Revenue from services primarily have payment terms of 30-60 days.Hardware Revenue from a contract to provide goods(compute

314、r hardware,parts,and hardware rentals)are recognised at a point in time based on the Incoterm Ex works which is a shipping arrangement where the seller makes product available for pick up at a specific location and the buyer pays for the transport costs.The goods are picked up for delivery and loade

315、d into the carriers vehicle which is when the title,risks and rewards pass from the seller to the buyer,and it is when the Company invoices the client.Software as a Service Software as a service(SaaS)are electronically delivered software that are categorized as single contract for services or multip

316、le deliverable arrangements depending on the terms of the license or subscription.Revenue is recognised either proportionally over the term of the license or subscription agreement,which is when the stand-alone performance obligation(s)are satisfied,or at the point of consumption,when the service is

317、 delivered based on usage.Interest Interest revenue is recognised as interest accrues using the effective interest method.This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate,which is the

318、 rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset.Other revenue Other revenue is recognised at a point in time when it is received or when the right to receive payment is established.Other in

319、come is recognised at an amount that reflects the consideration to which the Group is expected to be entitled in exchange for transferring goods or services to a customer.Income tax The income tax expense or benefit for the period is the tax payable on that periods taxable income based on the applic

320、able income tax rate for each jurisdiction,adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences,unused tax losses and the adjustment recognised for prior periods,where applicable.Deferred tax assets and liabilities are recognised for temporary differen

321、ces at the tax rates expected to be applied when the assets are recovered or liabilities are settled,based on those tax rates that are enacted or substantively enacted,except for:When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability

322、in atransaction that is not a business combination and that,at the time of the transaction,affects neither the accounting nortaxable profits;or When the taxable temporary difference is associated with interests in subsidiaries,associates or joint ventures,and thetiming of the reversal can be control

323、led and it is probable that the temporary difference will not reverse in the foreseeablefuture.Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and

324、 losses.Notes to the consolidated financial statements Annual Report 202436About AI MediaHighlightsChair&CEO lettersAbout AI MediaHighlightsChair&CEO lettersAi-Media Technologies Limited Notes to the consolidated financial statements 30 June 2024 Note 2.Material accounting policy information(continu

325、ed)The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date.Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered.Previously unreco

326、gnised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the asset.Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities

327、 and deferred tax assets against deferred tax liabilities;and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously.Ai-Media Technologies Limited(the head entity)and its wholly-owned Australian subsidiaries hav

328、e formed an income tax consolidated group under the tax consolidation regime.The head entity and each subsidiary in the tax consolidated group continue to account for their own current and deferred tax amounts.The tax consolidated group has applied the separate taxpayer within group approach in dete

329、rmining the appropriate amount of taxes to allocate to members of the tax consolidated group.In addition to its own current and deferred tax amounts,the head entity also recognises the current tax liabilities(or assets)and the deferred tax assets arising from unused tax losses and unused tax credits

330、 assumed from each subsidiary in the tax consolidated group.Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as amounts receivable from or payable to other entities in the tax consolidated group.The tax funding arrangement ensures that the

331、intercompany charge equals the current tax liability or benefit of each tax consolidated group member,resulting in neither a contribution by the head entity to the subsidiaries nor a distribution by the subsidiaries to the head entity.Current and non-current classification Assets and liabilities are

332、 presented in the statement of financial position based on current and non-current classification.An asset is classified as current when:it is either expected to be realised or intended to be sold or consumed in the Groups normal operating cycle;it is held primarily for the purpose of trading;it is

333、expected to be realised within 12 months after the reporting period;or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period.All other assets are classified as non-current.A liability is classified as current when:it is either expected to be settled in the Groups normal operating cycle;it is held