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Hazer Group Limited Appendix 4E Final report 1. Company details Name of entity : ABN : Reporting period : Previous period : Hazer Group Limited 40 144 044 600 For the year ended 30 June 2021 For the year ended 30 June 2020 2. Results for announcement to the market $ Revenues from ordinary activities up 85 % to 2,664,459 Loss from ordinary activities after tax attributable to the owners of Hazer Group Limited Loss for the year attributable to the owners of Hazer Group Limited up 261 % to 11,656,094 up 261 % to 11,656,094 Dividends Final dividend for the year ended 30 June 2021 Interim dividend for the year ended 30 June 2021 No dividend has been declared . Comments Amount Franked per amount per security security Cents Cents 0.0 0.0 080 0.0 0.0 Revenues from ordinary activities increased by 85 % to $ 2,664,459 largely due to the receipt of $ 311,749 in grants and Research & Development rebate ( R & D Rebate ) of $ 2,278,381 recognised for the financial year ended 30 June 2021 . Loss from ordinary activities after tax increased to $ 11,654,094 in 2021. This increase ( 2020 : $ 3,225,289 ) was primarily due to non - cash items comprising the impairment of expenditure associated with the Hazer Commercial Demonstration Project ( CDP ) of $ 5,051,361 and non - cash expense for options issued to AP Ventures of $ 2,520,000 ( 2020 : Nil ) . The Company has spent $ 9,491,361 since commencing the Commercial Demonstration Project ( CDP ) to the end of 30 June 2021 ( 2021 : $ 8,439,490 and 2020 : $ 1,051,871 ) and received $ 3,990,000 ( 2020 : Nil ) for completing Milestone 1 and Milestone 2 under a grant agreement secured with the Australian Renewable Energy Agency ( ARENA ) . The net costs incurred to the end of 30 June 2021 of $ 5,501,361 ( being total costs of $ 9,491,361 less funds received from ARENA of $ 3,990,000 ) have been expensed to the profit and loss in line with the Australian accounting standard AASB 136 Impairment of Assets . Most of this impaired amount of $ 5,051,361 is expected to be eligible in future years for a research and development tax incentive rebate . Share based payments increased by $ 2,528,325 compared to 2020 , predominantly attributable to the issue of unlisted options to AP Ventures Fund II GP LLP ( AP Ventures ) valued at $ 2,520,000 . The options issued to AP Ventures formed part of a funding arrangement that secured $ 4,000,000 worth of convertible notes under the arrangement . The Company's total operating expenditure , including administration , consulting , research and development , and employee expenses and finance costs , increased by 41 % to $ 5,571,370 ( 2020 : $ 3,994,781 ) . Increases in operating expenses predominantly related to increased finance costs of $ 203,522 ( 2020 : $ 8,914 ) attributable to costs associated with a Loan Facility with Mitchell Asset Management ; increased consulting and research expenditure $ 1,319,954 ( 2020 : $ 876,789 ) ; administration expenses $ 1,160,543 ( 2020 : $ 833,580 ) mainly due to intellectual property patent applications in various international jurisdictions ; and employee benefits expenditure $ 2,887,351 ( 2020 : $ 2,225,498 ) due to additional staff employed to conduct engineering activities related to the Commercial Demonstration Plant , along with the accompanying corporate functions .