Nyrada Inc Annual Report 2020

Annual Report FY20 37 9. Current liabilities – convertible notes Consolidated 2020 2019 $ $ Convertible notes payable - 3,930,351 Consolidated 2020 2019 $ $ Opening balance 3,930,351 3,279,452 Interest for the period 59,750 650,899 Repayment of redeemed convertible notes to noteholders (515,000) - Reclassification to equity, issuance of shares (3,475,101) - - 3,930,351 In October 2019, the Company redeemed Convertible Notes with a face value of $515,000. Under the terms of the Convertible Notes, as the Company was admitted to the Official List prior to 31 January 2020 the outstanding principal under the Convertible Notes automatically converted into 17,778,528 Shares. An additional 3,810,224 shares were issued by conversion of the Other Reserve relating to the deemed fair value of the equity conversion of the convertible notes issued by Nyrada in February 2018. 10. Current Liabilities – employee benefits Consolidated 2020 2019 $ $ Annual Leave 43,785 43,093