EQ Resources Limited Annual Report 2021

EQ Resources Limited Annual Report 2021 61 ANNUAL Report June 2021 Notes to the Consolidated Financial Statements 47 Each option provides the right for the option holder to be issued one fully paid share in the Company, upon payment of the exercise price of each option once vesting conditions have been met. Historical volatility has been used as the basis for determining expected share price volatility as it is assumed that this is indicative of future trends, which may not eventuate. For service provider options the value of the service rendered was unable to be measured reliably and therefore the value was measured by reference to the fair value of the options issued. (b) Options Issued The following table details the number and movements in options issued as employment incentives to Key Management Personnel during the year. 2021 Number 2021 WAEP 2020 Number 2020 WAEP Outstanding at the beginning of the year 5,000,000 0.052 - - Granted 37,000,000 0.059 5,000,000 0.052 Forfeited / cancelled - - - - Exercised - - - Expired - - - Outstanding at year end 42,000,000 0.058 5,000,000 0.052 Exercisable at year end 10,000,000 0.04 3 - - (c) Performance Rights / Options lapsed during the reporting period There were no Performance rights issued during the reporting period. 26. EMPLOYEE BENEFITS 2021 $ 2020 $ Current Annual leave benefits 182,840 105,090 Non-current Long service leave benefits 24,112 12,884 Total employee benefits 206,952 117,974 27. NEW ACCOUNTING STANDARDS AND INTERPRETATIONS Adoption of New Standards and Interpretations Changes in accounting policies on initial application of Accounting Standards From 1 July 2020, the Group has adopted all the standards and interpretations mandatory for annual periods beginning on or after 1 July 2020 Adoption of these standards and interpretations did not have any effect on the statements of financial position or performance of the Group. The Group has not elected to early adopt any new standards or amendments.