NOTES TO THE FINANCIAL STATEMENTS
Note 16: Leases (continued)
2021 $
2020 $
Amounts recognised in the balance sheet
Right-of-use-asset Leased buildings – right-of-use
498,942
963,448
498,942
963,448
Current Leases for building premises
399,584
379,245
399,584
379,245
Non-Current Leases for building premises
210,578
628,466
210,578
628,466
2021 $
2020 $
Amounts recognised in the Statement of Comprehensive Income
Amortisation Building premises
332,632
332,635
332,632
332,635
Interest expense on leases (included in finance costs) Building premises
38,935
13,567
38,935
13,567
Amounts recognised in the statement of cash flows Lease principal repayments - building premises
368,200
399,584
Interest payments - building premises
38,935
13,567
407,135
413,151
Note 17: Share Capital During the financial year the Company converted from a public company limited by guarantee to a public company limited by shares. Each previous member of the public company limited by guarantee has been invited to subscribe for shares in the Company. Each share has a value of $1 and the only class of shares on issue are Member Shares. The minimum required holding is 200 shares and the maximum is 50,000 shares. At balance date 25,000 shares at $1 each being $25,000 in total had been issued. Each Member is only entitled to one vote regardless of the number of shares held. Each shareholder must be the owner of a health and wellness business.
GO VITA GROUP LIMITED ANNUAL REPORT 2020-2021 I 61
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