Locafy Ltd Form 6-K Summary
Business Context and Reporting Period
This Form 6-K, dated August 20, 2025, is filed by Locafy Limited, a foreign private issuer based in Subiaco, Western Australia. The filing addresses a material restatement of previously issued financial statements for the year ended June 30, 2024.
Key Financial Metrics
The filing does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. Instead, it discloses a qualitative error regarding share-based payments. The filing text does not provide a clear value for the financial impact of the misstatement at this time.
Material Changes and Restatement Details
- Non-Reliance Notice: The Audit Committee concluded that the consolidated financial statements for the year ended June 30, 2024, should no longer be relied upon due to errors.
- Source of Error: A misstatement was identified regarding employee service-related Tranche 1 performance rights during the preparation of the half-year statements ended December 31, 2024.
- Accounting Correction: As of June 30, 2024, performance conditions for Tranche 1 rights were not met. Consequently, the cumulative balance recorded for these rights should have been reversed through profit or loss in accordance with IFRS 2 "Share-based Payments."
- Scope: The restatement will affect share-based payment expense and the share-based payment reserve. No amendments are planned for the year ended June 30, 2023, or prior periods.
Outlook, Risks, and Management Commentary
Management intends to file Amendment No. 2 to the Annual Report on Form 20-F for the year ended June 30, 2024, as soon as reasonably practicable to reflect the restated figures. The company has discussed these matters with its former independent auditor, Grant Thornton Audit Pty Ltd. The filing includes standard forward-looking statement disclaimers regarding the anticipated restatement and filing timeline.
Investor Verification Checklist
- Verify the magnitude of the restatement once Amendment No. 2 to the Form 20-F is filed.
- Confirm the specific impact on net income and equity for the fiscal year ended June 30, 2024.
- Review the revised share-based payment expense and reserve balances in the upcoming amended filing.
- Monitor for any further disclosures regarding the internal controls review that led to the identification of this error.