Company: IXHL
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-013783
Chunk: 16

Company: Incannex Healthcare Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 16
---
ivable pledged as security for the facility agreement as detailed in Note 4.

Note 6 – Property, Plant and Equipment, net

    December 31,  2024 $  
    June 30, 2024 $ 

    (in thousands) 
  
    Furniture, fittings and equipment 
     560  
     597 
  
    Assets under construction 
     -  
     - 
  
    Total property, plant and equipment, gross 
     560  
     597 
  
    Accumulated depreciation and amortization 
     (287) 
     (125)
  
    Total property, plant and equipment, net 
    $273  
    $472 

Depreciation expense is recorded within general
and administrative in the unaudited condensed consolidated statements of operations and comprehensive loss and amounted to $0.2 million
and $25,000 for the three and six months ended December 31, 2024 and 2023, respectively.

Note 7 – Trade and other payables, accrued expenses and other
current liabilities

    December 31,  2024 $  
    June 30, 2024 $ 

    (in thousands) 
  
    Current liabilities 

    Trade payables 
     818  
     527 
  
    Contract liabilities 
     27  
     85 
  
    Total trade and other payables 
     845  
     612 

    Accrued expenses 
     3,066  
     4,512 
  
    Employee leave entitlements 
     369  
     333 
  
    Total accrued expenses and other current liabilities 
     3,435  
     4,845 
  
    Total Trade and other payables, accrued expenses and other current liabilities 
     4,280  
     5,457 

Trade and other payables are unsecured, non-interest
bearing and are normally settled within 30 days. The carrying amounts are a reasonable approximation of fair value.

9

Note 8 – Leases

During fiscal year 2023, the Company entered into three new lease agreements
for its corporate head office in Sydney, Melbourne office and Clarion Clinic site. The leases have four-, five-, and three-year terms
respectively. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain of
these leases provide renewal options