Company: COOT
Filing Date: 2025-02-10
Form Type: 10-Q
Source: 0001493152-25-005620
Chunk: 39

Company: Australian Oilseeds Holdings Ltd
Filing Date: 2025-02-10
Form: 10-Q
Item: Item 8
Chunk 39
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 certain fraud claims and breaches
of AOI and the Sellers’ fundamental representations, as in the Business Combination Agreement). At the 12-month anniversary of
the Closing, on March 21, 2025, all remaining Escrow Property will be released to the Sellers in accordance with the Business Combination
Agreement. However, the amount of Escrow Property equal to the value of any pending and unresolved claims will remain in the Escrow Account
until finally resolved.

 32 

The
transaction was unanimously approved by the board of directors of EDOC and was approved at the extraordinary general meeting of EDOC’s
shareholders held on March 6, 2024 (the “Special Meeting”). EDOC’s shareholders also voted to approve all other proposals
presented at the Special Meeting. As a result of the Business Combination, AOI and EDOC became wholly-owned direct subsidiaries of the
Company. On March 22, 2024, the Ordinary Shares and public warrants of the Company (the “Public Warrants”) commenced trading
on the Nasdaq Global Market, or “Nasdaq,” under the symbols “COOT” and “COOTW,” respectively.

Key
Components of Consolidated Statements of Profit or Loss and Other Comprehensive Income

Sales
revenue

Revenues
consist of sales of edible oils, sales of protein meals and tolling revenue from oilseeds crushing activities. The Company’s edible
oil sales comprise of two segments: sales of bulk oils to wholesalers who use it as food ingredients or white labeling; sales of packaged
oils as the company’s own branding to major supermarket channels. Sales of protein meals are bulk sales and mainly distributed
to local farmers and feedlots as protein supplements. Tolling revenue is the service charge fee of crushing oilseeds to produce edible
oils and protein meals.

Cost
of sales

Cost
of sales consist of costs directly related to the manufacturing process of edible oils and protein meals. It includes the cost of materials
which mainly consist of the procurement cost of non-GMO canola seeds, canola seeds freight and storage cost from the suppliers, direct
labor in the factory plant, occupancy costs of energy consumption of manufacturing process, depreciation expense of the crushing plant
and relevant equipment and vehicles, and repairs and maintenance.

General
and Administrative expenses

General
and administrative expenses primarily consist of personnel expenses, professional fees, occupancy costs, depreciation expense, insurance
expense, management fees, office expenses, security expenses, travel expenses,