Ann: December 2015 Quarterly Activities & Cashflow Reports, page-23

From 2012 to 2014 SER's research was funded to the tune of $375,000 by ARC linked research grants (i.e. Fed Government). But then SER was faced with development costs that were much higher as commercialisation is a very expensive (and risky) business. With further research grants at the required level of around $400,000 PA unlikely to be successful SER decided to float IONIC. Shareholders would now foot the research bill. Now i am simply asking how this yearly expenditure will be funded? There will not be an income stream anywhere near this amount, the shortfall over 3 years will be well over $1 million, perhaps $2 million. And will any product be commercialised and profitably sold on masse to produce a large income stream within 3 years? Highly unlikely in my view.