Ann: 2024 Appendix 4E - Preliminary Final Report, page-2

It's scandalous that a company that doesn't really have any ongoing operations or any revenue worth mentioning can claim that much cash from the R&D tax incentive (which isn't just an offset on taxes paid, companies who don't earn money at all can get a subsidy on a portion of previous spend). Their R&D tax incentive claim would make some amusing reading - fascinated to hear how this is actual R&D. They're listing what looks like next year's R&D tax incentive claim as a "receivable" also. This seems to be the only mechanism that have to make money that's remotely comparable to their spend. Bizarre.

This company seems to be a way of rorting shareholders and the government.

The claim that they have $1.4M worth of software assets as "intangibles" is pretty funny. How can a company that makes $16K revenue per year - and managed an eye-watering $A3.3M loss - claim that they have $1.4M worth of software? Something tells me people aren't queueing up to buy that software ("You too could lose $A3.3M on $16K of revenue if you use our software").