Ann: 2017 Annual Report, page-18

I'm always interested when I see words such as "positive EBITDA... will be achieved in FY2018" (pg 4). And then I noticed "excluding share-based payments expense". Then I read further to "These are accounting entries - not actual payments" (pg 5). So I read further and found out these accounting entries were $4.6m in FY17 and $2.6m in FY16 (pg 49). I can see why Board and management would call these "accounting entries", you don't see any cash leaving the door, just per share value being transferred to Board and management, as shareholders (some long suffering ones) are diluted away.