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Note 3 of the HY FS shows an 858k R&D refund for HY16, which...

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  1. 96 Posts.
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    Note 3 of the HY FS shows an 858k R&D refund for HY16, which falls to 230k in HY17.
    But that just raises more questions than it answers. Namely, if we take out R&D, SWF actually received less revenue than cost of sales.
    Rev - 519k
    Less - 241
    Total - 278

    Cost of Sales was 359k

    Scale is naturally important in a low margin business but this is certainly concerning.
 
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