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

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.