The issue for me is the cash flow statement. a/ it's a presented...

The issue for me is the cash flow statement. a/ it's a presented in a dog's breakfast manner b/ its overstated because of the proceeds of share issue ( less debt payouts ) and you kinda have to do your own pro forma one pre CR to see the real figures c/ R & D grant seems to be thrown into customer receipts but I can't be sure . Also, I'm not sure if $4M was included in revenue given how they account for items.
Anyway , aside from that a very solid result. PE of 10 based on current earnings and s/p. Solid revenue growth -' 13 $12.6M , '14 $14M , '15 $8.6M ( 6 months ). Clean balance sheet after CR and realistically stated given development costs are capitalised . No need for future CR's or lending based on current operations. Have placed on watchlist, hopefully won't run too quickly.