Ann: Dec 2017 Half-year financial statements & Appendix 4D, page-2

Huge employee expense of $13 mil, whilst cashflow says $1.9 mil paid to suppliers and employees. There's a total share-based payments expense of $11.7 mil, which roughly fills that gap. That's a crazy ratio - around 5:1 equity to cash for remuneration.

Need to go through the past 3B's to try get a better understanding of the share/option issues. I'm a BIG holder as well, so naturally I'm terrified of "shares for services"

My overall reading is we're still waiting for these deals in the pipeline to come through, and the past performance doesn't say too much. Hopefully we'll start to see some strong results in HY2.