Ann: FY19 Unaudited results update, page-4

I don't like that they are capitalising $2.1 m of R&D. Capitalising expenses distorts the result by overstating it, and the practice is viewed negatively by analysts and fund managers.

The also talk about 'investing' in Sales and Marketing as an expression. Sales and Marketing is just a sunk expense for the most part.

Without capitalising $2.1m R&D and backing out the $3.4m one off profit on sale of Zuuse, the EBITDA result is a loss of $5.6m.

They really need to step up their game