When you reconcile the numbers with your model, it may be worth...

When you reconcile the numbers with your model, it may be worth considering this.
They expended $13.5m, $14.8m and $15.3m on research and development in the last three years while their revenue has moved from $84m to $91m.
To me Research and Development refers to the cost of enhancements made ahead of the requirements curve (e.g. CSL).
If that's what these guys mean by R and D it would appear that their development is being misdirected given the minor impact it's made on revenue.
Perhaps it's not R and D. But I guess R and D sounds better than "Costs required to stay in the game".
At the end of the day money spent is money spent …. I guess.
I sold after the last general meeting when it was clear that no directors were keen to hold shares and I don't think that circumstance has changed.
I notice that their profit downgrade six months ago was released after the market closed but today they managed to get up bright and early for the profit upgrade.
To those guys that have stayed strong I'm genuinely pleased for you. You deserve any rewards that may come your way.
But I'm still cautious and better to get you thinking for a moment than say nothing.