Not quite. AHF has: * farm - yes (but not co-ordinated,...

Not quite.

AHF has:
* farm - yes (but not co-ordinated, certified or organic - that's all still to come)
* cow - yes (but which breed? <6 months ago, they were swapping out their then existing cow mixture for Jerseys. Now, what?)
* land - yes (some of it closely aligned or connect, but other portions of which are some distance away).
==> I would however have thought that you would have commented about the water (allocation, licence, ability to transfer around).
* facility - no (what they have is a processing facility at near sub40 utilisation, with no cool stores /storage, to speak of and certainly no way by which the existing facilities can be scaled up or migrated to handling IF /powders).
* revenue - no (nil revenue in the IF /powders space and will remain so through to 2020 /2021. Till then, they are reliant on their existing revenue profile which post-CDC was meant to go to $30M+ but which has since disappointed and appears trending down /flatlining @ circa $23M which includes significant cattle sales).

AHF needs:
* facility - which still needs to be designed, approved, built and paid for so therefore requires $50M+ in order to do so. Will this then be raised as a CR (highly dilutive) or via JV (in which case, the revenue /profit sharing will be highly dilutive to AHF as c/$ compared to $/$);
* funding - which still needs to be sorted as the CBA $10M (interest only) facility expires Apr19, and following the $5M placement in Sep17, they are down to $5.038M in cash as @H18.
* profitability - no profitability to speak of since relisting as a dairy farm project in late 2014.
* +ve cashflow - operating cashflow @H18 was -ve >$700K with it unlikely to have improved (ie: turned +ve) during 3Q18 (particularly with so called swapover contracts happening, the loss of Aussie Farmers Direct, and losses directly attributable to Aussie Farmers Direct).