Ann: Appendix 4D Half Year Report, page-35

AEB’s accounting leaves me a bit confused. In their cashflow report in their half year and full year reports there is no separate accounting for research and development expenditure but their quarterly cashflow reports in 2018 and 2019 have no R&D spending for the 2018FY and only $10k so far in 2019FY.

So how is it they got an R&D refund of over $2m?

Also, as I have noted previously they are supposedly selling FeedMe product range yet have no recorded product sales or production costs listed in their accounts? Are they actually selling any products?

Just had a glance at their 2018 annual report, the Reliance trial plant in India was in commissioning phase as at time of writing of that report with commissioning due for completion by the end of 2018. How did that go? I don’t recall any announcements about the completion of commissioning or results from that new trial plant.