Ann: Funding Update, page-12

This sort of arrangement seems to be pretty common amongst tech startups. Banks will often lend based on future R&D grant value.

On the other hand, this is a company that had its remuneration report voted down by shareholders two years in a row (2016 and 2017), thus triggering a board spill and election as required by the Corporations Act ("two strike rule"). The two spilled directors were re-elected (both are employees, one the founder's grandson). Subsequently an independent director was appointed (Dr Prendergast) which was a positive outcome.