Ann: Investor Presentation - July 2017, page-7

The growth in value of their asset acquisitions and the aim of monetizing the anti-counterfeit technology are the real positives for the company - it's definitely not profit. I've read it carefully again and think they will make another loss this half - my guess is in the range of $2.5m to $3.0m assuming no impairments meaning a full year NPAT loss of $6.0 to $6.5m. Looking at the first half results and the forecast for the second half would have to raise the prospect of impairments. In the first half both Neptune Bio-Innovations and Ferguson made losses - that has to put the carrying value of them in the balance sheet at risk. Keeping the future tax benefit from the losses on the books will be a big ask unless there's a massive turnaround forecasted in results.

I like the story and believe that the model can work, but my read of the situation is that they are still a fair way off making it profitable. The positive is that things can turn quickly with major projects like Mozzarella and the China business taking off, but I think there's a bit more pain to come before things get better. Just my opinion from reading their results and this release so DYOR.