"Throw in a 577k R&D payment and that NPAT of 469k becomes a...

"Throw in a 577k R&D payment and that NPAT of 469k becomes a loss - happy to proven otherwise but I see some neat accounting work to generate a paper profit"

But it's not a loss... it's a profit. They could get $577,000 from selling cupcakes for all i care.

Profit is profit. And the company has made one for 2 years. You should be happy an ASX micro-cap stock is actually turning one. I still don't understand your point is here?

"This will need more and more capital and the thirst will be quenched from shareholder pockets"

If going off the HY Report (which you obviously are) then you would surely know these numbers only highlight the balance sheet up until December 2014...

It might pay to research further... Since then PEH have have continued business momentum and new contract wins - Summarised in the Investor Update released on 19 March 2015 and the 'Contract Wins' update on the 28th May.

You might also find that the company just raised $1,200,000 in May.

So no, no need for more capital like you suggested.

Funny you mention ALA.

I would suggest going back over the ALA threads and looking at what poster was warning shareholders almost every week and getting shot down for doing so... you will find it was me.