You're right about the Aqueous Glycerin. I don't know where people are seeing these things, but that makes sense to count those two as 1 ingredient.
I just bought a bunch of FA flavorings from someone who got them months ago and part of it is 10ml of Barley malt. Intellicig has arranged something now, as I said, and sells their stuff as FAUK.IT, so what you are saying is actually plausible.
I was supposed to get one of their samplers free (well, 3 pounds to US) and I was going to add on to my order, thinking that the samples were actual full bottles. Luckily someone pointed it out to me before I got them. I got my money back, but the guy who runs Intellicig was a jerk to me and tried to send less than what I should get. Places like this need to go out of business.
Here's what I got on malt extract and maltol:
There's some more info
here. And
this is the supplier they list for it, though it's probably a quite common product. Whatever FA makes hopefully wouldn't have sugars. I'll definitely give this a try once I get it.
Also: Happy Vaper seems to still have the stuff for sale and there is a review of various flavors
here... This guy says 1 drop per 5 ml... even less than he is putting for other flavors.