Ann: Appendix 4C - quarterly, page-324

Doesn't have to be a total scam.

I believe for the marketcap to reach below cash on hand would require this to be a total scam. I can't see any way considering the companies on the register that the potential would be whittled down to negative territory.

I'd argue the majority of the EV is in the directors. They are the ones that have won all the contracts. Credit where its due they have done a good job in that respect.

Nope I doubt any company would pay $500mill to acquire these two directors for their business, the high proportion of the EV certainly isn't in the directors alone. The core of the software has been developed. If the software is good there are many qualified people with immense experience who could grow this company in the right way, with the right focus as a PUBLIC company. If anything the current situation has shown out the directors' weaknesses.

If there is litigation it puts the directors roles at risk

Sure, but any litigation attempts would evolve over a period of time, typically you're looking at years in settlement of case. I can't see it having an immediate impact on the EV that would negate all of its software potential. In summary I just can't see marketcap ending up below current raw financial value and laying no value to the potential.