Ok. Like many of you I go thru Annual Reports as I find them...

Ok. Like many of you I go thru Annual Reports as I find them interesting. Whilst I am no accountant, sometimes by reading them I get a vibe on whether I think management are doing an Ok job and are trying to progress taking into account that shareholders are involved.
The financial report of this entity MGC just blow me away. How complicated is thsi one? Good companies keep things simple. Bad companies like to lose you in rubbish. This company is hoping you have an aneurism as you attempt to understand the load of deep piled rubbish behind the smoke screen of a going concern business. Jees. This one is cr*p reading.
From what I see they have lost $5M in the last 2-3 years on businesses they invested or purchased. It looks like they buy in and then have written the whole lot off. See Pg 41 of the Annual Report. Could it be this is a way to get money out of the company into entities overseas that certain people may benefit from and then write the purchases/investments off? Like I said Im no accountant, I just like to read these things and this one is a hard read.