That is exactly the reason why it is worrying. Their whole business model & promises to farm investors depend on sales and valuation of sandalwood and oil. The fact that they are not getting their sales from products is exactly why it looks like a Ponzi scheme.
From Glaucus:
Without cash receipts from harvesting and selling sandalwood trees, the Company is reliant on the capital markets to operate, plant and pay off previous investors. In total, we calculate that the Company has raised AU$ 1.4 billion in gross financing to date, with no end in sight.
A revaluation of the biological assets will result in a few hundred millions loss.
