Ann: FY2023 First Half Results, page-9

Yeah, and I used to write them, before I used to audit them.

What you're looking at is a statutory calculation under the AASB standards based on the general classifications of balance sheet line items. It's done this way so it's recalculable across any company report or company.

What you don't understand is that the way the particular assets of CUE have to fit into the standardised balance sheet line items means some amortised assets are now included as part of tangible assets.

When you take them out, the true NTA is far FAR lower than what the report says.

They aren't lying, they aren't being disingenuous. They are following the rules. But each company has different types of assets, that go in standard reporting processes.

The actual net tangible assets are NOT higher than the market cap.