Fishy is one way to describe this debacle. I agree - how can you pay $4m for something that was going to cost $6m and walk away from it with nothing (and the vendor trying to sue!!). Wouldn't it have been better to pay the extra $2m to settle the deal and then resell it - even for half what you paid? I would like to see the books of the vendor to see how much money actually changed hands. Did Mr Hamilton ask for a receipt?
Also, I want to know what the loan to other entity of $152K was for??? Why do they have to keep lending money when they have none? And further to that, if you check out the December quarterly, you'll see that there were loans to other entities for the 6 months to Dec 31 of $207K and loans repaid by other entities of $137K - both numbers significantly different from what is reported in this half-yearly. Should they not be the same numbers? Does anyone within the company even know what is going on?
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