Late in 2021, EDC paid $4m for the fund management rights, but...

Late in 2021, EDC paid $4m for the fund management rights, but in the HY report, it's booked as an intangible asset equal to $3,460,077. There's no explanation that I can find to reconcile the discrepancy.

I noticed REITs calculate NTA in different ways. Some include intangible assets in the NTA, whereas others include the intangible assets in the NAV and exclude them from the NTA. That seems correct to me. EDC includes the intangible assets in the NTA. If you exclude the intangible assets, the NTA would be 1.04 (and the NAV would be 1.12).

On page 5 of the HY report, a huge increase in 'other liabilities' is reported from 2020 ($137k) to 2021 ($9.3m). If you read the corresponding Note 6, it simply reads:

"The above liabilities relate to non-controlling interests in contributory investment trusts that EDC/ECT has assessed that they control and that the units issued in these funds meet the definition of a liability (under AASB 132 Financial Instruments: Presentation) rather than equity."

For a company the size of EDC (i.e., microcap), one would expect more detail on $9.3m. Anyone have any ideas?

Thanks.