I agree that it showed they don't care about shareholders. You...

I agree that it showed they don't care about shareholders. You might risk suffering from investor myopia if you focus on the accounts, and not on the bigger picture which impacts the future. And Kogan is still valued with expectations of a bright future. I don't think management do anything illegal, but I do think they know how to play the game to their advantage.

I think the big news apart from the cash balance was that key management were paid nearly $16m for options, after the end of march balance date, when cash levels were known, that were likely worth nothing it turned out. Surely you wouldn't go for that if the company has a great long term outlook. And that board decision could open up all sorts of legal, regulatory and reputational chaos factors. Is the independent directors thing a charade, if not a charade, they don't seem to be very cautious or critical thinkers in this role!

If you are right that current liabilities were about $31m above normal at the HY then you are not looking at a business that is generating much free cashflow, and made about $8m FCF in the HY adjusted for that, in their strongest half, all of which and more has gone to two managers. Net current assets at EOFY were +$45m, and moved to +$42 at the HY, so at a brief glance there was not much change at the HY. And the company is buying back stock while running negative or neutral best case (as it likely turns out now for the 9 months and one week to 4th April or so) on free cashflow.

Warren Buffett would see what was going on straight away. I like his "heads I win, tails you lose" quip. There is obviously a type of company that does not benefit shareholders, and IMO this is one that takes more than it gives. Why be invested?

All IMO