Let's take stock of the last five FY NPAT figures. Management...

Let's take stock of the last five FY NPAT figures. Management has delivered shareholders $13.9m in net losses and the share price is the same level as at June 30 2019.

Put that into context of the $17m CASH just paid to the two KMP, which only occured after significant accommodation by the board on the orginal offer, and three weeks before a downgrade dusted the value of the options sold entirely.

Also worth pointing out that the management back out the costs of equity based compensation from adjusted profit metrics, which says it all really. This is very common in Silicon Valley, but far less common for ASX listed companies.

Obviously equity based comp is an economic cost to shareholders, but unsuprisingly Kogan management don't want shareholders to focus on that.