30% of the company and the contracts were not loss making, just low margin in which ISX simply put a margin on third party non reccuring "integration" work. Cost of goods sold spiked hard in the relevant period. Only one of the key customers ended up providing material revenue, and that was only after revenue collapsed in the immid8ate months after the relevant period. The way in which the key contrqcts were paid for 8s also highly unusual.
Subsequently when asked by an analyst Karantzis, it is alleged by ASIC, said 15% of relevant period revenue was non-reccuring, in fact it was 75%.
