ASIC v ISX Hearing, page-660

From looking at it, the auditors may have made an error: they allowed one-of revenue to be classified as recurring. I actually kept my shares at the time on the basis that the revenue was recurring, and I think (from memory, it was ages ago now), the shares issued to the ISX team was on the basis that the revenue was recurring.
If that is what they're going after, then there's a good chance they're going to win. It became quite clear in the aftermath that revenue was, in fact, one-of.
@ZMan