I only looked at the latest Half year results. Revenue up 18%...

I only looked at the latest Half year results. Revenue up 18% and NPAT 180% over same period last year.

Not sure what you mean by "Bulk of profit looks like it's on paper"


They are selling goods.
Out of that ~$8m they end up with $1.17m in net profit after tax for the half year.

They have what appears to be a biological asset of now $10m (due to increase in oyster prices).

It all looks pretty above board to me. Can you point out anything specific (Screencap or page #) that is particularly concerning?
Even with the $5m debt they have, that still brings their total equity to a +$13m position.

For a micro cap stock, it's very healthy.