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.
