analysis of prelim final report, page-3

Nice write-up Ousia. I'm recording here that I thumbed-up your post, as I've notice the thumb-counter can be a bit flawed on NBS ;)

Also, I think it is interesting that the accounting for TrustDefender is as an associate. As I understood it, they were holding 50.08% of equity, so I thought it might have been fully consolidated or equity accounted? Can't recall what the rules are on that front...

The advantage of having it showing as an associate, would seem to me to be that they can treat it all as a tangible asset - in reality, I would have thought the value was largely likely to be intangible/goodwill. It may also hide other balance sheet issues within TrustDefender. The only real information we have on it is that NBS share of loss was $181k, presumably over 3.5 months.