Lol what. There can't be another write-down of $20m because the...

Lol what.

There can't be another write-down of $20m because the carrying value is already zero. When you add this back to P&L, JAT loses money still. What is clear is that the businesses they buy have no real scale so even if they double revenue, they'd probably make little to no money. Gross margins are razor thin. The only potential scalable business is (or was) IF which the auditors and independent valuers have said its essentially a worthless entity when left to selling the products it still can with no idea on SAMR.

The original announcement said $3.5m upfront cash and shares. Plus some earnouts of a few mill. All for 51%. Goodwill is purchase price minus tangible assets acquired. Makes it more curious how the impairment of goodwill specifically associated with the acquisition of GK is $22.9m from GK specifically for a business where total consideration was stated as $7m. HY18 report had nill goodwill, FY18 had $22.7m reported (maybe used full accounting method?) and AFIK GK was the only acquisition. The whole goodwill has been impaired in 1H19 and replaced by $26.8m in goodwill from the other two acquisitions which is provision subject to finishing testing for impairment as the notes state.

I note they have new auditors for this HY report. LNP now rather than Hall Chadwick.