Revenue can be declared w/o actual receivable and usually...

Revenue can be declared w/o actual receivable and usually before.
In well run company the contracts that the company announce are suppose to end with "money in the bank".
With NBS we have a problem at the first stage (disclosure) already, hence why they were fined by ASIC... hope this will come out of the directors wage!
The explanation can be that the company made a bad judgement in booking un-secured orders and declaring revenue by issuing invoices that were unlikely to be paid.
This results in a later write-off.
So the negative (realistic) posters are quite right in arguing that there was no real business (that generate incoming cash).
On a positive note... I hope there was no foul play and it was all just bad judgement and nowadays we see first positive signs that this company might be heading, slowly, north with the Malaysian contract (with actual income yet to be seen). further support to this will be finalization of the Maldives business and income from the china JV..