Just a few things you may want to have a closer look 1....

Just a few things you may want to have a closer look

1. Intangible Assets on page 19 of Amended Preliminary Final Report.
Trade names $ 1.36M
Goodwill: $22.7M
Those figures were ZERO in 2017 financials.
I may wrong, but the only three companies that JAT purchased were Sunnya Pty Limited, Green Forest and Golden Koala. So go figure, how much money each of companies' shareholder earned on PAPER.
You may want to have another look on how much goodwill other IF companies have, how these goodwill generated and what kind of companies they purchased. And see if these three company worth $24M goodwill.

2. Depreciation figure is $0, so JAT holds no tangible asset beside the money in the bank accounts.

3. Wages and super expenses are hidden in other expenses. Wages payable and super payable are hidden in other payable.

4. The accumulated losses are $30M (page 8), even JAT's net profit turns into $1M, and keep increasing 50% each year, they won't need to pay any tax in 7 years. So I reckon you don't need to worry about JAT paying any tax in next 10 years.