I am also completely confused.

The recent Q1 report shows earnings rising steadily, period by period. But the use of $52m to pay out Yamamoto has now vanished from the balance sheet.

I have presumed ( but without any certainty) that the money raised by the share sale 2010 was used for this, tho' they said it was to expand business.

They boast that income is all cash (so how do you know what's come in?) and so no Income Tax is paid. How can you just duck paying tax? They can't seriously tell us that they have this great income and tell the tax office they don't.

Minor point: they keep adding "The Chinese New Year slows turnover, and income". China feasts for a week so how does that slow sales?

Malc