There are software companies that account for hosting fees and payment processing fees as COGS; COGS are non-marketing expenses that scale with sales, which can be nonzero for Internet software companies.
That is their projection for the future, and if you assume protracted litigation while they're restructuring is going to be the order of the day, that doesn't sound insane at all.
Is this a fake/placeholder balance sheet? Why would MtGox have a "Cost of Goods Sold"?
There are software companies that account for hosting fees and payment processing fees as COGS; COGS are non-marketing expenses that scale with sales, which can be nonzero for Internet software companies.
They give 4 million USD a year to accountants and lawyers?
That's a bit mind boggling.
That is their projection for the future, and if you assume protracted litigation while they're restructuring is going to be the order of the day, that doesn't sound insane at all.
Hindsight is 20/20, but:
whatever they were paying to accountants and lawyers already, it wasn't enough.