The chairman of iSignthis, Tim Hart, says that “any competent analyst” should have worked out the revenue earned that allowed the company to issue lucrative bonus shares to management in mid-2018 was of low margin in nature.

Mr Hart faced cross-examination in the fourth day of hearings in the civil case brought by the Australian Securities and Investments Commission (ASIC) against the payments company and its chief executive, John Karantzis.