Let's make a short HF recap. They cashed in what? 40M$? 50M$? They refunded under 500k$ (I think) and they shipped what? One Batch of miners? Where are the rest of the money? A 28nm maskset should be ~5M$ or even less. HF team was either a retard to sink all the money into useless shit or they found a way to siphon the money out of the company for their own benefit.
Your numbers are a bit off, but the order of magnitude of difference between what they took in and the cost to produce what we bought is still there...