how many new the $7 mill write off?, page-12

My understanding of the write off is that of a non-cash entry in the books to bring into account the money already spent and already "lost" (gone forever never to come back in any shape or form).

I think this is a good sign as losses can be written off against future profits. IMO the company is getting ready to start offsetting this cfwd losses against the expected profits to come in future.

Any accountants out there who can confirm this?

PS> I am no expert, no accountant, just a puntland punter! Money to all!!