Facts are facts, page-32

It appears that the Pinon Ridge assets are currently held by a separate entity, most likely Energy Fuels Resource Corporation, controlled by Mr. Glasier and Mr. Fryer. This is typically referred to as a "special purpose entity" or "unconsolidated structured entity", a strategy designed to protect WUC assets from the risk of default if the proposed mill cannot service the debt issued for construction. Perhaps more importantly, it may allow Mr. Glasier to finance Pinon Ridge without including the debt on WUC's balance sheet. WUC's December 31, 2015 financials should disclose the existence of this entity, address the issue of common control, and discuss the nature of WUC's involvement with the entity and the effects of that involvement on WUC's financial position.