Page 81 Ann Report 17/4/2015
"Phusion Laboratories is a jointly controlled entity formed in March 2010 with ProPhase Labs Inc. Under
the Operating Agreement Phosphagenics is not required to contribute funding. Phusion currently has accumulated losses which management has assessed that Phosphagenics does not have an obligationIncome Statement and Balance Sheet."
to make good. Accordingly Phosphagenics’ share of losses remains unrecorded in both the Consolidated
Ann: Phosphagenics July 2015 Newsletter, page-3
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