A2M Income Tax, page-6

I read that the tax losses not effected meaning that deferred tax assets are no longer assets. That was an upside that I recognised very early on in the game but it hasn't materialised. From what the company is saying, my interpretation is that this IS the normal tax treatment and USA and UK is not recognising the deferred tax assets. Does A2M experience double taxation on its products? The tax rate seems high for a company that should see corporate tax as 27 or 28pct in new zealand.

Not sure how big is the impact of A2M employee share scheme though.. Not thinking it'll be big because otherwise, it will be very dilutive to all other shareholders?