Ann: Altech - Schedule of Patent Applications Update, page-105

OK - good to see some numbers.

Just wondering - did you have a look at the Petra Capital Analysis from May 2018)? They had so far the most conservative numbers I have seen used for ATC. They do assume that the company turns profitable in FY 2022 (though only 6 million NPAT - i.e. earnings AFTER tax & interest in that year) but they quickly ramp up to something like a $60m NPAT.

https://www.altechchemicals.com/sites/altechchemicals.com/files/news/Doc%20Petra%20ATC%20Research%20Report%201-5%20Combined%20Reports%20Jun%2018%20%28Live%29.pdf

Even if we assume 1.5 billion shares (I am now really pessimistic here) - this would still be an NPAT of 4 cents per share. What is this worth to you in perpetuity?

Obviously - if we end up with only 1 billion shares or with a higher HPA price (quite likely) things look much better.

The other thing is - I haven't heard Iggy saying that he will need US$400m - where and when did your hear that number? He might have referred to the capital costs used in the Petra report of A$397m (ok, make that A$400m). This is still less than US$300m (at current exchange rate US$285m). 

Easy to misunderstand numbers with all these different dollars ...