Ann: March Quarterly Activities Report, page-353

The market has begun to shift to an increasing interest rate environment. ROI for IDSB was about 2.5%. 2 year US Treasury bonds currently yield 2.77%. The valuations on businesses losing money is decreasing. You can't value IOU the way you did 12 months ago. They have had an extremely good opportunity with the $50m raise and the plan has not eventuated the way I would have liked. The current position of the business has made the investment questionable.

Do management have a plan? Maybe. Does anyone know what it is? No. How do you accurately attach a valuation of $60m when there's just so many unknowns?