Ann: Quarterly Activities Report and Appendix 4C, page-3

Hi Marek,
We've been well and truly f**ed over on this one. I just leave the remaining couple of $K's worth in my super portfolio to harvest later as a tax loss against future gains.

Poor management decisions combined with a failure to land a big customer drove it into the ground. It was already bankrupt when that $3m injection of Chinese money gave it a reprieve. I'm holding off judgement on Yaxi Zhan's influence to see if she can do something with it... but at least it's a change that brings a sliver of hope.

I thought the toll revenue would be higher. At $170K, they'll need a lot more to offset $1m in costs per quarter. I had hoped contract work might have kept them afloat until some actual lupin sales pipeline comes to fruition.

I find myself looking at the market cap of only $3.2m and thinking it's carrying several million in assets (Germany), $2m in cash, plus a big IOU from Jay Albany for DCF (that i doubt will ever be paid). Yet it's got less than 6 months runway.

So even at 0.6-0.7 cents, do I dare buy? Anytime I think about putting a buy order in, my inner voice says, "picking up pennies in front of a bulldozer".