@sundowner1234 Yes, it is AEM income (400% increase in the...

@sundowner1234 Yes, it is AEM income (400% increase in the quarter on the YTD). This is immediately apparent if you look at the product manufacturing and operating costs in the 4C (similarly inflated for Q3). These are tied to AEMs very high costs of production.

SMN has taken over AEM to transform it into a low cost, high margin business. This is why they are making so much in anns. of the changes at Kelowna, the expansion of the clean room, purchase of a laser cutter (CND$200k), retraining of staff, economies of scale, etc..

SMN is seeking to vertically integrate CVM production so they can maintain quality and maximise profit. If you look at the challenges CFO have had recently with product quality, you'll understand why. I'm sure Toby et al have been at pains to avoid these with SMN as they move to massively expanded their manufacturing operation.

The quarterly is largely a rehash of previous anns., but that's ok. It's clear the planes are lining up on the runway and we're about to take off. AIMO. GLTAH R-7