Ann: Change in substantial holding, page-43

I hope so for your sake, but all I see from this company is smoke and mirrors.

They are at least 3 years behind the initial schedule that was published in 2016.

They've now opted to not even publish a schedule any more on the rationale of: "Another aspect is that we are cautious not to lay out the roadmap for our would-be competitors to follow in terms of achievements and the challenges we have to overcome"

The current market cap is about $90 million at 5 cents. That valuation implies profits of $9m p.a. on a PE ratio of 10.

FBR is not even remotely close to securing $9m in revenue p.a. let alone $9m of profits p.a.

Yes, this is a speculative stock and someone will reply by saying it is all about future potential, but the reality is that in the investing world, it always comes back to cash flow. It seems like patience is running out for the market.

By definition, a stock is worth the sum of all projected future earnings over the lifetime of the company. Given the cashburn, I expect to see many years ahead of paper losses

Good luck,