You have good solid points. I remembered that they used these...

You have good solid points.

I remembered that they used these waste to generate revenue by selling byproducts. I am not an expert on the profit on these waste but that’s what finance some of the company’s initial working capital. In that way they can earn as they go.

Also, if what you are saying is true, about their waste being capitalised why would Elmet technologies and Square put their cash to secure tungsten supply knowing there is a risk they will never get their supply and also lose their capital (if the company goes broke)?

I know it is not a valid argument but I am suggesting that surely these people are smart enough to figure out if what you are saying true too.