Ann: Loan Agreement, page-3

Small MC, seems ,but not really , now debt $2.2m, so actual MC is $5m+.

And clearly not profitable business.

Re: staff and administration costs for last 3 month=$1.7m

net loss $0.89m for the quarter

Re QR July: staff and administration costs for last 3 month=$2.4m (huge costs!)

net loss $0.49m for the quarter

Now $2.2m debt for 12% annual interest rate , needs to pay $260k interest per year, without any profits and lose $200k+ on average every month, where to get the money to pay for the interests?

So donot say it's a profitable business, misleading! on contrary, this company does need significant change, otherwise cash burning cannot last long.