Ann: Market Update, page-38

The forecast before the cash raising had $70 million as possible at the top of the range. Now 3 weeks later the top of the range is only $40 million.

Have any of our Chinese or USA projects changed markedly as yet in those 3 weeks? Not according to the release.

All this statement says is " there are concerns that, in the event of substantial secondary outbreaks, some projects will be delayed in order for governments to deal with more immediate health problems."

That was true 3 weeks ago, but they stuck with the guidance.

We have not yet had substantial secondary outbreaks, so why change guidance now?

This is using covid to justify a downgrade. It seems clear that three weeks ago we were never going to get to the top of the previous range. I always thought even the bottom of the range was a stretch.