Ann: Mernova Update, page-13

Who mentioned annual reports? Edward did, and for good reason! You may not want people to be aware of the costs and cash burn, and CPH does its best to downplay them and distract holders with misleading revenue figures generally conflated with figures of total market size not directly relevant to CPH at all, but CPH does have to report costs in the quarterly and annual reports and these figures are important because they show that CPH is running at a severe loss and it's currently looking like the company will go into involuntary administration in the near future. Revenue alone will not keep the company in existence, the figures in the reports clearly show that. We are currently watching to see if CPH can raise capital at the last minute to kick the can down the road a bit longer, and it's crazy to look only at a small amount of revenue and ignore your costs which are much higher.