Ann: Prospectus Convertible Note Entitlement Offer, page-31

Reading through the financial in consideration of taking up the offer, not liking what I am seeing.

Almost 10 million dollars of negative cashflows, increased receivables - not getting paid, only a million in the bank (more now with the institutional placement), increased inventory - we aren't selling our stock, increase in biomass - reduced offtake, large jump in feed and employee expense, especially so for the board.

Nothing positive to really report on to be honest. 10% increase in revenue offset by 20% increase in cost, and that cost base is larger than revenue.

Still thinking about taking up the offer and selling soon after to cut losses.