Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-11

No financial impact from Bluff?

- They still owe $2,000,000 in deferred royalty payments.

No red flags?

- The CEO just quit “to pursue other interests” (same thing Latimore said!), they can’t be too happy since the company is making him work out his notice period.

- They’re trying to trumpet Burton as being cashflow positive to the tune of $28.8M but this is including no debt repayments, an $8.5M GST sugar hit, deferring royalties due in December of $15M, and stripping out $7.8M of corporate costs into its own column.

Deserved 52WL’s, I’m afraid.