Ann: Quarterly Activities Report, page-51

Thanks for that response VonTrader. I agree.

Also, if you look at the Quarterly Cash Flow issued by ITT, which later became 1PG (and was something of a catalyst for DeltaTrader's excitement way back when) then you see something interesting under the 'administrative costs' component, shortly before announcing the acquisition of 1 Page.

It states, 'Payments for Admin Costs (Current Quarter): 231K' and 'Payments for Admin Costs (Year to date): 472k'. So, effectively, in the quarter prior to the 1 Page acquisition, they spent nearly 3 times the cash on admin than they did in each of the quarters leading up to that quarter...to lay this out clearly:

472k (12 months) minus 231k (most recent quarter) = 241k (9 months prior to current quarter) = 80k approx per quarter.

Why the massive spike in admin costs??? We all know why in hindsight.

There is one major difference between ITT and DUO, and that is that ITT had a decent chunk of cash in their final quarterly before acquisition: $665k

There's probably a lot more similarities/differences between the two shells, but I think seeing this on ITT quarterly has assuaged some of my concerns about the high admin costs in this DUO quarterly.

Have a nice weekend all.