Ann: Quarterly Activity Report and Appendix 4C, page-7

Another terrible quarter from a company who just can't turn a profit.

Fact is AJX spends $4 to make $3.............

Another $550k spent with no relief in sight........

Military dreams seems all but lost with obvious major issues......

Throw in year after year of losses........


2010(5,777,704)
2011 (2,929,364)
2012 (2,722,983)
2013 (2,599,464)
2014 (4,012,644)
2015 (11,763,566)
2016 (15,444,871)
2017 (12,155,268)
2018 (5,861,724)
2019 (10,269,209)
2020 (6,314,423)

Based on the debt levels, the companies inability to make profit, the need to raise capital again,
we believe AJX is extremely overpriced and have a target of 1.7 cents in the next 12-24 months.

Laters.....