Ann: Quarterly Cashflow Report, page-4

I kind of think it will.

Don’t have much time but quick notes.

Spend is actually &1.8M

Loans to other entities again but still with no disclosure of who or why. I would imagine it a related entity maybe graphene solutions for the 70% might be some creative accounting for the balance sheet.

11% fee to raise the recent $2M, can’t begrudge WG for all his efforts but 220k is excessive.

502 k borrowings from who and on what terms? More importantly why? Ended the quarter on $4.7 M but felt the need to borrow, who benefits from this.

452k finance available from Traxys at 6,75% secured over graphite inventory but at what price per ton and why noting cash in bank. Graphite stock pile is an asset that belongs to equity holders and is a strategic element of future graphene production.

R and D refund from somewhere at some stage, was that CRC or ATO?

And my final point, WG has stated he expected to sign a sales agreement for all FGR could produce, now a sales agreement could be signed but supply might not start straight away, however. Last quarter production spend 130k, next quarter project production costs 100k? It cost them 130k in production costs to achieve no sales revenue, they are once again projecting sales during interviews but the official disclosure suggests otherwise.

And one bonus point staff costs this quarter and the projected next quarter are much the same despite advertising for a position in the UK, do they not expect to fill that position or will it be offset by a position at Henderson? If you were expecting sales fo4 all you can produce would you not expand your production staff?

To me it’s a confusing quarterly which leaves me feeling lik3 I was in a come for a while and missed a heap of company announcements.