What would they sell 49 barrels of DRILLING FLUID for V, agree...

What would they sell 49 barrels of DRILLING FLUID for V, agree with your tax and costs issue but the dilution cannot be factored in until it has been converted and spent. (as others have correctly suggested) I get a conservative PE of 6 or 7 including Jet 3, with a stash of cash in the bank.

Grandcaruso have you never done your own tax return. A loss is offset against a gain and a tax credit is not synonymous with a loss. Current losses of $1.5mil mean that the first $1.5mil income net of costs attracts no company tax. Just curious how 1.5 loss equals 5 net profit and 7 before tax?