In 2010 CZD then had potential(awful word)tax losses worth...

In 2010 CZD then had potential(awful word)tax losses worth $30.8m(approx)at 30% tax rate. In 2013 the figure was $24.1m(approx)at 30%. Clearly because CZD have had no income to offset losses an audit has been done to remove losses $26M)that may not be recoverable against income leaving the current figure not recognised on the Balance Sheet of $24.1m. If we take the view in light of the success thus far of clinical trials that CZD may generate income and ultimately profit(another dirty word)then the value of tax losses becomes an asset.

The purpose of all this is to highlight that CZD`s market cap isn`t much more than the cash and (potential) tax benefit from previous years. So the tech that millions has been spent on getting us to where we are is only factored in at around a couple of $m!!!