The tax losses is an excellent point KM. The $37.5m of...

The tax losses is an excellent point KM. The $37.5m of accumulated losses has translated into a deferred tax asset of $10.1m (page 36, 6c). The only reason this isn't on the balance sheet is bc it isnt regarded as "probable" of being realised. With a perpetual loss maker that makes sense. But in the midst of a turnaround, that $10.1m will eventually accrue straight to investors as ANO will have to earn at least c$33m of taxable income before they pay one red cent of tax! That's a very valuable thing to have sitting off your balance sheet and easy to miss too!

Personally, I don't see why ANO's balance sheet wouldn't be attractive to a profitable tax paying company just on the $10m tax credit alone!