Cash Flow has many definitions. Peter did explain exactly what...

Cash Flow has many definitions. Peter did explain exactly what he meant on P17 of the presentation. $60.2M plus capital expansion of $1.5M and share buy back of $3M = $64.7M. I don't see anything confusing in that.

I am confused as to how BTA could have a cash balance at Q1 end of $55M. The numbers still don't add up to me.
$60.2M at June
$10.7M Q1 pre tax profit.
$5M on buy back, would have been slightly less as buy back continued in to October.
Total comes to around $65M. So where is the missing $10M?

From the Q1 09 and 2008 annual report I calculate expenses at around $3M/month. As they are starting up LANI PIII that could skyrocket, but I haven't checked to see who funds that trial.

Does anyone know where the missing $10M is? Have I missed something? Even deducting the $1.9M in royalties as cash may not have been received, it is still a big hole. I'm confused.