Chalice Brands Ltd CHALF

RE:Ms Brown is a busy lady

[slimjim11]

As I read the consequences and implementation timing of 4014 in this article (thanks BuIIPhighter), there may be need for a restatement of GLH's 2015Q3 numbers to allow deductibility of business expenses. In that quarter ended September 30, GLH reported a pre-tax loss of $2,684,216 and paid $443,142 in income taxes for a post-tax loss of $3,127,358. I would have expected deductibility of reasonable expenses to turn a pre-tax loss of $2,684,216 into a post-tax loss of about $1,500,000 to $2,000,000. The difference may be a cash recovery of the $443,142 actually paid and a booking of a future net loss carryforward. The impact on the Q4 numbers will be even more significant, where I'm expecting revenue of up to $8 million (link to Don Robinson interview from October 15th posted here earlier).