RE:Latest financials dated Aug 29th on Sedar Yes, the 18% of Grafoid is basically valued at cost minus deductions from share in net loss. It is not calculated at the latest share issuance price, which was US$5.00.
Instead the value per Grafoid share is booked as C$0.104, which is of cause a huge difference to the latest price paid for Grafoid shares, which was US$5.00 in 2015.
I don't know who writes those accounting standards and what they thought as they wrote it, but this is what it is. You can read more here:
"A method of accounting whereby the investment is initially recognised at cost
and adjusted thereafter for the post-acquisition change in the investor's share
of the investee's net assets. The investor's profit or loss includes its share
of the investee's profit or loss and the investor's other comprehensive income
includes its share of the investee's other comprehensive income"
https://www.iasplus.com/en/standards/ias/ias28-2011