RE:IT'S ALL BEEN A RUSEIn the past, I've dug into the Finacial Report in some detail to try and explain what is going on (and sometimes I've said that it is impossible to accurately see what is going on). However, I don't think it is worth doing that this time. The results speak for themselves. Very low sales. Big losses. Contunual use of cash. Missed forecasts. Etc.etc. it is hard to see how they could finance the factory purchase with this sort of performance. They say that they can borrow the money because of the value of the assets being acquired. But, I'll repeat myself and say that banks want to see a respectable historical performance and a credible forward looking plan where there is a reasonable prospect of the interest charges being covered by operational cash generation. (By and large, banks aren't interested in repossessing and selling distressed assets). Sadly, this quarter confirms the lack of such a credible financial plan. EFL has gone to the market a lot this year for big borrowing and significant equity raises. Sooner or later that will prove difficult, if not impossible, unless something dramatically changes with the performance of the company. However, with Sales and Marketing expenses of only $90K a quarter, it is hardly surprising that the $15M revenue target was missed. Based on everything I see, I would, again, caution against an investment in EFL. Any sensible investor should be looking for solid evidence of competitivemess and a sound financial plan, rather than multiple pages in the MD&A describing the "exciting market opportunities". I think the expression "Where's the beef?" Just about sums it up.