RE:Q2 Financials - One wordThese guys have accomplished a lot in a short period of time. With the new debt facility in place, and debt repayment now being pushed out for 5 years, PYD will start spinning cash flow to build out its business ("our next stage of growth" referenced in the latest PR) on a non-dilutive basis to shareholders. That is the real benefit of the new debt facility - from the Financials, over the last 6 months USD 3MM (annualize at USD 6MM) of debt was required to be repaid. That USD 6MM and future annual debt repayments will now not have to be repaid for 5 years, and can be reinvested in PYD's business If we take the guidance of a MINIMUM of 10 MM USD (CAD 13MM) of adjusted EBITDA for 2016 and subtract the interest portion of the new debt facility (10MM - 30MM x estimated 13%), interest being the "hard dollar" portion of Adjusted EBITDA, we are left with ANNUAL cash flow of ~USD 6MM from PYD's CURRENT slot placements. USD 6MM = CAD 7.8. So, annual cash flow on a per PYD share basis = $7.8 MM / 35MM, or CAD 22 cents per PYD share....as has been noted, it is all about cash flow right now. GAAP earnings will need to come because the depreciation expense and amortized placement fees are real costs which cannot be ignored over the long haul (Warren Buffet is never wrong, in the end it's all about GAAP earnings) but GAAP earnings will come with growth. Now, the new debt facility is not without risk. It is expensive money (13% estimated) and a floating, as opposed to a fixed, rate, so there is interest rate risk on any upside move, but reflective of the risk of PYD ie a microcap company in the highly regulated gaming industry, so not easy for a lender to enforce it's security and sell the business if there was a default - the rate is not out of whack with asset based (in this case cash flow) lending. But the debentures were 11% fixed rate, the shark money from PDS Gaming (face interest rate of 12%, but don't forget, PYD had to also give them 42 slot spots of the Tonkawa contract, 42/600 = 7%, so if we take the PYD announced annual Adjusted EBITDA of USD $5MM from Tonkawa, PYD gave up annual cash flow (5MM USD x 7%) for 6 plus years of ~USD350k for a paltry $USD 3.5MM loan from PDS Gaming that essentially turned out to be 7 months in duration - crazy expensive money in terms of annual hard dollar interest costs AND opportunity cost, in hindsight. From the Financials, the slot manufacturer loans average out to about 9% per annum, so when blended together, the 13% rate on the new money is not hugely expensive compared to what PYD was previously paying on its various debt. Key for PYD will be to chase growth fast and furious and then move to a Big Boy Exchange. That is what is required and expected of these Venture Exchange companies out of the blocks, and from what I can tell, PYD is executing.