Q3 conclusion. Adco is OK, TAAT not!My findings on the Q3 report 17.4 million CAD sales with 0.567 million (3.2%) gross profit, however, with 7.6 million additional costs (of which 5.2 share based payments) and that leads to a loss of 7.3 million CAD My estimate for the sales split: 16.9m Adco + 0.5m Taat What I can read between the numbers: Adco approx. 16.9 million CAD with approx. approx. 422,500 CAD 2.5% gross margin (only deduction of manufacturing costs) Backward reasoning: "For the period 18 May to 30 July, the Company recorded a net income of $189,537 related to Adco in the Condensed Interim Consolidated Balance Sheet" ADCO costs: approx. data: 48,000 interest for debts + 184,785 transaction costs = 232,785 costs directly related to Adco => 232,785 + 189,537 (net profit) = 422,322 CAD gross margin My conclusion: if ADCO makes sales of around CAD 85,000,000 with a gross margin of 2.5%, that's around CAD 2.13 million. At around 200,000 interest expenses, this roughly corresponds to the statement of 1.9m profit per year. Still, the company is making huge losses!!. If the cost (excluding cost of goods sold) is around 20 million CAD per year level off (of which 10 million share based payments) and Adco covers 2 million it says that TaaT sales would have to cover the remaining 18 million. That means you need AT LEAST 36 million sales per year to achieve a result of 0.0 CAD!!! I'll take a look at the report over the weekend and get back to you if necessary.