Ann: Preliminary Final Report, page-2

This financial report is very disappointing. There has been no respect on cash and cash management has been very poor as I had indicated several times before. We should have had more cash end of this year than last year but we are some 2 million less than last year. Salaries cost are more than half of the total revenue. If you add travelling and other expenses, one is talking of some 80 percent of the total revenue.
Other expenses is a whopping 25% of the total revenue and yet not a single statement written on what these expenses are. It is a financially re-engineerd report to look good but it stinks. For company that is struggling to preserve its cash, I cannot see any effort to reduce costs at all.

In short there is nothing to cheer about on this report.

The company is heading towards bankruptcy. There is no cash left and I am not sure if the planned financing may even take place as the share price, as I had predicted, is below 38 cents.

Still we are defending the management.

Very sad indeed.