Ann: Quarterly Report and Appendix 4C, page-21

As a startup company their costs are going to be high until they reach a critical sales level. They will no doubt lose money until they reach that level. The main thing is that they can sell the product that they are aiming to produce.

The money will be going out big time while they are reaching that level. 

I don't think they can count inventory as sales.

When you look at the director fees to sales that hurts.

They always seem to do OK.