Guys. Been hesitant to comment: but this doesn't look right to me. Whilst they say they have "received" the $9.3m, in my view, given that Alcoa funded Warro (for a 65% share), that $9.3m is due to Alcoa, not TSV. Maybe some tax nut out there can clarify for me, but to my eyes (and I have been involved in R&DTI before) this doesn't seem to add up.
Happy to be proven wrong.
Kit
Ann: Transerv Funded to Progress Opportunities in 2017, page-16
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