Ann: Armour Energy to Receive $6m in Gap Grant Funding, page-8

You seem to not be missing any of the revenue components BUT as I keep pointing out to you it is critical to also consider the companies liabilities. They have a huge amount of costs to cover.

An important factor to consider is would Armour be making a NET profit without the $6mill grant ? ... or for that matter even WITH the $6mill grant ? Lets study future Quarterlies for the answer.

I note the recent Ann that interest payments on the issued Convertible Notes will be covered by cash produced.... which is good, but it is also amother ongoing liability sucking up a component of our free cash flow.

As always I am looking forward to Armour being a profitable Company that will benefit us all, but we are not there just yet. Patience !