Of the $9m loss, to me $4.5 million is a real loss, comprised of...

Of the $9m loss, to me $4.5 million is a real loss, comprised of losses incurred on investments of $2.5 million  and another $2 million of operating expenses. The rest is devaluation of investments, which doesn't reflect particularly well on a company whose business is investment, but it is unrealised and could bounceback if Harvest One improves

Given the company burnt $1.5 million cash (excluding one off costs) in 2017-2018 with $2.6mil in the bank; the reality that they will need to sell down some investments, reduce costs or proceed with SPP in order to fund operations at some stage over the next 12 months or so.

For me this is a thoroughly unimpressive set of financials; with what appears to be incoherent decision making on investment and funding strategy this won't do much for the short term share price. We can only hope that we see a good result coming our way out of harvest one in the coming week or so and that the change in management heralds improved or at least more transparent decision making in the longer term.