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Gold/Mining/Energy : Global Diamond (GDRS)
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To: Michael Chusid who wrote (12)1/17/1997 3:44:00 PM
From: Mervyn McCulloch   of 88
 
Another area is taxation. Todate Global has over $1.7 million in tax losses that carry forward. This means that as taxable income is earned in the future, up to that amount will be tax free. This represents a tax asset of nearly $700,000(at rate of 40%)which is NOT shown on the balance sheet.
This benefit will be enjoyed as soon as the Company begins to gnerate taxable income.

Mervyn McCulloch
CFO
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