Micromem Technologies Inc. (MMTIF)

[seek the light]

One point to clarify. I believe the write off was of the development costs spent on the Northeast Utilities project.

"Other Projects: We reported at October 31, 2015 that we were working with Northeast Utilities (or Eversource) for the development of a sensor platform design to detect partial discharges inside a transformer. Additionally, we reported that we had begun development work with Northeast Utilities on a low cost power line conditioning monitoring device designed for transmission power lines. Given the timing to market these opportunities, we reflected a writedown of our investment of $2.27 million against these projects in the quarter ending October 31, 2015. The Company believes that there is substantial opportunity to further develop these technology applications in future. It retains the intellectual property on the work that it has completed. While there were no substantive developments or progress in 2016, these projects remain as active in our 2017 pipeline, perhaps with Eversource or with other utilities. At July 31, 2016, the Company made the decision to write down the value of the deferred development costs to nil while the Company continues to pursue the continued development and ultimate commercialization of these projects."