Elray Resources Inc (ELRA)

[Taylor Orion]

I wouldn't necessarily agree with that assumption. With regard to the drop in convertible debt, and the recent increase in wagering activities, along with 3rd Q acquisitions of assets - it may be okay. Even if there is activity and revenue incurred after the 3rd Q, they will most likely include it all in the 10q. So we could see a large reduction in debt and increase to assets, as well as a rise in revenues. The bad would be in the form of more issued convertibles or the company using stock to dilute highly for cash flows instead of paying debt. It looks like convertible debt should be reduced by over 50%, though, from the quarter before. Revenues should show a significant increase, though, with new wagering activity. Hoping the MD&A is thorough in its explanation of expectations and future expansions.