TAP Real Estate Technologies Inc (RWAX)

[TenKay]

Here is how I am getting the $4 million…in rounded numbers.

Total amount of Holdco equity used to convert 6000 Pref C and also transfer to BRU:

$11,000,000 to Pref C
$1.6 million to BRU.

Total asset value of the Holdco was $16.9 million at 3/31.

That leaves 16.9-11-1.6 =$ 4.3 million.

While they may have depreciated that asset more post 3/31 that would reduce the value of that asset even further…I don’t think we can calculate that as there is insufficient info.