Biomass Secure Power Inc. (BMSPF)

[PhillipD]

My obeservations of the latest MD&A:
1) This MD&A was for the six months ended as of 12/31/13 and doesn't reflect anything that has happened since then.
2) It was written by Murray Swales according to the author of the PDF (for what it's worth).
3) Canaccord Genuity is acting as a sponsor for the listing to the TSX and for a private placement for $250,000. I speculate the private placement is the same entity that Montreux was going to use to raise capital.
4) This MD&A lists the Port of Natchitoches as completing the bond issuance and not the Port of Baton Rouge. This is a change. I suspect the bond issuance that BR did for Drax is limiting their ability to issue additional bonds for BMSPF.
5) The MD&A references two phases which is scaled back from the 3-4 phases they were discussing previously. This may be another reason the company is looking for other sites, but with 3.6 Mtonnes of fiber committed, it isn't clear how two phases at 1 Mtonnes is going to be built. More speculation: Multiple references to demand in Asia imply that they may be back to looking on the west coast to avoid shipping from the gulf.
6) New reference is made to shipping pellets to the Port of New Orleans and returning with fiber. This would imply that some form of pellet loading/offloading facility would be needed in New Orleans if one doesn't exist already. I'm a little concerned that the company's bouncing around all over the Mississippi River with some complex operation that's getting bloated. I'm also questioning the role Baton Rouge is playing in the business plan.
7)Interest - "At December 31, 2013 the Company was in default of repayment terms of those short-term loans.
8) No new shares were issued for the period.

Phillip