Fairchij,

As correctly pointed out by Green88, you are showing the UConn shares as warrants ... however, these were granted as common shares. If you make that adjustment in your own numbers, this should bring our numbers back in pretty close agreement.

Please see the following from the MD&A (page 11, under Subsequent Events):

In consideration for the favorable restructuring of the royalty terms, the Company provided the University 2,000,000 common shares. Trading of these shares is restricted until May 31, 2016.

BUMBLEBEE