Hello,

Regarding this factual statement that refers to PYR's Financial Statements, listed on page 37 of firm 40F/A Filed April 13, 2021, 

"PyroGenesis has incurred losses in the majority of years since its inception. In the past the Company’s operations have not generated sufficient earnings and cash flows to date to result in consistent profitability or positive cash flow. For the year ended December 31, 2020 the Company has net earnings of $41,768,404, which includes a gain from the change in value of strategic investment of $44,626,698 and cash flows used in operations of $814,987. There can be no assurance that the Company will be able to continue to generate significant gains from the value of its strategic investments in the future."

...is it true that the value of strategic investment refers to HPQ shares acquired by PYR in exchange for intellectual property and that it does not reflect any actual cash generated by either company from operations? If so, with HPQ shares having gone down significantly since then, would this be posted as a loss for the 2021 fiscal year end, if they do not regain their previous peak share price? Without this 44M transaction how large of a deficit would PYR have run for the year ending 2020, the only year its ever not ended at a loss? 

THANKS

SALLY