Pau,

Tenor is not allowed by the Canadian tax law to use the tax loss carry forward benefits to their advantage once they obtained de facto control of the company through the share conversion agreement, which gave Tenor 88% of the shareholders votes from June 2015 onward; although the shares were not issued then and will not be issued until Tenor decides to execute the conversion. Put another way, a change in control results in the disallowance of the tax loss carry forward benefit for the person or entity that obtains control. In addition, Canadian tax law only allows the tax loss carry-forward benefit to be used by the shareholders owning shares when the loss was incurred. Since Tenor has yet to execute the NAP for share conversion, they are not allowed to claim the tax benefit from tax losses that accrued before the conversion date.  

if you read the Monitor's recent report, in it it is indicated that the company needed the extension of the stay to May 2019 to be able to deal with "threshholds" required to be met before making any distributions. One of them is getting confirmation from the Canadian tax authorities of the taxes due on the award proceeds. The taxes due on the income from the award is already known (i.e. Federal + Provincial taxes, which is 26.5% on income from operations). I guess KRY is hoping to convince the CRS that it should be allowed to use the tax loss carry-forward for Tenor's benefit. Good luck with that. 

The interesting question here is: how is the company going to deal with the tax allowance for the shareholders in light of the tax disallowance for Tenor? Good luck with that, too.