I respectfully refer you to the figures you give under the header "Provision for Taxes" and would ask you to explain the following:

Our provision for income taxes was approximately $6,426,000 for the year ended May 31, 2008 as compared to approximately $10,755,000 for the year ended May 31, 2007. As of May 31, 2008 we have utilized all of our remaining available federal net operating loss carry-forwards of approximately $4,870,000. At May 31, 2007, we had utilized all of our state net operating loss carry-forwards of approximately $17,822,000.

(Page 19, 10K May 31 2008)

Notwithstanding the operating loss carry-forwards, what would be the net amount available to TPL/Moore if PDS had paid the taxes due?

Be well