Well Moska, perhaps we should defer back to Baba, our resident legal mind and world renown at interpreting contractual mumbo jumbo.  Lol

The JV agreement articulates milestones and contributions, specified in schedules I and J found on pages 239-245.  A bit of a shame the contract is so highly redacted it appears to have come straight from the bowels of the Pentagon.  That said, I'm sure Baba can work his magic and come up with a definitive assessment!

From what I can read, full capitalization by Sanan (52% ownership) was to occur by the end of phase 6 of the agreement, which was to commence approximately 18 months from signing.  Doing the math, we are now at the 18 month mark of the agreement which means they should have been reasonably close to at least starting the final phase by now (within a quarter or so).  That said, it seems my interpretation must be off considerably, considering today's MD&A states the full capitalization was to occur over a period of 2-3 years and not the 18 months I've suggested per the contract.  Very hard to tell due to all of the black ink.