I have made some quick notes on the MD&A.

1. Chrysler: It mentions twice (pg 11 and 17) that EFL continues to work on certain aspects of the battery pack on theChrysler PHEV program. I remain optimistic that EFL will play a role in Chrysler's PHEV program.

2. Guidance (pg 32): Exceeding CDN$15 million in calendar year 2014 and growth & momentum is expected to continue in calendar year 2015 (without any specific number, pg 37). Pg 23 states that the company did not provide guidance concerning the revenue forecast for the quarter ended June 30, 2014 (i.e. they knew most of the revenues will be back-loaded later in the calendar year). I suspect that quite a bit of work done has been done in the last Q but they have not realized revenue yet. It looks like some major milestones (probably from the SSEPD contract) will happen before the end of 2014 calendar year to allow the company to book the revenue.

3. There are a couple of claims: Work done by supplier for Mojibil prior the takeover ($115k, pg 11) and warranty claim ($275k, pg 13)

My take: First, this is the first time the company put out a revenue guidance of CAD15 million for calendar 2014. If they don't meet this, they will lose a lot of credibility. By the sound of it, they are quite confident that they can hit the target. Second, they need to announce some major contracts within the next few months to demonstrate that their pipeline of work is a real thing, not a pipe dream if they want to continue revenue momentum in calendar 2015.