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  "notes": "The slide uses a series of callout boxes containing quotes or summaries of corporate disclosures to build a case for a financial discrepancy.",
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      "kind": "callout",
      "text": "Funds for plantation hectares applied for under the Beyond Carbon structure are expected to be received by April 2010 when planting is scheduled to occur.",
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      "text": "TFS has attracted non-MIS investment for the first time with an application received for 350 hectares in the new 2010 Indian Sandalwood plantations amounting to an investment of $35m, and a further $15m into the purchase of existing Indian sandalwood plantations in the secondary market",
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      "text": "Joint venture company established – Gulf Natural Supply (GNS). GNS entered into a supply agreement with MRA to supply Australian sandalwood (Santalum spicatum) to the Middle east and Northern African (“MENA”) region. EIG have underpinned the investment of a minimum of 200 ha per annum into BC, with FY09 sales of 350 ha already exceeding expectations",
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      "kind": "callout",
      "text": "And yet, in their earnings presentation, TFS advises that it has recorded sales for the Beyond Carbon plantations to the value of ~$29m over FY 2009 and FY 2010:",
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      "text": "Figure 5 Expectation of Funds by April 2010",
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      "text": "Figure 3 Non MIS Investment 2009",
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      "text": "Figure 4 TFS JV Gulf Natural Supply",
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      "text": "revenue recognition: $29m",
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      "text": "The EIG also agreed to establish a joint venture entity with TFS called Gulf Natural Supply (51% EIG, 49% TFS) which would be committed to promote investment from the Middle East and North Africa into BC4:",
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      "text": "And yet, in their earnings presentation, TFS advises that it has recorded sales for the Beyond Carbon plantations to the value of ~$29m5 over FY 2009 and FY 2010:",
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      "kind": "paragraph",
      "text": "The cash for the 350ha Beyond Carbon plantation are not expected to be received until at least mid-2010, the same time plantations commence:",
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      "kind": "source-note",
      "text": "4 TFS Corporation FY 2009 AGM presentation\nhttp://www.asx.com.au/asxpdf/20091119/pdf/31m59wv7711rbs.pdf\n5 TFS FY 2009 Earnings Bell Potter Presentation\nhttp://www.asx.com.au/asxpdf/20090914/pdf/31kqbsggwxx8c6.pdf",
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