The compilation, dissemination and review of the information
required to be presented in the Form 10-Q for the fiscal quarter
ended June 30, 2017 has imposed requirements that have rendered
timely filing of the Form 10-Q impracticable without undue hardship
and expense to the registrant.
The Company's revenues generated from sale of goods decreased by
approximately $47 million, or 50%, from approximately $95 million
for the quarterly period ended June 30, 2016 to approximately $48
million for the same period ended June 30, 2017.
The Company's revenues generated from project development decreased
by approximately $19 million, or 100%, from $19 million for the
quarterly period ended June 30, 2016 to zero for the same period
ended June 30, 2017 respectively.
The overall poor performance is primarily due to the impact of large
volumes of imported beef unsettling the local beef industry, which
led to poor performance in the following segments: concentrated
live-stock feed and deboning of the imported beef and there is no
service revenue derived from consulting and services this quarter
primarily due to Triway's desire not to incur any capital
expenditures until such time as it will have successfully obtained
sufficient debt and/or equity financing to carry out future farm
development.