Losses can be offset against other profits. The starting point for this is to understand that organizations pay tax on profits. So if I have profits of 100, I'll pay tax maybe of 20. However, organizations pay zero tax when losses are incurred. So if I have a loss of 100, I don't automatically get a tax refund of 20. Instead, many jurisdictions allow organizations to offset losses against profits in another year. The two options for us are that we can carry it back and use the losses against profits from the previous years, or we can carry it forward. Hopefully, the company will make profits in the future and we can offset the losses against them. The result of this, it can lead to a tax credit. So if you do have profits you can use the losses against then you can perhaps get that tax refund, and it can also help you out in an M&A transaction.