Success Dragon, the Hong Kong-listed gaming services firm, has announced that it took a loss in its fiscal year ending this past March 31. The loss, an impairment loss that is greater than the company had previously anticipated, came from a revised valuation of the firm’s investment in California’s Primus Power Corporation. In total, the company said the impairment loss could be around $15 million.

Primus Power, located in Silicon Valley, develops power and storage systems.  Success Dragon bought over 73 million Series E Preferred Shares – 20.8% of the company’s share capital – in March of last year for approximately $20 million.

In June of last year, shortly after the purchase, the company’s CEO, Jiang Dan, and chairman, Li Cuehua, resigned. A non-executive director, Jia Limin also resigned at the same time. Jiang and Li had only been with the company since March and, according to Success Dragon, resigned in order to “focus their time and effort on other business.”

With the latest investor filing, the company explained, “[Based] on the preliminary draft of a valuation report on Primus prepared by an independent valuer, it is expected that the Group may record an impairment loss ranging from approximately US$10 million to approximately US$15 million. As a result of the impairment loss, it is expected that the total comprehensive loss attributable to equity holders of the Company for the year ended 31 March 2018 will be impacted accordingly.”