Good afternoon, and thank you for joining today's 4DS and Jenesys investor webinar. Before we begin, a quick note on today's format. Following the presentation, we will move into a Q&A session where we will work through key questions with regards to the pre-submitted questions that have been submitted. We will not be taking live questions during the session. However, if you have any follow-up questions after the webinar, you are very welcome to send them to investors@4DSmemory.com. Just give me a moment. We cannot see the guys on screen here. We will need to enable video. There we go. Fantastic. Okay, wonderful. Joining us today are 4DS Executive Chairman, David McAuliffe, Jenesys CEO, Jaspal Sarai, and Chief Technical Officer, Nishq Ravindranath. We are also joined by the board of 4DS members, Howard Digby and Guido Arnout. Thank you, gentlemen, for joining us. With that, I will hand over to 4DS Executive Chairman, David McAuliffe, to begin today's presentation. David, over to you. Thanks, Sarah. Welcome everybody, and thanks for attending. It seems to be there is a great attendance for the seminar, which is good. I thought I would just give a little bit of background of how we got to here and why it has been taking such a long time to get listed. I know it is very frustrating for everyone, but it has been quite a journey to get here. Back in September last year, we started a strategic review. During that period, we probably reviewed maybe five or six technologies, which we thought might be useful and be compatible with 4DS' current technology. Unfortunately, a lot of those technologies were too expensive, too early, and required far too much capital to get to progress them forward. But earlier in the year, we came across Jenesys, and I have been working with Jaspal for months on this now. We put an application into the ASX many months ago, to acquire Jenesys. But the ASX came back with. Just for people who do not understand the process, you have to put in an application to make an acquisition. The ASX then either approve it in your jurisdiction, which is Perth, or it goes up to a national committee for approval. The first national committee said no, that we have to go and do a full re-compliance to come back onto the boards. We went down to see the ASX and explained to them we do not see the rationale for having to do a full re-compliance. We sat down with the Head of Perth and went through, so he fully understood why Jenesys and 4DS are such a good fit. They went away and thought about it for a little while, and then said they would make a reapplication to the national committee, which they did, but it took about three weeks. We all understand the ASX is a busy organization, so you can't be critical of them. What I'll compliment them on is that they reversed the decision. That's why we found ourselves coming out of suspension a few weeks ago, or a couple of weeks ago. For me, having looked at a number of technologies and doing a lot of work on this, I think this is a really fantastic opportunity for 4DS going forward. We are going to raise some money going forward, which is necessary to achieve our goals. I'll just pass over to Jaspal now, who can give you an introduction to the technology. He's done a lot of due diligence on us as well, and so he'll run through a presentation and he'll talk to you about the capital structure and the money going forward. I'll pass over you, Jaspal. Thanks, David. Thank you everyone for joining us. It's a pleasure to be here and present this presentation, go through any of the questions at the end. The central objective for us is really to combine the two IP stacks and technology from a hardware and software perspective and come up with the best Edge AI module that we can. For some of you who may not be familiar with Edge AI, essentially everything AI that most people are interacting with right now is more living on the servers. We are using it to write documents, to ask questions, and so on and so forth. It uses a lot of power and a lot of compute capability to be able to do that. Edge AI is essentially going into almost like an electronic brain that any device that is not connected to power is able to operate and have its own intelligence with very little resources like battery and so on so forth. We'll dwell into it a little bit more, why it makes sense and how we came to that conclusion. Some of the important [crosstalk]. Everyone's familiar with that. 4DS has gone through a long journey to get to this point where they have 34 patents registered. They have invested more than AUD 60 million in R&D, and had successfully tested the 16 nm cell, then went on to do the 20 nm, which had some challenges. The key characteristics out of this, which are very adapt for the future of Edge AI, are that this memory is actually tunable for endurance and retention, so how long the memory will last and how fast the memory can be, which are very desirable properties when you are trying to adopt the Edge AI for different applications. That gives us a very good baseline. Jenesys has tested a lot of hardware, the chipsets, the modules over the last three and a bit years for space, for satellites, for drones, for various applications. When we looked at 4DS, we could see how this actually will be almost a custom fit. Because it has that capability of making it a custom fit, it actually provides the opportunity to make it a market leader. Next one. Jenesys, on the other hand, has come from the system capability perspective, which is mostly software. It is a sovereign Australian-built platform. All IP is built onshore and is Australian IP. The main two parts of this technology is the Edge AI, which enables any of the AI models which might be trained for bigger power consumption or living on a connected device to be transformed into an edge capability. Which basically means if you train something, let us say a car. You have trained all of the various capabilities of a car from a drive, image, and recognition and all of that on servers. Once you have port it and put it on the car itself, the car is now having to make those decisions and everything independently on the road and not connected to a server and asking questions back and forth all the time. The other part of it is autonomous coordination, which has been mostly focused at the moment, initially from a defense and drones perspective. The platform allows any team of machines or robots or any cluster of different capabilities to come together as a singular team and coordinate whatever are the tasks among them for commercial purposes, defense purposes, or any such requirements that they need to meet as a collective. It is a software only. We have excelled as much as we could in terms of making the software itself a very efficient platform, where it uses the least amount of power to do the same thing, even when compared to some of our competitors. Next. This is one of our production sort of missions that we did last year. The stack was using an NVIDIA chipset. We had launched it in a satellite on SpaceX Falcon 9. The purpose of this satellite was taking hyperspectral images and defining and quickly finding out forest fires, where they originate, which way they are traveling, what are some of the other vegetation or fuel in that area, and then make some decisions based on which way it will expand and so on. What you see on your screen might look like some organic material. It is actually a satellite image of Earth. The image goes from a very raw image to then making the insight in L4 that where exactly are the coordinates of fire and which way it is going. What we are trying to, I guess, give you an understanding of here is that if you look at general models of doing this exact same thing, it would require quite a lot of power and will be connected to a server. All the satellite images will be downloaded to Earth and then processed, and then we will get the decision, which could take 24 hours- 48 hours. We managed to do this on the fly in a satellite that would take less than 30 seconds to do this. One of the key constraints in a satellite is that it is not connected to any power, and it is generally running on. This one in particular was about a 60-kilo satellite, which was running on a 20 W power system. To give you a correlation of that, a human brain is running at about 20 W power. We are trying to get this processing done in that environment. The only thing we had, we did not have our own hardware. Only thing we had was how much can we push the software side of it to make sure that it is fully optimized. We were about 166 x faster than the equivalent benchmark products from the competitors. Then it comes to where the two coming together create a lot more value than the individual parts is, as we learned from our satellite mission as well that. We went through the industry-leading hardware for that application and for that power-constrained environment. There was not really a lot out there that could be as good as what we needed to be. From hardware constraints, we then look at if we tune the 4DS-IP, the memory, from endurance and retention perspective to exact parameters that we need from a system side. You are coming from a hardware that is built for very low power consumption environment, and you are coming from a software that is also built for very low power consumption. Now you combine them together, you will get a significant jump on everybody in the market, and it then becomes adaptable to all of the Edge AI environments. It can be, as I said, a drone, it can be a cleaning machine, it can be a walking robot, it can be anything that is not connected to power. It also includes IoT devices and all of the other devices out there that needs to compute within that module. On one battery, it might need to last for two to three years, depending on what its functionality is. That is really the, I guess, the marvel out of the two coming together that gives us that advantage over the rest of the market. Next slide. It is developing what would be achieved after we have done that is we will be able to essentially provide a plug-and-play system that can be connected into any robotics, any edge device, and we can train them to do whatever is their mission parameters. On this slide, for instance, this is a self-coordinated fleet, which is covering a certain amount of area. It could be for surveillance, it could be for emergency services, and so on and so forth. A prime example would be something like the floods that have been there in Nepal and areas. If you are looking for survivors, then you are not relying on manpower to coordinate each of these surveillance machines to do that. They will do it themselves as long as they know how much of an area they need to cover and what they are looking for. We can train those things. On the swarm side of it, collectively, what are some of the things that we have already got trained to a TRL 4 or 5, which means that it can be demonstrated, it can be simulated, and the next step is to pair it with the hardware and then do a demonstration with actual edge devices. We can cover the ground automatically. We can have multiple tasks within a group of machines that can share the tasks, understand what their collective mission is and what their individual tasks are. We can operate in an environment where GPS drops out, comms drop out. They are basically operating in absolute dark, no connectivity environment, and they are still able to coordinate with each other by not communicating from a connectivity perspective, but communicating from an intelligence perspective, because they can sort of deduct that I had these five tasks, that one had two tasks, that I cannot see it anymore, what does that mean? I can make those logical deductions. Then mixed fleet, so the module can go into a 30-year-old tank, for instance, and we can bring that old system into an intelligent system transformation. Rather than throwing away everything that we have, we can actually bring the legacy machines into this kind of environment where they can be sharing tasks with the modern machines and working together as one fleet. The other part is that if we lose one of the team members, whether it is a drone, whether it is a defense scenario got shut down, or it could be something that went wrong or a battery died, or it somehow got a malfunction or something. The rest of the machines will automatically pick up that that one is no longer there. Whatever that particular one was supposed to do, that can be now shared across the others automatically. Or it might be that based on capabilities, who is the next best to carry it forward? Again, no human intervention is required to do that. It will automatically adjust, and it will continue doing what the outcome needs to be. The biggest change or the differentiator that we have compared to most of the AI stacks out there in the market is that most of them work on a black box sort of environment. Even if you notice that you can ask the same question to ChatGPT or whatever AI platforms you are using. It might give you a different answer based on. You do not know what is based on because you ask the same question. Because it is a black box environment at the back end, and you cannot then go back and start tracing why it made the decision it made. Our stacks are built with the defense in mind and life and death kind of scenarios so that it cannot have hallucinations. It cannot have decisions that is made that we cannot explain as to why it has done something, or how do we train it to do exactly what we want them to do, which is a very pivotal point that we have, which, with the number of consultations with various market segments, defense, and so on, they have always sort of looked at this as, okay, that is a pivotal point that we can actually train as well as audit any decision that has come out of this and why it has done so. There are many mission applications. This is more talking about defense, this slide, where we can do surveillance, we can do signals and spectrum awareness, we can do detections and so on. If we want to sort of have earth observation or observation of different areas, looking for anything in particular, whether it is a threat or a survivor or so on and so forth. Managing and patrolling borders, what is coming across, what is supposed to come across or not, drugs, ammunition, any of these things, illegal immigrants, whoever and whatever can be tuned for that. Total sort of blackouts, GPS, all of these sort of environments where these things are blocked or there are other measures to deter such activity. We can work in that environment as well. Obviously, as I mentioned, disaster and environmental response. This is a customer scenario that we are working on, and I cannot share who or what exactly, but I can give you a quick run on what the scenario here is. It is a highly dense forest area where we are looking for unauthorized satellite communications, which has been some of the issues in various wars and different tensions that has happened, where in your own territory, the opposition has been able to set up satellite communication and feed information without your knowledge. This customer has asked us to provide them with the capability where we can detect such terminals and provide the mobility on top of that so that an autonomous fleet of drones can go into those areas and investigate them further, understand how many terminals they are, what are they using, how frequently are they transmitting. Then if it is chosen to take corrective action, it can take corrective action against that. These are the kind of scenarios where we are playing on a multiple front here, not only on the intelligence that is carrying forward on the drone, but intelligence in the back end in their network operations and mission management scenario as well, because it is having the full AI stacks deployed on various layers to see what is important, what is not important, which ones do we want to further investigate, and so on and so forth. Some of the other applications of the same beyond defense are in a commercial space. We are already testing these machines for building management, for instance, which provides the ability to have a fleet that autonomously looks after their day-to-day tasks. You would have seen some of these individually. Even if you look at in your house, there is a vacuum cleaner and so on, scanning your vacuum area and obstructions and things like that. But if you take it onto a bigger scale where it is commercial, it has to work with building management system, Wi-Fi, lights, security, understand and pass on tasks. If there is an oil spill, it cannot be vacuumed. It can automatically pass on to the other machine that has that capability. There is warehouse and logistics where forklifts and all that can be fully intelligent, and they know that truck has loaded in the loaded bay and now exactly what they need to do, where they need to take the packages, where they need to rack them, and so on and so forth, which is significant savings for those operations because they become fully intelligent and autonomous among multiple machines and multiple form factors of these things. You can keep rolling it out to various other mining, agriculture, ports and terminals. Law enforcement, in particular, is very specific where they need this kind of AI intelligence to be able to operate things which has got significant legal, jurisdictional, as well as life and death implications. These environments are not just stacking in any AI and then training. It actually has to be very specific, and it needs to run without things being plugged into the wall. That is where we are playing. Our key leadership, I will pass back on to David. Yeah. Most of the people on the call know who I am. I am the Executive Chairman. Howard has been on the Board since 2015, along with Guido, when we first listed on the ASX. Jaspal is the CEO of Jenesys and is the proposed Managing Director and CEO of the merged group. Nishq is the Chief Technical Officer of the company. He has been responsible for all the technical work that has been done going forward. It is a very capable technical team that we are trying to acquire. There has been a lot of the technology itself, as well as Nishq, has been renowned among the peers and the industry. Based from Defense, to getting an award as the leading AI mind in Australia, last year. Also at the defense show, our technology was awarded Innovation of the Year as well as Space. We have had fairly good recognition from various sectors of the industry, and we hope to continue getting more success on that. Okay, this is the capital, the corporate snapshot, sorry. We are proposing to go out and raise AUD 5 million, and issue stock to Jaspal equivalent on AUD 5 million. That will also have milestones attached to it over 12 months, 24 months, and 36 months. One is based around a technical milestone, the first one in the 12 months. The second one is around a revenue generation, and the third one is also around revenue generation. If we are successful in collecting the AUD 5 million, we will have about, it could be probably spent a little bit, probably about AUD 11.7 million or something like that. It is under a rights issue as well. We have done a AUD 2 million committed placement, which will be those shares that we issued post the EGM. There should be a document lodged today or tomorrow regarding the EGM, and a rights issue document should be lodged as well today. The participants in the placement have the ability to pro rata any shortfall in the rights issue document, and current shareholders not in the placement have the right to take more than their right. If you are entitled to AUD 50,000 of stock under your rights, you can take as much as you want. I think that is a benefit to shareholders or smaller shareholders who might want to take more stock. That will be the record date, I think is about a week after the rights issue document goes out, and then that rights issue will close towards the end of this month, and then the EGM will be in the 2nd of October going forward. That capital, post the raise, is enough money for us for two years, subject to what might transpire in our business development over the next sort of six to 12 months and our business I will get to this in question time, but business development is very active. At the moment, we think that money is sufficient for a couple of years. Jaspal, pass over to you. Yeah. This is just a, I guess more a positioning perspective, a view of where we sit among our peers and the market itself. We used a drone here as an illustration, but it could be if we look at the other sectors as well, you will find the same thing. For instance, in this scenario here, we look at all the components, different components of a drone, what the companies, which companies are involved in producing that, whether it is motors, flight controls, gimbals, optics and so on and so forth. What you would see is that combined, about 13 of those companies are worth AUD 42 billion. Intel alone is worth AUD 61 billion who is playing in this market. We sit right in the cockpit of it as the cognitive intelligence of what is the device going to do, whether it is drone or whatever, and what are their shared and their collective missions are, and how do they achieve that. We are obviously at a very low base right now, and relative to what intelligence we bring in place, we also occupy the ability to hold prime contract because what is the outcome for a customer is actually going through our layer at the end. We can look at all the components and pulling it together, but at the end of the day, the end delivery of the business outcome or the mission outcome actually goes from our intelligence. This should give you a bit of a view overall on where we sit and where we are playing. Thanks, mate. That's good. Over to you, Sarah. Okay. Thank you. Thank you, David. Thank you, Jaspal. We will now move into the Q&A portion of the webinar today. We actually received quite a few dozens and dozens of questions from investors, with a number of common themes coming through. To make sure that we cover as much as possible, we have grouped similar questions together and consolidated them into key areas. We will work through those now with David and Jaspal. David, I might start the first question with you, which is regarding the Jenesys acquisition. The investor questions received was, can you explain the strategic rationale for acquiring Jenesys, the synergies between Jenesys and 4DS' existing technology, and what is supporting the valuation and the consideration being offered? Sure. I think Jaspal went through that previously at the beginning of the presentation, but I am happy to do it again. Effectively, we have three shots on goal now. We have 4DS technology as it stands today on the 60 nm cell. We then have the 60 nm cell combined with the software, and then the software alone. Each of those carries with it different opportunities. Certainly, the software has much more probability of being developed much more quickly than the combination of the software and the hardware. But we have significant interest in the 60 nm cell, particularly from our trip to India. Relative to what we are buying, I think the valuation is very reasonable. We actually, we will get to the India trip, but we actually agreed a valuation and milestones before we left. Post that trip, I think the interest in both the technologies is so good that I think we are buying this at a very reasonable price. People have to understand that Jaspal is actually taking on the role of the CEO and the MD. His holding obviously will be escrowed for six months and 12 months. But irrespective of that escrow, he is committed to making this work. The view is the acquisition price is cheap compared to what I have seen in other things we have looked at, and the potential here I think is enormous. We just have to execute, particularly on the software side. I think the valuation is very reasonable in terms of relative comparables in the market, so I am really comfortable with the valuation we have paid. I think if I just add to that a little bit is bringing it down to our everyday use things so that we understand. One of the things I always sort of talk about is a microwave. You use a microwave, you put in your food, you are pressing the number of seconds, or you put it on automatic warm and all that. We all view it as a hardware device that just switches on, does what it needs to do. But what actually is making it work is software. In that hardware chip, what is sensing the temperature of food? What is understanding the weight of it, and what is understanding the timing of it and the intensity and the power and all that? That is actually a low level intelligence, but it is still intelligence that is constantly monitoring the function and constantly monitoring the machine in a hardware spec to give you exactly the outcome you want. If you take that intelligence out, you have basically got burnt food or frozen food. You do not have the outcome. Yeah. Okay. Fantastic. Thank you, gentlemen. David, you did touch on the India opportunity. One of the key questions was, what were the key outcomes from the India visit? What level of interest has been received from Indian defense or other organizations? How is Jenesys helping 4DS pursue and potentially convert those opportunities? We went to four major cities in India over the course of two weeks, and met some very large organizations and institutes as well. The reception we got from both sets of technologies was very, very good. We have signed NDAs with most of those organizations, and those conversations and discussions have continued since we have returned. In fact, we have got a call with one of them this afternoon after this webinar. The level of interest is very high. Not only that, the interest in India, there is interest from Saudi and from Indonesia in this technology. That came about as a consequence of meeting people in India, and Jaspal has got a very good network down there. They were saying, "We used to speak to these people," and the Indonesians came on board. We've been speaking to the Indonesians for a long time since we've returned. There's a Saudi group who's interested in working with an Indian group who are interested in working with us. The Saudis are very aware of the technology that we have, and that's a three-way discussion that's going on. The Indian trip really defined to me that we really do have a very valuable asset in both of these assets, individually and combined. Okay, fantastic. Thank you very much for that. The next question is around Jenesys maturity and commercial readiness. How mature is the Jenesys technology today, and what has been demonstrated or validated to date? Is the company confident that the first major technology milestone can be achieved within the anticipated timeframe? Jaspal, that might be one for you. Yep. As I explained on this slide, one part of the technology has already been launched in space and it's a full production environment, tested, tried against various platforms. We can't mention it, but we have a very high up. How do I say it? In the defense space also, they have benchmarked to see that it is really that much faster and where it could be deployed and so on. We have this on production level. We have simulation level swarming technology already. We were part of this same technology under the previous company. It was part of the Defence Trailblazer program. Under the Defence Trailblazer program, the swarming intelligence was well-developed. Then further on from here on to meet the objectives of our first milestone is essentially pairing it with the hardware and making the hardware do exactly what the simulation does. We have no real blockers in that, and we are very comfortable that we will achieve or exceed the timeline that we have already committed to as part of this deal. Yep. Okay, fantastic. This is sort of a continuation of the commercialization strategy, but the key technical and development milestones across the platforms, what does that pathway look like? This question actually came up quite a bit, which was when could shareholders realistically expect to see first contracts or revenues? Obviously, that's a forward-looking statement, but I'll leave it to you guys to answer it as best you can. We have already committed in our milestones that we will have revenue already contracted by 2024. That's already part of the deal, and we've got significant shares at stake against that milestone, which, we again feel that we will very comfortably achieve that. If we look at the milestones that are going to go there are, you can already see that from our slide of the Jenesys software, that there are two tracks as such. Because the platform is not a single application platform. When you look at this, it's an AI platform that can solve issues in different sectors. Because it can solve issues in different sectors, we are a candidate to go into different applications and different machines and so on, so forth. Our pipeline is not one target, one bullet kind of scenario. We have our pipeline, which even now, is quite diverse. We see that we may be able to just do our mature, like the satellite piece that we've already done, and then advance that and get a commercial. Yeah. Outcome out of that or what we are doing in other areas. Yeah. We're very comfortable, and we have pretty much all the milestones and what we need to do lined up. Okay. Now you did touch on, obviously, other markets. One of the popular question that came through is beyond drones and swarming applications. Again, you touched on it, but appreciate if we can revisit it. So what other markets and applications are being targeted for the platform? Or are you in a position to discuss Yeah, yes. Where those other revenue opportunities are? Yeah. I think one of the things I want to clarify is that when we talk beyond drones, it is actually not that drone is our focal point, but drone probably, if you look at it, is probably the most complex machine to master because it is flying. It has all the axes running around. It has things it needs to do. It has camera it needs to focus. It needs to avoid obstacles. It is probably one of the most complex machines in an environment of a defense mission that you will be trying and testing your capability on. So almost look at it as a human pilot. We have an AI pilot of that, and let us take it as a human pilot, okay? If you are a maverick and you are tested and tried in a MiG, in a Tomcat and all of that, well, you can jump into an airliner or whatever easier. Hence, same stack that we have fully functional in a drone can be applied to a robot that is walking around doing things in a warehouse. It can be applied to a cleaning machine. It can apply to an agriculture. It can be applied to a forklift. It can be applied to a federal police tracking something down or doing something else. Yeah. That is it. But in terms of opportunities, as I just said, we already have live opportunities that we are working on that are with our mature stacks, which came out of the satellite, and we are already doing things. Yeah. I don't want to get myself in trouble by saying too much, but it is well in track. We have pipeline for various flavors and various functionalities out of our total portfolio, which are addressing things that, as they have come to fruition, shareholders will be the first ones to know. Yep. Okay, fantastic. Thank you very much for that, Jaspal. We have a couple more questions to go, and then we should be on track for finishing shortly. You touched on, obviously, there is an aggressive approach in terms of multiple revenue opportunities. But when we think about competitors in the market, what do you think will differentiate 4DS and Jenesys from competing technologies and platforms and what is that approach in terms of gaining market traction? There's two parts to that question. One is there are competitors who are focused on one industry, one application, and they might tame that one area. But because our platform is actually a platform, not a single application, it gives us already a broader approach and a broader opportunity. If we look at on the whole breadth of it, is there a competitor? Then probably not. But if we sort of say, is there a competitor in this particular sector? For instance, in the drone, Swarmer probably is a competitor, when we're talking about drones. But we know that their training algorithm is not the same as us, and they probably would not be able to meet the Australian Model Work Health and Safety Act to deploy something that's a black box. We do understand it, and we understand it very clearly where we fit. The second part to that is that the opportunities, as I said, we are already working on, and we are well matured in it. It's sort of going to prove itself that we are going to beat down the competitor. But one pivotal point, which I started the presentation with, is power consumption. If you leave everything else out of it, doesn't matter how intelligent or doesn't matter what anybody can do. We have developed this, and once we get this system-on-chip and complete our CIM transformations, there is no one that will be able to compete on power consumption vs the outcome. And power consumption means your machine can be lighter. Instead of carrying a 5 kg battery, you're carrying a 2 kg battery. Everything changes. In a satellite, why we were sort of able to do all that with a 60 kg satellite that normally done with 250 kg satellite, is that we reduced the power consumption footprint to such an extent that the whole number of solar cells and everything could be reduced on the form factor to do the same thing. And that is the biggest advantage. The whole industry on the physical AI is all about, can I go longer on the same power pack? And we can. Okay. All right. Thank you for that, Jaspal. David, this probably might be one more suited for you. It is around the funding pathway, and you did hint on it earlier. What level of additional funding is likely to be required to reach commercialization and ultimately self-funding? Is the Board in a position to provide context around the cap raise, including the director participation? Yeah, that is fine. I will be participating in the rights issue. That is fine. At the moment, as I mentioned before, we will have about AUD 11 million or whatever the number was, right? I mean, at the moment, all the numbers point to that is enough for two years. If we are successful in anything in the next six months in terms of bringing in a revenue contract, bringing in a partner, bringing in a pilot study over multiple applications, I think you will see definitely a rerating of the valuation of the company. There are 275 million options on issue, and if they were to be exercised, that would mean we would have to get the stock to about AUD 150 million market cap. On the base of the things I just said, if we are able to achieve one or two of those in the next six to 12 months, I think you would see a market cap of about AUD 150 million. That would bring in those options would bring in about AUD 8 million. If that was to happen, we have got another year of money. There would not be a need to go out to raise money if those options came in. It all is very forward-looking, but it is all very dependent on the progress the company makes in the next six to 12 months. Clearly, we need more people, so we are going to have to go out and employ people. We cannot get those people to take this company forward unless the shareholders approve the transaction. We can go and find them now, but they cannot come and work for us until after the EGM. We've got people we want to employ, and they are within our budgets. We really employ the shareholders to recognize the opportunity here and vote this transaction through. If that's to happen, and we promote this properly, I do think that with the groups we're talking to, they're very, very big groups, and one of them approached us. In fact, one of them approached 4DS on its own, and it's a very large group. If we were to do a memorandum of understanding with them or a pilot study or whatever it was, we would be in a position where we'd have to name them. Again, we've got a call with them this afternoon. There is a lot of stuff in the pipeline, which I think will rewrite the value of the company, and therefore, if those options were to come in, there's no need for a capital raise. There's no need for a capital raise anyway for the next 18 months. Yeah. Okay. You obviously touched on the plans for expansion and growth. Following the completion of the acquisition, what are the company's, the Board's strategic priorities? Does the Board envisage any further transactions or acquisitions or corporate initiatives? What types of partners could potentially deliver the best value for shareholders? Well, there's multiple partners we're talking to. Some are in the sky, some are on the ground. There's multiple people we're talking to. Shareholders can expect, I think, in the next six to 12 months some form of collaborations with these groups going forward. I think it's a very exciting time for the company going forward over the next little bit. Strategically, w e need people. That's what we need. This thing's a race. Even though we think we've got some of the two leading technologies out there, what we spend compared to other people is a drop in the ocean. We do need more people, as I said, and we have identified people that we want to employ and we want to offer employment to, but we can't employ them until, obviously, the EGM and the acquisition's been approved. From the focal point perspective, if I may add, from an execution of our vision, priorities from my point and the company's resources is really going to be to drive the hardware side, the chip side, as fast as we can to get to the point where we could port our system on it and then start looking at any microcontroller markets and all of that, get it out there, get it tested, and get it in applications. On the system side of it, we already have a very good pipeline that we will be trying to convert and start getting into production environments where our AI platform is actually providing significant value to our customers and partners. These are diverse from defense and commercial. We are not hanging our hat on one big thing. We want to continuously, we want to be selling, signing deals, and doing things on a regular basis rather than sitting there waiting for one whale. Okay, fantastic. David, just with regards to consideration of the acquisition, a few questions came through regarding can you provide any clarification or details on the vendors receiving shares or options as part of the acquisition? I think it was in the announcement, but if there was anything you wanted to add to that? No, the acquisition is AUD 5 million, and then there is AUD 3.5 million of performance, which we have talked about. There are three performance hurdles. One is being able to show swarming. The other one is being able to. You have AUD 2 million in revenue within 24 months, and the other one is AUD 5 million in revenue within 36 months. As Jaspal alluded to, that is not just one client that would make up those numbers in terms of AUD 2 million and AUD 5 million. It could be multiple clients. Because we're talking to multiple clients at the moment, I don't think necessarily it's going to take 24 months to reach that number. It could be one whale that provides it. But I think there's going to be lots of, not little, there'll be lots of customers and partners who would be contributing to getting to that AUD 2 million. Yeah. Okay. Certainly exciting. Busy times. Last question. Shareholders. This has come through quite a bit, and obviously historically, there is some past nuances, but David, what would you say to existing shareholders who have supported 4DS through its development to date? What confidence can they have in the company's strategy and use of capital from here now going forward? Well, first thing, I am actually a shareholder as well, and so I have lived through the journey with other people, and there have been significant amount of support from very long-term shareholders. Some have stayed and gone and come back, so thank you. I think with the combination of these two technologies and the low burn that we have, I think you have to back the board going forward over the next 24 months on this. Particularly from what I have seen, having been spending a lot of time with Jaspal, not only in Melbourne, but in India. There is a significant opportunity here that we can do really good things with both these technologies. Previously, I cannot remember what year it was, 2018, we got the valuation of the company to AUD 350 million, and that was on the back of really very little technical information, it was more on the back of Weebit going for a massive run and BrainChip going for a massive run, and they were looking at us, the market was looking at us, and we were AUD 30 million. Just people profit took and come down, and come down invested into us, and that forced the valuation of the company up. If we are able to articulate this story properly and at a valuation of AUD 30 million with 12 in the bank, so it is an enterprise value of 18. If we articulate it properly and are able to deliver on some deliverables, I think that we are significantly rating the company. Again, I would be employing people to back the board and back the new management that is coming in, and let us get to work and see where we get to. I am very confident that we can rewrite this asset. I think on the, if I just add just two points to it, is from our side as well, obviously we have joined into this looking at 4DS- IP and value, and obviously the valuation right now is very low, hence it makes sense for us as well to look at a combined value and the return from a Jenesys side as well. Obviously when you look at private markets vs public market, these are very small numbers both sides. But what it does provide us the opportunity is to actually take this forward from a very low base. The second point I just want to make is that it is very common for most advanced technologies to just be ahead of their time, that a lot of technologies which are built, if they are built too early, that the adoption is not there in the market, then you do end up in these situations. If you look at CIM and neuromorphic right now and the overall power crisis in the world to run AI on the data centers, that is equally true on the edge, because if you don't have better power management on the edge, then you cannot have a 20 kg robot running around your house doing things, because the battery alone will be just prohibitive on that. A lot of these things are now going to open up, because if you just look at the world right now and you will see that, okay, we've had this technology, but could we have really deployed it three years ago? No, you wouldn't have. The opportunity and the commercial opportunity is now. Yeah, 100%. There's no time like the present. All right, gentlemen, was there anything further that you'd like to add before we conclude today's webinar? No, I'd just like to thank all the shareholders for their ongoing support. It's been great. Yeah, thank you for the opportunity. Yeah. We're really looking forward to working on this and kicking some goals. Paying for everybody's patience. Fantastic. Well, look, before we close, as David mentioned, there will be a NOM going out regarding the upcoming EGM. That will be for in-person and video. So it's important for shareholders to make sure that you will have access to your Automic login both to vote and to view the webinar. In conclusion of today, if you have any further questions or queries that you'd like to bring to the Board or to Jaspal of the team, you can send an email through to investors@4dsmemory.com and we will forward that on. Subject to final confirmation, a replay of this video will be made available on the 4DS website following approval. Thank you again for everybody who sent through questions and to join today. We've actually had great participation and many of them have carried on right through to the end. We appreciate your time, and we hope you found today's webinar informative and useful. Again, like to thank you all, and have a fantastic afternoon. Thank you. Thank you. Thanks, everybody. Goodbye. Bye.