Hey everyone, let's get started. Hey, well, on behalf of the LBT Innovations Board, I'm pleased to welcome you to our 2024 Annual General Meeting. My name is Rebecca Wilson, and I am the Chair of the Board. I would like to start by acknowledging and paying respect to the traditional custodians of this land. I'm here in Adelaide at the traditional country of the Kaurna people of the Adelaide Plains, and I pay my respect to elders past and present. I note that the time specified in the notice of meeting has arrived. The Company Secretary advises me that there are more than three members present in person or by proxy attending today's meeting, and so I declare that there is a quorum present and the meeting is open. Now that the meeting has started, can I please ask that you check your mobile phones and make sure that they are switched off or put in silent mode, please? When you registered for today's meeting, you should have received either a blue, pink, or white attendee card. If you have not received a card, then please go to the registration desk at the back of the meeting room and speak to Computershare representatives. Only those holding the blue voting card are entitled to vote. Only those holding blue or pink attendee cards are entitled to speak to today's meeting. Consistent with the ASX corporate governance principles, I'm exercising my rights to request a poll be conducted on all resolutions. Your blue voting card will be used for voting by poll. Poll procedures will be outlined at the conclusion of the final item of business. I'd like to now welcome Katerina Galvin from HLB Mann Judd, our auditors. There. Gemma Kosciecha from Computershare, our registry up the back there. And I'd also like to introduce our board. To my right, our Chief Executive Officer and Managing Director, Mr. Brent Barnes. To my immediate left, Mr. Daniel Hill, Non-Executive Director. Next to him, Ian Wisenberg, also a Non-Executive Director. On the line today from the U.S., we have Mr. Brian O'Dwyer, Non-Executive Director. And to my far left, Ray Ridge, our Company Secretary. After my chair's address, Brent Barnes will deliver a company presentation providing an overview of the year and events moving forward. The notice of meeting was prepared in accordance with the Company's Constitution and the Corporations Act and made available to members on the 10th of October 2024. If there is no objection, I will take the notice of meeting as having been read. I advise that no notice of any other items of business for today's meeting have been received and therefore I declare that the only matters for our meeting today that can be dealt with are those that are set out in that notice of meeting. The minutes of the last year's Annual General Meeting are available from the Company Secretary if you wish to read them. I'll now turn to my chair address. It's with pleasure to provide my chair's address, which has been lodged with the ASX. On behalf of the LBT Innovations Board, it is my pleasure to welcome you to our 2024 Annual General Meeting. When I presented to you last year, I'd only recently taken on this role, and our company was navigating a period of tough but necessary decisions to reset our strategy and improve our business outlook. Today, I am proud to share with you the significant progress we've made. LBT Innovations has confidently entered a new phase with a focused strategy targeting the pharmaceutical environmental monitoring market. To support this shift, we raised new capital, strengthening our balance sheet, which has allowed us to move swiftly on this opportunity. Both the board and management are fully committed, both professionally and financially, to this strategy, which is designed to rebuild shareholder value and advance our ambition to innovate microbiology workflows. We achieved early validation of this new direction when AstraZeneca recognized the potential of our solution and invested over AUD 1.2 million in early 2023, providing the funding required to develop new APAS analysis modules that could support their microbiology processes. They saw the need for improved traceability for environmental monitoring results in drug manufacturing and understood how automated systems could set a new benchmark for safety, efficiency, and best practices in this critical sector. After this product development process, AstraZeneca placed an order for five APAS Independence machines, a sale worth up to AUD 4.1 million, which has now been deployed across multiple sites globally, including locations in the U.K., Sweden, and China. This partnership has been pivotal, not only in supporting our technology development, but also in positioning us within the pharmaceutical industry. AstraZeneca has been a change maker, sharing their positive experience with our technology at major conferences, which has helped us establish credibility and open doors to new opportunities. Building on our partnership with AstraZeneca, we're pleased to have completed additional sales of APAS Independence to customers in the pharmaceutical market, including Thermo Fisher Pharma Services, NovaCina, and Bristol Myers Squibb. This initial commercial success underlines the positive market response we have received from pharmaceutical companies, and our sales team have worked hard to establish a pipeline of opportunities that include many of the largest pharmaceutical customers globally. Our company is built on the foundation of scientific innovation and leveraging novel technologies to enhance traditional microbiology workflows. In particular, the application of AI image analysis in reading microbiology culture plates is transforming how our customers operate in regulated, data-driven markets. Trust is paramount in these industries, and it is our rigorous testing and validation approach that builds this trust with our customers. Our commitment to science was a key factor in AstraZeneca's decision to partner with us as they sought a technology solution to improve their environmental monitoring practices in drug manufacturing. This commitment is also key in how we view our technology evolution. We have made significant strides in adapting the APAS Independence system to handle smaller 55 mm contact plates, in addition to the 90 mm settle plates already in use. Contact plates are commonly used alongside the 90 mm plates for the monitoring of surfaces and personnel. Adding this plate type to the APAS Independence is an important feature enhancement, and it ensures that APAS Independence is capable of providing a complete solution for our customers' environmental monitoring needs. With these advancements, APAS Independence stands alone as the only instrument capable of automating the analysis of both settle and contact plate types, a unique and valuable proposition for all of our customers. A key focus for us this year has been commercial activation, establishing our APAS technology in the pharmaceutical market. The LBT team has worked tirelessly, attending conferences and engaging directly with customers to raise awareness and create these new opportunities. We are concentrating on large pharmaceutical manufacturers whose global networks offer a potential for widespread adoption of multiple APAS instruments. Execution will remain a top priority as we move forward. I'd like to take the opportunity to thank our CEO, Brent Barnes, and the entire LBT team for their hard work and dedication over this past year. This is a small but determined team that has weathered the ups and downs of our journey, and their passion continues to support our progress. We're also encouraged by the strong response from shareholders during our recent options exercise, which concluded in September and raised an additional AUD 2.2 million for the company. This funding, combined with our initial commercial success in the pharmaceutical market, has placed us in a much stronger financial position. We are now confidently expecting to deliver positive cash flows over the next quarters, which highlights this positive progress. As we look ahead to the 2025 calendar year, we have an exciting outlook ahead of us, targeting the right customers in the right market and with a disciplined approach to execution. We are well positioned to deliver long-term value to you, our shareholders, in the years ahead. As part of our strategic reset, we've also made changes to our board. Today, we bid farewell to Brian O'Dwyer, who is retiring as a non-executive director. Brian has been instrumental in guiding us through the challenges of the clinical market and helping to secure new opportunities in pharmaceutical environmental monitoring, and I wanted to take this opportunity to thank you, Brian, for your dedication and service over the past three years. I'm also delighted to welcome Ian Wisenberg to the board. Ian brings an extensive global network and deep expertise in the pharmaceutical and biotechnology sectors, with specific knowledge of drug manufacturing. Currently based in Utah in the USA, Ian's experience, particularly his leadership role in the acquisition of two of Pfizer's Australian manufacturing facilities by Bridgewest Group, will be invaluable as we continue to expand our presence to the pharmaceutical industry. Finally, this will be the last presentation under the name LBT Innovations. Our customers know us as Clever Culture Systems, and with our expanding global profile, we believe it is the right time to unify our brand under this name, reflecting a more customer-centric industry and identity. Before I move to the ordinary business, I'd like to invite Brian just to address shareholders. Over to you, Brian. Excellent. Thank you, Rebecca. Just want to check you can hear me okay? We can. Okay, great. So I want to thank the shareholders for your support over my three years on the board. It's been quite the journey since I joined the organization in October 2021. As we navigated through the exit of the joint venture, we dealt with the post-COVID challenges, and we dealt with the consequential challenges in the funding environment in the clinical laboratories market. You've been extremely patient and supportive over that time as the organization has navigated those challenges, and I want to thank the shareholders for your support during those funding rounds in those three years. I want to commend Brent and his leadership team on the specific pivot that they've orchestrated into the pharma QC space, which is the future of the APAS platform, as Rebecca said. I want to thank my fellow directors, wish them all well in the future. The shareholders should know that you have an extremely committed and determined CEO in Brent and an extremely strong Chair in Rebecca, and as a fellow shareholder, I will continue to monitor the progress of the company, and I wish everybody the very best for the future. Thank you. Yeah, thanks so much, Brian. We will now conduct the ordinary business of this annual meeting. The first item of business is to receive and consider the annual financial report of the company for the financial year ended 30th of June 2024, together with the declaration of the directors, the directors' report, the remuneration report, and the auditors' report. The accounts and reports were approved and signed by the directors and, in accordance with the Corporations Act, are received and tabled at today's meeting. We are not required to formally adopt these documents. However, I invite you to ask any questions relating to the accounts and the reports. As we said, our auditors from HLB Mann Judd are in attendance, and they are available to assist with any queries in relation to the conduct of their audit. I ask that any member who wishes to speak first identify themselves, state whether the question is to the board or the auditor, and confine themselves to the subject matter of this item of business. The meeting is now open for discussion on the accounts and reports. Any questions? If there are no questions, I will move on to the next item of this agenda, which is the CEO's presentation. I invite Brent Barnes to present information about the company's performance and our future outlook. Thank you, Brent. Thanks, Bec. You deserve a bit of a break if you've got a long road ahead. Look, just wanted to say welcome to our office. For the last eight years that I've been CEO, at least, we've always been privileged to kind of host this event at Thomson Geer. So thanks to Thomson Geer for hosting. They would do that free of charge, by the way. But we had a conflict, actually, in the meeting rooms today. So it's really nice to have it here at our office, and I encourage everyone to kind of stay behind afterwards for some tea and coffee, and we've got the instrument there so we can kind of talk through and ask any kind of questions around, particularly the contact plates and that work that's going on. It's kind of nice to touch and feel and kind of look at what's happening from a progress perspective. I've only got a few slides, and Bec has done a great job, I think, articulating our pivot and kind of the work that we've done over the last 12 months, and so this first slide aims to really just summarize some of the key highlights, if you like, from a milestone perspective. Importantly, from that R&D perspective, if we kind of think about this time last year, this time last year, we had AstraZeneca as a partner. They've contributed to funding. That was back in January, actually, of 2023. We announced that to the market, but this time last year, the company had described the outlook and the commercial success that we expected, but at that time, that commercial success was really statements the company was making. And when we fast forward to where we're at today, it's really pleasing that we've finalized the R&D on schedule, slightly ahead of when we expected, actually. We launched the product in terms of the new application, the settle plate development for the pharmaceutical manufacturing environment. And very pleasingly, we've really kind of hit the ground with generating eight sales during the calendar year 2024. So fast forward again, where we are today versus where we are 12 months ago, it's been really a dramatic and positive change. And for me, the highlight is being able to talk to shareholders to be able to say, "Well, you know what? The pivot that we made, the pivot that we described, that really started in January of 2023 from an R&D perspective, that pivot has been finished in terms of releasing the product in March of this year, and now we've built upon that with the commercial traction that we said we expected, but it's really nice to be sitting here today, being able to also kind of say that that's been a successful outcome of the pivot. More recently, in building upon the work that we did with the settle plates, feedback from customers have said, "It would be fantastic if APAS could automate more tests," and these tests are performed within that environmental monitoring workflow that occurs in every single aseptic or sterile drug manufacturing facility globally. And so it doesn't matter where they are, they have to perform this thing called environmental monitoring, and they've got to use agar plates as a way to trend and track the cleanliness and the hygiene of that manufacturing process. And so what we've started is to expand to develop an analysis module for a smaller configuration of plate. That's called a contact plate. And pleasingly, we've progressed very well. We've made some hardware changes so that way the instrument can cater for both the 90 millimeter settle plate as well as the smaller 55, 60 millimeter contact plate. And we're really busy at the moment. Here in the lab, you can see behind us commencing the validation processes for the algorithm. And that's really the heart of the instrument. That's what delivers the real value for our customers, having a validated system that can reliably, or in a non-inferior way, they call it in terms of a customer term, automate the assessment of colony growth on the plate in the same way as is done manually in every lab, like I said, globally by microbiologists, so really pleasing to build upon the initial R&D that's finished and look to expand that testing, which really allows us to expand both the market opportunity, but also that annuity part of the financial component for the instrument, where we will charge an additional fee for supporting the contact plate algorithm, so we've got two algorithms that we'll look to charge for together. On the commercial side, it was really great earlier in the calendar year to make a sale to NovaCina and to Thermo Fisher. I would say, Bec outlined Ian's involvement with Pfizer and the acquisition of the two Pfizer sites, one here in Adelaide, one in Perth. It was actually through Ian's introduction, having kind of seen the company and not being obviously officially involved, that kind of led us to an introduction and really a sale to NovaCina, who are based in Perth and Western Australia. I would say Thermo Fisher. Thermo Fisher are our partners for the clinical microbiology part of our business. Thermo Fisher are huge, but actually, the sale was made to Thermo Fisher Pharma Services. So this is, think of it like a completely different business within the huge Thermo Fisher conglomerate. They acquired a company called Patheon, which is one of the top five largest contract drug manufacturing organizations globally several years ago for a number of billion dollars. So when we say Thermo Fisher, Thermo Fisher actually has multiple facilities globally that could benefit from APAS. And so we installed our first one. We installed it up in their Singapore location earlier this year. And that has the real opportunity to follow in perhaps a similar way to AstraZeneca. I call it a land and expand strategy, but it's great to have our instrument installed at one of their facilities, knowing that there's actually opportunity for many other sales throughout that Thermo Fisher Pharma Services organization. And then more recently, AstraZeneca is our beachhead customer for sure, right? So they have such a vested interest in funding some of the R&D. That's all finished, like I mentioned. But we've now been very busy shipping instruments and installing instruments. And that's progressing on schedule, as we've kind of said in our recent 4C, where those installations have been made. We expect this is an initial order, and it goes across multiple AstraZeneca sites globally. The other one I'm really excited about this to add is Bristol Myers Squibb. When you think about AstraZeneca and BMS, they rank in the top 10 largest pharma companies globally by revenue. The metric is by revenue. They're big customers. We started an evaluation with Bristol Myers Squibb, and within that three-month evaluation process, they were trialing the instrument against a predefined set of protocols that we'd agreed with them. Based on the early utilization of the instrument, they made a decision to buy it. That evaluation is ongoing. Part of what they're doing is assessing the instrument and the capability across a broader number of their sites. And so again, our view, and we've said our strategy is to focus the top 20 and 30 largest pharmaceutical companies by revenue who have multiple facilities globally. Let's get our instrument in one of those sites, one of those center of excellence sites, which is the case for BMS in the U.S. And then let's get that evaluation done and see the opportunity to standardize APAS through a number of their sites globally. And look, we've got an additional placement going and placements kind of scheduled. So we're very confident, I guess, in our outlook as it relates to kind of that commercial traction continuing on a go-forward basis. On the corporate side, we've really restructured the capital structure of the company. We did that successfully at the end of last year. It was supported by some new shareholders who I welcome you here today, as well as some existing shareholders. Importantly, your board personally invested in that in quite a material way. So we're very aligned with shareholder interests. We own about 20% of the company. I think that's very aligned from a shareholder perspective. Importantly, an important part of that financial restructure was paying off or eliminating the share placement facility that we had in place. That just removes any of that potential negative, the selling of stock on market. So there's no overhang. There's no financial structure in place that would give any reason to perhaps artificially sell into the market, driving that share price down. That's all kind of cleaned up. The options, which were LBTO, were basically fully exercised. You'd expect that, right? So the options was at AUD 0.005. And so we're obviously trading at a premium to where that is. So that made a lot of sense. It allowed us to pay down some of the South Australian government loan. And as Bec suggested, and we put in our most recent quarterly forecast, which I just want to really hammer home here, is that with the sales, it's putting us in a position where we are expected to generate positive cash flows in the coming two quarters. I think that's a really important part of kind of where we see our future. Just move this out of the way. And I wanted to kind of hone in on this. So talking about our kind of financial outlook here, because I think this is really important from a shareholder perspective. We've started the financial year off really, really well in terms of sales execution. We finished the September quarter, which we launched in our quarterly with AUD 2.5 million in the bank. And we are saying we're expecting that over the next two quarters, we will be cash flow positive. Together with the advanced sales opportunities that we look at from a pipeline perspective, we think there's potential for the full year, FY25, to be cash flow break even. If we then look a little bit further out and going into FY26, I think those foundations are super solid. We're going to build on the foundations that we've set here in 2025 financial year. And importantly, another cash inflow potential for us is we've got another set of options that expire in November of 2025. If all of those options were exercised, that would bring in another AUD 3.2 million of cash inflows into the company. And AUD 1 million of that would be repaid to the South Australian government, which is a very friendly loan. It was originally a AUD 4 million loan. We renegotiated that last year as well. So we're only paying interest only for that loan. And part of that restructure was that if we were successful in raising these options, we would pay down that facility. So that would mean that there'd be no debt on our balance sheet, and that facility would be completely removed. I think the other piece as we look kind of further ahead, thinking more about F26, but it's an important part of our whole financial revenue structure, is this recurring revenue component of the instrument and our value proposition. We obviously sell the instrument at AUD 325,000. So that's an upfront fee for the instrument. But importantly, there's an annuity component, which is the annual software license, as well as the service. So we've taken over the service from Thermo Fisher, and we're now doing that directly. And we do that in an outsourced model. And that will be a profitable part of our business. So as you kind of think about a growing install base of customers, you can think about that annuity also growing and actually becoming quite more material on a go-forward basis as our install base grows. And obviously, we will continue focusing our efforts on large pharma customers. And we think this is really now a demonstrated way of successful focus for the company. I think what it means is that we're not looking to really build out a large and costly global sales organization where we're doing it in a really focused way with the cost base and the cost structure that we think is already in place. Finally, just from an R&D perspective and what you can expect from an outlook, recently, we upgraded the AstraZeneca instrument with the updated hardware and an early version of the software for the contact plates. That's really important because we don't expect that final validation to be done until kind of mid next year. It allows us to get early customer feedback as we develop and do the validation here in the lab behind me. It's really important to get some of that feedback from a customer perspective. We've kind of done that already. And we would expect to provide those upgrades and those updates to other customers who are very interested in the technology. And so we'll do that ahead of having the final validation done mid next year. And then finally, we do expect evaluations to continue, which is really important to transition customers from evaluating to buying to getting our instruments used in routine operation. And AstraZeneca are still looking to finalize their validation. And so we expect that to kind of finish in the near term. And that will be a really great build on the advocacy that they've already been talking to our customers at. So look, in summary, it's been a fantastic year. Winding back the clock 12 months ago to where we are now and being in a position of having raised capital, restructured the balance sheet, and moving into a position where we have the potential of moving into a cash flow break-even situation and building upon that, moving into FY26 is a completely different form of company than when we were talking to you last year. So that concludes my address. Open it up for any questions. For instance, I was a pharmaceutical company, and I wanted a set of plate assessment module, $30,000, and the additional contact plates, another 20, so that's 50. What sort of figure do you put on the support and maintenance of the device going forward? Yeah. Thanks for the question, Bryce. Yeah. Another part of it. As a pharmaceutical company, if I wanted validation support initially or ongoing validation support, what sort of figures do you charge there? First one's an easy one, straightforward. Yes, the software analysis modules we have, you can buy one for $30,000 and you can buy two for $50,000. Maybe some customers have enough plate volume that's only settle plates or only contact plates. They've got some optionality related to that. That's kind of how we're, once it's available, that's how we'll look to sell it to the market. In terms of the service, we charge. It's a range. I think the industry standard is kind of roughly around 10% of the end user price. We have different tiers. We have a bronze service contract. We have a gold service contract. You could probably think in the ballpark of $15,000-$30,000 on an annual basis. So that's how you kind of think about service. And that's pretty industry standard. The third one was around validation. Yeah. And so validation is a really important part. When you think about manufacturing of drugs, it's a highly regulated process. Customers don't make changes quickly. And so when changes are made, they have to validate the implementation of either new process changes or new technology changes within that workflow. And so what we do is we provide services. We will sell the validation suite of information that we've done. And we haven't put that into the market, how much that is, but it's in the tens of thousands, depending on kind of what support they are. So we offer services around validation that will be another part of our kind of gross margin, if you like. But we haven't put that into the market around the price. But think of it in the tens of thousands. Now, ongoing validation, if you wanted to attend FDA audits and so on and so forth. Yeah, it would be a fee-for-service type of arrangement. Lastly, did you say AUD 325,000 for the APAS before? Yeah. So we've increased our end user recommended retail price to AUD 325,000. That's worth a hell of a lot more. We're contemplating another price increase to AUD 350,000 starting next year. And that's really to incorporate the additional work we've done on the hardware platform to cater for both the smaller plate and the settle plate. If you're utilizing both plate sizes in the facility, you physically have to do anything to the arm, or is it just automatic? A 55 to go in and a 90 to go in straight up? Broadly speaking, yes. So the whole concept is that we've got one physical instrument you'll see behind me. And I can take everyone through this later on informally. But the whole concept is that the customer would buy one physical instrument, and you've got different size carriers. So if I'm loading a 90mm settle plate, I've got the red carriers. If I am starting a session with the 55mm contact plates, I've got the green carriers. So you've got just different carriers for different types. And then the whole idea is that you don't make lots of changes to the instrument. So you just start a different session. What would the annuity be? Basically turning an Australian tinny into an aircraft carrier. It's a nice way to say it. Great question. Thank you. Other questions? Do you see any serious competition? Because I think the market needed that AI to be used to be in that position because the market needed that. Yeah. Yeah. No, we definitely are. So I think we do have competition in this space. And our competition have a technology that combines incubation and plate reading. So an incubator is like a big fridge. You'll see lots of fridges in there. That's what an incubator looks like. So there's two companies who have a smart incubator. So they've got the fridge with a reading system together. And so that's the current competitors. We have what's called an endpoint reader. So we don't have an incubator with our product, which means that they can use their existing incubators that are validated, their existing media that is validated, and just validate the reading part of the workflow. In that respect, we stand alone as the only validated endpoint reader system. But there is definitely competition in plate readers. And they are using artificial intelligence. That's right. And so it's always a watching brief. We're not sitting here with our kind of heads in the sand. We have a first mover advantage in the plate reading automation. And really what sets us apart, to be very clear, is the validation work. There have been many companies try to automate culture plate reading and pharmaceutical application and have failed because they haven't been able to validate the performance of the algorithm. Sorry. Do you know how you rate? You said you're outsourcing the servicing. Yes. The question I've got is that big pharma is risk averse. As you grow this, will they be a little bit nervous on, "Oh, we've now got 10 customers, 20 customers, can they actually service properly?" What are your views on that? Yes. Good problem to solve. Yeah, it is. So the feedback we have had is, and the benefit of outsourcing is that we're working with a group that have a physical presence of service engineers globally. And so we had a customer, as an example, in the U.S. asked this exact question, "Who's servicing it? And where are those service representatives?" Because if it goes down, we want quick support. And so if you imagine the U.S. is a big country, they're scattered in all different states in the U.S. They're scattered through all different countries in Europe. The feedback we've had so far is that they're quite happy that there is local support that really we wouldn't be able to replicate very easily because they support multiple products and multiple instruments, so we haven't had the feedback that there's a concern around scale. It's more around we've had positive feedback that there's a local person close to them. Yeah. Don't get me wrong. I think that's a positive thing. But if it does grow, that's always going to be a question. How do we get support now? Yeah. No, you're right. And look, I think when you've got a growing install base, it allows us to look at what level of service we're providing our customers and make investments if we need to, to provide service. But a lot of the time, most of our service calls are managed remotely and fixed remotely anyway. That really helps from a scale perspective. Thank you. You mentioned before about the competitor. It's been some time and I've crunched a number. But from memory, it was competitors that you ended something like five times the price of the APAS. And also just with the incubator, does that actually improve the efficiency of the time to process the plates? Yeah. So I'll reference because the competition is a company called Rapid Micro Biosystems, and they're a Nasdaq-listed company. So they've got all the great disclosures we've got to do and provide everything to the market. So to talk about them, so they retail their instrument for $600,000. They have proprietary media, which is about two and a half times more expensive than the standard media used. So you have to use their media with their system. Part of the benefit of having an incubator and a reader is the potential to identify and release products quicker. For segments of pharmaceutical manufacturing, particularly cell and gene therapy, where you have a short shelf life for the product, they will operate in a more advantageous way than we will. Really, where our focus is, think large-scale biologic manufacturing, which is the biggest market segment by far. Cell and gene therapy is a CAR-T manufacturing is more of an emerging kind of therapy. That's where they would more likely win out compared to an endpoint reader like APAS. They don't coexist anyway. Yeah. We think their technology has benefits, and there's a coexistence. Where time to result is really important, and they've got to validate that. It's an off-label validation. Then there might be a place for it. But we see the vast majority and the business case not stacking up for biologic manufacturing because you need too many of those instruments because the incubation capacity is only 660 plates, and you've got to incubate for five days. So the math there, 660 divided by 5 is 132. So the capacity is 132 plates coming out of the incubator that need to be read every day is one instrument. AZ, we've said do 1,000 plates a day at one facility. And that's where you say that's where the multiple kind of comes in. So you'd have, well, for us, for AZ, they've got two instruments at one of their facilities. They would need most likely about eight instruments for the Growth Direct platform if that's what they wanted to adopt. And that's where the business case just doesn't make sense. Any other final questions? It seems that when you pay down yourself up on the fly, you'll be detrimental to your no debt cycle. Correct. Yep. Okay. Well, look, thank you, everyone. Great questions. Now, let's move on to the matters for resolution. We will now commence the formal business of the meeting, which requires us to deal with nine resolutions. I will move each motion, display proxy voting details, and invite questions before moving on to the next item of business. I will read the resolution in full and then speak to the motion. The proxy figures provided on the screen may change if a shareholder who submitted a proxy has attended the meeting today and revoked their proxy. The poll will be conducted on all resolutions at the conclusion of the final item of business using your blue voting cards. Let's now move to resolution one, which relates to the adoption of the company's remuneration report. I move the motion to consider, and if thought fit, pass the following resolution as a non-binding ordinary resolution under section 250(2) of the Corporations Act 2001, that the remuneration report for the year ended the 30th of June, 2024, be adopted. Are there any questions or comments? As there are no questions, the status of eligible proxy votes are shown on the screen. Please be aware that a voting exclusion as set out in the notice of meeting applies to this resolution. Please note that I intend to vote undirected proxy votes available to the chair of the meeting in favor of this resolution. I now put the motion to a vote by poll, which will be held over until the conclusion of the final item of business. We'll now move on to the second resolution. Resolution two relates to the election of Daniel Hill as a director. I move the motion for shareholders to consider, and if thought fit, pass the following resolution as an ordinary resolution. That Daniel Hill, who retires in accordance with clause 19.4 of the company's constitution and being eligible to stand for election as a director of the company, be elected as a director of the company. Are there any questions or comments? The status of eligible proxy votes are shown on the screen. Please note that I intend to vote undirected proxy votes available to the chair of the meeting in favor of this resolution. I now put the motion to a vote by poll, which will be held over until the conclusion of the final item of business. We'll now move to resolution three, which relates to the election of Ian Weisenberg as a director. I move the motion for shareholders to consider, and if thought fit, pass the following resolution as an ordinary resolution. That Ian Weisenberg, who retires in accordance with clause 19.4 of the company's constitution and being eligible to stand for election as a director of the company, be elected as a director of the company. Are there any questions or comments? The status of eligible proxy votes are shown on the screen. Please note that I intend to vote undirected proxy votes available to the chair of the meeting in favor of this resolution. I now put the motion to a vote by poll, which we held over until the conclusion of the last item of business. If we look at now resolution four to seven, the company has a long-held policy of granting options to newly appointed directors as an important tool to attract and retain appropriately qualified directors. These commencement options are the subject of resolutions five and six relating to our two directors appointed within the last 12 months, Mr. Hill and Weisenberg. With a reset strategy and refinancing of the company, the board considered this an appropriate time to review the options granted to me as chair and also the long-term incentive plan for the company's managing director, Brent Barnes. These are the subject of resolutions four and seven. As I have an interest in the next resolution, I will temporarily hand the chair to Brent Barnes for resolution four. Thank you. We will now move to the fourth resolution. Resolution four relates to the proposed issue of options to the chair, Rebecca Wilson. I move the motion for shareholders to consider and, if thought fit, pass the following resolution as an ordinary resolution. That the issue of 3,814,286 options by the company to Rebecca Wilson or her nominees, as described in the explanatory notes, is approved for all purposes, including for the purpose of ASX Listing Rule 10.11. Are there any questions? The status of the eligible votes are shown on the screen. Please be aware that voting exclusions, as set out in the notice of meeting, applies to this resolution. Please note that I intend to vote undirected proxy votes available to the chairman of the meeting in favor for this resolution. I now put the motion to a vote by poll, which will be held over until the conclusion of the final item of business. I'll now hand it over to you, Beth. Thank you. Moving now to resolution five, which is the approval to issue options to Daniel Hill as a newly appointed director. I move the motion for shareholders to consider and, if thought fit, pass the following resolution as an ordinary resolution. That subject to resolution two being approved, the issue of 2,314,286 options by the company to Daniel Hill or his nominees, as described in the explanatory notes, is approved for all purposes, including for the purpose of ASX L listing Rule 10.11. Are there any questions or comments? The status of eligible proxy votes is shown on the screen. Please be aware that a voting exclusion, as set out in the notice of meeting, applies to this resolution. Please note that I intend to vote undirected proxy votes available to the chair of the meeting in favor of this resolution. I now put the motion to a vote by poll, which will be held over until the conclusion of the final item of business. We'll now move to the sixth resolution, which relates to the approval to issue options to a director, Mr. Ian Wisenberg, as a newly appointed director. I move the motion for shareholders to consider and, if thought fit, pass the following resolution as an ordinary resolution. That subject to resolution three being approved, the issue of 2,314,286 options by the company to Ian Wisenberg or his nominees, as described in the explanatory notes, is approved for all purposes, including for the purpose of ASX Listing Rule 10.11. Are there any questions or comments? The status of eligible proxy votes are shown on the screen. Please be aware that a voting exclusion, as set out in the notice of meeting, applies to this resolution. Please note that I intend to vote undirected proxy votes available to the chair of this meeting in favor of the resolution. I now put the motion to a vote by poll, which will be held over until the conclusion of the final item of business. Moving now to resolution seven, which relates to the approval to issue securities as an updated long-term incentive plan for the company's managing director, Brent Barnes. I move the motion for shareholders to consider and, if thought fit, pass the following resolution as an ordinary resolution. That the issue of 40 million options and 10 million performance rights by the company to Brent Barnes or his nominees, as described in the explanatory notes, is approved for all purposes, including for the purpose of ASX Listing Rule 10.11. Are there any questions or comments? The status of eligible proxy votes are shown on the screen. Please be aware that a voting exclusion, as set out in the notice of meeting, applies to this resolution. Please note that I intend to vote undirected proxy votes available to the chair of the meeting in favor of this resolution. I now put the motion to a vote by poll, which will be held over until the conclusion of the final business item. We now move on to the eighth resolution, which relates to the approval to change the company's name to Clever Culture Systems Limited. The change in the company's name is sought as the directors believe that the new name is a better reflection of the company's business operations and aligns with the branding of its products that is particularly important as the company expands into the pharmaceutical market. I move the motion for shareholders to consider and, if thought fit, pass the following resolution as a special resolution. That for the purposes of sections 157(1) and 136(2) of the Corporations Act 2001, and for all other purposes, approval is given to change the name of LBT Innovations Limited to Clever Culture Systems Limited, effective from the date that ASIC updates the details of the company's registration to reflect the change and to replace all references to LBT Innovations Limited in its constitution with references to Clinical Culture Systems, sorry, Clever Culture Systems Limited. Just making sure everyone's still awake. Are there any questions or comments? The status of eligible proxy votes are shown on the screen. I now put the motion to a vote by poll, which will be held over until the conclusion of the final item of business. We now move on to the ninth resolution, which relates to the approval of a 10% placement facility. I move the motion for shareholders to consider and, if thought fit, pass the following resolution as a special resolution. That the issue of equity securities comprising up to 10% of issued capital of the company at the time of the issue calculated in accordance with the formula prescribed in Listing Rule 7.1-8.2 and on the terms and conditions described in the explanatory notes is approved for all purposes, including for the purposes of ASX Listing Rule 7.1A. Are there any questions or comments? The status of eligible proxy votes is shown on the screen. Please be aware that a voting exclusion as set out in the notice of meeting applies to this resolution. Please note that I intend to vote undirected proxy votes available to the chair of the meeting in favor of this resolution. I now put the motion to a vote by poll, which will be held over until the conclusion of the final item of business, which is now. As this is the last item of business, we will now conduct the poll on all resolutions. As I indicated at the commencement of the meeting, consistent with the ASX corporate governance principles, I've exercised my right to request a poll be conducted on all resolutions. I appoint Ms. Gemma Kosciecha of Computershare Investor Services Limited to be returning officer and to conduct the poll. Gemma has power to co-opt as her agents, members of her staff, and staff of the company. Firstly, if there is any person present who believes they are entitled to vote but has not registered to vote, could you please raise your hand for assistance? The person entitled to vote on this poll are all shareholders, representatives, and attorneys of shareholders and proxy holders who hold blue admission cards. On the reverse side of your blue admission card is your voting paper and instructions. Shareholders also need to mark a box beside the resolution to indicate how you wish to cast your votes. Please ensure you print your name where indicated and sign the voting paper. When you're finished filling in your voting paper, please lodge it in the ballot box, which will be circulated to ensure your votes are counted. Proxy holders should refer to the summary of proxy votes from a form attached to your voting paper for further information. If you require any assistance, please raise your hand. I'll pause now and request you to complete the voting paperwork as I will do so. And if you have any questions or need assistance, please put your hand up. It's asking me to read out again if necessary. I'm really hoping it's not necessary. Okay. Have all votes been cast? I now declare the poll closed and formally charge Gemma Kosciecha as returning officer to count the votes. After the votes have been counted, the results of the poll will be released to the ASX and will be displayed on the company's website. There being no further business, ladies and gentlemen, I declare the annual general meeting of LBT Innovations closed. Finally, I'd like to thank you for your attendance today, and I invite you to take the opportunity to talk further with us. Of course, as Brent has invited, to see the instrument and ask any questions and join us for some light refreshments. There's a lot of pressure on companies these days to hold either virtual meetings, but we really like to be able to do these in person and be with you all today. It's great to see so many people here at today's meeting. I now declare the meeting closed. Thank you.