Thank you for standing by, and welcome to the Respiri Health Investor Webinar and Q&A today. All participants are in a listen only mode. There will be a presentation from management before we have some Q&A based on questions that have been submitted via email, as well as using the Q&A panel on the Zoom app. Appearing on behalf of Respiri today, we have the CEO, Marjan Mikel. The initial presentation will last for approximately 20 minutes, and we'll allow for as many questions as possible thereafter. To begin, I'll hand it over to Marjan. Please go ahead. Yeah. Thank you very much, Matt, and welcome to everyone this morning. Again, thank you very much for investing your time with us this morning to allow me the opportunity to discuss the progress that we are making in the United States. As everyone knows, a major strategic pivot for us in the last eight months. We have some very good progress and news to be able to impart to you all. As Matt pointed out, I'll be in a position to answer any questions that posed to us towards the end of the presentation. As you know, we are currently well-engaged with the U.S. marketplace. We launched in the U.S. in late December 2021 and basically have moved ahead in great leaps over the last eight months. Remembering, of course, the last two months have been the summer break for the U.S., where things do slow down. Even in that environment, we've managed to continue to get some very good progress moving forward. It is important to note that Respiri and wheezo will be one of the first Australian companies, if not the first Australian company, whose device will be used to claim reimbursement codes for remote patient monitoring in the U.S. marketplace. Now, that is a pretty important step forward for us as an organization, but also as an Australian industry. As I said, no other organization's device has successfully claimed an RPM reimbursement code through doctors in the United States. That is something that I do wanna make sure that people understand, and understand the magnitude of that opportunity. Because fundamentally, it is the last piece of our business model in the U.S. The business model is not just built on device sales, but also, much more importantly, the monthly annuity stream per patient, per service. That's an important part that I will focus on as we move forward today. Just to give you an example of the progress that we have made. We've signed our second major healthcare organization to the wheezo Access Remote, is part of a much larger organization in the United States. We're very excited about our second customer, and I'll provide further information and detail around this customer throughout the presentation. This is another customer. It's further example of how we are getting traction with wheezo and the RPM partners. Importantly, the fact that payers and hospitals and accountable care organizations understand the importance of tapping into remote patient monitoring as a service that will reduce their cost base, and in doing so, keep the private health insurers and CMS, that is the Centers for Medicare & Medicaid Services in the U.S., happy to continue to provide them premium reimbursement for all their other services. Important to note that Children's Hospital of Michigan, which we announced earlier in 2022 as a customer, well ahead of schedule, is still on track to move forward with the RPM solution this quarter. Important to note, and I raise this today because you'll, the details become clear as we move forward. Michigan is one hospital that's part of a much larger New York Stock Exchange-listed entity that owns and runs over 60 hospitals across the United States. It's one of the largest healthcare organizations in the country that delivers health, and is extremely interested in, of course, reducing readmission rates to increase its standing with insurers and demand a higher level of reimbursement from those insurers. I'll give you a little more detail as we move through this presentation. Important to note, I've mentioned this on many occasions, there are over 125 customer leads in the remote patient monitoring wheezo sales funnel. We're on track to deliver more deals over the coming quarter, the December quarter, that is. Those deals represent tens of thousands of patients' lives. They are not small players, as the 2 customers that we currently have are not small players. They are part of larger organizations with a significant footprint across the United States. Important to note, we've done the IT integration work to date. The API integration into the Access Telehealth RPM platform is complete, functioning, working. This basically means that we don't have to repeat that exercise for new customers that we onboard. You'll see from the data I'll provide later down the track, our second customer's first patient into the remote patient monitoring system will be in about a month's time because of the streamlining of onboarding that we've undertaken. The integration we've undertaken with our interaction with Michigan. Michigan took 3 months. This customer's going to take 1 month. Those efficiencies are being realized by the organization, and this will obviously positively impact our time to first customer from the time of contract signed. The other thing that's very important to note is that our partners, in particular Access Telehealth, do provide a remote patient monitoring service suite that is superior in delivering a longer-term patient monthly payments to physicians when compared to other organizations and doctors running their own remote patient monitoring suite of services. Basically, what that means is that the lifetime value of a patient that is enrolled in a Access/Respiri wheezo program is going to deliver more revenue dollars once in the United States, and that's based on U.S. CMS data. This is not based on what I think, this is based on fact. I'll get into a little bit more about that as we get through the process. It'd be remiss of me not to revisit why the U.S. is so important to us, apart from the achievements we've made. It is a behemoth of a market. There are over 50 million Americans living with asthma or COPD. The RPM monitoring is reimbursed in the United States. As I've said many times, it's not reimbursed to Respiri as the manufacturer of the devices, but it's reimbursed to the physician who gets paid, as the physician that actually prescribes and hands out, if you like, the wheezo device to their patients. That's really important to note. There are more motivations for a physician to undertake this very important healthcare intervention. They get rewarded for doing so. The marketplace is scheduled and forecasted to grow at about 30% per annum, $1 billion by 2026. Readmission rates are how hospitals in the United States get rated, and if their readmission rate's over 30 days too high, they incur significant penalties from private and CMS insurers. It's really important that they keep these things on track, and important to note that they all understand that remote patient monitoring as a concept will help them achieve these goals. It's our job and our partners' job to help them understand how we can make this work for them in their business/healthcare environment, so that these systems work within the context of how they operate as a hospital, healthcare institution, or accountable care organizations. As I said, the U.S. payers really do understand and encourage preventive healthcare because unlike Australia, health insurers in the USA, private health insurers pay for everything. They don't just look after elective healthcare, hip replacements, et cetera. They look after everything. If a patient gets an asthma attack, they end up in a private hospital over there more often than not. The private health insurer that covers the healthcare of that particular family pays the bill for that. Important to note that from the data that we've got from the CMS website and dataset shows that the latest data that we have is 2020 data, so it's a little behind where we are at the moment, but that's just the publishing cycle. The important thing to see is the remote patient monitoring service grew by almost 600% in a year, and continues by all accounts to grow at similar results and levels, even today. The market is very much on track to continue to provide a very attractive marketplace for patients, sorry, for companies that are playing in the remote patient area. That number there is purely the reimbursed levels that CMS pays for. It doesn't take into account the private health insurers. Suffice to say, it is an attractive market growing at a great rate of knots, and we are part of that particular wave of opportunity. We are also attending and continuing to attend quite a number of industry physician conferences for the remainder of 2022, and those in the past have been a great source of leads for ourselves and our partners moving forward. Our second customer was signed a few weeks ago. And important to note that this customer, in particular, is also looking at using wheezo for patients who have chronic obstructive pulmonary disease and asthma. Now, they are our first customer in the United States that are focusing on this and putting patients on the wheezo RPM program to cover a broad array of patients. If you recall, COPD patients cost the payers about five times what an asthma patient costs when they are admitted into an ED or emergency department in the United States. They are at a focus for payers in the context of keeping them out of hospital. Important to note that this customer is based out of North Carolina and was contracted through our partners TAS, Access Telehealth. It is important to note that the actual customer has the devices paid for by the FCC grants. If you recall, that's the Federal Communications Commission that sets aside budgets for healthcare interventions in rural United States. They've actually secured that particular funding from the FCC for paying for the wheezo devices. The remote patient monitoring that will follow is basically going to be paid by the RPM CPT reimbursement codes that I speak to on a regular basis. The upside of that is we get the recurring revenues from the CPT codes that our partners, Access Telehealth, will help doctors claim, and that we're currently now included in the FCC or ratified in the FCC ledger of products that have been paid for by the grants they've allocated. That's a pretty important step forward for us. As I said, this particular hospital is part of a much larger network across the North Carolina region. Remembering, of course, that the states in the U.S. do have very large populations. This larger group manages about 60,000 inpatient admissions into hospital every year. They have about 190,000 emergency department visits. Now, just to put that into context, Royal Prince Alfred Hospital in Sydney had about 77,000 emergency department visits in the financial year of 2021. This is a significant player in the healthcare space. We know that asthma and COPD exacerbations, the first port of call in a hospital is in the emergency department, when they have those exacerbations. That's where they go first. Important to note that this organization also undertakes about 2 million outpatient visits per annum. I only put this into the public domain so that people understand that although we're starting with one of their hospitals in the North Carolina region, that hospital is part of a much larger group that is looking very intently on how well we execute the remote patient monitoring wheezo program with Access to then assess how that could potentially be rolled out across the broader organization moving forward. That is a wonderful opportunity for us moving forward. It will continue to take our investment in time, effort, and people to make sure that we wow our customers and their patients when it comes to delivery of remote patient monitoring services in the respiratory space. The high-level plan for these guys is we'll have their first patient on wheezo in early December quarter. Early October is when we believe that the process will allow us to allow our customers to put patients on board. The initial plan is for 150 COPD patients, with the potential to tap into the much larger patient pool managed by the larger group and that hospital. As I've described with Michigan, we always start with a smaller group of patients, 150 in this instance, to make sure that what we're doing with remote patient monitoring and our partners and their people and the claiming services fit in nicely with the way that that hospital and institution operate. Again, I reinforce this isn't whether or not they use wheezo. They do. This is about how we make sure that it's seamless within the hospital. That took three months to get through. This one's gonna take one month. Full gamut of service that Access will be providing to the hospital, and that includes their patient management and interaction with their own call center of medical assistants and respiratory nurses. That's a pretty exciting customer number two, which is part of a much, much larger organization in the United States, which is an exciting opportunity for us moving forward. Our first customer, Michigan, just thought I'd give us an update on where we're at with that. We are still on track to recruit or start recruiting patients in the coming weeks. Important to note again that Michigan cares for about 100,000 emergency department patients every year. 100,000. Remembering Royal Prince Alfred in Sydney, which is one of the country's largest hospitals, caters for about 77,000 emergency department patients every year. This is a big place. The other thing that's important to note is that, Children's Hospital of Michigan, the Detroit Medical Center, is part of a much larger New York Stock Exchange-listed entity. It is a significant player. It operates more than 60 hospitals, including Michigan, of course, and has approximately another 110 additional outpatient centers and other multiple care sites of care. This is another huge opportunity. Children's Hospital of Michigan itself or the pediatric ward has been asked to present the wheezo remote patient monitoring program that we've developed with them over the past three months to the higher levels within the New York Stock Exchange-listed entity, with the view of examining how that can be potentially rolled out across the broader organization, moving forward. The idea here is how do we take the wheezo program and the remote patient monitoring program and make it a standard of care for respiratory patients in this larger group. Now, still work needs to be done there. We need to deliver on what it is that we promise that we can deliver to our mates in Michigan. The important thing to note here is that we are now dealing with a significantly larger organization with a huge reputation that allows us the opportunity to, I guess, expedite potentially the services across 60 hospitals across the United States. In essence, this particular customer, broader customer, provides Respiri with our first deal that approaches a Pan-American opportunity for us, which is very exciting for us. We've signed a couple of customers, and I just wanna make sure that everyone understands that the pipeline is still very rich, and we've still got some very hot leads that we hope to be able to announce over the coming months. We are on track to deliver those deals in the next quarter. That's the December quarter. As I said, this represents tens of thousands of patient life opportunities. As I said, these commercial leads are in late stage negotiation, the commercial terms would look like. As I said on top of that, we have a very strong pipeline of qualified leads that we continue to nurture and move forward with our remote patient monitoring partners in the United States. That's one of the only reasons why we go across the U.S. on a regular basis, to help support our partners. Understanding that one of the great things that we're experiencing at the moment, and a good example of this is the second North Carolina customer. Our partners are at a place now where they are initiating business development opportunities, taking those customers through the process and closing those deals with minimal need for our interaction, really. That is so important for us as an organization because that's the only way that we can scale quickly in the United States. We need to have partners in the remote patient monitoring space that have the established relationships, which they do, but also understand our business model well enough to be able to sell that in a compelling manner to their customers. That is clearly happening now and excites us very much. There are a couple of examples of other areas that we're working on and are close to closing. We're working with a customer in the New York area, that's New York State area, in what's considered to be the asthma capital of the United States. That particular hospital, we're in the process now of finalizing that deal. They are part of a much larger organization in the New York State area and surrounds the Tri-State area. They have approximately $7 billion in annual revenues and serve almost 101.5 million patients. The first hospital we're dealing with is smack bang in the middle of the asthma capital of the United States. The organization that they belong to covers almost 1.5 million patients and almost $7 billion in annual revenues. Another organization that we're dealing with and are very close to, we hope finalizing a deal is a respiratory-focused provider that operates across 13 states, is headquartered in the United States, and their sole focus from a therapeutic perspective is respiratory medicine. Now that includes asthma and obstructive or chronic obstructive pulmonary disease. These are the sorts of people that we are dealing with. Excuse me. I just wanna make sure that our investors, shareholders, and people on this call understand that the customers that we are engaged with are not small players in the United States. They are significant healthcare providers in the U.S. and offer significant opportunity to us as an organization and our partners, and cover millions and tens of millions of lives when it comes to healthcare provision. That excites us moving forward. With any large organizations, institutional selling does take time, and we are circumventing that particular process as we move forward and are getting better at it as we understand the different needs that these sort of organizations have in the context of the U.S. healthcare marketplace. Just to remind people, you know, we did launch in the United States 9 months ahead of schedule, and I think it's important to remember that when we move forward. We have secured two customers in the United States, and they are part of significant healthcare providing organizations in the U.S. As I stated, one of them is listed on the New York Stock Exchange. They are legitimate, large scale, huge opportunities for us. You'd already know that we have partnered with two RPM providers, and we don't anticipate growing that partnership too much more, because what we wanna do is maintain the premium nature of wheezo and the service that it can provide through our partners to their customers. I'll get into a little more of that later. We know that we've got product approved and packaging and product ready for sale and have already sold stuff. We've got a U.S.-based portal app and subsequent support system, IT support system, that we've invested in to get ready for the United States. We know it works, we know it delivers, and we know our customers and our partners like what it is that we do and how it is that we deliver it. We've built inventory to make sure that we have adequate supply for demand. We are demand ready at the moment. Remembering we own all the inventory, so every device we sell is cash into our bank account. Reminding everyone of the revenue model. You know, we get sales from the device sale itself, somewhere between $50-$60 per device. Remembering that version four of wheezo, the COGS of that are about $35. We also get a SaaS payment, for want of better words, per month, per patient, through our partners, mTelehealth and Access Telehealth. The next quarter's activities, it's another exciting quarter for us. As I said previously, we've got a whole bunch of customers that we are finalizing contracts with and hope to bring on board in the coming quarter, and have patients enrolled into the wheezo RPM programs moving forward. We continue to support our partners, that is Access and mTelehealth with materials and also human effort to help expedite that whole process in the pre-selling efforts, but also to get through the myriad of hurdles that we need to get through with the large institutions that we are talking to. We have attended conferences and will continue to attend conferences because they have been a wonderful source of opportunity for us with new customers. We continue to have high-level discussions, as I said, with some of these major healthcare providers, and they're proving to be very successful for us moving forward. Remembering that, you know, some of the small healthcare providers in the United States are as big as the largest ones here in Australia. It is a different scale that we're talking about. Important to note, the reason we are getting traction and the reason people are very interested in what it is we have to say as a remote patient monitoring, respiratory organization, is that respiratory disorders continue to place a huge burden on healthcare systems across the globe, and the U.S. is not immune to this. As you can see from the numbers, COPD is one of the most costly disease states in most markets. In the U.S., it costs about $49 billion in the U.S. to actually manage those patients moving forward. Manage those patients because they're not properly managed in the real world where they live for 99.9% of the time. The numbers are very compelling. There is a very strong motivation by insurers, healthcare organizations, hospitals and ACOs to reduce hospitalizations by making sure that the quality that allows for people to intervene with patients as conditions deteriorate before they become a problem. As I said, there's 50 million Americans with either asthma or COPD. Every time one turns up with asthma to an emergency department visit, it costs about $8,000. Every time a COPD patient turns up, it's almost $28,000. They are significant numbers and numbers that the payers and hospitals are very well aware of. They're that aware of it that, you know, it is public knowledge that Medicare is putting pressures on hospitals to reduce readmission rates and hit targets. Hospitals are being penalized in the United States for too many readmissions. Again, this is publicly available information, and it's important to note it's not one or two hospitals. About half the U.S. hospitals have been penalized for having too many readmissions. One way of reducing readmissions is making sure that patients are cared for properly in the primary care setting. One way of achieving that is to get greater transparency around how well patients are being managed, and remote patient monitoring, and wheezo help achieve that. This is a huge opportunity that people understand. It does require change management for these to get taken up as a standard across organizations. The great majority of organizations in the U.S. still have not used RPM services to help achieve these things. That's where the huge opportunity lies for ourselves and our partners. We've spoken about the remote patient monitoring really showing a significant market size increase over a period of time. Important to note that the quality of claiming against RPM as an average across the CMS database, in a 12-month period, about 4 months of patient data qualify for payment for remote patient monitoring. You'll see that, with our partners, Access Telehealth, the quality of their service with the wheezo opportunity blows those numbers out of the water. It basically means that a doctor, instead of generating roughly $740 per patient for RPM per annum, we can take that number up to $1,300 per patient utilizing the Access Telehealth, slash remote patient monitoring solution using wheezo. That's a huge upside, and it's best practice as far as we can see it in the United States. The opportunity to do that is by basically ensuring that we can get a better number of months, that, we qualify for payment or the patient qualifies for payment and reimbursement from CMS. We know from the work that we've done with Access Telehealth that their opportunity or their performance in this area is second to none, which is a very attractive selling message when it comes to their customers, whether they be hospitals, doctors, payers. As you can see here, compared to the average in Medicare, our partners at Access Telehealth on average get about 10 months worth of reimbursement over a 12-month period. That compares to about 4 months for the Medicare average. Important to note, that doesn't mean that after 12 months the patient stops the remote patient monitoring program. What it means is, on average, that's what we provide doctors, which is a quantum higher than what they can get from the average performance in remote patient monitoring. That continues beyond 12 months with customers that Access Telehealth has had for more than 12 months. This is an ongoing opportunity. It doesn't stop in 12 months. It just means that a doctor, a hospital, a payer, get the benefits of remote patient monitoring far more frequently in a 12-month period than they would if they went elsewhere. We are the solution that people are finding attractive because we provided a scalable end-to-end solution. As I said, the initial integration with Michigan and Access Telehealth took about 3 months. We've got that down now to about 12 months. We provide an end-to-end solution that stands alone as a vertical, or in the instance of our partners with Access Telehealth, integrates into their systems, which integrate into hospital systems, which means that much of the IT component of integration with electronic medical records, finance, et cetera, don't have to be replicated every time we bring a new customer on board. I think testament to that, of course, is the second customer, where we're gonna get first patient on device within one month, as opposed to the three months that it originally took with our first onboarding integration customer at Children's Hospital of Michigan. That is a wonderful opportunity for us, and as I said, it should expedite the sales process, but also the integration process with future customers. We've all seen this. I mean, we provide an end-to-end portal that provides all the information that a doctor slash Access require to claim the necessary RPM CPT reimbursement codes. Provide the doctor an institution, whether that be hospital or otherwise, with the information they need to make the important decisions about patient care in the real world, in real time, to minimize hospital readmissions and to subsequently reduce costs which their insurers really do appreciate and reward hospitals for doing. That's a solution that we have, and that's what makes us very attractive, as does the fact that wheezo is a very, very simple device to use. Essentially, the corner of the dollar flow is the doctor. The doctor gets paid reimbursed funds from CMS and private health insurers. The beauty is that they can outsource that entire service to a third party. In this instance, our third party is Access Telehealth. Really, it provides a nice, seamless, easy approach to be able to deliver these services to patients. Importantly, from a physician's and hospital's perspective, some of the difficult things that you need to get approval from in larger organizations are capital injections, so capital expenditure and headcount. The value proposition that we deliver through Access, in particular, eliminates those two barriers to entry. There is no capital requirement, investor requirement from hospitals because all the systems, people, et cetera, are provided through the third party, Access Telehealth. There are no headcount requirements because basically that's outsourced to the headcount that Access Telehealth have to monitor and manage patients. There is no upfront fee for the institution because the business model with Access is basically to provide the device free of service and to charge the institution a monthly fee for service. That's how they make money. The three major obstacles to uptake by a hospital are mitigated at worst and removed at best. This is a huge opportunity for us to help reshape the landscape in the healthcare space, particularly for hospitals whose major driver is keeping costs down. As I said, we've got manufacturing ready for our demand that we hope to generate over the next period of time. There's about 20,000 units on hand. I mentioned that we've got our target to COGS down to $35, and we have in store 12,500 chips, which we managed to secure despite the problems of supply chain in semiconductors. You know, we're not a shag on a rock here. Everything from major institutions such as Toyota, IBM, et cetera, is facing major issues when it comes to supply. We, as small Respiri, have managed to secure an additional 12,500 chips, which allow us to then manufacture another 12,500 wheezos, which is more than enough than what we'll need over the next 12-month period. We're in a very good position to meet demand. In the U.S., there's about 4,000 wheezos there already for meeting demand that we're generating. In closing, and I do apologize, I've gone a little over. I get excited sometimes. It's important to note we've secured two significant clients through our partners, Access Telehealth, and they are part of much larger healthcare providers, one being New York Stock Exchange listed. The U.S. is a large physician-led reimbursed market, as I said, which lends itself to remote patient monitoring because they get preventive healthcare. They get it because if they don't get it, they pay for it when it goes wrong. It's important for them to keep patients out of hospital. We've got remote patient partners that are excited by wheezo, and they are best in class, I can tell you that. They're excited by wheezo and the remote patient monitoring opportunity because wheezo provides both of them with a point of differentiation. Because not everyone has wheezo, and we don't intend everyone to have wheezo when it comes to remote patient monitoring partners. Everybody's got a remote, ambulatory blood pressure cuff or a diabetes monitoring device or a set of scales. There is no point of differentiation there. It's a commoditized marketplace. What both of our customers love about wheezo is when they open their discussions with customers for remote patient monitoring and talk to wheezo, there are no alternatives to wheezo. It's not a commodity, it's a premium service. We're in the process now of putting on board our first reimbursed patient, and we will be processing RPM reimbursement claims in October of this year. That is a pretty exciting thing for us, and it's the final piece of the puzzle being ratified. Although, as I've said previously, we have worked with our friends at Michigan to determine that we will be reimbursed by CMS moving forward, but it's always nice to get the cash in the bank as a result. We've got a rich pipeline of opportunity. We've got a customer that will be introducing COPD patients into the remote patient monitoring program, our first in the United States, which is a big deal for us. As I said, we are running experiments with our partners mTelehealth and Access Telehealth. They've both got experience in processing remote patient monitoring services in other therapeutic areas. Respiri and wheezo offers another therapeutic area and a source of revenue for them to exploit. The year's looking great. We are making fantastic progress. The customers that we're dealing with are significant. They're not small players, but are of the same ilk. Thank you very much, and I'll hand back to Matt, and I do apologize for going over. No worries. Thanks, Marjan. We'll move on to the Q&A session. As mentioned earlier, these are based on questions submitted both via email and using the Q&A panel within Zoom. I'll jump straight into it. The first question is: There appears to be a delay on the first patient at Michigan. If this assumption is correct, why? Yeah. There has been. The reason for that is Children's Hospital of Michigan, as I said in my presentation, were invited to present the program that we developed with them in their hospital for remote patient monitoring and asthma to the broader group that owns them. They've asked that the broader organization understands how we might be able to roll this out across the broader organization and not just Michigan. Things have been put on hold by six weeks. We hope to, as I said in my presentation, have the first patient in next month. The upside, of course, is we're now talking about the possibility of rolling this out over a period of time and assuming we hit various milestones across 60-plus hospitals in the United States. There is a short delay, but you know what? I'm okay with that, given that we're suddenly at the table discussing how we might be able to take advantage of 60-plus hospitals in this publicly listed New York Stock Exchange organization. Thanks, Marjan. The next question is: Apparently, there are multiple potential customers that are in the final stages of the sales process. What exactly is preventing final signatures? Oh, look, there's nothing more frustrating than dealing with large behemoth organizations. That's a little verbose, I guess. Fundamentally, it's making sure that we get all the boxes ticked within their organization. These organizations are huge. Navigating those organizations with institutional selling just takes time. For instance, we were sitting on the second customer that we signed, and I discussed ours in North Carolina. We had the first part of that contract signed four weeks ago. As you can imagine, being large organizations, you know, there's medico-legal issues. They just need to tick the boxes which they need to tick moving forward, and it just takes time. It's not that we are discussing whether wheezo and RPM is appropriate to the new customers that we're speaking to. It's making sure that they've ticked all their boxes when it comes to the governance and their own internal issues, to make sure that we are aligned with how it is that they do business. Unfortunately, that just takes time. Some of them kick off a lot faster than others, and others just take longer. There's very little we can do about that, but continuing to support our partners to navigate that process. Thanks, Marjan. The next question is, RSH discloses the revenue model of $50-$60 per device and a SaaS revenue of $5-$20 per patient per month. Could you please clarify the percentage that Respiri will receive net from both of these revenue sources? Also, please explain the reasons for the $15 contribution range for the SaaS model. Sure. To just clarify that. $50-$60 per device, we get 100% of that. The price difference there is based on volumes, basically. When it comes to the $5-$20 for the monthly fees, we get 100% of that. That they're our dollars. Why is there a scale between $5 and $20 per month? That scale is there, and it's dependent upon the level of service that is outsourced to our RPM partners. What I mean by that, there are a number of CPT reimbursement codes for remote patient monitoring. A physician can choose to just outsource, let's say, the device and data transfer component, which is reimbursed at around about $60. Now, our partners charge a certain amount per month for delivering that and the device, and that's around the $5 mark that we get of that. If an institutional doctor decides to outsource all services, including patient management and interaction, to one of our partners, then that's the upper echelon of what it is that per patient per month if they did all of that. Our partners charge more for providing those additional services, and we get a larger cut of the ticket because of the higher amount that our partners are charging their customers. It's basically the difference is determined by the level of service that has been outsourced to our third party. Sorry, not our third party. To our partners in the remote patient monitoring space. Thanks, Marjan. The next question is, based on current projections, how long before the U.S. market is at breakeven from a cash flow perspective? Yeah, that's a difficult one to work out, but let me answer it this way. I work on the basis of recurring revenues driving our break even. Even though we make money on the device sales, the margin on device sales moving forward will be about 30%, give or take. That's nice to have. Our business model is built around the recurring revenues per patient per month. When we get to approximately 40,000 active patient users per month, we will be cash positive as an organization. We anticipate that threshold to be close to achieved the back end of next year or early 2024. Don't hold me to that, but that's roughly where we're at based on the penetration that we're getting in the U.S. marketplace now. Thanks, Marjan. The next question is from a funding perspective, what considerations is the company taking at the moment? As always, part of our jobs is to make sure that we have the funding situation under control. We have a number of alternatives available to us at the moment that we are looking at, and we are very comfortable as a director group and a board as to our financial situation when it comes to funding our activities. Where we're at the moment, we don't see any issues at this point with that particular equation, which is obviously very important when it comes to running the business moving forward. Thank you. Just a couple of questions that relate to the Australian market. Is the system described referable to the Australian market, and has it been taken up in any hospital in Australia? Following on from that, is the reimbursement process from Medicare, HBF, etcetera, available here in Australia? The answer to those questions is an emphatic no. There is very little similarity between the United States reimbursed remote patient monitoring market and the way that hospitals are reimbursed there versus Australia. Fundamentally, there is no reimbursement for remote patient monitoring and compliance. There's a lot of rhetoric around those particular areas from a number of players in the Australian marketplace. Remember that our wonderful healthcare system here, and it is a wonderful healthcare system, world-class. Its mandate is around treatment and diagnosis. Everything in between is not covered by Medicare. The situation is not as it is in the United States. Doctors do not get paid or remunerated through reimbursement for providing these sorts of services in Australia, and neither do hospitals. Important to note, the private health insurers have absolutely no burning platform around managing chronic disease states such as asthma or COPD or cardiovascular, because they don't fund those things when a patient turns up to a hospital. In this country, if you have an asthma attack, you don't go to a private hospital, you go to a public hospital, which are world-class. Who pays for that? The state government. Or you go to your GP for immediate attention. Who pays for that? The federal government through Medicare. Private health insurers like Medibank, et cetera, that's not where they spend their money. That's just the local legislation, right? They spend money, if you want to jump the queue for a hip replacement, great. If you want cosmetic surgery, great. If you want your teeth cleaned, great. If you have a heart attack, you don't turn around to your private health insurer to get that funded. That's not the case in the United States. Thanks, Marjan. There's just one final question which I can handle around the replay of this webinar. It will be available at the same link as was sent out to the ASX, shortly after the conclusion of this session. Marjan, I'll throw it back to you just to give a closing comment. Yeah. Thank you very much, Matt. Again, thank you, everybody. I do apologize about taking more time. I don't usually do that, but I'm pretty excited about what it is that's transpiring in the U.S. at the moment. It is a huge marketplace. Important to note that we launched in the United States late last year. We have been very prudent with our expenditure, so our costs, monthly burn's actually falling. We've launched in a marketplace 30 times the size of Australia with a population that is 20 times the size. Well, that's not true. 15 times the size of Australia, yet our expenditure is going backwards. I hope that demonstrates that we are being prudent with our investment decisions. Importantly, the business model that we have in the United States also relies on our partners pulling their weight, which is really important for us because everyone has a vested interest in making sure that this works moving forward. Important. I just wanna remind people that the customers that we are dealing with, the customers we have signed, are significant players in the healthcare space in the United States. We're not talking about backyard operations. We're talking about New York Stock Exchange-listed entities that own these people and that are investigating and exploring how our services and the services of our partners might be able to translate across their broader organization. It is a huge opportunity and one that excites me particularly, as does the wonderful pipeline of opportunity that we're pursuing, and hope to be announcing new customers over the next few months that will continue to, I guess, demonstrate the traction that we continue to have in the U.S. Important to note that we as an organization, and for those of you who are our shareholders, you are we as well, we will be the first Australian device manufacturer SaaS player whose device will be used to claim reimbursement codes in the remote patient monitoring space. Nobody else has done it. We will be the first, and importantly, that is the fundamental source of revenue for our business model. I'm excited about what's happening, what has happened with anything, but I am pleased to know that we are getting traction. Our message and service does resonate with the United States customers, and our partners love what it is that wheezo provides them. I look forward to continuing to, I guess, let you all know how well we're progressing and to celebrate our wins moving forward and I guess catching up personally as soon as we possibly can one day. Thank you very much, everyone. Again, apologies for going over time. Thanks again, Marjan, and thanks to everyone for joining. That concludes today's presentation, and we'll see you next time. Thanks. Bye.