Hi, everybody, welcome to today's presentation where we have the pleasure to present our Audientes. To take us through today's presentation we have CEO Steen Thygesen straight out of Barcelona at the big GSMA mobile conference. I guessing that's what you are down there. Today's presentation of course, your full year 2022 report but also a lot of announcement regarding capital and the board around that. Maybe a little bit more clarity or as much clarity as you can give on that, we will go through in this presentation. As always, you can ask questions down in the box down below. Do it in Danish, English, Swedish, I will translate to the best of my ability. For now, Steen, I will hand the call over to you. All right. Well, thank you very much and thank you to all you attending here or listening in at a later stage. This report is essentially the, you can say it's of what has gone before, Q4, but also a year end. For us, of course, it's a time to look back and reflect on what happened and, but it's also a time where we are really trying to set the course for where we want to go in the coming year. You know, I would say for us, definitely a challenging situation so far. Here's the flow. It sort of takes us through really the story. You can see where are we in the business, what is it we are doing to, you can say, make the product portfolio really fit the markets that we're in, what are the sort of highlights that has been going on really in the Q4 setting, also again, we look forward here in Q1 of course on some of the important things that are happening for us. Basically, I would say if we sort of look further back, you know, where are we today? We are at a stage now with our business in India where we have got a really kind of good representation in the channels. We have developed some strong relationships. It's basically like three quarters of the year we have been in the Indian market and selling now. We right now have got a good position in the channels with 80+ partners and you can say up towards 500+ sales outlets. We have been working on really figuring out how do we get them to be really productive selling our product. Towards the end of the year we also kind of launched this new product from our side, Companion, to really broaden the portfolio so we can in some address other markets where we have seen interest in what we have created or a solution. Again, what is it that we are working on? Well, we are really staying really close to our vision of helping people that has hearing loss around the world and who currently are without a good solution for their hearing loss. A solution they can afford, but also one that they can access. As we have been working on India, which is of course one of the very people-rich countries, we have of course gotten more, you can say, insight into what are the needs in other countries. So we, for example, recently started to expand into Nepal which is adjacent to India, of course. Similar issues, but you can say in some cases even a more you can say requirements for the type of solutions we have. Then we look towards countries like Japan where we have gotten, you can say in on some specific opportunities there where the aging societies are calling for solutions that are really developed towards, you can say, the older generation, but without being too clinical. We have been really kind of looking at opportunities as well as staying really, you can say, focused on our, on our kind of core focus, so far. Again, the Indian market opportunity for us is definitely where we are focusing, the coming year. There is an underserved population. We have learned a lot from being in the channels. We have adapted our solution, and we are really figuring out, and have figured out I think, what is it now that we need to do to really have a, a good breakthrough in that market, and I will get back to that in a, in a little while. What are the sort of key highlights and learnings from this past year? I think from us, we actually I think got quite good out of the gate in introducing the product in India. We had two consecutive quarters where we actually sold quite a lot in terms of, you know, several thousands of units. We had the challenge though that our partners were, although they were selling through to end users and have sold through in some quantities, the feedback was also that the segments of end users who found our solution really interesting, they had very kind of profound hearing loss, so basically at the higher end of the whole scale, where because they need a solution and they liked our form factor and how it kind of, you can say, addressed their need, but it couldn't amplify high enough. It went to what's called moderately severe, which is kind of disabling hearing loss, but there is some steps beyond, above that. We really started to look at, okay, what can we do? We made some amendments along the way where we introduced what we call Dispenser Fit, which allows for a professional hearing clinic to actually enter the values of an audiogram specifically for the client in the device. That kind of helped part of it. We also introduced what is called fine-tuning where you can add additional like 10 dBs of amplification. These things kind of along the way were improvements we made and launched as software updates to the product, and that kind of had some positive effect. The main, you can say, the main drive that we have had in the fourth quarter has been to develop really what is a completely new, kind of platform release as it concerns the hearing aid functionality. We have been, vastly improving the, the sound level we can deliver and also kind of the how we manage the what is called howling. Basically too high, you can say, sound close to a microphone creates feedback, and that's what you need to avoid in the hearing aid space. Otherwise it's, it's not a useful solution for people, of course. We have done that, and we have also introduced improved noise cancellation in this release that we are now bringing to market this quarter.Again, as a, in some cases as a software upgrade, in other cases it's actually being sold as a kind of like an additional kind of element in our portfolio. Like a higher priced offering is something that we are, we're looking at basically because it is, to all intents and purposes, almost a new product in that sense. Same form factor- Okay ... of course, but everything else is really, you can say a quite solid change from even what we had earlier. Everything you have been able to handle by a software update. Yeah getting the, those higher hearing loss, there's nothing had to be redesigned in the hearing aid as such. No, not. Is that correct? ... not from a hardware point of view. No. This has been a software exercise. It has not been an easy one. It's been something that has really required a lot of focus. I would say, you know, it's one of these learnings that, you know, had we known that earlier, of course, we could have taken a hand around that. This is really something that was a market learning. I think we acted quite swiftly. I know our team has been working more or less day and night on actually getting this out as quickly as possible. I think we are really excited about it. This, you can say, upgrade is also benefiting the Companion product, which I will get back to shortly. You can say we're entering this year with a significantly improved solution overall, and I think this is something that will hopefully really have this impact in the market that we are, we have been missing in that sense. That really in our view has been, you can say that our dispensers, our dealers have said to us that, you know, we really need this because people are coming in with this type of hearing loss and, you know, they, when they're testing it, they can see that it's nice, but we need this higher sound pressure. Really what we talk about is the increase of the fitting range. Going from moderate to severe is our, you can say our higher end. Going higher than that into this profound area, that is what we are, we're striving towards. In general, you have found out that your customer base for your form factor and your price point is actually the handicapped, or you might say people with a severe hearing loss. Is that correctly to understand that kind of looks like that? That is correct. I mean, we have been discussing this a lot of course, but there seems to be in the whole sort of continuum of hearing loss and people who are looking for products, there is sort of the pre-hearing aid segment where you may not have enough hearing loss to actually go and get sort of a clinic solution where you have, you can say the behind-the-ear classic hearing aids. Then there's a segment that are sort of beyond normal hearing aids where either because of dexterity, like how do you handle kind of a small device? How do you change batteries, how do you switch it on? There's many elderly people who cannot actually do this, and they get frustrated and they leave the hearing aids kind of in a desk, in a drawer. Our solution is actually a good fit for many of those because it is built for people, you can say, with where the motor skills maybe are not as great anymore. We have large buttons and a simple interface, and when you're wearing it, you're not losing it. That segment, some people call it kind of a rehab segment and other people just call it like geriatrics. Older people with certain challenges, have we found this is actually one of the segments where our Ven product seems to fit really well, and they, as you say, have this heavier hearing loss. There's the pre-hearing aid segment and this segment, I think is actually the whole reason for why have we introduced this product called Companion. Companion is a consumer electronics device, so we are selling this now in channels where it's not medical device. We don't call it a hearing aid, but it's a good solution for anyone who has this, you can say beginning challenges in actually listening in on conversations or having to turn up the TV volume a lot. You can say it's a device that hopefully can help people maybe 10 years before they get another type of hearing aid, actually with a solution. That's the sort of portfolio extension that we have done, again, based around this whole, our Ven pathway design. We have made a software release that is simplified a bit and really orientated towards that consumer electronics markets. We have different approvals so we can market this in like regions like Europe and U.S. Now we have started in Europe, and now we are also, of course, of course, we are continuing trying to broaden the reach. Now it's available in Denmark and Sweden. We'd like to get into more, so broader distribution in Europe. That's of course a key goal. Then we are looking at some opportunities that we have been presented with in other markets, of course, and again, based around the same platform. It's a nice solution. It can also, of course, handle a good sort of like deliver good sound level. It has got an app that is now localized into six languages, including Japanese and French and Spanish and English and so on. We're basically in a situation where we can roll this out into many markets and then we'll of course be trying to do that online, but also with local partners. This is just to explain, you know, what is it that Audientes is actually focusing on? What we are focusing on is to leverage this investment we have made in creating what we believe is a great solution for people with hearing challenges. In one level, we're driving the medical route, kind of medical-grade hearing aids, because this is an area where there is a lot of things going on right now, actually. There's the whole U.S agenda with the OTC Hearing Aid Act, so over-the-counter hearing aids. There's quite a lot of excitement, and new products being introduced in the hope that selling hearing aids through like drugstores or big box electronics retailers and pharmacists, that can create a new market for the industry. We are looking of course to play in that space. That's part of our trajectory. You know, as we are having time and money and everything else, we are working on getting this FDA, you can say, trajectory addressed. Longer term, we also have the European equation. Some markets, of course, when you want to introduce a hearing aid has got other rules. Hearing aid track from India and elsewhere is what we thought. I would say the Companion direction with a device, essentially you can say physically the same software translation, sold in new channels for us in new markets. That is a, in my view, is a no-brainer. We have had interest in Denmark from people who are looking for solutions for their family member and coming across us. You know, we said try to actually see and test the markets, where is our opportunities? That's what we are continuously developing, you can say, from a business development point of view. Where we stand right now, there is one thing that is really critical for us, and that is to sell devices in significant units to really get this model that we have going well. That's why we are looking at these new opportunities of course, alongside everything else that we're doing. Yeah. There's a question out here, and I think maybe we, you can also explain later. Yeah. You know, where are your focus right now? You're going Companion, you're going Europe, you're going India, you're going Sri Lanka, you're going Asia. You are still talking about the OTC market in the U.S. I know that you need to search for something broad and something that will- Yeah ... have a sell out that makes the model work, but you also have capital restraints. Yeah. You know, is it possible to push on all those areas without losing focus? Is kind of the answer. Yes. Is it light launches? Is it something that is being dragged itself of, or you're not using capital to push it? Do you understand what I mean? Yeah. Totally. The many things you are doing, and then focus on U.S. and India. Absolutely. Absolutely. ... with the capital. Just to get an idea of that, Steen. Yeah. now of course, we are embedded in India with a good organization that has been out talking and working with a lot of our dealers last year. we are essentially going to roll out this new upgrade in that market. Of course we are present there, so have done all the sell in. Now you can say the sell out is what our dealers need to do. From that angle, we are really continuing what we have been doing last year in that market. Now hopefully with this improved product, we will have a real sort of positive development there. The other things we are doing is we are really leveraging our connections in the industry, in new markets like in Japan. One of our new board members is coming from Japan and is a very active, you can say, helper there. He's also an investor. Beyond that, you can say there's things that are working for us in that sense that we are sort of even having some sensible dialogues and hopefully some of that will materialize. We are not burning off millions of DKK or dollar in marketing. That's not how we're doing it right now. Okay we can't do that of course. The, that's not the situation, so. Perfect. All right? Yes. Just to explain, I don't necessarily want to step through this in excruciating detail, but just to say that we have these two products now. One is really a self-fitting hearing aid for people with disabling hearing loss on two ears. This is what we have in the market right now, mild to severe hearing loss. Now we are gonna launch this version 2.0, so it'll be from mild to basically profound hearing loss. Then, Companion is the solution we have today, now launched. It is what we call the situational hearing headset. Bluetooth connection. Good, you can say adaptation of what is being provided of sound to a person's hearing profile and using some of the same underlying quality technology, but essentially aimed at other markets. Let's get into the finances then. Where are we? What happened last year? What we can see is that the situation for us, we did have... We spent a lot of time actually in Q4, not just developing on this software upgrade, but developing markets opportunities in India and also in other locations. In India, we invest a lot of time trying to win, you can say, some engagement with larger partners where we did not see the impact of that in the fourth quarter. We kind of have announced that already that we see some of these things being delayed into this year before we can actually expect ramp up from those engagements. We also did not really sell as we had expected, beyond, you can say, in, especially the imagination. We did sell a bit, and then we had some internal eliminations from internal sales from Denmark to India, where there were some corrections made in fourth quarter that meant that the actual, you can say we ended up with sort of a negative sales result for that, for that period. It's a bit sort of, it's really accountancy related. We, we did sell a bit and then again, we opened up for some of these new opportunities where Nepal was sort of one of the ones that really, it actually happened essentially in the first part of this year. It could have happened last year, but for various reasons it was delayed a bit. I think for us, of course, not satisfactory as such. I would say it's a strong learning from the market, and now we are hoping to really catch up on that in the, in the future. there is a question here, Steen. Yeah. This internal reporting from Denmark to the India that has made it minus, that it has not been delivered back. Yeah hearing aids from customers that is making. No your revenue go to minus. Is that correct? Not, not particular, no, not that particular one. I would say we have had that challenge that as we have been selling products into the channels, in the cases where we have had dealers not kind of paying, we have of course been taking products back. You know, we have these payment terms as you know them in Denmark, from maybe 30-60 days. What we have learned in the Indian market is that that kind of rules doesn't really apply there. People are paying more sort of, according to their like, and when essentially they sell the products and have got the cash, then they kind of feel obliged to maybe pay. We have had these challenges on active trade receivables and what can we do about that? We still have some outstanding amounts related to essentially inventory in the channels that are to be sold, and what we have made is a provision, expense essentially, an amount of DKK 1.6 million for bad debt and uncertainty around those trade receivables. That's part of the EBITDA result. What it means though is that as those products hopefully will sell, we will have the benefit of that income at a later stage. But it's, it's in the accounts for this fourth quarter. If we take the products back essentially and so on, you know, there's, of course, ways of handling that. But that's what we have had to do in order to be diligent about the situation, saying that it's kind of frustrating, but that's where we are right now. Again, something that we learned. We were starting to do things differently in India also from a credit point of view. We are focusing more on prepayments and you can see we getting the right commitment from kind of higher tier players where there is more, you can say, financial certainty around elements of bill payments and so on. I mean, we know from, even from Denmark that some companies are demanding 180 days payment terms from smaller partners. We are really part of that, you can say, whole game of stretching cash flow in the industries around us. It's a definitely a challenging thing from that angle. There's a question here around your EBITDA of -DKK 5.4 million. Yeah ... which is high compared to the full year. You had DKK 1.6 as I remember, as you said. Yes ... write down on debtors. Was there anything else extraordinary in that quarter? Did you write down any? Not. Any other extraordinary items in that EBITDA? Not in the EBITDA result, but what we have done in the, from a development cost point of view, that's really an export here, but we have essentially as part of this new upgrade, the version 2.0 upgrade, there's parts of the platform that has been developed earlier and used in the sort of initial version, but they're now really taking kind of writing down, you can say from that angle, because we are not going to use that anymore. This, you can say impairment of the kind of existing development is something we are taking action on in this quarter. That's, I think it's appropriate because this is something that we are not going to use going forward. We are taking, you can say, part of the software and sort of put away saying, "Thank you for that. We used it, but now we have something that is better to handle the whole sort of due diligence and processing and so on." That has been a. You can say that's definitely what I would call an extraordinary item. Then I think the final part here in alongside many other companies we have had to take the kind of steps to reduce the staff with the number of people. We have also been really cost-conscientious on making sure that we really spend on what is absolutely critical and really also reducing across the board on spend, being really conservative around that, understanding our situation at any time. I would say now that I've sort of said most things, I think when people have been following us know that we made this rights issue, so basically four times emission in Danish for existing shareholders and of course for other people that could essentially join in and buy, you know, the rights to sort of subscribe to shares. We went from having around 10 million shares issued at the beginning of the year to ending the year with around 28 million because we went out with the rights issue in December for raising the DKK 14 million, and we did that at a quite, I would say, a price significantly lower than what we previously had been trading for. Of course, this is where you can say a lot of the, you can say the funds came from in that period. Now we have many more shareholders and of course, a much larger number of shares issued. Revenue-wise, we talked about that already, how did it then become minus? You can say from an EBITDA point of view, for the year, we ended up kind of higher than our, our expected, or rather lower because of the minus and whatnot, lower than we had expected, but that was due to these, you can say kind of extraordinary items with the bad debt and so forth. If I maybe step to the next one, there's more commentary on I think what is also of interest for many, but around the, you can say the working capital and growth funding situation. Last year, around this time, we were looking at should we carry out a rights issue then? Should we, you know, take out a bridge loan to bring us further? The markets after the Ukraine war had started became really soft in the sense, and they did not improve during the year. For us, going through 2022, the situation, I think became increasingly challenging from a capital markets point of view. We, we really, you can say, took it as far as we could with a, with a rights issue... Sorry, actually deciding on the rights issue, but working on this bridge loan that we had and stretching the funds, I would say very far. In the end, we executed on this rights issue in December. Of course it was planned much earlier than that. Gave us the, you can say the amount that ended up being DKK 8 million to the company and by the end of the company we had just DKK 6.9 million left in cash and cash equivalents. As the other part of this rights issue of units was the warrant exercise period that is basically starting at the end of first quarter and going into sort of the middle of April. That warrant exercise is linked with anyone who subscribed to shares with us, they also got or to units, they got both, they got two shares and one warrant. This is the warrant exercise that is essentially part of this capitalization strategy with the rights issue. What we can see right now is that where we are share price-wise and where the whole market is, you know, initially the expectation would be that this would yield up to maybe DKK 10 million. We think right now where we are, there isn't a situation where we can actually look towards DKK 10 million. It'll be something less than that, substantially less probably. This is what we are looking at right now in our business that we are really sort of adapting to sort of a different outcome in that sense. We are adjusting costs and of course we are adjusting our execution plans as well. That is part of why we are not issuing a guidance for this year at this stage. We need, you can say some more clarity around the actual development in the business and also where we are in some months time. The other, I would say important matters I have on this is where we have, what we have touched already, development of the platform. We launched this here at Mobile World Congress in Barcelona and you can say all that aside, what we are working on really wholehearted now is to find this capitalization strategy going forward that allows us to do what we really are focused on doing, helping people with hearing loss around the world. We sort of made this announcement really to have the freedom and to engage in a wide range of discussions with different players around is there a way where Audientes can become part of an organization or a setup or maybe you can say being acquired by a company, but essentially finding a way where we can continue executing on this that is a better fit for where the whole, you can say world and our company is today. This is what we communicated quite openly and that's what we are executing on right now. One of the first steps in that regard is to actually set up the right team to drive that. This is why we have called as myself and our founder, Hossein Jelveh, we called for an EGM. We asked for the board to call for an EGM to really set a new composition of a group of people that can really drive this process and really figure out how do we land this new setup in the right way for the organization Audientes and for our shareholders. This is why we have this extra kind of item on our financial calendar, an EGM on March the 8th. It can be found in more detail on our website. I would say that's probably is giving sort of, you can say time and everything, what we can focus on today. I think the reasons for why considering Audientes as an investment is still, you can say what we are aiming at, there's this significant market potential. There's a need for disruption and new solutions, and we have a good solution, but now we are making one that is even better and introducing that in our key markets. We hope this is gonna make a significant difference for us, our partners, and of course our shareholders, because I think our vision and strategy is clear. We just need to really get now to execute on it in the most optimal way. I would say thank you for listening in, and I hope this was useful, and thank you very much. Yeah. Let's take some questions. You know, there was a question. Is it DKK 1.8 you have in cash burn? That would be if you had DKK 5.4 and you did that or you had made some cost reduction. You also actually indicates that you have a package two that you could draw on should you be more capital restrained than you wish for that. Yeah not finding new capital. Yeah. Can you kind of elaborate a little bit on what are the levels we should look for in situation one or a plan B or, and plan C? Yeah. I don't know whether you have that exact numbers, Steen. No, but yeah. Well, there's a limit for how specific I can get, but we have been reducing. Okay our cash burn quite significantly. In our business, the cash burn really is driven, of course, primarily off of staff costs and also what we are using on external parties for development purposes or production or kind of like marketing services. Of course, what we have been doing, we have been dialing really down on all of these from an, you can say, organization point of view, we have made some different steps that are having effect in Q2. Basically notice periods and so on are sort of finishing. We are really trying to get our monthly cash burn, you know, significantly down so we have more freedom and agility to do the things that we need to do. Of course, you can't do that without people. That's, it's always this balance. What we are looking for, of course, is with the different things we are doing, we are of course hoping to create new excitement around the, around the share and show that we can actually deliver on these things that we are setting out to do now. I think this is very much on top of our mind. There's also a question here, and you elaborated a little bit on, you sent out a note saying that you are looking on a lot of possibilities, new partnership. Yeah ... direct money, Selling some assets or. Yeah ... the whole company. I don't know whether you can elaborate a little bit on how far are you on this? Was this the initial, the new board, being decomsist, and then you are going out and looking for the possibilities, or have you been out looking a little bit on whether this could be possibilities, so? Okay. I know this, of course, is of great interest to me, but it was really to sort of say quite openly that given the situation, you know, one thing is that we did the rights issue, and that we have this warrant exercise coming. Beyond that, with the plans that we had and what a business like ours really require from a marketing and continuous development point of view, right now the capital markets are difficult, I would say, to sort of believe is the right place for us to secure that funding. We are looking really to say, we wanna go out and explore other options, and we wanna do that openly. We, you can say from a confidential point of view, have got easier to talk to people about what could be. That's why, of course, I'm down here. I'm exploring various dialogues with interested parties and really trying to get a feeling for where could we go with this. The there's many options actually. One of the options, of course, is to go out and reach back into our investor group and saying, you know, "Here's the situation. This is what we're looking for," and maybe do a rights issue. Also there's this strategic direction where you find more of a strategic investor and say, we wanna do a directed issue and bring in, you can say, capital from maybe a market-oriented player in a given market, but something like that. There's the other, you can say, directions where we actually become part of another organization, maybe a sort of like individual entity or, or really a part of an organization as such where you sort of get integrated. All these things you can say is what is contained in this communications we made. It's just really to say we need to explore these different things to make sure we have got options, and that we have had time to actually work them, because it's not something that happens overnight, of course. It's like a six-month process in some cases. We need to have time and ability to do that properly. That's why we made that announcement. I know you can say, things happened in the market around that, but we just need to be open and honest about this as and give as much detail as we can. I understand. There's a question here, and we touched a little upon it, you know, capital restraints, focus, on fewer things than those markets. There's a question here, why are you, why are you starting new markets when you are struggling with getting the existing one to really work, getting the knowledge in India, and now you have more knowledge, now you need to push in a new way. Now you have the new product out, you know. Yeah. Why not just focus on one, market and the other one is-. Yeah ... is that kind of, you know, the explanation behind your strategy here? Yeah. I think, you know, if you think about it in the sense that any business is better off having more than one leg to stand on. What if that leg is cut off or you get a knee injury or whatever? You know, from our point of view, it has been to develop this other kind of strand in our business and another leg to stand on. Because we have the same product hardware, essentially, it's a software adjustment. For us, it is one of these things that has been actually quite easy to do. Of course, it's not easy building new markets, but it gives us this opportunity to try something different and not just put all our eggs in one basket. I think this is why we're doing it in India. As I said earlier, we have a really good set up, a strong team, good people. They've been missing, you can say, the product that really hit the sort of, nail on the head in those segments that seems to find our solution most attractive. Now we are fixing that, but in the event that's, you can say, not enough, then we have this other direction to drive. I think from a business point of view, it makes sense. It's a, it's a small portfolio, you can say, that we have now, but many people have asked us for this. You can say, portfolio, different price points and so on. You know, it's easier sometimes to sell when you have got more than one product and people have a choice. Now we have actually, you can say, in our own way, we have at least two products, so we don't have to say no to anyone who thinks this is interesting. I mean, we have got people in Denmark that are looking for a solution, and we have had to say no to them so far because we are not selling then in Denmark, but now we can sell Companion. I think that's, that just gives an indication about that, why not? We are in distribution now with a large Swedish shop that are doing basically accessories and hearing solutions for people online called earstore.se. We would not have been there had we not had the Companion product. These are the things for why we think this is a sensible thing to focus on. There's a question here about the patent protection. I guess that's important if you want to go out and try and sell your business out or asset types, yeah. Yeah. You mentioned maybe Japan. Do you have the patent protection that you need? Yeah. Can you keep up with that? Is there any funding? Yeah. Well. Yeah. Well. I guess there's also some running cost on keeping a patent protection. Yeah. Patent protection, of course, is always good if you have a lot of them. In this business, it's a kind of like a fast-moving business, and you have to stay really, you can say, a front of where things are happening. We have applied for patent for our one of our innovations. What we have done, you can say more focused, is we have been trademarking our design and our brand names in a number of markets so that across, you can say the world where we are present, we have got protection for like Ven and Audientes' logo and so on. We have not. Also the design of the actual product. We have not today patented all our different innovations. It is something that is really a conscientious decision. We're building on essentially patents around self-fitting that are from the '80s that are lapsed. You can say that the method and so on is no longer something that is patented. That's what the whole industry is doing, you know, around all these different OTC products that people can relatively freely innovate around that. There's a question, you know, and I think it's also relevant. You have made this software update. Yeah. Everybody who has bought your product, will they get that software update, or do they need to buy it, you know? Is it the Tesla model, or is it that you can update where you buy later updates of software? Yeah now available for all bought, hearing aids, that they can get the software update. Yeah to the your website or something like that? Well, obviously for Companion, it's an integral part of the product today. For Ven, it is the Tesla model, basically. There's also the opportunity, of course, to say that existing users that has already bought the product, they don't have to necessarily get the new one, but we expect most people will. There's some pricing strategies in India where, as I mentioned earlier, that this new release, we might actually sell that going forward as a different SKU, you know, different item on the shelf, and then have, you can say, a solution for people with certain hearing loss, and then for solution for people with more deep hearing loss. We haven't fully settled on that yet, but I'm sort of leaning towards the Tesla model because it's really easy to understand and also easy to manage. There's a question here, and it maybe comes back to, let's end with that. Why are you not going actively out, telling on nursing homes and so on that you have this hearing aid, and not only by a website? The consumer shouldn't just. Yeah ... learn about you by accident by this. I guess I think it's a good question. Yeah I guess it comes unfortunately back to capital restraints or what, why you are not. Yeah more actively doing it. I mean- I was thinking something about influencers. Yeah ... might not be the right age audience. Are you thinking something about, you know, getting spokespeople or something like that to get it a little bit wide out, without having to use too much capital? Basically, of course, I don't think that you can go out and market directly to people in a nursing home or something like that. We're working with some organizations, some companies that are actually selling products into, you can say, that whole sector. We, this is kind of where we're starting because then you can say they're the ones that are going to market this into the different kind of like consumer settings. We are essentially, in that sense, we are a B2B company. We don't market directly to the end user. That's what our partners are doing. Like in Denmark, for example, we have Seniorland who are essentially providing solutions into this whole sort of accessories space. That's where people can buy from today. We will be having our own web shop for addressing markets around the world where people can find us, I don't think Audientes will be going around and calling on different nursing homes. I think the idea is good, and maybe there are some people that are interested in doing that, and they're very welcome to reach out to me. We can... I'm sure we can find a solution. When I read your report, I... Was it this the first time I heard the mention about NGOs, you know? Are you looking at bigger organizations, you know, who might give it out to people... Yeah with handicaps, you know? Yeah. I know it's probably not a high margin business, but it might be a volume business. Yeah. Is that something new you're looking at, or have you earlier looked at that? No, you're right. I just noticed it because I could see some high volume business lying in. Yeah ...because you are addressing a need for the, where people are handicapped. Yeah. In India, this was the one of the new developments in the fourth quarter, basically the NGO. We partnered with this large organization called People With, kind of basically People with Physical Disabilities is what the organization does, assists with, and physical is also hearing. They're getting donors, like large corporations like Deloitte or Walmart and so on, they get donations for buying maybe 200 hearing aids that they are now going out and distributing in amongst the most kind of needy, typically people very poor with very strong hearing loss. They are the ones who are starting to basically buy Ven in India from us for that exact purpose. We got the kind of initial order here, this month, and now we are, you can say, delivering on that with the sort of new platform. Yeah, this is a new channel, and there is opportunities in that space in different parts of the world. We have to see how big it will get, but it's something that makes a lot of sense, I would say. Perfect, Steen. I think we got through most of the questions. I know you are busy going out on the. Yeah ... the big mobile mess in Barcelona. Thanks to everybody. Yeah ... listening in. May everybody have a nice day.