Hello, and welcome to this presentation and Q&A with CS MEDICA. With us today, we have the CFO and COO of CS MEDICA. First, there will be a presentation, and afterwards, a Q&A where the management team will answer questions submitted via Stokk.io. There have already been pre-submitted questions on Stokk.io, and the Q&A is still open so that you can submit questions live as well. I will now hand over the mic to CS MEDICA to start the presentation. Your line is now open. Hello, everyone. We're gonna go through very briefly in regards to the highlights of Q4. I'm Heidi, and this is, I'm Gitte, the CFO. Yeah. So let's just, start off very briefly. We've been asked also to highlight a little bit about what it is exactly that we do. That, that could be a good start. First of all, we're MedTech, a small MedTech. We do R&D, we also work with the technology, and we also have, you can say, the insights in the cannabis industry. So we kind of try and combine all of those things, basically to deliver advanced human health, and that is what we say we discover, and we also develop treatments for fewer side effects, basically targeting pain management, autoimmune diseases, and, stress-related disorders. It is, we already have finished products that we will go through as well, and it's topical gels, and it's nasal sprays. Of course, what we want is to reach as many as possible. That has not changed from when you founded the organization and company together with your sister. So what we've done for the last year is still to try and reach as global as possible. What we've seen, and what you can also see throughout the year, is our focus is very much within the patents and also to stay compliant. And then, of course, with all the registrations and legal demands throughout the world, that is what we are being both challenged, but also what we see as a competitive advantage. So all in all, that is what we're focusing on, and I'll dig a little bit more into it when we come to also what it is that we're selling throughout the markets. First of all, we have nine treatments on international markets. We have 11-- nine patent pending and two final treatments that has been... Yeah, we received patents on in Q4, which I'll get back to. We have over 300 products out in the hands of consumers, and we are able to sell in more than 160 countries. But I'll get back to that because that is definitely one of the reasons why our go-to-market is a little bit more challenged, which a lot of you also ask in terms of questions. So let's start dig into what happened in Q4. First of all, we've been focusing on five areas to deliver growth, but as most of you know, this year has been another challenging year, basically due to supply chain disruptions, macroeconomics. We thought it was easier to sell in. It took longer than expected, so the focus has been, one, to grow still, but resilience is also one of the core areas, is that to navigate as best as possible. So we have the one of the areas is new markets, that I'll get back to. Then we have new segments. I will also get back to that in terms of our categories. Then, of course, the MDR, but also the whole compliance situation, which is one of the core areas for our competitiveness. The operational excellence. A lot of you also have some questions in regards to how we navigate with the financial capacity as a challenge, and coming back to funding. Gitte will take you through it as well. The main challenge we have experienced and why we're delivering as we are, as it speaks, is basically the lead time to market. So yes, we went on the stock market believing that we could sell much faster because we had licenses for 160 countries, but reality is just very different. So you can say, when we look at our go-to-market, we have prioritized Europe, of course, because that is where we have direct access, and we're talking medical devices and also cosmetics as products. And then, of course, right now, we have registration in Israel, India, and U.K. Then we have initiated other, you can say, registrations that we're working around right now, that will take some time. But again, that I will come back to you as well. It was just to highlight the five main areas that we have been navigating on, and actually we have been able to deliver on each one of them. And even though it's challenged to some extent, we're actually happy that we can see that the pipeline are growing. So when we look at the market in general, a lot of you have asked, where is it that you're focusing on? Our focus is on Europe. Over 71.5% is actually within the European markets, and then the rest is what we call international markets. When we look at it in general for Q4, we were able to actually get what we call an order intake. When we talk about order intakes, it's because we have customers who wants to buy our products. It's either within the categories of pain, skin, protect, night, or hair. So that's how we separate our products. What we can see is our main area is the pain. That's over 70% of our business, and that is what we start to navigate within. But the thing is, is that when we then come in, it takes up to 10 months in average from an order to actually invoiced. So that is kind of what we're navigating in. I think you'll come back to that as well when we look at the strategic outlook. So overall, in Q4, we were able to get DKK 2.8 million in order intake covering 14 different markets, nine being new. And in regards to recurring customers, we have recurring customers coming back, also wanting to expanding to more regions. So for example, in Q4, we have three customers that actually came back, wanted to go into three new markets as well. So that's the difference. As you can see, we have expected to grow slightly more on the brand, but due to the fact that also as some of the questions are in terms of lead time to market, but also the supply chain, the cash flow is more favorable on what we call own label solutions. So the minute that we have a customer who plays on their own brand, then actually our cash flow is more preferred, in favor, you could say. So that's why we have shifted a little bit into own label solutions, and then when the financial capacity is back up, of course, then we can discuss growing our brand slightly more aggressive. But that, again, is what we have prioritized in Q4. In regards to patents, we were able to receive our first two patents in Q4, which we're very happy about, especially being a MedTech, that finally can see that some of our products is being approved. So what we saw is the nasal protect gel and the nasal night spray were approved, and we received the patents in Q4, helping us to speed through the rest of what we have of pending products. In terms of compliance, we were also able in Q4 to get to what we call MDR. It's the new, much more stricter medical device regulation. So we have two products right now that is compliant, and we are ready to go into production with the new packaging and the new elements. We are having the final details gone through to make sure that everything is updated according to the MDR communication. And we're doing that with notified body BSI. So again, here we are able to sell for long term, I think it's 2028, right? But we're actually ahead of time right now in the transition to this new regulation. In terms of pipeline, we have postponed some of the further development, basically to decrease the cost and the expenses for the medicine, going into medicine and the inhaler part. Because as you can probably also in terms of cost, we have patents and we have clinical trials. We have transition into a new MDR legislation, so that is very expensive. So that is, of course, what we have prioritized as it is, where our competitive advantage is right now. But we have actually utilized some of the products that we have on pain patch, the wound gel, and also the pain and arthritis gel that we have converted into a vet line, a range that we are able actually to just use one-on-one, so we can utilize the cost already spent into a new production line. That we launched at a CPhI, which is a huge pharma venue and fair in Barcelona in Q4. It has been received really well, so right now we are in discussion to launch it into different markets. It's also easier to launch in terms of lead time of registration, but it will only be launched as a make to order. So it's not something that we're gonna produce to our stock. And the same goes to our haircare line. We have right now launched already the anti-hair loss serum, and now we are adding a mask and a shampoo. So... Gitte. Following the update from Heidi, this obviously also is reflected here in our financial figures for the fourth quarter. As Heidi explains, we have been looking into a long time from order to invoicing, and also the supply chain disruption, and following the challenges within our liquidity, we only see net sales in this quarter, fourth quarter, of DKK 73,000. This is not satisfactory, and especially compared to last year, when we had a revenue in this quarter of DKK 9 million. This is something that we work with, but also, as explained by Heidi, we have, in this quarter and also this full year, been seeing more revenue coming outside of Europe, making a longer lead time due to the local legislation that an approval, which is needed actually to enter this market. Israel is one of those where we have achieved approval, but it has been a long time, and that's what we are looking into right now. Also, the result is seen here in the revenue. On the good side, we have seen an order intake of DKK 2.8 million in this quarter, which accumulated for the financial year of DKK 14.5 million in a year-to-date pipeline. Order intake, we expect to be able to invoice and see as revenue during the calendar year 2024. When we see and look at the financial figures, obviously, everybody will realize that the cash is negative. We have a credit at the end of this quarter. This has been... Subsequently, we reinforced through a credit line with Danske Bank, and also, we continue working with Svea Factoring, where we convert our invoices with long payment time to immediate liquidity to fund our venue. We are, on the long-time funding, looking into our investment agreement with RongShi, where we just finalized an IP transfer agreement to actually support on the short term, to actually navigate within the current situation with our investment agreement, depending on three to five products being approved by the Chinese FDA. We have seen some delays due to complication within several areas, similar to what we have seen in Israel. We will try to navigate that, and as soon as we have found a solution, we will press release what is next. But this is something we are working with together with our investor to find a different solution. Compared to the long time that we have now been negotiating with RongShi, we must realize that there are huge different in culture, and especially within the approval process, within bank transfers, being a huge challenge within our agreement with RongShi. We try to navigate with that and have now engaged with foreign affairs in China, together with Bech-Bruun, a big Danish law firm, who is helping us finding solution to work around these challenges, whereas the IP transfer agreement is one of these solutions. The strategic outlook, when we look into the future, we have divided into what we accomplished in the current financial year, meaning from 1st of October 2022 to end of September 2023, and we compare that with the interim period, being the period between the prior financial year from October to September to actually approaching a financial year following the calendar year, starting from the 1st of January 2024. Obviously, we have already now an overview of how we can perform in the coming three months, which is October to December, where we expect to achieve a revenue of DKK 1.5 million, and 2024, following our order pipeline, we expect a revenue of DKK 15 million. We are working with the gross margin, together with the products production time and also discussed from Heidi's side; this is challenging for us. So we are trying to navigate with that and find different vendors and different solution to optimize within these two categories. Order pipeline, we expect to increase in the interim period with DKK 2.5 million, and 2024, adding DKK 20 million to this pipeline. New markets, currently, we exist on 17 markets. In October, December, we expect to increase this within the EU, and in 2024, we are approaching new continents as well. Product registrations are initiated in new markets, and this current financial year, we have achieved approvals in India... Sorry, we have two cosmetic products approved in India, in Israel, one, and we are currently approaching Malaysia, Kuwait, China, and main China as well. In October to December, we will initiate registration and products approval in further areas, and 2024, extend also to other continent, following our order pipeline. Clinical trials are on progress and also following the MDR, which is as listed here. China and Malaysia right now, during this quarter, we have subsequent event in JV. We have participated in CPhI in China in September, and also we have initiated the registration process in Malaysia, while the JV now has relocated to Hainan in order to have more fast track to the market. We, on the other hand, in regards to registration process, seeing the challenges following the Chinese FDA, we have moved to Malaysia to actually use this as a hub into the Chinese and Asian market in general. A cross-border element. Cross-border sales also should be possible this way. India, this quarter, we have finalized the establishment of the CanNordic India in Mumbai, and also we have finalized approval to cosmetic products at the Indian state's FDA approval. This is covering Anti-Atopic Lotion and Cannasen Hair Loss Serum. Now, Anders, I think we will move to questions. Perfect. I will begin to ask the questions that have all been pre-submitted. So starting from the top, "The stock price is, at the moment, at an all-time low. I've invested in stocks for a while, and I don't think I've heard such an optimistic leadership like yourself the last year and have nothing to show for it. What do you tell us investors that have worked our whole life to see the money be cut by more than 70% in less than a year after all the delays, misprognoses, missed agreements, delayed FDA, after the agreement first was withdrawn and then coming back?" So a bit of a long questions about the stock price movement here. Yeah. I think some of the question has been answered already, and also in regard to the share and the share price development. In the current stock market, we see similar situation for other growth stocks. But to look into our stock in general, I think that we went through the process that we have been through this year, focusing on our five growth area, where we have been able to accomplish and show performance on all five growth areas. Unfortunately, due to the cultural differences and other complication within the agreement with RongShi in China, we have seen delays of different characters. Is that something that we could foreseen? Maybe, but we have all the help right now to actually solve these areas. So we are looking into this positively and think that we will be able to find solution within the coming period of all the different challenges with China. In regard to the delayed revenue, as explained also during this presentation, we are working hard to solve the production time and the lead time within different areas. I think I covered most, Heidi. I don't know if you can- I think I completely understand that it's frustrating to see the share being halved. I think we have communicated, I think last year when we did the year report, that we have recognized and reflected from the first year on the stock market, which is the growth element, and other shares being hit as well, and then MedTech also being hit. I think being a first mover, it's amazing, but it's also a nightmare because you have not foreseen a lot of things. But we have been able to be agile enough to navigate within it. As you can also see, if we have delays in, for example, approval on our registration, for example, China FDA, then we work around it, and then we see how we can launch and enter the entire territory in different ways. We did the same in Israel. Israel also didn't want to have a product on the market with CBD. It's like CBD is both the new goal, but it's also very challenging for registration-wise. So for us, we need to work around it as well, and then we were actually able to launch the first product ever in Israel with CBD in it. So that is what we constantly see as a challenge. And then, of course, the whole supply chain. Being a small player means also you get either back in line or you need to pay upfront, and when we have a challenged financial capacity, of course, that is not where you maybe as other MedTech companies are able to invest upfront, then we have to navigate with what we have. We have consolidated. We have controlled a lot of other costs to make sure that we have the funding to support our competitive advantage, which is within the patents and the clinical trials and the transition to MDR, which is our core. So all in all, very long story short, I don't think we are the only one on the market. I think we have also communicated where we are, and we have actually navigated and delivered throughout the entire year, where people have seen us struggle. So I think that is why we continue to be optimistic. It's tough, but we do believe that we have amazing products, and we can see the orders coming in. We just need the funding to make sure that it goes on air. ... leading on to the next question here, also about China, can you update on how things are going with the Chinese FDA possible approval? I think we have covered this area, and I would say there are more challenges that we could foresee, but also, like I said before, we have seen this in, for example, Israel and as well, and we managed to navigate that, and we expect to be able to navigate within the Chinese FDA, combined with the Malaysian entry within this area. And we will send out press releases with updates as soon as we have those in hand. The next question here is from Rune: You have secured a payment from the RongShi JV of DKK 4.9 million. When do you expect to receive that amount? We are navigating again with the approval process in China, which is quite strict, stringent. We have, we are in procedure, and we are in the last part of this approval process procedures, but nobody can say anything about the approval process because we are a new company. We are new in Hainan, and also we are working with non-professionals within international affairs, which is also making challenges around in these processes, and that's also why we have engaged, or the JV has engaged with Bech-Bruun to help within this area. The next question is from an anonymous investor here: Do you have any recurring customers, and have you said you have agreements in place and just lacking the money to fulfill the orders? How come not every single Danish kroner was used to fulfill those orders? I think, as I mentioned before, we have actually three customers in Q4. We also have some other ones, but they're actually the talk in Q4. We have three customers that is currently placing new orders, both on new products, but also on, you can say, three new markets. So the recurring customers are there. In regards to why we haven't spent all our money, as you can see, we need to make sure that what we spend our money on goes in the right direction. And right now, we have, as you can see, the patents, we have the clinical trials and the transition, and of course, the registration element of it. So if you time set up in regards to where to focus and then also being challenged on the financial capacity, it's not because we say we don't want to, but, in regards to what I also highlighted, we have shifted also to own labels, and own labels have a different payment term, and that is actually more favorable for us because it's more upfront. So that is what we're trying to move forward right now. So for example, just, maybe half a year or more ago, we would have more on the branded production, where now we have more coming back for own label production. So we are trying to see if we can get the, payments through, in a different way. The same person also has another question here. It's a bit of a long question, so I will just read it up, and then you can answer, afterwards. So the question is: I just wonder why one should keep shares in your company. The share price and the lack of providing any form of value to our shareholders is beyond me. After the last report, you guys gladly told us shareholders that if you were able to buy on these levels, you would, and since then, the share price have pretty much been cut in half, and we haven't seen any insider buys since the according to MAR news that is share price-driven should be made public ASAP. And I find it hard to believe that there hasn't been one opportunity to buy the last quarter. So that was the question. Okay, I think I will start. In regard to insider buys, we have had logbooks in all quarter due to the different negotiation with RongShi in China. So when we have logbooks, we are not able to make an insider purchase, so that's the reason for that part. Yeah, and why you should invest? To be honest, if you go in and you look at us as a commercial company, I would challenge that as well, because, yes, it's very unsatisfied that we're not having higher sales volume, but if you look at us as a MedTech that is currently delivering within new territories, then I'm still happy I'm here. The fact is that we do have patents, we do have a specific technology, and we are going in. And as I mentioned in the beginning, it's amazing to be first mover as much as this is a nightmare, but that is what we're working with. So we still believe in it, but as Gitte also mentioned, we are almost constantly on lock, because of all the things that we are doing all the time. The next question here is from Lotte: According to the timeline in the Q4 report, the FDA approval in China is to be resubmitted in 2024. So you got a rejection without announcing it to the shareholders, is the question. We have not gotten rejections, then we would have sent a press release out. What we are navigating in right now is delays due to classification challenges. This was also the case in Israel, and that was why we resubmitted and renegotiated with the approval authorities. What we have right now in China is one product which have been sent for classification, which is still in classification procedures. So no final solutions there. We are trying to figure out how to solve this, and when we find this solution, we will go ahead with the one product, but we will also submit the other products. While we went with one product, which was actually to learn from this one, how to navigate the filing of the application for the other medical device products. So that's what we are working around right now. But as soon as we has news whatsoever, we will send out an update on CS news. I think it was the same. We have, for example, just to give you an example for Australia. Yeah. So we also what we do is that we send in one or two products to see how the CBD is perceived, and how is the over-the-counter as a medical device, or where is it that they're placing us in the local registration. So that's kind of how we work with the different local representatives together with our own compliance department. And to follow up on that, all the challenge is that each local authorities look into CBD and other cannabinoids in different ways and with different classification. So we cannot go and say, "Okay, now we find the way to do this in one country, and then reuse it in other countries." That's not doable, and especially when we are outside of Europe, there are so many different approaches within the cannabinoids and cannabis area. And the next question here, I think you have covered most of it, but I will read it so that the person gets. Mm. addressed this question as well. Yeah. In your prospectus for the IPO in 2021, you stated a forecast for the 2022-2023 year of sales of at least DKK 150 million. You managed to miss it by 99.3% and come in with DKK 1 million. How could you be so wrong? I think we covered most of the explanations, but in regard to actually going from the 150, so where we are now, is we are first movers. We have not been able to foreseen these challenges that we now see within local approval process with outside Europe. We thought that when we have this Free Sale Certificate, it would be easy to enter the market. We see that this is not possible, as there are still frustration and complications around cannabis and how to achieve that and how to approve that in each local authorities. So this is what we could not foreseen as we are first movers, and also the long time from order to invoicing is also something that have been challenged by the supply chain disruptions and all the different events that have also been reflected in all other businesses as well as challenges. The next question here is from Rune again. Has the joint venture agreement with RongShi been signed? We have not signed that yet. As soon as this will be signed, we will send out a press release. When we follow up on the IP transfer agreement, more explanation will be incorporated within this area. Rune also follows up with another question here. You transfer IP to the RongShi JV in exchange for the cash payment of DKK 4.9 million. I assume that the JV is going to need a lot of funding in the future. Will you provide 49% of that funding as cash, or do you have further non-cash values that you can contribute to match RongShi's contribution to the JV? The IP transfer agreement is not as such, and payment for the IP transfer within the Asian market, it is combined with other agreements that are being made with the JV in relation to how the JV will be financed. Also going forward, this has been explained when we made the JV agreement in these press releases, please, so I will refer to those. Also, further information will be included when we post update on the IP transfer agreement. We are nearing the end here with the final question. What happens when the credit line from Danske Bank expires next week? As included within this press release announcing the credit line, we are keeping a very close dialogue with Danske Bank. They know every step we take in regard to the negotiation and the different agreements with RongShi. So we will look into what will happen next during this week, and we will send out a press release. That was all the questions. Before we end the webcast, I will just hand over the word to you for any final remarks. ... Thank you. I think, as a final remark, I don't know if you will elaborate further on that, Heidi. I would say we have, this year, learned a lot. We have been able to capitalize the company. We have been able to actually achieve progress within all five growth area. We are working hard on getting all processes continued, even though that we are struggling with the liquidity. We have been able to actually achieve our patents, which is very expensive, but also we have fulfilled all other growth areas. So we learned a lot. We managed to get through the year, and we are looking forward for next year, to keep this growth ahead and also capitalize on the consolidation that we have made this year. Yeah, I don't have any further questions. Again, you can always send us an email, and if you have any input or whatever, we have to, of course, stay within the MAR rules. But again, some of the questions in regards to also why we stay optimistic or either stay in the company, you can see there's a lot of things going on. So even though we are very challenged on the financial capacity when you wanna grow, of course, that's frustrating, not only for you, but also for us. But we still believe that there's a path going into us with a profile of being a MedTech and not a 100% commercial company. I think you need to look at that as well. Thank you for that, and thank you everyone for listening in and contributing with the questions. This ends the webcast, so everyone, have a good day. Bye. You too. Thank you. Thank you. You too. Bye. Bye.