The latest report, Joachim. A lot was going on when last we spoke, and it will be very interesting to hear where things stand now. This time, I would like to focus on the market focus, market update section of your report. But let us start with the financials. The figures in Q2 were largely as expected. Net revenue was low, but we forecast that you will enter into an agreement this year that will start generating some revenue. Are we too optimistic, or how would you comment on the sales development? When you say, are we too optimistic, is that in terms of generating sales? Generating sales. I think it is reasonable. I think what has certainly happened this quarter is that a lot of the opportunities have moved from looking at does the product work, technically verifying it, into commercial discussions. We have certainly started discussing commercials with RBI and NPCI for India. We are moved significantly for GCash. There we are discussing the commercials in parallel with the technical trial agreement that we have signed. And there is also good movements in the Caribbean for a CBDC project as well. To expect revenue this year, yes, we certainly do that. Okay. Yeah. We'll come back to all those projects in just a bit. Let me ask you about the cash situation. The operating cash flow in Q2 was about SEK -4.6 million. Yeah. The cash balance ended at SEK 13 million. Given these figures, it would appear as if you would need a major deal, or a deal, or external financing of some sort for year-round. What are your thoughts on the financial planning? You're right. We did, in the Q2, the rights issue. The Chairman and myself, we subscribed for it, the whole thing, and then it was oversubscribed, and that strengthened the financial position in the company considerably just before the summer. We are looking into the financials, we certainly are. It is coming from commercial, that is the main, what we need to live on is the commercial contracts. The other one is the strategic investor project that we have looked at as well. I think these two projects, or these two revenue streams that are, in a way, helping each other. If we are getting sales traction, it will be much more easy to attract strategic investors as well in parallel. I don't think it's binary, like you say. We're aware of the financial situation, and we are considering our options for what to do. The main thing we want to do is to sign deals, as you said, major deals in order to leave those financial discussions behind us. Yeah. In connection with the rights issue, Västra Hamnen Corporate Finance was engaged to attract new strategic investors. Yeah. Are there any updates on this process? Well, it's ongoing. It's been a little bit on the slow side due to summer vacation. But we're working on that. I think what has happened is that our financial situation is stronger, as I said. We have moved forward quite a lot with the commercial discussions into many of those opportunities we have at hand. I would also say that the fact that we got a patent approved in India is also making the whole situation look stronger for us. So that helps in the dialogues that Olof from Västra Hamnen is having in the market. Okay. Yeah. Yeah, that is my next question, actually, because I would like to turn to the market situation now and your position. As you describe in the report, you have proven that your solution works. It is the title of your CEO statement, From Proof to Position. Yeah. Have you done any updates on your offering? No. Technically, it is sort of the same product. We are doing work on it always. But technically, it is sort of still very much the same product. I think what is becoming clear, and this is why we are structuring, in a way, the market update on the system-level. We really understand that we need to be part of the system. That is sort of one level. And then on the service-level, the ones that are serving end users, like you and me, so we can pay even offline. That is another level. And we are working that way, but it is not the product itself that has sort of changed. It is sort of our go-to market is clearly structured in those two components, and we are very aware of that. And I think that is a necessity in order to go to market with an offline product like we have. Yeah. Understood. I would also like to encourage all viewers to send in your questions in the chat function in this webinar so we can address them as we go along. But first, let us address the India patent, which was a milestone for you. Has this changed how you discussed with RBI and NPCI and banks since? Yes, I would say yes. I think it changes. Before it was that, let's try our technology for the market as a vendor-neutral system-level architecture, and then later we can bring in service providers, who could deliver an offline wallet on that system. We've been, in a way, working closely with the system operator, NPCI, to set this up. The specs are ready. We are ready to go to the banks as well. I think what has changed is that we are not just a sort of a technology provider. Now we are a technology provider with rights to the architecture that- You have like a business proposal now? Well, yes. We've had several discussions, actually, during these months since we last spoke here, with RBI as well as with NPCI. RBI, we've asked them because it's their product. Initially here, we're talking about the digital rupee. Are you our counterparty for sourcing in our technology or is it NPCI? We've been directed to that we should have the commercial discussion with NPCI. That's what we had. We're still having conversations with RBI, keeping them abreast of what is happening in our discussions with NPCI. There is a meeting, probably two meetings with RBI planned for just to the end of the month. GFF is coming up, the Global Fintech Fest, early September, where we have a good chance to meet in person as well with both, people from NPCI as well as RBI, as well as the banking community that is supposed to implement offline wallets as well. Yeah. The project that you were running with the NPCI and the two banks Yeah is it completed or where are you now in that process? What we are doing is that we are running it with. It is two separate things in a way. It is an infrastructural thing with NPCI. That is one level. That is the service level. Oh, sorry. System level, in order to have the technology that the system can accept and process offline payments. That is the system level. On the service level then, the idea is that we have signed agreements. We have sort of two banks there, IDFC and Axis Bank, and that is also progressed. We have signed a technical trial agreement with Axis during the quarter here. IDFC, the other bank, is our customer since before as well. But they need the specification on the system level in order for them to be able to integrate the work. The system level needs to be completed first, and then Yes they can move on. Yes, it needs to be system-level first. That is what we have been working with for a long time. Now, I think partially with the patent as well, but also the work we have done is that we are asking a system-level compensation for all the work we have done and the fact that it is using our intellectual property here on the Indian market. Things are progressing in India? Yes, yes, they are. Should we move on to the Philippines perhaps? You mentioned GCash. How close are you for dealing with GCash or the Philippines? The Philippines has developed in a really good way during this three months as well. GCash, they have a very structured process. When we spoke last time, we had positive signs from their product team and the technical team that they wanted to go ahead with us. Then they have now put us into their what they call the innovation team, which are the ones that prepare new innovation for the GCash solution. So we are working with them closely. We have signed an agreement for what will now happen in terms of technical testing. In parallel, we have also given them commercial proposals as well, which they wanted to have one clarification last week, and we have sent them that. This is what I think is good, that we are progressing, not just try it out if it works, but also, we are at the stage of commercial discussions as well. We have also had. This was coordinated by the Central Bank of the Philippines, they are called BSP. They brought together the whole ecosystem. This is the major banks, the payment networks, the equivalent of Swish, which is called InstaPay. They brought all together and discussed that we believe from the Central Bank perspective, that this solution that Crunchfish is coming with is very important for the Filipino market. Then this whole ecosystem had a chance to say, "What do you think?" in front of the Central Bank. They all agree. I would say this is, as I think we have discussed before, this is sort of for the whole Philippines, and going for our technology, which is extremely encouraging, almost like we are now doing in India. What is good with GCash is that they are a front runner. It is like a closed-loop wallet. It is one management, and they control this. They can make the decision Yeah irrespective of the infrastructure. Yes. This is the plan, that they want to do that. They have 80 million Filipinos have their wallet, the GCash wallet. It is just like in Sweden with Swish. Everybody sort of has Swish on their phones. Everybody has GCash in a way. They have also a very strong network of merchants that can accept those payments. So GCash can move independently on their own. We think they are going to be a fast track for us. That is going well. I am also very encouraged that the Central Bank is taking this so seriously and coordinating sort of with, and mentioning this opportunity with the Governed Offline for the Filipino market, and sort of drives in a way the project. I do expect that will take longer time to get the whole ecosystem behind it than just doing it with one player like GCash. Philippines has developed positively in sort of two ways, both on a single wallet level, but also ecosystem-wise. Yeah. It has been good. I think the Philippines has developed well. Okay, that is good. Let us travel to the Caribbean. Caribbean? Yeah. Yeah, we travel the world. Globetrotters. Where are you in this process? We wrote in the Q2 report that we are expecting in the Q3 a Board decision. It is not a done deal yet, but everything points in our direction. I think the Board has taken some sort of principal decision in our favor, but there is still some clarifications that the Board have asked the management team to sort out. We had a meeting yesterday, quite late, actually, and there is another one on Monday. We are sorting out the details now. We have to discuss about contracts and things like that, but commercially, technically, I think the- What will this Central Bank do with your solution? They will adopt it and- Yes implement it. Yes. They have already a working CBDC platform, a central bank digital currency platform in the Caribbeans. A lot of Caribbean countries, they are island states. The infrastructure is with internet connectivity and sometimes even power, is sort of a problem sometimes. Having offline is sort of a priority for them. We are quite happy that it looks like the approach that we are taking with Governed Offline has appealed to them, and it is looking very promising. We have not announced it yet because we feel it is still a little bit We are not there yet, but we are close. That is back to your question, will we get sales this year? I think this is a good candidate, which is looking very good in the near term even. Okay. Yeah. Interesting. Let's go to the Middle East and talk about Mercury. Middle East now. Yeah. Mercury. Yes. How is this collaboration progressing? Mercury have done their homework. We sent them sort of technically what it would take for them. If we step back one step maybe, Mercury is like NPCI in three countries. They take on the role of being the system operator for the central bank payment systems, very similar to NPCI's role in India. Mercury has that role in three Middle Eastern countries. They have worked during, since we spoke last time, they have worked with their integrators or their sort of technical providers to scope what do we need to do in order to have Governed Offline from countries integrated. They have got that scoped, and they got an offer. Mercury have told us that we have accepted that offer. Before we start, they now want to go to the central banks in those three countries and basically say that, "We can do this." Before we actually start committing and doing all the work and integrating it, "Is this what you want?" This is also very positive that we feel that Mercury is moving ahead as we thought. It has been summer holiday. We had a meeting with them when they, I shouldn't say they complained, but they said it was 54 degrees. Pretty hot. It has been an enormously hot summer. There has been some vacation time as well. I like that they have done their homework with their technical integrators. It is yet another project which is moving, and it is moving towards now decision, and after that then, commercials and integration. Yeah, very good. We received a question from a viewer. Would you like to address investors who are disappointed in the development or on the lack of tangible commercial results? Yeah. What's your comment? Yeah. I think we are coming with a new approach with offline payments. It has taken longer time than expected, that's for sure. What can I say more than that? It is a complicated setup that we do. I think Long sales cycles with very Certainly long sales cycle. I think also if we're looking at India, we had India already 2023 approved by their regulatory. Our solution was approved. NPCI did a competing product, which by the way is very similar to us as well. So India is now sort of sitting with both UPI Lite X as well as what we've done, which is essentially using our patented technology. The fact that they did that made it difficult for us to do deals in India. Since then, we have continued with India, and now we are back and we have now a stronger position. That certainly took time for us. We are moving now into other markets. I think the other thing is that the other main market for our product has been CBDC, central bank digital currency. But that's been occupied by that you move money out on devices, and then you transfer a token, just like you transfer a banknote. A lot of central banks have thought that's the way it should be done. I'm very encouraged now that the approach that we call Governed Offline, where the money stays in the backend, you reserve it there, and that's our patented approach. That is winning ground. India was certainly doing the other approach with CBDC before, but they are now, with our help, looking at Have they completed their move to? They were in a project They did the other approach before. What I'm saying is that central banks around the world thought that they're going to do, just like they issue banknotes, now we're going to do something very similar. But we have convinced them, and we have good, strong argumentation for that that's been this, you need a solution which is banking friendly and implementable and governed. That means that the Reserve, Pay, and Settle paradigm that we have always talked about is winning ground. I'm very happy about in the Caribbean here. That's sort of a central bank digital currency project, where they have also tried doing the other approach, but failed. Okay. They're going to ours. What takes time is that I think we've come with a new approach, and it's been much longer to get it to commercials than certainly what I thought. But the promising now is that we have a strong position in many places, and the discussions are about commercials now, not about if it works or not, or if we should have your solution or not. Now it's about trying to make commercials out of what we have. We're certainly getting closer, but it's been a long journey for sure. Yeah. We have a question regarding all the tests and projects that you are running, evaluating your product. Do you charge for those? Yeah, we typically charge. This is not what we think we can live on. We cannot overcharge because then they do not want to try it. So we have a fee which sort of covers at best cost. This is not a major revenue stream in any way. So, we typically charge something to cover costs. This company needs to sell systems and to sell offline wallets in those systems. That is the future for us, not to do proof of concepts, really. Of course. So, I urge you to keep sending in questions. We will address them as they come in. In the meantime, let us go back to Europe. Now we are in Europe. Yeah. You completed phase two in the Digital Pound Lab in the U.K. What happens now? The phase two, it is sort of a phase in their digital lab. I think they are wrapping it up. They gave some indication, they published something on their website of who has been involved. There will be another, I think in September, they will wrap the whole phase up. I think for us, it is not that the central bank or the Bank of England have not taken a decision to just roll this out. For us, this is more validation of our Governed Offline approach. We are getting a validation from that it has been tested in an environment with a very respectable central bank. We are happy with that. It is more about credentials for being involved with them, rather than there is a direct next step with them. I think there is no commercial next step immediately because they have not taken the decision yet to go forward with a digital pound yet in the U.K. market. They are also evaluating different options. No, this is not just offline. It is for, should we have a digital pound or not, really. And offline is one component. I think we have done a good job to show them that you do not have to bring money down on devices. You could actually implement it in this Governed Offline way. I think they fully understand now that that option is available to them. Yeah. Yeah. That is the Bank of England. How about the EMU, the ECB? There, they wrote a spec a few years back, which was on that, again, immediate model, and they are going ahead with that, and they awarded that project. But we met people at a conference where they are signaling to us that, "We want you to stay involved as." And we are a pioneer, an innovation pioneer for the digital euro as well, and they indicated that, "We want to explore how we can get you more involved." But over the summer, nothing has really progressed from that conference that were in May last year. Right now, I do not have any. That is why we do not write much about digital euro project in the report this year. Long cycles. These are very long cycles. Yeah. Yeah. I am running out of questions, so if you have any, please send them in, and I will ask you. There is a lot going on, obviously. Could you tell me three things that you could see happening for Crunchfish during the second half? It is that we got that contract with IDFC FIRST Bank back in 2023. Also, a small system for doing SMS based payments for the digital rupee for IDFC only. Now, finally, we are getting to selling our system, and I think commercialization to basically commercialize what we have done, what everybody has been so disappointed about that why has not it happened? I think that is what is certainly next. From technical proof to commercial proof? Well, basically commercial revenue. We did not want to write that because our top number did not really show any, and as you know, low on revenue. That is why we wrote it from proof to that we have a position. That position needs to be now converted into commercial. That is one. I think the other one is that we are working on, as I said before, on the system-level. In India, that is very interesting. That is the whole ecosystem of India, and we are doing similar things with Mercury as well, that we are on the system-level working there, which is one level for revenue and for, I said, opportunity. There is a whole ecosystem of wallet sales underneath as well. The system-level implementation that we decided on already last year is turning out to be right. I think that is good. I think the third one, it should probably be that we are, as you said, we travel the world. We have been in many places in this discussion here. I think that our approach is seen and recognized increasingly as a very strong offline approach, both if you have an instant payment system like a Swish system or if you are a central bank. So I think we are a very credible sort of player. You mentioned where we were. Let us travel to Europe, and you talk about a digital pound. We do mention another project in Europe as well, and that is a European country where we are in quite advanced now discussions with. It is early, but we got the right level of people we are talking to, both from their major wallet but also from the ones that are working with merchants and is accepting payments. Both those are keen, and we are going to have meetings with them. I would say the third one is that the opportunity is not just in a few places. It is actually happening, yeah, it is multiple places around the world, really. And I am pleased. Compared to where we were one year ago, we are much further. Just compared to where we were three months ago, we are much further. So, it has been a strong quarter, since we spoke last time. We have not yet turned it into revenues, and that is what we need to do to- Yes make this a sustainable company. Yes. Thank you, Joachim, for coming and talking about this, and thank you for watching. We will certainly be following the news for Crunchfish. Looking forward to have a chat in a couple of months- Yeah with you again. For you who is watching, don't forget to subscribe to Västra Hamnen's YouTube channel, so you don't miss the next update about Crunchfish. That's all for now. Thank you and goodbye. Thank you.