You should all be very welcome to this ZignSec Annual Report presentation for 2023. The presentation will be followed by a Q&A session. Presenting today is the CEO of ZignSec, Mr. Glenn MacDonald. Warm welcome, Glenn. The audience is yours. Well, good afternoon, everyone. Thank you for joining today's session, where we'll discuss our achievements of 2023, the challenges that we faced, and also a bit on the outlook of ZignSec AB. My name is Glenn Mac Donald. I'm currently the CEO of the ZignSec Group, and I'm looking forward to this session. A bit of an agenda here. It will start with my own reflection. We will end up in a Q&A. I'm really happy to entertain any question that passes by. And in between, basically, I will guide you through some of the highlights of this year's annual report of 2023, and try to zoom in on some of the factors that are of importance for either the company or for you as a shareholder or an interested party in the whereabouts of the ZignSec Group. So, you know, hopefully, you will stay tuned with me. This will take about 20 minutes, and after that, we will have sufficient time to go through any kind of questions. Well, first of all, you know, what's my personal view when I look back on 2023? You know, for me, it was also a quite special year, basically, because of course, I took the role and responsibility of becoming the CEO of the group. With that also comes a kind of responsibility and, you know, also, you know, you are forced to have an even better understanding on how the company is thriving. You know, 2023 was particularly a year where we had multiple challenges. You know, economically, I think a lot of things are happening, but also internally, you know, we need to be honest that there were really some things that we need to do better, and that also we did do better. So the advancements that we showed during this period, this year of 2023, only showed, in my belief, the dedication that the team has, that I have, and, and, you know, all the people that are involved and engaged with ZignSec to create new ideas to improve the company, increasing again on success, because I think that was a bit of lacking the feeling of success both internally, as in internally, and above all, you know, with the step ups that we've been doing in the last part of the 2023, hopefully, also, we're making a good leeway again to make also our investors, you know, more confident and more assured again that their contributions are being perceived as valuable and bringing prosperity. How do we do that? Well, you know, before I dive into the figures and the numbers of the ZignSec Group and the performance of last year, I think it's also good for you to understand where are we standing nowadays, as a ZignSec Group. You know, I think under the hood, a lot of things has been happening over the year, and I think not everything was always that visible for many of you who are not in a daily contact with the whereabouts of the company. You know, what we are trying to do nowadays is basically driving a very constrained and very focused strategy, and a road to success that is built basically on six pillars. One of them is data. You know, we have such a strong, asset, in-house with all the data that we possess that is very valuable and that we can utilize even more than that we've done until today. We have a very great team, very good expert people, that already for many years are active in this field, so they can contribute with not only with their expertise, but also they know how to... The market is evolving and what kind of products and services we should offer. The technology really made a huge step forward, and I come back on that a little bit later, but also the way how we now starting to integrate, AI capabilities, how we migrating to a microservice architecture that basically also, again, leads to more scalability, flexibility, and resilience, is very good. We are trusted, you know, we are not for nothing and certified by Mastercard as an MSP, certified agent. We are ISO certified, you know, as we are in a trust business, for me, those are very important aspects. And our reach. You know, if you look to what we have as an international client base, and how we provide global services and global coverage in more than 90 languages, even, we can support many of those services well. I think that's something to be proud at. And all of that is driven by a business model, driven by a SaaS model, cloud-hosted with easy implementations. So again, I think there are a lot of ingredients, there are a lot of aspects that nowadays are present in the organization again, that are a forefront of further growth and stability again in the company. That said, of course, looking to the performance and, you know, the execution of the company last year, there are also buts, and I need to be honest about that. Also, for me, it was disappointing that, you know, basically the net revenue of 2023 had a minus of about 6% on a year-on-year basis. So we were doing slightly lesser than the year before. That said, you know, also our EBITDA increased in the positive a bit, so we did this a slight 7% better. Those indicators, you know, also need context. If you look to what it really, you know, what really happened in the organization, is that the 6% decline has happened also, particularly in an area which is not our core business. You know, if you look to the core products that we offer as a ZignSec group, we are profound in the KYC and the KYB services, as you know. You know, we drove a total revenue of SEK 84.7 million. But, you know, the core products of our offerings were growing. So if you look to the KYB year-on-year growth, predominantly the Web Shield services that we have, we had a positive growth of about 20%. If you look to the KYC growth, you know, on our core products, there was a 16%. Unfortunately, you know, two products, Legal Library and VCO, are products that are in transition, and they had a significant decline, and that essentially led to also a decrease in our total revenue. So I don't want to make it better than it is, but I just want to point on the fact that if you look to the core of our business, we really didn't do so bad at all in the year 2023. So basically, you know, if you also look to the highlights that we engaged on 2023, is we definitely expanded into new markets. You know, we successfully launched new products like Proof of Address and Compliance Pass. We ignited a really, quite a lot of cost-saving measures that, you know, will have its positive reflection for sure in 2024. We went live in the second part of the year with the Malta Business Registry, a very important customer in Malta. And you know, we had, of course, also to do the rights issues and the direct share issues. I come back on that a bit, a little bit later. And there were strategic realignments and technology advancements. As I said, you know, we need to step in the capabilities of our technology. It's key in nowadays business, and with the hiring and with the starting of Daniel Grech as CTO, we really made a good stride there in improving also the quality of our infrastructure, better integrating the different companies that are under the umbrella of the ZignSec group, and that led also to a kind of change of leadership, including myself. If you say, what are the strategic initiatives then, and, what we accomplished? Well, again, new leadership, both the appointment of myself and, and Daniel also has led to, you know, strategically positioning, us to enhance our technical capabilities, streamline our operations, ensure that we stay in the forefront of the RegTech industry, you know. So we did a kind of overhaul also in how this, you know, organization needs to work with each other. You have to take into consideration that, you know, there are still three companies that somehow, were put together, over the course of the years, but are not still or were not still fully integrated. Then you miss out also synergy. You have even, not even full control, and also the user experience can, be improved. Well, you know, last year, in the year of the consolidation, we really made some good improvements there already, and we will continue elevating on those improvements also through the year to come. If you look to the product innovations, well, of course, these innovations, which I just mentioned as well, Proof of Address, Compliance Pass, these basically represent our commitment to providing state-of-the-art solutions. We need to reduce further friction in a very complicated compliance and verification market. That's a challenge, you know, it's a very competitive market. Technology developments are going very fast. So for a relatively small company as we are, that's really, for, of course, also something that, you know, that takes a lot of effort, a lot of focus, and also a lot of resources on our side. But I'm very, very happy how we stepped up during the year of 2023. That immediately also led to some further market extensions, expansions. So what you saw, particularly last year, is that, you know, Europe is, of course, our home base. Yeah, by origin, we are European companies, so about 78% of our revenue is more or less European-oriented. But we saw, we saw a very steady growth also of our revenues in the growth markets, and that also in the near future, are those the territories where we need to find our extensive growth. You know, twofold. Most of our customers and companies are also internationally oriented. They will go to those territories, so we will have natural growth with them. But secondly, also, you know, in those territories, take, for example, Latin or Africa, there's a huge development of digitalization going on. You know, local companies are in the forefront now of digitalization, and for us, that also, you know, with the type of service that we have, creates also a huge opportunity for us to tap into that growing market area, and, we definitely want to be there going forward. I mentioned already several times that, you know, the year of 2023 was foremost also something that we done under the hood. So, you know, if you look to smart savings, brighter future, you know, the, the... In response to the dynamic market demands that we had, we streamlined basically our operations. You know, focus on more efficiency that will support sustainable growth, and also creating changes that are crucial to enhance our operational flexibility and position us for more profitable futures. You know, we are only with 60 people. We're covering more than 50 countries around the globe. We have more than 360 active clients that do monthly, daily transactions with us. With a group of 60 people, you know, if you divide it in the different roles that are there, that's really a challenge. So we can really proudly state that we are really an agile company, but we also need to be realistic, and we need to be efficient, but we also need to see where we can further develop and grow ourselves, so that we can continue also offering to our customers the right quality of services that they deserve. So for that, we need to have solutions for tomorrow. You know, our focus remains steadfast on delivering innovative solutions, as I said. Compliance Pass is one of the examples I gave. But, you know, it's also additional address verification. MyConnect platform with SCHUFA, that is now really live, and we see also now finally starting to get some new traction and also new customers popping up in that, that environment. That's something that is also giving us a lot of confidence that we are going in the right direction. And, you know, if you look, so what's next, then, you know, the strategic partnerships are very, also very important. As I mentioned, as a small company, it's not always easy to be present, to have reach, to have enough R&D capability as well, to be on the forefront of, all the new latest developments that are there. So partnerships are important, and I know that over the last couple of years, now there have been multiple presentations of partnerships. And, you know, with all due respect, most of them are still very much alive, although not always that visible. But we will continue thinking about how can we create a network? How can we find, indeed, also connections, where we can tap in, where we can reuse, where we can integrate, where we can facilitate also, the way how we bring our service and offerings to our customers? So collaborating with industry leaders, like Absa Bank and MedHelp, are very important for us because those are either new territories where we learn from, or they are in new verticals, you know, where we also can create and experiment our capabilities. And that will be, again, strengthen also, the way how we can have further impact in the future. So concluding, you know, on the operational highlights, you know, if I reflect on that, it's about optimizing our business model, innovating our solutions, and safeguarding that, you know, we stay true to our mission and to our vision to, to stay and remain, you know, in the forefront of RegTech services delivery globally, and that we can create long-term creation of value for our beloved shareholders. Of course, yeah. In this story, of innovation, better organization, agility, reach, network, partnerships, there are always challenges and risks. And, you know, one of the things that, of course, we can't basically influence and that had some impact in the past, is the geopolitical impact. You know, what happened, in Ukraine, and the sanctions that were posed, it hurted us, it hurted many companies. It's not something that, you know, I will continue using as an excuse, by no means, but we also can't close our eyes for the reality that there's a lot of volatility in the market. There's some uncertainty that also reflects on the buying willingness of our customers, and we have to deal with that. But, you know, that said, you know, we are confronting those challenges with a lot of confidence, and we are convinced that if we stay focused and if we continue doing the things that we do today, we will go through that. And, you know, that also means that sometimes delays in our trajectories with regards of projects can slow down revenue. But we also saw declines in certain products, as Legal Library mentioned earlier, you know, what do we do with that? How you respond to that is very important. In that respect, you know, the team quickly came up and assembled a new product like Compliance Pass. So we are responsive, we try to act on what is happening in the market. Not everything is always pitch-perfect, but, with the focus and the dedication and, you know, the stability that we now have in what we want to achieve, I'm very confident that indeed, you know, we can mitigate those challenges going forward. And that will create a next wave of opportunities as well. And, hopefully, also, in the recent statements with regards to our Q1 numbers, we can also already see some of that experiencing. Let's keep fingers crossed there. But, you know, we will focus indeed on high growth markets with those new opportunities. You know, India, we did a publication not so long ago about the fact that we were indeed granted a operating license for via the IFSCA for a KYB pilot that is there. We are still meticulous working on that. It's not a very fast process as well. I need to be clear there as well. You know, we are working with the Indian authorities. We are working also with the Swedish organizations that can help us land in India. It's a complicated market to sell in, but we are steadfast and focused, we know what we are doing, and we will get there. We have not signed real contracts yet, but we have some good conversations going on. So, and we keep on pushing, and we will make it happen there. The same accounts for Africa, you know, we were in a similar situation there not so long ago. Eventually, we signed an upside contract, and now we are seeing more and more traction also in the African markets that are engaging us actively. So I'm really confident that we can really start to continue growing in that matter. And everything that we've done in 2023 was basically a foundational work to make the success starting to thrill. And, you know, for me, it's always about focus, and that's what we definitely do. With that, I think, for the long haul, we will take a very good place in the RegTech space going forward. So that said, that is a little bit of the context of ZignSec for 2023. The financial part of it? As I mentioned already, you know, we had a challenging year with a 6% decline in net revenue. Our focus was on strategic initiatives and cost management, and that is indeed improving our base on which we want to build. So, you know, one of the initiatives that we took was the cost-saving initiative, with, you know, the measures that we took, our estimation is that it will lead to some SEK 40 million annual decrease of costs. Let's see. But, you know, we already see now that what we did in 2023 shows its results, so that's positive. Again, focus, stay resilient, and keep on doing what you think is good for the company and for everybody involved. If you see what the key trends and observations are for 2023 from a financial perspective, then, as I mentioned, the core products have been growing. So despite the decline of 6%, our core products have been steadily growing, and that's also good to understand that the core of our business is healthy and profitable, in a sense that it has still a lot of traction. There's a lot of customer interest, and we continue being able to sell the products and services that we have to the right audiences. The challenge for us is also to compensate for those products that are either overhauled by regulations, like Legal Library, or that you know changed because the customer demand disappeared or changed in a different direction, like VCU products. And that's the kind of creativity and you know focus and you know knowledge that we need to do together to build new services, new value-added services, find new partners, find new ideas, to continue believing that you know that growth stimulants that we have. If you also look to ZignSec, because ZignSec is basically always the KYC part. Web Shield is always basically the KYB part of things. Also for ZignSec, particularly, you know, if you look to certain products like Registry Check or ID Scan, we saw a humongous growth there as well. And on the one hand, it's because new technical enablement, new platform features, better services, better procedures, made it happen. It was also about selecting the right suppliers in our business model, so we changed also indeed, with some suppliers during the year. That really helped in growing our volumes in the core products of our KYC delivery. On the other hand, there were also some other products like PEP and Sanctions, that, you know, decreased basically because the demand of a very few large customers basically disappeared, and that also had immediate impact. And, you know, that's also something, that we need to overcome, but these things are happening. But overall, our products and services were very well perceived, even in a year where we had a minus 6% decline of revenue. Wyzer always, the one in relation to the Malta Business projects, have been delivering on the project. We had some challenges also there, of course, it's a large governmental organization, sometimes difficult also to manage to get hold on. We have some project surprises, but to be honest, you know, some of you who have been involved in very large programs and projects, have you ever had a program where there were no delays or surprises? We have to deal with that as well. But, you know, I think also there, there's a steadfast going, continuous improvement, stronger customer relationship, and, I've hoped that, you know, also going forward, we can make it more steady and more, you know, profitable for the organization. Overall, I think we created a lot of decrease of costs, a steady revenue on the core products, and it also leads to a situation where the EBITDA slightly improved. You know, our equity assets ratio are quite healthy to that extent, eh? Basically, creating a very healthy position, a cushion, with regards of the cost related to that. Our cash flow management also slightly improved. So, all the factors, all the metrics underneath the company show signs of recovery. And that's also, you know, that really motivates me and the team to continue on the road and the path that we are conducting today. So if you just summarize everything, if you look to 2023, it was about, you know, focusing on spending, expanding in different markets, building a foundation for further growth and acceleration, cleaning up, and also, you know, fine-tune on, you know, the integration of the different company parts within the group. And now it's stepping up again. Product development is, of course, continued enhancements of those products and services that we already have, identifying new opportunities by new regulations or by new demands of customers, and also stay at par with the latest technology developments, you know? So you need to be also in the forefront of companies that can deal with AI, that can deal with large language models, and can be as smart as possible with treating data, which I mentioned earlier, is one of our core assets, in a way that, you know, our customers will benefit from that. In the end, my sole aim and purpose as CEO of this company, to make a sustainable, healthy growth company again, of the ZignSec Group, with a robust pipeline, with lots of innovations planned in the pipeline. So, you know, I think that's basically also, in summary, the year, as we had it. So, you know, it's, we navigated through a lot of challenges. Some of them were tough, some of them, you know, were light to deal with, but we did it with a dedicated team, with a strong team, with an engaged team. And we are looking quite confident ahead in 2024. And then the long-term vision is basically really becoming the go-to RegTech company for any kind of company that is in a high-risk business, to do their compliancy and indeed their, you know, business verification and customer verification services. And, you know, as we leave 2023 behind us, I'm looking towards in the future, and that path is marked with innovation. It's, you know, it's really with strategic expansion, and it's with a lot of commitment, with a lot of positive energy, and, me and the team are really committed to really, you know, make this a growth company again, and also show you and give you that return on value as well as an investor in that sense. That said, you know, there are some other events, because I think it's very important that, you know, we as ZignSec Group, are more transparent and better in our, the way how we work, how we deal, how we are, you know, performing. I received over the last couple of months, quite a lot of complaints, if I may call it like that, that you, that we were not communicating good enough, and, you know, I took that very heartfelt. I really felt that, you know, that was an omission that we needed to repair. For me, transparency, sharing with each other, working with each other, partnering with each other within the context and the boundaries that we have, of course, as a publicly listed company, is very important. And I hope also that, you know, you will be part in the future upcoming events, where we will communicate, where we will be elaborate, and, you know, where we will explain the whereabouts of this great company. That leaves basically me, with regards of the presentation. I suggest that we now open the floor for any, questions, and, I will do my best to give the proper answers to. Thank you, Glenn, for this presentation. We have indeed received some questions for you, and I will start off with a question about what is the status of India and the IFSCA? Have you signed any customer agreements in India- Yeah. Or what is interest from the country? Yeah, well, it's... And I already mentioned it during a little bit during my presentation. The India project is very much in happening and in progress still. It's a slow process, however, so just for the ones who can't recall, about three quarters of a year, we applied for a pilot with regards of KYC in the Indian territory. It was a government-driven project by the IFSCA. We, as ZignSec, were the only foreign company that was indeed approved for that pilot. And in the months thereafter, we start engaging with the IFSCA, we start discussing, and to be honest, we are still discussing, we are still very diligent, working on how you know we can create traction. What I saw up until now is that, you know, also for the Indian IFSCA, it is not really clear yet how they want to enroll the general KYC services in India. I can only say, long story short, we are still very well positioned to participate in that new enrollment of KYC service in India. We have a good relationship with the IFSCA. We are also working together with some Swedish organizations that help companies lend in India. As we are a small company, we still don't have boots on the ground there, so we do everything to make it happen, and I'm still very confident that in the near future we will get some very positive results out of it. You have to mention that once you're going live in a country like India, then it's immediately also volume. So, that's why I keep on investing in it, in this project. I still believe very much in it, but we can't control, of course, the speed of the IFSCA in that respect. Understand. Thank you. In July 2022, the company announced a partnership with Ethoca and Mastercard. Can you please comment on the current status of this partnership and the revenue potential still? There are some raised concerns during these questions today about how the- ... partnership progress? Yes. First of all, I totally understand why this question is posed, and that it even goes so far as 2022, although we are discussing here, 2023 year results. What I can say about that partnership is that it's still very much alive, but in a different way than as it once was envisioned, if I might call it like that. I think that at the time of the announcement, the insights and the understanding of the automated chargeback opportunity was different than what the reality is of today. I think, once, you know, the group started to work together with Ethoca, we discovered that, you know, the business model to implement it in a seamless and efficient way was quite challenging. It was very difficult to do a mass enrollment of all those merchants that are often part of the portfolio of an acquiring bank, which then can do the chargeback process on all the transactions that those merchants are doing with consumers. It ended up that, you know, it was a tripartite, one-on-one contract relationship that needs to be created with merchant. I don't will go further in the details, but we need to-- we needed to go back to the drawing board, you know? I'm coming from payments as a background for you who doesn't know. And I honestly see still very much the opportunity with the capabilities, the insights, and the knowledge that we have to fulfill a very important role in some parts of the payments process that are very painful, and it's very costly also for all the parties involved, but we need to find a way to do it differently. So, the partnership with Ethoca is still there. We are still very much very close friends in that respect, but we are trying to build a different go-to-market model than initially foreseen. Is that a positive answer to the announcement once made? Well, perhaps not, but I think sometimes it's also learning by doing, and I think that for me it's totally clear that something will come out of this partnership and this relationship, and probably it will already come, hopefully this year. So yeah, I say bear with us, but the relationship and the partnership is definitely not dead, but we need to do it slightly different. That's my answer. Thank you, Glenn. The next question: How is it possible that ZignSec needs money once again, when you just made a rights issue four months ago, and the cash position was SEK 14 million at the end of Q4? Where did all the money go away? The question is... Yeah. Well, okay. I, I can make a joke about it, not on my bank account, but I will not do that. What happened is that, and you can also see that in the, forecast of 2023, first of all, there was really a quite significant decline in revenue, in Q4. Secondly, there were two rights issues, conducted last year. The, the first one was solely, for the purpose of finalizing on the buying transaction of Wyzer. Yeah, so basically, not too much to make the company better from a growth capability perspective, but it was basically to ingrain, to import Wyzer into the constellation, which we now bear the fruits from, because Wyzer is the most important, important party to create the new platform capabilities that we are currently, designing and enrolling into the market. The second one, first of all, yeah, was not a rights issue, one that, yeah, due to the setback of the revenue, due to the fact that some projects were delayed, we needed to invest in that more in unforeseeable, you know, challenges, financial challenges, than initially thought of. And that's the main reason why, you know, we decided to do another rights issue. And of course, you know, I'm totally aware, and I fully understand the concerns, you know, expressed by shareholders regarding these rights issues, because it of course, it also is, you know, creating further dilution, and, you know, it also creates potential uncertainties. But if we want to grow as a company, if we want to, you know, indeed grasp the opportunity that we've been creating now by doing that, you know, resetting of the company in the last couple of months, then we need to have indeed, the working capital to invest in more better developers, more better salespeople. You know, take in consideration today, we only have six or seven dedicated people who are doing sales. With a company that is active in more than 50 countries, with customers, you know, more than 370 customers live, that also are continuously asking support and want to further grow and want to engage with us further. I think, you know, for me, it was the only logical step to make, although it can be painful in certain other aspects. But, yeah, that's sometimes the challenge that you have as management, you know? You need to go for the most plausible way to enroll on a road of success of this, of the company. And I honestly believe, with the hands on my heart, that this is the right way for the company. And, yeah, that basically led to a very, you know, short, new rights issuing after we conducted the one, late last year. Yeah. Thank you for that answer, Glenn. You have initiated a process now to evaluate ZignSec's potential strategic options to maximize shareholders' value. Can you comment on what the goal is, but also what is behind this decision? Sure. Listen, now, if you look to the type of business that we are in at, you know, I think it's always about identifying the best possible inroads to further success. And to make that happen, you need to be sometimes also open-minded and, you know, go beyond, you know, the expected. And the discussion I had also with the board is that, you know, in the current dynamics, you see that in the market, there's a lot of things happening. There's a lot of consolidation going on, there's a lot of technology innovation going on, there are a lot of regulations and rules that are changing, that also leads to new products and services. As a company, you need, continuously need to be in the quest to find what is the best inroad, you know, for shareholder value, for growth, for, you know, how can we meet the customer demands in the best possible way? And, in that respect, also, a strategic review beyond, you know, working capital advancements is possible. Are there any partners with whom we can work better and go faster? It can even be indeed in the extreme form that, you know, we identify that it's better to be sold to a larger company, because then we can create even better synergies for the benefit of our customers and the benefit of the growth of the company. It's not per se, that we will go to a sale, but I think it's our duty and our obligation as a management, to evaluate every possible solution for the future growth, or healthiness, or financial viability, or customer quality that is available. Of course, it depends on certain market dynamics as well. So, you know, we need to analyze what's best fit for the company, for the customers, and our shareholders. It depends on our own performance, and it has to do with the competitive landscape, of course. With the rights issuing that we are now are undertaking, probably, you know, we are in a quite, hopefully, healthy position to also grow autonomously. But that said, that still will not exclude any other potential opportunity. And that's, I think, also what we do with the strategic review. In the end, it's also a process, an evaluation, where, you know, if it comes to a kind of transaction, we will always, you know, engage with the shareholders. In the end, shareholders will decide what we will do with the company. For me, it's a quite logical step, again, to evaluate what's possible, what can we do, what's best for the company, best for our customers, and best case, for our shareholders. Thank you. One question is a little bit of concern of the idea to talk about selling ZignSec now, where the stock price is at record low. Why not try to build the company value and then talk about a bid and a sales process? Well, that can also be a strategy, eh? First of all, I'm totally convinced that, you know, the current share price is not a reflection of, you know, the true valuation of this company. So what does a share price state? It's also, in that sense, sometimes a reflection of emotion or whatever. I think that, yes, we do both now. So yes, you know, we are full throttle in making the company even better, you know, I do that every day. Every morning, I wake up, and everything what I do is trying to do it a little bit better than yesterday. And that's exactly what my team is doing as well. You know, with the current rights issue process, hopefully, you know, I can accelerate, and I can fill in on the strategic ambitions and the growth ambitions that I have with the company, together with the team. But that still doesn't, you know, should stop us from exploring also what else is possible to create an accelerated growth. And again, you know, it's all about understanding, learning, analyzing, and then decide together as management, as board, as shareholders... What's best for the company? And please also don't forget the customers. In the end, it's also about the customers. Every day, we need to deliver the best possible service, the best possible products to our customers. You know, as I said, being a small company, it can be a huge challenge to stay in the forefront of RegTech evaluations if you are that small, with that limited size and active in so many countries. So, you know, it's just a balancing act, and we need to find the right way. But if you don't explore it, then you will never know. Understand. Thank you. Now, a little bit different question. Regarding the Malta business registry, have you had any interest and communicated need from other actors or countries for a similar solution? And, following up on that, is also, do you have an efficiency and business opportunity here in the way that you can reuse or resell the platform with some adaptation and tweaks? Mm-hmm. I, I like this question. It's a very good question, to be honest, because that, that was particularly also, you know, my first thoughts as well. When I dove into the specific setup of the Malta business project and portal, what you see is that it's very difficult to create a one-size-fits-all business registry platform. Because the level of sophistication, IT availability, data quality per government can be totally different. If I only see already how many issues we have to solve with more than 30 administrative departments in Malta, and you see the share, the lack of disconnection and also the lack of quality or the difference in quality per department, it immediately also, you know, you start to understand this is always a bespoke setup. Can we re-commercialize it to other, you know, governments? Yes, to a certain extent, it can, because the lessons learned and, you know, the foundational thinking, the architectural design, is reusable for any other. And what we also do, we try to, you know, be part of tenders, because often these kinds of governmental projects are part of tenders. But it's not an easy to sell product. So, we are engaging, we are trying. In all honesty, we didn't put full throttle on it because of the complexity and also because, you know, our Wyzer team in Malta is still very, very busy also in fine-tuning and also bringing it to a second release of that capability for the Maltese government to do proper administration on their sole traders and on their registered companies. Again, long story short, yes, there are selling opportunities, but it's a long stretch, and it's a very complicated, bespoke creation that you need to build for any type of other government than the Malta government. Thank you. Next question is about your ID solutions and onboarding platform. The impression, as an outsider, it seems as you are not able to leverage on it as an onboarding tool, at its full potential. Have you any comments, and thoughts to that point? Well, yeah, the one thing I can comment on is, no, it's definitely not perfect yet, but we are doing quite okay. One of the things, of course, indeed, is that, also my focus and my belief is that we can create it in a way better, still way better platform experience as well. And that, you know, our customers basically, almost with a cafeteria model, can click and choose what they want to have to do their compliance onboarding on, on their specific customers. I think, we come quite from far because we are still very much in a flux on, on creating that seamless platform experience. We are, you know, with TrustPath, but also with other platform features, we are gradually starting to step up. But, yeah, at a certain moment last year, I also really said to the teams, "Wait, you know, it's nice that we built, but how strong is the foundation?" So I also pushed them a little bit back in that, that start looking at you really need a foundation because we need to be sure that we can build a skyscraper on that, skyscraper on that. So yes, I need to confirm. We can still do better, but we are doing better, and, there is more to come. And over the coming periods, one can see more and more full platform capabilities on our side, where we basically comprise all the different features, services, and capabilities that we have in a more seamless experience. So yeah, there's still work to do. I, yeah, I agree on that. Thank you. The last question is about the cash position, sort of. Can you elaborate further on why your bridge loan on SEK 4 million is needed until the funding is in place? ... That's just because you want to have stability. You don't want to have any kind of uncertainty. I think one thing that we've learned, or at least I learned from the last couple of periods, that every time, again, somewhere, there's a surprise popping up, which you need to anticipate for or where you have to deal with. To really create ease of mind and, you know, be sure that, you know, we can, in all security, safety, can work on that, that, that rights issuing and also making the investment plans already ahead on what we want to do to further accelerate with the company. The board has decided to also go for a bridge loan. It's more a, yeah, smart administrative process to create ease of mind, and from there on, take it. So, you know, in all the discussions that we have, even with, you know, strategic, you know, orientations, you know, the more in control you are, the more risk there is in the company, the better also you can have those conversations. So, no panic. It has been a tactical decision, and, yeah, it's integral part of, of the rights issue that against, as I see it. Thank you. We had actually received one last question. Could you kindly comment on how a very large player like PGT collaborate with you? What the assignment with them looks like? Well, it's quite a simple assignment. Help us in defining the strategy ahead, and why using a company like PGT and not a local advisory organization is because we are a global organization, and we foremost also foresee our growth outside of Europe. Then it helps if you can work with a large international player in that sense. Apparently, they like us, and the conversations are going very smooth and very prosperous. They bring some good and interesting insights that also challenge us and triggers our minds. So, nothing but positive about it, and I'm happy that we found an inroad to PGT and that we can work together. Thank you. And with that, then we close up the Q&A with ZignSec. Thank you again for this event, and I would like to, well, wish you a very pleasant evening. Again, thank you, thanks, everyone, for the time spent to listening to me. Appreciate it, and hopefully until the next time.