Welcome to the Pressure BioSciences Q3 and year-to-date investor call and business update. At this time, all participants are in a listen-only mode. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note, this conference is being recorded. I will now turn the conference over to your host, Richard Schumacher, President and CEO. You may begin. Thank you, John. Appreciate it, and thanks to everybody for joining us. I know it's not as convenient as usual. This is a holiday week, and some of you may actually already have started your holiday, so I apologize that it ran into a holiday week, but we had some. A number of things that we had to get done with our auditors to make sure everything was in there, and we did. And we couldn't get it done, and I didn't wanna file it on a Friday, so we filed it yesterday. So if I forget, I wanna wish everybody a happy Thanksgiving and a happy holiday. Some of you, I know many of you personally. Some of that I went through hell in August. I had open heart surgery. I had triple bypass and an aortic valve replaced, and so for me, I have a lot personally this year in addition to my normal to thank, to give thanks for. So, I'm back. I'm at it. I've been at it for a number of weeks now, so don't take anything for granted. I always... I'm a healthy guy. I walk a lot every day, but one day, my chest started hurting, and a week and a month later, I was in for a 6.5-hour operation. So, guys, we all have something to give, many things to give thanks about, and let's remember that on Thanksgiving and every day. So, I'm gonna start by reading some remarks that we need to read up front. The following remarks may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may cause the actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors include, among others, those detailed from time to time in the company's filings with the Securities and Exchange Commission. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or changes in events, conditions, or circumstances on which any such statement is based. The agenda today is similar to the agendas of the past. First, I wanna welcome back to the PBI Financial Review and Business Update, Jeff Peterson. Jeff is PBI's board chairman. Welcome, Jeff. A pleasure to join you again. For today's meeting, we're gonna start with a very brief discussion of the 2023 Q3 financial results and year to date. As I mentioned before, the Q has been filed, the press release is out. We'll take questions at the end, but there's no need to really spend a lot of time going through the results because everybody has them. I think what's more important is to talk about the accomplishments that we've made and also talk about our goals for the Q4 and next year. A lot of very, very exciting things are going on. Some of you that I talk to think we've had some exciting times in the past quarters, in the past year or two, and we have, but I think the best is yet to come. And there's a lot of very, very exciting things that are going on as we move further into commercializing UltraShear. So that's gonna be, it's gonna be a fun time for, I think, not only employees here, but also for our investors. After we briefly go through the finances, we're gonna answer a few questions that have been sent in, and we're probably gonna build them into remarks that Jeff and I make. And if time permitting, of course, as always, we do our best to open up the phone lines. So first, I'm gonna briefly talk about the financial overview of Q3 versus Q3 2022 and the year, and the year to date we look at this as a good, comparatively, a very good Q3 and, of course, Q3 to date. Basically, it matched our record of nine months to date that we've ever had. So it was a good one, but as we said, and John said in the press release, it's not good enough. We're not happy with the numbers being where they are. We want to see a zero or two after those numbers, and we're—John's been working hard on what we've learned over the past year, nine months, and how do we really start to increase these revenues the way we all want them? Quite frankly, we know that a lot of it's gonna rest on UltraShear, and we just started shipping UltraShear and taking orders in the summer and shipping on October 2. That is where a lot of this is going to happen. because it's not happening yet, it's really our core business, our Pressure Cycling Technology instruments. Even though we're not putting a lot of effort into them and a lot of focus on them, we're having, we've had a terrific year so far with placing instruments around the world. We signed up with maybe the best distributor in India, which is a burgeoning economy there for what we do, what we sell. So our core business is doing well, and we say wait until UltraShear starts hitting, and this is not something that we believe is going to take years to hit. We think everyone will understand how big UltraShear can be over the coming few weeks and months, and so that's what's so exciting about it. So, our revenue in total instrument sales and consumable sales were all better than last year. And through Q3, revenue, total revenue, instrument sales, consumable sales are all better than last year. And as I said, not just better than last year, but equal to or better than any quarter or Q3 that we've had in the past. So we're happy with that because, it brings in cash flow, but we're not satisfied with it, and John is working very hard, to do whatever it's gonna take to continue to grow the core business while UltraShear starts to come on, and come on strong in 2024, as we believe it will. A couple of important things on the financial end. The first thing is that we reduced—and this is in the press release. Hard to find it in the Q, but it's in the press release. Our cash burn was reduced by about 30% year-over-year. So in the Q3 of this year, our cash burn was $732,000, or about a little over $220,000 a month, $732,000 for the quarter, which was 30% less than the cash burn a year ago. For the nine months to date, our cash burn was about $2 million, which compares favorably to $3 million last year in the first nine months of 2022. So, we've taken it from about $335,000 cash required for operations in 2022, down to $220,000 in 2023. So we're watching very carefully our cash. Some of the cash burn is because we have investors who are willing to take stock rather than cash, which is helpful to us at the moment. So the stock number of shares has gone up, but the cash burn, which is very important, has gone down. The other thing is operating loss. Our operating loss was down slightly in the Q3 of this year compared to the same quarter last year, about 5%. But the operating loss was down significantly in the first nine months. If you take out the one-time charges that were in the Q3 that we don't expect to see again, you take them out, and our operating loss was down significantly. So we put together a number of accomplishments, and we won't spend a lot. Jeff and I are going to talk about several as we go through, but in the press release, we put together, and in the Q&A, we put together a number of accomplishments. I think the number one, and I've asked Jeff, who's very close to it, if he would speak to it in just a minute, but the number one accomplishment clearly was the publication in a peer-reviewed journal by one of the top cannabis and natural products groups in the country, a paper on our UltraShear nanoemulsion of CBD. It was clearly the best thing that's happened to us in the quarter in terms of accomplishments, operational accomplishments. And Dr. ElSohly talked about the unprecedented speed, efficiency, reliability, and primarily bioavailability that he found in his animal study using our nano CBD. And I'm gonna ask Jeff to go into that in a little bit more detail, and then if there's questions at the end, we'll take them. We also announced a distribution agreement with Bioscreen, which is in a lot of people's estimation, the number one life science distributor in India. So we're very, very happy. They purchased one instrument to start training, and we sent Jim Banky over to train them on it. But they're looking for... They're telling us they think they're gonna have a lot of sales in 2024, so we're excited, very excited about that. We're excited that the Veterans Service Team, who gave us an order, an initial order for 500 bottles of nano CBD that they were gonna white label, they increased it by tenfold. They multiplied it by 10 and said, "No, we need 5,000 bottles." They have a relationship with the mixed martial arts Bellator. If you go to their website, VST, Veterans Service Team, vst.org, you can both order the nano CBD from them, and they've decided that they're gonna start it off selling it at a very reasonable price to try to seed the market and let people know what a good product it is. So vst.org... We got our first Canadian patent, which brings us up to 43 issued patents and 8 issued patents in UltraShear, and 17 more that are pending around the world in UltraShear. Our IP estate continues to grow and grow in the right area, which is in UltraShear. There was a press release where we talked about the UltraShear process, nano CBD being looked at as a way to extend the shelf life of fresh produce, fruits and vegetables. There's a lot of data out there that true nano CBD can, in fact, extend the lifetime. And when you look at things like strawberries, that in 5 days are pretty bad, I saw strawberries in 15 days that were sprayed with a nano CBD that looked like they were picked that day. So we're looking at this. We've had several people call us about this, and Ohio State, who is our partner, is continuing to publish and work on studies, particularly in the food and beverage area, about the uses of UltraShear technology. So those are some wonderful things that have happened in the Q3 and a couple of them in the year to date. But what I'd like to do now is turn it to Jeff, and we'll try to be brief. But, but I this is my fourth publicly traded company. I've been in this arena for, 30+ years in terms of starting and running public companies, and, and this, is one of the most important press releases, announcements that I've had on any of the four public companies I've had. We've had, we've had great announcements, before, but I'd have to put this in, in the top three, in terms of what its impact will be. It does. It hasn't had that impact yet. We're, we're gonna fix that. I was talking to somebody today, who said, "It's, it's a shame that fell on deaf ears, Rick," but, I, I have the ear of a lot of people, and, and I'm gonna get the word out. The world needs to know what Professor ElSohly found and what was in that journal article. To do a short synopsis, Jeff, I'm gonna turn it over to you. Thanks, Rick. So to set the stage for this, I think it's important for everybody to understand what the significance and the differentiation of the UltraShear technology is here. There has been a considerable amount published over the years about the impact of nanoemulsions in improving absorption and bioavailability of whatever active material in the oil is desired in that nanoemulsion. The critical issue is that as these oil droplets get incredibly tiny, below 100 nanometers, that they be down to 50-nanometer kind of size, we're getting down to the size of an oil droplet, where the active molecules that are oil soluble in that droplet just can't hide from the body anymore after it's gone inside. Traditionally, in emulsions with larger droplets, most of the active product just passes through the body and is excreted. So to use tiny droplets and controlling the size of the tiny droplets, so they're consistently at that size, that delivers the impact and fast delivery and a full or nearly full load of the products and for bioavailability to the human or the animal or the plant that ultimately is consuming it. There are other nano emulsion technologies out there that have struggled with the ability to scale to industrial scale and serve customer bases adequately or that struggle with the heat exposure they give to the product, that can damage the products or that are inconsistent in the size of the droplets, and therefore, you have an unstable emulsion, and the droplets start to agglomerate into larger ones, and the emulsion breaks down. So the critical benefit here of UltraShear is its ability to work at industrial scale, literally able to produce multiple liters a minute in our larger equipment, on down to smaller R&D sizes that can do small batches effectively for partners as well. But it can do that at industrial scale and make very consistent droplet sizes that we can tune to where we need it, whether it's 80 nanometers, 50 nanometers, whatever. We're getting down to the size of large molecules, or small numbers of reasonably large molecules when you're getting down to that size. So we had known, just based on past literature, that our UltraShear products were gonna have unusual effectiveness. We were already receiving information on this and anecdotal accounts from various users of additional products that we were testing in the marketplace, in different arenas, whether it was skincare or in the cannabis arena, or in potential nutraceutical applications. So we were getting the anecdotal validation. We ran some consumer testing that was further validating that for us. But what was really missing was to have a peer-reviewed scientific study by well-recognized leaders that would provide that kind of hardcore validation of the technology. And Professor ElSohly and his team was the ideal platform for us to do that. Dr. ElSohly was the first person licensed by the U.S. government for marijuana, controlled marijuana growth sanctioned by the government. From some of that early activity over 40 years ago, emerged to become one of the leading cannabis researchers in the world, arguably probably in the top two or three in the world. When he heard about some of the early results that we were receiving and what our process did, he stepped right up to want to do an initial preclinical study in rats, and very an excellent platform for mimicking what can happen in humans and other large animals and so on. And basically proposed a study in which they would have a control set of rats that received the product intravenously, and then another set of rats that would get it orally, actually straight down to the stomach. So you would have a gastrointestinal absorption path. When he was planning this study, they originally were going to take the first data point at 30 minutes and then another at 60 minutes and so on, and we said, "Oh, no, no, we need to see this at least at the 5-minute point and earlier points." Based on other work done in the past, they felt like that was gonna be a waste of the money. We said, "No, we absolutely want it at 5 minutes." Sure enough, as they started doing the study, he came back and said, "Well, you guys were right. We have measurable results at the very first 5-minute test point. They went on to complete this study, which revealed a number of really seminal important points for users and for our potential partners across many industries. One of the most important points is, today, with CBD being going down the gastrointestinal pathway, the bioavailability in the bloodstream is in the 5%-6% of the amount ingested orally. You can look that up in Wikipedia or various other journal articles. Using our UltraShear nano-emulsified CBD via the gastrointestinal route, they achieved 25% bioavailability. So we're talking a 4-5x, 4-5-fold increase in bioavailability in the circulating blood, feeding the tissues in your body over what current technologies can do. More importantly, there was a fascinating and critical other conclusion, and that is they measured not just the CBD, but the metabolites of CBD. And what people may not realize is everything absorbed through the gut into the bloodstream is not going in a vein to the heart, it goes in a vein directly to the liver, and most of the CBD very readily metabolizes in the liver. So that's one of the reasons you see such low levels circulating in the blood. But he showed that 80% of the CBD was absorbed in the gut, so the vast majority got metabolized in the liver, and only 5% was circulating in the blood in a normal case, or 25% in the case of UltraShear. So we were so effective in getting 80% of the UltraShear absorbed, that 25% was available in the circulating blood. What that really tees up for us, for our—for potential consumers and for partners, is the potential to not go through the gastrointestinal route. Use the CBD in a spray into the cheek, under the tongue, rubbed into the skin, and there are other routes available. And by doing that, you don't go directly to the liver upon absorption. You go directly into the circulating bloodstream, feeding the active material to the body, which then only has a percentage of the blood going through the liver and being metabolized over time. So that was just a screaming important result, that came very clearly out of that study, and we're very appreciative of that. Although not everybody just reading the study at a consumer level, may put two and two together to get to 10 out of that, it is something that we've been able to share with a variety of major potential partners that has quickly led us into meetings, discussions, and potential strategic outcomes that Rick alluded to. So we're very excited about it, and that- ... That peer-reviewed journal article was a key addition into our arsenal in terms of how we accelerate the company forward. Rick, I'll go back to you. Jeff, thank you. I think that's very clear and hopefully gives some of our participants maybe a different idea, a different understanding of how important this is. It's extremely important, and I'll add one more thing to what you said, in that this is all about CBD, but the problem with bioavailability is in any oil-based active ingredient. So if there's an active ingredient in oil, we believe that UltraShear can make it more bioavailable, more stable, more essentially water soluble. We've done pharmaceut- Fast-acting. What's that? Fast-acting as well. Fast-acting, yes. We've done pharmaceuticals, we've done nutraceuticals, we've done agrochemicals, we've done cosmeceuticals, and not a lot, but a couple in every category. What we know, which is amazing and very good for us as shareholders, is that the UltraShear process does not adversely affect... So far, it has not had any adverse effect on the active ingredient, no matter what it is, inside the oil. What we do is very different. We tend to tell people that we are using physics, not chemistry. Chemistry is can be bad, can be good, but it can be bad. You're ingesting this material that people are putting whatever chemical they're putting into whatever food or beverage you're eating, you're ingesting that chemical. We are using the all-natural, all plant-based materials, and the important thing is that the active ingredient in any category is not harmed, but becomes much more soluble and much more, as Jeff says, fast-acting. So, our sights are on many things. CBD is just the beginning. We've done some THC work and proved the point by, if you guys will remember, 3 different studies that we published on in press releases, showed 3- to 5-minute effects where individuals using a spray were feeling the effects of THC, which is unheard of. I had a conversation over the weekend, and someone said, "Fast-acting THC is 15 minutes." And I said, "How about 3-5?" So what this means is, whether it's vitamin D3 or curcumin, or prednisone, or neem oil, or what, or whatever astaxanthin, which is the world's most potent antioxidant, we're gonna get it in the bloodstream very quickly, in a spray under the tongue or in the back of the cheek. And so, it opens up a lot of doors. We're talking to a number of people, as Jeff said, not just about CBD, but about many other active ingredients that might be used for enhancing sleep and enhancing immune response and things like that. So, but we're gonna put a lot of effort into CBD because it's a growing market. It is a multibillion-dollar market, and there is only one drug on the market, and this drug is used specifically for mostly children who have epileptic seizures related to two different diseases. And this CBD concoction, not ours, but the one on the market, has the ability to stop those seizures, and other drugs don't. But we've been approached, and we've talked to other pharmaceutical companies or whatever that saying, "Well, this, you can scale it. It's very active. It's more bioavailable." In the conclusion section of Professor ElSohly's paper, he said that historically, he's done Epidiolex, which is the drug that's on the market, and he found us to be... our nano to be 2 to 2.5 times more bioavailable. So if you're interested in becoming and getting a drug that's more bioavailable, and we have a method, we think it's the best in the world, best-in-class in the world, of delivering a nanoemulsion with those characteristics. So we're talking to a number of people, so it's exciting times for us, and we are happy that the paper's out, and we're gonna be working with others for additional papers and additional studies. So I wanna talk about another thing that people have written in about and said: Please talk about your facility. six months ago, we talked about a short-term solution because the facility here, we're about 30 miles south of Boston, is in. We're in an office park. We're in an office building. It's not conducive for large-scale manufacturing. We can make it work for the orders we've taken so far, but this is not a place we wanna be in 2024, when we believe we're gonna be getting a number of orders, big orders. That's just for CBD, let alone the fact that we wanna start working with vitamins and supplements and many other things. So, we're looking at other spaces. We've given notice to our landlord here and our landlord north of Boston, where we have a small footprint with our R&D lab. We're gonna combine the two, somewhere in between the R&D lab and us here in Easton, Massachusetts. We have three or four places. We have one place in particular that we like a lot, and we got some very encouraging news Friday from the landlord, and we think that will, that'll be followed up with something in writing, today or tomorrow. This is a facility that has, for manufacturing, my guess, it's got more than 10 times the amount of space available for manufacturing. It's not 10 times the total space, but here, 90% of our space here is offices. And 80% or 90% of the space in this building we're looking at is really meant for manufacturing. So we're excited about this. We're already starting to look at the move. We don't wanna have a lot of downtime. So one of the ways that we're gonna get around that is I visited another site in Massachusetts with several of my team members yesterday. I talked to the gentleman today. This is a group that has a license to prepare CBD in the state. They also have a license for THC in the state of Massachusetts. They have a lab space that is open. They have very good, strong technical people on staff. They wanted to use our material anyway, and they are game to have us, instead of moving our equipment to the new lab and having it sit there until we build it out, we're thinking about moving it to this person's extra lab space, and, we might be down only instead of being down a longer period, we might be down for just a couple of weeks, and we'll be back up at in the middle of December, cranking away at this facility, being able to supply CBD through his people and his license. So, we're excited about the new space because it would give us room to grow well beyond just CBD. We've developed an interim plan that looks like it's gonna work quite well to allow us to be down for a very short period of time, only while we move the instrument and train the folks at the other place and be back up in the tenth or fifteenth of December, making product that can be shipped. So we were asked about that because a lot of people knew that our lease is coming to an end at the end of December, and that we've given notice at both sites. So, hopefully, the best of all things will happen. Not only will we get a site that will work with us for as we grow multiples of what we are now, but also we have an interim solution, so we're not gonna be down for more than a week or two. We're talking versus, which could be much longer. So I wanted to, I wanted to mention that. I wanted to mention the patent. We continue to file patents. We have in, in UltraShear, we have 43 total patents in the company. 8 of them are issued in the area of UltraShear. It's an amazing technology our guys have developed. But we have 17 patents that are pending, and we have more patents that'll be going in. So we're gonna build this picket fence around this technology, so that if we take it the drug route and go to FDA and find a partner and get this thing approved, we hope to have enough patents to protect us. And if we continue, which we expect to, to make it available around the country and around North America, for use in as an edible or a topical, we'll have the space to do that, too. So that's very exciting that we're able to have all of those options available to us. So and the last thing I'll mention... Go ahead, Jeff. Rick, I was just gonna say that you might add, relative to the facilities and capacity side of this, that we're also working with a partner in California to have capacity serving the cannabis industry, both on the CBD and the THC side. So we're looking for a two-prong approach in terms of having capacity in place. And as we have more equipment available to extend our footprint here in California, to be able to serve other markets with R&D, development, formulation, optimization for manufacturing and so on. So that we have two footprints around the U.S. for that kind of servicing of clients as we grow and move toward our lease and license model downstream. Absolutely. Great, great, great opportunity in California. Obviously, cannabis has been there and licensed longer than almost maybe, maybe longer than any state in the union. We have great people that we're working with that Jeff knows quite well and has helped set all of this stuff up. And my big disappointment is I only have one instrument right now, and that instrument needs can be loaned part-time to this other place in Massachusetts, but it needs to come to our new facility in January. And if we had more, we'd be shipping one to California and leaving one in the site in Massachusetts. But we are building a second one. We're not that far away from having a second one done. We've purchased the most expensive parts over the past 6-9 months, and now we're ordering the remaining parts. We're also building 3 of our first-generation instruments that are small benchtop instruments, which we have 1 in California that's been used quite effectively, and we'll probably send a second one out there, so they have not only backup, but double the capacity. So all of this is being done concomitant with everything else that we're doing, making sure that we're always gonna be able to make product and ship product. So building these instruments, the extra instruments, is very, very important. The last thing I'll mention, and then I might ask Jeff to talk about something. The last thing I'll mention is that we've talked before about several companies that we work with that are multinational, billion-dollar companies, that are intrigued in working with us. I got an email earlier, about an hour ago, from one of them, and it's one of the largest companies in the world in its business, and talking about setting up something for maybe next week for their next meeting. So our goal and expectation is that two or three of these are being worked on, at least one, maybe two, in 2024, and it could be in January, it could be in December. We're pushing for January, February, is gonna turn into from a pilot production R&D into where we become a vendor of theirs, or we bring an instrument in there later in the year, so that we not just do it here, but they can do it themselves, the nanoemulsification. So, we continue to work with two or three billion-dollar companies that have a need for what we have and push them to the point where they can start paying big dollars for us supplying them material or setting them up with instrumentation and having a lease and license with them. So the last thing I would mention is that Jeff talked before in the past about complementary technology that could be part of an accretive merger acquisition, a roll-up. It could be part of maybe selling off some of our non-core businesses. But I think... And I get a lot of questions from investors about this, 'cause this is certainly a good way to, non-dilutive way generally, to bring in money. So, Jeff, I don't know if you wanna... You've been involved in some of these discussions. If you wanna just take that for a second? Yeah, I'm happy to, Rick. So the challenge for the company, in its course over this last couple of years, as we've been developing UltraShear and bringing it to market and getting the initial studies done, as we've talked about some, a critical part of our challenge has been just the funding of the company in order to scale to serve the emerging opportunities we have. We've been very limited in terms of our financial capacity to literally order all the product that we need to make equipment and serve the opportunities that we're developing. So it's been frustrating for the team and frustrating in pacing some of the advancements. To address that, we continuously review the opportunities at hand, either to sell a non-core asset, or otherwise partner it and turn that into a cash-generating opportunity to help the company advance faster in other areas. We've certainly given evidence of some of the progress being made in the other sectors. In BaroFold, we've talked about how a major leader in the biopharmaceutical contract manufacturing space has purchased equipment after successful early phases of R&D programs with us in using the BaroFold equipment, and has signaled interest in potentially getting equipment into multiple other sites. And that may be measured in tens or dozens of other sites. That in itself would be a major opportunity for us, but the potential to work with partners of that scale in a potential deeper strategic arrangement, whether we sell off an asset or partner it in a fashion to generate cash for the business is an attractive opportunity for us. Certainly possibilities of doing that within the PCT, Pressure Cycling Technology area or subsets of that with partners that have the capacity to do something at a strategic relationship level remains of interest. And of course, with BaroFold and UltraShear, the opportunity now being accelerated by the publication of the peer-reviewed article, the opportunity for us-... to enter into some strategic partnerships and/or merger acquisition arrangements with some significant players across any or many of the fields that we've been talking about, from whether it's the cannabis, CBD, THC arena. Our interest in the THC arena is really to keep that at arm's length separation from the mainstream activities of the company and to use more traditional licensing structures there. But certainly CBD, other nutraceuticals in the skincare and cosmetics arena, potentially in the pharmaceutical arena. The impact of this in the pharmaceutical arena, as we've alluded to earlier, can be so large, in affecting products that are billion-dollar plus products, that as this sinks in for the prospective partners and users or even folks that see this as something that could be competitive, to their interest in the pharmaceutical market, there are a number of drivers that could be behind the decision-making processes. But the opportunity for a strategic acquisition, merger activity, arising out of that remains high, and we're actively pursuing a number of avenues there. So I just wanted to reassure our listening investor audience that we continue to examine the strategic options regularly and diligently. So, Jeff, I hear a lot that a lot of our investors that we hear from a lot understand that we have tremendous technology and maybe don't understand why we haven't turned that into zillions of dollars so far. It takes time. It takes a lot of things, and if there's a scale out there of importance of information getting out there and the reaction to it in our stock, I don't know if there's anything that's a better display of how disjointed it is than the paper that was published. That paper is enormously important, and it did not have an effect on the stock, but doesn't mean it's not gonna have an effect on the stock. It doesn't mean it hasn't had an effect on our opening doors and opening opportunities for us, and it's only been 2 weeks. And I can assure our listeners that the value of that paper goes so far beyond... It's very shortsighted for someone to look at the stock price and think, "Oh, it didn't have an effect on the stock." That paper is gonna have an effect on this company for years to come, and it's already started. We've had people calling us, taking our phone calls, having meetings that we could only dream about 3 or 4 weeks ago. So, we need to let everyone know that that paper is immensely important for a number of reasons, many of which you went through, Jeff. And it's important the old tip of the iceberg. We saw the Baro the first inch of the iceberg. That paper's gonna have some enormous impact on us every day, every week, every month going forward. So and we even use it for non-cannabis. We use it for showing people how effective our system is, whether it's cannabis or a nutraceutical or a pharmaceutical. So I'll leave it at that. But I'm hoping that investors that listen today or hear this today will understand that it was very difficult to get one of the top people in the world to do this and to have the data that we're publishing a peer review journal be as strong as they were. That impact is a tiny, tiny impact so far compared to what it's gonna be a month from now and a year from now, in my opinion. So I think the results will be manifest in further news developing and coming out over the next several weeks, I think. Yep. Yep, I agree. So, yes, I'm glad you point that out. I think it's important to say this is not something where investors and listeners have to say, "Okay, so I heard what Schumacher said, and a year from now, let's see if it happens." Now, this is, there isn't a day that's gone by where I haven't had some interesting happening that related to this paper. Someone calling me I didn't expect, a meeting, someone taking a meeting that we couldn't get before. Someone calling saying, "Hey, did you ever think about doing this?" And, and the fact that it is got a strong set of patents and many more coming is also extremely important here. So we have time for a question or two. So, I want to open it up, John, to the floor, if there's anybody there that would like to ask something. It's 55 minutes in, so we only have 4 minutes left. We're not gonna go over an hour. Absolutely. At this time, we'll be conducting a question-and-answer session. If you'd like to ask a question, please press star one on your telephone keypad.... Pressing star two will remove you from the queue, should your question be answered. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we pull for questions. First question comes from Rory Jensen, private investor. Rory, please proceed. Hey, guys, can you hear me? hear you great, Rory. Excellent. Well, glad to hear you, Rick. I'm glad your health is good now, and you sound good and strong, so that's, that's great. And that's, that's all that matters at the end of the day. I keep going back to the agrochemical. I wanna say in 2020, we put $1.82 million into this, into this cog. And what was this on this Q? $15K for the revenues on the agrochemical. And this, this total addressable market in the U.S. is absolutely enormous. And this isn't gonna be one of your assets that you're gonna potentially look at to get rid of, are you? Are you still looking at the agrochemical as a huge, a huge revenue stream? I have to say nothing is off limits. I say that a little tongue in cheek because I can't imagine if someone wants to pay us what we think UltraShear is worth, then we'll listen, but it's gonna be a very big number. So we're gonna look at everything, Rory. I'm not gonna be specific here. Agrochemical, BaroFold, Pressure Cycling Technology, all of these are... They all have a great future, but none of them, as big as agriculture is, none of them are as big, in our opinion, as UltraShear, because it just flows into so many food, beverage, pharmaceutical. It just, it's just so big. So nothing's off limits, but right now our focus is getting... is moving this company in the next 45 days and getting ourselves up and running with UltraShear. I'll add to that, Rick, that agrochem certainly is one of the sectors of strategic interest to us for UltraShear and for UltraShear to have transformative impact within that industry. And there's a number of just outstanding fits for UltraShear there. But in the order of priorities that we look at in front of us, the profit margins in agrochem are quite a lot lower than we're dealing with in nutraceutical, pharmaceutical and some cosmeceutical spaces. So our priority focus is really on those arenas first, but we think agrochem is a large opportunity for UltraShear going forward as well. All right. I have a follow-up. That's what I was curious about. I mean, because we've got a lot of product on shelf ready to ship, and it's not shipping. So if we could ship it to somebody that wants it, that would be great, because that was a large investment with little to no return on it. So, yeah, and then the Canadian patent, Rick, do you see that? Are you getting much information from that provincial? Would that be for province, for license per each province, something of that nature? Are you looking into that part? No. I'll, Rory, we got to maybe get one more question in. I'd just say that it's our first Canadian patent. It's in all the provinces. It's a Canadian patent and for UltraShear. So we're right now focused on the U.S. It's a lot easier to do that, but we have our eyes on Canada next year, and now we have some protection. Okay. So. Okay, very good. Yeah. So I don't- All right. Let's try... If there, if there one more question there, John? Yes. The next question comes from Kurt Treiber. Kurt, please proceed. Hi, Rick. Rick, I just wondered, what was going on with our state licensing efforts that we projected. I think it was around April of this year. I just wonder where we stand. Yeah. It's still in progress. And one of the issues, of course, is... And we've been- we've made it clear that we've been working under someone's license, someone else's license. And I already mentioned tonight that we have a gentleman yesterday we met with that will take the equipment and run it as if we're running it under his license. We have to move, Kurt. So once we get moved and settled in, which I don't think will take much more than the month of January, and during which time we'll be making product elsewhere in Massachusetts, we'll move the instrument, and we'll deal with it at that time. But it's-- right now, it's not stopping us from doing anything. I was basically referring to monies that we thought we would be getting in, that were gonna be very helpful. With respect to the state license? Yeah. Weren't we gonna try to get five state licenses and sell them? Oh, that's different. I apologize. I thought you were talking about us getting our state license. We- No. We did not, we did not have a lot of takers. We didn't have any takers, obviously, in selling the state license. I think that's... I think that might change based upon what happened in the peer review journal 10 days ago. Right. Okay, thank you. You bet. We have no further questions in queue. That's good, because we have no further time in queue. I appreciate everybody. Again, Happy Thanksgiving. Everybody needs to remember that none of us are guaranteed anything in life, and so I found that out firsthand. And the doctor said I should had a heart attack while I was walking in August when my chest blew up, and I waited 15 minutes for it to calm down. He said, "You're lucky. That could have been your death." But I had collateral blood flow, so I learned a lot. Guys, hug your husbands and your wives and your kids, and tell them you love them, and enjoy your Thanksgiving. And then we are gonna do it here, but we're gonna come out firing on Friday and thereafter. Thanks, everybody. Thanks. Take care, everyone. Thank you. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.