Appendix 4C, page-25

4C = Progress, progress, progress. Which takes time.

Nothing really negative if you take the 4C as it is....just that as per usual, a neutral/progressive report is not what impatient holders want.

P&G
The OBJ team led by Jeffrey Edwards met with the senior SK‐II personnel in Japan during the period to further develop the multi‐year strategy for the use of OBJ technology in various SK‐II applications. The relationship remains very productive and inclusive.

COTY
During the period meetings have been held in New York with the parties and work is progressing very well in manufacturing the pre‐production products that incorporate OBJ’s dermaportation technology.

Big highlights, seem to be a lot going on regardless. Short term gain for long term gain!