Ann: Appendix 4D & Financial Statements, page-19

There are SaaS and there are SaaS products. PCK is a health SaaS. All health SaaS needs to go through stringent regulatory hurdles before it can even reach the market. And unlike other SaaS business, health SaaS by its very stringent regulatory hurdle, means once it is approved and out there, it is very hard to knock out. Competitors needs to go through same huge hurdles. PCK being the first mover will be so entrenched once it is rolled out. It won't be experiencing competitors like those AfterPay, IOU, etc which can turn up overnight to compete.

At end of day, it is now all about the management and their ability to bring this to market. Expectations must be set correctly. I stress again, this is unlike any other SaaS business. This is why it is still having to go through regulatory hurdle for the US and any other markets. Unlike say other SaaS products which they can market globally overnight, this is not the case with Health SaaS. Hence, it will be slower on roll out with the need of great care and proper training. (Note what happened with the vaccine roll out being done too quick in Queensland). What's more, even though the world needs the vaccine pretty quick, all pharmas were still put through some stringent trial before their vaccines are approved. And that is in an emergency setting. All health products go through that. And that is why, whenever a health product gets the nod, the value of the company shoot up. Watch this space, once PainChek gets the FDA approval. It will experience the same scenario like that of any health products.

And as I said before, the huge advantage, once implemented, PainChek will be the gold standard for pain management globally. And that is the outcome I am hanging out for. Hence my long term outlook to 2025. Yes, it will take that many years to probably get to base 2, the profitability point. Potentially sooner like in 2023/24. After that, there will be no turning back because from then on, every cents will just go to the bottom line.