Ann: Annual Report to shareholders, page-32

For what it's worth I had a conversation with HMD today... I have expressed my dis-satisfaction at the lack of updates etc and their consequent negative effect on the share price which in turn is looking like a larger conversion of Con Notes than would otherwise be desirable. It is far better to receive less into a rising market than more into a falling one, at least that's how I see things. I've coughed up a decent amount directly into HMD to help fund things via the capital raises with the expectation that things were headed in a generally positive direction. HMD know who I am and answer my LinkedIn queries that I send as well as more formal emails as well as have zoom meetings from time to time. I like to think that I'm reasonably well informed as an investor here. One thing that I will absolutely say about HMD is that they haven't ever divulged any info to me ahead of making a formal announcement to the ASX so I do believe that they are transparent and as ethical as they can be. I also insisted that a director or 2 NEEDS to buy some shares on market... was told that's not possible right at the moment....convertible notes about to convert and how that would be seen by ASIC etc.....

So what is all that about.......?? well.. the general gist of the conversation is that everything is simply on a timeline that sits outside the control of HMD. Unfortunately the reality of all of the deals in play is that 1 partner is completely dwarfed by the other. Each deal, Mednax/Sheba/Joondy/Mayo/Spain/Hapvida etc is all completely lopsided and there is no capacity for little HMD to exert any sense of hurry-up to the other player in the deal.... so we wait....

-Mayo have finished all their trials but have had Covid hit some of their people so it's a bit slower to get things done there. Lots of pleasantries etc but no one signing anything off yet.. currently 2 months behind schedule, maybe happen in a week or a month or a day... dunno.... remember that this is more important for the gold-standard than Mayo's 3000 births a year. the Mayo tick of approval fast tracks SOOOOO much.

-Sheba... I'm sure that I've mentioned Israelis and Israel and business before.... again, ALL the indicators are that things are going well but the sign off has been delayed due to Covid and the Golda Meir (Shining Star) field hospital. Give me Moshe Dayan any day of the week!! If Sheba had gone and channelled old mate Moshe then we would be looking at decisive action... the key take-away from the Ukraine hospital is that Sheba beyond is USING the HeraCARE platform and PulseNmore amongst other things is plugged in and feeding data via HMD's platform. This really is a huge step and completely validates the idea of the real value being in the platform more than the device. Sheba is rolling along with HeraCARE in a war zone with at least 2 other tech companies feeding their devices back through it. This really is the potential game changer happening right now. Just someone needs to sign off on it going into use across all of Sheba.... understanding is needed here of pillars of fire and pillars of smoke... thought and action being equally required and right now we are in the thought bit more than the action bit. Currently a couple of months behind formalising anything and also sitting on a report that is talked about but not yet signed off on.... this is an absolute company maker. My personal preference for the first real deal over the line. Sheba Beyond signs off and suddenly HeraCARE is across the globe into UAE, Rwanda, Brazil, Ukraine, everywhere that Sheba goes... massive massive massive potential.

-Spain.... long slow burn.... this is all about a Govt tender with multiple parties involved. I personally have never had much business dealings with Govt because its so slow..... I have friends that only deal with Govt because they get the mindset. I would be hesitant to expect anything this side of September. Not down or out just held up by govt procedures.....

-Joondalup.... have finished their reports but RHC canned all new spends so we wait for new financial year at a minimum... all sounds great but computer says no.... HMD are tiny, RHC are huge... Company making deal Vs no new spends.... very lopsided process so we have to wait..... all sounding highly engaged and promising but massive companies move a bit slower than little ones so the process sits within their timeframes not ours. Not negative but at least 3 months behind schedule and with more than 3 months to go before kickoff is even considered...very lopsided, however RHC said no to all new spends EXCEPT HeraCARE... hmmmmmm if only the Ghost who Walks would talk more about what he knows....

-Hapvida.... LOVES HeraBEAT... not much else is said..... if they come back around it could be in a big way or no way... anyone ever gone fishing for Bull Sharks?? they sort of softly mouth the bait without really digging their teeth in and the drag will just tick a bit... they come back, do the same thing and the drag just ticks slowly out then stops as the shark has dropped the bait..... then WHAMMO!!! Shark on and all hell breaks loose!!!! especially if you're in a kayak.... that's kind of how I see things playing out in Brazil... kayak fishing for Bull Sharks, tiny boat attempts to capture large and aggressive prey. Best to file Hapvida in outlier events and if they come back it will be well known, but they haven't gone away. We await their massive presence, they forget who we are... if only a Massive company spent their toilet paper budget on a remote foetal heart monitor then we would have lift off many times around the sun and moon and Jupiter etc...

-Mednax..... old mate Santo LOVES HeraCARE and HeraBEAT. Mednax also loves it... why are we waiting?? trials haven't finished and more importantly...... we are both waiting for a senate hearing of a bill about payments in the US health system amongst other things that is slated for..... the 18/4/2022. if that is all positive and Mednax and the health insurance industry are happy then we will be much happier than a kayak fisherman capturing a bull shark!! If it can't work out commercially then it's all over with Mednax. That's just life I guess, however if it can work out then a small deal for a very large business will make tidal waves with a very small business. Again the kayak metaphor works here, imagine the bow waves from a Container ship and their affect upon the course of a 10 foot piece of plastic..... HMD are a speck of sand compared to what Mednax would unleash onto us. $10m to Mednax is probably what they waste on hot dogs for staff drinks each Friday of the year, it would completely alter HMD's reality if it was spent on HeraCARE. lopsided beyond belief and held up by internal procedures and more importantly by govt.... very vey close but just that little bit out of reach and with zero control of the deal outcome.... we wait....

in a nutshell... HMD are tiny and must wait until the big dogs decide that it's play time. pretty crap for us shareholders in the short term however there is no sign that anything has fallen over.

I feel comfortable in the direction of the business, the share price is sadly very disappointing... particularly when I have so many shares here..... lol

If we get Sheba over the line then look for me at the bar of the Brunswick Heads pub (NSW)... I'll be the guy who paddled in on his kayak and is buying plenty of drinks! If it's Mednax... I'll be the guy drinking Krug from the bottle sitting in his kayak on the front lawn of the beach house...