Ann: Annual Report to shareholders, page-9

I don’t think the margin will be consistent. A lot of the past expenses have been employee costs associated with R&D and director salaries. More recently advertising has been added to expenses. The school business had an increase in revenue but a decrease in margin. The wearables division kicking off so strongly early on has been very timely to offset declining margins in the school business. R&D and director fees will be relatively stable or only gradually increase while watch sales are growing exponentially and will be much higher in 2019 compared to 2018. I’d be pretty confident that gross profit margins on watch sales will be very much better than 20% either sold directly or sold by other retailers. So I would be confident that overal margins will improve significantly as sales volumes grow strongly.