Ann: Appendix 4C - March Quarter Report-BUD.AX, page-30

This quarterly seems ok for a virtual start-up.

One of the interesting elements with this stock however, will be the shares on issue once escrow ends, and when performance kicks in. By my estimates it will go from 250 million shares to around 900 million, and that's dilution in the order of 260%. However, by that stage BUD will probably be earning greater revenue as an offset. However, for small caps, such dilution does tend to put a significant limit on price appreciation over time. I was hoping that POK may have done a better deal on this transaction, however, it is what it is now.

I still expect the price could slowly rise to 40c or 50c cents one day in the next couple of years, before the inevitable capital raising and stock consolidation. It will probably be a slow process, but a good one.

BUD is in the right industry though (at the moment), and the management are good, and all the signs are positive from a business perspective, you can't complain about any of that. It's headed in the right direction, and deserves to do well. Good for Buddy and it's hard working management, they deserve their success.

The IoT is an interesting space to watch develop, and it can be quite difficult to separate the real contenders from the pretenders and spruikers. BUD is a contender, no doubt. Also interesting to see what other companies BUD has itself invested in, and at what price BUD got in. Some good research there.

I think it will be pretty much the status quo on Monday - steady as she goes.

Gw