Ann: Appendix 4C - quarterly , page-5

I agree with you, Advisor. I notice they are still producing VitroGro at the rate of $1M per quarter (cost). I would expect TIS will get 10 times this cost at least when it starts to sell, after payments to partners. Remember that very little is used in one treatment, so cost is relatively low. Receivables will become significant within a few months, and this could be the basis for a small loan to cover cash flow, until receivables converts to cash. I think their partner also has a service where they can provide for such a loan?

I would rather a few months delay in US trials rather than a diluting cap raising.