Ann: FY22 Q3 - Activity Report and Appendix 4C Cashflow Statement, page-9

Equity-linked strategic alliance with lead Corporate Daigou distributor, Willis Trading

In March Bubs entered into a strategic equity-linked alliance with Willis Trading; Bubs’ single largest customer in FY21 and FY22, and the lead distributor for both Bubs® and CapriLac® brands in the Corporate Daigou Channel.

The agreement with Willis Trading is conditional on product purchase milestones of at least $50M in FY22 and $80M to $120M in FY23.

We have worked closely with Willis Trading for many years and together we have successfully returned Bubs® Daigou sales to record highs year to date, now exceeding pre-COVID levels. Strengthening our partnership with the Daigou community will align Bubs® brand power with deep channel engagement to provide additional visibility and reliability as we work together to rapidly accelerate our Chinese consumer base.

As stated the very significant cash positive $24M in the bank includes the marketing and production of their new "SUPREME" A2 Beta Casein protein Infant formula ready for sale.
The company has enough cash to fund 4 quarters & is making stronger strategic decisions to grow the company even more around the globe in these troubled times