Ann: GSW In Teaming Agreement with Patriot Defense Group LLC, page-22

Yeah, it's clear that this increase in SP is not based on recent material change in GSW's revenue.

The Patriot deal is encouraging, confidence-boosting potentially, but not material.

The jump in GSW's recent SP in the lead up to GSW conference call was likely either

i) optimism that GSW would have material news update and address GSW stakeholder's concerns at the conf call

• My view: GSW conf call did not sufficiently address holder concerns of i) cash burn, ii) high C-suite paychecks and iii) progress/completion of large integrations
• Additionally concerning: a number of shareholders (myself included) were unable to access the conference call due to not being listed on a GSW-created 'holder short list' which was either a. outdated or b. selectively drafted. I know of the existence of this 'short list' because I was advised of this by the Conference Call operator 3rd party.

ii) shorters (https://www.shortman.com.au/stock?q=GSW) Shortman indicates 20% of stock volume was shorted on 12SEP19, 9% on 19SEP19 and 9% again on 25SEP19.

The jump in GSW's recent SP after Teaming Announcement with Patriot was probably due to increased shareholder confidence.

• (Low shorter volumes indicated on Shortman after Patriot announcement)
• Yet, this seems strange shareholder behaviour. As I indicated in my back-of-envelope calculations, the rough anticipated revenue from Patriot a $10M annual revenue company from estimated 20k annual deliveries would be ball park $20k revenue for GSW. This is not material.
• So are shareholders simply being hopeful (like 2017-2018 days) due to the 'if it is good enough for military, it's good enough for me' credentials a military-related logistics company gives to GSW? It would seem so.

Oh, GSW, so much potential, but are you going to deliver? Who knows.