Not including the $450k from the legal settlement, March Quarter...

Not including the $450k from the legal settlement, March Quarter 2023 results shows the real picture at YPB. Receipts for the quarter were $329k, taking away the $250k from the court action, this means overall revenue receipts were $79k. Where is the $30k first downpayment from Pull-tab Systems LLC which was to have been paid in this quarter just ended? If it is included in the $79k, then for the quarter, their traditional and core sales only contributed $49k for the quarter (way down on the December 2022 quarter).

To say that the March quarter net cash usage was only -$124k is misleading. The $450k from the court action is non-recurring and in actual fact outgoings for the quarter were $667k and this is a more true reflection of YPB's operating costs. Whether YPB's revenue is taken as $79k or $49k, it shows that their authentication and brand connect product is not selling and being taken up by the market.

The $1.1m of funds available will not last the 17.1 quarters reported in their 4C announcement and it is more like 1.5 quarters at a time when their pull-tab and NVISO projects will be severely cash flow negative.

Unlike what has been reported in the quarterly 4C announcement, there is nothing positive at all to say about YPB.