It's very useful to get different perspectives, especially from...

It's very useful to get different perspectives, especially from someone with an eye for detail. Thank you.

Point 1 - "The little office in Sydney that AKP is run out of spends $1.2 - $1.5 mil a year on admin/compliance." - This figure comes from the "consolidated" financial reports. The auditor says: "We have been engaged to audit the financial report of Audio Pixels Holdings Limited (the “Company”) and itssubsidiaries (the “Group”) which comprises the consolidated statement of financial position as at 31 December2023" - The figure you have quoted is the "Administration" cost for the entire Group including AP Limited Israel, not just Sydney. I don't see any point in quibbling over your language, I agree with you on this point, I just wouldn't put it that way.

Point 2 - "......." Agreed "To say that this was Fred's master plan, i.e. to be left holding the bag as the only source of ongoing funding is simply nonsense." - "master plan" implies plan from the outset. I didn't say it was Fred's plan from the outset, I said when he was caught out with the unexpected delay at the end of 2023, this was the fall-back plan. I don't think that's "nonsense" and its not even out of character for Fred. In 2022 4F InvestmentsPty Ltd (i.e. Fred) lent $2,315,01 (all but ~$1m converted to shares); and in 2023 another $1.5m. This year, so far as we know, he lent another $1,818,000 (which has afforded enough time for EM to produce working wafers that are reported to be loud enough). Fred is just continuing to do what he has been doing all along. Just not quite well enough to keep the auditors from getting nervous (aka doing their job).

"Question now is are the existing noteholders going to extend more time to Fred (for a second or third time) or will some of them want to cash in their chips at the end of this month when they fall due." - From the Director's Report 28 March 2024 "At the date of this report the company has received approval from holders of $4.25M of thetotal of $5M in convertible notes on issue, to extend the maturity date of the notes to 30September 2024, with an option to extend these at the request of the company for a furthersix months." Not like you to miss the detail.

"And you're saying he intentionlly put himself in this position ?" - Again, no. I believe the plan was to have EM mass-producing and packaging chips by the end of 2023.