HMD Valuation, page-7

The $200 USD up front charge per license covers the cost of the HeraBeat and a "humble profit", lets say its transported to the hospital at nil cost to HMD, hence I work our revenue out purely on the monthly fee we receive as a SAAS provider.

Over 40 mill options look like they'll all be converted, that will bring us to 220 mill shares, but will also provide around $8mill into the bank for conversion costs.

David didn't write off a capital raise but it will be down the track, and at a lot higher level than the last batch hopefully, it will be nice to keep the shares on issue under 250 mill.

TCG