Ann: Preliminary Final Report, page-26

It is evident that there is plenty we do not yet know. Occasionally we get a glimpse behind the veil and the Directors' Report is one example where we learn a little more than we knew before.

What we do know is this is a complex project that involves not only making a chip (combined MEMS and ASIC) that can accurately, reliably and robustly generate sound including music, but also involves developing and proving a mass production process for that chip.

Clearly, this differs from the traditional development methodology of first building a prototype, then working out how to manufacture large numbers of the item. We have seen how the development of the AKP chip is very much an iterative process with many steps from blank wafers onwards. Every new batch of processed wafers requires significant testing that provides feedback into a modified process and the next batch of wafers. Rinse and repeat.

While this is happening, there is a need for the company to ensure it is protected by patents, including for discoveries and inventions made along the way. For such highly confidential matters, I recall there are defined exceptions from the ASX continuous disclosure provisions.

When the mass production process is finalised we will be able to know much more. The company will have a saleable product that can be demonstrated and manufactured in whatever volumes are ordered and can be accommodated in available fab capacity. Then the share price can reflect such success.

All IMO.