01 Quantum Inc. (ONE) Earnings Call Transcript & Summary

I see we have 31 attendees and climbing.

Yes. It's quite a bit. Okay. I think it stopped at 31. This is quite a bit.

Okay. Shall I begin?

Yes.

Ladies and gentlemen, my name is William Train and as Chairman of 01 Communique Laboratory Inc., I welcome you to this annual meeting of shareholders. As we all painfully know, the pandemic has drastically disturbed our normal business activities. We had planned to be altogether live at the boardroom of our law firm Fogler, Rubinoff, who had graciously agreed to host us again this year. However, the pandemic has disrupted that. We all hope the pandemic will pass, and we will return to a more personal setting again next year. Fortunately, remote access software has enabled us to hold this year's annual general meeting in a virtual way. Let's begin the formal portion of today's meeting. First of all, I would like to introduce you to our proposed Board members: Andrew Cheung, Gary Kissack; Joanna Ng and Jane Yang. Also our Corporate Secretary and Controller, Gigi Loo, is on the call; as well as our CFO, Brian Stringer. I ask Gigi Loo to act as Secretary of the meeting and Lori Winchester of TMX Equity Transfer Services to act as Scrutineer. Ladies and gentlemen, notice and proxy materials for this meeting were duly mailed to shareholders. Additional copies are available on SEDAR. I have been advised by the Scrutineer that prior to the meeting, proxies were received from holders of more than 17,017,525 million common shares or 20% of all shares entitled to be voted. As a result, we have a quorum for the meeting, and the meeting is properly constituted for the transaction of business. In view of the need to attend to a number of formal corporate matters, certain shareholders have volunteered to move and second where required. While this procedure will facilitate the handling of the formal matters, any shareholder or proxy holder may speak on the matter when that matter is before the meeting. [Operator Instructions] We would kindly ask that you hold your questions until the end of the formal portion of this meeting unless the question pertains to a motion matter before the shareholders. The minutes of the last annual meeting of shareholders held on April 24 are available for inspection from the company via e-mail from Gigi Loo at [email protected]. I'm also tabling a copy of the 2019 audited financial statements. You will have received them with the proxy materials, and additional copies are available on SEDAR. After the formal portion of the meeting, there will be a presentation by management, which will then be followed by an opportunity for questions. The first item of business for which this meeting has been called is to fix the number of directors. It is intended to determine the number of directors at 5 and to elect 5 directors for the ensuing year. May I have a motion that the number of directors be fixed at 5?

Mr. Chairman, it's Brian Stringer. I am a shareholder. I so move.

Thank you, Brian. Is there a seconder?

Mr. Chairman, this is Gigi. I'm a shareholder of 01. I second the motion.

Thank you, Gigi. Is there any discussion on the motion? [Voting]

Based on the proxies received in favor of management, if a ballot vote were conducted on this matter, more than 99% of the votes eligible to be cast at this meeting would be voted in favor of setting the number of directors to be elected at 5. Therefore, I declare that the number of directors to be elected is set at 5 in accordance with the motion. We turn now to the election of directors for this term expiring in 2020. Five directors are to be elected and 5 nominees are named in the proxy circular for this meeting. The Secretary will now read their names.

The names of the nominees are: Andrew Cheung, William Train, Gary Kissack, Jane Yang and Joanna Ng.

Thank you, Gigi. I would like to note that the company has adopted a policy whereby any nominee for election as a director, for whom the number of votes withheld exceeds the number of votes cast in his or her favor, will be deemed not to have received the support of shareholders, even if he or she is elected. A director elected in such circumstances must immediately offer his or her resignation to the Chairman of the Board. Within 90 days of receiving the final voting results, the Board will issue a press release announcing the resignation of the director or explaining the reasons justifying its decision not to accept such resignation. This policy only applies in the context of an uncontested election of directors. May I have nominations, please.

Yes. My name is Brian Stringer, and I am a shareholder. I nominate the 5 persons whose names have been read to this meeting by the Secretary for election as directors of the company to serve until the annual meeting of shareholders to be held in 2021.

I see there are no further nominations. I declare the nominations closed. Five persons have been nominated as directors, and there are 5 directors to be elected. Accordingly, I declare that the 5 nominees whose names have been read by the Secretary have been elected directors of the company to hold office until the close of the next annual meeting of shareholders or until his or her successor is duly elected or he or she otherwise ceases to hold his or her office. The next item on the agenda is the appointment of the auditors of the company. I will now entertain a motion in this regard.

My name is Brian Stringer, and I'm a shareholder. I move that Shimmerman Penn chartered accountants be appointed auditors of the company to serve until the annual meeting of shareholders to be held in the year 2021 at a remuneration to be approved by the Board of Directors of the company.

Thank you, Brian. Is there a seconder?

Mr. Chairman, my name is Gigi Loo. I am a shareholder of 01. I second the motion. [Voting]

Thank you, Gigi. The motion has been made and seconded to appoint Shimmerman Penn LLP as the company's auditors. Based on proxies received in favor of management, if a ballot vote were conducted on this matter, more than 99% of the votes eligible to be cast at this meeting would be voted in favor of the reappointment of the auditor set a remuneration to be fixed by the Board of Directors of the company. Therefore, the motion is carried, and I declare that Shimmerman Penn LLP has been reappointed auditors of the company in accordance with the motion. The next item up for business for this -- which this meeting has been called is to consider and if thought appropriate, to approve a resolution ratifying the stock option plan of the company. As more particularly described in the management information circular, the full text of the proposed resolution is set out in the management information circular. In order to be approved, the resolution must be approved by at least a majority of the votes cast thereon. May I have a motion for the approval of this resolution?

My name is Brian Singer, and I am a shareholder. Mr. Chairman, I hereby move that the resolution in approving the ratification of the company's stock option plan in the form set out in the management information circular be passed without variation.

Thank you, Brian.

Mr. Chairman, my name is Gigi Loo. I second the motion. [Voting]

Thank you, Gigi. There have been no questions posed on the stock option plan. Therefore, a motion has been made and seconded to approve the ratification of the company's stock option plan. Based on proxies received in favor of management, if a ballot vote were conducted on this matter, more than 99% of the votes eligible to be cast at this meeting would be voted in favor of the ratification of the company's stock option plan. Therefore, I declare that the company's stock option plan in the form set out in the management information circular be ratified and passed without variation. I think it is appropriate to terminate the meeting now, may I have a motion to terminate this meeting?

My name is Brian Stringer, and I'm a shareholder. Mr. Chairman, I move that the meeting be terminated.

Thank you, Brian.

Mr. Chairman, my name is Gigi Loo. And I am a shareholder of 01. I second the motion.

Thank you, Gigi. A motion has been received and seconded to terminate the meeting. The formal portion of the meeting is now concluded. Management will now make a short presentation about the company, after which there will be an opportunity for questions. Thank you for attending. I'll now pass it over to Andrew.

Thank you, Bill. My name is Andrew Cheung. I'm the President and CEO of 01 Communique. This is a new experience conducting our AGM. In fact, my very first time conducting anything like that remotely. But sadly to say, I think since mid-March, we have all born witness to how this insidious virus has impacted our very way of life, our families and our communities. But at 01, I'm very pleased to report to you that with our remote access technologies, we have adopted to 100% remote working environment for many years. So this slowdown or lockdown of the city really carries no impact on the productivity of 01. We are charging ahead, full steam. What I'm going to present to you today is a summary of what we have achieved in 2019 and forecast about the rest of 2020 and 2021. Thereafter, my presentation is going to open to public at around 4:30, whereby I'm going to present about the IronCAP product, the revenue model, the market size, et cetera, et cetera, and most importantly, the launching of the IronCAP X product, which is the world's very first quantum safe, end-to-end e-mail encryption product. Now this is a snapshot of what we have achieved in 2019. First of all, after years of intensive research and development, we have filed our international patent application in December of 2018. And in April of 2019, which was our last AGM, we have announced the development plan of IronCAP X product, which is what we are launching today. And in August of 2019, the IronCAP engine became commercially available. And since then, things moved quicker. In the September of 2019, we have won the CIOReview Editors Choice award. And then shortly after that, in October of 2019, we have obtained an industry expert endorsement from Professor [ Percy Shetty ] at the University of Florida. And then November of 2019, we have conducted an aggressive hackathon. Whereby we offer $100,000 cash to whoever that managed to crack IronCAP encryption. With over 500 contestants over 36 days, they all failed. We announced the result in December. And then February of 2020, we have conducted a quantum workshop at the CCTX Conference in Toronto. Shortly after that, about a month ago, we have announced a technology licensing agreement with Hitachi in Japan. Only a few weeks ago, we have announced another memorandum of understanding with a global cybersecurity firm called Nexusguard. And now today, we are launching the IronCAP X product. Most importantly, we achieved all these using just $650,000 cash. The most important thing about venture stage of any company will be cash burn. Our cash requirement moving from here will be about $700,000 to $800,000 per year. With the help of Richardson GMP, we're contemplating a nonbroker equity financing of up to $1 million. Together with our $0.25 million, we believe there is enough resources to carry the operation to cash flow positive with minimum dilution to shareholders. You may ask me exactly how I plan to do that. I'll tell you in a moment when I come back with the presentation on the IronCAP, IronCAP X and the demonstration. So I'm going to take a pause from here and come back to tell you everything. Well, we have a few minutes before public presentation on our product. So I guess I can take a few questions to answer. If you have a question, please use the Q&A feature and type your name and question. I'll read out your name and I'll read out your question before I answer it.

Okay. The first question is from [ Steve. ] [ Steve ] asked, how are you going to pay for this aggressive program? And is it true that you're raising fund at $0.12? How? That's a very, very practical question. Thank you, Steve. This is a very good question, by the way. Short answer to that is, yes, absolutely. We're going to raise an equity financing at this point at $0.12 per unit. And the book is managed by John Horwood at Richardson GMP. And we are looking to kind of like closing the book in a very short time frame, and it is ongoing at this point. So yes, if anyone like to participate, please contact John Horwood at the Richardson GMP. So let's see if I have other questions here. All right. So I have another question from gentleman called [ Andrew Levi ]. He asked, you have gone to Asia mostly in the past, what are your plans to get traction in North America? Well, actually, this is also a very good question. And I will leave a lot of the answer to my presentation on the IronCAP X product. And in North America, we are also dropping up some other -- the businesses, partners and everything, just so happened that -- it's not coincidence but it is just that we turn up something in Asia, and probably they are more cautious to the cybersecurity or hacking or whatever. I couldn't say on behalf of them. But our first few partnerships were actually drawn from -- in Asia, particularly Hitachi in Japan, which is a big global company. So our North American journey also has started, and we have a few other in discussion at this point. Okay. Let me see if there's another question here. I see some people typing. This is like another new experience about this is like a typing contest. Oh, from [ Andrew ] again. He asks, as a 20-years' investor in 01, when can we expect to see an appreciation in stock price? Well, I'm a longer-time shareholder at 01, I'd like to see that sooner than later. And I -- personally, I believe we already should have reflected a lot of the good things we have at the stock price. The pandemic is not helping, but also, it is not -- we have not been affected as many other companies, especially a small company. But yes, we are doing everything we can to make that happen. Okay. Yes, a lot of questions start really flowing in now. Okay. John has a question. John Horwood asked, looking forward to launch. And can you share the type of new customer you're looking for? Focusing on the launching, the IronCAP X launching, the customer are different from the engine or there are 2 different types of company. More details would be described in my presentation on the product. On the engine itself, it is more likely the integrator, the middle person, like a cybersecurity firm, things like that. But then for IronCAP X, the e-mail encryption product will be a direct customer. It can be an end user, it can be a consumer, it can be a corporate customer. So whoever that uses e-mail and more security-conscious will be our target customer for the IronCAP X post-quantum, end-to-end e-mail encryption product. So they're the 2 different type of product. I have a question from [ Vicky. ] [ Vicky ] was asking about the product road map in 2020 and 2021. What kind of plan? Is there any other new product after IronCAP X? This is a perfect question that I haven't addressed in my presentation. The -- our first-ever vertical -- let's put it this way. The vertical market is e-mail encryption product. The reason why we take e-mail encryption is because it is the largest vertical of all, not only because of that, but also that it is a -- something that end user, everyone, all feel -- can touch and feel and use it and appreciate it, too. And it is also serving as a -- and as an endorsement, like we call a public endorsement of the IronCAP encryption product. So after that, we have in the plan -- in the -- for releasing in 2021, just like how we announced IronCAP X last year at our AGM, April of 2019. I am envisioning that the -- in 2021, we will be releasing the VPN, like an IronCAP VPN product, which is a -- similar to any VPN service or VPN product in the market today, but it will be the first quantum- safe VPN product. That will be in the pipeline. There are more questions. Let me just look through them. I think a lot of the question can be answered in my presentation, okay? So I will leave them later, after our presentation.

At this point, we have a few minutes before my public presentation on the product. So for the benefit of those who don't know much about quantum computer or the IronCAP technology, I think this is the perfect time for you to watch a short video on IronCAP technology. And then I will start my presentation a moment after that. So let me start the video of IronCAP. [Presentation]

Okay. I think it is enough brainwashing advertising. Thank you for joining our IronCAP X demonstration. I hope the short video that you have watched has given you some background information about quantum computing and our IronCAP technology. A live demo will begin shortly. And you might have to bear with the less-than-ideal -- the resolution due to the projection, so please allow me to walk to my other camera. Welcome. To those investors who has attended our AGM about 30 minutes ago, I'm still the same Andrew Cheung, only a few minutes older. I'm the President and CEO of 01 Communique, the owner of IronCAP. Today, we are launching IronCAP X. But before I talk about that, I'd like to first tell you who we are. 01 Communique is a 26-years old technology company publicly listed since 2000. We started by doing computer-generated facts and later seized the opportunity building remote access technology about 20 years ago and has been used by major global companies. We are backed by an incredible seasoned team. Our Chief Technology Officer, [ Sergey Strakhov ], has been with us for 20 years. Our crypto scientist, [ Professor Besetev ], is a well-known expert in the field of cryptography. We also have a Board of Directors that comprises of entrepreneurs, lawyers, accountants and veterans in the technology field. We are a grown-up company with data security and cybersecurity expertise dated back to before many of the industry players even started. As I said, our legacy business is remote access. And we have been managing that for 20 years without hacking. During that time, we have been very closely monitoring the development of cybersecurity and have identified the trend of quantum computing about 10 years ago. I'm sure everyone on the call today knows the existing of quantum computers, and that quantum computing is the next big threat in cybersecurity. The excessive computing power of quantum computer can render traditional encryption, i.e., RSA useless. This affects just about anything in our everyday life because, for example, when you log into your web banking, you use RSA encryption. When you make a credit card purchase, you use RSA encryption. When you transfer money, you use RSA encryption. The list just goes on. RSA is simply the bedrock of cybersecurity, but it is not quantum safe. But 4 years ago, our Board of Directors and advisers have identified a massive disruption in cybersecurity, cybercrime and blockchain. And this affects and changes everything in the ecosystem. And therefore, we have started the development of IronCAP. With massive and intensive R&D for years, we have created the best-in-class IronCAP solution, which is, first of all, it is based on the time-tested method with no mathematic cracking theory in 40 years, and it's a faster than RSA traditional encryption and decryption. And it is also compatible with today's infrastructure. So it's a bolt-on replacement without changing anything. But most importantly, it is -- we're about business. We're not about theoretical science. So IronCAP is built on a business objective with a clear path to revenue generation and adoption. First of all, the IronCAP engine was commercially available in 2019. And shortly after that, we have won the CIOReview magazine's Editor’s Choice award. And then we have survived an aggressive 36-day hackathon, whereby we offered $100,000 cash to whoever managed to crack IronCAP encryption where over 500 contestants tried and failed. We ended the hackathon in December and made the announcement. Since the commercial availability of IronCAP, it has survived heavy due diligence from major companies and resulted in technology licensing agreement with Hitachi in March, just about a month ago. And another MoU signed with a global security firm called Nexusguard as well as another one called ixFintech in Asia. There are more in discussion. IronCAP application is just very wide reach. It is about almost anything related to cybersecurity. For example, IronCAP X that deals with e-mail encryption is a market of $7.3 billion per year e-mail encryption market. And then another example of financial transaction is another $1.6 billion market per year. Website security is another market of $1.7 billion per year. And this doesn't even include VPN, blockchain, security, 5G, IoT devices, cloud storage security or password management, et cetera, et cetera. It's a huge market we're tapping into. Today, as I said, we are launching IronCAP X, the world's very first quantum-safe, end-to-end e-mail encryption product. There are many e-mail encryption products in the world today. But I have to say, frankly, none of them is quantum safe. And a lot of them are not even safe in the cybersecurity point of view because they encrypt the message and store in the server and then allowing the recipient, going to the server to retrieve the encrypted part of the message. This is not end-to-end encryption, and it's also attracting hacker to a central server that store all the messages. Today, with COVID-19, we are using e-mail more than ever and a lot of the e-mails are not even encrypted properly. Now IronCAP X fills that gap. IronCAP X offer a free personal usage version. And in the summer, we are launching a business usage version of $100 per year per user. But today, you can use the free user version for free. Anyone can sign up. Okay. Here's a demonstration of how it works. I'm going to switch to my computer display, so bear with me for a little bit. IronCAP X is very easy to use. I'm going to show you a quick end-to-end user experience. Simply visit the IronCAP X product page from the ironcap.ca website. From this page, you can click the button to request a download. Now after a simple installation, you'll be prompted to enter your name and assign a password. When this is done, IronCAP X will automatically integrate with Outlook on your computer. Now I'm going back to Windows and open Outlook with IronCAP X option already inserted. This is Outlook. Now when composing a new message, there's an option to encrypt content using IronCAP X, just like this. Now let's try to compose a new message to [email protected] with a simple subject line and a simple content, just like how you will compose any normal message. Now when I'm done with my typing, I can choose to encrypt this message. And then after choosing that, I can just click to send as usual. The message will arrive on the other side, end-to-end encrypted without staying on our server. This means only your recipient can decrypt your message. For maximum security, the message is also stay encrypted on your own computer. You will also need to enter a password to view your encrypted sent items. Striking a balance between security and usability, there's no need to reenter password again until you have closed Outlook and reopened it again or after a time-out. Now I'm switching to the receiving end. The save demonstration time, the receiving end already has IronCAP X installed. Let's open Outlook. Here, you can see the new message has already arrived. The recipient needs to provide a password he or she assigned during installation of IronCAP X in order to read the encrypted message. Similar to the sending side, there is no need to reenter password again until after you have closed Outlook and reopened it again or after a time-out. If the receiving site does not have IronCAP X installed yet, the recipient will see an invitation message to install IronCAP X. This is the same idea as WhatsApp invitation. IronCAP X is so simple that it explains itself. It is the world's first-ever, quantum-safe, end-to-end e-mail encryption system. Now a business version will be available in the summer with the central user management tool for the IT department to manage their users. There's another optional hardware called IronCAP Key will also be launched in the fall/winter time frame, allowing even higher security. Similar to a bank card, you are required to insert IronCAP Key into the computer and enter a PIN before you can read the message. This means even though your password has been compromised and the computer is physically in the hand of a bad actor, your messages are still unexposed. As a closing statement, every day, millions of people send confidential and financial information via e-mails, and it is not properly protected. To protect your privacy, please visit ironcap.ca today and download IronCAP X. It is fast, it is safe and it is free. Now before we go to Q&A, this webinar has been recorded, and we are happy to share this with any friends and family. If you have any question or business question, please e-mail me directly, and I'm happy to help. My e-mail is Andrew dot Cheung, like my first name dot last name, at numeric 0, numeric 1, C-O-M, dot com. Thank you for your time today. We'll go into Q&A now.

[Operator Instructions] All right, see who is the winner of the fast typing today. And the winner is Mr. [ Don Martin ] . [ Don ] asked, what is the potential in revenue from IronCAP X moving forward into 2021 globally and beyond? This is a very practical and good question in business, as I keep saying that we are above business. IronCAP X deals with e-mail encryption product. By itself, e-mail encryption product is a huge market on its own. It's a $7.3 billion per year market, huge. And as I said in the presentation, none of them is quantum safe, and we are the first quantum-safe, end-to-end e-mail encryption product. And so we expect to generate revenue and crossing the line into cash flow positive in 2021. So that's our plan. That's what we're aiming for. I have another question from -- the gentleman's name, [ Patrick McDonald. ] [ Patrick ] asked, is there a consensus you are seeing out there on the time line for viable commercial quantum computing? And is that a general increase in quantum cybersecurity concern from corporation you have interacted with? Well, this is a loaded question, but let me break down the question and answer one by one. It's -- by the way, it's perfect first question. Now first of all, you might not know because the quantum computing is already available. It's not even a time line. It's already available in December of 2019, a few months ago. Not only that, Google has already demonstrated quantum supremacy in October 2019. But Amazon in December already offered their quantum service through the cloud, which is allowing people to use their quantum computer through the cloud. You can subscribe to it. You don't need to spend $50 million to purchase a quantum computer from IBM or Google or whoever, you just have to sign up through the cloud at the Amazon Braket service, B-R-A -- no C, B-R-A-K-E-T. Everyone can sign up. This is free. I shouldn't say free, sorry. It is -- anyone can sign up anytime, okay? So the other part of your question is about when it would be -- having concern -- there are a lot of concern already. I think this particular pandemic we are in is drawing a very good parallel. Let me give you an example, like if 1 year ago, someone said, "Hey, we will have a pandemic," and a lot of people will ignore that person. And now we're running around in panic, looking for vaccines. This is similar. In quantum computer, people has already -- have been -- keep saying that, and I have been -- keep telling people that this is coming, and that was before we have any commercial availability of quantum platform. And now it is available already in December, as I just mentioned, Amazon Braket, the service, is already here. So you can choose to ignore it, that you take a chance or you can do an earlier prevention of it. But the reality is reality. It takes time to upgrade your infrastructure to protect against future quantum attack, it takes time. It takes -- on average, it takes about -- like between 6 months to 18 months for a corporation. The larger the company, the longer they would take to transform their infrastructure to become quantum safe. So really, the people need to act now, not yesterday. I have another question here from [ Bob Kresnow ]. [ Bob ] asked, will I get also protect against any possible attack from future antiferromagnetic technology. The short answer to that is, absolutely. This is -- IronCAP is the backdrop. It's the encryption technology, right? So it is almost like the last line of defense. So if everything fails, you expose everything. If it is still encrypted, then the bad actor cannot look at it, yes, you're still safe, even though all the lines in front of you has cracked already. So short answer is yes. Okay. I have another question here from John Horwood. John says, great presentation. Thank you very much, John. How would you make money if it is offered free? That can really, really tell -- like -- John is a businessman. Free cannot generate revenue, of course. And our free version is actually a -- I call it an enabler, let's put this way. It is an advertising -- like a free advertising agent. Our free version is only for personal usage. So for example, [email protected], it is free. But [email protected] would have to pay. So we are charging $10 per user per year for business user. And the diversion between business version and the free personal user version would be that there is a central management utility in the business version that the IT manager require. Because in the corporate environment, the IT manager needs to manage everything. It needs to manage -- he or she needs to manage the private key, the password, password reset and things like that. So the central management tool is essential for IT management, and that tool is only available in the business version. So I'll answer you again, short answer is that yes, we generate revenue from the business version, whereby the free personal version is the advertising agent or the -- we call it enabler or the revenue generator. I see a lot of questions here. Okay. I have a question from [ Encho ]. [ Encho ] asked, how close are we to quantum computer hacking us? Now this is a question that I think I have answered in -- a few months ago in the kickoff event of our hackathon. Remember, I mentioned about a hackathon we have conducted in November. So in that event, there was -- one person asked me a very, very good question. He says, well, only just about a year ago, I'm still hearing people saying that, oh, quantum computer is not here, may not even happen. Don't worry about it. This pandemic would not happen, things like that. How come all of a sudden in October 2019, we hear Google claiming that they have achieved quantum supremacy already? How come? Certainly, within a year, these things seems like changing day and night. So I got to say, again, before a pandemic to happen is like the way we are in here, suddenly it happened. What happens is unstoppable until it is stopped. And in mathematics -- or in science, that's -- the problem is as follows. We all heard about Moore's Law. Moore's Law is the -- is a famous law that we all know about how classical computer grows. It grows by Moore's Law by way that it's doubled its capacity every number of years and things like that, so it's like from 2 to 4 to 8 to 16 to 32, 64, which is powerful, this is exponential. However, quantum computer doesn't grow by Moore's Law. Quantum computer grows by Neven's Law. Neven's Law is double exponential. Double exponential means it's growing from 2 to the power of 2, 2 to the power of 4, 2 to the power of 8, 2 to the power of 16. So this grows in a way like 2, 4, 16, 65,000, 4 billion, et cetera, et cetera. So you can see that in the first 2 or 3 years, probably not that big of a different from Moore's Law. But then after crossing that line, it becomes unimaginable growth, like virus, like how things like that will be growing beyond imagination. So you would be in a situation after crossing that line is beyond recognized in just about a year. So I think -- and short answer to your question, I think we are about -- right after Google claiming quantum supremacy in October 2019, I think we are outcrossing that line now in the very near future. So based on that assumption, I believe that Q-Day is going to hit us in about like 1 year, 1.5 year, 2 years, around that kind of a time frame. That's why it is very -- a lot closer than a lot of people want it to be. Here, another question here from [ Mike. ] [ Mike ] asked why end-to-end encryption is such a big deal. And is IronCAP the only end-to-end encryption? Now end-to-end encryption is extremely important investment. Put it this way, it's not just important, it's extremely important because imagine that you're not end-to-end encrypted, you're here, this is your recipient and you encrypt your message. While you are transferring to your recipient, someone here in between called man in the middle, whether that's being a bad actor or it is a government agency or whatever. A man in the middle, when he got hold of that message, right, he can encrypt it. That's the problem. So end-to-end encryption means that you're encrypt it here and you decrypt it here, anything in between is encrypted that the man in the middle can never decode your message. Now this is such a big deal, but it's not easy to achieve. And that's why most of the encryption product are not end-to-end encrypted. They take the shortcut. The shortcut is you encrypt it, you put it in the server up here and then allow this receiving part come into the server and read the encrypted version of that. Now this sounds -- well, this is better than not encrypted, but it is not a lot better. This is only transforming the problem from one form to another form, okay? Then alone is a smaller problem, but it's still a big problem that they're transforming into. Like this central server up here, a bad actor can go there and just grab and decrypt anything they like. I don't think I can answer all of you. There are just too many questions here. Let me -- we still have a few minutes left. Let me take a -- 1 or 2 more here. I have a different [ Mike. ] This is [ Mike Long. ] He asked about how IronCAP X prevent obsoleteness? Well, I have to say that no software is safe forever. And you have version 1, you keep advancing to a version 2, and then you keep advancing the same way. And it is like a mouse-cat chase. So you have to always stay ahead and make sure that you're ahead of the game. And we are ahead of the game, and we have to stay ahead of the game. So that's as simple as that. Another question I have here, I think this is probably the last question I will answer before we're ending that, I reckon, at 5:00. [ Andrew Lassi ] asked, how do you get exposure for this product worldwide? Just low marketing. And this is actually very good. We -- again, as I said, we're using the free version as our free advertising agent. If anyone just go on -- I think most of them, if not all of them, use WhatsApp. And you witnessed how a product grow virally when it has a -- it's free, and this is having some invitation mechanism there. And we build in that -- invitation mechanism that, for example, when you -- when you try to send your encrypted message to your friend, we detected that your friend is not an IronCAP user. We will automatically insert an invitation message in your encrypted message saying that this is sending from [ Mike ] and you click this button here to install the free IronCAP version to read the message. Once IronCAP has been installed on the computer, that person, your friend, is also an IronCAP user. So it's a viral-growing mechanism. And WhatsApp was sold at $9 billion when they only have 30 employee, so that is the power -- I always call that the power of mass disruption, right? This is what we adopted to. So I hate to say, I don't have time to answer all of these questions. Now is the 5:00 ending our webinar. And so thank you for attending. We are wrapping today's webinar. Hopefully, this unprecedented pandemic will be a thing of history very soon. Meanwhile, please stay healthy, and I'll see you in our next seminar. Thank you.