BRN Discussion Ongoing

[Humble Genius]

BTW, WhyTF do we have 2 Linkedin profiles, and our employees are either linked to one or the other......

 

[TECH]

Every year around this time all the snide, negative comments really ramp up, I wonder why...not!

So many moaners, yet they just won't crystallize their loss and admit they wished they had offloaded all their shares at north of $2.00...well tough luck princesses.

Toughen the F up...Brainchip isn't your personal ATM..this is a journey, yes it's damn slow, but is the technology useless ?
Are we hiring imbociles? Are we engaging with incompetent tier 1 companies?..Is Sean a snake oil salesmen?..on and on.

From memory, Lou received two tranches of 7.5 million shares as "Chief 3 Hats" giving or some would say, gifting him with 15 million shares, of which he still holds just under 5 million shares, some seem to forget about the approximate 17 + million AUD that was wasted (blown) under his watch on the Studio sales team etc, the email address that was posted by some idiots on the HC site was actually Lou's private account, I can confirm that myself.

What 99% of you don't know is why he abruptly left as our CEO and Peter took over as interim CEO, and by the way, he did a great job in changing the accountability and tightened up on internal procedures with the help of the BOD..I liked Lou, but there was an issue and the company moved on.

The jury is still out on Sean, maybe he has clashed with some key staff who have since moved on, I simply can't comment because I'm not privy to the internal office day to day issues, which I'm sure there are like most.

Personality clashes happen all the time, ego's, power struggles etc are all part and parcel of life, but we all keep growing and move forward.

Ramble finished...goodnight from Tech.

 

[MDhere]

Hopefully I’ll get a reply

View attachment 83417

it is likely a anonymous poster who just happened to pretend to be that person and then post a possible correct old email of lous . And if LDN still has that address if in fact his in the first place, well wont he get lots of spam emals lol That crapper poster should be blocked for pretending to be someone other then an anonymous d..k lol

 

[Gies]

Every year around this time all the snide, negative comments really ramp up, I wonder why...not!

So many moaners, yet they just won't crystallize their loss and admit they wished they had offloaded all their shares at north of $2.00...well tough luck princesses.

Toughen the F up...Brainchip isn't your personal ATM..this is a journey, yes it's damn slow, but is the technology useless ?
Are we hiring imbociles? Are we engaging with incompetent tier 1 companies?..Is Sean a snake oil salesmen?..on and on.

From memory, Lou received two tranches of 7.5 million shares as "Chief 3 Hats" giving or some would say, gifting him with 15 million shares, of which he still holds just under 5 million shares, some seem to forget about the approximate 17 + million AUD that was wasted (blown) under his watch on the Studio sales team etc, the email address that was posted by some idiots on the HC site was actually Lou's private account, I can confirm that myself.

What 99% of you don't know is why he abruptly left as our CEO and Peter took over as interim CEO, and by the way, he did a great job in changing the accountability and tightened up on internal procedures with the help of the BOD..I liked Lou, but there was an issue and the company moved on.

The jury is still out on Sean, maybe he has clashed with some key staff who have since moved on, I simply can't comment because I'm not privy to the internal office day to day issues, which I'm sure there are like most.

Personality clashes happen all the time, ego's, power struggles etc are all part and parcel of life, but we all keep growing and move forward.

Ramble finished...goodnight from Tech.

Hear hear

 

[manny100]

For holders' growing impatient it's important to know the timelines:
AKIDA1000 was completed in November 2021. AKIDA1000 R & D ceased.
Hindsight tells us R & D turned to AKIDA 1500 and later GEN2/TENNs.
See News release dated 8/11/21 titled:

BrainChip Completes Testing Production Version of the Akida Chip​

Quote from PVM from the release dated 8/11/21:
“This is another major milestone for the company as we migrate from our research and development phase into full production and commercialization of the AKD1000 chip and the Akida IP,” said BrainChip CEO, Peter van der Made. “We have already seen significant uptake by Early Access Customers looking to leverage the clear advantages that Akida offers beyond the capabilities of other AI products. Akida is a ‘Next Generation’ AI device that offers real-time learning on chip and operates at a very low power consumption.”

Sure the chip was available in 2019, 2020 and 2021 for early access any anyone who wanted to license it such as Renesas but the focus was R&D.
BrainChip Completes Testing Production Version of the Akida Chip - BrainChip

With the focus now on commercialization a News release dated 18/1/22 Titled :

BrainChip Achieves Full Commercialization of Its AKD1000 AIoT Chip With Availability of Mini PCIe Boards in High Volume​

News Release
It's been almost 3 and a half years since full on commercialization commenced. - Sean Hehir commenced in Novemb.er 2022 to drive the commercialization process.

Its not that long ago when you consider in January 2022 there was basically nothing that AKIDA 1000 could slip into immediately.
While the demand for AI at the Edge and is growing and innovation accelerating the time from engagement to revenue is not - it's incredibly slow involving extensive and time-consuming testing. For safety regulated auto and health it could easily be 5/6years plus.

In general the extensive timeframes are sometimes not understood by retail investors some of whom are impatient.
AKIDA is not just an add on to improve performance it's a whole new way of doing something. Early in a new tech adoption cycle that can be hard for business, end users and holders to 'get their head around'.

Sean said in the quarterly that he is confident we will close substantially more bookings in 2025. Given the time lapse since Jan'22 and the increase in client validation since Sept'24 that is expected.
The bottom line is patience still required for revenue but we are getting closer.

 

[MDhere]

I know this has been posted earlier but never get enough of Sounak Dey and Arpan Pal

The idea has been tried using BrainChip Akida MetaTF platform and shows signigicant power advantage over classical ANN. | Sounak Dey

The idea has been tried using BrainChip Akida MetaTF platform and shows signigicant power advantage over classical ANN. Related paper is accepted at ISCAS. Tata Consultancy Services - Research

www.linkedin.com

The idea has been tried using BrainChip Akida MetaTF platform and shows signigicant power advantage over classical ANN. Related paper is accepted at ISCAS.


Have a great night fellow brners, Another long weekend coming up for Queenslanders and NT.

 

[Diogenese]

For holders' growing impatient it's important to know the timelines:
AKIDA1000 was completed in November 2021. AKIDA1000 R & D ceased.
Hindsight tells us R & D turned to AKIDA 1500 and later GEN2/TENNs.
See News release dated 8/11/21 titled:

BrainChip Completes Testing Production Version of the Akida Chip​

Quote from PVM from the release dated 8/11/21:
“This is another major milestone for the company as we migrate from our research and development phase into full production and commercialization of the AKD1000 chip and the Akida IP,” said BrainChip CEO, Peter van der Made. “We have already seen significant uptake by Early Access Customers looking to leverage the clear advantages that Akida offers beyond the capabilities of other AI products. Akida is a ‘Next Generation’ AI device that offers real-time learning on chip and operates at a very low power consumption.”

Sure the chip was available in 2019, 2020 and 2021 for early access any anyone who wanted to license it such as Renesas but the focus was R&D.
BrainChip Completes Testing Production Version of the Akida Chip - BrainChip

With the focus now on commercialization a News release dated 18/1/22 Titled :

BrainChip Achieves Full Commercialization of Its AKD1000 AIoT Chip With Availability of Mini PCIe Boards in High Volume​

News Release
It's been almost 3 and a half years since full on commercialization commenced. - Sean Hehir commenced in Novemb.er 2022 to drive the commercialization process.

Its not that long ago when you consider in January 2022 there was basically nothing that AKIDA 1000 could slip into immediately.
While the demand for AI at the Edge and is growing and innovation accelerating the time from engagement to revenue is not - it's incredibly slow involving extensive and time-consuming testing. For safety regulated auto and health it could easily be 5/6years plus.

In general the extensive timeframes are sometimes not understood by retail investors some of whom are impatient.
AKIDA is not just an add on to improve performance it's a whole new way of doing something. Early in a new tech adoption cycle that can be hard for business, end users and holders to 'get their head around'.

Sean said in the quarterly that he is confident we will close substantially more bookings in 2025. Given the time lapse since Jan'22 and the increase in client validation since Sept'24 that is expected.
The bottom line is patience still required for revenue but we are getting closer.

Hi Manny,

Good summary,

I think that the switch to IP-only (stop me if you've heard this before ...) set commercialization back by 2+ years by shrinking the potential market and raising the barriers to entry, as well as by jettisoning the first-to-market advantage which could have built brand recognition. That said, there were financial constraints.

So now we've restored the SoC product line and software product line, and we are seeing some green shoots, but the competition is closing in. Fortunately, perhaps serendipitously, TENNs arrived. It was in gestation even as we threw out the bathtub and contents.

I think Sean's confidence in closing deals this year is the bedrock of the suggested rehoming to US. Clearly this could not be contemplated at the current SP. The fact that he has mentioned the move out loud is an indicator of this confidence.

It was always contemplated that we would list in the US, but as a dual listing. Sole listing will complicate matters for superannuation SHs. As court approval is required, perhaps the court could impose a condition the the company make an equivalent number of US shares available for those with super shares. Class action anyone ... ? (Full disclosure - I don't have super shares).

 

[Galaxycar]

One thing someone at the AGM should ask is managements definition of the word bookings, The statement that we expect higher bookings in 2025.
Think shareholders should know it does,nt mean,IP Licences, Revenue,Sales,Contracts. It means at trade shows talking to parties that’s it, that is what we pay them there generous bonuses for, the same shit they have done the last six years all talk no action. All these partnerships are a way of hiding the fact nobody wants to buy a IP Licence and pay upfront we are giving our IP away in the hope it may result in a saleable item. If it’s not the case then where the fuck is all the revenue from all the items we are supposedly using it in space. Glad I brought a engineering business not!

 

[Fullmoonfever]

New TCS patent publication with Akida mentioned as the neuromorphic (& Loihi).

Not read it all but no doubt @Diogenese will be all over it

SPIKING NEURAL NETWORK (SNN) BASED LOW POWER COGNITIVE LOAD ANALYSIS USING ELECTROENCEPHALOGRAM (EEG) SIGNAL​

https://worldwide.espacenet.com/patent/search/family/092710795/publication/EP4544989A1?q=Akida%20neuromorphic

 

[HopalongPetrovski]

Hi Manny,

Good summary,

I think that the switch to IP-only (stop me if you've heard this before ...) set commercialization back by 2+ years by shrinking the potential market and raising the barriers to entry, as well as by jettisoning the first-to-market advantage which could have built brand recognition. That said, there were financial constraints.

So now we've restored the SoC product line and software product line, and we are seeing some green shoots, but the competition is closing in. Fortunately, perhaps serendipitously, TENNs arrived. It was in gestation even as we threw out the bathtub and contents.

I think Sean's confidence in closing deals this year is the bedrock of the suggested rehoming to US. Clearly this could not be contemplated at the current SP. The fact that he has mentioned the move out loud is an indicator of this confidence.

It was always contemplated that we would list in the US, but as a dual listing. Sole listing will complicate matters for superannuation SHs. As court approval is required, perhaps the court could impose a condition the the company make an equivalent number of US shares available for those with super shares. Class action anyone ... ? (Full disclosure - I don't have super shares).

I do, (hold BRN in my retail super) and paid 62 cents each for them, at the time.
I also hold many more outside of super for which I now feel grateful.
It will be a blow to me if I have to sell them at anything less than purchase price because of a redomicile, but at the moment, that is the situation with my particular fund.
Other funds will have varying arrangements, but this is my situation.
Not looking for violins or sympathy, just stating a part of the way my reality will be affected.
And think many other's will likely be in the same boat.
This is just a side show to the main event, but I hope that the BOD are aware of these implications for some of us holder's and will factor us into their decision making.

 

[Zedjack33]

I do, (hold BRN in my retail super) and paid 62 cents each for them, at the time.
I also hold many more outside of super for which I now feel grateful.
It will be a blow to me if I have to sell them at anything less than purchase price because of a redomicile, but at the moment, that is the situation with my particular fund.
Other funds will have varying arrangements, but this is my situation.
Not looking for violins or sympathy, just stating a part of the way my reality will be affected.
And think many other's will likely be in the same boat.
This is just a side show to the main event, but I hope that the BOD are aware of these implications for some of us holder's and will factor us into their decision making.

Same boat.

 

[Space Cadet]

I do, (hold BRN in my retail super) and paid 62 cents each for them, at the time.
I also hold many more outside of super for which I now feel grateful.
It will be a blow to me if I have to sell them at anything less than purchase price because of a redomicile, but at the moment, that is the situation with my particular fund.
Other funds will have varying arrangements, but this is my situation.
Not looking for violins or sympathy, just stating a part of the way my reality will be affected.
And think many other's will likely be in the same boat.
This is just a side show to the main event, but I hope that the BOD are aware of these implications for some of us holder's and will factor us into their decision making.

I would be very interested to know how shares are held by retail/industry funds. I think it would be quite high. The trouble is we don't have a vote. I would be surprised if it wasn't north of 50 million.

SC

 

[MDhere]

I do, (hold BRN in my retail super) and paid 62 cents each for them, at the time.
I also hold many more outside of super for which I now feel grateful.
It will be a blow to me if I have to sell them at anything less than purchase price because of a redomicile, but at the moment, that is the situation with my particular fund.
Other funds will have varying arrangements, but this is my situation.
Not looking for violins or sympathy, just stating a part of the way my reality will be affected.
And think many other's will likely be in the same boat.
This is just a side show to the main event, but I hope that the BOD are aware of these implications for some of us holder's and will factor us into their decision making.

here here, getting into the asx300 assisted many to own brn shares in their super so I am sure that the board will take note of this fact and have a rabbit or a ton of rabbits in their hats to help any transition into the u.s market be actually in the interest of the current shareholder as they so state.

Don't get me wrong, I am all for the transition to the u.s. market but it needs to be a bloody good and proper deal for the current loyal shareholders including those myself, you and other that have shares tied up in superfunds.

If by the time this all happens and the shareprice is back to mercedes days then it would be easier to sell those shares and feel ok about it all. And then buy back in the u.s. market.

Sure needs to be lucrative as Brainchip board did a lot of marketing push to have fund managers come on board in the first place.

 

[Space Cadet]

here here, getting into the asx300 assisted many to own brn shares in their super so I am sure that the board will take note of this fact and have a rabbit or a ton of rabbits in their hats to help any transition into the u.s market be actually in the interest of the current shareholder as they so state.

Don't get me wrong, I am all for the transition to the u.s. market but it needs to be a bloody good and proper deal for the current loyal shareholders including those myself, you and other that have shares tied up in superfunds.

If by the time this all happens and the shareprice is back to mercedes days then it would be easier to sell those shares and feel ok about it all. And then buy back in the u.s. market.

Sure needs to be lucrative as Brainchip board did a lot of marketing push to have fund managers come on board in the first place.

Actually I'm not convinced they will give a shit unless they feel they have left themselves open legally. IMO they will make a decision that benefits the company and the majority of shareholders. I certainly hope if they do relist that shareholders are given at least 6 months notice. It takes sometime to set up a self managed super fund, sell the shares and re-buy, not to mension the cost.

SC

 

[Galaxycar]

You are delirious if you think for one minute the BOD give a flying rats cracker that you have shares in your super and would have to sell them cheaper than what you brought them for.Did they give a fat cracker when they sold 50million share to the shorters to raise money, pushing the shareprice down and shareholders further into the red, letting them out of their shorts to make millions in profit, under the guise of sophisticated investors. There is your answer. They sold shareholders out
The only hope you will have is if ASIC knock the proposal back.

 

[Diogenese]

I do, (hold BRN in my retail super) and paid 62 cents each for them, at the time.
I also hold many more outside of super for which I now feel grateful.
It will be a blow to me if I have to sell them at anything less than purchase price because of a redomicile, but at the moment, that is the situation with my particular fund.
Other funds will have varying arrangements, but this is my situation.
Not looking for violins or sympathy, just stating a part of the way my reality will be affected.
And think many other's will likely be in the same boat.
This is just a side show to the main event, but I hope that the BOD are aware of these implications for some of us holder's and will factor us into their decision making.

Hi Hoppy,

My thinking was that an escrow trust fund could be into which the super shares could be transferred before rehousing. These shares would then be converted to US shares on rehousing. I guess this fund would need to be arranged so that each individual shareholder controls a pro rata proportion of the converted shares, subject to the legislative limitations of super shares for each individual. This would allow individuals to trade their shares within the escrow fund, and to withdraw their shares from the fund when legislatively permissible.

So basically the escrow fund acts as an Australian super fund in which the individuals have control of their contributions within the fund. Maybe there is already an Australian superfund which could serve this purpose?

Or maybe the company could set up such an Australian super fund?

 

[Getupthere]

Hi Manny,

Good summary,

I think that the switch to IP-only (stop me if you've heard this before ...) set commercialization back by 2+ years by shrinking the potential market and raising the barriers to entry, as well as by jettisoning the first-to-market advantage which could have built brand recognition. That said, there were financial constraints.

So now we've restored the SoC product line and software product line, and we are seeing some green shoots, but the competition is closing in. Fortunately, perhaps serendipitously, TENNs arrived. It was in gestation even as we threw out the bathtub and contents.

I think Sean's confidence in closing deals this year is the bedrock of the suggested rehoming to US. Clearly this could not be contemplated at the current SP. The fact that he has mentioned the move out loud is an indicator of this confidence.

It was always contemplated that we would list in the US, but as a dual listing. Sole listing will complicate matters for superannuation SHs. As court approval is required, perhaps the court could impose a condition the the company make an equivalent number of US shares available for those with super shares. Class action anyone ... ? (Full disclosure - I don't have super shares).

Completely agree… we definitely lost over 2 years by pivoting to an IP only model. Trying to emulate ARM might’ve seemed like a smart shortcut, but we weren’t at that level yet. We should’ve stayed the course with both chip sales and IP licensing in parallel.

The appeal of high-margin IP revenue is understandable, but it puts you at the mercy of someone else’s roadmap, leaving you in limbo, with no control over timing or traction. That shift cost us first-mover advantage and a chance to build real market recognition when it mattered.

It was also a misstep not to tape out 2.0 ourselves. That was another example of taking the easy route..banking on someone else to do the heavy lifting.
The excuse that we didn’t want to compete with potential customers was, frankly, BS.

If you’re not prepared to back your own tech and lead from the front, why should anyone else?

 

[Galaxycar]

The minute the proposal to move to a USA bourse is put forward by the board of directors to be voted upon by shareholders. The shorters will be all over Brainchip shares they will push this down as hard and fast as they can and will short the absolute crap out of Brn shares knowing that those who have to sell their shares from their super are trapped and like sharks they will feast and will high five brainchips managements all the way to thier select investor meetings they hold. I personally prey we don’t go down that track because between now and the decision our shareprice is going knowwhere. We are gunna all be handed our arses.

 

[Fullmoonfever]

Worth a read on redomiciling and maybe a question to super funds if they allow holding and/or trading of CDI's on ASX against US entity.

It could be an option that the way is to list new entity in US, buyout ASX BRN, create a new ASX listed entity to hold CDI's (against US entity) for existing SH's that have swapped their original BRN shares.

Still call Australia home? Achieving an outbound redomicile

Many growth-stage companies – particularly in the technology and resources sectors – have contemplated changing their jurisdiction of incorporation from…

jws.com.au

25 January 2024

Still call Australia home? Achieving an outbound redomicile​

Dr Pamela Hanrahan, Kate Naude
Share

Many growth-stage companies – particularly in the technology and resources sectors – have contemplated changing their jurisdiction of incorporation from Australia to elsewhere. Usually, the strategy arises in the context of a step-up in the company’s scale of operations and/or funding requirements, or when a significant opportunity to expand the business offshore presents itself (for example through an acquisition).
Outbound redomiciling – that is, changing from a company incorporated in Australia to one incorporated overseas – is sometimes viewed as complicated, but can be a fairly smooth process, particularly where there is a sound business case for it that resonates well with shareholders. Redomiciling often accompanies a decision to list (or dual-list with ASX) on an overseas exchange, but there can be reasons to consider it pre-float. We have recently noticed that more clients are coming to us with an interest in exploring it.

Why do it?​

There are a range of reasons why an Australian company might want to redomicile. Four stand out. The first is where the company’s operations have moved offshore (or will need to if the company is to continue to grow) and an ongoing connection with Australia no longer makes sense. The second is the perception that redomiciling can help with access to deeper capital markets or markets where the company’s valuation and prospects are better understood, particularly in industries such as healthcare and tech. The third is that it can facilitate transactions or assist with attracting staff in the destination jurisdiction where equity is offered as part of the consideration, from scrip-for-scrip takeover offers to employee incentive schemes. The fourth, which can be more controversial, is where the destination jurisdiction’s taxation, regulatory, corporate, or securities laws are more favourable to the company’s business.

How is it done?​

Some jurisdictions have special rules allowing a company to change its country of incorporation while maintaining its legal identity. These include Canada, Singapore, New Zealand, Switzerland, Luxembourg, Jersey and some US states. In 2021-22, the UK Government consulted on a proposal to introduce a similar regime for redomiciliation, but has not progressed it. Australia does not.
Australian public companies looking to redomicile do so via a transaction known as a ‘top hat’ scheme of arrangement. This transaction involves incorporating a new corporation in the destination jurisdiction, which will acquire the Australian company from its current shareholders. The scheme can only go ahead with the approval of the Court and the Australian company’s shareholders. On completion, as consideration for the acquisition, the Australian company’s shareholders receive shares in the new foreign corporation.
Members’ schemes of arrangement are a well-established procedure for corporate reorganisations in Australia, but they can be complicated to implement and require the assistance of specialist corporate lawyers and tax advisers. Once the company’s board decides to pursue a redomiciliation, the first task is to prepare a scheme implementation agreement which documents the scheme process and then put together detailed disclosure for shareholders in the form of a ‘scheme booklet’ that includes an independent expert’s report and is reviewed by ASIC.

The next step is an application to either the Federal Court or a State Supreme Court for orders convening a general meeting to vote on the scheme. If the scheme is approved by 75 per cent of the votes cast at the general meeting and more than 50 per cent in number of the company’s shareholders voting on the resolution (in person or by proxy), it comes back to the Court for a second hearing. If the Court also approves the scheme, the scheme binds all shareholders, even those who voted against it.
Tax class rulings for existing shareholders who are exchanging their shares and to amend options and existing employee awards will often be required. It is also recommended to obtain advice to ensure the new corporation is no longer considered a resident of Australia for tax purposes.
Once the scheme is implemented, the new corporation will operate subject to the laws of the destination jurisdiction and, if the new company is migrating to a foreign securities exchange (or the group will be dual-listed on ASX and a foreign exchange), the listing rules of the foreign exchange. This will affect shareholder rights and protections (including in any future change of control transactions), officers’ duties and liabilities, corporate governance arrangements and norms, and corporate reporting and disclosure obligations. The company’s board, management and shareholders need to be clear about how their position will change.

How common is it?​

Large redomiciliation transactions like James Hardie (to the Netherlands and subsequently to Ireland) and Amcor (to Jersey) are relatively rare. But a steady stream of smaller listed entities have recently made the trip. Over the last five years, these include Surf Lake Holdings, Tamboran Resources, Incannex Healthcare, Controlled Thermal Resources, American Pacific Borates, Piedmont Lithium and Avita Medical (all to the US), Pensana Metals and Tronox (to the UK), Boart Longyear and GetSwift (to Canada) and Petronor E&P Ltd (to Norway). Of those, Piedmont Lithium, Tamboran Resources, Avita Medical and Boart Longyear maintained their ASX listing with CDIs still on issue. While harder to track, there have also been a number of recent redomiciles of Australian proprietary companies including Saluda Medical and SEA Electric.
Redomiciling is a significant decision, but for the right company it can unlock important opportunities for growth.

 

[manny100]

One thing someone at the AGM should ask is managements definition of the word bookings, The statement that we expect higher bookings in 2025.
Think shareholders should know it does,nt mean,IP Licences, Revenue,Sales,Contracts. It means at trade shows talking to parties that’s it, that is what we pay them there generous bonuses for, the same shit they have done the last six years all talk no action. All these partnerships are a way of hiding the fact nobody wants to buy a IP Licence and pay upfront we are giving our IP away in the hope it may result in a saleable item. If it’s not the case then where the fuck is all the revenue from all the items we are supposedly using it in space. Glad I brought a engineering business not!

That would have to be the most ridiculous post ever on the TSE.
It's generally best to do some research before making negative comments.
It's no secret that bookings are engagements that result in a revenue generating commercial agreement. Iron clad revenue.
Note the agreement may involve immediate revenue but it will 100% generate revenue.
The iron clad agreement may also be subject to an NDA.
This includes royalty generating IP sales, chip sales, SBIR contract wins.
It does not include research or ecosystem partnerships which come with the potential for future revenue - these are however client validation events which are important.
Sean said in the quarterly that he was confident that we will close substantially more bookings this year.
For short term incentive payments, the minimum threshold has been raised to 80% of target and maximum 120% for 2025.
Note that Short term incentives are paid in cash.
Also, Full commercialization did not commence until January 2022 less than 3 and a half years ago not 6 years as you suggest.
Do some research and check the News release from January 2022.
When you make negative comments without having researched the topic it takes away your credibility.
Every reason for holders to be confident.