At first glance, after perusing the 10-k, I am initially pleased PTSC declared a profit for the Quarter, the 1st profit in how many quarters?????....That is a good thing. However, I am nonplussed at the amount of $1M. An amount, while tangible evidence of a few new licenses and exorcising the bleeding wound which was PDSG, suggests the license fee amounts received have not moved upward to ANY significant degree.

IMO, current licensees are still calling Lecky's bluff and taking a "Take it or leave it" approach to signing up for a license. Lecky appears to still have a mindset of "Quantity over Quality". And even the "Quantity" approach revenue received is palpable.

I, for one, do not believe Quanta is the main reason subsequent license amounts have dropped precipitously, whereby, previous license fee amounts obtained from licensing activity 4-5 years ago and before when $10M-15M amounts were routinely signed for comparatively sized companies like UTC & Oracle. Furthermore, the MMP is stronger than it has ever been before, if recent company PRs of months past are to be believed, which should have translated into a higher license fee structure with UTC & Oracle. PTSC had a BREAKEVEN quarter, period.

Am suspicious, Lecky is reluctant to aggressively pursue larger fees for the MMP. He may be distracted with ongoing outside legal proceedings (Brown, Moore, et al) impacting his ability to devote his time or willingness to MMP matters to PTSC shareholders detriment. Common sense tells me Lecky can only juggle so many balls in the air at once. While legal clarity (judgements) have been rendered by the court in some of his personal dealings, the ultimate effect of these decisions on PTSC is unclear at present. I get the feeling Lecky is "Playing for time", presently and planning on ONE legal victory (ITC or Jun Showdown NdoC), to lift all boats. PTSC shareholders are just along for the ride and must be patient (after 10 years or more) to smile.

I don't believe the Strawman Barco license amount is included in the current 10-K. Ron, could give better insight than me on whether the anticipated license fee amount would be greater as a result of a legal settlement after 3-4 years of preemptively suing PTSC for assumed legal MMP infringement OR an ordinary new license signing. Hopefully, time & effort, and legal costs would drive up any settlement negotiations with Barco for starters.

Virt