TS03 Inc Trust Units TSTIF

RE:RE:RE:Elford estimated 35 units shipped in 2015 and 175 in 2016

[dant2]

I dont post often but I do appreciate the efforts and information provided by many of you. Seems there may be some uncertainty for some regarding what constitutes quotation and subsequent sales and revenue recognition. Regarding TOS I don't think the bid lingo applies as companies normally bid (that is quote and compete) for business in response to RFQs Requests for Quotation from government and typically large corporations. In the early goings of TOSs sales efforts each quote is more or less an unsolicited offer to sell one or more units according to specific conditions (price/volume/delivery/warranty/payment terms etc.). The sum of these quotes represent the active sales funnel which to my math must easily exceed 16M (100+ quotes X minimum one VP4 @ ~160K per), but much more likely some multiple of 16M. For a successful sale to occur customers must respond with a purchase order agreeing to the terms of the quote and this is when the order is confirmed (or booked) and converted into revenue backlog. Once backlog orders are shipped customers are invoiced accordingly and the invoiced amounts show up as revenue on the quarterly income\profit and loss statements. So TOS has a certain number of units in backlog which will be shipped this quarter thus generating new revenue which will recognized in Q3. And although for the time being Rumble will not disclose new customers, Q4 or other backlog information it seems we are in great shape as we definitely have a very large sales funnel of potential orders to follow, and also very significant additional distribution opportunities some of which should come together by year end. Our closure (or booking) rate on these deals is where the lions share of risk and opportunity lie, but with reported progress to date and current opportunities I think our chances are pretty good. Also, when I look at the rest of the economy especially Canada - I dont see any area with the kind of fundamentals, US exposure and recession proof growth potential that exists here. Of course it happens we have a much better mouse trap, expanded claims in the works, a killer partner in Getinge and the 80L moving to the front burner probably early next year. So yes Im definitely expecting good things but I am not an investment advisor. Do your own homework and good luck to all of you. Dan