RE:news release3.4 Financial Position Cash and term deposits totaled $262,684 as of March 31, 2023 as the Company expanded the business, continued to run lean and was heavily focused on new business development. As of January 1, 2023, the Company has dedicated resources to increasing the pace of collections and expects to be current on all receivables by the end of FY 2023 (June 30, 2023). 4. LIQUIDITY AND CAPITAL RESOURCES As at March 31, 2023, the Company had working capital of $16,286,773 (March 31, 2022 - $6,968,585) including cash and term deposits of $262,684 (March 31, 2022 - $790,155), accounts receivable of $15,314,059 (March 31, 2021 - $7,615,110), and inventory of $607,162 (March 31, 2022 - $220,687) offset against current liabilities of $8,871,258 (March 31, 2022 - $1,920,094). Working capital is a non-GAAP financial measure. It is management’s intent to provide non-GAAP financial information to enhance understanding of the consolidated financial information as prepared in accordance with GAAP. This non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Any non-GAAP financial measures are therefore clearly identified as such and provided along with the corresponding GAAP measures so as not to imply that more emphasis should be placed on the non-GAAP measure. The non-GAAP financial information presented may be determined or calculated differently by other companies. The Company defines the capital that it manages as its shareholders’ equity. The Company’s objective when managing capital is to maintain corporate and administrative functions necessary to support the Company’s operations and corporate functions. The Company manages its capital structure in a manner that provides sufficient funding for operational and capital expenditure activities. Funds are secured, when necessary, through debt funding or equity capital raised by means of private placements. There can be no assurances that the Company will be able to obtain debt or equity capital in the case of working capital deficits. The Company does not pay dividends and has no long-term debt or bank credit facility. The Company is not subject to any externally imposed capital requirements. As previously disclosed, the Company expects expenses to remain essentially consistent in FY 2023 as compared to FY 2022. Revenues are expected to increase in accordance with the guidance provided to date. The Company therefore does not expect to need to raise additional capital to fund operations