~ Q4 SAAS revenue grew by 21% (13% sequential growth)

~ Gross margin improved to 94.8% (92% in Q4,21)

~ Operating expenses grew by 4% (much slower than rev growth)

~ Net loss reduced to ($561K) from ($992K) or EPS of ($0.03). This is slightly below the Wall St

expectation, but the direction of the progress is in line with my own expectation.

~ Cash position continues to be strong at $10.1M

NEW RISKS

~ If one of the customer bank fails, we may see a blip in revenue

~ Delay in posting the results raises a suspicion

I continue to hold about 3%, and intend to increase my allocation to 5% if the price hits $1.9. There were insider buys at this level.