Counterfeiting is a high-margin $654 billion growth industry largely run by criminal organizations that have few disincentives to stop. Counterfeit money is a small sub-market that uses the latest innovative anti-counterfeiting technologies. Yet, in spite of these precautions, criminals continue to print banknotes and forge coins. This report details the latest development in the counterfeit money industry and how we believe Nanotech Security Corp., a Sophic Capital client, can provide the next innovation for widespread adoption by central banks and mints.