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There is nothing stopping that competition from buying a processor in order to get their hands on our catalyst.

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If they want to spend that kind of money to get the catalyst, then you're right - that's gotta be some kind of catalyst.

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Why aren't we protecting it with proper licensing agreements?

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I haven't had the pleasure of reading what kind of end user agreements will accompany the processors once they're sold. How can you be sure that they haven't properly protected it?

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The added revenue wouldn't hurt either

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It is my belief that the revenues they are pursuing are in processor sales, and the ensuing recurring revenue stream of catalyst sales & other incidentals to existing PTOI processor owners would follow. There might be a slight difference in those revenue streams - my guess is they'll target the largest one first.