.
I tried using several different methods that I am familiar with ... nope. Couldn't crack it. I also find VBash
to work as designed. There are other commercial products out there (charging $$$) to obfuscate the VBA Code but
I found them to be unreliable. Several of them required leaving in almost all of the existing code in plain English. So what was
the use of spending money to jumble up only a few words ? The point is to hide all of the code as much as possible.
VBash was the first one to do so reliably ( in my opinion ).

Re: licensing your product. There are lots of fancy ways and simply just lots of ways out there ..... but I personally still prefer
creating a small Text file with some type code written in it. Then, every time your product (workbook) is started by the customer, it
auto-checks for the existence of that file and verifies the "special code" exists in the file. You can place the small text file in a quiet
corner of the C Drive, naming it something that sounds important enough the user won't want to delete it.