How this code works to unlock excel sheet password

This is not really a problem but rather a curiosity. When searching in google for methods on how to unlock a password protected worksheet, the code below is always on the solutions list. Looking on its structure, it does not seem to do "brute force" attack on guessing the password of the protected worksheet.

What I can see are the following:

  1. The first eleven character of the guess for password is either letter "A" or "B". (Note the big letters and the combination of letters, roughly 2,048 possible combinations.)

  2. The twelfth character are "other characters" ranging from "space" to "~" (?).

My question is, how does this code remove the password protection when the first letter of the password is definitely not letter "A" nor "B", nor a combination of these letters?

Sub PasswordBreaker()
'Breaks worksheet password protection.

Dim i As Integer, j As Integer, k As Integer
Dim l As Integer, m As Integer, n As Integer
Dim i1 As Integer, i2 As Integer, i3 As Integer
Dim i4 As Integer, i5 As Integer, i6 As Integer

On Error Resume Next

For i = 65 To 66: For j = 65 To 66: For k = 65 To 66
For l = 65 To 66: For m = 65 To 66: For i1 = 65 To 66
For i2 = 65 To 66: For i3 = 65 To 66: For i4 = 65 To 66
For i5 = 65 To 66: For i6 = 65 To 66: For n = 32 To 126

    ActiveSheet.Unprotect Chr(i) & Chr(j) & Chr(k) & _
        Chr(l) & Chr(m) & Chr(i1) & Chr(i2) & Chr(i3) & _
        Chr(i4) & Chr(i5) & Chr(i6) & Chr(n)

    If ActiveSheet.ProtectContents = False Then
        MsgBox "One usable password is " & Chr(i) & Chr(j) & _
            Chr(k) & Chr(l) & Chr(m) & Chr(i1) & Chr(i2) & _
            Chr(i3) & Chr(i4) & Chr(i5) & Chr(i6) & Chr(n)

        Exit Sub

    End If

Next: Next: Next: Next: Next: Next
Next: Next: Next: Next: Next: Next
End Sub