Thanks, Michelle. Thanks to everyone for joining the call.

I wanted to talk about a few main things before I hand it over to Assel and Jen for a little bit more detail on the finances and our marketing and sales strategies. The first is the Universal agreement.

Shortly after we had the call last quarter or at the year-end, we came to terms with Universal on a longer-term agreement that had been in the works for a reasonably long time. The core challenge was really aligning the priorities of multiple stakeholders: finance, which is under pressure to reduce costs, and the operation and promotion teams, who are really focused on maintaining the effectiveness and the reach of the platform, as well as senior decision-makers above them.

Navigating these competing mandates really required a lot of stick-handling, but the result is an agreement that we think works across all interests. It provides Play MPE a long-term anchor client that underpins the platform itself, provides revenue stability, opportunities for growth within Universal, and future growth initiatives that really strengthens the company's platform and growth trajectory.

This agreement really supports both of us for a longer-term and expanding and working through as a partnership going forward. We're really excited about it.

I'll go through some of the terms. First, the fees: ultimately, the structure of the agreement has changed such that the fees now cover use of the existing platform, but excludes any development that they require.

Then what we will do is really provide a justification and ROI internally for them if there is any new development that they desire, and then fees for that will be separately negotiated. The base fee is $1.6 million annually for the first year with inflation indexes for years two and three.

That base fee is 5% lower than the 2023 fees that we had, and this really is a recognition of a longer-term agreement, eliminating the short-term premiums that we had, and the cost savings from a reduction in the development requirements for them. We expect that the 2026 revenue will be adversely impacted by about 6.5%.

This includes a development fee that we've already negotiated on top of the $1.6 million. We're going through their wishlist, it's currently unknown if we will be able to add any new development fees for them.

To make up this difference, we would need to increase independent label revenue by about 14%. I'll talk about that shortly, what we're doing on the independent front.

I think it's worth going through a few more of the terms. As I alluded to above, it's a three-year agreement.

We've never had a three-year agreement before. We've been in business with Universal for about 20 years now, it's a long-standing relationship, but this three-year agreement is the longest agreement we've had, and it really provides a runway to work as a partner with them.

The index we have for inflation is there's a 2% increase in 2027 and 2028 on top of that. Again, we've never had an inflation index.

We've always, when we've come to terms, we've always been looking back at a fee that has never indexed for inflation during the years. This represents a fairly significant shift in the mentality, recognizing that our costs do rise over time.

It also excludes any labels for which UMG does not have a distribution agreement or is currently not owned by UMG. In the event that they expand their distribution services or expand by acquiring new labels, we can negotiate new fees for that.

It's not articulated in the agreement, but we've had some really productive conversations. The main contact that I've been negotiating with has returned to digital distribution, and, she's a really tough negotiator, obviously, but she's very pragmatic and she recognizes that where we save them money, whether it's efficiencies that we can work on or we displace competing platforms, that will help us negotiate in the future.

It's an agreement that we're really excited about. Moving on to independent labels, we've been working on a number of things that have started to come together in timing.

We mentioned last quarter about the modernization of the platform. That has really two main things: that we moved Universal over to the web platform and retired the old PC applications.

We also introduced Caster and Caster Plus. Now, Caster Plus is what we used to brand as Caster, it can be a little bit confusing there, but Caster is now a fully self-serve platform for labels to sign up and send out content themselves.

We have noticed a significant increase in the conversion of leads, and I can talk about marketing in a second, but with that, we've noticed we've transitioned people during the quarter to allow them to have the choice between Caster and Caster Plus. We have noticed that it's a high degree of what I would say a poor quality of distribution, we have some work ahead of us in terms of training our customers on the platform and/or making it a little bit easier to use so we can fully leverage that.

Essentially we're making significant headway in allowing our customers to scale client-led distributions. Last year we talked a lot about our marketing efforts.

That was really focused in on a few different things: SEO improvements, website improvements, so that we generate more leads. We've tracked those leads to identify which customers we really want to focus in on, which has really helped over the course of the last 12 months allocate resources internally on things that we think are going to help us more.

We've recently began investing a little bit more in social media. We've had a 10% increase in followers.

We've improved our digital advertising and we've expanded our automated outreach to certain clients. Jen will expand a little bit more on that.

Then also the last thing we did here is increased pricing in certain areas. One area where it's not really an increase in pricing, it's just that we eliminated volume discounts that we enacted last year that were designed to expand the volume of distributions or grow the average size of a distribution.

That really didn't have an effect. We've noticed that customers in that are trying to do global distributions through Play MPE aren't that price sensitive, it doesn't help to provide discounts, we removed those.

We also increased our catalog pricing. The upshot of all these things is that we had almost a 24% increase in lead generation and that those leads are really a better qualified leads.

We've had a 7.3% increase in Caster customers, which is pushed by a 27% increase in new Caster customers. During the quarter, that represented almost a 3% increase in independent label revenue.

Some of those changes really took effect later in the quarter, you'll see a bump in November revenue of about 15.5% that really is starting to flow into Q2 as well. We've seen a very strong December results so far.

Lastly, we saw MTR revenue go up by 30.5%. Now, MTR is still quite low, and we're working on some things that we think will expand MTR's presence.

MTR is tracking, just for anybody who doesn't know, MTR is tracking the actual airplay of a song that goes through Play MPE. We are incorporating the reporting of that into Caster, which I think just makes MTR more visible.

Then shortly after that, we're going to make it so you can buy MTR directly within Caster. That's really changing our focus on product development to a narrower focus on things that are really going to directly impact Play MPE revenue.

Cost reductions. Because of the things we've done over the last year, we've really been able to reduce our costs.

During the quarter, we realized a total cost reduction of 1.3%. That includes all costs: cash, non-cash, and capitalized costs.

It doesn't translate neatly into the financial statements, but it essentially is all of our costs. Salary and wages, these are costs that we've realized during the quarter, 8.2% reduction.

Had we undertaken all of these cost reductions at the beginning of the quarter, they would have translated into a 7.7% reduction in total spending, with 14.8% on salaries and wages. With those efficiencies that we've gained and the modernization of the platform, we can further reduce our spending.

We think it's about 16% that we can comfortably reduce if we want to maintain our revenue growth, but just reduce our investing in product development and taking advantage of some of these efficiencies. With that, I will turn it over to Assel.

Thank you, Fred. I will now walk you through our financial performance for the quarter, and I'll start from revenue.

Revenue for the quarter increased by 1.3%, and if foreign currency adjusted, it's actually 1.6%. The major labels are very immaterially decreased by $1.5 thousand, and independent labels increased by 2.5%.

That was the combination of several factors, as Fred mentioned: increase in independent customers, it's 7.3% in the quarter, and again, most of the increase came in November, as Fred mentioned. Total releases, total purchases increased by 3.7%.

Average spend declined by 2.4% per customer. However, this is mostly from our new customer acquired, where we see new customers spending less and while we see older customers spending more.

We believe that as these new customers return, once they see the success using our platform, effectiveness, and leveraging our automated marketing campaigns and sales outreach, that we'll have a chance to move those customers into greater spends. The last one was pricing changes, as Fred mentioned.

We reduced volume discounts that we had enacted in the prior year to induce larger distributions. We found that this were not working as larger international distributions are not really that price sensitive.

We also increased our price for the annual year-end catalog distribution. That was for independent labels.

The meter, it's still less than 1%, very close to one, of the total revenue, but it keeps growing, the increase was around 30%. The revenue continues to be mostly US dollar denominated, 94.5% this quarter.

Fred, next one. Let's move to the overall results.

Thank you. As you can see from the table, the adjusted EBITDA for the quarter was $252.5 thousand, which is a slight decrease on paper of less than $35 thousand.

However, this decline is mostly just the capitalizable activity during the quarter. This quarter, we only capitalized pretty small amount of less than $30 thousand.

Turning to liquidity, the cash balance increased significantly, as you can see, by $244.5 thousand, 22%, and is mostly, as Fred mentioned, driven by the several cost reduction initiatives we had during the quarter, which translated into higher operating cash flow. The last point: the company continues to operate with no debt and no material capital expenditure commitments.

With that, I'll pass to Jennifer to cover sales and marketing portion of the today's call.

Thank you, Assel. I'm going to start off with our sales highlight for Q1.

We've had a focus on major account engagement and reporting for Q1. Our goal was to really engage with our major accounts aiming for regular strategic review meetings for long-term growth.

We were able to conduct in-person platform presentations with RCA, Epic, and Virgin to re-engage accounts and reinforce system value. We also felt like we had a lot to share with these accounts with so many enhancements that had been seen in fiscal 2025.

The results from these meetings were 180% increase in RCA usage and Epic reactivating on the platform for the first time in two years. We also presented an updated enhanced reporting overview to UMG to both their hubs, their Europe hub and LA teams, providing all labels with a deeper and more actionable promotional data.

Staff training and enablement: we developed and implemented a standardized training syllabus for new major account onboarding, and we delivered this training both virtually and in-office on-site with Warner promotional teams and other major independent labels. On the side of independent label growth, our indie business revenue significantly increased in Q1, particularly a sharp 15.5% rise in November.

Growth was driven by an improved pricing strategy that we had previously mentioned, also a targeted marketing campaign encouraging holiday releases, plus our sales team upselling compatible lists. This led to a strong Q2 interest, better lead generation, and improved conversion rates overall in Q1.

For sales tools and list add-ons, we've been continuing to develop sales tools to boost our platform usage. We launched a new list brochure detailing expanded contact database offering.

We've had strong adoption of list add-ons. We've been focused on supporting the list team and offering to upgrade from domestic to international holiday packages during our holiday campaign, as well as adding multi-supervisor lists.

All of these add-ons will significantly increase average order value per campaign. We're going to be continuing to do this going forward.

Some of our marketing highlights: so our holiday campaign focus was really what we focused on in Q1. Marketing really centered on the annual holiday format campaign.

We saw a significant increase in holiday releases, and we were provided with a healthy year-over-year revenue increase. I think a key success factor in this was an earlier marketing push.

Internally, our emails launched on August 27th, and then we followed up with October 6th, October 20th, and a November 17th push. These were a month ahead of our marketing last year for our holiday initiative.

The promotion ran in Q1 and also into Q2, and our content also doubled during the holiday campaign, with active users and visitor rates compared to last year. Just in general, our social media growth has been strategically focused on authentic content and partnerships, resulting in a 35% increase in organic Facebook views and a 10% year-over-year increase in followers.

Then finally, I'll touch on our operations and list management highlights for Q1. Overall, we've seen an improved communication and strategic planning between list management and marketing.

We really saw the impact of this with the boosted campaign results in Q1 and moving into Q2 with our holiday campaign. Also, the list team have been busy working on introducing a new satellite radio list in Q1.

This is going to be offering channel and show-specific content across various genres. The satellite radio offers significantly higher royalties, basically 10 times more per spin than a terrestrial broadcast, creating a strong value proposition.

We feel like these trackable lists offer a direct spend tied to measurable ROI, making them an ideal selling tool for independent artists and labels. Our new satellite radio lists are soft-launching in Q2.

We're expecting a high client interest in these new lists. That ends my highlights for Q1.

I will turn it back over to you, Michelle.

The consultant engaged didn't provide anything revelatory, but we do see a very promising increase in independent revenue in November, and that's continued into December. I think with a growth in independent revenue and cost reductions, we'll see profitable results going forward.

As far as a buyback or returning capital to investors, we'll have to decide on what we do with that surplus going forward.

We break down our segments into customer type and what we talk about publicly is really independent versus major labels, and then we break that into geography. In the United States, we or United States or internationally, we break that down further into music format.

Now with Meter, we have an additional product that we break it down into. Meter, again, is a little bit less than 1% of revenue, it's still pretty small, but it grew by 30% and we're working on things going forward that we think will improve that revenue growth.

One is making it a little bit easier to purchase by putting it really in front of our Play MPE customers in Caster and making it easy to buy as you buy a Caster promotion. We're also doing an ad-tracking test, I believe it's this month or at least this quarter.

We're looking at more global tracking and also more volume tracking for Meter. For other groups worth talking about where there's been significant change, there was reasonable growth with US independents in Q1, where it was a little over 4%.

Canadian independent growth was in excess of 50%. That was offset by some reductions in major label use.

What we've seen is that periodically labels, major labels, go through cost-cutting initiatives where they cut senior staff, and we think it's going on right now or it has gone on recently. That's why you see Jen was talking about certain things about onboarding new people at major labels, training them, getting them engaged in the platform.

That really is a function of the turnover we're seeing at the major label, we think that that reduction is temporary. Those are major changes in segments.

Can you hear me?

Yep. Hi, Jerry.

Hey, how's it going? A couple of questions here.

You talked about OpEx savings of 7.7%. Will those be fully reflected in your fiscal Q2?

They should be, yeah. Yes, that's right.

Barring any other changes, but yes, that's effectively what we're talking about.

You also mentioned that you believe there are additional cost savings to be had, taking the total cost savings up to 16%? The 16% was on top of the 7%.

It was on top of the 7%?

Now, but those changes have not been made, but those are that's what's available and what we're looking at, we're considering right now.

When do you anticipate if you decide those changes to take, when would they be reflected?

It's really what we're looking at internally, and I would expect that we will go one way or the other and that the decision will be made very shortly, I believe, so.

Okay. Can you talk about your capital allocation priorities for fiscal 2026?

Does it include any acquisition plans?

Okay. That's a good question, Jerry.

We are capable of generating, I think, significant cash. We have about 14 cents per share in cash right now.

There are acquisition opportunities available to us, and we are looking at them. I think they are becoming more and more attractive as time moves on.

One in particular where we're showing a significant headway in Canada, and I think we can move forward there potentially. As far as other capital expenditures, it's really only always been software development.

That's what we capitalize costs for, and with the modernization of the platform, we've significantly reduced those. That's what we've been talking about with the cost reductions.

In your press release, you talked about momentum heading out of Q1. How should investors quantify that momentum to revenue growth?

What should we be looking for, or what should we be seeing? How should we quantify the momentum?

That's a good question. We talked about momentum in November, where we saw independent revenue growth by 15.5%.

We've seen pretty strong growth into December. In fact, it's widely outstripped the 16 the 15%.

Some of that is seasonal, we don't expect this kind of growth. We had a really strong continuation after the quarter.

I would say about a third of our customers in any particular time are new customers, but they generate about 7% of our revenue. New customers are really ones that are smaller.

Our customer purchasing demand is highly variable. You're not buying a software package or something that people use every month and use at the same level.

We're looking at customers that are small independent labels to Universal, which is the largest collection of record labels in the world. Our marketing approach really has moved customers into customer buckets, personas we call them, and our approach is really to align our marketing efforts where we attract customers that we believe are going to be larger in spend.

Then, secondarily, we're tracking bigger customers and we're encouraging customers that we do attract to spend more. There's things that we're working on where we leverage expanded analytics that we've worked on to market to these people.

For example, we see that typically, if an artist sends out a song, they tend to get greater results the more they send out. We leverage analytics like that to programmatically market to those kinds of customers to grow use.

As far as projecting it, we've really had a really strong December, and I think our marketing approach is the right way to go. We're just, combined with the cost savings, I think, in terms of our value, we're really looking at profitable runways forward where we can maintain our ability to grow sales while at the same time generating a positive net margin.

Final question, Fred. You mentioned the renewal of the Universal agreement.

I think you mentioned that the annual fee or recurring fee over the three years will be 6% lower on an annual basis. Is that correct?

That's how it would impact this year, yeah. It's really a restructuring of the agreement so that they're going to pay separately for development.

If we can negotiate new development fees, that will eat into the impact, plus, as we move forward, inflation will grow by 2% per year.

Do you still anticipate for fiscal 2026 that, as a result of the new agreement, that you will be in a net revenue growth position?

That's a good question. If we continue on the results of November and December, we will easily grow revenue.

We have to continue that strong performance over the last couple of months, yes. The cost reductions that we have and can consider will ensure that we will have a positive net margin.

As far as where we end up revenue, I would really probably like to see a few more months where I can see how our revenue is growing. The revenue growth that we've seen in independence is coming from a number of different sources.

We've got increased lead generation, increased lead conversion. The conversion rate is increasing, but it's also the speed with which it's converting is improving.

We're re-engaging older customers. The price changes that we had are not inconsequential.

It's not just one thing that's impacting our independent revenue growth, it's a few different things. I'm pretty optimistic about how it's going to play out, whether that overshoots the cost reduction of UMG.

It's hard to predict at this stage. I would like a little bit more run room before I predict it.

Okay. Fred, my last question.

You talked about re-engaging with some acquisition targets or target. How should investors look at the size of acquisitions you're capable or willing to make from an annual revenue contribution that these acquisitions could bring?

Is it $1 million, $2 million, $4 million? Just try to quantify: would you be willing to digest in scale?

Willing to digest? Our ability to service the customers that would result from an acquisition is very strong.

It's easy to incorporate that growth. It's very high margin purchase of customers, essentially, what it would be.

It's rather or not we can purchase it at a price that is appropriate. I believe we are the largest, we're obviously a small company, but I believe we're the largest in the world at what we do.

I believe we're the best in the world at what we do, and I think that Universal's contract renewal is a clear indication of that. Whether we can acquire customers at a price is really a negotiation-by-negotiation endeavor.

We see some competitors with international presence, but generally they are within a particular geography and there's a number of them, and I think we can look at acquisitions. The size of the acquisition varies tremendously, I believe.

We're the largest in the world, if you look at that, then anything that we would acquire would be smaller, but there's a few of them out there that we could acquire, and it's just a matter of whether the price is right. We do have enough cash, I think, to make some cash offers on those, so.

The cash on hand is invested. It's reasonably Well, it's a very safe investment, the returns are small.

As far as we have a decision facing us right now whether we, focus in on maximizing cash to grow to cash growing cash or we continue to invest in the platform to accelerate revenue growth. The If we decide to maximize cash flow, I think we can be profitable as it is.

Then we have a choice of what to do with that cash, whether we use it to, make acquisitions or or not is one question. Then as far as growing investor value, we have to be Well, we have to consider what's best in our best interest of our our investors.

We can issue dividends or initiate a buyback. The issue the issuing of dividends is not a costly endeavor.

Something it's a fairly simple process. There's a few things that we need to be careful of: just the mechanics of moving profit around in the company, getting dividends from a profit from a Canadian company through a US parent.

We have to be, careful about how we do that. Also there's a choice between providing our investors liquidity or the choice between how dividends are taxed in their hands versus gains, capital gains.

That all of that all of those decision have to be made in context of the the stock price. If we're generating positive margins, positive net margins, even though, we're a small company, the, the margins can be significant, considering the stock price.

We have I think roughly about 14 cents a share in cash and we can generate, a reasonable a reasonable amount of like a per-share earnings that we then will have to decide whether or not, we do buybacks or dividends to investors.

That's That's right in the 10- 10-Q, I believe. Assel, is that is that fair?

The The We've We've used Universal is allocated to one territory, and we've moved that from a euro-based contract to a US dollar contract. There's a little bit less risk, I suppose, in terms of fluctuations.

Our going forward, we're probably focused more on the US, but I'm not sure exactly what the breakdown is off the top, but I think it's right in the quarter. Assel, sorry, I probably interrupted you there.

Yep. It's note number eight in the 10-Q.

Again, yeah, UMG contract is in North America.

It's not as simple, I guess, to show UMG, because UMG distributes with us around the world, Africa, Asia, Europe, everywhere but Antarctica, I suppose.

Hey, Fred. Hey.

Not sure if you can give more color on the litigation proceeds, if I can say it like that. I know it hasn't been too long since Q4, but did you guys have any updates, or?

There's nothing to really update. We won the litigation, we're getting an award of cost.

I guess on the recovery part, yeah. We're getting an award of costs.

That hasn't been established yet. I suppose that would be established soon, and there's a question of collectibility.

Mhm. We would think it's fairly significant, we would probably pursue the collection of it.

He has filed a notice of appeal. That's an intention to appeal.

It's not actually an appeal. Mhm.

I don't think he'll actually follow through on it. I don't want to dare him to it by saying that, but I don't think that there will be an appeal.

It's good money after bad for that, for sure. Thank you.

Last call you disclosed the growth of MTR revenue. Was that on a year-over-year basis or on a quarterly basis?

Was it for Q4 or for the full year when you disclosed it?

Not sure if I remember. What did we disclose?

The MTR revenue during the Q4 call, two months ago. I don't think we actually disclosed the dollar amount.

We disclosed percentages. No, but the percentage.

The percentage and the absolute growth.

Was that for Q4 or for the whole year? I think it was for the full- That was for the full year.

The 30% this quarter is this quarter versus last year's quarter, yeah. It's quarterly.

Okay. Then on the Universal contract, it's $1.6 plus how much for fees that have been already agreed upon for this year?

$35,000 for this year. That's just with one product, one project.

So... I have a hard time figuring out how that is it 6% if so Universal was what?

$2.1 million last 12 months if we add up last four quarters? That's $500,000-

That's for four quarters. It's what will impact this year.

We've had some premiums for the first four months of the year, it's after those premiums. So 6.5% for this year.

It will be a reduction on an annual basis. I'd have to figure that out, but the short-term premiums that we had were reasonably significant and those have been eliminated, so.

Okay. Why did we not know about this, about those premiums?

I asked you in April, I guess, about that contract, and you told me it's on a rolling basis, we won't fix anything that's broken, and there was no plans to change it. We're kind of blindsided by that new contract, I guess.

I have to sort of negotiate what is in the best interest of the company. We disclosed that we were charging them short-term premiums.

We've disclosed that in the past. The growth was there.

Universal has a global mandate to reduce costs, and negotiating those fees was a long process. I think really reflects our ability to reduce our costs associated with that.

It's a net reduction in our revenue for sure, but we can also reduce our costs to support that contract.

It's not really the result. It's more the way it's being communicated and all of that.

I'm following the company pretty closely, okay, and where was it disclosed that there's premiums in our contract with UMG, in an 8-K somewhere, or? I can't remember seeing one in the last year.

It wouldn't be in an 8-K. Be in these calls here, so.

It would be during the calls that it says that our annual contract currently has premiums?

I would have to go back and see what, but it is on a month-to-month basis and we've discussed that before for sure.

Why are we happy about an inflation hike if there was already an annual price hike, if I refer to what you told me in April last year? What's the difference between last year having annual price hikes and the inflation?

Are they the same, or we used to have different annual price hikes?

The price hike for the month-to-month, we had a price hike that kicked in just last month. The long-term, I guess if you look at whenever we've had a longer-term deal, this is the first time that they've offered an inflation index for it.

This was a month-to-month agreement, they could cancel it anytime. This is the first time that they've actually committed to a locked-in price increase.

Okay. Again, it's not the result is disappointing, but I understand why.

It's just, I don't know how it's communicated, I guess. Like, I don't know, I would have told that there's somehow negotiations to have a longer-term contract no matter what the price it is.

I guess you like you were not able to disclose it, but just like why not kind of tell us in advance that it's in the works? I guess it reduced the risk of being an investor, right, because it's not like they're going to just disappear the next month like the next month like it could have been.

I don't know, just a bit disappointed with how it's being communicated. Same thing for cost reductions.

Like, why was it not communicated last quarter, like for Q1? Q1 was basically over.

You could have told us that there would be cost reductions in Q1. This is kind of positive, right?

It's just what can be done to better communicate to investors positive things and negative things, they could be, I don't know, just like thinking about

it. I'll take the criticism.

I believed we did communicate that we would have cost reductions. We are considering more, it's not written in stone yet.

When we were talking, we didn't provide numbers, I know that, but we did communicate during the year-end call that we had the capacity to reduce costs associated with product development simply because of the retirement of the old PC application and some efficiencies that we've got. Now I've got harder numbers on it, but...

Don't always need to provide hard numbers. I guess it's just, I don't know, a good way of telegraphing what's coming up.

Yeah. Fair enough.

The Universal agreement, they've been wanting to reduce their fees with us for some time. It's just a matter of, there was silence on the agreement for the better part of, well, probably more than a year, and I think things have changed internally for them.

I didn't have much indication from them that they were still considering a longer-term agreement. I think we, when we started talking with them a few months ago, again, started talking with them, we're always talking to them, but when we started talking about this specific renewal, the longer-term renewal, we got into certain things that I think ultimately really work for us.

Obviously, we considered a bunch of different things and we didn't know where we would end up. The fees, I would like them to be higher, obviously, but I think it's something we can work with.

It does provide us a long-term sort of anchor tenant and the costs associated with supporting that are lower, and we just can reflect that in our costs to support them. Their need to reduce cost, I think, is really a reflection of the finance mandate to become more profitable.

They went public in September of 2021 and their initiative to force that reduction and maximize profits has been going on since then.

I get that.

And- They're they're Universal. I think this is a great result for us.

I think it's a great result for us. I would I wish it was higher fees, but ultimately, we're a small company that can be provide a positive net margin in in this context.

Yeah. It's disappointing, but I understand the context.

You can take my suggestion or not of just communicating, I guess, more in advance just so it attracts investors of knowing what's to come so they can better, I guess, model what could come up and see that it's a good opportunity. Yeah.

Understood. Last point.

It's kind of, yeah, I'm not even sure if I want to touch it, but there's someone that reported selling 1% of the business on the same date that the contract was signed and it doesn't look good. I know that person is considered an insider even though he's not on the board.

It does look weird, but-

That was a tax-loss selling and

I was a bit surprised at the timing of it, but that was just a pure coincidence. So...

Yeah. That's, yeah, right.

I know, I know.

It does look bad for someone just looking at it, highest volume day in five years, and then it's someone that needs to declare this transaction. Anyway, yeah, I figured it was tax-loss, but...

I can't control that, obviously. I know it was a tax-loss selling endeavor.

I'm not even sure if I should say that actually, but it wasn't a reflection of the contract or the company.

Yeah. Thank you.

I was just needed to voice it. All right, thank you.

Thanks, Thomas.

Thanks very very much, everyone. Thanks to Michelle, who's joining us from Turks and Caicos on her vacation.

Thanks. I really appreciate you helping us out.

My pleasure. Thanks, everyone.

Thank you.