Okay, I think it's a good time to start. Good morning, good afternoon, good evening, everyone. Welcome, and thank you for taking the time to join our webinar today. My name is Holger Arians. I am the Chairman and CEO of Banxa Holdings. Today's webinar will be recorded, and the recording will be made available to all shareholders. The purpose of today is to share a corporate, financial, and operational update, and inform about the changes and achievements over the last eight weeks here at Banxa, and a look into the future. If you go to our agenda slide, please, Zafer. We'll also obviously share this presentation with everyone. Today we're going to start with a quick business overview by myself, followed by Zafer Qureshi, our Head of Corporate Affairs, a large shareholder and Executive Board Member. He's going to talk about the Management Cease Trade Order, give an audit update, and the recent corporate changes on the board, and then speak about the AGM. As you know, we've also conducted a capital raise. Zafer is going to speak to that. And then Sean Moynihan, our interim CFO, who completed the previous audit and will also complete this year's audit, is going to speak about the unaudited FY 2023 results. And then Josh D'Ambrosio, our Chief Commercial Officer, will give a quick update on our strategy and positioning. And I'm going to conclude with an update on profitability and a summary. Please post any questions that you might have during this presentation in the Q&A tool, and we're gonna answer them all at the end of this webinar. Okay, let's get into things. I'm gonna start with a quick recap of the business. Banxa is a fiat crypto on and off-ramp. We embed our payment gateways, our compliance tools, and crypto settlement technology in our partners' crypto platforms, so that their users can convert their fiat currency to cryptocurrency. Quick way to see this, how it all works, is to open up the MetaMask wallet, a Binance account, or an OKX account, or any other major crypto platform. Just click on the Buy Bitcoin or Buy Crypto button, and that's where Banxa is going to pop up, and you will be able to buy crypto through this application. Now, Banxa was founded back in 2014. We still think we're quite early today as the industry is still maturing. It's been 10 years in, but we believe the best is yet to come. Over this time, we've sold over $3 billion of crypto to people all around the world. We have served over 1 million customers and fulfilled over 4 million orders. In fact, we're processing 1 order every 20 seconds. We've teamed up with over 300 business partners all around the world, where Banxa is embedded into their crypto platforms, so that their hundreds of millions of users get access to our conversion tool. The last 12 months' revenue was AUD 100 million, and we continue to see very good growth in this market. Banxa continues to acquire money transmitter or crypto licenses all over the world. So far, we've acquired 37 licenses and registrations, which give us access to more than 20 local payment methods, besides the global payment methods of Apple Pay and Google Pay, and so on. The team's on the ground in 9 countries. We are 120 people. 50 of them are in the Philippines, about 60 in Australia. The rest is in Europe and the U.S. And finally, we are offering almost all coins and blockchains that have any significance and volume in this market, and today that's more than 130. So like... Now I'd like to hand over to Zafer for a corporate update. Thanks, Holger. So I guess before I kind of dive in, you know, I joined about two months ago, and super excited to be here. You know, I really believe we have the right team and the business is in a really good spot to move forward into 2024. So kind of getting back to, you know, the recent events, I wanted to shed a little bit more light on the Management Cease Trade Order that we've recently instilled. You know, what does that exactly mean? You know, I really want to emphasize that it's not like last year. That's an important thing to understand, where we're not in a halt. You know, we last year, what ended up happening really is we were a bit late in filing the Management Cease Trade Order, which led to the halt. And, you know, our shares can continue to trade freely. What it really entails is, it gives us an additional, you know, about two months to get our filings in order. And once we do that, then the Management Cease Trade Order is lifted, and it really only restricts insiders. So that includes the CEO, CFO, directors and other, you know, insiders with critical information. So that's the Management Cease Trade Order. But you know, it's the shareholders are able to continue freely trading, and you know, there's no impact you know over the long haul that we had last year. What has led to this Management Cease Trade Order is really you know our audit with the new partner that has come in, the audit partner, PKF Antares, you know they've had a meaningful learning curve to overcome. You know, we wrapped up our audit, got everything in order and began trading again in July. So them coming in with the complexity of the business, there's a massive learning curve that they had to overcome, really. And that was around, you know, because our business operates in multiple jurisdictions, there's several regulations that we need to abide by, licenses, partners, you know, millions of currencies, et cetera. And, you know, that is a massive undertaking for the auditor to kind of review and, you know, get a deep understanding of. We've seen that through their process, where they've really left no stone unturned in their review, and are very, very thorough. The other piece I'd say that, you know, has been a bit of a overhang is just generally over the last year and a half to two years, the scrutiny that the crypto sector has had. So naturally, we've had, you know, our audit partners have their tail up, and, you know, making sure that they're not, you know, overlooking anything. That also means that the regulators that oversee them are also, you know, super keen to make sure that everything is, you know, clean with any of the crypto firms. And with our business, you know, with a payment business, there's so much money moving around, it becomes even more critical. So just a quick update on the audit. You know, we are in the final phases. PKF has agreed and confirmed to us that they will be wrapping up the audit, you know, no later than November 20, even though, you know, we do have till December 29. But that's, you know, that's important to get that done so that we can continue to, you know, focus on the future of the business, and you know, get past the compliance stuff that we need to do. You know, the key thing really to again emphasize, there's been no adverse findings in our audit so far, and we don't anticipate anything coming out of it. And, you know, we're going to get through this. You know, it is frustrating that we're delayed here, but the important thing is that we are going to wrap this up sooner rather than later. And, you know, we're in a much better spot than we were last year. You know, we've made the appropriate investments on our finance systems that we can kind of touch on a little bit more later. But you know, we're in a much, much better spot, and it's definitely not the same situation that we had last year. So kind of diving in into some of the corporate changes, especially around the board, the management team. You know, it was you know, really critical to have a little bit of a refresh at the board level. You know, I think, you know, with everything that's kind of happened over the last two years, you know, Dom was foundational in getting us to this spot, getting us publicly listed, you know, growing us from you know, a small company to a company that's now listed on the TSX, and then has you know, met growth potentials. You know, really, really appreciative of his service. But it was time for a change, you know, to get us to the next leg of Banxa's journey. And this is where Holger Arians, the CEO, stepped up as the chairman. You know, I joined in to help on the corporate side. And, you know, we have another independent board member appointed by Dom, you know, to basically, you know, help us, you know, improve the governance, improve the alignment between the board and the management team, which is, you know, super critical when it comes to decision-making and making sure that, you know, we're moving in the right direction, all in one direction. The other big piece really was getting a CFO hired. You know, Patrick Maguire, a very tenured CFO. You know, he brings a lot of great knowledge and experience to the firm. And, you know, we're super excited to have him on board and lead the finance function forward post Q1 2024. And then, you know, I think, the last thing really, you know, the AGM is lined up for November 30, 2023. I know I've had some questions come up from shareholders in regards to getting the proxy forms and, and the materials for the AGM. You know, just, just I guess an update there is that those have all been sent out and should be kind of on their way to all the shareholders. And then lastly, you know, the other big piece that has really helped us to kind of get us into a much more stable position is, you know, strengthening our balance sheet through the capital raise that we've undertaken over the last few weeks and, you know, a month and a half. You know, it's been a very, very tough market to raise capital in, as some of you guys may be aware. But, you know, I think we've been very successful at it, especially on the terms that we've been able to do it at. Trying to, you know, do our best to minimize the dilution here. But, you know, I think if you, you know, as you kind of see from the $6 million, we've already, you know, got $5.5 million, that'll be in total in aggregate closing this week. And it's, you know, for the remaining $500,000, we've got several interested parties. In fact, you know, we've had conversations of parties wanting to have us increase the amount that we're looking to raise so that they can get a bigger piece of the pie. So that I think, you know, bodes really well, you know, is a very strong signal of the future of Banxa, and where the market is heading. So super excited about that... You know, and just on the pricing of this capital raise, you know, at CAD 0.80, it is quite a bit premium to where our share price is currently, but that has not dissuaded any of the interested parties in this capital raise, and we've still been able to close. So that, you know, again, I think is a very strong signal for the belief in Banxa in the future. And then lastly, you know, Holger himself has committed and invested in this capital raise. That was the first tranche that closed. My firm as well committed or invested CAD 750,000, Holger CAD 500,000. You know, we obviously would not have invested additional capital if we did not believe that the business was you know, heading in the right direction and had a really bright future. So why did we even do this capital raise? You know, that's, that's obviously an important question. I think the, the main purpose that was really driving it was to buy out the Senior Secured Convertible Note from Lind Partners. You know, I think moving forward, it's important to have that flexibility within our balance sheet. And that'll ultimately help us to bring our cost of capital meaningfully down, which we'll touch on a little bit more later. The other kind of means, or the uses of the funds are really to extend the runway further. You know, acquire more licenses and, you know, ultimately improve our ability or our capacity to process, you know, more transactions, because we have that working capital need. So having more cash, you know, in the business, helps drive greater transaction value processing. So just kind of, to give everybody a bit of a glimpse on what our, you know, capital structure looks like post this raise. You know, as I mentioned, very cognizant that, you know, at these depressed valuations, the impact of dilution, and that's what we... You know, my aim always was, or our aim overall, to minimize that. You know, we've been able to do that, you know, when you kind of look at it on a fully diluted basis, 8% dilution is, is excellent, in this market, versus the alternative that we had going via brokered path or, or other means. You know, we were looking at 30% plus. So that, you know, should give all the shareholders a little bit of, kind of, you know, insight into what the, the potential, you know, paths were for, for raising capital. So at this point, I'll, I'll pass it off to Sean to kind of walk us through a bit of our financials. Thanks, Zafer, and welcome, everybody. Yeah, really the purpose of this slide is just to give you a quick update on how we're progressing on FY 2023. So FY 2023 is the financial year end at 30 June 2023 for us. As Zafer had already mentioned, the audit is incomplete, so please just be aware that all the FY 2023 numbers are unaudited and subject to change, but we're not expecting any material changes to any of these numbers that are currently in draft. I'll just go through line by line and give a little bit of commentary and context into each one of these numbers. The numbers you see in the table are our, our core financial metrics that we focus within the business, and I think really are the ones that determine the performance of the business. So starting at the top, Total Transaction Volume, TTV. So if you're not aware, that is the total number of sales made with customers, total volume. Now, you will see from FY 2022 to FY 2023, there is a substantial decrease from around AUD 1.4 billion to AUD 650 million. Now, that has been driven by the contraction in the cryptocurrency markets, which has been contracting, you know, during that period, largely due to the crypto winter, but also some macroeconomic factors that are correlated with it. And it could have actually gone down more, had we not done some really great work to onboard new partners and bring in new TTV during that period. So, you know, while we never want that number to go down, we are realists and understand that the crypto market is volatile. You know, it goes through fluxes of going up and down. Currently we're in the down phase of the bear market, but that phase tends to last about two years, which we're coming to the end of, and expecting in next year to go into the bull market, which is really exciting, as I go through the next few numbers. Now, contradictory to the decrease in TTV, we saw an increase in revenue, and you may be asking, "How is that possible, when your total sales went down?" It really is an accounting nuance. Our revenue is recognized on one of two bases, on a principal basis, and an agency basis. So when we sell on a principal basis, that means that we're selling our own inventory, that we're holding coins in our own wallets, which we're the custodians of, and when we sell on an agency basis, the coins are held in a third-party custodian, and we're not the custodian of these coins. So when we sell our inventory, we recognize 100% of the sale. So if we work through an example, if we had a $100 sale, if that was on a principal basis, we'd recognize $100 as revenue. If it was on an agency basis, we'd only recognize the proportion that was fees and commissions, which is typically at gross levels around about 5%. So that's how the number has gone up, is that we have been settling more customer orders through wallets which we're the custodian of, therefore, selling more of our own inventory, which we are recognizing at 100%. So that number can be, you know, a little bit of a difficult one to get a real indicator as to the performance, because of that, you know, nature of the agency and principal. But it's still important to present, because obviously it's a core financial metric in any company's financials. But what we think is a better or better metrics to look at are the next two highlighted in green, which is the Gross Profit and the Net Take Rate. These ones are gonna be not impacted by any principal or agency revenue recognition, and they're gonna be really great indicators and the most significant indicators of the business performance. Now, I'll call out specifically that, yes, the Gross Profit did go down, but you can see there, it did not go down anywhere near as much as the TTV went down. And the reason for that was we were just a lot more efficient with our transactions with customers. We were able to be a lot more efficient on the cost side. So any third-party costs we had, we were able to optimize. But we're also a lot more efficient on the pricing side. So we were able to price a little bit higher, largely because our service is so good and leading in the market. And, you know, that has really minimized the decrease in the gross profit during that period. And you'll see also a large increase in the net take rate. So again, that's just by being a lot more efficient with the way that we transact with customers. Now, this is really exciting because we think during this bear market, we've done a lot of hard work to drive these efficiencies. And we know that as we come into the next bull market, which we're expecting to be next year, that TTV is gonna go up and gonna go hopefully close to or beyond what it was in FY 2022. And that's really exciting because at these higher take rates, we're expecting to generate quite significant profits. You know, to date, after quarter one of FY 2024, we're already tracking at a $834 million annual TTV forecast. But again, we think in the second half of this financial year, in calendar 2024, that you know, it's even gonna be better again than the market now, and that we expect that the TTV is gonna be higher than what we're forecasting at this current stage. Just going through the other numbers, now, the operating expenditure, we've managed to bring that down as well, which has been fantastic. Again, you know, we've been doing a lot of efficiency gains on the cost of goods sold, but also in our OpEx, running the operation a lot more efficiently. You'll see that because of this, you know, decrease in the operating expenditure, plus being more efficient with the take rates and gross profit, we've been able to minimize both our net income and EBITDA, which is, you know, really positive and we expect again, that trend to continue. As the market recovers and we add more partners, which we're actively doing month-on-month, those numbers are gonna come down to zero, and go back into the black. Lastly, on our cash, that stayed pretty consistent, and actually increased a little bit. I just wanted to give you a bit of an insight into how it's tracking at this current point in time. So, our last balance check as at 31 October was... Cash was around that $11.4 million. Now, again, just, you know, this is unaudited. This is, you know, estimates, and numbers that we're doing, internally, yet to be audited externally. But yeah, it's been consistent and in fact, going up, largely due to the capital-raising activities that we've been undertaking. And that's it. So I'll pass over to the next person. Thank you, Sean. Hi, everybody, Josh D'Ambrosio, Chief Commercial Officer. For those that haven't seen me before, I've been with the business since mid-2017, so quite a while. Seen it a number of bull markets, a number of bear markets. What I just wanted to touch on now is more on the commercial side, the sales side, the product side of what we're seeing in the markets, I guess, to date, as well as forward-looking and really, I guess, highlight why Holger and Zafer, in particular, in terms of being excited about putting money into the business, why, in fact, they are excited about Banxa's position and the opportunity ahead. So in terms of our go-to-market and those success drivers, just worth reflecting on where are we, are we winning currently? And there's probably 2 key areas that have really been a highlight for us over the sort of last 12 months. Those existing partnerships that we've built over the last sort of 4 or 5 years, we've been able to really successfully win share of wallet. And what I mean by share of wallet is that within any given partner, there is typically Banxa and in some cases some other on and off-ramps that we're competing against, and it's the existing fiat volumes within that partner that we've been able to win as a total of all fiat volumes within that same partner. And the second area is the new partners that Sean mentioned in our ability to bring on new volume, new revenue. Probably about 15 months ago, about mid-2022, we really focused on executing a new go-to-market strategy focused on non-custodial wallets. And for those that have been following the business for some time, you may recall that we, prior to that, we had a very strong focus on decentralized exchanges. What we saw in that non-custodial wallet space is an emerging opportunity where we believe that users wanted to be active within these non-custodial wallets. And maybe just to provide a little bit of clarity on what I mean by that, a non-custodial wallet is effectively where the user custodies their own assets using a technology provider. An example being, MetaMask, if some of you are familiar with that. In any case, the success of that strategy has seen us grow our TTV from around about 7.5% in June, July 2022, to about 55% in the last month or so. And that's really on our operational metrics that we've been able to estimate that. So that's been a massive success driver in terms of what Sean just showed, where has that new volume come from? And particularly, in this market, where overall volumes, probably for the last 18 months or so, have been declining, Banxa has, in fact, significantly outperformed the general crypto market by almost doubling our TTV from about 15 to 18 months ago. In terms of what has actually driven that success, Sean did mention a lot of that. I like to call it when I speak to people out in the industry, it's doing the boring stuff really well, and that's really the back-end stuff that people wouldn't see on the surface of our product. It's really managing our local infrastructure and licensing very well. Managing our local banking partners and the fiat rails. That, that part is actually super difficult, and particularly doing it on a, on a global basis in many different markets. And then running global treasury, FX, cross-border funds flows. The operational performance of that is really what drives success. Overall, the outcome of doing those things really well, is that it means that any user that comes to our service, we can convert more into a sale versus our competitors. And additionally, because of those things, we can actually do it at a lower cost and, and therefore gain a greater margin. Which again, Sean probably highlighted in those actual numbers, to demonstrate how we've been able to achieve greater margins despite growing volumes and a declining market. The other kind of key area where we've really focused, and this has really been on that non-custodial wallet space in particular. It's really a tightly coordinated and focused go-to-market team. We've had to really be laser-focused in terms of who we want to serve, where our product market fit exists, to maximize revenue and opportunity going forward. So we've really built out probably the best pipeline we've had of new partnerships to date from any of the prior years of Banxa's been operating. The second area has been really deeply partnering with our existing partners and those that we're able to bring on board, and it's really taking a B2B approach. We see ourselves as effectively a Web3 crypto payments company, and therefore, we need to be able to provide the tools, experience, and knowledge that enable our partners to onboard and manage their users, so they can provide the service that they're trying to provide. And then lastly, in terms of the actual product and feature set that we've been able to deliver, it's adding the right features at the right times. And just to give an example, we've seen off-ramps as an emerging trend over the last sort of 6-12 months, and that's begun to pick up in volumes and revenue for us. Maybe just move to the next slide for me. In terms of just looking ahead, I think the team has spoken to this briefly, but just overall, the industry, we expect 2024 to have a significant increase in volumes within the crypto markets. The bear market has been going on for a couple of years now, and overall, there are a few positive signs industry-wide, where we think that will begin to change, and there should be an uplift. And we've got the Bitcoin Halving happening middle of next year. There's a likely ETF approval in the U.S. Hopefully, interest rates improvements coming up soon. The U.S. elections likely become a key driver in this space as it continues to grow. Personally, and what I'm most excited about, what we've seen a lot of lately, and we've just come back from Money 20/20, which is the biggest payments conference in the world. It's actually the utility-driven use cases across the crypto industry, and those volumes continue to grow, and the opportunity to leverage crypto for real-world utility has really become a predominant talking point in the industry and particularly around stablecoins. And then the next area where we expect to continue to evolve and hopefully, mostly in a positive way, is the regulatory clarity. So we have MiCA coming in in the E.U., stablecoins in the U.K. Based out of Australia, there's a licensing proposal to bring a license into the Australian landscape as well. We expect crypto to be taken more and more seriously, and those with the back-end infrastructure to support that are gonna be very well placed. And then, more from the, I guess, the product side, we anticipate an overall increase in crypto adoption, really driven by just better UX and better back-end infrastructure. Those of you who have used crypto will appreciate that it can be, to date, quite a clunky experience, jumping through multiple providers, multiple screens. You might have to recommend how to store your crypto keys, and it's all gonna be very, very confusing. What we typically see in a bear market is there's always an uplift in the general quality of user experience, and over the last couple of years, that has been no different. We've now seen the emergence of people able to already log in to existing, large Web2 platforms or using their Google or Apple or other types of logins, and be given a crypto wallet without even having to necessarily recognize that they have a crypto wallet. So it's becoming abstracted away into the back. And what that—what we expect that to do is to drive an explosion of new applications and new use cases. And then probably a very significant piece for us is that we expect there to be increased investment and resource allocation for projects to actually add and optimize on and off-ramps. As I'm sure many will appreciate, in a bear market, every team in this space has limited resources that they're willing to deploy, and as we begin moving into more of a growth phase, we expect them to have, be willing to deploy those resources. They're going to want to optimize their on and off-ramping. They're going to want to add new providers, and we see that as an overall positive change in the overall crypto landscape. In terms of what does that mean specifically for Banxa? We see already a significant opportunity to win much larger volumes in the existing wallet or non-custodial wallet segment that we have been focusing on. So as I said, just a little bit before, we've been focusing on this space probably about the last 15 months. We've really begun to get traction over the last sort of six months with the likes of the MetaMask coming online. We've got BitPay, Ledger, a few others in the pipeline, and we expect that the existing wallets in this space are there for us to provide our, what we believe, market-leading infrastructure and seek additional volumes already in market. Additionally, what we think will become more important is the local crypto licensing and bank rails. We do, as I said before, we do believe there'll be continued regulatory clarity. What that means is that in order to serve customers in a local market, you will need to have a license in that market. And again, I'll use Australia as an example. Once that license comes into place, historically, foreign companies have been able to serve the Australian market through a simple foreign registration that will become much more difficult, and in order to access that market, they will need the local license. Similarly, as MiCA comes into place in the UK, we expect similar things. And this will be equally important for those utility-driven use cases in stablecoins, and that's where we see those bank rails becoming a critical component for how people can convert fiat to crypto at scale. The next part really speaks to the improved UX and overall experience for users using this space and the back-end infrastructure. We believe that there is a number of larger platform partnerships to be sought in this space, which are going to really drive this new Cambrian explosion of new developer, sorry, new user face applications, which are crypto-enabled and which already have on- and off-ramps baked in. What that really is getting at is that we expect much bigger user adoption for crypto over the next few years, and it's going to happen at scale across even more platforms than we've seen to date, and we believe that having Banxa baked into that experience is a significant opportunity for a new revenue segment. And then lastly, worth touching on, there's a very clear bifurcation over the last twelve months between what is a good on- and off-ramp and the rest. The good ones, and particularly where Banxa succeeds, is those that really do the back-end boring stuff very well. There's probably been a number of early competitors who may have a shiny website, but they lack that experience over the last sort of nine years of building out that global regulatory and banking and payment infrastructure, which is really where you drive high conversions, you can minimize your cost. And, what we're really seeing today, and particularly now that we've been able to execute that focused non-custodial wallet strategy over the last 15 months or so, is that we've been able to emerge as one of the clear leaders in that space, and we're probably best positioned to win over the long term, based on that core infrastructure focus, which is specifically what some of our industry vendors and peers have commented on. So just in terms of where we've been positioning, where we've been really focused in building out our core infrastructure, that's what really excites us for the hopefully emerging bull market for 2024 and beyond. But more importantly, we do believe that crypto is here to stay and will be adopted at scale, and we believe that that's the infrastructure that's really going to drive that success of the whole industry. Maybe just one more slide for me. And then just touching on where we see these growing audiences. To the best of our knowledge, we believe about $1.2 trillion of fiat in the market was processed in the crypto market, calendar year 2022. In terms of where Banxa has been focused from a segment point of view, early on, and for those that have been with us for a number of years, centralized exchanges were the key focus. We had OKX and the Binances and the KuCoins, et cetera, and that was traditionally where the on and off-ramping occurred, and hence that was where our early focus as a business was. As I mentioned, there's now been these crypto enablers, is what we refer to them internally. It's the wallets, it's the decentralized exchanges, it's the marketplaces, and we've seen that as a growing area of the market, and that's where we've been focused over the last, you know, 15 months or so. And we believe that that actually becomes bigger than the overall centralized exchanges over the coming years, particularly as there's more and more applications that get built in that space. And then longer term, what we really see as the biggest opportunity is the general markets. It's when those that operate in the outside of crypto begin wanting to offer crypto-enabled services, and those are going to need core infrastructure providers that they can sit on top of in terms of licensing, crypto infrastructure, fiat rails, et cetera. And so right now, we're very much still continuing to serve that centralized exchange segment. We see very focused on building out our revenue and our partnerships in that crypto enabler space, and then overall, looking to how we can best position ourselves in that general market space. So in terms of the looking ahead for the industry, we're super, super excited. And for Banxa specifically, we believe that the growth phase is actually still ahead of us. Back to the rest of the Banxa team. ... Awesome. Thanks very much, everyone, Zafer, Sean, and Josh. And I think like you all have said, we've really transformed the business over the last 12 months, not only on the growth front, but also on the efficiency front. To give you an example, back in November 2021, at the height of the market, we had a TTV of $250 million for the month, but it was still very inefficient. And since then, we've improved the net take rate and a number of other operational efficiencies. And with the current $70 million TTV per month, we're more efficient than we were ever before. It's a testament to the focus on this efficiency in the business and also the primary internal goal of achieving profitability. To do this, we've streamlined operations, which helped to bring down our burn, in addition to a focus on the expenses and right sizing for the current market. The recent right sizing alone has helped saving $250,000 per month. In addition to that, once the expensive convertible note is bought out, we will save $150,000 interest per month. It will also remove the senior security that currently is there over the business, so that we can restructure our debt facilities and get more market rates and, and not credit card rates. What that also means is that the numbers are getting really exciting. So when the market comes back, and we believe it's going to come back bigger and better than ever, just like we've seen in previous cycles, we are, as a business, super scalable, and there's no need to add any significant costs if the volume goes up. So any increase from here is going straight to the bottom line. Go to the next slide, Zafer. Just wanna quickly summarize what we've achieved over the last eight weeks and a quick corporate outlook. We've done the board restructure. We've almost completed the capital raise in this difficult market environment. The management has shown their commitment by investing in the business, and we've sent a buyout notice to Lind for the convertible note, and we've hired a CFO, and reduced the expenses, and we continue with the path to profitability, and we've restructured or we are in the process of restructuring our debt facilities. I think overall, really, really great achievement in a relatively short amount of time, and it's great to have this team, including Zafer, on board, to really drive this change that is much needed. Going forward, as I said, cash flow breakeven, most important, Zafer and I are working on putting a investor roadshow and a comprehensive IR program together. We're gonna do things very differently. We wanna really focus on quality, not quantity. I think less is more here. We're also considering engaging a market maker. There have been a few questions. We are definitely looking into that. We are also still exploring the potential to uplisting to Nasdaq, but again, nothing is going to be announced without any clear facts this time. And then we're also looking at a potential share buyback program because we're very confident about our future. Before we go to the questions, I just wanna give a few personal notes or thoughts. You can go to the next slide, Zafer. The current valuation of Banxa is really, really hard to accept when we see private competitors be with less volume, less partners, less licenses, and less payment options raise money at 15 times our valuation. And we still hear from our partners where we integrated, that we have the highest share of wallet in their platform, and that we're converting best, like Josh has mentioned. Because our strategy is the slow strategy of getting those local payments and having people on the ground, having those licenses, and a really, really, sophisticated technology stack. But despite these constraints of being a public company, we've managed to build a great business and really punched above our weight, and I'm extremely proud of that. What I'm not so proud of is how we've communicated with the market in the past, and I really want to change this. And I'm new in this chairman role, but I'm certainly, not perfect in the communications we've even done over the last eight weeks. I think we have a lot to improve, but that's what we're really committed to. And I believe it can only go with your help, because communication goes both ways. And I often see questions in the shareholder forums, which we can actually address immediately and take away those concerns. So my ask to every one of you is to stay engaged with the company. Please follow our progress, share any concerns and questions with us directly. Because that's really, really important that we have this open dialogue. And we'll definitely respond immediately. And I promise that going forward, we will be much more proactive and transparent in our communication, especially around this audit. And we're quite excited about what lies ahead for the business with this new refresh team. Personally, I, I really hope I can win your trust and long-term support for what we're building, and I'm extremely grateful for the amazing people that are working with me at Banxa. It's not an easy job in this industry. We're all pioneers, and this industry is extremely volatile. There are many, many structures and regulations that haven't even been formed yet. If they have, they're constantly changing. But it has this huge potential, and given we have a really very, very long foundation and we've seen a lot, we're very excited about what's to come. Banxa has built this amazing entity, and brand in the global crypto ecosystem, and I'd love for our shareholders also to see and feel the same excitement about our business. So hopefully we can ignite this fire with every one of you as well. The Banxa team stays extremely committed in what we're doing. In closing, again, I'd like to thank the people at Banxa for their hard work and continued excitement in shaping the world of crypto infrastructure and unlocking amazing opportunities. Thanks, everyone, and we have around 15 minutes for questions, so let's dive into that. And if you have any other questions, please just post them here in this chat box. So we'll start with Shahab. Any info pertaining to the board to the Banxa lawsuit in Illinois for face scanning? Just that everyone is aware, there is a plaintiff that has actually gone after several large crypto players in specifically the U.S. about an issue with privacy tick boxes around biometric scans. I cannot say too much to it other than we're not very concerned. We believe that we haven't been served correctly, and there are a number of inaccuracies. So overall, it's not a major concern for Banxa. Any update on M&A? Or Zafer, I'm gonna hand over to you if you wanted to add anything to that previous question, but also the next one from Shahab about the M&A. Please go ahead. Yeah, no, I think you covered off the lawsuit well. I mean, you know, in our view, it. We feel it's frivolous. And, you know, we'll basically get it squashed. But yeah, no concern really there. In regards to M&A, you know, as some of you guys are aware, we engaged Architect Partners a little over a year ago, because of interest that we had in acquiring Banxa, unsolicited interest. So wanted to, you know, run a bit more structured process to gauge that interest. Obviously, the current market is not very conducive to M&A transactions. You know, we've had several parties engage us, but you know, where valuations sit, you know, we strongly feel that, you know, we don't want to be selling the business for pennies on the dollar. We want to be in a much stronger position so that, you know, we are able to drive, you know, high share price for our shareholders. That's what we're really gearing up towards, and setting ourselves up for 2024 to run a much more rigorous process when the market sentiment is a lot better and we're in a much better financial position and essentially hitting on all cylinders. Excellent. Thank you, Zafer, and I think Usama had a similar question about the, the M&A, and I totally agree. The market is, very low, at, at its bottom almost, and, so is our share price. So we believe the best is yet to come for Banxa, and, we, we think, this is something for next year. Badar, who might be your brother, Zafer, is asking, "What's the plan for U.S. expansion using Banxa's own licenses?" Great question. Josh, you happy to answer that one? Yes, sure, sure. So as many of you are aware, Banxa has been in the process of acquiring its MTLs, and legislation over the past 18 months or so. We're super excited about the progress of that. To date, we've acquired 33 MTLs, and we have a number of more on the way which we've applied for. What we're excited about this, and the reason we're excited about this, is that it unlocks opportunities for Banxa to enable more services that are built directly on top of its own infrastructure. Additionally, it enables us to more tightly bundle the services that we already offer to improve the overall user experience and the service we provide. In terms of when we will do this, it's really looking like 2024 is what we'll be looking to make some progress on this. But perhaps that's probably more a question in terms of the capital point of view. So maybe I'll just hand back to you, Holger, to address that component of it. Yeah, absolutely. So for us, it's really having this strong foundation on the capital front before we switch on the U.S., and since we are really getting there, this is a thing for early next year for us. But like Josh mentioned, the, the commercial part is really important, and we see especially after the recent regulatory changes and a number of license holders in the U.S. going down, actually, we believe there is really a gap in the market to leverage our licenses, and we're quite excited about that for next year. So there's definitely more to come. We're still waiting for around 7 licenses currently, but we're already able to operate legally in over 40 states in the U.S. I'm just going to add, John, your question here. John, it's very nice to see you in the webinar, by the way. As Banxa obtains a license in the state of New York, please let me know. We have not. The New York is a very difficult license to get. You need to have a lot of capital requirements and cash reserves, basically, to operate directly in the state of New York. However, through our intermediary, we are able to operate in New York. And we will always obviously keep that redundancy for Banxa going forward, because that's really what our business is built on, licenses, payments, and then redundancies of those. So we will be able to service New York and basically all states in the U.S., either directly or through our intermediaries. I hope that answers your question. Next question from Shahab is, I believe MoonPay is number 1 in the on-off-ramp industry. Where would you rank Banxa now? It's a great question, very exciting. By all the intelligence we have from the market, from our partners, our vendors, the competitors directly, we believe we're probably number 2 or 3 after MoonPay, by size and by volume. And we think that we can build this out very, very much. And yeah, that's a very, very solid position coming out of nowhere and being probably number 2 or 3 globally in the on and off-ramping space. TTV in October, Andrew, is very much in line with the previous couple of months. We're getting over $70 million. With those new partners that Josh mentioned, this is only gonna grow in the next weeks and months. Another question from Andrew, that's one for you, Zafer. There was a market maker hired last year for AUD 30,000 per month. Yeah, I think, I think, Andrew, what you're referring to last year. Yeah, once we, I guess, went in, in the MCTO, you know, obviously there was no need for a market maker at that time. We did engage a marketing firm earlier in the summer. You know, frankly, you know, I think where the current market has been over the last several months, you know, I, I think it's just wasted capital overall, you know, spending on, on those sorts of, sorts of IR initiatives, because the ROI is, you know, next to nothing. You know, I think, the market is just not conducive to investing in, you know, or, or deploying cash overall, especially when it comes to crypto firms. So, you know, we made a deliberate decision to hold off on engaging a market maker just to conserve that cash and essentially, you know, help and drive towards more profitability. But we are going to be looking to engage a market maker heading into 2024. You know, it's important to get the liquidity back into our shares on the TSXV side, especially and, you know, especially as the bull run, you know, comes back. And also, as we start to kind of look to uplist to Nasdaq, you know, we obviously need to address the liquidity concern and, you know, get drive our share price back up. I'm very confident that with all the things that we're doing to, you know, strengthen our balance sheet, reduce our cost of capital, drive to profitability, you know, all those things will drive the valuation closer to where it really should be. Because I think right now it's unbelievably cheap, and you know, there's lots of room to grow from here for our share price. Absolutely. And, some hopefully that answered your question about, the liquidity and the valuation gap as well. Next question from Usama, and, there's another one, I think, Kyle, is about the, the regulation. What, what are the costs around, the MTLs and for each license? How much does it cost to maintain those licenses? And what are sort of the, what's the outlook of, the, on the regulatory front, I guess, in the U.S. and, and beyond? And I can start on that, and then, Josh, if you want to chime in as well, please do so. So basically, in the U.S., we've been on the ground for one and a half years now, with a very lean team, of three people, and those three people were able to, get those MTLs. We're at 32 at the moment, and 7 more to come, able to operate in more than 40 states already. We believe the ongoing costs are minimal, and the commercial opportunity is quite large because it allows us to offer many more products, be much more flexible, faster and cheaper than the current setup with intermediaries. So overall, it's basically just maintaining the status quo. There is no extra fee or anything for getting those other licenses per state. And the cost to maintain those licenses is also not too much. So we can operate this as we have so far. We wanted to wait for a critical number of licenses to have before we activate those. But once we switch those on early next year, as we have alluded to, there will be immediate cost savings all across the business with an increase in revenue as well, because we are directly on the ground processing local volume. Perhaps, Josh, you can take the next one about the outlook on regulation globally and what we're expecting. ... Yes, of course, and apologies, I just have a sick crying baby in the background, so apologies for the additional noise. Yeah, so look, the crypto regulatory landscape, ever evolving, ever shifting. We expected, as I mentioned earlier, for there to be additional clarity in a number of markets, which we already operate in. So we have MiCA in the EU, and some proposed stablecoin regulation in the UK, the licensing proposal for Australia, et cetera. What we think this means for us, and particularly in those markets, is that it's quite positive. It really recognizes crypto as a legitimate industry within itself, and it seeks to regulate it in an appropriate way that doesn't stifle innovation. So we're quite pleased with how those areas are evolving, and what it means for the business is that it really proves the original thesis of the business was that you need licenses in local markets to serve the local customers. We believe that's going to effectively become a barrier to entry for a number of our competitors, which we've already seen play out in some recent markets. In terms of what are the risks, obviously, the big one in the room, the elephant in the room, would be the U.S. There's obviously a lot of different chatter in the industry and globally, what does the evolving regulatory landscape look like in the U.S.? And there's still a number of unanswered questions. This is a key reason of why we are pursuing our own MTLs. We believe eventually it becomes quite positive for the space, but again, this is why it's quite important for us to have our own infrastructure on the ground, so we can provide the services that we would like to provide to the market. So, certainly in the short term, we'll be watching closely of how that area evolves in the U.S., but longer term, we believe that having that infrastructure on the ground will really hold us in good stead to be that trusted provider for the market. I hope that answers the question. Thank you, Josh. We have two more questions. We'll quickly run through those as well, so hopefully everyone receives the response. Otherwise, always follow up afterwards as well, please. If you could just touch briefly on the stepping down of Gregor Koenig and when a new Chief Marketing Officer might be brought on to the team. So Gregor is... He basically founded his own business in the Web3 space. That's what he's all excited about. He's an entrepreneur at heart, and that's why he decided to step down at Banxa. He's still around, helping with the transition. We're looking at other options. We do have some internal resources that are stepping up as well. So there's no one new appointed or on the horizon, at the moment. More so that other people in the team are taking over those roles. And we also have external service providers that are helping very much with all our marketing, PR, and IR. So, Gregor stays very close to Banxa. He's a very early shareholder, has always been cheering from the sidelines. So, he is still a big supporter of Banxa going forward. Carl's asking who— Oh, yeah, go ahead. No, I was just gonna add one more thing, that Gregor actually also participated in the on-market buy in back in October. So, you know, he's very, very much committed to the long term, driving value for Banxa and believes in the business. Yeah, exactly. And then, Carl's asking: Who's the next big, biggest partner that you haven't partnered with yet, that would help in a big way in TTV? There are a few, Carl. I don't want to name any names here, but to give you the industry segment, like Josh said, the wallet segment is massive for us. And, the decentralized exchange space also has a few untapped opportunities, which we're already working on. And then Web3 gaming is huge. The traditional online gaming is a massive market with massive turnover, and we think a lot of that is eventually moving into the Web3 space, and that's where Banxa can really win, and we're having those conversations with very large players that are emerging. Andrew, you're asking: Can we go back to announcing TTV on a monthly basis? We've done that previously. Bitcoin miners are doing that on a monthly basis with their production numbers. Really good point. We've done that back in 2021, 2022. I personally don't believe it, it makes a lot of sense to do that, because it's a very volatile industry. It doesn't really paint a clear picture of how the business evolves. We can take this probably offline and review this. But yeah, I think it's probably better to plan longer term on a quarterly basis, and yeah, just having everyone excited about the longer term outlook than the short-term results. Andrew, Trust Wallet, that definitely rings a bell. That's all I'm saying. And then, Binance needs a new fiat on-ramp, and Banxa should be premier on-ramp with white label Banxa brand. And yes, we're very close with Binance globally and the U.S., and also with Trust Wallet. So, definitely exploring the opportunities there. So hopefully that answered everyone's questions for today. As I said, communication goes both ways. Please reach out to Zafer or myself. We aim to respond really quickly to everyone, and there are many questions that we can attend to, many concerns that we can hopefully take away. We are a strong team with a strong business, with a great outlook on the market and the potential that Banxa has. And, I'm super excited to take you all on this journey. I thank you very much for taking the time today and your ongoing support. Thank you.