Good day, the GreenPower Motor Company third quarter earnings call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Michael Sieffert, Chief Financial Officer. Please go ahead. Thank you. This is Michael Sieffert, the Chief Financial Officer of GreenPower Motor Company. I would like to welcome everyone to our call to discuss GreenPower's financial results for the period ended December 31st, 2021. I'm here today with our Chief Executive Officer, Fraser Atkinson, our President, Brendan Riley, and our VP of Sales and Marketing, Ryne Shetterly. During today's call, we may make comments or statements about our future expectations, plans and prospects, which may constitute forward-looking statements for the purposes of the safe harbor provision under the Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in our quarterly interim results and MD&A filed on SEDAR and on EDGAR. In addition, these forward-looking statements relate to the date on which they are made. We anticipate that subsequent events and developments may cause the company's views to change. GreenPower disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Also, during the course of today's call, we may refer to certain non-IFRS financial measures. Reconciliation of these non-IFRS measures can be found in our MD&A on SEDAR and on EDGAR, and is also located on our website at www.greenpowermotor.com. I will now pass the call over to GreenPower's CEO, Fraser Atkinson. Thanks, Michael. Over the years, we've talked about money and mandates being drivers for adoption of electric vehicles and growth drivers for companies like ours. Recent developments on the West Coast include the state of California stepping up with proposed funding of $400 million over three years for the purchase of zero-emission school buses, with $130 million being allocated this year alone, along with $200 million over three years for a transit bus set-aside fund with $60 million for this year. On the East Coast, we have the state of New York announcing a mandate for zero-emission school buses by 2035. The federal level recently announced an unprecedented level of funding of $5 billion over five years for the purchase of zero-emission buses. Earlier this week, Secretary of Energy Jennifer Granholm stated this could be available as early as April this year. We are well positioned to take advantage of these programs with our BEAST all-electric school bus introduced at the end of last August and our family of transit vehicles. Our EV Star products can satisfy a number of requirements for transit properties, including Buy America. Now I want to talk about our recently announced plans to manufacture all-electric school buses in the state of West Virginia. When we were exploring our options on how to expand our business, Brendan and I determined that we needed to find a factory-ready property and develop a partnership with the local community and state. We found that in South Charleston, West Virginia. The building is only a few years old, so instead of spending time and resources on a tear down or a new build, we will have a nominal CapEx so we can start the more important work of building all-electric school buses right away. Our goal is to be producing upward of 1,000 all-electric school bus or purpose-built school buses in the state annually in three to four years' time. The original plan was to take occupancy on September 1st, 2022, but we've been working with the state to move this up to May 2022. In terms of the partnership we were seeking, the state of West Virginia is purchasing the property and giving us a rent-free holiday until next year. When we do start paying the monthly lease payments, these will be applied to the purchase price of the property. We can also earn incentives for up to $3.5 million if we hit various employment levels. Finally, the state of West Virginia has committed to provide funding of $15 million for the purchase of GreenPower vehicles manufactured in the state. The city of South Charleston has been extremely supportive. On February first, we announced a partnership with BridgeValley Community and Technical College and the Workforce Development Board of Kanawha County to provide workforce development and training opportunities for potential employees at our new manufacturing facility. In summary, this will give us a dedicated facility for manufacturing our all-electric school buses, extends our footprint across the nation, and importantly, frees up space at our facility in Southern California, so we'll be able to increase the throughput of various EV Star models and low-floor transit vehicles. Next, I'll turn it over to Michael Sieffert, GreenPower's CFO, who will cover the quarterly financials. Thank you, Fraser. For the third quarter ended December 31st, 2021, GreenPower recorded revenues of CAD 5.3 million, which was an increase of 121% over the revenue of CAD 2.4 million for the comparable quarter in the first fiscal year, or in the previous fiscal year. Revenue for the third quarter included the delivery of eight BEAST school buses, a follow-on delivery of four EV Star Plus to a Fortune 500 company, three EV Star Plus for shuttle services at Vancouver International Airport, and deliveries of various EV Stars and EV Star CCs to several other customers. Gross profit for the quarter was CAD 1.5 million, or 27.8%, which was an increase from the gross profit margin of 21.5% during the last quarter. The gross profit this quarter was slightly below our 30% target due to the sale of BEAST school buses at a lower margin, which was partially offset by sales of other products at a gross margin above 30%. We continue to target a gross margin of up to 30%, which may vary from quarter to quarter based on product and customer mix. We saw an increase in our cash expenses to $3 million this quarter, which was attributable to continued investments in our business, including sales activities, expanding our team of production and operations professionals, and professional fees and product development as we expanded into new markets and developed new products. We finished the quarter with $29.4 million in working capital, plus approximately $4 million in available liquidity. Working capital included CAD 5.4 million in accounts receivable, the majority of which was current at quarter end, and CAD 28.6 million in inventory, which is comprised of over CAD 10.7 million in finished goods and CAD 17.9 million in work in process. We have completed work in process inventory since quarter end and have over 100 EV Stars and 30 BEAST school buses that we expect to be driving near-term sales growth. I'll now hand it over to Brendan for some operational details. Thank you, Michael. On the product front, we're very excited to introduce our 22-foot cargo van. It's called our EV Star Cargo. This battery electric van is ideally sized and optioned for commercial use in urban markets and the mid-mile delivery space. The EV Star Cargo is the only battery electric vehicle currently available with this high payload and large range category, giving it a massive and diverse addressable market. We expect deliveries to begin later in the current quarter with a strong initial order backlog for this unit in place that's also growing. We also have accelerated the rollout of our very popular BEAST all-electric school bus. Initial deliveries began during the quarter and will continue to ramp up throughout the year. I cannot emphasize enough how much the BEAST is truly in a class of its own when compared to the competition that's out there. It is the most feature-packed all-electric school bus on the market, and it incorporates a very advanced Constellium ECO Range body, which is lighter, stronger, safer, and offers a smoother ride and a longer lifespan than any other school bus ever made. Initial customer feedback has been exceptional, and we have high expectations for this product in 2022 and beyond. We've also made a great progress in positioning GreenPower for future growth. Despite some relatively minor headwinds from Omicron last year and early this year, we continue to accelerate deliveries while building our sales reach both internally and externally. These recent expansions provide GreenPower with tremendously greater reach on a national level. In closing, GreenPower has demonstrated that we have the products the market demands and are now tirelessly working to solidify strategic relationships necessary to catapult our growth to the next level. We are optimistic that 2022 will prove to be a transformative year, and I look forward to providing additional details on our progress when prudent. With that being said, operator, please open up the call for questions. Thank you. We will now begin the question and answer session. To ask a question, you may press star then one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. Our first question comes from Tate Sullivan with Maxim Group. Please go ahead. Thank you. Good morning. Starting with inventory, if I may, and you noted in the press release you're near a targeted level of inventory, but I think you said that you've built inventory since the quarter end, or I'd expect. How do you measure your targeted level or how do you look at that longer term, please? Oh, hi, Tate. This is Fraser. With the close to CAD 30 million inventory we reported at year-end, the mix was, you know, you know, 1/3, 2/3 or 40/60. On a longer term basis, we're looking at, you know, having You know, maximizing our throughput with more of a 50/50 in terms of 50% finished goods and 50% related to various stages of production. I'd say, the previous quarter end, we're probably closer to a 20/80. We made great progress in getting to that target and would expect to be there, you know, in the next number of months. Thank you, Fraser. Just to confirm, the timing of delivery of that finished goods inventory to customers, is it dependent mostly on when the customers receive their government funding? Actually, a lot of them, you know, at the year-end, for example, we had a number of vehicles that were sitting and waiting for a particular component of the package. For example, we would order a seat package for a vehicle, and it would arrive with all of the seats, but not the barriers that were part of the overall installation of that seat package. The vehicle would have to be set aside, we move and work on another vehicle while we wait for the barriers, receive them, move back to that vehicle, complete and deliver. There has been, you know, some disruptions related to activities like that. They're not common to just GreenPower, but common for to the automotive industry as a whole. You know, the management of a different level of or different types of models as we're now having to deliver across our product catalog as opposed to just one or two in a quarter. That's been a bit of a learning experience and we've really, I believe, dialed it in so that we can manage you know multiple model deliveries all at the same time. As I noted with the upcoming West Virginia manufacturing facility will give us the ability to really free up some additional capacity or flow through our throughput in our California facility. Thank you, Fraser. Turn it over. Our next question comes from Chris Souther with B. Riley. Please go ahead. Hey, guys. Thanks for taking my questions here. Maybe start off on West Virginia plans. Could you walk through the cadence of production timing to get to the 1,000 a year? You know, when do we start kind of deploying vehicles from that facility? Then any timing on the large order, obviously from the state on how many vehicles that includes would be helpful. Well, I'll start on the state and then just give a high level and Brendan can provide a lot more detail in terms of the, you know, what we are doing to ramp up the production. In terms of this, the state funding, you know, they were very, very helpful in crafting a plan to provide funding that can be leveraged. Often, you know, when you have funding programs, you know, they're specific to, you know, an organizational goal or similar things and such that you can't stack them. If there's other funding available, such as this impending federal funding that is expected to be released in April or May of this year, or you know other forms of funding, we're able to stack all of those as well as you know what the end operator or fleet operator would pay as well. We see the ability to leverage this into you know in the magnitude of $30 million-$40 million of sales from the $15 million of revenue. That's sort of first off on the $15 million funding. I should also point out that's a minimum. There's an opportunity to certainly be above that. The team is already being through you know South Charleston. Ryan was out doing some demonstrations with our BEAST, Type D all-electric school bus. You know, by the time we open the facility, we'll have a bit of a running start in terms of, you know, the expectations and the knowledge set in the marketplace of our product and the desire to look at an adoption or electrification strategy. As far as the manufacturing facility goes, as a point of reference, when, you know, post-Nasdaq, when we announced that we were now moving towards producing product and producing it to inventory. In the case of the BEAST, Type D school bus, that means, you know, building it up to where, you know, we then, you know, would finish it pursuant to the customer order, as opposed to, historically, where we would just build pursuant to the customer order from the start. You know, that enabled us initially to do five a month. Last year, we increased that to 10 a month. Part of the West Virginia strategy was, well, you know, just going incrementally from five to 10 to 15, we felt wasn't going to meet the potential opportunities in the marketplace, and we needed a different strategy in terms of really ramping up production. Having a dedicated facility and having a facility that could, you know, produce in volumes, we felt would accomplish that. In terms of the first tranche, if we can get into the facility in May instead of having to wait till September and start to build this summer, then we're confident that the first vehicles would be rolling off this fall. As far as the numbers go, you know, just on a one shift and a regular production cycle, you know, we're looking at, you know, in the magnitude of 20, 30+ a month, just on that sort of initial production level. I'll turn it over to Brendan to sort of add to that. Yeah. Thank you, Fraser, and good morning, Chris. Thank you for the question. I would say that Fraser answered that question pretty completely. The facility as it sits right now with our existing processes and using very readily available tooling and the equipment that's out there, we anticipate to be at a run rate of 30-40 a month of combined school bus products out of that facility by the end of 2022. So by the end of this year, we will be at a run rate of that. You can expect about a, you know, after we build out the facility more, that quantity will increase. But until that quantity increases, we won't, you know, we're really not giving estimates. I mean, the 1,000 buses a month, excuse me, a year coming out of that facility is really a number that we've got, you know, on the capacity of that entire facility filled out running multiple shifts. We're very comfortable with saying that facility is capable of producing, you know, with slight modifications, about 30 units a month. Okay. Got it. No, that's very helpful. Maybe just talk a little bit about the cash needs here. We've got, you know, about $4 million on the line of credit at quarter end. We're talking about kind of expanding here just, you know, between help from the state as far as, you know, timing of some of the payments and the like obviously will be helpful. You know, as you guys look to kind of build inventory there as well, I'd imagine, you know, what are kind of the cash needs, you know, over the next year or so as you get up to production, you know, and start to get deliveries coming off the line in West Virginia between kind of the two facilities here? The overall inventory is such that, you know, the West Virginia, which will be, you know, later this, you know, if we're in May, then a lot of that will be kicking in in the summer. In the meantime, you know, we're finally at a point where, you know, I think Brendan talked about this in his quote in our press release. I mean, right now we're working on, you know, 30 BEAST school buses. We're working on, you know, an even, you know, double that in terms of EV Stars and cab and chassis, just to name three of our models or products in terms of getting them organized for deliveries. You know, we've got significant revenue coming in on the books and, you know, the vast majority of that is pursuant to customer orders that is backed by, you know, vouchers, rebates, or various levels of government financing or, you know, actual cash payments from direct sales to customers. You know, as a mix, that's at a level that we haven't enjoyed, had the opportunity to enjoy before and, you know, is really changing the dynamic in our working capital. You know, getting to that, you know, that proper mix in terms of finished goods to, you know, the balance of our working capital in inventory for the vehicles in production is a critical part of really driving a working capital that is got near-term cash deliveries for us as opposed to, you know, that amount that is sitting in production, you know, has a ways to go before we can monetize that. Okay. No, understood. That makes a lot of sense. You know, can you just, last one here for me, talk about near-term visibility for, you know, EV Star and BEAST, over, you know, this quarter, kind of, you know, next quarter. How should we think about, you know, the timing of deliveries? You know, any way, you know, any ways you guys can talk about, you know, how many different vouchers between New Jersey, California, you know, orders, you know, when you exclude the 15 from West Virginia, which is obviously coming from that facility. I'm just curious, so how do we think about, you know, visibility, you know, for this quarter and for the next couple quarters as we start to get, you know, kind of shift that finished inventory into sales would be helpful. Well, on firm orders that we have announced or that is in the public domain, we have 10 BEAST school buses. We have, and I'm just pinning this as of the end of the December 31st quarter. We've got over, or I'm going to say approximately 60 approved HVIP vouchers that, you know, principally relate to the EV Stars and, as well some EV Star cab and chassis. We have, as well, the 22-foot EV Star Cargo that, Brendan was talking about. And apparently this is information that was released by the New Jersey program, but we have one of the highest, if not the highest number of approved vouchers there. We have over 20 of our cargo vans that are targeted to existing approved vouchers. As Brendan alluded to, there's a number of pending orders. Well, that's a good example of, you know, a number of customers that are engaged with us saying, "Well, you know, as soon as you've got those delivered, you know, we want to be in the queue for the next round of 22-foot cargo vans that you can deliver pursuant to this program." You know, that just gives you an idea of a number of the different models and the different funding mechanisms all pursuant to firm orders. Okay. That's helpful. Thanks, guys. Thank you. Our next question comes from Craig Irwin with Roth Capital Partners. Please go ahead. Good morning, and thanks for taking my questions. Fraser, you know, congratulations on the improving sales out there at the BEAST. It sounds like you're pretty well teed up for the money when EPA starts to disburse it. Can you maybe describe for us in a little bit more detail the process by which you expect school districts and school bus operators to get funded? You know, I understand this March is a very important time point. Can you maybe give us key milestones we should look for that would help with confidence and visibility on that money materializing? Do you expect this to be a significant impact before the end of the calendar year? Well, you know, Ryne, who's on our call here, I'm gonna start. I'll let Ryne start because he spent the better part of this week out demonstrating our BEAST Type D school bus. Ryne, do you want to start with this and then? Yeah. Hand it back to me and talking about milestones. Absolutely, Fraser. Good morning, Craig. Man, the process here has been very exciting, especially over the last couple of months in terms of demonstrations on the BEAST school bus. Right now we're doing a lot of demos with some school districts that had previously seen our 36-foot variant of the Synapse 72. As you know, we've rebranded 40-foot vehicle, 90-passenger, 194 kWh battery pack. The reviews that we're getting back, people's eyes are absolutely lighting up. They're very excited about what we've done, what we've accomplished up to this point. People rant and rave about the fit and finish, and that's only a part of it, building the sizzle on the sales side. The technical part all comes together with the grants, right? That's where we're helping our local dealer, whether it's Creative Bus Sales here in California and some of the other partnerships that are on the horizon. We basically take them, we do the demo, we get their sales team trained up, familiar with the product. Even with that, I'm still joining them and doing the initial pitches on the front end just to make sure everybody's comfortable with how to present a, you know, a purpose-built Type D electric school bus. Once they've decided that this product is something that's gonna meet their needs, the sales process in the school bus arena is a lot shorter. It's a lot more relationship based than it is in transit. Transit is a much more process sale. Once they've determined that the vehicle is the right fit, then we turn it over to our grants team, and our dealers grants team, and then they work together on getting it all processed. Deals are coming together very quickly. Just this week alone, I did nine demonstrations in Northern California. I've got next week in San Joaquin Valley, I'm doing a ride and drive with Creative Bus Sales, where they expect you know somewhere in the neighborhood of 50 RSVPs for that event in Reedley, California, and in Salinas, California. These are the types of things, the grassroots efforts that are gonna propel us to the next level. To add to that, we are duplicating those efforts out of state. We haven't made those announcements yet, but there's a lot of exciting activity behind the scenes that we know will pay dividends in this calendar year. To answer your question, Craig, yes. With that, I'll turn it over to Fraser for the milestones. Fraser, this is Brendan real quick, if I may, just add to Craig's to the response to Craig. Craig, the EPA appears to be the one that's gonna be administering the largest, the $5 billion that we're looking at for this sector. It's gonna be tailored, they're saying it's gonna be tailored after the DERA grant, which was a very successful diesel emission reduction grant that has been out for years and years. We anticipate a very similar mechanism for how that funding is gonna work. Basically, the school boards or the school systems themselves will apply for the DERA funding. They'll get approval right away, and then they can go out and buy the vehicle very quickly and very efficiently. Ryne is exactly right. We anticipate it to be a very straightforward. They'll have money in the bank ready to spend on vehicles, approved vehicles, and that's how we anticipate it to roll out. In other words, Craig, I know what you're asking. It's not gonna be like the FTA Low-No grant where it's gonna be a first come, first serve. A lot of people have seen the California HVIP program or the VW mitigation program here in California to be a success. We believe that it's gonna be a very simple, straightforward process, just to echo what Brendan said. The fact of the matter is it's not gonna be anything like the FTA Low-No program, which, you know, you pay $50,000 to put the proposal together and, you know, it takes a year or two to get a notification back. It's just not gonna be like that. Understood. Fraser, the catalysts on the awards, if you could help with that. Sure. Just to note that as a company, we did have some input on the process. The rules that have been issued aren't a surprise to us at all. Fortunately, have a few tweaks that not just for us, but for the industry as a whole, hopefully do make it as seamless as possible so that you know, we can see you know, a significant rollout of the funding and which will lead to the you know, the faster adoption. In terms of you know, a really good question in terms of you know, where do we expect to be at the end of March. You know, number one, I'd say on the school buses, you know, we went from two in the September 30 quarter to eight in the December 31st. If we get the 10 pursuant to the customer orders and another half dozen from the pending order box, you know, then that represents a doubling again, you know, Q-over-Q. I believe it is, you know, completely doable and sets us up to continue to, you know, accelerate the deployments further from there in terms of, you know, Q-over-Q going forward. I think that's what and that's all from current with no impact whatsoever from West Virginia. We don't see West Virginia impacting the September 30 quarter. If we get in in May, we certainly believe that we can be delivering products in the fall that would be then kicking in on the December 31st quarter. That is sort of the landscape for the calendar year for the BEAST school buses. On with the other products, you know, we're now really set up for, you know, hitting each of the different categories in terms of passengers, our own cargo delivery logistics vehicles, and the CC, which we haven't talked a lot about on the call, but we have, you know, been working with partnerships where we see, you know, increases in the CC coming down the road, as well as fulfilling existing customer orders with both on the cargo side and on the passenger side on the EV Stars. You can expect to see additional press releases on specifics or in general partnerships that help drive, you know, larger volumes than what we've had to date. Understood. Thank you. The next thing I wanted to ask about is the six BEAST units for Thermalito. I might have missed this in the beginning of the call, but I wanted to just ask and confirm that they were recognized as revenue in the quarter. As a second part of the question, January 6th, the press release has me think maybe the receivables, the cash that came in from this roughly $2 million customer delivery most likely landed after the end of the calendar year. Can you comment about the roughly $2 million in cash inflow? Is that really a first quarter event here? Yes and yes would be the short answer. Yes, we did recognize the revenue. Those vehicles have been, you know, they've passed the California Highway Patrol inspection. They've received their 292 cards. They are good to go. The receivable was booked at December 31st so the cash comes in in our current quarter as opposed to cash that was realized, which in fact wasn't realized, at December 31st as it was sitting in our accounts receivable. Understood. That's good to hear because it kind of indicates that the cash position was understated. Thank you for taking my questions. Congratulations on the progress. I'll hop back in the queue. Thank you, Craig. Our next question comes from Tyler DiMatteo with BTIG. Please go ahead. Hi, and good morning, everybody. I just kinda wanted to dive a little bit deeper into the customer mix. You know, I know that pre-COVID corps, corporations looked to be a nice little driver of demand. I know, I guess in the prior quarter, you also said you had deliveries to a Fortune 500 company and then a follow-up delivery of another four vehicles. You know, like, are there any signs or I guess what are the signs of those potential customers, you know, returning? I know you alluded to it a little bit, but I just kinda can we just add some more color to that, if you don't mind? Yeah, this is Ryne. Well, as a lead into Ryne, I'll just say Ryne is waiting for all of the corporations to have their employees returning to their campuses. With that as an introductory comment, over to you, Ryne. Yeah. Waiting at their doorstep. Yes, exactly. We've had, you know, every time. I'm getting reluctant to answer these questions, right? Because every time we think we're, you know, out of the COVID fog, there's a new variant, and it's more this and more that, which has definitely, you know, created some headwinds. With that, it's actually given us some time to, you know, develop our relationships with these customers before they're full-blown back in service. We're supporting them. We're working through some of their technology needs on our products that we may not have done before in the past. We're growing and maturing there. The big thing is them getting back to work. I can remember a year and a half ago when the reopening was in three months, and here we are a year and a half later, and a lot of these tech campuses are still talking about springtime now. It does look. You know, you get some grumblings of orders getting ready to finally materialize. With that, we're keeping our fingers crossed. We're optimistic. We're maintaining these relationships and making sure that these folks have all the information they need to make the best decision. Once they do, we've got the product on hand to deliver quickly, meet their needs, meet their spec, and more importantly, start building some revenue-generating activity all across the country. Okay, great. Thank you. I guess kind of shifting gears here just a little bit, you know, do we have any update on the Forest River contract or anything going on there? You know, when we originally announced it, we did indicate that the parties intended to get the first tranche of cab and chassis configured with their Starcraft cutaway body. In our last quarterly update, we said, "Okay, we're not even gonna come close to that September 30." When I say that we're waiting for Forest River to complete the homologation. You know, where we sit today, they are still not done with the five. I think what that does speak to is that it's not easy, that when they jumped into this, their expectation was, well, you know, we'll just slap our body on and away we go. Well, it's not that simple. You know, we've got a high voltage system, it has to be carefully integrated and all of that. You know, we're unlike an ICE vehicle, you know, all of our secondary systems, you know, like air conditioner, for example, all run on motors. So they're, you know, a huge learning curve on their part. We've just adopted a process that we've got a lot of other great business to work on. We'll be patient with them to, you know, get this done. As we sit today, you know, until they're done, those five, you know, there isn't a next step in that relationship. Okay, great. Thank you. Really appreciate the time, guys. I'll turn it back to the queue here. Thanks for the questions. Our next question is a follow-up from Tate Sullivan with Maxim Group. Please go ahead. Hi. Thank you for taking a follow-up, and you answered one of my earlier questions on the accounts receivable timing of that collection, and then also on the available liquidity on your credit facility of about $4 million. Michael, can you just remind me, what is the term, when is the maturity of that current facility, please? It's a facility actually that we are in discussions with on a regular basis with our bank that, you know, we will maintain over time. There's not a set maturity on that. Great. Just reviewing the documents, it looks like, I mean, there's some metrics in there, percent of finished goods to accounts receivable, current ratio metric, but I think you're well within those metrics. Exactly. Yeah. We're well within those limits, and so there's no concern there. Put another way. Okay. They would give us more if it was just applied based on those. Great. Okay. Just one more, if I may. On the facility opening process for May, is it or April, I think you said in South Carolina, what in terms of is it more the supply chain management, getting the inventory, starting to get inventory to the facility? Is it getting equipment delivered, hiring people? Can you just a little more background on that? Tate, this is Brendan. It's in West Virginia, South Charleston, West Virginia. West Virginia. Excuse me. The biggest hurdle in a facility like that building vehicles is getting the facility staffed up. We can have the tooling, the jigs, fixtures, staffed up in position relatively quickly. The facility is really world-class facility, one of the nicest we've seen, really anywhere. So we don't anticipate a lot of upgrades to the facility as requirements for rolling vehicles down the line and out the door. I would say the biggest hurdle is finding the right employees, having them trained and having them in place. With our partnership with BridgeValley and the Kanawha Workforce Development folks, we really believe we're going to be ahead of the curve there. You know, as Fraser said, we anticipate vehicles running off the line there by fall. We're expecting a three to five month window from the time when we take possession of the building to where we're actually rolling product out the door. We've actually done this before in Porterville when we moved into our current facility that we have right now. We basically moved in and we're rolling product out the door of that facility within 90-120 days. Thank you, Brendan. Thank you all. Our next question comes from Barry Sine with Spartan Capital Securities. Please go ahead. Hey, good morning. First question on the BEAST. Could you update us what the ASP is on that? And then one other question. I think I saw Ryne in a video where you showed that vehicle off in West Virginia, and in the video you mentioned that was a California spec vehicle, and I guess each state needs to be slightly different. Is that an onerous process? Is that a long process? Are there a lot of adjustments, or is it a fairly minor process? Good morning, Barry. Thanks for the question. Some of those processes are more in-depth than others. There are some states that replicate California specs, so obviously we'd go in there and be very seamless. In West Virginia, it's actually very minor differences. For instance, the West Virginia spec school bus specification does not allow for, believe it or not, seat belts. Whereas California, it's a requirement. So for many of the folks, they walked into the bus and they said, "Wow, this bus has seat belts. That's great." But it's not part of their certification process, right? So it's going to be a lot of things like that, you know, black wheels versus black bumpers versus green. It's very small things. We've recently brought a resource on board that's been in the school bus industry for 25 years. This individual is going to be helping, you know, dial in our school bus specs state by state. We are mobilizing, and we're definitely preparing to make a big push coast to coast. Sorry, Barry, you might be on mute. Yeah. Can you hear me? Can hear you now. Okay. What is the list price on the BEAST? The list price is going to go dealer by dealer, state by state. You could take an average, right, of between CAD 375,000 and CAD 400,000. That's the dealer pricing. That is not our pricing to the dealer, but that gives you an idea of what these vehicles are coming to market at. Okay. I want to shift gears and ask about something else. I may mischaracterize this, but you have an issue where sometimes you'll have finished inventory, but you'll be waiting for a government entity to approve vouchers. You know, when I hear that, I kind of roll my eyes. Climate change is a fairly significant crisis, Earth in the balance and all that. How can we be waiting for bureaucrats to approve vouchers? Is there any hope that we see progress on that? If that were to happen, presumably that would improve your working capital situation if we could get that voucher process sped up a little bit. Well, we have. You know, Barry. We're not waiting for any vouchers. In our earlier comments, any of the orders pursuant to customers, we're talking about firm order and if it is tied into a particular rebate or voucher and an approved voucher. There isn't any of the finished goods that we're talking about that we're "waiting for something to happen." That's in, you know, in our case, and for example, the BEAST school buses, the 10 that are going out. I don't believe any of them are off of the HVIP program. Actually, one of them is, and the rest are all from various air quality management district funding. Those are all, you know, those are all pursuant to both the firm order and funding in place. Just to ask it another way, how do you get products out of finished good faster so they don't sit on your balance sheet? What is the impediment to why can't you deliver it almost immediately from the time it's finished? Barry, this is Brendan. Really quick. There are several issues with getting the bus delivered, but often it's having the customer ready for delivery, infrastructure in place, and it can even be, you know, waiting for CHP to come out and sign off on a vehicle. All that gets better with time. We're improving. Most of it's basically having the customer go through their learning curve and understand what they're accepting and training and all the things that go along with vehicles, especially that are disruptive and of a new nature. I can tell you when I first got into this space, over 10 years ago. The acceptance process of a vehicle, that means like when a customer received the vehicle, to when they accepted it, and signed off on it and released the funds, used to take, you know, up to four, five months in some cases. That's down drastically, and the school buses are really accelerating that. We believe a lot of that's training, experience, GreenPower getting better at, you know, walking customers through all those different things. We don't find it to be so much of a, you know, voucher getting the voucher redeemed or getting paid on the voucher. The folks have been pretty good at getting that funding out as soon as the customer accepts it. Okay. That sounds positive for working capital going forward. Yes, we believe it is. Very much so. Yeah. Okay, fantastic. Those are my questions. Thank you. Thank you, Barry. This concludes our question-and-answer session. I would like to turn the conference back over to Fraser Atkinson for any closing remarks. Thank you, everyone, for participating on today's earnings calls, and we appreciate the questions as we can't anticipate all of the questions that our stakeholders have. It's great to be able to provide additional color or commentary on our business. As our next cycle is our year-end at March 31st, and as a result, our annual filing is a little later than the 45 days that quarterly follows would be an extended period of time out in terms of our next call. We have a lot going on. You know, the company will be endeavoring to keep very timely updates. As we indicated on this call, you know, there's a lot to follow in terms of, you know, our deliveries and our continued rollout of our BEAST school bus, as well as our family of EV Star products, you know, getting into additional markets from the traditional markets that we've been serving. We appreciate your support, and everyone, have a great day. Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.