Hi, this is Craig with RedChip Companies. Thank you for joining today's event with GreenPower Motor Company, which trades on the NASDAQ under the ticker GP. With us today, we have Fraser Atkinson, Chief Executive Officer and Chairman of GreenPower Motor, Brendan Riley, President and Director, and Michael Sieffert, Chief Financial Officer. We will begin with a brief presentation in a moment, and then we will answer your questions. Users may submit a question at any time. Click the Q&A button at the bottom of the Zoom window. Before we begin, please allow me to read the Safe Harbor Statement. This call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements pertaining to future financial and/or operating results, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management, constitute forward-looking statements. Any statements that are not historical facts should also be considered forward-looking statements. Of course, forward-looking statements involve risks and uncertainties. I turn this webinar over to the GreenPower team. Gentlemen, please go ahead. Thank you, Craig. My name is Fraser Atkinson, CEO of GreenPower Motor Company. I can already see that there's a number of great questions being posted. So what we're going to do is, at the top of the hour, we were scheduled to conclude this webinar, but if there are a few additional questions that we can get to, we'll continue on past the top of the hour. GreenPower Motor Company, we are an all-electric OEM that design, manufacture, and distribute purpose-built, zero-emission, medium, and heavy-duty vehicles, and that's a completely different market than the EV market that most people associate with, which is the light-duty companies like Tesla, Rivian, and so on. We're in the medium and heavy-duty space, and so it's much more of a utilitarian and commercial-type space than that that's offered by the EVs that are sold in the light-duty space. We serve the cargo, delivery, shuttle, transit, and school bus sectors, but our primary focus has evolved to where we are directing our activities, our primary activities, in two areas: the school bus sector and the Class 4 medium-duty all-electric vehicles as a horizontal, where we offer passenger vehicles, cargo, box trucks, as well as the actual cab chassis to other bodybuilders or other OEMs. The school bus sector, for now, has been the strongest market for us, with the largest amount of live orders and qualified leads compared to any other sector that we're involved with. And how that's evolved is that the older diesel-emitting school buses, the research has found that the NOx emissions that they emit, as well as the particulate matter, are very harmful for the development of the younger kids' lungs or lung development for kids that are in the K-6 category. There's a number of advocacy groups that formed, and they pushed for changes, specifically to get rid of these diesel-emitting school buses. The first such state that issued a mandate was the state of New York, where a couple of years ago they required or mandated that all of the electric school buses by the mid-2030s had to be zero-emission. Other states have followed, and most notably California, about a year ago. It's one thing to have mandates in place, but if you don't have the additional funding requirements to support it, it's often difficult to move forward on a requirement or a mandate that is set at a government level. In the case of California in particular, there's a lot of funds that have come into the space. Finally, GreenPower is well-positioned to execute this strategy in these two sectors that we're focused on, having delivered over 700 of our Class 4 EV Star models. We're the only OEM that has both a Class 4 Type A and a Class 8 Type D all-electric school bus, which are also purpose-built. So we're unique in two aspects compared to any other OEM in the space that sells all-electric school buses. We have 126 live orders for school buses, representing over $45 million of business, and an active qualified pipeline for 183 GreenPower school buses. So just to elaborate a little bit in terms of the money and mandates, 480,000 school buses in operation literally every day, transporting approximately 25 million kids to school. If you look at New York with their 50,000 school buses and California with 30,000 school buses, with the two mandates in both of those states, we have an addressable market opportunity of over $25 billion over the next eight to nine years. In California, there's funding that supports this with the Zero-Emission School Bus Initiative. That program actually closed on November 22nd, and we'll be finding out about the awards on that program over the next couple of months. There is $500 million for both school buses and the infrastructure. They have an annual program, School Bus Set-Aside program, with $130 million. The HVIP program is actually sold out now. Since doing these slides, this program has been sold out. The ZESB and School Bus Set-Aside and HVIP, the proposed funding for next year for all of the different HVIP programs is $864 million. So we expect the continuation of many of these programs that we have had success with. And on the New York side, the School Bus Incentive Program has, similar to the ZESB in California, $500 million for electric school buses and infrastructure. Lastly, we are represented by what we believe are the leaders as a dealer in each of California and New York, with Model 1 and Leonard Bus Sales respectively, and expect that with their reach and their clientele, along with the money and mandates, that we'll have a very strong and growing order book flowing from the activities in just those two states. So with that, I'm going to turn it over to Brendan Riley, GreenPower's President, to talk a bit about our products and the markets. Thank you, Fraser, and a pleasure being in front of all of you today. I'm Brendan Riley, the President of GreenPower Motor Company. As Fraser mentioned earlier, we make a Type A and a Type D school bus. And one of the things that sets us apart from a lot of our competitors, actually from all of our competitors, at least in the Type A and most in the Type D, is that the platform is ours. So to make that more clear, the Type A bus, we don't buy a vehicle from another OEM and then put our body on it. It's actually our vehicle, our platform that we start with, that's our substrate, and then we put our body on it. So we are not just a body company that converts an existing manufactured vehicle. It's actually our vehicle started life as a GreenPower vehicle and is a very elegant and compelling product. And we've developed these products, specifically the EV Star platform for the Nano and the BEAST platform for the BEAST and Mega BEAST. We've developed that product to really suit the demands of the industry exactly. So as far as meaningful payload and range, we're best in class in both of these vehicles. The bodies are made of aluminum. They're lightweight, strong, and very corrosion-resistant. And it allows us to have a compelling vehicle with full flat floors and seating capacity that's best in class for both of these. Both of the vehicles have passed all of the rigorous FMVSS, Kentucky Pole, and Colorado Rack test, and have gone through multiple states as far as acceptance into their student transportation programs. Next slide, please. So if you look at the competitive landscape and who our competitors are in the EV space, the Type A, as far as who makes their own chassis, that's just us. We're the only company here on this matrix in the Type A landscape that makes a true Type A bus, where the company itself makes its own body and chassis, and that's us. So it's purpose-built. The other ones are converted from either Ford, and in some of these cases, they also have a GM variant that they offer. As far as HVIP eligibility on the New York school bus contract and range, we are the most compelling offering if you look at it holistically on the Type A. And on the Type D, as you look at these competitors here, we really check all the boxes here as far as payload, range, price, really a compelling product. Next slide, please. Fraser, would you like to take this part back? We mentioned earlier that we had 126 live orders. It's actually more. This was based on where we were in October or late October, I should say. Where we stand today is significantly more than this. But the point is that we have a mix of both the Type D and the Type A, and we expect over time that the Type A will increase as a percentage of the school buses that we're producing. And the importance of that is that it produces a good margin for us, and we're able to build them a lot faster than the larger Type D. And then secondly, on the qualified pipeline, in addition to the six states that we already have live orders that we're working, there's another eight or nine states that we have in our qualified pipeline. And when we talk about qualified pipeline, that's existing or customer orders, but we don't have a delivery date or a customer order where they're waiting for the charging infrastructure to be in place or waiting for a final sign-off on the funding. Or in some cases, we have the funding in place, but we haven't got the customer order finalized and signed off and approved at the various levels within the school district or the operator. So these aren't just that we've issued a number of quotes that aggregate to this total, but these are very strong leads that we have in our pipeline that we expect a significant portion of these to be converted into live orders and into production. Back to you, Brendan. Thank you, Fraser. So when we talk about our EV Star platform, this is the EV Star platform that's used for the Type A Nano BEAST. And as you can see, it looks like a pickup truck without a bed on it. Now, all that being said, it is, of course, heavier duty than most pickup trucks. It's got a 7,000-pound payload capacity as a cab chassis or as a cutaway here. And it uses all of the same parts across the entire EV Star line except for body components. So if you really compare it, 99% of the parts are identical across all the EV Star line. So we make this as a truck. We make this as a van. And we also use this platform to make our Nano BEAST and our shuttle bus that's very similar to the Nano BEAST without all the school bus color and accoutrement. But again, meaningful payload, meaningful range. We have built a lot of these, delivered over 700 of these into the marketplace. And this is a very popular model for us. Again, some of them even now reached end of life where they've got over 240,000 miles on them. And they've been even replaced in the field where there's medium-duty vehicles at end of life. Next slide, please. So as we look at this matrix here, you see this EV Star CC in the middle. All the spokes on the end of the spokes of this are products that we actually build on this substrate. Again, very fungible platform and really allows us a lot of flexibility. This particular platform was tested at the Altoona Proving Ground in Pennsylvania under federally sponsored independent third-party testing, where we actually got the highest score ever recorded for a medium or heavy-duty vehicle of any type. 92.2 was that score. This vehicle really outshined everybody else, mostly due to serviceability, oddly enough. Some other vehicles did great, but when they did, what the service intervals were, how quickly they could be performed on this vehicle, it just really blew the doors off of the competition. Now, if you look at the vehicles we offer, we've got the school bus product on the upper left-hand corner here. Then the shuttle bus that I mentioned that's basically identical to the school bus, minus the color and the lights and some of the mirrors, different interior windows. Then our EV Star Passenger Van, our most popular model for moving people to date. Up to the right, you see our EV Star Cargo, which is our 22-foot, 22-and-a-half-foot cargo van, our all-aluminum stake bed that we build with our own body company, GP Truck Body, and our reefer unit, which we build with our body company, GP Truck Body. Now, several things to consider also is the bodies that we build for these are designed for EVs also. So in the case of the aluminum stake bed, it's fully corrosion-resistant, like most of the EV products we make. But more importantly, it's lightweight, strong, and lends itself properly to the EV where you're looking to save weight as much as possible to increase range and payload. Our reefer truck, our ReeferX product, is a very compelling product in that the refrigeration unit runs off of a high-voltage battery, which is a first in our class for vehicles here in the U.S. The other products, and now companies are starting to come out with them, but we came to the market first with the high-voltage reefer unit. This allows a much lighter weight, longer life, lower cost refrigeration unit, can achieve lower temperatures, and provide efficient service. It really is a game changer in the refrigeration world. Next slide. So the U.S. commercial EV market currently that we have here on this map, the states you see here are the 11 states that have adopted the Advanced Clean Truck or the ACT rule that conforms to the California rule that these states have signed on to electrify 75% of their Class 4, beginning in the commercial space, through Class 8 to zero emissions by 2035. There's been 18 states that have joined the Zero Emission Vehicle Task Force, which is targeting 2050 as the goal for all 100% purchases of zero-emission vehicles, commercial vehicles to be zero emissions. And then this year in California alone, we have mandates for 10% of all the new Class 4 and Class 5 purchases to be electric, increasing to 75% by 2035. Next slide, please. So a lot of you ask and have asked some questions. How does GreenPower keep our overhead so low and keep producing vehicles when a lot of other people are stumbling or companies are stumbling? This is our manufacturing light approach, where we leverage our own internal manufacturing and contract manufacturers to do a lot of the heavy lifting for us, which allow our production to really scale up and scale down as demand increases and decreases. Although it can be argued that utilizing contract manufacturing does leave some money on the table because you're paying another company to do manufacturing stages for you that you could bring in-house and really reap those profits also. We find that, to be honest, the juice isn't worth the squeeze yet, and it allows us to, A, be able to scale and meet demand relatively quickly, while at the same time not commit to this ongoing overhead as the business can be lumpy indeed. Again, we do final assembly in California, and we can do full complete assembly in California when needed. We have our West Virginia factory that's able to do complete manufacturing from soup to nuts. And then we've got a bunch of contract manufacturers, including in California and Malaysia, that do a lot of our high-quality assembly for the bodies for us. And then, of course, we have our GP Truck Body in California, which builds our specific EV bodies. And for the next slide, I'll pass it over to Michael Sieffert. Great. Thank you, Brendan, and hello, everyone. In the year ended March 31st, 2022, we generated approximately $17.2 million in revenue. This was on the sale of 93 vehicles, and in 2024 and 2023, we generated revenue of approximately $40 million on the sale of 222 and 299 vehicles, respectively, so the product mix in 2024 was comprised of a higher number of school buses. These have a larger or a higher ticket price, and therefore, we had similar levels of revenue on sale of fewer vehicles in 2024. During all three of these periods and in prior periods as well, we have generated a gross profit on all of our sales, and this is an important differentiator, which I'll get into on the next slide. We have generated a net loss in the current year and in the prior years. However, I do want to point out that our capital use and operations has improved significantly in the current year. And the reason for this is that there has been a concerted focus across our sales group and across the entire organization to sell finished goods inventory and to focus sales efforts on inventory that we have on hand. And so we, in the past, built inventory to have on hand, as this was an important, I think, strategic differentiator for GreenPower, where we were able to generate sales because we were one of the few EV manufacturers that had that inventory on hand. Now we're scaling down those inventory levels and really just building inventory to demand pursuant to existing orders. And all of these efforts have resulted in an improvement in our cash position in the current year. So moving to the current slide that you see here, this is what I spoke of in the last slide. GreenPower is a great company on the left-hand side of the chart here with Tesla, where we've generated positive gross profit margins on recent financial periods. The companies that you see on the right-hand side have historically, as well as in current periods, generated negative gross profit margins. And clearly, this is not a sustainable business model. This is something that, unfortunately, has led to some very high-profile bankruptcies in our sector. And this is something that across the organization and definitely with the three people you're speaking to today, there's been a focus and concerted effort in everything that we do to maintain this over time and make sure that we're building a sustainable business. Next slide, please. So I'm going to quickly run through our capital structure. As of the current date, we have approximately 29.5 million shares outstanding. We also had 2.3 million incentive stock options. We had 1.725 warrants outstanding, and on a fully diluted basis, 33.5 million fully diluted shares. As of September 30, 2024, and there have been some questions here, so in the Q&A queue, which I'll address, we do have an operating demand loan, which is a revolving facility of up to $7 million as of September 30, which we use to fund working capital. We also have a revolving loan facility from EDC. This has a limit of up to $5 million, which we can repay and then redraw over time. That's a three-year facility, and that is used to finance production or investments in inventory. We've also, as of September 30, had insider debt financing of approximately or actually over $3 million. And importantly, we also had working capital of $10.1 million, which included $31.7 million of inventory. And again, there's this effort across the organization to focus sales efforts on that existing inventory that we have on hand. We also, during October, completed an offering of common shares for gross proceeds of $3 million. During the current fiscal year, we've completed a total of two offerings. So one was in May, where we raised approximately two sorry, we issued approximately 1.5 million shares. And importantly, there was a question here. We have not issued any shares other than in these two offerings. So there have been no issuance of other issuances under our shelf prospectus or our base shelf. Next slide, please. So just to run through the highlights of what we've discussed today. So GreenPower has built approximately 900 vehicles to date. We've generated over $90 million of revenue on sales of 614 vehicles in the past three fiscal years. We're one of the only few EV manufacturers that has consistently generated a gross profit on the vehicles that we sell. We're also the only EV OEM offering both a Class 4 Type A school bus and the Class 8 Type D all-electric school bus. We have been awarded state contracts in California, Oregon, Nevada, New York, New Jersey, Arizona, West Virginia, and Missouri. We have our current U.S. manufacturing located in South Charleston, West Virginia, and in Porterville, California. We have a significant order book for our flagship models, the EV Star platform, as well as our B school buses. And finally, we have a very talented and capable management team with prior experience at BYD, Thor Trucks, Custom Coachworks, Mercedes-Benz, and others. These individuals have a proven track record of working and deploying new lines of electric vehicles. I'll stop there and open this up for any questions. Before we get to the questions, one final thought too, because going back to your comment, Michael, about the gross profit, Brendan and I and Michael all have a number of different thoughts that all ultimately relate back to this fundamental component of building up a successful business model. The manufacturing light approach that Brendan referred to, case in point, we negotiated a deal with the state of West Virginia where they bought the building that we're in. And we have a deal where the very favorable lease rate is monthly lease payment is applied to that original purchase price. So ultimately, that gets allocated to us. So it's a much lower cost than what any of our other competitors have done in terms of the relative production capacity. And ultimately, that means that there's a lower cost of goods sold and inventory allocation that comes from that. Because if you've got a big plant and a lot of direct costs, and you only have a few vehicles going through, then you got to allocate that to the very few vehicles, which is principally why the two companies on the right of this slide have such significant gross profit losses. The other aspect is that the 11.3% we have on this slide, that's lower than what our traditional is being because we've just opened up the West Virginia. The first Nano BEAST rolled off last December. The first BEAST just recently this past summer/fall came off the assembly line, and the first number of tranches were just for a few vehicles as we sorted out production, built up jigs and molds, and so on and so forth. As we increase throughput and as we are able to manage the order book in line with the throughput through our facilities, then we firmly expect to get that GPA back up into the 20%, 22%, 24%, which was our historical over the past few years. With that, we'll open it up to the Q&A. Thank you, team. To speak to the team, you can use the raise hand button at the bottom of your Zoom window. Click on that. Your hand will go up, and I will unmute your line. If you wish to simply type in your question, as many have already done, click the Q&A button and type. With potential tariffs on Chinese imports in the United States looming, how is your company planning to navigate these challenges? Are there alternative supply chain strategies or contingency plans in place to mitigate potential impacts? And how do you see this affecting your overall growth strategy in the EV market? Yeah. I can start with the main strategy that we've used to deal with this is our complete manufacturing in West Virginia limits our exposure to the Chinese tariffs. The other parts of our supply chain is we have gone to other places that have similar or even better quality of production, plus very similar landscape for manufacturing, such as Malaysia right there on the Singapore border. We've used contract manufacturer supply chain through that part of the world, Southeast Asia, as an alternative. Historically, we have used European and other US supply chain to deal with the Chinese issue. Not just from a tariff perspective, but also for stability, geopolitics, and that type of stuff have and will continue to play into this. Roger. Please unmute your line. You're on with the GreenPower team. Mine was a mistake. I typed in a couple of questions. Sorry about that. All right. Thank you very much, Roger. Does Trump affect the transition to EV school buses? There's a lot of uncertainty with many companies. But for those that have followed us over the past few years, we've been pretty clear that our strategy in terms of money and mandates has been around the specific states that are pushing for those changes. And so New York and California, as well as close to 20 other states, have set requirements to replace these diesel-emitting school buses with zero-emission school buses. And that's what we follow. We've been very careful and rather opportunistic that with the federal EPA school bus program, we've participated in a couple of the deals, but we've been very careful not to get overextended with those offerings as our view has been that, I mean, he's stated on numerous occasions, Trump advised the market or told the market that he was not in favor of incentives. And that was supported by Elon Musk, who felt that all of the incentives should go. So in our space, the federal incentive is the up to $40,000 ITC or tax credit. And then the grants or the awards under the EPA School Bus Program. And we have built our business model around what the states are doing and not what is being done at the federal level. Thank you very much. Do you think that the next U.S. Congress will repeal the EV tax credit, including commercial vehicles? Under that scenario, how would end market demand be impacted? I don't think it would be responsible to speculate on what might happen politically, but certainly that's a risk. That the risks are that the EPA program, the EPA as a whole, could get substantial rule changes that could adversely affect the EV space. Going back to California, California has its own EPA standard. In order for our vehicles to be listed as eligible vehicles under the HVIP programs, which we referenced in our presentation earlier, you have to have gone through and satisfied all the requirements and received what they call an Executive Order. That Executive Order is for each of your model years for each of your vehicles. Very onerous system. We have satisfied that for years for all of the vehicles that we offer that are eligible vehicles on HVIP. So to the extent that whatever changes occur, we've got just so many market opportunities that are positioned that we see as being relatively, if not fully insulated from whatever changes may occur at a federal level. Yeah. And I might add that not only externally have we had these discussions when we go to the market and discuss what our strategy is, but even internally in our discussions, we've really felt that there is a high possibility, probability that these federal programs will go in and out and up and down. And we've not relied on those as our base core strategy for success. Steven, you're on. Please unmute your line. Steven, go ahead. You're on with GP. Who are GP's largest shareholders and what percentage of the company is currently institutionally held? The largest shareholders would be two of the directors of the company, including myself, and combined with all of the directors and officers and management of the company is pretty close to 30% of the total issued shares, and then for the balance, the majority is with high-net-worth individuals, small funds, retail, and so on. Glenn, please go ahead. Unmute your line. Hi. I have a question about customers. FedEx has a fleet of electric vehicles. They're not GreenPower. Amazon is going electric to the extent it can. Does GreenPower have any ability to fulfill large commercial orders with companies like that? It's important to understand the market at the outset. We talked about the markets that we're focused on, which is the medium and heavy duty. And so we're not in the light duty, which, for example, the Rivian van that Amazon gets is a light-duty vehicle. It doesn't have nearly the same range and definitely doesn't have anywhere close to the same payload. We're going after the commercial markets. And I think that strategy has been borne out by the fact that for the light duty, by and large, there aren't the same mandates or requirements that exist in the Class 4 space, which, for example, in California, they brought in this past year a requirement that fleets that are operating medium and heavy-duty vehicles need to start to convert those or change over with their new purchases to zero emission. So there isn't any similar requirement for the light duty. And so that's really our primary driver. The other factor is that the markets that you're talking about, those are the ones that the big OEMs are going after too. And the sector or the lane we've chosen being the medium-duty Class 4, we see ourselves as the leader. We are the only ones that have our own cab chassis in the Class 4 medium-duty space. So the numbers may not be the hundreds of thousands, but 50,000 a year in the medium-duty is a good number for a company like ours where we get to 50 to 60 school buses in a quarter with the higher GP I was referencing earlier in our presentation. And that's getting us into positive cash flow. Thank you very much for that question. Do your ECVs or electric commercial vehicles have an onboard network that can connect to the cloud to enable fleets to collect data from the vehicles? Did you want to start, Brendan, or did you want me to kick it off? Yeah. We not only have integration done with companies that actually provide the hardware and cloud-based support for the hardware, such as Geotab and Samsara. We have our own custom solution called HAMS that's, which is our health alert management vehicle location telematics geofencing package, which actually communicates and was developed for our product specifically, communicates to the cloud, allows us to customers to use our devices or laptops to computers, whatever, to look at the vehicle, the fleets, the individual vehicles online, and garner a lot of the information. Also has automatic report generating and other things that are required, actually, in the state of California. If you're going to be compliant with their HVIP program, part of their HVIP program, you have certain reporting requirements. These packages all provide that level of reporting and have been certified by the state of California. But to answer your question, yes, they do. We do. And we're even looking, as a matter of fact, at modifying and developing even further systems and hardware along with cloud-based software that allows tracking of students and other things specific to our platform. Are you still working with Workhorse? We have not sold any base vehicles to them as they work through their inventory, and so the numbers that Michael was referring to earlier, we've shown a business where we've moved on from selling them vehicles. We had sold them to date. The total number with the last sale in 2023 was 325 base vehicles. But we have not sold any more base vehicles to them. It's simply been parts support and service. Again, if you wish to speak to the GreenPower team, then push the raise hand button, and I will enable you to speak. Otherwise, press the Q&A button and type in your question. Do any other manufacturers produce vehicles with aluminum shells? Sorry, go ahead, Brendan. The system that we use was developed, and we license it from Constellium, which is a very large aluminum manufacturing company. If you've flown on airplanes, even consumer cars, use a lot of Constellium-built products. Also, the Artemis Space Capsule is an Artemis product. Actually, it's an Artemis. It's a Constellium product. The EcoRange system that we leverage is aluminum extrusions. And there's transit bus manufacturers in the U.S. that use the same system that we use, Gillig being one of them that uses the Constellium Alusuisse system, EcoRange systems for their bodies. It's a very proven system all over the world, actually, for these with over 100,000 vehicles on the road today or have been built, and most of them are still on the road today, using this system. Fully recyclable, very, very strong, lightweight, and corrosion-resistant. So the answer is, as far as our direct competitors in the EV space and the school bus market, we are not aware of any competitors that are using the system that we use or that are using all aluminum bodies. Are the batteries the most costly part of school buses? And is Lion Electric the only manufacturer that makes its own batteries? I think Lion Electric makes their own batteries as we make our own batteries. We buy cells, all of us, from another manufacturer or from manufacturers and then utilize them. I would say BYD is the only company in our space that I know of that makes their own cells that we would consider a competitor on some levels. But as far as the pack design and integration, ours is specific to our product and as a GreenPower battery pack. And as far as the cost is concerned, on the school bus, the Nano BEAST, the batteries do comprise almost 50% of the cost of the bus. On the BEAST, it's a little bit less than that, but still a very substantial percentage of our cost basis of the vehicle. We are seeing those prices come back down marginally, minorly, but they've been heading north for a long period of time. Over the past five years, we had actually seen price increases where we had projected some decreases in battery costs. So hopefully, as again, the cells become more and more ubiquitous and mature, we're hoping to see the prices come down. Typically, what you see instead of that, though, is a new chemistry might come out or a higher energy or power-dense chemistry might come out, and the price not really being affected that much, but we are able to put a little more range or a little bit more power onboard the vehicles for the same price, which is typically where we want to keep going until we get to that inflection point where, okay, we've got enough batteries on board. This is enough range, enough power, then we can start stripping more costs out. What level of sales will take you to net income positive, and when would that be? We get to 50-60 school buses with just a modest amount of all the other revenue. In other words, just a few commercial vehicles and part sales and so on gets us with the GP and back into the low 20%, gets us into positive cash flow. The order book that we are working on, we have the ability to accomplish that in the next three to four quarters. Those were quarterly numbers that Fraser was referring to. Yeah, sorry. Thanks, Michael. Can we visit the GP production site in California? Sorry, I didn't hear the question. If anybody would like to visit the GP production site, please have them reach out to me directly, and I'd be happy to discuss a tour of the interested party. You recently hired a consultant to help sell the California ZEV credits. How many credits do you have? In terms of the California credits, we have both reported and to be filed in the range of a couple hundred. Just by way of background, prior to 2021 model years, there was no reporting of these. So it's just since 2021 model years, and the system is kind of a year behind in terms of when you report and what they show that is available for each company as a credit. At the federal or not the federal level, but for the ACT credit, not to be confused with GHG credits or NHTSA credits or some of the other ones, is we've got. I'm going to say well over 100, and those are classified differently depending on the class. In other words, the gross vehicle weight of the respective vehicles that gave rise to that credit. Those are very, very complex in terms of the calculation, and then how they're applied to offset a particular deficit that the purchaser is looking at. If the company got another $50 million order, would the company have to immediately raise money again? Meaning, when do we get to the critical mass where we can afford to build these without another offering? If the $50 million order had a significant deposit, which we have negotiated on some of our largest deals that the company has secured, then that is the funding for the deal. A big part of what we have done that Michael talked about in terms of the capital structure of the company and in terms of the, from an operational point of view as well, is that we have moved from production to inventory and then selling out of inventory to customers, where it's production pursuant to customer orders. And ultimately, we see that as being a much faster throughput. Now, there were a few questions early on that we seem to have glossed over. So if you don't mind, Craig, I was just going to see if we can maybe have a rapid fire with a few of these questions because I think that some of these are very germane in terms of the markets that we're in. And so the question was, did we have any competitors, or do we have any competitors going bankrupt, open up the market more for GreenPower? And by way of background, for those that have not necessarily tracked the EV sector for the last couple of years, we've seen Proterra go into a restructuring such that they sold off all three divisions. So there are semblances of Proterra with some of the existing EVs that are out there. Number two, on the other side of the scale, we have Lightning that went into a receivership late last year. They were sold to Gillig, and Gillig has effectively end-of-life all of their Class 4 stuff. What that's created, which I think is specific to this, goes back to this question. It is that long-term, that is advantageous for us in terms of one less competitor that we were running up against in the Class 4 space, whether it was passenger shuttle on the truck side, and they even had a school bus that was built on a Ford 450 cab chassis platform, which is what they used, and so the market opportunities there long-term will be greater, but in the short term, we have to live with the issue that many companies that we're dealing with, those companies. In addition to those two, there's more recently Vicinity and IDEX, and I can go on and on, but there are a number of companies, some of which we competed with, some of which we really didn't have a big direct competition from the product side. But all of these companies operated within the EV sector. So there's a short-term negative, but a long-term positive in terms of the competitive landscape. Next question was, so what proprietary technological advantage do you have in relation to competitors? Why are you competitive against Blue Bird or Thomas, which are much larger than you? So I think Brendan covered. It's worth kind of revisiting the competitive landscape in the school bus. You'll note that in the top chart on the slide that we put back up here is on the smaller Class 4 Type A school bus. All of the companies at the top, none of them sell the larger Type D school bus. And same thing, none of the Type D sell a Class 4. So we're the only ones that have both of those. The other aspect is that just sticking to the Type A school bus, as Brendan referred to, none of our competitors have their own cab chassis. They rely across the board on Ford, or in a couple of cases, they also use a Chevy heavy-duty cab chassis. So more recently, companies that are customer opportunities that we're talking to, they realize that, okay, if I have a problem and it relates to how the body was built on this cab chassis, and Ford is pointing their fingers at the bodybuilder, and the bodybuilder is pointing at Ford, saying, "Well, you changed the weighting on how we designed this product, so we're not supporting it." And so that's critically important in terms of we support the entire vehicle. We have parts in supply for the entire vehicle, and it's one number to call if there's an issue or a service problem with the vehicle, as opposed to calling a number and then ultimately having to deal with somebody at Ford if that's the underlying problem for the vehicle. So when you ask about proprietary technological advantage, is that in particular in the Class 4 Type A space? It's our cab chassis that we build our product on. And frankly, it's head and shoulders above the competition for all of the different feature sets as a result of being built from day one to be a battery electric vehicle. Yeah. In other words, all of these Class 4 vehicles, the Type A's on top, those are all converted vehicles. So they've got the engine was removed, in some cases, the transmission's removed. In all cases, the control system's been molested in some way to be electric. It's not a Frankenstein-type machine. We also have several things that do set us apart. On our Class 4 Type A vehicles, we have our own electric drive lock, which is a utility patent. It locks the entire drive system for safety purposes. There is no transmission, so there is no real park feature in the transmissions because we don't have a transmission, but it actually locks the drive unit, which is unique to us. We also, on the vehicles, especially if you look at our Mega BEAST, our large capacity Type D vehicle, we have almost a 400-kilowatt-hour battery pack, which gives range for places that typically would have no ability to run an electric vehicle needing up to 300-mile range, which is pretty extreme. But also for the V2G applications where they're actually using their school bus fleet as a fungible source and storage for electricity and able to sell back to the grid for peak demand, demand response type efforts, or frequency stabilization, or even arbitrage for that matter, the 400-kilowatt-hour Mega BEAST is really a good proposition. Just an interconnect alone for a V2G application can be hundreds of thousands of dollars, and you want as much battery capacity as possible. It gives us a huge advantage. We're essentially double the size of the batteries of our competitors. Next question is, what was the amount of available financing on September 30, 2024? Debt outstanding versus available. Not included in the slide, and we should probably add this in our presentation, is we also, in addition to the EDC facility, which is being extremely helpful in migrating from a traditional bank facility, which is largely margined on finished goods and accounts receivable, to where it's very specific to production financing. They also have a companion of, in addition to the up to $5 million on their facility, of up to $5 million of guarantees for letters of credit. So if we look at our total financial capacity at September 30, with all of the different available tools that we have, we're probably in the neighborhood of $6-$7 million at that date. Question that has been asked on a number of occasions. There's probably three or four that have asked this in a number of different ways. Is if we could comment on the recent fundraising and cash needs over the next year. So certainly, as Michael referenced in the presentation, we had fundraised earlier in the year, which was less than half of what the target we had set or had targeted at that point in time. Then the more recent raise that we completed, it's important to note it's all common. There's no additional warrants or other dilutive aspects as you might have with a convertible d ebenture. At the time up to the day that we completed the offering, fortunately, that day was not nearly. It wasn't the same pricing as the trading day before. That's the way the markets go. We believe we're best served completing what we had set out to accomplish for the entire calendar year, which is what that accomplished for us, and move forward from that. In terms of the cash needs over the next year, the more vehicles we get delivered each quarter, the more that we're able to continue our ramp forward. To give you a couple of reference points, the number of vehicles delivered to date are ahead of where we were for the entire quarter ended September 30, 2024. The production that we're working on, we're certainly looking at how we continue to ramp up those deliveries. With some of the vehicles that are in the mix, the amount of cash to complete the production is in the magnitude of 15%, 20%, 25% of the proceeds we receive on those deliveries. So we've got a number of product deliveries that generate some strong cash flow from the business. Anything that I missed on that, Michael, that we're sort of factoring in on that concept? No, I don't think so. I think you covered it all. Is there any interest or movement within GP towards a hydrogen-based system to charge the batteries? We occasionally bundle chargers with our offerings. That's usually on a case-by-case basis. The chargers have advanced where, in particular, on the Level 2 chargers that have the 19.2 kW output, is that they're relatively inexpensive, easy to install, and have a lot of feature sets. So for something that's a couple of thousand dollars that gets the job done, to look at completely alternative ways to charge our vehicles is really probably a limited basis of returns to our company, as opposed to focusing on other aspects of our product roadmap that could have a more significant impact in the market or could generate a different return in terms of the sale of that product. Question back to the tradable credits. So there's a couple of questions on this. What are the credits worth? We don't know yet because there's only been two trades for medium and heavy duties. PACCAR was on one side of the trade for 200 credits, and it is yet to be in the public domain as to what they paid for those 200 credits. Certainly, as we learn the information, we'll make it available so that shareholders can understand what our hundreds of credits are worth. But to give some context, in the most recent financial statements, Tesla reported that they generated 739 million of credits, and that was reflected in their revenue, cost of goods sold, and gross profit, and over the past couple of years, the EV credits that they have sold and recognized in that metric represents approximately 25% of their overall gross profit. So if you look at the kind of GP dollars at the millions that we've created, we certainly, over time, expect to get to that kind of ratio based on what and recognizing that they've been at it for years. And we're in the early days of just getting engaged with manufacturers that are looking at buying these types of credits from a company like GreenPower. And a market-related question. What do we think of Lion Electric's plan on refocusing back on school buses and temporarily suspending operations at their massive plant in Illinois? Those are actually two-part questions because the plant in Illinois was actually manufacturing some school buses, or that was the intention. It's important to note that the predominant number of vehicles that were deployed by that company have been in Canada and mostly in Quebec to satisfy various school bus electrification programs that that province has had, and I believe several quarters ago, they had reported that their numbers included 286 vehicle deliveries in the quarter, and roughly 5% of that number, if not less than 5%, were deliveries into customers in the United States, so we don't necessarily see the factory plant closing as having that much of an impact on us, but going back to the first part of your question in terms of refocusing back on school buses is probably a sound move. Being in the trucks in the Class 6, 7, and 8 space, actually, I should correct myself, Class 5 and up that they were in. We're not in those. When we talked about our Class 4 offerings that Brendan ran through earlier, it's important to note that our decision was based on focusing on the Class 4 space because we felt that the higher, the larger or heavy-duty vehicle space would be heavily competed, to some extent, similar to what the light-duty. That's borne out by the fact that you've got the Tesla Semi out there. You have Nikola with a different form of propulsion system. You have some traditional companies like Peterbilt, Kenworth, Volvo that have offerings in the Class 8, 7, and 6 space that are competing head-on with these truck offerings that they have. So going back to their original focus on products is probably a sound one and borne out by the strategy that we have that we see that we feel our strategy is more refined, that we're just not going back to we're not just on school buses, but we're focused on where the requirements are the strongest to electrify fleets and where the support is the best. And that's California and New York. So Craig, was there any other questions that had come in to open the lines? To the extent that there were a few other questions, but I think we're definitely well past an hour. So we will do our best to try and respond to the additional questions that we didn't get to. A number of them were redundant with questions that we were able to respond to. So on behalf of Michael and Brendan, I'd like to thank you for hearing about GreenPower and getting an update on where we are. And certainly, we're very, very excited about where our business is headed over the next three, six, and nine months. So thank you for your time. And you can always reach out to us if you want to talk one-on-one with any particular question related to our business. And yep, Fraser, thank you very much. And if you don't mind, I'll give an email address. It's very convenient. gp@redchip.com for any questions that you have, including any questions that we couldn't get to today. And that does it. Fraser, if you don't have anything left to say, we'll wrap it up right here. Thank you very much to our many participants, and thank you very much, GreenPower team. Thanks, everyone.