Morning, everybody. Welcome to the Quinsam conference call for Q2. I'll say a few things and then open it up for questions. The results were out on Friday. I assume everybody has seen them. We more or less had a break-even quarter, a modest loss. The reason for the loss basically was the decline in the share price of California Nanotechnologies. It's one of our larger holdings. It's done very well for us recently, but it has had some softness. We're quite optimistic that that will turn around toward the end of the year. The other major development in the quarter, we converted one of our private issuers into a public company. We've had a position in Music Royalties for about three years. It's done well for us. It's paid us monthly dividends, plus we've had capital appreciation. We made a deal with an affiliated company of Music Royalties, called Royalties Inc. It's a publicly listed company that has a diversified pool of royalties. We made an agreement to convert our private shares into publicly traded shares. Quite fortuitously they won a long-running legal dispute with Capstone relating to a silver royalty literally the day we closed it. That position more or less doubled in value and continues at this point to have that approximate value. That is an important development in the quarter, and it's probably the main reason why our publicly listed securities went from CAD 0.05 a share to CAD 0.06. In the current timeframe, we've got two or three issuers that are looking at listings here shortly. Peninsula, which is probably the most important one, is a U.S. residential real estate play. They are looking at listing. They've been looking at it for a number of months. They're waiting for the right market window. They're working with Canaccord, CIBC, and Raymond James to list. It's going to be quite a good size issuer. They have many thousands of residential rental units. It's quite a significant entity. We're also looking at a listing by TheraCann, hopefully here in the next short time period. That's a company that we bought way back in about 2018. We wrote it off. It is now looking at listing. It's got all the approvals in place from the exchange to list. The last condition precedent is completion of a small private placement. That's what they're working on at this point. We've got another important listing, hopefully coming up in Q4. That's Electro Metals. That, again, was a cannabis company that relaunched itself. It's now a very traditional Canadian gold copper mining story. It's announced an RTO and is out literally just starting in the next week or so, marketing its go public financing. We're hoping that that one will list before the end of the year. Our two biggest holdings, not much change in the quarter. The Wealth Mortgage, which we have no carrying value on, continues to try to refinance. The U.S.-oriented CBD treatment for epilepsy, A-Synaptic, they have been working to start an FDA trial. Because it's CBD related, it has been taking a little longer to get final approval from the FDA. Obviously, they've had their own distractions with Trump and so on. They think they are now getting very close to the final approval from the FDA. They've also developed a quite promising application for Parkinson's, which is a whole new opportunity for the product. They are looking, once the approval is in hand and the testing has begun, at starting a U.S. Reg A go public process, which they are targeting to do at a significant premium to where we're carrying it. We've got a few items coming up between now and the end of the year that we're hoping will have a positive impact on NAV. As far as finding a significant transaction to use Quinsam as a go public vehicle for someone else, we haven't seen anything in the last quarter that was sufficiently interesting to make us pursue it. We really need one or both of the Wealth Mortgage and A-Synaptic to list before we can really do something with maximum effect. On the whole, while the quarter didn't show a net income, it was a relatively modest loss and some nice progress on Music Royalties. Any questions from people online? Can you hear me now? Yes. I was going to ask a question or two. Sure. If you can hear me. Okay. In terms of the ones you went over, especially the two biggest, how much are they in terms of% of the overall NAV? The Wealth Mortgage is nil, right? The reported NAV does not include it. Okay. We've taken it to zero. To the extent we get any money out of it, that's great. Right. Okay. The potential is about CAD 0.02. Okay. Big potential. That is the face value. We have a potential CAD 0.02 of NAV out there that is not on the books in any way. Okay. A-Synaptic is on the books for around CAD 0.015, roughly. They're hoping to do a Regulation A at well over double where we're carrying it. It's got the potential to add CAD 0.02 to NAV. Right. That'll take some time, I guess. I get both of them, I think. Well, the Wealth Mortgage hopefully will be done by the end of the year, it's something we can't really control. A-Synaptic, if they do a Regulation A financing at a higher value, we would recognize the NAV. We would get a bump in our NAV. We would not necessarily have the ability to sell it immediately. Right. For that to happen, they have to do the Regulation A financing, and then they have to apply for listing. have the listing happen, then there's highly likely to be some sort of a regulatory hold period. It depends on the exact process they use. Right I would guess the ability to sell it is probably at least six months away. Yeah. Although it might be possible as part of a go-public transaction to sell it to somebody at a discount to the go-public value. Right. Okay. Be willing to take on whatever hold periods there might be. Okay. Yeah. That's pretty good. Six months, if it's making progress towards a double and then being realized. Yeah. CAD 0.02. Once it's listed, even if it's something we can't trade, then it's got a value that if you were trying to do some sort of a reverse merger, you're much more likely to get value for it. The problem now is if we try to do something, people are going to say, "Well, you're carrying wealth at zero, it's zero. Right. We're not going to get credit for it. Right I think if we had a quoted value on A-Synaptic, even if we couldn't sell it immediately after a listing, that would help. Give some confidence to it. Right. What about the other ones? They're all sort of under CAD 0.005. Is there anything like the other ones you mentioned, the Peninsula and TheraCann? Yeah. There's a number of them. Electro Metals is looking at trying to raise money at a premium to where we're carrying. There's probably half a cent of upside in Electro Metals if they succeed. Obviously we're hopeful that's going to happen. TheraCann, our original investment was in the vicinity of half a cent. Is it likely to trade at our original investment? Probably not, but you never know. Their original business, they had two or three technologies related to cannabis propagation, and they're basically going public as a unique technology in indoor vegetable production. They're basically going public as a high-tech greenhouse play. It's not a cannabis play. Right. It has quite a wide range of possible trading values. Obviously, the people behind it are very optimistic, but time will tell. Yeah. It's something that we'd be delighted if it added half a cent, let's put it that way. Right. Your cost is zero now. It's on the books at- Carrying value zero. Yeah. Yeah. Anything we get is gravy. I think it's quite likely to end up listing. I can't believe after all the effort the people behind it have gone to- they're not going to make it to the listing line because the required private placement is only CAD 1 million or CAD 2 million or something. It's pretty modest. Right. Okay. Peninsula, same? Peninsula is a much bigger situation. It's about CAD 0.01 of our NAV. Okay. They are looking to list at something like double that value. Okay. It's a much more important one. It's also a much more substantive entity. They're looking at paying a 4% yield on listing. It's a very significant, it's like a REIT, basically. Right. I'm not sure it will be structured as a REIT on listing, but it's basically a REIT. It's significant. Fair. In the U.S., there's been a huge consolidation of people like Peninsula, and Peninsula has done three or four transactions itself. People are buying up these $100,000 houses in Rust Belt cities, where people, for whatever reason, can't qualify for a mortgage. They're stuck in the rental business, and they're renting off of increasingly corporate entities like Peninsula. Brookfield is a huge player in this business. Yeah. It seems to be a big business now in the U.S. Yeah. Peninsula, they're very big in Buffalo. They're very big in Rochester, New York. That's right. They've now stepped into Cleveland and St. Louis. They're going city by city trying to get critical mass, but it's a completely logical consolidation play. Just last week, Dream Residential REIT announced it was being taken over. Oh, okay. It's a similar kind of situation. Okay. My last question is just in general, I saw you said we're at CAD 0.06 of basically liquid out of the CAD 0.10 NAV. What ballpark% would you say is now cannabis versus mining? Well, cannabis is 0. Basically 0. Cannabis is zero. Okay. Yeah. What sectors are the main? Well, we've got close to CAD 0.01 in Royalties Inc. We've got about CAD 0.01 in Peninsula. We've got close to CAD 0.01 in Electro Metals. Okay. We've got CAD 0.015 in A-Synaptic. We've probably got CAD 0.005 in Saturn Oil & Gas. We've got California Nanotechnologies would be around CAD 0.01, something like that. Okay. Then it's smaller things. Silver Bullet Mines is probably close to CAD 0.005. That's one we're quite optimistic about. We made an initial investment there about six months ago, and it's kind of doubled since we bought it, but we just added some more in a little private placement because that looks quite interesting to us. What was that? Sorry, I missed that name. Silver Bullet Mines. Silver Bullet. Okay. Yeah. Overall, it's a very diversified portfolio, really. Yeah. I'd say at this stage, yes. We've got a couple of Peninsula is close to 10%. A-Synaptic is over 10, but it's not like it's two or three things. Yeah. It's also not just one sector. It's well diversified. It's a small cap, micro-cap portfolio. Yep. Okay. Okay, great. Thank you. That's good. Any other questions? Hi, Roger. Hey, James. James Johnstone here. Longtime shareholder back from when you were getting into Acreage Holdings. I thought that was a good one. I just want to say thanks for all your good work, and keep it up. Okay. Thanks very much. Okay, I'm not seeing any other mics go off mute. Thanks very much everyone for attending, and we'll talk to you next quarter. Okay. Thanks very much. Bye-bye. Sounds good. Bye-bye.