Good afternoon, and welcome to Quisitive's first quarter 2021 earnings conference call. Joining us for today's call are Quisitive's Chief Executive Officer, Mike Reinhart, and Chief Financial Officer, Michael Murphy. Following their remarks, we will open the call up for your questions. Before we begin today, I'd like to remind everyone that during the conference call, management will be making statements that contain forward-looking statements within the meaning of applicable Canadian securities legislation. Please refer to the company's forward-looking information disclaimer statement, which can be found on the notice for this call, our website, and the first quarter 2021 earnings release. I will turn the call over to Mike Reinhart. Sir, please proceed. Thank you. Good afternoon, everyone. We appreciate [inaudible] 2021 earnings call. Our remarks today will be a bit briefer than our prior call, given not much time has passed since our year-end update a little over a month ago. As we approach the halfway point of the calendar year, our team continues to make encouraging progress across all fronts of the business. We understand that there have been a number of significant events within the past couple of months, and as a result, multiple simultaneous moving parts. Thus, we are being proactive and prudent in making sure all processes are in motion during this period of growth. It has also been encouraging to see the states recently open back up for business, which has been a positive tailwind for us. As the number of people vaccinated continues to increase day by day, we are seeing things return somewhat back to the old normal rather than the new normal. Nonetheless, we continue to be flexible with our employees who are the most important part of our business in giving them the option to either come into the office or continue working remotely. Additionally, as I previously hinted at in the prior earnings call, the first quarter was nothing short of a transformative timeframe within Quisitive's operating history. Despite the minor slowdowns from the unprecedented winter storm and shutdowns, we were able to successfully accomplish a number of key milestones and even surpass our internal forecast. With these short-term accomplishments executed, we recognize we still have much work to do to unveil the true potential of Quisitive. I'll first talk about and reiterate some of the recent progress made on our revolutionary fintech solution, LedgerPay. We continue to be within the tail-end phase of legal agreements with our bank sponsor and are near finalization. I am confident that the execution of this agreement is imminent, and we look forward to providing you updates as deemed appropriate. Once the agreements are completed, we will have secured the sponsorship with Visa and then begin the Visa endpoint certification process. It has only been two weeks since we completed the acquisition of BankCard, but we are experiencing early-stage progress. First, and most importantly, we have begun to kickstart integration planning efforts, which is a key first step after a merger acquisition. Given the breadth of BankCard's business, we are projecting that BankCard will be fully integrated into our back-end systems towards the beginning of calendar year 2022. Separately, one exciting piece to note is the significant increase in transaction volume that BankCard is realizing. For the first quarter of 2021, BankCard saw year-over-year volume increase of nearly 30%. This number demonstrates prominent growth because the transaction volume is a key indicator of revenue for the business. We have a team focused on the migration plan for merchants using the LedgerPay platform, and we'll begin this transition shortly after the LedgerPay Visa certification is finalized. We are confident that the addition of BankCard and its resources will complement LedgerPay, and we look forward to seeing the incremental value it will be providing. As a reminder, I want to share that we are still on track to introduce segment reporting when we report Q2 2021 earnings. The first business segment will be our Global Cloud Solutions business, and the second segment will be our Global Payment Solutions business. This new component for Payment Solutions will include both the LedgerPay business as well as BankCard and other future Payment Solutions acquisition companies. As LedgerPay approaches general availability and we proceed with integrating the BankCard business into our company, breaking down this segment as its own line apart from cloud solutions will help us more easily track the growth of each respective business as they are inherently different but complementary. As I mentioned on the previous call, we accomplished a number of vital preliminary LedgerPay milestones within the Q1 timeframe that primes us for success going forward. From commencing a risk management program, which helps us underwrite merchants and establish processes governance, achieving Microsoft IP Azure Co-sell Ready status, which allows us to jointly go to market with Microsoft sales teams, to obtaining crucial LedgerPay certifications. We have checked key boxes to ensure commercialization. With that said, we are still expecting the second half of the year commercialization of our transformative fintech solution. Moving on, I would like to touch upon our Cloud Solutions business. As I briefly stated in my opening remarks and explained in prior earnings calls, our Cloud Solutions business was affected as a result of the winter storms in Texas at the beginning of the year and unfortunately caused us to hit pause on our business for a couple of weeks. Fortunately, this event was short-lived, and we were able to proceed with our operations for the remainder of the quarter, which resulted in 16% year-over-year organic growth. A big testament to this is due to our ongoing successful customer engagements. One case study I wanted to highlight was our engagement with Builders FirstSource, who is the largest supplier of structural building products, value-added components, and services to the professional market for new residential construction, repair, and remodeling in the United States. After an internal restructure in 2019, Builders took a close look at its technology environment and realized it was not capitalizing on the potential of the Microsoft products it had already purchased. As a result, Builders reached out directly to Microsoft, who then recommended Quisitive to support them in their cloud journey. Within a matter of months, our team was able to successfully help Builders gain two years of Microsoft maturity. Getting selected by Builders as the partner of choice has not only benefited their team in finally being able to capitalize on Microsoft Solutions capabilities, but it has also expanded our cloud solutions footprint into a novel new sector. This partnership win with Builders is also a prime example of how we benefit directly from our Microsoft relationship. Our goal at the end of the day is not to just execute these projects, but it's to ultimately develop long-term strategic relationships with our customers. Rather than treating our customers' engagements as one-off projects, our vision is to create longevity within the partnership and be a helpful resource for them on a go-forward basis. Next, I'll briefly touch on our acquisition of Mazik Global. As a longstanding Microsoft partner and an original co-developer of the Microsoft Dynamics platform, Mazik brings us a rich set of resources and capabilities, especially within the healthcare sector. Their health cloud platform, MazikCare, has continued to play a prominent role in delivering a set of robust healthcare-ready business solutions that enhance end-to-end business operations for medical teams and patients. A key point I want to reiterate was their development of Vaccine Flow, which has played a critical back-end role in the dissemination of COVID-19 vaccines. To date, this solution has helped administer over 2 million vaccinations across the country, and that number continues to increase daily. Our team has had seamless process in integrating them into our back-end systems, and I'm pleased to share that we are poised for final integration by the beginning of this July. As I stated on the last call, we continue to hear encouraging feedback directly from Microsoft. They are excited for the full integration of Mazik into the Quisitive umbrella and still consider Mazik, and now Quisitive, as partner zero in healthcare. Overall, we are certainly pleased by what's happening at the forefront of our Cloud Solutions business and look forward to continuing to serve our partners and capitalizing on all efforts for this year and beyond. In conjunction with growing the business organically, we intend to expand Quisitive inorganically through M&A. Mazik and BankCard were two very accretive adds to our inorganic growth strategy, and we plan on continuing this approach as we look to acquire additional cloud solution and payment solution businesses. As a reminder, in the payment solution space, we will look to acquire merchant portfolios through additional ISO companies. On the cloud solutions end, we are focused on companies that are able to further augment our current capabilities and expand our market footprint. Our end goal is to find high-quality businesses that complement our strategy and create accretive value to our shareholders. I want to reiterate that these acquisitions we've made fall under the One Quisitive mantra. We plan to continue this from a branding perspective and from a functional standpoint, as we want our customers and partners to be able to leverage the vast number of capabilities that we have to offer. We are committed to building on the strong M&A track record we have established as we scale our business in the future. Next, I want to briefly mention the recent decision we made to accelerate the expiry date of the common share purchase warrants issued on June 26, 2020. As I previously alluded to, this acceleration provides us with a couple of key benefits. First, it cleans up our cap table, and secondly, provides us with roughly CAD 10 million of cash on hand in the near future. We intend to use this cash from the warrant exercises to expedite our M&A efforts and IP investments. Looking ahead, I'd like to share a brief outlook in regard to Q2 and the full year in 2021. As you can see, the wheels are in motion, and we are firing on all cylinders across every segment of our business. We continue to have productive conversations with Microsoft and, in fact, daily dialogue with their team as we head into the end of their fiscal year. Our senior team is focusing on helping Microsoft achieve their goals while also aligning our strategy with theirs. We are proactively looking for synergies throughout all fronts and expect to continue to work hand-in-hand with their teams. I wanted to also reiterate that over the next few years, we envision Quisitive as a CAD 250 million revenue business with CAD 100 million or more in EBITDA. We are confident about this projection and believe that the commercialization of LedgerPay, in addition to our accretive M&A strategy, will propel us towards this goal. It has been an encouraging past few months, but we are just getting started. I am truly appreciative of all the hard work and dedication of our employees, the collaboration from partners and customers and, of course, the support from our investors. With that said, I would now like to turn the call over to our CFO, Michael Murphy, to discuss our financial results for the first quarter of 2021. Michael? Thanks, Mike, and thanks to everyone who's joining us for today's call. To our financial results for the first quarter ended March 31, 2021. As Mike mentioned previously, revenue for the first quarter increased 16% to CAD 12.6 million compared to CAD 10.9 million in Q1 2020. The increase in revenue was due to additional cloud solutions provider revenues as more clients access cloud services and added on incremental services as well as through organic growth with the cloud service customer base achieved through adding additional engagements and through cross-selling. Gross profit for the quarter increased to CAD 4.3 million or 34% of revenue, compared to CAD 4 million or 37% of revenue in Q1 last year. Margins were slightly lower in the quarter as our top-line revenue increase was partially due to lower margin CSP being added. Sales and marketing expenses for the first quarter was CAD 1 million, which is consistent with CAD 1 million in Q1 of last year. G&A for the first quarter increased to CAD 2.1 million compared to CAD 1.8 million in Q1 of 2020. The increase in 2021 is in line with increasing revenues and is related to the addition of administrative employee and burden costs to manage the increased headcount in the corporation, along with higher legal and professional fees associated with the growth of the corporation. Interest expense for the first quarter decreased to CAD 0.3 million compared to CAD 1 million in the same quarter last year. The decrease in interest expense was primarily due to significantly lower rates on the combined loan facility compared with the various loans in existing at the first quarter of 2021, and lower principal amounts outstanding for the 2021 quarter due to several loans that were paid out in fiscal 2020. Transaction costs of CAD 500,000 were incurred in connection with the BankCard USA and Mazik due diligence and transaction completion efforts in the first quarter of 2021. Development costs for the quarter ended March 31, 2021, were CAD 313,000 compared to CAD 67,000 in the first quarter of 2020. We’ve included these as one-off costs in 2021 in our adjusted EBITDA calculation. The reason being, they’re one-off costs relating to the completion of the product development stage and associated certification and testing activities occurring in the first quarter of 2021. Net loss for the first quarter totaled CAD 1.9 million or a loss of CAD 0.01 per share, compared with a net loss of CAD 4.3 million or CAD 0.04 a share in 2020. EBITDA for the quarter of CAD 1.2 million compared to CAD 1.1 million in 2020 despite the winter storm slowdown impacting the 2021 quarter. We'll go to cash position now. As at March 31, 2021, we had CAD 23.8 million in cash. Since then, we used some of that cash as well as the proceeds of our CAD 63 million bond deal offering and CAD 50 million in new term loan proceeds to close the BankCard USA transaction. More recently, we've received CAD 500,000 last week in connection with the warrant exercises that Mike mentioned earlier. Overall, right now we have CAD 12.8 million in cash in the bank. As Mike mentioned, are expecting an additional CAD 10 million in additional proceeds from warrant exercises in the coming weeks. That concludes my prepared remarks. Thank you all for taking the time this afternoon, and we look forward to updating you on our progress going forward. We're now ready to open the call for your questions. Operator? Thank you. We will now begin the question- and- answer session. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. Please note that each analyst is limited to asking two questions per person on the call today. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. We will pause for a moment as callers join the queue. The first question comes from Robert Young with Canaccord Genuity. Please go ahead. Hi, good evening. You covered a little bit of some in the prepared statement, the milestones for LedgerPay on this path to commercializing in the second half. I know the bank sponsorship is one, there's a PCI audit you talked about in the past, the direct connection. If you could walk through those, maybe just a bit of a roadmap of the specific things that have to happen before commercialization. If you could also parse that with the revenue opportunities that you can take advantage of inside of that commercialization, because BankCard is a business that's operating separately on its own. Maybe you could talk about that'd be great. Mike, your lines are open. Sorry, folks. There's a little technical issue. I've got it, Michael. Yeah. As we discussed, we had the ISO certifications that we completed that are around business continuity and data privacy and things of that, which are all critical components of it. The key things that are next, one is the fully executed agreements with the bank, which secures the sponsorship. There's really two elements to that. It's both sponsorship as a BIN to onboard merchants and a merchant acquiring, as well as then the Visa sponsorship that goes with that. That is in final stages. Once that's completed, there's the process of certification with Visa, which is a validation step with them that we go through that we anticipate happening within about 90- 100 days or so after the announcement of the agreement with the bank. Those are the two key milestones that could be completed here as we move forward. Once we have that certification, then we can begin onboarding merchants, and there'll be different forms of that. First is obviously the BankCard merchant portfolio that we will begin to migrate over onto LedgerPay and capturing those synergistic values that we've talked about before. Secondly is we have a very active sales pipeline of direct organic sales motions that we're working to facilitate onboarding of those merchants also in that regard as we go forward. You'll see those activations happening after that Visa certification and beginning to onboard revenue and revenue contribution beginning in Q3, moving into Q4. Obviously, BankCard, we will begin in Q2 to see their revenues as a contribution under our payment solutions business beginning May 7th. We'll have a stub period in the month of May based on the closing of the transaction. From May 7th through the 31st, and then obviously the balance of June, we'll basically have roughly a half a quarter of revenue contributions and even contribution from BankCard during that period for payment. You'll start to see that be a part of the payments revenue streams that we recognize and deliver to the market beginning here with Q2 results. Okay, great. That's very helpful. Just looking forward at gross margins, there's a lot of changes in the model that are going to happen in the short run. Given the gross margins in Q1, I think it was 34%. How do you see gross margins playing out over the next couple of quarters with Mazik coming in, which I assume is higher gross margins and BankCard as well. Also, if you could explain the impact of the CSP revenue that on mix this quarter and how that might change over the next couple of quarters. I'm uncertain how to think about gross margins over the next couple of quarters. I'll pop one. A couple of things here. One is the gross margins on the BankCard business are roughly 50%. As we activate that revenue stream, especially over the next couple of quarters in Q3, it'll be most impactful because we'll have a full- quarter impact versus only half- a- quarter impact of that revenue stream. That's nearly CAD 9 million a quarter in revenues. That number is one element. You got the professional services and the things that we do from our IP side and things like that on the cloud solution side that are in that 40+ range as we have consistently delivered. What is the wildcard for us when we get into a few of these things, especially where we may have spikes at smaller size in particular, they're these CSP contracts that we do that are recurring in nature. The beautiful part about them is they're three-year contracts with fully recurring monthly recurring revenue streams. All very positive in that regard. As we've described in the past, those revenue streams are recognized on a gross basis, therefore, the impact to gross margin when we're somewhere between the 50% and 30% and we're averaging something in that 18%-20% range typically on those CSP licenses is obviously going to pull down. In Q1, we had a pretty significant amount of new revenue that was CSP based, which is great in that it's fully recurring, it's new revenue growth, all those great things. It just does have a bit of a downward pressure on it. Going to be a little hard for us to always know exactly because that CSP component of it drives. Consumption can be much bigger. Our CSP revenue was up like 30% in the quarter. That was a spike driven by some consumption things and other things like that. When we have some of those anomalies, it's going to put a drag on that quarter. We do fully expect it to go back into the 40%-45% range on a blended model beginning here in Q2. As these CSP contracts mature and you layer on higher- value pieces of your business, the margins recover. Just to think the front end of this is dilutive. Is that the way to think of it? The CSP, the life of the contract is dilutive. That's the good and bad to it. The good is that it's a three-year contract, and those recurring revenues are going to happen every month for the next three years and beyond with renewals. It's just that when you win those and they get ramped up, you get a big lift in the revenue potentially, but it's going to have that downward pressure. As we have certain periods, we're probably going to see that. We had what is an abnormal amount of that in Q1, and that was growth that we don't think is going to happen disproportionately. Some of that happens a little bit because of the downturn we had in professional services due to the storms. Some of the professional services downward pressure that we had there made that shift even bigger than it would normally be. Okay. Thanks for taking the question. Yeah. The next question comes from Stephen Boland with Raymond James. Please go ahead. Good evening, everyone. Just, Mike, one question on your, I guess, your outlook over the next few years. You mentioned CAD 250 million of revenue, CAD 100 million EBITDA. Is that a three to five-year window, do you think? Can that be accomplished with all the assets you have in place, or would you imagine more acquisitions to get to that numbers or get to those numbers? We're certainly going to do more acquisitions, for me to say, "Yeah, that can happen without it," sure it can. It may take a little longer to get to that, we could certainly achieve that kind of growth over a time horizon, just activating LedgerPay and doing the things we're going to do there. We are going to acquire, we're thinking it's on the short end of that range in the next three years. We certainly think there's opportunity for it to be something much greater than that. What we're driving to and committing to is that's our game plan to go and execute to that level and think there's an opportunity to be something much greater. It's in that three to five-year window, the more M&A we do, the faster we'll get to it. Okay. Just my second question is, all the different channels you have for LedgerPay, whether it's your own salespeople, Microsoft, BankCard, where do you think the initial revenue comes from? To me, is it hard like everybody's lining up for this product? Where do you think the initial growth will be derived from? The easiest is the low-hanging fruit, as I'll describe it, and the BankCard merchant base is the low-hanging fruit for us to get early activations just because we have control of it. It's really more about an execution thing. We feel very good about our ability to start to capture and do that. We also have a really solid pipeline. In particular, we're actually having guys at a conference this week in Florida, and great dialogue, in-person dialogue going, and getting back to the states being a little more open. I know it's not quite the same in Canada, but the states is back to in-person events and doing those kinds of things. We got teams there in Florida at an event and having great dialogue with merchants and ISO portfolios that we can sell payment services into. I feel very confident in both of those streams bringing revenue to us. Obviously, we've got the, I described the elephant hunting, that we're going after some of the really big merchants and those will come periodically as well, but they're much longer sales cycles than some of the other things, certainly the BankCard portfolio as well as the ISO portfolio. That's where I think the near-term revenue that we have a really positive line of sight to is going to come from. Okay. Thanks very much. The next question comes from Rob Goff with Echelon Wealth Partners. Please go ahead. Thank you very much for taking the questions. My questions would be on the LedgerPay. Can you talk, Mike, a little bit about the onboarding process? Are there apt to be pilots? Are they named or unnamed, or should we not anticipate that? Yeah, we certainly anticipate that being part of the process. There's really two approaches to the market I think you've heard us talk about before. On the payment side, it's less going to be pilot-driven and some of those kinds of things. Some of the things we do with BankCard and some of the ISOs and other revenue streams, that is going to be more of a traditional payments sales process that we'll activate and drive forward. As we go to the larger merchants in particular, we're not leading with payments, we're leading with payments intelligence, which is all about the rich data insights that we unlock around customer identification, making impressions real time at the point of sale, and then full traceability and tracking of and monetization of that with and through the merchants. Those we are much more data-driven, and we will be working to do pilots with customers and have some conversations in process to do those very kinds of things. Where we have to, we'll tie data into step one is get data that they have existing. Step two is then incorporating additional data that we bring as we start to capture transactions and do those things. You'll see more of that. In some cases, we'll be able to announce or share those pilots than others because it's such a strategic differentiator for some of these merchants that we're working with where they think it will give them a strategic advantage in the marketplace. They're going to probably delay a little bit before they want to announce to everybody so that they can take advantage of their first-mover opportunity to do that, which is the cool part when you're a market maker, which we are in this space around our payments intelligence. You're really providing a value add, something that is strategic and differentiates them from their competition, and that's the exciting part about this and the kind of conversations that we're having with customers. We will do some pilots, and we do expect the ability to be able to share those in some form with the market. Great. Thank you. If I may, as a follow-up, could you talk a bit more about BankCard? You gave us some tidbits in terms of 30% year-on-year volume and I believe CAD 9 million quarterly run rate. Any further insights or perspectives? Those are the high-level ones. Obviously, we'll have the first quarter, second quarter for us in the year. We'll have a partial quarter contribution from them. Essentially, 24 days of May and the full month of June. That's the model that we'll be able to deliver to you in the Q2 results, with Q3 being the first full impact quarter. The metrics are, I think, consistent with what we've shared in some of our presentations previously around, if you look at their revenues numbers last year were just under CAD 32 million. Their EBITDA contribution's like at 38%-39%. That's roughly 50% EBITDA. Those were the metrics we had given in press releases and other public forums on their 2020 performance. As you start to think of applying growth and some of those kinds of things, you'll see those kind of metrics, be the contributions that it brings to the business prior to the synergies that we recapture as part of integrating LedgerPay into their processes. Great. Thank you. The next question comes from Suthan Sukumar with Eight Capital. Please go ahead. Good afternoon, gents. I wanted to touch on BankCard and sort of the health of the BankCard business as you called out this quarter. I'm curious, where are you guys seeing strength? Is it mainly the recovery in brick and mortar, or are you seeing continued strength from some of the other verticals or even online? I think there continues to be strong e-commerce momentum. From that perspective, but we are seeing retailers open again and Q2 have some of that, especially in the back half of the first quarter and building momentum as we get into April beyond. You are starting to see more of the brick- and- mortar businesses, retailers and others are seeing significant improvement. There's certainly some lift that the entire market's seeing by some of the stimulus money and other types of things as well that is driving things. A lot of it is some of the more traditional retail that had fallen off coming back in to help serve them even though, but the e-commerce continues to grow as well. It's not shifting as much. There's a little of that. We see some industries and other things where you see a little shifting of e-commerce back to brick and mortar, and we'll see some of that. The great part about that is when you start talking about our payment intelligence and all the great value we have in the brick and mortar context, we love to see that. In the case of BankCard, it's growth of e-commerce and return of brick and mortar that are driving their volume growth. Great. Got it. Thank you. Second question was also on BankCard. With the acquisition, you guys acquired some IP, AgeChecker. Just talk about your plans for expanding monetization of that going forward and what are your plans overall within the IP suite for the payments side of the business. AgeChecker is really a great product that they have that's around verification. Today, age verification. If you think about different things where you have to verify identity. We have some really interesting ideas about how we can expand identity verification as a component of payments using their patented platform that they have, and combining it with some of our unique expertise in Microsoft Cloud and identity management there, which it's currently not leveraging. I won't get into too much more of it than that, because some of it are, again, strategic things that we think we can bring some things to market that don't exist. You'll see us do that. In combination with all of our payments IP, the things that we're doing in LedgerPay are a great complement to that. Not only the processing, but the data and insights that we're providing and bringing all of those together. You'll see us continue to look at ways to have complementary offerings to service the merchants at BankCard and other ISOs as we go forward, as well as leveraging our technical expertise to expand the capabilities of what is AgeChecker today, really around this verification process. Perfect. Thank you for taking my questions. I'll pass it along. Thanks, Suthan. The next question comes from Kevin Krishnaratne with Desjardins Securities. Please go ahead. Hey there. Good afternoon, gentlemen. Just a quick question on BankCard. Just again, on the 30% growth in payment volumes that you saw in Q1, can you help us with maybe how to model for the year? I think when you made the announcement, there was a target for revenue and volumes growth to be about 20% at the unit. Looks like it's done a little bit better in Q1. How do we think about the different quarters? Do you face a difficult comp as we get to Q3, Q4? Anything you can just help us with sort of modeling that line? Yeah. Again, some of that we'll see how it unfolds. The comparison to last year is a little tricky when you factor in COVID-19 and seasonality and things didn't pattern. Typically, there's a little softness in summer months that they'll see, but actually then returning strong. As you start to think about movement to the holidays and stuff, e-commerce and online. Unlike our, it's a good complement for our Cloud Solutions business in some ways, because where we often have some seasonality in the holiday seasons where people are having vacation time and PTO time and other kinds of things. What are they doing when they're out doing that? They're out buying gifts and doing all things for seasonality and spending money online and in person. Well the global payment side of things and BankCard as a component of that as well as LedgerPay, is the fact that we're now capturing a lot of that other side of that seasonality where people are out going to restaurants and buying online and buying gifts and doing those things. That's the beautiful part about these businesses being where I talk about complementary and other kinds of things in terms of what they do. You'll see that. You'll see there'll be a little bit of a slow burn. There's usually that kind of early period that's real strong. There can be a little bit of softness in summer, depending upon industries and things, but then a good strong finish in the fall and actually going into the holiday time, which again is a big complement for our services business. Okay. Helpful, Mike. My second question, now that you've got BankCard, it's only been a few weeks, but I'm wondering if you've learned a bit more about the merchant base, and the opportunities for you to sort of scale up LedgerPay and that's both the consumer insights and the payment processing segment. Just sort of broad strokes, the amount or the percentage of merchants that might be up for renewal in 2021 and 2022. How do we think about that, and how are you thinking in terms of the amount of that merchant base that'll be eligible for certain products under LedgerPay? The great part about the way the merchant contracts, certainly there is a cycle of merchant renewal and things like that, but our moving into LedgerPay is completely disconnected from that. In many cases, the merchant won't even know that their processor changed. Most of the merchants don't even know who their processor is. They're working through BankCard as the representative for them, and then they're using their processor on the back side. As we move those over, there are some volume commitments and some other kinds of things that we have to do in the context of their existing providers. We have significant room to start to move those merchants over. On the payment side, we have pretty good line of sight to what those revenues are. We're working through that modeling right now to identify the first wave, second wave, third wave as we look over the course of the next 18+ months or so. We're working on that and building that up. On the payments intelligence side, certainly there are different components of that, and we are beginning some of those conversations with them as well, looking at where are the best targets that could potentially take advantage of that. Again, where there's a brick-and-mortar presence, there's a really powerful play there. We look to do that to complement it. Really at the end of the day, the synergies will be driven in the near term, just around payments recapture within their portfolio. Just a real quick follow-up there on that in terms of upside to revenue from the different upsells. AgeChecker, can you remind us how much of the BankCard merchant base is taking that? Is there significant room for improvement on that product? It's not only BankCard merchants, but AgeChecker is actually used by other merchants that are not using BankCard today for processing. That's one of the beautiful parts about a SaaS offering like that. It's available to a broader merchant base because any merchants that require that sort of thing, there are a small number of offerings, and AgeChecker is one of the top ones in that space. That part of it, what we're looking at today, just where the footprint is, it's about 7% of their revenue today, and that's where we see some opportunities to maybe expand that platform, not just within a broader set of merchants doing what it does today, but more importantly, how could we expand the feature set and/or potential capabilities around identity and other things that could actually open this up to a much broader merchant set. Got it. Thanks a lot. I'll pass the line. Once again, if you have a question, please press star then one now. The next question comes from Gabriel Leung with Beacon Securities. Please go ahead. Good afternoon, and thanks for taking my questions. Just to follow up on one of the previous questions just answered. Mike, just remind again, how long do you think it will take for you to actually convert BankCard's merchants on the payment side from the incumbent payment processing providers to LedgerPay once it's up and running? Is there any reason to believe why you wouldn't have 100% of the merchants transitioning over? I presume that's going to be your biggest margin accretion driver over the near term. Yeah, it's going to take some time. You want to do it really, really carefully. You want to make sure that you're creating a seamless white glove experience with your merchants, all those kinds of things. Obviously we've got to get our endpoint certification to be able to process payments. That's step one. In parallel with that, we're doing the work to position the things we need to do to be prepared. Really the goal is it's an 18-month process to really capture that across different footprints. Some are easier than others. It just really depends upon the merchant footprint, their distribution of brick-and-mortar versus online. Certainly, some of the online stuff's easier to move because you're dealing with a shopping cart experience versus terminal devices and things like that. There's a whole prioritization process. The goal is really to have about an 18-month time horizon where beginning in, call it Q4 of this year, we're starting to build that out, and getting that activated and really being ready and able to do all that over, call it the next six or so quarters. The second question is maybe for Michael. I know it’s in your EBITDA calculation, you guys added back your development expenses this quarter, whereas you hadn’t previously. I presume the development expenses, those are probably previously in capitalized R&D, and because you’re closer to LedgerPay launch, you’ve got to put them on P&L. Is that the case? No. They're true incremental costs. They're related to ISO certifications and development costs/testing, I'll call it, that doesn't qualify, but you need to do to get the product up and running. Got you. We should think about your adjusted EBITDA calculations adding back development costs going forward then? Absolutely. Certainly until LedgerPay for Q2 and potentially part of Q3 while we get LedgerPay out running and be able to sell the product. That's the plan. Subsequent to that, only to the extent that we're working on development-type costs that we're not capitalizing. Got you. Okay. Thank you. This concludes the question- and- answer session. I would like to turn the conference back over to Mike Reinhart for any closing remarks. Thank you for joining us on the call today. I especially want to thank our employees, partners, investors, and customers for their support. We appreciate your continued interest in Quisitive and look forward to updating you on our next call. Thanks for your time today. Operator, I'll turn it back to you. Thank you. This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.