Thank you for joining us. We are here to provide a corporate update and report on Thunderbird Entertainment Group's fourth quarter and year-end fiscal 2021 results, which ended June 30th, 2021. Speaking on today's call are Ms. Jennifer Twiner McCarron, Thunderbird's President and CEO, and Ms. Barb Harwood, Thunderbird's CFO. Ms. Twiner McCarron will provide a strategic overview of Thunderbird Entertainment Group, and Ms. Harwood will review the company's Q4 and year-end financials. Following the corporate update and financial review, the call will open up for a question-and-answer session. If you would like to ask a question during this time, simply press star, then the number one on your telephone keypad. Alternatively, if you have any questions, you can call 1-604-683-3555, or email investors@thunderbird.tv, and the company will follow up directly after the call. At this time, all lines have been placed on mute to prevent any background noise. I'd like to remind everyone that certain statements made on today's call will be forward-looking and constitute forward-looking statements or forward-looking information under applicable securities laws. Forward-looking statements and information discussed on the conference call include, but are not limited to, statements with respect to the company's objectives, goals, or future plans, and the business and operations of the company. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risk, uncertainties, and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, general business, economic and social uncertainties, litigation, legislative, environmental, and other judicial, regulatory, political, and competitive developments. Those additional risks set out in the company's filing statement and other public documents filed on SEDAR at www.sedar.com and other matters discussed in the company's year-end news release. Although the company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this presentation, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. For your convenience, the press release, the MD&A, and unaudited financial statements for the Q4 and fiscal 2021 year-end Thunderbird Entertainment Group, which ended June 30th, 2021, are filed on SEDAR and are available online under the Investors section of our website. We do not expect to update forward-looking statements continually as conditions change. This conference call is being webcast live and the archive will be available on the company's website at www.thunderbird.tv. Please note that Thunderbird reports in Canadian dollars unless otherwise stated. Ms. Twiner McCarron will now provide the corporate update. Thank you so much. On behalf of everyone at Thunderbird, I'd like to welcome you to this morning's call to discuss our Q4 and fiscal 2021 year-end results, which ended June 30th, 2021, and these results are audited. My name is Jennifer Twiner McCarron, and I'm the President and CEO of Thunderbird Entertainment Group. I'm here today with our CFO, Barb Harwood, and we're both extremely thankful to have you here with us. Once Barb and I finish our updates, we're more than happy to answer any questions you may have. Thunderbird Entertainment is on a journey to become the next major global studio. We have world-class projects, world-class partners, offices in Vancouver, Toronto, Ottawa, and Los Angeles, and award-winning teams who are producing premium content for leading over-the-top platforms and international broadcasters. Our fiscal 2021 numbers represent everything I just mentioned, from our talented teams to our trusted partnerships, to our contributions in building global brands. They reflect strategic and mindful thought around the content we choose to produce and the fruition of several initiatives that were put into place years in advance to set Thunderbird up for long-term growth. I'm thrilled to say we are continuing to build for our future, mapping out clear pathways and new initiatives for Thunderbird's growth moving forward. These growth opportunities cover a spectrum of initiatives, some of which I will touch on today. The first growth opportunity is the demand for content globally continues to boom. Direct to consumer subscription and ad-supported platforms, as well as traditional television broadcasters and networks, continue to invest in new content as competition for audience share is fierce. The industry overall remains very bullish that the demand for great television and streaming content will stay strong for many, many years to come. Netflix now has 213.5 million subscribers globally, and according to a recent SVOD forecasts update, is projected to add another 53 million subscribers to reach 271 million subscribers by 2026. Disney+ topped more than 100 million subscribers within 16 months from the platform's launch, beating its own three-year projection. The same SVOD forecasts report highlights that Disney+ will add 140 million subscribers between 2021 and 2026 to bring its total to 284 million. Overall, Grand View Research predicts that the global video streaming market will expand at a 21% compound annual growth rate over the next seven years. To reach nearly $224 billion of global revenue by 2028, up from over $50 billion in 2020. We know that in the saturated market, only the highest quality content will stand out, which is why we are both excited and confident about our strategy to focus on producing top quality content to the global marketplace. In addition, we believe our strategy to have a diversified portfolio of companies producing animation, factual, and scripted content will be instrumental in Thunderbird's long-term growth. Another growth opportunity is our global distribution and consumer products division, which was established in January of 2021 and launched with Richard Goldsmith at the helm. Having team members at Thunderbird who are focused solely on distribution and who support all three production units increases our access to platforms around the world for potential sales and production financing opportunities. This team is also looking to invest in extraordinary productions from other companies that we can distribute. Meanwhile, the consumer products team is focused on turning IP into toys, video games, apparel, all forms of cross-media exploitation. Our well-established foothold is the stickiest of all categories. Kids and family is another point of differentiation for our company, and one that continues to propel Thunderbird's growth forward. For example, Atomic Cartoons, our kids and family division, is producing "CoComelon" nursery rhyme compilation for Netflix. "CoComelon" generated 109 billion views on YouTube and has been one of the 10 most popular shows in all but a handful of countries. This is just one example of a service opportunity that demonstrates our expertise when it comes to kids and family content. Most of the television series produced by Atomic Cartoons are for the top names in the industry, such as Disney, WarnerMedia, Netflix, Peacock, and PBS. Atomic has experienced significant growth over the last several years, and we've also increased the development of company-owned or controlled IP. Some good announcements to come. Our team has pitched more new series to platforms worldwide this calendar year than any other year in our history. Atomic Cartoons plans to commence production on some of these series in late fiscal year 2022 and into 2023. Thunderbird is also championing industry-leading diversity and inclusion initiatives on screen and off. We know this is the right thing to do, and we're doubling down on our D&I efforts. Add to this, studies have shown that diversity and inclusivity positively affects the bottom line. A recent Boston Consulting Group study of 1,700 companies demonstrated that a positive relationship between management diversity and innovation is statistically significant, meaning that companies with higher levels of diversity get more revenue from new products and services. Also on the diversity front, streamers are looking to create and buy diverse and inclusive content and are continually seeking out new and authentic storytellers. Thunderbird is uniquely positioned to deliver in this area with our proven track record with shows on our production slate like "Molly of Denali," "Queen of the Oil Patch," "Young Love," "Reginald the Vampire," and "Dr. Savannah: Wild Rose Vet." I can't say enough how thrilled we are to execute on this new and what I would say amazing and long overdue, wonderful industry mandate. Another area of growth for Thunderbird involves M&A. We remain focused on opportunities to expand our content portfolio on all fronts, including strategic international expansion opportunities in Europe and Asia. We are heavily exploring acquisitions that support expanding the company's IP, as well as increase our capacity as we look to grow our own production output as well. This is a mere snapshot of the exciting things going on at the company, and I'm delighted for the opportunity to continue to share our progress as we move forward. The teams at Thunderbird are building for the future. With visibility into 2024, we know that the investments we are making will continue to drive long-term growth that extends beyond year-over-year results. With this, I will turn it over to Barb to go over the numbers, and then I can provide a high-level corporate update. Over to you, Barb. Thanks, Jen. Thanks to everyone who called in today. I'd like to join Jen in expressing how proud we are of the team at Thunderbird and of the fiscal 2021 results that continue to grow exponentially year-over-year since we first went public in November 2018. Consolidated revenue for the three months and year ended June 30th, 2021, was CAD 26.1 million and CAD 111.5 million as compared to CAD 21.1 million and CAD 81.3 million for the comparative periods of fiscal 2020. Increases of CAD 5 million or 24% and CAD 30.2 million, 37% respectively. The majority of these increases over the comparative periods in 2020 is related to growth in production service projects. Production services revenue consists primarily of animation production services, which experienced continued growth. For the three months and year ended June 30th, 2021, these revenues increased by 91% or CAD 11.4 million, and 63%, CAD 29.8 million over the comparative periods due to an increase in the number and size of projects. Growth in this area reduces the volatility of results over quarters as the production services revenue is recognized as the work is completed. Licensing and distribution revenue is earned when Thunderbird owns the copyright to a project and is recognized once that project is considered fully delivered to the broadcaster, distributor, or streamer. Licensing and distribution revenue was similar compared to last year, with an increase of 1% or CAD 0.2 million over fiscal 2020 due to the continued renewal of series like "Highway Thru Hell," "Heavy Rescue: 401," and "Kim's Convenience." Consolidated net loss was CAD 0.9 million, and consolidated net income was CAD 5.7 million for the three and 12 months ended June 30th, 2021, compared to a net loss of CAD 0.5 million and net income of CAD 3 million for the comparative periods, a decrease of CAD 0.4 million or 53%, and an increase of CAD 2.7 million or 89%, respectively. Adjusted EBITDA was CAD 2.3 million and CAD 19.6 million for the three months and year ended June 30th, 2021, compared to CAD 2.9 million and CAD 15.5 million for the comparative periods of fiscal 2020, an increase of CAD 4.1 million, 26%, respectively, over the last year. These increases were primarily due to growth in production services, as I mentioned previously. In addition, with the constantly changing entertainment industry, where commercial success of content can be unpredictable, the company continues to be conservative with respect to the value of our library on the balance sheet. Consequently, we recorded additional amortization related to certain titles in our released content totaling CAD 4.6 million during fiscal 2021, with CAD 2.25 million being in Q4 2021 as compared to CAD 2.2 million in fiscal 2020. We remain very optimistic as we build our library that we will continue to be able to generate significant revenues from it. Finally, a short comment about backlog. In Q3 of 2021, we reported a new metric that we defined as backlog, which related to production service and license agreements we had executed, but where revenue would be recognized sometime in the future. The backlog number was meant to be reassuring about the amount of work booked. In meetings after the Q3 results were released, we observed that many investors interpreted the measurement improperly, which created uncertainty about the company's future prospects. We have decided to eliminate reporting a backlog number in the immediate future. Thanks for joining us today and looking forward to your questions. Back to you, Jen. Jen, you may be on mute. Oh, sorry. There we go. Thank you, Barb. I will now provide a focus on Q4 and where we finished the fiscal year. At fiscal year-end, Thunderbird was in production on 18 productions, with eight of them being owned IP or partner managed. It should be noted that subsequent to the year-end, the company released an update announcing 27 shows in production, an increase of nine shows since the fiscal year-end. We were so excited to share this update and put it into one place, the steady stream of new production titles and updates to our studio. At the end of Q4, our kids and family division, Atomic Cartoons, was in various stages of production on 11 animated series and two feature-length animation projects, 13 productions in total. These programs reflect a blend of both proprietary and service-based work, including co-producing Marvel's "Spidey and His Amazing Friends" with Disney Junior, "Molly of Denali" Season 2 for GBH and PBS Kids, "CoComelon Lane" for Moonbug and Netflix, "My Little Pony" for eOne and Hasbro, a "Curious George" production for Peacock, and the highly anticipated series, "Young Love" with Sony Pictures Animation for HBO Max. Atomic's owned IP, "The Last Kids on Earth," launched our first video game with Outright Games. Atomic also received the following renewals by broadcast and streaming partners: Season 2 of "Molly of Denali" for GBH and PBS Kids, and Season 2 of Marvel's "Spidey and His Amazing Friends" for Disney Junior. Shifting focus, our factual and scripted division, Great Pacific Media, was in production on five series, "Highway Thru Hell" Season 10, "Heavy Rescue" Season 6, "Deadman's Curse," the working title, Season 1, "Strays" Season 1, and "Dr. Savannah: Wild Rose Vet" in conjunction with Wapanatahk Media. In Q4, Wapanatahk Media, in partnership with Great Pacific Media, also announced the development deal with Anthony Johnson and Dr. James Makokis, the first Two-Spirit Indigenous couple to win "The Amazing Race Canada." Demand for factual content has surged through the pandemic. A recent Forbes article highlighted that in 2020, audiences spent twice as much time watching documentaries and reality TV than they did any other year prior. Factual series are proven to stay on streamers' most watched lists longer than scripted shows. Great Pacific Media is renowned throughout the industry for its factual programming with multiple long-running television series like "Highway Thru Hell," which has aired more than 100 episodes and is distributed in more than 190 territories worldwide. In fact, in June, Great Pacific Media received renewals of its three hit factual series, "Highway Thru Hell," "Heavy Rescue: 401," and "Mud Mountain Haulers," all airing on Discovery Canada. All three series also air in the U.S. on The Weather Channel. GPM also confirmed that the three new projects in development were ordered two series by Corus Entertainment, "Styled," "Gut Job," and "Deadman's Curse." The factual division also announced that it commenced production on a lifestyle series starring fan favorite Canadian contractor, Sebastian Clovis, of "Save My Reno." This series was born from Sebastian's years of coaching homeowners through all types of housing and renovation issues, and we are delighted to be working with Sebastian on another lifestyle production. "Gut Job" is produced in partnership with Corus Studios and will air on HGTV Canada in 2022. GPM also began broadening its content horizons to serve key audience demographics globally from kids on up. In development at GPM is a diverse group of productions that range from how-tos to pop culture to science, high action, kids' reality shows, and drama. Thunderbird scripted programming rolls under GPM. Our scripted group is also gaining significant momentum with the recent launch of the new CBC comedy series, "Strays," a spinoff of the hit series "Kim's Convenience," and the imminent start of principal photography on our upcoming series, "Reginald the Vampire," which we will co-produce with Modern Story Company and December Films. This concludes the corporate update for today. There's truly never been a better time to be in the business of content creation, and this is especially true for the animated and factual industries. With content spending on the rise, and keeping quality as our North Star, we are proudly building a reputation of housing world-class talent to create exceptional productions. As a company, we are working together to grow organically, and we are investing in our future as a major global studio. As I wrap up today's remarks, I'd like to thank you once again for joining us to discuss our fiscal 2021 results. The opportunities ahead are filled with incredible potential, and on behalf of the amazing and talented teams in our Thunderbird family, thank you again for joining us on this very exciting ride. Now Barb and I are happy to take any of your questions. As a reminder, to ask a question, you will need to press star one on your telephone. To withdraw your question, press the pound key. Please stand by while we compile the Q&A roster. Your first question will come from the line of Laura Martin with Needham. Please proceed. Hi, Laura. Hello, Laura. Your line is open. Please proceed with your question. Oh, hi. Hi there, you guys. Sorry, I was on mute. Hi. Let me ask again. Yesterday on the Netflix call, they said that they did not expect either video game or consumer products to contribute to revenue in the next sort of three to five years. Even at peak, they didn't expect consumer products to be a meaningful contributor to revenue. I know you also are pursuing sort of the video game and consumer product strategy. When you think about projections, do you think those will be material upside drivers to your revenue line? If so, what's your timeline on those two ancillary businesses? That's a great question, Laura. We are setting very much, that's why we opened the consumer products and distribution department, was to sort of set up more of our own IP and then exploit and leverage that IP. It does take a while to make, which is why Netflix is likely projecting, they're right to project out that far, because once you set the show up, you develop it, you need the content on air, a significant block of content to support the launch, then the toys, games have to be made. It really is sort of a three-to-five-year perspective. As it relates to Thunderbird, we have a bit of a head start. We'll start seeing some uptick in 2023, and things really start to pop in 2024, 2025, and beyond. Do you think they can be like 25% of total revenue at peak? Is that your goal? How big do you think? Give me a magnitude, if you can, for video games and consumer products that could be upside to revenue. Well, my goodness, we're always trying to be conservative. That's what we're putting into our projections. We always do ultimates, low, mid, and high-level ultimates. We don't project high ultimates because you can't make a hit happen. When you look at why eOne bought Hasbro, or Hasbro bought eOne for $5 billion, it was because of "Peppa Pig" and "PJ Masks." The power of those brands when they hit, it's transformative. We have over 50 projects coming up through our IP pipeline to set up and sell, and we're very hopeful that there is a transformative IP in there. Of course, you can't make that happen, but that's certainly, we're putting all the measures in place to give us the best shot. Excellent. I know one of your strategy is balancing sort of creating your own IP compared to working for other people's IP. Can you give us that mix right now of how much of your backlog, which is just continued, but how much of your slate now is for your own account versus for someone else? I'd say just over 50% of our slate is IP, and then the rest would be service, and partner managed, in which IP, straight up IP, and partner managed. Partner managed is when we have ownership in the back end. While we may not retain the copyright, we do have ownership in any toys, video games, cross-media exploitation. You basically have an economic claim in everything you do, it's just you own 100% of the IP and about 50%? Did I hear that correctly? That's right. The rest is a mix of service and partnership, and that's across both divisions, factual and kids and family. Okay. Thanks so much. Great results. Thanks very much for taking my question. Thank you, Laura, for your interest always, and support in Thunderbird. Your next question will come from the line of Aravinda Galappatthige with Canaccord Genuity. Please proceed. Thanks for taking my question. Congrats on the quarter and the year, guys. I wanted to actually just flush out the service and proprietary mix a little bit. Obviously Q4 was very skewed towards service. I know that's not an indicator, but when you go by the financial results, it's last year was 31%, maybe a bit more than that, distribution and licensing. Should we expect that maybe a move towards 40%-50% quickly in terms of fiscal 2022, or would that be a more gradual process as we look beyond 2022? I would say it's a more gradual process. There's ebbs and flows in terms of when things deliver, and I heard Barb jumping in, probably has a more granular answer. Barb? I was just about to say that. Definitely. It all, as you know, Aravinda, it all depends on timing of when those licensing and distribution projects are going to be recognized. As we build out more of our IP and more of our library, we are not going to see the results until everything is delivered. While right now, in the results we are seeing about an 80/20 split on the revenue side, it is because we have spent the time in the last couple of years building out L.A., building out Ottawa, we are seeing the results of that. Now we just need a little bit of time to build out that IP and to see it hit and change those percentages down from being so weighted on production services to being a little bit more equal. Okay. That makes sense. Thank you. With respect to just focusing on the proprietary side a little bit, obviously you've talked a lot about "The Last Kids on Earth" and the success that you had there. Is there anything else you want to call out in terms of IP on the kids' side that is appearing to be prospective right now, or is it just a portfolio at this point? I can say we certainly have deals in place, but we're not able to announce. The second that we can, we will be announcing, and we can't wait to do that. We just have to make sure we're following proper protocol. Absolutely. My last question is there's been a fair bit of literature on what's going on in terms of the indie space. Quite a bit of M&A. On the very high end, we saw MGM get taken out. On the mid-cap side, let's call it, we've seen a number of independent studios get sold, including Hello Sunshine and so forth at what appears to be attractive multiples. Obviously great for you guys on one side when you think about the stock, but on the other hand, a company with cash looking to grow, potentially looking to acquire. Does that make it a little bit difficult for you to pursue your M&A strategy? Are you seeing potential targets starting to price themselves up a little bit? Yeah. It's a great question and one that we roundtable. Certainly, when we look at M&A, we're looking at different approaches to it, and we still do feel it's very achievable with the strategy that I've outlined before. Just as everybody else's multiples going up, so is ours. That's not necessarily a bad thing. Definitely it's hot, and I think it's just a good nod to the power of content and what a massively lucrative industry it is. Excellent. Thank you. All the best. Yeah. Thank you so much, Aravinda. Thank you. Once again, if you would like to ask a question, that is star one. Your next question will come from the line of Adam Wilk with Greystone Capital Markets. Please proceed. Hey. Hi, Adam. How are you? Thanks a lot for taking my questions. Good, thanks. How are you guys? Of course. Good, thank you. Yeah, great job this year. Really phenomenal results. I just had a couple high-level questions. First, in line with your commentary about pitching new shows and ideas, it seems like whatever process you undertake in that area is clearly working. The growth in the production slate from just June of this year has been tremendous and doesn't really seem to be slowing down. Do you have any comments there, just in terms of maybe keeping up this level of growth in show development? We're kind of looking at the norm moving forward, correct? Yeah. It's amazing how much the need for content is. The streamers constantly have to refresh their sites. Our long-term strategy of focusing on diverse, inclusive, high-quality content is paying off in spades right now. I always need to give the team a shout-out. In March of 2020, our company, and I've heard this from many buyers, was one of the only companies really to transition successfully everyone off-site and not miss any deliveries or create any overages for anyone. That has won us a lot of good stead within the industry. No, there's no signs of slowing down. We're still selective about what we try to do, because we want everything we do to stand on the shoulders of the last one, and we want to produce with a lot of integrity. Very grateful that all of the new players in the industry, Disney, Apple, HBO Max, et cetera, aren't startups. They're here to stay. A company like ours in a pure content play is really benefiting from the market tension. I appreciate that. Thank you. I also appreciated your industry commentary at the beginning of the call. Oh, good. It was kind of referenced with the last analyst, but for anybody who's paying attention, it's clearly no secret that the demand for content is incredibly strong right now, and a lot of that, I think, is being expressed through M&A activity across the industry. From where I'm sitting, it seems like anyone with anything resembling some owned IP or some sort of brand is being scooped up, usually for a really high multiple of revenues or they're shopping around their company. Yet Thunderbird, despite its growth, owned IP backlog, project pipeline, relationships with streamers, is sort of being left out in the cold with your valuation and sort of being ignored by the rest of the market. You guys are the rare case where you have the balance sheet and you're cash flow positive. We can all see what Blackstone is currently buying, among other things, and some of these companies have less than five shows released or in production, and they don't make any money. If you guys are valued at something even close to some of these revenue multiples, we'd all, I think, be looking at a double-digit stock. All that is to say, finally, to my question, as you guys continue to execute. If your valuation continues to lag the rest of the industry, can you maybe talk about some of the, I guess, steps you'd be interested in taking to close that gap, whether it would be M&A, up-listing to the U.S., or even potentially exploring maybe a merger or an acquisition where you guys might be able to take advantage of some of the large amounts of capital out there looking to make some of these strategic deals? Yeah, no, that's a great question, Adam. Certainly, I think we've been set on running our own race, doing it true to our value system. I believe the story will continue to catch fire. I see the amazing and inspiring work going on here every day. Our goal is to honor all of the employees and all of the shareholders, and the end goal is not to do sort of a mid-court volley on the venture exchange. We want to grow, be it through our own M&A. We're also a very attractive company. I think getting an up-list at this point, at our size, we'd like to be bigger with a little bit more gravitas. We're exploring all options heavily, and it's a main point of focus. The business is running well. The foundation is solid. Now we just need to make sure we're honoring everyone within the public market. Every conversations on the table, and we're open to what are the best steps to becoming the next major global studio. That is our goal. We feel we're well on our way, and how do we honor our shareholders in that process? I appreciate that. Fair enough. One more from me, just a quick clarification question. Of the shows that you mentioned that are in production, where you have deals in place that you aren't able to disclose, do those fall outside of the disclosed production slate that you released in the PR, or is that inclusive of the 27 shows? That's a very good question. Those would fall outside the yet to be announced IP. Okay, great. Well, yeah, thank you very much for the time, and really appreciate it as always, and great job. Oh, thank you, Adam, for following the company, and really appreciate your questions. Your next question will come from the line of Cullen Rose with Stoic Point. Please proceed. Hey, Cullen. How are you? Good, how are you? Good. Thank you for calling in. Sure, wouldn't miss it. Actually, just a couple clarification questions. One, just on the production services growth in the quarter. It's kind of mind-blowing. Can you just maybe elaborate a little bit on was there some lumpiness or just a lot of things hitting at once? Just thinking about how to extrapolate what we just saw in this quarter versus what we might expect going forward. Yeah. Barb, do you want to speak to the specific timing? Yeah, I think there was just a lot of productions that sort of started in fiscal 2021 that sort of started to increase, and hit their high point, as it were, in the quarter. Yeah, I do see that it was certainly a significant amount compared to last year and compared to the year overall. That was about it. There was some sizable projects that hit their running speed during the quarter. Got it. Obviously, licensing's a lot harder to, I don't know, perhaps forecast, at least for us. Thinking about the underlying drivers, can you speak to, maybe at a high level, expectations for licensing within Great Pacific Media versus Atomic? I guess first question was, is Great Pacific Media capable of generating high single digit, low double-digit growth, something like that within the licensing business? Which seems to be most of the licensing business today. Is that fair? I think when we look at distributing and consumer products and whatnot, it's great. The majority of work going to Great Pacific Media is fully owned, and there's a huge, again, need for that content around the world, as are its kids and family. I'd say kids and family is a bit more evergreen because a lot of its animated, so you don't have that kind of 1980s tie or whatever. It can be repurposed for a very long time. Arguably have more success in the Kids and Family division with merch, all types of cross-media exploitation. With Richard having joined the company, we're looking at our factual division, our scripted, our Kids and Family, and we're going through the entire library. We haven't explored so many other ways of monetizing this owned IP. It's really exciting to actually have a look at it all and see how we can further lift it. I think with this new addition and this immense skill set inside of our company now to represent our own brands plus other people's, we do expect all divisions to lift in these areas. Simply because it wasn't a core competency that we previously had. Got it. Kind of somewhat related, I guess, the portfolio review, and maybe Barb can clarify. Did you call out an additional CAD 2.2 million of write-off amortization cost, kind of incremental as a part of a portfolio review in the fourth quarter? Yeah. We continue to really take a hard look at our library. With Richard coming on in January, he's been really digging through things, looking at the changes in industry. We're discovering a lot of different changes in the industry that sometimes will help or hinder the sales of a particular title. That CAD 2.2 accelerate amortization in Q4 is just a progression of the hard look that we're taking on the balance sheet and him coming on, kind of his first six months, taking a look at those titles and stuff. We're being very realistic and conservative, I think, because we don't want to face continuing years with impairments. We want to be really cognizant of the value of things on the balance sheet. Right. We have a better strategy in place. Sorry, Cullen. Going forward, we've got a really tight strategy now with this new team of going forward, accurately assessing properties and whatnot. We're just, yeah. To Barb's point, we just are trying to be as tight as possible, and then we've got some very good processes in place going forward. Got it. Well, great. Great quarter. I guess I would just, as you might expect, would echo what Adam has said and tied to the question about M&A, which is to your own point of your stock price going up and the attractiveness of things out there, using your stock as currency. It's much more effective to use it when it's appropriately valued. It's kind of a circular game here of who's going to acknowledge what the story is versus who's paying attention to versus how big it is. It's all tied together to who's paying attention. Would encourage you and the board to think long and hard about is this story as compelling, is it getting enough attention and focus based on probably its current listing status? No. Well said. Well said, Cullen. We agree. Well. My job's easy. I just get to brag about everyone's amazing work and try to lead us through. That's right. I think that. Make great content. Exactly. No. Thanks. We really appreciate the comments and thank you for all your support. Thank you. At this time, there are no further questions in queue. Thank you all for joining. This concludes our call today. If you have any questions, please call 1-604-683-3555 or email investors@thunderbird.tv. Thank you. You may now disconnect.