All right, everybody. I'd like to introduce our next presentation here at Planet MicroCap Showcase, Vancouver, in association with Small Cap Discoveries. Now presenting Joseph Nakhla from Tribe. Thank you. Good to see everyone. Thanks for doing this. I wanted to give everybody a couple of extra minutes of bio break because I needed it. Been talking to a lot of people, so I'm already sick of my own voice. So you're gonna get a really condensed version of what we do. Hopefully you have a lot of enthusiasm around property management. I know you don't, but just humor me for the next few minutes. So to give you a little bit of information about myself, I started in the tech space a while ago as a CEO of a company called TIO Networks, which some of you older guys will have known the story. 2017 had a great exit with PayPal taking the company out. It was in the in-person payment space. Since then, we have been focused on the densification that's occurring right around us. If you're from Vancouver, Toronto, anywhere else, U.S., you all have seen, cities just change in terms of dynamics. A lot of people are moving into these big buildings. These big buildings, we call them condos. If you're from Australia, which I met someone, I don't think she's here, but they call them strata. So condos, HOAs, if you're from the U.S., this concept of living together under one roof, whereby, it's, you know, heavily regulated and there's rules and things that we have to adhere to. We started as a company, building software to bring some order to that complexity. We started by bringing in the software into developers, to help them digitize the building, so when they hand it over to homeowners, it goes, really well. They have history, they have a repository of information, floor plans, blueprints, contracts, agreements, warranties. I can go on. And then we watched how they use the platform, and we saw the, complexity and introduction of people that move into the building and how the building has to kind of grow into operations. And then there's this thing called property management company that shows up. It's a company that's required to be regulated, licensed, and I'll walk you through a little bit of that. I won't bore you too much with it, but it's a world of really a corporation, because a bunch of the people that live in the building will get elected, and then they go from there onto their their activities. And I know I haven't moved the slides yet. That's not how long I'm taking per slide. I'm just walking you through a little bit of positioning. So we decided in twenty eighteen to become a property management company, to actually replace the traditional property management companies and being a company that comes in with our technology and deliver the service. So let's take you on that quick journey. So first of all, we are officially, Canada's only rental property management. We think of it as institutional property management. We're actually now the second largest company in Canada due to a big acquisition that we just did a couple of months ago. And on the condo side, we're top three. And if you're not familiar with the names around the space, don't worry, you're not alone. But the one that you may recognize is a company called FirstService. So FirstService Corporation, or FirstService Residential, FSR, that is the one that you may be aware of. It's a public company, great company. It's been around for a long time. It's CAD 8 billion. Second one would be a company called Associa, out of Texas. This is on the condo space again, out of Texas, and us. So one is CAD 8 billion market cap, one is CAD 4 billion market cap, and then yours truly, CAD 13 million market cap. But we're knocking on their heels here in Canada. Only the three of us really operate nationally. We are unique in that not only do we have our own technology platform, but we actually interject or intersect our way into the value proposition of a building, regardless of its age. So we're actually involved with developers that are building brand-new buildings, sometimes five years out. We have a set of data that keeps getting bigger and richer to help the developer make decisions about the building. Some of it could be as basic as: Should we build in two bedrooms, three bedrooms? Could be as complicated as, you know, what type of equipment lasts longer? It could be budgets for the community. It could be even as basic as: Do we need yoga rooms? Do we need kind of back office for the building? So we take all of our data, we put that in front of them and help them really plan for the future and make it desirable to sell in a sales center. So you walk in a sales center, and they tell you maintenance fee is gonna be X, Y, Z. That's all calculated through our platform. And then, of course, if you're lucky enough to buy into the building, you're gonna move into that building. You're gonna be downloading our app, and it'll have a suite of products, your manuals, your walk-throughs, your deficiencies. If you've ever been through that, it's kind of a fun experience. All that stuff is managed through our platform. And then once people move in, and they want to book the elevators and get their financials and get their closing docs and all that stuff, all that stuff is done through our platform. And then developer disappears. Then this becomes your home, and you live in that building. Everything that goes through that in terms of the management requirements are done on our platform, and we are the licensed company on top of that. And then there's people that live in the building, you're an individual that lives in the building. You want to book the amenities, you want to get your financials paid, or you want to buy one of the products that we offer you on the platform, insurance. You wanna down the line, we're not there yet, but even we have enough data to help you buy or sell your unit. You want to rent out your condo. All that stuff can be done on our platform, and we'll just keep clipping as we go through right through the process. We just closed an acquisition whereby we grow organically. It's pretty straightforward. Either the developer will come and call us and say, "I have a brand-new building coming," or an existing building being managed by another property management company, and that comes to us. They want to leave the traditional model and come to our service delivery model. A REIT building, a brand new rental purpose building will come to us. But we also grow through acquisitions, so we've acquired 12 companies to date. This is our latest. It's a company called DMS. Those that are familiar with the Toronto market would recognize the name, complete name, which is Del Management Solutions. So Del is from the Tridel group of companies. So that's a company we bought from the DelZotto family, who are 51% owners. 49% of it was the two operators. Big deal about this acquisition is not only that it's helpful from a top line and EBITDA number, but it really completed our footprint, national footprint. So again, to give you a perspective, twenty eighteen, January twenty eighteen, we had no assets under management, and today we're in the CAD 42-43 billion of assets under management. Not to impress you, just to give you a little bit of feel of the growth we've been experiencing. The reason assets under management, if you've ever been involved in real estate, we can all agree it's the most vanity metric you've ever heard. It is a vanity metric, but it actually does tell you a little bit more about your footprint. The reason it's actually relevant to us is because of the data we accumulate about these billions of dollars of assets that we're managing, because that data actually plays a big role in how we monetize. We are the only asset that's national, that plays in both condos and rental, but we're also doing some really interesting stuff. Most of the brand new, think of it as, as master planned communities. You've probably all seen them. These are not just a rental building or a condo building. There's actually a lot of stuff going on in there, inclusive of commercial, retail, nonprofit. This is, you know, all the buzz that you're hearing in the media about what's the housing solution. Really, what's going on is a whole lot of horse trading between the developers and the local government, the federal government, and incentive programs to be able to create as many homes as possible. The reason I bring that up to you is because we're literally the only company in North America that a developer needs to sit with, and we can actually manage every aspect and category of what they've got, using a digital strategy that can deliver on the different phases of that program. The way we do it is we digitize all the buildings before they're erected. In the case of a developer, we do all the walkthroughs on our platform or accumulate all that data. We set up all the budgets for them and help them manage all their warranties. Warranties are managed differently per province. In Ontario, you have to be integrated with a government body, so our software actually sends out those tickets. So a little crack that you see on the wall, believe it or not, the government wants to know about it. When I say government, it's a government, it's like an insurance play, basically. So all that stuff is completely managed in the back office on our platform. In an existing building, we have a tool that allows us to benchmark the performance of your building. If you live in a condo, you really don't know. No matter how good you think your building is managed and how much you fall in love with it, you really don't know how good you're doing compared to others, because you - there's no way for you to benchmark per square foot. We do that for you. We do the property management, actual work itself, I just want to differentiate. That's not doing the carpet cleaning, that's not doing the landscaping. We have the software that connects the vendors to the, to the work that's needed, but we are the licensed property management company on record. We have the residents' apps, where they interface with us. We are running at about 78% engagement. So at any point, 78% of our homeowners are interfacing directly with us through our platform. And then we have a digital marketplace. We have so much data about the home, so much data about the homeowners. We have a size now that allows us to aggregate products and services and make that available to you. Basically, give you deals that you can't get on your own, whether it's a building or as an individual. A good example, you might get jealous with that, but if you live in one of our buildings, which I met one of the investors that actually lives in one of our buildings, it was very full of compliments. But she got, you know, her Triple Play at 50%. 50% off from Telus. It's not a deal that's offered anywhere else, but that's an example of that. Property management sucks on a good day. A lot of people complain. It has worse approval than U.S. President. I just checked it. It's true. Lack of consistency, more requirement and more policies are coming through and actually is required. But I'm not a guy that loves regulation, believe me, but this particular case is actually needed because a lot of money gets spent on these. This is not your, you know, your grandpa's, you know, condo that was CAD 40,000 with, you know, CAD 50 a month maintenance fees. Condos now are, you know, we're seeing stuff that's well north of 1,100-1,200 dollars a sq ft. Maintenance fees are 60-70 cents a sq ft. That's not little money. These are big budgets, so it needs a little bit more regulation. Lack of transparency and oversight is also another big problem, and it's complicated. I won't bore you with all the details here, but these are some of the complexity associated with it. If you ever take a boat, just out of curiosity, if you ever take a boat and just go outside of the water here, look at nighttime and look at Coal Harbour, I can tell you right now, because the math is very, very accurate, 40% of the lights are going to be on, 60% will not be on, and that is a function of rental. So a lot of these units are either being rented out or actually sitting dormant. So think now how these buildings are managed if these people aren't there. It's a completely different complexity associated with how these buildings are done. If you actually took the same boat and went out four years ago before they introduced the tax, you will actually have seen, those lights will have been even a lot more, right? So anyways, long story short, there's quite a bit of complexity here. Some of these buildings are being rented out. Developers now are actually starting. They don't have an engine for rental management, so they built two towers. One is rental, one is condo. We come in, we rent that for them, and we manage that for them on the condo side, using our tech. It's a big market. I don't think you're going to be shocked with this. I'll just tell you this. It's CAD 120 billion of annual spent in property management for residential living in Canada and the U.S.. CAD 120 billion. To give you a perspective, when Uber was born, that number that they were going after, the massive bite they were going after in Canada and the U.S., was CAD 20 billion, the taxi market, right? So I'm not saying to you we're Uber. I'm just giving you a perspective of how big of an industry it is, that honestly, none of you, before I got involved, I could even mention a single company in that space that's disrupting it, and that's the opportunity. Some examples of either partners we work with or buildings that we manage. I do not want you to think, oh, it's only the high-end stuff that these guys are playing in. We play in stuff that's low rise, CAD 400-500 a sq ft entry points. So, you know, our technology just morphs into what the requirement is for the building. It's not a case of only high-end and we do a lot of those, but we also do a lot of other types. Buildings that we manage perform better. And I couldn't make this slide last year, just simply because the data wasn't available, but the data now is available. So this is us in yellow compared to black. I have about a hundred and forty, I'm not exaggerating, a hundred and forty points that you can point to in terms of how a building is managed. And I figured if I do that with all of our potential investors or people that take interest in our company, there's no way I'm going to last. So really, these are just four examples of genuine improvement on the performance of the buildings that we have versus others. And these are apples to apples, meaning geographically, all in the same markets, and they're running on the same size. So we don't confuse high rises with mid rises to smaller towers because the cost structure is different. But the couple of items just gonna bring your attention to is, buildings that we manage run at 20% less insurance premium. That's data play. That's us coming in and showing the actual value of why you want a building like us that's managed. Look at the administration cost per sq ft. That's pretty straightforward. Why? Because our buildings don't need necessarily to have three shifts for concierge. We could go with two, because a lot of self-service tools available. We don't need AGM packages to be sent out, so we can charge the building another CAD 10,000 of pure BS, mail outs and all that stuff. It's all done on the platform with proxies and what have you. Same goes for revenue per reserve fund. That's a financial service department that we started six months ago, and it's growing really, really strongly for us. It's a fancy way of saying everybody sits on money. Every building needs to operate with three to four accounts. You got your, you know, trust fund accounts, you got your operating accounts, you got your CRF accounts. So we've gone to the banks and said, "Look, look, this is our size, this is our data, this is a number of amount of transactions that we make every month. We don't just want you to get the benefit of having that cash. We want you to actually generate more revenue for us, for our customers. In addition, we want you to give all of our buildings zero banking fees." We actually pulled it off. For those that are not from Canada, we only have five banks here, so this is one of the five that we, we did the RFP was in like 55 banks, like you guys some have in the U.S. and some of these states. So it's, it was an undertaking for us to do. We make money through two big buckets. One of it is just software and service. It's a monthly recurrence, about 80% of our revenue. So think of a condo corporation or strata building or HOA. They pay us a monthly fee, and that monthly fee includes a bunch of services they get, because plus, they get all of our software. We don't nickel and dime on our software. We don't say, "If you want this feature, you get more." No, you get everything from our package. And on the transactional revenue, once you're into our app, things happen. We see data, we can see your performance as a building. We see an opportunity for us to sell you products like energy saving products, sub-metering products, triple play, I mentioned earlier, for you to get internet. I can go on. There's hundreds and hundreds of items. You want to rent your unit because things have changed and you no longer have a one bedroom? Click of a button. We actually will put that in our rental pool and rent that out for you, and we'll charge you for that, but it's quite a bit easy, obviously, quite a bit easier, and we are embarking this year, we're hoping to launch in Q4 on a new world of data play that allows us to take all the performance of all of our assets and actually start predicting what this building is going to need, so instead of you waking up as a condo corporation or strata president to the fact that the roof needs to be replaced and you definitely not have the money there, nor did you have the CRF or what have you. Actually, how about we give you a ten-year predictable model, where you can actually manage what your building is going to look like? Good news is, regulation is coming towards that anyway. That's like an engineering report, if you're familiar with that term, but we can actually do that in-house using our data. So I just showed you why our buildings run really well, don't spend as much money, but we're not cheap. We are more expensive, and we deserve it because we are doing a better job for you in the buildings. The very top on the left is an average, national average in Canada, so they usually charge CAD 20 per home, plus they make about CAD 2 transactional fees, run at about 30%-35%. These are traditional property management companies. We, as of last quarter, ran at about CAD 39 per home, and we generated additional CAD 9 per transaction, CAD 9 of transactions per home, and we run at about 41.5% gross margin. We needed to compete with national players, so we needed to make investments to get us to the national scale that we needed. And thank you. And we're basically backfilling into our size now. Quarter over quarter, we continue to grow. We're a First 50 company, two years in a row. We like our chances for the third year. And we are not dumb. We understand, you know, micro caps need to get to profitability. We need. You know, a lot of very smart people in this room have given me their feedback as well, so we're all on the same page. And we're just head down right now to backfill into our national investments that we've made and get to EBITDA positive by the end of the year. This kind of shows you those couple of years with quite a bit of negative EBITDA. That was the time for us to build that national footprint. This obviously happened through organic and acquisition growth, and now we're turning the curve. Some examples of acquisitions that we've made. I mentioned earlier, 12 acquisitions, and this is our footprint. The takeaway from the slide is not to let you know anything about the geography of property management. It's just to really speak to where the addressable market is. So if you actually-- If Tribe gets presence in every single one of those hearts, the gray hearts is where we do not have presence. Yellow is where we're operating currently. If we get there, that's about 90% of the addressable market. So the takeaway is you don't need to be everywhere for the products and services that we do. The $120 billion that I spoke about earlier just happens in those markets. There's other markets, but not meaningful. So this is where all the activity is for a product like ours. So let me tell you about our undervalued company. So tightly held, we have 33 million outstanding shares, just founders, and we put one of our shareholders there because obviously up to 25%, but between that, we're industry insiders, we're closer to 55%-60%. So that's one of the challenges we have is we don't do a lot of volume, simply because we have a lot of believers in the company. That being said, we think we represent great value, and you can read a little bit more about our coverage, which is well above 200%-300% of where we're trading currently. So industry that you don't wake up thinking about, but you drive by them all the time. If you know anybody that lives in a condo, just ask them: How do you feel about your property management experience? Do you know anybody that rents in a building? Ask them how they feel about that. That's the industry we're disrupting. We've proven that we can grow at rates that's unheard of for the industry. We've proven that we can generate gross margins that are much, much healthier than what the industry offers. And we have an M&A strategy. We don't just depend on organic growth. Please don't confuse us with a company dependent on interest rates being up or down, real estate being sold or not sold. It really does not make a difference for us. We need more homes. They're all gonna be vertical, they're all gonna be in buildings, and they gotta get managed. That's what we do. Rents go up, great. We make arbitrage on that. You know, prices go up, great. You know, just a lot of movement around this occurs and more developers are building. Other than that, it's a completely fragmented market. The largest player in Canada runs at about 8% market share, and we're not very far behind them. We're maybe at a 4% or 5%. That's how fragmented that market is on the condo side. Won't bore you with this. We've just been busy for the last few years, and that's it. Thank you so much. Yes, question? Oh, it's the warrant is at CAD 0.82. The question was the warrants in the last round was CAD 0.82. It's a five-year warrant. We just did that round, so yeah, it expires in five years. Yeah. I can't do the math right now. That requires engineering skills. Yes, hey. Good to see you. Thank you. A quick question on the two new revenue sources you're talking about, rental possibilities and sales transactions. Have you worked out based on the number of units you already have? I think nineteen thousand units. How many- On the rental, CAD 19,019. Yeah. On the rental, yeah. Yeah. So what that would add to your revenue base, like, if you add those two income streams? Yeah, it's a great question. We have internally, we haven't communicated externally at all, but I'll give you a little bit of insight. We think on the energy management products, we think there's about CAD 2 million of EBITDA available for us that we haven't projected or we haven't spoken about, just in the communities we're in. The bigger question you ask, which is the concept of potentially being able to turn our tenants into homeowners, that's a much, much larger number. We don't know the conversion rates are, but we're gonna pilot in a market, and we'll see where it takes us. I'm just talking to be. I don't want to be cryptic. I'm talking, we are licensed. We can, we can take our tenants and make them an offer to buy a condo in our ecosystem, and we're licensed for it, and we can actually do that transaction at a fraction of the cost. How much we're willing to charge? I'd be the biggest liar if I told you what we're willing to do, but we're definitely gonna go and disrupt that space. Because we think, all due respect to all realtors, we think there's a lot of money that gets paid for very little doing. Any more questions? We're good? Yes. Yeah. What does that give you in terms of the cash position and- We're- Going forward. We feel very comfortable that where we are right now, especially with the acquisition that we use, the capital that we raised for, that we do not need any more capital to get to cash flow positive. So we're pleased about that. The hungry crew that we are, we wanna grow and obviously, so we you know we definitely wanna see the street appreciate what we're doing, but we understand we've got to get to profitability. But once we get there, we'll be able to hopefully use the stock as a currency to make more moves. All right. Oh, yeah, go ahead. ... Very little. No, it's. I think it's 10,000, 10, 15, maybe even less, somewhere there or higher. Maybe 20,000, is it? 20,000, yeah. Per day, approximately 20,000. Okay. Thank you, guys.