Good morning, and thank you for joining us to discuss UGE International's second quarter of fiscal 2023 financial results for the period ending June 30, 2023. On the call today, we have UGE's CEO, Nick Blitterswyk, and UGE's CFO, Stephanie Bird. My name is CeCe Carey- Snow, and I'm UGE's Senior Manager of Marketing and Communications. During the call, all participants are in listen-only mode. Following the presentation, we will conduct a question and answer session. We've collected investor questions via email, but you can also submit your questions through the Q&A tab in the web portal at any time, and management will answer them following their prepared remarks. Next slide, please. Before management discusses the results, I'd like to remind everyone that certain statements in this call may be forward-looking in nature. These include statements involving known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements. For caveats about forward-looking statements and risk factors, please see our MD&A for the quarter ended June 30, 2023, which can be found on our company profile at SEDAR+ and on the company's website. I will pass the call now over to UGE CFO, Stephanie Bird. Stephanie? Thanks, CeCe. Good morning, and welcome to everyone on the call. I'm Stephanie Bird, CFO of UGE International, and I'm joined today by our CEO, Nick Blitterswyk. For today's webinar, covering Q2 2023 results, Nick will begin by summarizing key business highlights for the quarter. Next, I'll run through some of our Q2 2023 financial results. From there, Nick will provide some concluding remarks with a look towards the future before we take questions and then wrap up the webinar. As a reminder, you can submit a question through the portal on the left-hand side of your screen, and we will run through them after our prepared remarks. As always, our goal is to be mindful of your time and keep this webinar concise and to the point. We will be speaking relatively high level and focusing on the areas that we feel are most important to understanding our business and financial results. Our website address is listed here as well, where you can download our full financials. We also want to remind our listeners that we report in US dollars, so the results in this webinar are represented in US dollars unless stated otherwise. So with that, let's start by talking about our key business results in the second quarter. Nick? Great. Thanks, Stephanie and CeCe. I will start today by giving my perspective on the quarter as a whole, and in doing so, comparing it to our first quarter as well as calendar year 2022. First, while Q1 was all about growth and milestones, highlighted by 10 MW of NTPs, Q2 was largely about digesting everything from Q1. While we made additional progress in the quarter, it was a reminder of the sizable jump we had made in Q1 and that growth takes a lot of hard work. To highlight a few of the areas we worked on in the quarter, we had added key individuals in Q1, and it took a few months for their integration to be complete. I'm really proud of the folks we added to the team this year, but in the case of our COO, it did take a second try to get it right. Brandon McNeil joined us as our COO early in Q3 and has wasted no time in making a positive impression. We were also very busy on project financing. Right at the end of Q1, we had closed financing for a portfolio in Maine and then spent the majority of Q2 working on closing facilities for projects in New York and Maryland, among others. While the New York portfolio has successfully closed, the Maryland portfolio leverages a USDA guarantee program. It's the first time we've used the program, and it has taken somewhat longer than we're used to with other lenders, although we're looking forward to that being wrapped up here soon. While the team has been very busy financing the next NTPs, we have also been working on becoming more efficient in our processes so we can close such facilities quicker in the future. I should mention that we have been quite pleased with the rates we've been able to secure despite the high rate environment we are currently in, with our two recent portfolio closes at approximately 5.7% and 5.8%, respectively. All told, we hit NTP on 2.7 MW in Q1. While this is less than the 8 MW we had initially set out to achieve, it is still a larger number than our total 2022 NTPs, reminding us of just how far we've come. The slippage was highlighted by the 3.5 MW Oregon project, which is now very close to NTP and was also a victim of the longer timeframe from the USDA program. On the construction side, we had 1 MW project finish construction right at the end of Q2, but the utility couldn't provide sign-off in time for COD before June 30th. After the close of the quarter, they requested that we swap one piece of equipment. With that almost in hand, we are aiming to reach commercial operation right around the end of Q3. Meanwhile, multiple other projects will begin reaching COD throughout the fall. Lastly, on my higher-level comments, and noting Stephanie will get into our financials in more detail shortly, our recurring revenue, which is our primary focus, more than doubled year-over-year and will continue to scale as more projects reach commercial operation. Next, I will touch on our development pipeline. The table shown on this slide shows our pipeline, backlog, and operating portfolio as of the end of the second quarter. As part of our Q2 business update, we disclosed that our backlog exiting the second quarter had reached 356 MW versus 313 MW at the end of the first quarter, and almost double the 186 MW at this time last year. As of today, backlog has retreated very slightly due to unfavorable interconnection results on a couple of projects, but we fully expect to return to growth in backlog within this quarter. Even then, our backlog currently represents total project value in excess of $1 billion. We remain very excited by the success we are having in developing our growing portfolio and for a greater number of projects to now be reaching the later stages of our backlog, where they enter construction and then become operating projects, as highlighted on the next slides. This chart here shows Stages 3.1 through Stage 6, with dark green being the second quarter of this year and light green being the second quarter of last year. The first takeaway is a remarkable growth in stage 3.1, which grew 87% year-over-year. Not shown on this graph are stage 3.0 projects, which is the first stage at which we have a signed contract that we refer to as site control. On June 30th, we had over 600 MW of additional projects in this stage, which represents growth of 251% over the same period of last year. This next chart simply hides stage 3.1, so we can get a better look at the later stages. In total, across the stages shown in this chart, there are over 28 MW of operational, in construction, and late-stage development projects, versus less than 12 MW at the second quarter of last year, for growth of over 146%. These 28 MW also represent total project value that is almost $77 million, and we expect to see significant further growth and maturation throughout the balance of this year. Lastly, as many of you will know, each quarter we publish a supplemental disclosure file, which can be found on our website's investor section. The file lists the projects in our backlog, along with key financial metrics and forecasted milestone dates, and is updated as per the date of our release, which gives us an opportunity to provide further updates on our progress so far this quarter. This graph shows the number of megawatts we are forecasting to hit NTP in each quarter, as well as the number of megawatts we are forecasting to hit COD in each quarter. The dark gray line shows the cumulative megawatts forecasted at each date and is as of this quarter's release, whereas the light gray line is of last quarter's release. The biggest change to mention relates to the shift of the light to the dark gray line, which is truly humbling. I will touch on regulatory timelines and interconnection near the end of this presentation, which accounts for much of this change, but I will stress that we are still confident in reaching the 100 MW goal within 2025. In the shorter term, we are actively working to pull back in timelines on two of our projects after our supplier had delivery issues on two other projects. While we will be finished our work on time, utility upgrades that are necessary to connect our project were pushed back by the utility, which led to the later commercial operation date. One more item I will add is a reminder that this is a forecast of our backlog projects only. It doesn't include any assumptions for other projects we have in development, in our pipeline, or that we will secure in the future. We will continue to win new business and expect to add to these figures. I'll also mention that project development is inherently variable, and one should expect dates to move around as projects mature, but we look forward to sharing our progress towards our goals with you in future quarters as well. With that, I will now turn it over to Stephanie to summarize our Q2 2023 financial results, and then I'll return to discuss other business matters before taking your questions. Thank you, Nick. I'm now going to review a few key items from our Q2 2023 financial results. Looking at this slide, energy generation rose 177% to 961,000 kWh in the three months versus 347,000 kWh in the year ago quarter as our operating portfolio begins to scale. The energy generation increases resulted from the growth in UGE's energy generating assets. With this increase in energy generation, UGE's energy generation revenue increased 126% to $184,000 in the three months ended June 30, 2023, as compared to the same period of 2022, as the installed capacity increased from 1,623 kW DC at the end of Q2 2022 to 3,758 kW DC by the end of the reported quarter. This growth was the result of 2 additional operating facilities compared to the same time last year. Additionally, there was growth from a full quarter of the 727 kW DC that was installed during the course of Q2 2022. As UGE grows towards our initial goal of 100 MW of installed capacity, energy generated in a given period will be predominantly impacted by installed capacity, with seasonality and other factors also having an effect. Our legacy engineering, procurement, and construction, or EPC revenue, decreased 83% to $66,000 in the three-month comparative period and 70% to $174,000 in the six-month comparative period as the company closes out our remaining contracts. EPC gross margin during the quarter was 108% versus 40% in the second quarter of 2022. The 108% anomaly is due to our subsequent event. After the end of Q2 2023, in an effort to force collection of final milestone payments on one of our last EPC projects, UGE filed for arbitration. This led to associated revenue and cost of goods sold to be allocated to other income and expense, further suppressing revenue results, but also bolstering the gross margin. The engineering services business recorded a revenue decrease of 55% to $48,000 for the three months, with an 18% gross margin versus a 36% margin in Q2 2022, as we lessen our third-party engineering work in favor of work on our own portfolio. The year-to-date comparisons are revenue growth of 43% to $354,000, with comparative margins of 26% and 33% respectively. Total operating costs and expenses were $3.4 million during the quarter, an 86% increase over the $1.8 million reported in Q2 2022. The main driver of the increase was general and administrative costs related to salaries and benefits, which were $1.8 million in Q2 2023 versus $1 million in Q2 2022. This was a 79% increase arising from the company moving from 56- 77 employees and contractors between June 30th, 2022, and June 30th, 2023. The net loss and adjusted net loss for the quarter was $4 million, compared with $1.4 million for the same quarter of 2022, as a result of continued investment in developing and building out UGE's operational portfolio. The six-month figures were $6.8 million and $3 million, respectively. The change was primarily driven by increased headcount as the company continues to build out its team to accommodate growth, along with as expected, increases in financing expenses. That said, we are confident that the investments we are making will be rewarded with strong cash flows from our projects once deployed. As a reminder, we are in the process of transitioning from a one-time revenue model to a recurring revenue model, and losses are expected until the company's self-finance portfolio reaches a larger scale of project deployments and operational projects. While this transition occurs, building out projects creates positive cash flows through the retention of what we refer to as a Developer Fee. This can be seen by analyzing the difference in cash flows from financing activities and cash used in investing activities, and is starting to become more noticeable as our deployments scale up. Moving to the next slide, let's look at our financial position. As of June 30th, 2023, UGE had $3 million of cash, a working capital deficit of $3 million, and our cash used in operations was $5.5 million. Sources of capital to capitalize the company continues to be robust. During the quarter, we closed a second tranche of brokered green bond private placement announced March 30th, 2023, for total gross proceeds of CAD 290,000 or $220,000. Post-quarter end, on July 31st, we announced a best efforts overnight marketed green bond offering of up to $5 million that has since been upsized to $5.75 million and closed yesterday. We have also closed multiple project financings, both debt and tax equity, so far this year. Our balance sheet continues to grow as projects progress through our backlog. Of note for this quarter is the increase in Construction and Progress in solar facilities in use, together with their associated project and tax equity debt. We had $7.6 million of long-term prepaid expenses at June 30th, 2023, and $1.4 million in 2022, as a result of equipment deposits to support our construction later this year. Additionally, there was an increase in capitalized project development costs, which is an indication of the progression of our projects through the backlog towards construction. The increase in the ROU Assets and their associated lease liabilities, as well as accrued liabilities for the related commissions, SaaS continue to increase site securement, with the net total of 16 leases being signed thus far this year. The increase in ROU Assets is not commensurate with the increase in lease liabilities as a result of the accrued commissions that are booked to the ROU Assets being adjusted for the forfeiture of commissions upon the departure of an originator. The increase in operating debt relates to short-term working capital facilities used. That concludes my prepared remarks, and I'll now turn it back to Nick. Thanks, Stephanie. One item I'll add is that for the last couple of years, as we've been forecasting our future results, 2023 has always looked like the low point in the evolution of our income statement. The reason for that is that our legacy EPC and engineering services businesses are tailing off as we focus on our own portfolio, but the recurring revenue from that portfolio is just beginning to scale. Meanwhile, we are employing a team that is focused on developing 100 MW of projects per year. That said, you can see the high margins we are expecting from our recurring revenue, which has consistently been in the 90% range, and how recurring revenue will scale significantly further as these late-stage projects reach commercial operation. We remain really excited for the cash flow generating engine we believe we're building as we scale. Before we wrap up, there are a couple more areas of the business we'd like to highlight. On the regulatory side, there are items at the state level and the federal level to discuss. At the state level, there are at least three local markets that we are watching very closely. New Jersey's community solar program has been approved, and we expect it will open to new projects later this year, at which time we'll be able to start locking in timelines for our backlog in that state. In California, a new community solar program is currently in the works. We're expecting more information and progress in the coming months. Lastly, in Pennsylvania, we had been hopeful of a program being passed before the 2022 midterms, but of course, that did not happen. We are again seeing favorable progress towards a program and are hopeful state legislature will pass such a program this fall. In all cases, we feel well prepared to enter those markets once they are open and look forward to greater clarity on timelines in the coming months. At the federal level, guidance flowing from the Inflation Reduction Act is still coming out one year after its passage, believe it or not. Approximately two weeks ago, the guidance around the low-income adder, which can add up to 20% on your ITC, came out. We were quite happy with how it was tailored towards projects like community solar and expect to be able to leverage it in the future, which would add further upside to our current project valuations. We expect to begin applying for this adder on some of our projects by the end of the year. Regarding interconnection, it continues to be an area of frustration across the industry. We continue to strive to work hard to better anticipate and forecast timelines and are hopeful that industry timelines will become more dependable. After all, it's really critical for the energy transition to play out at the pace necessary. On supply chains, I'll just briefly mention that we have seen continued progress in terms of both cost and availability and are seeing all-in budgets come in close to 10% below expectations in some markets for projects that we're currently building. In closing, I just want to stress that we remain confident in reaching our 100 MW milestone in 2025, despite these shifting timelines, which are, in most cases, outside of our control. The team continues to get stronger and stronger in making our full life cycle approach as efficient as possible, and while interconnection remains the bottleneck for this industry, I believe we are getting better at navigating it... and forecasting more accurately, and also believe that the industry itself will become more efficient and dependable in the coming years. With that, we'll wrap up the prepared remarks by pointing you to where you can find more information. As mentioned earlier, our website is regularly updated and contains all of our financial filings and other updates. You can also find our financial filings on SEDAR+. You can also visit Sophic Capital's website for additional information, and follow us on Twitter to get links to announcements and other media. Thanks again for tuning in today. CeCe, back to you. Thank you, Nick and Stephanie. We've collected the questions investors have submitted since issuing the financial results this morning, and we've also collected the questions submitted through the webinar's Q&A tab. We would like to thank participants for your questions. Moving on to the first question: Could you speak to tax equity and why there was only $1.2 million of proceeds received during the first half, compared with the $7.1 million expected on the main portfolio alone? Sure thing, CeCe. I'll take that one. Tax equity comes in four installments. And the initial close is actually a very minimal one of those, at only 1% of the value that they're coming in for. The big investments that they make are at the milestones of substantial completion and mechanical completion, which are later in the construction process, and we have not hit those milestones yet. The substantial completion is usually around 20%, and the mechanical completion is more like 70% or 74%. Thanks, Stephanie. Next question: Revenues from EPC and engineering services have dropped significantly this quarter. Does the company have a timeline of moving away from these two segments? Yeah, I can, I can touch on that. In EPC, you know, we've been really moved away from it for quite some time. There's been a legacy portfolio in New York City that has been wrapping up, that we are, like, really tying up last loose ends on. It's a minimal contribution there. And then there was one, community solar project in New Jersey where we were, in essence, co-developing it with a, with a real estate owner, and it ended up turning into a, in essence, an EPC deal from, from our perspective. But that is not the normal course, and, and, I think even that experience has just further taught us that that's not the business that we want to be in. On the engineering side of things, you know, we... It's higher margin revenue, and so we continue to do that work for third parties for a bit longer than the EPC business. But with just how much the company is scaling up right now and how many more projects we're working through these later stages, the team has really been, we kinda retrenched and focused on our own projects. And so I expect that the sort of lowest five-figure engineering revenue side of things that you saw in Q2 will become the norm in the short term, and we look forward to a day, not that many quarters from now, where the recurring revenue just significantly dwarfs both EPC and engineering services revenue. Thank you, Nick. What are your equity requirements for reaching 100 MW of operating assets? So the great thing about our business in being a full lifecycle developer of these distributed renewable energy projects is that net net, our equity requirements are negative. You know, we actually take out this Developer Fee. So as this portfolio is scaling, we're actually starting to see those more meaningful cash flows. I think Stephanie touched on this in her prepared remarks, that if you look in our MD&A at the proceeds from financing activities and then compare that to our investing activities, that's really not apples to apples, but that's really where the Developer Fee is coming through. Because the debt from the projects, plus, in particular, the tax credit from these projects, allows us to pay ourselves back that developer fee, which doesn't hit our income statement, but it very much hits our cash flow statement. So, you know, I think, as you're seeing the level of deployments ramp up, you're going to be seeing the cash flow position of the company become that much stronger over time. Great. Next question. Have you considered selling projects? Well, you know, it's a question that's come up in the past and continues to. In part, you know, as I've said before, we get regularly contacted by funds and so on that like to buy projects in our space. There's a very large demand for that. And even in the last few months here, we've received indicative quotes on some of our projects that were, frankly, you know, quite a bit higher than values we had been carrying ourselves in the information that we disclosed. So you need to consider it, but at the same time, we're also focused very much on the growing portfolio here and reaching sufficient scale of the operating portfolio. So, have we considered it? We certainly consider it, especially when numbers are really high on indicative bids. But it'll be something that we make sure we make the right decision for UGE in the long term, at each step of the way there. Thanks, Nick. Can we expect any meaningful change in the delays you're suffering from utilities? I I understand they're completely outside of your control, but the 100-megawatt operating mark seems to be continually sh ifting away. Yeah, no, I think you know what? I think we tried to get real with that in the prepared remarks as well. I think that the... You know, in that medium term, we still are, as I stated, very confident in getting through that 100 MW mark in the next couple of years here. So we still feel very confident in our projects and their approximate timelines, while at the same time being humbled by some of the shifts that are happening in the shorter term. Each time we're adding a new project or updating the timeline for a project, I really believe that we're getting more accurate, more confident, more conservative in that timeline, so that we don't see this continued shifting down the line. So the... Yeah, so I think that maybe I'll leave it there. I'm happy to take any additional questions on that as they come up, but, you know, I think we're trying to make sure like, we, you know, Stephanie and I are constantly saying to our team, you know, "Hey, make sure we're being really conservative with our updated forecasts." And it's a real focus on things within the company to make sure that going forward, we're exceeding expectations and not seeing a shifting out in the future. Thank you. What is your view on the interest rate outlook and how it would impact UGE's cost of debt? So, I'll answer both halves of that question, although I'll spend a bit more time on the second one about our cost of debt. You know, I think in terms of interest rate outlook, that obviously gets a little bit outside of my area of expertise. But at the same time, I think, you know, we're probably part of the consensus here in that we're hoping rates will peak, and we're starting to see long-term rates start declining in the, if not months, the quarters to come here. At the same time, in terms of the rates we're seeing, you know, I think we've really proven it in 2023 so far, that we have projects that banks want to lend to, that they're comfortable lending to, and that we can get good cost of capital in those projects. So, you know, the last two portfolio closes we had were in 5.7% and 5.8% for construction to term on those projects, which we think is really quite strong in this environment. So, you know, as the economy continues to evolve here and the interest rate environment continues to evolve as well, we'll continue to watch that quite closely. You know, one thing I will say is, you know, kinda inflation and interest rates going somewhat hand in hand, we were actually... We have been seeing quite significantly higher revenue from our community solar projects than initially expected, even though interest rates haven't moved all that much. So there is, A, a natural hedge there, but, B, we actually think we ended up in a better position with everything the economy has done here in the last year or two rather than the opposite. How do you balance growth and debt burden in the context of potential interconnection delays and higher borrowing costs? Oh, yeah, I can, I can take that. Stephanie, feel free to let me know if you want to add anything in there. But I think, you know, as we're, as we're building out the projects, you know, I think it's important for us to get to scale, build up the portfolio as quickly as we can and get also the lowest cost of capital that we can at each stage along the way as well. So, you know, I think from that perspective, it's, you know, maybe comes down to, you know... Okay, I'll say this, that when we get to the point where we're starting to actually construct, which is where most of the CapEx and most of the debt burden, if you will, comes into play, at that point in time, we have a really strong sense about what the final timeline will be on that project. And so from that perspective, I think we're in good stead. And then also I'll say, also on the green bond side of things, we also, you know, most of those have been a four-year term, callable after three years, and from that perspective, we think it really matches quite well, with some conservatism, the timeline for our projects as well. Would the prevailing interconnection rate limited step potentially affect the pace of moving projects from the pipeline into the backlog? Now I'm reading the question that you just read out there, Stephanie. Not Stephanie, CeCe, sorry. But so I think, if I understand that question correctly, you know, we're trying to take all that into account in the forecast that we provide. Yeah, so I think, like, from that perspective, there's variability in these timelines, but it's, you know, we're not-- we're trying to be conservative enough going forward that we don't have significant changes based on anything interconnection related. We had over 10 MW at NTP end of Q1 and saw that none had started construction yet in Q2. Why, and is that a trend for future quarters? So the megawatts we had NTP in Q1, you know, what I can say sitting here today is that I do know a lot of those projects are being built out. So it might have been a little bit of a matter of, you know, how what bucket we had them in on June 30th, but there definitely has been a lot of building out of projects, et cetera. When you do hit NTP, that will mean that we've, in essence, you know, secured financing, secured permits, et cetera. We still need to order equipment, and that can take a few months to get stuff to site and before we actually start building, but yeah, we are making good progress there. Why are your backlog projects being pushed back every quarter? I think I touched on this earlier, right? I think that, well, like I said, we are humbled by the shifting timelines, but at the same time, I think I understand the reason for the way that question is asked, but I don't think they're being pushed back every quarter. I do think, you know, and it's not been completely out of the norm, that we've had projects pulled forward, and that's, of course, an aim of ours, too. But yeah, I think that the overall industry here is struggling with the rate of growth that the industry is experiencing. You know, maybe... Actually, if I talk about Maine, for example, I've talked about it before, but, you know, that's a state that just went from zero to sixty in a very short period of time, and the utilities—there's a good faith aspect to this. There's also a non-good faith aspect to it, but the utilities just were very overwhelmed in terms of the speed of that. And, you know, like, for example, there's a couple of projects we haven't hit NTP on. We had signed interconnection agreements with utilities in 2021, and then the utilities decided to pull that back and do some more studies, and we're still months away from NTP on those projects. Things that don't happen in a mature market, like, or don't typically happen in a mature market like New York or Massachusetts or what have you, but it's one of the things we've seen in a kind of bleeding-edge market there. Thanks, Nick. We have a few interconnection-related questions that I'll just ask all at once. Are you experiencing more problems with interconnection approvals than other developers? Will these ease over time? Any way to speed up the process? Are there practical steps that management can take to address bottlenecks? And can you give some color on the unfavorable interconnection decisions? And lastly, have these made raising debt more challenging? Yeah, okay, and a lot of multiple questions in there. I'll try my best. I would say it hasn't had an impact on raising... on debt being more challenging. In fact, when we're lining up debt for our projects, it typically is at a point where we have interconnection agreement in hand, and we have a timeline, and we're ready to start procuring equipment and building it. In terms of industry-wide, you know, again, I do think that the main underlying reason here for interconnection delays is just how fast this industry is growing, right? Like, solar in 2022 was more than 50% of all new energy capacity built out in the U.S. And energy storage, to throw that in there too, there was more energy storage built out in 2022 than all new fossil fuel capacity. So it's a new type of energy, like, you know, it's not on demand, obviously. It's different in terms of renewable energy projects more generally, and utilities have been a little bit overwhelmed with that. But at the same time, utilities are kind of known to be, you know, former monopolies that are heavily regulated and not necessarily the quickest companies to work with. We are, like, seeing efforts. FERC, the Federal Energy Regulatory Commission, about, maybe, I want to say 6-8 weeks ago, it, it came out with one, one rule about standardizing how studies are done across utilities. Things like that are really necessary and happening, in our industry so that we can have more dependable timelines and, and be able to, develop projects at pace, and, and consistently, with, with dependable timelines as we go. So, you know, I think the right things are happening. Like, I'm really confident in that medium to long term about how projects are going to be able to connected, be developed, and so on. But we're just going through that kind of messy middle right now of, of the high growth that this industry is experiencing. Thanks, Nick. A question that I think I'll pass to Stephanie. Why is UGE recognizing energy generation revenue on its income statement? Is this to credit of the tax equity investors? Great observation for whoever's made this question. We, as a result of controlling the special purpose vehicle that is the asset to which the tax equity investor has invested, need to consolidate those special purpose vehicles into our financial statements. And as a result of that consolidation, we do recognize that energy generation revenue. The offset to that is actually increasing the debt that is associated with the tax equity line. So, it does not go to our accumulated earnings or deficit. It goes into that tax equity line until such time as we exercise our option to buy out that tax equity investor. So, we're recognizing it as a result of the accounting rules, but we're not recognizing it to our account. Thanks, Stephanie. Another one I'll pass to you. Growth margin on energy generation fluctuates a lot. Why? What costs are involved, and how are you managing in terms of O&M? Sure thing. So it's fluctuating a lot right now because a little means a lot, when you're dealing with such low volumes. The other piece of it is that whether or not we use our own internal resources or if we need to actually, as the industry calls it, roll the trucks. So in some instances, we are able to go out, and for New York, this is actually quite true because we've got quite a number of people based in New York, which is where a lot of our operating assets are. That doesn't go into our cost of sales because we're able to deal with it ourselves. Whereas if, for the O&M, we have to actually roll a truck like our Texas facility, that will impact and go into our gross margin. This should level out as we get a more diversified portfolio, but in the meantime, it does fluctuate quite a bit. I hope I answered all the aspects of that question, CeCe. Is there anything that I didn't? I think you covered it. Thanks, Stephanie. Okay. Thank you. Back to you, Nick. Should we expect G&A Q2 2023 levels during the next several quarters? Yeah, I think that that is leveling off somewhat. You know, we have been scaling up the organization here, but as of right now, there's very limited additions that we're looking to make, and those additions aren't at overly senior levels. So, I think from that perspective, not expecting too much change there. ... Great. The backlog has been fluctuating, August 24th, 348, June, 356, et cetera, et cetera, whereas last year below 200. Are you plateauing? Definitely do not think that we're plateauing. You know, year over year, the growth was close to 100%. So, you know, from that perspective, it speaks to that consistent growth and backlog that we've had. The number of projects that we have in our backlog now, you know, from a month-to-month basis, we're developing those projects, learning new information, moving things around a little bit. I think in July, it must have been, we did a little bit of cleanup, and there was a couple projects that we moved out of backlog, but are actually still in Stage 3.0, that were that we pushed back the timelines on, and it felt like it was prudent to take those out of backlog for the time being. We do have over 600 MW of projects in Stage 3.0, which is, you know, close to double what our backlog is right now. Those are projects where we have contracts, and we're developing those projects. So, you know, I think that there's a, there's a lot of activity out there, and, we're, we're looking forward to, to further growth in the backlog. Thanks, Nick. One for you, Stephanie. What is the total amount of Tax Equity dollars we expect to collect in the second half of 2023? So this is one where I can't be exact, and it will, as I mentioned a little bit earlier, the dollars are associated with the milestones, so it will be entirely dependent on the timing of those milestones. Mechanical completion is very much associated with the utility, and as you've heard on the call, some of those utility interconnects have been stretched out. So, the tax equity investors are bound into the deals. The timing of it, though, is not something that I can answer at this time. Thanks, Stephanie. Another one for you. What were the proceeds from the Philippines sales? These were really tiny projects. It's not going to move the dial at all. I just, I'll just—I think the only comment that I'm going to make on this is that these ones were quite immaterial to our books and records. Thanks, Stephanie. Back over to you, Nick. Can you provide updated thoughts on your expectations of cash retained per megawatt? Recent cash flows per megawatt appear more robust versus what you have communicated in the past. Yeah, well, it does vary by market. I know in our investor presentation, we give a sort of an indicative example of $1.30 per watt, or that would be $1.3 million per megawatt, as the kind of like what we call embedded value, or the difference between the fair market value and the CapEx. In terms of how much do we pull out of that as a developer fee, how much do we leave in terms of further cash flows within the project over time, is something that we determine on a portfolio by portfolio basis. But I think that those types of numbers are still relevant to what we're seeing right now. Thanks, Nick. I think you've touched on this in some other questions, but can you provide more color on the NTP delays? Yeah, you know, and I think I have touched a fair bit on this. Like, most of the slippage from Q2 to Q3 was related to a 3.5 MW project in Oregon, which we're really excited about, but we're just in the very late stages of closing that project financing for that project. As mentioned, there's a U.S. Department of Agriculture loan guarantee program, which helps keep debt costs low. And so we are using that program for the first time on a few projects, that one included. And it just took a little bit longer to get to that point. So we'll be ready to build that project out here really soon. You know, aside from that, I think, you know, if you know, anyone who received my investor newsletter this morning or if you saw in there, there's a bolded section that says, "Building the flywheel." But that's, like, really the mantra that the company's adopted here is, like, getting all of our processes really, really tight so that we can have any loose ends cleared up before you know, a closing checklist comes from a bank that we're working through. So there's been some aspects of that, too, where we're just wrapping up. You know, there's—I think I made a comment one or two calls ago that when we closed the late March facility, I think it was like 100 signatures that I had to provide on that portfolio. You know, these processes that we go through to close project financing on these projects are very, very robust. And so there's a lot in there, and sometimes our team is just you know chasing down loose items for several weeks to get there. And that's been an aspect of why some of those projects weren't quite at NTP as well. Thanks, Nick. We have a few value-related questions. What are you seeing on third-party valuations? Is a potential sale a source of funding for you? Which I know you spoke to earlier. Is there any means of monetizing portions of backlog to buy back shares? Yeah, so on third-party valuations, I'm going to speak in very general terms, but I think that right now we're seeing those values be, let's say, anywhere from maybe $2.80 a watt to $3.80 a watt, in that type of a range, based on market you're in and project type, et cetera. But we're pretty consistently seeing numbers that are well over $3, which is great, and we would have not expected that a couple of years ago, but speaks to the value that's within these projects. Is a potential sale a source of funding for you? Absolutely. There's definitely a market for that. And so should we decide that is a good source of funding or if there's an opportunity we want to tackle or what have you, then that's a possibility. And then is there any means of monetizing portions of backlog to buy back shares? You know, quite possibly. I've said before that we do believe that our market cap is pretty significantly below the book value of our backlog right now. And so from that perspective, you know, whether it's through a project sale or whether it's through generating cash from the business as this portfolio grows, you know, should buying back shares be the best source of or the best use of capital, which right now one could definitely argue that it could be, then we have to consider that. What dollar per megawatt are developer stage projects currently transacting at? So okay, so a couple things there. Development stage projects really, you know, starts from the end of origination, when we have, like, a contract in hand, all the way up to NTP. Like, that, that's what I would refer to as development. So the values are going to also vary based on where you're at within that time frame. On the NTP side of things, I made the remark before, but once you get a project to NTP, the developer is really able to capture virtually all of the value they've created from these projects. And, you know, it's going to vary by market, but it's not uncommon to see those values be north of $1 per watt. And that's simply for the project, not building it. If you go back... You know, like, we've seen transactions in the market for very early-stage projects, which are, you know, site control, but there's maybe one, two, three years of work to do to be done before that project reaches commercial operation, and those projects will trade at a fraction of that. But yeah, hopefully that provides some level of color there. Thanks, Nick. What is the targeted date for the 100 MW initial goal? Yeah, so summer 2025 is the time frame that we're targeting for that to hitting that mark right now. Great. Is the team seeing opportunities to work with large property owners to complete projects with similar engineering work? Not 100% sure I understand that. We do see opportunities with large property owners, and there's, you know, one in particular in New York that we've referenced a number of times named Wildflower, that we've done a number of projects with. They... You know, that's a good type of opportunity for us where we can do multiple projects over multiple years. The engineering work doesn't really come into play. We're, you know, much more focused on developing and owning those projects, but yeah. I think you've touched on this topic quite a bit, but I'll ask the question just in case there's anything else you wanted to add. What is UGE's relationship with utilities like? Is there something specific to UGE that is causing the delays? It definitely not anything specific to UGE. You know, I think on the one hand, utilities are a little bit monolithic. And so, there's... You know, aside from working the direct relationship that you have in any given project, it's not, it's kinda like dancing with an elephant in a sense. On the other hand, I'll say, you know, like, our core values of a company are be green, be great, have fun. An aspect of that is, like, really fostering good relationships with the utilities we work with, the vendors we work with, the subcontractors we work with, et cetera, and I think that that ethos is part of the company. So, you know, as we're scaling, as we're doing more projects in these markets, you know, I do see us developing good relationships with the folks that we work with. But yeah, it's definitely not something specific to UGE, that's slowing things down there. What resources can an investor look to in order to understand more about community solar? That's a really good question. What I might suggest is actually emailing us, and I know that my email address is up on the page right now. Just, yeah, feel free to email us directly, and if we take a couple days to get back to you, we apologize. But there is good information out there from. There's, you know, various articles out there. The Department of Energy, I think, has a website dedicated to community solar. Sophic Capital, that we work closely with, has put out pieces on community solar in the past. So, yeah, just shoot us an email, and we can help find some links there. Thanks, Nick. Convince us you don't need to raise pubco equity with your business strategy and developer fees. So, I'm not sure if that's... I think it's a statement, not a question, but- Mm-hmm ... what I will say is, you know, we haven't raised equity in over two and a half years. We don't have a plan to. We're just heads down here on building out the portfolio, and we're more excited about the prospect of generating meaningful cash flow and the earlier question about what do we do with it. What is the book value of the backlog? So there's definitely subjectivity to that. You know, there's no... Our auditor doesn't, you know, look at our backlog and provide a book value to it. So from that perspective, it, you know, I'll let the talented analysts that cover us and so on provide an estimate of that. But we definitely believe it's a multiple of where our market cap sits today. Thanks, Nick, and our final question: are you still receiving interest from potential acquirers of UGE? Yeah. Short answer, yes. You know, we're continuing to be focused here on building the company and attracting as much value as we can for our shareholders. But yeah, it continues to be a really active space, and we still receive reach-outs from that, from those types of folks. Thanks, Nick and Stephanie. That is it for our questions. So I will now pass the call back to management for closing remarks. Yeah. No, thank you so much, CeCe, and thank you, everybody, for dialing in today. We actually... I'm not 100% sure, but I think that we actually had a record turnout today, which I think really says something for it being late August. So we appreciate everybody listening in and being excited about the work that we're doing here. We're with you in terms of wanting it to happen as fast as we can. I know in the newsletter, we talked about having about 4.5x growth, actually, I guess it was 5.5x growth in terms of these late-stage projects now versus one year ago. We are seeing it ramp up. We'll continue to see it ramp up, and we'll continue to tighten our processes, you know, work on our systems so that we can be an industry-leading developer in terms of consistently bringing these projects to commercial operation. So, you know, thanks again. Reach out to us at any time, and we look forward to the next one. This concludes UGE International's Q2 2023 conference call. Thank you for joining us, and enjoy the rest of your day.