Thank you, everyone. Thank you for joining us today, and good afternoon. My name is Ghislain Lemire. I'm the CEO of Urbanimmersive. Welcome to the Urbanimmersive conference call. For a reason of being efficient, we'll be doing this call in English, and we will take both English and French questions at the end. Joining me today to discuss our results is Simon Bédard, our CFO. Just before we begin, I would like to remind you that today's call contains forward-looking statements, including, but not limited to, statements regarding Urbanimmersive's future financial results and management expectations and plans for the business. These forward-looking statements are subject to numerous risks and uncertainties that may cause actual results to differ materially from those discussed on today's call. We caution you to read and consider all the risk factors described in our last MD&A that you can find on SEDAR. The agenda, the agenda is still the same as usual. Simon will go over the financial reviews, and then afterwards, I will talk about some business updates. All right? And we'll take question and answer, of course, at the end. Turning the call to you, Simon. Thank you, Ghislain. Good afternoon, everyone. So as Ghislain said, we're here today to talk about our third quarter financial results ending the end of June 2023. So, as in the past, I'll just point out a couple of highlights in terms of what happened in our last quarter. So in terms of revenues, we ended up this quarter with total revenues for our group of CAD 2.68 million. This is a slight decrease compared to the same quarter last year. First time in a couple of years, in fact, that we have a decrease, but the good thing is software revenues are up this quarter 8%. The reason, I would say, for the decrease is indeed we did a new contribution coming from the acquisition of HomeVisit in terms of revenues of CAD 1.2 million, in fact, in this quarter. But that new contribution was pretty much upset by a decrease in other photo agencies in terms of service revenues. Mainly three agencies, where, as you remember, back earlier this year, we decided to streamline. Following all the acquisitions that we've made, we decided to streamline our operations. That was necessary and we did it. T oday, we can say that basically in terms of workforce, we've saved CAD 1.5 million, which is significant. But that was a good thing. But on the other hand, of course, there's always some side effects in terms of marketing and customer support and sales. So we had a decline in revenues in some of our agencies of people that have actually left our group for competitors. Some have even brought, you know, some customers with them. You know, as we mentioned in our MD&A, we're gonna take some measures to basically address that, which will include some marketing campaigns, but also some legal actions in some cases. But still, overall, for this year, after nine months, we're up at 37%. So we're for the first nine months at CAD 8.24 million in terms of revenues. We could expect, you know, it's not official guidance, but let's say we should be in a CAD 2.5 million range for Q4, leading us to near to CAD 11 million in revenues for the year, which is, again, kind of a nice growth if you compare to what we've been in the last past years. In terms of expense, I wanted to highlight, you may see that the operating expenses are have been increasing by roughly CAD 500,000 this quarter. But you have to understand a few things here. First, of course, we do have more people coming from the HomeVisit acquisition that was completed last October. But also we have more than... We have, in fact, CAD 653,000 of non-cash or non-recurring expenses that are part of that too. Which include just CAD 232,000 only for some overpayments that we received on the CEWS wage subsidies during the COVID period. So if we remove that, you'll see that our operating expenses are actually declining, and which we expect that will continue to decline, to be reduced in the future because of, as I said, the streamlining of our operation we've done in the spring. So this is temporary, but you should see a decrease in operating expense going forward by a significant amount. In terms of bottom line, we're getting back to, let's say, at least a neutral position here, in terms of, if you look at the EBITDA is -CAD 63. So we're controlling our bottom line, our cash flow, much better now, knowing what we went through, you know, in the last couple of months. If you compare to the last two quarters, last quarter, the second quarter was EBITDA was -CAD 646, and the 300-... range for Q1. So it's a big improvement. We expect it's gonna continue like that. I think we're now in a situation where we're controlling our operating cash flows. Of course, we're still in a very difficult real estate market. I think June has been the worst of the worst in terms of number of new listing in Canada and US. But knowing that we can still at least break even in that market with everything that we have on the table, and Ghislain will talk a bit more about that in terms of growth opportunities. But also, any kind of market recovery that will happen in the future will definitely be back in the green zone and with some... We expect some nice growth, nice organic growth in the future. Also, if we talk about what happened in the quarter. You remember, in back in mid-April, we, you know, because of the slowdown in our sales, we were struggling a bit with our cash flows, so we announced that we're looking at different alternatives. So we worked hard over that period to find the best options out there. W e're pretty happy in June when, you may have seen at the end of June, we announced indeed three major developments. First, we managed to conclude a CAD 500,000 private placement. Basically, if you look at our balance sheet at the end of June, we're at CAD 1.1 million of cash, plus line of credit availability, so we were near CAD 1.3 million. So we improved our cash situation a lot. It was pretty good news with a strategic investor. Also, we've been in talk with our senior lender for months, and we managed to agree on two thing with them at the end of June. One is basically to have a moratorium on our capital repayment until March next year. So it was kind of a 10-month break, and also reduction in the interest rate. Indeed, the interest rate is the same, but there's 6%, which is now capitalized to the loan. We don't need to pay it monthly, so that was also leaving us some room, let's say, to execute our plan until March next year. So we basically, our bank is very supportive of our plan. They believe in our plan that we presented to them, and they help us along the way to make sure that we can execute that plan, going forward. T he third part, and not the least, is that, as you know, we have CoreLogic as one of our largest shareholder. We also have a note, a promissory note in our balance sheet, which is due to them in relation with the acquisition of HomeVisit. The face value is $6.5 million. You might see that on the balance sheet is around $6 million because there's some discounted value accounting rules. But, I'll just say is that basically, they agreed to postpone half of that promissory note to an additional three years in terms of maturity. So right now, we have 50% of that note, which is repayable in five years, and half of it in eight years. It's not reflected in our financial statements at the end of June because the final documentation was not completed, but we're working on it right now. So for year-end, you can expect that you will see the change in the notes in terms of the debt, the debt structure or the promissory note structure with CoreLogic. T hey also agreed to capitalize to the note, the transition cost or the transition fee that they charged us along the way for the transition after the acquisition of HomeVisit. So, it was all positive development, and since then also we had, you know, other interesting, promising development. I will turn the mic to Ghislain to talk a bit more about the business itself, so. Thank you, Simon. So, maybe just before we go to the business update, just, I would like to just give you a little bit more detail about the investor who helped us recently strengthen our financial position. Actually, at the point as we speak right now, we cannot—we still cannot mention his name, but we can give you some highlights. This is a highly wealthy private investors that has tremendous success in the past. He's coming from the real estate industry right now. He's a CEO of a company, a brand that will soon become a client and partner of Urbanimmersive. So it is someone that knows the real estate industry upside down and knows the value of Urbanimmersive. Actually, I would like to say he recognized the bargain that he made. He would have liked potentially to do more. Maybe he will continue to support the company going forward if we might need some additional funding, but he wanted to stay under the 20% threshold at this point. But we're feeling quite privileged to have bring on board in those highly difficult times such a strategic investor to support our company. A lso, I need to mention that he has also tremendous knowledge of publicly traded company, having made his fortune on the TSX. So in this regard, if you have any questions and everything, I will try to give you more detail, as much as I can right now. Once, you know, everything will be kind of approved by the TSX and everything, we will kind of potentially be able to mention his name. So if you look at the first of all, Simon, rapidly talk about a decline in sales. I just want also to add some details about that. You know, first of all, we laid off a lot of people, and most of the people we laid off were basically directed to the marketing departments and sales, and some in the customer support center. The effect we were expecting this effect, but it's been kind of a little bit harder than we thought. Some of the salespeople, highly skilled people left and went joining competitors or even starting their own company, and did a lot of work trying, you know, to bring with them clients. On this, I would like to say that we kind of started to do some marketing approach with emails and everything, and we're kind of succeeding right now, getting back some of our clients. Some of the strategic clients we lost. I don't think the effect will be a lasting effect. It was kind of a momentum effect of, you know, having to lay off a lot of people. But also keep in mind that the press release we did in April also been distributed to some of those clients. It was easy to, you know, for some people to express criticism toward Urbanimmersive saying, you know. It just brought a lot of uncertainties surrounding Urbanimmersive. So thanks to this strategic investment we did recently, we've just kind of been able to reassure our clients that Urbanimmersive will, will be there and will continue to be there going forward. This is helping us to get, you know, to get back, you know, the, or to decrease the uncertainty surrounding the company. So it hasn't been an easy time for the company during this quarter. We've been criticized by a couple of investors, saying, "You should have done this press release." I think, Simon and I, we like to play by the rules. When things go well, we like to say it, but when things go bad, it is our responsibility to let the market know so that you can, you know, take the decision based on the factual, the factual situation in regards to Urbanimmersive. So, with that said, I think, you know, we kind of did a lot of progress also on the side of Urbanimmersive. So during this quarter, we and potentially you might seen it, you know, if you go on urbanimmersive.com, you will see a rebrand, a rebranded company. We changed our logo, we changed the color of our logo, and mainly it is to focus on social media marketing. So as we speak right now, we have prepared during the summer and since spring a very complex and comprehensive marketing offensive that we're gonna launch in a couple of days. So it's not just a rebranding of Urbanimmersive, it's also a repricing of our product and a more... I wouldn't say a more aggressive pricing, a more flexible pricing, mostly actually mainly for our SaaS revenue. So Simon talked about, you know, their software, the SaaS division that has increased. We, as we speak right now, see a lot of interest surrounding our technologies, and mainly because one of the feature we recently launched, we haven't announced it, and let me explain. It's such an innovative way of scanning a tour, a house, to create a 3D tour and a floor plan, that we wanted to do a soft launch during the summer, test the product, fine-tuning the product, and once, you know, we will be ready to officially announce it to the market, the product will be in good shape and mature. But the detail I can tell you right now is that we've been able to create a new method to get a 3D tour and floor plan, and this method enables us to be the fastest scanning process on the market as we speak. Just give me, you know, I think, you know, I have to give you a little more context here, what we want to achieve. The thing is that 3D tour are cool, but, you know, the adoption of 3D tour has been kind of having ups and downs. During the COVID-19, you've seen a lot of real estate agents and a lot of industries, you know, picking up the 3D tours. But in our industry, in the real estate industry, what we've seen is after the COVID, the 3D tour adoption rate has kind of slowed. But in parallel, we've seen another product coming on the market that is generated from, that could be generated from 3D tour, mainly from 3D tours, that has been adding a tremendous adoption, and it is floor plan. What we're seeing right now in the US. and also in Canada, more and more real estate agents are getting a floor plan on every listing they, they are contracting. So basically, we, we, we think and we envision, and many experts in the industry envision that going forward, most of the listings out there will have a floor plan that brings a lot of value. In our case, and, and many of our competitor case, floor plan are, are created from a 3D tour. T his is something we have in our technology, and we have decided to not only improve this feature set that we have within our 3D tour to create floor plans and integrate, you know, a floor plan within the player, within the 3D tour itself. We decided also to offer a way to create and to scan faster for clients that only look for a floor plan. So as we speak today, this feature that we have updated within our capture app enable a photographer to scan a house of, let's say, 2000 square footage in less than five minutes. Really, in less than five minutes. It's just not a marketing kind of clickbait here, like some of our competitors are saying, but there's multiple examples where even a house has been scanned in two minutes. T his provide not only a good floor plan, as good as we do right now with a standard 3D tour, but we are also capable of providing a 3D tour that goes with it. So it's a tremendous edge right now that we have. Like I said, we haven't announced it because it's a soft launch. We only launched it to our brands. We also kind of enabled this feature to some key independent photographers that we know, that tested it and that are right now, as we speak, still using it. Time, speed is a matter in our industry because real estate photography is becoming a high-volume business, and the margins are super tight. So bringing this product on the market will position Urbanimmersive as a leading technologies for creating floor plan. T he market is, in my opinion, as large as 3D tour or even much more, much larger than 3D tour. Floor plan are sold by our services around $70-100. Usually, providers, technology providers will charge something like $20-$30 to post-process a floor plan. We are there, and. But with the advantage of providing the fastest scanning method on the market and adding the added value of still having a 3D tour that goes with it, we're quite alone. So, we expect to announce the official launch of this innovation, next week to the market, to our clients, and we expect to have a tremendous growth that will come from there as we will enter into a market segment where we're gonna have some clear, competitive edge. In this regard, we expect to increase the volume of floor plan drawings. The final drawings of a floor plan, you know, there's a lot of processes that are automated when you create a 3D tour, but when you need to provide floor plans, there's humans that, you know, finish the drawings of it, adding furniture, room, room names, windows, and stuff like that. So in order to scale, our capability to provide, more floor plans to the market, we have also enter into discussions with a large group, a foreign group, that could support, a higher volume. E ven if the, you know, with the volume, the actual volume that we do per year in terms of floor plan, they could help us to increase significantly our margins, based on the pricing we have today. So doing more margins per, floor plan than, what we do right now. So you need to understand that as we speak today, more than 90% of all the floor plans drawings that we do are drawn here, in, in Canada. So we're paying in Canadian dollars. So going forward, we expect to do that in, foreign countries, with potentially at a third of the price. Talks are going well, and we expect to have an agreement soon in this regard. This could lead also to other business opportunities with this partner. We could add also that during this the difficult quarter, actually, we've done tremendous progress on integrating the print services. So you're all aware that when we acquired HomeVisit, part of the acquisition was also a printing facilities based in Washington. It's one of actually a state-of-the-art printing facilities for real estate industry. They're printing flyers, direct mails, books, and everything. As we speak today, this facility is right now 100% managed by our technology in terms of the post-production system software. It's all right now, a technology, so we completed the integration of it, which enable us, right now to start reselling the print services such as photobook, direct mails, and everything throughout all our division. We like to think, and this is, you know, of course, like, a forward-looking statement, but we like to think that this, print services that we are now gonna be able to, promote and sell everywhere is kind of a guaranteeing, you know, to bring growth. Keep in mind that, 40% of all real estate agents in North America still buy in print. So, we expect to, to have, some positive impact, during the, the next quarter in this regard. I think it's covering most of what happened. If I can conclude saying that, we're quite happy that everything is behind us. We feel that, and I hate to say that, you know, but I think we can say that the worst is behind us. We never know what the market will bring in terms of, you know, just in terms of the real estate listings, the number of listings for sale, but I think we're doing quite good in, knowing all the difficulties we went through. We've succeeded to, acquire, integrate, and manage, multiple acquisitions during the last 2 years, actually 9 acquisitions. T oday, you know, I feel that the company is stabilized, and, the best is in front of us, definitely. With that, I think that we can start taking some questions. Do you have anything to add, on your side, Simon, before we take question and answer or? No, I think you covered, you covered the essential here. Anyone have questions? Time. So it looks like no one have questions. So maybe, you know, if that's the case, I'll suggest that we, the conference call. So thank you, everyone, for having joined us and following Urbanimmersive and supporting Urbanimmersive, and looking forward to talk to you at the, next quarter. Thank you. Have a great afternoon. Thanks, everyone. Bye-bye. Bye-bye.
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