Hello, and welcome to the Tokens.com Q1 Financial Review conference call. My name is Jennifer, and I will be your moderator for today's call. At this time, all participants are in a listen only mode. Later, we will conduct a question and answer session. During the question and answer session, if you have a question, please press raise hand located at the bottom of the screen. Please note that this conference call is being recorded. I will now turn the call over to Andrew Kiguel. Andrew, you may now begin. Thanks, Jennifer, welcome everybody. On today's call, it's myself. We have Martin, our CFO, Devin, our COO, and Jennifer, our Head of Communications. With that, I'll just do a quick introduction about the company. We're a public company. We invest in web3 businesses and web3 assets. We primarily focus on three areas. One is crypto staking, which occurs within our Tokens.com. We have a subsidiary named Metaverse Group, which focuses on Metaverse and ecomm3 activities. We also have a subsidiary called Hulk Labs that focuses on crypto gaming and play-to-earn gaming. All three of the businesses are tied together by a utilization of blockchain technology. We all work together. All of these areas are linked to high growth areas within web3. With that, I'm gonna just turn it over to Martin to provide a quick review of Q1. I'll provide some commentary after that, we'll open it up to questions. Awesome. Great. Thank you, Andrew. Hello everyone. Just want to remind everyone that all the numbers presented here are in US dollars unless otherwise stated. Also because of the change in our fiscal year, last year, the Q1 2023 represent the three-month period ended December 31, 2022, and the comparative period is the three-month ended December 31, 2021. Our revenue for the three months was $152K compared to $326K for the same period of last year. Staking revenue is $40K compared to $260K of last year. Our average staking yields actually increased from 4.6% to 6.9%, but obviously the revenue dollar amount was impacted by the crypto price. Metaverse Group has $108K in revenue for this quarter, which is more than their gross combined fiscal year 2022 revenue of $95K. Our operating expenses for the three months are $718K, a 78% decrease from the three months of last year of $3.3 million, and that is already including all the added costs from Metaverse Group and Hulk. You know, comparing the level of operational cash burn here and how much cash we have right now, which is approximately $5.5 million, not including all the liquid tokens, we are very well capitalized for the next 16-24 months. I won't go over all the non-cash revaluation gain or loss on our cryptos or warrants because they are not indicative of our operations. I'm happy to take any questions after. Yeah. With that, I'm turning the call back to Andrew. Thank you everyone for listening and attending here. Thanks, Martin. Just before we go into the questions, I wanted to sort of just lay out, you know, some sort of principles in terms of how we're viewing the operations. You know, 2022 was by, you know, any measure, was a tough year, not just for Tokens.com, but, you know, for most companies. You know, almost every sector on the planet suffered double-digit growth, I think, except energy. The way we sort of look at it is 2022 was the year where we were successful in planting seeds. Where the genesis of the business was in the staking operations. Last year was really the year where we planted our seeds in the Metaverse area and in the play-to-earn crypto gaming areas. That takes work to build these businesses. You know, we appreciate, you know, shareholders' patience in that. What has happened, I guess, since planting those seeds is that they started to sprout. You can see that in that, you know, Hulk Labs is now revenue positive. Metaverse Group is revenue positive, and you can see that, you know, Metaverse's Group revenue this last quarter was, you know, more than its entire revenue all of last year. When I look at, think about 2023, really, you know, as these seeds are sprouting, it's a time for us to start delivering on growth. I view that as, you know, growth at the revenue line. Where I think you're gonna see we're gonna be spending a lot of our time this year is, you know, scaling these businesses and continuing to find abilities to generate revenue from them. I think people have been patient with us, and we've had enough time to sort of say, "Okay, we've built these businesses. I think we've established that they work. We've established that we can generate revenue from them, and now it's time for us to really show that we can scale these businesses and do, you know, continue doing the interesting things we're doing." In terms of other things, we are always very focused on preserving cash. One of the things that we've seen is, you know, that there hasn't been a great opportunity for any companies in the crypto space to raise cash in what I would say are creative ways over the last 12 months. Certainly when I look at our, some of our peers, We're fortunate that those are deals that we don't necessarily need to enter into. I feel that, you know, our cash balance is pretty good and, you know, the amount of tokens that we own is also fairly strong, and they've actually increased in value since December 31st. you know, if that trend continues, you'll see a gain there at the end of our next quarter. We're always keeping an eye on preserving cash, keeping our corporate overhead low. We continue to look and examine every part of our business and say, you know, "What is absolutely necessary? What is not? I think you can see it in our numbers, and you'll continue to see that we continue to do a very good job in reducing the corporate overhead. I think over time, what you'll see is that our revenue going up, our corporate overhead declining or becoming stable, and that is sort of the recipe for getting this into profitability. The last piece that I would want to mention is just that, you know, we care about the equity. We have not issued a share since 2021. You know, through my experience in being a banker, I know that in looking at companies, you know, you can't be cavalier about issuing equity. We want to make sure that we preserve it. We think that in the long run, that creates value for investors. You know, in a good market, that means that, you know, when there's demand, there's not a lot of shares out there. That tends to, you know, can create outsized appreciation and at times even create outsized drops in your share price when you don't have that, you know, ton of liquidity. You know, we're building this company for the long term, and we feel that being careful with equity and caring about the equity is important and one of the principles that we have here at the business. Again, we appreciate everyone's patience and, you know, being with the company, we continue to feel really confident that we're working on exciting things. As I said, the morale at the business is very good, within each of the subsidiaries. I think people are excited to come to work. We're, you know, there's more innovative and exciting things that we're continuing to work on that we're excited to share later this year. Maybe with that, we'll turn it over to a Q&A. Jennifer? Yeah. Again, if anybody has a question, there is a raise hand button on the bottom you can press. The first question is from Kevin. Kevin Dede go ahead. Hi, Andrew, Jennifer. I hope you can hear me. Yeah, we can hear you. Oh, great. Andrew, I was hoping you could speak to Hulk. I know that you put a lot of effort into that. We spoke about it a month or two ago, if I remember correctly. I was just hoping you could address how you see growth there. I think the overarching question of sustainability and in that pay to play scenario. Right. What I'll do is I'm gonna turn it over to Devin, who is spearheading that. You know, leading into it, I think we're still just as excited about that business segment as we've ever been. I'll turn it over to Devin to provide you sort of a quick overview. Sure. Hi, Kevin. You know, on the Hulk Labs side, as Andrew mentioned, you know, the team continues to be really optimistic and excited about what we're seeing in the marketplace. It's definitely changed. When you know, play-to-earn came to popularity in early 2022, a lot of the early titles that launched were not, you know, optimized for certain things that we look at as kind of people that invest in these games and play these games. Because of that, you know, we've taken a very deliberate approach to only focusing on, you know, gaming titles and having our player network play on gaming titles that we think are long-term sustainable. You know, we don't want to get into these situations where, you know, we buy assets, they spike in price and kind of fall off the face of the earth like many have. That has intentionally limited our ability to grow extremely quickly in 2022 because the titles that we've targeted are small. However, our team is analyzing, you know, hundreds of games a month, and we've certainly identified a few new titles that are launching, you know, this quarter, next quarter. Our team is really gearing up by building tooling, you know, scaling the player network to over, you know, thousands of people so that as these games launch and gain popularity, that we can really, you know, turn on the gas, so to speak, really quickly. The, the burn at that business is extremely low. It's, you know, there's more or less 6 people, all of which are sort of offshore, kind of really young. You know, everyone's excited to come to work. We're extremely excited about what the future holds. I think that, you'll see that in the P&L, certainly on the revenue side, in, you know, the next two to three quarters as we scale up our investments. I think you'll see that as we build, you know, new software, that tends to be really high margin to help other people kind of use the same, you know, learnings and tools and things like that we've been using for the past, you know, six months. I'm happy to have more color, but that's, you know, quick take. Yeah, we like this business. I mean, we think it's a bit of an asymmetrical risk because as are all of our businesses, and by that I mean they're not capital intensive, but the potential rewards as we continue to execute are quite high. We've been able to bring them to revenue very quickly, and we've been able to sort of start scaling them and growing them, I think decently well considering the market. There's a lot of other things that we're working on in that business, which we can't disclose quite yet, that we're really excited about. You know, I would say stay tuned on it. As you look at it going forward, Devin, Andrew Kiguel, whoever wants to jump in, are you considering adding more people to address more depth? Or are you trying to add more titles to fill out your portfolio? How should we look at growth from that perspective? Absolutely. The equation here is really simple. It's, you know, the more assets that we can buy that we find are profitable, the more players we can add to the network. It's an extremely scalable business, and we don't envision adding more than, you know, two or three people to the payroll this year. What we really do envision doing is building tooling to remove some of the manual efforts so that things can be a lot more streamlined. The equation is really the better games that are out there that we think have profit potential for the long term, the more assets we can deploy, and the more revenue we can earn per dollar of assets. Okay, thank you. Andrew, one other question for me, just on the regulatory front. Obviously, the Paxos SEC battle rages south of the 49th. I'm just wondering how you see that maybe transferring across the 49th and affecting your operations, particularly in staking, maybe anything else you wanna add color to. Obviously we're monitoring that. It hasn't been anything for a concern of us, and I'll tell you why. We're more like a client. We don't operate nodes. We have no retail clients, which means we don't have to worry about KYC or AML. I'll tell you why that's important. If you look at where the SEC and some of this, the concerns coming in are along the lines of when you're offering these products to retail or even institutional investors, you know, where does the control remain? We don't control, we don't do anything for third parties. We stake our own tokens. They are always in our custody. We manage our own wallets for staking. It's in our control. It's not co-mingled with anybody else's. I think that the risk of anything sort of impacting our operations on the staking side are quite remote. Even if for somehow the, you know, the staking was to, you know, become somehow regulated, our assets remain with us. They're not sitting, you know, at Kraken or anywhere else. I don't see this as affecting us. What I really see is happening, and, you know, I put a sentence in this in the MD&A, which is, you know, we're in favor of regulation. Like, clearly last year was a mess when it came to protecting, you know, investors in the crypto space. You know, FTX, Celsius, Voyager, like, you know, the list goes on and on. Genesis. We're in favor of regulations here that protect investors. Clearly, I think what the SEC and regulators are looking at is, let's not promise people yields where they deposit their assets elsewhere that can be compromised. That's not an area that we are involved in, at, you know, in any, in any way at all. Martin spoke to an increase in yield, and I was wondering if you thought that was the result of portfolio changes that you've made, and what sort of outlook do you hold for staking yields this year? You know, there's a couple of broad questions there. I'll tackle like, on the broader staking yield, I think generally what you're seeing is it's a little bit like a dividend, right? Your cost price that you go in matters, and what I would say, the tokens that are earlier stage or perceived as being riskier are gonna have higher yields. What we sort of said is when we were looking at going into, you know, last year, going into the towards the end of the year when you had, you know, FTX blew up, Genesis, and this was on the back of a whole bunch of other things like Terra Luna, we made the decision and we said, "Look, we think we're better off holding a better cash balance and getting rid of some of these tokens that we think could suffer more in this type of environment." If you look, we sold off our Oasis ROSE, which we sold off at a great profit. We sold some other things off as well. Largely what we're holding now is ETH. ETH and Polkadot are what we're staking. I think, you know, when we're looking at things going forward, you'll see us leaning even more strongly towards what I would say Layer 1 tokens with very high market capitalization. you know, I'll actually add just one thing there, which is, you know, you're right that the token mix did impact our overall yields. If you look at, you know, Polkadot having a higher yield and when something like that appreciates, obviously it overrepresents, on our yields. The other thing, to really think about is, in many ways, you know, yield on staking assets is, you know, the overall inflation of the network, divided by the number of people that are staking. As you look at, you know, some of these products being targeted by the SEC and retail consumers being reticent to stake, you know, in easy ways, that actually reduces the number of total tokens being staked on a network, which then by default increases, you know, yield a bit for the stakers, which you can definitely see with ETH deals coming up, you know, from 4% last year to 5.5% this year. You know, Polkadot going from 13%-14%. I think you'll continue to see that this year as well. Devin, it's particularly interesting in the ETH case, right? Given some of the upgrades will allow stakers to pull coins off of nodes. I think the general reports indicate that now that ETH's no longer being mined, there's more being burned than minted. Could you speak to how you see that changing the yield profile? Sure. I mean, I think it's really hard to say what's gonna happen, you know, with this, with this initial, you know, what's called the Shanghai update, which will be the time when people can release tokens. I think there's a lot of factors here. One is, you know, people that staked, you know, two and a half years ago that maybe didn't want to stake two and a half years ago, and there being new technology at stake, I think will probably be unstaking pretty quickly. Moving to other staking technologies like Lido, which is a liquid staking token. I think there's that component of it. I certainly, you know, as a company, I think we're extremely bullish on ETH overall. You see the usage, the network, you know, usage going up, tokens being burned going up. You know, a lot more people, you know, building on ETH because of the anticipation of, you know, faster throughputs. Again, the deflationary aspect like you mentioned. We're pretty, you know, excited about ETH. I think we hold a lot of it, obviously. At the halt side, you know, we're seeing more and more games being built off of ETH. You know, on the NFT side, you're seeing NFT ETH volume go up more than other, you know, NFT Layer 1s. Overall, I think we're pretty positive about it. Very, very good, gentlemen. Thank you so much for entertaining my questions. I really appreciate the time. No problem. Thanks, Kevin. The next question will be from Bill. Hi, Bill. Hi, Bill, you're up. Hi, guys. Can you hear me? Yes. Great. Thanks for taking my questions. Andrew, appreciate the color that you shared on cash preservation. You know, until the market swings around, it's clear that Tokens.com, as well as the rest of the space, is going to need to focus on cash preservation. In the quarter, you know, we saw you guys substantially decrease your cash operating expenses, which was great, by roughly 30% sequentially. I guess the question going forward is how much lower do you believe, you'd be able to drive that down? Any color you can provide on that is appreciated. Yeah. What I would say is we're continuing to find ways to cut costs and, you know, for the people that work with me know that I look for costs, big and small, including having switched here to Zoom because this, you know, this is amazing. You know, when you do those conference call things, they charge you, like, $2,000, but we can do this for about, you know, $70 via Zoom. Again, just an example. I continue to believe that from a cash cost perspective for this year, we can get our overall corporate overhead in and around the CAD 1.2 million range. That is, I think, a lot lower than we would've been in the past and I think fairly significantly low for any public company to be able to get to that level. That's, you know, where we're focusing on and, you know, it's always a topic of conversation at all of our internal meetings as well. Great. Thank you. Just kind of following up on that, you know, compared to other public entities that are in the NFT space, you know, Tokens.com isn't paying exorbitant amounts for IP to build out its Metaverse Group platform. Can you share some more color in terms of why Tokens.com may be better positioned than some of its peers on that end? I don't wanna comment on peers, but I can comment on sort of the strategy there and what's been a little bit different. You know, sometimes it's just the way things evolve. When we started originally, you know, I wanna say collecting Metaverse inventory, we had a focus on, you know, Decentraland, and then as that other ones came forward, we started being what I would call Metaverse agnostic. The original business plan was to lease out the land, the parcels to, advertisers and brands. We've been successful in that. I believe, like, almost everything we own in Decentraland is leased out. Where we started to find this really new business model is instead of going out and starting to create NFTs and do that, we found that we created this sort of branding agency business, you know, we've termed it, you know, ecomm3, where we've had a lot of these, you know, Fortune 500 type companies that are, you know, working with us. You know, right now, I think we've signed up one of the top four Canadian banks. We'll be launching soon, I think one of the largest top three accounting firms in the world. We've been shortlisted for some massive projects there that if they hit, I mean, we're not talking about $200,000 of revenue, but if they hit, it's like, you know, in the, in the millions. We've been sort of just trying to focus in again on large B2B clients. We have IP there, but the IP is related to sort of things that we can do with these clients within these spaces, remaining Metaverse agnostic and, you know, really focusing on winning those clients and generating revenue. Not sure what other companies have been doing. I think some other companies, what they've been doing is using your cash to secure, you know, we call it IP, but really what they're doing is securing brand names. They'll go in and, I don't know what example to use, like, you know, Harry Potter or something like that. You go in and you pay a few million dollars for the rights to create NFTs for that area. The issue that we've seen with that is not a lot of people wanna continue paying for NFTs. I think NFT technology is profound and compelling, but in ways that are beyond just sort of, you know, showing NFTs and hoping people buy them and trade them. You know, now they're being used as ways of, you know, entry points, tickets. It's, you know, tied to physical goods, tied to sort of tracking information. These are sort of the areas that are really intriguing to us at Metaverse Group and at Tokens.com as to how we can utilize that as opposed to just trying to pay for the name rights to sell NFTs for something. Great. Thank you. you know, in this quarter, we saw a big $85,000 contribution from consulting revenues earned by Metaverse Group. Can you just share some more color on the composition of that? you know, how sticky will this revenue be looking ahead? Yeah. Well, we think it could be bigger. It's called consulting revenue, but really, you have your lease revenue, but then we're also being, you know, getting involved in, like, what does the space look like? In the actual creation of that space, what is the objective of the client? What is the target audience you're trying to reach? Which is the best Metaverse for you to build in? In providing this plan, it's almost like, you know, we're turning into management consultants for, you know, brands in the Metaverse. That's where that revenue is coming from. I wouldn't say necessarily it's sticky like recurring like it is on the leasing, but, you know, I do feel really optimistic that that team is continuing to grow its reputation and its ability to deliver for, you know, but I'd say fairly large companies. Great. Then as we look at kind of the leasing revenue, side of the business of Metaverse Group, if I recall correctly, Metaverse Fashion Week will be taking place at the end of March. You know, last year we were coming off of bull market, so, you know, likely to expect that there might not be as much hype around this event, but I could be wrong. Can you share some more color in terms of some of the customers or the attention that you're getting, as the Metaverse Fashion Week, gets planned out and is anticipated to happen at the end of the quarter? This is obviously my trying to look in and estimate what's gonna happen. Last year, the Metaverse Fashion Week, it was the inaugural event, new, attracted 108,000 people and, you know, something like 7 billion media impressions around the world. We were featured in GQ, Vogue, everywhere. That was great, and it was a great way to get started and bring attention to it. Had 60 different brands plus musicians, catwalk. What I think you're gonna see this year is it's gonna be actually maybe not as popular. I don't know if it'll attract the same volume of people. I don't know if it'll get the same amount of media hits. What I would say is it's gonna be more profitable for us. The reason why is last year, with it being a new event, we were sort of like trial and error, like, how much can we charge? What are our capabilities? How are we gonna monetize this? We did an okay job last year, but with it being new, I think we're much more prepared this year to do far more build, sign more, what I would call, high-profile clients and brands. I think we're gonna be doing a lot more work this year so that even if there's still, you know. Again, if you can attract 50,000 to 100,000 people to an event online, you know, that presents a lot of, you know, advertising, branding opportunities and ways to monetize. We're feeling really hopeful. We're excited about the people that we. Again, we're inking contracts daily there. At some point, I'd say over the next, you know, four weeks, we'll be announcing, you know, who some of these partnerships are with. I think if it makes sense, I think the pie will be smaller this year, but we will have a greater piece of the pie. Great. Thank you. Just sorry, last question. When we think about the use of NFT, you know, technologies, and how it can be leveraged to bring in communities to events such as the Metaverse Fashion Week, what other types of applications, you know, are interesting your team, you know, after, you know, the first Metaverse Fashion Week that happened last year? I'm wondering if any applications such as, you know, having customers being able to purchase real products that could get delivered to their actual door at home through the use of NFTs is an option. I believe last year it was pretty much only related to avatar, but I'm wondering if, you know, a customer could potentially go into the Dolce & Gabbana store in the fashion district, you know, see a nice D&G belt and, you know, order that to their house. How do you see this kind of fashion week evolving over the years and kind of stemming into other business segments, whether it be sports or other forms of entertainment? Yeah. We're exploring all those things. The obvious use case is a wearable, an NFT wearable for your avatar, but we are certainly exploring things like digital twins, where you buy the physical, you get the digital as well that you can, that you can use. You know, when I think about NFT technology, again, I think we've been writing some stuff on this. I think it's quite profound what the use cases are, and it goes beyond just the representation of graphics or clothing or shoes. This ability to represent ownership on the Internet and the ability for it as it passes hands to, you know, build in a royalty, I think, has a lot of potential in many ways. I think, you know, the use cases in areas like ticketing, I mean, I don't know if we've talked about this before, but you know, right now you sell a ticket, it goes to, you know, like a scalper vendor that then resells it, none of the profits go back. If you can find a way to, you know, link ticketing to the blockchain, I think as entry points to events, I think there's a lot of potential there. You know, there's a whole bunch of areas that we're exploring. Obviously, we need to stay focused. I'd love to be able to, you know, if we had, you know, another like $20 million to be able to broaden the various areas of developing this, what's happening here. What I would say is the Generation Alpha, which is the generation of the cohort of, you know, 25 and under right now, by 2025 is going to be the largest generation in the history of mankind, larger than the baby boomers. This generation is completely comfortable with things like AI, the metaverse, and NFTs. That's gonna start shaping a whole bunch of the ways. You know, it's a cultural technology shift that's happening in terms of like how this technology is gonna integrate and get used in ways that we can't quite imagine yet, Bill, like similar to the early days of the Internet. You know you have something really profound and amazing there, but it's gonna be up to the creators and the entrepreneurs here to unfold this and let it develop. You have a population that's, you know, the appetite for this is quite strong. Great. Thank you for all the color, and look forward to the Fashion Week. Thanks, Bill. All right. Thank you, Bill. The next question is from Joshua Hi, can you guys hear me? Yeah. Yes. Hey, thanks for taking my questions. I'll say it over for Joe, 'cause they're kind of spearheading two earnings calls this morning. But, this is my first question is just basically, just regarding the whole Hulk Labs itself. I know last time we talked, it was kind of, I just wanna talk about player count. I know it was like north of 1,000 players, but like south of 2,000. I kinda just wanna see where we're at today. I know the initial goal was kinda like 10,000 players by the end of 2023, but I know it was kind of like less of a focus of player acquisition. Is there like a new goal at the end of this year, or is that maybe kinda still where we're at? I can take that. You know, we're definitely higher than we were last quarterly call by a few hundred players. I think the reason that we've been a little bit more deliberate about scaling the network, there's a few things that have changed. You know, I touched earlier that, you know, we're waiting for a few games that we're quite excited about that we think have really strong tokenomics. The other thing that's really changed in the space is, you know, because of the use of bots and things like that in a lot of games, many of the games have changed their tokenomics to be heavily skill-focused. Which means, you really need to have a, you know, a 60% or 70% win rate in a specific game, especially the ones that have strong tokenomics, in order to really generate the yields that we were expecting. I think, you know, the top 25% or 30% of our players, the thousands have that win rate. Many are still kind of leveling up. What we're sort of doing is, you know, investing a bunch of time, not necessarily money, but time in, you know, having some players train other players to kind of level up so that we scale up more deliberately, but the yields and returns can be higher relative to the rest of the market. I think you're seeing a lot of, you know, guilds and things like this in the space that have a lot of players, you know, slow or shrink their player count because of some of these changes. You know, I think we've been able to grow pretty systematically. You know, I think it's really hard to comment on. You know, when we look at because the market changes so quickly. You know, we'll have one game that we think we can scale really quickly and then it changes or, you know, for the worse or for the better or the asset type changes. You know, pegging a player count is a little tricky because we're only gonna do it in a profitable way. We're sort of not. You know, obviously, it's a great metric for people to kind of point out to, but I think the more important metric for us is sort of saying, "Hey, like, what are we actually making per player? Is it profitable? Are we making money on a daily basis?" You know, I think we are doing that with the, you know, 1,000 plus players we have today. We'd like to sort of, you know, triple that at least by the end of the year. Maybe, you know, if things, you know, go our way, with these titles that are coming out, I think we can certainly hit that number. The players exist. You know, they're all like waiting to play games. There's a long wait list of people that wanna play. Our partners are, you know, exceedingly asking us to kind of scale as quickly as we can. We're doing so, you know, in a deliberate manner. It's really gonna depend on the game quality and the game tokenomics. Okay. Yeah. Perfect then. I kinda wanna get a broad sense of just the Decentraland as a whole. I just wanna know if like just about retention player count in Decentraland. I, you know, I kinda noticed, just kinda quarter-over-quarter, the leasing revenue went down. I just kinda wanna see any color behind that. Like, can you quantify anything sort of like renter-wise in Decentraland and how that changed? Yeah. I don't have handy specific information on Decentraland's numbers. you know, what I can tell you is that I think all of the land parcels owned by Metaverse Group in Decentraland are leased out. you know, these aren't necessarily huge numbers right now, but, you know, the focus at Metaverse Group is really to be metaverse-agnostic. there's certainly a lot of things that we like about Decentraland, but there's a lot of other, metaverse platforms that we also really like using. I know that the guys have been recently very excited about Spatial. I don't, you know, I don't have the specific statistics to every single one. You know, what I would say is go forward while you can continue to see revenue coming in from leasing, that the consulting revenues related to building and helping these companies brand will be significantly outgrow anything or be much larger than anything you see from the leasing. You know, a focus on Decentraland is not, that's not sort of where we're moving the company to. Okay. Perfect. yeah, I just wanted to see just a quick note of, like, is there just any update on Genesis besides what we already know? No, we don't have any update. Back when the accounts were originally halted back in November, it was sort of one of those things. We wanted to have a credit line available to us, not because we needed it, because we thought we might need it, and it might be a good way for us to add some leverage to the business instead of issuing equity. Obviously, that backfired with them filing bankruptcy. We owe them $125,000. Back in November, that was about $350,000 of tokens that were collateralized against that. What's happened since then is that the crypto market has appreciated a lot, the value of that collateral is gone higher. I think it's closer to $1 million. Obviously, we're not repaying the loan until they release our collateral. It seems to be, you know, that there is a managed process underway. I don't know where it ultimately resolves. My hope is that we get as close to 100% back of our tokens as possible. But I just don't know. I don't have a sense of the timing, and I don't have a sense of, you know, is it 50%? Is it 95%? I don't know. Perfect. That's all the questions I have. Thank you so much. Very nice for answering them. You're welcome. Great. Thanks, Joshua. Again, if anybody has any questions, there is a raise hand icon at the bottom. I'll give it a minute. If there are no questions at this time, this will conclude the question and answer period. Great. I'll just close off again, you know, thank you to, you know, our shareholders and investors for being patient. I know, you know, last year, from a share price perspective, was difficult. I definitely heard a lot of people in my ear talking to me about it. You know, we continue to be excited about our business, the things we're doing. We're trying to do our best here to grow these businesses. Certainly, you know, last year, as I said, was the year of planting seeds. Those seeds have now started to sprout. You know, this year is the year for us, I think, to deliver on the revenue side, and that's where our focus is gonna be. With that, thank you very much, everyone. We'll chat again next quarter. Bye.