Welcome to the XS Financial Inc. Q2 2022 results conference call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star then zero. I would now like to turn the conference over to David Kivitz, Chief Executive Officer. Please go ahead, David. Thank you all for attending our 2022 Q2 earnings call. We welcome everyone to our updates, and we are excited to continue our engagement, correspondence, and dialogue on the operations of the company and appreciate your attendance. As always, I would encourage everyone to visit the investors section of our website, xsfinancial.com/investors, which has our most up-to-date corporate presentations, news, and upcoming events. We have filed our 2022 Q2 financial statements and MD&A, which can be found on SEDAR.com. We will be taking questions at the end of the call, so please feel free to send in any questions you might have. The Q2 of 2022 was highlighted by continued growth in revenues and operational performance, with particular emphasis on expanded funding relationships with several existing customers and new customer additions. Our business is hitting its stride and our focus on industry-wide recognition as a better alternative for non-dilutive CapEx and equipment financing has seen positive reinforcement throughout the quarter and also subsequent to quarter end. We continue to see increasing demand from the market for our product, and our pipeline is as robust as ever. Equity valuations for plant-touching cannabis companies continue to see challenges, and our unique financing is a welcome solution. As states continue to expand from medicinal markets to adult use and new states legalize, different capital solutions are being explored from our current partners and new prospects. We believe that our competitive non-dilutive financing to purchase CapEx and equipment nationwide continues to see a significant runway as one of the only institutional platforms for companies in our industry, and results to date have solidified that assumption. Currently, our pipeline exceeds $270 million in CapEx financing demand, and in 2022, we are committed to funding our current customers to ensure they can meet their operational goals. In addition, our organization continues to focus on customer acquisition and an expansion of our origination channels. Our experienced team is working hard with potential partners to deploy our resources in a risk-appropriate manner and with a return profile that fits within our company's parameters. We are thrilled to have closed our new $24 million credit facility with two bank syndication partners, which is a borrowing rate of prime plus 100 basis points. We are proud to be one of the few companies to solidify a credit facility from a commercial bank syndicate in the cannabis space, which is a testament to our underwriting capabilities, portfolio strength, and employee talent. As always, we continue to evaluate internal favorable financing opportunities to fund our growth and ensure that we are growing our business responsibly and at a risk-reward ratio that will be sustainable in the long term. Our current funding capacity has set us up with a long runway for scaling through the end of the year. Our Q2 of 2022 continued our historically strong trends, which delivered increased revenue growth and monthly recurring customer payments, along with the diversification of customers. At the end of Q2, we had 96 active lease schedules compared to 76 at the end of Q1 2022. Q3 is off to a fast start as we have now completed 115 active leases through August fifteenth, which is our halfway point through the Q3. We are pleased to announce that to date, we have not had any defaults, missed payments, or other issues with any of our active leases, which is evidence of our strong underwriting policies. Our investment committee and credit team evaluate every new partnership through detailed diligence as well as qualitative and quantitative analysis. Speaking of our investment committee, we are excited to have Stephen Christoffersen expand his role within the company as our new Chief Financial Officer. As a board and investment committee member, his extensive capital markets background has been a contributing factor to the company's success over the last three-plus years, but having him full-time in the Chief Financial Officer role will only help catalyze future growth. So far in 2022, we continue to see frequent and larger drawdowns from our existing customers as they move into new markets and expand in existing states. As expected, and as our business continues to scale, we are seeing increased potential for yield expansion with our preferred equipment vendors as we bring scale to our business and purchase larger volumes through our transactions. Currently active in 16 states, we have achieved broad diversification across several existing markets, and we are ensuring that our infrastructure will support our partners wherever the market is headed. As cultivators, processors, and manufacturers seek out alternative financing solutions, our trustworthy, transparent, and reliable funding for CapEx needs is continually relevant and sought out. We're off to a fast start through the year. As of 8/15, we have a total funding capacity of $27.2 million, made up of $17.2 million under our Needham Bank credit facility and $10 million of undrawn capital from our issuance of convertible notes. We are confident in our ability to upsize our recently closed bank financing to fund future opportunities as needed. Our management team continues to focus on executing our 2022 plan to increase our number of closed leases, fund additional commitments, add new customers to diversify our portfolio, monitor our capitalization in preparation for future needs, and continue to expand and strengthen our existing internal team while we ensure that our internal operational expenses are in line with our expectations. With that covered, I would like to turn the call over to Stephen Christoffersen, our new Chief Financial Officer, who will walk us through our Q2 2022 results in further detail. Thank you, David. I will walk through the key points of our financial results for Q2 2022. We continue to build on strong revenue numbers and have achieved quarter-over-quarter revenue growth every quarter since inception. Our Q2 revenues were approximately $1,658,000, compared to $562,000 for the same quarter last year, representing a 195% increase. The increase of $1,096,000 for the three months ending June, as compared to June 2021, was attributable to revenue recognized from financing income associated with 59 new leases. At the end of June, we had 96 active leases, compared to 38 active leases a year ago. Growth of the closed leases continued subsequent to quarter end as our active lease count increased to 115 as of August fifteenth. Monthly recurring lease payments continue to increase quarter-over-quarter, and we closed out our Q2 with $1.7 million of recurring monthly lease payments. Subsequent to quarter end, we've seen these monthly recurring payments continue in a positive direction as we recently closed in on $1.9 million of monthly recurring lease payments as of August. The weighted average maturity of our lease portfolio is currently 48 months, providing consistent and reliable monthly cash flow for our operations and reliability to our long-term forecast. Administrative expenses for three months ending June 30, 2022 were $788,000, compared to $700,000 for the three months ending June 30, 2021. We continue to focus on containing controllable admin expenses at an appropriate level as we scale our operations and are pleased with the positive direction of our revenues relative to our administrative expenses. The company's loss for three months ended June 30, 2022 was $3.57 million, compared to a loss of $481 thousand for the three months ending June 30, 2021. The increase in net loss was primarily attributable to an increase of approximately $936 thousand in financing expenses, $753 thousand of non-cash accretion expenses associated with new debt arrangements entered into last year. Additionally, the company had non-cash losses of approximately $1,385,000 related to the change in the fair value of derivative liabilities and $993,000 in foreign currency translation losses related to convertible notes issued in Canada in a U.S. currency. Our net distributable earnings, which is our new metric that we're gonna be using to think about the profitability of the business, which is calculated as operating income, adjusted to exclude depreciation and amortization, non-cash equity compensation, less interest expense for the quarter, was -$266,632. This is compared to -$437,754 in the prior quarter. Our robust sales pipeline, along with our cheaper cost of capital, could only continue to improve our distributable earnings going forward. As a snapshot, our portfolio gross receivables have increased from $25.9 million in Q2 2021 to $71.6 million in gross receivables as of the end of Q2 2022. As of August 15, as David mentioned, our total funding available, which includes our cash on hand, undrawn credit facilities, was $27.2 million. Our focus for the remainder of the year is securing lease schedules that will utilize our current working capital and undrawn credit facilities and continuing to our prudent underwriting standards as we navigate a difficult market climate. To date, we're pleased to have had a 0% default rate on our portfolio. Our Q2 2022 has continued a very positive and consistent quarter-over-quarter results. Personally, I'm excited with my new enhanced role within the company as Chief Financial Officer, and I'd like to thank Nelson for his financial stewardships during his time here. I look forward to sharing our Q3 results and making myself available to investors or prospective investors as needed. With that, I will now send it back to David. Thank you, Stephen. With that, we will now open the floor for audience questions. Thank you. We will now begin the Q&A session. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. We will pause for a moment as callers join the queue. The first question comes from Anthony Wong, a private investor. Please go ahead. Hey, great quarter everyone. Congratulations on the success thus far. Quick question, can you elaborate on your new bank line and loan terms and capacity of that line and how you think about the capital stack moving forward? Thank you. Yeah, appreciate that question. You know, when we came in to report our Q1 earnings, and even I guess a little prior to that, you know, we had mentioned that, you know, a big focus for the company was finding bank leverage, particularly from a bank source that could grow with us at scale. What we were able to achieve post the quarter end with our Needham Bank facility that we announced is, one, we were able to take our existing bank lender where we were capped in terms of our borrowing availability, and we were able to bring them into our new facility, which is now, you know, significantly more scaled than where we were. That said, we have only drawn, I think $7.5 million or $8 million on that facility to date, and we have $80 million of existing receivables. Effectively, we can fully draw on our bank facility, based on its advance rate, and we'll still have significant additional capacity to bring in a secured lender against those receivables. With that and our ability to draw an additional $10 million of junior unsecured capital, from the issuance of convertible notes, that we completed last year, not only do we have significant funding capacity available to us now, but it is our expectation that we will continue to upsize the existing bank facility that we have as we continue to diversify the portfolio, add additional receivables and expand the business. We think that we have a very good shot of doing that and are already speaking with not only our existing and new bank partners but, you know, prospective banks to join that syndicate as well. Thank you. A quick follow-up question on that. You know, U.S. cannabis companies from an equity perspective is kind of getting crushed right now. Valuations have dropped significantly in the past couple quarters, and it seems like companies are having, you know, tougher and tougher times to find capital. How do you feel as if that's affected XS Financial and their ability to deploy capital into the space? Yeah. It sort of impacts the company. It's a good question. It impacts the company on two different fronts. On the one hand, to the extent that capital is less available to operators and companies in the space, particularly equity capital, it may call into question performance. That is something that of course we are keeping a very close eye on because we wanna continue to make good credit decisions. We wanna continue to put out capital in a risk-adjusted manner that does not result in having to take equipment back or defaults or missed payments. You know, the inability to raise equity capital that, you know, would sort of go underneath us in our capital structure is something that we're keeping a close eye on. The flip side to that dynamic is that there are fewer capital sources available to our target customers and existing customers. The capital that is available may not be perfectly suited for what they're looking for, and that is really where I think we're seeing tremendous opportunity as the market leaders for the product that we have, specifically CapEx and equipment financing. We're not seeing a lot of competition. You know, what does that allow us to do? One, work with companies that might otherwise have considered alternatives. Two, allows us to command better pricing surrounding, you know, the capital that we're deploying. On the one hand, we wanna keep a close eye on the credit quality around the industry. You know, on the other side of it, we're seeing tremendous opportunity as a result of that lack of, you know, institutional equity, that is to date and more recently been unavailable and/or very hard to come by in the industry. Got it. Appreciate that insight. No further questions from me. Keep up the good work. Thanks so much. Once again, if you have a question, please press star then one. The next question comes from Walter Ramsley with Walrus Partners. Please go ahead. Thank you. Congratulations. Great quarter. Got a couple of follow-ups. First of all, I guess, either, you know, the way it's currently going or in your entire portfolio, can you break it down a little bit on how the business is, you know, what they, the customers want? Is it dispensaries or manufacturing equipment or their growing operations? Is there something that's really standing out at this point or do you like provide capital for all three of those? I appreciate the question, Walter. You know, historically, retail dispensaries have not been a very big source of our financing, and that's primarily because heavy equipment, heavy CapEx that qualifies under our program doesn't really exist in a retail store. The things that might be financed would be more display cases, perhaps some television screens, a little bit more FF&E. For the most part, we have stayed away or there just hasn't been a big enough need to focus on that aspect of our customers' businesses. Where we have significant demand have been cultivation, primarily where, you know, build out can get very expensive between power generation, lights, racks, benches, HVAC and certain other types of CapEx needs. We've seen considerable demand for that type of infrastructure and similarly, processing and manufacturing, where we're seeing a move to automation, packaging lines, bottling lines, filling lines, capping lines, pre-rollers, that has sort of become the guts of the industry, I suppose. We're very active in both of those fronts. I would say beyond that, we do see some demand for testing equipment as well as some ancillary equipment, things like security systems, warehousing equipment like scissor lifts and forklifts, and other things of that nature. Our intent is to, over time, go where our customers need us, and that has really been historically what has gotten us to this point. We do have different credit parameters for different types of equipment based on how we view the collateral. You do need, from a customer standpoint, we require that customers be at the highest threshold, to qualify for the entire package of cultivation financing, as an example. But that is where we're seeing the demand currently. Oh, that's great. That was a very good explanation. Just one other question. The convertible note deal that has an option for another $10 million, would you be interested in doing that or is it more financially beneficial to the company to just skip that option and get a lower interest rate from a bank and not even include the convertibles? Also, a very good question and appreciate it. You know, it's something that we are keeping an eye on as we move forward. The conditions surrounding that additional drawdown of convertible notes technically has a put option and a call option. The lender has a right to force us to draw it, and we also have an option to draw it. From our perspective, I think we're keeping a very close eye on, you know, balance sheet optics and dynamics, capital needs in general. You know, obviously we already went through the process of closing that note round, it's there. There's no additional expense that would be required and/or, you know, work or process to go and bring it in. I think it's a very good question. We keep an eye on both our funding demand, you know, on a daily, weekly basis, as well as looking at what our capital availability is on the other side. You know, I think it's a good question. Certainly the convertible nature of it would make it more expensive and the coupon than our bank financing. At the same time, we wanna make sure that we have enough financing underneath our bank lenders to make them comfortable to continue financing us. It really becomes a question of, you know, what are we seeing in the bank financing market and/or, you know, other opportunistic financing that is available to us relative to, you know, the cost of capital and the existing partnership that we have in place with the provider of the convertible notes. You know, we're keeping an eye on it, and it's something that, you know, we'll be making a decision on more than likely sooner than later. Well, I appreciate that answer too, David. Keep up the good work. Congratulations, and you know, just keep it going, I guess. Thanks. Thank you very much. This concludes the Q&A session. I would like to turn the conference back over to David Kivitz for any closing remarks. Appreciate that. Just wanna, you know, say another thank you to everyone for attending today and all the great questions. We're looking forward to seeing everyone and hopefully additional attendees at our Q3 earnings call. I'd also like to again welcome Stephen Christoffersen as our new Chief Financial Officer and also, you know, repeat the words that he said regarding Nelson, our outgoing Chief Financial Officer, who did a terrific job for the business and his financial stewardship over the last 18 months. With that, I would like to say thanks again and look forward to seeing everyone soon. This concludes today's conference call. You may disconnect your lines. Thank you.