Hello. My name is Yngve Johansen. I'm the chair of Lokotech Group that is listed on the Euronext Growth. Today we are going to have a chat and a discussion of our company. We are going to share a lot of information. First, a little bit about me. I'm a physicist. My background is working with technology for a different company, listed on the Oslo Stock Exchange, but I'm also chairing for Lokotech Group. Ole and Ben, a little bit about yourself. Sure. I mean, we are the co-founders together three for Lokotech, the other subsidiaries of Lokotech Group. I'm the Group CEO. My background is, so Business Administration. Benjamin here is, I don't really have a title for you right now, Ben. I'm just helping out. I'm helping out the CEO position, given the current circumstance, with both stuff in Norway and North America. Yeah. Business development. Yeah. Business development would probably be a more proper title. Yeah. Chief Relationship Officer. Yeah. Yeah. There have now been a long time where the company have been working very hard since the capital raise last year on the chip to develop it, finish it, and mature it to the point it is today, ready for tape-out. Reaching a milestone like that, it is a good point, a good time for us to update the market. There are so many questions. We have got a large outreach, many people with long lists of questions. The interest have been great, so we're gonna take some time to chat about that, share our views on many things. I will be moderating through that. Also a good thing is that we had the annual report that came out yesterday. There is a lot of this session that also intersects with that, so it's nice. Maybe I saw some of the questions that came in late was related to that, so we can touch on that. Finally, also, there is a exercise period for the warrants. The people that participated in the rights issue last year they can exercise the warrants quite soon, and we talk a little bit about that. Before we begin, [Oby], can you verify that we are live and have viewers? Because we have a technical issue from one of our employees here. Yeah. The webcast is, we have some technical issue with investor.com. 150 people are currently watching through our other platform. You can just continue- Great I will fix in the background. Thank you. Okay. First thing then, first question: Will there be some kind of event, a party, when we are formally claiming to have been tape-out? Yes. We will be having an event that celebrates this forthcoming event that has been years in the making. It'll just be able to, you know, be really nice to be able to finally celebrate this milestone that we've achieved after all these years and to be able to communicate that and hang out in an informal setting and, you know, speak about everything that's been going on for the last five years. Yeah. just have fun and kinda let the hair down. Yeah. No, that is good. That'll be coming up. I mean, after we officially have that, then we'll be planning that and be going straight to the party, so. Yeah. I'll get the information out, don't worry. Yeah. Yeah. A bit uncertain how many people would show up, so we haven't booked a venue yet. No. I think maybe we should get an indication before we do so. Yeah, for sure. I know, I know he has some ideas on how to, you know, ticket this thing or, you know, make sure that we have some type of overview. Mm-hmm Because we don't wanna be stuck with a. Yeah Just too small a place. It will be, it would be really fun to meet a lot of these, the shareholders, a lot of the guys, because you get, you know, over the years, yeah, you'll get many questions and some of them it's almost like you feel you know them very close, so. Yeah. It's going to be fun. All right. Over to the main meat of what we're doing in the company, and would be really nice to talk about and that, you know, can you say a little bit about the ASIC, its dual purpose, dual function for Scrypt and AI? Can you dive into that a little bit more? What, you know, many people wonder about what is that product really? Sure. I mean, I think the first time we publicly mentioned that the chip is dual purpose, at least in something like this, was Investor Day in 2021. I mean, it's been a part of the design since inception late 2020. It's you know it started out as a "Could this thing also do AI?" into the now maturing into a situation where we are pretty confident that the design as it is could be competitive in AI. Mm-hmm. Went from a nice-to-have to a really nice-to-have. The market has grown significantly since we begun this journey. I don't know. I'm not gonna claim that we were forward thinking, but we're allowed to be lucky as well. Okay, yeah. We have high expectations on the AI side. We know the Scrypt functionality works. It's more mature, of course, than the AI part of the chip that hasn't been tested in physical silicon. Worth mentioning. Still, suddenly you open up a new business vertical that is a lot larger than the Scrypt market. At no extra cost either. Oh, well. Well- the complicated Yeah ... developments like- Yeah. I mean, for the ASIC itself though. No. Not producing a separate ASIC, it's all in the same package? Yeah, I think a lot of the shareholders and other stakeholders have been thinking that this needs to be, you know, redesigned in its entirety to be competitive in AI. I think that's the main takeaway from today, that AI is a large fast-growing and complex market, but there are niches that this chip should be very well fit to- Mm to fill. Yeah. It's a shortage of chips as well. By the way, I remember I saw that on the Investor Day, when, you know, on the Q&A session you mentioned it was like AI inferencing on the edge. It's like, well, now everybody talk about the AI inferencing, but then back then I'm not sure if people really grasp that. You're saying that you... I mean, the physical architecture is in place, you just need to boot it either for Scrypt hashing or you boot it for- AI AI inferencing. Yeah. That's an easy way to explain it. Sure. We're also able to lock off the AI capabilities of Scrypt chips if you'd like to, you know. Mm Remove the limits of the price differentiation. Mm. I mean, AI chips are a lot more valuable per square millimeter than for Scrypt hashing. That's a nice feature to know that people won't rip off chips of a Hashblade and- Mm Repurpose them for AI. Mm. Yeah. Yeah. Easy way, you can boot them in two different modes. Yeah. Well, I also saw one. It's kind of a funny thing because when people talk about agentic AI, then I saw one of these guys in... What's his name? The guy on talking about agentic economy, about all the micro transactions. Sure ... that will happen between the various agents and all this stuff, and that will actually be crypto or blockchains. Anyway, I think it's funny that so we have a chip that basically it can think, it's AI and also then you can boot it for, you know, it can actually participate in the blockchain network. Any thoughts about that? Sure. I mean, we elaborated a bit in the annual report as well. I mean, these experiments that Coinbase and I'm sure others as well are doing or conducting right now could indicate that the blockchain technology is the right catalyst. Mm. We always talk about blockchain being the right thing for micro transactions and so forth, but adding AI into the mix and having these agents operate to your best interest on your behalf autonomously. Mm That's a bit of a next generation development. Mm. Um- Well, it'll be very exciting to see how that grows as well, because that's just a new industry that's gonna be popping up in, for crypto. Yeah. Yeah. What's good about the cryptos that we're attacking. The majority of them have extremely low transaction fees. Mm. That outperforms, you know, Bitcoin, which is more or less a storage of, you know, wealth rather than a, you know, a token that can be utilized. Take one example though, like, I think the energy market, at least in Norway now, is a very hot topic. You know, power is expensive and all this. What if your smart home was able to regulate itself and settle with the best offer from all the various different companies that can sell you power- Mm in terms of seconds? Mm. You don't really- Yeah Need to worry then about being overcharged. Mm. You don't need AI that checks their invoice against what you're actually paying your bank account. Mm. You need to manually type any key numbers. It's taken care of. Mm. Um- It can hash in the idle time. No, but that's Sure. I mean. It can self-regulate it so that it hashes when it's profitable on your exact power bill that minute. With these two features, it's fair to say that the maturity of the Scrypt is much higher than the AI bit. Sure. I mean, it's been tested in silicon. Yeah we know that the engines inside the chip that you know does the calculation and hashes the algorithm. Mm ... works. Combine that with, you know, all industry standard checks that we thoroughly went through yesterday and into the night period of today. Mm. We're confident that technical risk, development risk is done. Mm. There's some engineering risk left. Yeah. But, um- Everybody has the engineering. Mm ... who would go into production. Yeah, sure. It's unavoidable. Yeah. I mean, the software development necessary for AI is probably in a different scale than to operate the chip. Sure, sure. I mean, for our product. Oh, for sure. Do you mind, Ben, or should I? No, go ahead. I don't have it right here, it used to be here, but typing up the software required for a Raspberry Pi, or in our case a BeagleBone, to talk to the ASICs is a relatively simple task compared to what's required to commercialize the AI functionality of the chip. Mm. You know, us five people from Norway, we're not gonna be able to cover the global demand on edge AI inferencing chips. Mm. You need not only the distribution, but you need also a software development kit. Mm ... a kit that our clients, again, use to develop their own applications to be used on, with our chip. That's a monumental task compared to writing some, relatively simple, Mm communication software for a controller. Well, with that in place, I mean, the good news is, I mean, we do have preliminary numbers from the simulations which we'll be releasing at a later date, when the time is right. We'll also, once we actually have the physical silicon, be able to, within the first month, you know, test what kind of top speed it has. That's not really, like, a good number to run with, because it really depends on what AI algorithm that you're running on. Mm. So- Yeah That'll vary from algo to algo. Yeah. When we get back to there are also more questions on this AI bit, so we. Yeah run back on that, a little bit, later. Then, okay, so you have your ASIC now, and design is done, and it's delivered to our partners, and then moving soon to the mask house. There was one question was like, when is that happening? Well, it's a matter of practicalities, I suppose, and a feedback loop coming back from the foundry that, you know, the design file has been received and is complete. Mm. You know, this is a huge database, right? You don't want to risk a single bit being wrong in the transfer as well. Yeah. It's verifying that. A handshake there too also. Yeah. Yeah. Yeah. I think a couple of days turnaround from the whole chain is expected. Mm ... it's the weekend now. I don't know, maybe Monday, maybe Tuesday, but it's just a matter of turning the cranks and getting all the way through. Okay, it's really close then. Well, yeah. Yeah. Should be, yeah. What's kinda good about it, and since we're not going directly to GlobalFoundries, and we're using a IC assembly partner, it helps out a lot because we do our own internal DRC checks. Our IC assembly partner, who's renowned, they do their own DRC, and then they hand, after, you know, that back and forth, which is already done, they hand that over to GlobalFoundries. That's basically where we're at right now. Everything's kinda out of our hands. Talk a little bit then on, okay, basically now we have delivered design, we are happy in that regard, and we are waiting on a soon confirmation on formal end to claim tape-out. From there, tell a little bit about the timeline, what's going to happen then, and how quickly can you get to scaling up the production and actually start to deliver some volumes? Sure. I'm trying to think how in detail I should go, but. Ah There's a lot of interaction now between us, the IC assembly partners, and GlobalFoundries back and forth, and they wanna, you know, ensure manufacturability. That's what the topic is now. Mm. What it means is that we might get either a strict requirement or more of an advice to increase manufacturability. Mm. There's spare cells engaged in the design so that it can be done without going too far back in the design loop. Mm. It's call it an easy ECO. We go in with a surgical needle and fix something, maybe add a dummy metal piece just to make sure that the silicon isn't too weak, or it has the correct stiffness. Mm for instance. Yeah. that's why we've already told, you know, that you know, it's difficult to say how long the type of dry run phase is, like, also revolves around the complexity of the chip and size and such. Mm. We've been dry running several parts since December already. Mm It's not like we think that something unexpected should happen. Yeah. That's why I'm confident on a lower timeline rather than a. Yeah. The mask set, would you say that the mask set and hand- What happens then is that. testing and how much time is, yeah? Sure, sure. I mean, we have a qualification shop at the mask house, or mask shop. Mm-hmm. What they do, they take this design, and they produce, you know, masks, stencils or layers that you use ultraviolet light through a prism to. Yeah You know, shadow out the circuits in the different layers of the silicon until it becomes the chip. Yeah. It's about a three-month fabrication of the mask set, I'd expect. Then the first so-called multi-project wafers is being processed by the foundry. Mm. From the first virgin wafer goes into the machine until it gets out is about a three-month time. Mm. It's a process that is difficult to speed up. You know, you're heating your metal in this very precise manner, and you can't really, you know, taking shortcuts on- No Physics, as you know. Yeah. I'm sure. Yeah. Yeah, we can buy further prioritization to reducing a couple of weeks. You know, the first engineering wafers are prioritized anyways, so it's not like we develop too much on that topic. Mm. The first build will then determine if we need to do any corrections on the mask set before we continue. Mm. You know, if the probe test goes well and things function then. Yeah ... we just continue to, Yeah produce. Yeah. Basically, it sounds like you're saying, like, so from here we are talking Q3, Q4. Yeah. Around the Q3, Q4, you know, the chips have to be. Chips in hand. The wafers have to be sliced and diced, packed, shipped back, came back and forth. There's some shipping delays in there as well, but that Q3, Q4. Chip in hand, and then you start to put together your products like this guy. Mm-hmm. Miners. First feature you're going after is Scrypt, right? Sure. I mean, we have clients that have been patiently waiting now for years, so, yeah. Some of those first chips will also be diverted into testing and benchmarking of the AI and, also, you know, batch sampling as such. Mm. Um... Okay. All right. Let's turn it a little bit around. There were some of the shareholders, they wanted to know more about ambitions and what is likely, what can be achieved in terms of market share. Have you seen any indication? What are your general thoughts on that? I mean, Ben, you are generally bullish on that product as well. Oh, I'm extremely bullish. I've been bullish since we started this. It's just taken longer than we expected. No, I you know, given our efficiency gains off the current iteration of our ASIC, we're still beating the competition by you know, roughly 50%. We are on a legacy node, which is a huge benefit to us because we can take the same design down, which is a very quick turnaround compared to what we just went through when it comes to bringing another ASIC design on a lower node, which is very good. It allows you to have even more efficient ASIC and more density of the transistors and you just get more out of it. Since we're there and we have that efficiency, we're basically pushing anybody that's not gonna be operating our machines to compete on power pricing. Since there's already been a race to the bottom with power pricing, we really don't see that being a competitive advantage right now. Mm-hmm Both geopolitically and/or like for the location as well to have to be operating as, you know, a politically stable climate. To me, I see us being in extremely good position, especially after we get the ASICs in hand and turn on the machine and show it running because it will sell itself. Once that happens, the capital need to produce will be very easy. We've seen a couple of examples where, like a competitor or a new entrant has entered and taken a significant portion of the market, like 20% or so, like overnight. Yeah. It's a market that's one huge incumbent, right? I think even at parity, the Western Hemisphere would appreciate a Western-produced product. Oh, yes. 100%. Especially with our tariffs in the U.S. and so forth. Yeah, confident in it. Still depends on how we wanna define the market size, right? If you're thinking only about hash rate, then I am 100% convinced that we're not taking the full market because, you know, people have spent money and invested into machinery, and they have, as you said, aligned themselves with a low power cost. There will be competitive hardware out there still hashing. Yeah. If you do find the new sales, then I think you'll see more of a shift in terms of percentages rather than machines. Well, I mean, as you can see in the annual report too, I mean, we highlighted it there as well. You can see the benefit of having an efficient machine because when the markets capitulated and the underlying asset pricing decreased for all the assets, hash rate fell off a cliff because if they're not that profitable, they just turn the machine off. There's about 25% of the total Scrypt hash rate collapsed right after and/or during December. If, like, say for instance, we already had our ASICs running, you're not turning your machine off because you're still profitable. Like, and that's what's good about having an efficient machine, so you can run during the bad times, and you can run during the good times. Mm. You don't have to be worried about, you know, the asset pricing of Litecoin, Dogecoin or all the other merged mined coins with it. Yeah. It is a market with a bit of a dynamic. You can quote me on this. To me, it's the most competitive market in the world being a miner because you can't really change the pie size. You can only compete about the same pie. Mm. against everyone else. Mm-hmm. Yeah. Whether the total rate is growing or going down, it's, you know, the same. I mean, you're competing for the same amount of reward basically. And- Yeah ... most of the time, at least for close to every competitor out there, you have the same equipment to compete with. Yeah. Right? Do you see, you know, when we start to deliver, is the constraint the demand? You know, like or do you think it is production? You know, how quickly can you- I would say both. I mean, the demand is gonna be significant where we will not be able to meet the demand, I believe. Mm. The production, I mean, the one thing that limits us is how many wafers can we produce each month. What's good in this market or in this industry is everybody pays 100% up front, and then they wait for their units. Mm. We'll be able to use the sales to pay for those wafer orders and the components and the manufacturing and the assembly of everything. Mm to get that to the end user. We won't have to be raising capital or anything at that point after we have the ASIC in hand and show it. Mm. So- May I pitch in? Yeah, go ahead. I think it's not even gonna be production or demand. I think it's gonna be reach, and how quickly you can recycle the capital gains with new orders. Yeah. Go-to-market execution, that will probably be the limiting factor, I think. Yeah. One guy, he asked, partnerships, is that something that can accelerate growth? Oh, 100% because I didn't consider. I mean, like, the first wafers that come out of the foundry are the most expensive. I mean, especially they're being engineered and stuff. I mean, they're very expensive. To reach economies of scale, it is good to bring in a capital partner. I could actually we've discussed this internally, that I could see us having, like, a JV where we have a fixed margin over cost, but then we set up an operation to where we share the hash rate. You know, you can pay back the capital partner first, and then you know, we're benefiting from the hash rate that's already on. Because personally, this is me personally, not the company, but I would like to see us take between 8%-15% of the total hash rate on the Scrypt algo. Just, I mean, that is a good cash flow for the company, just to be able to grow and to continue to explore other avenues. Also, it allows us to be a good strategic partner for the industry because we'll be extremely transparent about it. Being a public company, everybody's gonna know what's plugged in, you know, what's our hash rate, how much we're earning. Like, a lot of the other competitors, I mean, everything's hidden. You don't know how much hash rate they actually control, and we don't wanna be like that. We wanna be very open and honest about what is going on and what's our portion of the cake that we control. Mm. I think it also fits very well into this power hosting pilot that we are now conducting. Like, sure, I think a partnership could accelerate it, but it's also something that we can distribute widely based off of that type of a platform. Mm. If you add in a marketplace on top where buyers can resell in between each other. Mm ... you don't really need one giant to, you know, partner up with you. Mm. You can install the equipment for our cost- Mm resell it, and they can resell it to each other, and can, you know, earn off of the hosting part as well as the pool fee part, as well as the machinery. Mm. We can also be accountable of buying machinery back and reselling it if we would like to take those type of capital risks. Mm. It's about creating that whole ecosystem under one umbrella. If we're successful in getting one of the larger existing miners on board, then I'll be very happy. I think 3-5 years it will look more different than just a you know marriage with some huge guy. Oh, yeah. Okay. Yeah, that's kind of funny you say that because one guy was actually, he asked and it's, maybe, something for later in the session, but since you touched on it. In 3-5 years, what is your perspective for Lokotech Group, where you think you're moving, what you see we are doing? Will it be, you know, like trying to develop a whole, you know, like under umbrella with a bunch of synergies and a lot going on or- I mean, we're already in the trajectory, right? Yeah. To develop that type of a ecosystem for clients and miners alike. Mm. In that timeframe, we're probably also looking at the release of a second generation, perhaps a you know, shaved off version where edge AI inferencing is the main topic. There's no Scrypt hashing functions at all. Mm. Um, and, um- Do you think it will be on a lower note when you do that? I think so. If we have a sales success, then Mm I'm sure, we've no reason to not, you know, go. No for the most advanced thing then. Mm. It's capital intensive though. Yeah. Really capital intensive. Intel is talking about this, what is it? Angstrom-sized transistors, right? Yeah. You're not even counting in nanometers on what their future plans are and. Yeah ... um, like- At that point you could integrate it into almost anything because the cost per die, per- Mm-hmm physical chip would be. Yeah Low, I think. Yeah. You need so little of it. I don't want the smart socket in your shoe. Sure, why not? Yeah. Your tire or your light bulb. Yeah. You know. Well, the Lokotech Group 3-5 years from now, it can be a lot of interesting stuff that we are moving into and also the next gens basically. Yeah. Yeah. What's your part in? Somebody asked what's Ben's role in, you know, with the U.S. and Well, I mean. The business development that was mentioned. Yeah. It is more and more for business or new business development. I mean, we've already kind of picked our manufacturing for pick and place, and they have facilities all across the world. We picked this company not only because they have facilities across the world, but it's more of a strategic decision, given today's geopolitics with the tariffs and everything else. We can produce where we sell the most. Mm. The U.S. being a large part of that, and me being an American, it makes it extremely easy for me to set up a company, go there, get everything in place, and not have to worry about anything. You know you know, because that's what I didn't before I moved to Norway. It makes it a lot easier and seamless for a you know, a citizen to go there and do something than not. This includes both you know, the mining aspect of it and potentially the AI. That is touching a little bit on what was mentioned when we talked through the timeline. Next, you know, big milestone now, because now we signed out the design, it left to the assembly partner and we have basically tape-out very soon. What is the next big milestone now that people should be aware of in, let's say, 12-24 months? Just to kind of, you know, illustrate what that could look like, I think, a mask set has been, you know, completely fabricated and first wafers are being processed. Mm. That's a milestone that indicates the timeline precision at least. Mm. Probe test wafers are being tested right after fabrication will give an indication of yield and. Probe test, what is that? You have a socket that you put the wafer in and you probe every single- Yeah ... die on the wafer, right? Mm. On the precise spot so that you can ensure that the die is functional. Yeah. You don't waste time and dies that are non-functional. Yeah. Die basically a chip. Yeah. Well, die is the, yeah, the integrated circuit that goes into what you call a chip. Yeah. You put a die into a package, and then you have a chip. Yeah. It's basically a pre-chip check. Yeah. You're checking a small ASIC on a huge wafer. Mm Rather than doing the slicing, dicing, and backgrinding and packaging before testing it. Yeah. You basically quite quickly get to know then if these dies are going to deliver. Correct ... as we want, and then second thing, the yield per wafer. Seconding the yield, you get a starting yield, you can more accurately measure how you think that yield will develop over- Mm the amount of wafers that you're processing. Right? Okay. So- What do you do if you are unhappy with the yield? I mean, Well, I mean, typically the yield, you have to wait till about the first 1,000 wafers, because that's when they start, like, you know, getting it down to about the most approximate yield that they, you can get after 1,000 wafers. Okay. You reach a prime yield. Yeah Also. Yeah. I don't know, 1,000, maybe less, maybe more, but. It's roughly 1,000. Yeah. Mm. You know, for every boat they recalibrate and they, you know, can give you a curve. Expect a curve. Mm. Right? If you're unhappy with that, you can, you know, attempt to respin or, you know, replace, reproduce some of the layers that, for some reason, have any precision or something that affects the yield. Mm. There are some engineering efforts to be done also to increase the yield figures. Mm. You know, the way the wafer probe also has a very, very important functional, thing that's a sign of yield. Mm ... which is this PUF security feature. Yeah. Quite incredible. On the chip, it's a circuit that understands the small impurities in the wafer and at wafer probe, we were able to extract a fingerprint or a signature. Mm. That will be required to communicate with the chip. Mm. If you don't have the key, the chip is worthless. Okay. This sound Yeah Sounds like a nice security feature. It's not very easy to copy this, then I would say. Yeah. Well, correct. I mean, it's not easy to copy, but it's, you have to have the key to be able to understand anything. Yeah. Which everything will be flashed on from us and under our control. Mm. We won't be, you know, handing the keys out by any means. Yeah. It sounds So Extremely important. Well, plus it also protects us from people to be able to switch it to an AI use. Mm. Like Ola was talking about earlier, where you can basically just remove the- Mm the chips and then instead of having a chip that's worth- You know, $12-$18, you have a chip that could be worth, you know, $90-$120. Mm. So... Mm. Don't take those figures for- Yeah, just take figures that. Oh, no. I mean, that's just kind of. Yeah the give and take of what the industry's offering right now. It complicates manufacturing a bit though, because you gotta make sure that the right key for the right chip ends up at the right Hashblade. I mean, fortunately, we partner up with an extremely confident company here in Norway. They have some of the tightest testing requirements in the world. Sure. Massive companies are using them. Especially in the States side, they're using them. Mm They got full control, and everything is going. All the testing equipment that we've had developed for the Hashblade and the DoubleBarrel and the Hashblade for it goes in the SingleBarrel. Mm. It's that doesn't really adjust the form factor any, but it's going extremely well. Okay. Let's switch it around a little bit then to something slightly different. There came questions on what about or, you know, are we sufficiently capitalized for the coming period of these milestones we need to go through and the commercialization? There was also a question on what's our strategy on commercialization when we are moving out? First thing on the finance for this. Sure. I mean, you can see in the annual report as well. I think the cash balance at the end of the year for the group was $37 million, pretty much on the dollar. Yeah. Um, um- On the knock. Yeah. On the knock. Yeah. Language error there. I'm comfortable with the liquidity position that we have right now. Mm. We are well capitalized for the investment that's required to get this chip into commercialization. Mm. We're still negotiating a little bit on how much throughput we'd like to see from the first testing equipment. You know, the probe testing and- Mm the following testing equipment. Mm It's not finalized yet, but it's not a dangerous figure for us to carry right now. Mm. You have the supporting cash flow from PowerPool.io, which makes it easier to, you know, conserve capital if for some reason that would be required. Yeah. PowerPool.io now, they are looking for their own growth, right? Sure. So- I mean, we understood that we didn't really need that. Sorry, I was a bit disturbed here. No. No, there's a comment, "Where can we buy the Lokotech hoodie? Okay. Yeah. No, but. New merch shop, huh? Yeah, new merch shop. back to PowerPool.io. Yeah ... yeah, we did, late last year, commit to the, you know, exploring this power hosting. Yeah ... thing that's been brewing for a while. Mm. We found the right site in northern Norway and got the job done. With a delay from China in shipment. Anyways, therefore we reinvested into growth. Mm. We might continue to do so, depending on if we find strategies that doesn't necessarily tie up capital as well. Mm. I think the [Suits for Sats] is a very good example of, you know, community empowered marketing campaign that paid itself back in less than a month. Mm. In the same month we were running it actually. Mm. Yeah, more of that and more hash rate. I mean, trying to at least double it, right? Mm ... for the most important algorithms. That's good then. Back to Lokotech, and also we talked about coming milestones. You mentioned them, but to be a little bit specific, the closest one you can think of, well, tape-out of course, which is days away. Then for the probe test, you mentioned that as a big thing. So when, where will. Are we talking about two, three, five? What is the time in months? If we add three months worth of fabrication and mask set with three months worth of Mm You know, production of the chips or ASICs or dies if you like. Mm That's when you get the probe test. That happens before you slice and dice and pack and then put it into, you know, products or prototypes for testing the AI. Yeah. Before you get the final answer of efficiency, how does it operate under real-life, you know, strain? Mm. It can be like people are mining in the desert, right? Yeah, yeah. ... how does it work at 40 degrees with liquid cooling? Mm. Versus how does it boot in northern Norway at negative 35 degrees Celsius, right? Yeah. To the probe test. Well, Half a year. Half a year. Yeah. From now. Yeah Yeah. That is yeah. Going there also then for you know are we financed and for this? The answer is yes, but how what are the remaining CapEx commitments are there to do? You mentioned some negotiating I mentioned. Testing equipment, for example. testing equipment. Yeah. testing equipment. Yeah. Well, I mean, that's the main only. dollar. Okay remaining investment. Yeah Capital expenditure-wise at least. Mm. I mean, if we're bold and the market turns around, then we wanna produce more wafers quicker. We could always, you know, bind up more capital in wafer orders. Mm I don't really see that as being important to consider at this point in time. Yeah. No, yeah. It will get the probe tests done and- Sure Ensure what we are dealing with. Yeah. All right. Since we talked on financing and the finances and remaining CapEx, let's talk a little bit about because there were some questions on, you know, what's your running burn rate or if you should say SG&A OpEx run rates. You wanna comment just, you don't have to be too specific- No, no. comment a little bit on that. Yeah. I've been quoted on this before, and I stand by it also today that we are able to operate the mother company cost-wise for around NOK 1 million a month. Mm-hmm. Give or take. I wouldn't call it burn rate because we're not burning cash. We're also earning money in PowerPool.io mining. Mm That's the SG&A part of it. Mm. Even though February was a bit of a tough month for PowerPool.io. Mm March is now record high, and we're pacing a lot higher now than what we were doing at the end of the year, so. Well, if you compare that to H2 for example. H2 2025 was about NOK 2,400 and something, so about $1,000 more per day. Okay. EUR 1,000. Yeah. Euro. Yeah. Yeah. Euro, sorry. Okay. It's about NOK 3,500. That's nice. NOK 3,500 Even the price is low now. We are back sort of in, yeah, it's promising. This is because of difficulty or the total hash in the market or, yeah? The difficulty has decreased so. Okay It increases the reward for the remaining miners that have stayed online. Okay. Yeah, the crypto sentiment for market prices has also taken a little bit. Yeah of a you know upswing. You know, it's also continuing innovations, adding more merge mined coins into the Scrypt AuxPoW ecosystem that you know there's more incentive without any added costs. Mm. You know, supporting a new algorithm like Ethash. It's not a large contributor now, but if that becomes a popular algorithm or we are able to steal market share, that will also increase that run rate without decreasing our operation costs. Okay. I mean, if you take a look at the figure and I mean, operationally PowerPool.io is spending more now than what it was in the beginning. Mm. A lot of it is investing into future growth. It's we can't really balance sheet any of those activities, but Mm That's why you see the operational cost as a factor of the revenue being increasing. Mm. I mean, the EBITDA figures are still above 19%, so it's. Okay. All right. Well, I mean, just to add into PowerPool.io, I mean, it's gonna have a bunch of organic growth because, I mean, just so if the investors don't know this, a lot of that equipment that you buy comes preloaded with a mining pool on it, and a lot of that is, you know, Bitmain's own mining pool. But what's good about ours is we'll be preloading all of our equipment with PowerPool.io. Preloading, what do you mean? We're gonna be putting like your, you know, normal pool uses. Like it'll already be loaded. When you just put it in the socket, fire it up, it will automatically see. Yeah, it'll have, like, PowerPool.io as there. Not only be marketing, but people will understand that maybe this works better with this pool and- Yeah, they can change that, but initially they will. Yeah, they can change it, but it'll be a preset default pool that's on the miner. Okay. That is a pretty strong synergy. Oh, 100%. You gotta enter PowerPool.io, though. Sign up, create a user, and Yeah Put in your address. Yeah, I did already. Well, I'm saying the client that received this. Yeah. Sure from you. All right. No, that's great stuff. You have PowerPool.io, you have the power hosting. Also in the annual report I read something about PowerPool.io and, yeah, so any comments on that? Sure. I mean, PowerPool.io is a, you know, fleet management system for large miners- Mm Basically. One of the main benefits is that you ease operations of a large amount of miners at the same time. Mm. You also are able to have a local pool mode in your data center. Mm. You're reducing lag. Mm reducing the amount of stale shares. Mm ... which can be quite significant if you're rurally located or have, for some reason, connectivity issues to wherever your pool server is located. Yeah. That's a direct cost, right? Yes. It's what you're paying for in terms of efficiency, but you never get any rewards for it. Are all the pools doing the same or is it? No. Not that we know of. So this is like a, you know- Well, I'm relatively sure MARA Pool does it for Marathon. Oh, 100%, yeah. Yeah. I don't know, I don't think there's any. Is it like a retention sort of initiative, you know? It's a retention tool. I mean, if you Yeah. They wouldn't wanna leave the pool if they are actually benefiting from PowerPool.io as well. Mm-hmm. I mean, as you mentioned, for the stale shares, it reduces stale shares. How much is it? Like 10x? No. Network usage by like 200. Bandwidth is about, like, around 255. Yeah. Um- It's a significant benefit, especially if your stale shares are over 1%. During these market pullbacks, you're literally leaving money on the table, and there's no reason for that. It should be, you know, fairly well-received when people, you know, take the chance and plug it in. Okay. So- If you're gonna mine over an overhead line for instance, it can be a necessity. Yep. Yeah. 100%. All right. Since we are now, you know, wandering around a little bit on the umbrella you mentioned earlier, so that I know a different thing, and it was also in the annual report, PSU, that is, you know, under pilot testing now. You haven't talked about that in a couple of years. I mean. It's been a while. What's going on there? You can just mention it quickly. I'm sure people- Well, you're basically I mean, the smart PSU basically is a module that plugs in front of your actual miner where you can actually physically control the unit, hard stop on and off, and then also it's a data measurement too. Typically in a hosting facility, people just have to ballpark the number or amount of power they used. Well, with these units, you can actually extract the exact data. I know. for that miner. Yeah. What's quite interesting about it, because we've already had a successful pilot test of these. We've sent, I think roughly about five of them to a mining facility in the U.S. and they're all working extremely well, and two of those he actually required for fans. He wanted to actually be able to control his fans as well. Okay. I thought that was quite interesting because a lot of people never really measured the power that, you know, wanting to actively seek out and measure the amount of power that their fans are consuming locally, and to be able to control them as well. I mean, it solves the problem of accurate billing wise. Yes. 100%. I mean. Mm. Personally prefer our system. We don't actually bill anyone an invoice, but you subtract it from the revenue. I think that's one step further in terms of integration. Yeah, sure. We've been developing for a while. We've tested various iterations of it, and we decided to do a standalone smart unit rather than supply the- Mm. Power supply as well. Yeah. I mean. There's too many different power supplies to, you know, pinpoint down. That just raises the cost significantly, and you're fixed to that miner. This way you can load it up to any miner just buying the correct plug, whether it be a C20 or a C14 or a P14. There's a bunch of different plugs. Yeah. Different miners have different PSUs. Yeah. Some of them uses double lines, right? Yeah. two plugs as well. We're now looking to iterate one more time for one that's you know planned to be used with hydro miners. Yeah. out there. Right now it doesn't support any amount of voltage, so we wanna beef it up for that. Yeah. -model. Okay. But, um- No, really, I mean, the iteration process is complete and we're excited to, you know, hopefully get initial order from this. Yeah. You know, potential client and go from there. Yeah. So. If it is small then you can't say it there, but if it's too big then it must be made separate. Okay. Leaving that, you have plenty of going on. There's outlook for a lot of exciting vessels coming in. You have growth in portal and generally optimistic. The upcoming warrants that exercising of the warrants in the capital that will be raised as a result of the rights issue last year. That is coming up. Exercise period is April 1 to April 15. Somebody asked, is that necessary or are you financed without that? I mean, as Ole mentioned, we're all comfortable where we're at. Okay. fully financed. All right. Like, unless we wanted to go out on a limb and do something new, then we'd need fresh dry powder. For what we have going on now, we don't necessarily need the capital. Okay. I think also it should be seen in perspective of us, you know, winding down unprofitable or unscalable business verticals. Yeah. Liquidating hardware that's now not longer required. We're looking at also offloading some of the properties in the south. Mm. Those capital requirements, do we find a partner? Do we split up and sell it? Mm. Also help out on liquidity. Mm. Maybe more importantly, on the narrowing down the focus of the company. Yeah. Okay. Yeah. Now I noticed that also in the annual report, I liked it quite much the way that you do the testing. I'm working myself to mature technology quite a bit. That's my job and I like your approach on where you are doing a small pilot. You test to see does it work, and then you make opinion about how is this scalable business-wise, and then if it doesn't, then you just pull the plug on that, right? I think there are plenty of examples also in Norway where people are just- Moving full front into something with high risk and no, you know, considerations like that. That's something I like. This is the way you plan to continue, I guess. That is your method. Yeah, I mean, you're talking about the fail fast strategy or project management, right? Mm-hmm. Like in the MPW I think serves as an example of us using that type of mentality. Yes, yes. I mean, we had a competitor that blew about $30 million on a complete tape-out. No MPW, it doesn't function. Hmm. Yeah. If you have the grain, sure, why not. Yeah. But, uh- Yeah. So, uh- Well, well, I mean, just to tap into that and why this tape out was so good to me being one of the founders, and I suspect [Olsen]. We spent a lot of time validating this ASIC and as much possible time to make sure that it'll hopefully be a first pass run and ASIC, 'cause this is our first product coming to market. I mean, typically the large guys, it is a time constraint, but they have the capital to burn $30-$50 million on a tape out and not care if, you know, they just learn from their mistake and then make the iteration change and go, you know, go to the next iteration. We wanna make sure that this is a success, and we've put all our effort into it to do that. Yeah. So... Well, I have two more questions. One more from a shareholder and then one from myself, because it would be nice just to hear a little bit about the journey. I mean, you guys started out long time ago. I went through chiplets and small scale testing of prototypes, et cetera, and scaled up, and now you have a commercial ASIC that just finished its sign-off, basically. So I would like to hear more about that story. But first, the last one from shareholders. This one guy that's asking, "Can you talk a little bit, what's the potential of Scrypt versus AI?" I mean, market-wise, the size. Do you have any Look, I mean, I don't know. It's quite hard to answer. I would say the best thing is just on the size is we get to go after both. I mean Sure. I mean, for the Scrypt side, you don't have any warehouse risk because you can just plug it in to be profitable, which is a huge benefit to manufacturing ASICs at this efficiency level. Mm. The AI aspect, we can't really comment on it until, I mean, we've benchmarked. Yeah, I mean the market. The market's gonna be massive, absolutely massive for the inferencing side, I believe. I mean. I think it's about 10x the size of the Scrypt. No, I- That's what it pretends to be. Yeah, it's only gonna go more 'cause everybody wants to localize their compute. I've been a big believer in Fred Thiel's belief that localized compute's gonna be everything. Mm. To where you have like a small compact immersion tank with a ton of inferencing ASICs in it to be able to do all your local compute and then send the. Mm. You know, send the result out. Mm. That way you don't have any data transfer going in the cloud, and that's expensive. Mm. I know large oil companies, you know, rendering 3D seismic data spend massive amounts of money on that. Mm. If you localize it, then you're gonna be saving that money, and I think that's where a lot of the localized compute's gonna come from. Hmm. Sure. I think that's one out of two narratives for AI. I think the only narrative that is still being talked about is this immense requirement for power, right? Mm. They don't consider the two alternatives. Either you go back to scratch, redefine how AI should be modeled- Mm. All the way back to the 1980s. Mm. I'm talking alternative methods. You have the settling machine. Mm. For instance, an invention from Shetland, developed primarily actually in Norway in the University of Agder. Mm. You go for modular arithmetic. You know, you skip out on regular arithmetic, but you use a different kind of math. Mm. To reduce the overall power need for Mm. Large cloud, AI operators. Mm. You do push the compute from these massive data centers into the edge of the networks as- Yeah. We're talking about. Yeah. There are some very long shots out there, like the quasi-automatic stuff for the, to reduce your power usage 90%-98%. Yeah, sure. Sure. That's, those are long shots right now. Yeah. I would say it's quite remarkable then, because talking about the size and thinking knowing, hearing this from you in 2021, I mean, you are being quite lucky with the momentum of the AI inferencing business then, I would say. Yeah. Because, uh- Sure. Here we are with the, you know, capabilities in your own chip. Well, we don't have the silicon yet, but the design is out the door, so. For me, I was kind of like we want. It is also about trying to position yourself to become lucky, right? Yeah. Yeah. Well, I mean. Of course. Even from the beginning when we started this process, like we wanted a Scrypt ASIC. We tested the Scrypt ASIC to make sure that it could work with AI, because actually, I mean, we not only wanted to diversify our product in a single package, but being in the crypto industry, we also wanted to save ourselves, because it was quite hostile back in the day. Mm. I mean, governments were, "Oh, ban this. Yeah. China ban," all that stuff. One thing that- Yeah. I mean, what I personally wanted was, well, if they ban it. You know it's good because we have AI. Yeah. It has been a process that we've strategically looked at for years and protect ourselves. Yeah From hostile governments toward the blockchain industry. Yeah. That all goes back to the form factor of why we want the Hashblade. Well, I mean, if you have a country that bans it, you're not, you're still operating within your normal power usage as well, being 144 W. You plug in the Hashblade, no one's gonna know. They're gonna have to go around and make sure that everybody's, you know, using a Hashblade and that would just be, that's not fiscally responsible for the government to do that. But if you're burning a 5,000 W, you know, machine, that's very easy to find out, oh, those guys are mining. We wanna keep up the decentralization and be best for the community and the blockchain industry, but we also wanna protect ourselves if this industry got hostile. Oh. Luckily, it's went the other way and. Yeah, yeah. ... blockchain is extremely well accepted now. Yeah. Everybody, you know, like speaking of an agentic economy and it will be part of the mix. It, you know, that's how microtransactional bunch, that's how you will transfer money. Yeah ... in the future. But I think it was great and actually this, I guess, people also can figure out or if they go and use the various AI engines out there and search to learn more about it. There's similarities in architecture between Scrypt and the AI blocks distributed out on chip and how you run it. But a second thing is that the AI part of the chip is because of the energy efficiency of you know that is you know that you're really looking for within mining or within hashing. That will also the AI bit will also benefit from that. Is that correct assessment from me, or? Um- The energy- I'll comment a little bit. Sure. Energy efficiency in AI is also a big thing, but I think it's more important in inferencing setting- Mm ... than in a data center setting, right? Yeah, yeah. Right now it's just a matter of, you know, I don't know, maybe 5%-10% of the anticipated power that AI will consume isn't Mm You know, don't have the energy to even continue that development, so something has to happen. Yeah. The lead time for a nuclear plant is a lot longer than a GPU. Yeah. I'm sure if you're gonna use this product in any realistic environment that's run on a battery for instance. Mm Power efficiency is important. Yeah, yeah. Um- Definitely. So many various niches, right? You have some applications would probably require a huge throughput of data. That might not be our chip. Some use cases require a very high degree of precision. Mm. For instance, you don't want a self-autonomous driving car to make a mistake. No. Um- Maybe you want to have it on a valve somewhere in the oil industry. Yeah, for instance. Yeah a very limited amount of Yeah of energy available Yeah It's important. I know actually because, you know, that I'm coming from oil and gas, but you know, when you're putting quite simple features down the hole in the completions of smarter wells, you know, sometimes you might have a battery pack that's 50 meters long just to operate for a few years. Energy efficiency is very important. you know, cost per unit is important. Yeah. Yeah, yeah. Let's say you wanna take this chair, you wanna make a smart chair, right? Mm. AI-powered office chair. Yeah. It's gonna be ergonomically correct to you at all times. Mm. It reads your body language, your position, your weight distribution. Mm. Can't really fit a 240 W GPU. No, no NOK 30,000 in this chair. No ... to have this best future. Yeah. You can probably afford NOK 300 of, say, an AI part. Yeah. You don't need the massive compute. No. I'm not running OpenAI's ChatGPT in your chair. Yeah. You're using it in a very limited. On very specific, yeah specific, very specific manner. Yeah. It could be the trading bot, the health arm band that's going to call the right smart device in your. Mm house. Mm. Let's say, okay, it will register that you're waking up, so it communicates to your coffee machine, right? Mm. Start to grind, start to brew. Mm. That by the time you're out of the shower, the coffee's already done. Mm. Those types of future scenarios are. I like that future scenario. Becoming more and more realistic. Yeah, yeah. If I got up and my coffee machine kicked on, I'd be very happy. Yes. All righty, guys. To the last, I would really like to hear a little bit about the journey. I know this is, you know, I'm seeing, you know, years and years and, well, it's becoming more and more mature. Tell us a little bit how has it been since, you know, 2020 and. Oh, dear Lord. It's been a lot of growth. Me and Ola were just talking about this, and how, you know, you like to go back and look at the old annual reports. Mm. You know, I mean, just from a business perspective, we've matured significantly, but I mean, the journey has been a lot of grit. I mean, it's I mean even- That's Jensen. Yes. He's super important. I'll tell you what, he could hire us in a heartbeat. I mean, no, I don't think anybody's been beat down as much as us. 'Cause this journey, anytime you have good news, one step forward, 10 steps back. It's been a lovely journey, and I love where we're at today, where we get to finally show our product, you know, this year and go forward. Yeah. Yeah. You used to have, like, a cup just laying around, so just in case you got another ball kick. Yeah. Yes. I mean, we were always getting kicked in the balls. I'm not gonna lie. No, curveball after curveball, but, yeah. It's a tough industry. I mean, we're talking about billions and billions of transistors on a- Mm. You know. Yeah. On the fun. It's Billions and billions of billions. Well, billions, yeah. Yeah. It's well, it's hard. It's advanced stuff that you're working with and yeah. Some of the things also where, you know, like when you're reading around the, you know, like the market or when people, what's their opinion about what you are developing, and it seems like also people don't understand the scale, maturity, and you have to move through prototypes and things like this before, you know, you are at the final chip. Is something you want to say about that? What do you mean, like just? Well, it's almost like. Like the knowledge base? Like an impression that the chiplets that you set out, you know, the Taiwan- Yeah tests that you wanted to do with the MPV. Try this thing out. Yeah. Yeah. This thing. Yes. It's almost like some people thought that, well, this is the full commercial chip, and No, it wasn't that. No. It was just our- Misunderstanding our novel IP that goes Yeah into the final ASIC. Yeah. I mean, clients are impatient. The financial markets are also impatient. Yeah. It's been both a blessing and a burden to be listed, I think, in this timeframe that you're mentioning. Yeah, yeah. Blessing is that, for instance, when you need to raise capital, you have the best tool out there. Yeah. The burden being that having to consume and spend so much time about contemplating what went wrong or what took longer, and communicating that in an accurate manner that's neither too bearish nor hiding anything is. Yeah. Yeah, I think we gained some experience in the field. Yeah. I think you know, some of the larger houses, they well, the chip is done when it is done, but you don't have that luxury. You have to tell every bit along the way a little bit at least, and stuff that. Well, no, I would say, you know, going back to your three to five year plan, I think that will, you know, significantly change the outlook of the company when we're delivering our first products, and then you don't have to worry about this in and out because we're already gonna be delivering a product, you know, mining ourselves, hopefully doing, you know, selling in the AI industry or, you know, partnering with the JV and just expanding out in this web of revenue streams that we could go after. Mm. You won't have that because we have been basically a single product, a glorified startup. Mm ... since we raised the capital and listed. I mean, we and everybody's got to see that story of all our ups, all our downs. I mean, being in the blockchain industry, especially in the ASIC, you know, hardware manufacturer, being a ASIC hardware manufacturer. Mm It's extremely beneficial now that you look 20/20 hindsight. Mm. Because yeah, you had bad times, you had good times, but it's always transparent to the market. Mm. That's what we want to continue to grow, do as we grow into self-mining and all, everything else. Mm. So. Yeah. It's been a hell of a ride. Yeah. I can't believe it's finished. No, it's not. Well, it's getting re- It's not finished. We're just getting started. I just- To finish- Yeah. Finish that milestone was a- Just in time for the holiday season. First lap, Ben. First lap is completed. First lap. Yes, correct. What are you gonna do in Easter? You're gonna have a little breather and relax perhaps a little before. Oh, yeah. Yeah. I'll be tanning in the snow. Yeah. All right. Yeah. Mountain for me. Yeah. Yeah. Okay. Let's talk a little bit. You said, you know, we touched on the warrants exercise period that's coming up. Today, actually today is first day in the pricing period. Yes. That is lasting till March 31. There will, I guess, be a notice to the market on what is the price you can buy. Well, if you have a warrant, you can on one-to-one basis buy a Lokotech share. Subscribe. Subscribe, yeah. Mm. Yeah. The price is then the a- That's a- average of the I wanna- of the three I wanna wind it back a bit because I think, I mean, some of the listeners might not even know that they own these warrants. Mm. If you partook in the capital raise in last year. Mm in this issue. Yeah You also were given a certain amount of warrants. I believe it's 3.145 or so. It's five digits of the amount of shares you subscribed to back then. Yeah. Yeah, we're in the pricing period, we're talking about because the warrants are a bit different than just a straight up warrant. It Mm it has a minimum subscription price at EUR 51. EUR 51, yeah. Yeah EUR 51. You get a 35% discount to the volume weighted average price. The shares being traded today, Monday and Tuesday. Oh, okay. Right? All right. Yeah. right. Yeah. It's three days of. Yeah something that pricing option, and at the end of that pricing period, we'll very quickly announce to the market what the subscription price per warrant will be. Mm-hmm. It's either 51-3 or some other discounted part of this build-up period that we are now in. Okay. Yeah. This is then from today till the 31st, and there will be a notice to the market on what that subscription price is, the 31st, and then what happen the April 1st that start of the- That's when the subscription period starts. Yeah. That's when you can go to, preferably, utilize the VPS system. Yeah. It's online. You can subscribe to shares for that subscription price. Yeah. It will come. We will have a notice. I think there's about 10 notices or so. Yeah. On this one. We will have on that particular when that starts, there will come a notice that will have a link. When you press that, you go to Pareto, which is the Manager. Manager, yeah. There, when you subscribe, it will be run by an engine, a VPS, basically, or yeah. Sure. Yeah. An alternative to that would be to, you know, print out the subscription form, that also will be distributed and send it back to Pareto. Mm. With a Okay postal or courier or can show up at their offices as well in Europe. How long time do you have to subscribe? The subscription period ends on the 15th. Yeah, mm-hmm. At the April 15th, 4:30 P.M. sharp. Mm. The subscription period ends, and any warrants that you haven't either sold or used to subscribe for will be worthless. It's very important that if you have a warrant, then you decide what to do with it before that time, but there is something also. No, no. also the April 9th, which is That's what I was gonna intercept you on. Yeah, yeah. Listen. Warrants are listed on the Oslo Stock Exchange today and have been so since, Yeah Last year. Yeah. They will be delisted for trading on the stock exchange on the 9th. Yeah. It's under the ticker LOKOS. LOKOS. LOKOS, yeah. If you wanted to sell your subscription right, then you'd have to do so before end of trading on the 9th. Yeah. You use them to subscribe, but there will be no facilitation from the exchange to sell it. Mm. You can sell them privately. Mm peer-to-peer. Mm. Um... There's about 2-day turnaround for transfer if you do it too soon. Okay. So then, but, if you subscribe then, and the last possibility to subscribe is 4:30 P.M., the April 15th, and the payment is the April 21st, right? Yeah. And, um, and- That is a business that the shareholders has. Some of them might have a special relationship with Pareto and therefore, Yeah. Okay you know, we just debit it in on their, you know. Yeah account. Yes. Basically, we will have some internal to do, and those should be approximately then out on people's accounts, the April 27th. That's expected date now. Yeah. Yeah. We are dependent on the registry in Brønnøysund, the auditor, and Yeah You know, confirming capital and so forth. Okay. It also depends if there's a lot of subscription but people never paid. Mm It might become a challenge for Pareto to cover any differences in the capital required to print the shares. No, that's good. The last one on that, there is 54 or 55 million warrants like this, right? Close to 55. Yeah. 54.8, I think. Yeah. Is the- There will be multiple notices coming out in a series very well advanced, and that will also take people through the process if they want to subscribe and with the necessary information in those notices. Yeah. I don't think the listeners should, you know, try and base their strategy off of what we're talking about right now, but you don't need to remember all these dates. You can follow. Yeah Share news if you'd like to call it that, and then the announcements on Newsweb or our- For example, yes. our own webpage Yeah, yeah. You'll get continuously updated on the process. I think the only main date, the most important date to date is the April 9th. Mm. By then you have to decide. Okay. Sell or subscribe. Yes. Well, as of now you got plenty of time to conclude your own game plan. Yeah. All right. We have covered a lot of ground here. There's only one thing I'd like to talk about, and you know what that is. Yes. Let's hear it. Because I've been bombarded by shareholders, and that's HODL Light. Okay. All right. I mean Yeah I mean, we wanted to keep this in the background, because Lokotech's gonna have our own treasury, when we begin self-mining and stuff. I know this is in the future, but for HODL Light, we're looking to have a separate company that'll be based out of Estonia. And for, you know, for tax purposes because we don't wanna be taxed on the, like a taxable event when you trade and when you're doing a portfolio rebalance because what we're wanting to do, accomplish is have a treasury that's based off of, you know, the majority of it going to Litecoin and then the remaining balance going to, you know, Dogecoin and all the other Scrypt coins, that have, you know, active participation, you know, decent followers and, are legit projects. You know, that'll come down to us to make those decisions but, a lot of them we've, you know, listed already, and we'd like to see the whole ecosystem benefit from it. Because it kinda has comparable synergies of, you know, Lokotech with HODL Light because if HODL Light, you know, we start absorbing the liquidity in these coins, all underlying assets should strengthen and become more popular which increases the daily revenue of our miners as well because we wanna be a good actor and support, not only support these communities but, you know, back them, try to have conferences and all that stuff to just get the word out. Because, you know, it is a community of cryptos that will, you know, push the Scrypt algorithm forward and, we believe that, you know, this will be one of the better avenues to be able to accomplish that. Talking, you wanna talk more about the financial derivative that we've worked on and why that synergy works with Lokotech? Yeah, sure. I think. I mean, being a hardware manufacturer. It hasn't been decided upon. No We're trying to get preemptive answers from the Estonian tax authorities on that specific topic. It's trying to detach the whole idea of hash rate being a service. It's pretty close to how gold is being traded today. Mm. We have different derivatives but in our case it's a contract for difference where you Mm ... you know, instead of owning the hardware, hosting and what have you settle in Litecoin in order to have a hash rate. Mm settlement financially rather than Mm receiving the actual hash rate to produce which coins you want. Mm. A no-hassle type of instrument. Mm. Why we venture into that idea is that our pool, our hosting and our own self mining facilities could then be, we could use this tool or this treasury to recycle the capital tied up in the machinery. Mm. For a long-term treasury strategy, it's a matter of risk versus how many coins do you expect to get back? Mm versus the price today. Mm. If you know that you are going to hold X amount of coin for eternity. Mm Those contracts can be quite lucrative to look at. Mm. It's additional to the more traditional. Yeah You know, yield generating activities. Yeah. I saw that. The options are. I saw recently in the U.S. that, you know, like, hashing for, you know, Bitcoin, Dogecoin, more of the blockchains is considered a list. Considered like a commodity, so it will be like, the hash power you say can, it can be traded like a commodity. I mean, it is already traded like a commodity. Yeah, yeah. Luxor for instance has this, you know, hashrate index measuring profitability or value of hash rate. Mm ... for SHA-256. I think NiceHash has a platform where you can, you know, rent hash rate for a while. Mm ... our differentiator is that you never actually own the hash rate. Mm. You settle financially with the counterpart. What did that hash rate produce according to the index? Mm over that period of time. Mm. All operational problems is miners. Yeah. You don't need to hassle, you can then. I mean. settle the contract. Well, plus what's good about that is, I mean, that's the biggest risk is actually the miners themselves. What's good about that is when it's internally we already know the operations of Lokotech or we know the operations of PowerPool. Mm. That helps de-risk that until we find, you know. Yeah You know, credible miners that would be willing to partake in that and or offload risk. Yeah. When you talked about Estonia, you know, like it's because jurisdiction there is, you know, well ahead of- Oh, quite. It's very favorable, especially when you have like a self-balancing or manually balancing- Yeah portfolio Yeah All based off market cap, for example. I mean, when you're balancing it's not a taxable event. Yeah. That's it. There shouldn't be a taxable event until you take it out. Mm. So. Well, it's also nice just to operate from a place where you know what the rules are. Yeah. So, like- Exactly. Yeah. Yeah. It is, it's like investing through an ASK instead of privately, right? Yeah. Yeah. Um. Well, okay. You don't pay tax on what you make. Yeah ... until you realize it, like to fiat. All right. That was a nice touch on HODL Light. I noticed that in the report and of course also I know being the chair that this is stuff that I haven't heard for a long while. I guess now that we have done all the heavy lifting on like getting the design ready and out for tape-out, then basically is it to be expected that you will be more visible and around initiating stuff? Is that a fair assumption because you have been hard at quiet work now for many months. Well- Yeah. I think that's a fair assumption. Yeah I mean, it also I think has to do with us starting [Byron Zero], getting dragged into that process. You know, going up- Very narrowly focusing on that project Yeah that vertical of ours. Yeah. I hope that we'll be more visible. We have a couple of weeks now that we are still waiting for applications to be approved and such. Yeah That is done. When the ground thaws up in northern Norway, activity levels should increase dramatically. We haven't actually touched on the stuff you have, exciting stuff also in Kirkenes. We have been going for 1.5 hours. Maybe we have exhausted the listeners. I mean, it's just to reach out by mail or by phone to Joar or Ben, or even just to post at lokotech.no, or even to me. We are there for more information if needed. Don't forget the subscription period that is coming up now to make a decision on what you want to do with it if you have it. Don't forget to keep an eye out for the festivities. Yeah, for the festivities. Yes. Yeah. That's where we start with this. That'll be getting planned, and then I know me and Ola have talked about having a swag shop for a long time. It's funny to see that. I think it will be launched on the swag shop as well. Yeah. Actually. That is coming on. 'Cause that's gonna be part of the tickets as well. Okay. So. You're gonna publish that on X or? Yeah. Yeah, I'll probably publish that on X or announce, yeah. Okay. All right. Maybe even the Facebook chat group. Yeah. Next Friday. Next Friday. That was a joke for all the listeners. Yeah. An internal one. Yeah. Internal one. Yeah. Yes. Yes. It might show up in the swag shop though. Yes. All righty. I think we have covered most. With that, I think we start to call it an end. Unless [Oby] have something final that he want to interject before we are off. There is a question here. Where can we buy the Lokotech hoodies? Yeah, no, we saw that. They'll be coming out. Yeah. I'll have some other shirts and hoodies and just company swag. We've been waiting for this milestone to be reached before we open this, but it'll be coming out soon, sooner rather than later. I guess you can share also on the X account on that, yeah. Yeah, yeah. A lot of information will Yeah ... will come out. We're gonna put an insider notice out on the swag shop. You heard it all. New hoodie. Yeah. I'm backing the fashion now. Yeah. It'll be coming though. Well, I like the fashion industry. A lot of females, a lot more females there than here. Yeah. We are working on that. Yeah. Yeah. All righty then. Okay. In that case, [Oby], I think we are done and yeah. Yeah. For the viewers, if you want to watch the recording, you can watch it on lokotechgroup.com IR page. Yeah. Perfect. Thank you. Thank you for facilitating, Zubaida. Yeah. Thank you so much. Have a great Easter, everyone. Yes. Yes. Yes. Thank you. Bye-bye. All right. Bye-bye.