Okay. Afternoon, everyone. Good to see everyone here. Thanks for coming along. My name's John O'Connor, and I'm the CEO and Co-founder of Kollect. Today I'm just going to run through what's happening this morning on this morning's presentation. First and foremost, we're going to do a quick introduction to Kollect and our business model. That's because we picked up a number of new investors in the last quarter, just doing this for their benefits. We'll also go through the key figures from Q3. We'll go through our revenue and bridge our losses. We'll also discuss the key events that happened during the last quarter, as well as discuss our 2024 strategy. Finally, we'll finish up by discussing developments in the U.K. and what has happened in the last, i n the quarter, since the quarter end, and also an update on COVID-19. With that, I'm just gonna go into the next slide, which is an introduction to Kollect. We have two business models. I'm repeating myself here, but again, this is for the new investors. The first business model is the Kollect platform. 85% of our revenue is generated through this waste removal platform. What we do here is we connect business and domestic customers with waste removal companies. 50% of our business comes from domestic. 50% comes from commercial. They all have different waste needs. Some of them will need container hire, some will need skip hire, some will need bin removal, but we blend all this together. What we do is we act as a platform. The customers come onto our platform, again, business and domestic. They tell us what their waste needs in, are, they book through us, and we outsource this. We sit in the middle, and we charge a blended margin of just over 30% for all of these waste activities from our platform. 85% of our revenue comes from this, and then 15% of our revenue is generated through the BIGbin. The BIGbin is the yellow compactor you see there. It sits on petrol forecourts or other forecourts, and people use it as an alternative to bin collection or for holiday homes or if they have excess rubbish. The BIGbin operates, people can pay online, they can pay by tip and tap with their credit card, they can pay in the store. The technology is ours. We've developed it ourselves. It's very now advanced as we move along. Now we the customers are in the clouds, we can tell them how often they use the bin, what weight their rubbish was, how much they spend. With the BIGbin, we're constantly innovating here, and the BIGbin, again, is we have the market share in Ireland, and we're looking at other markets. 15% of our revenue comes from that, and we've doubled revenue in this in the last quarter. These are our business models. I just think it's important to highlight what we're doing here in Kollect and where our revenue comes from. If we just go on to the next slide, I'm gonna discuss the key figures in Q3. You can see there revenue has increased by nearly 60%. Cash we have on hand, again, is up 60%. We've maintained our gross margin of 36%. That's a blended gross margin with the BIGbin, which is a high- margin business, and our platform. You can see our EBITDA losses as a percentage of revenue. If we just go onto the next slide, I'm gonna discuss our year-on-year revenue growth of 58%. That continues our historic trends. You can see, at the bottom, you can see the graph that shows Q1 2018. You can see the growth in our sales each quarter. Now, it's broken down. The blue is recurring revenue, and the orange is non-recurring revenue. We listed in Q4 2019, so our first full quarter was Q1 2020. You can see the growth in Q1 2020. What's particularly important to highlight here is the Q2 and Q3. They seem to be our biggest quarters when we grow most. That's 'cause a lot of waste activities takes place during these quarters. We're particularly pleased with this high growth rate, and it continues what we've done quarter-over-quarter. You can see growth across the business in both recurring, so that's up 65% in Q3 compared to Q3 2020, and non-recurring revenue, which is up 48%. We go onto the next slide. It's also we have focused on recurring revenue. When we first listed on the Nasdaq, one-off revenue was 60% and non-recurring was 40%, we switched that around, each quarter we've been growing the non-recurring revenue. Non-recurring revenue obviously is you get a customer onto our platform business, and then they come back month after month. Our recurring revenue includes commercial skips and commercial junk. I'm just gonna talk about our commercial customers for a minute. A commercial customer would be, for example, a hotel, a building contractor, small builders, and they'd have sites throughout Ireland or the U.K. Where we come in is we digitally advertise to these businesses. They come into our business development room. Our BDMs then sell our service to these customers. Our service to these customers is centralized billing, we give them technology, key account management, and national coverage for the areas that they operate. Once we get a lead through our digital channels, our BDMs sell to these businesses, and then we give them our app. All our commercial business owners are straightaway onboarded onto our app, and all their bookings are done through our commercial app. For the customer, it leads to greater efficiencies, it's a nice process, they stay within our technology, and we add them lots of features that our competitors don't. We'll give them centralized billing. As I spoke about, we're improving our reporting. Each quarter, we're adding new features to this app, which will add more value to our commercial customers and will make them stick with us. We're adding sticky features the whole time. That's what a huge growth in our business has been, like, down to these customers and really, like, we're building our brand with these customers, and the customers like dealing with us. Another commercial business or another recurring revenue business that has grown 20% is our bins. We only operate in one city, that's commercial bins and domestic bins, and we've a high focus here really on excellent customer service again. Other recurring revenues, BIGbin, which is up 90% in the last quarter. You know, this was due to an acquisition completed last year. We rolled out new sites in the last quarter and also maturation of the 2020 sites. As sites get more mature, we're always adding sales. Our BIGbin is up nearly 90%. Now I'll speak about our non-recurring revenue. If we go on to the next slide, we see 40% growth in non-recurring revenue. Non-recurring revenue is one-off revenue. It's, you know, when a commercial business decides they want just one-off service from us or domestic junk, which is, you know, a household in Ireland, they see our digital advertisements, they come onto our platform, and they book removal of a couch or an old TV. We've also got domestic skips, is when, you know, people are doing one-off DIY improvements. We also have domestic skip bags. Skip bags are those canvassy bags that sit outside people's houses. We actually seen a reduction in that in the last quarter. That's a vertical that we're just trying to finesse at the moment, and we're trying to get our locations right and our regions right where that works. All in all, we've seen solid growth in the non-recurring of 40%. I suppose if I was to say what's our growth down to in, you know, our 58% growth across all verticals down to, I suppose it's down to a focus on improved digital targeting. We've a big digital team. We're always getting better to be where our customers are, whether that's on Google, Facebook, Instagram, LinkedIn. We put the right ads in front of the right people. We've automated the sales process. You can see that, and I'll speak about in a while about how our losses have reduced as our sales have increased. That's because we're continually improving our sales process and the onboarding of customers. We've also focused in on higher margin business and five-star reviews. I think it's important to highlight that we got over 200 five-star reviews in the last quarter from our customers, which is really, for us, it gives us a lot of satisfaction because usually as businesses grow so rapidly, their processes fall apart. That's not happening with us because we're building technology the whole time and we're automating processes. What does that do for the brands? That means it's cheaper for us to onboard customers. That means it's cheaper for businesses to make a decision. "Will I go with Kollect? Can I trust Kollect? What's their technology like?" Most people check reviews, and our reviews, if we keep adding 200 five-star reviews quarter-on-quarter, obviously it's gonna lower our customer acquisition cost, and it's gonna put us in front of the right customers at the right time. If we just go into the next slide, I'm gonna talk about our EBITDA. EBITDA, this is particularly pleasing for the management team. You know, our EBITDA has reduced by 50%, and the main reason for this reduction has been an increased focus, like I spoke about earlier, on automating processes. We look at the customer journey, how they come onto the platform, how they convert on the platform, what happens when they go into our back-end systems. Our back-end systems now have automated everything, and we're always improving the workflows and investing at those processes. You know, the other thing that's important to highlight in our EBITDA losses is we're investing in technology, but we're not capitalizing it. It goes into our P&L. You know, also, we've had a number of professional fees that have come around in the, in the last quarter. You know, it's important also to flag in the next two quarters is probably gonna be the biggest investment we're gonna do in our front-end systems. We're doing our front-end B2B app, we're adding features, and our B2C, so the Kollect website is also getting improved, so we can keep increasing the conversions that happen here. You know, we're always gonna be investing in digital marketing, e-commerce and technology teams. We've added a number of technology people to our teams over the last number of quarters. Our digital marketing team, I think we're best in class in Ireland and U.K. at the moment. We've learned so much, and we're applying all those learnings to the waste industry. Really, I suppose we're super excited about, like, the opportunities and the learnings that we've had over the last couple of quarters. You know, I'm going to talk about the. You can see this graph here, the revenue per employees. That's gone up quarter-on-quarter as well. All of these things have led to EBITDA losses reducing as a percentage of revenue. Another key event in the last quarter was the successful warrant program. We had a 99% subscription rate, and, you know, this highlights, I suppose, that you know, they understand our vision and where we're trying to go with as the company. We're greatly appreciative of the new investors that have come in, and especially our existing investors who have trusted us to invest more capital in the company. We raised, you know, we raised over SEK 30 million in this warrant program. You know, that's been good for us because, as most of our investors know, cash has always been, you know, we've been well capitalized. It's integral for us to execute on our vision. You know, it's allowed us to pay down our short-term debts of more than SEK 10 million that we owe to two lenders, and we've also helped pay the bullet repayments on an early loan. As I spoke about just there, the most important thing here with this capital that we raised, it's allowed us to be strategic. Now we can plan ahead. We can plan ahead for the next three years. you know, we sat down in Q1 of this year, and obviously you have COVID-19 going on in the background, but we were like, "Okay, where do we want to go over the next three years?" That strategy evolved over the last number of quarters, where we signed last in Q2, at the end of Q2, we signed off on our strategy for the next three years. The strategy is really underpinned by four main pillars. Growth. We're a high-growth company. There's a massive opportunity in the waste industry. We've shown quarter-over-quarter growth, year-over-year growth, and we're going to maintain that growth by going into new areas, by introducing new products. As I spoke about earlier, we're new to the commercial side of the business and that recurring revenue. We're only doing it about a year and a half- two years. We're building trust with those suppliers. What happens when you build trust? When you build trust and they like your technology, they like your team, they know that you're a reliable provider, you can add new products to the commercial app. We're particularly excited about the opportunities in the B2B side of the business, and we're gonna support this high-growth business strategy with M&A strategy as well. We're always looking at businesses, that might, you know, we're always looking at other businesses to acquire that might tie in with our business strategy. We're going to organically grow. Then we'd be looking at these opportunities. The next way we're going to do a pillar is online. By our estimation, about 1% of the waste activities are booked online. Every other business is 15%-20%. The opportunity for us from a B2C perspective is what we're doing in the next two quarters, investing in our e-commerce platform. We've invested in the back end, we're always improving the front end, but this new e-commerce platform that will be launched over the next number of quarters will mean that when a customer sees our lead in Facebook, Instagram, WhatsApp, they come onto our platform, their journey will be so intuitive that they'll go the whole way through the process without ever having to come outside or contact the office through live chats or phone calls. We're always gonna be investing in the online, and say from our B2B perspective, as I spoke about, was our commercial app. We launched our commercial app first, I think it was in Q1 last year. Each quarter we've added new features, we're always improving, we've added new customers to us. Now, all our customers that come in, that the BDM team onboard, they all come into our commercial app, they book through that. We're always gonna be investing in the online. We're gonna be driving businesses online, self-service for all customers and suppliers. We've also automated. We have lots of suppliers the other side that we give business to, we've also automated all the ordering and the management that goes out to those suppliers. Technology. We're a technology company. It's been evolving. I think next year we'll really show where we are from a technology perspective in the waste industry, and we'll always make sure the technology is the source of each process and customer relationship. Brilliant customer service backed up by technology in the waste industry, which technology hasn't really hit, is a huge growth area for us, and it's a huge opportunity for us if we keep looking and be extremely focused on those two areas. Finally, efficiency. We're constantly improving cost-effectiveness across the business. What I mean by cost-effectiveness is, as I spoke about again, is looking at all the processes where we can change them from manual process to an automatic process. You know, we feel as we grow revenue and we keep the costs down, you know, it'll get us to where we need to go. If we just go on to the next slide, Jamie, I'm gonna give an update on the U.K. market. Everyone knows about COVID-19. You know, I suppose when COVID-19 hit us, we just listed the stock exchange, and then COVID-19 hit in our first quarter. You know, we had to hustle hard. We raised, you know, SEK 10.7 million when we listed in the Nasdaq. When COVID-19 hit us, we had a team on the ground in the U.K., and we maintained that team on the ground in the U.K. We obviously focused on areas where we could reserve cash and still grow high growth areas. We have a continued presence in the U.K. We're building on the work already done there. We're extremely excited about the opportunity that's in the U.K. I suppose what's happened with us is with Ireland, we have a B2C focus and a B2B focus, because both opportunities exist. In the U.K., we're totally focused on the B2B opportunity. The B2B opportunity is that we sign up, again, businesses, we give them our app, we keep them in the technology, allow them to book through the app. What it is, it's high margin business, and it's recurring business, and we're extremely good at that. That strategy that we've sort of finessed in Ireland over the last year and a half, we're doing in the U.K., and our team over there are excellent, and they're doing great work. The strategy will be continuous to focus on organic B2B growth while remaining open to acquisition opportunities to grow market shares. There's a number of companies, again, in the U.K. that we're always speaking to and that we work with. The U.K. is integral to Kollect, and I'm glad now with COVID lifted, which I'm gonna speak about next, we can really roll out there. Jamie, if we go on to the next slide. I'll just speak about since the quarter ends. We've put out four new BIGbins, and we did a trading update, which continues to show strong year-on-year increases. Yeah, look, finally, I'm gonna finish with what's gone on in Ireland and the U.K. since regards COVID-19, and this is for our Swedish investors. Since the start of Q3 2021, the Irish and U.K. governments have been easing the COVID-19 restrictions gradually. You know, pretty much all restrictions are lifted at this point. Like, we've seen a number of our commercial businesses in Manchester coming back on board over last Q2 and Q3, and same in Ireland. Yeah, that's an update on the Irish and U.K., and that's pretty much it. I'm gonna finish on that. I'd like to thank everyone for coming today. I sincerely wanna thank people for investing and believing in Kollect and coming along the journey with us. Myself and Jamie, our CFO, who's here today, we're open to any questions that you may have. Just unmute. Anyone who wants to speak, like, just unmute yourself and fire, ask away with questions. Hi, John. Espen here. Hey, Espen. Congratulations on the Q3 report. Very well done. I was just wondering in terms of your reporting going forward, conscious that there's not too much information given around the split of the operating expenses, and I was wondering how you're thinking about that going forward for us investors in the future, and how to see the split between the operating expenses, the sales and marketing, and the cost that you're taking on the investment on the technology side of things. Yeah. Okay. Actually, look, Jamie, do you wanna come in there, our CFO? Would you like to answer that question? I've just let Jamie come in there now. One second. He's looking for the button. There you go, Jamie. All right. Sorry, I had the stop presenting button over the mute button, so I couldn't find the. Yes. Sorry. Yeah, yeah, Espen, it's a very good, it's a very good question, and it's something that I've been thinking a lot about. I, and I would definitely, I would really expect to see us adding a bit more clarity, I think, going forward, especially with the where as John was saying, the sort of, you know, it's gonna be a pretty material investment in our technology that we're very excited about. It is something we are seriously considering, so I would, I would expect to see some more clarity and more breakdowns going forward. Great. Great. Thank you. This might not be a question you'd want to answer, but I was just wondering, on the BIGbins, is it fair to assume that the loan you took earlier this year of SEK 4.8 million for the 10 new sites is sort of a good average cost proxy for each BIGbin? Jamie, do you wanna come in? Yeah. Yeah, sure. It is, yeah. That's pretty much it. For each site, it looked at about EUR 50,000, EUR 25,000 per bin, with two bins on each site. Okay, great. Thank you. Thanks, Espen. All right. Don't be shy. I go around start picking people. Hi, guys. Hey, Robin. First of all, congratulations to you for another good quarter. I just wanna say that I appreciate the questions that Espen just released to you. On the same note, are you considering, you know, lifting up, you know, some of the transparency around the split of turnover as well? I know that you now disclosed that the BIGbin were roughly 15%. I think I've seen figures all the way from 10% up to 25% during the last one and a half years. I would really like to see that you include the split in the reports going forward, if possible. Yeah. Jamie, do you wanna have a go? Yeah, that's something, and that sort of feeds into the same question and the same answer, I suppose, to Espen's question about our reporting and things like that. What I would say about the 15% relates to specifically to this quarter. Yeah. One of the reasons that it probably has changed and fluctuated a little bit is, there's two factors, I would say. Firstly was the acquisition which we completed in November of last year, November 2020. Because they were mature sites that we acquired, there would've been an almost immediate injection of revenue into the BIGbin vertical at that point, which would've sort of jump-started or jumped that the revenue mix from that point of view. The second thing is the BIGbin vertical is traditionally slightly slower to grow. Well, you know, can take up to 12 months for the rollout of a new site to reach that maturity level. It's, you know, we're... we love the business and it's very profitable and it's a very exciting it's going to be a very exciting part of our future, it is slightly slower to grow than the platform side of the business. actually what happens is the, you know, whilst on one quarter is at, you know, 20% of revenue, as the BIGbin business continues to grow but the platform business grows at a faster rate, that revenue mix sort of puts some downward pressure on the, you know, 20%-15% kind of thing. that's just to give you a bit of color as to why it probably fluctuates a little bit. the point about the more transparent reporting is definitely something that we're looking at. Yeah. I think you would benefit from it, quite a lot. I think the investment and investor base here in Sweden are a big part of your shareholding now. I think we also have, we got used to having quite a lot of information, mostly cultural, I would say. Mm-hmm ... and I think when modeling the growth and all the details, I think it would be just beneficial in terms of overall performance. Yeah in for you guys. I would appreciate that. Also, going back to the BIGbin business, you mentioned that you are looking on, perhaps other markets. Is that something you can elaborate on? Is it, like franchise or do you have anything more? Yeah. Look, what we, what we can say is, the business has been validated in Ireland. We have 34 sites that are operate in Ireland. It's a high margin business and very profitable, and we have 300 other sites in Ireland that are suitable for these. Obviously, you know, it's validated in Ireland and we'd like to roll out to those sites because we know it works, but we're always looking at other markets and have been contacted by other markets to trial, the BIGbins in those markets. Yeah, definitely, like, we're an ambitious company, so these kind of things we'll always consider. Just going back to the reporting as well, is, it's been a journey for us as well. We've moved along as we've been on, you know, as we've been listed, we're more transitioned to an e-commerce company. That's how we consider ourselves. That's the investment. You know, at some stage next year we'll be reporting on more metrics that probably e-commerce companies, people would be used to, you know, growth, user numbers, and, you know, we'll have different probably set of metrics that we'll be reporting on, as well as the, you know, as well as the metrics that you're used to from us. Hopefully that will, you know, will help investors understand the business better and explain ourselves better as well. Yeah. Great. Thank you. Thanks, Robin. Hi, John. If I could jump in and ask you a question. Sorry. No, [Ian], how are you? Good report. I probably agree with the guys in terms of more detail on your numbers would be very useful. Do you think that that's where the issue's coming from in terms of the share price? It is on a kind of consistent ramp down, and I was just wondering what's your strategy on that? Like, obviously the share price is, you know. First and foremost, I suppose going back to our chairman and the board is, like, they operationally, I believe that we're doing a good job. We're growing month-on-month, quarter-on-quarter. Definitely. Definitely. From an IR perspective, yeah, we're always trying to improve. Like, even what we've listened to investors say this morning and emails we've got from investors, we're always taking that on board, and we need to look at what are we doing wrong. How can we better communicate our message? What are investors not understanding? 'Cause there's some disconnect between our share price and our growth rates. We're open to, like, obviously we're open to any suggestions from people, 'cause, yeah. Look, I'm the biggest shareholder. I'm most impacted as well, like everyone here is. Like, we all are. I'm really aligned, and we all are aligned with driving the share price. Ian, you've given us some good points since, yeah, and Robin, what Robin said there previously. Yeah, open to any suggestions. We think Internally we've discussed this, and we think the reporting is a key area. Thank you. That's great. Thanks. Yeah. Thanks, Ian. I think building on Ian's point there, one additional thing that might be appreciated by the Swedish investor base, would be to expand the reporting around the ESG element as well, given the impact you guys have. That's really good, Espen. We were actually over in Sweden last month. Like, we're massively involved in the circular economy in Ireland. We're massively involved in diverting waste from landfill. We do not go on enough about that. We did take that on board. This pushes it again. It's good you said that because that's what we're hearing a lot from Swedish investors. Dennis Jennings here. Yes. Well done. It's very nice to see, since I've been there almost from the beginning, it's very nice to see the company growing. Our first investor. Yeah. Exactly. Exactly. I think you want to look carefully and distinguish between announcements and reporting. The reporting gets very you know, a standard format and very formulaic. It's easy just to go blah, blah. Yes, that's even if it's good. I think you need to look at making announcements in conjunction with the reporting that highlight certain features of your growth and of development in the market because that's not coming across. Okay. Very good point. Okay. Yeah. Yeah. Thanks, Dennis. Thank you. No problem. Is there anyone else, guys? Unless there's any other questions, I'll just leave it there. Anyone wanna come in finally? Maybe Robin. Yeah. Yeah. I can jump in on one small thing. Please, Robin. Regarding the BIGbin vertical again, since you expanded a lot, you ordered a lot of new bins and also how do you see the depreciation on these going forward? I don't have the report in front of me now, but I think I've seen a fairly steady number around SEK 500,000. Can you elaborate something on if you're gonna increase the pace or if it's fairly level going forward? Yeah. I can, I'll jump in on that. I would expect the depreciation, excuse me, the depreciation charge will start to increase as we take delivery of the bins. Yeah. One of the things is that we probably haven't seen the increase just yet. We will see it in Q4. This is because when we place the orders, there is a sort of a lag time of about two, just over two months, two to three months for the bins to actually be built and for us to take ownership of them. It's only at that point that we start the depreciation when the bins are built and when we have them. So that's probably why we, you know, announced that there's now four bins that we've taken, so now that's four extra bins that'll be in our depreciation calculation. One of the great things though about the BIGbin is their useful life. Sort of operationally, we know they last for about 20 years, upwards of 20 years if you repair, if you keep the repairs and maintenance constant and up to a good standard on them. We do depreciate them over 10 years though, sort of out of being conservative, and we feel that 10 years is a fair period of time. Whilst we will see an increase in the depreciation charge as we bring on the new BIGbins, it's not likely to be hugely significant, on a rolling basis because the useful life of the bins is so long. The additional depreciation charge of one extra bin is actually quite low. Okay. Thank you. All right. ... And while I'm at it, regarding the operating expenses, we see a fairly large increase Q- on- Q. Is it mainly due to the costs involved in the warrant programs or how do you explain the increase? There was obviously costs that were incurred in the warrant program that, which are included in there. There's also, we also added to our team throughout the quarter in preparation and following the warrant program. That was adding to our sort of technology and development teams, adding to our advertising teams and our e-commerce team. Not only was sort of the additional team members included, but also there were recruitment fees which were sort of based on their hiring, and there's also some other sort of professional expenses in there. Sorry, it would be, of course, our advertising expense also increased quarter-on-quarter, and that we were fortunate that we saw that in the revenue pickup as well. That, that's the main drivers of the increase in OpEX. Just to follow up on that, Jamie, I think it's important to highlight all key hires now are in revenue generators. That's the way we look at them. Our investment in our tech team, you're gonna see huge improvements in our backend systems, we feel we finessed them and they're leading to operational savings. As I spoke about earlier, it's gonna be our front ends, our platforms for our B2C customers and our B2B customers. That's what we're focusing on in the next two quarters, a lot of our spend will go on tech to finish off these front-end systems. A lot of our costs, operational costs were in the hiring of those key people. Yeah. All right. Thank you. Oh, thanks. Can you indicate, Dennis here, what percentage of turnover is your R&D and tech investment? I don't have the figures to hand myself. Jamie? Yeah. again, we can come back to you on that, Dennis. I don't have it to hand, so I don't want to put the wrong figure out there. That's fine. It's just, this is the driving force for the company. It'd be interesting to see how much you're reinvesting. Yeah. Sorry, what I would add to that, Dennis, as well is the whatever the figure is sort of on a running basis or has been, I'd expect to see that increase materially over the next couple of quarters with the project that John was talking about there. 'Cause it's not only the e-commerce project for the platform side of the business, but there's also, we're also investing and reinvesting in the technology for the BIGbin, which will also be a significant investment for us. Yeah. That's why I asked the question because of the indication that you're gonna be investing in technology. Yeah. Yeah. Thanks, Dennis. Anyone else wanna come in? Hi, John. This is Michael Loughran here. Can you hear me? Hey, Michael. How are you? Very well, thank you. Thanks for that good presentation. Just a question for you. Like, as you, your investments there in technology, you mentioned I think they would be typically expense because they're front end. They're cloud systems, I guess. I take it also in your spend profile, borrowing is still a key part of it. Could I ask how the market for lenders to Kollect has how's their kind of positioning or risk rating of Kollect changed over the, you know, over the past two, three years? Yeah. Yeah. That's for us. Michael, Jamie, you jump in there. Sorry. Go on. Yeah. Yeah, sorry, John. Yeah, I think it's definitely improved, and I think even if you look at our sort of the equity raises that we've done over the past, the past 14 months I would say, but certainly the warrant raise in the last period has really improved our credit rating. I think it's an important, it's been important that we were able to. There's a few things that we've done with our sort of debt profile over the last, well, certainly since the start of the year. We were able to raise debt at a favorable rate to grow the BIGbin business. I think that was a good indicator from Ulster Bank here in Ireland who loaned us the money to grow that side of the business. I think the BIGbin business is being, you know, assets with long life is well-suited to having some debt in it. We were also able to refinance a rolling finance facility which we were able to refinance into a term loan at a more favorable interest rate. It was about 2 percentage points lower, the interest rate which we refinanced it to. That was in Q3, that was in and around the same time as the warrant program. You know, having that equity injection obviously de-risked, was one of the key factors which de-risked the business to the lender. Okay. Thanks very much for that. That shows the trend going the right way. Thank you. Yeah. Thanks, Michael. Yeah. if I may jump in again. Yeah. You're very welcome. I just remembered that the discussions with the tax authorities in Ireland regarding the COVID-19. Lost for words here. Yeah, yeah. ... uh- I know what you're on about there, Robin. Yeah, Jamie, you could discuss it there actually. Yeah. Read some, something about the amount. Is that official or, is it something that you would like to keep to yourself? Yeah, I, we have provided for it in the accounts. It's in the accounts and it's in the annual report at the end of last year. It's just over SEK 1.5 million. That. The result of that was we claimed in real time, you know, it was employment support- Yeah ... which we claimed on the expectation of the business not performing. It was support that was available to keep everyone employed, which we took at the time, then obviously the business then grew. Unfortunately dealing with tax authorities in Ireland is a long drawn-out process. It's something we're constantly sort of talking to them about, and we're hoping for a resolution soon, but again, it's fully provided for in the account, so at least from a financial point of view, there's not gonna be a big, a big hit to our profit and loss. We've already absorbed that in the last year. Okay. Do you have any idea of, when it's going to be resolved? Is it going to drag into next year or? We're hoping to have it resolved before the end of this year. We’ve been engaged with them a number of times, Robin, on this matter and, yeah, we’re just waiting really for them to make the decision. Yeah. Cause obviously when we applied first, we believed we met the criteria. You know, it's really just waiting for a decision on them. Yep. I know how it is. Exactly in the same position here, so. Yeah. Yeah. There you go. Yeah, hopefully we'll bring it to a head soon enough. Good. Thank you. Thanks, Robin. Could I just quickly ask, on the BIGbin and the partnerships you have there with forecourt, what is the main obstacle from rolling out a lot more BIGbins given that you have the sites already? In Ireland. It's different on the different markets. In Ireland there is a barrier to entry, and the barrier to entry. Well, first of all, the barrier to entry for us is you need to go apply for a permit in order. For every site that we put out, it takes about six months from the time we find the site to the time we get the permit. You have to go for planning permission, then you have to go for a waste permit. Although it's a long drawn out process, what I mean, it is a barrier to entry 'cause that means competitors can't get in either. They have to go through the same process that we have to go through, and I think it's integral to highlight as well, we are the only operators in Ireland with the right permits to go through that process. If a competitor came into the market, they wouldn't be able to apply for these permits 'cause they haven't got the certification, they haven't got the technology built. You know, it's unfortunately, I suppose for you where the rollout process takes from getting a site to rollout is six months, and you know, we've got a pipeline now, you know, we've been refining that pipeline all along. You know, it's not as quick as we'd like, but, you know, this quarter, this year, but we're, you know, the team and we're getting sites the whole time and we've obviously done a deal with Circle K to roll out to suitable sites. Not all their sites are suitable. They might be too small, there mightn't be enough car parking spaces, the cost of putting the bins on site might be prohibitive. There's a number of factors like that as well that might you know, slow down the onboarding of new sites. Okay. Thank you for that. It's not really capital that's a huge- No impediment to that? No. No, I don't think so. Okay, great. Yeah. Thank you. Yeah, thanks, [Espen]. Yeah. Sorry, just to jump in. I would add there is a capital cost to adding new sites, that's the sort of EUR 50,000/ SEK 500,000 that we were talking about earlier. We're confident that from our own cash resources and that we'll be able to fund. Like it's an attractive proposition for lenders and securing future financing, we're hopeful that won't be a barrier. We also have sort of our own cash and the likes at the minute. Yeah. Exactly. That's exactly what I was looking for, given the return on investment capital on these BIGbins should be very good, whereas the financing probably lower than that return. Yeah I was just wondering about those aspects. Mm-hmm. Great. I just remember one thing else that I needed to ask. The new second largest shareholder, Entrepreneur Supplies Limited, is that something that you can share a bit more on? Yeah. Jamie, actually, if you'd like to come in there maybe. He was originally. Yeah. Yeah, sure. I won't divulge any sort of personal names or information or anything like that, but he's a shareholder who we as a management team are and a board are familiar with. He's an Irish entrepreneur himself and he had initially taken a much smaller stake in our at the IPO and subsequently to that, you know, and obviously seeing how the business has grown and obviously being very pleased with the performance through the warrant program. He obviously is now a very significant shareholder in the company. We're very excited about working with him. He has great experience himself in growing and scaling businesses and he's very, very smart and in-tuned entrepreneur and I think, you know, having him on our on our share register will be a very positive thing and like I said, we've all got a very good personal relationships with him on top of sort of professional and entrepreneurial relationships, so we're very excited about that. Great. On the same topic, I remember reading something about, like, an Icelandic group of investors going in in the warrant program. Yeah. Well, I think it was about roughly 5% of this, of the shares. Mm-hmm. I can't see them in the list. What happened with them? They are in the list. Are they? I'm. Yeah. I don't know how from an identity point of view, how much I wanna get into. Yeah. Like, I'm concerned about GDPR and stuff like that, to be perfectly honest with you. Yeah. They are there in the list. You might just have to squint to see them. Yeah. I don't know if that quite makes sense, but they came in and they have about a 5% holding. Perfect. Thank you very much. I would say we've been, you know, talking and discussing with them, post-warrant raise and during warrant raise. Again, we obviously haven't known those guys for as long, but we're, you know, hopeful that we're gonna be building a positive relationship from the conversations we've had with them so far. Just another thing, regarding the share price, I think it's important to highlight that, like, dilution was at 38%, you know, when we did the warrant program, so the market's still probably absorbing, you know, then the shares, you know, absorbing those shares. You know, we'd expect share price to improve, you know, once the market has absorbed those. I just think it's important to put that out there as well. Okay. Anyone else? Robin, you surely have one more, do you? Or Dennis? I think I'm good. We'll leave you to last then. Dennis, go. No, just to say thank you. Good call, and I'm going to stand down now, switch off. Okay? Okay. Great. Thanks. Good to see you, Dennis. Bye. Thanks, Dennis. Yeah. Take care. Bye. Anyone else, guys? No? Okay. Okay. Listen, I'd like to thank everyone for coming. I'd like to thank everyone for, you know, investing, Kollect, coming along on our journey, and you can always, your details are on the If you need to get in contact, you have more questions or even tips, you know, or points you'd like to make, just you can follow up with an email. Thanks everyone for coming again, and have a great day. Perfect. Thank you. Thanks, guys. See you. Thanks for the time. Of course. Take care. Bye-bye.