Good morning, ladies and gentlemen, and welcome to the Elite Pharmaceuticals Q3 of fiscal year 2026 conference call. At this time, all lines have been placed on a listen-only mode. Before management begins, the conference has the following statement. Elite would like to remind the listeners that remarks made during this call may contain forward-looking statements that involve risks and uncertainties that are subject to change at any time, including, but not limited to, statements about Elite's expectations regarding forward operating results. Forward-looking statements are made pursuant to the safe harbor provisions of the Federal Securities laws and represent management's current expectations. Actual results may differ materially. Elite disclaims any obligation to update or revise its forward-looking statements except as required by law. More complete information regarding forward-looking statements, risks, and uncertainties can be found in the reports Elite files with the SEC, which is available on Elite's website at elitepharma.com, under the Investor Relations section. Elite encourages you to review these documents carefully. With that covered, it is now my pleasure to turn the floor over to your host, Mr. Nasrat Hakim, President and Chief Executive Officer of Elite Pharmaceuticals. Sir, the floor is yours. Thank you, Matthew, and good morning, ladies and gentlemen, and thank you for joining us today. My name is Nasrat Hakim. I am Elite's Chairman and CEO. This is our earnings call. Our CFO, Carter Ward, will give you a summary of the company's financials, after which I'll give you an update and answer some of the questions that you've submitted to Dianne. Mr. Ward, you have the floor. Thank you, Nasrat. Welcome, everybody. Thank you for calling in. Yesterday, we filed our 10-Q. That's the quarterly report. It's for the quarter ended December 31, 2025. That's the Q3 of our fiscal year. We're on a March 31 fiscal year, so it's a fiscal year 2026, ending March 31, 2026. 10-Q is available at elitepharma.com under our Investor Relations section. If you haven't taken a copy and read it yet, I encourage you to do so. I'm going to provide some context and color to the financial statements and, answer as many questions as I can as I go through. I got a bunch of finance questions last night. I'll do my best to answer everybody's questions. So let's start with the P&L. Total revenues for the quarter were $31.6 million. That's compared to $14.4 million for December 2024 quarter, the $17.2 million or a 120% year-on-year increase. Let's take a look. This is the Q3 of our fiscal year. Let's take a look at the increases, our year-on-year increases in the first three quarters. The Q1, we had a 114% increase year-on-year, Q2, 92%, and this quarter, a 120% increase. These are nine months now. Total revenues for the nine months ended December 31, 2025, were $108 million. That's compared to $52 million for the nine months ended December 2024. That's a $56 million or a 104% year-on-year increase. We doubled over last year. Another milestone, we crossed $100 million in revenues with still 1 quarter to go. Safe to say, we're having a great year. Those are MVP numbers for sure. Also, note that revenues for all of last year were $84 million, and that was our best year ever. We blew past that in 3 quarters, so fiscal 2025 had a short reign as our best year ever. Fiscal 2026 now has the title. Got a lot of questions on, Are we going to double revenues again for the next few years, and are we going to maintain the growth trend? Well, doubling revenues every year, that's a bit much to ask. Do the math. It gets more difficult as you get bigger. But with regards to the growth trends, the thing that everybody needs to keep in mind is that this Elite today, this is not the same Elite as it was one year ago or two years ago. In the past 12-18 months, we've created quite the critical mass. Critical mass in the form of the goodwill of the Elite name and the Elite label in the products. Plus, we have expanded our product line, and we have a strong pipeline. First, let's start with the Elite name and the Elite label. In April 2023, we launched the Elite label. Less than three years ago, we were unknown. Now, today, we are the reliable go-to supplier. We deliver quality product on time and as promised, and that's worth a lot to our customers. Back in April 2023, we started with a few customers, and now we supply the whole market to all the household names out there. Our customer list is, would be recognizable to anybody. Second is our product line development and our pipeline development. We started less than three years ago. We had generic Adderall, isradipine, bendamustine, a few other products. In the last 18 months, we've launched generics to Vyvanse, Tylenol with codeine, Norco, Percocet, Otrexup, and ReVia, ReVia. So there's your critical mass. Expanding product line and being the market's go-to supplier. That's how you double your sales. All credit to our sales department, operations, product development teams. Great job to everybody, and our P&L shows. Moving down the P&L, we had gross profits of $13 million for the three months ended December 2025, and $54 million for the nine months ended December 2025. So that compares to $6 million and $23 million for the three and nine months last year. Year-on-year increases in profits, gross profits of 112% and 138%, respectively. Once again, we're not the elite of last year. I received a few questions on our overall gross profit margin. Might as well answer that since I'm on the subject now, which increased from our September quarter to our December quarter, the margins, as well as questions on indirect versus direct marketing channels. They're kind of interrelated, so I'll go to both of them same time. First of all, with regards to, I spoke about this at length in the last call, direct versus indirect, but I'll just summarize. Direct sales, they have lower costs and higher margins, but they require our customers to have an investment and some complex supply chain abilities to manage that business. Some of our customers do it, we sell direct to them, but many don't have the resources for direct sales. Indirect channels, they use wholesalers, Cardinal, McKesson, Cencora. And those wholesalers, they provide those supply chain expertise, complex supply chains, but at a cost, which eats into our margins. So more customers use indirect channels because they don't have the resources to manage a direct sales business. So if you want maximum market reach and long-term stability, indirect channels are a must. Also, when you introduce a new product into an indirect channel, there are one-time charges from the wholesalers, and that's what happened in the September quarter. That's why the margins were lower in September quarter. These are one-time stocking fees and various other one-time charges. They are one-time, and they don't repeat. They hit us in September and no more. So the takeaway here is that the December quarter that just happened is a better indicator of profit margins than September was, because September had the one-time costs that lowered the margins. So moving down to P&L, we had income from operations of $9 million for three months and $39 million for nine months of this year. You compare that to $1 million and $8 million for the three and nine months last year. So those are increases of 721% for three months and 361% for nine months. Once again, supplier of choice with attractive products, strong pipeline. We're not the elite of last year. On the cash flow statement, operating cash flow was a positive $14.6 million for the nine months ended December 2025. Compare that to $3.5 million last year. So that's $11 million increase, 313%. Not the elite of last year. On to the balance sheet, which continues to strengthen. Our working capital in December 2025 was $84 million. Let me give you a little history on working capital. It's one of my favorite metrics. The beginning of this year, this fiscal year, we started with $46 million in working capital. The first, end of the Q1, it went up to $67 million. End of the Q2, $75 million. Now, here, end of Q3, $84 million. So we're up in working capital, $38 million this year. That's an 83% increase. Very strong balance sheet with low debt. I have a few more questions let me answer before I finish up. Somebody wants to know, do we have any more NOLs left to use at this point? If you look at our balance sheet, there is a line item in the assets section, the other assets section, it's called Deferred Tax Asset, and that's $10.3 million. So that's the value of the NOLs that remaining, the tax value. So yes, we do have more. It's valued at $10.3 million. At the beginning of the year, it was valued at $18.4 million. So we're eating into the NOLs, but we still have, you know, more than $10 million available for us. I got a lot of questions on the increase in legal and professional costs. Must be at least five of those questions. So, we're not the Elite of last year, and there's a cost to that as well. Compliance costs, in general, they're increasing. Plus, we have an expanded nationwide footprint. That's how we generate all of this business, all these revenues, and that has additional costs. We're bigger now, so audit fees are higher, there's more legal fees, there's consultants, we have HR services, cybersecurity, we have Sarbanes requirements, compliance requirements. We file tax returns in at least 30 states now, plus a bunch of other localities. We have CMS reporting, Medicare, Medicaid, which is quite complex, so consultants help us with that. We have improved and expanded IT infrastructure. These are just a few areas that have expanded. People don't know I joined Elite in 2009. Can't believe it. A long time ago. This situation now that we're looking at is way better than what I found when I first walked in the door all those years ago. Let's see, I have a couple more questions. Somebody wants to know: Is there any way we can get better terms? Our accounts receivable have increased a lot. Wants to know if there's a way we can get better terms, decrease the receivables, improve the cash flows. Unfortunately, our terms are pretty standard in the industry, anywhere from 60 to even 90 days, and, I mean, that's what the competition offers, and we offer the same. We've had almost no problems collecting, so it's just part of doing business. Another person's asking about the increase in finished goods inventory at the end of the year, and were they impacted by the timing of the holidays? And bingo, absolutely. We made a lot of shipments at the end of December, almost none of which were delivered until January. You know, our revenue is recognized when it's delivered, not just when it's shipped. So that's the reason for that. And then plus, he asked about finished goods, but we also got quite a bit of raw material shipments in right at the end of December. So that all added to an increase in inventory. So to sum up these financials, we had our strong revenues continue, almost $32 million for this quarter. Our revenues have more than doubled since last year. We broke through the $100 million revenue mark in just 3 quarters. The Elite label continues to perform well. Our margins are back up from the September quarter. Our balance sheet is strengthening. Our working capital continues upward trend. Cash flow is solid. 2026 is our best year ever, and it is clear that Elite is not the same Elite that it was last year. We have become a new and larger company. Our next scheduled report is the 10-K report. That's the annual report, and that report is due at the end of June. So I look forward to speaking to everyone then. Now I'd like to introduce our Chairman and CEO, Mr. Nasrat Hakim. Thank you, Carter. I will not summarize everything Carter has, but a couple of numbers caught my attention. We've had solid results this quarter and this year, and it is destined to be our best year ever. Some people are getting sick and tired of us saying that every single year for the past half a decade plus, but that's reality. But not Carter, yes. So, year-to-date, three quarters, $108 million in revenues. That's a substantial increase over last year, and that's the best ever. Operating income, $39 million. Again, in the last three quarters, remarkable increase over last period and the highest ever. So what led us to the great state of financials and fundamentals? For years, I've been talking about fundamentals when we're only an R&D company and had no money, and my vision was for someday we're gonna have fundamentals. It has arrived. Well, first, really, what got us here is a lot of hard work from all departments. Our exceptional sales and marketing is only matched by our outstanding operations and the supporting groups in quality, regulatory affairs, pharmacovigilance, finance. Every single one of these teams are lean and strong, and they deliver with minimal help. We do not have hardly any waste at this company. We're 65 employees. We're destined to hit about a $130 million-$140 million by the end of the year, and that is about a couple of million dollars plus per employee in revenues. That is an outstanding statistics. The second, it's the excellent product selection we have that allows the sales and marketing, production, and the rest of the company to support our generic Vyvanse, Adderall IR, Adderall ER, and the new products. In addition to our legacy products, they all contributed to Elite's growth compared to previous years. Our largest product, the one leading the financial chart, is Lisdex, followed by amphetamine IR and ER. These three have very strong market shares and profitability. And that's what Carter is talking about when he says we are a supplier of choice because Kirko and the sales and marketing department established their credibility with the vendors and suppliers. And these three products are sold as fast as we can make them and get quota for them. And if we had more quota and we had a better supply of quota, it's not only more quota, i.e., that the DEA needs to give us quota. There is also the API supplier may not be able to supply, and that's why I'm saying that. So if we had all of that in sync, Kirko could sell twice as much. Okay, so generic Lisdex was launched a year ago, and today we have about 70% of the market share. In terms of pricing, competition has brought the prices down since earlier this year, as it is typical with all generics. All generics start very high because the brand was very high, and whomever gets exclusivity sells at 80% of the brand. The brand prices are insane because they got to compensate for all of the patents and all of the work they put in for the past 20+ years. They are selling. If they're selling it at $2,000 per bottle, when it becomes generic, it becomes a couple of hundred dollars per bottle. That started to happen. When the prices started to reach an equilibrium, okay, it went from the beginning of the year for very high prices to about half right now. It does impact your profit per bottle. Something else happens at the same time. First, more scripts are written for generic instead of brand, so you're taking away from the brand, and that expands the market. Second, more doctors start to prescribe the medicine because now it is generic and more insurances allow it. So you start to expand the market. Even though the price goes down, it reaches a point where it's stable, and we are at the stable point right now, but there is still potential opportunity for expansion. The brand was about 30% in the Q1 of this year. They are down to 20. That 10 was converted to us, the generic companies, not just Elite, all generic companies. In addition to what I said, doctors start to prescribing more because now it is less expensive and more acceptable to the insurance companies. A note for those of you who look at IQVIA and sent us notes that you're not seeing the sales. IQVIA data does not accurately reflect our listed market shares, yet, due to reporting delays and certain volumes that we may sell to companies that don't report to IQVIA. Okay? So the numbers we're reporting to you are our sales. IQVIA may be lagging behind or not reporting all of it. amphetamine IR, the generic for Adderall, okay? According to IQVIA, which seems to be accurate, we're averaging about 16%. That's from October through December quarter. The pricing has been steady for Elite, and we've maintained the good profitability for this product, through compared to last year. Amphetamine ER, the generic Adderall XR, our market share averages about 14% with good profit margins. Naltrexone was launched in September under the Elite label, Elite Labs label. The naltrexone market, itself, is controlled mostly by Sun Pharma and Mallinckrodt. They got, like, 80%-90% of the market. Our sales and marketing, Kirko and his team, have penetrated that market with 9% by the end of December, and we still have better opportunity to get even a larger margin. Now, I'll pause here for a second and give you an analogy for this very product. This is one of the very first products I brought to Elite years before I even joined the company. At the time, the board signed a contract with TAGI. It gave them 17 years of exclusivity for naltrexone. The sales throughout the 17 years were limited to TAGI and Precision Dose. Do not compare in the profitability that we're getting today in the last few months, it was since Kirko took over. For all of that time, we're making more revenues, hardly any profits, and now the profit margins are very healthy. That is a testament to what happens when you own your own products, when you put your own label, and you have your own team that cares because they are a part of the business, sell and distribute that... manufacture, sell, and distribute that. Isradipine and trimipramine are smaller markets, okay? But they each have only one competitor. So even though they are small, we have a healthy part of the margin of the market. We have 40% and 50% of the sales and a very healthy margins on both products. They are small products, but they are very, very good products for us. Phentermine, our biggest competitor is KVK, but Elite holds 30% of the market shares with good margins. Phentermine is now being sold exclusively under our label. That was another product that TAGI had, and the competition has about 80%-90% of the market, and we intend to penetrate and increase our sales because it does have attractive margins. In addition to all of this, this is the stuff that's bringing the bacon. In addition to that, we started several soft launches this year. A generic Oxy APAP, Hydro APAP, and APAP with codeine. All three are good products, but our primary focus is on the products that make the most profit. These are the ones that get our most attention, and that's Lisdex, amphetamine IR, and Amphetamine ER. These products have good potential. We have not gotten up to their potential right now. We are selling, commanding about 2%-4% of the market, and in due time, I expect us to get between 5% and maybe up to 15% of the market. We received approval for Ritalin, and that's another product that we will be launching in Q2 of 2026. We will also be launching methadone in this quarter, Q1 of 2026. Our partner, Dexcel, in Israel, launched amphetamine IR, as we have updated you on for the past few months. They are doing very well in sales and provide incremental revenue and profit for our amphetamine IR product, and they are also interested in deals for other products with Elite. That was the group of products that brought and will continue to bring the money and fundamentals for the foreseeable future. Now, what will continue and expand the fundamentals in our pipeline? Well, first, expanding the current sales, which Kirko is taking care of and the team are taking care of. And second is R&D. We have an ANDA filed and under review with the FDA for OxyContin generic. That's OxyContin ER. This is a Paragraph IV filing, and the patent lawsuits is on a stay, awaiting the next step by either Purdue, which is now called Knoa, or the courts. So from our standpoint, we have done everything that we need to do. We've responded to all of the inquiries from Purdue or from the courts, and we await the decision that comes from either of them. We previously announced a successful BE study for an undisclosed anticoagulant generic. The brand has unexpired patents. The ANDA will be ready to be filed with the FDA next month. However, we may choose to wait to explore the unexpired patents further. If we do so, we will delay the filing, and I will say more about that in our next conference call. No decision we make that is not in Elite's best interest or in the process of trying to get a better outcome for Elite. This will be an active R&D year. R&D continues to be a priority. In addition to our in-house development, we also continue to evaluate product opportunities from outside. We will update everyone on the pipeline when material events occur. I know there was a question about our relationships of doing R&D outside, and, you know, not everything works the way you plan it. We had this great contract with a nice company in a not so expensive, rich region in India, where we can get R&D done at a very low cost. And unfortunately, with everything that's happening with the immigration hold and visas hold, they have not been able to come to the U.S. to help transfer any of the work that we did. Minimum, they have done, but they couldn't because of inability to get visas. But these are opportunities that we're always exploring. We are working in-house. We have our R&D group. We're also working externally, and we look for in licensing opportunities as well. Regarding merger and acquisition and uplisting. About 100 questions on the subject that I will address when I go to the Q&A. Our position is very simple. M&A is our primary focus. Elite is evaluating potential M&A opportunities presented to us. As previously stated, we will pursue opportunities that bring value to our shareholders. We will evaluate each opportunity, but if none are acceptable, we will pursue uplistings in Nasdaq or alternative actions. We will update you, of course, when anything material occurs, and I will say more about that during Q&A. So for now, let me wrap this up. Elite is executing its strategy of developing and filing new ANDAs... and growing sales and increasing working capital, growing cash on hand, our pipeline, and creating very strong fundamentals. The results of every quarter for the past 5+ years, one after the other, are self-evident of the statements I just made. Elite maintains a strong reputation as a reliable and dependable supplier, and we will build on that strength to grow the business. Elite is positioned as an attractive mid-sized generic pharmaceutical company with consistent profits, steady growth, and low debt. We will continue to evaluate M&A options as a priority, our listing potentials, and all alternatives if they bring value to our shareholders. Now let me go to Q&A. There were a lot of questions, and many of them repetitive, so, I will touch on as many as I can. But when things are of the same theme or repeat themselves, if I don't read your exact question, you know that the gist of it is there. Okay? Some regulatory general stuff that really doesn't apply directly to us but does apply indirectly. Do you see any benefit to Elite from changes in policies, paperwork, time frame, inspections from FDA under RFK? No, not in the short term. There will be impact on certain things longer term, but these things don't trickle down to little companies like Elite this fast. FDA launched PreCheck pilot program to strengthen domestic pharma manufacturing, which can fast-track Elite's request to use its facility in producing additional medicine. Is Elite planning to become a part of this program? This is a pilot program that focuses initially on larger companies, and I don't think we'll fit in it yet. Someday, I hope so, and it would be of benefit to Elite once we get to that point. But right now, the answer is no, it doesn't fit us. Okay. Two, three other questions about something similar. I'll skip that. Can you confirm whether Elite currently meets all prerequisites for participating in upcoming federal procurement opportunities, specifically the ability to obtain the six-month inventory buffer, the DEA quota challenges, so on and so forth? Elite is represented in the VA Federal Supply Schedule, and we sell through distributors. Elite has opted not to sell amphetamine IR and ER, or Lisdex to the FSS, as we are already utilizing 100% of our quota, okay, through the retail channels, and that's really the more stable and better money. We just do not have additional product to sell through the FSS and the DAPA, contracts at this time, as our priority remains to focus on retail channels and customers. Beyond the mentioned products, what progress has been made on the broader R&D pipeline, including any new, early stages or, market-ready development, and how does this align with the decline in R&D, expenses noted in Q2? Okay, R&D is our primary focus, and there's a ton of questions on that, so I'll answer the big part first. I cannot discuss what's in the pipeline till there is a material event because it really would be meaningless to you. If I say I'm working on 50 formulations and none of them come to fruition because they fail at the R&D stage or the pilot's clinical study does not work, it will be a letdown. When a material event happens, we will update you on that. Our R&D pipeline is very rich, but what makes it through clinical trials and filing is really what is meaningful or material. The reason for the decline, I should have had Carter answer that, but I'll tell you what. Whenever we are working with a partner in India, the cost will be down for that period. Whenever we're going through a period where we don't have clinical trials, the cost will be lower. It's gonna be very high this year. 2026 is gonna be very high because we have plans for quite a few things in R&D. How many ANDAs are at some stage in the pipeline? Is it likely any will be submitted for approval by the end of June? There is the ANDA for the anticoagulant that could be submitted next month. However, as I stated, we are looking at certain options, and if we come up with a different alternative, we may decide not to submit yet, and we'll submit later. What is the current status of the FDA submission of the $27 billion anticoagulant? Same thing. It could be next month, or we may wait to evaluate other options. Can you provide an update on the planned launch of methadone, including timelines and so on? We will be launching methadone this quarter, before the end of this quarter, and it will be a soft launch, and depending on the market response and the margins, we will decide on how to fit it into our system. Are there any developments in expanding the Lisdex formulation product line, such as potential addition of the chewable tablets, given the feasibility of equipment modifications discussed? Yes, we've discussed this before. It is of interest. It's one of the things that are in the R&D stage, and when we reach a point where it is prioritized enough and we reach a clinical trial, we'll update you on that. Is Elite's OxyContin likely to receive a conditional approval before the patent issues as patent issues are resolved? Yes, it's a possibility. We really are not sure what's gonna happen with the new company, Knoa, and how the courts are gonna handle this case, if they're gonna have everybody, launch, if they're gonna keep stopping them from launching so Knoa can make money. I'm not sure what's gonna happen. All we can do is respond to the courts, respond to Purdue/Knoa, and wait. The FDA may give us an approvable status, okay, or may be watching what's happening with the courts and Purdue. What updates can you share on the ongoing litigation with SequestOx and OxyContin? We have no litigation with SequestOx. It's OxyContin, we're talking about. And, everything is on stay, waiting for the courts and waiting for Purdue. Right, the last section and a lot of questions, I read some of them, on potential sale of the company regarding the M&A. So regarding the M&A, focus mentioned for continued growth, are there any active discussions, targets, or timelines for acquisition that could enhance Elite's portfolio or operations? Within this long paragraph, really, I understand the intent, and I do feel that if we find a fit for Elite, I would like to get somebody that has a complementary portfolio and also have the strength and finances to expand to another building that we have in here, and supply more products to the company. So, but nobody tells you that during the discussions, this is what we're gonna do. All they do is do their numbers and try and figure out how to get the cheapest price possible. The call touched on evaluating a potential sale of Elite based on profit, revenues, pipeline, and R&D status, which SequestOx as a minor factor. Has there been any progress or new consideration in this area? No, these are all the factors that everybody looks at. And again, they don't share it with you. They come in, they visit the company, they look at the numbers, they ask for data, they get data from Jeffrey, and they make their own assessments. Does your extended release technology and SequestOx seem to be a significant interest to potential acquirers? That is a very interesting question, 'cause every time we give a presentation, a... There is a section on our technology and the anti-abuse technology, and it gets the most comments and the most attention, even though the patents expired and this is our old technology, it gets a lot of attention. People get very excited about that. For a potential acquirer, do you have a personal preference for an all-cash deal, all stocks, combination of the two, or no preference? You know, cash is king, but the most important thing, more important than cash, combination, or stocks, is what is the price? You give me the right price, and I'll work with you. If not, nothing else matters. Regarding the M&A process, are there updates on recent site visits, letters of intent, engagements, banking, and so on? No, and if there was, I cannot discuss them. What key valuation drivers are resonating with potential buyers? They look at all of the data, and they decide what really fits them. What resonates with me is different from what resonates with them. On M&A valuation metrics, what implied multiples on forward EBITDA have emerged from site visits? And are there any exclusivity period in current letter of intents? Again, every company does their own thing. Nobody shares with you what multiples they use. As I've stated in previous calls, there are a lot of ways to valuate a company. There are R&D companies that don't have a single product in the market, but because of their patents and the potential, they're valued at $1 billion because it's the promise of tomorrow, this could work, and people gamble on that. There are companies that are all commercial and bringing in a lot of money, and they are rated very low because they don't have an R&D pipeline. Everybody knows sales are gonna decline, okay? So, the EBITDA multiples, there is no magic number. They have to look at the company as a whole, see how it fits with them, and come up with own, their own valuation.... It's not that difficult. If an acceptable M&A offer does not materialize, would you expect to have completed a reverse split and uplisting to Nasdaq by the end of the calendar year, 2026? Or do you expect that, it would take longer? We always try to think on multiple levels. Even though M&A is our number one priority, we have explored a lot of other things that I cannot discuss. And Nasdaq has been one of the things that we've talked about for a long time as an alternative, and there are certain actions that you have to take to get there, right? So we are working on all of this at the same time. There is no way that I will consider a reverse split unless we're on Nasdaq. Considering how our market is on the OTC and how easy it is for people to manipulate the stock because it's, it doesn't have high volumes, if I am to authorize a reverse split, which I never will, unless we're going to Nasdaq, okay? Then with manipulation, the price will gravitate down to where it is today, okay? So this is not a smart thing. It's not a good thing for the stockholders. It's not a good thing for me, who is the number one stockholder. It's not, it's not good for anybody. We are working on M&A. Concurrently, there are certain things we're doing for, for Nasdaq. Concurrently, there are certain things we're doing even aside from these two, but reverse split will not be one of them. All right, that concludes our talk today. We're looking forward to talking to you in June. Congratulations to all of our stockholders. Congratulations to Elite employees. This has been a sensational nine months. We already beat the record for last year, and we look forward to doing that again and again. Thank you, operator. Thank you, Matthew. Enjoy the rest of your day. Thank you. Everyone, this concludes today's event. You may disconnect at this time and have a wonderful day. Thank you for your participation.