All right. Hey, everybody. Good morning. It is the third quarter conference call, and to me, more importantly, a seminal event, as I said in the press release, about the future of the company. On the call today, Ken Cragun, our CFO. Ken, say hello. Morning. We have Will Horn, our CEO, and my business partner of many years. He's on the call. Will? Good morning. We have Chris Wu, President of Ault Alliance. Chris has been a recent addition back in July. Super smart. Chris, say hello, my friend. Good morning, everyone. Here we go. It is. What is today's date? The twenty-second? The 22nd. 22nd. We're gonna cover the slides real quick. First, we're gonna have a forward-looking statement, little pre-record, which we're pretty excited about. Let's. Everyone's thrilled about this pre-record. Let's go. This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements about Ault Global Holdings Incorporated, sometimes referred to as AGH, expectations regarding the market demands, future financial performance, the implementation of strategic plans, and future growth. These statements are made based upon current expectations that are subject to known and unknown risks and uncertainties. AGH does not undertake to update forward-looking statements in this presentation to reflect actual results, changes in assumptions, or changes in other factors affecting such forward-looking information. Assumptions and other information that could cause results to differ from those set forth in the forward-looking information can be found in this presentation and in AGH's filings with the Securities and Exchange Commission, including its most recent periodic reports, including the risk factors listed in the Form 10-K for the year ended December 31, 2020. The 2020 annual report, as amended, is available on our website and on the Securities and Exchange Commission's website, www.sec.gov. Is that everything? That's it. So how do i move this forward here? And I tried it, not moving here. Let's see here. We'll slider election. Okay, obviously, we've covered this before, the sort of leadership team, myself, Will Horn, Henry Nisser, President and General Counsel, Ken Cragun, who we introduced earlier, Chris Wu, who we introduced earlier, David Katzoff, Darren McGeough, Douglas Gintz, Joseph Spak, James Toner, and Jean Ho, our Chief Accounting Officer. I want to mention Jason Bartholomew. He is Director of Business Development for the company and really instrumental in the Bitmain relationship in helping us sort of expand that over the last probably half a year or so. We're pretty happy about that. We're gonna go through the third quarter highlights. This is sort of the process. We're gonna go through the corporate structure, my commentary, and then we're gonna get to the meaty stuff, which I think is the best news for the company in a long time, and we're gonna try to focus in on some of the questions people have, the scale, the Ault Alliance structure, and initiatives for 2022. Let's go to the third quarter highlights. This is the current corporate structure of the company. This is an important thing to look at now because this will be changing towards year-end, and a fairly dramatic change into two separate companies, which we'll talk about later. You see Gresham, run by JR's team, JR and Tim Long. Separate business. We really run them compartmentalized, CEO, own operations. Same with TurnOnGreen. They have a digital power unit there that's not listed but is an important subsidiary. It's been there for 51 years. Then you see Ault Alliance. Now, we don't list every subsidiary here, but these are the main ones that are drivers. You can see a big position in Alzamend, Adtech Pharma, MTIX, which is the AVLP, the public company that is not reporting yet but is an alternative reporter. This MTIX is still there. I know people question, but we're still committed to this process, and we're. I mean, this is really something we really believe in. I know it's been a long time, but we tend to not give up on great ideas. We're working through that. Alt Alpha Capital, which we consolidate, which is the hedge fund. Alliance Cloud Services, the data center, the crypto miners, which is really the story. We worked for a long time. Those of you who have been shareholders since 2016, 2017 know we've tried at this before and had some trouble. We really feel like we've learned from that with our massive data center and the people that are involved. Agree, which is run by Chris Wu, Ault Global Real Estate Equities, our commercial real estate division. We think it's gonna contribute a lot of EBITDA. One of the things we're gonna point out in the future here is high growth, high margin, which we see at BitNile, and sort of steady-as-she-go EBITDA generation, which is what Chris specializes in. We'll talk about that going forward. For our nine months ended, we had $44 million in revenue. This is a dramatic increase from last year. I mean, company is completely different. I think that for legacy shareholders, it's a little confusing because you have this very dramatic revenue growth. One of the things you're experiencing is mark-to-market transactions, which really skew our revenue. We're gonna cover that because in this quarter, in the fourth quarter, we've already said we own a big chunk of Mullen, which went public. You can see on our books, we have it for $3.2 million. That's obviously, at today's price, has created millions of dollars of gains, very similar to where Alzamend created millions of dollars of gains and then was marked to the market because it went down. This quarter, it's up. It's a balancing act as the portfolio develops over the next year or so, where you'll see maybe a little bit more quarterly smoothness. Right now, you see chaotic moves because of these large positions we have in other public companies that we mark to the market. That's the rules, by the way, folks. We follow the law, it's called GAAP, and Buffett talks a lot about this. You have to flow it through your income statement. There's nothing we can do about that. It does create a ton of volatility in terms of revenue. The lender is obviously a big contributor, up almost $20 million for the year. The lender is a very big part of go forward for Ault Alliance. That is a very big part of the company and really part of our future plans. Revenue for trading activities, we talked about dramatic increase, a lot of volatility there. We have a gain of about $6.4 million on Alzamend, very misleading because we haven't sold any, and we're waiting obviously for future events there. This is really. We look at Alzamend as like a call option that doesn't expire on two drugs. We're pretty excited to own these two neurodegenerative treatments. Crypto revenue, dramatic increase, but I wanna be clear, and I hope everyone can hear me very clearly on this. These are old machines. We did more in one month than we did all year with 1,000 of the new machines. It's very misleading and you're looking backwards when you see this. We did start in March to turn on our old miners that we had in Indiana that continue to contribute to the company. Really, it's a go-forward statement. Unlike some companies that buy miners way far out, our delivery starts now. We already got 1,000. We get 300 a month every single month. You're gonna see a dramatic escalation in the amount of Bitcoin mined. Obviously, that's subject to pricing in terms of how Bitcoin does. Of course, net income of $1.3 million versus a massive loss, in my opinion. I probably shouldn't use the word massive, but a dramatic loss before in that nine-month period. You see profitability, you see net income, a very big change for the company, and this is why we think it's time to split the company up. We'll explain that. This is a real earnings story, a real growth story, and you have really this sort of parabolic growth that's gonna take place at BitNile, and we'll talk about that. Obviously, I'm not gonna read this whole thing, but we've grown our assets to $225 million. Very volatile because we took a write-down in terms of mark-to-market for Alzamend, yet we're still there. You can see revenue growth 47% quarter-over-quarter. It's really a great story for me 'cause we've been putting this together. Myself and the team have been sort of building this together, these little blocks to make this possible, and now they're starting to pay itself off. We admit that the current structure creates a lot of volatility for earnings. We're gonna, Ken, do you wanna comment at all about the third quarter before we move on to sort of this transformative structure here? I wonder if you want to comment about the slide at all or anything you wanna talk about in terms of that. Yeah. I think you touched on it. We really focused on the nine-month results because we did see big swings quarter- to- quarter from unrealized gains or losses. We have a big position in Alzamend, and we're big believers in Alzamend going forward, so we're happy to have that large position. What happened in Q2 is they had gone public on Nasdaq. They had run up to almost $9. We had a big unrealized gain in Q2, and then the market kind of settled down and it ended Q3 at $3, so we had a big unrealized loss. Life to date, as you pointed out, Todd, we're still up $6.5 million on our position in Alzamend. We gotta, you gotta kind of look at the numbers and dive in one level deeper to see what's driving the fluctuations in the slide. Oh, yeah. Ken, I was kind of hoping you could cover for everyone. The best way to cover this is to give them a sense of the fact that the portfolio on the lender getting marked to the market. Yeah. We see a pretty big mark-to-market this quarter in Mullen. We've publicly disclosed. We filed- You're talking about Q4. Right. I'm just trying to explain to them that they're gonna see, you know, some positions up and down. Yeah. Quarter-over-quarter, maybe how that affects your thinking here. Yeah, exactly. Because Todd is, he's active in trading, and we've taken some nice positions. Mullen Automotive was a good one. They listed on the Nasdaq. Their stock's up nicely, and we had that position prior to their uplisting. We're up significantly on that position. There's some other trades that have been made on IPOs that have performed very well in Q4. We're not really here to, you know, give specific guidance on Q4, but yeah, we do have a few positions and a few trades that have worked out very well so far. Here we are, you know, more than halfway through the quarter. Yeah. I think it's important that we're not giving any guidance for Q4 at all. That's not the point. Yeah. The point is to understand that we have a large portfolio there. Ken, you remember the size of it as of right now? Is it approximately, I don't wanna misspeak, but is it around $100 million or is it a little less than that right now? No, we have a large and that on Mullen. Plus there's the warrants, so. No, but I mean in terms of the size of the overall portfolio of the lender. Oh, $100 million. Right. Yeah. When you think about the lender going forward, that's gonna. Well, we're getting into the transition of where it is and kind of what assets. Right. One thing in your quote on slide 8, Todd, is you have to do a bit of a shout out to Gresham Worldwide, the defense business. During the third quarter, they're up 47% compared to last year. Now, they do have Gresham Worldwide that contributed to that, but they're starting to perform as we've allocated additional capital to JR and the team at Gresham Worldwide. They've been executing on the backlog, and their numbers are trending up nicely. Yeah, a little bit of a shout out to them when we talk about that. Yeah. I would say, like, if you look at the overall holding company structure, at any given time, one company or another may be doing better than the others. This has sort of been my philosophy for a long time. I know the market doesn't want to reward sort of the conglomerate model. I'm aware of that. For us and for Will and I and the team, it gives us comfort to know that we have this sort of broad, diverse portfolio. This is the way we run things, and this is sort of why we're transitioning BitNile because we kind of acknowledge that it's getting a little ridiculous on how they're valuing the whole company. Will, I thought maybe you could comment on the third quarter, what we've done year- to- date. Will, your thoughts at all? Give Will a second. Yeah. No, look, I wouldn't even comment on the third quarter specifically, but just the nine-month ended. You know, if you look at where we are today compared to where we were September of last year, it's night and day. Revenues have grown. You know, we've solidified our balance sheet. We've eliminated virtually all of the debt at the company, right? That's at the subsidiary level as well. I think we're reporting less than $2 million of total debt, of which half of it is in our subsidiary in Israel. So it's a strong balance sheet. We're not leveraged. We're not in a position that doing any more financing transactions are necessary in order to meet debt obligations. I think we can all remember what that was back in 2019 and really the early part of 2020. It's allowed us this year to start focusing on really the initiatives that we've outlined. If you go back and look, I would say these started really in December of 2020 when we acquired the data center. You know, it was a strategic acquisition, and it was nice because that was really what allowed us to enter into cryptocurrency to the extent that we wanted to, which was on a bigger scale, much bigger scale than we'd previously tested back in 2018. 2021 has been, it's been fantastic for the company. Yeah. I want to emphasize what Will just said. He said that we don't need to raise money to service debt. That's really important because all of our future capital and the flexibility of future capital is based on the idea that our current operations don't need money to service that debt. The debt is actually inconsequential now at this point. With a quarter, you know, $225 million, give or take, balance sheet, the debt is literally less than 1% of the balance sheet. So we're very happy there, where we don't have to deal with that. Obviously the lender contributes to cash flow along with our ramp-up in mining for sure, although we have not sold bitcoins to date. Will, I wanted you to talk about a little bit about structure we have set up. We did file a shelf, and we do have a lot of flexibility to go to preferreds and obviously take on debt. Can you talk a little bit about your thoughts on leverage and our ability to leverage given our free cash flow we think we're going to generate in 2022 and 2023? Sure. Again, historically when we were doing financings, it was to service debt because we had a lot of subsidiaries, a lot of early-stage businesses in some regards because they weren't generating positive cash flows. Now as we transform the company, we're looking at entities that will be cash flow positive. BitNile is a perfect example of that. As you have companies that are accretive and are generating cash flow, it puts you in a situation where you can go out and raise debt in order to expand the business significantly. We are looking at that. It's something we're considering. We've not made any decisions at this point, though. Appreciate that, Will. I think there's an important thing. You know, one of the things that Chris Wu brings to the table is he's a guru in structuring these financing transactions so they can stay within the entity that's being financed. I know we have some acquisitions teed up with very positive EBITDA that we can leverage and have some self-contained debt within that target company. I know Chris Wu is actively working on a couple of those. Yeah. Chris brings up a lot of financing power from Teneo and his background at Karl Marx, and really the ability for us to do non-recourse financing at the subsidiary level, and that's a really important factor here. Also, Chris has been working with the team to allow us, when we expand our miners, to be able to borrow money from an equipment financing perspective too. This is a really important component of how you look at the company going forward, because we have a lot of levers to pull in terms of equity versus debt versus equipment financing, et cetera. Really kind of a maturity that's happening to a holding company, and now that separation is going to sort of take it to the next level. Let's go through the transition real quickly here. Will, do you want to add anything to this slide before I get started? This is sort of the new path of what we think things look like going forward. Yeah. I mean, I think this is a logical outcome. If you look back and if you look at what really, I think we've signaled to the market over the last 10, 11 months, and that is BitNile is going to become a significant standalone entity. If you look at the recent purchases that we've announced of miners, you know, we're talking close to $200 million in the aggregate for the miners. So having that significant of a balance sheet and then of course the resulting revenues that will be derivative of that, it just makes sense to position this as a standalone company and move forward with that. Again, it's very distinct and different from Ault Alliance, which, as Todd will point out, is the holding company structure where you've got multiple companies that are basically maturing until they're in a situation like BitNile where they can be ultimately spun out. Chris, I wondered if you had any commentary here about the new structure. I know you're a pretty big component of it and a big fan of it, and maybe you could touch on DeFi a little bit. I'm pretty excited about the transformation just because across all of our platforms, we really have an opportunity to optimize the assets so that various investor bases can take advantage of them. As we discussed earlier, you know, our strategy to help grow BitNile will be very significant, especially in expanding blockchain technology, which we believe is very transformative and one of the most important innovations of our time. Therefore, we are evaluating the development of and investments in a variety of blockchain technologies, of which decentralized finance is critical, DeFi for short. We believe that DeFi will also be quite additive strategically to BitNile as a miner, which will be an essential pillar in the cryptocurrency ecosystem. Pretty interested to expand beyond just mining as well. I ask everyone on the call to look at this chart and understand this is really an earnings power story, but two different kinds of earnings power. You see the earnings power of the data center and our mining capabilities. This really, this changes the narrative because we are at, I think about $18 million a year now, and as we put 300 new miners on a month, and then going to March, where we'll be putting 2,300 miners a month in. This is not a long-term vision. This is happening right now in real time. We've already had delivery of 1,000 and then 300, and then 300 every month for 10 months. Starting in March, 2,000 a month for six months. Then in August, we ramp up with those green miners, which is the relationship with Bitmain. I can't stress enough to you that direct relationship with Bitmain has sort of changed the narrative. On the other side, Ault Alliance, you see an earnings and EBITDA story, especially with the lender, with Agree, the real estate business. TurnOnGreen obviously is a high-growth business that hasn't kicked in yet. We anticipate, still anticipate, and have been planning that would eventually float or do some sort of public transaction, either with a SPAC or an IPO. All things are on the table there. We're not confirming anything there. We know that Gresham and TurnOnGreen are looking to do their own public transactions. A lot of opportunity for future shareholders. If you're a shareholder of BitNile Holdings, the old BPW Ault Global when it changes names, you'll wake up with Ault Alliance in your portfolio someday. It's important to understand you're going to own two public companies. Here's the scalability of the mining business and what I talked about in terms of delivery, the 16,000 miners and the 4,600 miners. I do want to bring it to everyone's attention that we did buy an additional 600 miners. We did disclose that in our 8-K. We haven't issued a press release with it because it's now, if you think about it, not as consequential to the size of the miners we have and the scale we have. Ken, can you talk about this chart here, the hash rate? I'm very proud of the fact that this hash rate is a certain percentage of all Bitcoin mined depending on total hash rate. Ken, any thoughts here? Yeah. This is what's exciting when we think about BitNile in the near, fairly near term being a standalone public company. 'Cause it would be a pure play crypto miner with data centers and some DeFi initiatives. As we install these 2,600 miners, there's 4,600 of them are at a higher hash rate, you know, 140 terahash. It brings the total company to 2.2 exahash. At $60,000-$65,000 per Bitcoin, where we've been over the last few weeks, we get to $300 million in revenue. Think about our year-to-date revenue through nine months of $44 million this quarter. We'll exit 2022. You know, well, as we ramp up to these 20,600 miners, we'll be at a run rate of probably $300 million, depending on market, right? You always kind of have to put an asterisk on these forecasts that depends on where the market is, difficulty level, and you know, the US dollar price of Bitcoin. It's very exciting. It pencils out great in Excel, as you can see on that table. What was exciting is when we put in the first 1,000 miners in Michigan last month, they're performing just as we scheduled out in our model. It's good to see, you know, when the rubber's hitting the road, that the revenue and the margin are penciling out as we projected. Now it's just a matter of getting in the new machines, racking them up. Crypto Joe, who's on our team, has done a great job with that, been working very hard. Seeing the data center, it's beautiful, it's clean, a lot of space. We're ramping up the power capacity there. Yeah, we're definitely very excited about this. I would say Crypto Joe, Darren, the team, Randy, the people, Caesar, others that have joined us in Michigan to help build that out as we develop that team, Brian there in Michigan, that data center is really incredible. I've done some live video there. It's really the forefront of what's gonna happen with BitNile going forward, the relationship with Bitmain and that data center. I do wanna bring everyone's attention to assuming Bitcoin of $30,000-$40,000 and current difficulty levels will still mine $139 million-$185 million at a depressed price. We were not foolish enough to underwrite this with, like, the perfect weather, as it so to speak. We're not out there saying, "Hey, we got a $100,000 Bitcoin." If you look at the chip shortage and understand the difficulty scale, there are still S9s producing today, five, six years later. We're upgrading sort of the top of the mining pool, so the best miners in the world with the 140 terahash. You can see we're investing. We're here to win it. We're in it to win it. We're investing to be there. Will, any commentary on what we're doing in mining? I know that your mathematical brain has been at work here. Hey, I think Ken has done a good job explaining it. It's exciting. You know, if you go back and again, we're looking at history here, but in 2018, we wanted to get to 10,000 miners. You know, you brought up the S9, so obviously that was our original entry into cryptocurrency mining. Things have changed. It's transformed. We have a data center. We're able to control the operations, you know, 100%. We've got a good handle on our electricity costs, our power costs, which obviously is the primary driver in your overall profitability. You know, the new miners are so much more efficient than where the S9s were. It's really changed the entire dynamics of that industry. I couldn't be more excited, and that's why I think now is the right time to put in place this transformation of the company. One thing to know that we do publish on the BitNile website every two weeks, number of miners installed and Bitcoin mined, and we will be committing to once a month, putting out a press release of total Bitcoin mined. This is important to us. We wanna be transparent. We wanna sort of show the shareholders that we're very committed to this process. Like I said earlier, if you look at what we mined in all nine months, we're doing that, we're doing more than that, a lot more than that on a monthly basis and growing. You would be expecting that. Well, it's important to understand that, Todd, you know, when we started putting in the S19s, those effectively went in at the very tail end of September, and then of course, completed that initial installation in October. These assets have just been put in service. Right. Yeah, well, it's a very good point. That is, we get a lot of people questioning things, but you gotta look at timing from the time we structured the balance sheet, completed the $200 million raise. By the way, thanks to all the shareholders that were supportive during the ATM process. We raised a lot of money, really transformed the company. This is why we're trying to reward shareholders with sort of this pure play. It is a pure play in mining, DeFi, and data, and we wanna be a player here. One of the things we're looking at going forward, you see a number and say, "Wow, what if they generated $200 million, $300 million? What are they gonna do with that money?" Obviously, a lot of flexibility there with no debt. We're obviously gonna pay down any financings we do to continue to buy more miners and expand. You also see an opportunity for us to continue to invest in the hash rate, and that's why you're gonna see us pretty much continually go out there and look for additional miners as we start to generate cash with that relationship with Bitmain. You can see that in our commitment to the 4,600 new XP, the green miners with the carbon credit. Really a fascinating transaction we did in Dubai. Going on to Ault Alliance, we don't list every subsidiary here. I wanna bring in Chris for the conversation about potential acquisitions. Now, Chris, obviously, these transactions are not done. We're contemplating them. Could you talk in general about the kind of transactions you look for? I want everyone to shift their focus from high growth, sort of parabolic revenue growth, which is where we'll be looking at BitNile, to sort of a steady-as-she-goes EBITDA model. Chris, your thoughts. Sure, Todd. Well, I think that's one of the opportunities that we've been actively focused on since I joined the company in July. We are, you know, very actively pursuing companies that are stable in so far as, you know, recurring revenue with appropriate EBITDA margins. What we're hoping to do strategically is across our platforms, obviously unlock the value at BitNile, but also from an Ault Alliance perspective, provide shareholders with opportunities that they will be able to see. I don't wanna say conventional, but more mature companies going through a secular phase in their growth and therefore an appropriate juncture requiring capital from Ault Alliance to reposition them. At the same time, they're already mature from a development standpoint and therefore you know what we're guiding towards more longer term is to provide revenue and EBITDA that's of a quantum that's meaningful. I also believe that applies to AGREE where you know obviously that's a new entity with no assets at the moment but we don't expect that to be the case in the subsequent quarters moving forward. What we're looking for in terms of AGREE is commercial real estate with the types of net operating income that people would understand from a real estate perspective. I'm gonna go on to the next slide. Sort of, let's talk about the reorganization. Based on what we're doing now, the company will change its name before the end of the year. We already secured the symbol NILE, NILE. That'll be the new BPW symbol. The new name will be BitNile Holdings, which will effectively own the data center, the mining operation, any DeFi initiatives we have. Some things that we're contemplating for 2022, based on the reorganization, we're looking at special dividends. We really wanted to look at the possibility of being a company that issued Bitcoin as a dividend to our shareholders. This is a complicated thing because you have to have a wallet. You have to be able to make it available through DTC, so it goes in your brokerage account. Not a simple thing. We're working on that. Obviously, you could always pay a cash dividend. If you see that big kind of generation that we think we're gonna have in 2022 and 2023 and beyond on the BitNile side, these are contemplated transactions. For the future, BitNile will continue the mining operations, strategic procurement of geographical locations in terms of mining power as we expand out of Michigan. We'll be looking at other data centers to expand. We wanna be at the sort of the top of the food chain. That means being in the top 10% out there. Then, of course, as we said earlier, for initiatives, we're gonna be looking at future acquisitions on the Ault Alliance side. What's gonna happen in December, you're gonna wake up with a new symbol and a new name. Then really what you're gonna hear going forward is pretty much DeFi Bitcoin data, and you're gonna have this subsidiary waiting in the wings to be a special dividend, obviously, for shareholders. You could do the math. If everyone does the math, it could be a large special dividend, but we'll see what happens. Will, any comments on the initiatives for 2022? Will, you're muted. Yeah, I apologize. No, I'm here. No, 2022 is real simple. It's a continuation of 2021 to the extent that we're talking about execution, right? Putting capital to work and advancing the operations of our subsidiaries. BitNile obviously is a significant entity from the standpoint of cash requirements and capital expenditures and investments. The other companies, it's much more modest. All right. Ken, any comments on the slide of the sort of initiatives for 2022? Yeah. It's important to understand that this will be at a point where we have that capital available for dividends. Historically, if we have capital, we're investing it back in the business. But you saw the numbers on the previous slide. If we're doing $300 million in revenue at 90% margin, that's a lot of capital available. You would think we'd be carving out some of that to reward back to our shareholders. Of course, leave it to Todd to wanna do something cutting edge, like pay a dividend in crypto. We'll get that figured out. Hey, if we can, we can. We'll see what happens there. Obviously, the disclaimer on this, the bottom, you'll see subject to Delaware law and profitability of Bitcoin mining and approval from the board. This is something that I'm pretty fond of the idea. Right. I mean, it's cutting edge. I know it's not been done. We're looking at it pretty hard. But we're pretty excited what we built and there we go, right? Yeah. Sort of wrapping up the summary for the future, the name change, symbol change to NILE. Restructuring the two subsidiaries. Obviously, BitNile will control Alliance Cloud Services and the mining operation. Ault Alliance will control Gresham Worldwide, TurnOnGreen, Digital Power Corporation and Ault Global Real Estate Equities, and the other subsidiaries. There's quite many of them, some of them smaller in size, not really relevant today. The possibility of a special Bitcoin dividend. We're gonna look at that. Bi-weekly updates on what we're mining. Very transparent on the mining side. Update on potential DeFi investments, which we're looking at pretty intensely, and then update on future and corporate development. Look for the name change in December, and then look for that special dividend sometime in 2022. As sort of we wrap this up, Chris, any parting thoughts? You're on mute, Chris. Not really. I think you summed it up, Todd. This is a seminal time, as you've already stated in your press release, and we believe this unlocks value for shareholders. Hey, we appreciate that, Chris. Thank you so much for joining us, obviously. Will, any parting thoughts? Look, I think 2021 has been a success to date. I think we've done a fantastic job raising capital. I know we announced the completion of the $200 million ATM. If you look at our average costs that we were selling securities under that equity financing, you know, it was significantly above where the company is trading at today. That's the 81 average. Yeah. You know, we were able to bring in money on a very, very favorable term. Again, this is something that we've struggled to do historically. That and the prospects, you know, future prospects of the company with the existing businesses, you know, it's fantastic right now. Yeah. I can say the same thing. Ken, any parting thoughts before we hang up here? Looking out a year from now, this is gonna be. Well, as you mentioned, Todd, looking back a year compared to today, it's night and day. From where we are today, which we're very happy about, and looking ahead 12 months, it's gonna be even a more dramatic improvement with the ramping up of mining and the acquisition, the key acquisitions that Chris is looking at. Also, Ault Alliance could be a, you know, $200 million in revenue and significant EBITDA. And then we've seen that BitNile has that, you know, $200 million-$300 million run rate potential. So it's really exciting times for us. Very big. Let me give you a summary. Thank you, Ken, so much. Thanks, everybody. Let me give you a little quick of a summary as we exit here. A couple things to think about, and that is you got two vehicles now, BitNile, Ault Alliance. One EBITDA cash flow story. Still significant revenue growth, as Ken said. You have a really sort of parabolic revenue growth around one of the most transformative technologies around, and that's blockchain with BitNile. What we decided to do is really reward people now. We could have went down the path of trying to spin out BitNile on an IPO, but we wanted to demonstrate to shareholders, 'cause we know it's taken some time with TurnOnGreen and Gresham, and those haven't got public yet. We wanted to make sure we could, you know, really cut the umbilical cord and make this happen for shareholders now, and that's why we took the initiative of making the parent BitNile Holdings and really changing the narrative. As a shareholder, you're gonna have a choice going forward. Do you hold on to the parabolic growth that is, we think, BitNile, or do you keep both and have Ault Alliance in your portfolio? We really encourage you to think of Ault Alliance as a value player with a future generation of businesses it owns, buying undervalued assets. Chris and myself and Will and the team finding things that we think are undervalued, sort of the future BitNiles of the world, but really steady, more earnings, relative earnings, more EBITDA focus than you see the sort of DeFi disruptive point at BitNile. Look for the name change, the symbol change. We thank and appreciate everybody. We do know there's a lot of volatility in the quarterly earnings, and obviously we're gonna expect that. You can see that with things like Mullen and other IPOs that we participated in the quarter. Appreciate the whole team sticking with us. Special thanks to all the shareholders that have been so loyal and stuck with us through that ATM. We'll see what the future brings. We'll see you at year-end and going into the new year. Happy Thanksgiving, everybody. Thanks for being on the call. Thank you.