Then our profit margins go up significantly. So, that's the reason for that. And it's not just antimony. I mean, one of the properties that we have, we're really excited about the cobalt. So there's other critical minerals. So, I would look at us as a critical mineral company that's being very stealth and very careful in our mineral leasing opportunities. Likely, if the government is not our partner, there will be industry partners. So I wouldn't see us going out and spending a bunch of exploration money. It's really not our business. It would be a partner or the U.S. government helping fund that exploration. It's being done in order to position ourselves for down the road, because you're right, that's not gonna happen in 2025, and may happen in 2026, but not in 2025. Yes, sir. Now, the antimony you're getting now, is that near the smelter at the old mine, you're just mining it? No, it's coming from Canada. There's no mining of antimony in the United States today. What we're getting is from Canada. 4,300 meters, so that, that's in Canada? Correct. So you're speaking to other companies? They have to do their own- Well, we effectively. On our property, no, but yes, like, the antimony we're getting right now from Canada is coming out of the tailings of an existing mine. So they have to get rid of it, you know. Right. Yeah, okay. Right. The leasing. It's areas that we've identified that have significant antimony or other critical mineral opportunities that we believe, based on executive orders from the government, that we will have assistance in funding. Our real goal is to get prime areas, do some exploration, so we can have some reserve reports done, and then to be able to announce, "Okay, we've got X million tons of this mineral, X million tons of that mineral," which then takes you to a different level. Thanks for possible for some of the U.S. somewhere? Alaska and Canada. We are looking at some older antimony mines in the U.S. that were shut down to see if there was any opportunities. The ones we looked at so far, we've said no. Why? Cost and permitting. If you are on federal land, you can forget it. You're not gonna get a permit, but state land or private land, yes. Yes, sir. Two questions. Number one, I'm sure you're aware that one of your neighbors in Idaho has been through the wringer in getting permits and getting projects up. Perpetua. Yeah, so what leads you to believe that you're gonna have an easier time, if you need it, to get permits and to get your projects up and going? And my second question is, I'm looking at your long-term debt as $262. Thousand. Is the goal to keep a fairly high leverage and use stock to, for potential acquisitions, or are you looking to maximize cash flow and pay down debt? Again, we have $14 million of cash. That's $262,000. It's just a truck. So the debt is minuscule. So we wanna continue to keep a high cash level. I think that separates us. Just read it. Yeah, I thought you did. So yes, $262,000, $262,000, which is not $14 million. Big difference. So no, we don't use leverage hardly at all. Only reason we financed that is our interest rate was 2%, we were getting 4% on our money, so it was an arbitrage. May I ask? Remind me back to the first question. Tell me again the- The question was... Oh, about Perpetua. Okay, I remember. Yeah. Yes, that's a very good question. So Perpetua is on federal land, tribal land, and opening up a gold mine in a fairly sensitive area. They've been through the wringer for four-plus years. Our smelter is on private land we own. We have no federal land, we have no tribal lands, and we don't have any issues. We're running that smelter every day. The new projects we have in Canada and Alaska, none are on federal land, none are on tribal land. They're either on provincial or state land, and we're working very closely with, like, the geologists for the State of Alaska that have helped us, and so staying away from federal is the biggest issue. That's your permitting problem. Now, Perpetua's gonna get their permits, I have no doubt. In fact, I think they'll have them before the end of the year. Oh, awesome. Has, you know, more money than whatever. Yeah. So, I'm assuming that he has a way of pitching the government. This is in the- The government needs that antimony. That antimony is pretty critical, and they would all come to us because no other place to go. If he gets his permit. The better it is for us. We're, we're working hand in hand. Thank you. Yeah. Yeah, we got time for maybe one or two. Okay. Yes, sir. One from the last three rows. G et the ore shipped down, so you have the mining done yourself. Truck it. We can truck it. Cheap, cheap, cheap. Everything's on roadway. Nothing in Timbuktu. It's all by road, railroad or roadway or waterway. About 5-6%. Can you wait? We got one more. One more if you got another one to fire away. But you will see us. We're continuing leasing, but in those areas that we've already identified. I spent a week in Alaska, two or three weeks ago, with one of our engineers and a geologist, and I was very impressed on what we could have up there. Again, nobody paid attention to antimony when it was $3, $4, $5 a pound. It's $13, $14 a pound. You know, the commodity price in itself, and then you tap on top of that, no supply, and you got a new opportunity. I'm sure you noticed that Mandalay just reported their earnings, and while the gold was up, the antimony production was way down. I have spoken to Mandalay executives extensively, and they don't think they have much life left. I mean, you'll see the gold going down, too. The gold is with the antimony, and they, they're telling me two years. Another problem, and this is one of the largest antimony producers in the world. Free world, exactly. Good point. Thank you for your time. Ladies and gentlemen, one more time for Mr. Gary Evans. Great job, Gary, Chairman and CEO of U.S. Antimony Corp. And of course, our thanks to John Miller, the SVP of IR. Folks, we'll take a brief reset. Coming up, it's Intellinetics, and that's going to start in just a couple of minutes, so get yourselves comfortable, and we'll check back in shortly. All right, Jamie, should we go ahead and close that door just for sound? And once again, welcome back, everybody. We are primed and ready to go for our next presentation. It's presentation number eight on the day, and John Heffernan, one of the moderators today. Great to have you all here. For those of you listening and watching online, we want to welcome you or welcome you back to the two thousand and twenty-four MicroCap Rodeo coming to you live from New York City, New York. Okay, folks, next up, we have the CEO. Is that right? No? What is it? I am the chairman. Chairman of the board of Intellinetics. We didn't have a title attached to you here, Michael. This is not good, Michael. Chairman of the board, Mr. Michael Taglich, everybody. Michael. Happy to be here. We have a very good CEO, and he is with his family in Portugal, so I am giving this presentation. My name is Mike Taglich. Myself and my brother are the two largest shareholders in Intellinetics. We own 30% of the company. We built this company through a number of acquisitions, and we listed it last, what about a year and a half ago or so? Had a lot of fun. Anyway, Taglich Brothers, if you don't know us, we've been on Wall Street for 30-plus years. We focus on doing small public deals in the public markets. We have a large private equity portfolio, and we are principal investors in every deal we do. We are a very weird animal, and we're an oddball shop on Wall Street. We recently listed, in the last two years, two companies, Intellinetics and DecisionPoint Systems. We exited DecisionPoint Systems at about double what we listed it at. That was three months ago, and the last round we did was up ten to one. A little bit more than ten to one, and that was tax-free. It It took six years. I'm very excited about Intellinetics, and I'll tell you why. I'll try and focus on the reasons where the upside is. So let's see here. Is that all right? Is this changing here? Okay. This is important because every public company CEO is a professional liar, and this keeps them from going to jail. I'm not a CEO. I'm just kidding. Okay, here we go. I'm jumping the highest. I'm the biggest shareholder. All right, there's a lot of slides we've got that are filed, that you can put together, and it'll give you a good idea of it. The way I look, like to look at this company is Intellinetics on a standalone basis, does about $18 million in sales, makes about half of its EBITDA in SaaS, and that is doing document management on the cloud, mostly for school systems and such, and for governments. And the other half of the money that they make is in handling paper, like an Iron Mountain. They do scanning, they store documents, they do document management. They open the mail for the state of Michigan, neat things like that. Makes good money, company sharing good cash, prepaying back down its debt. It has no net debt right now, $1 million in cash on the balance sheet. That's all exciting. It's not that exciting. It's okay, and we were, what, Bob, about, if you ask about a year and a half ago, we were just sitting there looking to buy more companies cheaply, taking advantage of the reality that you could buy very small companies at a discount to what the public might value it at. And then our management team came up with a great product called IPAS. I joined the board and I'm really excited about it. That's Jim DeSocio, who's got a great track record, making money. He is not a professional lawyer, even though he is CEO, and we've got a good team, Matt Chretien and Joe Spain. They do a good job. All right, so as I spoke about, this is a three-trick pony, and I want to spend most of the time focusing on IPAS, which is the reason to give a crap about this company, okay? IPAS has got an interesting story. About a year, say, two years ago, a little less than two years ago, a medium-sized home builder came to our team, thought they had a document management problem and really had a payable management problem, and asked us to develop a product. We went live with that product that we developed for them middle of last year. It worked so well that the ERP system that that home builder runs their business on was so happy about it that they made us their payable solution in the most favored nation status, if you will. It’s got excellent economics, and this is an easy hunting field, I hope, to generate very rapid growth in SaaS revenue. So what’s good for us? It almost turns our payable management product into an inside sale. You know, you develop a product that works very well on an infrastructure for an industry, and you’ve got proven economics, you have proven base cases. It’s hard not to say yes, and to do it if you’re one of the people that are on this ERP system, and the risks are very low, and we have very rapid implementation, which is very exciting. Okay, IPAS, this is probably the most important slide. Forrester says we’re great, and most importantly, this is hot off the press. This is brand-new info. One of our customers that we went live on this year did an analysis and figured out that they're gonna save about $300,000 a year, net after paying our fees. Just so you understand how this works, and this is a very easy system to onboard, you see savings right away, and this is a customer that started this year. We probably didn't get their first check, or maybe we got their first check. This is a customer that pays us about $6,000 a month. We didn't get that check before they started seeing the savings, probably, so from a cash flow standpoint, your IRR is off the charts, and it's hard not to say yes to this, we expect so. Okay, and this is a slide that. This is a lot of this, the old Intellinetics, which is something to be happy about. As a large shareholder, we started with a small business. Jim DeSocio came in in 2017. We grew it through multiple acquisitions, all creative, and they all worked well. From an M&A standpoint, I would, I think our management team, if they're focused on shareholder value, their job will be all-encompassing, trying to make IPAS a much bigger product. And there'll be a very high bar for M&A-led growth. And the large shareholders of this company think that we have a great opportunity for extremely high returns for the shareholders, and therefore, any equity that would be raised would have to have a very high IRR multiple to be compelling. So never say never. If we could sell some stock at $200 a share today, we will probably buy something with it. Okay, there's a nice chart about SaaS. We're building a SaaS business. We're gonna be overwhelmingly a SaaS business in the future. This is the full year income statement. Now, this is done the opposite of the way you and I read. It looks like we're falling apart here, but it's a good company. We've grown it. We continue to grow it. Our, if you will, our historic businesses, both in SaaS and in document management, should grow decently over time, and we've been able to do a good job with the acquisitions we've done. All right, we had a good Q2. We've got no net debt right now. We're generating cash monthly. We have no use of proceeds for any particular equity offering. We are a very thinly traded stock, and there is very limited opportunity to lay on the kind of position some people in this room need to make it worth their time. And that's it. So I'm ready for questions. Anybody? Go ahead. I'm just placing IPAS, and, you know, if you look at these return numbers, you say, well, it's capital. Right. If you look at the chart, if you look at that, yes, you would say that, okay? So, we're going to be adding some functionality, imminently. It'll be announced this month, and, I guess I just announced it, but we'll be adding some functionality, and there'll be an increase in price. But that increase in price, the functionality we're adding is gonna add another... If you add a 30% to the price, it'll add 30% to the savings. At least that's what Jim DeSocio tells me. Okay? So, but yeah, it's underpriced. It also, even more than that, if you're an ERP platform provider, it does a lot to refresh the savings of your ERP platform, 'cause then you're in a situation where you're helping deliver these economics, and it makes you even stickier than a competitive system, if you will. So, okay? Go ahead. Yes, it developed a custom solution, and then the ERP platform that that builder lived on saw it and decided they wanted it. They had four failed attempts to develop their own payables automation system, so they needed a good product, and they didn't have it. Ours, which no BS, uses a lot of AI, and what drives that fundamental, that slide. What drives this slide, when you look at the net savings, if you had four payable clerks, you're down to, like, half of one. You're, as a CFO, getting an excellent audit trail. I still haven't seen all the economics about how many errors you skip, but when you're managing payables, it's very complicated. One of our newest customers is a $3 billion sales company, buys over $1 billion worth of stuff a year, and they're probably a $30,000 a year check rate at this moment, or $25,000 a month, I'm sorry, check rate at this moment, which will grow. You know, so they're. We already have some significant customers in basically a brand new line. And I personally, I'm an investor as much as anything else here, or mostly, I look at it and say, "We should be on many platforms." I don't know how many. Maybe we just got lucky, and we're on two. Or I think it's not true. Forrester says nice things about us. Maybe we're on 20. But, I mean, there's some really big economics here, and we're already in a situation where we're generating cash. It's pretty compelling, I think. Go ahead. Do you think you're pushed by the other ERP platform companies, so that it is IPAS? We're talking, it's part—we have sales efforts that are ongoing, guys. So, and I find out about them a couple months after they become real, you know, after badgering management on a weekly basis, like a board member can do. I think that it will. Management's under pressure, and they're they don't feel that it's unpleasant pressure to deliver more platforms and get deep penetration. That's the two ways you get rich in this business. And we think we have a fairly unique strategy because we've got a great product, and by working with ERP platforms that have that need this, we make those girls prettier, and we get wealthier. We both get wealthier, so they can upcharge on us, too. If you were wherever the hell, yeah, there are opportunities to replicate? I can't speak for SAP, but I'm sure they have smart nerds, too. Okay? So it's. There are there are so many industries, as you guys know, we're at a conference right now. I haven't heard the word. I thought we just talked about the US antimony company before I got here, but, so many industries. They're all on. There's many different ones that are run on niche ERP systems, and they didn't invent the computer yesterday. These guys have been around for a long time. They have the code they have, and, there's good and bad in that. But it's not built to lay on a module like this, and you need to make an interface. We will be in the position where we're the only game in town on a ERP platform. We give you a better reason to stay than you had the day before we showed up, and every time one of these ERP platforms does some sort of upgrade, if we have 80% or 90% or 100% market share at our ERP platform, we have all the economics to do the refresh alongside, make sure the functionality works, because these are all business-critical applications. So, it's a big barrier to entry, which I like about it. So all right. Great. Any other questions? That's the story. Thanks for the golf clap. Yeah. Folks, once again, that was Michael Taglich. Thank you, Michael, for your presentation. Michael, of course, representing Intellinetics out of Columbus, Ohio. Up next, in about 10 minutes, TETRA Technologies and their CEO, Brady Murphy. So we'll get reset and be back with you guys in a couple of minutes.