In the sort of the waiting area. So, and we're also a couple of minutes ahead of 11:00. So we'll just kick things right off. As I said, welcome. My name is Lloyd McNeil. I'm a partner at Troutman Pepper. I've been a renewable energy lawyer for longer than I can remember. I'm also an investor and excited to be on the Sky Quarry journey with them as they move through various stages of development. And we're here to talk about some of those developments today. We have Marcus Laun and David Sealock, who are the founders and officers of the company. They are going to walk us through really a deeper look at the recent press releases and other announcements that the company has made to try to stitch them together and provide a bit of context. After the presentations, each of them are going to speak to a number of slides. But after those presentations, Marcus has an opportunity that he'd like to share with y'all with respect to the Foreland Refinery. And then we'll open it up to Q&A. I think that you all can put your questions in the Q&A button that's at the bottom of the screen. Give that a whirl. If that doesn't work, the fallback is in the chat. I'll look at both, but would prefer to see them in the Q&A if that's possible. So before I turn it over to Marcus, just, of course, we're going to be talking about a number of forward-looking statements today. And up on the screen here is the usual caution with respect to those forward-looking statements. And hopefully, statements come true in the future, but that's just the way it goes. We got to announce it. So read it and take it for its value. With that, I'd love to just turn this over right now to Marcus Laun. Marcus, take it away. Thank you. First of all, I wanted to welcome everybody for taking some time out of your day to listen to us blabber on about Sky Quarry. We think it's a very exciting opportunity, and we appreciate you taking some time out of your day to kind of hear exactly from the horse's mouth what's going on. The thought process behind this webinar is to really lace together some of the press releases that we've recently put out there. We obviously have Jennifer working with us, and she reliably informs us of kind of the questions that come back from investors. What we found is that investors are really trying to hang a little bit too much on each individual press release and read the tea leaves as opposed to scaling back and zooming out a little bit and looking at the big picture. The intent for this webinar is to really take a look at these individual press releases and talk about how they fit into the puzzle of the entire company and the future of the company. Each individual press release is obviously significant. If you think of it, we're sewing together a patchwork quilt of partners and strategic players in the industry to create that national network that we're going to build. That is really what these press releases represent. They're individual stepping stones that get us to that national footprint that we're looking for. Does that make sense? David, did you want to add anything to that as we get started? No, I think you said it very well, Marcus. What we're trying to do is redefine waste as an opportunity. That requires the mobility of many peripheral activities that we do, but more importantly, a blueprint for that. We're scaling a vertically integrated platform focused on waste asphalt shingle recycling and sustainable fuel production. We think that we're well ahead of the pack in terms of the basis of that. At Sky Quarry, we're turning yesterday's waste into tomorrow's energy. As Marcus said, that creates a blueprint, a very in-depth blueprint that we are working with. We have a very strong team working with it. No, let's continue, Marcus. Thank you. Next slide or any comments? This is your slide, David. Okay. I'm having some latency issue here, so I apologize for that. Just give me one second. I'm just going to this slide, creating a blueprint for the future of waste to energy infrastructure. That's what I was just talking about, and that's what Marcus alluded to in terms of talking about how we're making sure that we stitch all these plans together. The key points on this slide is that we're looking at two unit types, one for processing and one for local oil extraction, allowing Sky Quarry the ability to leverage each opportunity for the highest revenue value and taking into account the jurisdiction, logistics, product inputs, and most importantly, product sales as we do so. Our modular units are designed for rapid expansion to high opportunity markets throughout the U.S.A., the West Coast, Texas, Utah, Illinois, Midwest, which we'll talk about and answer questions on. Our facilities will be placed close to the waste source and end markets. Units will reduce waste volume and produce sellable products we're also going to touch on in this presentation and answer questions on. More importantly, we're supporting landfill diversion mandates all the way through state mandates, down to county mandates, down to landfill mandates. What it does for us as we address these, it opens new revenue streams for us. In addition, the deployment of our modular facilities creates local jobs, lowers transportation costs, and we feel will enable strategic partnerships as we go through this entire process. From the map, you can see, right? We wish to produce income from tipping fees and byproduct sales, which we outline on our website and on this slide. Why does this matter? Sky Quarry plans to grow without taking on massive infrastructure costs by creating synergistic relationships. The modular units will let us tap into new markets, turn waste into revenue, and meet real demand as states crack down on landfill use. We need to take a look at a smart, flexible way to expand, build local partnerships, and strengthen our business long-term. We're inviting and reaching out to roofers and shingle producers in all of our key areas of interest. There's nearly 2,000 or 200,000 roofing companies across the U.S. We want to create collaborative operations to recycle, reduce, and reuse waste asphalt shingle products with these potential partners in a sustainable and a profitable manner for everyone involved. Marcus, anything to add to that? No, you put it well. We have put out three press releases as far as strategic relationships that fit into that network. The first would be R&R Solutions. They are the only permitted recycler in New Mexico. The reason that is important is obviously they are the lead dog in that space. The other reason it is strategic is because they are close to our Utah facility. In that kind of market, we would not put an extraction facility. We would basically just process the material and then bring that bitumen to Utah for extraction. That is strategically attractive for us. They are already handling the material, so it would actually be a quick ramp-up. That is compelling for us. R.B Builders is another press release, another opportunity. That is more of a vertical integration play. I think for those of you that attended our previous webinars, we are talking about a lot of consolidation in this industry and a lot of pressure for the roofing distributors, for the roofing manufacturers to align to a more green footprint as they make their product. We all know that roofing shingles do not last forever. If we can help create that circular economy around the shingle material, which is 100% recyclable, it is going to be a benefit to everybody. It will be able to lower costs, and it will reduce the amount of oil that the shingle companies need to buy every year. They are currently purchasing on aggregate about 20 million bbl of oil a year to make roofing shingles. It's obviously a huge business aligning and integrating with the people that are handling that material so that when a new roofing job is going out, we are in the mix as far as picking up that material from the curbside so it's efficient from a logistics standpoint. Southwind RAS is also a very significant recycling player in their market. In that market, we would likely have a processing facility initially, and then over time, we would be extracting oil within that market so that it can be reused in that market. David? No, very good. I think that as we go to the next slide, those are the new commercial pathways that we're trying to unlock. One of the really important ones, I think, in terms of making sure that we can support our path forward is the launching of our integrated energy facility in Utah and with our recycling permit there. Everyone understands PR Spring and the ability it brings in terms of making sure that we have multi-decade access to hydrocarbons and, more importantly, crude oil from our oil sands sitting on 6,000 acres. The submission of our waste management permit in Utah, the plan is to operate a combined oil sands extraction and asphalt shingle recycling facility, creating an operational revenue hybrid that integrates hydrocarbon and waste energy production. This product will be the feedstock for our downstream Fallon Refinery. We have upstream, midstream, and downstream now incorporated into our blueprint, allowing us to make sure that we can reduce logistics, reduce costs, and get more profit on our sales product. At PR Spring, we're targeting a recovery of over 10 million bbl. That's going to take us over 15 years with a recovery factor of 2,000 bbl a day. This is required to complete the previous company's operational activities. If we do the work and work with the state to create proactive plans to increase waste energy product recycling, this will create multiple revenue streams from oil sands, recycled bitumen, and byproducts. That is what matters. The advancements in Sky Quarry's Waste-to-Energy model are delivering long-term value and early cash flow through sales in asphalt, crude sands, and recovered oil sourced from feedstock to finished fuels. We control the supply chain to maximize environmental and economic impact. This is a basis of a value investment for us, a multi-decade sustainable energy portfolio. At Sky Quarry, we see the opportunities where there is sea waste. More importantly, we now have the assets to make something of that waste and make sure that we get to the sustainable energy side. Marcus, would you like to add anything on that? Nope, you covered it. Thank you. Next slide, please. Thank you. Path to full production. In doing so, we understand that there's an onus of responsibility that we must take a look at what are we trying to achieve, but more importantly, how do we achieve it? In April and May, we contracted TAR 360, a leading company in refining operational assessments, to help us deliver operational efficiency. Their plan outlined how the Fallon Refinery can increase production and double our current annual production to up to 800,000 bbl per year through phased production increases, with key milestones being at 45,000, 60,000, and 80,000 bbl per month as we move forward. Our marketing team is working diligently on finding additional sources for crude oil and, more importantly, sales contracts for our products. As Marcus outlined, the Fallon Refinery has the ability to make sure that, with no pun intended, fuels our growth plans. That matters in terms of making sure that we drive revenue growth by increasing the volume of off-sales that we can sell. Positions Fallon to meet high regional demand to counter the potential California fuels crisis that Marcus is going to touch on and also support stronger pricing and better margins due to scale. It is a manufacturing process. We enable long-term customer contracts and predictable cash flow in doing so. More importantly, we lower our cost per barrel through improved operational efficiencies and build on a stronger foundation for investor returns and future expansions because you have the assurance you are doing things correctly. We understand and we're focusing on safety and risk management, reliability and maintenance planning, production and process optimization, operational discipline, turnaround capital management, compliance and governance, sustainability environment stewardship, and also facility leadership and growth in terms of how we expand our operations internally to keep up to ourselves. Most importantly, the health and safety of our employees and associates at the refinery that work with us. We want to make sure that this plan allows us to grow in a stepwise safe approach that brings us value and also ensures aligns with those eight factors that I just discussed. Marcus, do you have anything to add on that? Nope. We put out a press release regarding energy security in the Western United States. We touched on this on our last webinar, but it's actually become even more pressing at this point. The key factor is Nevada operates in a gasoline island of California and Arizona. You can kind of see that on the slide. The California market, California is producing less and less crude oil. There is a lot of regulatory pressure to actually reduce the refining capacity. Gavin Newsom has put a lot of pressure on the refiners and increased regulation, which has made that business to operate in California very expensive and burdensome. The result is two of the biggest refineries in California are closing down, including the newest refinery in California, which obviously threatens the California market. When California catches a cold, Nevada is going to catch pneumonia. Nevada imports the bulk of its fuel that it uses from California. California is importing the majority of its fuel from overseas. It's not creating enough oil in its own market to supply the market. So 60+% of California's crude oil is being imported by boat or majority by boat. Now, with the reduction in refining capacity, you're going to see more and more refined fuel being imported from places as far away as Saudi Arabia and South Korea. We see this as a good opportunity for us to become a bigger player in the Nevada market so that fuel doesn't have to come to Nevada from South Korea. We can do this by working with local oil producers in the Nevada-Utah market to refine local oil and make local fuel. First, you have the pressure of California. In California, they are using less fuel every year because of the incentives and the pressure to drive electric. Nevada does not have that. Nevada is so spread out that very few people are using electric cars. With the growth in Nevada, specifically in industrial use as well as residential, every year the amount of fuel needed in Nevada is ticking up. Again, we represent the only refinery in Nevada. We are well-positioned to be able to increase margins and serve that market. We see a big opportunity in supplying both industrial uses like mining of products like Lithium and valuable rare earths and metals all the way to other products that are being built in Nevada and obviously transportation and infrastructure. We are excited about the opportunity that these changes in California represent. I think we're very well-positioned to take advantage of it. David, did you want anything on that? Yeah, I think that you did a great job, Marcus. I just wanted to talk about when we take a look at the current market dynamics, those are going to be our future market dynamics. I believe we're going to see this grow into other sectors as well, too. Policy, regulation, supply constraints are driving demand for alternatives. We have to be that alternative. When you speak of Phillips 66, and I think it's ABX2-1 or some Star Wars robot name, restricting price controls and putting these guidelines on, the market drivers behind our timing are creating a structural tailwind for our model based on these types of policy regulations supply chains coming in. For me, us starting in 2020, we took a look at what was going to be out there in the future. This aligns in terms of making sure, as Marcus said, we've captured the market in Nevada. We have the ability now to make sure that what we can do is expand upon that market as we sell our products out into a wider sourcing. Thank you, Marcus. Sure. I wanted to kind of this ties into my next discussion, which is going to be on our share price and the capital markets. I do want to let you know that we are launching a new crowdfunding, which will be a preferred share that is tied directly to that refinery. The refinery will actually be issuing these preferred shares with a 10% coupon and then also enjoy a royalty based on production at the refinery. The coupon is 10%, which is obviously an attractive return. On top of that, you will get a $0.75 royalty bonus per million in the preferred per month of production. I know that sounds like a complicated calculation. I think that return on the preferred is capped at 25% a year for the preferred stock, which I think we have a very good chance of maxing out that royalty stream. Not only do you get an income of a coupon and interest on the preferred stock, you'll also get that royalty, which will give you an equity-like return in a debt-like instrument. We think that's very attractive. It's tied directly to fuel and that production. You actually own a piece of the revenue stream at that facility for the time that we have the preferred outstanding. We're excited about that offering. We've had a lot of success in crowdfunding. We think that this is an attractive offering in that market as well. We're looking forward to launching that and welcoming investors into a new security and participating in Sky Quarry in a different way. That's at our subsidiary level, Fallon Refinery. I also had a few talking points that I wanted to mention before we get into the Q&A. For those of you that are new to the company, we will be going through some slides to kind of explain our assets and our business plans and model after the Q&A. We've done a few webinars, and we didn't necessarily want to drag our loyal webinar attendees through the entire business plan again just because they might have seen it previously. We will go through those fundamental slides about our mission and our operations at the end of the presentation so that the people that are just getting up to speed on who we are and what we're trying to do can do that in a way that does not annoy our legacy investors that know the story pretty well. Jennifer, did you put together a slide for my talking points or no? Oh, here we go. I am just going to kick off my talking points. I am going to give David, obviously, a window to kind of chime in before we start taking questions. I am sure there is a bunch of you, if not all of you, who are curious about our trading patterns in recent history, specifically last week. We had a day of over 50 million shares traded with a volume-weighted average price on those trades of about $1.40, which is 100% above where we're currently trading. A lot of the questions that I've been fielding are we OK? I lost the slide. Was that my fault? Jennifer? Can everybody see me? Yeah, yeah. There was no slide. It was just a Q&A. You're good. OK. Yeah, so effectively, we traded 50 million shares, about $75 million in dollar volume. It's actually spiked our volume on an ongoing basis. A lot of the questions that I've gotten over the past week have been asking why. Obviously, that's a very good question. To trade 50 million shares when we only have 9 million shares in the system is always interesting. I'll try and explain what I know just for your benefit. David might have a few words about it. The first explanation I got from people was that it was market makers adjusting their positions. To the extent that market makers might have a short position in our company, sometimes they have to buy and sell it and rebuy it or cover a short and then reshort the stock because they are only allowed to hold a short position on their books for a certain period of time according to market rules. That is one explanation I got from a market insider. He seemed to indicate that this kind of happens pretty often in these small-cap Nasdaq Listings where there is a potential for significant short positions at the broker-dealer level where they are allowed to hold a naked short for an extended period of time in the course of their market making. That is a possibility. The other driver, I think, for attention to our company and trading in our company was kind of this, are we going to war trade? People looking for low-float, thinly traded oil stocks that they could benefit from or get positioned in the likelihood that it will pop with additional attention on domestic oil production and the opportunity that we have in the US. I think that could be another driver. I would say that all the reasons I am going to give you probably had partial impact on this. We had a little bit of a perfect storm as far as people looking at the stock. The other potential is obviously these digital asset manager transactions that are happening in the microcap space where crypto companies are coming in and sniffing around and making significant strategic investments in low-float, small-cap, and listed companies. To the extent that a number of companies on the same day as ours that are potential targets for these digital asset manager plays, or they are also called digital treasury plays, were also trading very aggressively with halts. We experienced two halts, I think, on that trading day where the upside volume was so aggressive that they stopped the trading for five minutes as a market breaker. That is another reason that you have a potential for a lot of trading volume in a volatile stock. The next reason I got was these chat rooms and message boards where you have the GameStop coterie trying to pick stocks that they think were going to fly or where they can engineer a short squeeze against the market makers. That, again, is a potential. I did hear some rumblings about things being said in various social media platforms about that happening to our stock. That is a potential. Ultimately, all these things are somewhat exposed to this whole discussion around short trading and short positions held by major institutions. We cannot speak to that. We do not have any information on that. I did see a report that showed that half of the volume of our stock on that day that had traded $50 million was short trading, where market makers were shorting the stock basically with the belief that the stock would go down and eventually they could cover at a lower price. That would explain, in my mind, why we started the day at $0.75 and ended the day at $0.75 with that amount of trading volume would be shorting back to kind of where we were when we started out the day. Which leads me to kind of referring back to this regulation CF offering at Fallon and what the company is doing as far as capital raising and capital formation. David and I both have significant experience in the capital markets. As you can imagine, we're constantly offered money from investors. The reason we haven't shown capital raises to the public and done major capital raises is because we're pushing back on Wall Street and the terms that they're offering us. We're really focused on doing fundamental transactions for the companies, for our company. The reason we might be in this position as far as share trading is because market participants might be expecting a dilutive transaction to come to market. Therefore, there would be additional supply available that they could cover their shorts with. The fact is we're going to stick to our guns and really do a fundamental deal for our shareholders that aligns the interests of both our historical investors and our future investors and our stakeholders. We're committed to doing good corporate finance for the company to move these projects forward. One thing that you should all be watching is a company called QXO. I mentioned this on our last webinar. They're effectively doing a roll-up of the roofing distributor business. That's a good corollary to what we're doing. If you bought the stock after I mentioned it last webinar, it's almost doubled since then. There is a lot of new attention to the roofing industry. Just to highlight, the roofing industry is going to consolidate. It is going to become greener. We intend to be in that mix. If Beacon Roofing, which was the acquisition that QXO just executed, recycled all their shingles, it would effectively be creating an additional $500 million a year in potential revenues around those materials. It is a very exciting opportunity. People are just getting up to speed on it. We look forward to expanding our shareholder base and telling that story and executing. David? No, very good, Marcus. I think it was good. I believe you're right. I think it was a perfect storm of many attributes coming towards us. It tested the market. It tested the market for us. We can understand what we can get to very quickly. I also think it comes back down to the execution of a clear roadmap that we have: scalable, sustainable, and strategically timed. We've been watching this. I think that people understand that these recent announcements are more than news. They're building blocks for long-term shareholder value. Sky Quarry is committed to environmental responsibility, governance, transparency, and sustainable innovation. I think when we take a look at the current aspect around, as you said, Marcus, the Middle East, what's going on there, US inventories have dropped by over 11%. We're not seeing a massive increase in terms of productivity around our gasoline and so forth. Everything is fairly static. More importantly, we're seeing other people buying oil now from Russia and other areas as well too. We're still supplying just Europe. We're still importing. What we want to do is make sure that we're building an infrastructure to turn a national waste crisis into a national energy solution. Our technology is proven. Our team experience and demand is growing. Innovation, integrity, impact, that's what they're investing in. I think we've seen that they take a look at that. Sky Quarry is redefining what it means to provide power to the future. Join us on this journey towards sustainable energy because the future doesn't wait. We look forward to your continued support as we move forward to our next stage of growth. Marcus, if you take us into the question and answer period, that'd be great. Thank you. Lloyd, I think the card is yours now. Yeah, excellent. I'm just scrolling through. I think you folks answered a few questions that folks had on the trading volume spike last week. That's very good. What can you say, if anything, about the effect of the Foreland preferred share offering on the Sky Quarry stock price? Do you want to take that, Marcus, since you orchestrated it? Thank you. The Foreland preferred, actually, the positive effect it'll have is I think it'll communicate to the market that we're serious about protecting the common stock of Sky Quarry. We're not going to do something dilutive and stupid to raise capital. We designed the Foreland preferred to effectively pay down some of the debt that we have on the balance sheet that's tied to that business and do it in a way that benefits the stock price and the fact that it won't put any pressure on the stock price. It also should benefit the stock price because it shows our commitment to doing fundamental transactions for the company. We wholeheartedly believe that we're trading at a massive discount to the intrinsic value of the assets and the intellectual property that we have. We're going to fight tooth and nail for our shareholders and get the share price back up to at least where we IPO'd and beyond because the business opportunity is a $4 billion opportunity. Any concerns at all about the stock price currently trading at under a buck? We obviously are working on a plan to increase the share price so that we maintain listing requirements for Nasdaq. I think we have a lot of transactions and opportunities in the hopper right now that will help unlock the value of those shares. We are confident that shareholder value will be increased going forward. It is also the, Lloyd, it is also the impact that we have with positive cash flow. Making sure that what we can do is we can invest into crude purchases, invest in terms of the TAR 360 plan, make sure that we meet our milestones in terms of increased production and efficiency as we go through this entire process. That, I think, is the Foreland Reg A crowdfunding is going to be substantial. Really, it comes back down to it is that those who believe that we know in energy are going to take a look at this and understand the closures in California, understand the need for the fuels that we basically produce at Foreland Refinery, they are going to see that the value of this is going to go up. When you take a look at the forecasts with regards to California, they're stating that gasoline is going to get close to $8 a gallon. Diesel may be even more. If those forecasts come true, there's a tremendous amount of opportunity for this in terms of making sure that we can actually provide that rate of return that we're looking at. I think that Marcus and the team have structured this very, very well. Just to focus on that one point a bit. The Fallon Refinery is operational. When we're talking about not getting it started but improving it, you mentioned, David, the milestones that you have targeted. It's currently operational and generating revenue and sort of positioned to increase revenues as you ramp up production. Well said. You know what? Lloyd, if you keep doing this, you won't need us to answer any of the questions. It does lead into a question which I have. Just to sort of set that, you do have a good chunk of the business is operational. The way I sort of see the press releases is that we're now sort of consolidating the business so that it becomes essentially more integral, more circular, able to essentially feed itself. You can extract oil from the shingles that feeds the refinery. That turns out the products, improves the overall efficiency and availability of the refinery. I mean, it feeds itself in terms of overall improvements. The one question that I did want to ask both of you, though, is that we do have a number of things in the hopper that you want to do. You want to roll out the modular facilities. You want to bring the refinery to operational status. Are you doing these things concurrently, sequentially? How are you positioning it so that you're working towards whatever timelines that the company has? Do you want me to take that, Marcus? Yeah, sure. You can answer? We're trying to do it in parallel. I think that when we take a look at the permit process, making sure that we understand logistics, understanding the requirements that we have around the jurisdictions in which we work, we have to make sure that we work on that collectively together. What we're doing is the permit side. I take a look at it as that we're taking a look at everything and working in parallel in a step-phase approach. It comes back down to the capital that we need to make sure that we can really sustainably make sure that we can make an impact by closing off on that. We have four months of work in terms of making sure we can deploy our first modular facility. That's including the permit requirements and so forth as we go through everything. We're very, very close. We're looking for an end of Q3, Q4 kind of timeline in terms of making sure we work with that. PR Spring is really what we call the commissioning and startup phase, the last workaround electrical, the last workaround mechanical, the setup of the equipment, so forth, and the tie-in of it and starting that up. Again, we're going to take a look at what the market comes back to us with, what we have for capital expenditures. Really, we want to get each portfolio, as you said, Lloyd, as quick as we possibly can, creating revenue. Because as soon as they create revenue, they're not burdening other aspects of the portfolios to make sure that they support or it supports the entire company. 2025, 2024 was our operational year in terms of making sure that we went public. 2025 is going to be the year where we take a look at transitioning into all active portfolios. Marcus? Nothing to add. Just touching on permits then. The permit that you applied for PR Spring, is that a discretionary permit? Is that a non-discretionary? Is there a timeline there where you expect to have that issued? How are you looking into the crystal ball on the permit for that facility? When we take a look at other permits that have been submitted, they're taking that range of anywhere between three to six months. Because we have the civil work done, we basically have a foundation in terms of where we have the PR Spring operational unit right now. We're trying to work with them. We've not received our first comments yet. We take a look at it as that, fingers crossed, if we do everything correctly, we would like to have that permit in the next three to four months. That coincides with the kickoff of our operations. We take a look at that in terms of Southwind RAS. The partnership that we have there puts us right beside one of their hot mix asphalt units that they're just building. We're going to leverage their expertise on permits and work with them as we go through that entire process. The same with Albuquerque in terms of New Mexico. Every permit process is a little bit different. However, 99% are the same in terms of making sure that we answer the questions, provide the inputs on environmental sustainability, emissions, what we're going to control on emissions, and more importantly, what we're going to do with regards to control on our carbon credit status. We've been very thorough in terms of addressing that. Again, depending on the administration and then how many people are working, we want to make sure that we get through this as quickly as we can. For the extraction, the separation collection, the modular facilities, I would imagine that the permit story there is a lot more complicated in that it's state, local. How much of the, I guess, the complexities around permitting are driving the choice of selection of sites or states in which you want to set up those facilities? We take a look at the permitting of the state. More importantly, it's a partnership in terms of what they're doing. Can we leverage their permits? That's what we really take a look at. When we chose the candidates that we have, especially PR Spring, it allows us to make sure we can lever their permits for 50-60% of the work that's being done. It is an add-on modular unit that allows us to make sure that we can actually process byproducts of the waste asphalt shingle and then utilize those products back into the byproduct sales market. More importantly, can we help directly with who we're partnering with? Leveraging third-party permits then, is that done contractually? Are you doing that through an M&A play? How do you get to, for instance, use the company in New Mexico? How do you get to use their permit to help leverage the business? We're looking at based on tipping fees and understanding how we go through the process of shared revenue. What are they good at? What are they doing? How much are they collecting? How do we process that? Making sure that we refine ourselves in a position that we can leverage our permits, not put them over top of anything with regards to emissions, with regards to any type of movement that we have on transportation logistics and so forth. For us, it's a lot easier to have a partner within this area because it provides us the infrastructure, the foundation, and that footprint that we can leverage. How do you folks look at profitability? What is success to Sky Quarry? Are you looking at measurements on a per barrel basis? Are you looking at an overall enterprise, sub-enterprises? How do you look at it? I suppose, when do you expect or anticipate fruition? That's a big question. We actually look at profitability along all of those lines because that's the best way to figure out how to actually increase the profitability of your operations. You have to look at it at a granular level and then at a high level. What attracted me to this business opportunity is that it's highly profitable because, as a refresher or reminder, we're going to get paid to take the waste. The feedstock that we're going to be putting into our extraction facilities has a negative cost associated with it because we're going to get paid to take it. The beauty is, again, these shingles are 100% recyclable and all have revenue streams associated with them. There's a lot of different ways you can skin the cat as far as generating revenue. That means that at scale, when we have that national footprint, not only will we have cash flow margins in the, I would say, 30% - 40% range, you'll have, I would say, the opportunity and pricing power where you're almost acting like a monopoly. Our goal is to create a national network where we're picking up these waste products curbside. As we build that network out, there will not be other players that are going to try and compete because we'll have that infrastructure built. That is the long-term goal for us. Excellent. Okay. Let me see here. Oh, one question I wanted to ask on timing as well. The press releases with respect to the LOIs for essentially the feedstock companies, can you folks go from, say, LOI stage to definitive agreements kind of in lockstep with the rollout of the modular facilities? Is that the plan? Is that how you see that working? What else is making that part of the strategy? Yeah. I think moving to a definitive agreement is key. I think we've identified solid partners that are effectively waiting for us to be ready to take that material. We don't want to be the boy that cried wolf and signed definitive agreements to receive hundreds of thousands of tons of material and then not have the plant ready to receive that material. You have to align the contractual obligations with actually the ability to execute. We don't want to get out ahead of ourselves as far as making commitments for product without having the ability to meet that demand. Ultimately, you're looking at 15 million tons of this waste moving to landfills every year. To the extent that you want to disrupt that flow of material, you have to be ready to take it as well. That obviously takes a lot of preparation and CapEx because you're dealing with a pretty tricky material to actually handle as far as logistics. Yeah. That's right. In addition to that, Lloyd, the blueprints that we provide also take into account the health and safety requirements, state OSHA regulations. We have to make sure that what we do is that we understand the workers, where we're at, where we're going, and understanding all this in terms of where we want to be. While they're all 90% correct and basically aligned, there are those efficiencies that we need to take a look at. I think Marcus said it well. It's not sometimes how much you make, it's how little you spend. One of the things that we've done in terms of partnering with Allegheny and Raztek and so forth is that we're finding ways to basically create efficiencies on our cost, reducing cost, but also create efficiencies in terms of the product that we can go through. That allows us to make sure that we've got to put a stake in the sand, so to speak, and understand that this is going to be the first rendition or rev one of our modular facility. We want to make sure that what we do is we understand the turnaround effect, the bottlenecking, and how do we basically get to another point in time. Marcus outlined 15 million tons a year going to landfills. If we roll out 20 of our modular facilities, we're getting to about 2 million tons or over 2 million tons a year in terms of recycled waste. It's a tremendous multi-decade kind of process that we're looking at here right now. For us to start our partnerships now, taking a look at joint ventures and making sure we understand that, we're also building the blueprint for other companies to come to us and say, "Now that you've done it, how do we help you deploy?" Marcus, you mentioned QXO. When I watch golf on TV, I see the Waste Management Phoenix Open. Are they a competitor that you guys have to worry about? Are they in this business? Waste Management? In our interactions with them and speaking to, I would say, transfer station operators for Waste Management, they actually don't like dealing with the material. In Los Angeles, they actually charge a premium to take the shingles above what their normal tipping fee is for waste because it's so problematic for them. They don't want to haul it. They don't have anywhere to go with it. Nobody's recycling it. They charge a premium to actually divert so that it doesn't show up at their transfer station. We've had discussions with them whereby we would share the revenue, which would actually be accretive to them because they're not getting any revenue from shingles today because they're trying to avoid that waste stream. They basically, anecdotally, have said, "Hey, we'll set up a spot for you, and we'll put the shingles there, and we'll split the revenues." That we could work with. To have a curbside service, not unlike 1-800-GOT-JUNK, where you do not deal with Waste Management, you do not deal with a hauling company because that obviously adds a layer of carbon footprint and logistics, whereby if we had our own network of jobbers that could pick up the shingles on site and take it directly to our processing facilities, we could skip the step of working with Waste Management necessarily and have a very direct path to collect those revenues and process that material as an unsorted material. Once you get into a Waste Manager or something like that, you end up dealing with mixed waste and that kind of thing. That's the biggest problem as far as recycling these shingles is when it gets mixed in with other construction and demolition waste. Got it. Yep. Yep. Separation, collection, extraction, all part of the process. A couple of folks have asked about the prep offering. Are there any details that you can share about where they'll be able to access more information or participate, timing, things like that? Marcus, what other little details can you have? Quite a few questions. We just launched it. I think Jennifer will probably be able to distribute that link in some way. I do not know. Maybe Jennifer, can you put it into the chat? Can you put the link into the chat? Yeah, obviously, just email our investor relations email address and ask for the link. Hopefully, our technology team is savvy enough to actually make it Google-able and find the link that way. We are just getting started. If you have any questions about it, you can just email me directly, Marcus at Sky Quarry, and I will send you the link personally. Thank you for inquiring. Do we have some more slides that we are going to go through as far as the fundamental stuff? I know we are pushing against an hour here. I know it is an exciting opportunity, but everybody has a day to continue with. They will wait to listen to you, Marcus. They will wait an extra 10 minutes. Yeah. We can put up the presentation if you want to go through it, Marcus. Yeah. Let's just spin through it. For the people that are still here, if they don't have any questions, we could just give them that refresher and take it from there. Are we going to get cut off at an hour or no? I think we might. Let's just check. We have three minutes to find out. Be quick. Yeah. Just as a refresher, obviously, our mission is to recycle waste asphalt shingles, but we also have an oil refinery attached to that as a vertical integration step, which we are using as a blending and refining facility. We are owners of a Hydrocarbon facility, an extraction facility in Utah that we're in the process of retrofitting. That facility is actually my background. We intend to have that up and running, making 2,000 bbl a day, which will then feed the currently operating refinery. We're going to mix in our partially sustainable oil into the crude oil that we're already refining. It'll be a vertically integrated company. The objective is with the facilities that we have, we can get to that $100 million a year in revenue over time and really make a dent in shingle recycling as well as be a very strong niche player in that gasoline island that Nevada operates in. We are very excited for that opportunity. There is a lot of business pressure to recycle these waste asphalt shingles, and it gives us over a half a dozen revenue streams. We have not even touched on the whole carbon credit opportunity, which could end up adding tens of millions of dollars a year in revenue to the company. There is a lot of blue sky in this opportunity. We have significant assets in the form of our hydrocarbon assets as well as our facilities. We have an operating business. We're really just going to build from this base and take it forward. We're really excited that the stock is starting to trade well because it brings more attention to the business opportunity and to what we're trying to build. It brings investors to the game as far as really feeling comfortable that if they make an investment, they'll be able to exit through the stock profitably. One thing I didn't mention is a bunch of the market participants that I talked to did say that they think that this upside volatility will happen again on a periodic basis. I think you're seeing that across all the micro-cap deals. You're seeing these wacky days where you see $50 million or $100 million or $200 million worth of stock trading or hundreds of millions of shares trading. I think that's all attributable to these trading algorithms in the market makers where these day traders are called scalpers, and they're trading thousands and thousands, if not hundreds of thousands of shares to try and scalp a couple of pennies here and there between the bid-ask spread. There is a lot less certainty about where the trading is coming from because a lot of it happens in these dark pools. Ultimately, we just need to march ahead, tell the story, stick to our knitting, and execute and raise fundamental money and protect the stock as best as we can. We're looking forward to building a bigger audience and the attention that trading that kind of volume brings to the company. Any other questions? I don't see any other questions that we can ask. It looks like we're bumping up on our one hour. Yeah. So let's sign off. Yeah. So again, Marcus and David, thanks very much for the organization and the big picture. We look forward to more success and the next webinar. Thank you. Thank you, Lloyd, for being the moderator. Thank you, Jennifer, for putting everything together. Thank you, everyone, for joining us today. Have a great day.