Q4 2021 US Global Investors Inc Earnings Call
[music].
Good morning, everyone. Thank you for joining us today for our webcast announcing U S. Global investors' results for fiscal year ended June 30th 2021, I'm Holly Schoenfeldt.
Any specific questions. Following today's web cast please send those to info at U S Fund Dot com after the presentation and we will get back to you as soon as possible.
Next slide.
The presenters for today's program as seen on Slide you are Frank Holmes U S Global Investors', CEO and Chief Investment Officer, Lisa Callicott, Chief Financial Officer, and myself, Holly Schoenfeldt marketing and public relations manager.
Onto the next slide.
We would love to offer anyone tuned in today one of our Jets go are you or high pets. All you have to do is send us an email with your physical mailing address and we are more than happy to get one over to you.
And on slide number four.
During this webcast we may make forward looking statements about our relative business outlook any forward looking statements and all other statements made during this webcast that don't pertain to historical facts are subject to risks and uncertainties that may materially affect actual results. Please refer to our press release and corresponding form.
10-K filing for more detail on factors that could cause actual results to differ materially from any described today in forward looking statements.
Any such statements are made as of today and U S. Global accepts no obligation to update them in the future.
Now on to slide five Youll see a quick overview of U S. Global we are an innovative investment manager with vast experience in global markets and specialized sectors founded as an investment club. The company became a registered investment adviser and 1968 and has a longstanding history of global investing and launching first of.
They're kind investment products, including the first no load gold fund.
U S global is well known for expertise in Golden precious metals natural resources Airlines in emerging market.
Now on to slide six I would like to hand, it over to Frank Holmes, CEO and CIO for an overview of the period and what is driving growth dock Frank.
Good morning, everyone.
And thank you very much Holly.
The board introductions and let's.
Let's get on with the show I apologize who might be voice.
All of these are afflicted leisure.
Beautiful shale in Texas.
The cold fronts come in and immediately I started to get away with it but let me share with you.
I'm very happy that we finally were able to get these financials.
And I want to say on behalf of everyone at U S. Global investors I really want to thank our shareholders for their patience as we work diligently to complete the audit.
A very unusual experienced in my 31 years living here in Texas.
But we did get through it we reported even during the course of the year.
These delays that we were still able to increase our dividend and our operating business.
<unk> continues to do very well.
We know we're not going to walk you through that there was many analyst, but take a look from a bloomberg and the download of US every day and run an average revenue model to it and figure out what our expenses are so.
It is very undervalued and going to walk you through.
What's been the history and what's been driving it but most important. Thank you for your patients as you can see the searching assets are very very important for operating operating business bolus of inflationary hedge that's interesting that for the past 21 years up to this year goal as an ultra.
The S&P.
80% of the time, so now it's going to drop to about 72% of the time.
But I think what's interesting is that it has outperformed the S&P 500 by 250%.
For the past 21 years in this century.
And.
I think it's going to be very promising going forward because 61% of all the gold miners today are undervalued on metrics compared to the S&P, 561% have free cash flow and thats not happening with the S&P 500, now, let's talk about the airlines thats been a real big sweet spot.
In the past 18 months.
During Covid and has continued throughout this past year is the recovery of the airlines want to try to walk you through what's been driving that and the significant investment in hive.
It's been our bet on the crypto industry.
And so I'll walk you through that investment.
But what's really important for investors as this visual the DNA of volatility.
It's a non event for.
Almost 70% of the time for the stock market and volume May go up or down 1%.
But over 10 days it starts to change and gold stocks are just much more volatile than the overall market, but volume isn't.
And I guess, that's why the largest hedge fund and the world has a 10% weighting of boy and employers are performed the S&P by 250% for this century.
They always have this exposure to gold and it seems to be a.
For them and a prudent strategy and we still advocate that this isn't prudent for investors, but we want to show you is that the airlines itself have a very big volatility.
On a daily basis, plus or minus 3% and there are many factors that drive that in over 10 trading days of 8%.
So its almost four times the S&P 500 over any pay a 10 day rolling period and it has to do with oil oil is very volatile. It's not in this example, here, but oils like crypto is extremely volatile and Thats a big expense line item for the airlines. So it does impact the airlines industry, but what's been your.
For the past 18 months has been the vaccine and the growth of the vaccine.
The recovery of the airlines, but still it doesn't matter what happen. This DNA of volatility has not changed before COVID-19 or after COVID-19.
I look at the daily volatility for the Airlines industry, then I'll give you. Some other stocks micro strategy is a big exposure to bitcoin is volatility has improved dramatically.
Tesla is plus or minus 3% midpoint is plus or minus 4% of daily basis, but over a 10 day period, it's 14%. So that's quite significant and grow because of our big investments in gold and the airlines and hive, we get those bigger volatility are plus or minus 5% on a daily base.
And over a 10 day period of 15%.
And if those investments do impact us, even though hive has had spectacular earnings.
And an incredible growth profile.
It's DNA of volatility seems to track that a bitcoin ethereum.
By the hour now it appears to us that the quant funds are moving up and down and pivoting and using hive and the other critical mining stocks as a proxy for what's happening on an hourly basis stock markets opened a big point.
I really want to thank the top 10 are institutional shareholders per capital in particular, there's a small cap focus on special and voice buttons and I've been a long term investor and Heartland advisors.
And recently as biometric capital.
It has taken our exposure into the company and names the five names on about 20% of the stock.
And I really want to thank them for their.
Our commitment and staying along with us during this period of getting delays in getting our financials out to the public.
Myself.
So often asked because of the complexity of it.
Voting shares of nonvoting shares that has to do with.
The 40 Act.
But overall about 17% of the company.
I'm proud to share with you that we've been through a phenomenal up cycles and down cycles, and we've been able to maintain a monthly dividend since June of 2007.
And the current yield is higher than.
The 10 year government and definitely the five year. So it has.
A great income for investors and the monthly dividend payment is approximately seven five cents.
This is reviewed.
By the board on a quarterly basis.
And maybe update and review it.
Also in addition to the multi dividend has been the share repurchase program in the <unk>.
Board approved repurchase up to $2 75 million of its outstanding common stock renewable market through December of this year and extending this did it looks like for the quarter ended June 30, the company of last year and repurchased 17155.
Shares of class a using cash of approximately 125000 and for the whole year, we purchased back about $314000 of stock and it's a model is a quant model that buys only on down days.
Our extreme volatility as one adviser the board always has the right to suspend or discontinue at any time.
So very good disclaimer for investors.
Let's get into the meat.
All of our financials.
But it grows extremely undervalued I think the delay in the audit process.
And clearly the audit process.
It is unusual.
Unusual.
I've said in my 31 years Ive never had such an experience.
But you can see by the numbers every day and jets create so you can look at on Bloomberg machine. If you have one or it's also public.
But the assets are grown on a quarter by 14% Q over Q and year over year at 265% of this drives revenue.
And the revenue.
It was $7 3 million up 15% Q over Q and 292% year over year and the net income of $4 8 million, which is two are up 217% year over year.
The next visual is just looking at industrial which is the health of the famous <unk>, which is now 40% of their assets and looking at some of these multiples of revenue.
Third to wisdom tree, which is 100% Etfs and Etfs are approximately 80% of our operating revenue met our investment earnings.
And as you can see that.
We were very attractive.
And all of these metrics here in <unk>.
<unk> ratio and I like to break that out that p/e ratio for you.
If you look at when you look at those data for the 12 month total operating revenue was $21 7 million an increase of over 380% year over year and for the quarter revenues were $7 3 million, a 15% increase quarter over quarter and 292% year over year.
This is in the press release and as you can see the net income for the 12 month period was $32 million or $2.12 a share compared with a net loss of $4 7 million or <unk> 31 per share loss in a year earlier and for the quarter net income was $4 7 million an increase of 217% from the same three month period a year ago.
And average assets under management for the 12 month period ended June 30 was $3 4 billion compared to $700 million or <unk> 7 billion for the year ended June 2020, and that's an increase since COVID-19 started of about $2 $7 billion or 380% increase in.
Operating margins for the fiscal year with about 38% compared to operating losses for the same period, the previous year and earnings from operations were $8 2 million in investment income was $28 3 million now the complexity of all of this stuff is Lisa will comment on is how you break out what portion goes up.
Applied from the high note in particular goes to the balance sheet to the income statement.
What's important here is just the ETF and mutual fund business itself has been a major significant turnarounds and the assets remain very stable volatile, but overall fund flows come in and go out based on negative for announcements or pause their pronouncements from the vaccine or from a new <unk>.
So a new virus comes out then all of a sudden we get a sell off in the airlines all of a sudden the vaccines are proving more people getting vaccinated then you'll get more people flying and then all of a sudden you get the numbers are improving.
And we get these positive fund flows.
And when you take a look at that we made approximately from operating income was about 54 a share.
And this is pre tax and an income from investments was about $1 88, So thats $2 42, but after taxes. It was $2 12 sets.
And so on that metric, we do trade at an.
And incredibly low number, but I think that will go through a re rating.
Because we finally got our year end financial audits.
And to the marketplace and people can see what the numbers are.
And we're still as I said in the next visual show that we are greatly undervalued.
We did have a run with crypto last year in massive volume of stock grants at $12.
And I think that on a relative attractiveness the stock is should be between eight and $12.
In a very comfortable multiples the sales multiples of cash flow multiple too.
Our returns on invested capital our returns of invested capital have been far greater than industrial or wisdom tree.
Though is these additional investments we've made and we've sold out of many of them and we've crystallized our gains last year and hydro rolled them into a convertible note, which becomes a classified by the others is a complex financial instrument because it is a convertible.
Debenture, which pays a monthly yield.
And also it has a redemption of a process that we can get back our principal and gave us warrants to give us more upside.
And hive, so that creates its own unique complexity with it but still even from just investment operations from.
Etfs and mutual funds we're undervalued.
And when you add in our investments.
No doubt.
Extremely undervalued.
Assets at year end of June was $4 2 billion up substantially from previous year.
You can see on the next visual to quarterly average assets continuing to grow and and this should be related to a higher valuation for for grow as a company.
<unk> latest into rising operating revenue.
Which is very positive because it's a simple model, which many of the analysts tell me what they do and the next visual to show you that they basically say that if you have a $100 million of assets in your ETF expense.
Revenue was 60 basis points than the revenues going to be 600000 at 2 billion, it's going to be $12 million and a 4 billion, it's going to be $24 million. So right now for since June that run rate of assets will still look very attractive from an operating point of view and you can download and use this.
Every day and create a simple spreadsheet.
A lot of analysts do.
You can see that.
The next visual the earnings per share.
<unk> had a huge move up to 12.
The previous.
Time periods. So we lost money and a lot of that had to do with the contraction in the merchant market assets in the contraction.
Before even COVID-19, there was little interest in gold or as little interest.
In even jets, and just went from up to $110 million and it kind of fell during COVID-19 down to $40 million before all of a sudden that took off and.
There are many presentations, explaining how smart the robinhood investors were.
<unk> Warren Buffett and everyone bailed.
We've made a phenomenal return of our money and I believe is still.
As more upside, but it's going to have to wrestle with the wins of our new derivative of this corona virus, but let's get the financial. So this is a snapshot to show you that some of the things that impact us in 2018 was there a hive investment and the volatility that had taken place with regard to crypto medical I can call it the <unk>.
The winter of 2018 going into basically may of 2019.
And.
So we had pops up and down.
In hive, which impacted our investment earnings but.
But the operating earnings were still being stressed.
The assets are being sort of as you appear to have bottomed in.
March of 2020.
And we can see that turn take place in June of 2020, when we reported a.
Ill turn in operating earnings.
And hybrid come off its bottom and then we start to see as hive took off in 2020.
Along with a bitcoin ethereum.
<unk> coming out and allowing people to be able to buy bitcoin and the adoption of bitcoin grew we benefit from that.
How is that niche is that previously we could not.
The launch an ETF, which we discovered five years ago, and the bitcoin space because the regulators concern of AML and so we went out and put capital in and where the co founders of high blockchain. The first crypto mining company to go public within ESG strategy, and only green energy low cost energy mining.
In theory, and bitcoin in Iceland in Sweden, and during 2020, we made several acquisitions in Canada. So that we can maintain that growth in green energy.
And we haven't seen a huge appreciation in hives market cap, which.
Which we benefit from that.
We crystallized and rolled it into a convertible because.
Hi needed the capital.
All of our peers.
So busy doing financings.
Massive dilution if you take a look at Wright and marathon.
They increase their shares outstanding 300% during 2020 and another one by tenfold in doing financing to buy more equipment and hive had a turnaround to quickly do it in the process of filing for the call and ATM in Canada and it was just not going to get done to the first quarter of 2021.
And they had a secure equipment for this growth profile. So U S portal sold its shares.
And with that we rolled it back into an investment in the company and we did it at a premium.
So it was a great deal for Hyatt shareholders and gave us still the upside to participate with hives growth plans as our as our proxy in the crypto ecosystem.
And you can see our balance sheet increased to cash from the sale of hive.
And I mean, you can see also today that our liquidity has improved dramatically since then.
Now I'd like to point out that the outlook for growth staying power for Jets ETF expansion of global markets. We have with the New York Stock Exchange has been a wonderful partner.
And we've been able to launch Jets in Mexico City, and we've had some wonderful surprise and trading days and creates going on in <unk> and.
And recently went into Peru.
Our year end of June 2021, we launched into Europe with partnering with Hana.
Launching the jets ETF in Europe.
So we believe that optimism on the current travel recovery. Despite recent Ami chrome fears.
Continuing vaccine Rollouts borders have reopened globally.
Business travel was resuming but we're still going to do with these recent wins that came with president Biden last Thursday.
I am, particularly protecting America from the place coming from Africa, but theres going to be as more some more stringent requirements.
24, 24 hour testing before being able to come into America, but what does the public looking at what are the quant funds and the hedge funds that are out there.
We're looking at the TSA numbers.
Okay.
Please.
But what youre seeing on this visual is that we.
We went from $2 7 million down to 90000 people a day flying in April of 2020.
And the TSA came out in March of 2020 with this data showing on the depot they cleared.
And you can see that as a number of people that TSA clear it jumps to publish 30 day 50 day moving average almost 70 airlines start to percolate because that means more people are flying and it becomes a leading indicator for growth in revenue, we don't know, which airlines are taking until the quarter results come out, but we do know this.
Highly correlated to the robustness of the industry.
And just recently.
Thanksgiving, we had $2 $4 5 million people.
And I think it's not till we stay above $2 7 million for at least a quarter that we're going to see the airlines start increasing their ancillary income, which they charge you, which we all like baggage fees change fees.
And so it was it was a huge source of almost it was running pre COVID-19.
Covid it was running at like $90 billion, a year of revenue globally for the airlines industry that evaporated and now slowly coming back and I think they're waiting until business travel picks up but I think that we're getting pretty good at seeing this interest growth and this is very positive.
Oil prices up jets sells off oil prices fall jets rolls up.
Vaccine data information.
Paas TSA clearances impact the airlines, so there's lots of volatility and lots of sentiment driving it but I believe as strongly correlated that the rising number of passengers is correlated with more and more Americans being vaccinated and we still have a long way to go to get everyone double back say what.
The booster shot.
Remained very very positive and think that.
Jets has the potential over the next year to rally back too.
Low <unk>, where it was before COVID-19.
And this is a visual showing you over.
Half of all eligible Americans now are fully vaccinated against Covid and I think that's just going to continue to grow.
Now I want to talk about looking at hive to give you a sort of there's lots of data on how you can get.
What took place last year, when we sold 10 million shares and we've reinvested.
At a premium which was a great deal for us because we got a unique convertible notes, but it was a phenomenal deal for the hive shareholders. Because if you look at the other financings for other crypto mining companies they were quite often at a 15% to the stock price.
The warrants at a premium and so those thoughts all got clobbered by 15% or more with those equity financings a year ago and high didn't have to go through that pain for the shareholders. So U S. Global was a great partner and just like good venture capital firms and private equity firms are what they are.
<unk> is a good strategic partner, where I believe it was a benefit for hive and it was a benefit for U S global.
Both parties one.
This debenture matures in five years and bears interest at 8%.
I have not sold any shares personally however, I have donated 270000 shares to charitable donations for educational purposes.
Basically.
I've been doing for years is funding if it's not orphanages, it's been for education and helping kids in need.
And I've done this in Latin America I've done it in Canada I've done in the U S where there is a need and is a highly motivated.
Men or women.
That we sponsor them.
So 5 million warrants, we have an exercise price of $2 50 on hive.
So the latest updates hive announced a 110 million financing bought deal in Canada.
Because our ATM at a.
Basically filled this totaled.
<unk> of $100 million have been raised.
Hi, you've announced a record record breaking revenue of 52 million and earnings second quarter, and then hive on November 22nd had another record production numbers and were hurdle as an expression of word meaning that hold on for Dear life, but basically needs to be a long term investor don't worry about the daily and weekly and quarterly volatility.
<unk> have a long term vision for bitcoin and that's where the hive has been doing.
And now I've announced the closing and the deal was oversubscribed by three to one we closer with $115 million, which gives us the capital necessary to maintain the big growth plans.
Our revenue now is running at in Canada about a million dollars a day and based on our production profile this will double.
Which equates to about <unk>.
$1 5 million a day based on today's bitcoin prices and difficulty right in a year from now based on performance.
Which always happens on inherent risks and the biggest risk there as shipments from and I've mentioned many times the shipment delays have been very challenging coming from Asia and the cost of shipping is up tenfold.
But hide continue not only to make acquisitions in the past year material acquisitions for its growth profile.
Hired two great people Johannes Thormann block became a principal Swedish operations.
Johanna used to work at U S Global a long time ago I see her resume she is a graduate from.
NBA at University of Chicago, She played D. One basketball shoes, all American scholar and sheets.
Bridging from Sweden, and she has a dual citizenship and she lives in Europe and she is managing the operations for us in Ireland Killik items in Vancouver is electrical engineer and he's our president and Chief operating officer, and something that <unk> needed to take our our footprint and increase it by.
A four fold so here's some visuals.
As in New Brunswick attending and the expansion of 20 megawatts.
Other picture right now even in the snow is expansion and Bowden of 10 megawatts.
And hi will continue to.
I believe that Teva is just a great growth profile the revenue it looks like a gold royalty company revenue run rate now is about $15 million per employee. So that's very very attractive.
And U S global.
Its revenue per employee is also running about $1 million of revenue per employee and that makes us the efficiency ratio would make us look close to like a Goldman Sachs and being highly efficient.
And much more efficient than our peers.
So never stop in our growth profile one of the things we've discovered during the crisis.
Covid is a very bottom the airlines and the airport there was busiest in the world was Alaska.
And Alaska was booming.
Moving masks and gloves to North America and Europe.
And what was interesting is the witness.
What happened since Covid as a turnaround on global economies start to pickup in the airlines start to pick up cargo airlines have done phenomenally, well and and you can see that the.
Just really tickled us to say something is happening here and there used to be an ETF called C. We secure the ticker C and we're coming out with once again, our quant approach like go au and jets.
Looking at global cargo and it's called sea to Sky cargo.
And we believe that there is a big.
It's not really a tale.
Tailwind to the cargo shipping.
<unk> seen is cost of shipping by either air or buy ships increases up to 10 board.
Moving a pound of equipment or a container insurance costs for moving these things and it appears that it's just not a short term blip in inflation and it's also a great leading indicator.
That's what's really important.
It's another way to play resources.
If you do mine in Latin America copper are in Africa, and you want to go to China. It has to go on dry bulk shipping.
Now they've made refrigerators in itself in South Korea, and in China, and Youre going to be buying them and theyre coming across the Pacific back to America Theyre going to come back on these container ships and when you take a look at the $23 million has been printed by the G 20 countries.
And this is showing up in huge pent up demand.
After after Covid worst periods, taking place it's not only for the travel industry is phenomenal for.
Cargo.
And it's another way of looking at the resources and we and our studies have shown that it is highly correlated to purchasing manufacturers index, which is a six month, leading indicator to overall global economic trade.
And so for us we.
Thank you.
Going to continue to grow.
There is another product that's out there.
That said it looks like dry bulk shipping carnival, but it's interesting because it's cost us over 180 basis points and we're coming out at 60.
And they only buy derivatives, so it's a derivative of a derivative.
And we're gonna be actually investing in cargo airlines and cargo ships. So we think that that has lots of long term growth potential for it and when the previous.
ETF was out there had over $100 million when they shut down.
And so we think that this is just a great product we back tested like we've done our other products test on this robustness.
Past performance is no guarantee of future results, but like any any medical company you have to test the product you have to test it.
CNC and that's when we talk about this we wanted to know how resilient is our quant approach both up cycles and down cycles before we go in and test it and launch it and so we feel very comfortable with it now going to turn it over to who's really been stretched out with this whole accounting process who's done a phenomenal job as Lisa telecom. Thank you.
Frank before I get to our financial year results I wanted to briefly discuss.
And issuing our financial statement.
He discussed premium from the press release.
We needed additional time to have a valuation specialists determined the GAAP fair value of the high convertible debentures and warrants.
We completed this process in Form 10-K, and now can move on to the September 2021 Form 10-Q, we.
We believe it will take a few weeks to complete the September 10-Q.
David I can't wait to completed as soon as possible. We really appreciate the shareholders patient service profit and most of all we can to catch up with our findings.
Now I'll discuss our financial highlights on slide 30.
A very strong financial year <unk>.
Assets under management for fiscal year, ending June 32021, three.
An increase of approximately 379% from the prior year and operating revenues were $21 7 million, an increase of approximately 384% year over year.
Compared to last year.
Net income was 32 9 million compared to a loss of $4 7 million and of that the gain on the hive investment with $18 7 million.
Let's move on to more details on our results of operations for the year ending.
Starting off 2021.
On Slide 31, we recorded total operating revenues of 21 7 million for the first.
Yeah.
An increase of $17 2 million.
Or 384% from the $4 5 million in prior year.
The increase was primarily due to increases in assets under management, especially in our GAAP to GAAP operating expenses for the current year with $13 5 million, an increase of $6 6 million or 96% primarily for the following reasons employee compensation and benefits increased $4 590 or 100.
59%, mainly due to increases in bonuses due to realized gains on investments and improved company performance general and administrative expenses increased to 50.
6%, primarily due to higher ETF fund expenses and business development costs related to the increased ETF assets under management.
Slide 32, you see our operating income for the year.
Eight 2 million, an improvement of $10 6 million compared to prior fiscal year, 2020, which was a loss of $2 4 million.
And we see that other income for the year was $29 3 million mainly related to realized gains of $17 8 million.
Which was mainly now.
Because of the crystallized gains on the common shares of high the 15 level, but we also had gains on sale of Thunderbox stock on our part.
Ultimately 996000 in sales of gold spot on about six.
And then there was an increase in unrealized gains on investments of $9 nine.
But as you would expect with an increase in net income our tax.
It increased to about $5 5 million from a year.
I do want to remind shareholders that.
The change in GAAP fair value of the 591 pipeline that we own and the change in the conversion feature related to the high debenture are included in our income statement there.
Therefore, the volatility related to the fair value changes.
I've included on in the future well being called out Hussein.
Net income attributable to <unk> after taxes for fiscal year, 2000, 18 million or as you can see on slide 33.
Got it.
At $2 12 per share compared to a net loss of 31%.
Yeah.
Moving onto slide 34, we see that we still have a very strong balance sheet that includes high levels of cash stock and equity securities at fair value.
On page 35 notes that we still have no long term that the only long term liabilities are deferred taxes.
And the company has a networking capital of 20 169 months and a current ratio of five <unk> to minus one.
With that I'll turn it over to Holly.
Thank you Lisa.
And you can see on slide 38.
A majority of our mutual fund assets are in emerging markets and natural resources, while 26% are in global equities and fixed income as for distribution more than three quarters of assets come from retail investors with 17% coming from institutional investors.
On to slide 39, our sales and marketing efforts have continued to focus on our mutual funds, including those concentrated on gold.
Natural resources and luxury goods as well as our exchange traded fund over the last year, we have really expanded our media presence in the crypto space as well.
And our funds continue to receive an invaluable amount as viral publicity gained through media interviews.
On Slide 40, you will see that grow our son and hive continue to be highlighted by influential financial newsletter writers as well along with the sharing and syndication of our award winning original content by third party publishers.
Slide 41, you will see just a few examples of outlets, where Frank Holmes has been able to share his insights over the last year. He was featured on the cover of real assets magazine. Just last month. He was joined by Michael Saylor of Microstat strategy for our record breaking webinar in March of this year and collaboration that ETF trend.
And of course is featured regularly and that stands very research slip Daniela Camber and Kitco news the data plan.
Now on to slide 42.
If you have not yet seen our newly designed website <unk> dot com I encourage you to explore it when you get a chance we are incredibly proud of the new functionality of the site and the layout and are hoping it provides a better user experience.
And Baxter and to find our content to third party sites.
Now we take a look at slide number 43 U S. Global investors is well known for timely balanced and positive market insights and our thought leadership.
And as you can see here. The company has been awarded numerous Star Awards by the investment management Education Alliance over the years for excellence in Investor Education. Our total now stands at 90 awards and in fact later today, we will be virtually attending this year's Star Award ceremony, where we are hopefully going to be.
Adding to our board count.
And on Slide 44, our subscriber base continues to grow organically and we currently have over 200000 curious investors following our investment newsletter.
Social channels and our CEO blog, so if youre not already signed up for this content I encourage you to detail mercury by visiting our website.
Now on to slide number 45.
Also continue to see a large following across all of our social media platform that make sure you check us out not only on Facebook and Twitter, but argued videos on Youtube and make sure you're following us on Instagram checkout.
Alright, and we wrap up today's presentation I want to remind you that if you have questions you can E mail those to ask that info at U S.
Dot com and we will respond as soon as we get a chance.
Other than that this concludes U S global investors webcast for fiscal year 2021, Thank you everyone.
Yeah.