Full Year 2022 Triterras Inc Earnings Call
Speaker 7: Good morning. Welcome to trteris' conference call to discuss the results of fiscal year ended February twenty-eighth 2022. My name is Catherine and I'll be your operator for today's call.
Speaker 7: Joining us today. Joining us for today's presentation are the company's Chairman and Chief Executive Officer.
Speaker 9: srivadz.
Speaker 10: conoru, Chief Financial Officer, alventan Chief Technology Officer, srivusal, ready Executive Vice President Jim gro and Vice President of financial report in Perry mangers.
Speaker 11: Following their remarks, we will address questions that have been submitted to the company. Now i'would like to turn the call over to Jim growro. Sir, Please proceed.
Speaker 12: Thank you, operator.
Speaker 12: And thank you all for joining us on the conference call today. Before we start, I would like to read the following in regard to our forward-looking statements. Disclaimers and note to Investor disclaimers.
Speaker 12: Please note that certain information discussed on the call today will include forward-looking statements about future events and tritera's future business strategy and financial and operating performance.
Speaker 12: These forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict and may cause the actual, actual results to differ materially from those stated or implied by those statements.
Speaker 12: Certain of these risk and assumptions are discussed in triiteris se C filings. These forward looking statements reflect managements beliefs, estimates and predictions as of the date of this live broadcast, June 28 20 20, two and. triiteris undertakes no obligations to revise or update any forward looking statements to reflect events or circumstances after the date of this call, except as required by law. Joining me on the call today are Chairman and CEO srennov coreto, our Chief Financial Officer alin Tan, our Chief Technology Officer's usated, and our Vice President of financial reporting, Perry mangersfor today's call. I am first going to provide a high level overview of triiteris, our business model and recent achievements and challenges. Then our cfowell and Tan will provide some introductory comments. Then our Vice President of financial reporting, Perry mangers, will review the company's financial results, which we announced today. Afterwards, sinnovus will then provide an update on the market and our growth strategy, and Sri will wrap up by sharing some of the technology innovation occurring at triiteris. I will then return to the call to make some concluding remarks and we will then address questions that were sent ahead of this call per the instructions provideed in the conference call announcement we issued on May 20. seventh 20 20, two.
Speaker 13: Like our last call, we would think we think it would be helpful to quickly remind everyone of who we are at triiterus. We are global fintech innovator of inclusive financial solutions for the world's micro, small and mediia enterprises are ES. We operate the croontos platform, one of the world's largest digital financing platforms, which directly connects ES with lenders online to source capital across commodity trading, supply chain, logistics and e-commerce.
Speaker 12: We leverage advanced blockchain technology to tance.
Speaker 12: Transform trade and trade finance by digitizing the fundamentally paper-based systems exemplified in today's trade and trade finance transactions.
Speaker 13: This digitization drives efficiencies, lowers costs, reduces transaction cycle times and delivers what we believe to be a monumental improvement in the sustainability aspects of our industry. It is also important to keep in mind that, in our opinion, priteris business model of bring new trade finance lending to underserved or underbank market segments effects a world positive social impact. Additional trade finance lending is a critical economic accelerator in emerging market economies. According to the international finance Corporation, every $1 million loan to small and mediia enterprises in developing countries is a sociated with the creation of an average of six point three direct jobs over two years.
Speaker 13: Over the last six months, we have been quite busy. Since appointing our current auditor, wc PC, on December thirty-first, 20 and 21, we have vastly improved the efficiency of the auditing process. This has allowed us to file and annual report for the fiscal year ended February 20- eighth, twentthousand and 21. on March seventh, twentthousand and 22, report our six month results for the interim period ended August thirty-first twentthousand and 21, and file an annual report for fiscal year ended February 20 eigh 2022. today, in line with the pritimeline we communicated on our April twenty-fifth conference call.
Speaker 12: Another important update is the announcement we made on May sixteenth 20- 22 that we signed an agreement to settle our class action lawsuit for $9 million, a portion of which will be covered by insurance, without admitting any wrongdoing, fault or liability. It will take several months to bring this settlement to full conclusion, whe we are hopeful that the class action will no longer require significant attention from our management or be a distraction to our shareholders. We also successfully held our annual general meeting on May five 20- 22, another step in complying with NASDAQ's listing standards and improving shareholder Relations.
Speaker 12: Regarding the topic of listing our Securities, we are continuing to work with OTC markets, which is in the process of reviewing our application to quote our securities in the over-the-counter markets. We viewed this as a bridge to ultimately relisting our shares on NASDAQ, although we cannot make any assurances regarding our success or timing of an OTC quotation or in NASDAQ relisting.
Speaker 12: We do believe that the filing of our annual report today was a critical step in the process and providing the regulators with updated information on the company and underscoring our commitment to timely meeting our public reporting obligations.
Speaker 13: As we discussed on our last conference call, our industry has faced significant challenges over the last two years because the recurring waves of COVID-19 globally that have disrupted global supply chains and substantially extended business transaction cycle times and international trade. These issues have had a direct impact on the liquidity position of many SME traders. This has caused some short-term liquidity issues in coinciding reduction in trading activity levels for some traders.
Speaker 12: For others in the trading industry, liquidity issues became a critical threat to their business, causing some to suspend operations entirely. The croondose community of traders were certainly not immune to these impediments to their business.
Speaker 7: These challenges have also had a negative impact on the availability of trade credit insurance, which has limited the level of trade finance loans available to SME tradersthe lack of trade credit insurance would have had a direct impact on specialty trade finance funds, where their very business model fund charters were reliant on widespread availability of trade credit insurance.
Speaker 14: Some estimates suggest the trade finance shortfall has multiplied from $1.7 trillion to $4.5 trillion, creating a substantial opportunity for us that we believe ultimately gets addressed as the global supply chain issues are resolved.
Speaker 12: Unfortunately, we do not have any guidance as to the timing of when these issues will be resolved, but we believe our disruptive digital platform and healthy balance sheet give us a lower-cost footprint in the staying power to make it through to the other end of the business cycle.
Speaker 13: welli will now turn the call over to my colleague elvintan, who is our Chief Financial Officer, for some introductory comments on our financial statements.
Speaker 15: Alan.
Speaker 7: Thank you James, and good morning everyone.
Speaker 16: Before we get into detail on a financial statement.
Speaker 17: Want to provide you with some additional introductory comments.
Speaker 18: As he's clear, by a falling today.
Speaker 17: With timely filed out 2022 annual report with auditor financials.
Speaker 17: We've worked very hard.
Speaker 17: To put in place the capabilities to make sure we complete our audits, reviews and filings on a timely basis.
Speaker 17: Although it is covered in the 2022 annual report, I wanted to make a special mention of our progress in the aial: previously identified material weaknesses in our controls on financial ual reporting.
Speaker 16: At the end of our fiscal year ended February 2021.
Speaker 17: We have identified three material reness ilility regarding our internal controls over financial reporting.
Speaker 17: Over the past year, my team has worked very hard to mitigate and improve the quality of our internal controls.
Speaker 17: As you were, see the 2022 annual report we foundil. Today we are pleased to report that we have remediated all three of these material witnesses as on February : twenty-egh, twentthousand and twenty-two.
Speaker 17: We view this as a major progress item.
Speaker 18: As we look to the future, we intend to establish cadence of financial reporting that is more typical in the U's financial markets.
Speaker 17: We re currently intend to fve our six -month results for the period ending aug 2022 by the end of November 2022.
Speaker 17: With that, I would like to turn things over to Perry manro, or CES Head of financial reporting.
Speaker 17: To take us through our financial results in detail.
Speaker 19: Terry.
Speaker 20: Thanks Alvin, and good morning at all.
Speaker 21: For the 12 months ended February twenty-eghth, twentthousand and 22, we had trade transaction volume of six point seven billion, compared to one billion for the prior fiscal yearthe decrease was due to challenges faced by the company from the impacts of COVID-19. The COVID-19 pandemic has had on the global supply chain and our customers generally.
Speaker 22: Despite the reduction in transaction volume, we grew a number of users on our platform, from 83 and fiscal year 2008, 2021- to 172 in this current fiscal year, which we believe is positioned us to capture more of the market.
Speaker 20: Trade finance volume represented 37% of total volume during the current fiscal year as compared to 34% in the prior fiscal year. Is a larger percentage of users of the trade discovery submodule financecing via our trade finance a module?
Speaker 23: Our average transaction. The percentage for the twelvemonth ended February 28 Y 22 was zero 5- 7%, which is slightly higher than the prior period of zero- 5%. This increase was primarily driven by the increase in financing activity in the trade finance submodule.
Speaker 21: For the 12 month and ended February twenty-i twentthousand 22, our revenues were 56.7 million, compared to 55.5 million for the prior fiscal year.
Speaker 22: The sside increase was due to the addition of revenue from the trade marketplace submodule, which did not exist in the prior fiscal year and contributed 18.6 million in revenue during the fiscal year ended February . twenty-eigh twentthousand twenty-two.
Speaker 22: This was partially offset by a reduction in platform fees, which decreased 31% year-over-year to 38.1 million, which was in line with the reduction in total transaction volume on our platform due to global supply chain constraints in trade finance limitations in the industry.
Speaker 22: Cost of revenue for fiscal year ended February : two point zero zero eight million and twentyeen total: 21.2 million, which compares to four point one million in the prior fiscal year.
Speaker 22: The increase is primarily due to the introduction of transactions in the trade marketplace submodule, as we recorded 18.3 million in trading costs in the fiscal year ended February . twenty-eigh twent twenty-two.
Speaker 22: Cost of revenue associated with operating our trade and finance of submodules decreased by 33% to two point nine million.
Speaker 24: Marketing the sales costs for the fiscal year ended in February twent y-eight Y twent 22, total one point nine million, a 57% decrease from the prior fiscal year of four point three million.
Speaker 22: The decrease primarily relates to a reduction in consulting expenses, partly offset by an increase in marketing and promotional costs.
Speaker 25: Our general and an administrative costs for the fiscal year ended February twent thousand eight and 20 threeen total 31.2 million, an increase from the prior fiscal year of sixteen point eight million.
Speaker 22: The increase is primarily attributable to activities associated with operating as a public company and ongoing general corporate regulatory and legal compliance requirements, in addition to onetime cost for the retention of external advisers in connection with our audit Committee, independent investigation and the class action lawsuit.
Speaker 22: We estimate that we've incurred 10.3 million of costs in the fiscal year ended February . two twenty-i thousand and 22 related to these onetime items.
Speaker 26: During the fiscal year ended of February , twenty-eighti twent thousand and 22 triiceris recorded eight point three million in impairment charges, compared to six point nine million in the prior fiscal year.
Speaker 22: The impairment charges during the fiscal year ended February . twenty-eigh twentthousand and 22 relate to trade receivables which, in large part, are due to the liquidity issues faced by our customers because impacts from twol 19 pandemic and impairment of contract costs as a result of third parties not making their customer referral targets under a prepaid subscription agreement.
Speaker 27: Net income for the cold months ended February twenty-ei thousand and 20 E total 33.4 million or 44 cents per share, compared to net income of 45.3 million or 74 cents per share for the corresponding period last year.
Speaker 27: Net income for the fiscal year ended February two thousandy-eight 22 included a forty-eight point million noncash gain related to the change in fair value of warant liabilities and an eight point three million impairment charges.
Speaker 27: Net income from the fiscal year ended February . twent-eight twent thousand and 21 included 26.1 million related to a noncash gain related to the change in fair value of warrant liabilities and six point nine million in impairment charges. We will continue to record noncash charges in the fair value of our warrants until such timas rewarrants are either exercised or expire. But again want to emphasize: these are noncash items.
Speaker 27: Adjusted EBITDA, which is a nonifrs measure for the 12 months into defebruary 28, twent thousand and 22, was seven point seven million compared to 32.2 million in the prior fiscal year.
Speaker 22: The decrease was primarily due to the reduction in transaction volume on our platform, the increase of costs associated with becoming a public company and the onetime costs I previously ly discussed.
Speaker 28: An explanation regarding our use of adjusted EBITDA and a reconciliation of adjusted EBITDA to net income are contained in our earnings release filed earlier today.
Speaker 22: Lastly, on our balance sheet in February 20 eigh twenty-two.
Speaker 22: We had 68.8 million a cash and cash equivalents and a working capital surplus in 101.6 million, which continues to put us in its strong position to execute our business objectives.
Speaker 22: I will now pass it over to shrus to discuss our market opportunities and growth strategy.
Speaker 7: Thank you Perry, and good morning everyone. We are pleased with the results we reported for our fiscal year in the exod twent 2022, particularly in the context of the severe challenges faced by the company under global supply chain that are broadly impacting our industry.
Speaker 29: Our market opportunity remain. Our market opportunity remains robust as mssmneeds remain a massively under serice segment that we believe is addressed quite well through our carto solution. Our most important business objectives remain expanding the network of boroververs and lenders on our platform to drive a scalable solution that is low cost in Q2 and user friendly.
Speaker 29: As outlined in today's annual report filing, the company is focused on driving growth in three distinct revenue streams.
Speaker 29: what'sternand foremost.
Speaker 29: There are platform FE, which has been complean' historical source of revenues. We charge 3: two users who facilitate their transaction management through crrles and we charge fees relating to the financing that is covered on the platform. As many of you aware, we have expanded the product scope of the Caro platform beyond commodities to mitfinish to finish goods and we have also expanded the financing structures to include supply chain financing and micro lending in the e commerce space.
Speaker 29: All of these SES this stage for expansion of our platform fee revenues.
Speaker 29: The second dvenue stream comes from financing fee. We are driving transaction volumes by using our own balance sheet for some trade finance loans.
Speaker 29: We expect to earn robust earnings on our deployed capital, which reerlves in revenues from financing changeam in a region. We are demonstrating to potential new lenders the attraction of trade finananceci lending as a compepllling business opportunity.
Speaker 29: We believe that this demonstration will help to attract new lenders to the fraccoed platform.
Speaker 29: The third revenue stream is our trade marketplace revenues, where revenues represent the cost of goods purchase plus margin.
Speaker 29: We view the trade marketplace as an innovative and elegant solution to effectively increase trade finance lending into some particularly challenging lending environments in emerging markets.
Speaker 29: Some emerging market countries have complicated and cumbersome regulation and licensing requirements that make entry by new offshore lenders very difficult.
Speaker 29: Also sometimes a civil. Remedies afpported by the local legal system are Jed to be less than adequate by lenders in North America and Europe .
Speaker 29: Our trade marketplace solution addresses these issues.
Speaker 29: By establishing the lender as an intermediary principle in the byer relationship. The lender pays the seller for the goods at one point in time, on collect from the buyer at a later point in time.
Speaker 29: The transaction becomes a commercial transaction as opposed to a loan to the seller. Also, the parties involved can select a legal jurdiction with strong civil enforcement, like Singapore or the uun.
Speaker 29: A trade marketplace relies heavily on the grato platform capabilities for execution and risk management.
Speaker 29: The legal structuring of the transaction is quite comprehensive but we believe it minimizes any potential transaction to the lenders. Also, creditorics are associated with the buyers in the transaction, So that trade marketplace we focus on buyers with strong credit profile.
Speaker 29: Although writeras is pioneering the transactions in trade marketplace as a principle and demonstration of book of conact, we believe that new third party lenders will participate in these opportunities in the future.
Speaker 30: Im Jim grow is going to speak later as to how we plan to track our progress in Ind three and we're on three revenue streams.
Speaker 30: Lastly, I would like to briefly speak to our efforts in the area of ESG. But is environmental social governance? The complete multidimensional G strategy spanned across all levels of the organization.
Speaker 30: Our efforts in this area are of critical importance.
Speaker 30: Our ESD initiatives are a product of a working group led by our Senior Vice pres, ammoy chambers.
Speaker 29: Our view is that environmental sustainability is in the DNA triters.
Speaker 29: Our focus to bring widespread dezation to ourcf paper-based system is already yielding results.
Speaker 30: We recently conducted an internal study which estimates that the caratos platform has eliminated over P documents by yittization. You will be hearing significantly more from us on G in the communication, but I urge you all to review our uniffiled annual report for more information on the commitment to G.
Speaker 30: Concluding, I would like to reflect on the future.
Speaker 29: By we cannot control the timing of an improvement in the global supply chain. We can continue to innovate on our crotos platform and build out our senior level leadership of experience. Institutional finance executive for business development efforts and lender recruitment.
Speaker 29: We are continuing to emphasize growth in new markets and expanding our revenue streams.
Speaker 29: By expanding the breadth-off our service offering and diversifying our regional and product offering, we expect to have a broader, broader based exposure to the global supply chain to benefit from eventual rebound.
Speaker 30: I would like to reiterate from our last-round conference called that pricerof is at its score. pmenttech company.
Speaker 29: It is our view that the trade finance industry has significant structural under investment and is generally an antiquated industry right for technological disruption.
Speaker 29: We believe that ever improving state of the arth technology will be fundamental to our success.
Speaker 29: With that I will pass it over to Chief Technology Officer's wasred who will discuss our effort to technology development threea.
Speaker 7: Thank you, you goodbye.
Speaker 29: I would like to share with you the traerr technology strategy, as I recently did with our port-of Directors.
Speaker 29: Our technology team is dedicated to providing valuable solutions that enhan the trade' platform experience and mitigate the business trth with RIS of its trade trade finance.
Speaker 29: And couplementing participants on, while expediting trade and trade flows.
Speaker 29: We categorize our effort in terms of four areas.
Speaker 29: The first is enhancing platform security and scalability.
Speaker 29: We have accomplished much in this area with our shift to Amazon, Deb services, managed private blockchain and some recently completed project on implementing a securuity operation centers, or sock.
Speaker 31: I am sure many of you saw our recent announcement of our collaboration with uncok to move to low-code, no-code framework and continuous compliance automation.
Speaker 29: Our second focus area is partnership and integration.
Speaker 29: The successful result of this work will be the complete integration of cradle one o and invoice bazerve into a universal platform, the term crador two o.
Speaker 29: The third area of technology focus is customer-centric innovation.
Speaker 29: We have a number of initiatives in this area, including improving accessibility for customers via mobile.
Speaker 29: Automated documenttobetween.
Speaker 29: Improving the lender experience with automated creditor calculation.
Speaker 32: And last but certainly not believed, our technology teams are focused on promoting sustainability.
Speaker 29: Our efforts are focused on improving the platform to provide a comprehensive suite of sustainable product offering.
Speaker 29: Our expected outcome from our technology strategy are cle year.
Speaker 29: We are striving for a secure and stable platform that benefits from higher quality, lower cost, higher velocity and delivery.
Speaker 29: Our comprehensive platform will service the full camerut of our client' needs, leading to increased adoption and increased value.
Speaker 29: Now I will turn it over to Jim for closing remarks.
Speaker 12: Thank you, Sri. In wramping up today's call, I would like to point out one additional item we think will be of interest to our various stakeholders.
Speaker 12: In our 20 20- two annual report filing, we publish a set of metrics that we believe will inform the markets in terms of our progress in our business and its related revenue streams. These metrics track the three distinct revenue streams that our CEO's of us described earlier. We separate these revenue streams into three broad categories- platform these, income from financing charges and trade marketplace revenues- and each of these have separate metrics, or KPIs, that is, key performance indicators.
Speaker 33: For platform fees. We track total transaction volumes.
Speaker 12: The financing ratio, thatbt is, how much of our total transaction volume was also financed through the platform.
Speaker 13: Average transaction fee, which reflects our take rates for the period and number of users on the platform.
Speaker 12: For the financing fees, we track the amount of financing deployed by triteris and the average interest rate per annum generated by those funds. Lastly, the new trade marketplace revenues: we track the gross transaction volume.
Speaker 12: There is significant disclosure of these metrics in the annual report.
Speaker 34: This concludes our prepared remarks and we are now ready to address the questions that were submitted prior to the commitments of this conference call.
Speaker 12: I know that many of you are aware that we held a business update call in April twenty-fifth 2022 and we answered a great number of questions about the business.
Speaker 14: Since that call was only 60 days ago, we have a limited number of questions to respond to in today's call. As we did in the previous call, I will pose the question and a number of the leadership team will respond. Our first question is number 1: how many traders are there on the platform?
Speaker 14: friendrent of us. Would you feel that one place?
Speaker 35: As we explained in our contrference call today, we have expanded the scope of our activities beyond commodity traders. We come to a much wider user base. We now TR the total number of users from the platform, as opposed to the number of commodity traders.
Speaker 36: As of the end of February twent 22, we had 172 users, as compared to 83 users at the end of February 2021.
Speaker 12: The second question: have there been any significant default to lenders on the platform Alvin, Please?
Speaker 7: Our platform does not track the repayments, but we are not aware that any issues have beenembraced by the lenders wased on defaults.
Speaker 37: Thank you, alman. Third question: has the NASDAQ relisting application been submitted? I'm going to feel the answer to that. 1: it has not been, but our plans are to do so shortly on make fifth, we held our shareholder AGM, which has a requirement for relisting applications.
Speaker 14: We also felt it was important to demonstrate to the market our ability to submit our audited financials in annual report on time, which we did today. Also, we took demonstrable actions and improving our internal controls, as we reported in our annual report filing today. And lastly, we've taken a number of concrete actions to improve our profile as a candidate for relisting on NASDAQ. We are hopeful that the somem total, these actions, will be viewed favorably by NASDAQ, but we cannot make any estimates on how long the process may take or assure you that the relisting will be successful.
Speaker 12: The next question in a previous call mentioned was made of the new microlending initiative to clients of an e-commerce platform. Any updates on thisk front of us?
Speaker 7: We are seeing good progress in this area. We expect to be announcing in the very near term and agreement with another e-commerce platform provider who serves several thousand clients with an e-commerce B two B platform. We will keep everyone informed if and when we execute the expected agreement.
Speaker 12: Thank you. Next question: why is your customer-based transition from Southeast Asia to the United Arab mirates related to this? What's the future of your business in Southeast Asia?
Speaker 38: S of us.
Speaker 30: As many of you know, our original customer base was concentrated in Southeast Asia.
Speaker 30: Some of our customers there have gone through trouble times.
Speaker 30: Singapore and some Southeast Asian markets have very strict PCT controls during the COVID-19 pandemic.
Speaker 30: This led to many Asian businesses being forced to curtail their operation.
Speaker 30: Some even took a drastfic step of moving their operations to another country.
Speaker 30: Given the challenges faced by the company, we had a difficult task to maintain or expand our Southeast Asian user base were however, relatively successful in expanding our? U based business. We had strong business development team presence which resulted in some growth strusuccess.
Speaker 30: We also did decide to consolidate our U K operations into the UA. To summarize, there were two forces: efaffectat lyate, the decline in the Southeast Asia business. It increes.
Speaker 30: In our a business. I would like to add that we are working to rebuild our customer base in Southeast Asia's. E is an important market for us given the expected recovery of the economy all the time. In addition, we are looking to replicate our success in U? A and are looking at building business development teams in other geographies and expected diversify further over the next 12 months. Thank you. Next question: can you describe what the company is doing to collect its outstanding trade receivables, particularly in light of the impairment of over one million and receivables over the past two years? alin.
Speaker 7: Both COVID-19 and the challenges faced by the company have resulted in longer payment cycles from our customers.
Speaker 17: Majority of the customers have continued making payments, although they can delays.
Speaker 17: As far as the impairment of the receivables over the past two years is concerned.
Speaker 17: This was mainly due to the challenges faced by specific customers on account of COVID-19.
Speaker 17: So some of these customers have undergone or is currently undergoinging a liquidation process.
Speaker 12: Thank you, Alvin. Next question: can you tell us how the integration of the invoice bizarre Holdings acquisition is progressing? sha of us.
Speaker 30: We have completed the IB Holdings integration across human resources processes, cash flows and reporting. We will be completing the integration of technology in the coming few months.
Speaker 27: Great does the company anticipate a activity in fiscal 2023 against rerennovs? Would you take that one placease?
Speaker 30: We continue to selectively look for amandday opportunity.
Speaker 30: We believe that our industry is going through a consolidation sale and shall actively look for opportunities which give us access to new geographies or product segments. Great, Thank you. And the final question: can you explain the reason for the graps and revenues pering?
Speaker 7: The decrease in revenue was primarily due to a three point three billion. Our 33% decrease in total transaction volume, which was primarily due to challenges based by the company from the impacts of COVID-19 pandemic, is had on the global supply chain and our customers.
Speaker 20: However we have seen a marginal increase in our financing ratio, which we consider as a good sign for our future.
Speaker 12: Thank you Barry, at this time. We will conclude our question and answer session in this call. Thank you all for joining us today. We appreciate your support of our mission and confidence in our ability to achieve it acy, and we look forward to speaking with you soon. I want everyone to have a great day. A concluding remark if your question was not answered.
Speaker 13: Please contact our Investor Relations team at T at gatewayir com.
Speaker 14: Thank you all and I'll turn this over to the operator for conclusion.
Speaker 39: Thank you for joining us for chterra's conference call for the fiscal year ended February 20 eighth 2022. you may now disconnect.
Speaker 7: F C, thousand other.