Muscle Maker Inc. Q1 2023 Earnings Call

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Speaker 1: subsidiary, so not LLC.

Speaker 1: As you may recall in late 2022 we began a transformation from a US-centric restaurant business into a global food-focused organization with two distinct business units so that...

Speaker 1: and the MMI Restaurant Group. Our first business units to that LLC is our newly formed international agricomodity subsidiary, specializing in the trading and shipping of food and feed commodities such as soybean meal, wheat and corn. Today, to that is our largest operating unit and has been instrumental in our performance for this quarter.

Speaker 1: Instead of only focusing on food retail or restaurants, we broadened our view and saw that there is an increasing need for companies that can build and operate sustainable supply chains and can take part in providing food security to global communities.

Speaker 1: Along with vast financial opportunities, this creates social and environmental values and correlates with our long-term values of providing food that is healthy and fresh around the globe.

Speaker 1: plus restaurant units across two batch casual concepts. Poke Moto and Muscle Maker Grill with Poke Moto being a high growth restaurant brand. The restaurant also includes the subscription-based fresh meal prep service, super fit foods with 30 plus points of distribution.

Speaker 1: So let me take a couple minutes here and discuss some of the Q1 highlights. I'm pleased to announce that MMI achieved top-line revenue of $213 million for the first quarter of 2023. This revenue announcement marks the accomplishment of five consecutive months above $50 million in revenue per month.

Speaker 1: the company and demonstrates the continued performance of Sadat with the total revenue since inception in November of 2022 of over 361 million dollars

Speaker 1: Overall, our first quarter non-gap adjusted EBITDA was 2.4 million in 2023 compared to a 1.5 million non-gap adjusted EBITDA loss in the first quarter of 2022.

Speaker 1: the net income generated by Sadat as we continue to execute against our new business plan. This excludes the non-cash charges required under GAAP to account for the issuance of shares to Agia, the company providing consulting and operation support to Sadat and I'll share more about Agia in a moment.

Speaker 1: We see Q1's results along with other strategic actions as a foundation for our future growth and diversification within the global food supply chain. In addition, we announced in the second quarter that we've instituted a share repurchase program. Filing Agia has been closed in an 8K filing on November 18, 2022.

Speaker 1: MMI and its wholly owned subsidiary, Sadat LLC, entered into a service agreement whereby Sadat engaged Agia to perform services related to the purchase and sale of physical food commodities.

Speaker 1: The service agreement allows AGIA to nominate up to eight board directors, one upon signing the service agreement and an additional seven nominations upon SADOT generating specific net income targets. Sword Anxiety Relief Inc. overture.org

Speaker 1: Two directors at $3.3 million, two more at $6.6 million, and the final three at $9.9 million.

Speaker 1: Since inception and through March 31, 2023, Sadat has generated approximately $8.7 million in net income.

Speaker 1: As to that cross the second threshold of 6.6 million in that income, Agi nominated an MMI accepted to do two new board directors, Marvin Yao and Paul Sansom.

Speaker 1: Both of these new board directors bring industry specific knowledge and a wealth of experience.

Speaker 2: board directors.

Speaker 1: We believe the agreement with Agia to be an intelligent and creative investment in the strategic future of our company. We are confident that Agia will continue to provide valuable insight and expertise as we grow our global food organization.

Speaker 1: We are committed to the execution of our strategic vision and the capitalized and the opportunities presented by the global food market.

Speaker 1: MMI's success this quarter is a testament to the hard work and dedication of our team and we look forward to building on this momentum as we move forward.

Speaker 1: Now I'd like to turn the call over to our CFO Jennifer Black to review the financial performance of the company for the first quarter of 2023.

Speaker 3: Thanks, Mike, and thank you to everyone joining us here today. Before I begin, I would like to note that our financial results for the quarter ended March 31, 2023, on Form 10Q were filed with the SEC on May 10, and then a press release that same day. With that, I'd like to give an overview of the financial results.

Speaker 3: for the first quarter of 2023.

Speaker 3: For the quarter-ended March 31, 2023, our company-wide revenue significantly increased in total of $213 million, compared to $3 million for the prior quarter-ended March 31, 2022.

Speaker 3: Of the $213 million revenue increase, $210 million was primarily due to the commodity sales revenue generated by the DOT and its servicing agreement with AGIA.

Speaker 3: The DOT COVID-19 transactions in Q1 with the average revenue per transaction of $11.1 million and an average cost of goods sold per transaction of $10.8 million.

Speaker 3: These 19 transactions were completed throughout 11 different countries.

Speaker 3: The MMI Restaurant Business Unit generated total revenue of $3 million.

Speaker 3: This consisted of 2.7 million from company owned and operated locations and $300,000 in Royal PCs collected from both muscle maker Grille and Pokemono franchise locations for the quarter-end March 31st, 2023.

Speaker 3: Company owned and operated locations revenue decreased due to the closing of underperforming and non-profitable Musclemaker grill list restaurant.

Speaker 3: while royalty revenue increased by 36.5% as the company continues to focus its restaurant business unit strategy on franchising the Pokemon concept. As of today, the company has over 45 additional Pokemon franchise agreements sold but not yet open. The increase in franchise royalties is due to an increase in Pokemon franchise royalties due to an increase in Pokemon franchise royalties.

Speaker 3: all lost in the first quarter of 2022. The $3.9 million increase is primarily due to the net income generated by the DOT as we continue to execute against our new business plan.

Speaker 3: Our Sadat subsidiary generated a net income of $4.3 million, while our MMI Restaurant brand generated a net loss of $406,000 for the first quarter.

Speaker 3: Adjusted EBITDA excludes non-cash charges required under GAAP to account for the issuance of shares to Agia and the gain related to the issuance of these shares, which we feel is an intelligent and creative investment in the strategic future of our company. The issuance of the common shares to Agia.

Speaker 3: For the stock-based consulting agreement, was the most significant change in our extent in the first quarter of 2023 compared to the same period in 2022.

Speaker 3: The stock-based consulting expense of $3.4 million for the quarter ended March 31, 2023 is the result of common stock to be issued as consulting fee to IGA for the SIDOT net income performance.

Speaker 3: Based on the servicing agreement with IKEA, the stock-based consulting fees are calculated at approximately 80% of the net income generated by the Sadat business unit.

Speaker 3: As of March 31, 2023, we had a cash balance of $6.4 million and a working capital surplus at $6.4 million.

Speaker 3: The cash decrease in the first quarter of 2023 was due primarily to to not offering terms on the commodity trade transactions to generate higher margin on these trades. In addition, the company deployed capital into smaller such trades which can de-tenerate higher margin.

Speaker 3: The company has over $4 million in receivables that are due in less than 60 days.

Speaker 3: With that, I'd like to turn the call back over to Michael Roper.

Speaker 1: Thanks for the financial review, Jennifer. We're excited to report that our new diversification strategy and company pivot towards a diversified global food organization is starting to bear fruit. We firmly believe that adding our seduct subsidiary has created significant value for the company. We are very pleased with seduct's performance today and our diversification strategy into the agriculture.

Speaker 1: closing underperforming locations or investigating other strategic alternatives.

Speaker 1: We currently have over 45 pokey moto franchise agreements sold, but not yet open, and also have recently launched a new dual concept unit that combines our pokey moto brand with our muscle maker grill concept under the same roof. This leverages our existing infrastructure, reducing our overall costs while offering a wide variety of options for consumers.

Speaker 1: while potentially turning a negative impact location into a positive impact location.

Speaker 1: a negative impact location into a positive impact location. More to come on these types of initiatives.

Speaker 1: Investors may notice that our public company brand profile and investor communications have started to shift this quarter and will continue in the current quarter to better reflect a growth story around SINA and focus on performance from that business unit. We believe there is an ability to become more vertically integrated with the goal of generating higher contribution margins and further diversification.

Speaker 1: These are opportunities to look at the floors we move forward. It should be noted that the Agri-Community Business is slightly seasonal during the US winter months, so our last two quarters are a good indication of base lines for us to grow upon.

Speaker 1: Investors may also notice a growing disparity in the operating results between the two business units.

Speaker 1: However, management is committed to focusing our resources on the path that will create the most value for shareholders moving forward.

Speaker 1: In summary, we're extremely pleased with MMI's performance as quarter, fueled by Sadat and her need diversification strategy. We're confident in our strategy with forward continuing growth in the months and years to come.

Speaker 1: With that, let's open the call to questions from the analysts.

Speaker 4: questions from the analysts.

Speaker 5: Thank you, Michael. We'll take our first question from Erin Gray with Alliance Global Partners. Erin, if you go ahead, please.

Speaker 6: Can you guys hear me okay? We can, yes. All right, great. Good evening and thank you for the question. So first question for me, just nice to see the revenue, you know, four-quarter of SADAT just on the margins side. So came in a bit lower, 2.2% versus the 3%. Could you offer a little bit more color in terms of...

Speaker 6: maybe the reasoning for that margin coming in a bit and also

Speaker 6: Jennifer, I think you spoke to potentially giving some terms to help improve that margin. So further color in terms of that impact that I might have had would be helpful. Thanks.

Speaker 1: Okay, hey Aaron, it's Mike. How you doing?

Speaker 1: Good, good. So, yeah, so a couple things that are in there. So first off, why did the margin come in a little bit lighter than it did in the previous quarter? One thing to consider, it's more than just the margins on the given trades. So the trades themselves came in within the industry standards and kind of what we expected. You know, we just remember that the net income is also taking to effect.

Speaker 1: overhead costs of MMI that are attributed directly to SADOT. Right, so like you know increased audit fees and all that kind of stuff kind of play into this first quarter as well as long as as well as some of the costs that Agia has as we build that team out. You know so that's why you see some of the margins being a little bit slightly lower because we had some of those higher costs in those areas.

Speaker 3: additional ed we can have on margins.

Speaker 6: Okay, yeah, just follow up on that quickly. If I'm just thinking about just straight margin, just off of.

Speaker 3: So, so not revenue and commodity expenses. So with that, you're saying that would have also included some corporate expense within that. So if you look at the commodity operating expenses, there's labor in there and then there's other what's called other commodity operating expenses, those are to pay the traders to pay the office expense.

Speaker 1: to your customers. Yeah, I always view all this is really a cash flow scenario, right? And so, you know, one way to look at it is, you know, we've got plenty of cash on hand to take care of all of our operational needs here for the short term. And then we also have, you know, as we indicated, you know, a little over $4 million coming in here in the next, well, it was 60 days, a little bit less than that now, right, you know, as each day moves on. So,

Speaker 1: We started receiving some of that capital today, as a matter of fact, right, as some of those deposits. So we're not really too concerned about needing some of that to execute our business plan at this stage. Okay, great. Thanks, that's helpful. On the top line, you mentioned some seasonality in the winter months. So offer some further color if you could in terms of Your councils.

Speaker 6: what to expect now going into the summer. So it sounds like that'll be a benefit. And then you can provide some more color just in terms of the clientele, how diversified you are and how you might be looking to increase that diversability. I think that'd be helpful to get better color on this and that business. Thanks. OK. Yeah, so a couple of things in there. And I'll let Jennifer talk about some of the clientele and the

Speaker 1: and the products and things, with some stats in there. But when you start thinking about the revenue, just in general, there is a seasonality component to this, and that's really where your clientele is and the commodities you're trading, whether you're in a northern hemisphere, the southern hemisphere, you all kinds of different factors of that play in there.

Speaker 1: In the beginning of the year, you also have, which is effective at the beginning of this quarter, you also have like New Year's, right? That in different parts of the world, it extends a lot longer than it is just here in the United States. And so all that kind of plays into the seasonality role that's there. One thing to kind of look at, and I like to really kind of view this as, is we've had five consecutive months now, really since inception, that we've had 50 plus million dollars in revenue and some months going as high as 90 million.

Speaker 1: Right, and so we think that's a pretty good range, you know, to think about as we move forward. You know, as kind of our maintain area, if you want to say, right? But look, we're trying to expand this obviously, right? And expand the revenue. And some of the ways to do that is through diversifying our operations. And we can do that by adding, and I like to call it horizontal, you know, integration. You can do that by adding additional trade lines or trade lines or...

Speaker 1: like if I went and started trading in both hemispheres I'd be able to reduce some of that seasonality. If we expanded our commodities into things like pulses and peas or different commodities that we aren't trading today you can start leveling out that fluctuation I guess is one way to view it.

Speaker 3: Do you want to talk about the products that you buy? Yeah, absolutely. So if you take, we'll take quarter one for example. We COVID-19 different trade transactions and of those transactions, that consisted of nine different products from four different suppliers and we sold those to 15 different buyers throughout 11 countries. Do that, maybe.

Speaker 3: on that. And you know in this last quarter we also shipped multiple types of grains both human and for animal consumption. The majority focused on you know wheat, corn, soybeans, we other did some palm oils and rice. And so you know we only had a few different areas that we focused on Q1 and so as we expand on that the seasonality will decrease. And I do think it's important to mention that you know the agia team you know that we're working

Speaker 1: allows us to grow, right? They've got more experience in different commodity areas, for example. They've got more experience in some of the vertical integration stuff of farming and shipping and all the other things in between, right? So as we expand this business and bring on these other revenue sources, they'll be able to expand right with us without having to have some of those inefficiencies.

Speaker 1: when you start up these businesses. We are going to be bringing in some additional, I'll just say personnel. You know, really it's more like traders and those traders come with their own clientele and their own sources of product. And so it's kind of like bringing their, I'm using an old fashioned term, their Rolodex, right? I don't know if everybody even knows what that is on the call, right? And where it actually appreciation is… uh I know where it's at, there's definitely

Speaker 1: They bring their list of contacts, their LinkedIn file, I guess, now, right? And so you're able to start expanding your commodity trades and all that. We're taking a look at some of these additional capabilities, specifically in North America, probably the next area that we start to pull stuff in. Hope that answers your question, Aaron.

Speaker 6: No, that's helpful. Appreciate the detail, and I'll go ahead and jump back at the queue.

Speaker 5: Thanks Erin. Thanks Michael. Thanks Jennifer. We're going to take the next question from Tom Kerr with Zacks Research. Tom, if you want to ask a question.

Speaker 1: Sounds good. Can you guys hear me? We can. Yes. Thank you. All right. Just one quick follow-up on the Sadat business and have a few pokomoto, but I just wanted to beat the dead horse again on the revenue line. You said that the 90 million is a monthly base.

Speaker 1: that you're trying to achieve, but there's still lumpiness. So does that eat the 270 million a quarter, but it might be 200 million, 1 quarter, it might be 350, but if you're sticking to 90 million as a average, monthly base if I heard that right? Well, we don't like to really provide guidance on that for say, but just in the general discussions, I think it's safe to say that.

Speaker 1: You know, we've we've achieved at least 50 million per month, right? Since inception and we've had a couple months as high as a little over the 90s, right? And so I know that's a pretty wide range, you know, and it can fluctuate like that depending on the quarter and the season that you're in But somewhere in that range is is what we're expecting to have is you know as a base

Speaker 1: And then we'll start growing off of that by adding all these different, you know, verticals into the equation. Okay, just follow up on that. So there's not an extreme lumpiness. We might be a little bit up and down, but it's not where you'd see.

Speaker 1: 200 and 10 last quarter, 150 next quarter, 350 the third quarter, or anything like that. I'm not sure I have enough experience in history since we started this to really dictate how it looks for the rest of the year. But I think it's pretty safe to say you'll be in that range, right? And yes, it will be a little bit lumpy depending on the season. But.

Speaker 1: we'll kind of watch that out as we kind of move forward. All right, that helps a little bit. Quickly on the pokomoto, there's 45 that are expected to be open. Do you have a time frame on that as a first part question? How many will be open and operating by the end of the year? Or could you do that even by quarter? And then second part of that is a 12-minute click of a live streaming camera here.

Speaker 1: Any headwinds in these openings? Is inflation a problem, labor, real estate, anything like that that might slow down these openings? OK, yeah, let me kind of go into that a little bit. So Pokemon is part of our restaurant division. As you guys know, we have Muscle Maker Grill restaurants, Pokemon restaurants, and Super Fit Foods. Pokemon is what we're focusing on. That's all of our strategy and our growth on the restaurant side of the equation.

Speaker 1: As you mentioned, we've got right now today, we have roughly, actually a little bit more than 45 locations or agreements that have been sold, but haven't been opened yet. As a matter of fact, we just sold four more locations here in the last couple of weeks. We sold a three pack in Houston about a week ago, which adds to that market. And then we also sold our first...

Speaker 1: franchise agreement out of Alabama in Mobile, I think it was, that we sold as well. So we're expanding into more states there. So a lot of growth that's happening in Pokemon. There are fluctuations from when you sell a location to when it actually opens. And that is totally strictly dependent upon the individual franchisee and the real estate availability in their market.

Speaker 1: Some franchisees will already have a location lined up. They've already negotiated the lease. They're ready to go. So when they sign the franchise agreement, they're off and running. And you can open that in two to four months, right? You get them through their training and ordering their equipment and they build out and they're up and running, right? Other franchisees will wait to start looking for real estate until they sign the agreement. And obviously that will take a little bit longer.

Speaker 1: In those instances, on average, it's somewhere between six and nine months before they open. Could be sooner, could be later. Again, it all depends on the negotiations with landlords and availability of space that's there. For 2023, we are projecting, based on what we know of franchisees who have locations or are close to having locations, we're projecting to open up between now and the end of the year.

Speaker 1: And so we'll continue to have a pipeline for openings, you know, as we move forward on this. And again, if somebody signs like the three pack in Houston, they're not going to open all three at the same time. You know, they'll open them, they'll stagger them over a couple years, right? Or even, you know, sooner than that if they're comfortable. But you know, usually it's over a couple years for that amount of stores. So you do have that.

Speaker 1: there. Now you asked about inflation and all that kind of stuff and headwinds. It's interesting, my experience in franchising is you'll sell franchises when the economy is great, right? Because people will be like, okay, I'll buy a franchise, I can invest in a business, but you won't sell as many as you will when the economy glitches. And that sounds weird, okay, but when layoffs start in the economy, a lot of times, you'll be able to sell a franchise, and you'll

Speaker 1: starting to see that a li as the economy glitches, coming in. But as layoff occur, we are starting to acceleration and franchis the last 30 to 45 days. T a one off, I don't know, kind of my experience as you do have some concern

Speaker 1: as the interest rates go up, a lot of these guys will finance the the build out, right. And so as interest rate goes up, that obviously, you know, affects their their costs, right, to build, to build out a location. So that does become a little bit, you know, problematic as interest rates get too high. So you're always, you know, going across this. Now, I think you did you also ask me, Tom, about just in general, how like inflation and food costs and all that is basing on it or am I reading into that too?

Speaker 1: construction or finalizing off their negotiations with the landlord. So we're pretty confident in those, you know, for coming across. And so we haven't seen really anything slowing that down per se, but again, you know, if interest rates go through the roof or whatever, then that could be a problem, but not anticipating that happening right now.

Speaker 6: Great, that was helpful. I'll get back to you. Thank you, Tom. Thanks, Mike. We'll go ahead and take the next question from Rob Goldman with Goldman Small Cap Research. Hello, can you hear me? Yes. Great, thank you. Great job on the quarter. A couple questions on this one on MMI.

Speaker 7: With respect to Sadat during the quarter, was there any notable concentration of business in the specific food or commodity or geography? I know Jennifer went through some of those numbers, but I didn't know if there was a heavy concentration in one particular.

Speaker 3: So when you actually look at that, you know, like I said, we were in 11 different countries and stuff like that. It wasn't, there wasn't two countries where all of it went to, it was pretty evenly spread amongst the different countries that we worked in. And same with the suppliers and the buyers. There weren't just.

Speaker 7: It wasn't one buyer or one supplier that made up the bulk of it. It was pretty spread evenly between those. Okay, so perhaps then given this, albeit short experience, the ability to reduce some of the variability in revenue might be then some of these initiatives that might...

Speaker 3: to give us that information? I think it's actually going to be a combination. You know, looking to expand, you know, when you expand the traders, you add traders, those are adding different commodities, different areas, you know, different countries. It's adding all of it. And so when picking up new products that we are buying and selling and going into new geographical areas.

Speaker 7: Muscle Maker Grill, Pokemon locations to be considered a success. Is there a number that you have in mind that you plan to open this year and next year?

Speaker 7: pokémono locations to be considered a success and is there a number that you have in mind that you plan to open this year and next year? Yeah so let me jump in here.

Speaker 1: I guess the way to look at the way I look at these these dual concepts right and just so everyone's on the same page what this means is we take an existing muscle maker grill restaurant like we just did this in Fort Sill in Lawton Oklahoma it was a muscle maker grill restaurant and so then we add a pokémoto to it

Speaker 1: So it's two restaurants running under the same roof. You get to leverage the same manager, you get to leverage the same facilities like freezers and coolers and all that kind of stuff. So you get not a lot of the product per se, a little bit, but you get to leverage those type of things, which gives you better efficiencies and helps reduce your costs. So the first thing that we did, and we just launched this first one about 30 to 45 days ago.

Speaker 1: And the numbers we're seeing are very impressive so far. I mean, we literally are at this stage probably three to four times the revenue at the Pokimoto than we had at the Muscle Maker, which is significant. So we're looking at revenue. We are looking at overall blended food costs. Really it's trying to take locations that are underperforming.

Speaker 1: and get them to be performing for lack of better definition. So that's our first measurement to get these things at least to break even and then start making money afterwards. And so again, only being 45 days into it, we don't have a whole lot of data behind it yet, but so far it looks pretty encouraging from that. So we'll be looking at the standard.

Speaker 1: you know, revenue and food costs and labor costs and you know, the bottom line on these. Then from you also asked about how many we're thinking of doing here. So, you know, we have our second one opening up here soon, if not this week, then next week. We're just literally waiting for our final inspection basically that shifts around a little.

Speaker 1: have locations. And so that'll be kind of how we start addressing the legacy business. As we mentioned earlier, we're looking at each one of the different locations. We're trying to figure out, you know, if there's underperforming locations, can we close it? Or what can we do to make it performing? And this is one of those ways of looking at it. So we're aggressively trying to analyze some of that legacy business.

Speaker 1: So that'll be kind of how we start addressing the legacy business. As we mentioned earlier, we're looking at each one of the different locations. We're trying to figure out, you know, if there's underperforming locations, can we close it or what can we do to make it performing? And this is one of those ways of looking at it. So we're aggressively trying to analyze some of that legacy business. Great. Thank you.

Speaker 5: Thank you, Rob. I guess we'll go ahead and move on to Mr. William Gregozewski. Hopefully I pronounced that right, Mr. William. We'll take your questions now and you are with Green Ridge Global, I see. Do you have any questions for us? Yeah!

Speaker 8: Just on the front business. What is the plan near term and then after Auggia effectively takes control of the board of that restaurant business in general? Are you, you mentioned strategic alternatives, but is that something where you might sell all of them off or part of it? Or is that that something what is their kind of plan for that business?

Speaker 1: Yeah, so I'm having a little bit of trouble hearing you and I think I got it. You're asking about what is the plan for the restaurant business? Or just in general? So, excuse me, sorry. So the way the way to look at it again, there's three segments that are in there, you've got Muscle Maker Grill, you've got Superfizz Foods, and you have Poki Moto. Poki Moto is what we're focusing on. We're trying our strategy there is to grow Poki models for franchising.

Speaker 1: And I keep mentioning franchising over and over again, because we are taking a look at our legacy business when it comes to corporately owned and operated locations. You know, in a lot of those instances, those are underperforming. And some of them are old locations that have been around for a long time. And so we're taking a look at those to see whether or not we should close them. Or if not, if at least it's going to allow us to do that, or it just doesn't make sense.

Speaker 1: because that is an issue to consider, you know, then we look at, you know, making it a dual location or even in some cases a complete conversion. So we're going through that from the Muscle Maker grill locations one at a time trying to figure out how we can optimize those. Now we do talk about strategic, you know, alternatives or initiatives that are out there and, you know, look we can take a look at that's really more of a longer term thing. Is there a way for us?

Speaker 8: business. Um allows us to on multimodal itself and business. Okay. And then being generated now from the plan for that cash. A any need to go back to th

Speaker 1: Yeah so right now we're not we're not going back to the markets to raise money we don't need that you know today we're able to execute our business plan. The cash that's being generated out of Sadat you know what we're really doing is you know taking a look at it from a strategic perspective that money is going to get reinvested in Sadat in one capacity or another you know so we've got a share buyback program that we announced so some of the cash can go forward.

Speaker 3: some of that money, you know, that cash in there, you know, to

Speaker 3: Give additional terms, you know, to give us up a little bit leeway through we can offer terms to our customers to kind of build our margin. And we're using the cash that way to reinvest in FedOT. Yeah, now when I do say we're not going back to raise capital or whatever, we are opportunistic, right? So as you look at the vertical.

Speaker 8: adding the traders force to that.

Speaker 1: How many traders do they have now and then how many are you looking to add? I'm just to get a sense of how fast the revenue might grow. Yeah, well, I think a good way of looking at it is, you know, how many people are in Agia? Because a lot of these guys aren't just pure traders, right? They do other facets of the business as well and we have roughly 20 people in the Agia consulting team.

Speaker 1: sometimes you're, you know, making a partnership or an agreement with a trading company, you know, or whatever to do stuff. So it's a little bit of a, of a gray area to answer, I guess, right directly. So it's not one to one. It's really more of looking at the different businesses that are out there to do it.

Speaker 8: Okay, all right, thank you.

Speaker 5: Thank you, William. And I think we have run out of time today. That's all the time we have. Let's go ahead and wrap up the Q&A. Thank you everyone for your questions. Mr. Roper, do you have any final comments?

Speaker 1: Yeah look just in closing you know I do want to thank all of our shareholders and stakeholders for their support you know and supporting our initiatives that are out there I know I know we've done a major pivot and there could be a lot of questions that are there and we're doing our best to get the narrative out there of exactly you know kind of what we're doing and we do feel that you know the message you know is getting better.

Speaker 1: and people understanding kind of what's happening here on things. So, you know, I do appreciate the patients and I do want to thank our employees for everything they do. I do think we got an incredible team, not only at MMI, but also at Agia who are working with us. We're working really well together. And, you know, between the two, they're really, you know, who deserve all the credit for our success so far and...

Speaker 1: And it's part of being part of what we built. And we're going to continue to build here and move forward. So with that, I'd like to thank everybody. And one last final thing, go Blackhawks. They got first in the draft and just to get counter-vardari. So I thought I'd- Wonderful. Thank you all for joining. We'll go ahead and conclude the call.

Speaker 9: Thank you.