Q2 2026 BioLargo Inc Earnings & Business Update Call

September 10, 2026

Speaker #1: Good day, everyone, and welcome to the BioLargo, Inc. Town Hall Company Update. At this time, all participants are placed in listen-only mode. It is now my pleasure to hand the floor over to your host, Matt Kreps.

Operator: Good day, everyone, and welcome to the BioLargo, Inc. Town Hall Company Update. At this time, all participants are placed on a listen-only mode. It is now my pleasure to hand the floor over to your host, Matt Kreps. Sir, the floor is yours.

Speaker #1: Sir, the floor is yours.

Speaker #2: Thank you. And thank you, everyone, for joining Calvert, our CEO, and Charles Dargan, our CFO. We want to thank you for attending the BioLargo shareholder town hall today.

Matt Kreps: Thank you, and thank you everyone for joining us. With me today on the call is Dennis Calvert, our CEO, and Charles Dargan, our CFO. We want to thank you for attending the BioLargo Shareholder Town Hall today. We'll begin in just a moment. We've prepared remarks from Dennis and then taking some of the questions that were submitted through the pathways noted in our announcement press release for this call. Before I turn the call over to Dennis, though, please be advised that this presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These include, without limitation, statements regarding commercialization plans and timing, product launches, regulatory developments, partnerships and distribution arrangements, financing activity, grant funding, subsidiary evaluations, and anticipated milestones.

Speaker #2: We'll begin in just a moment. We've prepared remarks from Dennis, and then we'll take some of the questions that were submitted through the pathways noted in our announcement press release for this call.

Speaker #2: Before I turn the call over to Dennis, though, please be advised that this presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.

Speaker #2: These include, without limitation, statements regarding commercialization plans and timing, product launches, regulatory developments, partnerships and distribution arrangements, financing activity, grant funding, subsidiary valuations, and anticipated milestones.

Speaker #2: Forward-looking statements are based on management's current expectations and assumptions that are subject to known and unknown risks and uncertainties that could cause actual results to differ materially, including those described under risk factors in the company's annual report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission.

Matt Kreps: Forward-looking statements are based on management's current expectations, and assumptions are subject to known and unknown risks and uncertainties that could cause actual results to differ materially, including those described under Risk Factors in the company's annual report on Form 10-K and its subsequent quarterly reports from Form 10-Q filed with the Securities and Exchange Commission. Subsidiary evaluation figures presented herein reflect prices paid by outside investors in private transactions that are not the result of a market for those securities. There is no assurance that any such value could be realized. The company undertakes no obligation to update any forward-looking statement, except as required by law. For the call today, we set up a fireside chat with prepared remarks and some questions along the way, including those submitted by you as our investors.

Speaker #2: Subsidiary valuation figures presented herein reflect prices paid by outside investors and private transactions that are not the result of a market for those securities.

Speaker #2: There is no assurance that any such value could be realized. The company undertakes no obligation to update any forward-looking statement except as required by law. For the call today, we've set up a fireside chat with prepared remarks and some questions along the way, including those submitted by you as our investors.

Speaker #2: We'll also take appropriate questions at the end to the extent we have PR. And with that, Dennis, please go ahead and welcome to the call.

Matt Kreps: We'll also take appropriate questions at the end to the extent we have time, which you can submit by the instructions in the PR. With that, Dennis, please go ahead, and welcome to the call.

Speaker #3: All right, everyone. This is Dennis. Thank you for being here. We're very thankful to have a chance to speak to the group, to handle some questions, fill you in on some of the scoop and the advancements that really are quite material, and we know it's been a hard season.

Dennis Calvert: All right, everyone. This is Dennis. Thank you for being here. We are very thankful to have a chance to speak to the group, be able to handle some questions, fill you in on some of the scoop and the advancements that really are quite material. We know it has been a hard season, so everyone is anxious to really get some good information. We are thankful for that. We have assembled an extraordinary portfolio of companies and technologies. We are going to dig a little bit deeper and really provide some insight as to the status of those. Let me see here if I can make sure that I have a little technical. Hold on a second. There we go. Well, make sure we have a little. Okay, so I have a little technical issue.

Speaker #3: And so everyone's anxious to really get some good information. So we're thankful for that. You know, we've assembled an extraordinary portfolio of companies and technologies.

Speaker #3: We're going to dig a little bit deeper and really provide some insight as to the status of those. Let me see here if I can make sure that I've got a little technical.

Speaker #3: Hold on a second. There we go. Let's make sure we've got everything okay. I've got a little technical issue—there we go.

Matt Kreps: Hey, Dennis.

Speaker #2: Dennis, the speech is going here.

Dennis Calvert: There we go.

Matt Kreps: Screenshare going here.

Speaker #3: Can you advance the slide for me?

Dennis Calvert: Can you get an advanced slide for me?

Speaker #2: Yeah, let's see here. Actually, I think I may have the same issue—that the next slide advance button is not working.

Matt Kreps: Yeah. Let's see here. Actually, I think I am maybe having the same issue that the next slide, advance button is not.

Speaker #3: Yeah, Operator, let's get a little help here. Hang on, everybody. Give us a second.

Dennis Calvert: Yeah. Operator, let's get a little help here. Hang on, everybody. Give us a second.

Speaker #2: Here we go. Now we're underway. There you go, Dennis.

Matt Kreps: Here we go. Now we are underway. There you go, Dennis.

Speaker #3: Okay, thank you. Perfect. Yeah, so there's a basic thesis, right? And that’s really manufacturing product, or manufacturing companies. And it’s kind of obvious in the way the company’s evolved over the years.

Dennis Calvert: Okay. Thank you. Perfect. Yeah, there's a basic thesis, right? We're not really manufacturing products, we're manufacturing companies, and it's kind of obvious in the way the company's evolved over the years. We're going to do a little bit of a deep dive, talk about these companies, the technologies that underpin them, why we focus on this strategy as a finance and business development strategy. We can talk about where it's working, maybe where it's not working as much as we'd like, but really why we're so enthusiastic about our status and our future. I'm really glad for this format to have Matt here, to be able to sort of have a fireside chat, talk through some of these issues. Our goal for the call really is to make sure that you get the information that you want and you need as much as possible.

Speaker #3: We're going to do a little bit of a deep dive, talk about these companies, the technologies that underpin them, and why we focus on this strategy as a finance and business development strategy.

Speaker #3: We can talk about where it's working, and maybe where it's not working as well as we'd like. But really, why we're so enthusiastic about our status and our future.

Speaker #3: And I'm really glad, for this format, to have Matt here to be able to sort of have a fireside chat and talk through some of these issues. Our goal for the call, really, is to make sure that you get the information that you want and you need as much as possible.

Speaker #3: There are certain things, of course, that really require some confidentiality. Some of that's exhausting, I know, so we're empathetic to that. But we're going to do our best to really convey the ideas so you walk away from this call saying, "Okay, I learned something." So, Matt, what do you think?

Dennis Calvert: There's certain things, of course, that really require some confidentiality. Some of that's exhausting, I know, so we're empathetic to that. But we're going to do our best to really convey the ideas so you walk away from this call saying, "Okay, I learned something." So Matt, what do you think?

Dennis Calvert: There's certain things, of course, that really require some confidentiality. Some of that's exhausting, I know, so we're empathetic to that. But we're going to do our best to really convey the ideas so you walk away from this call saying, Okay, I learned something." So Matt, what do you think?

Matt Kreps: All right. Let's dive in, and I think let's start with the next slide, because I think it answers one of the questions we had, which was about how we choose the companies that are in this idea of BioLargo manufacturing companies, and how you create value down the road by doing so.

Speaker #2: Great, let's dive in. And I think let's start with the next slide, because I think that answers one of the questions we had, which was about how we choose the companies that are in this idea of BioLargo manufacturing companies.

Speaker #2: And how you create value down the road by doing so.

Speaker #3: Yeah. You know, the picking of strategies is interesting. We started this company years ago, and, of course, it started with the copper-iodine complex.

Dennis Calvert: Yeah. The picking of strategies is interesting. We started this company years ago, and of course, it started with the Copper-Iodine Complex. Had a chance to meet Ken Code, and it's been, geez, it's been a long time. I remember the first time I met him, like it was yesterday. What he described to me was this idea of some invention, some discovery that he'd made that had a chance to impact the world for a greater good, and it really resonated. I said to myself, if you can make money and you can do something really awesome for people, for the planet, and for life, right? Make life better. That's our whole slogan. That's worthy of a career and worthy of a cause. That theme has not been lost, do something worthy.

Speaker #3: I had a chance to meet Ken Code, and it's been—jeez, it's been a long time. I remember the first time I met him; it was like it was yesterday.

Speaker #3: And what he described to me was this idea of some invention, some discovery that he'd made, that had a chance to impact the world for a greater good.

Speaker #3: And it really resonated. And I said to myself, you know, if you can make money, and you can do something really awesome for people, for the planet, for life, right?

Speaker #3: Make life better. That's our whole slogan. That's worthy of a career and worthy of a cause. That theme has not been lost. You know, do something worthy.

Speaker #3: And so the portfolio gets picked, number one, by its potential to make an impact. In that process of picking, we have to fill a gap—find something that's missing in the market.

Dennis Calvert: The portfolio gets picked, number one, by its potential to make an impact. In that process of picking, we have to fill a gap, find something that is missing in the market. We have to decide if it is achievable, something that is within our wheelhouse of talent and time and resource, right? Then focus on getting through the same steps. Here is the slide, right? It works the same way, really, every time. Find a technology that we believe can be number one. It is foundational to the business. Sometimes we have to defend that, but we do believe we can defend it. In fact, most of the journey is about defending that first thesis, which is a number one technology. It is one of a kind and has a chance to be a foundation of change. Something that is, number two, is measurable, where you can fill a gap.

Speaker #3: We have to decide if it's achievable—something that's within our wheelhouse of talent, time, and resources, right? And then focus on getting through those same steps.

Speaker #3: And here's the slide, right? It works the same way, really, every time. Find a technology that we believe can be number one—it's foundational to the business.

Speaker #3: And sometimes we have to defend that, but we do believe we can defend it. In fact, most of the journey is about defending that first thesis, which is that the number one technology is one of a kind and has a chance to be a foundation of change.

Dennis Calvert: Sometimes we have to defend that, but we do believe we can defend it. In fact, most of the journey is about defending that first thesis, which is a number one technology. It is one of a kind and has a chance to be a foundation of change. Something that is, number two, is measurable, where you can fill a gap.

Speaker #3: Something that's number two is measurable. You know, where you can fill a gap, you can measure it in terms of value, efficiency, allowing something else to happen for a customer or partner, right?

Dennis Calvert: You can measure it in terms of value, efficiency, allowing something else to happen for a customer or partner, right? Then really advance it through this thesis of adoption, proof of claim, commercialization, regulatory clearance, all these things that sort of de-risk. That third category is exhausting, I can tell you. It is not easy. It is really where most companies fail. The beauty in our business is we have been able to do that in a consistent way over a very long period of time. So we want to carry it until the point where, quote, "Someone else helps us carry it." We talk about what does that mean? Helps us carry it, both financially, distribution, licensing, partnership, all these things that allow us to plug into scale. Scale for distribution, scale for something meaningful. Then ultimately, that results in the opportunity for potential exit.

Speaker #3: And then really advance it through this thesis of adoption, proof of claim, commercialization, regulatory clearance—all these things that sort of de-risk. And that third category is exhausting.

Speaker #3: I can tell you, it's not easy. It's really where most companies fail. And the beauty in our business is we've been able to do that in a consistent way over a very, very long period of time.

Speaker #3: So, we want to carry it until the point where someone else helps us carry it. And we talk about: what does that mean—help us carry it?

Speaker #3: Well, it's financially, distribution, licensing, partnership—all these things that allow us to plug into scale. Scale for distribution, scale for something meaningful. And then ultimately, you know, that results in the opportunity for potential exit.

Speaker #3: So we've been doing this for quite some time. And that's the machine, that's the company, that's what we've been doing. And it's pretty remarkable.

Dennis Calvert: So we have been doing this for quite some time, and that is the machine, that is the company. That is what we have been doing, and it is pretty remarkable. We have done something remarkable with a very, really small capital base. I would say the biggest negative is sometimes it has taken an extraordinarily long time. Even this most recent event with the opportunity up in Canada, company Oil Sands, it is like a full circle story coming back since 2011, and we will put some more color on that. It just shows you the durability of technology and a management team that stays the course to find that adoption cycle, be ready when the market is ready, and then weather the storm of sometimes things that are beyond our control, regulatory events, political events, macroeconomic events. That is one of the reasons our diversity has really been so beautiful, I think.

Speaker #3: We've done something remarkable with a very, really small capital base. I'd say the biggest negative is that sometimes it's taken an extraordinarily long time. And even this most recent event, with the opportunity up in Canada, up in the Oil Sands, it's like a full circle story, coming back since 2011.

Speaker #3: And we'll add some more color to that. It just shows you the durability of technology and the management team that stays the course to find that adoption cycle.

Dennis Calvert: It just shows you the durability of technology and a management team that stays the course to find that adoption cycle, be ready when the market is ready, and then weather the storm of sometimes things that are beyond our control, regulatory events, political events, macroeconomic events. That is one of the reasons our diversity has really been so beautiful, I think.

Speaker #3: Be ready when the market's ready, and then weather the storm of things that are sometimes beyond our control—regulatory events, political events, macroeconomic events.

Speaker #3: And that's one of the reasons our diversity has really been so beautiful, I think. Anyway, those four steps are repeated over and over. They run on separate companies.

Dennis Calvert: Anyway, those four steps are over and over. They run on separate companies. They create extraordinary leverage. We are going to talk about that. Relatively small amounts of capital into positions that other people's capital and goodwill and investment they have made for decades, sometimes even 100 years, is now available for our leverage. This is what the machine is built. Let us go to the next slide. There we go. Seven companies, each incorporated to capitalize and monetize. Capitalize and monetize a one-of-a-kind value. One-of-a-kind value, that is the argument, of course, and some of these have taken a long time. Clyra is a great example. It is over a decade of investment, and we have had substantial external investment. We are going to break that down in a little bit more detail. So when you look at the roadmap here and you say, okay, look at all this stuff.

Speaker #3: They create extraordinary leverage. We're going to talk about that. Relatively small amounts of capital into positions that other people's capital, and goodwill, and investment they've made for decades—sometimes even 100 years—is now available for our leverage.

Speaker #3: And so, this is what the machine's built. Let's go to the next slide. There we go. Seven companies, each incorporated to capitalize and monetize.

Dennis Calvert: Capitalize and monetize a one-of-a-kind value. One-of-a-kind value, that is the argument, of course, and some of these have taken a long time. Clyra is a great example. It is over a decade of investment, and we have had substantial external investment. We are going to break that down in a little bit more detail. So when you look at the roadmap here and you say, okay, look at all this stuff.

Speaker #3: Capitalize and monetize. One of a kind value. One of a kind value. That's the argument, of course. And some of these are taking a long time.

Speaker #3: Clear is a great example. It's over a decade of investment, and we've had substantial external investment. We're going to break that down in a little bit more detail.

Speaker #3: So, when you look at the roadmap here and you say, "Okay, look at all this stuff." These things have technologies, they have people, they have activity in the marketplace to get to adoption.

Dennis Calvert: These things have technology, they have people, they have activity in the marketplace to get to adoption. We have two new ones, of course, right? We are talking about that. The CPG, which is the relaunch. BioLargo CPG, that is consumer products. Then this new venture that just got announced this morning and yesterday with Tunapah. All the locals call it Tunapah. Tunapah Water Solutions, which is a venture designed to really take technology and business development into a cooperative to do something very special for that region and for our partners and for the people that we serve. It is pretty awesome. It is a big change, right? Two new, even since August, we have already got two ventures that have really stood up. No company can complete all these steps overnight. It is quite a journey from incubation, proving out regulatory, scaling through partnership and manufacturing.

Speaker #3: We have two new ones, of course, right? So we're talking about that, the CPG, which is the relaunch. BIOLARGO CPG, that's consumer products. And then this new venture that just got announced this morning and yesterday with two to P, two to P, all the locals call it tuna pea.

Speaker #3: Tuna Pea Water Solutions, which is a venture designed to really take technology and business development into a cooperative to do something very special for that region, for our partners, and for the people that we serve. Pretty awesome.

Speaker #3: So it's a big change, right? Two new, even since August, we've already got up. So no company can complete all these steps and, you know, overnight.

Speaker #3: It's quite a journey from incubation, proving up, regulatory, scaling through partnership, and manufacturing. This gives us a snapshot, so let's go to the next slide.

Dennis Calvert: This gives a snapshot. Let us go to the next slide. These all have a little bit different. Incubation, of course, is, my goodness, we just announced it this morning. Tunapah. It is an awesome. It is early stage, of course. Proving up, Cellinity. Most people believe Cellinity is the farthest out of reach. We are going to argue that a little bit, but they are not wrong. It is still a proving up stage. We have got to prove that technology can stand the test of scale and capital and execution in a very competitive, dynamic market that is extraordinarily capital intensive. For the PFAS, getting through regulatory is about getting commercial. We are finally commercial, which is awesome. We have got about seven months of operating history now. That sets the stage for regulatory, the clearance, the proof of claim, the reference site. Scaling through partnership is really these two things.

Speaker #3: So these all have a little bit different incubation. Of course, I mean, my goodness, we just announced it this morning. Tuna pea. It's awesome.

Speaker #3: It's an early stage, of course—proving up salinity. Most people believe salinity is the farthest out of reach. We're going to argue that a little bit, but, you know, they're not wrong.

Speaker #3: It's still a proving-up stage. We've got to prove that the technology can stand the test of scale, capital, and execution in a very, very competitive, dynamic market.

Speaker #3: It's extraordinarily capital intensive. And for the PFAS, you know, getting through regulatory is about getting commercial. And so we're finally commercial, which is awesome.

Dennis Calvert: We are finally commercial, which is awesome. We have got about seven months of operating history now. That sets the stage for regulatory, the clearance, the proof of claim, the reference site. Scaling through partnership is really these two things.

Speaker #3: We've got about seven months of operating history now. And so, that sets the stage for regulatory, right? The clearance, the proof of claim, the reference site.

Speaker #3: Scaling through partnership is really these two things, right? Our odor control products, with the Proof debacle—which is so painful. We'll talk about that.

Dennis Calvert: Our odor control products with the Pooph debacle, which is so painful. We will talk about that. Clyra Medical, of course, number of distributors, and our big commercial partner coming in soon. We are very excited about that. Then the exit. The positive is there is a plan. The exit is where a big payoff is. I think we are going to convince you at some level that some of these assets have a payoff that is much sooner than you may think. We are going to talk about that just a bit and go through the debate. Let us go to the next slide. Matt, you still with me?

Speaker #3: Clear Medical, of course. Number of distributors, and our big commercial partner coming in soon. So we're very excited about that. And then the exit.

Speaker #3: So, the positive is there's a plan. The exit is where a big payoff is. And I think we're going to convince you at some level that some of these assets have a payoff that's much sooner than you may think.

Speaker #3: So we're going to talk about that just a bit and go through the debate. So, let's go to the next slide. Matt, you still with me?

Speaker #2: I'm here. We should be next on the show.

Matt Kreps: I am here. Should be next on the show.

Speaker #3: That's good. Okay. So, one of the things that this brings up, right, in the challenge of that is we've got a platform of all these technologies.

Dennis Calvert: That is good. Okay. One of the things that this begs, and the challenge of that is we have a platform of all these technologies that we believe have extraordinary value, and yet our market cap has declined well over 60%, almost 70% last year. It begs the question, what is up? What do you think, Matt? Help me frame that question.

Speaker #3: That we believe have extraordinary value. And yet, our market cap has declined well over 60%, almost 70% last year. And so, it begs the question, right?

Speaker #3: What's up? What do you think, Matt? Can you help me frame that question?

Speaker #2: Yeah. So I think Dennis has probably two questions to come out of this. We're in the list of the submitted questions. The first is, with all of these companies and assets, and as a prior slide just showed, we've got two of them that are getting ready for that commercial or exit-type of transition point where they create value.

Matt Kreps: Yeah. I think, Dennis, there is probably two questions that come out of this that were in the list of the submitted questions. The first is, with all of these companies and assets, as the prior slide just showed, we have two of them that are getting ready for that commercial or exit type of transition point where they create value. Why do you perceive that the company is being valued at such a low multiple today versus the value of these underlying assets?

Speaker #2: Why do you perceive that the company is being valued at such a low multiple today versus the value of these underlying assets?

Dennis Calvert: That is a good question. I think it is a couple of things. One is certainly time is our enemy. Some of these assets have taken a long time to get to market, and it makes people wonder if they are ever going to come. So that is an obvious issue. The second then is the fact that we have been investing so heavily in the validation, the scaling, the infrastructure design. Clyra is a great example. They have just had an extraordinary investment cycle over the last two years to get ready to go to scale with giant partners and big distribution. The good news is they are coming out of that with success. But man, it really takes a toll financially and as well as manpower to get through that for a small company. But we always say that also builds the moat.

Speaker #3: That's a good question, right? So, I think it's a couple of things, right? One is certainly time is our enemy. Some of these assets have taken a long time to get to market.

Speaker #3: And it makes people wonder if they're ever going to come. So that's an obvious issue. The second, then, is the fact that we've been investing so heavily in the validation, the scaling, the infrastructure design—Clear is a great example.

Speaker #3: I mean, they've just had an extraordinary investment cycle over the last two years to get ready to go to scale with giant partners and big distribution.

Speaker #3: And the good news is, they're coming out of that with success. But man, it really takes a toll financially, as well as in manpower, to get through that for a small company.

Speaker #3: But, you know, we always say that also builds the moat. That's the moat that also protects us on the go-forward plan, so we think it's really critical.

Dennis Calvert: That is the moat that also protects us on the go-forward plan. We think it is really critical. We also think it is critical to make some of those investments to protect the intellectual property. One of the things people often forget is that if you are willing to do that hard work, that what we call sometimes the most difficult work, you are also proving a value not only for your position in the marketplace, but the expanded intellectual property, the experience. Extraordinary experience from the team living on the front line, really proving up all that throughout that journey. So there are two big factors, I think, that are the biggest negatives that we have really had to deal with, and there are two that really hit us pretty hard this year. The first would be the Pooph debacle. It is a really sad circumstance, and we believe it did not have to be this way.

Speaker #3: We also think it's critical to make some of those investments to protect the intellectual property. You know, one of the things people often forget is that if you're willing to do that hard work—that's what we sometimes call the most difficult work—you're also proving up value not only for your position in the marketplace, but also for the expanded intellectual property and the experience.

Speaker #3: Extraordinary experience from the team, living on the front line, really proving up all that throughout that journey. So there are two big factors, I think, that are the biggest negatives that we've really had to deal with.

Dennis Calvert: Extraordinary experience from the team living on the front line, really proving up all that throughout that journey. So there are two big factors, I think, that are the biggest negatives that we have really had to deal with, and there are two that really hit us pretty hard this year. The first would be the Pooph debacle. It is a really sad circumstance, and we believe it did not have to be this way.

Speaker #3: And there's two that really hit us pretty hard this year. The first would be that the Proof, you know, debacle. It's a really sad circumstance.

Speaker #3: And we believe it didn't have to be this way. But we do look at that circumstance, and we say to ourselves, it's critical that we protect the intellectual property.

Dennis Calvert: But we do look at that circumstance, and we say to ourselves, "It's critical that we protect the intellectual property. It's critical that we protect our products." We'll take the good that came from that experience, and we'll turn it into something great, and that's what we're doing. We're going to talk about that. But the financial toll on performance was pretty dramatic. Not only did we write down revenue that disappeared from a very significant relationship that we invested quite heavily in, we also took a financial hit on the way out the door. We're close to a $4 million write-down. That's a pretty powerful combination coming against the company.

Speaker #3: It's critical that we protect our products. We'll take the good that came from that experience and turn it into something great, and that's what we're doing.

Speaker #3: We're going to talk about that. But the financial toll on performance was pretty dramatic. You know, not only did we write down revenue—it disappeared.

Speaker #3: From a very significant relationship that we invested quite heavily in, we also took a financial hit on the way out the door. We're close to a $4 million write-down.

Speaker #3: And so, that's a pretty powerful combination coming against the company. As we look back on it, I think we're all going to see a silver lining.

Dennis Calvert: As we look back on it, I think we're all going to see a silver lining, and that is that as we reemerge, we're going to invest in a brand and all the infrastructure so that we can capture that value for our stockholders because we have such a compelling reason to do so. I'm going to come to that a little bit later. The second thing about that is that the delay, the delay for the launch of QleraSEPT. The combination of that's pretty dramatic. Again, as difficult as it is, I think that one of our arguments for the beauty in the company is that most companies would have gone out of business, and we have not, nor do we intend to. So while we've taken our hits, we've actually stabilized, and we're moving forward in a pretty dramatic way.

Speaker #3: And that is that as we reemerge, we're going to invest in our brand and all the infrastructure so that we can capture that value for our stockholders, because we have such a compelling reason to do so.

Speaker #3: I'm going to come to that a little bit later. The second thing about that is the delay—the delay for the launch of Clear.

Speaker #3: The combination of that is pretty dramatic. And again, as difficult as it is, I think that one of our arguments for the beauty in the company is that most companies would have gone out of business.

Speaker #3: And we have not, nor do we intend to. So, while we've taken our hits, we've actually stabilized and we're moving forward in a pretty dramatic way.

Speaker #3: As we've mentioned previously in some of our press releases, we expect to launch our consumer products category in the October timeframe. We're gearing up for that.

Dennis Calvert: As we've mentioned prior in some of our press releases, we expect to launch our consumer products category in the October timeframe. We're gearing up for that. We'll come back to that. QleraSEPT's, while it got delayed, it's certainly alive, and it's pressing hard to get into go mode in a dramatic way. During that delay process, we've added three distributors, which are all now doing the hard work on the front end to line up significant distribution capability. So I'd say today, with all those negatives coming against us, we've actually stayed the course to advance the commercial thesis, and we've advanced these business propositions in a pretty dramatic way. Now, let's take a look at the next slide real quick, and that'll kind of bring us up to taking a snapshot of the financial implications and what we've dealt with over recent history.

Speaker #3: We'll come back to that. What is clear is that, while it got delayed, it's certainly alive and is pressing hard to get into go mode in a dramatic way.

Speaker #3: And during that delay process, we've added three distributors, who are all now doing the hard work on the front end to line up significant distribution capability.

Speaker #3: So, I'd say today, with all those negatives coming against us, we've actually stayed the course to advance the commercial thesis, and we've advanced these business propositions in a pretty dramatic way.

Speaker #3: Now, let's take a look at the next slide real quick. That'll kind of bring us up to taking a snapshot of the financial implications and what we've dealt with over recent history.

Speaker #3: I'm also going to invite Charlie to say hey. Charlie, are you with us?

Dennis Calvert: I'm also going to invite Charlie to say hey. Charlie, are you with us?

Speaker #4: Hi, I am now—I'm off mute. So yes, I'm here.

Charles Dargan: I am now. I am off mute. Yes, I am here.

Speaker #3: Okay, great. So, I know we put a lot of this into the queue, of course. We also included much of it in the press release that came out a couple of weeks ago.

Dennis Calvert: Okay, great. I know we put a lot of this into the Q, of course. We put a lot into the press release that came out a couple of weeks ago. I do not know that we have anything dramatic or new to say, but I think we should highlight, if you will, the highlights of what this financial representation presents to someone looking forward from this point and say, what are the takeaways? Maybe you can walk through some of that in your eyes and some of the content we have provided. What do you think?

Speaker #3: I don't know that we have anything dramatic or new to say, but I think we should sort of highlight, if you will, the highlights of what these financial representations present to someone looking forward from this point and say, what are the takeaways?

Speaker #3: So maybe you can walk through some of that in your eyes, and some of the content we've provided. What do you think?

Speaker #4: Sure. I think, obviously, the queue has been out for almost a month now, and so the numbers are the numbers. But I think when we look at it from the perspective—as we see in the slide—quarter to quarter, we've actually had an increase in revenue.

Charles Dargan: Sure. I think obviously the Q has been out for almost a month now, so the numbers are the numbers. But I think when we look at it from the perspective as we see in the slide, quarter to quarter, we have actually had an increase in revenue. I know the Pooph business, the loss of the Pooph business sort of overwhelms everything. But the truth is, if you look behind those kinds of numbers, a lot of the growth in the revenue is coming from our engineering group, which is doing a wonderful job in increasing revenues and selling to third-party customers. Actually, the remainder of the product and services that O&M provides increased, too. So the core business is actually improving quarter to quarter. When we look at the loss, the loss, again, is overwhelmed.

Speaker #4: And I know the Poof business—the loss of the Poof business—sort of overwhelms everything. But the truth is, if you look behind those kinds of numbers, a lot of the growth in revenue is coming from our engineering group, which is doing a wonderful job and increasing revenues and selling to third-party customers.

Speaker #4: And actually, the remainder of the product and services that O&M provides increased too. So the core business is actually improving quarter to quarter. And when we look at the loss, the loss again is overwhelmed.

Speaker #4: But also, because we consolidate Clear, and it is getting to the point where it's launching, there's a large expense—a large cost—going with that.

Charles Dargan: Also because we consolidate Clyra and it is getting to the point where it is launching, there is a large expense, a large cost going with that. But they raised third-party capital, which covers that, and you can see that in our cash flow statement for sure. As Dennis, as you have mentioned, and as everyone has been looking at this, if you look at our cash position from the balance sheet with over $2 million in cash, we have been able to maintain our position through a very difficult time, not only in the loss of the Pooph business, but also prepping to get Clyra into the market, which, in my personal opinion, is obviously a success for us.

Speaker #4: But they raise third-party capital which covers that. And you can see that in our cash flow statement for sure. And so as, you know, Dennis, as you've mentioned, and as everyone has been looking at this, if you look at our cash position from the balance sheet with over $2 million in cash, we've been able to maintain our position.

Speaker #4: And through, you know, a very difficult time, not only in the loss of the Pooph business, but also prepping to, you know, get Clear into the market, which, in my personal opinion, is obviously a success for us.

Speaker #4: And we've been able to do it by raising third-party capital. Granted, some of it's debt, but still, that is the underlying message, I think, from the quarter to quarter, versus looking at everything else, which again overwhelms what we've been doing.

Charles Dargan: We have been able to do it by raising third-party capital, granted some of it is debt, but still that is the underlying message, I think, from the quarter-to-quarter versus looking at everything else, which again, overwhelms what we have been doing. Bottom line there is the core business is growing in revenue. It is stable, and we look forward to the next quarters.

Speaker #4: So, bottom line there is the core business is growing in revenue. It's stable. And, you know, we look forward to the next quarters.

Speaker #3: Mm-hmm. Great, Charlie. That's good.

Dennis Calvert: Mm-hmm. Great, Charlie. That is good.

Speaker #2: And guys, a question that we got was kind of around those revenues. I'm just jumping in here because that's a good spot to ask this question.

Matt Kreps: Guys, a question that we got was kind of around those revenues. Let me just jump in here because I think it is a good spot to ask this question.

Dennis Calvert: Sure.

Speaker #2: You know, losing the proof revenues is like $1.6 million. On this slide, it’s referenced as being from Q2 of '25. We're exiting that business.

Matt Kreps: Losing the Pooph revenues, it is like $1.6 million on this slide is referenced as being from Q2 of 2025, we are exiting that business. So what we are kind of seeing here to the questions being asked is if we are adding Pooph back into that, do you see that we have a short runway to get back towards more of a historical revenue rate by recovering some of that Pooph business in the new consumer products business?

Speaker #2: So what we're kind of seeing here, to the questions being asked, is if we're adding Pooph back into that, we've got kind of a—do you see that we have a short runway to get back towards more of a historical revenue rate by recovering some of that Pooph business in the new consumer products business?

Speaker #3: Yeah, actually, to comment on that, we do. And the rate at which consumer products can ramp is unknown. So, it's uncertain, for sure.

Dennis Calvert: Yeah. I should comment on that. We do, and the rate of how fast the consumer products can ramp is an unknown, so it is uncertain for sure. But when you look at, I am going to take a round, a rough estimate. We look at what Pooph did. Pooph started with venture capital backing. They had a much larger capital base at inception, not quite at the beginning, but pretty quickly in the process of ramping up. So we are kind of taking that same approach. We look at it and say, let us start. Let us get our platform established, let us create our content, let us create our brand, and let us launch into that market in a careful way, right? Precise. Then as we get some traction and see the model working the way we believe it should, we believe additional capital will be available to that venture.

Speaker #3: But when you look at—I'm going to take a rough estimate—when you look at what Poof did, Poof started with venture capital backing.

Speaker #3: They had a much larger capital base, with the exception of not quite at the beginning, but pretty quickly in the process of ramping up. So we're kind of taking that same approach.

Speaker #3: We look at it and say, let's start. Let's get our platform established, let's create our content, let's create our brand, and let's launch into that market in a careful way, right?

Dennis Calvert: Let us get our platform established, let us create our content, let us create our brand, and let us launch into that market in a careful way, right? Precise. Then as we get some traction and see the model working the way we believe it should, we believe additional capital will be available to that venture.

Speaker #3: Precisely—and then, as we get some traction and see the model working the way we believe it should, we believe additional capital will be available to that venture.

Speaker #3: The thing to take note of is that our strategy is to fund the venture, but not fund it from the dilution that BioLargo. And that is a pivotal architectural thing that people need to really lock in here.

Dennis Calvert: The thing to take note on is that our strategy is to fund the venture, but not fund it from the dilution at BioLargo. That is a pivotal architectural thing that people need to really lock in here. So we believe we can do that. We have done it in other business ventures like Clyra and even micro battery technology. That thesis is a pretty compelling thesis for the way to finance income-generating businesses and assets that drive value for BioLargo stockholders. So we will do the same. In a conservative way, if we took half the numbers that Pooph generated and we said, "Okay, our target should be about half," that is a number that realistically could come in the $15 to plus million range over the first course of a year to a year and a half. Now, it is not going to happen all at once.

Speaker #3: And so, we believe we can do that. We've done it in other business ventures, like Clear, and even with our battery technology.

Speaker #3: That thesis is a pretty compelling thesis for the way they finance income-generating businesses and assets that drive value for BioLargo stockholders. So, we'll do the same.

Speaker #3: In a conservative way, if we took half the numbers that Poof generated, and we said, okay, let's say our target should be about half, that's a number that realistically could come in the $15 million to plus range over the first course of a year to a year and a half.

Speaker #3: Now, it's not going to happen all at once. You've got to start, and you've got to ramp. But when we look at the significance of the way these products are adopted in digital media today, we believe those numbers are very achievable for BioLargo.

Dennis Calvert: You got to start, and you got to ramp. But when we look at the significance of the way these products are adopted in digital media today, we believe those numbers are very achievable for BioLargo and BioLargo CPG. We believe that we have the playbook, the proven products, the history, the proof of claim, and the marketing team to really drive that adoption. Now we are investing in the platform to see that that platform can be used for our brand. The difference is that while we were a supply chain partner for the Pooph business, now we will own the brand. It is a big difference. So we will record the gross, then we will make decisions about deploying capital for reinvestment into the growth cycle.

Speaker #3: And BioLargo CPG. And we believe that we have the playbook, proven products, the history, the proof of claim, and the marketing team to really drive that adoption.

Speaker #3: And now we're investing in the platform to see that the platform can be used for our brand, and the difference is that while we were a supply chain partner for the Pooph business, now we'll own the brand.

Speaker #3: It's a big difference. And so we'll record the gross, and then we'll make decisions about deploying capital for reinvestment into the growth cycle. What I—if you could paint the magic picture, that would be for people to get excited about the business, drive our value, and create currency for the company, right, in the value proposition, so that we could be an investor in our business.

Dennis Calvert: If you could paint the magic picture, that would be people get excited about the business, drive our value, create currency for the company, right? In the value of our position, so that we could be an investor in our business, an investor to grow and make more money. Right? So we think that is what is coming. Okay, so that will kick off. Again, it is going to be some meaningful numbers. We are going to talk about the revenues that Pooph generated. It was about $125 million over the life cycle. Peak is about $60 million in run rate in 2025, which represented about $15 million to us in the supply chain. But the margin on our business proposition at that time was pretty significant because of the way we struck our business deal. Anyway, that is the answer. So yeah.

Speaker #3: An investor to grow and make more money. Right? So we think that's a we think that's what's coming. Okay, so that'll kick off. And so it's, again, it's going to be some meaningful numbers.

Speaker #3: And we're going to talk about, you know, the revenues that Poof generated—about $125 million over the lifecycle. Peaked at about $60 million in run rate.

Speaker #3: In '20, that's their numbers in 2025, which represented about $15 million to us in the supply chain. But the margin on our business proposition at that time was pretty significant because of the way we struck our business deal.

Speaker #3: So anyway, that's the answer. So yeah, I think the answer is, the good news is that we don't necessarily rely only on the consumer products category to replace that gap.

Dennis Calvert: I think the answer is the good news is that we don't necessarily rely only on the consumer products category to replace that gap. We also have the expanding sales and the distribution initiative with Clyra. Of course, we have a big pipeline in the PFAS business. We're going to talk about that with some more specificity. We now have a business arrangement with P'NIPI, which is brand new, and that's a business development focus. That's a commercial focus. We're pretty excited about that. Anyway, there's a number of ways we'll do that. Matt, what do you think?

Speaker #3: We also have the expanding sales and the distribution initiative with Clear. Of course, we have a big pipeline in the PFOS business, and we're going to talk about that with some more specificity.

Speaker #3: We now have a business arrangement with Tunippy, which is brand new. That's a business development focus—that's a commercial focus. So we're pretty excited about that.

Speaker #3: So, anyway, there are a number of ways we'll do that. So, Matt, what do you think?

Speaker #2: Absolutely. Yeah. And I have one more question. And as we've been asked, it probably aligns with this slide, so we should definitely jump ahead into the product slides that are next.

Matt Kreps: Absolutely. Yeah, I have one more question we've been asked that probably aligns this slide, then we should definitely jump ahead into the product slides that are next. We did have a question about just how much does it cost us for the ongoing kind of operation of the business on a monthly basis?

Speaker #2: But we did have a question about just how much it costs us for the ongoing operation of the business on a monthly basis.

Speaker #3: Yeah, right. So, yeah, let's talk about that. The financial statements present, of course, the complete picture of the business as required. So don't forget that.

Dennis Calvert: Yeah, right. Yeah, let's talk about that. The financial statements present, of course, the complete picture of the business as required, so don't forget that. When you look at that presentation, you're looking at a consolidated presentation of operating units, business companies that have their own P&L, their own balance sheet. They're consolidated because of our control position. We believe some of these one day we won't be in a control position. That would be a third-party independent company that we're connected with as a shareholder, potentially a royalty receiver. That's the future for the company. Some of these companies are built to spin out.

Speaker #3: But when you look at that presentation, you're looking at a consolidated presentation of operating units—business companies that have their own P&L, their own balance sheet.

Speaker #3: And they're consolidated because of our control position. Now, we believe some of these one day we won't be in a control position. That would be a third-party independent company that we're connected with as a shareholder, potentially a royalty receiver.

Speaker #3: So that's the future for the company. Some of these companies—I want to remind everybody that I know a lot of people know it, but if you don't know it, it's important to understand.

Dennis Calvert: I want to remind everybody that I know that a lot of people know it, but if you don't know it's important to understand these companies have inherent value because of the technology, their work that's done to solidify their market position. As that happens, they become very valuable. As the value can be realized, that could be through a joint venture, a licensing, an exit like a sale, or even an IPO, like a public offering. Okay? When you sit back from the company and you look at the overhead structure, the parent company basically needs about $250,000 a month to run its current level of operations. That's pretty skinny. That's doing a lot. That's incubating the battery company with staff and logistics.

Speaker #3: These companies have inherent value because of their technology and the work that's done to solidify their market position. As that happens, they become very valuable.

Speaker #3: And as the value can be realized, that could be through a joint venture, licensing, an exit like a sale, or even an IPO, like a public offering.

Speaker #3: Okay? So, when you strip—when you step back from the company and you look at the overhead structure, the parent company basically needs about $250,000 a month to run its current level of operations.

Speaker #3: And that's pretty skinny. Now, that's doing a lot. That's incubating the battery company with staff and logistics. And so what happens is, to the extent capital becomes available in that battery company, we can expand its focus.

Dennis Calvert: What happens is, to the extent capital becomes available in that battery company, we can expand its focus. Same thing in the water technology. We have invested, I do not know, a couple million dollars in the water technology, plus years. We have supported an existing overhead. We have generated, all in on all water-related technologies, about USD 1.7 million in commercial revenue. It is the working capital plus the revenue that has allowed us to do what? Well, go out and find a commercial installation, get our first reference site, march through the refinement of the intellectual property and the science itself. The current run rate is also supporting corporate, legal, accounting, insurance, all the things that are pretty important.

Speaker #3: Same thing in the water technology. We've invested, I don't know, a couple of million dollars in the water technology, plus years. We've supported an existing overhead.

Speaker #3: We've generated about—in all, on all water-related technologies—about $1.7 million in commercial revenue. And so it's the working capital plus the revenue that has allowed us to do what?

Speaker #3: Well, go out and find a commercial installation, get our first reference site, march through the refinement of the intellectual property and the science itself, so the current run rate is also supporting corporate legal, accounting, insurance—all the things that are pretty important.

Speaker #3: And it's also supporting the incubation, if you will, of our PFOS business—our R&D unit that has now landed this relationship with Tunippy, which we think is awesome.

Dennis Calvert: It is also supporting the incubation, if you will, of our PFAS business, our R&D unit that has now landed this relationship with Tunapi, which we think is awesome, and the battery company itself. When you step away, the engineering company has had extraordinary growth. They need some working capital here and there, but they are basically self-sufficient, and they are in a profitable mode, but for their R&D. When they do R&D for us, that is eliminated in consolidation. Because of that work, because we cannot record it as revenue to the engineering group, it is not booked as something that can generate a profit on consolidation. In an unconsolidated presentation, we believe the engineering group's financial performance is quite remarkable. It is awesome. Okay? Okay.

Speaker #3: And the battery company itself. So, when you step away, the engineering company has had extraordinary growth. They need some working capital here and there, but they're basically self-sufficient.

Speaker #3: And they're in a profitable mode, but for their R&D. When they do R&D for us, that's eliminated in consolidation. And so, because of that work—because we can't record it as revenue to the engineering group—it's not booked as something that can generate a profit on consolidation.

Speaker #3: But in an unconsolidated presentation, we believe the engineering group's financial performance is quite remarkable. It's awesome. Okay? Okay. So with all that said, yeah, go ahead.

Charles Dargan: Absolutely.

Matt Kreps: Absolutely.

Dennis Calvert: With all that said. Yeah, go ahead.

Speaker #2: Yeah, I think that's a good answer to that question. Let's keep driving forward and talk about the businesses.

Charles Dargan: Yeah. I think that is a good answer to that question, and let us keep driving forward towards talking about the businesses.

Matt Kreps: Yeah. I think that is a good answer to that question, and let us keep driving forward towards talking about the businesses.

Speaker #3: Yeah, so this kind of describes that. Yeah, it describes that dynamic, right? So what does this slide tell us on this, right? Clear is in the company that's now able to secure significant independent investment.

Dennis Calvert: Yeah. This kind of describes

Charles Dargan: How does this describe some of that?

Matt Kreps: [crosstalk]

Dennis Calvert: Yeah. It describes that dynamic, right? What is this slide telling us? Clyra is a company that is now able to secure significant independent investment. When it gets the money, it is going to put it to work. When it puts it to work, what is it going to do? It is going to build infrastructure to support massive scale. Massive scale, right? Scaled manufacturing to support big boy sales, big boy distribution that can support a MedTech company that is competing in a very competitive market. That is what happens. Just look at it, 6.5% of the revenue generate 55% of the loss. Okay? What happens in the consolidation is some of that loss is stripped out and is attributable to investors that own the minority interest of Clyra.

Speaker #3: And when it gets the money, it's going to put it to work. And when it puts it to work, what's it going to do?

Speaker #3: It's going to build infrastructure to support massive scale—massive scale, right? Scaled manufacturing to support big-boy sales, big-boy distribution, that can support a medtech company that's competing in a very competitive market.

Speaker #3: So that's what happens. So just look at it: 6.5% of the revenue is generating 55% of the loss. Okay? Now, what happens in the consolidation is some of that loss is stripped out and is attributable to investors that own the minority interest in Clear.

Speaker #3: And so this is a demonstration of how the architecture of the company at the macro level shows the accumulated loss—the accumulated deficit. But in reality, it's being financed by investors in Clear.

Dennis Calvert: This is a demonstration how the architecture of the company at the macro level shows the accumulated loss, the accumulated deficit. In reality, it is being financed by investors in Clyra. How does this work? Well, it means that every time that investment is happening, it is building value in the proposition that Clyra presents for the marketplace, inherent value that our BioLargo shareholders get to participate in. That is a good example. Let us move on to the next slide. Yeah. Overall, company, this is really important. I think sometimes people miss it. In the total new capital that was brought into the company on a cash basis, 86% was raised outside the parent company. We brought in about USD 650,000 through the quarter, plus that USD 650,000 also includes some subsequent events post-closing. About USD 650,000 over, let us call it four months.

Speaker #3: And so how does this work? Well, it means that every time that investment's happening, it's building value in the proposition that Clear presents for the marketplace, inherent value that our BioLargo shareholders get to participate in.

Speaker #3: So that's a good example. Let's move on to the next slide.

Speaker #2: Yep.

Speaker #3: Yeah. So now, overall, company—this is really important. I think sometimes people miss it. So in the total new capital that was brought into the company, on a cash basis, 86% was raised outside the parent company.

Speaker #3: We brought in about $650,000 through the quarter. That $650,000 also includes some subsequent events post-closing. So, about $650,000 over, let's call it, four months.

Speaker #3: And what does that number match? Well, it's pretty close to the $250,000 we talked about. And so that's where we've leaned on our equity line.

Dennis Calvert: What does that number match? Well, it is pretty close to the $250,000 we talked about. That is where we have leaned on our equity line and some of the other instruments that allow us to capitalize. It is really a very lean overhead compared to the value propositions that we are building. I do think we should note that on the funding that has come in for Clyra, we have also guaranteed it, and that is implicit. Why would we guarantee it? Well, because it is worth it. Right now, Clyra is operating at close to $100 million valuation. Substantial capital is still coming into the business. One of the things I think alarmed people at the end of the quarter is the burn rate at Clyra raises the question, "Hey, is Clyra going to be able to get there?" Well, the answer is Clyra is going to raise some more money.

Speaker #3: And some of the other instruments that allow us to capitalize. And it’s really a very lean overhead compared to the value propositions that we’re building.

Speaker #3: I do think we should note that, on the funding that’s come in for Clear, we’ve also guaranteed it. And, well, because it’s worth it.

Speaker #3: Right now, Clear is operating at close to a $100 million valuation. Substantial capital is still coming into the business. You know, one of the things I think alarmed people at the end of the quarter is the burn rate at Clear, which raises the question, hey, is Clear going to be able to get there?

Dennis Calvert: Right now, Clyra is operating at close to $100 million valuation. Substantial capital is still coming into the business. One of the things I think alarmed people at the end of the quarter is the burn rate at Clyra raises the question, "Hey, is Clyra going to be able to get there?" Well, the answer is Clyra is going to raise some more money.

Speaker #3: Well, the answer is Clear is going to raise some more money. And yeah, they're going to get there. I mean, we believe that. We believe that's true.

Dennis Calvert: Yeah, they are going to get there. We believe that. We believe that is true. Of course, anything we can do to help them, we do because of our stockholder fear and some of the pressure we have seen on our stock. It has made it very difficult for BioLargo to be a funder for Clyra at this moment. But we believe the market will correct that when it figures out what is actually going on. It is our job to get that message out. It is one of the reasons we are having this call, is to make sure people really sink in here that the value proposition is so dramatic, it is worth us investing. Okay? Let us go to the next slide. Let us see. Charlie, you might be able to comment on the next one, just the basic concepts we have covered here.

Speaker #3: And of course, anything we can do to help them, we do. Because of our stockholder fear, and some of the pressure we've seen on our stock, it has made it very difficult for BioLargo to be a funder for Clear at this moment.

Speaker #3: But we believe the market will correct that when it figures out what's actually going on, and it's our job to get that message out.

Speaker #3: And that's one of the reasons we're having this call—to make sure people really understand that the value propositions are so dramatic, it's worth us investing.

Speaker #3: Okay? So let's go to the next slide.

Speaker #2: Let's see.

Speaker #3: Charlie, you might be able to comment on the next one—just the basic concepts we've covered here.

Speaker #1: Yeah, sure. Happy to do so. So I think, again, we're going back to, you know, the lost revenue, but what have we done as a discipline?

Charles Dargan: Yeah, sure. Happy to do so. I think, again, we are going back to the lost revenue, but what have we done as a discipline? The corporation has always been able to maintain its operating expenses and certainly its overhead. That is what we are really talking about here is we have had a reduction in our corporate overhead, largely driven by lower salaries. The offset here is that as we have continued to raise capital, we have obviously paid more out in professional fees. Then, obviously with the litigation, we have additional expenses related to attorneys. But it goes back to the discipline of the corporation from its get-go, which is we have always maintained a strict operating expense methodology.

Speaker #1: And the corporation is always been able to maintain its operating expenses. And certainly, it's overhead. And that's what this is what we're really talking about here is we've had a reduction in our corporate overhead, largely driven by lower salaries.

Speaker #1: The offset here is that as we've continued to raise capital, we've obviously paid more out in professional fees. And then, obviously, with the litigation, we have additional expenses related to attorneys.

Speaker #1: But it goes back to the discipline of the corporation from its get-go, which is we've always maintained a strict operating expense methodology. And so, when it's come to corporate overhead and overheads in the divisions and the subsidiaries, we've watched that very closely.

Charles Dargan: When it has come to corporate overhead, and overhead is in the divisions and the subsidiaries, we have watched that very closely. So have been able to maintain our positions through thick and thin, and overall, have kept the corporation moving forward.

Speaker #1: And so, we have been able to maintain our positions through thick and thin, and overall have kept the corporation moving forward.

Speaker #3: Yeah, I think that's right. Moving forward is the key—operative, right? Not taking steps back, but figuring out how to tighten the belt, move forward, and create opportunity that can drive value.

Dennis Calvert: Yeah. I think that's right. Moving forward is the key operative, right? Not taking steps back.

Charles Dargan: Yep

Dennis Calvert: figuring out how to tighten the belt, move forward, and create opportunity that can drive value. So we keep doing that. I will also note that the leaders, often the leaders, have invested in the company. I have made substantial investments. Also, we have invested in some of the subsidiary projects, as have many of the executives at Clyra have also invested. So that's a cultural, number one, we believe it. We believe it is worth it, especially at these prices. It is such a bargain. So the Form 4s indicate that, so that's clearly visible. Also, Ken and I, which are the largest stockholders, have also locked up our positions to make sure everyone knows that we are in for the long haul, which, of course, if you cannot see it, you are not watching. It is so evident everywhere. So that lockup is really important. We are not trading in our securities.

Speaker #3: So we keep doing that. I'll also note that the leaders, often, the leaders have invested in the company. I've made substantial investments also. We've invested in some of the subsidiary projects, as have many of the executives at Clear; they have also invested.

Speaker #3: And so that's a cultural number one—we believe it. We believe it's worth it, especially at these prices. It's such a bargain. So the Form 4s indicate that.

Dennis Calvert: So the Form 4s indicate that, so that's clearly visible. Also, Ken and I, which are the largest stockholders, have also locked up our positions to make sure everyone knows that we are in for the long haul, which, of course, if you cannot see it, you are not watching. It is so evident everywhere. So that lockup is really important. We are not trading in our securities.

Speaker #3: So that's clearly visible. And also, Ken and I, who are the larger stockholders, have also locked up our positions to make sure everyone knows that we're in for the long haul.

Speaker #3: Which, of course, if you can't see it, you're not watching. I mean, it's so evident everywhere. And so, that lock-up is really important. We're not trading in our securities.

Speaker #3: We're investing, and we believe that the future is really bright. We believe it's worth it. High impact, significant value. I had a meeting yesterday at the LD Micro NASDAQ Summit.

Dennis Calvert: We are investing, and we believe that the future is really bright, and we believe it is worth it. High impact, significant value. I had a meeting yesterday at the LD Micro NASDAQ Summit, and it was such a nice opportunity. There were 20 companies presenting. We were the only OTC company there. Everybody else was a NASDAQ company or a high-tech startup. There was a couple there for that in the AI field. Anyway, it was such a wonderful experience. Part of the reason that I think people really take a note is because we, and I use the language, you have to look at what's under the hood, because what's under the BioLargo hood is really a very powerful engine, and it is built for some horsepower. That's the challenge, right? The challenge is to convey that, because it takes a deep dive. It is pretty technical. It is not easy.

Speaker #3: And it was such a nice opportunity. There were 20 companies presenting. We were the only OTC company there, and everybody else was a NASDAQ company or a high-tech startup.

Speaker #3: There are a couple there for that, in the AI field. Anyway, it was such a wonderful experience. And part of the reason that I think people are really taking note is because I use the language— you have to look at what's under the hood.

Dennis Calvert: Part of the reason that I think people really take a note is because we, and I use the language, you have to look at what's under the hood, because what's under the BioLargo hood is really a very powerful engine, and it is built for some horsepower. That's the challenge, right? The challenge is to convey that, because it takes a deep dive. It is pretty technical. It is not easy.

Speaker #3: Because what's under the BioLargo hood is really a very powerful engine, and it's built for some horsepower. And that's the challenge, right? The challenge is to convey that.

Speaker #3: Because it takes a deep dive. It's pretty technical. It's not easy. And if you're a fly-by and you just want to watch the stock price, we understand.

Dennis Calvert: If you are a flyby and you just want to watch the stock price, we understand. Those are probably not the people who are going to take long positions, and certainly not the people who are going to accumulate big positions. People that accumulate big positions, they look under the hood. They check the engine. They want to see that horsepower. So we think that's the mainstay of the company. Of course, our job is to turn that into revenue and cash flow and all the other things that are so important. The beauty is, we paid a dear price to be here, and we think we are on track for that future. So now we are going to talk, I think, about Matt, anything you want to ask about any of that? Any questions or comments?

Speaker #3: Those are probably not the people who are going to take long positions, and certainly not the people who are going to accumulate big positions.

Speaker #3: People who accumulate big positions, they look under the hood. They check the engine. They want to see that horsepower. And so, we think that's the mainstay of the company.

Speaker #3: And of course, our job is to turn that into revenue and cash flow, and all the other things that are so important. And the beauty is, we paid a dear price to be here, and we think we're on track for that future.

Speaker #3: So now we're going to talk, I think, about Matt. Anything you want to ask about any of that? Any questions or comments?

Speaker #2: No, I think we've hit several of the good questions, and we have, I think, given a pretty strong overview of the year. It was a challenging year, but we've worked through it.

Matt Kreps: No, I think we have hit several of the questions, and we have, I think, given a pretty strong overview of the year. It was a challenging year, but we have worked through it, and we are moving towards that value recognition. Let us talk about what that looks like with the commentary on the different businesses. We have got about 25, 30 minutes here. Let us try to use that to really focus on the business lines.

Speaker #2: We're moving towards that value recognition. So, let's talk about what that looks like, with commentary on the different businesses. We've got about 25 to 30 minutes here.

Speaker #2: So let's try to use that to really focus on the business lines.

Speaker #3: I'm going to have to go fast, yeah. Okay, I can do it. So, the battery salinity, right? Salinity. Infinity Cell, salinity. Yeah. So, the business model is pretty—I think—awesome.

Dennis Calvert: I am going to have to go fast again. Okay, I can do it. The battery, Cellinity, right? Cellinity. Infinity cell. Cellinity. The business model is pretty, I think, awesome. And that is don't sell batteries, sell factories. We sell factories, not batteries. The barrier to entry is astronomically high. This is huge. How do you come through that? How do you get through the barrier, right? The answer is you don't carry the cost of it. You share it. We argue it is an extraordinarily share-the-wealth business model. And it is at a time in the world where the market demand for what we are proposing with that Cellinity battery cell is so overwhelming, it is hard for me to describe. We have got a number of substantive negotiations. And here is the way I think about the Cellinity project.

Speaker #3: That is, don't sell batteries—sell factories. We sell factories, not batteries. Okay. So the barrier to entry is astronomically high. I mean, this is huge.

Speaker #3: And so, how do you come to that? How do you get through the barrier, right? And the answer is, you don't carry the cost of it.

Speaker #3: You share it. So, we argue it's an extraordinarily sheer wealth business model. And it's at a time in the world where the market demand for what we're proposing with that salinity battery cell is so overwhelming, it's hard for me to describe.

Speaker #3: So we've got a number of substantive negotiations, and here's the way I think about the salinity project: it's important that BioLargo not be seen as the funder that's going to carry that capex.

Dennis Calvert: It is important that BioLargo not be seen as the funder that is going to carry that CapEx. That CapEx is going to be about $250 million. What we are going to do is we are going to be the vendor that supplies the technology and the engineering procurement and the design and the build and the architecture to capture extraordinary incentives, as much as 50% of the CapEx. We have got a project cooking down in Puerto Rico where 80-plus percent of the project can get financed with incentives. And so there is a push and a pull, right? You have got to prop up a three-legged stool. In any event, the business model is to take a minority equity, a royalty, and they get revenue the day you get it financed.

Speaker #3: That CapEx is going to be about $250 million, okay? So what we're going to do is we're going to be the vendor that supplies the technology and the engineering, procurement, and the design and the build and the architecture to capture extraordinary incentives.

Speaker #3: As much as 50% of the capex. We've got a project cooking down in Puerto Rico where over 80% of the project can get financed with incentives.

Speaker #3: And so there's a push and a pull, right? You've got to prop up a three-legged stool. In any event, the business model is to take a minority equity, a royalty, and then get revenue the day you get it financed.

Speaker #3: So while everyone might discount and look at the battery technology and say, "Oh my gosh, that's a dreamer," I say, "Yeah, maybe. Until we land one."

Dennis Calvert: While everyone might discount and look at the battery technology and say, "Oh my gosh, that is a dreamer," I say, "Yeah, maybe, until we land one." And when we do, we are instantly profitable on that business unit. I mean, instantly. Now, we will have to put some money into the de-risking on the scaling, so it is not free, but we will have a balance sheet to do it, and we will have an offtake committed with a partner to finance the factory. This factory is about 170 million each. Let us go to the next slide, Matt. Remember, my work with the Secretary of Commerce has been awesome, and I serve as a chairman of the subcommittee On enabling innovative technologies, and this is one of the pieces that is part of the analysis in the strategic national interest of the United States. Critical. US national strategic interest.

Speaker #3: And when we do, we're instantly profitable on that business unit. I mean, instantly. Now, we'll have to put some money—it's not free. But we'll have a balance sheet to do it.

Speaker #3: And we'll have an off-take committed with a partner to finance the factory, which is about $170 million each. So let's go to the next slide, Matt.

Dennis Calvert: This factory is about 170 million each. Let us go to the next slide, Matt. Remember, my work with the Secretary of Commerce has been awesome, and I serve as a chairman of the subcommittee On enabling innovative technologies, and this is one of the pieces that is part of the analysis in the strategic national interest of the United States. Critical. US national strategic interest.

Speaker #3: So, remember, my work with the Secretary of Commerce has been awesome. I serve as chairman of a subcommittee on enabling innovative technologies. And this is one of the theses that’s part of the analysis and the strategic national interest of the United States.

Speaker #3: Okay? Critical. U.S. national strategic interest. This is a one-of-a-kind asset. It's got over 15 years of R&D, and there are four macro trends that are driving adoption.

Dennis Calvert: This is a one-of-a-kind asset. It has over 15 years of R&D, and there are four macro trends that are driving adoption, which are extraordinary. First is AI, of course, but it is more than AI. It is the fragile grid, it is the energy. It is the demand on energy requires storage. It requires a lot of storage. Many companies are being picked as the growth quarter. Where the market is going to go up 2x, batteries are going to go up 3 and 7x. It is astonishing. So demand, mostly driven by AI, of course. The supply chain is a real problem, and that is mostly China. China's supply chain is a real problem. Tariffs, geopolitical concerns, rare earth elements, lots of real problems, none of which we have. The Achilles heel of the industry is degradation.

Speaker #3: Which are extraordinary. First is AI, of course. But it's more than AI. It's the fragile grid. It's the energy. It's the demand on energy that requires storage.

Speaker #3: Okay? And it requires a lot of storage. So many companies are being picked as the growth corridor where the market's going to go up 2X, and batteries are going to go up 3X and 7X.

Speaker #3: It's astonishing. So much demand, mostly driven by AI, of course. The supply chain is a real problem, and that's mostly China. China's supply chain is a real problem.

Speaker #3: Tariffs. Geopolitical concerns. Rare earth elements. Lots of real problems—none of which we have. The Achilles' heel of the industry is degradation. That means the minute you take today's batteries that are available at scale and you deploy them, the day you put them in the field, they start losing capacity.

Dennis Calvert: That means the minute you take today's batteries that are available at scale and you deploy them, the day you put them in the field, they start losing capacity. The day they start, they lose capacity. So we have evidence to show 5 years, no degradation, and up to another. Excuse me, that is 10 years. 10 years, no degradation, and another 10-year cycle with only 4% degradation under pressure, under extreme testing conditions. So 4%, 20 year. We are selling a 20-year technology design in a market that is arguably a 7-year market with up to 15% degradation. It is an extraordinary claim. There is a whole bunch of other things. No runaway fire risk, rare earth elements. All of that is important. Then the ownership structure is one in which we share the ownership with the partners that pull us in with capital balance sheets.

Speaker #3: The day they start, they lose capacity. So, we have evidence to show five years—no degradation. And up to another—excuse me, that's ten years.

Speaker #3: Ten years with no degradation, and another ten-year cycle with only 4% degradation under pressure—under extreme testing conditions. So, 4% over twenty years. We're selling a twenty-year technology design in a market that's arguably a seven-year market, with up degradation.

Speaker #3: It's an extraordinary claim. There's a whole bunch of other things, right? No fire, no runaway fire risk, rare earth elements—all of that's important.

Speaker #3: And then the ownership structure is one in which we share the ownership with the partners that pull us in with capital balance sheets. So we've got a number of projects in serious discussions.

Dennis Calvert: We have a number of projects in serious discussions. Then ultimately, it is really being driven by this idea of share the wealth, and share the wealth with the people that pull you into the market. That is a very compelling argument. So caveat, of course, until those are financed, we are not able to execute on a commercial strategy. The idea of bootstrapping a battery company, I do not really want to do it. I do not think that is the way to do it. I think that is a mistake. So the answer is advance the technology to the level at which it is psychologically and intellectually de-risked at a level to enable significant investment to go to scale all at once. So there you go. Did we cover it, Matt?

Speaker #3: And then ultimately, it's really being driven by this idea of share the wealth, and share the wealth with the people that pull you into the market.

Speaker #3: That's a very compelling argument. So, caveat, of course: until those are financed, we're not able to execute on a commercial strategy. The idea of bootstrapping a battery company—I don't really want to do it.

Speaker #3: I don't think that's the way to do it. I think that's a mistake. So the answer is, advance the technology to the level at which it's psychologically and intellectually de-risked, at a level to enable significant investment to go to scale all at once.

Speaker #3: So, there you go. Did we cover it, Matt?

Speaker #2: We did. And let's jump ahead to Cleara, which is the next section. I think that's where a lot of the investors were very focused, and probably some of the most meaningful updates to share.

Matt Kreps: We did. Let us jump ahead to Clyra, which is the next section. Because I think that is where a lot of investors were very focused and probably some-

Dennis Calvert: Sure

Matt Kreps: of the most meaningful updates to share.

Speaker #3: Yeah. I mean, the biggest thing is this year's pretty remarkable. So Advanced Solution is in. They've now got a first-order stock in inventory.

Dennis Calvert: Yeah. The biggest thing is this year is pretty remarkable. Advanced Solution is in. They have got a first order, stock, and inventory. If you just think through the logistics of what they are doing, they are taking the technology to the marketplace. They are interfacing with physicians, that is clinical people, and wound care clinics who use the product. Those physicians and care providers use the product in the clinical setting. They get experience with it. They look at the data. They know that it is already got FDA clearance, and the claims are proven. Also, clinical work advances with key opinion leaders. Key opinion leaders produce data. They do conferences. They talk about the product, and it is being socialized in the market. Advanced Solution also has a significant sales force. I think it is about 350, maybe up to 400 people. I am not sure where that is at, but it is pretty significant.

Speaker #3: Now, if you just think through the logistics of what they're doing, they're taking the technology to the marketplace. They're interfacing with physicians, that's clinical people, and wound care clinics who use the product.

Speaker #3: Those physicians and care providers use the product in the clinical setting. They get experience with it. They look at the data. They know that it's already got FDA clearance.

Dennis Calvert: They know that it is already got FDA clearance, and the claims are proven. Also, clinical work advances with key opinion leaders. Key opinion leaders produce data. They do conferences. They talk about the product, and it is being socialized in the market. Advanced Solution also has a significant sales force. I think it is about 350, maybe up to 400 people. I am not sure where that is at, but it is pretty significant.

Speaker #3: And the claims are proven. Also, clinical work advances with key opinion leaders. Key opinion leaders produce data, they do conferences, they talk about the product.

Speaker #3: And it's being socialized in the market. Advanced Solution also has a significant sales force. I think it's about 350, maybe up to 400 people.

Speaker #3: I'm not sure where that's at, but it's pretty significant. And so they're now laying the groundwork for adoption with major systems. So the way that looks is, physicians support it.

Dennis Calvert: They are now laying the groundwork for adoption with major systems. The way that looks is the physicians support it. They get a buy signal. The buy signal translates to purchasing order. Purchasing orders goes through a review committee. Committees approve it. They then say, "Okay, you are now eligible to sell." The big systems come back and negotiate pricing and terms and all kinds of things, which is standard fare. We need to compete there, and we are. All that is in the works, and it is pretty remarkable. What we think we will see near term is the fruit of all that work with expanded orders, pretty significant pull-through to the clinics in the use of the product, and of course, the clinical work is expanding. Al Hikma, of course, is the Middle East.

Speaker #3: They get a buy signal. The buy signal translates to a purchasing order. Purchasing orders go through a review committee. The committee approves it. They then say, "Okay, you're now eligible to sell." The big systems come back and negotiate pricing and terms and all kinds of things.

Speaker #3: Which is standard fare. We need to compete there, and we are. So all that is in the works, and it's pretty remarkable. What we think we'll see in the near term is the fruit of all that work, with expanded orders, pretty significant pull-through to the clinics in the use of the product, and of course, the clinical works expanding.

Speaker #3: Al-Hikma, of course, is the Middle East. I can't remember—I think it's 17 countries. And the company, with Al-Hikma, has been working through the regulatory filings to get the CE mark.

Dennis Calvert: I cannot remember, I think it is 17 countries, and the company with Al Hikma has been working through the regulatory filings to get the CE mark and the other regulated requirements to be licensed to sell in those countries and nation states. Somewhere between the first one, and I think it is 17, in the 17th, Al Hikma will begin to start taking inventory and pushing product into the market. The activity is nonetheless significant to prepare for the launching into the selling process, which will very much probably take the same route that the work with Advanced Solution has taken. Spartan Medical, that is a super nice win. The medical channel for military and for VA and the GSA schedule is robust. That is a brand-new relationship. I cannot remember the number. I want to say we have got 6 or 7 SKUs.

Speaker #3: And the other regulated requirements to be licensed to sell in those countries and nation-states. And somewhere between the first one and, I think, it's seventeen.

Speaker #3: And on the 17th, Al-Hikma will begin to start taking inventory and pushing product into the market. But the activity is nonetheless significant. To prepare for launching into the selling process, which will probably very much take the same route that your work with Advanced Solution has taken.

Speaker #3: And then Spartan Medical—that's a super nice win. The medical channel for military and for VA, and the GSA schedule, is robust. That's a brand-new relationship.

Speaker #3: And I remember the number. I want to say we’ve got six or seven SKUs as product designs, which is sizing and labeling. They’re in the catalog now.

Dennis Calvert: That's product signs, which is sizing and labeling. They're in the catalog now, and that's just now getting started. Basically, these three channels are now active. I would argue that, in this case, many of the companies that come through regulatory get to this position and have a very difficult time getting distribution to take up the cause of the product. For us to have three active distributors that encompass probably 70% plus of the market, that's a pretty good start, and it's all happened really in about 7 months. We're anxious, and we think we'll continue to see the fruit of that. Let's go on to the next one, if we may.

Speaker #3: And so that's just now getting started. And basically, these three channels are now active. I would argue that, in this case, many of the companies that come through regulatory get to this position and have a very difficult time getting distribution to take up the cause of the product.

Speaker #3: And so, for us to have three active distributors that encompass probably 70-plus percent of the market, that’s a pretty good start. And it’s all happened really in about seven months.

Speaker #3: And so we're anxious, and we think we'll continue to see the fruit of that. So let's go on to the next one, if we may.

Speaker #3: Yeah. We've talked a lot about the updates for Cleara, and so a lot of this is in the last press release, so I don't have to go through all of it.

Dennis Calvert: We've talked a lot about the updates for Clyra, and a lot of this is in the last press release, so I don't have to go through all of it. I want to remind everybody that ViaCLYR is an FDA-cleared product leveraging QleraSEPT as an antimicrobial platform that can be used to design dozens and dozens and dozens of products. We've surrounded the company now with 14 full-time employees. That's that burn rate, right? That's that number we've already talked about. Why are we ramping up the infrastructure at Clyra? That goes down to the bottom right column, which is our fourth big relationship for national distribution. I know everyone's really anxious to get the information about that. We still are under NDA. What I can say is that we're advancing towards the launch. We can see it in sight. We think it's near term.

Speaker #3: But I want to remind everybody that ViaClear is an FDA-cleared product, leveraging Clearacept. There's an antimicrobial platform that can be used to design dozens and dozens and dozens of products, okay?

Speaker #3: We've surrounded the company now with 14 full-time employees. That's that burn rate, right? Those are the numbers we've already talked about. Why are we ramping up the infrastructure at Cleara?

Speaker #3: Well, that goes down to the bottom right column, which is our fourth big relationship for national distribution. I know everyone's really anxious to get the information about that.

Speaker #3: We are still under NDA, but what I can say is that we're advancing towards the launch. We can see it in sight, and we think it's near term.

Speaker #3: In the last communication—I think it was the press release—we talked about a 2027 start, and I hope it's really early. That's the target, and so far, we're advancing on a daily basis.

Dennis Calvert: In the last communication, I think it's the press release, we talked about 2027 start, and I hope it's really early. That's the target. So far, we're advancing on a daily basis. It's very demanding for the team at Clyra. They're handling it wonderfully. The engagement with our big partner is substantial, and it's not daily, but weekly. There's dozens of people that are involved in the decision-making on product design and put-up, and we're in the final steps of making the next moves with all the paperwork that gets that product ready to go into very large-scale distribution. So it's a big one, and we're really anxious for it to get to the next step. I think that that. Go ahead.

Speaker #3: It's very demanding for the team at Cleara. They're handling it wonderfully. The engagement with our big partner is substantial. And it's not daily, but weekly.

Speaker #3: There are dozens of people involved in the decision-making on product design and development. We're in the final steps of making the next moves with all the paperwork that gets that product ready to go into very, very large-scale distribution.

Speaker #3: So it's a big one, and we're really anxious for it to get to the next step. I think that—go ahead.

Speaker #2: So, just clarifying one thing on that large partner. We did have several questions submitted, and I think a lot of them are addressed by what you've spoken to.

Matt Kreps: Just clarifying one thing on that large partner. We did have several questions submitted. I think a lot of them.

Dennis Calvert: Sure

Matt Kreps: are addressed by what you've spoken to. But one of the-

Speaker #2: But one of the questions we didn't quite address is that the partner already has distribution, sales access, approvals for use, and so on. So they're kind of plug and play, as opposed to the steps you outlined earlier on, from a pure distribution standpoint.

Dennis Calvert: Okay

Matt Kreps: one of the questions we didn't quite speak to is that partner already has distribution, sales, access, approvals for use, et cetera. So they're kind of a plug-and-play, as opposed to the steps you outlined early on from a pure distribution standpoint.

Speaker #3: Well, that's a really good question. It's sort of—I wish it was a black-and-white answer. I want to try and give you the more accurate version.

Dennis Calvert: Well, that's a really good question. Sort of. I wish it was a black and white answer. I want to try and give you the more accurate version. Here's the way it goes. Some of the major systems are still going to want to negotiate volume pricing. The difference is that we're negotiating with what we call the big kahuna, big partner at the table with built-in sales, built-in distribution, built-in pricing, all these things that can make that happen much faster. So there'll be a lot that will happen fast, but some will also require some time. It's just the way it works, and it's always a rocky start in these things. But we're forecasting in that operation. Here's the way to think of the evidence. Investors keep putting money into Qlera. Okay, what's the difference. Well, they have advantage of confidentiality of not trading on our stock.

Speaker #3: Here's the way it goes. Some of the major systems are still going to want to negotiate volume pricing. The difference is, they were negotiating with what we call the big kahuna—big partner at the table—with built-in sales, built-in distribution, built-in pricing, all these things that can make that happen much faster.

Speaker #3: So there'll be a lot that will happen fast, but some will also require some time. I mean, it's just the way it works. And it's always a rocky start in these things.

Speaker #3: But we're forecasting in that operation—I mean, here's the way to think of the evidence. Investors keep putting money into Cleara. Okay? What's the difference?

Speaker #3: Well, they have the advantage of confidentiality. I'm not trading on our stock. It's just really that simple. And so we believe that will continue because the opportunity is so substantial.

Dennis Calvert: It's really that simple. We believe that that will continue because the opportunity is so substantial, and the groundwork that's being laid with other distribution channels on ViaCLYR only strengthen the case. It's all additive to the financial thesis, okay. So, yeah. Some of it will go faster, for sure. But I wouldn't expect major systems to concede pricing and volume purchasing overnight. There is definitely some set-up things that will go on even with the big partner, which is probably something like 3 to 6-month set-up, and then we should really see an acceleration occur from that moment forward. They can't do that work until the product's finalized and got all the paperwork that allows it to go into the channel, and that's where we're at with that work. So the minute that's done, that can start. Okay.

Speaker #3: And the groundwork that's being laid with other distribution channels on ViaClear only strengthens the case. It's all additive to the financial thesis, okay? So, yeah.

Speaker #3: So, some of it will go faster for sure, but I wouldn't expect major systems to concede pricing and volume purchasing overnight. And so, there are definitely some setup things that will go on, even with the big partner, which is probably something like a three- to six-month setup.

Speaker #3: And then we should really see an acceleration occur from that moment forward. And they can't do that work until the product is finalized and has all the paperwork that allows it to go into the channel.

Speaker #3: And that's where we're at with that work. So, the minute that's done, that can start. Okay?

Speaker #2: All right. Let's go ahead and push forward into PFOS.

Matt Kreps: All right. Let's go ahead and push forward into PFAS.

Speaker #3: Yeah, so the PFOS is a very exciting business unit. There are a number of companies recently that have gotten some pretty substantial funding, which is very interesting to me.

Dennis Calvert: Yeah. The PFAS is a very exciting business unit. There is a number of companies recently that have gotten some pretty substantial funding, which is very interesting to me because we know the technical landscape of what is available in the marketplace, and as we always often say, we have not seen a technology yet that can threaten our value proposition, and it is very unique, and it is very valuable. In this case, we have invested substantial capital, and that capital came from invested capital from BioLargo, and it also came. It is through our balance sheet treatment, right? Because we own 100% of this, and it has also come from revenue, about $1.7 million total revenues in all water-related activities since the inception of this company. So that is a relatively lean budget to do a lot. What we found in that is, I think we have got about 20 trials.

Speaker #3: Because we know the technical landscape of what's available in the marketplace. And as we often say, we've not seen a technology yet that can threaten our value proposition.

Speaker #3: And it's very unique, and it's very valuable, okay? In this case, we've invested substantial capital, and that capital came from invested capital from BioLargo.

Speaker #3: And it also came—that's through our balance sheet treatment, right? Because we own 100% of this. And it's also come from revenue—about $1.7 million total revenues in all water-related activities since the inception of this company.

Dennis Calvert: and it also came. It is through our balance sheet treatment, right? Because we own 100% of this, and it has also come from revenue, about $1.7 million total revenues in all water-related activities since the inception of this company. So that is a relatively lean budget to do a lot. What we found in that is, I think we have got about 20 trials.

Speaker #3: So that's a relatively lean budget to do a lot. And what we found in that—which, I don't know, I think we got about 20 trials.

Speaker #3: We got our first commercial installation with a reference site. And because of my role with the Secretary of Commerce, I do see this front and center.

Dennis Calvert: We have got our first commercial installation with a reference site. Because of my role with the Secretary of Commerce, I do see this front and center, and that is, there is a lot of noise. The noise is not helpful. It is just not. It makes it hard. So when leadership stands up and says, "We are going to review," or, "We are going to take another look at the regulatory stance on enforcement of handling hazmat materials," that causes a pause in the market. The market says, "Wait, are we sure we have to?" That is kind of how it works. So some of that is going on, and it is a headwind, right? That is against us.

Speaker #3: And that is, there's a lot of noise, okay? And the noise is not helpful—it's just not. It makes it hard. So when leadership stands up and says, "We're going to review," or, "We're going to take another look at the regulatory stance on enforcement of handling hazmat materials," okay?

Speaker #3: That causes a pause in the market, and the market says, "Wait, are we sure we have to?" That's kind of how it works. So some of that's going on.

Speaker #3: And it's a headwind, right? That's against us. What's not changed, though, is the regulatory stance itself, which is—the law has been written. The specs are set.

Dennis Calvert: What has not changed, though, is the regulatory stance itself, which is the law has been written, the specs are set, the issues over handling waste streams, it may have some refinement, but fundamentally, you have got to clean up the stuff. The other thing that had not changed is litigation. Just in the last couple of months, the settlements in New Jersey, I think it was 2.4 or 2.5 billion, cannot remember exactly. Then it had to go through another legal hurdle to get review under the class action for settlement. It did get reaffirmed. I think there was also a litigation challenge at the Supreme Court for the regulatory stance that the EPA took on regulating these contaminants, PFAS, forever chemicals that are stuck in water in the environment. There has also been lots of push and pull at the US military. It is really simple.

Speaker #3: The issues over handling waste streams may require some refinement, but fundamentally, you've got to clean up this stuff, okay? The other thing that hasn't changed is litigation.

Speaker #3: So just in the last couple of months, the settlements in New Jersey—I think it was $2.4, $2.5 billion, I can't remember exactly—then it had to go through another legal hurdle to get review under the class action for settlement.

Speaker #3: It did get reaffirmed. I think there was also a litigation challenge with the Supreme Court for the regulatory stance that the EPA took on regulating these contaminants—PFOS, forever chemicals that are stuck in water in the environment.

Speaker #3: There's also been lots of push and pull at the US military. And it's really simple. The military says, "Hey, we're busy. We're busy. We've got wars to fight."

Dennis Calvert: The military says, "Hey, we're busy. We're busy. We got wars to fight. We can't be worried about all this, cleaning up PFAS." It's just the nature of the beast. The beauty is that we're way ahead of the game. We've got commercial reference site. We signed a partnership, which is really a strategic relationship, so we define it careful. It's not really a legal partnership as our attorneys would remind us. We formed a venture, not even a venture. We formed an alliance to do business with Aquatech. The alliance has got some meat on the bone that allows us to do bidding as a prime contractor, as a subcontractor, leveraging both resources of both companies. We've got some things that really are helpful in the Aquatech world. Aquatech, of course, has a lot of things that are really helpful for us.

Speaker #3: We can't be worried about all this cleaning up PFOS. It's just the nature of the beast. So here's the beauty—the beauty is that we're way ahead of the game.

Speaker #3: We've got partnership, which is really a strategic relationship, so we define it carefully. It's not really a legal partnership, as our attorneys remind us.

Speaker #3: We formed a venture—not even a venture. We formed an alliance to do business with AquaTech. And the alliance has got some meat on the bone.

Speaker #3: That allows us to do bidding as a prime contractor, as a subcontractor, leveraging the resources of both companies. And we've got some things that are really helpful in the AquaTech world, and AquaTech, of course, has a lot of things that are really helpful for us.

Speaker #3: So all of that activity is continuing, right? And the six months of continued operation is super important, just super important. We also are finding a little traction, but we’ll speak to that a little early.

Dennis Calvert: All of that activity is continuing, right? The 6 month of continuing operation is super important, just super important. We also have finding a little traction, I don't want to speak too early, but we've got some commercial pilots going on with Garratt-Callahan finally. That's an area also that's getting a lot of attention because remember, that was all about data center recycling, which is if you're watching anything in the news, you're seeing the data centers are getting a lot of pressure. Why are they getting so much pressure? Well, noise, PFAS discharge, water consumption, potential utility bill implications. There's a whole series of environmental and financial implications in that market. All of that goes to our advantage because we're a solution provider of many of the answers.

Speaker #3: But we've got some commercial pilots going on with Gary Callahan finally. And that's an area also that's getting a lot of attention, because remember, that was all about data center recycling.

Speaker #3: If you've been watching the news, you're seeing that data centers are getting a lot of pressure. Why are they getting so much pressure?

Speaker #3: Well, noise. PFOS discharge, water consumption, potential utility bill implications—there's a whole series of environmental and financial implications in that market. All of that goes to our advantage.

Speaker #3: Because we're a solution provider for many of the answers. The other thing is that the technology has now proven very efficacious not just in drinking water, but also in wastewater, leachate, and the treatment of biosolids, and ultimately the removal of ultra-short-chain molecules, which really most, if not all, technologies have a very difficult time with.

Dennis Calvert: The other thing is that the technology has now proven very efficacious to not just drinking water, but wastewater, leachate, treatment of biosolids. Ultimately, the removal of ultra short chain molecules, which really most, if not all, technologies have a very difficult time with, and we do not by nature of the physics that we operate. Anyway, this is a really nice business situation for us, and we've held on tight to the ownership structure because we could. Right? We could. In other words, we thought the number was so small relative to the value. We saw just recently a pre-commercial technology came out of the university. They put about $85 million in the bank, and they're not commercial, and they're not scaled. It just shows you that the capital markets are heading towards this market.

Speaker #3: And we do not, by nature of the physics that we operate. So anyway, this is a really nice business situation for us. And we've held on tight to the ownership structure because we could, right?

Speaker #3: We could. In other words, we thought the number was so small relative to the value. So we saw, just recently, a pre-commercial technology came out of the university and they put about $85 million in the bank.

Speaker #3: And they're not commercial, and they're not scaled. And it just shows you that the capital markets are heading towards this market. And so I think it makes our company really right for partnerships, right for investment, right for liquidity plays or acquisition.

Dennis Calvert: I think it makes our company really ripe for partnerships, ripe for investment, ripe for liquidity plays or acquisition. What we build has an inherent value that is dramatic. Right now, I believe our market cap's giving us almost zero value, and that is an enormous mistake. Of course, it's our job to really educate everybody and make sure that we transform that. We transform with execution. We also transform it with strategics and execution at that front, ways to monetize that asset. Matt?

Speaker #3: So, what we build has an inherent value. That is dramatic. And right now, I believe our market cap is giving us almost zero value, and that is an enormous mistake.

Speaker #3: And of course, it's our job to really educate everybody and make sure that we transform that. And we transform with execution. We also transform it with strategy and execution at that front, ways to monetize that asset.

Speaker #3: Okay?

Speaker #2: Matt? And talking about strategics, let's go over some of the companies. Then we can start bringing it all together with some values and numbers.

Matt Kreps: Yeah, absolutely. Talking about strategics, let's jump ahead to the newest of the companies, then we can start bringing it all together with some values and numbers.

Speaker #3: Let's do it. Okay. So I know this wears everybody out. It wore me out too, by the way. I remember back in 2011, 2012, being—and again, that's the beauty of being here, right?

Dennis Calvert: Let's do it. Okay. I know this wears everybody out. It wore me out, too, by the way. I remember back in 2011, 2012, being and again, that's the beauty of being here, right. We've got legacy, what do you call it. Institutional knowledge. So I was here. Ian Cobb was there, too. Richard Smith was there, too, by the way. I was invited into this research here at the University of Alberta, I sat at the table with the chief science officers for some of the largest oil companies in the world. I mean, literally the world, the biggest players. I thought to myself, "I'm not sure why I'm here," but I was there, I subbed to the end. I listened carefully. The way to frame this is the Oil Sands is one of the national treasures of Canada. It really is.

Speaker #3: We've got legacy—what do you call it? Institutional knowledge. So I was here. Gencoat was there too. Richard Smith was there too, by the way.

Speaker #3: And I was invited into this research here at the University of Alberta, and I sat at the table with the chief science officers for some of the large oil companies in the world.

Speaker #3: I mean, literally, the world—the biggest players. And I thought to myself, I'm not sure why I'm here. But I was there, and I soaked it in.

Speaker #3: I listened carefully. And the way to frame this is: the oil sands are one of the national treasures of Canada. It really is. And it's on Indigenous land.

Dennis Calvert: It's on indigenous land. Indigenous land, that's the First Nations, right. The First Nations is the right word, these are original peoples of the land. They own the lands. These operators operate under lease. It's very much controlled by the government. It's one of the most significant economic engines in the country. They've been producing OSPW, oil sands produced water, for decades. In that result of that process, they have an extraordinarily high level of water that's consumed and used, the remains from that process, OSPW, that stands for oil sands process-affected water, OSPW. Look it up. Do your searching, okay. OSPW. We're talking about 1.8 billion cubic meters. There's really two dissections. One is mining water that's used in mining operations. The other is the tailings. So it depends on how you want to frame it, but it's a lot, okay.

Speaker #3: Indigenous land. That's the First Nations, right? And First Nations is the right word. These are the original peoples of the land. They own the land.

Speaker #3: These operators operate under lease. It's very much controlled by the government. It's one of the most significant economic engines in the country, and they've been producing OSPW—oil sands produced water—for decades.

Speaker #3: And in the result of that process, they have an extraordinarily high level of water that's consumed and used. And the remains from that process, OSPW—in a sense, which stands for oil sands process-affected water.

Speaker #3: OSPW. Look it up. Do your searching, okay? OSPW. We're talking about 1.8 billion cubic meters. There's really two dissections. One is mining water that's used in mining operations.

Speaker #3: The other is the tailings. So it depends on how you want to frame it. But it's a lot, okay? $1.4 to $1.8 billion, depending on how you want to think about it.

Dennis Calvert: 1.4 to 1.8 billion, depending on how you want to think about it. It represents a massive challenge to clean up because of the scale. The scale is so big, that's why the research chair was created that lasted a number of years with some of the most leading scientists in the world, we were there. We were there because of our technology and our know-how. The idea of using our advanced oxidation techniques as a way to destroy some of the contaminants that are trapped in the water to make it potentially reusable, that's one, or at least safe. Okay. Because the reusable versus the safe is still a debate. Can they treat it to discharge it. Should they treat it to hold it. But one way or another, it's going to get treated. So everybody always says, "I thought this was so exciting.

Speaker #3: And it represents a massive, massive challenge to clean up because of the scale. The scale is so big, and that's why the research chair was created that lasted a number of years with some of the leading scientists in the world.

Speaker #3: And we were there. We were there because of our technology and our know-how. The idea of using our advanced oxidation techniques as a way to destroy some of the contaminants that are trapped in the water—to make it potentially reusable.

Speaker #3: That's one, or at least safe, okay? Because the 'reusable' versus the 'safe' is still a debate. Can they treat it to discharge it? Should they treat it to hold it?

Speaker #3: But one way or another, it's going to get treated. So everybody always says, "I thought this was so exciting. What happened?" Well, what happened is the political will lost its wind back in the mid-2010s.

Dennis Calvert: What happened? Well, what happened is the political will lost its wind back in the mid-2015s. What was a big deal became less of a big deal because of the economic gains going on in the global market. When the regulatory mandates shifted to a lower temperature, the industry paused and said, "I need regulatory frameworks to understand what my duty is to solve the problem." That, by the way, even as of today, the regulatory framework to mandate the cleanup is not in place. What happened, though, what's different is the government's taken a proactive approach to say, "Let's get into commercial trials, find the answer, and begin solving this problem, because we're obligated with our duty to the First Nations people and the land and the industry and the country to take action." That's what's different. Okay? What's different about us?

Speaker #3: And so, what was a big deal became less of a big deal because of the economic things going on in the global market. So, when the regulatory mandate shifted to a lower temperature, the industry paused and said, "I need regulatory frameworks to understand what my duty is to solve the problem." And so, by the way, even as of today, the regulatory framework to mandate the cleanup is not in place.

Speaker #3: What happens, though, which is different, is the government's taken a proactive approach to say, "Let's get into commercial trials, find the answer, and begin solving this problem because we're obligated with our duty to the First Nations people, the land, the industry, and the country to take action." That's what's different.

Speaker #3: Okay? What's different about us? Well, that's pretty obvious, isn't it? I mean, we've got engineers with global experience. They joined us in 2017. This goes back to 2011.

Dennis Calvert: Well, that's pretty obvious, isn't it? We've got engineers with global experience. They joined us in 2017. This goes back to 2011. We've now got water experience, water engineers. We've got a full complement of technologies, not one, but multiple. We have a partnership with one of the global leaders. That's Aquatech. It operates in 32 countries at a couple billion a year. Now what happens is when we go back, and by the way, we're invited back. We're not doing hard selling. We say, "We've got something special. Can we help?" They say, "Please." Right? So what we decided the best way for us to do this was to form an alliance, an alliance that would honor the First Nations, would honor the land, would really focus on a solution provider role.

Speaker #3: We've now got water experience, water engineers. We've got a full complement of technologies—not one, but multiple. We have a partnership with one of the global leaders, that's Aquatech, which operates in 32 countries.

Speaker #3: It's at a couple of billion a year. So now what happens is, when we go back—and by the way, we're invited back. We're not doing hard selling.

Speaker #3: We say we've got something special—can we help? They say, "Please," right? So, what we decided was that the best way for us to do this was to form an alliance.

Speaker #3: An alliance that would honor the First Nations, would honor the land, would really focus on a solution-provider role. And so, we formed this venture with Tunapi and this extraordinary team of people.

Dennis Calvert: We formed this venture with Tunapi, and it's an extraordinary team of people, small but mighty, certainly well-connected. Now with the change in the pull from the government towards solution orientation and funding, it's a chance for us to leverage the investment we've made over all these years that we've maintained in good, steadfast, we've enhanced our profile to now go in and provide a solution that otherwise 15 years ago was just a dream. We think it's awesome. Do your homework. We'll be publishing more as it advances. I also want to mention that the work with Tunapi is more than just oil sands produced water. There's industrial, there's wastewater, there's PFAS water, there's odor control. There's just a host of things, even engineering services.

Speaker #3: Small but mighty. Certainly well connected. And now, with the change in the pull from the government toward solution orientation and funding, it's a chance for us to leverage the investments we've made over all these years that we've maintained in good, steadfast fashion.

Speaker #3: We've enhanced our profile to now go in and provide a solution that, otherwise, fifteen years ago was just a dream. So we think it's awesome.

Speaker #3: So, do your homework. We'll be publishing more as it advances. I also want to mention that the work with Tunapi is more than just oil sands produced water.

Speaker #3: There's industrial, there's wastewater, there's PFAS water, there's odor control. There's just a host of things—even engineering services. So, we'll be developing business with a partnership that wants to go honor their people, honor their legacy, and honor their land.

Dennis Calvert: We'll be developing business with a partnership who wants to go honor their people and honor their legacy and honor their land, and that's the same stuff that we stand for, right? Make the life better. I'm pretty excited. This should be a good one.

Speaker #3: And that's the same stuff that we stand for, right? Make life better. So I'm pretty excited. This should be a good one.

Speaker #1: Excellent. Dennis, we are running a bit long. We've got about six slides still to work through, including this one, which is really important with the CPG business.

Matt Kreps: Excellent. Dennis, we are running a bit long. We have about 6 slides still to work through, including this one, which is really important with the CPG business. We will probably have to run a little over, but let's keep moving ahead.

Speaker #1: So, we'll probably have to run a little over, but let's keep moving ahead.

Speaker #2: Yeah, I'll get more pithy. Sorry about that. So BioLargo CPG is pretty exciting, and it culminates... there's— and we believe—this is the pitch—and we believe it's true.

Dennis Calvert: I will get more pithy. Sorry about that. BioLargo CPG is pretty exciting. It culminates, and we believe this is the pitch, and we believe it is true. Let's frame it that way. Pooph generated about $125 million in gross sales. That is their number, not ours. That was their number. That was total sales of the products under the brand Pooph with our technology in it. The minute they took it out, everything started going south. A series of decisions that we really are sad about proved fatal. The company has gone through some foreclosure activity. Do not believe the original staff at any level is still involved in the company. It is quite a mess. That is the negative. We took a hit. Everybody knows that. We have already covered it. What is the good?

Speaker #2: So let's frame it that way. Proof generated about $125 million in gross sales. Now, that's their number, not ours. That was their number. That was total sales of the products under the brand POOF with our technology in it.

Speaker #2: And the minute they took it out, everything started going south. And so a series of decisions that we really are sad about proves fatal.

Speaker #2: And so the company has gone through some foreclosure activity. I don't believe the original staff at any level is too involved in the company, and it's quite a mess.

Speaker #2: Okay? So that's the negative. And we took a hit. Everybody knows that. We've already covered it. But what's the good? How can we take—

Dennis Calvert: How can we make lemons and turn them into lemonade? I think it is actually going to be 10 times better. We have the chance to recapture that. You say, "Really?" I say, "Yeah." Because the technology and the products were ours. They always were ours. Everything that was sold was ours. The marketing was theirs. The brand Pooph was theirs. Everything else was ours. Now we have the playbook. What we have done is we have set up a series of marketing teams, and those marketing teams are distributed. You got Amazon as a platform, you got Shopify platform, you got TikTok platform, you got the creative marketing and design, social media approach. The world has changed quite a bit, we would argue, since Pooph first launched. The idea of TV advertising, just take a look at QVC. Go look at their financial condition.

Speaker #2: Can we take lemons and turn them into lemonade? Well, I think it's actually going to be ten times better. We have the chance to recapture that.

Speaker #2: And so you say, "Really?" I say, "Yeah." Because the technology and the products were ours. They always were ours. Everything that was sold was ours.

Speaker #2: The marketing was theirs. The brand POOF was theirs. Everything else was ours. Now we have the playbook. So, what we've done is we've set up a series of marketing teams, and those marketing teams are distributed, right?

Speaker #2: So, you've got Amazon as a platform. You've got Shopify platform. You've got TikTok platform. You've got the creative marketing and design, social media approach.

Speaker #2: The world has changed quite a bit, we would argue, since POOF first launched. The idea of TV advertising—just take a look at QVC.

Speaker #2: Go look at their financial condition. The model of marketing on TV has changed dramatically. Even TikTok now has direct order within its platform, allowing for customers to view content without ever taking their eyes off the screen while they click buttons and leverage Apple Pay—without touching a button—to make an order that shows up at your doorstep.

Dennis Calvert: The model of marketing on TV has changed dramatically. Even TikTok now has direct order within its platform, allowing for customers to view content with never allowing their eyes to lose focus while they click buttons and leverage Apple Pay without touching a button to make an order that shows up at your doorstep. That is the new digital world. The beautiful thing about digital is that if you have got a product that actually works and you can get users to try it and get feedback and support the experience, then you can sell your product, and you can do so in such an extraordinarily efficient way. The beauty for us is, yeah, we have got the playbook. We have got the proof of claim.

Speaker #2: That's the new digital world. The beautiful thing about digital is that if you've got a product that actually works, and you can get users to try it, get feedback, and support the experience, then you can sell your product.

Speaker #2: And you can do so in such an extraordinarily efficient way, so the beauty for us is, yeah, we've got the playbook. We've got the proof of claim.

Speaker #2: We know exactly what the customers want to purchase, and that becomes the digital marketing footprint that allows us to go back into the market and push the go button—and certainly, always refine.

Dennis Calvert: We know exactly what the customers want to purchase. That becomes the digital marketing footprint that allows us to go back into the market and push the go button, and certainly always refine. This is a very fluid strategy. You start with what you think and know, have proof and evidence for, and then every step you refine and you refine and you refine. To the extent you have statistical measure that misses the mark, you adjust and you refine. Adjust and refine. That's what we're going to do. The beautiful thing is we have such an extraordinary playbook. I still think back to the end of the Pooph cycle with us, and it's just shameful. It's absolutely terrible, and it shouldn't have been, but it is. Now we're sort of forced to deal with it. I think the silver lining is really simple.

Speaker #2: This is a very fluid strategy. You start with what you think and know, have proof and evidence for, and then at every step you refine and you refine and you refine. To the extent you have a statistical measure that misses the mark, you adjust and you refine.

Speaker #2: Adjust and refine. That's what we're going to do. And the beautiful thing is, we have such an extraordinary playbook. I still think—I think back to the end of the POOF cycle with us, and it's just shameful.

Speaker #2: It's absolutely terrible, and it shouldn't have been, but it is. So now we're sort of forced to deal with it. I think the silver lining is really simple.

Speaker #2: We're going to capture that prize ourselves, and we're going to monetize it ourselves—because we can. And we don't have to start rich; we can do it with our existing working capital.

Dennis Calvert: We're going to capture that prize ourselves, and we're going to monetize it ourselves because we can. We don't have to start rich. We can do it with our existing working capital, and we can get in the game, and we can prove it up. As we prove it up, we believe the market for our stock performance will change dramatically. It'll create extraordinary marketing for the BioLargo securities, as the awareness of our company, and it'll also create opportunity to make invest to earn decisions, which have really been lacking for a long time for our company. I'm very excited about it. I think we're going to do great. We have been able to bring in many of the marketing people who have extraordinary histories with the success at Pooph, who have done no wrong.

Speaker #2: And we can get in the game, and we can prove it up. And as we prove it up, we believe the market for our stock performance will change dramatically.

Speaker #2: It'll create extraordinary marketing for the BioLargo securities, as well as raise the awareness of our company. It will also create opportunities to make invest-to-earn decisions, which have really been lacking for a long time for our company.

Speaker #2: And so I'm very excited about it. I think we're going to do great, and we have been able to bring in many of the marketing people who have extraordinary histories with the success at Pooph, who have done no wrong.

Speaker #2: And so the ability to leverage that toolkit for our game now is something that we're really proud about. Okay. So that's POOF. Any questions that come to your mind, Brian?

Dennis Calvert: The ability to leverage that toolkit for our game now is something that we're really proud about. Okay, so that's Pooph. Any questions that come to your mind, Brian?

Speaker #1: No, I think it's a great recap. I liked the renewed, refreshed sense of moving forward. I think there are a lot of exciting things, and certainly, we'll keep our head in the game.

Matt Kreps: No. I think it's a great recap. I like the renewed, refreshed sense of moving forward. I think there's a lot of exciting things, and certainly keep our head in the game.

Speaker #2: Right on. Right on. I like it.

Dennis Calvert: Right on. I like it. What is next?

Speaker #1: Okay. What's next?

Speaker #3: Engineering.

Matt Kreps: Let us touch on engineering and services.

Speaker #2: Well, we've already talked. All right, we've talked about this, right? So we've got recurring revenue. Yeah, yeah, we've covered it. We don't need to do it.

Dennis Calvert: Thank you, man. All right. We have talked about this, right?

Matt Kreps: I think we have.

Dennis Calvert: So we got recurring revenue. Yeah, we have covered it. We do not need to do it. We have already covered it.

Speaker #2: We've already covered it. This is a great slide.

Speaker #1: Yeah, this is a tough one. Let's briefly touch on this, and then get to the next couple of slides. I think that's where we need to spend the last few minutes we have—on the last couple of slides here.

Matt Kreps: Yeah.

Dennis Calvert: This is a great slide.

Matt Kreps: Let us just touch briefly on this one and then get to the next couple slides. I think that is where we need to spend the last few minutes we have on the last couple slides here.

Speaker #2: Let's do it. One of the questions that always comes up is: what's different today than it was before? I think this pretty much does it right here.

Dennis Calvert: Let us do it. One of the questions that always comes up is, what is different today than it was before? I think this pretty much does it right here. These relationships, you better have some meat on the bone or you are not going to get these deals done. And that is it. That is what we have got. As I said when we started, if you look under the hood, we got some serious horsepower going on over here. And the way we have leveraged these assets to find their home in the marketplace and strategic relationships is pretty astonishing. And so this is a really nice way to visually see it all in motion. And each of these is like a living organism. It is not static. They are always in cycle. So you got to support them, you got to nurture them. But we are doing it. And I love the story about the Oil Sands.

Speaker #2: These relationships—you better have some meat on the bone, or you're not going to get these deals done. And that's it. That's what we've got.

Speaker #2: We've got, as I said when we started, if you look under the hood, we've got some serious horsepower going on over here. And the way we've leveraged these assets to find their home in the marketplace and strategic relationships is pretty astonishing.

Speaker #2: And so, this is a really nice way to visually see it all in motion. Each of these is like a living organism—it's not static.

Dennis Calvert: And so this is a really nice way to visually see it all in motion. And each of these is like a living organism. It is not static. They are always in cycle. So you got to support them, you got to nurture them. But we are doing it. And I love the story about the Oil Sands.

Speaker #2: They're always in cycle, so you’ve got to support them, you’ve got to nurture them. But we're doing it. And I love the story about the oil sands.

Speaker #2: Oil sands produce water. Because I took so much grief on it for so long, like it was a boondoggle. And the reality is, it's an extraordinary opportunity that represents one of the questions that people ask. I'm going to give you a really quick tutorial on that.

Dennis Calvert: Oil sands produce water. I took so much grief on it for so long, like it was a boondoggle. The reality is, it is an extraordinary opportunity. It represents. One of the questions that people ask, I am going to give you a really quick tutorial on that. You got to do your homework. Well, how big is the market? This is like a trap question. The first thing is, it is very controversial. It depends on how you want to measure it. When you talk about 1.6 billion cubic meters, that is the low number, 1.4 billion, and you compare it to other waters that require treatment, it is a lot of money, and it is probably in the low billions at a minimum.

Speaker #2: You've got to do your homework. So, how big is the market? Okay, so this is like a trap question. The first thing is, it's very controversial.

Speaker #2: It depends on how you want to measure it. But when you talk about 1.6 billion cubic meters, that's the low number—1.4 billion—and you compare it to other waters that require treatment.

Speaker #2: It's a lot of money, and it's probably in the low billions at a minimum. And then if you go into the full reclamation, there's a whole bunch of scholarly articles that move that into the mid-$50 billion and even higher than $100 billion.

Dennis Calvert: If you go into the full reclamation, there is a whole bunch of scholarly articles that move that into the mid fifties and even as higher than 100 billion. All of that is a lot of conjecture. I think the way to think about it is there is a move forward, and the move forward is with political will, with something that really demands a solution, and we are being asked to be part of it. We are going to figure it out, and we are going to bring a whole bag of solutions to go do something that we think is awesome for our vision of the company. It is a testimony to the staying power, and it is a testimony to the idea that we just do not waste money. The work that we have done up there is extraordinarily important. Remember this slide.

Speaker #2: All of that's a lot of conjecture. Okay. I think the way to think about it is there's a move forward. And the move forward is with political will, with something that really demands a solution.

Speaker #2: And we're being asked to be part of it, so we're going to figure it out. We're going to bring a whole bag of solutions to do something that we think is awesome.

Speaker #2: For our vision of the company, and it's a testimony to the staying power, and it's a testimony to the idea that we just don't waste money.

Speaker #2: The work that we've done up there is extraordinarily important. Okay, so remember this slide—this is going to get published, by the way. We'll do an AK.

Dennis Calvert: This is going to get published by the way. We will do an 8-K, and this deck will get published. Everybody remember this one. When somebody says, "What is going on over there?" just pull this out and say, "This is what is going on." It is pretty remarkable. Next.

Speaker #2: And this deck will get published. And everybody, remember this one: when somebody says, "What's going on over there?" just pull this out and say, "This is what's going on." It's pretty remarkable.

Speaker #2: Okay. Next.

Speaker #1: All right. So this brings us to where a lot of the questions are at, which is around value, and around how we create value for the stockholders going forward.

Matt Kreps: All right. This brings us to where a lot of the questions were at, which is around value and around how we create value for the stockholders going forward.

Speaker #2: Yeah, I mean, that's a huge debate, of course, and I welcome it. I have that conversation almost on a daily basis, so I get it, especially when the stock is low.

Dennis Calvert: Yeah. That is a huge debate, of course, and I welcome it. I have that conversation almost on a daily basis, so I get it. Especially when the stock is low, people say, "Give me hope." I sit back and I think, there is so much hope. I get it, but there is so much. I think this is one of the There are many compelling arguments, but this is one that the math does not lie. Okay? If you look at the capital that was raised. On Cellinity, we have raised money. The capital that came in is about a year ago at a $33, $34 million valuation. The ask on that is much higher now, like big time higher. Okay? Just so you know. We have not brought in the capital yet, so the ask. That is the ask.

Speaker #2: People say, "Give me hope. Give me hope." And I sit down and I think, "There's so much hope." I mean, I get it, but there's so much.

Speaker #2: And I think this is one of the—there’s many compelling arguments, but this is one where the math doesn’t lie. So if you look at the capital that’s raised now on Salinity, we’ve raised money. The capital that came in is over—about a year ago.

Speaker #2: At a $33 to $34 million valuation. The ask on that is much higher now—big time higher—okay? Just so you know. But we haven't brought in the capital yet.

Speaker #2: So the ask—that's the ask. On the Clear Medical, the average value right now for Clear Medical is somewhere in the roughly $100 million range.

Dennis Calvert: On the Clyra Medical, the average value right now for Clyra Medical is somewhere in the roughly $100 million range. If we own 48%, you could pretty much make a fully diluted count and say, okay, that thing is worth at least 40, you know, $40 million. Okay? If you just put those two together, the valuation of the business should be somewhere around $70 million. We are not saying that is what the company is worth. We are saying that is what the company is worth on a bad day. That is the message. The company is worth a lot more than that, and yet here we are, right? $32, $34 million market cap. So that is exhausting, and it is exhausting for you, too. I know that. So I am really empathetic. Let me show you the breakdown again. We are not going to go through it, but we are just going to mention it. That is the next slide.

Speaker #2: So, if we own 48%, you could pretty much make a fully diluted count and say, "Okay, that thing's worth at least $40 million." Okay.

Speaker #2: If you just put those two together, the valuation of the business should be somewhere around $70 million. Now, we're not saying that's what the company's worth.

Speaker #2: We're saying that's what the company's worth on a bad day. That's the message. The company's worth a lot more than that. And yet here we are, right?

Dennis Calvert: The company is worth a lot more than that, and yet here we are, right? $32, $34 million market cap. So that is exhausting, and it is exhausting for you, too. I know that. So I am really empathetic. Let me show you the breakdown again. We are not going to go through it, but we are just going to mention it. That is the next slide.

Speaker #2: 32, 34 million dollar market cap. So that's exhausting. And it's exhausting for you too, I know that, so I'm really empathetic. Let me show you the breakdown again.

Speaker #2: We're not going to go through it, but we're just going to mention it. That's the next slide. Just remember, here's what's in the portfolio.

Dennis Calvert: Just remember, here is in the portfolio. We made the argument on two, and the reason we picked those two is because those have mark-to-market. Real money came in, real money, into real businesses with real assets, finding their way to market. All these others, we are carrying them. We are investing, right? It is pretty awesome. Okay, let us go to the next one. How do we change all this, right? We have got to do some stuff. We have got to get live with the consumer products. By the way, when those consumer products launch, every stockholder in the company needs to buy some product and give us feedback. Everybody. Everybody. And spread the word. These are great products. They actually work. Once in a while, I will hear somebody say something like, "Well, I am not sure they work." It is like, well, then they have not tried the product.

Speaker #2: We made the argument on TOOTH. And the reason we picked those two is because those have mark-to-market. Real money came in—real money into real businesses, with real assets, finding their way to market.

Speaker #2: And then we've kicked all these others. We're carrying them. We're investing. Right? It's pretty awesome. Okay, let's go to the next one. All right.

Speaker #2: So, how do we change all this, right? Well, we’ve got to do some things. We’ve got to get live with the consumer products. By the way, when those consumer products launch, every stockholder in the company needs to buy some product.

Dennis Calvert: By the way, when those consumer products launch, every stockholder in the company needs to buy some product and give us feedback. Everybody. Everybody. And spread the word. These are great products. They actually work. Once in a while, I will hear somebody say something like, "Well, I am not sure they work." It is like, well, then they have not tried the product.

Speaker #2: And give us feedback. Everybody—everybody—and spread the word. These are great products; they actually work. Once in a while, I hear somebody say something like, "Well, I'm not sure they work." It's like, "Well, then they haven't tried the product." Because the product, from a chemical formulation—it's the way it's designed—it can't not work.

Dennis Calvert: Because the product, from a chemical formulation, the way it is designed, it cannot not work. So what happens is, because the way it works, it works. If the chemistry is available on an organic molecule, it is going to oxidize it. If it oxidizes, it is going to break down the stain. That is it, period. So what happens then is delivery strategy, right? Have you delivered it the right way? Are you trying to tackle too much? It is like saying, "I am going to kill the mountain with a peashooter." You cannot handle a mountain with a peashooter. Okay, so there are all these strategies that come into design and labeling and the way it is sold. All that is important, but the product has extraordinary performance. Listen, I care what you think, but that is not the right way to say it.

Speaker #2: So what happens is, because of the way it works, it works. If the chemistry is available on an organic molecule, it's going to oxidize it.

Speaker #2: It oxidizes. It's going to break down the stain. That's it. Period. So what happens then is delivery strategies, right? Have you delivered it the right way?

Speaker #2: Are you trying to tackle too much? It's like saying, "I'm going to kill the mountain with a pea shooter." You can't handle a mountain with a pea shooter.

Speaker #2: Okay. So, there are all these strategies that come into design and labeling, and the way it's sold—all that's important. But the product has extraordinary performance.

Speaker #2: And listen, I don't care what anybody—listen, I care what you think, so it's not—it's not the right way to say it. I care what you think, but the argument that to get to a $60 million annual run rate in sales with a product that doesn't work is false.

Dennis Calvert: I care what you think, but the argument that to get to 60 million annual run rate in sales with a product that doesn't work, false. That argument does not hold. It absolutely works, right? Well, people cut corners. They ship out trigger sprayers that leak. Who made that decision? It wasn't me. I mean, come on. Or they ship it in boxes that don't protect it, or they run it over with a truck or whatever. There's all kinds of things that go on in the delivery, but that product absolutely works. It's the best product in the market for its category. We've also done some enhancements on the science.

Speaker #2: That argument does not hold. It absolutely works. Right. So then what happens? Well, people cut corners. They ship out trigger sprayers that leak. What?

Speaker #2: Who made that decision? It wasn't me. I mean, come on. Are they shipping in boxes that don't protect it? Are they running it over with a truck or whatever?

Speaker #2: There are all kinds of things that go on in the delivery, but that product absolutely works. It's the best product in the market for its category.

Speaker #2: We've also done some enhancements on the science. One of the interesting criticisms that we heard about some of the things that went on with Proof in the early days was that they tried to compare its stain remover capacity equally to its odor control.

Dennis Calvert: One of the interesting criticisms that we heard about some of the things that went on with Pooph in the early days was they tried to compare its stain removal capacity equal to its odor control. In the scheme of a digital marketing campaign, that's a potential trap, and they fell into it. We have all these lessons from that journey that allow us to go precisely into the number 1 sellers with the product design that leverages commoditized capacity without the traps and mistakes that they made, in a conservative approach that leverages digital media to sell the customer exactly what they're looking for. That's what we're going to do. It's pretty awesome. We'll have some businesses in the PFAS business. We got too many on the doorstep.

Speaker #2: And in the scheme of a digital marketing campaign, that's a potential trap. And they fell into it. And so again, we have all these lessons from that journey that allow us to go precisely into the number one sellers with the product design that leverages commoditized capacity, without the traps and mistakes that they made, in a conservative approach that leverages digital media to sell the customer exactly what they're looking for.

Speaker #2: That's what we're going to do, so it's pretty awesome. We'll have some businesses in the PFOS business. We've got too many on the doorstep.

Speaker #2: A lot of that's been waiting for the money to free up. Two is the litigation money—that's not even transferred to the client's hands yet.

Dennis Calvert: A lot of that's been waiting for the money to free up on the, what we call wave two. Wave two is the litigation money that's not even transferred to the client's hands yet. But it will. The other is there's other markets that are getting some more rapid adoption. We certainly, if we can get a battery factory process finalized, I think the value is extraordinary. The ask would be really simple. We're looking for equity in the battery company, and we're looking for a financial partner to back a factory, which will de-risk the platform, and then we can replicate on a global scale. Then Clyra's channels converting to orders. Yes, that's certainly going to happen around the horn with all of the current distributors.

Speaker #2: But it will. The other is, there are other markets that are seeing some more rapid adoption. And then certainly, if we can get a battery factory process finalized, I think the value is extraordinary.

Speaker #2: So the ask would be really simple. We're looking for equity in the battery company, and we're looking for a financial partner to back a factory.

Speaker #2: Which will de-risk the platform, and then we can replicate on a global scale. And then Clear's channels converting to orders—yes, that's certainly going to happen.

Speaker #2: Around the horn with all of the current distributors, and then we want to get into disclosure about the strategic "big gorilla" partner as soon as that's available.

Dennis Calvert: Then we want to get into disclosure about the strategic big gorilla partner as soon as that's available, and we're hoping it's really, really soon because we sure have paid a price to get here. Okay, next. These are things that, we try to give these in a way that we believe that we can hit the mark and also know that the value proposition's pretty dramatic, right? So go live in October. We're going to do that, and it'll start small, but it'll be potent. We had hoped to have a video today to present to you the brand and the thesis of what we believe is going to be significant. That really requires marketing to get your head around, because we're doing two things in that category. One is we're focused on performance marketing, and we're focused on brand building.

Speaker #2: And we're hoping it's really, really soon, because we sure have paid a price to get here. Okay, next. These are things that we try to give in a way that we believe we can hit the mark.

Speaker #2: And also know that the value proposition is pretty dramatic, right? So, go live in October—so we're going to do that. And we hope to have a video today to present to you the brand and the thesis of what we believe is going to be significant.

Speaker #2: And that really requires marketing to get your head around, because we're doing two things in that category. One is we're focused on performance marketing.

Speaker #2: And we're focused on brand building. Performance marketing, we could do in our sleep because we have such a high-performing product. Brand marketing requires time and energy.

Dennis Calvert: Performance marketing we could do in our sleep because we have such a high-performing product. Brand marketing requires time and energy, but in a digital format, it can be done cost-effectively as compared to the extraordinary expense that Pooph spent. We think that we can really bridge that because we have such a solid roadmap with a well-defined customer base and a proven product and claim set that can work. We are going to see that happen in October. Hopefully, it is super early October. There is a lot to go on there. You will see the platforms. You will see the digital footprint. You will see initial marketing occur. We are going to put the call out for orders for all of our stockholders for sure, and all your friends, and your friends' friends, and your community center and your club.

Speaker #2: But in a digital format, it can be done cost-effectively as compared to the extraordinary expense that Proof spent. And we think that we can really bridge that, because we have such a solid roadmap with a well-defined customer base.

Speaker #2: And a proven product and claim set that can work. So anyway, we're going to see that happen in October—hopefully, it's super early October.

Speaker #2: There's a lot to go on there. You'll see the platforms. You'll see the digital footprint. You'll see initial marketing occur. We're going to put the call out for orders for all of our stockholders, for sure.

Speaker #2: And all your friends, and your friends' friends, and your community center, and your club. I mean, really, everybody needs to rally on that one because it's really important.

Dennis Calvert: Everybody needs to rally on that one because it is really important. We will see these distributors for ClearEdge expand, takes up second orders. We will disclose the big kahuna when it is ready, and we see it coming, and we are very excited about it, of course. The minerals facility, we did not talk about that, but we are progressing. We have got this USD 1 million and one contract we announced, I do not know, a few months ago. That will head into phase II. That will either go or no go. Phase II is a design build that is probably somewhere around the USD 10 million range. That would be an engagement to build out a pilot. That would be equipment plus services, lots of engineering, and that would report as revenue. Assuming that is successful, that would take probably about a year and a half.

Speaker #2: We'll see these distributors for Clear expand. Taking up second orders. We'll disclose the big kahuna when it's ready, and we see it coming. We're very excited about it, of course.

Speaker #2: The minerals facility—we didn't talk about that, but we're progressing. Right, so we've got this $1.1 million contract. We announced that a few months ago.

Speaker #2: That'll head into phase two. That'll either go or no-go. Okay. Now, phase two is a design-build that's probably somewhere around the $10 million range.

Speaker #2: So that would be an engagement to build out a pilot. That'd be equipment plus services, lots of engineering. And that would record as revenue.

Speaker #2: And assuming that's successful, that would take probably about a year—year and a half. On the back end of that, you'd see another design-build contract, probably something in the $40 million range.

Dennis Calvert: On the back end of that, you would see another design build contract, probably something in the USD 40 million range, and that would go commercial at scale with that process. As you can imagine, we are really proud of the technology we have invented. We are thankful for the customer that is paying us to do a lot of this work, which is really important, and we are hopeful that we can form a long-term relationship to capture the prize, which is absolutely enormous. We are just marching through that process with our partner customer, and doing the work that we have been hired to do. Water and water treatment, I lump them together because they are so big. What I can tell you is that the level of contracting for major water contracts is done. It is underway. Are we going to win them? We certainly think we got a good shot.

Speaker #2: And that would go commercial at scale. With that process, as you can imagine, we're really proud of the technology we've invented. We're thankful for the customer that's paying us to do a lot of this work, which is really important.

Speaker #2: And we're hopeful that we can form a long-term relationship to capture the prize, which is absolutely enormous. So we're just marching through that process with our partner customer.

Dennis Calvert: We are just marching through that process with our partner customer, and doing the work that we have been hired to do. Water and water treatment, I lump them together because they are so big. What I can tell you is that the level of contracting for major water contracts is done. It is underway. Are we going to win them? We certainly think we got a good shot.

Speaker #2: And they're doing the work that we've been hired to do: water and water treatment. I kind of lump them together because they're so big, and what I can tell you is that the level of contracting for major water contracts is done.

Speaker #2: It's underway. Are we going to win them? We certainly think we've got a good shot. We're not going to win them all, but I'll take one.

Dennis Calvert: We are not going to win them all, but I will take one or two. The size is pretty astonishing. You are talking about now USD 5 and USD 10 and USD 25 and USD 30 million projects. The question it begs is, how are you going to pull that off? I say to myself, "Well, if I have got to be a subcontractor to a prime to get it done, that is fine with me." But we get it done, and we get a piece of the action. That would be Aquatech. We have so many opportunities there, it is pretty astonishing. The value proposition from having that reference site is valuable. I am just going to remind you again, so you did not miss it, the second wave of capital is coming. It is not here yet. It is coming any minute. Midterms are going to be very important.

Speaker #2: Or two, right. But the size is pretty astonishing. You're talking about, now, $5 million and $10 million and $25 million and $30 million projects. And so the question it begs is, how are you going to pull that off?

Speaker #2: And I say to myself, well, if I've got to be a subcontractor to a prime to get it done, that's fine with me. But we get it done.

Speaker #2: And we get a piece of the action. So that would be AquaTech, right? We have so many opportunities there—it's pretty astonishing. And the value proposition for me, in having that reference site, is valuable.

Dennis Calvert: That would be Aquatech. We have so many opportunities there, it is pretty astonishing. The value proposition from having that reference site is valuable. I am just going to remind you again, so you did not miss it, the second wave of capital is coming. It is not here yet. It is coming any minute. Midterms are going to be very important.

Speaker #2: I'm just going to remind you again, so you don't miss it. The second wave of capital is coming. It's not here yet. It's coming.

Speaker #2: Any minute now. Bid terms are going to be very important. I suspect we're going to see a lot of money flow after the midterms. That's just a hunch.

Dennis Calvert: I suspect we're going to see a lot of money flow after midterms. That's a hunch. That's not a guarantee. That's a hunch. Tunapi, we're going to go from developing work to doing pilots, and I think it's going to move really quick. We've got serious discussions and it's a brand-new relationship, but we're really excited about it. They're awesome. They're going to go as fast as they can. We'll strengthen our balance sheet. In the perfect world, what I need to do, and we're working on, is shoring up a little bit of capital that's not toxic. Not toxic. Can't say it enough. Don't bring in toxic financing. How do we do that? Well, it's people that believe in us. Bring in probably some debt, maybe small amounts of equity.

Speaker #2: That's not a guarantee. That's a hunch. Too nippy. We're going to go from developing work to doing pilots, and I think it's going to move really quickly.

Speaker #2: We've got serious discussions, and it's a brand-new relationship, but we're really excited about it. And they're awesome—they're going to go as fast as they can.

Speaker #2: Then we'll strengthen our balance sheet. In a perfect world, what I need to do—and we're working on it—is shore up a little bit of capital that's not toxic.

Speaker #2: Not toxic. Can't say it enough. Don't bring in toxic financing. Okay? And so, how do we do that? Well, it's people that believe in us.

Speaker #2: Bring in probably some debt, maybe a small amount of equity. We need to lessen our reliance upon our equity line facility so that we can take some of that pressure off the market.

Dennis Calvert: We need to lessen our reliance upon our equity line facilities so that we can take some of that pressure off the market. We think the fundamental value is extraordinary. I say it rhetorically, everybody has their own investment pieces, their risk profile, their timing, tax loss carryforwards, all the stuff that comes in everybody's mind. We're investors. We understand. If you're a seller, I think you're going to regret it big time. I'm a buyer. We've already disclosed that, and we've disclosed it for most of our management team. This is an extraordinary opportunity to accumulate a position in what we believe is a long-lasting company. If there's not one thing that we've proven from our journey, is that we are fully committed to building value for our stockholders. There's never been another agenda.

Speaker #2: We think the fundamental value is extraordinary. And I say it, everybody has their own investment thesis, their risk profile, their timing, tax loss carry—for all the stuff that comes in, everybody's mind.

Speaker #2: We're investors. We understand, right? If you're a seller, I think you're going to regret it, big time. I'm a buyer. We've already disclosed that.

Speaker #2: And we've disclosed it for most of our management team. This is an extraordinary opportunity to accumulate a position in what we believe is a long-lasting company.

Speaker #2: If there's one thing that we've proven from our journey, it's that we are fully committed to building value for our stockholders. There's never been another agenda.

Speaker #2: I can testify how hard it is and what a difficult journey it's been. But at this moment in time, we've got so much evidence. I'm not going to take you back to the slide, but just remember, when you're wondering what the heck's going on, go back to that slide.

Dennis Calvert: I can testify how hard it is and the difficult journey, but at this moment in time, we've got so much evidence. I'm not going to take you back to the slide, but just remember when you're wondering what the heck is going on, go back to that slide. I can't remember which one it was, and look at all these accomplishments in the last year. It's pretty astonishing. Anyway, I'm anxious. Let's stop. We'll open this up for Q&A. Matt, did we cover it? What do you think?

Speaker #2: I can't remember which one it was. And look at all these accomplishments in the last year—it's pretty astonishing. And so, anyway, I'm anxious.

Speaker #2: So let's stop. We'll open this up for Q&A. Matt, did we cover it? What do you think?

Speaker #1: Yep. We've got a bit past time, so just maybe a couple of questions we'll grab here. We've covered a lot of the questions in the course of the comments.

Matt Kreps: Yep. We're a bit past time, so just maybe a couple questions we'll grab here. We've covered a lot of the questions in the course of the comments. Just rapid fire here, quick answers. One other question was on CPG, why we're using Ikigai still when they were with the prior group.

Speaker #1: But just rapid fire here—quick answers. One of the questions was on CPG: Why we're using Ikigai still, when they were with the prior group?

Speaker #2: Yeah. Well, so Ikigai is a company, and we're certainly not working with Ikigai. So there's a lot of other people that are involved in the marketing, that's not Ikigai.

Dennis Calvert: Yeah. Ikigai is a company, and we are certainly not working with Ikigai. There are a lot of other people that are involved in the marketing that is not Ikigai. The Stanley Marketing Works team was part of the ownership group at Ikigai, and the Stanley Marketing team did not cause what has happened at Pooph. We believe that their experience and their proven track record of significant value justifies their involvement, and we believe that they have clean hands and we should use them. It is an advantage that should not be missed, and that is what we decided. Now, there is going to be a lot of other players. Some of them are very well experienced in all these subcategories we covered, Amazon, TikTok, Facebook. All of these are very specialty niche operations, and there are specialty players for each of them. It is a digital world, so get ready.

Speaker #2: And the Stanley Marketing Works team was part of the ownership group at Ikigai. And the Stanley Marketing team did not cause what happened at Poof.

Speaker #2: And so we believe that their experience and their proven track record of significant value justifies their involvement. And we believe that they have clean hands, and we should use them.

Speaker #2: It's an advantage that should not be missed, and so that's what we decided. Now, there are going to be a lot of other players—some of them are very well experienced in all these subcategories.

Speaker #2: We covered Amazon, TikTok, Facebook—all of these are very specialty, niche operations. And there are specialty players for each of them. And it's a digital world.

Speaker #2: So get ready—it's a digital world. We're going to leverage that, and we think these people are going to do a great job.

Dennis Calvert: It is a digital world, so we are going to leverage that. We think these people are going to do a great job, so we are really excited to have the team we have assembled.

Speaker #2: So, we're really excited to have the team we've assembled. Okay.

Matt Kreps: Absolutely.

Speaker #1: So, another question. I noted the dilution was only about 2.5% in the first half of '26, which was very low. But I also know that the Clear Think financial deal does seem to cause pressure in the open market.

Dennis Calvert: Okay.

Matt Kreps: Another question, noted the dilution was only about 2.5% in the H1 2026, which is very low, but they also know that the ClearBank financial deal does seem to cause pressure in the open market, and they wanted to know how that could be reduced or avoided.

Speaker #1: And they wanted to know how that could be reduced or avoided.

Speaker #2: There are probably two or three different ways that we do that. One is we just get this business done, right? So you've got to get cash flow and make revenue.

Dennis Calvert: There are probably two or three different ways that we do that. One is we just get this business done. You have to get cash flow and make revenue. As they say, the best form of investment is cash flow from sales. There is no question that is the number one answer. There are a bunch of things going on with that. Clyra is one of those, of course. The CPG is part of that. The industrial owners is part of that. The fact that the engineers support themselves, that is fine. What else? We should land a deal. Land a deal with the battery company, land a deal with the water company, get them done. We are pushing hard on that. The other thing we can do is bring in some debt. I hate to bring in debt, but there is a trade-off.

Speaker #2: As they say, the best form of investment is cash flow from sales. So there's no question—that's the number one answer. And so there are a bunch of things going on with that.

Speaker #2: CLEAR is one of those, of course. The CPG is part of that. The industrial odor is part of that. The fact that the engineers support themselves, that's fine.

Speaker #2: So, what else? Well, we should land a deal—right? Land a deal with the battery company. Land a deal with the water company. Get them done.

Speaker #2: And so we're pushing hard on that. The other thing we could do is bring in some debt. I hate to bring in debt, but there's a trade-off.

Speaker #2: Bring in a little bit of debt, put some higher yield on it, and put it out so that you've got some term—like two and three years—to make sure that you can shore up the muscle so these results can come in.

Dennis Calvert: Bring in a little bit of debt, put some higher yield on it, put it out so that you got some term, like 2 and 3 years, to make sure that you can shore up the muscle so these results can come in. Because when they do, the value propositions are so high, you can easily pay that debt off by refinancing it with equity at a much higher price. That is the answer. There are 4 or 5 different ways we can do that. The other is to do business deals where people pay us, and we do not pay them. It is really simple. Again, the beauty and the challenge, the beauty is our overhead is so low. The challenge is, man, are we doing a lot with very little. It is incredible. I hear it all the time.

Speaker #2: And then, because when they do, the value proposition is so high, you could easily pay that debt off by refinancing it with equity at a much higher price.

Speaker #2: So that's the answer. There are like four or five different ways we can do that. The other is to do business deals where people pay us.

Speaker #2: And we don't pay them. I mean, it's really simple. And so again, the beauty and the challenge—the beauty is our overhead is so low.

Speaker #2: The challenge is, man, are we doing a lot with very little? It's incredible. And I hear it all the time. I mean, people sit down and listen to the business and they go, "You've got to be kidding me."

Dennis Calvert: People sit down and listen to the business, and they go, "You got to be kidding me." I say, "Yeah." Let us talk to that 2 seconds. The engineers do this for their whole career. This is what they do. They serve projects and people and technologies and solutions, and they do it for 30 and 40 years. This is an extension of that, leveraging the economic and entrepreneurial opportunities that that creates around us by grabbing intellectual property and then creating financing structure around it so that we can monetize it. It is not rocket science. It is special, and we are special at it. So the answer is, I would love to do that. I am working on that, potential financing resources that allow us to not lean on that capital resource. When we do, the pressure on that will stop.

Speaker #2: And I said, yeah. I mean, this is what happens when—first of all, let's talk about that for two seconds. The engineers do this for their whole career.

Speaker #2: This is what they do. They serve projects, people, technologies, and solutions. And they do it for 30 and 40 years. This is an extension of that, leveraging the economic and entrepreneurial opportunities that creates around us by grabbing intellectual property, and then creating financing structures around it so that we can monetize it.

Speaker #2: It's not rocket science. It's special, and we're special at it. Right? But anyway, the answer is: I'd love to do that. I'm working on that.

Speaker #2: It's potential financing resources that allow us to not lean on that capital resource. And when we do, the pressure on that will stop. I would argue that while it's uncomfortable, it's really a very small number compared to what we're doing with the money.

Dennis Calvert: I would argue that while it is uncomfortable, it is a really small number compared to what we are doing with the money. I am empathetic to the pressure, and I live it every day. So hope that answers the question.

Speaker #2: But I'm empathetic to the pressure, and I've lived it every day. So, I hope that answers the question.

Speaker #1: I think it does. Another question: a person noted that we had 78% ownership listed on the CPG company. Was giving up some of that ownership done to engage partners, or was it for signing up launch, or to reduce our cash expenses on that?

Matt Kreps: I think it does. Another question. A person noted that we had 78% ownership listed on the CPG company. Was giving up some of that ownership done to engage partners, or was it for site launch or to reduce our cash expenses on that?

Speaker #2: Well, it's all of the above. Yeah. So, yeah. So that's a strategy question, which I'm happy to answer—it's a good one. So here's the way I think about partners.

Dennis Calvert: Well, it's all the above. That's a strategy question, which I'm happy to answer. It's a good one. Here's the way I think about partners. Don't bring in partners unless you need them. You don't do it for fun. You do it because you need something they offer. We made some decisions about some of the teams that brings very special talent to the table and made them partners in the deal as an owner. We also have said everybody's going to earn their way with a successful business. What comes with partnership is duty. There's duty, too. That's one. The other is by creating that structure, what you've done is you've spread out capital requirements. Somebody says, "Well, how can you launch your consumer products business?" You say, "Well, I've already got the baseline infrastructure. I've got to get some inventory.

Speaker #2: Don't bring in partners unless you need them. You don't do it for fun; you do it because you need something they offer. So we've made some decisions about some of the teams that bring very special talent to the table and made them partners in the deal as an owner.

Speaker #2: But we also have said everybody's going to earn their way with a successful business. So, what comes with partnership is duty. Okay, so there's duty too.

Speaker #2: That's one. The other is, by creating that structure, what you've done is you've spread out capital requirements. Somebody says, "Well, how can you launch your consumer products business?"

Speaker #2: You say, well, I've already got the baseline infrastructure. I've got to get some inventory. I've got to turn up some digital marketing. I've got to get the people that can do that to help me.

Dennis Calvert: Got to turn up some digital marketing. I've got to get the people that can do that to help me. I wonder if we can swap some equity so they have a piece of the action and carry a load until we're properly financed and executing in the market." That's what we did. We need them. They're really good. They're worth it. You want to share the prize. You want a high incentive. You want to reduce your capital burden. What you also do in that structure is you create an investment thesis. The company has an investment thesis. What does that mean? That means whoever writes the check gets something. You don't write the check, and it just disappears. That means if we write the check, BioLargo, we get something. If an investor writes a check, they get something.

Speaker #2: I wonder if we can swap some equity, so they have a piece of the action and carry a load until we're properly financed and executing in the market.

Speaker #2: Well, that's what we did. So you need them; they're really good. They're worth it. You want to share the prize. You want a high incentive.

Speaker #2: You want to reduce your capital burden. But what you also do in that structure is you create an investment thesis. You invent—the company has an investment thesis.

Speaker #2: What does that mean? That means whoever writes the check gets something. You don't write the check and it just disappears. That means if we write the check, BioLargo, we get something.

Speaker #2: And if an investor writes a check, they get something. And that's the way it's supposed to be. And that's the way all these ventures are set up.

Dennis Calvert: That's the way it's supposed to be, and that's the way all these ventures are set up. That's why we've been able to finance it, its growth, and its development, and all these assets, frankly, regardless of where the stock trades. That's why the company's so valuable. It really is. That's why the value far exceeds the current market. In our opinion. That's an opinion, of course. Anyway, the dynamics of the time and the moment mark to market, especially in microcap. Microcap's under a lot of pressure, too. I want to make sure everybody knows that, too. You know that. If you're in the microcap investing business, you know. We're not alone with some of that pressure. Pointing back to, are we going to uplift? I know you haven't asked that question yet, but yeah, we're going to uplift. I swear.

Speaker #2: That's why we've been able to finance it. It's growth and it's development and all these assets, regardless, frankly, regardless of where the stock trades.

Speaker #2: That's why the company is so valuable. It really is. That's why the value far exceeds the current market. I mean, in our opinion. Right.

Speaker #2: That's an opinion, of course. So anyway, the dynamics of the time and the moment on a mark-to-market, especially micro cap—micro cap is under a lot of pressure too.

Speaker #2: I want to make sure everybody knows that too. You know that. If you're in the micro-cap investing business, you know—we're not alone with some of that pressure.

Speaker #2: Pointing back to, are we going to uplist? I mean, I know you're going to ask that question yet, but yeah, we're going to uplist.

Speaker #2: But I swear, right, I swear we're going to uplist. When our revenues are predictable and we can honor our investors, that's when we're going to do it.

Dennis Calvert: I swear, we're going to uplift when our revenues are predictable, and we can honor our investors. That's when we're going to do it. There you go. Go ahead. Next.

Speaker #2: So there you go. Go ahead. Next.

Speaker #1: Here's another one. Does the military have any further hurdles to negotiate before the vehicle can be deployed?

Matt Kreps: Here's another one. Does the military have any hurdles further to negotiate before ViaCLYR can be deployed?

Speaker #2: Did you say military?

Dennis Calvert: Did you say military?

Speaker #1: Yeah, military. I think they're referring to the Spartan.

Matt Kreps: Yeah, military. I think they're referring to the Spartan government healthcare access.

Speaker #2: Well, that's a good question. Yeah, there's two. Let me—first of all, let me say, I'm not the expert here. That's probably a Steve Harrison question.

Dennis Calvert: Well, that's a good question. First of all, let me say I'm not expert here. That's probably a Steve Harrison question. So I'm going to tell you what I believe the answer is, and we'll gut check it. I'm not going to try and overstate it. The current channel is the government installations, not per se the military. The military is a whole other little thing. I believe it will translate into military, but it starts with VA and GSA and all of these others facilities, and then it expands. So there's not regulatory hurdles. There may be paperwork hurdles, but there's no filing or anything like that. We have had a grant that was authorized, pretty substantial, to do custom designs for the soldiers.

Speaker #2: So, I'm going to tell you what I believe the answer is, and we'll gut check it. I'm not going to try and overstate it.

Speaker #2: Okay. The current channel is the government installations, not per se the military. Okay? And the military is a whole other little thing. Okay? I believe it will translate into military, but it starts with, like, VA and GSA and all of these other facilities.

Speaker #2: And then it expands. And so, there are not regulatory hurdles. There may be paperwork hurdles, but there's no filing or anything like that. We have had a grant that was authorized.

Speaker #2: It's pretty substantial to do custom designs for the soldiers. That was approved, but not funded, and we're hoping—but we don't actually know.

Dennis Calvert: And that was approved but not funded, and we are hoping, and we do not actually know, so I want to be very clear, we do not know for sure, but we are told that they think it will get funded in Q1. That is a multimillion-dollar grant to do custom work for the soldiers, which, of course, eventually is going to happen anyway. So the answer is current selling channel, no regulatory requirements that I am aware of. Expanded into military, maybe. Then advanced development for product designs with grants and purchase order support from the government, yes. That is in the future, probably Q1 or thereabout. So I hope that answers. I will do a gut check on the answer later too. So we will come back to that one. All right?

Speaker #2: So I'm going to be very clear: we don't know for sure, but we're told that they think it will get funded in Q1. And that's a multi-million-dollar grant to do custom work for the soldiers.

Speaker #2: Which, of course, is eventually going to happen anyway. So, the answer is, current selling channel—no regulatory requirements that I'm aware of. Expansion into military, maybe.

Speaker #2: And then advanced development for product designs, with grants and purchase order support from the government. Yes, that's in the future—probably Q1 or thereabouts.

Speaker #2: So I hope that answers it, and I'll do a gut check on the answer later too. So we'll come back to that one. All right.

Speaker #1: All right. Yeah, turning to water—we had a couple of questions asking about the scale or scope of a potential AEC project, whether I was saying for BioLargo direct or through a partnership.

Matt Kreps: All right. Yeah. Turning to water, we had a couple of questions asking about the scale or scope of a potential AEC project, whether I was saying for BioLargo direct or through a partnership.

Speaker #2: Well, they're huge. I mean, yeah. I mean, each of these has a unique level setup, right? So, the way to think about it is: this is the beauty in the design.

Dennis Calvert: Well, they are huge. Each of these has a unique little setup, right? So the way to think about it is, this is the beauty of the design. If your technology relies on migrating PFAS in an electrostatic field, that is what we do. We migrate an electrostatic field. It can be a big field, it can be a little field. It could be little field with many modules. It could be a bigger module with many bigger modules. It can be whatever we need it to be. Okay. So the big boys, when they come to us, they say, "We want bigger modules, so we move more water per module, so that when we do the manufacturing, instead of manufacturing a 24 by 36-inch plate and frame, maybe it is twice that." So what is that? That is 48 by 70 whatever. It is 6 feet or 62 or whatever it is.

Speaker #2: If your technology relies on migrating PFAS and the electrostatic field, that's what we do. We migrate in an electrostatic field. It can be a big field.

Speaker #2: It can be a little field. It could be a little field with mini modules. It could be a bigger module with many bigger modules. It can be whatever we need it to be.

Dennis Calvert: It can be whatever we need it to be. Okay. So the big boys, when they come to us, they say, "We want bigger modules, so we move more water per module, so that when we do the manufacturing, instead of manufacturing a 24 by 36-inch plate and frame, maybe it is twice that." So what is that? That is 48 by 70 whatever. It is 6 feet or 62 or whatever it is.

Speaker #2: Okay. So the big boys when they come to us, they say, we want bigger modules so we can move more water per module. So that when we do the manufacturing, instead of manufacturing at 24 by twice that.

Speaker #2: So what is that? That's 48 by 70, whatever. It's six feet, or six feet two, or whatever it is. So whatever that is, exponential.

Dennis Calvert: So whatever that is exponential, five times the surface area, one unit. Well, they like that. Okay, well, our unit goes on a little small forklift, hand truck. You can move them around. You know what their unit is? It takes a crane because they weigh 1,000 pounds. So it is just a scale question, and we can do all that. So now that is the unit, and then to do the big volume, let us say it is, I do not know, 3 million gallons a day or something. Big numbers, you are going to need multi-units. So you are talking about treatment trains that are the size of buildings. Our little facility, which is the size of a building in New Jersey, is a small scale, small community, small volume, same technology. Okay?

Speaker #2: Five times the surface area. One unit. Well, they like that. Okay. Well, our unit goes on a small forklift or hand truck. You can move them around.

Speaker #2: You know what their unit is? It takes a crane. It doesn't take away 1,000 pounds. And so it's just a scale question. And we can do all that.

Speaker #2: So now that's the unit and then to do the big volume, let's say it's, I don't know, 3 million gallons a day or something.

Speaker #2: I'm big numbers. You're going to need multi-unit. So you're talking about treatment trains that are the size of buildings. Our little facility, which is the size of a building in New Jersey, is a small scale, small community, small volume.

Speaker #2: Same technology. Okay. So somebody comes in and says, "Well, I want to do a municipal system." We say, "Yeah, we can do that. Well, it's going to be 3,000 gallons."

Dennis Calvert: Somebody comes in and says, "Well, I want to do a municipal system." We say, "Yeah, we can do that." "But it's going to be 3 million gallons a day." "Yeah, we can do that." Okay, so now that's maybe half a football field, or maybe it's a vertical where you go up. Our units can go vertical too. Geography doesn't matter. There's all kinds of way you solve that. In the financial magnitude, I can tell you that we have a lot of projects that are being scoped and bid in the $5 million to $10 million range, and we have a number that are in the $20 million, as high as $40 million-plus. So they're big. Here's another dynamic we didn't cover real quick. We always said that the key value proposition of that is performance.

Speaker #2: 3,000. Three million gallons a day. Yeah, we can do that. Okay. So now that's maybe half a football field. Or maybe it's vertical, where you go up.

Speaker #2: Our units can go vertical too, so geography doesn't matter. There are all kinds of ways you solve that. And the financial magnitude—I can tell you that we have a lot of projects that are being scoped and bid in the $5 to $10 million range.

Speaker #2: And we have a number that are in the 20 as high as 40 plus million. So they're big. And here's another dynamic. We didn't cover real quick.

Speaker #2: We always said the key value proposition of that is performance. Performance means we get it. We get it to a non-detect level. We can.

Dennis Calvert: Performance means we get it, we get it to a non-detect level, we can. We also get short-chain molecules, so that's a big deal, but the waste stream is number one. Okay, why is that important? Remember, waste stream is OpEx. OpEx, operating expense. In that thesis, there's a number of clients in the marketplace that deploy carbon. They got the money from the federal government. So now they're three years down the road. The government wrote the check so they could clean their water up and serve up clean drinking water with no PFAS to a regulatory limit. They did that. That's successful. They did it on a low-risk technology. And now what? Well, now they got to pay for it. What do you mean? Well, they got to pay for the operation. The operation is extraordinary. It is extraordinary.

Speaker #2: We also get ultra-short chain molecules, so that's a big deal. But the waste stream is number one. Okay, why is that important? Remember, waste stream is OPEX.

Speaker #2: OPEX, operating expense. Okay. So in that thesis, there's a number of clients in the marketplace that deployed carbon. Okay. They got the money from the federal government.

Speaker #2: So now they're three years down the road. The government wrote the check so they could clean their water up and serve up clean drinking water with no PFAS to a regulatory limit.

Speaker #2: Okay. They did that. That's successful. They did it on a low-risk technology. Okay. And now what? Well, now they got to pay for it.

Speaker #2: What do you mean? Well, they've got to pay for the operation. The operation is just extraordinary. I mean, it is extraordinary. The bills that are coming due are incredible.

Dennis Calvert: The bills that are coming due are incredible. What happens is, then they say, "Well, I'm getting a big check from litigation, but I've already got a system." Yeah, but that system's kicking my butt. I need one I can reduce the OpEx. We propose an 80% reduction in the OpEx with our system. The money's going to come from litigation, and you don't get the money unless you deploy it. That's the game. Just understand it. It's so vividly clear to us. We go to the market and say, "When you start caring about OpEx, give me a call." Well, now they're calling. Yet they still don't have the capital to put deployment in because it's all tied up in litigation. Then they had to go through and get the class actions reapproved.

Speaker #2: So what happens is, then they say, "Well, I'm getting a big check from litigation. But I've already got a system." Yeah, but that system's kicking my butt.

Speaker #2: I need one where I can reduce the OPEX. So we proposed an 80% reduction in the OPEX with our system. And the money is going to come from litigation.

Speaker #2: And you don't get the money unless you deploy it. That's the game. Just understand it. And it's so vividly clear to us. Okay. So we go to the market and say, when you start caring about OPEX, give me a call.

Speaker #2: Well, now they're calling, and yet they still don't have the capital to put deployment in because it's all tied up in litigation. Then they had to go through and get the class actions re-approved.

Speaker #2: And I can't remember. I think it was, like, two weeks ago. Oh, I know what it was—Veolia. Veolia is a major competitor. But Veolia is in the business of selling water as a service.

Dennis Calvert: I can't remember, I think it was two weeks ago. I know what it was. Veolia. Veolia's a major competitor, but Veolia's in the business of selling water as a service. Well, Veolia's a global name. They're one of the largest water companies in the world. They just did a class action litigation against the big polluters, looking for cost recovery on their carbon and ion exchange systems. It's like, you got to be kidding me. It's another full circle moment. Again, this is a classic example, and by the way, this is the asset that was the reason we were recruited in, I was recruited to join the Environmental Technologies Trade Advisory Committee. It's this very thesis. I've now watched this for 20 years I can predict it just like Canada.

Speaker #2: Well, Veolia is a global name. They're one of the largest water companies in the world. And they just did a class action litigation against the big polluters.

Speaker #2: Looking for cost recovery. On their carbon and ion exchange systems. This is like you got to be kidding me. It's another full circle moment.

Speaker #2: Okay, and so again, this is a classic example. And by the way, this is the asset that was the reason we were recruited in.

Speaker #2: I was recruited to join the Environmental Technology Trade Advisory Committee. It's this very thesis. I've now watched this for 20 years. I can predict it.

Speaker #2: Just like Canada. So it's very predictable. And the beauty is that we stay alive to win. And I think PFAS is an extraordinary valuable asset in our portfolio.

Dennis Calvert: It's very predictable, and the beauty is that we stay alive to win. I think PFAS is an extraordinary valuable asset in our portfolio. I don't know. I hope that answered the question. Next.

Speaker #2: So, I don't know. I hope that answered the question. Next.

Speaker #1: I think it does. And we are a good ways past time, so I think we probably should go ahead and close out with any final comments.

Matt Kreps: I think it does, and we are a good ways past time, so I think we probably should go ahead and close out with any final comments and let everyone digest.

Speaker #1: And let everyone digest.

Speaker #2: Okay, let me ask Charlie. Charlie, do you want to add anything to this conversation? Are you still there?

Dennis Calvert: Okay. Let me ask Charlie. Charlie, you want to add anything to this conversation? You're still there.

Speaker #3: I'm on. It's the mute. Right. So yeah, I think the explanation is excellent. I think the presentation explains where we are, and I think the only thing I would add here is: look to the future.

Charles Dargan: It's the mute. Right. Yeah, I think the explanation is excellent. I think the presentation explains where we are. I think the only thing I would add here is look to the future, because the future is really close. I know we've been saying that for almost 20 years.

Speaker #3: Because the future is really close. I know we've been saying that for almost 20 years, but the truth is now it is really close.

Dennis Calvert: Sometimes.

Charles Dargan: The truth is now it is really close.

Speaker #2: It is. I agree with that. Let me also mention, as a save-the-date—I think I should ask John—we haven't made a formal announcement, but one of the questions we're targeting... So, what happened—let me talk about the annual meeting real quick.

Dennis Calvert: Yes, I agree with that. You can also mention as a save the date, I think I should ask John. We haven't made a formal announcement, but one of the questions we're targeting. Let me talk about annual meeting real quick. The target, and I say target because here's what happens. By the time you get through the timing of regulatory filings and things that go on with the government and all this stuff, sometimes the dates will move, and right now we're targeting 1 December. 1 December is the target. It might move, so don't say it's locked. But if you want to save the date, that's it, 1 December. It'll be in Orange County, same location in Aliso Viejo, and we'll have the same event afterwards. We'd love to see you. We're happy to engage.

Speaker #2: The target—and I say 'target' because here's what happens—by the time you get through the timing of regulatory filings and things that go on with the government and all this stuff...

Speaker #2: Okay. Sometimes the dates will move. And right now we're targeting December 1st. Okay. December 1st is the target. It might move. So don't say it's locked.

Speaker #2: Okay. But if you want to save the date, that's it. December 1st. It'll be in Orange County, same location, in Alito Viejo, and we'll have the same event afterwards.

Speaker #2: And we'd love to see you or happy to engage. I also want to say to everybody, I know it's hard. But you can reach out to us.

Dennis Calvert: I also want to say to everybody, I know it's hard, but you can reach out to us, and if you want to dig in deep, we're happy to do it. We really love the business. I don't like this pressure. I find this is probably one of our harder years. But we have absolutely no fear, and we know that we're executing with really quite precision. Now, we're going to have to prove some of that because the delays, like with Clyra, are really hard, and they're wearing everybody out. But we're in it to win it, and we intend on crossing that launch pad with a big hurrah, and then we're going to watch the money flow, and everybody's going to say, "Holy shimoly. It was worth it." I do believe that.

Speaker #2: And if you want to dig in deep, we're happy to do it. We really love the business. I don't like this pressure. I find all this this is probably one of our harder years.

Speaker #2: But we have absolutely no fear. And we know that we're executing with really quite precision. Now, we're going to have to prove some of that, because the delays, like with Clear, are really hard.

Speaker #2: And they're wearing everybody out, okay? But we're in it to win it, and we intend on crossing that launchpad with a big hurrah. And then we're going to watch the money flow and everybody's going to say, "Holy shamoly, it was worth it."

Speaker #2: And I do believe that. I believe it's not only for the purpose of what we're doing, but the financial rewards are so significant that it more than justifies the entire portfolio.

Dennis Calvert: I believe it's not only for the purpose of what we're doing, but the financial rewards are so significant that it more than justifies the entire portfolio. By the way, we always hear it, you got all these shots on goal, hope one hits. I still believe they're all going to hit. I really do. So we'll just stay the course. I want to thank everybody. I know that it's tried your patience in the last few months for sure, and reach out to us and thank you for your support. As I say, go BioLargo. Thank you very much.

Speaker #2: And by the way, we always hear it: you got all these shots on goal. I hope one hits. I still believe they're all going to hit.

Speaker #2: I really do. So we'll just stay the course. I want to thank everybody. I know that it's tried your patience in the last few months, for sure.

Speaker #2: And reach out to us. And thank you for your support. And as I say, go BioLargo. Thank you very much.

Operator: Thank you, everyone. This concludes today's event. You may disconnect at this time and have a wonderful day. Thank you for your participation.