I'm David Judd, Mike Roush. We've been working in Inxeption for about two years, coming up on two years now. Founding members of the company. We were there when it was little more than just an idea or a concept. We took a chance on the founders, and we took a chance on the idea, and so we're in our startup phase of our career. But what I want to talk to you a little bit about tonight is why we're in business. Why are we here? If we disappear tomorrow, what type of issues or problems would be left unsolved? We're selling into a brand new market space and by selling into the market space by definition is selling into a world where your customer doesn't know the problem, doesn't perceive the problem. A little bit about what we do that's difficult is uncovering what the problem is, defining the problem, and then also defining it in terms of people understand what it's like. Dr. Jack talked about, well, we are like an Amazon. Well, that's a good starting point, but yet we're not like an Amazon and that's the difficulty in trying to describe a new solution into a new marketplace. Selling into a new marketplace is a little bit different than selling into an existing marketplace. In a conventional method the model is the industry norm, sales implements to go-to-market strategy, salespeople are hired to execute the strategy, the model is seen as a safe strategy, and the strategy depends upon the product and the marketing. Whereas our idea is a little different. When I sit in front of a group of people like you and try to explain what we do, I get this look for about 20 minutes. Like, "What is it that you guys do? How are you different? How are you similar to what I already know? and what problem is it that you're trying to solve?" In that new model, we're trying to create a model that matches what your needs are, what your wants are. We spent a lot of time talking about what are the issues or pains that are trying to move a customer from a staid business model, business to business, to a new business model which is digitizing their product, putting their product out on the Internet, and being able to sell to their traditional buyers in a new way. That creates all kind of problems, and so part of what we need to do is be able to uncover those issues and address those issues. 2017 Industrial Manufacturing Trends talked about what's going on in business to business today. Businesses are trying to leverage data and analytics in a new business model. They're trying to innovate pricing. One of the most difficult things in doing B2B on the Internet is nobody wants to tell you what your price is. If you go to Amazon and want to buy a toothbrush or toothpaste or mirror or some type of conventional product, you'll get a price and you'll be able to compare people based upon price, their products based on price, but on a business to business environment, nobody wants to share pricing because a lot of times pricing is hid behind layers and layers and layers of distribution, layers and layers of channels, layer and layers of partners. The pricing could vary widely in a marketplace, so they want to be able to hide the pricing. They want to be able to develop strategic partnerships both carefully and aggressively, and they want to be able to mine the data. The source of data in B2B is much more rich and much more robust than it is in B2C. Because you think about, what is the source of the data? What is the thing that you're trying to study? In B2C, you are the product that Amazon wants to know the most about. What are your demographics? What are your buying patterns? What is your household income? What are your preferences? In a business, you've got more than one person that you're trying to satisfy. In business to business, you've got teams of buyers and so you have the interest of the buyer itself. You've got the interest of the person recommending the product, specifying the product, certifying the product, designing the product, and then you've got the demographics of the company buying the product. How big is that business? How entrenched are they in the marketplace? Do they pay their bills on time? Do they want to discount? You've got many, many, many more points of data in a business-to-business relationship than you do in business-to-consumer. In an Amazon marketplace, the advantages of selling in an Amazon marketplace, which is defined as a one-sided relationship where Amazon or eBay or some of these owners of these big marketplaces, they own both sides of the transaction, and the customer data is not shared with the merchant. The advantages are that in an Amazon marketplace, you've got a built-in audience to your product already. You've got the reputation of Amazon standing behind the product, which in some cases is more important than the brand itself. Returns in issues are resolved very quickly. Amazon offers suggestions to grow the business and they've got resources to help augment where businesses fail to have a complete solution, they'll help fulfill, they'll help ship, they'll help market things like that. The disadvantage in an Amazon marketplace is that they stand between the buyers and sellers, that smaller merchants are often marginalized or completely shut out. I talk to people all the time that would like to sell their product on Amazon, but that Amazon doesn't want the product because the potential market for that product is not very large, they're now ratcheting up the threshold of what's the smallest type of business that they'll take on their platform to sell and you'd get a lot of businesses that are disenfranchised, you got a lot of products that are orphaned if there's not a large audience for it, Amazon completely shuts them out of the marketplace. Amazon's known for high transactional fees and also these additional resources that they have to help you sell your product come at a higher fee and then Amazon also inserts competition after the buyer has been selected. Many times I'll demonstrate to somebody, I'll stand in front of their company and I'll say I'd like you to sell your product on our platform, and they'll say we're already selling on Amazon and I'll say, well, let's see what it looks like, give me the name of your company and I'll go to Amazon and put the name of the company in the Amazon search box. Up comes a product that the company will sell, but as you scroll down, you know what happens as you scroll down? You've got eight other products side-by-side buying for that purchase decision after that buyer has already made the decision, I want to buy from XYZ company, now they're confronted with more information and it completely puts the seller at a disadvantage. Also what's more important is Amazon offers what they call fungible items, where Amazon will actually enter the market directly with a knockoff product that they sourced out of China in direct competition to your product and we saw that recently in the mattress industry, Amazon was selling mattresses for other companies for a long time and then Amazon got into the business of selling mattresses, and several mattress companies went out of business because they just couldn't compete with what Amazon was doing. But it's not uncommon, I hear horror stories all the time of, I put my product on Amazon, they helped me grow the business, I grew to a certain point and now they found a source or in China to make that product and sell it and undercut me and they know my customer, they know my pricing, they know my business, and they've completely knocked off my product, it's not a very good model. We, on the other hand, are good model for B2B. B2B is a target for disruption and it hasn't been done completely, Amazon's put B2B on its marketplace. I have a question on the previous slide, you said Amazon is not a good place to be. Yeah. It's good for them but not the merchants. It's ot for the merchants, yeah. Its not for the merchants but they're planning ahead four steps ahead they increase the revenue, the reason why they're not giving amazing data, they don't shift but [inaudible] That's right. Unless you buy some [inaudible]. I'll give you some analytics reports, I still won't give you all your customer data. They're planning ahead to increase the revenue. Yeah, so buy stock in Amazon but don't use your business to sell on Amazon. Well, B2B is still a target for disruption, while there are some B2B businesses on Amazon, B2B has not really broken through and Amazon model. Most B2B companies are still online companies that have not participated in e-commerce, you'll find where a B2B company has put their product catalog on the internet, but that only confuses a buyer, because I'm looking for a special product and now you've got 10,000 of your products online, everything that you've ever built in the last 20 years is online and I can't find it, it would be like going through a Home Depot trying to find a hammer and all the products are just dumped on the floor and not on shelves, it's not organized very well. Modern B2B companies that have not realized the benefit of leveraging new technologies for digital transformation is another opportunity for disruption, the biggest area is in the mobile area. One of the things that we learned when we started putting business-to-business online on the inception platform, is that 65 percent of the purchases were done through a mobile device. When you think about B2B, that sounds counter-intuitive. B2B are buyers sitting in their office looking on the computer or looking for products, but we find that most people, business buyers are no different than the rest of us who are sitting into kid's baseball game or soccer game, or they're in the field and they're at a location, at a plants site and they're saying, I've got 17 banks of lights in this building, I need 18. Am I going to go back to my office and order the 18th light or am I going to pull it up on my cell phone, my mobile device and order that while I'm on the site? We found that 65 percent of those businesses we're buying, making purchases decision on a mobile device. That means that your product has to look good on the mobile device. It's got to be easily searchable on a mobile device and you don't have a mouse on a mobile device, everything's got to be point and push and pinch and scroll. The websites have got to be optimized for the mobile device if you want to do B2B business. Also new B2B companies, they want to build their business from the ground up. These are people that we call digitally native, so they're ripe for this targeted B2B disruption. They have no preconceived notion of what traditional B2B needs to be. They're building their business model from the ground up and they're building it with the idea that they're going to do business on the Internet. These three use cases or three models are our target audience that we're going after, are people that have never been on it before, people that have been on it before and are trying to do better, and people that are building their brand from the bottom up. Key contributors to ROI for B2B on the Internet are increased profitability. Increased profitability comes from being able to leverage your supply chain better. You get rid of all the middle people that are passing information back and forth and either do it electronically or go right to the end source. People that are into lean manufacturing or zero inventory, people that are looking for better pricing or better-quality products, or places to go to find ROI, to move to the Internet. Companies that are interested in increased efficiency, trying to balance line utilization with customer demand by running Google ads, what this looks like is this. If I'm a manufacturing plant, orders fuel my production. If I'm a manufacturing plant, I want to have a backlog. I'd like to have about four or five weeks of backlog in my manufacturing plant that helps me to schedule efficiently, so that if I'm setting my lineup to produce a certain type of product I want to run that product as long as I can till I fulfill all those orders before I then change over that line and make something different. Well, what happens is I have some gaps in my production schedule and I want to fill those gaps, or I want to put more of a certain type of product running through my plant while I'm in that setup or that configuration. Well, if I've tied my manufacturing plant to an Internet website, I can now go find additional orders for that product by generating increased demand by using digital marketing and digital advertising. That's a way for me to be able to target specific customers looking for specific products while I'm in that changeover in my manufacturing plant so that helps me to be able to increase my efficiency. Then also market security, people try to build brand loyalty, people trying to build barriers to entry from other competitors, and then try to reduce customer churn, being able to hook your manufacturing plant to an Internet website is a way to be able to make sure you're more secure in the marketplace. Let me tell you a little story, Mike and I were up at a customer in Memphis Tennessee, they make medical devices, they make a hip replacement, titanium hip replacements. The guy says, "Well, I'm interested in modernizing my business. We've been told by the board we need to look at an Internet strategy. We're basically thinking about hiring somebody to come in and redo the website." That's usually where we get called in. "Our website looks bad. We want to redo the website." Which is the wrong place to start if you're doing B2B. Try to redo your websites, like try to build a billboard on a road that goes nowhere. If nobody's looking at the billboard, it doesn't matter what it looks like. You know, we want to find people that are enthusiastic about your product and then find those buyers for you. Once I get to the website our ideas to make sure that there one click away from the ad that brought them to the buying decision that makes them buy. Having a really jazzy website with pretty graphics and cool pictures and stuff like that is interesting, but that's not what generate sales. Anyways, he called us in, "We'd like a new website." Mike and I started talking to him about what you want to be able to do is you want to be able to create an experience where you're customer can actually purchase the product while they're there. The guy says, "Well, that'll never happen. You just don't understand our business. It's a medical device. There's got to be a doctor involved in it. There's detailed specification that has to be involved and, the FDA is going to be involved in it. Nobody's going to be buying hip replacements on the Internet." We want to ways thinking that we've wasted our time. Well, when the news comes up that Amazon now is entering the marketplace for medical devices. As soon as they do, four or five of the top medical device suppliers in the country, their stock goes down 3-5 percent immediately. In the announcement, Amazon specifically says one of the areas they are targeting are hip replacements. To your point, we talk about Amazon being three or four steps ahead they are, but if you're not three or four steps ahead of them as a business, you've risked your entire business and to have no other effort than just to have us as a plan B, create some stability with the board that if Amazon does enter the marketplace, you've got a partner that you can partner with who can also bring him up on board too. Then here's where McKesson, Cardinal Health, and Owens & Minors, their stock all plunge 4.8 to 3.4 to 1.9 percent just on the news that Amazon is looking at being able to do that. That brings us to who we are. Inxeption is an e-commerce platform that's uniquely designed for the way that companies sell and business buyers buy on the Internet. I'll let Mike talk a little bit about who we are as a company. Can you hear me okay? Thanks, Dave. Let me ask a question. Anybody here worked for UPS? No one does. Good. Because I can speak freely about our relationship with them. Sandi took my, say, eight or 10 slides around Inxeption, and took me down to one, so I'm going to get a lot into this one slot. I just wanted to set a framework for who we are. We're onto something extremely unique. It's very exciting. We're a silicon valley based technology company, we're headquartered in San Francisco, just outside SFO Airport. Our development teams are in San Francisco. Got some of the most incredible talent I've ever seen. This be my second initiative with the founders of the company. We had a lot of success working together and getting ready to redo it again, but we founded the company in October 2017. David and myself came in as a founding members. I was running North American Sales for [inaudible] a company called CA or Computer Associates, before that and I liked to regroup with these guys. But I just have one slide here to brief you since the last time we spoke, which I think was about October, November, now things have changed with our company. I just thought I'd recap that for you. But as Dave said is that we're focused on B2B commerce. When I say commerce, not just e-commerce, but all kinds of commerce. Commerce comes in a broad different ways, direct transactions versus online transactions. But we're focusing on the B2B market. What's absolutely evident is that there's about nine trillion annually that happens in the commerce between businesses transacting with other businesses, nine trillion. But only 500 billion of that's being done electronically or online. There's a massive opportunity to really scale and grow in the business to business segment around hiss. Again, the whole premise behind our platform is to reduce, eliminate the friction existing businesses transacting with other businesses and we're evolving the platform to attack different pain points, so we started out with e-commerce. Again, providing an e-commerce framework for companies to transact with other companies. But very quickly after that, it was very evident there's another big pain point and that is getting those products to the customers, and to the distributors, and to the buyers, and logistics is a major pain point that exist for people transacting on a platform. We had some relationships, very senior level relationships with one of our board members in UPS. I had my first meeting with UPS in August about a year ago. It was very clear that they're very concerned about our good friends at Amazon. I don't know if you've seen all the Amazon Prime trucks running around town. Matter-of-fact, my drive from Dunwoody to here, I saw six semis Amazon Prime trucks, I didn't see any UPS trucks. They were all headed for your house. No. They were headed all over. But the reality is, Amazon's coming in heavy into these markets. Quite frankly is we saw, you probably read the Wall Street Journal about two weeks ago, FedEx separated their relationship with Amazon and UPS of course, is very concerned about UPS or Amazon taking over more their logistics, which has been an interesting statistic. Five years ago or six years ago, UPS did 56 percent of the fulfillment or shipping for Amazon. This last year was around 19 percent, and it's going lower. Anyhow, what UPS became very interested in us about it is that they were looking for a platform to take into their clients and say, "If you use this e-commerce platform, you're shipping will be an embedded part of the platform. In November we secure into equity deal. They became an investor in our company. We gave them a small amount. But then we also signed a very unique commercial agreement with them, which became a very viable in that, if anybody is in logistic here, is anybody in logistics? Everything that gets shipped, the business-to-business level is based on DM's, dimension pricing, weights, zones, heights, everything. There's about 25 different factors that comes into how much it cost to get this pallet of goods to this part of the country. But what we brought to the market is, we didn't care about any of that. What we structure was the ability to be able to just charge you a flat rate, flat fee based on the sales value was being shipped. I don't care what zone is going to, I don't care about how high it is, I don't care how long, wide, it is beautiful. Clients absolutely love it because it gives a predictable cost structure. Anyhow, that commercial agreement with them has been absolutely driving a massive valuation on our company, and I want just to share a video clip that actually UPS put together with us to help explain what Zippy is which is our trademark around the integration with UPS's systems, in our e-commerce platform. Can you play that Dave. As a business owner, you need streamlined, inexpensive shipping. But every day you deal with the stress of having to reinput product information and customer data, and worry about surprise costs due to back-end charges. Enter Zippy, a revolutionary shipping platform from inception. With Zippy, you'll have access to a single powerful e-commerce shipping platform that gives you an instant window to your products, whether they're on your shelves or on route to your customer. Zippy is all inclusive, up-front pricing ensures that you'll know exactly how much you're paying without having to worry about weights, zones, dimensions, and others specifications. Inxeption's secure blockchain technology maintains accurate customer data and business information, giving you a complete product history in real time. With shipping powered by UPS, you can track shipments and process returns with ease. To learn more about how Zippy is making product delivery seamless and efficient, visit inxeption.com today. There's just one quick statement on why this is so important for manufacturers. You've gotten a box before from UPS or FedEx that's landed at your house. If you remember looking at that box, do you ever remember seeing a price on that box about how much it cost to ship? That UPS label or that FedEx label, think about it. Next time you get a box, take a look at it and see if there's any price on that label about how much it cost to ship. Well, that's a problem. Nobody knows how much that box is going to cost until it lands at your house. There's an estimate. It's always an estimate. But every one of those manufacturers that's shipping product to your house, they'll get a bill after the product is delivered, telling the manufacturer what the actual cost is. A lot of times that cost differs from what they estimate it to be. With this type of predictable shipping, where the guaranteed is that the price to ship that is a percentage of the cost, it's the first time ever that any manufacturer has known what the margin of their product is when it leaves the plant. It's the first time that they know if they're going to make a profit or not on that product when it leaves the plant. Giving transparent pricing so that they know, allows a manufacturer to get down to profitability by product, which nobody can tell you. They'll tell you profitability by business, profitability by unit, profitability by the line of business, but nobody can tell you profitability by product because transportation costs has always been the big unknown. UPS's pricing guides are 186 pages long. I actually perused through the whole thing. There's actually 40 pages of this thing, that's dedicated to what they call accessorial fees. It took me forever to be able to say that word, accessorial, but anyway, there's 40 pages, they are always extra surcharges. Do you know it costs more to drop off a package on a gravel road than a pave road? We had no idea. Anyway, 40 pages, these extra fees. Manufacturers, businesses who are trying track room transact with other businesses were getting hammered with these other fees. What we offer and we're the only entity on the planet that can offer a flat rate against the sales that was being shipped. Anyhow, the whole premise again, the company is again to provide a commerce platform that eliminates the friction that exists between companies transacting with other businesses. Logistics being one, we're now taking on insurance services, we're now taking on financial services. If somebody spends $1 million online with you and they want to finance that, we'll embed that right into our purchase create as well. There's a lot of other things that we're doing to knock down the friction that exists. Just a couple other things. If you have fall Red Herring. Red Herring was established in Silicon Valley to track where the VC and the private equity Mooney was going back in the mid '90s. A very reputable firm. They just named us one of the top 100 start-ups for 2019 back in May, which has been pretty exciting for us. We've had 100 percent month growth. Months have grown up month since January. We've scaled the company from the original 20 founding members, to now over 50 in the last three months. Pretty exciting, we've got three obvious open offices in New York. We put an office here in Atlanta, which where Dave and I are based, and then of course you've got the headquarters in San Francisco. Then interesting stat is that, there's 35,000 start-ups in the United States right now, only 350 which have evaluation of a billion or more. We're one of those 350 and there's only 35 with evaluation of 2 billion or more. We're now raising capital for RC round to be in that top 35, which is pretty exciting. Silver Lake partners has taken a big equity stake in us, so it's pretty exciting, but we're onto something. What we're onto is again, streamlining and doing a call to Amazon to Dato the next version of e-commerce because as you know, we've been having technology for 30 years, Technology leapfrogs itself about every 10 years, 15 years, and what we've done with our blockchain architecture underneath our platform, how we've tokenized our platform it's really exciting to see. We think of us being that version 2.o of e-commerce I'm so pretty excited to see so. I'll turn it back over to Dave. Before you go, will you tell us what you mean by you tokenized your platform. I'm a CPA, I've been in accounting and sales for like my whole career, but I believe that the future of commerce is not going to be done with credit card swipes and cash payment. My son's 12, he doesn't even know what this thing is. This is called a wallet. You don't have kids and you guys look pretty young, I don't think anybody has got a 10, 12-year-olds, but they don't carry a wallet around with them. You know what they carry? Their phone. The concept of paying with a credit card, paying with cash is not the way the next gen is going to be. We believe that this digital currency is going to be the way transaction processing happens. Interestingly enough is that we hired a guy named Tony Wang. Tony Wang headed the innovation lab for Visa in San Francisco. He had again, their innovation lab, and he had a three-year initiative where the Visa is paying him and subsidizing him to investigate this thing called blockchain. What happened is that they became very aware that blockchain architecture, blockchain technology and the use of cryptocurrency or digital currency would basically eliminate the need for Amex and Visa. Because there is no in-between person processing the transaction. They eliminated his whole group from Visa. Lucky enough, we hired him and several people in his team to now run the digital currency part of our platform. We are very excited. We've got a two token model between security tokens and utility tokens. We hired Austin Bird Law from Atlanta to do our token offering. We are now waiting to get from the Security Exchange Commission what they call letter of no action because our utility tokens or what can be used across the platform to transact between clouds on our platform, and what the SEC now is issued to you is what they call letter of no action. They've only issued to two companies so far and I can't remember the names of them. But what that says is you've come before the Security Exchange Commission, you've explained your business model. You've explained your use case for your digital currency, and if they agree with you, and that makes sense, a good business sense then they'll issue a letter of no action, meaning they won't come against you for any action, should there ever be any kind of question around the use case of them. We're expecting actually to have our letter back by probably in the September, which is pretty exciting. We've already got the blockchain global IDs bid out across the platform, so if all of you are clients on our platform transacting with each other, the day will exist very soon that you'll be able to transact with digital currency across our platform. Actually we are way in advance than Amazon. They're nowhere near that with a digital currency, they've actually reserved Amazon currency.com, they reserved all these domain names in the event that they have their own digital currency, but they haven't done it yet. How many customers do you have? We have approximately 225 and we're scaling up to the tune of probably, we could be doing four to five to six a day if we want but what we're looking at is being a little bit more specific. Very soon there will be scaling probably very quickly to probably a couple of 100 a month. We expect to have close to 750 by the end of the year, so we're scaling very fast. Are you doing industry [inaudible] Our marketing is probably not as good as it should be, there's been a lot of word of mouth. We haven't segmented yet in a vertical we're still too low on the startup stage to segment but we've got some ideas around that, but we haven't done it yet. The patching size done to service is done like patients like [inaudible] size smaller boxes or truck load. Transportation is usually divided in two areas partial and freight. Partial is a small box as it goes on the brown truck for UPS, afraid of the 45 or 53 foot trailers. We do both, so there's no restriction on that which is a hurdle, again for B2B. Why we're focused on the B2B market is that most people can buy a small low scale provider that will do small package shipping print a label, stick it on a box so UPS drop comes by your house and picks it up. But B2B being able to schedule tractor trailer loads to come in, nobody's been able to do that, which is what we've been able to do. A table to say, here's a real-life example up Macalester retails and [inaudible] coming up in North Macalester retails about a $5 million a year manufacturer of industrial-grade sewing machines and equipment. Anyhow, he invested on our platform last year, put his sewing equipment online to sell. He actually just got a new distributor in Mexico City. Louis just happened and so what he would have done traditionally would have gone to a freight company to ship the pallets to Mexico City. He would have paid $2400 to have this. Actually just yesterday, he would pay $2400 to have his first shipment of sewing machines go to Mexico City using our platform, the embedded UPS shipping. He's running the exact same shipping for $1200 because he's able to capitalize on our structure with UPS versus him being a $5 million a year company trying to get shipping logistics. So what he's got with us is a power of a bunch bigger organization to get him more favorable rates. Also the pricing model, Ignatius fixed percentage of the actual sales or the value of goods, right? It's just like close to density base, right? Based on the weight and also size and the actual value of that. We don't care about density either. We only care about one thing, sales valuable it's being transacted for? Okay. Stuff can be more fluffy, lower about valuable sale, it's incision [inaudible] against [inaudible] Correct. Yes. So yeah. The rev-share, what we call revenue share on the very beginning, that transaction fee, if you will, that will vary based on what we know and gathered from you during the sales cycle. Yeah. Big bulky box of pillows or cotton balls that might sell for $100 versus $5000. Yeah. But the holy grail of this is think about this. Most logistics as grown up in this, I'm going to price logistics based upon the size and weight of the product that I'm shipping and they've got a lot of data on this size box that weighs this much should cost this much to ship to these different locations. I get a ton of data around that. If you change that model and come up with another analytical model, say, well, let's just price it by the value of that, there's no data that exists for that. So if you want to move from this pricing model to a new pricing model, you've got to have a place to be able to find that data. Amazon's not giving that stuff up, we will give that stuff up, and that's the value of shipping on the inception platform, is we're capturing the data in a new way, a new data model to be able to price transportation that's significantly different than what anybody's ever done before. Okay? One last question. If you don't have tons of this, how do you plan to manage the [inaudible] currencies? We have our own currency and so we're not tied to Bitcoin or a theorem. The value of our cryptocurrency will be set by the people transacting on our platform. So it's not tied to gold, and it's not tied to a standard light Bitcoin, it's tied to transaction value, base them on our platform. So in a sense, it's almost the barter community itself decides what the value of that is. Then also the investment community, if they want to participate in that, the null value at some level. But the number of transactions, the amount of transactions that are transacted into cryptocurrency will determine what the value of the cryptocurrency is. As I exchanged my product for your product, your product is valued at this, my product is valued at that, then that sets the price for the currency. How many of those customers can I start to use the currency yet? None yet because understand, there's a difference between a security token and a utility token. So I can't give you a share of my stock. Sure. Right? It's going to go through a register or transaction process. It's the same with security tokens, but utility tokens, I can transfer them to you. What we don't have right now is a permission from the Security Exchange Commission to use our utility tokens, which we expect to have by end of September, and we'd be the third company receiving this letter of no action. You got to imagine there's so much crap that was generated over last three or four years. I mean, just junk. I mean, it's just we spent a very large chunk of money to have ours done the right way, with a very reputable firm here in Atlanta. The blockchain teams out in New York who did ours, but we've gone before the SCC now three times to say, "Here's what we're all about." So we've been about as forthright and forthcoming. As a matter of sense, they came to our offices in San Francisco to understand more about what we're doing, that it could possibly be a template or a model that they would recommend other companies. Because everybody is trying to understand how they might utilize this. Because everybody is trying to eliminate and streamline the transaction processing and eliminate costs wherever it exists in the supply chain.
