US Global Investors Inc (GROW) 2021 Q4 法說會逐字稿

Good morning, everyone. Thank you for joining us today for our webcast announcing U.S. Global Investors Results for Fiscal Year ended June 30, 2021. I'm Holly Schoenfeldt. If you have any specific questions following today's webcast, please send those to info@usfunds.com after the presentation, and we will get back to you as soon as possible.

Next slide. The presenters for today's program, as seen on Slide 2, are Frank Holmes, U.S. Global Investors CEO and Chief Investment Officer; Lisa Callicotte, Chief Financial Officer; and myself, Holly Schoenfeldt, Marketing and Public Relations Manager.

On to the next slide. As always, we would love to offer anyone tuned in today. One of our JETS, GOAU or HIVE packs. All you have to do is send us an e-mail with your physical mailing address, and we are more than happy to get one over to you.

And on Slide #4. During this webcast, we may make forward-looking statements about our relative business outlook. Any forward-looking statements and all other statements made during this webcast that don't pertain to historical facts are subject to risks and uncertainties that may materially affect actual results. Please refer to our press release and corresponding Form 10-K filing for more detail on factors that could cause actual results to differ materially from any described today in forward-looking statements. Any such statements are made as of today, and U.S. Global accepts no obligation to update them in the future.

Now on to Slide 5, you'll see a quick overview of U.S. Global. We are an innovative investment manager with vast experience in global markets and specialized sectors. Founded as an investment club, the company became a registered investment adviser in 1968 and has a long-standing history of global investing and launching first-of-their-kind investment products, including the first no-load gold fund. U.S. Global is well known for expertise in gold and precious metals, natural resources, airlines and emerging markets.

Now on to Slide 6. I would like to hand it over to Frank Holmes, CEO and CIO, for an overview of the period and what is driving GROW's stock. Frank?

Good morning, everyone. And thank you very much, Holly, for the introductions, and let's get on with the show. I apologize for my deep voice, allergies have afflicted me here in beautiful South Texas. The cold fronts come in and immediately I start to get whacked with it.

But let me share with you, I'm very happy that we finally are able to get these financials on. And I want to say on behalf of everyone at U.S. Global Investors, I really want to thank our shareholders for their patience as we work diligently to complete the audit. It was a very unusual experience in my 31 years living here in Texas, but we did get through it. And we've reported even during the course of the year that on these delays, that we were still able to increase our dividend and our operating business continues to do very well.

We know, and I'm going to walk you through, that there is many analysts that take a look from a Bloomberg and they download our assets every day and run an average revenue model to it and figure out what our expenses are. So it is very undervalued. I'm going to walk you through what's been the history and what's been driving it. But most important, thank you for your patience.

As you can see, the searching assets are very, very important for operating business. Gold is an inflationary hedge. It's interesting that for the past 21 years up to this year, gold has been outperforming the S&P 80% of the time. So now it's going to drop to about 72% of the time. But I think what's interesting is that it has outperformed the S&P 500 by 250% for the past 21 years in this century.

And the -- I think it's going to be very promising going forward because 61% of all the gold miners today are undervalued on metrics compared to the S&P 500 and 61% have free cash flow, and that's not happening with the S&P 500.

Now let's talk about airlines. That's been a real big sweet spot in the past 18 months during COVID, and that has continued throughout this past year, is the recovery in the airlines. We're going to try to walk you through what's been driving that and the significant investment in HIVE has been our bet -- on the crypto industry. And so I'll walk you through that investment.

But what's really important for investors is, is this visual, the DNA of volatility. It's a nonevent for almost 70% of the time for the stock market in boolean, they go up or down 1%. But over 10 days, it starts to change and gold stocks are just much more volatile than the overall market, but bullion isn't. And I guess that's why the largest hedge fund in the world has a 10% weighting of bullion. And bullion has outperformed the S&P by 250% for this century. They always have this exposure to gold, and there seems to be -- for them, been a prudent strategy. And we still advocate that this is prudent for investors.

But what we want to show you is that the airlines itself have a very big volatility on a daily basis of plus or minus 3%. And there are many factors that drive that. And over 10 trading days, it's 8%. So it's almost 4x the S&P 500 over any 10-day rolling period, and it has to do with oil. Oil is very volatile. It's not in this example here, but oil is like crypto. It's extremely volatile, and that's a big expense line item for the airlines. So it does impact the airlines industry. But what's been unique for the past 18 months has been the vaccine and the growth of the vaccine and the recovery of the airlines.

But still, it doesn't matter what happened. This DNA of volatility has not changed before COVID or after COVID when I look at the daily volatility for the airlines industry. Then I give you some other stocks. MicroStrategy has a big exposure to Bitcoin. Its volatility has improved dramatically. Tesla is plus or minus 3%. Bitcoin is plus or minus 4% on a daily basis. But over a 10-day period, it's 14%. So that's quite significant. And GROW, because of our big investments in gold, in the airlines and in HIVE, we get this bigger volatility of plus or minus 5% on a daily basis and over a 10-day period of 15%. And those investments do impact us even though HIVE has a spectacular earnings and an incredible growth profile, its DNA volatility seems to track that of Bitcoin and Ethereum by the hour now. This appears to us that the quant funds are moving up and down and pivoting and using HIVE and the other crypto mining stocks as a proxy for what's happening on an hourly basis while the stock market is open to Bitcoin.

I really want to thank the top 10 institutional shareholders, Perritt Capital, in particular, that's a small-cap focus on special, and Royce Funds have been a long-term investor and Heartland Advisors. And recently, is Diametric Capital has taken an exposure into the company and names -- the 5 names on about 20% of the stock. And I really want to thank them for their sort of commitment and staying along with us during this period of getting delays and getting our financials out to the public.

Myself, I'm so often asked because of the complexity of voting shares, of nonvoting shares, it has to do with the 40 Act, but I -- overall, about 17% of the company. I'm proud to share with you that we've been through phenomenal up cycles and down cycles, and we've been able to maintain a monthly dividend since June of 2007. And the current yield is higher than the 10-year government and definitely in the 5-year. So it has a great income for investors. And the monthly dividend payment is approximately $0.0075.

This is reviewed by the Board on a quarterly basis and as an update and review it. Also, in addition to the multi-dividend spend, the share repurchase program, the Board approves a repurchase up to $2.75 million of its outstanding common stock in the open market through December of this year and extending this, it looks like for the quarter ended June 30, the company last year had repurchased 17,155 shares of Class A using cash of approximately $125,000. And for the whole year, we purchased back about $314,000 of stock. And it's a model, it's quant model that buys only on down days or extreme volatility is what it buys. The Board always has the right to suspend or discontinue at any time. That's a -- so that's a good disclaimer for investors.

Well, let's get into the meat of our financials. When it grows is extremely undervalued, I think the delay in the audit process and then clearly, the audit process is unusual. Like I've said, in my 31 years, I've never had such an experience. But you can see by the numbers every day and JETS creates -- you can look at our Bloomberg machine, if you have one or it's also public, that the assets have grown on the quarter by 14% Q-over-Q and year-over-year at 265%.

This drives revenue. And the revenue was $7.3 million, up 15% Q-over-Q and 292% year-over-year. And the net income of $4.8 million, which is up 217% year-over-year. The next visual is just looking at Invesco, which has the famous QQQ, which is now 40% of their assets and looking at some of these multiples of revenue compared to WisdomTree which is 100% ETFs and ETFs are approximately 80% of our operating revenue, not our investment earnings.

And as you can see that we're very attractive on all these metrics here and on a P/E ratio, and I'd like to break out that P/E ratio for you. If you look at this data for the 12-month, total operating revenue was $21.7 million, an increase of over 380% year-over-year. And for the quarter, revenues were $7.3 million, a 15% increase quarter-over-quarter and a 292% year-over-year. This is in the press release. And as you can see, the net income for the 12-month period was $32 million or $2.12 a share compared with a net loss of $4.7 million or $0.31 per share loss a year earlier. And for the quarter, net income was $4.7 million, an increase of 217% from the same 3-month period a year ago.

And average assets under management for the 12-month period ended June 30 was $3.4 billion compared to $700 million or $0.7 billion for the year ended June 2020. And that's an increase since COVID started of about $2.7 billion or 380% increase. And operating margins for the fiscal year was about 38% compared to operating losses for the same period previous year. And earnings from operations were $8.2 million and investment income was $28.3 million.

Now the complexity of all this stuff, as Lisa will comment on, is how you break out and what portion goes applied from the HIVE note, in particular, goes to the balance sheet, to the income statement. What's important here is just the ETF and mutual fund business itself has been a major significant turnaround. And the assets remain very stable, volatile, but overall fund flows come in and go out based on negative pronouncements or positive pronouncements from the vaccine or from a new virus. So a new virus comes out, then all of a sudden, we get a sell off from the airlines, all of a sudden the vaccines are improving, more people getting vaccinated, then you get more people flying; and then all of a sudden, you get the numbers improving and we get these positive fund flows.

And when you take a look at that, we made approximately from operating income was about $0.54 a share. And this is pretax, and income from investments is about $1.88. So that's $2.42. But after taxes, it was $2.12. So on that metric, we do trade at an incredibly low number. But I think that will go through a re-rating because we've finally got our year-end financial audits out into the marketplace, and people can see what the numbers are. And we're still, as I say, in the next visual show that we're greatly undervalued.

We did have a run with crypto last year and Nasdaq volume, our stock ran to $12. And I think that on a relative attractiveness, the stock should be between $8 and $12 and very comfortable multiples to sales, multiple to cash flow, multiple to returns on invested capital. Our returns on invested capital have been far greater than Invesco or WisdomTree. So it's these additional investments we've made and we've sold out at many of them, and we crystallized our gains last year at HIVE and rolled them into a convertible note, which becomes classified by the auditors as a complex financial instrument because it is a convertible debenture, which pays a monthly yield. And also, it has a redemption of our process that we can get back our principal and gave us warrants to give us more upside in HIVE. So that creates its own unique complexity with it.

But still, even from just investment operations from ETFs and mutual funds we're undervalued. And when you add in our investments, no doubt we're extremely undervalued. So our assets at the year-end of June was $4.2 billion, up substantially from previous year. And you can see in the next visual, the quarterly average assets continue to grow, and this should be related to a higher valuation for GROW as a company. It's translated into rising operating revenue, which is very positive because it's a simple model, which many of the analysts tell me what they do and the next visual will show you that. Basically, say that, if you have $100 million in assets and your ETF expense on our revenue is 60 basis points, then the revenue is going to be $600,000. And at $2 billion, it's going to be $12 million. And at $4 billion, it's going to be $24 million.

So right now for -- since June, that run rate of assets will still look very attractive from an operating point of view. And you can download, and we'll use this every day and create a simple spreadsheet, which a lot of analysts do. And you can see that in the next visual, the earnings per share had a huge move of $2.12. The previous time period, we lost money. And a lot of that had to do with the contraction in merchant markets assets and the contraction before even COVID, there was this little interest in gold, there was little interest in even JETS. And JETS went from up to $110 million and it fell during COVID down to $40 million before all of a sudden, it took off. And I've done many presentations explaining how smart the Robinhood investors were. Even when Warren Buffett and everyone bailed, they've made a phenomenal return on their money. And I believe it still has more upside. But it's going to have to wrestle with the winds of a new derivative of this coronavirus.

But let's get the financials. So this is a snapshot to show you that some of the things that impact us in 2018 was our HIVE investment and the volatility that has taken place with regard to crypto. Now you call that the crypto winter of 2018 going into basically May of 2019. And so we had pops up and down in HIVE, which impacted our investment earnings. But the operating earnings were still being stressed or the assets are being -- sort of appeared to a bottom in March of 2020.

And we can see that turn take place in June of 2020 when we reported a turn in operating earnings and HIVE had come off its bottom. And then we started to see, as HIVE took off in 2020 along with the Bitcoin, Ethereum and PayPal coming out and allowing people to be able to buy Bitcoin and the adoption of Bitcoin grew, we benefited from that. As I've mentioned previously, we could not launch an ETF which we discovered 5 years ago in the Bitcoin space because of regulators concerned of AML and so we went out and put capital in and with the cofounders of HIVE Blockchain, the first crypto mining company to go public with an ESG strategy and only green energy, low-cost energy, mining, Ethereum and Bitcoin in Iceland and Sweden.

And during 2020, we made several acquisitions in Canada, so that we can maintain that growth in green energy. And we have seen a huge appreciation in HIVE's market cap, which we benefit from that. And then we crystallize that and rolled it into a convertible because HIVE needed the capital, and all of our peers were all busy doing financings, massive dilutions. If you take a look at Ride and Marathon, they increased their shares outstanding 300% during 2020 and another one by tenfold in doing financing to buy more equipment. And HIVE had a turnaround to quickly do it and the process of filing for what they call an ATM in Canada, it was just not going to get done to the first quarter of 2021, and they had to secure equipment for this growth profile.

So U.S. Global sold its shares. And with that, we rolled it back into an investment in the company, and we did it at a premium. And so it was a great deal for HIVE shareholders. And it gave us still the upside to participate with HIVE's growth plans as our proxy in the crypto ecosystem. As you can see, our balance sheet increased due to cash from the sale of HIVE. And you can see also today that our liquidity has improved dramatically since then.

Now I'd like to point out that the outlook for GROW, staying power for JETS ETF, expansion of global markets, we have with the New York Stock Exchange has been a wonderful partner and we've been able to launch JETS in Mexico City, and we've had some wonderfully surprising trading days and creates going on. And recently went into Peru. And at our year-end of June 2021, we launched into Europe, partnering with HANetf in launching the JETS ETF in Europe. So we believe that optimism on the current travel recovery despite recent Omicron fears, the continued vaccine rollouts, borders have reopened globally, business travel was resuming, but we're still going to deal with these recent headwinds that came with President Biden last Thursday, in particular, protecting America from the flights coming in from Africa. But there's going to be some more stringent requirements with a 24-hour testing before they will come into America. But what is the public looking at? And what are the quant funds and the hedge funds they're looking at? They're looking at the TSA numbers.

And what you're seeing on this visual is that we went from 2.7 million down to 90,000 people a day flying in April of 2020. And the TSA came out in March of 2020 with this data of showing people they're clear and you can see that as the number of people that TSA cleared jumps above its 30-day, 50-day moving average, all of a sudden, the airlines start to percolate because that means more people are flying and it becomes a leading indicator for growth in revenue. We don't know which airlines are taking until the quarter results come out, but we do know that it's highly correlated to the robustness of the industry.

And just recently, for Thanksgiving, we had 2.45 million people, and I think it's not till we stay above 2.7 million for at least a quarter that we're going to see the airlines start increasing their ancillary income, which they charge you, which we all don't like, baggage fees, change fees. And so there was a huge source of almost it was running to pre-COVID, it was running to like $90 billion a year of revenue globally for the airlines industry. That evaporated and now slowly coming back. And I think they're waiting until business travel picks up.

But I think that we're getting pretty good at seeing this interest growth, and this is very positive. Oil prices up, JETS sales up. Oil prices fall, JETS rolls up. Vaccine data, information impact TSA, clearances impact the airlines. So there's lots of volatility and lots of sentiment driving it, but I believe it's strongly correlated that the rising number of passengers is correlated with more and more Americans being vaccinated. And we still have a long way to go to get everyone double vaccinated with a booster shot. So I remain very, very positive and I think that JETS has the potential over the next year to rally back in the low 30s where it was before COVID.

And this is the visual showing you over half of all eligible Americans now are fully vaccinated against COVID, and I think that's just going to continue to grow. Now I want to talk about looking at HIVE to give you a sort of -- there's lots of data on HIVE. You can get what took place last year when we sold 10 million shares. And we reinvested at a premium, which was a great deal for us because we got a unique convertible note, but it was a phenomenal deal for the HIVE shareholders because if you look at the other financings for other crypto-mining companies, they were quite often at a 15% to the stock price with warrants at a premium. And so those stocks all got clobbered by 15% or more with those equity financings a year ago, and HIVE didn't have to go through that pain for the shareholders.

So U.S. Global was a great partner and just like good venture capital firms and private equity firms or with their companies is a good strategic partner where I believe it was a benefit for HIVE and it was a benefit for U.S. Global where both parties won. This debenture matures in 5 years and bears interest of 8%. I have not sold any shares personally. However, I have donated 270,000 shares to charitable donations for educational purposes. That's basically what I've been doing for years is funding, if it's not orphanages, it's been for education and helping kids in need, and I've done this in Latin America, I've got it in Canada, I've done it in the U.S., where there's a need and there's a highly motivated young man or woman that we sponsor them.

So 5 million warrants, we have an exercise price of $250 million on HIVE. So the latest updates, HIVE announced a $110 million financing bought deal in Canada because our ATM had basically filled its total (inaudible) $100 million have been raised. HIVE announced a record-breaking revenue of $52 million and earnings in the second quarter. And then HIVE on November 22, had another record production numbers and we hold those an expression of word, meaning that hold on for dear life, but basically means be a long-term investor, don't worry about the daily and the weekly and the quarterly volatility, have a long-term vision for Bitcoin, and that's what HIVE has been doing.

And now HIVE announced the closing, and the deal was oversubscribed by 3:1. We closed it with $115 million, which gives us the capital necessary to maintain the big growth plans where our revenue now is running at, in Canada, about $1 million a day. And based on our production profile, this will double, which equates to about $1.5 million a day based on today's Bitcoin prices and difficulty rate in a year from now based on performance, which always has it's own inherent risks and the biggest risk there is shipments from -- and I mentioned many times, the shipment delays have been very challenging coming from Asia, and the cost of shipping is up tenfold.

But HIVE continued. And not only did it make acquisitions in the past year, material acquisitions for its growth profile, we hired 2 great people. Johanna Thörnblad became the President of Swedish operations. Johanna used to work at U.S. Global a long time ago. I see her resume. She's a graduate from MBA University of Chicago. She played D1 basketball. She's all-American Scholar. And she is originally from Sweden, and she has a dual citizenship and she lives in Europe. And she is managing the operations for us. And Aydin Kilic, Aydin is in Vancouver. He's an electrical engineer, and he's the President and Chief Operating Officer and something that HIVE needed to take our footprint and increase it by fourfold.

So here are some visuals. This is at New Brunswick, into expansion of 20 megawatts. And the other picture right now, even in the snow, is expansion in Boden of 10 megawatts. And HIVE will continue to -- I believe that have just a great growth profile. The revenue looks like a gold royalty company. Run rate now is about $15 million per employee. So that's very, very attractive.

And U.S. Global, its revenue per employee is also running about $1 million of revenue per employee, and that makes us -- the efficiency ratio will make us look close to like Goldman Sachs being highly efficient and much more efficient than our peers. So never to stop in our growth profile. One of the things we discovered during the crisis of COVID at the very bottom, the airlines and the airport that was busiest in the world was Alaska. And Alaska was booming, moving masks and gloves to North America and Europe.

And what was interesting is to witness what happened since COVID as a turnaround in global economies started to pick up and the airlines started to pick up, cargo airlines have done phenomenally well. And you can see that this really tickled us to say something is happening here and there used to be an ETF called C. We secured the ticker C and we're coming over with, once again, our quant approach like GOAU and JETS. And looking at global cargo, and it's called C2 Sky Cargo and we believe that there's a big head -- it's not, sorry a tailwind to the cargo shipping.

HIVE has seen its cost of shipping by either air or by ships, increases up to 10-fold of moving a pound of equipment or a container. The insurance cost are moving these things. And it appears that it's just not a short-term blip in inflation, and it's also a great leading indicator. That's what's really important. It's another way to play resources because if you do mine in Latin America copper or in Africa, and you want to go to China, it has to go on dry bulk shipping. And now they've made refrigerators in South Korea and in China, and you're going to be buying them, and they're coming across the Pacific back to America, they're going to come back on these containerships.

And when you take a look at the $20 trillion imprinted by the G20 countries, and this is showing up in huge pent-up demand after COVID's worst periods taking place, it's not only for the travel industry, it's a phenomenal for cargo. And it's another way of looking at the resources and we, in our studies, have shown that it's highly correlated to purchasing manufacturers index, which is a 6-month leading indicator to overall global economic trade. And so for us, we think it's going to continue to grow.

There is another product that's out there that looks at dry bulk shipping cargo. But it's interesting because its cost is over 180 basis points, and we're coming out at 60. And they only buy derivatives. So it's a derivative of a derivative. And we're going to be actually investing in cargo airlines and cargo ships. So we think that, that has a lot of long-term growth potential for it.

And when the previous ETF was out there, had over $100 million when they shut down, and so we think that this is just a great product. We back tested like we've done in our other products. We tested on this robustness. Clearly, past performance is no guarantee of future results. But like any medical company, you have to test the product, you have to test its resiliency. And that's -- when we talk about this, we want to know how resilient is our quant approach for up cycles and down cycles before we go and test it and launch it. So we feel very comfortable with it.

Now I'm going to turn it over to who's really been stressed out with this whole accounting process, who's done a phenomenal job, is Lisa Callicotte.

Thank you, Frank. Before I get to our financial year results, I wanted to briefly discuss the delay in issuing our financial statements. As we discussed previously in press release, we needed additional time to have evaluation specialists determine the GAAP fair value of the HIVE convertible debentures and warrants. We completed this process for the Form 10-K and now can move on to the September 2021 Form 10-Q. We believe it will take a few weeks to complete the September 10-Q, but we will work diligently to complete it as soon as possible. We really appreciate the shareholders' patience through this process, and we'll do all we can to catch up with our filings.

Now I'll discuss our financial highlights on Slide 30. We have a very strong financial year. Average assets under management for fiscal year ending June 30, 2021, was $3.4 billion, an increase of approximately 379% from the prior year. And operating revenues were $21.7 million, an increase of approximately 384% year-over-year compared to last year. Net income was $32 million compared to a loss of $4.7 million. And of that, the gain on the HIVE investments was $18.7 million.

Let's move on to more details of the results of operations for the year ending June 30, 2021. On Slide 31, we recorded total operating revenues of $21.7 million for the fiscal year, which is an increase of $17.2 million or 384% from the $4.5 million in prior year. The increase is primarily due to increases in assets under management, especially in our JETS ETF. Operating expenses for the current year were $13.5 million, an increase of $6.6 million or 96%, primarily for the following reasons: employee compensation and benefits increased $4.5 million or 159%, mainly due to increases in bonuses due to realized gains on investments and improved company and fund performance; general and administrative expenses increased $2 million or 56%, primarily due to higher ETF fund expenses and business development costs related to the increased ETF assets under management.

On Slide 32, we see our operating income for the year is $8.2 million, an improvement of $10.6 million compared to prior fiscal year 2020, which was a loss of $2.4 million. And we see that other income for the year was $29.3 million, it was mainly related to realized gains of $17.8 million, which was mainly built because of the crystallized gains on the common shares of HIVE of $15 million, but we also had gains on sale of Thunderbird stock of approximately $936,000 and sales of Gold Spot of about $600,000. We -- and then there was an increase in unrealized gains on investments of $9.9 million. But as you would expect, with an increase in net income, our tax expense also increased to about $5.5 million for the year.

I do want to remind shareholders that the change in GAAP fair value of the $5 million HIVE warrants that we own and the change in the conversion feature related to the HIVE debenture are included in our income statement. Therefore, the volatility related to the fair value changes was included and in the future will be included in our income statement. Net income attributable to USGI after taxes for fiscal year $32 million or as you can see on Slide 33, that is $2.12 per share compared to a net loss of $0.31 per share in the fiscal year.

Moving on to Slide 34, we see that we still have a very strong balance sheet that includes high levels of cash, debt and equity securities at fair value. In Page 35, notes that we still have no long-term debt. The only long-term liabilities are deferred taxes. And the company has a net working capital of $21.6 million and a current ratio of 5.2:1.

With that, I'll turn it over to Holly.

Thank you, Lisa. As you can see on Slide 38, a majority of our mutual fund assets are in emerging markets and natural resources, while 26% are in global equities and fixed income. As for distribution, more than 3/4 of assets come from retail investors with 17% coming from institutional investors. On to Slide 39. Our sales and marketing efforts have continued to focus on our mutual funds, including those concentrated on gold, natural resources and luxury goods as well as our exchange-traded funds. Over the last year, we have really expanded our media presence in the crypto space as well. The company and our funds continue to receive an invaluable amount of viral publicity gain through these media interviews.

On Slide 40, you will see that GROW, our funds and HIVE continue to be highlighted by influential financial newsletter writers as well along with the sharing and syndication of our award-winning original content by third-party publishers. On Slide 41, you will see just a few examples of outlets where Frank Holmes has been able to share his insights over the last year. He was featured on the cover of Real Assets Magazine just last month. He was joined by Michael Saylor of MicroStrategy for a record-breaking webinar in March of this year in collaboration with ETF Trends and, of course, is featured regularly on both Stansberry Research with Daniela Cambone and Kitco News with host David Lin.

Now on to Slide 42. If you have not yet seen our newly designed website, usfunds.com, I encourage you to explore it when you get a chance. We are incredibly proud of the new functionality of the site and the layout and are hoping it provides a better user experience for our current investors and those who find our content through third-party sites.

Now we take a look at Slide #43. U.S. Global Investors is well known for its timely, balanced and positive market insights and our thought leadership. And as you can see here, the company has been awarded numerous STAR Awards by the Investment Management Education Alliance over the years for Excellence in Investor Education. Our total now stands at 90 awards. And in fact, later today, we will be virtually attending this year's STAR Awards ceremony where we are hopefully going to be adding to our word count.

And on Slide 44, our subscriber base continues to grow organically. And we currently have over 200,000 curious investors following our investment newsletters, social channels and the CEO blog. So if you're not already signed up for this content, I encourage you to do so, for free, by visiting our website.

Now on to Slide 45. We also continue to see a large following across all of our social media platforms. So make sure you check us out, not only on Facebook and Twitter, but our new videos on YouTube and make sure you're following us on Instagram too.

All right. As we wrap up today's presentation, I want to remind you that if you have questions, you can e-mail those to us at info@usfunds.com, and we will respond as soon as we get a chance. Other than that, this concludes U.S. Global Investors' webcast for fiscal year 2021. Thank you, everyone.