LM Funding America Inc (LMFA) 2024 Q1 法說會逐字稿

Greetings. Welcome to the LM Funding America Inc. first-quarter-2024 business update conference call. (Operator Instructions) Please note that this conference is being recorded.

問候。歡迎參加 LM Funding America Inc. 2024 年第一季業務更新電話會議。（操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to your host, Ted Ayvas. You may begin.

現在我將會議交給主持人泰德·艾瓦斯。你可以開始了。

Good morning, and thank you for joining LM Funding America's 2024-first-quarter financial results and business update conference call. On the call with us today are Bruce Rogers, Chief Executive Officer; and Richard Russell, Chief Financial Officer of LM Funding.

早安，感謝您參加 LM Funding America 2024 年第一季財務業績和業務更新電話會議。今天與我們通話的是執行長布魯斯羅傑斯 (Bruce Rogers)；和 LM Funding 財務長 Richard Russell。

This morning, the company announced its operating results for the quarter ended March 31, 2024, and its financial condition as of that date. The press release is posted on the company's website, lmfunding.com. In addition, the company has filed its quarterly report on Form 10-Q with the US Securities and Exchange Commission, which can also be accessed on the company's website as well as the SEC's website at www.sec.gov. If you have any questions after the call or would like any additional information about the company, please contact Crescendo Communications at (212) 671-1020.

今天上午，該公司公佈了截至 2024 年 3 月 31 日的季度營運業績以及截至該日的財務狀況。新聞稿發佈在該公司網站 lmfunding.com 上。此外，該公司已向美國證券交易委員會提交了 10-Q 表季度報告，該報告也可在該公司網站以及 SEC 網站 www.sec.gov 上取得。如果您在通話後有任何疑問或想了解有關該公司的任何其他信息，請致電 (212) 671-1020 聯繫 Crescendo Communications。

Before management reviews the company's operating results for the three months ended March 31, 2024, and its financial condition as of that date, we would like to remind everyone that this conference call may contain forward-looking statements. All statements other than statements of historical facts contained in this conference call, including statements regarding our future results of operations and financial position, strategy and plans and our expectations for future operations are forward-looking statements.

在管理階層審查公司截至 2024 年 3 月 31 日止三個月的經營業績以及截至該日的財務狀況之前，我們想提醒大家，本次電話會議可能包含前瞻性陳述。本次電話會議中除歷史事實陳述外的所有陳述，包括有關我們未來經營業績和財務狀況、戰略和計劃以及我們對未來經營的預期的陳述，均為前瞻性陳述。

These forward-looking statements are based largely on the company's current expectations and projections about future events and trends that it believes may affect its financial condition, results of operations, strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to various risks, uncertainties and assumptions as described in the company's Form 10-K filed with the US Securities and Exchange Commission on April 1, 2024.

這些前瞻性陳述主要基於公司目前對未來事件和趨勢的預期和預測，公司認為這些事件和趨勢可能影響其財務狀況、營運績效、策略、短期和長期業務營運以及目標和財務需求。這些前瞻性陳述受到本公司於 2024 年 4 月 1 日向美國證券交易委員會提交的 10-K 表格中所述的各種風險、不確定性和假設的影響。

Because of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this conference call may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance or achievement.

由於這些風險、不確定性和假設，本次電話會議中討論的前瞻性事件和情況可能不會發生，實際結果可能與前瞻性陳述中預期或暗示的結果有重大不利差異。您不應依賴前瞻性陳述作為未來事件的預測。儘管公司認為前瞻性陳述中反映的預期是合理的，但它不能保證未來的結果、活動水準、績效或成就。

In addition, neither the company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The company disclaims any duty to update any of these forward-looking statements. All forward-looking statements attributable to the company are expressly qualified in their entirety by these cautionary statements as well as others made in this conference call. You should evaluate all forward-looking statements made by the company in the context of these risks and uncertainties.

此外，本公司或任何其他人均不對任何這些前瞻性陳述的準確性和完整性承擔責任。該公司不承擔更新任何這些前瞻性陳述的義務。所有歸屬於該公司的前瞻性陳述均完全受到這些警告性陳述以及本次電話會議中所做的其他陳述的明確限制。您應該在這些風險和不確定性的背景下評估公司所做的所有前瞻性陳述。

In addition, today's discussion will include references to non-GAAP measures. The company believes that such information provides an additional measurement and consistent historical comparison of its performance. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures is available in today's news release on our website.

此外，今天的討論將包括對非公認會計原則措施的提及。該公司認為，此類資訊提供了對其業績的額外衡量和一致的歷史比較。我們網站上今天發布的新聞稿中提供了非公認會計準則衡量標準與最直接可比較的公認會計準則衡量標準的調節表。

With that, I would now like to turn the call over to Bruce Rogers, Chairman and CEO of LM Funding. Bruce?

現在，我想將電話轉給 LM Funding 董事長兼執行長布魯斯羅傑斯 (Bruce Rogers)。布魯斯？

Thanks, Ted. Hello from sunny Tampa. Thank you to everyone who joined us today. On behalf of the LM Funding team, I'd like to thank our shareholders for your ongoing support. We've made significant strides in expanding our bitcoin mining operations in the first quarter of 2024 building on the substantial progress we achieved in 2023, our inaugural first full year in the bitcoin mining industry. The momentum we built in 2023 has carried over into 2024, continues to drive our business forward.

謝謝，泰德。來自陽光明媚的坦帕，你好。感謝今天加入我們的所有人。我謹代表 LM Funding 團隊感謝我們的股東一直以來的支持。基於 2023 年（我們在比特幣挖礦行業的第一個全年）取得的實質進展，我們在 2024 年第一季在擴大比特幣挖礦業務方面取得了重大進展。我們在 2023 年建立的勢頭已延續到 2024 年，繼續推動我們的業務向前發展。

We returned to profitability. So I'd like our CFO, Rick Russell, to tell you about that.

我們恢復了獲利。因此，我希望我們的財務長 Rick Russell 告訴您這一點。

Thank you, Bruce. As of March 31, 2024, the company had approximately 5,900 bitcoin mining machines in operation engaged in bitcoin mining at various hosting sites, providing LM Funding with approximately 614 petahash of mining capacity. We mined 86.4 bitcoins valued at approximately $4.6 million based on the average price of $53,000 per bitcoin during the first quarter. With bitcoin prices reaching record highs during the quarter and currently standing at approximately $630,000, we believe this strongly validates our strategy. We increased our revenue by 105% in the first quarter of 2024 compared to the same quarter last year.

謝謝你，布魯斯。截至 2024 年 3 月 31 日，該公司在各個託管站點擁有約 5,900 台比特幣礦機在運行，從事比特幣挖礦，為 LM Funding 提供約 614 petahash 的挖礦能力。根據第一季每個比特幣 53,000 美元的平均價格，我們開採了 86.4 個比特幣，價值約 460 萬美元。隨著比特幣價格在本季創下歷史新高，目前約為 63 萬美元，我們相信這有力地驗證了我們的策略。與去年同期相比，我們 2024 年第一季的營收成長了 105%。

Additionally, we achieved net income of $1.9 million in the first quarter of 2024, a significant turnaround from a net loss of $7.2 million in the comparable quarter of 2023. Moreover, we reported positive core EBITDA of approximately $4.4 million for the quarter ended March 31, 2024, a substantial improvement compared to a core EBITDA loss of $300,000 in the comparable quarter of the previous year.

此外，我們在 2024 年第一季實現了 190 萬美元的淨利潤，較 2023 年同期淨虧損 720 萬美元實現了大幅扭轉。此外，我們報告稱，截至 2024 年 3 月 31 日的季度核心 EBITDA 為正，約為 440 萬美元，與去年同期核心 EBITDA 虧損 30 萬美元相比，有了顯著改善。

Lastly, and perhaps most importantly, I want to highlight that as of March 31, 2024, we had stockholders' equity of $38.5 million or $15.43 per share. As of March 31, 2024, the company held approximately 163.4 bitcoins points value at roughly $11.7 million based on a bitcoin price of $73,000. As of April 30, 2024, the company held 155.1 bitcoins valued at approximately $9.7 million based on the recent bitcoin price of roughly $63,000.

最後，也許也是最重要的，我想強調的是，截至 2024 年 3 月 31 日，我們的股東權益為 3,850 萬美元，即每股 15.43 美元。截至 2024 年 3 月 31 日，該公司持有約 163.4 個比特幣積分，以 73,000 美元的比特幣價格計算，價值約為 1,170 萬美元。截至 2024 年 4 月 30 日，該公司持有 155.1 枚比特幣，根據近期約 63,000 美元的比特幣價格計算，價值約 970 萬美元。

I want to turn it back over to Bruce for our business review.

我想將其轉回布魯斯以供我們進行業務審查。

Thanks, Rick. You've painted the financial picture of a company that has completed the startup phase of its bitcoin mining operations and attained profitability. We are now poised to scale and grow, so I want to focus our attention on our overall business and our strategic focus for 2024, 2025 and beyond. The company was well positioned for the recent bitcoin halving event, which took place in mid-April. And looking ahead, we anticipate entering into new hosting agreements that reflect the post-2024 halving economic realities.

謝謝，瑞克。您描繪了一家公司的財務狀況，該公司已完成比特幣挖礦業務的啟動階段並實現盈利。我們現在已準備好擴大規模和發展，因此我希望將注意力集中在我們的整體業務以及 2024 年、2025 年及以後的策略重點上。該公司為最近在四月中旬發生的比特幣減半事件做好了準備。展望未來，我們預計將簽訂新的託管協議，以反映 2024 年減半後的經濟現實。

Considering the current market conditions and the future outlook for bitcoin which reached a new all-time high of approximately $73,800 in the first quarter of 2024, we remain highly optimistic about its future. Historically, halving events like the one in April have led to new all-time-high bitcoin prices in the six months following the halving.

考慮到當前的市場狀況和比特幣的未來前景（2024 年第一季達到約 73,800 美元的歷史新高），我們對其未來保持高度樂觀。從歷史上看，像四月這樣的減半事件導致比特幣價格在減半後的六個月內創下歷史新高。

In January, the company invested approximately $1.1 million to purchase 300 Bitmain S21 Antminer machines. The S21 is a high efficiency, high-hash-rate machine for mining the SHA-256 algorithm. Manufactured by Bitmain, each unit boasts the hash rate of 200 terahash per second and consumes 3,500 watts of power. We believe these are the most capable machines on the market.

一月份，該公司投資約 110 萬美元購買了 300 台比特大陸 S21 Antminer 機器。S21是一台用於SHA-256演算法挖礦的高效率、高算力機器。由比特大陸製造，每台設備的算力為每秒 200 terahash，功耗為 3,500 瓦。我們相信這些是市場上功能最強大的機器。

These machines are now fully operational and increased the company's mining capacity to 639 petahash per second. We remain committed to reinvesting the proceeds from our bitcoin mining operations into acquiring the most efficient bitcoin mining equipment available. We believe that our S21 mining machine will be leading producers, and anticipate that this model will continue to generate revenue through the next halving event which we expect to occur in 2028.

這些機器現在已全面投入運行，並將該公司的採礦能力提高到每秒 639 petahash。我們仍然致力於將比特幣挖礦業務的收益再投資於購買最高效的比特幣挖礦設備。我們相信我們的 S21 礦機將成為領先的生產商，並預計該型號將在 2028 年發生的下一次減半事件中繼續產生收入。

We continue to concentrate our capital investments on Bitcoin and mining machines whose valued closely follows bitcoins. However, we are also open to exploring opportunities that could lower our mining costs and potentially expand our operations to include hosting for AI machines. We are actively pursuing developments in these areas, and look forward to sharing these with our shareholders. If historical patterns hold and anticipated events unfold as expected, we anticipate creating significant value for our shareholders.

我們繼續將資本投資集中在比特幣和礦機上，其價值緊跟著比特幣。然而，我們也願意探索可以降低挖礦成本的機會，並有可能擴大我們的業務，包括託管人工智慧機器。我們正在積極尋求這些領域的發展，並期待與股東分享。如果歷史模式成立且預期事件如預期發生，我們預期將為股東創造巨大價值。

We expect this value creation to reflect both the appreciation of our bitcoin holdings as well as (technical difficulty). Our legacy business is focused on providing selling to non-profit community associations has remained stable since the end of 2022. Looking ahead, we see growth opportunities arising from increased demand for reserve funding which is a response to the legislative changes following the collapse of the seaside tower in South Florida in 2023.

我們預計這種價值創造將反映我們持有的比特幣的升值以及（技術難度）。我們的傳統業務專注於向非營利社區協會提供銷售服務，自 2022 年底以來一直保持穩定。展望未來，我們看到對儲備資金需求增加帶來的成長機會，這是對 2023 年南佛羅裡達州海濱塔倒塌後立法變化的回應。

Florida law now requires associations to fully fund reserves for building maintenance. The resulting increase in association dues will likely increase the number of homeowners who failed to pay their dues. We see an opportunity to provide funding and services to help associations transition to maintaining fully funded reserve accounts.

佛羅裡達州法律現在要求協會為建築物維護提供全額儲備金。由此產生的協會會費增加可能會增加未繳會費的房主數量。我們看到了提供資金和服務的機會，以幫助協會過渡到維持充足資金的儲備帳戶。

We continue to be frustrated by what we perceive as the market's undervaluation of our shares. Despite our firm belief that we are generating substantial shareholder value, our stock price is currently less than 1/5 of our stockholders' equity per share. Our record net income in the first quarter is a clear testament to the successful execution of our business strategy. We are actively pursuing our strategic goals and taking every opportunity to share our story with investors, including presenting at several upcoming investment conferences.

我們仍然對市場低估我們股票的情況感到沮喪。儘管我們堅信我們正在創造可觀的股東價值，但我們的股價目前還不到每股股東權益的 1/5。我們第一季創紀錄的淨利潤清楚地證明了我們業務策略的成功執行。我們正在積極追求我們的策略目標，並利用一切機會與投資者分享我們的故事，包括在即將舉行的幾場投資會議上進行演講。

As more investors become familiar with our company and growth opportunities, our market share price will better reflect our intrinsic value. Our optimism about the business has never been as bright. We are making money mining bitcoin, and we see a clear path to scaling our operations and improving our cost per bitcoin mine. We believe the market will eventually recognize these efforts.

隨著越來越多的投資者熟悉我們的公司和成長機會，我們的市場股價將更能反映我們的內在價值。我們對業務的樂觀態度從未如此樂觀。我們正在透過開採比特幣賺錢，我們看到了擴大營運規模和提高每個比特幣礦場成本的明確途徑。我們相信市場最終會認可這些努力。

Finally, I would like to take a moment to welcome Marty Traber back to the LM Funding Board of Directors. We are pleased to reintroduce an investment banking perspective to our Board. Given his expertise in the capital markets, we believe Marty's current market insights will significantly assist our strategic decisions as we continue to expand our bitcoin mining operations and hold bitcoin on our balance sheet. Additionally, we sincerely thank Todd Zhang for his substantial contributions during the ramp up of our bitcoin mining operations and wish him success in his future endeavors.

最後，我想花一點時間歡迎 Marty Traber 回到 LM 資助董事會。我們很高興向董事會重新引入投資銀行的觀點。鑑於他在資本市場的專業知識，我們相信馬蒂當前的市場洞察力將極大地幫助我們的戰略決策，因為我們將繼續擴大我們的比特幣挖礦業務並將比特幣保留在我們的資產負債表上。此外，我們衷心感謝托德·張在我們的比特幣挖礦業務發展過程中做出的巨大貢獻，並祝福他在未來的努力中取得成功。

Thank you again for listening today. I look forward to hearing your questions.

再次感謝您今天的收聽。我期待聽到您的問題。

(Operator Instructions) Kevin Dede, H.C. Wainright.

（操作員說明）Kevin Dede, H.C.溫賴特。

Good morning, Bruce, Rich. Thanks for having me on the call.

早安，布魯斯，里奇。感謝您邀請我接聽電話。

Great to hear from you.

很高興聽到你的消息。

So you'll have to excuse me, Bruce. I think I have my lines a little crossed. The press release pointed to 5,900 machines and I just wanted to be sure that that figure included the 300 new S21s, and that everything is installed in hashing now?

所以你得原諒我，布魯斯。我想我的底線有點交叉了。新聞稿提到了 5,900 台機器，我只是想確定這個數字包括 300 台新的 S21，現在所有東西都安裝在哈希中了嗎？

The 5,900 machines was, as of March, we got the new S21s end of April, first of May, but we also disposed 200 machines. So we're still about the same number of machines, but with the S21s, our petahash is up. And the machines we got read out with the old sub-100 machines that slipped in.

5,900 台機器是截至 3 月份，我們在 4 月底、5 月初收到了新的 S21，但我們也處置了 200 台機器。所以我們的機器數量仍然大致相同，但有了 S21，我們的 petahash 就提高了。我們讀出的機器與滑入的舊 100 台機器一起讀出。

All right. So the earnings press talked to a hash rate of 673, but I don't know. I may have heard 639. I'm just trying to make sure I have that number right, because that's what we're basing our for

好的。因此，財報媒體談論的哈希率為 673，但我不知道。我可能聽過639。我只是想確保我的數字正確，因為這就是我們的基礎

Yeah. 639 is the right number for forecast.

是的。 639 是正確的預測數字。

For forecast, yeah. All right. Perfect. Bruce, I especially appreciated hearing your strategic snapshot. I mean, I know you guys are still financial Buccaneers. Maybe, you could just take a step back and help me think about or guide my thinking in your view of investment in building your hash rate versus your strategic attention on your legacy endeavors?

對於預測來說，是的。好的。完美的。布魯斯，我特別感謝聽到你的戰略快照。我的意思是，我知道你們仍然是金融海盜。也許，您可以退後一步，幫助我思考或指導我的思考，即您對建立哈希率的投資與對傳統事業的策略關注的看法？

So we're bitcoin miners primarily and foremost right now. Our legacy business really, the way that legislation works, that's a 2025 event, and really unclear as to where that would be. So I would focus on our company as being a bitcoin miner.

所以我們現在主要是比特幣礦工。我們的傳統業務確實是，立法運作的方式，那是 2025 年的事件，而且真的不清楚那會發生在哪裡。所以我會專注於我們公司作為一家比特幣礦工。

And then, our strategy has been infrastructure light. But we're -- as you might have noticed in the Q, we borrowed $1.5 million for some strategic initiatives, and we should be making some announcements on that pretty soon.

然後，我們的策略是輕基礎設施。但正如您在 Q 中可能已經注意到的那樣，我們為一些策略舉措借了 150 萬美元，我們應該很快就會就此發布一些公告。

You alluded to that in the call a little bit in reviewing HPC. Would you consider owning your own infrastructure either for bitcoin mining or for addressing HPC market?

您在回顧 HPC 的電話會議中提到了這一點。您是否會考慮擁有自己的基礎設施用於比特幣挖礦或解決 HPC 市場問題？

I might not understand what you mean by HPC market.

我可能不明白你所說的HPC市場是什麼意思。

Oh, I'm sorry, high-performance computing. That's the AI. I know that you -- yeah, you talked to that a little bit. I'm just -- maybe let's just take the question back a step. I apologize. I running my mouth here a little bit, forgive me. How are you reviewing your asset-light strategy? Are you -- I know you said you've borrowed some money and you'll probably have more to say about that shortly, but are you thinking about owning assets for -- or infrastructure for bitcoin mining or for other purposes?

哦，對不起，高效能運算。這就是人工智慧。我知道你——是的，你談過一點。我只是——也許讓我們把問題退後一步。我道歉。我在這裡有點說話了，請原諒。您如何審視自己的輕資產策略？我知道你說過你借了一些錢，你可能很快就會對此有更多的說法，但你是否正在考慮擁有資產或基礎設施用於比特幣挖礦或其他目的？

If we own anything, the first and primary purpose would be bitcoin mining. You look at other purposes for potential exit should you decide to leave the field. This could be things that happen. So that's the way we regard that.

如果我們擁有任何東西，首要目的就是比特幣挖礦。如果您決定離開該領域，您將考慮其他可能的退出目的。這可能是發生的事情。這就是我們的看法。

Okay. How are you thinking about adding to your fleet from a hash-rate perspective beyond this last S21 order? And how have your hosting partners talk to you about pass-through pricing, rev share, contractual obligations given the lower hash price that we've seen since the halving?

好的。除了最後的 S21 訂單之外，您如何考慮從算力角度添加到您的艦隊中？鑑於自減半以來我們看到的較低的哈希價格，您的託管合作夥伴如何與您討論傳遞定價、收益份額、合約義務？

Load of question there because we have more than one hosting partner, and we have more than one hosting contract with each one of our hosting partners. So there's probably discussions on every possible plane at all times on things.

那裡有很多問題，因為我們有不止一個託管合作夥伴，而且我們與每個託管合作夥伴都有不只一份託管合約。因此，可能隨時都會在所有可能的層面上對事物進行討論。

Back to the $1.5 million we borrowed and the strategic initiative I alluded to, the reality of hosting is that you usually have to make a deposit in order to host with someone. So we're looking forward using that deposit type of money to get more control over some of the infrastructure. It's still infrastructure light in theory, but we like to have some more control right up to where the electric meter is.

回到我們借的 150 萬美元和我提到的戰略舉措，出租的現實是，您通常必須先交押金才能出租某人。因此，我們期待使用這種存款類型的資金來更好地控制某些基礎設施。理論上它仍然是基礎設施之輕，但我們希望對電錶所在的位置有更多的控制。

Okay. That helps. Thanks, Bruce. How about expanding the mining fleet? I guess you've got to put one step.

好的。這有幫助。謝謝，布魯斯。擴大採礦隊怎麼樣？我想你必須踏出一步。

That's the goal, right? So if the thing starts flywheeling cash, that's where the cash is going to go, is to buy more machines. And all of the roads lead to -- that's how you grow a mining business. You got to keep up with the increase in difficulty. And then, if you go faster than that, you increase your potential returns.

這就是目標，對嗎？因此，如果事情開始讓現金飛速運轉，那麼現金就會流向購買更多機器。所有的道路都通往—這就是您發展採礦業務的方式。你必須跟上難度的增加。然後，如果你的速度比這更快，你的潛在回報就會增加。

Right. Rich, did you -- or how are you considering this mark to market for digital asset ruling? Have you incorporated it? Or how -- when do you expect to? Help me understand that, please.

正確的。Rich，是嗎？你把它合併了嗎？或如何－你預計什麼時候？請幫助我理解這一點。

Yeah. We adopted the mark to market effective this year, one month, and that's where you see the $4.3 million gain that is buried in operating expenses. I don't really agree that's the best place, but that's where the guide points you to. And that really, that value was about $72,000-ish, $73,000 at end of March, and that's what's mark 2 right now.

是的。我們在今年一個月內採用了以市價計價法，您可以看到 430 萬美元的收益被埋在營運費用中。我不太同意那是最好的地方，但那是指南向您指出的地方。事實上，這個價值約為 72,000 美元左右，3 月底為 73,000 美元，這就是現在的 2 號。

Oh, you mean 72 bitcoin?

哦，你是說72個比特幣？

No, $72,000. $72,000 per bitcoin.

不，72,000 美元。每個比特幣價值 72,000 美元。

Oh, okay.

哦好的。

Yeah. As part of the adoption, we recognized a $600,000 pick up in equity for what we had at the 12/31, right? That was not factored into this gain on operations. But what we mine during from 1/1, it was about $43,000, I think. And what we mined in the quarter, that mining was an average of, I think, $53,000. That accumulate bitcoin of 160, I think 3 resulted in the pickup of $4.3 million.

是的。作為採用的一部分，我們確認 12 月 31 日的股本增加了 60 萬美元，對嗎？這沒有計入營運收益。但我認為，我們從 1 月 1 日開始開採的價值約為 43,000 美元。我們本季的開採量，我認為平均為 53,000 美元。累積 160 個比特幣，我認為 3 個比特幣帶來了 430 萬美元的收益。

Oh, okay. So Bruce, as I think about your comment regarding the rulings in Florida taking effect in '25, have you considered maybe just separating yourself from that business and going all in in bitcoin?

哦好的。所以，布魯斯，當我想到你對佛羅裡達州 25 年生效的裁決的評論時，你是否考慮過將自己從該業務中分離出來並全力投入比特幣？

The two businesses have absolutely nothing to do with each other, other than the fact that I'm involved in it. So yeah. That -- when things are right, there will be the right time for that, and it will make sense, and it will be obvious to us.

除了我參與其中之外，這兩項業務完全沒有任何關係。嗯是的。當事情正確時，就會有正確的時間，這就會有意義，對我們來說是顯而易見的。

Okay. Fair enough. Thank you very much, gentlemen, for taking my questions. Appreciate it.

好的。很公平。先生們，非常感謝你們回答我的問題。欣賞它。

Thank you.

謝謝。

(Operator Instructions) We have reached the end of our question-and-answer session, and I will now turn the call over to management for closing remarks.

（操作員指示）我們的問答環節已經結束，我現在將把電話轉交給管理層進行總結發言。

Thank you. I want to thank everyone for joining us on today's call. Our pivot towards bitcoin mining is proven fruitful with promising results so far. We are dedicated to reinvesting our mining revenue and acquiring additional mining equipment. We've secured $1.5 million in debt financing to help fund strategic initiatives.

謝謝。我要感謝大家參加今天的電話會議。事實證明，我們對比特幣挖礦的轉向是卓有成效的，迄今為止取得了可喜的成果。我們致力於將採礦收入再投資並購買額外的採礦設備。我們已獲得 150 萬美元的債務融資，為策略性舉措提供資金。

Furthermore, we're also focused on integrating advanced software and other technologies to boost the hash rate of our existing machinery. With Bitcoin reaching an all-time high of around $74,000 in March, and presently trading near $60,000 to $70,000, our confidence in the enduring value of bitcoin as an investment continues to solidify.

此外，我們也致力於整合先進的軟體和其他技術，以提高現有機器的雜湊率。隨著比特幣在 3 月達到歷史新高約 74,000 美元，目前交易價格接近 60,000 至 70,000 美元，我們對比特幣作為投資的持久價值的信心繼續增強。

We are grateful for the ongoing support from our shareholders, and we'll continue to provide updates on our progress as new developments emerge. Thank you.

我們感謝股東的持續支持，隨著新進展的出現，我們將繼續提供最新進展。謝謝。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，此時您可以掛斷電話了。感謝您的參與。