Netcapital Inc (NCPL) 2025 Q1 法說會逐字稿

Good day, everyone, and welcome to the Netcapital Inc quarterly earnings call. At this time, all participants have been placed on a listen-only mode and we will open the floor for your questions and comments after the presentation.

大家好，歡迎參加 Netcapital Inc 季度財報電話會議。目前，所有參與者都已進入僅聽模式，我們將在演示結束後開放發言，供您提出問題和評論。

It is now my pleasure to turn the floor over to your host, Coreen Kraysler. Ma'am, the floor is yours.

現在我很高興將發言權交給主持人 Coreen Kraysler。女士，地板是你的了。

Thank you, Matt. Good morning, everyone, and thank you for joining the Netcapital's first quarter fiscal 2025 financial results conference call. This is Coreen Kraysler, CFO of Netcapital Inc. I will begin with a review of our financial results. Following that, our Chief Executive Officer, Martin Kay will deliver his prepared remarks before we open up the Q&A portion of our call.

謝謝你，馬特。大家早安，感謝您參加 Netcapital 2025 財年第一季財務業績電話會議。我是 Coreen Kraysler，Netcapital Inc. 的財務長。隨後，我們的執行長馬丁凱 (Martin Kay) 將在我們開始電話問答部分之前發表準備好的講話。

Before we begin, I'd like to draw your attention to the customary Safe Harbor disclosure regarding forward-looking information. Management's discussion may include forward-looking statements. These statements relate to future events or future financial performance and involve known and unknown risks, uncertainties and other factors that may cause actual results could be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

在開始之前，我想提請您注意有關前瞻性資訊的慣例安全港披露。管理階層的討論可能包括前瞻性陳述。這些陳述涉及未來事件或未來財務業績，並涉及已知和未知的風險、不確定性和其他因素，可能導致實際結果可能與這些前瞻性陳述所明示或暗示的任何未來結果、活動水平、業績或成就存在重大差異。

Any forward-looking statements reflect management's current views with respect to operations, results of operations, growth, strategy, liquidity, and future events. Netcapital assumes no obligation to publicly update or revise these forward-looking statements for any reason or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

任何前瞻性陳述均反映管理階層目前對營運、營運結果、成長、策略、流動性和未來事件的看法。Netcapital 不承擔因任何原因公開更新或修改這些前瞻性陳述的義務，也不承擔更新實際結果可能與這些前瞻性陳述中的預期存在重大差異的原因的義務，即使將來出現新資訊。

With that said, I'd like to now turn to our financial results for the first quarter of fiscal 2025. Revenues for the first quarter of fiscal 2025 for the period ending July 31, 2024, decreased by almost $1.4 million or approximately 91% to $142,227 compared to approximately $1.5 million in the first quarter of 2024.

話雖如此，我現在想談談 2025 財年第一季的財務表現。截至 2024 年 7 月 31 日的 2025 財年第一季營收為 142,227 美元，比 2024 年第一季的約 150 萬美元減少了近 140 萬美元或約 91%。

The decline in revenue was primarily attributed to a decrease in revenues for the services that we provide in exchange for equity securities during the quarter, we had no revenues from equity based contracts as compared to over $1.1 million in such revenues in the three months ended July 31, 2023.

收入下降主要歸因於我們在本季度提供的用於交換股權證券的服務的收入減少，我們沒有來自股權合約的收入，而截至 7 月的三個月此類收入超過 110 萬美元2023 年31 日。

We are focusing on establishing a broker-dealer subsidiary so that the company may have additional sources of revenue, and we have not been pursuing equity based revenue contracts. Total funding portal revenues declined by $233,800 or approximately 62%, it was $142,056 during the first quarter of fiscal 2025.

我們的重點是建立經紀自營商子公司，以便公司可以擁有額外的收入來源，並且我們從未追求基於股權的收入合約。2025 財年第一季度，融資門戶總收入為 142,056 美元，下降了 233,800 美元，約 62%。

Total funding portal revenues consist of portal fees, listing fees and a 1% equity fee. Revenue from portal fees decreased by $132,427 for approximately 60% in the three months ended July 31, 2024 to $89,429 from $221,856 in the three months ended July 31, 2023. Revenues from portal fees consists of a 4.9% fee of the total capital raised by an issuer plus fixed miscellaneous charges for administrative fees, such as a rolling close, or the filing of an amended offering statement.

融資入口網站的總收入包括入口網站費用、上市費用和 1% 的股權費用。截至2024年7月31日止三個月，門戶網站費用收入從截至2023年7月31日止三個月的221,856美元減少至89,429美元，減少約60%。入口網站費用收入包括發行人籌集的總資本的 4.9% 的費用加上固定的雜項管理費，例如滾動關閉或提交修訂的發行聲明。

The decline in portal fees is a result of the decrease in the amount of capital raised on our funding portal during the period. Total funds raised in offerings decreased by almost $1.8 million or approximately 16% in the three month period in July 31, 2024, (technical difficulty) as compared to approximately [$2.56 million] in the same period of 2023.

門戶網站費用的下降是由於我們的融資門戶網站在此期間籌集的資金量減少的結果。與 2023 年同期約 [256 萬美元] 相比，2024 年 7 月 31 日的三個月期間（技術難度），發行籌集的資金總額減少了近 180 萬美元，約 16%。

Revenue from listing fees decreased by $111,500 or approximately 72%, to $42,500 in the three months ended July 31, 2024 as compared to $154,000 in the three months ended July 31, 2023. Listing fees are typically $5,000 per issuer and they are the first form of revenue earned by our Funding Portal when an issuer signed the contract with us to sell securities on the portal. The drop in listing fees can be attributed to (technical difficulty)

截至2024年7月31日止三個月，上市費收入減少111,500美元，約72%，至42,500美元，截至2023年7月31日止三個月為154,000美元。上市費用通常為每位發行人 5,000 美元，這是當發行人與我們簽署在入口網站上出售證券的合約時，我們的融資入口網站賺取的第一種收入形式。上市費用下降可歸因於（技術難度）

Hi, Coreen, I do apologize, this is the operator. Your line is breaking up. I'm going to attempt a dial-up to your line, so I can get a clear connection.

嗨，Coreen，我很抱歉，我是接線員。你的線路要斷了。我將嘗試撥號到您的線路，以便獲得清晰的連接。

Okay.

好的。

Coreen, your line is live.

科林，您的線路已上線。

Thank you. We had an operating loss of approximately $2.5 million for the first quarter of fiscal 2025 as compared to an operating loss of $749,020 for the first quarter of fiscal 2024. Our net loss for the first quarter of fiscal 2025 was $2,527,170 as compared to $491,655 for the same period prior. We reported a loss per share of $5.10 for the first quarter ended July 31, 2024 compared to a loss per share of $4.61 for the same period in the prior year.

謝謝。2025 財年第一季的營運虧損約為 250 萬美元，而 2024 財年第一季的營運虧損為 749,020 美元。我們 2025 財年第一季的淨虧損為 2,527,170 美元，而去年同期為 491,655 美元。我們報告截至 2024 年 7 月 31 日的第一季每股虧損 5.10 美元，而去年同期每股虧損 4.61 美元。

I'll now turn the call over to our CEO, Martin Kay.

我現在將把電話轉給我們的執行長馬丁凱 (Martin Kay)。

Thank you, Coreen. I'd like to thank everyone for showing their interest in being on this call today, we did see some challenges during the quarter, especially in regard to our operational and financial metrics. The climate for fundraising does slow down during the summer time.

謝謝你，科林。我要感謝大家今天有興趣參加這次電話會議，我們在本季確實看到了一些挑戰，特別是在我們的營運和財務指標方面。夏季期間，籌款氣氛確實放緩。

And there is, of course, some cyclicality and some unpredictability in our business. With that said, we've seen taken some important steps this quarter. First, the beta version launch of our secondary trading platform through the Templum ATS, which may offer investors another way to trade through the net capital funding portal. Templum ATS is now approved in over 50 US states and territories and this partnership may provide our investors with better liquidity for secondary trading.

當然，我們的業務存在著一定的週期性和不可預測性。話雖如此，我們已經看到本季採取了一些重要步驟。首先，我們透過 Templum ATS 推出二級交易平台的測試版，這可能為投資者提供另一種透過淨資本融資入口網站進行交易的方式。Templum ATS 現已在美國 50 多個州和地區獲得批准，這種合作關係可以為我們的投資者提供更好的二級交易流動性。

The second thing is another key initiative is our application for broker-dealer registration with FINRA which Coreen mentioned. We intend to use this to offer Reg A+ and Reg D deals and form broker-dealer partnerships. This may help grow our revenues through hosting and fees and enhance our distribution capabilities, which may expand our current ecosystem and our addressable market.

第二件事是另一個關鍵舉措，就是 Coreen 提到的我們向 FINRA 申請經紀交易商註冊。我們打算利用這一點來提供 Reg A+ 和 Reg D 交易並建立經紀交易商合作夥伴關係。這可能有助於透過託管和收費增加我們的收入，並增強我們的分銷能力，從而擴大我們目前的生態系統和潛在市場。

During the quarter, we also put in place an ATM agreement and regained compliance with Nasdaq's Listing Rule 5550(a)(2) known as the "Bid Price Rule", which will allow us to continue trading on Nasdaq. It's important for us to maintain our Nasdaq listing to further support shareholder value and confidence.

在本季度，我們還制定了ATM 協議，並重新遵守納斯達克上市規則5550(a)(2)（稱為「買入價規則」），這將使我們能夠繼續在納斯達克進行交易。對我們來說，維持納斯達克上市對於進一步支持股東價值和信心非常重要。

To despite the challenges we face, we very much remain committed to our vision of empowering entrepreneurs and investors by providing a streamlined platform for capital raising and investing in early stage and growth stage companies.

儘管我們面臨挑戰，但我們仍然致力於透過為早期和成長期公司提供融資和投資的簡化平台來增強企業家和投資者的願景。

Our portal facilitates access to capital through equity, crowdfunding and other investment opportunities, democratizing the investment process and fostering innovation and growth. By focusing on transparency, efficiency and user engagement. Netcapital seeks to create a more inclusive financial ecosystem that benefits both issuers and investors. Again and as always, thank you for your interest and support of net capital.

我們的門戶網站透過股權、群眾募資和其他投資機會促進資本獲取，實現投資流程民主化並促進創新和成長。透過專注於透明度、效率和用戶參與度。Netcapital 致力於創造一個更具包容性的金融生態系統，使發行人和投資者都受益。再次一如既往地感謝您對淨資本的關注和支持。

Operator, we are ready for questions.

接線員，我們準備好回答問題了。

Certainly, everyone, at this time would be conducting a question-and-answer session. (Operator Instructions)

當然，大家這個時候，都會進行問答環節。（操作員說明）

John Gillon, [Pointclear].

約翰·吉倫,[要點明確]。

Yes, Martin. Thank you. Could you give us an idea of the launch date of the trading portal? Where this portal available for retail investors?

是的，馬丁。謝謝。您能否告訴我們交易入口網站的啟動日期？該門戶網站在哪裡可供散戶使用？

I'm sorry. I didn't quite catch the question. My phone bleeped. You're asking about the secondary.

對不起。我不太明白這個問題。我的手機響了。你問的是二級。

Asking about the last date of the secondary trading platform. Yes, when will it be available for retail investors?

詢問二級交易平台的最後日期。是的，什麼時候可供散戶使用？

Got it. Great question. And that's not something that we have specifically stated to the market at this point. We're still working through some issues with usability and so on and we want to make sure that when we go live with it to a broader group outside of our closed beta that we get the most impact from that launch. So we're holding off for now on launching that more broadly.

知道了。很好的問題。目前我們還沒有向市場明確說明這一點。我們仍在解決可用性等方面的一些問題，我們希望確保當我們在內測版之外的更廣泛群體中使用它時，我們能夠從該發布中獲得最大的影響。因此，我們暫時推遲了更廣泛的推出。

At the Wainwright Conference, you mentioned it with launch soon. I guess what I'm looking for is ballpark idea. We talked in Q4, are we talking 2025 -- calendar year 2025 just a ballpark idea?

在溫賴特會議上，您提到了即將推出。我想我正在尋找的是大致的想法。我們在第四季討論過，我們談論的 2025 年——2025 年只是一個大概的想法嗎？

I can't give you anything too specific. We're moving as quickly as we can with both the regulators and our customers, our issuers and investors to make sure that we get that we launch that to have it's a maximum effect in the marketplace.

我不能給你任何太具體的東西。我們正在盡快與監管機構、我們的客戶、我們的發行人和投資者合作，以確保我們的推出能夠在市場上產生最大的影響。

That's not very good. It's really looking for I mean, is it going to be in the next year? Is it going to be two years?

這不太好。它真的在尋找我的意思是，它會在明年嗎？難道還要兩年嗎？

It's certainly not.

當然不是。

It's been 18 months since it was announced. 18 months ago their best is when it was announced. So just trying to get an idea. I mean, what are we looking at?

距離宣布已經過去18個月了。 18 個月前，他們最好的時刻就是宣布這一消息的時候。所以只是想得到一個想法。我的意思是，我們在看什麼？

Very it's a very fair question. And again, it's we have had, as we've announced, we've had the end to end platform in partnership with ATS, with the ATS Templum. We've had that, that technology and that platform built out for some months now we've been doing some testing with a closed group of beta users having -- would like to be able to -- we would hope to be able to launch before the end of this calendar year.

這是一個非常公平的問題。再說一遍，正如我們所宣布的，我們與 ATS、ATS Templum 合作擁有端到端平台。我們已經擁有了這項技術和平台幾個月了，現在我們已經與一組封閉的測試版用戶進行了一些測試，我們希望能夠推出在本日曆年年底之前。

But again, there are factors, as we've stated in the all of the filings we've made on this topic there are factors that are somewhat beyond our control with respect to regulations. And so I can't really be much more specific than that, unfortunately.

但同樣，正如我們在就此主題提交的所有文件中所述，有些因素在某種程度上超出了我們在監管方面的控制範圍。不幸的是，我真的不能比這更具體了。

All right, with regard to the companies that are listed on our balance sheet as (inaudible) price that they've had offerings recently, what all of those securities be available to trade on the secondary trading platform when it opens?

好吧，對於我們資產負債表上以（聽不清楚）價格列出的最近發行的公司來說，當二級交易平台開放時，所有這些證券都可以在二級交易平台上進行交易？

That is the intention. Yes, that's what we have. It is in our filings.

這就是目的。是的，這就是我們所擁有的。它在我們的文件中。

Patrick Rooney, Crosby Capital.

派崔克·魯尼，克羅斯比資本。

Yeah, hi, Martin. On your ATM, will do you intend to do a press release as you partially complete that or only one it's totally complete. That's one. Second question, what is your monthly [burn rate]?

是的，嗨，馬丁。在您的 ATM 上，您打算在部分完成時發布新聞稿，還是僅在完全完成時發布新聞稿。這是一個。第二個問題，你的月費是多少[燃燒率]？

I think you meant ATM, right, Pat, you were asking --

我想你指的是 ATM，對吧，派特，你問的是--

Yeah, the ATM (inaudible) if it gets partially done we do not 2.1 million, but you do $300,000. Would you make a press release [on that]?

是的，ATM（聽不清楚）如果部分完成，我們不會提供 210 萬美元，但您會提供 30 萬美元。你會發布新聞稿嗎[關於那個]？

We don't do announce usage of the ATM, you will see it in our in our quarterly filings.

我們不會公佈 ATM 的使用情況，您會在我們的季度報告中看到它。

You will not make an announcement if you're successfully --

如果成功，您將不會發佈公告--

We're not required to put out a press release or an 8-K when we use the ATM but we do disclose the ATM usage in our quarterly filings.

當我們使用 ATM 時，我們不需要發布新聞稿或 8-K，但我們確實在季度文件中揭露了 ATM 的使用情況。

Okay. And the burn rate I assume. Well, go ahead.

好的。以及我假設的燃燒率。好吧，繼續吧。

We've said in the past that our burn rate is $300,000 plus a month.

我們過去曾說過，我們的燒錢率是每月 30 萬美元以上。

I appreciate that. Thanks.

我很欣賞這一點。謝謝。

Robert Topping, Topping Capital.

羅伯特·托平，托平資本。

Hey, everybody. Sorry for the background noise here on the street, but I probably just kind of extend the two earlier questions in another manner, but on the operating burn, given all the investment in the APS system, you see that for failing, I mean, when you effectively do a full launch, does the burn on that go down pretty dramatically? I mean, how much of that $300,000 a month is dedicated towards that?

嘿，大家。抱歉街上的背景噪音，但我可能只是以另一種方式擴展了前面的兩個問題，但在操作燒毀方面，考慮到 APS 系統的所有投資，你會看到失敗，我的意思是，當你有效地進行了一次全面的發射，其消耗是否會大幅下降？我的意思是，每月 30 萬美元中有多少專門用於此目的？

And then the other question I had and I may circle back with two more, but the other question I had is, on the ATS launch is some of the friction regulatory? Or is it just the beta group and the technology and I'm working through that?

然後我提出的另一個問題，我可能會再問兩個問題，但我提出的另一個問題是，ATS 的推出是否存在一些摩擦監管？或者只是測試組和技術，我正在解決這個問題？

I'll start it off and Coreen can jump in for sure. And with respect to the secondary and the burn. Yes, there is some relationship. I would say one of the things that where we're doing is we're spending a lot of time and resources and energy of our own and with third parties educating regulators on what we're doing, why we're doing it, why we're allowed to do it, why it's part of the regulatory framework that we operate within.

我會開始，科林肯定可以加入。而關於二次和燒傷。是的，有一定的關係。我想說的是，我們正在做的一件事是，我們花費了大量的時間、資源和精力，以及與第三方一起教育監管機構我們正在做什麼、為什麼這樣做、為什麼我們被允許這樣做，為什麼它是我們營運的監管框架的一部分。

So yes, I think, Rob, thanks for the questions. I think there's a relationship there, but maybe not the one you suspected around building out the platform, a lot of the technology -- all of the technology, is it -- I mean, will it, as you guys know, it's never done in our product is never done. There's always improvements, as always enhancements.

所以，是的，我想，羅布，謝謝你的提問。我認為那裡有一種關係，但也許不是你懷疑的圍繞構建平台的那種關係，很多技術——所有的技術，是嗎——我的意思是，會嗎，正如你們所知，它從未完成過在我們的產品中，永遠不會完成。總是有改進，一如既往的增強。

But we have a launch ready beta that's why we're we announced it to a closed group. So there's always work to be done to enhance the product as we go forward and there always will be. But a lot of what we're spending time and money on right now is making sure that from a regulatory perspective, the various regulators we deal with understand what we're doing, why we're doing it. Does that answer part of your question. I'm sorry.

但我們有一個準備發布的測試版，這就是為什麼我們向一個封閉的小組宣布它。因此，隨著我們的前進，我們總是需要做一些工作來增強產品，而且永遠都會如此。但我們現在花費的時間和金錢主要是確保從監管的角度來看，與我們打交道的各個監管機構了解我們在做什麼，為什麼要這樣做。這是否回答了你的部分問題。對不起。

Yes, (inaudible) Sorry about that, and I'll circle back with my other questions here, if somebody else (inaudible)

是的，（聽不清楚）抱歉，如果有人的話，我會在這裡回答我的其他問題（聽不清楚）

And with respect to the burn, just I think you had a question about that, Rob, as well. Again, as we've talked about in May, we announced our broker dealer application process. That's an attempt to move upscale into bigger transactions. And so obviously, our burn is a function of revenue minus cost.

關於燒傷，我想你也有一個問題，羅布。正如我們在五月所討論的，我們再次宣布了我們的經紀交易商申請流程。這是向高端領域邁進更大交易的嘗試。顯然，我們的燒錢是收入減去成本的函數。

So we expect and hope that will allow us to generate incremental revenue streams beyond where we are today.

因此，我們期望並希望這將使我們能夠產生超出目前水準的增量收入流。

But it seems like from what Coreen said, I think -- I mean $1 million a quarter burn of kind of a fair conservative amount. Is that correct? Because there's operating and then a lot of other numbers that show up, but I think I just heard $300,000 a month. So if I was just mindset of $1 million a quarter that would be maybe a good number on the operating burn?

但我認為，從 Coreen 所說的看來，我的意思是每季燃燒 100 萬美元，這是相當保守的金額。這是正確的嗎？因為有運營，然後出現了很多其他數字，但我想我剛剛聽說每月 30 萬美元。那麼，如果我只考慮每季 100 萬美元，這對於營運消耗來說可能是一個不錯的數字？

I think that's right. I think the -- I'm not going to say wildcards, but the things that can change that for us on the revenue side are -- there are it is a little unpredictable. We have whales that come through our model and raise big amounts of capital in certain quarters, so that can make a difference.

我認為這是對的。我認為——我不會說通配符，但在收入方面可以改變我們的事情是——有些難以預測。我們有一些鯨魚透過我們的模型，在某些季度籌集了大量資金，因此可以產生影響。

And then yes, we have responses to regulatory inquiries as everyone does in both financial services, in general and in our industry specifically that tap resources. General rule of thumb, yes, that's what we've said in the past and that's still true.

然後，是的，我們對監管詢問做出了回應，就像金融服務業中的每個人一樣，特別是在我們的行業中，尤其是利用資源。一般經驗法則是，是的，這就是我們過去所說的，而且仍然如此。

(Operator Instructions) Jon Wheeler, Resurgent Realty.

（操作員說明）Jon Wheeler，Resurgent Realty。

Good morning, ladies and gentlemen. Martin, this question is for you, sir. How are you doing this morning?

早安，女士們先生們。馬丁，這個問題是問你的，先生。你今天早上怎麼樣？

Yeah Jon, good to talk to you.

是的，喬恩，很高興與你交談。

So I have a couple of questions. And I think the first question would be at the current stock price. Why is management and the Board of Directors not really stepping up to buy the shares to support the company at this time. So I'm not going to give you two or three questions at one time, but if you could answer that question, that's my first question. Can you hear me? Hello.

所以我有幾個問題。我認為第一個問題是目前的股價。為什麼管理階層和董事會此時沒有真正加緊買股票來支持公司。所以我不會一次問你兩三個問題，但如果你能回答這個問題，那就是我的第一個問題。你聽得到我嗎？你好。

I'll answer that. Jon either.

我會回答這個問題。喬恩也可以。

Yeah, I think you'll -- we've had a bad connection all morning. So can you hear me now?

是的，我想你會——我們整個早上的聯繫都不好。那你現在能聽到我說話嗎？

I can hear. So, my answer to your question would be where severely restricted in what we can do in terms of management purchasing shares themselves on due to the nature of the fund raising that we have been doing. So we've been very severely restricted in doing amounts so far.

我能聽到。因此，我對你問題的回答是，由於我們一直在進行的籌資活動的性質，我們在管理層購買股票方面所能做的事情受到了嚴格限制。因此，到目前為止，我們的行動量受到了非常嚴格的限制。

What's your next question, please?

請問您的下一個問題是什麼？

So the next question is, your publicly traded, and it seems to be at some point in time dealing with reality and the associated public cost to be publicly traded your $300,000 per month burn rate. When I looked at your last filing that says you have a little over $800,000 cash on hand.

所以下一個問題是，你的公開交易，似乎在某個時間點要處理現實以及公開交易的相關公共成本，你的每月 30 萬美元的燒錢率。當我查看你上次提交的文件時，發現你手邊有略高於 80 萬美元的現金。

What point in time do you all face reality from the standpoint, maybe it's not best be in a public platform and more so private, maybe more so associated with some of your peer groups because I feel like every six months there's another warrant to conversion $2 million extreme dilution and now you put up a ATM with [rain] rate, which will be another dilution, what point in time. Does the treadmill stop from potentially moving from public to private? That's question two.

從角度來看，你們都在什麼時間點面對現實，也許最好不是在公共平台上，而且更私密，也許與您的一些同行群體聯繫更緊密，因為我覺得每六個月就有另一個轉換$2的保證百萬極端稀釋，現在你設定了一個帶有[雨]率的自動取款機，這將是另一個稀釋，在什麼時間點。跑步機是否會停止從公共轉向私人的可能性？這是第二個問題。

Again, hey Jon, sorry, I lost you for a little bit there from your last question, but I heard that one. Let you know for us, we as I said in the past, we are 100% committed to our vision in this business, we believe in the business, and we believe in the value that we can create and can be created in the business.

再說一遍，嘿喬恩，抱歉，由於你的上一個問題，我有點失去你了，但我聽到了那個問題。讓您知道，正如我過去所說，我們 100% 致力於我們在這項業務中的願景，我們相信這項業務，我們相信我們可以創造並可以在業務中創造的價值。

So we're in this for the long term. We succeed when our issuers succeed. We're every quarter there are more examples of our issuers coming out of the way. I like to say the back end of our process and having success in progressing to the next level we had a company Aberdeen that raised, I think $4.5 million on our platform in the fall and just announced a couple of weeks ago, they've had there in the graphene business that supplies electric vehicle companies and they just added Henry Ford, the third, to their board, who's the Chairman of our Board obviously on the board of the Ford Motor Company.

因此，我們將長期致力於此。當我們的發行人成功時，我們也成功。每季都會有更多發行人出現問題的例子。我想說的是，在我們流程的後端，我們成功地進入了一個新的水平，我們有一家Aberdeen 公司，我想秋天在我們的平台上籌集了450 萬美元，幾週前剛剛宣布，他們已經在供應電動車公司的石墨烯業務中，他們剛剛將第三任亨利·福特添加到他們的董事會，他是我們董事會的主席，顯然是福特汽車公司的董事會成員。

So that, along with the others that we always talk about in the and the others that are getting added is examples from our perspective of growing market awareness, more success stories, this becoming more of a mainstream, market and something again, where we really believe in the long-term value here. And we appreciate the investors, the shareholders who have stuck with us along this process. To your question of when does it change.

因此，與我們總是在其中討論的其他內容以及正在添加的其他內容一起，是從我們不斷提高市場意識的角度來看的例子，更多的成功故事，這再次變得更加主流，市場等等，我們真正相信這裡的長期價值。我們感謝在這過程中一直支持我們的投資者和股東。對於你的問題什麼時候改變。

Yes, there's a -- yeah, there's a gradual, there's a momentum, a swelling momentum that I just talked about in the industry and in the marketplace. There also, obviously in our -- we have a portfolio of minority positions, we've also started as of FY24 taking 1% of equity issued from every issuer on our platform.

是的，有一種——是的，有一種漸進的、有一種勢頭、一種我剛才在行業和市場中談到的膨脹勢頭。顯然，在我們的投資組合中，我們擁有少數股權，從 2024 財年起，我們也開始從我們平台上的每個發行人那裡獲取 1% 的股權。

So I believe I'm right in saying I think we have 37 of those, small equity positions alongside the 22 portfolio can deliver what we call portfolio companies. So there, obviously, there's optionality in all of that portfolio, especially as we broaden it now to include everyone who comes through our platform.

因此，我相信我的說法是正確的，我認為我們擁有 37 個這樣的小型股權頭寸以及 22 個投資組合，可以提供我們所謂的投資組合公司。因此，顯然，所有這些投資組合都有選擇性，特別是當我們現在擴大它以包括通過我們平台的每個人時。

So any one of those minority positions becoming liquid or getting to the next level is obviously a way that the sort of proves out our model to those that don't believe it and generates liquidity for us. In the same way in the core business, we're talking to some marquee what I call marquee issuers, so folks who would be newsworthy and noteworthy and as participants on our platform.

因此，任何一個少數股權變得具有流動性或達到一個新的水平，顯然都是一種向那些不相信我們的模型的人證明我們的模型並為我們產生流動性的方式。以同樣的方式，在核心業務中，我們正在與一些我稱之為「大牌發行人」的人進行交談，這些人將成為我們平台上具有新聞價值和值得注意的參與者。

So there are sort of their quantum steps that we can take as we progress down this path. And obviously, I can't necessarily predict any of those. But what I can say is that the groundswell of activity in our space it is maturing and as it matures, these are early stage private companies. It takes a while. But if they do get there and some subset of them will be successful, and that's what we'll drive the value that we're creating.

因此，當我們沿著這條道路前進時，我們可以採取一些量子步驟。顯然，我不一定能預測其中任何一個。但我可以說的是，我們領域的活動風潮正在成熟，隨著它的成熟，這些都是早期的私人公司。這需要一段時間。但如果他們確實實現了這一目標，並且其中的某些子集會取得成功，那麼我們將推動我們正在創造的價值。

Thank you. That concludes our Q&A session. I will now hand the conference back to our host for closing remarks. Please go ahead.

謝謝。我們的問答環節到此結束。現在我將把會議交還給我們的東道主致閉幕詞。請繼續。

Thank you for joining everyone. We really appreciate your support, and we look forward to speaking with you again soon. Thank you.

感謝大家的加入。我們非常感謝您的支持，並期待很快再次與您交談。謝謝。

Thank you all.

謝謝大家。

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

謝謝大家。今天的活動到此結束。此時您可能會斷開連接並度過美好的一天，感謝您的參與。