Investor Strategy Call – November 29th 2021

Investor Strategy Call – November 29th 2021

Speaker1: [00:01:50] Amen. Good, good now to how are you doing? I’m splendid, thank you for asking.

Speaker2: [00:02:02] Yeah.

Speaker3: [00:03:35] Oh, writes

Speaker1: [00:03:36] Seeing Josh and quotes a few people joining. So for those who just joined the same process, obviously any questions, that’s why were you here and either paying us via raising your hand in the chat or just typing out a question and we’ll get it sorted out? The pretty quiet again, if any questions, that’s why we’re here. So just reach out to us to see. Hello. So your message here. Hello. Hello.

Speaker2: [00:05:38] Hi, how are you doing today?

Speaker3: [00:05:43] Not too bad. I am looking for a broker dealer and I’m having a lot of trouble finding people like I know there’s there’s quite a bit out there and I’ve looked on Google and I keep calling people that I think are on these registered lists. And I asked them that question. And it’s almost it’s not like they actually laugh or something, but it’s like you can almost hear in their voice or like almost like scoffing that they’re not like, like, it’s almost like it’s a negative thing. I’m not even sure what that’s all about. So I’m wondering, like, is there a different term or like, I don’t know, like, it’s weird.

Speaker1: [00:06:22] Okay. So I looked at even before, that’s something that’s that’s making millions. So it needs to be really quickly. There are a lot of boutique investment banks that may be able to assist. And so all of them are here. And so there are some people that are here. So they call themselves simply investment bankers because a lot of them would be attached to a registered entity. So these are a few investment banks here. So I take a look at this, but are you looking at the FINRA because FINRA has a website where it’s BrokerCheck and BrokerCheck tells people if they’re registered? So have you seen that?

Speaker3: [00:07:15] No, I haven’t seen that yet.

Speaker1: [00:07:17] Ok. Yeah, so what I do, I look at BrokerCheck.

Speaker3: [00:07:22] Well, maybe I did. I found something. I think it was the UK version and I went into there. Yeah, OK. Yeah, look, it did. I think it was like this, but it was all red. It looked almost exactly the same, but it was in red. So I think it might have been the UK version because it didn’t say state. It said. Cit, a town or city and postal code, and said. I’ll write this down, BrokerCheck.

Speaker1: [00:08:00] Because if they’re laughing. It depends on what the question is before I can see anything funny about it because it’s criminal.

Speaker3: [00:08:07] Yeah, but they didn’t actually laugh. It’s just like they’re just almost like insulted even.

Speaker1: [00:08:12] Oh, interesting.

Speaker3: [00:08:14] Yeah. I’m not sure if I’m getting a hold of, but it’s kind of hard to get through. And when I finally get through, it’s it’s yeah, it’s it’s not been turning out, so trying to. And then I don’t even know how to navigate the kind of conversation that I’m about to have, either. So that’s another thing I was hoping to find a few people that actually are like, I don’t know. So when I asked someone if their broker dealer, if they have a broker dealer registration or if they’re they’re certified broker dealer, that’s the correct way to phrase that question, right?

Speaker1: [00:08:54] Yeah. And so, you know, I’d look at, yeah, I’d look at if they are, I mean, I’ll just show you, let me one of the best people, Cambridge Wilkinson. Basically, it it goes five billion. Simply put. Sec registered broker dealer. That seems to be the language. So if you’re a FINRA or SEC registered broker dealer. Ok. And I know off the top of my head, I know Cambridge Wilkinson is excellent, but they’re just extremely strict. And there’s also a young America capital. There are several. There are so many that are in a network. There’s young American capital. There is. Which they do a lot of early stage deals, because this one would be because a lot of the investment bankers and things like that to me, you know, they may be slow when it comes to a deal like this, but there are a lot that actually look for companies that are like this because it’s not cash flowing heavily, but it has a brand. So I looked at a lot of broker dealers that worked on these early stage type of setups.

Speaker3: [00:10:17] So did. Sorry, just one second here is. Is see on the call.

Speaker1: [00:10:32] Ali, no, he’s not on the call. We have a few others. I believe one of the actually we have a registered export market dealer on this call. Interesting. Ali’s on this call.

Speaker3: [00:10:45] Ok. Hello, registered exempt market dealer, yeah, OK. Yeah, I’m just not sure how to phrase the question I have. Maybe I’ll have to it to you in an email.

Speaker1: [00:11:00] Ok. Ok, what’s the problem here?

Speaker3: [00:11:07] Ok, well, I’m doing all the work right, and I just want to let’s say I want to root my I want to root the the, you know, the commission or whatever to a broker dealer. And we put it into the contract to say that it’s going to be routed to the broker dealer of the CEO’s choice. So at that point in time, there will be a way to to, you know, get some kickback from the broker dealer and that no longer is associated to the deal. Got it. If you know what I mean, like, does that make sense?

Speaker1: [00:11:53] It does. It does. The only thing is, like a lot of them would a lot of them. They would issue their own engagement letters because I don’t know if it’s not some examples of similar engagement letters from these investment banks, but because a lot of them, they like, they have the kind of a chain from their registration or their governor, so to speak, like the SEC and things like that, they usually send out their own engagement letters and they will just align with whatever terms that you have. So, for example, if you go to one of them which is say, Oh, sign our document rather than you sign your document unless you find a really new one that is really sold on a deal. Ok. Does that make any sense?

Speaker2: [00:12:44] I mean.

Speaker3: [00:12:47] Yeah, I mean, I don’t think it matters as long as they’re willing to structure with me in in a way that works for both of us. But yeah, I don’t. Correct me if I’m wrong, like I don’t think it matters if we use their document or mine, as long as like the like, we want the deal to go through. We want it to be done legally by processing it through a broker dealer. But I still have a job to do for the client and I’d like to earn my dollar. You know what I mean? I want to. I don’t want to just pass it off. I want to actually do my my own work. Okay. So I just I just don’t have that license to make paying me legal, you know what I mean?

Speaker1: [00:13:30] Yeah. The thing too is, like you also, you’d also want to avoid the exclusive. So as long as they don’t make it as exclusive, then you’d be free to engage in your own work because some of them, they would say, don’t touch anything unless we do it or don’t work with any other broker dealer. So as long as you get out of those agreements, then.

Speaker3: [00:13:50] So I’m currently now inside of Congress and I’m now the CIO of Congress, so I’m not working as my company on this deal. I’m now part of their company because of if I was working on my own company, then I would need my company to be registered. Yeah, so. So instead of doing that and the expert they’re taking me into to handle it to to to work with them and to be a partner in the deal, and I would need to find someone else to help with with that part that I mentioned. But I mean, yeah, it’s a little bit different, so I’m not sure. Got it.

Speaker1: [00:14:36] I mean, the same thing might apply because somebody can just come to you and say, OK, you’re not supposed to sell this deal to any other investors or you’re not supposed to work with any other broker dealer. You’re only supposed to do that. And we’ve seen some people get into that situation and then, yeah, we’ve seen the deals get closed in that manner. But it’s a bit stressful because sometimes when it looks easy, it’s not about the clothes you can’t really do in the school. So I just really watch out for exclusive engagements. If that’s not the case, I see. Yeah, if that’s not the best way to go.

Speaker3: [00:15:09] Okay, so. Yeah. Ok.

Speaker1: [00:15:22] Well, any other any other points you touch on because there are a lot of. There are so many broker dealers out here in America.

Speaker3: [00:15:32] Yeah. I’m just thinking if there’s anything else, I don’t know if anyone on the call wants to jump in to say anything about this, but I’m just trying to think if there’s anything else that I can think of on the moment because I know there’s other things that I think of as soon as I’m off the call.

Speaker1: [00:15:49] Yeah. So we have a few people here. So we have Josh obviously feel free to chime in as well because everyone has their own experience as a matter of leave your morning financial side. But obviously everyone here feel free to chime in. But if not, no worries, no one has anything to say, either. All right. Quite crowded. So, yeah, so I guess any questions we. I’m pretty sure we’re probably going to get one more question, at least, so don’t be sorry if you have any questions you walk through with.

Speaker3: [00:16:48] Ok, I guess I’ll just try to ask. So when people are fundraising from internally, like, OK, so I have my closing fees and the company that I’m working with to fundraise for is taking a closing fee themselves. And I kind of raise the concern with them saying that, you know, like we’re having we’re having talks right now about how I need to be a registered broker dealer to take a proceed. And then I’m not really sure how they like, how there are going to justify their half like we’re both internal. So what’s the difference between me and them, right? Like they said, Well, this is our this is our closing costs. We get, we get this lover, we get this lever and we get this lover. And he said, If you like, we can change it on the on the document to say that we’re going to pay off our accountant because I guess they owe them three quarters of a million dollars.

Speaker1: [00:17:54] Yes.

Speaker3: [00:17:55] And they’re the one who put together this financial model. So they might change that. And I think that would probably be better. They might do that because that’s something that has to get paid out anyways. Yeah, but yeah, I don’t really know what to say, because like he emailed me back and he said we can make some adjustment on that, but we’ll take like two to five percent for our closing cost. And I said, you know, the investor probably doesn’t want to see people. A lot of people like tipping off the top. So. Like, you know, you got the fundraiser, which is one thing, and it’s kind of a necessary evil, but when you’re the deal, the deal owner, I’m not really sure how to go about doing that. Ok? Because they also want to get paid to

Speaker1: [00:18:46] And then these people are internal to the company. You’re saying, right?

Speaker3: [00:18:51] Yeah. So they are buying the deal. They’re a very experienced team that does this and they have the partners and they have everyone together and they’re buying the deal. Yeah. And they’re trusted because they have the the team that they have and then they’re going to be selling the deal to the investor and they’re going to be. So it’s like, we’re all getting like a smaller chunk as we go down. It kind of starts with me to find the investor and me to take that piece. And then there’s them. Then they take their piece. And then then what’s left is the management team and the investor at 50 50 partners. So I don’t really see them as being much different than me in in the way of how they’re compensated legally.

Speaker1: [00:19:41] So I’m not really sure.

Speaker3: [00:19:42] Yeah.

Speaker1: [00:19:43] I mean, it’s my understanding that if it’s a company like even even in any situation, it’s my understanding that if it’s a company, you look like you have more freedom because it seems like the is getting wired to the to the to the company after excuse. So then there’ll be legal escrow until an investor to the legal escrow to the company because if you’re a CEO, you would be part of that company. Is that assumption correct?

Speaker3: [00:20:12] Yeah, they’re out of me as a director.

Speaker1: [00:20:14] Yeah. So then everything, all the funds that get paid out would be a complete discretion of the company. And I’m not a lawyer, but that’s the situation that we’ve seen. I mean, we can ask. I know we have the exact market dealer that’s on your chest, but we haven’t seen anything different. So I mean, they’re free to do whatever they please as long as this is the lawyer. It’s already been wired from the USA anyway, so everything there appears to be more company politics rather than something that is normally an.

Speaker3: [00:20:49] Okay. Well, I I’ve been kind of on a roller coaster with this because I’m getting a lot of different kind of feedback, and I brought my concerns to the partner who introduced me to the deal and he said, Oh no, this is what you need to do. You just need to be the CIO of the company and and you just need to make that part of your contract that you’re going to raise the funds and you’re going to there’s going to be a piece from that. And he told me that that’ll be good. And I had a meeting with Ali, and he’s like, No, this is there’s actually problems here, here and here, and that that solution won’t solve it. So he gave me this other solution, which is to route that to a broker dealer. And I don’t know if that’s necessary or not, because that’s going to lose me, like up to 10 percent.

Speaker1: [00:21:45] So we want to

Speaker3: [00:21:49] Make sure, but I’m having a hard time finding anyone that really, really, really knows.

Speaker1: [00:21:54] Yeah. And I see and I do feel free to chime in after just one sentence because so I mean, the broker dealer thing. So the broker dealer thing? Yeah, because I mean, it is a good way of them helping you without you having to do a deal. So number one, it’s like if you want to do, it looks like the goal is to maximize the chance of you getting the mission that looks like to be the goal. So the number one thing seems to be about the. So yeah, you need a securities lawyer to answer. That’s what you were saying. I agree. But because like, I’m just not a lawyer. But but it looks like your goal is to minimize the chance of them not giving you the amount of fees that you want. So I think that

Speaker3: [00:22:40] And sorry, Josh, it’s it’s in the UK too, and you’re probably right. We do need to talk to the securities lawyer. It seems like to be a little bit. I talked to one lawyer and they say one thing and another lawyer says a different thing. It’s it seems to be back and forth with that a little bit.

Speaker1: [00:23:01] So do you trust the people you’re working with?

Speaker3: [00:23:05] Oh, yeah, like, they’re really great and they like as they’re pretty transparent and, you know, like they’re putting me as director of the company and and everything like that. So they’re everything I ask. I’m getting really good answers for as best as they can provide with, like even the dark and everything is, they’re telling me how things are right.

Speaker1: [00:23:27] So if you trust them, then it looks like it’s. It’s about getting the right legal tools for you to make this happen. Does it not because usually even if people give you a contract, they can still get lawyers who try to go back in that contract. If these are people that you don’t trust, but if there is people that do trust, then I don’t really see the issue. Rather than it just being an inconvenience about the commission on potentially using potentially using a broker dealer or just using the securities lawyer to help you do a non broker private placement in the U.S. with aridity. 560. What are your thoughts and.

Speaker4: [00:24:07] Just just to add to what what I wanted to say was what Josh just proposed that you need a security lawyer to help you with this and not just any security lawyer, somebody has done this before. That’s why you have a difference of opinion. Some people have done it. Some people just have an idea, but they’ve never done something like this before. So you need to seek out somebody that’s actually done this before and they be able to help you with that. And I know trust is very important like to, you know, or saying, but regardless of the trust, this needs to be documented when money comes in trust, you know, find a way out of the window at times. So whatever you agree with your partners has to be documented.

[00:25:03] Ok, thank you.

Speaker3: [00:25:07] Yeah, I do I do need like I know that it’s a it’s a struggle to get commission for finding an investor, but I am paying, as you know, like I’m doing this fully. Like everything like I got, the VA is I got everything. I have expensive data room. I’m going as professional as possible in this deal. So I do have a lot of costs that are that are digging a deep hole in my account. So I don’t think there’s a single thing wrong with taking money. Why would I want to to just go in the hole and then sit for five years, right? So.

Speaker1: [00:25:45] Yeah, and part of it, I mean, everyone, I mean, everybody. I mean, that’s why most people that’s way 99 percent of the people want the commission because it’s because, I mean, if you’re charging them a retainer monthly, you know, you wouldn’t be at this point. So everyone’s just looking to save money. And so Josh Ellwood is saying, and Josh Elwood is actually a registered examiner. So we’ve seen especially one familiar with compliance and broker dealers themselves. Also look at, you know, in your situation, if you paid to American broker dealer, we have one called Laura. It depends, too. And it’s the concern here is that it is a cost that the company would like to bear because lawyers, as we know they’re not necessarily cheap, especially the good ones

Speaker4: [00:26:31] To

Speaker3: [00:26:33] And is not really right now. They’re they’re in a place where they, oh, about a million dollars and they’re waiting for some things to come together. They like they told me that they want to cover my expenses fully retainer, everything. They want to fully take care of me coming into twenty twenty two. But in this year, they have these things to wrap up so they’re not in a good place. And that would explain why I haven’t got my subscription agreement yet is because they’re they’re really hesitant on all your lawyer costs.

Speaker1: [00:27:04] Yeah. Well, I mean, yeah, it’s like, I mean, yeah, it’s a risk. Like lawyers would tell, any lawyer would tell you about the risks of doing it without any any proper compliance, right? So is this a balance that because the American market may be something that’s hot, maybe there’s somebody that’s there, but the broker dealer routes, you find a commission broker dealer to take this on, and they accept it is accepted as well. You know, then that may be good, but then the only concern it’s like talking to for your sake, the lawyer for you to protect your commission, even as you’re somebody who’s in the company. And I’d say it’s even the disadvantage may be that, you know, after after the deal closes from Mexico, it goes right to the company. But then the company has to choose to give it to you. Whereas if it was out of escrow, then it would have been nice if you were like a nice, separate German right after you get the money. So that’s something to consider as well.

Speaker2: [00:28:03] Right?

Speaker3: [00:28:07] Well, does the CIO direct the funds?

Speaker1: [00:28:11] It depends, it depends on the setup, it depends on if the company lets the CIO get the money out, that’s it. You know, you have a situation where you can do that. It may be better because I know people that have gotten a deal funded and then the company that was funded was taken forever to actually send them the money because the deal isn’t done until it goes into the correct bank accounts. Not even just the bank account of the company. You’re. All right.

Speaker2: [00:28:44] Ok.

Speaker3: [00:28:50] I guess we’ll start calling lawyers again tomorrow. I guess probably back to my first step. Like, I have pretty good faith in Ali and what he said about this. But yeah, I’m going to have to. I’m just going to have to check. And like Ali said, if you can get someone to write it down and paper over me, that was you. Someone give them to write down on paper and in writing that they’ll actually fight for you if if they’re wrong, so then it’s it’s covered.

Speaker1: [00:29:33] Yeah, that’s the expectation. Josh Ellwood is asking, Can I get you registered with Edgar to speak with the investors directly without the broker dealer? Well, I mean, presumably, I mean, that’s part of the reason why we have this whole Edgar walk. Walked in, just walk through the entire thing in detail because some people can be nonprofit private placements. And yeah, they can do that. But in a situation that is in the U.K., so you know, it may make sense in this situation to use a broker dealer. I think it’s either or then just look at whether you want to do broker or non broker dealer trust.

Speaker3: [00:30:11] Well, we can get registered as EDGAR is the securities, the U.S. one, I think as U.S. or is that is more than just yours?

Speaker1: [00:30:23] Yeah, it’s that. Yeah. Yes.

Speaker3: [00:30:27] Well, we can do that because that’s what I talked to. I already talked to to the the like the managing partner. And he said, Yeah, like we can file all the things right. But the thing I think the problem comes in is when when I guess there’s even point on on the form, but who all the people are, who’s going to take a piece, and if someone’s taking something off the top of it, they need to be, they need to have their broker number put in.

Speaker1: [00:31:01] Oh, I see, I see some people.

Speaker3: [00:31:04] Yeah, but I did notice on the on the form that I think it says like you only need partners that have more than five percent. But I don’t I don’t know. That seems kind of weird, because then you can just take a whole bunch of four percents, you know?

Speaker1: [00:31:19] Yeah. And some people, some people, you know, it really, this is really critical because some people, you know what they do, they just pay people pro-rata. And then they say, Oh, you know, these are consulting fees, and then they just do some accounting work. It looks like this and this is some really serious stuff to make sure that somebody else also worry about. But that’s some practice that some people do as well. And I’m just sharing that information. That’s what some people do. Yeah, yeah. You know, and but by pro-rata, I just mean dividing the fee over a period of time and saying that it’s consultant fees for marketing and there’s no way to actually confirm that or substantiate that.

Speaker3: [00:32:07] Oh, I see. Great.

Speaker2: [00:32:12] Ok.

Speaker1: [00:32:19] Yeah, so Josh said the exact same thing. You may want to split out your permission to sell be paid out over 12 months to avoid the charge back in. And that’s that’s the whole thing. But again, somebody can come in and dig into the books, if there’s trouble, it’s still a risk. But you have people can do that.

Speaker3: [00:32:48] Yeah, because the worst thing would be is if something happened and then we’re doing a reassurance or whatever they call that after we’ve already spent the money.

Speaker1: [00:33:00] Exactly. Well, I mean, because lawyers, I mean investors can sue to cancel out. These are just some risks that you are. Sometimes nothing can happen. A lot of time nothing happens for. Because I know somebody what they do, they do monthly retainer, and this just gets really dangerous and people who weren’t registered 18 months retainers and retainers into something like that. But it’s more risk because if you don’t get the money right away, then you risk having to trust them for them to give you that money, right? Yeah.

Speaker3: [00:33:33] Twelve times.

Speaker1: [00:33:35] Yeah.

Speaker2: [00:33:39] Can’t.

Speaker3: [00:33:52] Broker dealer can you can say, if I was to fundraise from the the UK and I had a broker dealer in the U.S., they can’t take the funds unless they’re local to where the funds are coming from. Supposed to go that route.

Speaker1: [00:34:10] Yeah. Good question. I think it depends on. Because the thing is that Iraq only has jurisdiction in the US, does he only have jurisdiction in the US? It usually these are matters that usually concern the US because the only reason why we’re even talking to them seems to be because they can work within the US and we currently can’t anyway. So, yeah, I mean, the ones that are governed by U.S. and then the way that they may do it, they may simply have another branch in another jurisdiction where their governing jurisdiction will allow them to sell security. For example, if you have a company that is a U.S. registered broker dealer, FINRA is the only U.S. government. So they don’t know. They don’t go for an investors in other jurisdictions. So I mean, either, you know, maybe they can help you with some sort of exemption that allows you to accept your just allows you to accept non U.S. investors because there are exemptions allow you to do that. But the thing is that you can do that anyway. That’s what I was, what I was saying. You can do that anyway. If you were to work with a lawyer and then you set up a non corporate private place in anyway, or they can just have another branch in another country that allows them to accept other investors. So there are a few ways of it happening. Basically, they can do it directly, or it can be a non-profit that makes sense.

Speaker3: [00:35:37] Yeah, I think so, I think that makes sense, so I guess just to put it bluntly, if I was to put if I was to send the funds through a broker dealer and they’re literally just processing it, then they’re taking a cut between two and 10 percent and they’re paying me the rest of it. And that’s where I’m having a tough time thinking about how to initialize that conversation because it’s I’m not sure how that is legally, and I don’t want to have those kind of ugly conversations where you’re asking someone to do something that’s a little iffy.

Speaker1: [00:36:18] Yeah, exactly. So and let me make sure, but let me make sure I understand what you’re saying. So you’re asking you’re concerned that the broker dealers may not do the right thing or what was the question?

Speaker3: [00:36:31] Yeah. So the use of the broker dealer in my situation is not to hire them as a broker dealer, but rather to. I’ll go out and find the investor. Then we’ll route the funds the the four percent to to the broker dealer and then the broker dealer will give it back to me from their company because legally, once the broker dealer has it, it’s no longer part like the no one cares what the broker does with their money. So I would get, you know, my all the money back and they would keep a little piece of it just for putting it through their company.

Speaker1: [00:37:02] Oh, I see what you’re saying. There are some. There are some. So that’s a good question. There are some broker dealers. That’s that what they do. They hire consultants that do that. There are a lot of broker dealers that do that because some people, they depend on the broker dealers like lawyers to take care of that on behalf of the company. So if it’s a broker dealer that is open to something like that, I mean, you have young American capital, you have the US capital global, which is pretty expensive. A little bit risky as well. And you have some broker dealers that they bring in consultants to do that, to give you some people give you some good legal protection. Right. So that’s a possibility. And another way of doing it would be to just partner with either a law firm or a CPA, and they’re able to set up that as well, you know, if you’re to want to introduce you to the broker dealer. So those are two the ways of doing it. But I think the thing is we just need to find a broker dealer that allow you as a consultant. The thing is, I mean, then you have to play by their rules, right? Then you may not get the commission that you want. You have to play by their attorney because if they’re doing you a favor.

Speaker2: [00:38:13] Yeah.

Speaker3: [00:38:15] And that’s where the difficulty comes in is is shopping around. But if it’s not like an uncommon thing or even like if it’s not illegal or anything like that, then it might not be too hard to to shop around for that. It gets difficult when you’re trying to talk to people and they’re going to hang up on you because you’re asking them to do something they don’t know you from Adam. So why would they? I could be a cop or whatever, you know, not a cop, but whatever you call them, securities person.

Speaker1: [00:38:43] Yeah. Exactly. Yeah, the only thing what I would do. Just so that you don’t waste your time would be to say, OK, what is the maximum amount of success that you would like to develop? And then whether because there’s cash, right? So many people ask for cash. So if that’s not something that you want to do at this point, considering the expenses that you find the ones, I don’t get an end to filter through them. It may be just 10 percent of the ones that say yes. And then if you find that, then those would be people that do that. And usually it’s going to be usually, you know, either the ones that early stage deals or

Speaker2: [00:39:19] Or

Speaker1: [00:39:21] Or smaller, it would be open to being more flexible.

Speaker3: [00:39:26] And I absolutely was saying to

Speaker1: [00:39:28] Yeah, and I can personally introduce you to some people that are broker dealers who do that type of work and see if it’s something that would help.

Speaker3: [00:39:37] Yeah, actually, that would be fantastic. That being said, we’re going back to the question about where they need to be. So I I’m now inside of the company and I have an email with them and we’re going back through the seventeen hundred emails that we’ve sent out and we’re sorting through the ones that didn’t bounce and we’re picking out our good ones and we’re going to resend them all from my new email account with a slightly different email. And that’s all U.K. now, so I probably need to find someone in the UK. Do you have anyone

Speaker1: [00:40:13] In the UK? You mean by the UK? You mean broker deals in the UK, correct?

Speaker3: [00:40:19] Yeah, I think I think that’s going to be necessary. I’m not positive.

Speaker1: [00:40:23] Well, I don’t think so unless you want to, because the goal was to I think the goal is to market to us. Investment is ethical.

Speaker3: [00:40:34] We would like to. Yeah, definitely. I feel like it’ll be much easier. Well, the thing is is the U.S. wants to spend money a lot more. They just printed a whole bunch. That being said, they don’t really want to spend it in the U.K. so it’s a I don’t know, like it is good, but it’s also not. So I’m staying working in the U.K., but I would like to expand if I can get out there without causing any issues.

Speaker1: [00:41:00] Yeah. Yeah. In terms of the FCA, so it looks like the U.S. is more of a priority, then yeah, then I wouldn’t really waste as much time with the U.K. broker dealers because U.S. seems to have more guards up than the UK. And let’s see if there are any foods here there may not be. Just two in the UK that we have right now, so are my partners. And obviously with new ways of getting the school system.

Speaker3: [00:41:47] And what was that other one that one of the very top there or channel

Speaker1: [00:41:52] Their Spanish do?

Speaker3: [00:41:54] Oh OK, I’ll be right there below it. Oh, both are my partners. Ok.

Speaker4: [00:42:04] Maybe you could talk to Kevin as well. You might know people that you might, you know, I could talk to in the UK.

Speaker1: [00:42:11] Oh yeah. Kevin, yeah, Kevin’s great. I speak to him just that. You know, you just want to say that I don’t know of you as Capital Global is a fit for this one. But yeah, I talked to Kevin because he’s basically saying he feels a lot of transactions and won’t produce his way for introductions, introductions. And then Kevin is one of them, but he was manually introduced. Yeah, this is. This week, most this news right now is what you. Ok. What’s your e-mail?

Speaker3: [00:42:52] Yeah, I’ll put it the chart, it’s it’s called global acquisition partners. Dot com. Yeah, there you go. He. Thank you. I got that now.

Speaker1: [00:43:48] Ok. Sorting that out. You see, these people are here. Josh Ellwood got in trouble because they weren’t registered to access U.S. capital. Yeah, exactly. They were depending on their utility token because their utility bill is regulated. But yeah, that’s where they got sued. And that’s what gives backers away. But that was also because they’re doing a utility for token that wasn’t associated with anything that’s illegal.

Speaker3: [00:44:30] Is there any do you know of anyone around in the community that wants to take deals? I got offered a deal today. Well, I’m getting several of them, actually. I like and even tomorrow I’m meeting with a company looking for a few million. They’re building trash to electric plants. And like I know, another company that they have $14 million of assets in the company and they’re just looking for $3 million to buy it. So it’s in. I think it’s an easy loan. It’s an easy debt transaction. And I’m getting like I probably three or four that are coming across my desk. And I know that like, everyone wants money. But I’m wondering, like, is there anything to do with these or just, you know, tossing aside till I’m ready to work on something?

Speaker1: [00:45:12] Oh yeah, I mean, everyone wants money. I agree. I think honestly, I really wants to work on a deal. I think unless it’s if you want to get something done quickly, I think unless it’s unless it’s been in the market for less than two months and it’s really fresh and it’s us. And it’s probably not. It’s not a developing product. It’s cash flow. Maybe it’s multifamily then and then essentially there’s some debt that they’re looking for. Then I’d look at it, otherwise it’s going to be honestly, probably the same amount of work. Because there always there’s always going to be another delay. I just really.

Speaker2: [00:46:00] Ok.

Speaker3: [00:46:09] Yeah, I think the ones these ones at least aren’t on the haven’t been fundraised for yet. One of them that I didn’t mention is the SAS project, and they have potential of two million, two point six million in recurring revenue customers that they can’t service because they don’t have the funds. So they have customers already like IBM and stuff like that, like really big customers. And they just met with me today and they’re like, We’re probably just like, we’re having a hard time finding investments right now. We’re probably just going to go back to our roots and go look for an angel investor for a few tranches of a five hundred thousand, just so we can start taking some of these bids.

Speaker1: [00:46:54] And something I’d look at, too, is because I wouldn’t really touch any deals. They’re too small because if you get commission on something that’s just, you know, one million or something, then after you take it through all the broker dealers and everything, then the amounts, you may just net one percent. So unless it’s a large deal, that is a big revenue that is probably pre IPO or something stable like multifamily, then sometimes it won’t even be worth it because it’s like like thirty thousand for like a for like six months or a year of work.

Speaker3: [00:47:27] Yeah, no. It would be really good to find a broker dealer partner because I feel like I’m also taking on an executive assistant and I got the VA is working for me and I feel like the flow of things is going pretty good that as long as I can build a good system around it, I could probably start a pretty good firm around that. But yeah, the amount of cost associated with becoming a broker dealer is too much.

Speaker1: [00:48:07] Yeah, plenty enough. I mean, that’s something that we’re actually working on that in Canada. We’re working on becoming a dealer. Yeah, there is cost. It costs like about like we’re going to spend about what, 80000 thousand 60 K in a bank account. This is Canadian and then probably 20 to 30. It can be really. If you economize, it can be 20 to 30 K for lawyers. And then that’s usually that’s usually the things that could be maybe more often. I mean, we’re doing it and we have we have clients who’s also a member as well for ninety nine.

Speaker4: [00:48:57] Well, you got your license, Lisa, you got your.

Speaker1: [00:49:03] Yeah, yeah, well, that’s so have the the exempt market. Yeah, exactly. And then the LAPD officers and in now is that. Yeah. So like, I have some good on that, which means that which is better because then you don’t have to split any equity or anything. We.

Speaker3: [00:49:32] And I guess I was on I was on Obi’s call there this morning, and I put a couple of tidbits in the Chinese like start networking with each other. And so I said, screw it and start throwing some stuff in the child and a family office actually reached out to me for another deal. Oh, they’re having me send them a one pager about it, and we don’t even have a one pager. Like it’s so pretty everything. But they’re asking like everything about it, like if it’s how early it is, all these kinds of things. And yeah, they seemed pretty interested about it because it’s, you know, it’s blockchain, it’s sexy. It’s it’s robots. So.

Speaker1: [00:50:12] Oh, there we go. There you go. So. So Ali may be joining in a few seconds. So he just reported that he.

Speaker3: [00:50:21] Yeah, I great. I don’t mean to take up all the time as anyone else, please take a turn if you want to ask.

Speaker1: [00:50:39] Naturally emerge where it’s pretty small group. All right, so, Ali, so I see that you’re here. And so Colt had some questions for you in regards to brokered private placement versus non brokered by the police. We could bring you up to.

Speaker5: [00:51:08] Hey, what’s up not to

Speaker1: [00:51:10] A good Ali, so, yeah, just a quick summary, yeah, we have you seen everyone here who have added a few people just left. We have Ed Koch and Josh Ellwood, who’s in Denmark, and the question can take the lead was mainly about whether he’s should engage a U.S. broker dealer to actually hit the U.S. investor.

Speaker5: [00:51:31] Right, right. So I can understand the question can you repeat one more time

Speaker1: [00:51:36] If you can take it from here?

Speaker3: [00:51:39] Ok? Hey, hey Ali, how are you doing? Thanks for coming in.

Speaker2: [00:51:42] No problem.

Speaker3: [00:51:45] So, yeah, quickly. We talked about this the other day, so I’m looking to go find this broker dealer. And I’m I’m just wondering, do you need to have the broker dealer can say if I was to make a good deal with someone in the UK and we were to find investment in the U.S., it would have to we’d have to find a broker dealer for the U.S. then, right? Or can you have someone go cross-border?

Speaker5: [00:52:15] No, you would need a feeder. So not too. Are you familiar with these type of transactions?

Speaker1: [00:52:21] Find feeder. I’m not familiar with feeder.

Speaker5: [00:52:24] Yeah. Feeder is basically representing party from the U.K. within the United States that are licensed within the U.S. territories of each other like they share. You know, they share jurisdiction, they share contracts, they share, you know, Klein incentive. Does that make sense? Ok. Yeah, so look, if you’re raising money from the United States like you guys, you have to keep in mind, like you’re dealing in dabbling at the U.S. securities, and so somebody has to be licensed within the United States. You know, if you’re if you’re taking funds from here and then you whatever you do with the money, it doesn’t matter. Right? It’s the perspective of like, where’s the money being raised? And through what means is it being raised right? If you’re if you’re selling securities to U.S. investors, then typically jurisdictions takes oversight on that. So it’s going to be in the United States automatically. Right. Whereas on the other side, if you’re raising money from the United Kingdom, then you would have to have a registered broker dealer and or, you know, placement agents in the United Kingdom. It all depends on where the client is. We’re not specifically client being you guys, but where the money’s coming from and which territory is that money originating from is where the licenses have to be registered and through that process have to be brought in.

Speaker3: [00:53:36] Ok, I see that makes sense. So I guess the question that I was having earlier was how to go about these kind of conversations. I’ve been calling people and I’m not really having much luck. I just wonder if these kind of like, how would you phrase it exactly to not, you know, weird them out. You’re just calling someone and they don’t know you from from anywhere. Right? So do you have any recommendations along that line?

Speaker5: [00:54:10] Yeah, you’re asking professional services here. You know what I mean? Like, these are things that typically what you want to do is you want to have like because I don’t know what your situation is, what kind of company you have. I know you’re trying to raise money for the UFC thing. The other angle is like, you know, most of these type of broker dealers won’t necessarily do anything unless otherwise they’re introduced or some capacity have like a sizable transaction, anything above like 30 to $40 million. It’s easily acceptable as just you have to find, you know, private label and or, you know, broker dealers that offer these type of solutions so that you can do your business. And then they handled it back in compliance, you know, broker dealer placement services, custodial services, et cetera, et cetera. It’s it’s a process, a multitude of services that has to be warehoused under one system. And from that perspective, you know, they’re easily going to say, Yeah, yeah, let’s do it. There might be some costs. I’m not sure exactly what they’ll take just to get set up. There might not be. It depends, but you have to have a conversation about like, Hey, I got a transaction, a complete offering document.

Speaker5: [00:55:11] If you’re a private equity fund, you know you have your LPA, your PBM, whatever is necessary and say, Look, I want to, I want to bring together a service that I can just funnel my investors through so that I can bring them into the transaction. I don’t have a registered broker dealer license or three six, five seven, you know, et cetera, et cetera. Can you guys assist me with that? And so I think that’s the typical type of conversation you need to have, but they’re going to ask you if you’re offering documents and so on, so forth, just for a compliance framework. And you know how you how you process those documents. And of course, they’re going to also ask, do you have commitments from investors before we do this? Because that’s another thing, right? They don’t want to go and invest their time, especially hours of their time. These are guys who can make money elsewhere. And if we don’t have anything concrete in front of them to show them, at least in self commitments, probably the transaction is never going to go through and let alone, they’re not going to entertain a conversation.

Speaker3: [00:55:58] So I don’t want to be too late, right? I don’t want to get the get someone who’s ready to invest and then have to spend weeks trying to find this person and lose that investor. Or is it a pretty easy conversation that I can pretty much get anyone on the phone and the way I see it, it’s free money. And yes, it is 40 million pounds, which is more than 40 million U.S. But there’s also the chance that it could be less because we don’t need that much to get started. We only need 15 million for the first year and there’s tranches. So then, you know, it might not be that much.

Speaker5: [00:56:31] That’s OK. You got to give them the range, though, and if you have soft commitments, you don’t have to be hard, right? And investor like it’s it’s one of those things in terms of capability. This is an ongoing partnership, hopefully. So it’s just something they have to see in concrete terms right before they even entertain a conversation.

Speaker3: [00:56:48] Ok. Ok, I’m out of order then I’ve been dedicating a lot of time to finding this person, but I won’t even be allowed the conversation yet, so I should just focus on finding the investor first

Speaker5: [00:57:00] All the time. What if you have to set up costs and stuff and undergo these type of costs? And all of a sudden, if any investors on interest anymore and their appetite changes at the time you get set up right? It’s a feedback loop. It’s always based on what you have proposed. And then even like if you look at the United States and regulation, you know, five or six, you know, you have like up to, you know, 15 to 16 days after raising money to go and file your paperwork. So it’s really, really how do we say this? They made the landscape easy to do is just, you have to comply. So this is why, like, it’s a, you know, strategic and tactical thing to do if you have the documents at hand before you go and set that up, especially soft commitments, you’re not asking for anything hard. If the numbers make sense, if they’re interested in, of course, like they can put something in writing, you don’t have to go, you know, get their passport information or anything like that, it’s just a soft line.

Speaker2: [00:57:47] All right.

Speaker3: [00:57:49] Yeah, that’s good. I’ll take one thing I haven’t played for the time being. I just get invested for now.

Speaker1: [00:57:54] Thank you. So what I find becomes really interesting because it’s like one must find an investor in a U.S. and then clear out investors through a broker dealer. But then what about that period of time between like that period of time when the person is talking to the investor without a broker dealer? Or you wouldn’t have to be engaged prior to that?

Speaker5: [00:58:25] Ok, so you sound a bit far, and it’s like connecting, disconnecting not to. Can you repeat that one more time?

Speaker1: [00:58:31] Oh geez. New computer is a bit far away. So, yeah, no, just a question. So OK as cold is approaching potential US investors. How does it work if the broker dealer only comes in at the end? Because, like, aren’t you are talking to U.S. investors and asking them prior to you having any legal protection? So what are some this package?

Speaker5: [00:58:58] Right, so we’re talking to a singular transaction. You know, if size, if you have soft commitments, you know your thing with like the legal framework, right? Like the issue with a lot of people. And again, guys, we’re giving you gold nuggets. You know, we’re investing time to give you guys clarity in terms of how to actually get a deal done here. So hopefully you guys are taking some notes because this is important. The problem is a lot of people get all the legal shit done and excuse my vernacular, but I don’t have time to beat around the bush today, you know? And so they spend all this time, they commit to getting all that stuff done and then they go, Oh, let’s go find investors. What if the deal structure is not even appropriate for an investors appetite? What do you got to tweak stuff? You’re going to go back to a lower and spend more legal cost. It doesn’t make any sense. And so what the usual structure is? And so give it a timeline, right? If you got soft commitments from an investor, you know these type of typical transactions, it depends on the type of investor getting to from what you’re telling me, if it’s above $15 million per crunch and if you’re not raising multiple investors, maybe just a select few, then you’re raising from a net worth that’s pretty high. So it could be a qualified buyer, even right, or a qualified high level institutional qualified purchaser, which are like 10 million plus net worth or, you know, five million plus net worth. It depends on the framework of these type of investors. The paperwork is a lot easier now when you’re raising the step of liquidity, just do a Reg five or six B right instead of a C, because then with the C, what ends up happening is you have all the paperwork, the trail that you all have to do, the compliance, the validation and verification with the B, they just have to create a tick box, you know, like, Hey, yeah, I’m a qualified buyer or whatever.

Speaker5: [01:00:29] There’s no checks on it. There’s not much as stringent regulations. Of course, the one caveat is you cannot advertise, but in these type of spaces you don’t need, you can have a meeting and then you can select the hell out of it because your initial conversation wasn’t about solicitation. The idea here is before you start with the legal framework, technically you should have a deal structure in place. You should have something that makes complete sense. The legal fees and stuff like that, it’s like saying, Hey, let me draft up a contract and see if I can sell my business. You don’t do that until such time. You have a solid seller or a purchaser for transaction, and they say, Okay, perfect, I’ll send it to my lawyer and paper it up. You see what I mean? A self commitment allows you to do so because now there’s some contingencies there, and the commitment describes a little bit of a term of what would look like, what they’re looking for if the yield makes sense, et cetera, et cetera. And then only that time do you go to a securities lawyer to do what’s necessary. Of course you want to have a one on board, right? You want to have a very structured way of like streamlining the process. You don’t go look for a securities attorney after the fact. So what I mean is that what you’re asking for not to?

Speaker1: [01:01:31] Yeah, essentially. And I think that because you’re talking pragmatics rather than you read through it, that’s like, Yes, are you supposed to be or

Speaker5: [01:01:42] Not these on fire again? I’m not sure what’s maybe your mike?

Speaker1: [01:01:46] Yep. Can you hear me now?

Speaker5: [01:01:48] Yes.

Speaker1: [01:01:49] Yes. Yeah. So all it is is, you know, you’re being pragmatic. You’re saying you can’t really get anywhere unless you know how to get somewhere. And so it’s kind of this chicken or the egg situation. I think I think it makes sense. It’s just a matter of I just also advise them to just not to go to in detail when it comes to telling people the terms and the emails prior to at least. Exactly. Just so that there’s no paper trail at the end. Exactly. On Wednesday, yeah. Go on. Yep. I heard I think I heard either Eddie or Josh. Ok, I think. Ok, so that makes sense, and then when it comes to so-called does that make sense to you so far?

Speaker3: [01:02:36] Yeah. Get a lawyer first. Go find an investor, get the check, a box file the record with the with the company beforehand, obviously, and then we’ll talk to a broker dealer missing anything.

Speaker1: [01:02:53] So far, so good. I just got a notification that Monica in the group. She’s a managing director since we last checked managing director at Wealden Co., which is a broker dealer. The only thing too, Ali I’d also look at is whether we want to do securities attorney versus broker dealer or a combination of both. But I don’t think it matters at this stage because they all do the same thing. They all take percentages. So I don’t think it really matters. As long as they stay there, they can take the blame if anything goes wrong. What are your thoughts?

Speaker5: [01:03:30] Are you asking me,

Speaker1: [01:03:32] I guess, I guess, if there’s any, I mean, if there are any objections or what your thoughts?

Speaker5: [01:03:40] No, no. Look, my outcome is as just this is the flow, you know? Yeah. And it’s systematic. Like you said, it’s pragmatic, right? Anything that’s outside the norm, you’re going to have challenges with the most typical investors. You know, PE firms, especially, you know, they got these massive lpas like massive documents, right? And so you don’t borrow an investor with an interest in like sending documents up front. So the real strategy is you have an idea of a transaction. You kind of know what you want to do with it. Typically, you might have some terms in your head right to to cover legal costs after the fact of really tweaking the number and getting the proper feedback. At that point, it would make absolute sense, right? Getting soft commitments is not something of concrete terms like not to said, you’re not asking them for a very specific say like, Hey, if the transactions make sense, if this is and you live wishy washy, right? So what’s the range in which you’re comfortable with? It’s not an exact dollar amount. There’s no concrete security sells here. It’s that I’d be interested in looking at transactions like this. It’s a letter of commitment based on a search criteria and not necessarily anything of a hard commitment here from that specific purpose in collecting those those type of documentary or the evidence and so on, so forth.

Speaker5: [01:04:51] If you have several investors that are giving yourself dollar wise and so on, so forth, then only what it makes sense to go to an attorney, securitize the whole process and say, Look, here’s the contracts that we’re looking to issue. Here’s exactly the type of range that we’re getting. We’re getting qualified institutional buyers or whatever. And let’s put together the offering documents. And typically an attorney would probably give you a timeline, probably three to four weeks, depending on the type of return you go to. But you’ll be saving like $20000, you know, because the reason I say that you don’t go to an attorney, draft up something up and then it doesn’t make sense. You know, the investors like, I don’t like this term and stuff. No, you got to legally go and adjust those terms, right? Just a headache and a half. But there’s a streamlined process. So if you have a deal, it makes sense. You have some sort of idea of what kind of terms you want to give. You want to discuss with an investor. Get yourself to have a wife, find a broker dealer that’s willing to do the transaction, place their information on the actual contract. When everything is official, that’s when you legalize everything.

Speaker5: [01:05:44] Oh, typically because now it’s a complete transaction paperwork trail, right? But you know, guys in the investment banking world, this should be second nature. Any type of transactions, any type of singular transaction, even from home sale of a transaction. This would be second nature. Right now, we’re dealing with investment banking and the hundreds of millions of dollars like you guys need to know this like that is going. I mean. Yeah, but typically that’s the flow. Just follow the flow and you guys are protected. But also like, it makes sense, right? Like, you’re not hassling the investor with too much caveat like information request upfront and so on, so forth. And by the way, the reason I say, you know, regulation five or six B is because there’s less tedious effort of, you know, you know, provisions of documenting and like validation, et cetera, et cetera. Because those high net worth investors, they’d only be hassle with that information. Special family offices, right? I don’t like to that, but their entire business. So if they can just do a checkbox and write you a check and they’re pretty valid and they’d be verified by other institutions and they’re participating a lot of investment schemes and structures, and it’s kind of a no brainer, right? Yeah, that’s that’s my thoughts on this.

Speaker1: [01:06:53] Awesome. And if I can just jump in one point of clarity because yeah, before I didn’t, I didn’t know that he meant that when you talk to lawyers, you don’t want to waste time with them making contracts, because my assumption was that you’re going to talk to the lawyers to help you set up the legal escrow. So, yeah, it definitely don’t waste your time and setting it up. As Ali said, the only time with the legal process prior to knowing to the new. Yes, because I was talking more about what’s going.

Speaker3: [01:07:27] So I guess for the for the check box, I can already have a spot on the front of my data room that has an agreement that you can you can check as you come in and people put NDAs in there and whatever. But I could probably put this my that checkbox on that. So as they come into the deal room, they have to check their sophisticated know.

Speaker5: [01:07:53] You’re sharing a dual verification document, you don’t have to give them a checkbox. There checkbox is part to the subscription of their investment feed right before they actually invest. Like, it’s like, OK, we know you’re interested. You want to come in here. Do the checkbox if you give them this now, and it would be a turnoff, but you want to do is, yeah, you want to have your standard NDA and you got to give them a disclosure that, hey, you’re looking at this and it’s only for this type of investor. Fii wants to go through the document once they’re interested. Once they understand what the transaction looks like, they’re ready to commit. Only then, and only at that time do we actually need to get the verification from their side checking the box. And yet they are essentially part of the classification of the investor you’re looking for, at which point, you know, it makes it a lot easier if you start getting the checkbox right off the ground, but it might be look premature and they might actually be scared off from the deal, right for that little one piece of mistake. Right. So just keep that in mind.

Speaker3: [01:08:42] Ok, that’s that’s a good point. Along that lines, Obi was mentioning today that they don’t like send assigning NDAs, and it really turns them off when they sign an NDA. They just want to see, they want to know what the deal and then like they’ll sign it for, like major documents, but they really don’t want to sign NDA to talk about every deal. So definitely first meeting should not be under NDA. What he was saying, at least,

Speaker1: [01:09:05] Yeah, because usually it’s after the data room if you’re giving people the numbers and the entire country, and I think it’s reasonable to expect the NDA. But then that’s why I think just protect yourself, like if it’s like a nameless, you don’t have the name of the people so that the family go around your back. It’s going to be hard now because now your CIO. But before it was like or as you’re another agent, that’s a separate company. You know, the family office, why they they have to talk to you, then they can just see, Oh, this is the company’s email and name. I’ll just go around kind of to go around the whole need for the NDA. What a lot of people would do is just say, like big things, get them on the phone and say, OK, now let’s send you everything, you know, whatever. And then after they send everything with all of the forensic details of the company, their business plan, their IP and everything, then I think it would be reasonable to expect an NDA.

Speaker3: [01:09:58] Yeah. And I don’t think they can go around me because I’m CIO. Like, I mean, like the money’s coming into the company. It’s not like I’m not going to know it’s there. And I have an agreement as part of the company that that’s my compensation for bringing the investor. And I also have an agreement that no one else is bringing an investor except for me. So if they bring an investor, I mean, that was my investor, whether they bought it or not at that point. As far as I see, tell me if I’m wrong.

Speaker1: [01:10:24] Well, go ahead. Ok. Know, it sounds like the. So did you have so now you have an agreement or you have an agreement that if the investor comes in and you didn’t introduce them, you still get the commission. These are what you said verbally.

Speaker5: [01:10:43] Oh, OK. Well, yeah. So now you’re dabbling into the securities laws, right? This is where it goes wrong. So here’s the problem. Don’t ever assume that an investor might not go behind your back end that you’re still protected unless you a securities license, because let’s assume that they do go behind your back. Here’s a lesson that’s so hard that it’s harder than a brick wall when it comes to reality. Even though you might have that exclusivity and they’re obliged by contract, which has to be validated by the securities law to ensure the contract is actually authenticated, right? Should they actually go behind your back and somehow raise the money in the family offices? I don’t see value in this, gentlemen. What would you guys want to keep? And we’ve got so much other stuff we’re going to bring you now. We’re going to do this together. I want a piece of the pie. There’s nothing holding that company back from taking money at the end of the day. Like, excuse me, my language, but everybody’s a money whore. Boom. Done. Period. Now let’s talk. I want to exercise my right to collect the commissions. Do you have a securities license? Good, sir. No, you don’t. Welcome to reality, my good friends. So don’t ever assume you’re protected unless otherwise you come through the appropriate routes to protect yourself. You see what I mean, especially family offices like they’re hard. But here’s the thing like the protection clause is as just a base level thing, right? Like this, it’s not necessarily anything exclusive. So this is why you got to ensure that you’re part of the conversation and dialogue through and through all the time. That’s the only way you can protect yourself. Does that make sense?

Speaker3: [01:12:04] Right? Yeah. Ok, that makes sense. Yeah, there’s a lot

Speaker5: [01:12:15] Saving you from a headache. That’s what I’m trying

Speaker3: [01:12:17] To do, I got good notes and and I’m going to have to go back on this recording and make sure I didn’t miss anything so.

Speaker1: [01:12:25] Just give it one business day, we’ll wrap it up right away. All right. So I guess I think, you know, I mean, obviously, I’m still out of time, but you know, a good answer any question as well. Do you have any?

Speaker4: [01:12:53] No, I don’t have any I don’t have any questions. I’m just I’m just listening to what Al is saying and we follow the similar parts in the world he was describing. But except that it didn’t go our way in the sense that getting somebody on board that interested in a deal then go to the market at times, which is why it’s important to not just get two or three and get as much as possible interest like you is only go to interest and buy time. We have the actual deal. Sorry, something came up and we are left with the deal that we are struggling with right now, so I completely agree with what he’s talking about.

Speaker1: [01:13:47] Yeah, yeah. Because this first, yeah, the money first. The setup is just for survival. But then there are two pieces that are worth a lot of.

Speaker5: [01:14:02] Yeah, you guys can avoid all that just fork out for 40 grand and I’ll cover you guys. You see what I mean? Like these type of things, like a lot of investment bankers are going to charge you an arm and a leg and no joke. I can charge you guys. I know what to do, you know, but I’m just saying, like, they make you spend 200 grand, whether it’s Adila or cult or whatever, not to knows this too. And then only to tell you the answer after the fact. You know what’s funny? They charge you two hundred grand because they know they can get away with it. Simple as that. Yep.

Speaker1: [01:14:35] Right. So I think it looks like everyone is satisfied, but if I’m wrong, let me know, right, then. You were here on Wednesday. At least I’m here on Wednesday and I had to go because I had some actually had a blackouts in Vancouver. So we’re here on Wednesday at 11:00 or just hit the supports and help you along the way.

Speaker3: [01:15:00] Appreciate you guys. I appreciate it a lot for you.

Speaker1: [01:15:04] Thank you, everybody. Just.