TONX

Good morning, and welcome to TON Strategy Company's First Quarter 2026 Earnings Conference Call. Joining us today are Chief Executive Officer, Kevin Wilson, and Chief Financial Officer, Sarah Olsen. Earlier today, the company filed its quarterly report on Form 10-Q for the quarter ended March 31st, 2026 and issued a press release with its financial results. Both are available in the investors section of the company's website. This call will also be available for webcast replay on the company's website. Before we begin, I would like to remind everyone that today's call includes forward-looking statements within the meaning of the federal securities laws. These statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. Please refer to the company's filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31st, 2025, and its quarterly report on Form 10-Q for the quarter ended March 31st, 2026 for a discussion of these risks and uncertainties. The company undertakes no obligation to update any forward-looking statements except as required by law. With that, I would like to turn the call over to TON Strategy Company's CEO, Kevin Wilson.

Thank you, operator, and thank you everyone for joining us. For today's call, I'll start by framing how I see TON Strategy's position today, why we believe the TON blockchain matters, and why we believe our company is playing a clear role as a U.S.-listed public company dedicated to Toncoin and supporting the TON ecosystem. Sarah will then walk through the first quarter financial results and treasury update, and I'll come back with a few closing thoughts. As this is my first earnings call as CEO, I want to share how I view the foundation already in place and the opportunity to build from where we are presently. TON Strategy Co is the largest public company treasury dedicated to Toncoin, and we are one of the largest validators of the token.

As of March 31st, 2026, we held approximately 221.9 million Toncoin in total, including approximately 221.2 million Toncoin staked. Based on TonStat data, our holdings represent approximately 4.29% of all Toncoin, and the Toncoin staked through our infrastructure represents approximately 26.18% of the TON network. We have a substantial Toncoin position, active staking operations, a strong balance sheet with no debt, and the custody and reporting infrastructure needed to execute our strategy with transparency. In other words, this is no longer a set-up story. The treasury is established with assets substantially staked, and the company has now completed two full quarters of staking operations. My focus is on taking that foundation and turning it into broader market recognition and long-term shareholder value.

I officially stepped into the role as CEO on May 4th, so I'm not gonna lay out a rigid roadmap today. The direction we will take the company is clear, and I want to share how we are thinking about the areas we can most directly influence. First, we will continue to manage the treasury through a long-term per-share value lens. We hold approximately 221.9 million Toncoin as of quarter end, including approximately 221.2 million Toncoin staked. Going forward, we are focused on making the right capital allocation decisions that support growth in Toncoin held per share over time. We will continue to maintain appropriate liquidity to execute the strategy and run the company platform while evaluating capital allocation opportunities thoughtfully and with discipline.

Second, we see an opportunity to communicate with the market more actively around both the TON network thesis and our company model. Toncoin is currently less understood than major tokens in the broader U.S. public markets. Part of our job is to explain why Toncoin matters, why the TON blockchain network is differentiated and built to support the financial infrastructure of the future, and why our company is built to provide exposure to that opportunity within a public company structure. Third, over time, we intend to prioritize pathways to support deeper liquidity and market access around Toncoin. We expect to be very thoughtful and deliberate in this area. Liquidity, market structure, and institutional access are important to the development and adoption of the TON ecosystem. They are also relevant to how investors evaluate our company.

We intend to explore appropriate ways to support that development over time. Fourth, we're focused on aligning our expenses and investment with the company's core treasury strategy and highest return opportunities. This is an area where we'll be thoughtful so that the operating platform is directly supporting the core strategy. That is how we are thinking about the job in front of us. Now I'd like to spend a few minutes discussing why the TON blockchain is important and compelling. We believe the TON blockchain is becoming increasingly relevant as blockchain activity moves towards faster, lower cost, high volume use cases. The key difference between TON and other chains is that it combines technical performance with exceptional distribution reach. Telegram gives the TON network a unique distribution advantage compared to most blockchains. Telegram has a global billion plus user base. Users communicate there and interact with communities there.

They're using bots and Mini Apps and increasingly engaging with digital services inside the Telegram ecosystem. The TON network is developing within an existing consumer environment where digital interaction is already happening. From a technical perspective, the TON blockchain's architecture is designed for scale. dynamic sharding and asynchronous message processing allow activity to be distributed across the network rather than forcing each application or transaction through a single lane like some other blockchains. The network is built for many transactions and applications to run simultaneously, which is critical for supporting consumer scale functions. Recent network upgrades strengthen that case. In April, the TON network implemented upgrades that reduced block times, shortened transaction settlement times, increased throughput, and significantly lowered transaction fees. Those changes make the network faster, more cost efficient, and better suited for applications that require frequent transactions.

Public ecosystem data also shows TON among the fastest Layer 1 blockchains by finality, which reinforces the importance of speed and settlement performance as part of the TON thesis. The impact of the recent upgrades was visible in the economics of the network as well. Gross staking yields increased to 1.39% in April from 0.34% in March, representing approximately a four-fold increase month-over-month. On an annualized basis, the April gross staking yield was approximately 16.7%. TON Strategy was well-positioned to benefit from that uplift through its staking infrastructure. The technical and economic improvements are meaningful for the practical utility and performance of payments, developer tools, gaming, and other Telegram-based applications. We believe the TON network is particularly relevant for emerging agentic AI use cases.

To operate reliably inside consumer applications and payment flows, AI agents need low cost, low latency ways to act. On the TON network, an AI agent can operate through its own on-chain wallet or smart contract account. The agent has its own address on the network, a way to send and receive payments, and programmable rules for how it can interact with applications and services. The agent can do more than just recommend actions to users. It has the potential to pay, settle, and interact with services directly in the TON. Since the accounts on TON are set up as programmable smart contracts, they can include permissions and logic for multi-step activity on-chain instead of relying on separate off-chain coordination. Telegram adds the distribution. Agents can live directly inside chats as bots of Mini Apps where users are already active.

Paired with TON payments, AI agents can help create a much more seamless user experience. Users can interact conversationally, while agents can potentially take actions and transact in the background. We think that combination of distribution, payments, programmable accounts, and low cost settlement is one important reason that TON is differentiated for high volume consumer and AI agent use cases. This brings us to TON Strategy Company and why it matters. For many investors in the U.S. in particular, direct exposure to Toncoin can be difficult or impractical. In 2025, in coordination with the TON Foundation, Toncoin became tradable as a spot cryptocurrency on Coinbase, Robinhood, and Gemini, which we view as an important first step in expanding U.S. access. Still, broader institutional services around Toncoin, including custody, staking, and prime services are earlier in development.

TON Strategy Company is built specifically to provide transparent, institutionally managed exposure to Toncoin through a regulated public structure. The value proposition extends beyond access. We hold and stake Toncoin through institutional custody and segregated staking infrastructure. We also bring public company reporting in a scaled, long-term per share value framework to the way the treasury is managed. In the digital asset treasury market that is still maturing, we believe this level of operating discipline and transparency matters a great deal. With that, I want to acknowledge the team that's already in place. This is a strong, lean group with deep institutional experience across digital assets, capital markets, reporting and compliance, including experience building and managing digital asset strategies inside top-tier financial institutions. Our experience gives us the foundation needed to execute. In Q1, this model continued to demonstrate productivity.

We earned approximately 2.2 million Toncoin during the quarter through staking activities and recognized approximately $3 million of staking revenue. We ended the quarter with approximately 221.2 million Toncoin staked. Approximately $35 million of cash and restricted cash. Sarah will now walk through the first quarter financial results and treasury update in more detail. Sarah?

Thank you, Kevin, and good morning, everyone. Before turning to the quarter, I also want to welcome Kevin to the CEO role. Kevin brings the ideal background for where our company is today and is well-positioned to lead it into the future. He has built and led institutional markets businesses at Citi, and more recently worked at the intersection of digital assets, trading infrastructure, and blockchain-based prime brokerage initiatives at Integral Development Corp., a Palo Alto-based fintech. His unique blend of global markets experience, institutional relationships, and digital asset fluency is directly relevant to the work ahead as we build a more established public company platform dedicated to supporting Toncoin and the TON network. We're very excited to have him join and lead the company into its next stage.

For the first quarter, our results reflect the continued operation of the Toncoin treasury strategy, including staking activities alongside our legacy operating businesses. Q1 was our second full quarter of staking operations, and the treasury continued to perform as intended. During the quarter, we generated approximately 2.2 million Toncoin through institutional custody and segregated staking infrastructure and recognized approximately $3 million of staking revenue. This is an important part of the model. Staking provides an ongoing revenue opportunity tied to our Toncoin position and allows the treasury to remain productive while we continue to hold and stake the token at scale. As of March 31st, 2026, we held approximately 221.9 million units of Toncoin, including approximately 221.2 million units staked with a fair value of approximately $272 million.

We also ended the quarter with approximately $35 million of cash and restricted cash. Subsequent to quarter end, Toncoin appreciated significantly amid recent network upgrades, Telegram's announcement that it plans to help drive TON ecosystem growth and infrastructure development, and broader strength across digital asset markets. As of May 6th, 2026, the approximately 221.9 million Toncoin held by the company had an estimated fair value of approximately $433.3 million. The combination of staking productivity and a clean balance sheet with meaningful liquidity and no debt gives TON Strategy flexibility as we continue to execute the treasury strategy. Turning to the income statement, total revenue was $5.3 million and included approximately $3 million from staking activities as well as contributions from the company's legacy operating businesses. Gross profit was $4 million.

Total costs and expenses were $7.8 million, reflecting costs associated with treasury operations, personnel, reporting, compliance, and legacy operating businesses. Loss from our operations was $3.9 million. Net loss before income taxes was $91 million. Net loss included an $87.9 million unrealized net loss on crypto assets, reflecting fair value changes in Toncoin holdings during the quarter. From an operating perspective, the treasury remained deployed, staking was active, and rewards were generated. Inherently, the underlying asset will move from period to period, but our focus is on the areas we can control, including staking execution, balance sheet strength, liquidity, and supporting the long-term development of the TON ecosystem. We expect to continue updating most company-reported treasury metrics through our regular quarterly and annual public filings, consistent with our long-term treasury approach.

Please refer to our analytics dashboard on our website, tonstrat.com, for the latest market-based and derived treasury metrics alongside the company-reported data. I'll now turn it back to Kevin for closing remarks.

Thank you, Sarah. To close, I want to bring the discussion back to the core of the opportunity. TON Strategy has scale. We are the largest public company treasury dedicated to Toncoin. Substantially all of our Toncoin is staked. Our company has a productive treasury. Staking creates an ongoing revenue opportunity tied to the asset we hold and gives us a way to increase Toncoin held over time. We have a strong public company structure that brings transparency, reporting, and institutional execution to Toncoin exposure. The work in front of us is to make that structure better understood by this market and to execute consistently against the pieces we control. This includes how we manage the treasury and evaluate capital allocation, how we communicate the TON network thesis publicly, how we can support market access around Toncoin, and how we can align company resources around the core strategy.

We are excited about the opportunity ahead to position TON Strategy as the company built for public exposure to Toncoin and supporting the financial infrastructure of the future. We look forward to updating you on our progress. Thank you for joining us this morning, and thank you to our shareholders for your continued support. Operator, that concludes our prepared remarks.

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

Good morning, and welcome to TON Strategy Company's full year 2025 earnings conference call. Joining us today are Executive Chairman Manuel Stotz and Chief Financial Officer Sarahhh Olsen. Earlier today, the company filed its annual report on Form 10-K for the year ended December 31, 2025 and issued a press release with its financial results. Both are available in the investor section of the company's website. This call will also be available for webcast replay on the company's website. Before we begin, I would like to remind everyone that today's call includes forward-looking statements within the meaning of the federal securities laws. These statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.

Please refer to the company's filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2025 for a discussion of these risks and uncertainties. The company undertakes no obligation to update any forward-looking statements except as required by law. With that, I'd like to turn the call over to TON Strategy Company's Executive Chairman, Manuel Stotz.

Thank you, operator, and thank you everyone for joining us. For today's call, I'll start by framing why we believe TON matters and why we believe TON Strategy Company has a clear role to play in the ecosystem. Sarahh will walk you through execution and the year's financial results, and I'll come back at the end with a few closing thoughts. Through my work at Kingsway, I've spent years investing in and working around digital assets, and in 2025 I also served as president of the TON Foundation during a very important period for that ecosystem. That experience informs my view of TON and why we believe TON Strategy Company has an important role to play in the market.

TON Strategy Company is built to hold Toncoin, to stake a substantial portion of the position, and to increase TON held per share over time inside a public company structure. At the asset level, we believe TON is a differentiated network because it is designed for real economic utility and activity inside the Telegram ecosystem, where more than 1 billion users already communicate, transact, and engage with digital services. The TON blockchain is designed to support payments, stable coins, digital goods and application activity at scale, and we believe its combination of utility, distribution and still early adoption is what makes the asset compelling over the long term. We also think the network's growing developer and application ecosystem is an important part of that story. At the company level, we believe TON Strategy Company serves an important purpose.

We've built TON Strategy to hold and stake Toncoin inside a public company structure designed to provide transparency, discipline and access to that exposure. We believe our structure is particularly relevant now while direct access to TON remains more limited in U.S. markets. We also think the staking component is a meaningful part of our business strategy. By staking a substantial portion of our holdings through institutional custodians and segregated validator structures, we have been able to make our treasury productive over time rather than leaving those assets idle. We took the first major steps in this strategy during the second half of 2025. In August, we raised capital, established our initial position, and began staking. Over the balance of the year, we've also built out our operational and reporting foundation needed to support the strategy inside a public company.

The fourth quarter was the first full fiscal period with staking in place, which is giving us a better view of how the model operates with the operating infrastructure fully established. I also want to provide a quick update on our CEO transition. As previously announced, the company continues to conduct an active search for a permanent CEO as part of a planned leadership transition. Veronika continues to serve as CEO during this transition, and our board remains engaged in the search process. I'd personally like to thank Veronika for her integral role in launching TON Strategy and her continued commitment to the Toncoin ecosystem. With that, I'll turn it over to Sarahhh. Sarahhh.

Thank you, Manuel. Thanks everyone for joining. I've had the privilege to work across capital markets and digital assets with a focus over the last decade on the intersection of crypto infrastructure and traditional markets. As we've gotten TON Strategy up and running, my primary focus has been establishing the operating and reporting framework to support the business within a public company environment. As context for the financial results, our 2025 results reflect both the implementation of our TON treasury strategy beginning in August, as well as the contribution of the company's legacy operating businesses. For the full year 2025, total revenue was $12.8 million, compared to $0.9 million in 2024, and included approximately $4 million from staking activities following the implementation of the TON treasury strategy. Gross profit was $7.6 million, compared to $0.7 million in 2024.

Total costs and expenses were $49.2 million, compared with $12.5 million in 2024. The increase was primarily due to non-cash stock-based compensation expense, treasury implementation costs, and costs associated with the infrastructure to support custody, staking, reporting, and compliance. Loss from operations was $36.4 million, compared with $11.6 million in 2024. Net loss before income taxes was $148.6 million, compared with $10.5 million in 2024. Net loss included a $114.2 million net loss on crypto assets, which reflects realized and unrealized fair value changes in Toncoin holdings during the year. At December 31, 2025, digital assets held a fair value of approximately $356.8 million, and cash and restricted cash totaled approximately $39.7 million.

From an operating standpoint, the important takeaway is that our treasury is active and productive. As of year-end, we had 219.7 million TON staked, and we earned 2.19 million TON since staking implementation. We expect to continue updating most company-reported treasury metrics through our regular, quarterly, and annual public filings, consistent with our long-term treasury approach. We also recently launched an analytics dashboard on our website, tonstrat.com, to support transparency around the treasury and provide additional visibility into certain market-based and derived metrics alongside the company-reported data. Going forward operationally, our emphasis will remain on disciplined treasury management, which means staking a substantial portion of our position while preserving appropriate liquidity and financial flexibility.

We intend to continue being deliberate in how staking rewards are used or retained over time, and we are applying that same discipline to our cost structure, including careful expense management and a continued focus on operating efficiently. I'll now turn it back to Manuel for closing remarks.

Thank you, Sarahhh, and I very much appreciate the wonderful job you and the team have done on our first 10-K. To wrap up, I'd like to leave you with three key points. First, we entered 2026 having moved through the initial launch phase, and we are now operating the model with the core elements in place. A substantial Toncoin position, staking, and the public company structure and processes needed to support the strategy. Second, we continue to believe TON is a very differentiated asset with growing utility and a network that is still very early in its development. Our view is that our public company structure offers a distinct way to access the TON ecosystem through the public markets. Third, our core focus remains on disciplined execution.

We strive to manage the position carefully, operate transparently, and continue increasing TON held per share over time through a measured approach. Thank you very much for joining us this morning, and thank you to our shareholders for your continued support. Operator, that concludes our prepared remarks.

Thank you. Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

Good afternoon, and welcome to the First Quarter 2025 Financial Results Conference Call for Verb Technology Company Incorporated. At this time, all participants are in a listen-only mode. Please be advised, the call is being recorded at the company's request. On our call today is Rory J. Cutaia, Verb's Founder, Chairman, and CEO. Before we begin, I'd like to remind everyone that statements made during this conference call will include forward-looking statements under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties that can cause actual results to differ materially. Forward-looking statements speak only as of the date they are made, except as required by law as the underlying facts and circumstances may change. Verb Technology Company disclaims any obligations to update these forward-looking statements, as well as those contained in the company's current and subsequent filings with the SEC. I would now like to turn the call over to Rory J. Cutaia, CEO. Rory?

Thank you, moderator, and thanks to everyone for joining us today for our first quarter 2025 financial results and business. So, for those of you, who have reviewed our 10-Q file this morning or summarized results in the press release we issued this morning, well, you already know, right? You know the company is firing on all cylinders, and I'm talking about a 12 cylinder finely tuned, exotic sports roaster, and yes, we had a crazy good quarter. This is the Verb we've envisioned, and this is the Verb we've manifested, and this is the Verb we have worked so hard to deliver. And the best part, the really best part is this is just the beginning. I've got to hand it to my management team. They never stop believing to all the trials and tribulations, and we've had more than our share. They stuck it out with me. We drew strength from one another, and no matter what, no matter what, we never gave up. And I appreciate them all so very much and amazing, amazing Board of Directors. And now, that we've begun to hit our stride, they're all feeling it. They know where we're taking this vehicle. And for those of you listening to this, who have stuck it out with us, and for those of you thinking about joining us, from here on out, it's going to be a fun ride. We're cashed up, zero debt, insanely undervalued, and each Verb division is performing very, very well. So, I'm not going to take your time reading the 10-Q or reiterating everything we discussed about the company just six weeks or so ago, when we reported our 2024 results, but I will definitely enjoy sharing some of our team's accomplishments in just the first three months of this year. So, all right. Let's start with revenue. But first, let me provide some context. All right. In Q1 of 2024, we reported revenue of just $7,000. In Q4 of 2024, we reported revenue of $723,000. Definitely a great quarter and the first full quarter, after we instituted a number of changes to our business model. As in the entirety of 2024, we reported a total of $895,000. But in Q1 of 2025, we reported $1.3 million. That's 80% revenue growth over the prior quarter, and approximately, 46% growth over all four quarters of revenue of 2024 combined. And while we've been busy signing and launching a plethora of new clients, we identified what we believe is the hottest AI social commerce technology company in the market and negotiated the terms of $8.5 million cash and stock acquisition, signed a comprehensive term sheet, and then rapidly drove the deal to a closing, all while actively integrating their AI technology into our own platform. We used about $4.2 million in cash in closing an acquisition, and look, I really liked having a very robust zero debt cash to balance sheet. So, being opportunistic, we identified a funding opportunity with extraordinary shareholder friendly terms, negotiated it, documented it, and closed it. A non-dilutive, non-convertible, non-voting preferred stock deal with just a 9% annual dividend. And with that, we added $5 million back onto the balance sheet. This deal is with a trusted financial partner with whom we've now done several very successful deals. I do feel sorry for other companies doing terrible, horrible financing, steep discounts to market price, pre-funded warrants, triple warrant coverage, decimating cap tables and rendering many of these companies unfinanceable going forward, who ultimately get shorted into oblivion and you see it every day. Tough times for a lot of companies and I'm very grateful that we're in such a strong cash position and we've been able to maintain a super clean cap table, no warrant overhang and a very tight flow, and obviously, not desperate to find a source of capital. In fact, without cash on hand, no debt and growing revenue across all business units, we expect to be able to fund operations easily, easily into 2028 and beyond. As to the growth behind MARKET.live, we've signed many very high-profile clients and continue to do so. And I've been asked, well, why aren't we announcing them, which we'd have to do multiple times a month? But the answer is, is most of these deals are where we're white labeling our platform for these well-known brands, and our contract prohibits us from announcing the names. I wish I could. If I could, I doubt our stock would still be trading for 50% of our net cash with zero value, given for all our business units. It's crazy. It's, it's just crazy. I've also been asked why we don't see as many live streams on MARKET.live, as we used to, and that's because our new technology allows us to stream directly from our clients' own websites and then multicast their streams across multiple social media channels simultaneously. And this is really the killer act to drawing so many more clients because it allows these brands to own and continue to own the customer relationship, while still streaming over other social platforms. We're also seeing strong, strong growth in shoppable ads among many other areas of our MARKET.live, and now LyveCom business units. Our telehealth platforms, Vanity Prescribed and Good Girl Rx, continue to grow month-over-month adding recurring subscription-based revenue. And our Go Fund Yourself, crowd-funding TV show is developing an almost cult like following and more and more issuers, who are applying to be on the show, forcing us now to become much more selective and to accommodate demand, we're now shooting multiple episodes twice a month. And of course, issuers pay to be on the show. And now, we're about to launch season two on Cheddar. So, in closing, I refer you to our form 10-Q filed today for greater details, concerning our Q1 2025 financial results, as well as the press release that we distributed today, summarizing those results for additional information that I've not covered in my conference call today. So, thank you. Thank you for your interest in Verb and for taking the time to listen to our Q1 2025 financial results. And I presume, you can tell how excited we are about the business. We're really excited. And yes, I do indeed expect Q2 results to be even better than this Q1. So, stand by.

Good afternoon and welcome to the Full Year and Fourth Quarter 2024 Financial Results Conference Call for Verb Technology Company, Incorporated. At this time, all participants are in a listen-only mode. Please be advised, the call is being recorded at the Company’s request. On our call today is Rory J. Cutaia, Verb’s Founder, Chairman and CEO. Before we begin, I’d like to remind everyone that statements made during this conference call will include forward-looking statements under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties that can cause actual results to differ materially. Forward-looking statements speak only as of the date they are made, except as required by law, as the underlying facts and circumstances may change. Verb Technology Company disclaims any obligations to update these forward-looking statements, as well as those contained in the Company’s current and subsequent filings with the SEC. I would now like to turn the call over to Rory J. Cutaia, CEO. Rory?

Thank you moderator, and thanks to everyone for joining us today for our fourth quarter and full-year 2024 financial results and business update conference call. Well it sure feels good being back before you, speaking directly to you about our company, our business, our performance, and sharing our direct, transparent, honest thoughts and strategies for how we intend to drive shareholder value in this business now and into the future. So, I would like to begin with a brief discussion about our history and the challenging market conditions that influenced the formulation of the strategies, and we undertook to insulate ourselves from those conditions. I’m referring to insulating ourselves from those market conditions that became impediments to value creation in our former direct sales Software-as-a-Service line of business, as well as those market conditions, particularly capital markets conditions, that affected, and are affecting many, many small and micro-cap exchange-listed companies even today. Then I’d like to discuss the strategies that we employed and the changes we’ve made that underlie the impressive results we are now seeing in the business. I’ll also touch on the strategies we employed that resulted in what I’m proud to state is a well cash-infused, extremely healthy debt-free balance sheet and a super clean cap table, the combination of which provide the all-important foundation for the impressive revenue growth we are now enjoying. All right. Let’s jump in. Historically, we were an R&D driven technology business, built around a SaaS platform, with a customer base that was comprised of, for the most part, direct sales companies, or as they are sometimes referred to; multi-level marketing companies. When we entered the market with our interactive video-based sales software, we set out to become the dominant player in this sector. And we did, what we saw at that time was the opportunity to address a market that included the large-scale sales teams, including tens of thousands of independent sales reps that these companies managed, all of whom needed a simple and effective, mobile-based sales tool. Over time we learned some valuable lessons. First, while we onboarded large numbers of new sales reps every month, the attrition rate among sales reps at these companies was extraordinarily high, making it difficult and costly to generate meaningful revenue growth. In addition, while we developed what we believe were extremely effective tools to help sales reps, even inexperienced sales reps generate and convert sales leads, outdated internal communications policies at these companies prohibited us from communicating these tools and how to use them directly to the fields of sales reps which may have curtailed much of the sales rep attrition, as the companies that managed these reps were often ineffective at doing so themselves. Finally, the ever changing nature of the customer base we served, as well as the give it away below cost pricing models adopted by competitors who found themselves marginalized by our superior product offering, required continued, costly R&D expenditures, and continued returns to the capital markets. These factors, coupled with what we perceived to be declining market multiples for SaaS businesses generally, drove our decision to sell that business unit and focus instead on our new, though not yet revenue-generating, Market.live, livestream shopping business. A bold move indeed, but one that has certainly proven now to have been in the best interests of our shareholders. This was the first prong of our multi-pronged strategy to restructure, reconstitute, and re-invent VERB. The next prong of our strategy was to insulate ourselves from the predatory financing terms imposed universally on companies like ours who relied on access to the capital markets to fund continued R&D and other growth capital requirements. Almost every financing initiative we undertook was fraught with last minute re-trading of material deal terms, ridiculous warrant coverage terms and conditions, post-deal financing exclusivity arrangements, tying the Company to bad financings into the future when additional capital was needed -- all of which made us -- and so many other companies in the same situation, perfect targets for short-selling – and for companies with any kind of trading volume, greed-driven illegal naked short-selling. It wasn’t hard to target companies that announced an upcoming financing as short-sellers could be confident that deal terms and corresponding share prices would be below whatever the then current trading price was. This capital markets environment eroded share prices across the board resulting in reverse splits required to maintain exchange listing requirements, and destroyed cap tables and balance sheets causing an unprecedented level of exchange de-listings. Ultimately, it was the individual retail investors, left without sufficiently aggressive regulatory intervention, who bore the brunt of this market activity and still do. To avoid this awful outcome, we developed a unique strategy to utilize Reg A to structure our capitalize raise initiatives and avoid the predatory hedge-fund investors, allowing us to issue straight common shares, priced at-the-market, with no warrant coverage, and no investment banking fees. This financing vehicle, unique for publicly-traded companies, among other financing strategies, allowed us to pay-off all of our debt, redeem all of the previously issued preferred shares, completely restructure our balance sheet, padding it with cash, taking shareholder equity from almost $2 million negative in June 2023 to more than $16 million positive in December 2024, and giving us a cash runway, conservatively assuming zero revenue growth, well into 2028 and beyond. The shareholder approved reverse split we did last year resulted in an extremely tight - less than 1 million share float, and essentially eliminated all of the warrant overhang from years-ago predatory financings. We are very proud of how well that series of initiatives was executed, completing that important second prong of our multi-pronged strategy to restructure, reconstitute, and re-invent VERB. The next prong of our strategy was to diversify our revenue streams to insulate ourselves from changes in the market, including economic and regulatory changes, as well as changes within our own customer base and demand for our products and services. The challenge was to identify and develop independent, yet complementary revenue producing business units that could leverage the cost savings produced by a unified internal finance, sales, marketing, and technology department structure utilized by and across all business units. Recognizing that the core of our business was our interactive social video commerce technology and know-how, our strategy was to exploit those capabilities by entering the exploding telehealth industry, leading to the development and launch of VANITY Prescribed, followed by GoodGirlRX in partnership with TV and social media celebrity Savannah Chrisley, and then the development and launch of GO FUND YOURSELF, our very exciting, fast-growing crowd funding marketing platform. To give a sense of the revenue potential for GO FUND YOURSELF, we launched it in Q3 with little to no marketing and we recognized $25 thousand in revenue, and then in Q4 we recognized $233,000 in revenue. And if any of the more recent developments come to fruition for the Show, 2025 may be an extraordinary year for GO FUND YOURSELF and VERB stockholders. VANITY Prescribed was in development during Q3 and Q4, identifying suppliers, onboarding suppliers, then replacing suppliers, developing our online patient screening and prescription approval process, and shoring up our supply chain in anticipation of participating in the extraordinary growth of the telehealth space following the introduction and rapid adoption of the new GLP-1 weight-loss drugs. Revenue, though now growing, was modest through that period and we’re excited for a broad-based launch and marketing campaign that is about to get under way. As to MARKET.live, at the end of Q3, we changed our focus and product offering by providing what we believe is an industry-leading end-to-end solution for brands seeking to adopt a social commerce strategy that they cannot manage in-house on a cost effective basis. That strategy has proven to be enormously successful producing exponential revenue growth. As reflected in our 2024 Form 10-K filed today, in Q1 we generated revenue of $7,000, in Q2 we generated revenue of $37,000, in Q3 we generated revenue of $103,000, and in Q4 we generated revenue of $490,000. An impressive and most welcomed trend by anyone’s standards. Combined 2024 revenue was $895,000, an increase of $832,000 over 2023, representing revenue growth of 1,321% over that period. This performance is the greatest amount of revenue generated since the strategic sale of the Company’s direct sales SaaS business unit in June 2023. Looking at Q4 alone, we generated $723,000 an increase of $694,000 over the same period last year, representing revenue growth of almost 2,400% over that period. And as compared to Q3 2024, revenue in Q4 increased by $595,000, representing growth of almost 465% quarter-over-quarter. Okay, so while we historically do not provide going-forward guidance, we are comfortable sharing our expectation that Q1 2025 will surpass Q4 2024. Finally, as to the last prong of our multi-pronged strategy to restructure, reconstitute, and re-invent VERB, we recognized that any business that fails to identify and develop an artificial intelligence strategy will be marginalized. With that in mind, we explored a number of different strategies, including developing our own A.I. capabilities in-house, which we smartly rejected. Instead, we scoured the market for a company with a developed, tested, proprietary A.I. solution uniquely tailored to video-based social commerce. Upon testing the A.I. and social commerce capabilities of LyveCom, a bleeding-edge, video-based social commerce start-up, we entered into a licensing agreement to incorporate their technology into our MARKET.live platform. Well to our great surprise, we found that the integration of LyveCom’s tech resulted in a massive operational cost reduction. In fact, we anticipate a direct operational cost reduction of approximately $1 million per year. However, perhaps more importantly, we also recognized that the addition of LyveCom’s technology created an entirely new, updated platform, feature rich with capabilities far beyond our current platform and certainly beyond that of many other social commerce platforms. So rather than simply license the technology and risk LyveCom being acquired by a competitor, limiting our access to the technology and future iterations of it, we decided to acquire it ourselves. And it is our expectation that the acquisition will be highly accretive and produce meaningful value for VERB stockholders. With the closing of the LyveCom acquisition, which remains on track and is expected to occur in the coming weeks, we will have effectively completed the transition of VERB from an unprofitable, cash-hungry business in a challenging market, to an extremely well-capitalized, well diversified business, with proven, strong, fast-growing revenue generation capabilities, AI-ready, with a tight float, clean cap table and debt-free balance sheet, poised for meaningful continued growth. In closing, I refer you to our Form 10-K filed today for greater details concerning our 2024 financial results, as well as the press release distributed today summarizing those results for additional information I’ve not covered in my conference call today because I’ve chosen instead to use this time to provide context for those results and share our strategies and ongoing initiatives for continued growth and value-creation for VERB stockholders. And finally, and as anyone who can read a balance can see, with under 1 million shares issued and outstanding as of December 31, 2024, and debt-free with more than $13 million in cash and highly liquid securities, and assuming ZERO value given for our three revenue generating business units. I would be remiss if I didn’t point out that our net cash value per common share is at least $13.50, which we believe represents a very compelling opportunity, very compelling indeed. I thank you for allowing me to address you all today and share with you our excitement and optimism for VERB shareholders now and into the future.

That does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time.