Dolphin Entertainment, Inc. (DLPN) Earnings Call Transcript & Summary

Greetings, and welcome to Dolphin Entertainment Fourth Quarter 2020 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, James Carbonara of Investor Relations.

Thank you. And once again, welcome. With me on the call are Bill O'Dowd, Chief Executive Officer; and Mirta Negrini, Chief Financial Officer. I would like to begin the call by reading the safe harbor statement. This statement is made pursuant to the safe harbor for forward-looking statements described in the Private Securities Litigation Reform Act of 1995. All statements made on this call, with the exception of historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although the company believes that expectations and assumptions reflected in these forward-looking statements are reasonable, it makes no assurances that such expectations will prove to have been correct. Actual results may differ materially from those expressed or implied in the forward-looking statements due to various risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those expressed or implied in the forward-looking statements, please see risk factors detailed in the company's annual report on Form 10-K, contained in subsequent filed reports on Form 10-Q as well as in other reports that the company files from time to time with the Securities and Exchange Commission. Any forward-looking statements included in this earnings call are made only as of the date of this call. We do not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent knowledge, events or circumstances. Now I would like to turn the call over to Bill O'Dowd, Chief Executive Officer of Dolphin Entertainment. Bill, please proceed.

Thanks, James, and thanks, everyone, for joining. I know there's an intense amount of interest out there to hear more about our NFT division. The number of incoming calls and e-mail since we made that announcement have been numerous. And I don't think there's any announcement we've ever made that's gotten quite that same reaction, and we're excited for that. Obviously, we released some pretty exciting news about the NFTs today. But we thought we'd address both of the news of today upfront. And before I get into the NFTs, I'll turn it over to Mirta to explain the 8-K we filed after market today. So we can explain that, and then we'll dive into the NFTs, talk to you guys for about 10 minutes and take some questions. Okay.

Thank you, Bill, and good afternoon. While preparing our year-end financial statements, we determined that we had incorrectly evaluated our role when completing our work under certain statements of work. Specifically, we originally concluded that we were acting as principal, but subsequently concluded that our role was that of agent. When reporting revenue under the role of principal, revenues are reported growth with corresponding expenses being reported growth. When reporting as an agent, the amounts are reported net of each other. In this case, we reported positive expenses reimbursed by our clients in both revenue and expenses. As a result, for the 3 and 9 months ended September 30, 2020, we overreported both direct cost expense and revenue in the amount of $862,710, thereby offsetting each other and resulting in no change to our loss from operations, net loss or loss per share in our consolidated statement of operations. In addition, the error did not impact our consolidated balance sheet or consolidated statements of cash flows. We will be correcting the error on our annual report to be filed on Form 10-K, at which time we will schedule an earnings call. I'll now pass it back to Bill to continue the discussion on NFTs.

Perfect. Yes. And just to put a little more color on that, we run influencer marketing campaigns for many of our PR clients. Every time you need to determine if you're the principal of the campaign or simply acting as an agent for the client and you report revenue and expense if you're the principal, and you report neither if you're the agent. So that's what we're going to correct with our Q3 inside of our 10-K. We'll take the time necessary to just correct that inside the 10-K, file it and then jump on an earnings call. And we're excited to share the results from Q4 and share some forward-looking insights into how we think we're going to do in Q1 and 2021. So on to the second part of the call, the NFTs. Well, talk about Dolphin 2.0, right? So again, I know we have a lot of people joining for the first time or new to the Dolphin story. The quick background is we spent the last 3 years since we uplisted on NASDAQ collecting the very best of entertainment marketing firms. 42West was our first. They're the leader in film, television and content marketing for entertainment. Their list of awards is numerous and long. We feel blessed that we've got complementary PR firms that are very best in what they do in their field, such as Shore Fire in music, The Door in culinary and live events. We added B/HI in January, gaming and eSports. And to put a little braggy statement about the first 3 PR firms, all 3 are ranked in the 50 most powerful in the United States out of 12,000 PR firms in the country. We're the only company to own more than one, and all 3 of ours are in the same industry, entertainment. To that powerhouse, we've added influencer marketing with Be Social in August because we do so many of those campaigns with our PR firms, as we were just mentioning, as well as have Viewpoint, which does creative brand studio work as well as promotional videos, which will be very helpful with NFTs, as you might imagine. The whole point of putting the group together was to get to Dolphin 2.0, which we always announced since we did our first roadshow in advance of our uplisting in 2017 -- holidays 2017, as we pointed towards January 1, 2021, because by then, we hope to have 6 companies, which we do today. And as I always like to end each of my presentations during those 3 years when we had 1 company, 2 companies, 3 companies. As we get to 6, I ask everyone in the audience if you had the only collection of entertainment marketing companies of this caliber under one roof, what would you do with it? And the answer to us is Dolphin 2.0, which is now we're going to start owning some of the assets that we're marketing, and we're very excited for that. And the CEOs of each of the companies, we've been with them, we've been pointing to this day as our starting line. A matter of fact, I'm doing this call from a hotel room in South Beach, where I'm from Miami, where we've gathered all the CEOs to actually do a 2-day summit about Dolphin 2.0 and the rollout of all the different opportunities we have, of which NFTs are one. We have several others we're excited to share with you later this spring and summer throughout the year. But NFT has gotten a lot of notice. Since we had them in our sights for a couple of months now, at start of the year, they've exploded, I think it's fair to say, in the last 4 or 5 weeks. So what I thought I'd do because of the intense amount of interest, I'm going to spend a few minutes to share a little background, educate some people on the call that have asked to know more about NFTs. And then do some fair reporting of why some people think they're just a bubble, a fad, why others think they're a good opportunity and why we think they may represent even more than a good opportunity. So all right. Here we go. So the NFT, first, let me frame it. NFTs are widely credited starting in 2017 with things called CryptoKitties, but they were very small. 2019, the total volume of NFTs sold is reported at $60 million. In 2020, the total volume grew to $250 million, 4x growth. But in February of this year alone, that 1 month, NFTs sold were over $330 million in 1 month. So we and others think that this will be $4 billion or $5 billion of NFT sales in calendar year 2021. So you go from $60 million to 250 million to $4 billion, $5 billion, that's something. And in the last month alone, it's hit a little bit of the pop culture. I mean Gronkowski, [ Senna, too, ] sold; Beeple sold his art for $69 million; Patrick Mahomes dropped his on St. Patrick's Day, which is a brilliant marketing move. Anybody knows if he wants a second career as a publicist, please have him call. Jack Dorsey, the founder of Twitter, sold his -- as an NFT, sold his original tweet for $2.9 million. A lot of the pop culture, right. SNL did a great skit on it. And so now a lot of people are talking about NFTs. And since we've made our announcement a little over 2 weeks ago, the argument for some people out in the world and glass half empty, usually starts with, well, it's a bubble, right? And it's going to crash, like 1927 or something, usually fueled by the fact that there's a misperception out there. They don't really understand NFTs and what they are. Blockchain technology confuses a lot of people. And it feels like an art bubble. Will someone really pay another $5 million for a piece of art, et cetera, et cetera? Well, the answer is, I don't know. And I honestly -- it's not relevant to how we look at NFTs because on the glass half full side, we saw the potential and see the potential of NFTs as collectibles, as memorabilia. What spurred us to put this and accelerate NFTs as one of the 2.0 ventures we would do this year in the bucket we call consumer products, is because of the success of Top Shots (sic) [ Top Shot ] for the NBA, and the fact that we have a history of selling and promoting the sale of collectibles and memorabilia. And when we think about Dolphin 2.0, we're looking for sectors we can get into where our expertise will most influence the success of the product. So I assume we could design fantastic marketing campaigns for electric vehicles, but we don't have any expertise in electric vehicles. We have a ton of expertise in marketing the very best of pop culture and collectibles. I mean 42West is out there doing PR for James Bond, for Top Gun, for Mission Impossible for a slew of independent films, probably dozens of streaming series a year. Shore Fire is promoting hundreds of album drops, singles drops a year, concert tours. Obviously, The Door represents the 3 largest food and wine festivals in the country. It's those types of things in the sports memorabilia and entertainment collectibles market that we think is the true value in these early years of NFTs. And obviously, the NBA has done a tremendous job creating a digital version of trading cards, right? And I don't know how many on the call have bought one of the moments from NBA Top Shots (sic) [ NBA Top Shot ], but they did $45 million of business in one day in February. And that 4-dimensional cube they have is something we think was brilliant and that we think we have relationships that would want to play in the NFT space with us. Obviously, we formed a partnership with the NFL Hall of Fame. We certainly -- we announced today and a lot of people have complemented and congratulated on the initial announcement of the first NFTs we'll be bringing to market will be unique collector's items around 3 of the men that are the most exclusive club in football. They are 3 of the 10 men that have won a Heisman Trophy and also been inducted into the Professional Football Hall of Fame: Earl Campbell, Tim Allen, Tim, sorry, Tim Allen, he's from entertainment -- Tim Brown, excuse me, the great wide receiver from Notre Dame and Doak Walker. And there will be more coming. And that's very exciting for us. And to put the collectibles market in perspective, the total in 2019, the sales revenue from licensed merchandise and services was about a $300 billion industry. We think there's a tremendous amount of growth from where NFTs are today in the digital world into what the physical world has at $300 billion for collectibles. A second reason the glass is half full for our company specifically is because a lot of brands are using, in the last 30 days and will only continue, NFTs as promotional items, whether it's Pringles, Taco Bell, Charmin, Pizza Hut, et cetera. The fact that you can sell digital art with promotional items attached, it's going to become a tool that all PR firms and marketing agencies want to use. And it's that token, the nonfungible token, that has a smart contract attached to it that's very important. Because you can offer in real-world benefits to go along with the sale. In theory, you could have a 20% off coupon that goes with every token, and that's obviously on the -- when you sell digital tokens for $1 or $10. What I'm excited about, though, is on the collectibles. You sell a piece of art, you sell a trading card around football players and it resale -- resells, excuse me, you get a percentage of the resale, whether the resale is an increase or decrease. Typically, in the market right now, the average percentage of the resale is 20%. So every time that piece of our resells, in perpetuity, you have that commission. Well, now what you've just done is you've created an annuity. And in the entertainment business, we know this very well. It's what's called a library for studio, right? It's the core value we see in creating entertainment assets. And again, back to Dolphin 2.0, we want to own the assets that we're promoting or co-own with our partners. And now you have a way to continue monetizing that asset in perpetuity. And especially as you think about ways to cross-promote between the assets, and that's our greatest strength, right? We will have NFTs in movies, in TV, in music and other areas of entertainment as well as sports and think of the cross-promotional plans we can do on a year-long calendar. We're very excited for that. But as I talk about which one is it, the glass half empty or the glass half full, I'll give everyone we call a third option, which is what made us want to get into this business and where we think we can be very successful at it. We think that the glass may not just be half full, it may be completely full and overflowing. Why? Because NFTs, to us, there's going to be 2 reasons. The first is, realign your thinking into, are they a disruptive delivery mechanism? What they're really doing is creating digital delivery of a collectible, right? Have we ever seen one of those in entertainment? Well, for those of us who've been in the business a few years now, we have, and it's called Netflix. When you think about Netflix, it's a single product company, a single product, right? And for the majority of their lifetime, they delivered other people's content, right? Studio content, television content, but they delivered it better. Originally by mail, DVDs by mail, and then on the digital delivery system, right? Now for the last 8 years or so, they've made their own content as well. When you do a digital delivery system like that and a more efficient delivery system like that, it's immediately global. The NBA is doing very well, and I'm sure they're very excited about the fact that they can drop digital playing cards that they don't have to produce, package, ship, close retail deals, take back unsold inventory, account for inventory and not have to go through customs to create an international program. All of that is done in a digital delivery system. And it reminds me [ very ] NFTs for collectibles, not for art, that I'm not making any opinion on. I have no idea if the art world is in a bubble or it's going to expand. But I'm very excited about the collectibles and memorabilia market for sports and entertainment for digital delivery of that. We already promote a whole host of collectibles in the entertainment space. We have what we think is the gold standard of a partner in the sports space with the Hall of Fame Village and Resort. We're excited for that. But the single biggest reason that we're excited about NFTs, more than all of that, and why we think that the NFT market for collectibles could exceed in real-world market for collectibles is because consider one simple fact. If the NFT market today is $4 billion or $5 billion this year, we'll see, right, could it exceed the physical world of collectibles within 3 or 4 years? That would mean it would have to go up 100 times. So $400 billion, $500 billion. Could it even go higher? What would make a market go up 100x in less than 4 years? How about the fact that was not being reported? I've read so many articles out of The Times, Wall Street Journal, Business Insider, et cetera, and I've yet defined an article where this has been mentioned. You can only buy NFTs today. The overwhelming majority of NFTs are only available to you if you have a crypto wallet and you have Ethereum. That was the light bulb moment for me, where we accelerated our NFT plans. What happens when the marketplace takes credit cards? Right now, we've had active conversations with, I'll pick one, a young adult movie franchise would sell, we think, extremely well, animated posters, custom animated posters of a hit YA movie franchise, sell them for price points of $50 to $100, make them collector's items and give them additional benefits in the real-world attached to the token. You can imagine what we could do with that. With the celebrities that are the lead actors in the movie, buy the poster, get to listen in on a Zoom call with your favorite actor, et cetera, et cetera, we could do a lot with that. But right now, our core audience, 15 to 25 year olds, they couldn't buy it. They don't have Ethereum, right? What happens when they can? Since we did our announcement 2 weeks ago, we did a lunch and learn across all of our companies last week and mentioned this and say, "Guys, I really do believe that by the end of the summer, we're going to have a whole bunch of these marketplaces for NFTs." Right now, it's a little bit of the Wild, Wild West or 8 or 9 leading marketplaces, only one of which currently even 10 is even capable of taking a credit card. What happens when they all take credit cards? And then so this past week, a couple of nice announcements out in the marketplace occurred. Tom Brady, of course, announced his new initiative in NFTs. And I think that was great for us, validates the market, tells people this is something more than a passing fad and also repositions NFTs for the first application of NFTs towards collectibles and memorabilia. We're excited for future applications, too. But the other announcement that kind of went under the radar, I don't know if a lot of people noticed, Visa announced that it was working to accept transactions and settle transactions from cryptocurrency. To us, that's the floodgate. And I don't think we're talking about a market last year that was $250 million in 2020, $4 billion or $5 billion in 2021. We think this is sure, the future, but pretty much the now. And that's what's got Dolphin excited about it. And when you think about what our potential is in this space, we know a couple of things very, very well. We believe we promote end market entertainment better than anybody in the world. We have the leading PR firms in entertainment, all under one roof. And we have relationships with the artists, the digital artists, that will allow us to make the very best content for NFTs. So if we're talking about trading cards and memorabilia to begin with, and there'll be many more applications, right? When you talk about that, pop culture is going to be a major sales point for NFTs. I think we can all agree, sports and entertainment, I think, will be the biggest application. Who are the artists that are helping make the -- this initial wave of trading cards, collectibles, et cetera? Well, the best digital artists in the world. Where do you work if you're one of those? Hollywood. And guess what we call them? Animators, right, visual effect supervisors. The very best of the best. The folks working on the Marvel Movies world. Do we know them? We rep many of them. And that's what's got us excited. We can both develop an intellectual property, we can produce the NFTs, we can negotiate for own storefronts on the gateways on the marketplaces, and we can promote the sugar out of them. And we're very excited with our first partnership with the NFL Hall Fame Village and Resort Company. And we have some great NFTs. And we're happy to announce now we'll have many more in that partnership in the coming weeks. And we're going to have many more partners in the coming weeks that we're excited to announce, a whole slate of initiatives in the NFT world. So that's a little bit about what's got us excited about NFTs, why did Dolphin enter into it, why we think we're positioned to do very well in it. And I know there's a lot of interest. I'm happy we got the opportunity to actually share that with you today in advance of a full earnings call when we file the 10-K. So with that said, I'll turn it over and back for any questions.

[Operator Instructions] Our first question is from Allen Klee of Maxim Group.

So just tell me if I'm thinking about it right. For the restatement, it seems to me like this is kind of a wash. So it doesn't really make a change of anything on the financial side. So it's just a timing issue for when you get the numbers out. And then on the NFT side, are you able to share at this point anything in terms of how you think of the time line for adding these? And maybe just explain a little more of how -- like an example one, of how you would maybe just the whole process of how it -- where it gets auctioned off and the economics, if you're able to share anything like that?

Sure, Allen. Thank you, and thanks for joining today. On your first point, yes, the expenses and the revenues offset each other, and we'll include that correction when we file the 10-K. So it will all just be in the 10-K. On your second point, yes, NFTs. Well, another big benefit of NFTs, if I could, from an old television film producer, right, speed to market. Holy Cow. So we've identified the athletes in partnership with Mike and his team at Hall of Fame, and we're really excited for those first 3 athletes. I had the chance to be on a Zoom call with Tim Brown, and he's a really classy, very nice individual and excited for the art we'll be doing. With that said, we've already identified the first -- we're excited to share in a future announcement first of the visual artists. And I think everyone on the call would go wow. And I don't want to get ahead of Mike on this, but these types of things are pretty quick to market. Obviously, Patrick Mahomes did it in lightning speed. I think it was 9 days or something. I'm not saying that in this case, but I do think you'll see -- I think Mike's already said, certainly in this quarter and pretty soon in this quarter, we'll have the first out in the marketplace. With our brands, Dolphin and Hall of Fame, we're looking for the best way to position it in which marketplace, create our own dedicated destination and really be able to drive people to it. We have a destination we can point to with our marketing and PR firms. Because we're not a one and done. I mean, quite the opposite. We're going to have -- I don't want to -- dozens and hundreds of NFTs over time in the market and continuously, right? So we were thinking of it more like a release calendar of a film studio, right? And we can -- and because we have the ability to cross-promote both within any given industry and then across industries, we can create tent-pole moments. I'm borrowing terms from, I think, Disney and Marvel with the Avenger Movies, right? And you culminate into your big moments in time, and you can package certain elements with in real-world benefits or experiences for people that own different NFTs across industries or across verticals or across our sets. So there's just a lot that we're excited about on this. And so in terms of speed, you just don't see that, right? You make a movie and you got it in theaters a year later. You start collecting 3 months after that. Here, it's much, much faster. So we expect the first rollout certainly in this quarter. And it's only going to -- we expect to expand and accelerate that rollout in subsequent quarters, of course, as we add more scale to the Hall of Fame partnership, and we have some really neat things in the works there. And then, of course, across multiple partnerships. Imagine -- I guess I'll ask another question to the group. I mean if you had this collection of relationships and marketing companies in film and television, what would you do with it in the NFT space, right? Can you imagine those collectibles that are in the gaming and eSports space that we added in January, or in the music space? So you can see why we're so excited, and it's really a full 2.0 opportunity for us because it touches all of our companies. So yes, that's -- without being able to be more concrete at this point since we haven't selected which of the gateway partners of the marketplace partners will go with Hall of Fame yet. But we will be announcing that shortly, Allen. I can tell you that.

Given what you've said, it's -- tell me if I'm thinking about this correct. It would seem like it's likely that this business, on average, would be of a higher-margin than Dolphin overall that it would be accretive to your margins. I mean, I know you're not going into numbers now, but is that a reasonable way to think about it?

Yes. I think very much so. And this is very much a high-margin business. And also, especially with the quality of the IP and the partnerships we'd be having, right, I think we're blessed, and we know that in the fact that we -- I feel blessed. We have our PR firms are very much best-in-class, right? There's just no denying the number of Grammy winners, the number of Emmy winners, the number of Oscar winners, more than any other PR firm. I mean you saw the record hall at the Emmy last year as an example, right? I think on Emmy night, we ran campaigns twice as many winners as the rest of the industry combined. So when you start with that level of IP to create from, right, it must be like whoever first saw the Marvel comic library and said, how do we make movies out of this, right? You're just overwhelmed with possibilities. What do you start with? How do you -- well, the -- I feel we're blessed in that we have a lot of partnerships and a lot of IP we can ideate around, develop around and launch around, right? And so as we think about that from our perspective, I think that's what -- we are trying to both be quick to market and also smart about how we launch different initiatives and then how we can cross-promote between our companies for them, if that answers your question, Allen.

That's great. And just on the exchanges. And this -- this is a little new to me, I guess I'm going to have to open a crypto account. But like, do you envision you're working with multiple ones or how does -- I don't know. How does it work here?

Sure. And by the way, on your high-margin question, too, that's where we also feel blessed because your margin skyrocket if you're selling certain things at certain prices. But also, we think there's just a volume, too. If you have certain NFTs, you might do ones that are one-for-one. Like what Patrick Mahomes did, you sell one piece to one buyer for x millions of dollars, right? That's fantastic. And obviously, that's great. You can also do things that are promotional in nature or volume game, right? Back to my example of YA movie franchise poster, animated poster, something super cool. Can you imagine, again, back to that moving animated poster that we get the best of the business to design and create for us. Well, you might sell 10,000 of those 20,000 of those 30,000 of those at $100 each, right? So you look at what Top Shots (sic) [ Top Shot ] is doing with their moments. They're dropping packs in the thousands and thousands per card, right? Now there's just a limited number, though. And that's what creates the resale value, right? So that's where it becomes a very high-margin business when you're doing that because you're only -- in the digital, the biggest obvious advantage is, just so it doesn't go unsaid, what makes it such a high-margin business is because when you create something digitally, you only have to do it once, right? So that's fantastic versus you make a bobblehead doll, you need -- and you want to sell 10,000 of them, you have to make 10,000 or probably make more than 10,000 to allow for breakage, right? And then you got to store them and package them and ship them and all that, you have none of those costs in this business. None. So it's -- it simplifies the business tremendously, and it creates a higher margin. The -- and to answer your question about the marketplaces, we haven't made a determination yet. If we want to build all of our different opportunities into one marketplace, but what -- or spread them out. And there are some marketplaces, each with a few different advantages and disadvantages, that we would like to keep to ourselves for now as we evaluate this. We're very -- this isn't something we announced in the fad a week ago. We've been developing toward this announcement for months. And I hope we get credit for being in the market early, right? This is 2.5 weeks ago. We announced this in the partnership with Hall of Fame and before, as a concerted business effort into NFTs. This isn't a single individual selling a single piece of art. We have a business here, and we're excited for it. I hope that's also coming across. So with the marketplaces, we have a volume of this, which allows us to create perhaps a different dynamic in a different negotiation with any of these marketplaces. What I do think is we will probably select a marketplace per partnership or -- I don't think we want to direct our fans of Hall of Fame or our fans in other verticals across multiple marketplaces, unless there's a specific business reason to do so. Because, obviously, from a marketing and PR standpoint, you want to stay consistent and drive repetition. So I think you'll probably see that from us and probably see some announcements around a specific partnership in that respect.

That's great. Sorry. And then could you just touch on -- so with Dolphin 2.0 where you will own content and you have the resources to market it, touch on like other areas besides NFTs you're thinking about? And if NFTs is such a big area, is there is there -- I don't know if risk is the right word, but could this crowd out what you were thinking you were going to maybe do in some of the other areas? Or are those still kind of -- or how do you think about that?

Yes. It's been a wild ride. I think the Tuesday, we made the announcement in the morning, I received more e-mails than I have in any other day in my life, right, and phone calls. But it's been challenging at times to just be responsive. But with that said, I definitely had a couple of people say, especially after I mentioned the credit card line, why NFTs for us was the light bulb moment of the credit cards. Waking up one morning and you go, OMG. And their response to it is, why would you do anything else? The potential in this is so big, but -- and we're fortunate. We hope for success. We will work very hard for that. With that said, it is also true that we have multiple other initiatives in consumer products, in content. We have plans for live events. So those who have been following us as they waited for us to build scale into different verticals of entertainment that we think we can be very successful at. And you think about this unique collection. Again, there is no other collection of the very best PR and marketing firms across entertainment that exists. And what would you do with it? And sure, NFTs is one answer. And quite frankly, the market's exploding. 2 months ago, I never would have thought that the month of February would have done over $330 million of sales, right? So it's moved up the ladder quickly into what we've launched first. And we felt at the time, we needed to move then. But we have some other things coming that we're equally excited about, again, in those spaces. And the purpose of bringing all the CEOs to Miami, quite frankly, today and tomorrow, we just spent all day listing our -- how we're thinking about those other initiatives and how we want to sequence them out to the market. So we're hopefully going to be very thoughtful about that. And over the next couple 2, 3, 4 months, we'll have some of those announcements so we can thoughtfully share with the market how we're organizing ourselves to be successful across multiple initiatives.

Ladies and gentlemen, we have reached the end of the question-and-answer session. I would like to turn the call back to Bill O'Dowd for closing remarks.

Okay. Well, thank you, and thank you, everyone, for joining today. We will work quickly, as quickly as possible, to file the 10-K and get the correction for Q3 be in there so we can do -- at that time, as we mentioned earlier, we'll do a full earnings call. We're excited for that, to share our Q4 and 2020 numbers as well as predict or help guide how we're looking at 2021. And also in the short order in the next few weeks, we'd like to also share additional thoughts about 2.0 and how we're thinking about it. And of course, and in this rapidly changing world, probably by the next few weeks, we'll be able to talk about the first entities and market. So it's exciting times, and we're very excited for the continued support and look forward to the next conversation. So thank you all for joining us today, and hope to talk to you very, very soon. Thank you.

This concludes tonight's conference. You may disconnect your lines at this time. Thank you for your participation.