Intermap Technologies Corporation (IMP) Earnings Call Transcript & Summary

Hello, and welcome to the Annual Meeting of Shareholders of Intermap Technologies. Please note that today's meeting is being recorded. [Operator Instructions] It is now my pleasure to turn today's meeting over to Patrick Blott, Chairman and CEO of Intermap. The floor is yours.

Thank you, operator, and welcome to the General Meeting of Shareholders of Intermap Technologies. My name is Patrick Blott, and I'm the Chairman and Chief Executive Officer. And I'm going to act as Chairman of this meeting, which will now come to order. Following the formal business, there will be a question-and-answer session where you may ask general questions. And there's a key to sort through those and deliver them and we're going to try and get through all of them time committing. We decided to hold this meeting in a virtual-only format in order to protect our employees and shareholders, stakeholders in light of ongoing COVID-19 public health uncertainty. Since our last shareholder meeting, the corporate legislation applicable to Intermap has been amended to commit virtual-only meetings in these circumstances. And we will no longer require an amendment or bylaws in order to hold virtual-only meetings. I want to thank you for your patience as we continue to navigate these challenging and unprecedented circumstances. Before we proceed with the business, I would like to introduce the other directors of Intermap who are present today, Philippe Frappier, Jack Hild and Jordan Tongalson, welcome. As this meeting is held virtually and it's a webcast, I would like to set out a few rules so that we can proceed in an orderly fashion. Questions on a motion can be submitted by any registered shareholder or a duly appointed proxy holder using the instant messaging service of the interface, and you can read that at any time. If you submit a question, the system is going to include your name, it will include the entity that you represent, if any, and whether you are a registered shareholder or a duly appointed proxy holder and questions about procedural matters or direct -- anything that's sort of directly related to the motions, can be addressed during the meeting. Any other questions will be addressed after the formal part of the meeting or by follow-up e-mail by the company after the meeting if needed. If you've already voted by submitting a proxy form, or voting instructions form in advance of this meeting, it's not necessary for you to vote again today. Voting on all these matters are going to be conducted by electronic ballot. Registered shareholders, duly appointed proxy holders, you're going to be asked to vote on each business item and a short time can be provided in order to finish recording those votes after the presentation of all the business items. When you're asked to vote. The voting page is going to appear in this virtual interface. You're only going to have a certain amount of time to do so once those polls are open. So I'm now going to begin the formal business of today's meeting. I appoint Connor Kense of Norton Rose Fulbright Canada, Legal Counsel of the Corporation to act as Secretary of today's meeting. I appoint Computershare Investor Services, who is representative as the scrutineers of today's meeting. And in order to facilitate the proceedings, we've asked Ernie DeCol, Ernie is an employee of Intermap. In fact, our current longest serving employee of Intermap over 30 years. And I've asked Jack Hild, and Jack Hild is a Director, and he's also been involved with this company for well over 20 years during a long career at National Geospatial-Intelligence Agency and DigitalGlobe after that, which is [indiscernible]. So I've asked these affiliated people, both of whom are shareholders, to move and second the proposals related to the items of business identified in the notice of this meeting. On June 1, 2021, a notice calling this meeting together with Intermap's information circular containing the details of the matters that we're putting before the meeting and a form of proxy were sent to all shareholders of record as of May 25, 2021. The declaration of mailing is available for inspection by any shareholder, and I ask the secretary to file a copy about the declaration of meeting -- of mailing, excuse me, with the minutes of today's meeting. A quorum for the transaction of business is 2 persons present in person, each being a shareholder entitled to vote at the meeting or a duly appointed proxy or proxy holder holding or representing in aggregate not less than 30% of the issued voting shares of the company. I've been advised that the quorum requirements have been met, and I declare the meeting is properly called and duly constituted for the transaction of business. I've received the scrutineer's report, and I direct that their formal report be attached to the minutes of this meeting as a schedule. I adopt the scrutineer's report and declare that this meeting has been regularly called and properly constituted for the transaction of business. We have 4 items of business to deal with today. A full description of each is provided in the information circular previously provided to shareholders and in the interest of time, I don't propose to make a detailed presentation on each of them. As we mentioned, voting today will be conducted by electronic ballot. I will now take a moment to ask that the balloting be opened to registered holders and their appointed proxy holders. The polls are now open. And at this point, all registered holders or proxy holders who properly logged in with their control numbers or user name and wish to vote will be able to see on the screen all motions being brought forth at this meeting. We will now discuss each item of business on the agenda individually. The first item of business is the tabling of the financial statements dated December 31, 2020, and the auditor's report thereon. Copies of the financial statements and the auditor's report thereon were mailed to each registered shareholder that requested such and also available on Intermap's website or at www.sedar.com. Any questions relating to or discussion of the company's audited financial statements and auditor's report will be deferred until the question-and-answer period at the conclusion of the formal part of today's meeting. Election of directors, the next item. 4 persons have been nominated for election at this meeting and pursuant to the advanced notice provisions of the corporation's amended and restated bylaw, which was approved by Intermap's shareholders on March 15, 2018, advanced notice is required to be given to Intermap regarding any proposed director nominees not included in the circular and no such notice was received by Intermap. So it's now, in order to proceed with the nomination of these directors, we'll be nominating and approving individual directors and not a slate of directors. And I will now receive nominations for the election of directors to hold office until the close of the next Annual Meeting of Shareholders or until their successors are duly elected or appointed.

Mr. Chairman, I nominate Patrick A. Blott, Philippe Frappier, Jack Hild, Jordan Tongalson as Directors of the Corporation.

Thank you, Ernie. I declare the nominations closed. I will now ask for someone to move the resolution electing the nominees as directors of Intermap.

Mr. Chairman, I move that each of the 4 persons nominated be elected as Directors of Intermap Technologies Corporation to hold office until the close of the next Annual Meeting of Shareholders or until their successors are duly elected or appointed.

Is there any seconder?

Mr. Chairman, I second the motion.

Thank you, Jack. Thank you, Ernie. Can you please advise if any questions specific to the motion were submitted?

Mr. Chair, no questions specific to this motion have been submitted.

Thank you, Jennifer. The next item of business is the appointment of auditors. I will now entertain a motion that KPMG LLP, Chartered Accountants be appointed the auditors of the corporation until the next annual meeting or until a successor is appointed and that their remuneration be fixed by the Board of Directors.

Mr. Chairman, I so move.

Is there a seconder?

Mr. Chairman, I second the motion.

Can you please advise if any questions specific to the motion were submitted?

Mr. Chair, no questions specific to this motion have been submitted.

Thank you, Jennifer. The last item of business is approved as an ordinary resolution to replenish 997,253 common shares reserved for issuance under the Omnibus Incentive Plan, resulting in a total maximum of 3,363,631 common shares reserved for issuance thereunder. Further details on this resolution, including the full text of the resolution to be approved or outlined in the information circular of the corporation.

Mr. Chairman, I so move.

Is there a seconder?

Mr. Chairman, I second the motion.

Thank you. Can you please advise if any questions specific to the motion were submitted.

Mr. Chair, no questions specific to this motion have been submitted.

Thank you, Jennifer. If you haven't voted already, please register your votes by accessing the voting page and selecting the core or the old button next to the name of each proposed director. And next to the resolution to the appointment of KPMG as the company's auditors. For the other items of business, register your votes by selecting the [ 4 or guest button ] next to the resolution. We will provide registered shareholders and duly appointed proxy holders approximately 20 seconds to complete the electronic ballots. [Voting]

Okay. The electronic balloting closes, the voting page will appear and your votes will be -- automatically be submitted. I've been advised that all the resolutions have been passed. I ask that the scrutineer compile the report regarding the results of the voting on all business matters and the results be published on SEDAR and by press release. I also direct that the results of the poll be included with the minutes of this meeting. If any shareholder is interested in the exact number of votes cast in favor or opposed with respect to the election of directors, they may contact the secretary after the meeting for the particulars. The formal items of business as set out in the notice of meeting have now been dealt with, and there's no further business to come before the meeting, I will now entertain a motion to terminate the formal portion of this meeting.

Mr. Chairman, I so move.

Is there a seconder?

Mr. Chairman, I second the motion.

I declare the meeting terminated. Thank you for your participation. Thank you, Ernie, in particular, Ernie and Jack Hild and Jen Bakken. And I now declare this meeting terminated. We will now take some time to review the short presentation and answer as many questions that have been submitted through the messaging service that time allows. Please note that you will need to hover over the presentation to advance the slides. Okay. So I'm going to start with our presentation. I'm going past the cover page to what is labeled Page #1 and it's titled, strategic business over the last year. And I think a couple of key things I just want to bring, we've announced this previously, but I think building that government pipeline, an important part of our strategic pivot over the last now 4 years almost, and we're starting to get some good results on that, and it's very important because governments are the largest customers in the geospatial industry worldwide. And we have tremendous capability to offer national governments as they seek to meet their missions. So we won a very important contract in partnership with CACI. This was under an other transaction authority from the National Geospatial-Intelligence Agency. And the National Geospatial-Intelligence Agency, as some of you know, but some of you may not know, is a 3 letter Department of Defense support agency of the U.S. Government. And it's one of the big 5. The big 5 agencies in the United States are the CIA, the NSA, the NRO, NGA and Director of -- the DNI, Director of National Intelligence. So it's a big deal. This is an important agency. This is an important contract win and it more than anything else highlights that there's capabilities within this small little company, Intermap, that we believe are going to take us sort of to the next level because there's really something that we offer that's quite special and unique. And what we're going to be offering in this particular contract is what we call low latency foundation data and Intermap is very good. I would argue one of the best in the world at providing foundational data, which is the anchor point for all models and analytics, but foundational data at a very large scale and doing that at a high level of precision and high level of accuracy from a multiple source environment and doing that extremely quickly. And so we're in a very important place, and we're offering a very important service. We were also, in this past quarter, selected by the Government of Colombia similarly. These -- both of these contracts, we're working with governments in their national foundation area, foundation map and foundation data areas, very high rigorous specifications and we're also working with largely their own data. And I think it's really important to highlight that. So for Intermap, this is not about us sending out an airplane to collect data. This is leveraging our capabilities to improve many -- data from many, many sources that these governments collect and improve the usefulness of that information. Turn the pixels into points, points being useful information and turn those points into vectors, which means they can be used to solve problems. And we're good at it, we're fast at it, and we're starting to win contracts to support that. On the commercial side, our commercial business has over 80 subscribers, but we -- that's close to 60% of the commercial business, that's tremendous growth. And the rest of the business is still typically largely repeat customers, and they are quickly migrating to taking their data and their analytics as a service and with good reason. It allows them to get access to top shelf, most recent data really quickly. It allows them to better plan their budgeting and it allows them to use data and buy data that's fit for purpose that is not going to go sit on a shelf and never gets seen again because they're only using 10% of their area that they purchased or whatever. So that business model has been quickly adopted by -- on the commercial side. And our existing customers, even the ones that aren't taking as a service yet are quickly adopting infrastructure and systems that will allow them to do so. So I do think that's the way of the future. We're integrating our aviation product, which we call NEXTView into the drone market, both the unmanned traffic management systems that define the infrastructure for that market, the flight planning, the approvals, the control centers and also the operators themselves, the unmanned aerial vehicle operators. They're operating drones beyond line of sight. And we have a couple of very important customers, which we've announced that are actually doing things with these drugs commercially, they're on contract, they're making money and they're solving very important problems like how do you get medical supplies to remote areas where people need medicine and are very hard to reach and how do you get them there quickly? And how do you get them there safely? So it's a very important market. Similarly, in the telecommunications area, again, our differentiating capability is the ability to operate at scale. And if you're a company like TATA Communications, you have a lot of area to cover, and you need to be able to operate very precisely at scale. And that means that if you pick an area to explore signal propagation at 1 side of the country or countries, it has to be precise to work with your systems on the other side of the country and using separated or discrete or unprecise data sets, no matter what their resolution is not going to help you solve that problem. So we're very good at scale, and this is a very important step forward customer for us, large-scale customer, global scale customer in telecommunications space. On the next slide, I'm now flipping to Slide #2. We have raised capital. We have increased our base of shares doing so through a series of private placements. We announced this morning a convertible security that we're negotiating. That deal has not closed yet but we are raising capital. We're raising it prudently. We're raising it as we need it to recapitalize the business. The first step, of course, was to settle the Vertex Notes, the debt overhang and that was almost $33 million, which we cleaned up our balance sheet and then as we recapitalize the business, we've done so carefully. And this chart here highlights the fact that with a market cap of $3 million at this time last year, we settled the notes. We raised some capital in July. We raised some in November. We did a very small deal in April. And here we are in June, and our market cap is tenfold. And so although we have increased our share count and there's been dilution, and I'm the largest shareholder, so I felt that as well. Nonetheless, we've done it in a way that's quite accretive to the value of the physicians and very importantly, accretive to the company and the business plan. I'm switching to the next slide, Slide 3. And in terms of a forward look and what we're working on today and where we're headed, again, that government pipeline is critical. It's the largest segment of the industry. We have unique capabilities to serve it. And it's a very virtuous cycle when you saw big scale government problems like we did for NASA and NGA in building the SRTM data set. And when you solve those problems, you benefit on the commercial side with very unique capabilities, very unique assets that can also then be applied to commercial, we call it commercialization. You can then apply those lessons learned and those capabilities to solve commercial problems, make the world better and make money for shareholders in the process of doing that. So we're going to continue to focus on sensors, the core sensors, on the capabilities to take pixels, which are created by sensors, whether they're radar sensors or LiDAR sensors or optical sensors. Regardless of what they are, our processing is sensor agnostic with IRIS and then turn those pixels into usable vectors and usable information and deliver them faster and better, both to government and commercial customers. And we expect on the sensor side to get redeployed before the end of the year. As some of you know, we do operate in Southeast Asia. We have very unique capabilities for that region of the world, which is a very strategically important area of the world. And at the same time, that area in the world is suffering pretty severely in terms of COVID, much more severely than we are in the West at the moment. And so we are very sensitive to that and the difficult environment there. But we nonetheless still expect to be deployed down there before the end of the year. On the commercial side, we will continue to leverage our 3D solutions as everything Intermap does is in 3D. We create elevation models, that are 3 dimensional models, and we'll continue to solve those problems for insurance companies and telecom companies, aviation companies and space companies. And then finally, our next-generation global maps or living breathing enterprises, I compare it to blades in the grass in the backyard. You can go count those blades of grass and there's millions of them. They all look different. They have different heights. They have different features. They have different leans. They have -- they change and being able to do that for more than just the backyard, but be able to do that for the world at scale in and is good at it. And we can do it fast, we could do it accurately, we could do it precisely. And so our NEXTMap program is foundational, and we'll continue to invest and build that, and we'll continue to advance our real-time capabilities. And then finally, I just want to say for the new shareholders and potential shareholders who joined this call, this is -- this company, I believe, I mean, we're small and we were once big, but we have turned I think, a corner and be established with core customers, some key capabilities that they have been refreshed and invested in. And so we're small, but I think we're small and growing, and we're growing quickly. And why would you invest in us versus all other small companies that are growing and growing quickly? And I would say the reason I'm at this company is because it does very important things. I mean, big maps matter and the detail and the precision around those matter a lot. And on the front page of the newspaper, it matters in terms of disasters, floods, fires, I think this little company is may be -- the best example of that is the work that we did assist in Thailand when the kids got stuck in a cave, the soccer kids, and this company can solve problems that other people struggle to solve at all and more importantly, can solve them very quickly. That's why we just got hired by NGA on his last OTA contract. And I think as a consequence of doing all that, we're going to offer much better commercial products. And these are going to improve flight navigation. They're going to improve flight safety. We're doing it today. We're enabling things that weren't possible even just a couple of years ago, dropping medical supplies with a drone in a remote area of Africa. It's a big deal. And it means also for consumers who are buying insurance on their house, having a higher degree of precision around what that insurance for flooding and for catastrophes should be, not buying stuff they don't need but paying the right price for the stuff that they do need. It helps consumers. It helps insurance companies. It's a really good thing, and this company is enabling that. And then finally, for our core customers in the government and in defense department, we're enabling situational awareness, and we're doing it in areas where there isn't any. And we're helping people do their work safely. We're helping people solve big problems and that's a really important value proposition, especially with the company of this size. So I'm going to leave it at that and move on to the financial information. Just a quick summary. Obviously, our government business in terms of COVID was affected, not -- we didn't -- contracts didn't go away, but they all pushed left. And so these numbers on 2020 for revenue are -- you can see acquisition is primarily government business. It pushed left. But the other -- the commercial products areas, they held up very well in COVID and substantially represent most of the revenue that we earn during that period. At the same time, we are very careful. We sorted out our capital structure to big steps to position ourselves well for coming out of it, which we're doing now. And we're starting to get the contract wins to give us that wind at our back. And on the balance sheet, you can see that we maintained our asset base, our liquidity profile, and very importantly, our key and talented employees. And just as a quick KPI, key performance indicator, with our current base of people and no government business, which is the same base of people when we had government business last year, which is the same base of people that we would need to execute the level of government business we did the year before and then some in terms of that sort of FTE employee base of 68 people or so, we're running on a revenue per head basis, very light, but I think, in line with a lot of comps. And I think it's very good assumption, and I'm looking at it very closely that that revenue per head is going to line up very favorably with companies that kind of do what we do, look like what we have, i.e., they're creating models, whether they're platforms in space or in the air. And they're creating solutions. And I think we're going to stack up very favorably to that on the back end as we come out of this. And you're going to see that -- you're not going to see a lot on that FTE base, but you're going to see a lot on the numerator the revenue side, and it's going to be scalable. And we're going to snap back to being more in line with where we should be. And I think that's a key performance indicator we're watching pretty closely. Okay. And with that, I'm going to close the formal presentation, our tag line, Your World. Made Simple. And the point is we deal with large scale, we deal with the world and our job is to make that situational awareness, that data, that information, those vectors, those models available to nonexpert users so that they can make decisions. And I think we're in the process of doing a pretty good job of that. So with that, I'm going to turn it over to questions.

I'm going to start with a sort of a broad one, but I think it's a good one. And the question is, how do you think about the strategic deals that we announced, notably TATA, Lufthansa. Those are on the commercial side. Any color about the long-term potential here, a? And we mentioned previously that revenues at some point in the future, may achieve past revenue peaks and what are the drivers of that growth. So this is a question that touches both sides of our business, specifically on the commercial side with Lufthansa, with TATA, these are very carefully chosen deals and partners. We look for the gorillas and what we offer them is something that they can't get anywhere else. And what they offer us is massive installed base and global scale and presence. And so it becomes a very good partnership, especially in terms of leveraging the go-to-market and the front end and the sales and customer -- the end customer relationships. And so I think both of those are important deals. We created a product with IDRONECT called NEXTView aviation. That's an elevation model. That's a 3D high-resolution 3D model to be used to drive navigation products for commercial airlines, it's certified. It's the only government-certified aviation model for that purpose in the world. And the next generation of navigation systems are going to tap that data, and they're going to have a lot more situational awareness to drive those analytics. So things like terrain awareness systems, things like just take off landing navigation systems, all of these things need to be very, very accurate in terms of their understanding of where those aircraft are relative to the ground, and we're very, very good at that. So that's a big market for us, a big opportunity. It's been slow starting because of COVID and that industry slowing down, but it took us 2 years to get the product certified. It's certified now. We've started to go to market. We expect that to be a big business. And similarly, with the telecommunications, there's a rollout happening with the next generation of 5G services, understanding signal propagation, understanding the viewshed around where towers are, et cetera, that's very important, and we're very good at that. And importantly, it's also dual use. So it's the same technology. It's the same situational awareness that can help you understand where to land a helicopter as 1 example or where communications work and don't work as another example. So those are both very strategic deals, and they're also appropriate because they're dual-use deals. They have products that are applicable to both commercial and government enterprises. I'm just waiting for questions to be served. Further color on the multiyear programs for governments. I just talked about the commercial. I'm going to talk about the government, and I think that's an important question as well and it falls into 2 categories. One where we're managing government data, along with our models and our analytics, and that's very similar to the NGA. That contract is not a one and done. That contract anticipates, it was competed under other transaction authority, follow-on awards under that contract do not need to be competed because of the capability and we expect that to grow. And I think that's a good example of how we expect those -- that kind of business to grow and it's significant. They're a significant customer. They have a significant wallet and the capability that we're providing is national security level capability, and it's important. So that's the color on that kind of contract and the duration, the expected both size and time frame for that kind of contract. And then on the sensor side, I encourage people, I mean the business model is becoming well established. You provide pixels. You get paid regularly to provide pixels. And those pixels, we have airborne assets that are very unique. They can do things you cannot do from space. And not in the foreseeable future will you be able to do from space in terms of the level of resolution and penetration and other things that you can do from the air, there's a reason for natural disasters that people send up planes and helicopters. There's a lot that can get done from space. There's a lot of other things that get done from the air. They are not -- they're separate mission sets. But the business model is quite similar. Blending sensors getting paid to run the sensors and have the situational awareness. The way we operate our sensors today, it's more project-based and lumpy on the civil side. And we are increasingly focusing on getting that business model more aligned with the current market lead, which is having a persistent situational awareness and basically getting paid on a finished product basis for the pixels, the sensor data and usable sensor data, not just a dump of data but actual vectors and stuff that people can use to make decisions. So that's the other pathway of government longer-term contracts that we're focused on. And then in the traditional sense where we're already operating, where those contracts were already set up and more traditional ways, indefinite IDIQ, indefinite quantity/indefinite delivery, I think we've announced contracts for the shoreline with NOAH. We've announced work going on with the U.S. Geological Survey. We've announced our work in Southeast Asia, and we've got a healthy number. Those are the ongoing. Those are the contracts that we're on, and we've got a healthy number of existing customers in the region behind that, that we're shaping new opportunities with. So in those 3 buckets where we're using the customers' data and improving their speed and processes, where we're collecting our own data, but doing it in a way that's more persistent and where we're doing our traditional project work, all 3 of those buckets are building pipeline. There was a question about net operating losses. This is technical. It's on our balance sheet. It's part of the company set up. And for some investors who aren't familiar, these are what they call tax attributes. These are -- when a company incurs much like an individual losses, they can apply those losses under certain conditions against future revenue and profit and basically save money on future taxes. And so Intermap, because of several prior transitions has a significant number of these losses, built-in losses in Canada. And I think in Canada, it's sort of to the tune of around $40 million to $50 million and those have been reduced from what they were at this time last year because they offset the gains from the debt settlement. So there was a reduction in Canada. Without an impact on the U.S. losses, which are in the range of around $160 million significant. And those we watch carefully. There's a lot of rules around what you can do and what you can't do to preserve those losses and we're careful about making sure that we keep those attributes in place and more careful about how we raise capital and how we think about transactions in order to, as much as possible, preserve those attributes. So that's what we're doing there. I'm going to talk -- I have a question here around the financing that was announced today and it suggests the 135% conversion premium is a significant positive, 18 months seems very short. And I agree, it does seem short, but it's also a function of our size and a function of the market. And a function of part of this deal, it's built to grow and it's built, it's rightsized for our current size. And so I think that -- I think all of those are positive constructs of the deal, is not done yet. And we are negotiating final agreements and when we do have it done, we will make another announcement. But at the moment, it's important capital and it's going to allow us to deploy the Southeast Asia efficiently. And I think we've got a pretty good set of terms in front of us that are less dilutive than a straight equity raise. I have a question regarding the mix between government and commercial revenue. I want to highlight as we answer this, that the current mix is around 90%, 10%. So the industry today is set up in a way where 90% of the global wallet for our industry is government budgets and 10% is commercial. And of that -- and it's approximately a $550 billion or so industry. And of that commercial component, the vast majority of it, over 70% is aviation, it's commercial aviation. And then beyond that, we've got insurance, and we've got telecommunications, we've got the other industry verticals. I believe over time that, that mix industry-wide is going to balance out. I believe there's a lot of support for commercial growth. It's a tremendous technology, many use cases. People are understanding it better, most importantly, in order for the commercial side of the business to really take off, this technology and this data has to be accessible. It has to be something that's very easy for nonexperts to understand, for non-experts to use. And it can't just be massive GIS teams of advanced degree, engineer scientists and PhD who have access to this fantastic technology. So as we get better at making this stuff simple and others doing as well, I think the commercial side of this business will adopt more and more. And smaller segments of the commercial will start to adopt. Right now, it's still pretty sophisticated airline companies and sophisticated telecom and insurance providers. Our customers are big for the most part. In our drone segment, that's an exception. And I think that kind of adoption is going to happen more and it's happening with our drone segment because we've made it very simple to use. And I think that's going to be the future of it, you'll see a better balance between government and commercial and both of them, nonetheless, will continue to grow at their pace, but obviously, commercial has a lot of room to grow. I have a question here about our competitive advantages versus ESRI. And ESRI is a general purpose GIS, it's a software interface, and we are not that, right? We are a data -- we're creating the data that people use. And importantly, the shift that's happening now kind of underneath everybody's radar screen is that you get a lot better answers as you mix and incorporate various different pixels, i.e., sources of data and they can come from different places. They can come from different platforms. A platform could be a plane or a helicopter or a drone or a satellite. The platform can provide a different kind of pixel. And the key is being able to take pixels no matter where they're coming from and make them useful and not be a source dependent pixel provider. So we don't want to be limited by a platform. When we're providing solutions at scale, we want to be unlimited, and we are, we're source agnostic. We don't want to be captive to the platform, and we don't want to be captive to the particular sensor because once you're captive to either the type of sensor, maybe it's a LiDAR, maybe it's an optical sensor, maybe it's a radar sensor. It doesn't matter. If you're captive to a sensor you're going to get a particular kind of answer. And if you're captive to a platform, you're going to get a particular kind of answer. What we're trying to do is get the best to answer and the best answer for the particular problem. And so that's a multisource solution set, and it's a multi-platform solution set. Almost all our jobs these days, even the ones where we're using our sensors in our plane are multisource and multi-platform. There's -- I honestly can't even think of 1 except for maybe some of the stuff we're doing in Alaska, where it's just a single source single platform. And I think that's an important thing to understand, and I think it's an important source of our competitive advantage. We're source agnostic, we're fast and we're platform agnostic. And we're scale and [ variant ]. We operate at all the scales. It doesn't matter if you're counting blades of grass in your backyard or if you're trying to get situational awareness and build an elevation model at a meter for a whole country, where we can work at all scales and that's really important. I've got probably 3 or 4 questions here regarding the placement and we've released a high-level terms so -- and we haven't closed it. So I'm going to be careful in the response there until it is closed and I will address it in more detail once it is. But generally, we included the slide on the presentation I gave to highlight the fact I, along with other shareholders, I'm a big shareholder, we're very careful about use of proceeds. And we're applying capital where we see a lot of accretive potential at uses for that capital. And that's the way we're going to continue to do it. And that's the way we will evaluate other even strategic opportunities in terms of deals. It's all going to be the same way, we're careful. We're not -- if we're going to create scenarios where there's potential for dilution, it has to be extremely accretive in order to do that. And that's what we've done and that's what we'll continue to do. I got a question here in terms of traditional government work that we're doing, we have a lot of different customers in that area, both domestically and outside of the United States. In all places, I mean, the way we approach that work. Number 1 is the requirements have to line up with both our capabilities, and that's pretty key. If you have a job that needs to get done, we need to be able to do it and do it well. Number two, they have to be able to afford it. So there has to be a budget. And number three, there has to be contract vehicles and the shape of those contract vehicles are evolving and changing as more governments take as a service and take things commercially off the shelf. That's a good thing. And so the shape of the contract vehicles is different depending on where you go, it's evolving, it's all moving towards something quite similar to what we're doing on the commercial side, which is selling as a service. And -- but ultimately, everything we do has those 3 components. They've got a requirement where our product or solution is a really good fit. They've got the budget to be able to afford what they want because anybody can say they want to buy a Ferrari. And if they can't afford it, they can't afford it. That's not a business. And thirdly, they got to have contract vehicles that make sense. And as long as those 3 things are in place, we're working with them. And so far, we've done a pretty good job in the last 3 years, making sure those 3 things are in place before spending a lot of effort chasing potential work. And I think that's an important discipline, management discipline that's come into place at Intermap. I did get asked about our U.S. Exchange. We have a U.S. exchange listing, which we upgraded to the QX. And so we're traded with some liquidity on both the Toronto Stock Exchange and the U.S. Exchange. Our intention is to and continue to improve liquidity in both markets, continue to improve awareness. And take advantage of the opportunity for shareholders. It's no good if there's not enough liquidity for people to have the ability to buy and sell our shares. So in both markets, we're doing that. And of course, there's a hierarchy. We're on the big board in Canada on the Toronto Stock Exchange. We are not on the big board in the United States. And as we qualify, just like we did with the QX, once we qualify, we upgraded and will continue to do that. Related to that, I got a question about short interest, and that is, again, something we're performing on the business that works both ways, and I'm not going to either comment or make a prediction on technical aspects of the stock other than to say that the management team at Intermap is, I would put on the scale of pretty sophisticated and in terms of financial markets and very, very disciplined in terms of running the business and making sure that our capital structure, our financing structure and the business opportunity is all very, very aligned. And as long as that's the case, you're going to see operational performance translate into financial performance translate into market performance, and we're very attuned to all 3 of those variables. I'm asked if we think we'll profit from tax attributes. Another way of saying, do we think we'll be cash positive and I do think we will become cash positive. And I got a specific question on Colombia, and it looks like it may be the last one. But that is a contract that we -- I mean we're just getting started. We are returning to Colombia. Intermap has a lot of past work in Colombia. And they're a sophisticated geospatial country, and they have a lot of requirements. As you know, it's the Amazon, it's heavily canopied. It's rain forest, there's weather, clouds, it's something that only certain types of sensors work well, and we have a lot of experience both with the government and with the environment. And we view our recent announcement with Colombia as the start of something not a one-off. Jen, are there any further questions at this point? Last question is internal IR contracts. And the answer is we are exploring that. We do have an internal person assigned. We haven't for a long time because we -- when the company was insolvent and was restructuring its debt, I, really from a legal perspective, was not permitted to speak -- beyond legal, speak to the financial market. And so when we resolved the debt and started to recapitalize the company, it opened the opportunity for us to speak to investors again. And we're very focused on both improving the communications, improving the quantity of communications and also improving the market depth both in the U.S. and Canada, and there's a lot of attention being given to that now because we're allowed to do that now. And I guess the last thing I'll say, there are things in terms of potential contracts subject to things like confidentiality with governments in particular. And so I think it's obviously something that we aren't going to breach if we're doing the kind of work that a government doesn't want us to disclose then we won't disclose it, and there's not much we can do about that. I think with that, I will end the questions, and I want to thank everybody for taking the time to visit with us today. It's 3:00 Eastern, 1:00 in Central. And I think we've covered a lot of ground, and I really appreciate your interest.

This concludes the meeting. You may now disconnect.