Mission Ready Solutions Inc. (MRSH) Earnings Call Transcript & Summary

Hello, everyone, and thank you for joining us today for Mission Ready's corporate update live event. My name is Dominic Gray, Director of Corporate Communications. With me today are Buck Marshall, President and CEO of Mission Ready; Terry Nixon, Chief Compliance Officer of Mission Ready; Dong Shim, Chief Financial Officer of Mission Ready; and Skip Church, President of Unifire. Mr. Marshall will discuss the progress of Mission Ready, including Q2 financial highlights, milestones achieved and will provide an overview of upcoming catalysts. [Operator Instructions] I would like to remind everyone that this presentation contains forward-looking statements within the meaning of applicable Canadian and U.S. securities legislation. I would ask that you review and be aware of our forward-looking statements. Additional information on forward-looking statements can be found in the second page of our presentation and is also available on Mission Ready's website at MRS Corp. as part of our press releases. Mr. Marshall, the floor is yours.

Thank you. Since this presentation will be available for review after the call today, my intent is to move fairly fast with this in a little bit of a higher level, because I want to get to your questions as quickly as possible, because I think that's where a lot of value will be added. So jumping in today, as Dom mentioned, the presentation will contain forward-looking statements. And we have already, and we'll most likely get additional questions about forward-looking statements. Please be mindful that these represent our expectations, assumptions or opinions that may or may not be realized in the future. Mission Ready and our subsidiaries strive to be a comprehensive solution to our customers through innovation, manufacturing, distribution and government contracting channels. Because we cross over different industry classifications, R&D, manufacturing, service provider, et cetera, it has challenged us in defining who we are. We have spent -- Dom if you want to move forward 1 slide, please. We've spent tremendous effort in defining our different business verticals while still conveying the 1 company, 1 team, 1 direction mindset. Visually -- eventually, we rebranded the company to represent those differences but retain a connective tissue. We have updated our website, social media platforms to further support that message. And internally, we have realized resources and added new resources to enhance our revenue generation at each level of our companies. These changes, while they seem insignificant to some, are actually very, very important and monumental to our success. When introducing people to our company, 1 of the first things they do is an online search. We now have a contemporary platform that helps set the foundation for conversations. We have seen the fruit of those efforts as more and more people reach out to us every single day. We continue to use these platforms to define our capabilities under each company and to market to end users with a more defined and targeted marketing campaign. Dom, do you want to go 1 more slide? One more, please. Okay. Looking at our financial highlights through quarter 2., I want to mention something here real quick before we actually get into the numbers and you can read the numbers on the screen for yourself. The story behind the numbers, year-to-date through quarter 2 continues our positive trends on the ratios that are important to us and our liquidity ratios and those type of things. I've received several questions related to the 3-month period covered by quarter 2, and we'll get to those questions here shortly. But I would like to point out that we expected a drop in revenue and communicated this with our prior outreaches. We also expect that the government would have spent money by now, but that hasn't come through yet. We do expect that we will see an increased spending from the government here in the near future. So everything that we've communicated prior and we continue to look at, I think we are very much in control of as it relates here. Now the highlights as we look at the year-to-date, which is a little bit more of a stable view than just a 3-month period. Gross revenues of $78.7 million, which is an increase, positive increase in our gross profit, and that's a positive, controlling our operating expenses, positive to us. Net income, still fantastic. EBITDA is good. And the work capital position, also very positive. Our cash position is a very fluid number, and we continue to monitor that on a daily basis, but that's a positive as well. Dom, next slide, please. As I mentioned before, in defining and communicating what our companies do to people has been difficult. We have very different audiences of who we're trying to communicate that message to. As investors, you have a motivation and a desire for a certain communication and information. As a customer, there's a different motivation and a different desire for communication. The overall theme that 1 company, 1 team, 1 direction, it's been important to help us do any, between the companies, direct people to the appropriate platform and better answer those questions. As you can see, we still have our Mission Ready as our parent company, Unifire. What we've done there is to try to create Unifire in 2 different optics. Unifire is our government contracting side and then Advanced Tech Rescue, which is our legacy core DNA side. Advanced Tech Rescue's focus is on our rescue saws, chains, positive pressure ventilation fans, all those type of things that Unifire was founded on. And those 2 differences in companies allow the customer and the investor or whoever is looking for information to better understand the difference between those versus just having on the Unifire name. And Protect The Force manufacturing, still very much focused on our innovation and ballistic combat packages, cut and sew facility that allows us to further define what we can and cannot do in that arena. Dom, do you want to go forward one? Share structure, this is updated as of today -- or as of the 27th, excuse me. You can see that I won't go over that. Next one, Dom. The takeaways here. And we're going to further -- I think this is where we're going to get into a lot of fun dialogue today in the question-and-answer session. But on this slide, this kind of is a snapshot of what we're going to talk about in the story behind what the company has been doing, what we plan to do in the future, and how do we translate that to shareholder value. All the things you see on here with the expansion of revenue streams, the team reorganization, the manufacturing and distribution capabilities, all this stuff is designed to build shareholder value. But in order to build shareholder value, we have to have customers. And the focus is on how do we get customers to come to Mission Ready or any 1 of our subsidiaries to buy our products. And that messaging has been something we worked hard on over the last several months. And we have to improve those sales and margins and sustainable fundamental business practices in order for the shareholder value to increase. I believe we are on that path. We have made great strides on that path, and we will continue to move forward on that path. The shareholder value has -- I believe, has already improved as when I first joined the company just prior to that, I believe just prior to that, the shareholder value or the share price was in the single digits. Throughout the first several months of being with the company, we had kind of a glass ceiling at that CAD 0.20 to CAD 0.25 mark, and we have blown through that. And we have retracted a little bit. We expected a little bit of a pullback but we've stabilized in that CAD 0.30 to CAD 0.35 range here recently. I believe that is a result of kind of a natural shakeout of folks that are in and out of this, and has stabilized due to both retail and institutional investors that see the longer-term vision. Dom, do you want to go forward 1 more? Our market opportunities, there have been some great questions around this, and we're going to get into a little bit more detail on that as we go through the questions. But in general, we had expected, just based off the historical government spending patterns, that we would have seen a little bit more government spending towards the end of quarter 2 and quarter 3 and that has slid a little bit. And therefore, our revenues will always lag those government spending patterns. As we approach the end of the government fiscal year, our expectation, like we mentioned, is that the government will spend more money both through open contracts and ordering vehicles like our GSA schedules and in new contracts. Dom, do you want to go forward 1 more? Okay. Investor considerations, this is difficult, because we have such a diverse group of investors with different thoughts of the company, a different understanding of the company. As an investor myself, I look at this as a longer-term investment. Some folks that are flipping are looking for different information points, data points that will help them. Our internal focus is a long-term sustainable plan. As you can see here, we have a diverse product mix, and that is from manufacturing, to innovation, to just being a distributor with drop shipping to the end user. We have done a tremendous amount of work to increase our vendor relations, to increase our product offerings, to expand on what is relevant and spend less time on what is not relevant. We have increased our -- say our management team, our management team has actually been in place for a while, but we've increased our support personnel around our management team. We have folks that are -- that have been contracting officers. There have been decision-makers in different branches of the government. All those people help us to better align our resources to win opportunities. We have -- on the financial side, by cleaning up our books and paying off some of the legacy debt, it has reinvigorated conversations with different financial or capital partners, both on the kind of the institutional investor side to the institutional lending side and from the banking world and private investors as well. As we continue to push our R&D capabilities, we look at adding new equipment in our facilities that allow us to become better OEM manufacturers, which ultimately leads to better margins. We are looking at experienced team members in all of our locations that allow us to expand our capabilities. And then on the investor side, I think we've done a lot this year, and we're going to talk about this a little bit more on the questions again. But I think cross-listing to the OTCQB initially and then up listing to the OTCQX helps bring brand awareness to the states and to other people that may not have seen it just through the TSX. Getting our DTC eligibility, recently, our Blue Sky status, which is tremendous, and we will continue to expand that, and then really listening to the market on our branding and investor relations communications. And there's been some great questions about that, that I'm excited to share with you. And then lastly, our Board of Directors and our Advisory Board. Our Board of Directors have been really engaged recently with promoting us, with introducing us to different contacts in their world and then also bringing us actual true revenue opportunities. Combined with our Advisory Board, we have a tremendous brand awareness and opportunity to meet people that we are unable to meet normally in this environment. And what I mean by that is with the COVID travel restrictions and just continued restrictions for in-person meetings, we are not able to go and meet with decision-makers face to face this last year. Our Advisory Board, our Board of Directors, our management team, all those people that have established connective tissue with decision-makers currently in the government have been incredibly important to us. Have -- combined that with our lobbying group that have been able to get us in front of our congressional delegates that either sit on or oversee different committees, all that stuff has been tremendously valuable to us. Dom, do you want to go to the next one, please? The most important thing that if you don't get all the information that we're sharing today is this slide right here, because this is 1 of the things I'm most proud of, and Dom is a big part of that as well as Terry Nixon. We have created avenues for shareholders to reach out to us and interact with our management team. So please remember this slide, especially the MRS -- excuse me, mrs-ir@mrscorp.com. That e-mail address is your avenue to communicate with management. Please, we are trying to do our best to communicate as much as possible within our authority related to different questions that we get. Sometimes people ask questions that we're just unable to answer. But that phone number and that e-mail address are critical going forward. So Dom, with that, do you want to move forward with the question-and-answer.

Absolutely. Thank you very much, Buck, for this update, and we'll move to the Q&A part of this presentation. We will first answer the questions that were sent to us prior to the call. The first question comes from Mr. [indiscernible] With many insiders purchasing shares over the last year, the stock price has since dropped significantly due to the lack of volume in use. I would primarily assume that this is mainly due to the lack of promising revenue streams. Can you please provide any insight into the contracts the company has been bidding on and why we haven't been getting them or if we have not been bidding on any, why is that?

Mark, thank you for your questions. Insiders have purchased in the past year as, I believe, they firmly believe in the company's potential. That's why I purchased what I've got. Our Q2 financials have once again showcased our ability to improve our ratios, manage our expenses, decrease our expenses and bringing additional revenues that ultimately resulted in a better cash and overall financial strength. Mission Ready's revenue streams, such as our GSA schedules that I mentioned, our innovation, our manufacturing and distribution capabilities, all combined to break consistent revenues that form the core of our business. I've mentioned before that our orders are the bread and butter, the day-to-day activities that cover our operating expenses. And the big contracts are just icing on the cake. Both are very important to what we do. With regards to contracts, Mission Ready has been and continues to actively bid on contracts and the process is ongoing. Mark, with all respect, I'd like to make a slight correction to your question. You asked why we haven't been getting contracts or giving them, which is a common question or variation to that question I've seen a lot. I want to clarify and state that the lack of contract announcement is not due to winning contracts or losing contracts. It is due to the government not awarding them yet. We are still very much in the competition. We are very much in the fight for each contract that we have submitted. I mentioned prior that I thought the government would have spent money, or loosely translated, I thought that they would have awarded contracts prior to the end of quarter 2 and throughout the rest of the fiscal year, which made sense given the historical nature of the government spending patterns. Unfortunately, my logical thinking and the reality is not fully aligned. This does not diminish the logic that the government should still spend a significant amount of money and/or award contracts prior to the end of their fiscal year. Now to the second part here. To answer the question about providing more detail on what contracts we have submitted or planning on submitting, my hope is that you will understand that by providing additional information or additional insight into contracts that we have or bidding on will represent selective disclosure. In addition, as part of the contract and bidding process, providing more detail would present a problem from a competitive standpoint. Part of our competitive advantage is our vendor network and pricing and potentially knowing about deals that others may or may not know about. Making public the contracts we are working on, obtaining or bidding on or even researching and responding to as an RFI would open the door for competitors on the same contracts that may or may not have seen them. I think this kind of answers your other question you submitted to request further information on contracts relating to PPE.

The next question is, finally, one nonfinancial issue I do have with the company is that there have been many posts by the company that have typos. I do not see a company of this size should be consistently having to delete and retweet after realizing the mistakes.

I agree, and I will own this personally as I pushed our social media to go live before we had all of our pieces in place. We use a technology platform that was new to us, which allowed us to plan out and automate a post on different social media platforms ahead of time. There was a misunderstanding of how or when to use hashtags versus cashtags. And this led to several posts that in the beginning that had spelling errors that were corrected after the fact. We were slow to understand how to edit posts in the system in the technology app that we were using prior to being published. But as many things, we learn quickly and we moved forward, we corrected them. And part of that solution was the gentleman you hear on the other side of the questions here, and that is Dominic Gray. The company recently hired Dom as Director of Corporate Communications, I don't know, a couple of months ago. And Dom's responsibility is to be taking over completely Mission Ready and all of the subsidiary social media accounts, and he has worked hard in the last few months on consolidating the accounts, creating new social media strategy, and all those things that go into that behind the scenes. A lot of which, to be completely transparent, I'm unaware of. Dom does a great job of anticipating and getting those things published, and I'm so grateful for him. As a company, we strongly believe that Dom will be able to deliver the quality content that will also kind of correct the initial situation of spelling errors and his attention and focus on detail has been evidenced in the recent communication published by Mission Ready and Unifire.

The next questions come from Mr. Russell [indiscernible] My question is, given that we manufacture and/or distribute over 1.5 million military fire and first responder products, why are we not selling anything? My assumption is that we are actually making other smaller sales, but this is only an assumption since unless I missed something, MRS has not actually given any solid information regarding any other business. If we are making other smaller dollar value contracts, is there a reason why investors cannot be informed on a, say, a monthly basis as to the accumulated value of these contracts?

Well, first, Russell, thank you for your questions. We are indeed selling product as evidenced by our recent filed financial statements. While we can appreciate the need for investors to be updated, Mission Ready provides updates regularly and in our compliance with disclosure policies established by security commissions. And Terry, I'm going to ask you to be mindful and ready to jump in, in case I misstate this. But while we do not disclose those sales monthly, they are reported as part of our quarterly financial information, and in the case with all material information, a selective release of earnings forecast or other financial forecast may not be made except as permitted pursuant to security laws. And then Terry, this is where I need you to double check me, including those set out in the National Policy 51-201 and Parts 4A and 4B of the National Instrument 51-102.

Yes. Buck, I'll quickly jump in. You're absolutely right about that. Now the key to that is the selective disclosure aspect. So it's not that we can't -- we couldn't report when there are certain sales and things like that and provide these monthly updates, but for a few reasons, it can be problematic, including, as you previously mentioned, Buck, the competitive aspect of things. We certainly have to have a level of ensuring that certain information that maybe the investors want to hear that's nonmaterial and nonpublic doesn't get out just for the sake of ensuring that we've always got something to put out, because there are reasons that we don't want our competitors necessarily to have this information. Secondly, when we talk about selective disclosure, of course, that's when you're putting something out that's not made publicly available or generally accessible to the investing public. And so there are certainly times when we try to provide an overall update on the company. We're going to get some people saying, "Well, that's just fluff. We want more than that". And then when we don't do that, it's -- the concern is that, well, are they not telling us things. But we can assure you that any time there's material public information that it goes out in a timely manner. And when there's information that maybe wouldn't necessarily be a material pursuant to securities laws, but still something that the investing public would find valuable, that we try and do our best to get that out by way of social media, a newsletter, anything like that, and we're going to continue to ramp up those efforts as best we can.

Thank you, Terry.

Thank you, Terry. Thank you, Buck. The next questions come from Greg Wozniak. What sales initiatives is the company working on outside the U.S. government? And why has nothing materialized in regards to this? Why has Flex9 and No-Contact not sold? Please explain why these products are still part of PTF when nothing had been sold in the years?

Well, Greg, I think these are some great questions as it speaks in part to our forward-looking initiatives. First, I think contrary to the belief that we have hundreds of folks on staff, we simply don't. We -- so it's very important for us to focus both our limited financial and human capital to capture those opportunities that provide the best ROI. Right now, that is on the core competencies of the company as it relates to manufacturing and U.S. government contracts. We recognize that foreign military sales or FMS and general products to foreign governments is an avenue for future growth, but we are strategic about it right now. We do have developed relationships with business partners that are experts in the FMS world and we are actively working to support their efforts by providing solutions to them when they present them to us. We allow them to be the experts and do what they do, and we do what we do for now. That opportunity for us to expand those outreaches and stuff will be there in the future when we are ready. I just don't want to take the focus off of what we do currently to make money. Additionally, we did start the process of obtaining a medical device establishment license in Canada, which would allow us to provide solutions around the PPE world or PPE solutions that we've been providing to the U.S. government. These types of activities, I believe, will set the foundation for future growth potential, but we just haven't been able to fully recognize them yet. I think that the most efficient avenue for us to kind of keep 1 leg in both sandboxes here of future opportunities plus our core competency is to use technology to generate sales outside of where our staff can focus on in their time. While we have realigned our human capital under Skip Church to focus on those immediate needs, we have concurrently been pushing our technology initiatives to bolster sales. As part of our initiatives, Mission Ready, and Dong specifically, have been actively marketing our products, our vendors and our capabilities. As we talked about before, we are trying to use different communication platforms or vehicles to really delineate between what message needs to go to shareholders or what message needs to go towards customers. Social media has been a great example or a great platform for us, but unfortunately, has led to some shareholders to interact natively with the company. And I want to clarify that while Unifire is Mission Ready's wholly owned subsidiary, Unifire's social media's main goal is to provide visibility to Unifire, including our sales initiatives, our marketing and to bring awareness to products, capabilities, vendors and all these type of things. As a result, we will continue to use the Unifire platform to promote in a format that will increase our visibility to those dedicated customers or to those dedicated campaign as it relates to those customers. The part of your question regarding the Flex9 and No-Contact, I believe we were a little bit ahead of our time with these products. PTF Manufacturing still owns the intellectual property for Flex9 and the No-Contact, and the goal is to continue to have these products as part of their offering. We're not going to get rid of it. The U.S. government recently -- not recently, I guess, mid-summer put out a request for information or an RFI for a ballistic combat shirt, which is perfect for our Flex9 armor. We responded to that RFI. But as the theme has continued this year, that RFI has not yet turned into a request for quote. Therefore, we can't actually bid on it, and the government can't award it yet. We do believe that, that will come in the near future as that product is and that RFI is something that is -- that could be very potentially beneficial to our war fighter. The No-Contact technology, I believe this technology was ahead of its time again. But now given our current environment, we'll gain more traction. I think the issue here is less with the solution and more to do with budgetary constraints. Police forces at every level around the nation, potentially around the world, could use this technology to protect those that protect us, while still engaging with the community in de-escalating different triggering events. However, with the vocal minority calling for defunding the police budget restrictions, budget reductions versus actually increasing budgets for new training and technology that would better serve their goal, it just simply hasn't been in existing budgets at the police level, at the local or state level to purchase our No-Contact technology. I do believe that some of our future efforts will lead to language that will make better available funding for these types of technologies, the nonlethal, less than lethal technologies, and we are -- we have a seat at the big table in those conversations. And I do believe that and expect that Unifire and Mission Ready will eventually be able to convert the incredible technology we have into revenue.

Thank you, Mark. Management within the company has stated that they believe the company is undervalued. If that is the case, why has the company remained silent with their ends? Should they not be promoting the business to investors and creating interest? The volume is laudable, and it's apparent that no 1 knows about the company or they don't see the need to invest. How will this change?

Yes. And I understand the frustration here. But I think this question misses the mark a little bit. Management has been doing -- has been extremely active in creating interest and improving value for the shareholders. As mentioned, the addition of Dom to the team has been a big step in the right direction as far as promoting within that space. Dom has since been started to bring awareness to the company -- of the company and the subsidiaries to both retail and institutional investors. This has been, I think, reflected well recently by the increased reach of our press releases, our growing social media following, our expanding coverage. All those types of things have really been -- While not seem like they're moving the needle very quickly, they have been foundationally critical to what we are doing as far as bringing value and focus or awareness about the company to those individuals. Additionally, I believe Mission Ready has been active in its outreach to institutional investors, as we've had conversations with some of those folks and began to really promote the new look and feel of the company, the new direction and our vision and the potential of the company. And I think we've had some great response to that. We will remain focused on our outreach. And I think additionally, as we've mentioned briefly before, the Blue Sky status allows a greater focus and visibility to our U.S. brokers to present Mission Ready to their retail investors as well.

Buck, if I may just quickly jump in here, if you don't mind. Certainly, I understand the thoughts about the share price and things like that. And as shareholders ourselves with fairly substantial positions, it's something that we'd love to see shareholder value. As we jumped up to $1, we wanted to, of course, see it go north of that as well. But what I would say is that we certainly want to have the foundation of and the history behind us showing that we've got -- we're prepared for continued growth and to be able to leverage all of our resources as best we can and ensure that nothing is going to waste. And so that's what we've been doing is building that foundation. And as the share price fluctuates between now and the time that we really start to see that foundation being the basis for our future success, it's going to ebb and flow, and we understand that. And what I wanted to say about the volume was that we are actually 1 of the higher volume stocks on the TSX Venture Exchange. In 2018, we traded 106 million shares in Canada, 153 million in 2019, 259 million in 2020. That's a staggering number. And of course, we're only partway through 2021, but again, very, very high volumes compared to the majority of TSX venture companies. So what that shows is that there's a lot of investors watching us. Granted we want to certainly have more outreach to the institutions and things like that, but there's a lot of retail investors like yourselves, who have supported us and continue to support us. And we sure appreciate all of the help along the way. And I just want to point out that our volume is not lacking, but perhaps the volume in the right places is and that's something that we're keenly focused on.

Thank you, Terry.

Thank you, Terry. Where does the company see itself in 1 year? And what, in your opinion, will take this to the next level? And I think that, that was partially included in Terry's answer.

Yes. And just to expand on that a little bit. I think the path we're on is the correct path. We'll continue on this path, focus on what we can control and continue to look for ways to increase margins, not just sales but in margins, which is critical. We are shifting from, I think, being a reactive company to opportunities, and we are focusing more on being proactive in creating opportunities for ourselves. We have and will continue to look at force multipliers, consultants, business partners, those type of things that will also be out there looking for opportunities for us. I think our addition of our members on the Advisory Board is a critical step in that direction. And as I mentioned before, the Board of Directors helping to drive their connections and their opportunities that they have connected tissue with to our company, all those things will help us continue to grow and we'll -- I don't know exactly how we manifest in the next year. It may be -- I think it will be a longer-term play than just 1 year, but we will definitely see the fruits of all those efforts come to bear in the next 12 months or so.

Thank you. How does the company plan to obtain consistent and stable revenue generation? Why is there so much reliance on government contracts? The company has been shut out by the government before. Is that a concern again going forward?

I think, as we mentioned, by building on technology, enhancing the revenue vehicles that require less human capital, but provide maybe smaller, more consistent orders will help stabilize our growth. When we can create an annuity of income that covers and maybe adds a positive return to our overhead, that in turn will allow us to invest time and money into larger contracts, more people, more opportunities that will really move the needle in a singular, more significant way. But I think that the key structure is having an annuity that covers our base needs and then really kind of allows us to play and not be so reliant on larger government contracts. I'm not sure I totally follow being shut out by the government. But if you're referring to the SOE TLS contract, then I say that was really a blessing. As an SOE prime vendor, the margins were incredibly low and that resource demand on us was incredibly high. And we had -- to be a part of that, we needed to have access to capital at a much better rate than what we did. The human capital in responding to RFQs on a daily basis was draining us and taking away focus on other opportunities that we could be making better money at. So I think those things are really a blessing to us. Otherwise, I believe that we are very much entrenched with the U.S. government's procurement process as well as state and local. Sometimes I get a little lazy with my words and just kind of refer to stuff as the federal government, but it also includes state and local government. The concern, I think is less to do with being shut out as I don't view that as a concern, but it does make the budgeting process more difficult when we rely on the government's timing and their discretion and awarding contracts. But I really think that the diversity in our orders versus contract game plan is really what will help stabilize revenue generation for us.

This question relates as well to a question that was asked live to us. Investors want to be rewarded. Most of us have been here for 5 years. Please tell us why we should remain invested in the company?

Well, I think as you suggest, since coming on board, we have worked on a consistent and stable revenue generation game plan, expanding our revenue streams in order to avoid undue reliance on government contracts when we don't need to. We continue to build our GSA schedules and our pricing. We are in the middle of and have worked very hard on updating our pricing to improve those margins and generate better sales. We have reorganized our operations, reducing our operating expenses. We have increased our gross margins for the most part. As part of the expansion of our revenue streams with Skip now be home of PTF, we are also maximizing our capabilities under our cut and sell abilities, our capabilities. This includes OEM manufacturing that, quite frankly, offers better returns than some of the stuff we're doing in-house for ourselves. And while I can appreciate the desire for shareholders to be rewarded, as Terry mentioned, as I mentioned, we are also shareholders, and we want to be rewarded as well. I believe Mission Ready is a long-term investment. The vision has always been long term to build long-term shareholder value. Mission Ready is poised for success as we sit today. I think with our incredible team of experts, both on the operational support side, the management side, the Advisory Board and the Board of Directors, I think you've seen the confidence in the company through that. Insiders have spent their own money putting their money where their mouth is and associating their name and their reputations with the company. All these elements, I believe, show a deep belief in the story and the team's capability to provide value. I think from an investor standpoint, our financial situation and our share structure alone should be evidence of the value of this company. The share structure is clean as it can be. Mission Ready has a clear runway for its next new contract news. I think that when we announce contract awards in the future, it will have an exponentially bigger impact on the share price than historically just because of the infrastructure and foundation that we have worked so hard to put in place over the last several months. And the fact that we're able to retire so much legacy debt that has been an anchor on the company, any profits going forward -- any profits earned going forward can really be invested back into the company versus kind of paying off the anchoring debt.