[ Audio Gap ] Obligation to update them in the future. On Slide 5, I want to briefly hand it over to Frank Holmes to touch on the importance of understanding what we like to call the DNA of volatility before we dive into today's results. Frank?

Thank you, Holly, and thank you, everyone, for participating and listening to this presentation, and most important is for your patience as we've journeyed through this past year. But before I get into some of the details, the financial details and product developments and new products, et cetera, I'd really like to remind investors because lots of legal words really don't explain the DNA of volatility. It's the math, and the math is what attracts people. If you're traders in the ecosystem or frightens you if you're a retired investor. So what's important here is to recognize the S&P 500's daily volatility is 1%. That means approximately 70% of the time it's a nonevent that go up or down 1%. And interesting enough, gold bullion is sustained on a one-day basis. Over 10 days, gold is slightly more volatile, but then when we take a look at the Dow Jones Asset Managers, you can see that on a one day, they're very similar to gold bullion and the S&P 500. However, the Dow Jones U.S. Asset Managers Index over 10 days becomes more volatile. Gold stocks are twice as volatile as the S&P 500, and they are also more than 2x over 10 days. The airlines are even greater, and that's just important to recognize because it's our biggest ETF and biggest source of pool of capital. But the -- we're looking at the New York Stock Exchange Arca Airline Index is a nonevent that go up or down 3% in the day and over 10 days 8%, especially with all the pandemic news and all the FUD we like the call that's out there create sentiment moves and swings. And then there's the price of oil. Price of oil is the biggest line item for the airlines industry. So…

Thank you, Frank. Good morning. First, I'll start with our financial highlights. We had another strong quarter. Our quarterly average assets under management and operating revenues increased approximately 100% at the same quarter last year. And our quarterly income increased approximately $446,000 versus our first quarter for fiscal year 2021 to $2.4 million or approximately 23%. Now I'll review more details of the results of our operations for the quarter ending September 30, 2021. Beginning on Slide 35, we recorded total operating revenues of $6.5 million for the quarter, which is an increase of $3.3 million or 100% from the $3.2 million in the same quarter last year. The increase is primarily due to an increase in average assets under management related to our smart beta JETS ETF. As you can see, operating expenses only increased 58%, mainly due to higher ETF fund expenses and higher bonuses related to company performance. On Slide 36, we see our operating income for the quarter September 30, 2021 is $2.9 million compared to $937,000 for the same quarter last year. Other income for the quarter was $37,000, a decrease of about $1 million, mainly related to unrealized investment losses in the current quarter versus unrealized gains on investments for the quarter ending September 30, 2020. And as expected, tax expense increased. Net income after taxes for the quarter was $2.4 million or $0.16 per share which is an increase of $446,000 compared to net income of $1.9 million or $0.13 per share for the same quarter in fiscal year 2021. Moving on to Page 38. We see we have a strong balance sheet, includes high levels of cash and investments. And Slide 39, note our liabilities decreased from June 30, 2021 by approximately $2 million. And on Slide 41, you can see our stockholders' equity detail. The company has a net working capital of $26.7 million, an increase of $5.1 million or 24% since June 2021. And it has a current ratio of 7.5:1. With that, I'll turn it over to Holly.

Thank you, Lisa. As you can see, beginning on Slide 41, a majority of our mutual fund assets are in emerging markets and natural resources, while 29% are in domestic equities and fixed income. And as for distribution, more than 3/4 of assets come from retail investors with 17% coming from institutional investors. Moving on to Slide 42. This shows a quick synopsis of some of our most popular content during the year 2021. Based on our own data analytics, readers of both the Investor Alert newsletter and the Frank Talk blog continued to be interested in stories on gold and precious metals, natural resources and emerging markets. But there was also interest in macroeconomic topics, primarily inflation along with cryptocurrencies. We actually did a recent wrap-up of all of these top stories for the year where you can find -- and you can find that on our website, usfunds.com. Moving on to the next slide. You will see 2 of the popular industry magazines that Frank Holmes was featured on in 2021 as the cover story: Real Assets Advisers and Executive Global Magazine. Both are available online as well as in print, and I do encourage you to check those out if you haven't already done so. They do a wonderful profile of Frank's experience in the market as well as its impact on the crypto industry. Moving on to the next slide. I'm happy to share that our marketing team added another star award to its lineup from the Investment Management Education Alliance. This year, we were recognized for our YouTube videos. All of our video content is produced right here in-house from the topic ideas to the scripts to the voice-overs, the animation and production, and lastly, the marketing of these videos. So I'm very proud of our team for that. And by subscribing to our YouTube channel, you will get notifications each time we have a new video up. On the next slide. Don't forget that we share a majority of our educational content, just like the videos I mentioned. We share announcements about our upcoming events where Frank might be a speaker at as well as our press releases across all of our social media platform. So be sure to check those out when you get a chance, if you aren't already doing so. And then moving on to the final slide today. And as we wrap up our presentation, I do want to invite anyone listening to submit the questions -- additional questions you have to info@usfunds.com. I also want to hand it back over to Frank Holmes briefly for any closing comments today. Frank?

Thank you, Holly. And yes, congrats on the great marketing recognition. I'd also point out that the retail institutional relates to our mutual funds, I think the ETF of JETS and GOAU has a higher institutional and family office and boutique hedge funds as an overall composition. So I don't know, I almost created a third tier in that when you look at the overall assets. We've given on previous presentations showing you the significance of Robinhood retail igniting that price discovery. But that attracted much bigger fund flows. And we noticed the amount of creates we get, the sheer size of them. And some days, we can get 50 creates in a day to 100 creates in JETS. So what we see -- and when there's a redemption, they're actually in trickling out, which is really fascinating for us. So we feel that it's much more of an institutional weighting. But thank you so much, Lisa, and thank you, Holly, and everyone else for listening to our presentation and participating, and thank you for being loyal shareholders.

Thanks, Frank, and thank you, everyone, for your participation today. This concludes today's webcast.