[Starts Abruptly] On slide number three, during this webcast, we may make forward-looking statements about our relative business outlook. Any forward looking statements and all other statements made during this webcast that don't pertain to historical facts are subject to risks and uncertainties that may materially affect actual results. Please refer to our press release and corresponding Form 10-Q filing for more detail on factors that could cause actual results to differ materially from any described today and in forward-looking statements. Any such statements are made as of today and U. S. Global accepts no obligation to update them in the future. On slide number four, as always to our loyal shareholders, we invite you to email us at info@usfunds.com and we would love to send you one of our hats seen here. So just shoot us a message with your mailing address and we're happy to get you some USGI swag. All right. Now on slide number five, I will briefly review our company. U. S. Global Investors is an innovative investment manager with vast experience in global markets and specialized sectors. We are well known for expertise in gold and precious metals, commodities, the global travel industry and luxury goods. The company was originally founded as an investment club becoming a registered investment advisor in 1968. The company has a long standing history of global investing and launching first of their kind investment products, including the first no load gold fund. Finally, we are pioneers in smart beta 2.0 thematic products. Our investment team combines stock picking and portfolio construction to develop new products with thousands of hours of back testing and fine tuning on a quarterly basis. Moving on to slide number six. This is a graphic we always like to begin our presentations with, the DNA of volatility. It acts as a reminder to investors about how various asset classes, especially the ones that we invest in, can move up or down over time. And this is where I want to hand the presentation over to CEO and CIO, Frank Holmes, to dive in a little more on this and give us a macro overview of the last quarter. Frank?

Thank you, Holly, and welcome, shareholders, and thank you for your loyalty and support. And before going into the details of the presentation and a recap before I can give you more granularity with Lisa Callicotte, our CFO, I'm going to go through and start the basic disclosure on volatility because volatility is so important to understand in capital markets. And each asset class and each stock has its own DNA of volatility. As you can see here, the S&P and what that means is 1 sigma means that it's a nonevent, 68% or 70% of the time, to round it off, for the market to go up or down 1% at a time, and over 10 days is 3%. Gold is about the same as the S&P 500. And I can share with you that 25 years ago, it was always substantially greater the daily volatility and the 10-day volatility of bullion and the S&P. But now they're one. And GROW itself used to have a much higher daily volatility, and it used to trade off of the crypto, and before that, it used to trade the volatility off the gold funds because they were so big. And our investments in the creation of HIVE Digital and owning a big share position seemed to really tweak the volatility. And then came along the JETS and JETS grew. So it's important to see what assets our investments are. They drive the revenue and they also drive that volatility. The Dow Jones Asset Managers Index is the same as the S&P. But over 10 days, it's more. It's plus or minus 4%. And oil on a daily basis is much more volatile. And JETS, as you can see, is very strongly correlated with the price of oil, and that's because oil…

Thank you, Frank. Good morning. First, I'll start with our financial highlights on the next slide. As you can see, our average assets under management were $1.5 billion, operating revenues were $2.2 million, and we did have a net loss of $86,000. On the next slide, it talks a little bit more about our earnings. So we have both operational earnings, and we have investment earnings. Both the operational earnings and our realized earnings hit our cash flow where our unrealized earnings don't. But both, because our operational earnings are based on our advisory services and then our investment earnings are really the realized and unrealized gains, they both are affected by stock market forces. So that's what you'll see is some of the fluctuation and volatility in our income. On the next slide, this is part of our income statement. And you can see that our total revenues were $2.2 million for the quarter, which was a decrease of $587,000, or 21%, from the $2.8 million in the same quarter last year. This decrease is primarily due to a decrease in assets under management, especially in our JETS ETF. And our operating expenses for the quarter were $2.8 million. This was an increase of $144,000, or 5%, and was mainly due to an increase in employee compensation and benefits and was partially offset by a decrease in general and administrative expenses. On the next slide, we see our operating loss for the quarter was $539,000, and it was an unfavorable change of $731,000 compared to the same period last year. Other income decreased $1.1 million compared to the prior year, and it was mainly due to unrealized losses on equity and debt securities in the current period of $221,000 compared to unrealized gains in the prior period of $414,000. We also had realized foreign currency losses of $239,000 compared to $92,000 gains in the prior period. Net loss after taxes for the quarter was $86,000, or $0.01 per share, which was an unfavorable change of $1.3 million compared to the net income of $1.2 million, or $0.09 per share for the same quarter and fiscal year 2024. Moving to the next slide. You can see we still have a strong balance sheet. It includes high levels of cash, which will allow us to weather through this lower asset period. Cash and cash equivalents was $26 million, and we had current investments of $9.7 million. On the next slide is the detail of our other assets, and included in there are some other investments, which totaled $9.6 million. On the next slide, our liabilities decreased from June 2024, approximately $134,000, and we still have no long-term debt. On the next slide, you see our stockholders' equity detail. At December 31, 2024, the company had a net working capital of $38 million, which increased $182,000 since June 2024, and we had a current ratio of 20:1. With that, I'll pass it over to Holly to discuss marketing and distribution initiatives.

Thank you, Lisa. On this slide, we are proud to report that we continue to provide original, timely market insight through our YouTube channel. We have numerous new videos here and on our TikTok channel that we invite you to explore. We know one of the best ways to reach new and existing shareholders is increasingly through education, in particular, in the form of videos. So if you haven't checked out our YouTube channel yet, I highly recommend that you do so. All right. On the next slide, I want to highlight that our most popular piece is now available on our website. This is the Periodic Table of Commodity Returns for 2024 that shows exactly how various commodities fared in the prior year. This is an interactive feature as well as a downloadable PDF, so I encourage you to check it out on our website if you haven't done so already. And on this slide, in case you missed it, as Frank mentioned earlier in the presentation, our new aerospace and defense ETF, ticker symbol WAR, launched in the last quarter on December 30. And then on January 9, we hosted a webcast with Frank, and it was cohosted by Lieutenant General Retired, John Evans, seen here, about the state of the global defense market and how WAR can offer a diversified way to gain exposure. So you can request a copy of the replay by sending us an e-mail at info@usfunds.com. On the next slide, we always like to recap the most read Frank Talk blogposts during each quarter. As you can see here, the top themes seem to focus on gold and precious metals as gold was continuing to reach a new all-time high as well as defense and cybersecurity. If you aren't a subscriber already, be sure to visit usfunds.com and sign up. It's completely free. So finally, on my last slide, I do encourage you to follow U.S. Global across social media. We are on Twitter or X, LinkedIn, YouTube, Instagram and Facebook. So wherever you prefer to get your news, be sure to check us out. This way, you're up-to-date with what's going on with GROW, our funds, and the broader market insights. All right. Just as a reminder to our audience today, if you have any questions, you can e-mail those to info@usfunds.com, and we will gladly follow up with you to get anything clarified that you may need more information on. So thank you for tuning in today. That concludes our webcast summarizing the second quarter fiscal year 2025.