Good morning, everyone, and welcome to the Netcapital Inc. Quarterly Earnings Call. [Operator Instructions] It is now my pleasure to turn the floor over to your host, Coreen Kraysler of Netcapital Inc. Coreen, over to you.

Thank you so much, Jenny. Good morning, everyone, and thank you for joining Netcapital's Full-Year Fiscal 2024 Financial Results Conference Call. This is Coreen Kraysler, CFO of Netcapital Inc. I will begin with a review of our financial results. Following that, Netcapital's CEO, Martin Kay, will follow with his prepared remarks before we open the call up for questions. Before we begin, I'd like to call your attention to the customary safe harbor disclosure regarding forward-looking information. Management's discussion may include forward-looking statements. These statements relate to future events or to future financial performance and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Any forward-looking statements reflect management's current views with respect to operations, results of operations, growth strategy, liquidity and future events. Netcapital assumes no obligation to publicly update or revise these forward-looking statements for any reason or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. With that said, I’d like to now turn to our financial results for the full-year fiscal 2024. Revenues for fiscal 2024 decreased by $3,542,550 or 42% to $4,951,435, compared to $8,493,985 in fiscal 2023. This decline in revenues was mainly due to a decrease in consulting services for equity securities which dropped by $3,665,000 or 52% to $3.44 million in fiscal 2024, as compared to $7.1 million in the previous year. The aggregate decrease of approximately $3.7 million in consulting services for equity securities in fiscal 2024 occurred because we provided consulting services to only three companies in fiscal 2024, as compared to six companies in fiscal 2023. We…

Thank you, Coreen. And thank you to all shareholders who are taking the time to be on this call today. We saw a challenging economic environment over the year as reflected in the press release filing and the numbers that Coreen recapped, showing decreases in both our top and bottom line. However, there are several important metrics, positive metrics to highlight. Coreen mentioned these, but just to emphasize, the average amount raised in an offering on our platform went up from $128,000 to $280,000 year-over-year. The total number of successful offerings increased from 50 to 53. And in addition, we saw total revenue for portal fees increase by 109%, so more than double. And so, these numbers tell the story that despite the tough environment, we completed more deals on our platform. Our issuers on average raised more capital. And as a result, we saw strong growth in our portal fee revenue compared to 2023. Along those lines, I'd like to highlight two significant deals that were closed by issuers during the year. Avadain, a graphene technology company, successfully sold out their $4.5 million offering after upsizing the offering several times due to strong demand. And the second deal, EarthGrid PBC, a plasma boring technology company, closed a $3.3 million offering. These two deals alone totaled almost $8 million, demonstrating the opportunity for both companies and investors that use our funding portal. As of today, we own minority positions in 22 portfolio companies that have utilized the funding portal to facilitate their offerings for which equity was received as a payment for services. And as Coreen mentioned, we added a 1% fee on equity raised by issuers this year and the funding portal earned securities from 30 clients as a result of that move. Looking forward and highlighting some of…

Thank you very much. We are now opening the floor for questions. [Operator Instructions] Your first question is coming from Chris Sakai of Singular Research. Chris, your line is live.

Hi, good morning. Just a question on portal fees and the growth there, what sort of initiatives are you doing to maintain and/or increase that growth?

Well, as we mentioned, it’s a function of the number of issuers on the platform and the success of those issuers. So, we’re continuing to do the things we always do, which is innovate in the ways in which we connect with new companies that would be a good fit for our platform. And in terms of individual raises, we’re learning from history at this point as to what it takes to be successful on our platforms, and ways in which you can engage in digital marketing activities and engage your community to become investors and owners and ambassadors for those companies. So, we expect to continue focusing on those efforts, so targeting newer and potentially bigger issuers, particularly as we move into the Reg A+ business and leveraging the learnings to date as to how to make any given issuer as successful as possible on the platform.

Okay, thanks. And then you mentioned the ATS platform. Do you have any sort of timeline as far as the progression there?

Yes, well, as I mentioned we announced the launch of the production -- in a production environment to a closed group of users. We expect to, as I think we said in that press release, to open that up to a broader group of users before the end of this year. But we obviously -- we’re doing something that no one else has done. We’re doing it in partnership with a great company, and that we just want to be careful and make sure that when we do open to everyone, that we provide the experience that folks will expect.

Okay, great. Thanks for the answers.

Thank you very much. [Operator Instructions] I am not seeing anyone else coming into queue. No, we don’t have anyone else in the queue at the moment. I will now hand back over to Coreen.

All right, thank you everyone for joining our call. We really appreciate your support. And we look forward to speaking with you all soon. Thank you.

Thank you all.

Thank you very much. This does conclude today’s conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.