Good day, ladies and gentlemen, and welcome to the Overstock.com Informational Webcast. At this time, all participants are in a listen-only mode. Today's question-and-answer session will be conducted via the web. If you would like to submit a question, please type your question at any time in the available text box located on the right-hand side of your screen and click on the submit button. If anyone should require operator assistance, please press star then zero on your touch-tone telephone. As a reminder, this call is being recorded. I would now like to introduce your host for today's conference, Seth Moore, Chief Strategy Officer for Overstock.com. Seth, please go ahead.
All right. This webcast may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. These statements are therefore entitled to protection of the safe harbor provisions of these laws. These forward-looking statements involve risks and uncertainties and relate to future events or our future financial or operating performance. These forward-looking statements are inherently difficult to predict. Actual results could differ materially for a variety of reasons. The forward-looking statements include all statements other than statements of historical fact and include all statements in the Form 8-K regarding GSR Capital, and also include statements in the Form 8-K and press release regarding GSR's retention of tZERO and any anticipated financial results of such retention.
The Form 10-K and our subsequent filings with the Securities and Exchange Commission identify important factors that could cause our actual results to differ materially from those contained in our projections, estimates, and other forward-looking statements. So with that, we want to thank everybody for joining. We know there was a lot of news out this morning, and so we look forward to helping you unpack it. And to do that, I'll turn things over to our CEO and Founder, Patrick Byrne.
Thank you, Seth, who's been working very hard on all these related matters. I'm going to start, just to be completely clear, by actually reading the 8-K on the advice of counsel. So there's no question about some things. That first, we want to lay out to you the status of our stock purchase agreement with GSR and our progress with GSR as the strategic partner. GSR Capital did not close the stock purchase transaction nor enter the definitive agreements expected on December 15th, as they had stipulated in their August 5th term sheet with Overstock and tZERO. Sonny Wu, who is a very fine gentleman from Hong Kong, the founder and chairman of GSR, which is a very noted, respected Asian investment firm, has personally informed me that they still intend to close this deal and is committed to this transaction and our partnership.
Mr. Wu tells me that a key partner, he tells us from a key partner from outside of China, needed more time, who showed up and wanted to participate in the deal. Given the four-month period from when our initial term sheets were signed with GSR, I'm, of course, as disappointed as anyone. Although it's uncertain whether the transaction with GSR will close at the same amounts we previously disclosed or at all, given this history, we have granted GSR an extension. By the way, after I read this, I will be elaborating and will be answering a bunch of questions. So this conference call is not just going to be reading a letter to you. This is what the lawyers want. We granted GSR the extension at its request until February 28th, 2009, to close the transaction.
We will continue to work with them in good faith during this extension because we value the work they have done, the significant due diligence and so forth, and the monumental potential of the partnership. Well, and the potential of our partnership, I'll be talking later in more detail. Why we're partnering with GSR? In the Q2 , we announced that we had a letter of intent from GSR, a significant Hong Kong firm to invest in our security token offering. They were interested in gaining a large see-through interest on tZERO economics and partnering to scale tZERO into major capital markets across Asia.
While our token issuance was bringing in plenty of capital to meet tZERO's needs to build its security token ecosystem and Digital Locate Receipt software, the combination of GSR's capital and its outstanding connections offered tZERO the ability to scale the most lucrative blockchain capital market outside of the U.S. In particular, GSR is well connected in the renewable energy and battery sectors and have a compelling vision for using tokenized smart contracts to automate the purchasing process and rare materials that industries use, such as cobalt. We think that tokenizing and providing an Asian exchange for cobalt and other rare minerals could be extraordinarily attractive. We are announcing separately today that GSR retained tZERO to tokenize the offering of hundreds of millions of dollars' worth of their cobalt, a cobalt mine they own in I can't say, sorry. Process with GSR to date.
As we move through the process of bringing GSR into tZERO's security token offering, GSR became interested in diversifying its investment in tZERO to include both tZERO and OSTK common equity. To achieve that, GSR signed a binding agreement to buy $30 million of our security tokens by May of 2019. They also signed a term sheet agreement to buy up to 18% of tZERO equity and 10% of OSTK common stock. This term sheet agreement called on the parties to finalize the transaction by December 15th, 2018, to give GSR ample time to complete due diligence and for all OSTK, tZERO, and GSR to prepare the strategic work together before they consummated their investment. GSR then proceeded to a due diligence period in which it studied our operations and team.
During that period, GSR also introduced tZERO to a number of potential business partners and customers in Hong Kong, Korea, Japan, and Singapore. Starting in November, GSR transitioned from due diligence to working with tZERO on a business partnership related to the cobalt offering and developing the definitive documents for the GSR investments. By December 14, all parties had incorporated each other's concerns in the documents to a largely satisfactory level when GSR contacted us and asked for an extension to allow a key partner in the cobalt initiative from outside of China to participate in the deal. Even though the partner in question is well known to us and will be a valuable part of our ecosystem, it is both frustrating to us and, as it is likely to you, that the delay came at the 11th hour and 59th minute.
Where that leaves us today, despite our concerns, which you doubtless share, we have decided to grant GSR the time requested to onboard this additional partner who we think will, in fact, be a highly valuable participant in the ecosystem. Additionally, in a display of commitment to our partnership, GSR signed a retainer agreement with tZERO to ensure the cobalt offering is not delayed by this extension on the investment. While we are appreciative of GSR's commitment and excited about the opportunity in cobalt and other rare earths, we do acknowledge to our shareholders that, given this history, one should not assume the arrival of GSR's investment until it arrives. Despite that fact, tZERO is well capitalized to pursue its planned initiatives. The security token offering we closed has left tZERO with sufficient runway, and the platform is progressing on schedule.
With the addition of the retainer from GSR, we'll be able to pursue the C\cobalt opportunity without drawing from capital for U.S. operations. While this is not the update we hope to share, we remain as enthusiastic as ever about the opportunity in front of us. The chance to tokenize up to $200 million worth of cobalt in 2019 as a way of entering the market for rare earths with Asian investors is one of the most exciting initiatives on the blockchain today. As we've said before, the business opportunities available in Asia through GSR and its partners remain a most exciting part of our relationship. I've made many mistakes over the last 19 years, but one mistake I will not make will be to underfund tZERO.
We are acutely aware of the interest in security tokens globally and even how, in the last two months, that interest is exploding in Asia. We've been here for four years getting everything ready. We released the world's first private blockchain security and public blockchain security. Last year, 2017, I felt the world detoured into ICOs, but we kept building for regulated securities. And in 2018, we conducted our highly successful security token offering. We are wrapping up development of the security token trading platform in the next couple of weeks and subject to finalizing regulatory review, which is, of course, our friends', I mean, all citizens' friends. The federal government always gets the last word. We plan to unveil it early to the world early in the new year. We are enthusiastic about the role GSR will play, but we believe we're prepared to be successful either way.
Now, with that, and I'm sorry about using up eight minutes to have you listen to me read something. Let me give you. I feel an obligation. And longtime listeners, I think, and investors know this. My obligation is to make sure you know everything I know within the bounds of not screwing up the business. And The Godfather, Robert Duvall, says, "The Godfather likes bad news early." I like to give bad news early. As soon as I think of this, what you're going to hear, what you're hearing, what you're going to hear are pebbles on a scale. My job is to be open kimono, show you the different pebbles, and let the market value them as they wish. The GSR deal, I want to tell you the background on this.
A year ago, I had people coming up to me at parties saying that they wanted in New York that they wanted to talk about investing at $400 million-$600 million valuations on tZERO. People in Asia started coming to me with unicorn and multi and unicorn plus valuations. It would have been imprudent not to listen to it. I'm as frustrated as anyone, and this is absolutely the-this is it. I'm as frustrated as anyone. We were supposed to close our-I'm just going to lay out the history. We were supposed to close our STO in June. What happened was that investors from Asia came and said, "Can you delay it two months?" Well, frankly, GSR wanted to come in. We delayed it till August.
They came in August and said, "Delay it four more months because we want to do this much bigger deal than just the STO." And we said yes. I thought I was on Wednesday. I was getting chewed out because I wasn't on the flight to Hong Kong for the signing ceremony. I thought everything - we found out about this Friday night. We got a phone call that said they need two more months, 12 hours, or actually within hours of what the actual signing was supposed to be. I'm as shocked as anyone. Mr. Wu, who's a very fine gentleman whom I have met - and let me tell you, they have spent - this isn't just - I mean, this isn't some schmuck. This is a very serious Hong Kong investment firm.
He has, on the phone, insisted to me his absolute commitment to getting this done and how enthusiastic and he's adamant to me. Now, I have to temper that with everything else I know that we've had that we delayed the June closing till August for them, and we delayed the August closing till now. They have asked for one more delay while they bring in this very significant investor that you'll hear about in a minute without, I think, hearing a name. But it's people who represent sovereign money and wealth funds and kind of stuff is the one really asking for this delay. It is certainly not my inclination to give it, but two things. Given the opportunity that they represent and the market they want to bring into cobalt, this cobalt thing, while lovely, is just a little tiny hors d'oeuvres.
Their hope is to open up. There's an enormous rare earth market in the world that we could open up with. So anyway, I have already said too much. But it would have been imprudent. Eventually, after much soul searching, I decided it would have been imprudent not to give them two months, and someone would have had every right to have a huge beef given the partner and the opportunity. However, this is the last slide, and I can tell you, the chairman, Sonny Wu, the chairman of GSR and founder, has given me his word that he's going to close this, so now you know everything I know on that, along with all the other facts around this. It's not like I'm keeping something for you. It's up to the market to value that as they want.
I'm going to move on and talk about a couple of other subjects quickly before bringing some in and hitting questions. Timing on sale. We did an investor's call in November. I very carefully laid out in that investor's call that I absolutely know that we need to separate the values of these businesses. It's getting all scrambled and counterproductive. No one has to convince me of that. At the outset, I said I thought we could do that this next December with a tax-free spinoff of tZERO, which would largely accomplish what we want to accomplish. At the outset, but in the meantime, we were trying to sell retail, which would also accomplish it, and that could happen much sooner in a matter of January or February.
So I committed to anyone listening to that call that between February and the end of the year, there will be some strategic unscrambling of all of this. I absolutely commit to that, and no one wants that more than me. That showed up in the Wall Street Journal as me committing, incidentally, to sell in February. Well, I mean, any of you can, I have no idea why I'm not committed to sell in February, but I'm committed to exactly what I said in the investor's call, which was between February and December, but it could happen as early as, it could happen as early as that.
Or most importantly, we've learned that the tax-free spinoff idea has some risk, and it has to do with really what a security token is and do we own 80% and this and that and what's the ontological status of a security token. But we've spent four years and $40 million discussing those kinds of subjects with all kinds of government officials and regulators and FINRA and this and that. I don't want to get into it with the IRS. So I don't think the tax-free spinoff thing is going to work, but I can commit that between January and December, there absolutely will be an unraveling and something strategic. And I'm committing, no one wants that more than me. I'm completely committed on that. As far as the retail business goes, I love the retail business. I love it.
We have a Porsche here, and by all kinds of measures, we can show we've got a Formula 1. What's happened is I've entered a Formula 1 and a tractor-pulling contest, and I thought I was going to do the standard internet thing and hit the afterburners for a bit and accelerate this year, well, our competition did the same thing, and they're going to lose $500 million-$600 million, and I'm in a tractor-pulling contest, and I got an F1. It's a mistake. Our technology is great. I absolutely know that this belongs in the hands of another kind of company where the technology can operate on a much vaster scale.
One of the things that kills me as a guy with my feet in economics is I see that there's, in the course of modeling this out for various purchasers, we see there's $200 million-$300 million that the company makes if it's part of the right kind of company. And the gods of economics want that to happen. And I pray to the gods of economics. And so I'm not arguing with them. I know that that's the right solution. So our job is to make the F1 as tuned and refined as it can be to get on with that. But I'm completely committed. I'd like to switch now to some good news, which is I'd like to talk to some. If there's one thing that I go to sleep worrying about, it's actually what people are missing. And people are missing something here.
It's not my job to sell you on security tokens and blockchain. If you don't believe in blockchain and security tokens, then no amount of talking about tZERO is going to make a difference. But if you think that blockchain and security tokens, if you get the monumental opportunity that I think that is, if you think it is, there's no one who's positioned to take advantage like tZERO. I don't think there's anyone. I think the world where I worry that people don't understand quite what we have is the world doesn't understand what we have in tZERO and how far built we are. Saum, why don't you expand?
Okay. Thanks, Patrick. Yeah. I'm still not sure the world realizes how big this opportunity is. But we're obviously, look, we're obviously excited about the opportunity to partner with GSR, both on tokenizing cobalt and other commodities, but as well as the international expansion opportunities that they could bring us to other exchanges. But I would say primarily tZERO is focused on executing on its product vision. So I'm happy to report, and I think Patrick mentioned it in his letter, that our trading platform is wrapping up its product development, and we're ahead of schedule. It's actually wrapping up this week. We're also aiming to trade our own token early next week, as the letter said. And obviously, that's subject to.
Early next week or early next year you mean?
Sorry. Early next year. But obviously, that's subject to concluding our ongoing regulatory dialogue, which is in progress. And that's leveraging our ATS. And so that's where we are with our own trading platform.
As far as our BOX JV, our joint venture with the Boston Options Exchange, they have drafted a rulebook and are in discussions with the SEC staff right now. And so this will be the first national exchange for security tokens of public companies. And we're tentatively aiming for late Q2 to launch that platform. On the issuance side, which is where the deal flow comes into this platform, we're building out a pipeline of both public and private companies. And they're from a variety of sectors: technology, healthcare, biotech, clean energy, digital marketing, and even food and beverages. So we're working on, and these are companies that want to do token offerings to raise capital, which would then move into secondary trading on our exchange or ATS.
And in addition, we're working with funds both in private equity and venture capital because another opportunity for this, as the world becomes tokenized, and if you buy into that, private equity, real estate, art, many things are going to be tokenized. And we're starting discussion with venture capital and private equity firms for that process. So that's kind of the state of the union for tZERO. Patrick or Seth?
Sure. Well, lastly, I wanted to mention retail. Retail, as Mark Twain said, "Reports of my death are greatly exaggerated." Retail had a terrible first half of the year. Part of that is what's going on in the marketplace. But part of that is I decided to hit the afterburners. I decided to see what happens if we lose a bunch of money and accelerate.
It wasn't a good idea because one of the things that happened is our main competitor did the same. I'm taking a knife to a gunfight to try to, even if I can do it for a quarter of the money, trying to accelerate against somebody who's losing $500-$600 million is, like I say, it's entering an F1 and a tractor-pulling contest. Seth has had the majority. I'm going to close on this note and then turn to Seth, who's got a bunch of questions in front of him. Seth has had the majority of the interactions and management of this. But I can say I have spoken to Sonny Wu, the chairman of GSR, on Friday night when this came down and shocked us out of our shoes. He's very apologetic. He knows. He apologized for the situation this has put us in.
But he's told me that I have his word that he's absolutely committed to this. Now, I'm telling you that only so all the pebbles on both sides of the scales are out. He's telling me that. I can't tell you. I can tell you he's told me that, and I can tell you this is coming from a company that has already asked for two delays. There won't be a delay after this February 28th, and we are readjusting all our plans. We can make it work without them, and there are other people who are talking to us and such, but this would be a tremendous partner. It would have been imprudent, is basically what I felt like. I would have been a hothead to, given what he said to me, not to give him this extension, and so now you really do know what I know.
Seth, what do you have to say? You've been dealing running this.
Great. I'll frame some of it in the form of some questions that came in, and then we'll go to covering questions. One of the questions was, "Why the length of the extension?" The answer on that is primarily just because of the risk associated with doing business in China and Asia during this time of year. Having come from the supply chain world on the retail side of the business, I know if you want to get goods for the Q1 , you have to get them in December. You can't get them in January or February because with Chinese New Year and Spring Festival, everything shuts down. Even if a firm is working, their accountants won't be working or their lawyers won't be working.
It just becomes extremely painful to operate and get anything done in the month of January in China or Singapore or the Philippines during this time of year. Another question related to what Patrick just asked, and it's the one primary one on retail. It says, "It would be nice to know what shareholders will receive in the new blockchain company when the retail business has been sold." I can explain what that structure looks like. There's some flexibility in terms of structure and how this is being looked at. The likely outcome is that post-sale, the retail assets will be separated from the company and sold to an acquirer. That will leave the blockchain businesses within Medici, including tZERO, and a significant amount of cash.
That cash, some will be returned to shareholders in some format through a tender or dividend, and some will be retained in order to fund the ongoing business activities of the blockchain side of the business. Although if you're a shareholder today, you will continue to be a shareholder in our blockchain assets to come. If you love tZERO, the sale of the retail business will not take tZERO away from you.
Yeah. In a perfect world, what we would be able to do would be to spin these assets. Listen, it occupies my mind 12 hours a day. If we got it retail where it belongs, which really is, I mean, it's become so clear through this process how much value it brings to if it's part of the right kind of company, it's become clear to both sides that we should do that.
Although we have to always run it as if we don't depend on that, and incidentally, that's what we are doing. We structure the company and expenses and everything around what we have to do. No one's been around. No one's more fascistic on that than we are, and that's why we're here without all the help our competitors have gotten from. But I would say, on and again, I want to emphasize, we want to run this. We want to run the business as if we don't need to sell and so forth. Anyway, Seth, I was jumping in on you. Go ahead.
That's all right. There's now a block of questions. How is the health of tZERO? What does tZERO's funding situation look like pre-other investments coming in? And what is tZERO's cash situation without a GSR deal?
Okay the tZERO w ithout a GSR deal, well, first of all, with no other situation, it's got. Seth, do you want to answer that first of all?
Patrick, I can comment. I would say we have sufficient runway from our own offering. We have other players that are actually interested in investing in the business. And then kind of the backup, backup to that. And I don't know if we want to share publicly, but the deal we've discussed.
Yeah. We don't have to. I've told some. This is all about speed. I mean, here we built Overstock on $160 million, and nobody cared how little capital and everything we used. I want tZERO. We see this as an unbelievable, people, tens of billions of dollar opportunity. So I don't want him, and I've told him for nine months, it's about getting these products built and done, not fantasizing.
The whole world has been fantasizing about this stuff. We're actually knocking things down. And believe me, every matter is tough because everything is new. And I talked to 18 government people about it. And we're carving out a whole new capital market. I thought it was going to be really tough, but it's twice as hard as I thought it was going to be. We have cash. We have another deal with Saum. So he's got between the cash he's got in the bank today and some other little things we're doing, he's got cash to last through 2019-ish, through most of 2019. But on top of that, there's a backstop. We're going to fund at Overstock's level. Now, tZERO is burning about $2 million-$2.5 million a month.
It's got somewhere high teens in it once all the shell games and the things are closed and done, but more importantly, what I have said is Saum is just to continue building without worrying about, I mean, he doesn't waste a dollar, but building full speed ahead, and any money we put in will go, there's a standard deal I always see in Silicon Valley where companies do a bridge loan that goes into a company and says, "You keep looking for outside capital to raise, and when you raise it, our money will convert at that price with a 20% kicker," and I'm very happy for Overstock to fund tZERO on that basis going forward. Even without that, it's pretty clear they get through 2019, even without that kind of backstop or maybe a little bit later in the year.
But at the same time, Saum's introducing the products in Q1. We actually have products coming into the world. Our DLR product has had an exclusive of some kind that is coming out from underneath exclusive in another couple of months. And Saum's got some of the best people I know building on that product. So we intend to be entering products into the world in Q1. So all of these cash stories, even though that cash story I just told you is acceptable, even without any new investment, he's got the cash to get through quite some time. And then when you count quite through much of 2019, and then when you count us backstopping them, it's no problem at all. But in addition, he's going to start having revenue. Now, the DLR product, which is now doing a $1.2 million rate up from nothing. Well, I'm sure. Okay.
Anyway, go ahead. What else, Seth?
All right. So a couple of questions about GSR. First, what is the closure of GSR Ventures transactions, or why is the closure of GSR Ventures transaction dependent on an unnamed third party? That party is a party with significant influence to bring to bear in our efforts to build out this cobalt offering and other future offerings of a similar ilk. And they will be a very instrumental strategic investor. Like most investors, until they're signed on an investment, they don't want to be named. And so they will remain unnamed until they're ready. But we know them, and they are very valuable. And GSR wants to bring them in in parallel with them. And so that's why it's waiting on them.
And they have money from two sovereign wealth funds, we can say, but we can't say who.
Next, in August, concurrent with the GSR letter, there was mention of additional investment partners with interest in investing along the same terms as GSR and asking about them. Some of those are working with GSR as limited partners. There are others unrelated to GSR that we are speaking with now as well. And those relationships are not codependent.
Yes. American. And they're in our data room now. I mean, very significant American names.
If GSR doesn't close by Q1 2019, will the token sale to GSR still go through? The answer on that is yes. We've already signed a definitive agreement on that token sale.
For $30 million.
It's unrelated to these other two. Additionally, was GSR offered a discount on their $30 million in security tokens? They have the 6.67 rate, which is the same rate that other large investors doing high volumes similar to theirs received on their tokens. And then lastly, is GSR still buying shares given where shares are trading? The answer on that one is we discussed this on our last investor day. We are working to accommodate GSR's interest without being highly dilutive to the shareholders. That we had originally envisioned a 3 million share purchase. At these values, we don't want to sell 3 million shares because we don't think that kind of dilution is worth it. And GSR's interest is really in see-through interest on tZERO.
However, there's, of course, caps on what their direct interest can be at tZERO. And so that's the equation Seth is balancing.
So what could the economic benefits of a $200 million cobalt offering look like to tZERO?
We're still working through all of the structuring around the offering. Part of the challenge in modeling these transactions, just as part of the problem in trying to model a private company issuing a security token, is that the markets as they exist today are so illiquid for these types of transactions that the sheer cost of transaction squelches volume. If you think of the example of a private security, you end up paying so much in compliance and legal fees to buy a private security today that it destroys the liquidity and movement in the market. And as a result, means there aren't significant volumes to generate revenues in a market like this. Because the nature of security tokens automates away those compliance and transaction costs, it means you also boost liquidity and trade volume. And we believe the same thing is true here.
But until we take the first ones out and see how much secondary transaction and exactly what kind of trading volume exists on these entities, as well as what the basic issuance fees play out like, it's difficult for us at this time to give you an exact model on how to value that. Are there other commodities that you're looking to tokenize after cobalt? The idea behind this is that it's not unique to cobalt. cobalt is a great first test case. Like with many other things, in the public versus private security token concept, the public markets already have some liquidity. The private markets don't. And so that's an easy place to start. Likewise, the kinds of minerals and assets that are rare and high in value but also have low liquidity in the world today are the ones where there's most need and most exposure.
It's a great place to start in this process.
The market size of rare earths is
Absolutely massive. Finally, does the GSR-signed retainer agreement with tZERO include a cash retainer component? The answer is yes. The questioner also asks how much. We can't share that. The agreement is confidential. It's a nice retainer to cover the cost of executing on this vision and building out these smart token contracts. Somebody asks, "Are you concerned that you're letting GSR have exposure to your tech before they commit to tZERO long-term?" Our work with GSR has been basic diligence work. On this token is a token issuance process in the same way that listing your stock on Nasdaq doesn't give you access to Nasdaq's technology. What we're doing with them isn't giving them our code or anything.
And so we're working with them as a client on this project. And in the future, as they close their transactions, we will be working with them still as a client, but also as a much deeper partner in this process.
May I mention as a follow-up on that, Seth, that in terms of their due diligence, they have a real, who's their law firm? Can we say? I don't think we can say. Okay. Okay. They have a real law firm. A real law firm. They've spent close to us like $1 million-$2 million or some large amount. I mean, they're all over us. And they have our people fly to Hong Kong and Spain and all over the, I mean, these don't seem like guys who are just jerking around. And they seem like guys who have cut big deals and done big deals before. I find this distressing.
And like I said, I normally would never have actually given this, but given the situation and given Mr. Wu's conversation with me Friday night, I felt I had to. I thought I should. He's a real gentleman. And he gave me his word that he's committed to this and going to do it. But I feel I can only repeat that and temper it with everything else that we've talked about. Seth, have you gotten through all your questions?
That's all of these questions. I'm looking to see if there's any non-duplicative ones.
And of course, all of this becomes moot should we, in fact, close a deal with an acquirer of some kind? Okay. Seth, if there be no more questions? All right. Do you have any?
No, I don't think so.
Anything duplicative? Yeah. Saum, do you have anything you wish to add? Yeah.
Just to close, I would say we'd love to have GSR as a partner. And we're looking forward to it. But our roadmap is really clear. And so it's just about executing against that. And that's what we're doing.
And I don't know anyone who's ever put out their product roadmap to public inspection like you did four months ago, Saum. But he is delivering on time or ahead of time. And if somebody wants to go look those up, this weekend was code complete. And I know developers never like to really think things are complete. But we actually were good on the technology.
We locked it down.
We locked it down. Okay. That's that. My obligation is to be able to. I'm not here to give happy talk and to say, "Oh, everything's great," when it's not and so forth.
Those of you who've known me for a decade or more know I really do just try to get the world so the market knows what I know to the extent that I'm not screwing up something confidential. The market knows what I know now. And I thank you for being patient. And I like working for you. Good day.
Thank you.
Ladies and gentlemen, thank you for participating in today's conference. This does conclude today's program. You may all disconnect. Everyone, have a great day.