Automated Transcript of Charging Ahead Presentation

Hello and welcome to Charging Ahead. It's our special presentation for investors and potential investors and all of our customers of MAGFAST. If you are a regular investor, you may find that what's coming up is, is a little bit unusual. Um, it's what we call a, a long form presentation, a webinar, uh, if you like. And, um, it's a format. That we have used very successfully over the last few years to bring in millions and millions and millions of dollars in sales and investments. So even if it isn't something that you're kind of used to, um, I think you'll find it very instructive about the way that we do business at MAGFAST.

So welcome to you, whoever you are, wherever you are in the world. My name is Seymour Segnit. I'm the founder, the CEO. Uh, we are based in North America, uh, but we now have our team and customers spread across. I think that's something like 67 countries all around the world. In fact, let's bring a couple of our key team  members in, uh, right now.

Uh, Kate Kinard and Rex Northam. 

Great to see you. Thank you for having us here today, Seymour.

Hi! 

If you've been with us for a while, you know both of these folks. Uh, Kate Kennard is, uh, my co host. Uh, she's our project lead on all of the stuff we do here at MAGFAST. Uh, uh, Rex and I have worked together for decades he's our Special Projects Director. So when something's really important, he's right there at the forefront of it. Thank you for joining us again, Rex. And what I'm hoping you guys can do is, we'll talk about this, there's chat here. I'm hoping you guys will start collecting some of the questions in chat. Chat, I should just explain, is being recorded. Uh, manned, uh, both by, uh, Rex and Kate, but also by Maggie, uh, who's our new kind of AI chat person. Uh, and Maggie's no slouch, right guys? I mean, we've been, we've been, uh, we, we, we tuned her in, programmed her a few months ago, uh, and she comes up with some pretty great answers.

What was, can we just bring up on the screen that one we had the other day? Um. This lady said, we have nine kids. This is in chat, right? So she said, this is in chat, she said, we have nine kids. Everyone has at least a tablet and most have phones too, plus several laptops, Bluetooth speakers, and earbuds. And Maggie says, for real, this is a real reply that we cut and pasted onto the screen Wow, Anna, sounds like you have a big tech savvy family with all those devices. Lux charging cables can definitely keep them all powered up. So whether it's charging your tablets, your phones, your laptops, or even RC car remotes and drones, Lux has got you covered. Round of applause, I think, because Rex was the lead on, um, on putting the MAGI project together. And MAGI is now programmed to also answer questions about what we're talking about today.

All right, so are you guys going to stand by? Gather together some questions. Rex, I'm going to pull you in when we talk about the, um, the kind of new business section a little bit later on, and Kate will have you in for the Q& A. Is that cool?

Yep, sounds good.

We'll be here for it. 

Brilliant. All right. Thank you. If you're watching at home or wherever you are, please just say hello to the team and to Maggie in chat right now.

Huge thank you, uh, as I say to all of our customers, investors, the team who are here and have made today possible. All right. So coming up, uh, I'm going to give you a little bit of background and then we'll do a quick word about, uh, Uh, one simple, stunning, world class product that we're shipping today. I'd literally love to get you a free sample so you can literally feel the difference in our approach to, uh, to products.

And also just as a little thank you for attending. So stand by, uh, for that. Um, MAGFAST operates at the, kind of, at the intersection of Iconic design and world class function. We want things that are really beautiful and just function absolutely beautiful. Um, we do this today in the cables business, uh, in the charges business, although we're reinventing our business there. And now we're going to be moving into the next level, into the software business, in the way that those software and services interact with the charges. It's pretty exciting. You're going to hear more about it this morning. Then we'll move on and hint at what's coming in the next phase of MAGFAST, including our second generation connector. MAGFAST is a portmanteau of magnetic and fast. Magnetic and fast. We have a first generation. We're now moving into our second generation. I want to tell you about that and I will reveal what it is about the sprinkly donut that you might've seen in the invitations to this show, and why it is that our. Patent pending work on the center of the doughnut could just be the future of charging. I'm going to show you a 16 billion dollar market that you're already in and you don't even know about it. Uh, plus we have a, uh, an internet legend, a mystery guest is going to be joining us a little bit later on. And then, uh, finally, We're gonna talk about the opportunity to invest.

It's not for everyone. We'll go through all of that. Um, but I would like you to just write down, if you will, please this code, invest 5,000. Just make a, scribble it down back. We'll give this to you again later, but write down, invest, uh, 5,000 because with that code, uh, we can get you a special investor gift A little bit later on. Uh, plus Kate is gonna give us an update on our, uh, green initiative. We've been planting trees for a few years now, and that's going incredibly well. And then as you heard, we're gonna come back for a queue and. Alright, so there are still people filing in at the moment. I'm just going to quickly give you a little bit of my background, how I got here. Despite this funny accent, I'm actually an American citizen. I live here in New York, about an hour north of Manhattan. But yeah, I grew up <and went to school in England. I studied engineering at Oxford University. Pretty good sort of natural talent for engineering. Not a very diligent student, and I used to drive my Tutsis crazy.

In fact, when I left Oxford, I wound up going into advertising, working for two of the biggest agencies at the time, Ogilvy and Saatchi in London. From there, bizarrely, I wound up working, uh, on the radio as a presenter, a disc jockey even, uh, for three or four years. And I wound up at, uh, 95. 8 Capital FM, uh, at the time Europe's, uh, Largest commercial radio station.

And I think somewhere we have, can we, guys, can we just bring this on? Here's my old, uh, here's my old promo card back in the day. If you walked into the lobby of the station, you could get a card like this for free. Um, and now you can buy them online. You can actually buy the damn things on eBay, 20 bucks. Um, I then, uh, went back into, into marketing. I was the creative, uh, director of an agency that did, uh, Large scale presentations for Coca Cola. I was involved in the launch of a Virgin Atlantic service from London to Johannesburg in South Africa. And as all of this was going on, I got involved with a UK based software company, which took me to California, where I worked with a bunch of different startups and learned, I think, some really Critical Business Skills. One of which brought me across to the other coast here to the Hudson Valley, uh, here in New York where I met a girl, uh, married my sweetheart, uh, Amy, uh, right here by the Hudson River. It's just, uh, just half a mile behind, behind me here. Uh, in no time we had a baby, a beautiful, very funny baby. Uh, we called her Hudson.

Here she is in front of the river on her first birthday. And here she is, uh, a couple of months ago, um, age 10. 17. They really do grow up just in insane, insane speed. So, uh, here's Amy and I in front of, uh, in front of our house. And actually it was the, it was, uh, our stewardship of this house that led us into the charging business in the first place.

Uh, have you ever done one of those big kind of efforts to, uh, what's her name? Um, Marie Kondo, you know, get your home all organized, you know, keep only the things that spark joy. Well, as we were going through the piles and piles of stuff that didn't spark joy, one of the things we wanted to do was to get organized in terms of charging because, uh, because already this is a few years ago, but already everybody was getting all these different devices. And we thought we wanted to get organized in terms of charging. And we purchased all kinds of different ones and so on. And one day we came up with an idea for a charger. And I actually found, uh, just recently, I was in the basement and I found the original. This is the original prototype. You can see it's just made out of kind of glue and stuff.

I've just got a cable stuck in the back. But this you, you, you would plug into one of your outlets and you can see I, look, I stuck a sticky label on the front. The thing I was using only had one outlet. So I drew another one on here and we put a mount for your phone on the top. And incredibly, hope this is going to work. This is a decade old. It still works. The first prototype that I made with these bare hands and a drill and some glue in the basement. we went on to show this to the public. This was in the era of Kickstarter and Indiegogo.

We actually put it on the big screen. Indiegogo raised almost 650, 000 at the time. It was one of the most successful crowdfunding campaigns on Indiegogo, one of the most successful of all time. For a while, I think it was even the all time number one crowdfunded mobile accessory, which is something. And off of the back of that, incredibly, I got invited to speak about crowdfunding at an entrepreneur's retreat hosted by billionaire Richard Branson, the founder of, you know, of all of the Virgin companies, uh, right on NECA, his private island, which is kind of as amazing as you're thinking, uh, it might be.

Here's, uh, here's one of our kind of study groups or one of our brainstorming groups. There's, there's Richard, uh, on the microphone in front of the screen there. And, uh, there's There's me. No? Insufficient evidence? Well, what about this then? Dancing around the campfire, uh, after getting a little too much into the spirit of things, uh, late one night, um, but it was really, truly, a truly remarkable experience.

Very, very humbling, uh, to meet Richard and, and his, his team. And there was the most extraordinary lesson, which I still, still say to people today is, uh, he was very unafraid to ask extremely simple questions. If you're doing a presentation, a lot of people feel like they have to, whatever question they're Ask has to make them look really intelligent.

And he was happy to ask very, very, very simple questions, which I found very striking from one of the most successful business people kind of on the, on the planet. Anyway, uh, that invention went on to ship over a quarter of a million units. The quality was so good. People still say me that they still tell me that they use them every day today.

The trouble was that in late. That business grew so quickly. It was about 400%, I think, in two months at one point. Had the classic cashflow problems when things grow too quickly and the company isn't ready for it. And so we wound up losing the company that made 2016 a very, very painful year indeed. I think until recently, probably the toughest thing that I've ever experienced in certainly in, in, in, in business, but, um, After that, uh, I and some of the members of that old team picked ourselves up, dusted ourselves off, um, we put together the ideas for MAGFAST because we felt, we'd learnt enough that we still felt there was a big opportunity to change charging for good. A lot of people love their phones, very few people love their chargers, we thought what if we could create chargers that people, that people love. So we did an initial test launch to see if anyone would like it. I think it was at noon, midday, after a bunch of intensive work. It was incredibly exciting. We invited an email list. I forget the exact number, but we got an email list of tens of thousands of people to be there. And we figured, look, if If just eight or nine hundred folks make the decision to jump in and join us today, then the whole project would be a go. And we also stood in the control room. I'm very proud to say everyone who was there on that day is still with the team today. We were there in the control room, This great feeling of excitement. And I don't know if you know Google Analytics, um, but it has this way of showing you how many people are on your website at once, and we were watching the numbers and the numbers were really, really bad. And we thought, Oh my goodness, this, this, this, uh, this whole game is going to be, is going to be over. Uh, but then. Just about 35 minutes in, something truly amazing happened. Um, it turns out that Google Analytics was only showing the people, like, it kind of forgets people are there if they've been just still and watching for more than, uh, more than a few minutes. So it turned out Google's analytics numbers were wrong. Uh, and we had the counter showing us the total as folks jumped in to back us. Um, we opened up for the first time. It just started to grow really, really, really fast. And suddenly from zero, it started to climb and climb. Incredible. One of the most remarkable experiences of my life, actually. Can you imagine the feeling of excitement going from basically thinking, um, that your business is over before it's even started to raising a quarter of a million dollars in just the first 15 minutes.

It was truly incredible and went on to raise 600. I think it was 623 in just the 12 hours. And I know that many of the folks who were watching that day, uh, certainly the team, uh, are here today. Uh, so thank you. Thank you to the team and to those original backers for making this all possible. Now, I do have a confession for you. Um, the business got off quickly like that, but the technical challenges of producing those early charges were legion And we, I should say I, uh, picked the wrong partners originally and we had, uh, real challenges, uh, finishing and then shipping out all of those products. In part, Uh, and people say, Oh, you know, COVID, that didn't help, but the real reason was we were, we were absolutely, as I said, picked the wrong partner, but we were just committed to having truly outstanding and different products. Um, some of the challenges that came from getting, from this very extended development process, uh, you know, we lost opportunities. We certainly lost the faith of some of those early customers and it slowed down innovation, uh, tremendously. It cost a lot of money. It cost a lot of money in customer care who've been incredible and legion, and we had to return some of the money in refunds and so on. So very, very, uh, challenging even so to the, to this day. Uh, we've got. 9 percent of the reviews online are not great, but 91 percent of them are still terrific, which I think shows the strength of the core ideas and the core values of the company and of the people who've been supporting us and following us. So one of the changes that we've made is that we now only offer for sale, stuff that is in stock. Part of the problem was that we were showing people ideas before and crowdfunding them. And when the, uh, when the development process goes slow, that can be very, very difficult. Customers become kind of understandably agitated.

So we now only sell what's actually in stock. Um, and the reputation for those products is fantastic. Uh, his one came in from Patricia, Patricia Durr. She said, honestly, It was worth the wait. As this is a long review, by the way, I've just edited it here for you. She says, I can honestly say MAGFAST was worth the wait. Charges faster than any other product I've ever used. Keep up the great work. Seymour, she called me out. Thank you. And the team. Uh, she's one of almost 5, 000 customers who've also decided to go ahead and become an investor in the, in the company. So thank you so much, Patricia. Uh, here's another one. Bottom line, I'm thrilled with MAGFAST.

This is Jerry, uh, five stars on Trustpilot. It says, the vision, the passion, attention to quality, safety, customer support, and perseverance. Uh, yeah, nothing is not perseverance, is a welcome thrill. Thank you so much, Jerry. So, MAGFAST is, is just all about creating products that are delightful. If the product isn't delightful, uh, we don't want to be, we don't want to be making it.

Uh, and the, uh, the newer products. With different development partners, we really feel that we have achieved that. I want to talk today about one of them, just to give you a little feel for the amount of care and detail. The new products we're developing, I'm going to hint at them, but this is going to show you the care and the passion that has gone into a product that we're shipping today. So This is MAGFAST Lux. And just look at it. It's gorgeous. And it just feels so great to own. It's like a, like a favorite pair of shoes or a beautiful shirt or a kitchen knife. I'm holding it in my hand now, and it's difficult to describe just on a kind of on a stream video like this, but the soft touch and the feel, even the way the cable, moves is truly incredible. This is a patent pending, uh, design. We launched it on Indiegogo. I did half a million dollars on the very first day on Indiegogo, and it is now America's highest rated smartphone cable. Couple of reviews. Here's, uh, Mario, Marie. Verified purchase review on Amazon. She says, super fast charging. So I finally took the plunge and ordered this cord, and it easily blows all others out of the water. She says, if there's so much thought gone into this simplest item, I can't wait to see :the rest. Someone else said, the Rolls Royce of charging cables. Thank you, we agree. And I love this one from, uh, Kyle, he says, :this is the one, says this cable surely is the greatest one I've ever had. And he said, I have eight years of cell phone sales under my belt. So working with cables and cell phones every single day for eight years at both Verizon and AT& T, and I've never seen a better cable. So how is it possible, um, that, uh, that, that a cable could be sort of so, so very different? We're operating at the premium end of the market, uh, and I said, aiming for this magical experience. So just how different can a cable be? Well, it turns out very, very different indeed. Let's take a look. So first of all, here it is, this gorgeous patent pending design. Comes with a lifetime warranty. And this beautiful, silky, luxury feel. Customers describe it as buttery soft and super smooth, and soft touch feels awesome, and silky and supple but durable. And it also has this great quality, which it has, in the best sense of the word, a very poor memory. Okay, which means that it has no kinks. Let me just pull up, um, one of our competitors. So this is another, another premium cable here from a very well known brand. I want you to see how it behaves. I'm just going to crunch it up, and when I let go of it, it kind of stays all kinked up like that.

I mean, I can pull it apart, But it defaults to staying crunched up. MAGFAST Lux has this beautiful silky feel to it, but also just the way the cable, you can probably see it's sort of flowing like silk as I'm handling it. But as I crunch it up like this, look what happens. It just opens out again and it's all smooth and beautiful.

And we do this with some pretty amazing cable technology. Most cables are stiff because the individual strands that go through them kind of rub against each other, like, like they stick, they stick to each other. But we've worked with a top cable supplier and we've infused it with graphene and Teflon.

Yeah, Teflon! Like the same as the pans. How does the Teflon stick to the pan? Nobody knows. But I will tell you that when you put it in a cable, it allows the individual elements to flow against one another inside, and that's how we get that beautiful, silky feel. There's another facet of the design that helps to make them more durable, which is this long neck here that gives incredible stress relief. And that, combined with the cable, allows us to get up to 25, 000 bends. Certified to 25, 000 bends. And we put it on a machine like this. Um, this is kind of an animation. We call it the MAGFAST BEND O MATIC 25, 000. But yeah, uh, we, we run a machine like this and it goes up to 25, uh, 25, 000 bends. Uh, the USB C tips are Gold flash, gold plated. They look just incredible for the ultimate connection. And from an electronics point of view, uh, we're changing charging for good with PD power delivery.

This is the industry standard used by the best premium brands like MAGFAST. Again, customers are just loving the speed of the charge. Many reviewers, they're saying it's ridiculously fast, lightning fast. Charge my phone at least twice as fast. Um, and commenting. Just an excellent job with our fast charging. So the cable is really fast. Of course, it can only charge as fast as the charger in use and the device that's in use, um, but it's, it's terrific. Now, What a lot of people are still doing is using, uh, these kind of, uh, outlets and chargers that they have around their home.

They've got the old USB A outlet on it. Your house is probably full of them, uh, bricks like this, and outlets. You might even have something like this in your car, and certainly out and about in public places, uh, like coffee shops and so on, uh, libraries, all kinds of different, different places, uh, have this.

So we've developed. This gorgeous, premium, custom designed USB A adapter. Uh, we ship one with every single cable that you will, uh, purchase. You can buy cheap adapters that do this on Amazon, but they tend to be kind of ugly and wobbly. This thing is absolutely, uh, gorgeous. Uh, and then you can use it in the hotels and libraries, coffee shops, airports, anywhere that there's one of those old outlets. Because it's going to take years, decades probably, for them all to flush out and switch to the new, the new USB C. So custom USB A adapter is included. Free. Uh, remember it's using the older technology, so you're not going to get the highest performance when you're using the adapter because you're adapting to an older, slower technology. Um, but it's included and customers love it. The other thing we've worked on is the world has a real problem with counterfeits now. Uh, countless cables are counterfeit. Uh, so we put together A program, uh, we're calling counterfeit lux, mission Impossible. Uh, and it works like, uh, this, you see this number, uh, right there on the cable. It's actually unique. It's not sequential. It's unique on every single cable. There's over a billion combinations. So essentially it's impossible for a counterfeiter to predict which numbers are in use. Uh, to check its authenticity. You just type the URL into any browser and you see, you just type it in.

Mag plus.com/lux/ what's this one? Uh, T 3 7 5, uh, N four. And you'll see something like this pop right up on your phone. We call it our fingerprint security. And it then gives you lots of options, both if you're the owner, you can, if you just purchased it, you can register the cable. But we also include a free lost and found service.

If someone else finds your cable and types it in, we'll help to reunite the owner with the cable. Also comes in this just gorgeous, beautiful packaging. It's absolutely perfect for gifting. Someone said the other day, uh, By the way, this is the, they typed this in uppercase, not us. Um, she says the best gift ever, the appearance and the quality, the length. She loves the length. We do six foot, which is just for some reason is longer than normal and everybody just loves the length. So amazing. I absolutely love it. And she says in you, Will too. And so, as I said, the reason that I think Lux has been so successful is because there's this extremely high quality and the packaging means that it's perfect for gifting.

Which of the average customer today, the average, average customer I think is buying closer to 10, but the average for all time is, um, is five cables, which is quite a trick from a, from a business point of view. But here's why. Let's compare it with that, um, uh, with that other premium cable I showed you earlier, earlier on. Uh, both have this fast PD power delivery. As I say, it's a premium cable I was showing you there. Both fully, uh, fully certified, but the other guys don't include the USB A adapter. They don't have this beautiful, smooth, iconic patent pending design. They're not using the smooth silicone, they're not tangle free, they're not gold plated, they don't have fingerprint anti counterfeit, and they don't have the gorgeous packaging that's perfect for gifting.

So, uh, as you can tell, I'm still, uh, pretty enthusiastic about this product. Um, let's just show a few more, uh, of folks, um, of folks comments online about it. Uh, what we thought we would do As I say, just to say thank you to you, uh, for coming here, is to let you get one of these cables in your hand, uh, for free, by all means.

In fact, please buy some more at the same time. As soon as you get this, you're going to want to, uh, to give the others as gifts. So, uh, we're going to give you a link a little bit later on that's going to take you, uh, to a page where you can buy, I think you can get now a set of 10 of them. That's a few dollars, but you get 10 of them.

We'll actually give you. Gift bags and all this other than the other because it's perfect for, uh, for, you know, for any, um, any kind of occasion. Uh, and what you're going to want for that at checkout, you're going to use the code that I gave you earlier, INVEST5000. Okay, INVEST5000, apply it at checkout, uh, you'll get, you'll get one for free. Some people of course will just do that, but I think you would like to get more than that and pick some more up to give them as, uh, as gifts. And, uh, if you're thinking about investing, if you're interested in the business side of this, when, uh, when you look at that checkout flow, uh, we're getting average orders, this is a 37 product. We're getting average order values of over 200 when selling a 37 product, uh, using the checkout flow that you're going to see. It's quite. It's quite a trick. So that's Lux. We've been doing Lux for a couple of years now, and we recently announced that it's time to take Lux to the next level. Looks like this. The new Lux Pro looks like this. And It's a doozy. This is a game changing product. We've had to do a redesign because there's different electronics inside, but still kept these beautiful curved shapes. And the technical specification of New Lux Pro, right, which isn't shipping yet, The offer I just gave you is for the existing Lux, which you're going to love.

But when Lux Pro comes, you want to get some of these in your hands as well. Let me show you why. First of all, uh, a total of 240 watts. That's 300 percent more power than most of, uh, uh, than most of the existing, existing cables. 240 watts. That's, uh, enough. For the hungriest laptops, most of these, uh, the laptops that use higher power. They haven't even moved over to USB C yet. They're still using a barrel connector. Uh, but Lux Pro is ready for them, uh, when they come. Um, and it also has lightning data speed as well, uh, 10 gigabits per second. Uh, that is 20 times faster, uh, than regular Lux. So it's, it's a screamer, uh, provided that your equipment can handle it.

The cable can download an HD movie in four seconds or less. Four seconds or less for an entire HD movie. And you can use this thing for absolutely everything. Guaranteed for all your devices with high resolution screens, all modern cameras, and action cameras, and game controllers, and hard drives, and desktop hubs, and drones, and virtual reality, and augmented reality headsets.

Absolutely everything. This is truly the everything you need. Everywhere, all at once. Cable. We're super proud of it. It's absolutely fantastic. And in fact, I am, uh, I'll show you one. I've got two in the room here. This is, uh, this is a pre production, pre production copy. We're still working on some of the, you know, some of the small, uh, small details.

But I have another one of these plugged in right now. Let me show you what my laptop used to be like when I did these presentations. It used to look like that, as you can see, with like four different cables plugged in, and now if we can just do a live shot, you can see the laptop that I have here right now with just the one single cable going in the side, delivering all the power I need, Gigabit Ethernet, a high definition studio camera, high definition monitor.

It's not even breaking a sweat. I mean, I'm using a fraction of its ability, and it's just, it's just brilliant. Lux Pro is going to ship, in four absolutely gorgeous, uh, gorgeous colours. Just, just look at these. Okay, Alpine White, Sea Foam Green, which happens to be, uh, happens to be Kate's favourite. Candy Pink, that happens to be my favourite because I'm very confident in my masculinity. Uh, Sunshine Yellow, uh, and Juicy Orange. And these things, are strong. Lux Pro is super, super strong. Um, I can't remember it offhand. If we can just put up on the screen, the, the, the breaking strain from this, just, uh, just take a look at this. Isn't that incredible? So, that's Lux Pro. It's going to be shipping shortly, but we are only offering it right now to investors. More on that in just a moment. Oh, and we are continuing our now seven year commitment to the environment, planting a tree for every charger and every cable. That adds up fast. Kate is going to be back a little bit later on and give us the latest total on the total number of trees we've planted.

It's pretty impressive. But yeah, soon I'll give you news about how Uh, if you choose to invest in MAGFAST, uh, you can get, uh, some of the first off the line to complete this, like, with this kind of, uh, rainbow set, we call it. It's a 185 gift, uh, yours if you choose to invest in MAGFAST. So, uh, you see what I meant when I said we're at this intersection of iconic design and world class function?

Just truly gorgeous, uh, beautiful products. So, what is MAGFAST? is next for MAGFAST. Well, uh, to talk about this, I do need to give you, uh, a little bit of, a little bit of context, a tiny bit of history, um, and a little bit of sort of, uh, kind of industry context. Um, a lot of companies use what's called a, a system, smart companies use what's called, um, a system strategy. Uh, they create a world where everything just kind of works together. Once where consumers step inside the world, um, they make it hard for competitors because consumers have a strong. both emotional from the brand and physical because of the design of the products, reason to stick with us. Uh, it's a subtle but very, very powerful, uh, move.

Give you some examples. Lego, since, since we were kids, all right? Lego, I've done this for decades, incredibly powerful. Every Lego piece you buy makes the ones you've got more valuable, makes you less likely to go off, uh, and, and look at any, anybody else's brick system. Uh, markets like Power Tools, uh, brands like DeWalt and many others have figured out that if you buy one of their.

Cordless tools. You're almost certainly to stay with them because the same battery fits the others. And then, of course, the granddaddy of this is Apple, who's built, you know, just this extraordinary, extraordinary system and ecosystem by having this family of products that all work seamlessly together. And we did this with our first generation of products as being the heart of the powerful, uh, system strategy. All of our first generation products just snap beautifully together. You can get any of them together like this, they just snap. Boom, like this, uh, in any, in any different, in any different combinations, any different, any different combination. Magnetic and fast, MAGFAST. So that was fantastic, but what's happened is that over the years the industry has kind of, kind of caught up with us and figured out that it is indeed, indeed a good idea. So we're gonna have to make some changes, but before I show you that, I just want to show you this. This is the average order value.

This has been the average order value when we were selling those, uh, chargers until, until recently. The average order value over 400. So, most of our competitors, they sell one charger at a time. The average order value, 20, 25, 30, maybe 40, maybe 40 dollars. Average order value, sometimes some will be bigger, some will be smaller. Our average order value, over 400 dollars, because we offered folks a system of everything that goes together. So that was generation one. It's clearly a great idea, but time has moved on, the industry has caught up with us, and it's time for MAGFAST second generation. We're moving out of a world that looked like this. Right? Most of us have got drawers full of cables like this. Um, and it was moving that way anyway, but a couple of years ago, the European Union, uh, wrote the following law for the European Union, that all mobile phones and tablets, cameras and headphones and portable speakers and handheld video game consoles should be equipped with USB Type C ports for charging and they ruled also That the same had to be true, uh, for laptops by, by 2026. You want to check it out? It's EU Regulation 2022 slash 2067, Article 3, Paragraph 1, um, says all of that. So what does that mean today? It means that a modern smartphone, uh, looks like this using two Really good, at last, thank goodness, at global industry charging standards. There's the wired connection, that's the USB C, and wireless, the name is less well known, but it's called Qi, okay? USB C for wired. And Qi for wireless. USB C looks something like this. As I say, it's the industry standard for wired charging. It looks like this. Unless, of course, you get a beautiful Lux cable, in which case it looks like this. And Qi has been around for years, but surprisingly few people ever actually use it. It's pretty convenient. You might have seen this kind of like a puck. Uh, that perhaps looks like, looks like this. It has a coil inside of it, and you just place your phone right on top of it, and it starts to charge. It's not a very fast charge, but it is super convenient to just, to just put it, um, to just put it down like that. Um, what's happened in the last couple of years is that that coil, the Qi coil, uh, the governing body, the standards body called the Wireless Power Consortium, Uh, In combination with all of the big manufacturers has agreed a new standard called Qi2, which is way, way better. This is the new industry standard for wireless charging, and it's fantastic.

You may have seen phone cases that look like this, and it enables, um, this kind of thing. All right, let me just show you some examples here. If I just take my phone here, So I can have one of these flying cables, I can just, I can snap on like that. You see, it starts to charge. Uh, and you can have, uh, stands.

 I've got a bunch of, bunch of examples here to show you. Uh, here's, here's, we, we, so we look at a lot of products when we're figuring out how to do our, how to do our own designs. So here's one we got. Now these things snap on magnetically, so you have to, When you take it off, you have to give it a little, with your wrist, like that. Let me show you one of the good ones. So here's a good one from Nomad. You do this, and you have it on your desk. Great. Recommend this product. We love to recommend our competitors products, uh, because we want to be, um, we want to be strong and worthy, worthy competitors. So this is great from Nomad. Snap of the wrist like this.

It's got a nice, a nice amount of weight in it. Not cheap, but fantastic. You can see how the thing works. I highly recommend that you get some of these and start to use them around your house. So here's one that we, here's one that we looked at. You snap it on like that. This is cheaper and cheaper and lighter.

When you come to take it off, the problem is it starts, it starts bending like this. So we decided we definitely weren't gonna, weren't gonna put that in. You can have a bit of an angle in it. Here's, um, here's Anchor, um, who are, who are just a kind of a giant in the space. They've got a little hinge in there, but the hinge is stiff, so you actually can, can take it, uh, can take the product on and off like this. But whichever one of these you get, and the prices go from, I think, the cheapest I've seen is 20 to kind of 120, 140, um, whichever one you get, make sure, uh, that it has a, a good, a good bit of weight to it. But you're gonna want these, if you don't already have them. All around the house. Uh, I'm thinking of, uh, at our, at our home, uh, having went in the studio here and the head office in, in the, in the, in, in the, in the main office, uh, in two or three of the bedrooms in the kitchen, uh. in the hallway, all over the house, the guest room, all over the house, wherever you are, boom, you just, you just put it down to charge. So Chitu is fantastically convenient. There's just one downside to it, uh, which is that it loses, uh, energy. It can only, only be about 85 or 90 percent efficient. So you can't take the energy that high, you can't take the charging that fast and without it creating heat and no one wants to have. A charger that looks like this with an enormous fan on the back because it just simply wouldn't be cool. Nevertheless, the move from Qi to Qi 2 is a big global change, and that presents us with a big global opportunity, a big global opportunity. A global wireless charging market at the moment, uh, is a little over 6, 6.

4 billion dollars, according to industry estimates from, uh, market, this one's from Market Markets. Um, and, uh, They reckon it's going to be 16 billion. 16 billion. That's a, that's a, uh, 20 percent compounded annual growth rate. Um, and you want to get in, uh, at the early part of a market. This is, this is what the typical technology adoption curve looks like.

You know, 10 percent of the early adopters prove that there is a market. That's kind of where wireless charging is at the moment. And then you get another, uh, 40 percent as the kind of early majority, another 40 percent as the late majority. Uh, and then the lagos come in after that. So this puts us kind of squarely in position for, uh, for the wireless, the wireless charging market.

And as you're going to see, it also puts us in a position, uh, to take a little piece of the global smart home market. This is, uh, Uh, this is already surprisingly big, uh, growing, uh, like a weed and expected to be up at, up at 85 with it, within a few years. Now, these are such important market changes. I think now's the moment, uh, if I can, to bring in our mystery guest.

The gentleman that you are about to meet, uh, founded, uh, a company that truly revolutionized the world, uh, that we, we live in. Uh, a little while ago. He, together with his nephew, founded Napster, uh, that turned the entire music industry, the entire content industry really, um, upside down. Uh, and he joins us, uh, right now, uh, live from Connecticut, uh, John Fanning.

Thank you so much for coming in to join us today. 

It's great to be here, Seymour. I'm, uh, on the south shore of Massachusetts. It's a beautiful day out today. Uh, couldn't be more excited to be here with you guys today. It's been a great fun and great excitement. Uh, really impressed by, uh, the things that you're doing and the things, some of the things that you've talked about.

Uh, I did want to start off if it's okay with a warning. Um, uh, you know, I've been listening to the excitement created around the cables and I just wanted to let people know I myself bought, uh, Some of these cables. I decided I would try them out for myself, and these cables are Unbelievably, dangerously addictive.

And, uh, you know, did I buy, you know, my first set of cables that I started throwing away old cables at a rapid pace and ordering more and more and every time I see a cable now I throw it away and I, I jump onto the site and I click more, uh, buy more, buy more. The, there. Dangerously addictive. I, I, and I do not react this way to products, and I do not say this about products.

I love these cables, and I, and I hate the fact that the old, my, I've had cables failing on me since cables were invented, and it's the most maddening, frustrating thing. So I just wanted to clear that up up front.

Thank you. You're not suggesting that everyone should use their Invest 5000 discount code and go get some of these when we give them the link, are you, John? That's

You know, we, you know, look, I'm a mystery. The reason why I do things is a mystery. Just because I do something doesn't mean you should do it. But I'm telling you, this is what I do. I will follow it. Nothing left. It's very exciting.

kind of you, John. We actually didn't have you in here to, um, what's it called to, what's the word when someone is like, is it called to shill for something when you're, when you're, you know, selling them on the street kind of thing. 

Yes, I'm not here to show product. I can't help you. And I saw that in your, uh, in your, in your guest comments too. You saw that, You know, people get excited when they, when they get your product. And 

Yeah, I know it is. It's fantastic. So the, but the, but the point is, I mean, one of the reasons John becoming a tick more serious for a second, I mean, you saw us doing this. Um, uh, John, just full disclosure, uh, John is a, is a, uh, consultant, uh, to lots of companies, including NetCapital, which is the incredible platform where we have, uh, where we have raised, uh, funds for the company. And John had seen what we were doing and, uh, A few months ago, six, nine months ago, we were having a, uh, uh, an existential, an existentially challenging period. John heard about it and came in and said, I'm going to help you guys turn, turn this thing around. And we've been working together for six months or something now, John. And I wanted you to just spend a moment on, uh, on like, like why you chose to do that. Because, I mean, John has, uh, literally thousands of companies who He could choose to help, but he's chosen to help MAGFAST. Just give people a word about that, and then I'm gonna go show the things that we're working on now.

yeah, uh, so our, I do, um, advise companies. I find companies that I like, companies that are exciting and companies that I think where I can help. And, um, you know, our family has been doing this, you know, for decades and we, you know, we have specific things to catch our attention. You know, we first noticed MAGFAST because we are, you know, I am advising also NetCapital and MAGFAST wound up on the NetCapital platform.

And I got very excited about what I thought was a good investment opportunity. I mean, you know, I'm probably was just as greedy as the rest. And, you know, there was an investment made based on like the fact that we think this investment is going to make a lot of money. And, and then something very interesting, um, changed over time.

We started to look more at the products. And as I said before, I started, you know, ordering the products myself. And I started getting really excited about the products as a customer. And I started to get excited about the ability to build products together that would really change the world. And it's something that I.

And, you know, our family has had a passion for doing for, for, you know, decades, three, four decades. And so that's what caught my attention. Um, the things that you're doing at MAGFAST, where in my view, you're the best in the world, if not among the best in the world, and your ability to continue to innovate now, you know, all, all businesses have challenges and, you know, MAGFAST is no different.

And all businesses have ups and downs. And, you know, I think it's important to, to stay positive and to recognize the enormous value that's been created and the enormous accomplishments that the team has created, you know, during those, during those times. Because, you know, when, when things aren't going as well, you know, you need to have some perspective and you need to reflect.

So I'm incredibly excited about the business opportunity, the investment opportunity, the opportunity to create and ship. really cool products in the future and products that I think can go viral and change the world. 

Beautiful. So, let's take a look at, let's take a look at the stuff we're working on. Um, uh, Rex is, uh, is alongside me. Rex and, uh, and Kate are still there. Kate is collecting some questions for us. Rex and John, I'm going to kind of pile through these, but if you think I miss an important point or whatever, do please, do please join me.

So, uh, so MAGFAST, to move to the second generation, we have this incredible Snap to charge technology. It needs to move to the next generation. But as we move to the next generation, we need to be completely compatible with the rest of the industry. I just showed you Qi 2. There's no point in us coming up with something different that would require people to, uh, to change all their equipment around.

We need something that is totally in tune with the industry, but adds that special extra MAGFAST magic. And we think we can do that. We think we can bring the magic of MAGFAST, the old magic of MAGFAST can be retained in our second generation with the generation two MAGFAST connector. All right, now here's an initial mock up of it. Uh, if I'm honest, I'm not showing you quite everything at the moment, because the development of it is still under wraps. Uh, it is patent pending, as I'll explain in a second. But this new second generation connector allows us to do fast wireless Qi2, Magnetic Charging, but using standard parts and chipsets.

One of the mistakes we made in the past was developing something that was so radical that everything had to be custom developed. And this new connector, as I say, totally compatible with the industry, will allow us to make a new generation of products. 100 percent compatible with all original Qi and Qi 2 products.

And that means compatible with all smartphones, because even if you didn't know it, even if you have an older smartphone, you can buy a case for it, put the case on, and it will convert it to this magnetic, uh, to this magnetic standard. So 100 percent compatible, but we think that the opportunities that come out of this sort of 100x the possibilities for MAGFAST. Next level products, something I'm going to tell you about in a second, called MAGFAST Unity. And also, we believe that we now have the chops to put together a public charging network that could be a true game changer and the thing that really helps to take this thing to the moon. Inside this connector, Maybe. Not promising anything yet, but, uh, remember that I showed you this picture earlier on of, of wireless and wired charging, uh, on a kind of regular smart There are some small brand smart phones that are trying to stand out by putting crazy bigger numbers on here, but I think a lot of them have real problems with overheating. But, um, But latest iPhone, uh, coming out, about 20 watts of wireless charging, 40 watts of wired charging. That those numbers may vary slightly from one model to another, from one brand to another, but that's kind of, that's kind of, that's kind of where we are overall. We believe that with Siqi, we have the opportunity to do something different in the center.

Remember I showed you the coil earlier on, right here in the center of the coil. And by doing something pretty clever and patent pending in this area in the middle, in the hole of the donut, uh, we think we can maybe, uh, With this patent pending technology, maybe get up to 10 times, uh, faster power. That's more than your smartphone, uh, needs today, but it means we're setting up for super convenient charging in the future with lots and lots of power and fast data as well.

We're already up to five times the power in our, in our testing. It might take a generation or two, but I think we can, I think there's a good chance we can get to 10 times, but even at five times, it's absolutely phenomenal. No matter how far we can go with that, all right, we can definitely. Do the following things. We're in all smartphones. So let's see what these next level products might be like. So, first thing is, with our first generation, we kind of made the products, uh, that we felt like making. Uh, this time we're taking, uh, a, uh, a more traditional, uh, business approach. Well, at least we're combining that sensibility by focusing on the two or three So start off with the two or three most important products for every day, right?

The charging you actually need every day. There's three kinds of charging. There's fixed, around your home, around your office, remember the stands I showed you earlier on. There's mobile, when you're out and about and you need, you're going out for the day, you know your phone's going to run low, you need to take out some extra power with you. And then there's public charging as well. All right. So let's talk about. Fixed charging. I showed you some examples earlier on. Remember there was the one from, uh, from Anker. We had the Nomad one, wherever it is, wherever, over here. Super convenient all around the home. Well, MAGFAST needs to be in that business, and what we learned, remember I showed you earlier on, is we want to have, we want to have a good amount of weight in the product, and we want to have a good amount of stiffness.

If there's going to be any angling in the neck, there needs to be really, really good stiffness. Now, uh, a few months ago, we showed this design. To investors. Okay, in an earlier investor presentation. Uh, and here it is. I can, I can take my phone, put it straight on here. Um, and there are two positions, there are two charging positions on, on the stand.

The normal one that you expect up there and then a lower position down here. Um, we figured out that If we're going to be able to do really cool stuff with the 100 percent compatible, but MAGFAST unique second gen, second generation connector here, we should put two of them on here for reasons that you'll, that you'll see in a second.

But you're going to put a phone on here and another phone on there, and then other things as well, as I'm about to, to show you. Um, now. For mobile charging, so that's, that's home and office. Remember I said all around the home. For mobile charging, there's this entirely new category that's, again, it's just popped up in the last few years, not many people know about it, which is these little power, power bricks using, using either, Uh, MagSafe, which is the Apple standard for the last few years that's now turned into Qi2.

Either using MagSafe or Qi2, um, that just snaps onto the back of your phone. I was looking where I put my phone here, right. So, they just work like this. Snap it right on the back of your phone, starts to charge immediately, and you get a really nice, uh, boost for the whole day. We've got a bunch of different designs here. Again, as with the, uh, the stands, we've just looked at a whole bunch of them to figure out what's best. And I don't know about you, but the one I want to carry around all day long, is this one because it's nice and thin. The problem is, when you go this thin, you can't actually put that much power. And there's actually, this is disgraceful, there are companies on Amazon today showing this thin one, claiming that it has as much power as these thicker ones, printing that higher power onto it, but actually putting a smaller, smaller battery inside.

And so the form factor that we have settled on, uh, combines the best of both worlds. It's got this nice slim design. It puts Uh, the coil, just on the surface, but it's actually thin and makes for a really, really nice design. And you can snap it straight onto your phone like this. The thing's absolutely beautiful, you can see it starts to charge immediately. Uh, this is an early, early prototype, but I just wanted you guys to have a chance to look at it, to look at it sooner than later. But being MAGFAST, we've done something different. We've got not only the Qi, uh, Qi 2 out to charge your phone here, but But CHITU in on the back, and that means with any stand, including ours, you'll be able to charge it just by putting it straight on like that, and you'll be able to put your phone straight on like that, and then when you want to go out for the day, you can grab the two of them and go out like that if it's a busy day, or you can just grab the one and go out like that. Super simple, absolutely delightful in terms of the magnets, and I'm just going to consult with my, uh, my colleagues here. We actually have some industrial designs that we're working on at the moment. Would it be premature to show them, John? What do you think? Should we get Philip to bring up some images of the designs?

But the things are absolutely beautiful because this design here is kind of like what the rest of the industry would do if they added, if they added one more on the bottom. And as you've seen from our cable, it's unlike any other. So we have a, uh, what's called an industrial design. That means the design in the industry.

They call it the industry. They call it the industrial design. Should we bring those up and show them to folks now? John, what do you think?

I think that would be an awesome idea. I think there's so much good, exciting, cool stuff happening behind the scenes. You know, we have to, we, you know, we, we've got to start to show a little bit of what we're doing behind the curtain, I think. And this is a great way to start. 

So here is, as I say, it's still in draft at the moment. I don't have a physical model just yet, but here's our reinvention of the charging stand. You can see the thing is absolutely gorgeous with a really nice heavy base, beautiful heavy base. It's got the two positions on it. The second port down here, uh, which includes also a powerful USB C. We figured very often if you're at your desk, you have this thing here. Sometimes you just want to plug in your laptop or plug in something else. So a nice powerful USB C in the bottom, uh, and as I said, lets you charge two devices at once, uh, like this, or like this, or with this USB C. amazing camel pack design.

You can stack them like this because you've got chi in and out on both sides of the device. So you can be like this. You can even pass through to another device like this, or another phone, or maybe to your, uh, to your AirPods,

seymour, I think the powerful thing about this design is the fact that you can, you know, you have these, these devices stacked together and you can just grab one and then your, your phone is, has a full charge and you can leave with a full charge on your phone and, uh, it's a way to generate instant charging, uh, in a, in a very fast manner, yeah. 

I mean, this is, this is completely different from the rest of the industry. Here's, I mean, this is what most of us do at the moment. We go out for a day, we carry around a charger with a cable. I urge you to stop doing that immediately, and until we bring out ours, just get, just get one of these, one of these competitive, uh, competitive ones, because it's, it's a, it's a real, a real game changer.

Um, what I wouldn't do, there's just one design that I would warn you off of, even from one of our, Uh, much respected competitors. These ones that go in the bottom, like this. Uh, looks like a good idea, tends to flop around, goes, it can, it can, you know, it can break, but it goes into your pocket. Not a great idea, but these ones that snap on the back are brilliant, uh, and we are making a major, major push into, uh, major, major push into this.

So we're super, super excited about these, and we can't wait to get them, get them in your hands. Now, uh, The MAGFAST second generation connector also allows us to do some other very cool stuff. What I've shown you so far is really great hardware. We think it can be hardware that, um, that scales incredibly and produces a very nice business by itself. But the truly, the bluest of the blue skies that are now possible come because of the things I'm going to show you now. And the first is MAGFAST Unity. Bear with me. It's a, it's a, it's a, it's a new way of thinking about what happens when you, when you start to charge. But I think you'll find it very, very easy to understand. So what does unity mean? Unity is a noun. It means unity of time, unity of place, unity of action, the state of being, united or joined as a whole. Much like John and I are right now. MAGFAST unity happens at that moment of the tap or the connection. The moment that you Tap and put your phone right on. We get this physical connection, um, but it also establishes a connection, sort of, it kind of, it kind of sort of logs in. Our digital selves. What do I mean by that? You're gonna get fast charging and a secure, what's called proof of presence. Okay. A proof of presence. No sort of stupid questions that need to be asked. No logging in, uh, bear with me 'cause this is, this is, this is gonna be huge. Um, it's this highly simple and intuitive connection.

You don't need to change your behavior. You're gonna be charging your phone anyway. Uh, but we're gonna need more and more of this secure. point of presence because of the issues around security. Phones need to be more and more secure. We're all moving to kind of digital homes, digital lifestyles, digital securing of all of, of all of our assets. And this proof of presence now means that with Unity, we can have three things happen. Actions, interactions, and transactions, right? Actions and transactions. Interactions and transactions. So, what do we mean by actions? Well, actions could be not just connecting to power, but to, you know, all of the services in your home. Uh, locks and lights, appliances, entertainment systems, windows and blinds. You can do those from your phone now. This would be a way of adding an extra layer of security for those, for those who want to. Another way we could use it, for instance, would be that visitors to your home could, uh, could tap to charge and instantly be logged onto Wi Fi without, uh, without any, any kind of fiddling around. Interactions are really interesting because all of the data shows from the world of advertising, for instance, that if someone is just looking at their phone, um, they have a certain kind of value in the, uh, in the world, in the world of advertising. As soon as they interact, uh, with an, uh, with an advert, or indeed with anything on their phone, Their value is much greater from a business point of view. So we can now introduce all kinds of interactions. The quickest way to do this is just going to be to just show you, I think. So, take something like a vacation rental with one of these chargers. Let's zoom in on it. Here you go. Here's a new second generation MAGFAST charger. The instant Wi Fi that I mentioned, uh, instant access to all kinds of local services, home automation if it's provided in the, in the Airbnb, uh, plus security.

And all of this can be with expiring, expiring, um, credentials. So there's a level of security both for the property owner and, uh, and for, and for the visitor. Same thing goes in Hotels. Zoom in here. Uh, what have we got here? All kinds of, all kinds of interactions. Yeah, the instant Wi Fi, personal room preferences, uh, controlling lights and entertainment, room service, um, other services menu, security, and again, expiring, expiring credentials.

And this could be anywhere. It could be here, uh, in cruises. Right? Same sort of deal that I mean, what's a cruise room if not a hotel room? So really, really exciting stuff there. It starts to become a very intense business when we move to transactions. This is where we can both facilitate transactions or make them for ourselves.

With facilitating a sale, you would perhaps get a small proportion of the sale. You make the sale, then you're selling stuff. And we think that the way to bring all of this together is with. An Open Public Charging Network. Right, this is something that we will build with all kinds of, uh, all kinds of partnerships. Uh, but we think that this is the thing, uh, combined with Unity that you just saw, that blows the whole thing open to a business that can be orders of magnitude, uh, bigger than we had originally envisaged. Here's the opportunity in, uh, in public charging. Um, Uh, within a couple of years, there's gonna be 7.5, uh, billion smartphone users around the world.

It's just, just most people on the planet are gonna have a and 60% of people the data shows, uh, run outta battery every single week. Well, if they don't have one of those little, uh, little, little camel packs that I showed you earlier on with them, uh, then either they're stuck or they're carrying around a charger and a, and a wire, or. They're doing public charging, and public charging is miserable today. This is a really good one, okay? This is a beautiful public charging station, and it's a bit of a mess. Far too many of them look like this. I photographed this, yeah, um, sad face. I photographed this just going through London Heathrow, one of the world's most respected airports, the other day.

I was visiting by visiting my family in England. Um, this thing's absolutely, absolutely disgusting. Um, so we have come up with a design. I'll just, um, Hold it up here for you. Uh, the initial design looks like this, although we're, we're revving it in our development at the moment. And, uh, this is going to allow us to have a display on here.

Uh, we believe a, we're discussing the screen technology at the moment, but, uh, a screen onto which different things can be displayed and, um, It can just be put in public places. As you can see, it starts to charge immediately, and by distributing these securely around high traffic locations, we can provide an essential service for which, under some circumstances, people may pay. Not always, but under some circumstances, a good, fast charge is extremely valuable. But whether or not the station is charging for it, it can provide access to all kinds of local deals. So you can imagine this thing in coffee shops and in restaurants, right, providing a charge that's great for customers, but also surfacing different offers and so on for the customers of the restaurant when they visit. You can imagine it at large Uh, Conferences and Events, all right? Um, where's your hand if you're going to Comic Con this year? All right, again, a lot of, a lot of need for public charging in places like, places like this. It can be erected temporary or, or permanently. And the number of places that public charging can be used is vast.

Airports and restaurants and shopping malls. I don't know, food courts, uh, hotel lobbies, conference centers, concert venues, museums, public parks, train stations, bus terminals, hospitals, universities, libraries, sports venues, coffee shops, tourist attractions, even beaches. The list goes on and on and on. And we are going to start with airports. Airports are a uniquely suitable place to start. Extremely high traffic. Very high value customers. Airports themselves are all seeking incremental revenue. And there is a critical need for the product. Critical need for charging. Critical need for speed. And we have already begun negotiations with an Amsterdam based consultancy.

A high traffic location consultancy that specializes in airports. Um, through, we met them through some folks in our network. Uh, they recently closed just enormous deals, uh, for the new, uh, terminal, uh, uh, uh, Newark in, um, in, in New York and the entirety of, um, the new LaGuardia, uh, airport, the brand new airport in, in New York state. Um, uh, and, uh, working with these guys, uh, the initial estimates are that each one of these stations will be worth hundreds of dollars, in revenue per month. There's a lot more work to be done in this area. This isn't, I'm not making a kind of a specific, uh, promise to investors here, but we could not be more thrilled with the initial, the initial estimates about this, you know, making each of these units when they're made.

The other thing that was, that was, uh, great, Um, uh, John, I think you were there in, in the, in, in that, in that meeting where they were saying these things, you, you've got to, you've got to build them like they're going to, like they're going to be tackled by, uh, by a football team all day, all day, every day.

If it's, if it's in public, it needs to be built with extra strength. So this initial design, uh, will actually not be the one that we take public. We're building something that is going to be as beautiful, but extremely robust and suitable for, for public locations. Uh, and one more commitment. I'm going to tell you a little bit more about what we've done with trees and green in the future, but with the public charging stations, by monitoring, because we're going to know all of the activity that's going on, we are going to find a way, working with partners, to make sure that all the energy, uh, either is renewable or is offset by carbon offsets. And I do mean proper carbon offsets. Uh, there's a lot of That whole industry has become a bit funny recently. We've been planting a lot of trees. Kate's going to give us the total in just a second, but truly making a difference.

We're very, very proud of the numbers that we have there. Let's get Rex back in here, Rex, because I said I wanted to bring you in as we were talking about the business a bit more. Um, uh, you wanted to tell folks, uh, about CES, I think, because there's some stuff that we, I'm not showing you today that we will be showing in Las Vegas at the Consumer Electronics Show.

Right. 

Well, I think that there's a lot we're not showing today. Um, and yes, there, there are some things that we're going to be talking about at, at Las Vegas in January, next year, at least that is the current plan. But before I jump in and talk about specific about CES, maybe Seymour, I could just spend a moment or two.

So, as Seymour mentioned, Seymour and I have known each other for far too many years and somehow have survived that one way or another. Um, but I, before I jump in and talk about CES specifically, let me just kind of spend a minute or two, if you'll let me, if you'll give me that minute or two, just to talk about my excitement for MAGFAST and how we get to here and some of the issues that have brought us to here.

So, um, in some ways, the kind of happy confluence of both. I'm Rex Northern. I've been involved in many, many companies, run a large accelerator for cleantech startups for many years. And having worked with many, many, many companies over the years, probably into the few thousands, not as many as Jon Thornton. No one's worked with as many startups as John Fanning. There's something about MAGFAST which is very special. Seymour has covered many of the reasons why MAGFAST is a very special place in terms of products. We love the snap to charge in the original products. We love the fact that they were unique, that they were very much ahead of the alternatives.

We love the attention to detail. It's a major reason why there are so many MAGFAST fans. But the MAGFAST fans themselves, that's you guys that are watching this. If you're an existing MAGFAST customer, it's the people that are potentially going to become investors who are potential MAGFAST fans along with the rest.

The real reason that MAGFAST is so special is because of that one of the four T's that I work with. T, the letter T, uh, that I work with with entrepreneurs is the word traction. MAGFAST is remarkable, and you are remarkable, Seymour, in terms of developing, building, traction. Very few startups, even those with remarkably exciting products, have the ability that MAGFAST has demonstrated to build rapid traction, rapid traction. And the world that we're now moving into, um, of which CES is a sort of representative, is an even more exciting world. There've been some challenges along the way, but Developing the new Gen 2 products, building on the system strategy that Seymour's talked about, building products that take advantage of magnets and fast charging, building a new generation of products that are faster than the alternatives or at least equivalent, developing new standards, all of that's very exciting. But CES represents something on top of that. CES is representative of something which is more than just the paid media that Seymour and Kate have managed to dominate so magnificently over the past few years, more than just the influence of marketing, which the company is building on and which I know will dominate in, in ways that many startups can't. Really building traction. On top of that, and particularly because of the new team that, um, MAGFAST has been building over the past few months, particularly because of the likes of John Fanning and the people that John brings in. We can do much more as a company. We can do far more holistic things as new products come along. And those things include getting MAGFAST into retail distribution in places that you wouldn't normally see, um, this product we wouldn't normally have access to. Uh, it includes. building international markets for MAGFAST in a way that we wouldn't normally have access to because because of people like John and his team. And it includes doing something that many of you have suggested that MAGFAST should do for some time now, which is get into trade shows. And in January of 2025, the company is planning to show for the very first time a brand new product, which will be unique in its space that we can't, we can't yet talk about. It's still under NDA. Maybe, 

it. It's on NDA. We can't show it to you. But it wouldn't be me if I didn't show you this. Uh, which Ha ha ha ha! Which is for real. I mean, that really is the product that we're working on. I'm just sorry I couldn't put any lights on the front of it so you can actually see it. But that is, um, there it is. 

there she is, isn't she? 

in silhouette. There

it is. There she is. 

something very special. And you can guess that this has a lot to do with magnets. The speed in MAGFAST. There's something very special about this, this new product. In January 2025, we will be, we will be showing, previewing this product for the very first time, uh, and using, uh, CES, the Consumer Electronics Show, the world's largest show for consumer electronics products. We'll be showing this product for the first time and making a very big splash, the kind of splash that is well beyond the, you know, these amazing long form presentations that we've done in the past, uh, and representing into, into the, the major markets, major distribution. It's a very exciting time for the company. 

Beautiful. Thank you. Thank you, Rex. Um, we should start towards wrapping this up. I want to talk a little bit about, um, uh, investing. And then we've got a, uh, Kate, you've got some, some questions you've been gathering there. Uh, hopefully Maggie has been, um, answering, uh, uh, appropriately, um, in the, uh, in, in the chat along, alongside of you guys. All right. So three, uh, Let's just answer this. We have these special bonuses for folks who invest today. I showed it to you earlier on. Uh, Lux Pro. Uh, if you invest 1, 000 or more today, uh, you will get Uh, this rainbow pack, uh, five of the new Lux Pros, you'll be one of the first people on the planet to get hold of these.

They are absolutely, uh, gorgeous, uh, I mean, technically they're even better than the first generation. Uh, I think that they are even better in every way and you've heard just how great we think that we think the first generation are. So invest 1, 000 or more today. Uh, your gift, so does their shipping, 185 a gift of a rainbow pack of Lux Pro. All right, uh, let's just do this real quick. I'm going to give seven reasons to invest. And one reason not to invest. Okay, so real quick, uh, lifetime sales over 20, uh, million dollars. I told you about some of the challenges we've had with that, uh, but that's no slouch for a company starting, uh, starting from absolute, uh, zero a few, a few years ago.

And we think we can scale much more than that with the stuff that we've been talking about. Of course, we think we can scale much more than that with things we've been talking about. Um, I mentioned to you this Very rapidly growing wireless charging market. We're positioned right in the epicenter of it. There's also, um, the home automation market, but, uh, we're kind of a smaller part of home automation. We will be the epicenter of this, uh, wireless charging, charging market. Number three, we're also adding, as Rex was just saying, these additional channels.

Previously, we just did Advertising on the internet and people come to the website and buy or they'd watch one of these presentations and buy. We're now adding all kinds of additional extra channels. Uh, reason number four, Unity. Everything that becomes possible from that moment of unity, the actions, Interactions and the transactions.

This is where the thing starts to get really big. There's the possibility of licensing, uh, our second generation, uh, connector and possibly other aspects of, uh, of MAGFAST intellectual property. Uh, we've been serious about intellectual property from, uh, from the start. A core member of our team is an IP lawyer.

Uh, this is what our footprint looks like at the moment, uh, across, across the world. Uh, Six utility patents granted and one pending. Utility patents, that's how things work. Uh, three design patents granted, three pending. Design is how the thing, uh, the thing looks. Um, and trademarks. A bunch of those granted as well.

Another three, uh, pending. And the main one, uh, MAGFAST, uh, that's the one that's the main element on the map that I showed you just now. Uh, we're now in the United States and 27 European, uh, countries. Brexit means the UK is a little bit, uh, has been delayed because of, you don't even want to know. Um, uh, but, uh, but this is a, this is a serious trademark all, all around the world. Uh, reason number six, you might want to invest. We have a large existing community, tens of thousands of customers, uh, over, it's in the hundreds of thousands of folks on the, uh, on the, on the mailing list, uh, many of these folks, uh, have partial credits on, as I said before, we have challenged with the products.

And so we've given, uh, credits to those customers. So, uh, those credits can be combined, uh, with new cash for new purchases. So they have a vested interest in, uh, buying the new stuff that we bring out. And we're going to find a route for. All of those folks, and you if you choose to get involved, in the business of the public charging network.

We think that there's a way that we can scale that network and have our own community involved as well. Of course, we will have some large partners, direct relationships with airports, for instance, as I mentioned, but we think that there's a way that everybody Can get their beak wet. Okay, so large existing, existing community. Uh, and a seventh reason, uh, just for fun. Why don't we, uh, why don't we bring the, uh, the MAGFAST chalkboard down, please, Philip? Uh, and let's quickly do some calculations on the public charging network. Okay, so you got 7. 5 billion smartphone users, 60 percent run out of power every week according to the publicly available data. Um, what if, what if one in 50 of the people who run out every week You Would pay a quarter for a charge because they really need to charge. You can't get anything for a quarter these days, but what if one in 50, that's hardly any of them, would pay a quarter for a charge? Uh, you multiply that all together a billion dollars a year in revenue and if you Know anything about investing, you'll know what that would mean for the company's valuation. Take a long while to get there. I'm just talking about the scope of an opportunity. Of course, there will, as soon as we prove that this is great, there will be worthy competitors coming in. But it does show you, um, the size of the opportunity. 

To jump in and say very quickly, you know, anytime when someone says, you know, if we only got a, you know, a one cent, 25 cents from everybody who's in a potential market, uh, savvy investors will know that that's not necessarily ever going to happen. But But one of the reasons why it's feasible for MAGFAST to consider a big slice of that market is because all calculations have to be done bottom up.

The sort of top down where you say a X percent of a market. Very, very, very tough to dominate a market from the top down just by. But bottom up marketing means, bottom up market, uh, go to market strategy means coming out with real solid ways of acquiring customers one at a time, 10 at a time, 100 at a time. And again, MAGFAST understands how to build traction. MAGFAST, uh, in, in this team has the right group of people who can not only get, acquire customers on the internet, but get out and do big distribution deals that really mean that MAGFAST could be in the space we're talking about, could be at several percent of this enormous market.

Thank you, Rexy. Um, oh, let's, I guess it's seven. I'll give you an eight for bonus reason. we do, we do actually give a damn about the, uh, the planet that we live on, right at the beginning. We made a commitment to do, uh. to do a tree for every charger and every cable. We haven't shipped all of the chargers and cables, but we've planted the trees.

Kate, are you there? Please read out the latest, uh, trees total with our friends at Trees for the Future. 

We have planted over 649, 412, 413 trees. That is over half a million trees, which is. 

well over half a million, way over half a million trees. Yeah, um, and, uh, the thing I'm so proud of is, I mentioned earlier on the carbon, carbon credits, That's a funny, that's a funny business. A lot of kind of greenwashing going on there. Like, a lot of companies say, well, you know, but we have been working with these folks at Trees, Trees for the Future for several, several years now. And we actually sent Kate, uh, and, uh, Brittany from our team out, uh, to visit with Trees, uh, for the future a few, a few months ago. Kate, just give us 30 seconds on what that was like.

God, I need way more than 30 seconds. I'm just kidding. Uh, it was, it was, it was just fantastic. We met the nicest, kindest people that I have ever met in my life. And everyone at Trees for the Future, Trees for the Future really cares, like cares so much about the environment, about the people that they're helping. Uh, and it's just, it was an absolutely magical experience and I hope to go back soon. 

Right. And you've witnessed firsthand. The way, the way they, the way they germinate the trees, they plant them. Absolutely phenomenal. Uh, you want to check for yourself, it's right there on the Trees for the Future website. It's trees. org. Slash MAGFAST. Six hundred and forty nine thousand four hundred and, yes, thirteen trees.

Um, fantastic, Kate, thank you for doing that. And of course, trees, uh, clean the, uh, clean the air. Uh, we did a, uh, I, I did this calculation a while back myself, kind of long form, and then I, I did it with, uh, AI with ChatGPT the other day, and confirmed that if you were to, um, fill blimps with, uh, all of the air, That has been cleaned, or that is cleaned every year by the trees that we have already planted once they reach maturity. Uh, it'd be, it'd be 15 and a half million blimps. It would look something, something like this, blocking out, uh, the sky across the whole of Delaware. We'd be able to cover the whole of Delaware. Alright, um, so that's kind of fun, that's your bonus reason to invest. Uh, the main reason not to invest is just risk, risk, risk, risk, risk.

This is an early stage, uh, company. I wouldn't say that we're more or less risky than any other early stage company. Um, but this is not for, uh, this is not the appropriate type of in investment for, for everyone. You should only invest if this is right for you. Uh, you need to please check out. All of the materials.

Research us online. You'll find lots of people saying we're awful because we failed to ship some stuff. We've been very straightforward with you about that. But please read all of the, uh, all of the fantastic reviews from people who've received their stuff and love them. And I think you'll, I think you'll understand that, yeah, we've made some mistakes, but we are, um, but we're all over. Uh, the process of turning that around and writing, writing the ship. And frankly, if we weren't, uh, John Fanning Sr. would not be, not be involved. Um, so, so, please read all of the, all of the materials. This isn't, this isn't like you buy something from Amazon. If you change your mind a few days later, you can send it back. Uh, when you make an investment, You are purchasing equities, equities in a company. Um, and at this time, uh, we're not, we're not liquid that we, we plan to change that in the, uh, in, in the coming, in the coming quarters, I would say, uh, certainly within the next couple of years, but right now it's not a liquid investment.

So you've just got to love it and want to do it. Uh, you shouldn't invest a penny that you can't afford to, uh, to, to lose. Uh, but we would love, love, love it. If you would join us on this journey, helping to enhance, uh, Charging by changing charging for good right here at the intersection of iconic design and world.

world class class function. Um, all right. So if you invest in MAGFAST, it's all done under the auspices. Is that the right word? Auspices of the SEC, uh, special rules that they introduced a few years ago. Uh, if you have a small, uh, company and you need to raise capital, um, there's this, uh, set of rules called REGCF. Um, uh, the SEC provided the rules. There's several platforms that do this. Um, there are. Several of them. Uh, we only ever work with Net Capital. We've just found them to be this extraordinary group of highly ethical, uh, folks. Um, they run a squeaky clean operation with enthusiasm and care. Um, and I highly recommend them, uh, to you if you're an entrepreneur looking to raise capital. Um, but I also, uh, can recommend them to you as, as an investor. When you see, uh, various investments available available at Net Capital. They all have risk profiles similar to ours because they're early, early stage companies. Um, but, uh, NetCapital are very careful with their due diligence and, um, We just, I'm rarely speechless.

I'm speechless trying to describe to you how great these guys are. So the whole thing will be, um, over at NetCapital. You'll be joining, uh, over 5, 000 existing, um, uh, mostly customers who've become investors at MAGFAST, um, invest over a thousand, you'll be getting the everything, everywhere, all at once cable, five of them in the, in the beautiful rainbow of colors, the juice orange and the sunshine yellow, the lovely alpha or the alpine white, the. Candy Pink and uh, Kate's Seafoam Green. I think we should, the next time we bring that, we should call it Kate's Seafoam Green. Uh, that's for folks who invest a thousand dollars or more. Um, I think at this point, uh, if you can just get the questions ready, a couple of, a couple more points. I do want to just re emphasize only if this is right for you. Okay? And you know if this is right for you. Only if this is right for you. Not a penny you can't afford to lose, but we would love to have, you join us. And I would just say, um, we are now open, available to invest. I don't know how long the opportunity will be available. In 2020, the investment opportunity was sold out.

2032, I don't know what's going to happen this year, but if you think this is right for you, just jump in. If you do it today, as I say, we'll get you, we'll get you the cables. 

 All right, let's get all of our guests back into the room now. Hi guys, thank you. Look, we've kept everybody waiting quite a while here. So, I wonder if I'm coming down with something. My throat is, it's all, it's an hour of enthusiasm, it starts to give way. Um, but Kate, you've got a Q& A, um, so let's jump in and answer as many of folks questions as, as, as we possibly can. Um, and I'm gonna, uh, because my voice is going, I'm gonna have Rex and John handle most of them.

Okay. The first question is what is the minimum allowed amount to invest in this round? I figured that's for Rex or Seymour.

All right, well, I'll jump in and just say that, in common with the way MAGFAST has always done this, we always want to make this open to as many people as possible. There is a roughly 100 minimum. When you come to invest, the Net Capital Platform and click on the Invest button, and it'll tell you the exact amount, but it's just a little bit north of 100.

Okay. Perfect. Thank you. So, uh, next question is, if I want to invest 1, 000, then should I actually invest over 1, 000 to cover the costs? 

Yes, please. question.

Yes.

It's worth just mentioning, there is a little cost for us. Net capital is the least expensive of all the platforms for issuers like MAGFAST. And we, we, we, we just think the world of net capital, and we love the fact that it's an inexpensive way of raising money from the crowd, from retail investors, uh, costs us a little bit of money.

It doesn't cost you anything. It doesn't cost the investor anything, unless you You invest by credit card, in which case there is a pass through fee from NetCapital just for the credit card, uh, transaction fee. That's it,

And I, and I will say that in, in this case, since our perks start at 1, 000, you would want to, because it'll ask you when you put in, I want to invest a thousand dollars. It'll say, do you want to round up or round down? Okay. So I would say round up. So you hit just above a thousand dollars to make sure you get the perk for this round.

please.

Okay. Next question. Uh, I couldn't attend the event. Is there a recording I can watch? And yes, we will send you a replay of this. So you, you will be able to watch this entire thing because it's amazing and you'll want to see the whole thing.

But if you are that person, you already know that because right now you're watching the recording and we just got to the place in the recording where your question was asked.

There you go. Okay. Next question is how much has been raised to date?

Um, we've done very well. And you can see the latest total at MAGFAST.com slash invest. As John said, it'll take you to NetCapital where we've got, uh, the, the, the running total. Whatever number I say now is going to be wrong, you know, five minutes from now. So, MAGFAST.com slash invest. Check it out. Oh, and while you're there, uh, be rude not to invest. I would just say, you know,

Okay, next question. That was funny. Okay, next question. Can I invest using a credit card? And the answer to this is yes, 3 percent processing fee. Um, but you can also use your bank account, and you can use a wire if you want to as well. When you sign up for Net Capital and create your account, you'll see all of the ways that you can put money into your account. 

It's very easy.

and, and just a couple things to add to that. Um, one. You probably want to make the investment to make your investment directly through one of those paths that Katie's just mentioned, rather than putting money into your wallet, particularly if we're getting, you know, we might get close to the stage where this, uh, this offering is filled up.

You never know. Um, second point is if you are outside the United States, so if you're an investor in Canada, for example, then credit cards are the way to go. Go, you'll have that little 3 percent processing fee to pay, but your bank account and so forth won't, uh, won't tie into the NEC systems.

Yes.

Yeah, and the wallet that Rex mentioned is the Net Capital Wallet, which is great for people who are regularly investing through the platform. But it can take a little while for the money to get into the wallet so that you can get it out again. Both, um, 

The next question is, how do I invest?

And we will actually send you a video. I did a little screen recording for you guys. So we'll, we'll send it to you and we'll put it on the, the, our Net Capital page. So you can see exactly how to do that. And it's a step by step instruction. Super, super easy. 

Yep! MAGFAST.com/invest 

Uh, next question is, what if I only have a couple hundred dollars to invest? Is this just too insulting or silly to consider?

it's actually the most appreciated, um, uh, amount in many ways, there are plenty of big time investors who are putting in larger amounts into us and other companies. But if some, we know when someone comes in with like, you know, a hundred, two hundred, a hundred bucks, it's because they're really passionate about, about what we're doing. So no, it's As long as that amount of money is appropriate for you, it's not like your final 200 bucks. If it's appropriate for you, we would welcome an investment at any level. We really would. That.

Yeah, and just to reinforce what Seymour is saying, you know Obviously, these are investments that carry a high degree of risk and a high degree of potential return So you want to make sure that this is money? That, um, is not, um, you know, that you're not going to need for something else, um, over a longer period of time, because typically these investments can, can take longer to, to pay off and to become liquid.

Yes. Like Seymour says, it's, it's your Vegas money. It's your money that you just, you know, it's okay if you lose it and you'll be fine if you don't make any, anybody money back on.

Yeah, but I can't say it's your Vegas money,

Okay. it. It's money that you're, you're not afraid to lose. If, if that's what ends up happening, but 

Well, given everyone's weighed in on this question, I'm going to weigh in, too, and just say that there's some great material on the Net Capital website talking about the kinds of investments you might make. And consider this as this, this end of the spectrum as being the kind of, as John said, the kind of high risk, potentially high return area. It's a good way of. Having, uh, you know, if you're looking at, as an investment advisor might say, a balanced portfolio where you have investments that are very safe on one end and some that are in the middle. This kind of risky end is exciting because, because it might pay off in, in a big way, but who knows?

It's very risky.

but I would just say, you know, if you're out buying scratch tickets. This is probably a better use of your money, you know, and there are a lot of people that spend a lot of money on scratch tickets. And I, I, just don't think that's a healthy way to live your life. I think you want to start investing. You can start investing in small companies, a hundred dollars at a time and anyone in their twenties, you know, thirties who, who is Starting to invest and investing small by the time you get to retirement age, you, you can build up some pretty, pretty tremendous, exciting returns if you do, if you invest wisely.

So, you know, certainly, you know, any of that discretionary money that you have, that might be going to some of those other things that are less responsible. Um, you, you might want to think about moving that.

so let's, let's take the ca, let's take the categories. We'll take your scratch card money, uh, or we'd love your Vegas money. Um, we do not want your rent. We do not want your retirement We do not want your college fund, uh, unless it is part with a financial advisor of a, of a carefully, uh, of a very carefully curated, uh, collection of, of, of investments.

Moving on. Next question

I want to take issue with one thing you said because I actually don't agree. I, I do think investments like this are actually the right types of investments for retirement funds. I think, I think retirement funds are, are the ideal types of funds because typically with retirement funds, you're investing and you've got a long term investment horizon, you know, might be over 10, 12, you know, or, or decades until retirement. And I think that is exactly the kind of money that these types of investments are well suited. So I didn't mean to interrupt, but. I do think that's the case.

All right. This is, this is our last question. It says, what are the benefits of investing with MAGFAST now? Basically what's in it for me?

You know what, there are no guarantees in this life. Um, certainly in terms of the return on investment. We've already spoken about the, the risk profile there, but I will tell you that you'll be backing and supporting a group of people who are doing some fun and exciting work in a fun and exciting way. Um, we for most of our existence, we have done pretty much every week. We've done some kind of a live stream. We were off it for a little while. We're back on doing that again, so you can join us, uh, pretty much every week. There'll be one or more of the faces you see in front of you now, just getting together in a room like this, talking about what's been going on this week, what we're looking forward to answering questions. You're going to be very, very involved, probably more than with the, the, the average company doing this, this kind of, this kind of a thing. And. There's just that chance, so that's for certain, and then there's this chance that it makes a significant impact in your life because of, because of a return on the, uh, the investment.

Rex, well, uh, okay, or, or John, you want to flesh that out a bit? 

Yeah. That, that, well, well, that's a very good question. It's a very good question because I think some people are under the impression that if you invest in a small company through net capital, there is kind of like some sort of quick return and, and as John has mentioned, probably not, probably no quick return there is, uh, there is no what's in it for me in the short term.

What's in it for you, particularly if you have a balanced portfolio with a range of different investments and some of them are in companies that look like MAGFAST very early stage, then what's in it for you is maybe a very, maybe a very exciting return in the long term for your retirement under something else. 

All right, let's wrap it all up, uh, then. Um, thank you so much for staying all this time. So often we have, we have run, uh, long, but you guys have been amazing. Uh, thank you, Kate Kennard. Thank you, Rex Northern. Thank you, uh, John Fanning Sr. This MAGFAST 2 day could not be here without any of your three contributions or the contributions of many other people, including so many folks watching, many of our customers and investors.

Thank you for joining us today. If you're new to MAGFAST, we'd love to have you join us on this journey. Whatever you do, uh, go get Go get your Lux cable so you can feel, literally feel, how great our work is. Um, and we'd love to have you get, uh, if you can stretch to it and do a thousand dollar investment, we'd love to get you, uh, Lux Pro, the, uh, the rainbow pack.

It's all at MAGFAST.com slash invest, MAGFAST.com slash invest. As you can hear, my voice is giving out, so I'm going to say thank you so much. And we'll see you soon, hopefully, at one of our, uh, one of our, one of our weekly updates. Bye now. Thanks so much.