run through the talks a little bit more, some of the we had a
 lot of questions around over on network vision, where we're
 going, we want to make sure we can speak to again, like the
 real industrial pressures that are kind of, you know, showcase
 that demand, where we're already validating that demand, people
 are asking very specific questions around what is this
 funding, we want to show you that specifically. So we're
 going to walk through that. We do appreciate all the questions
 that came in. So we're going to get to that right as soon as
 tomorrow can kind of walk through again, more the higher
 level things around kind of vision, use of funds, the
 accountability that comes with the proposal. And we'll get to
 everything from the community. This is not our last q&a AMA
 session. So there will still be opportunities to ask other
 questions, engage in discord and their live dialogue that we're
 going to make time for before book goes live. So thank you
 all Mario pass it over to you.
 Oh, thank you, Scott. Yeah. So before we start, we start going
 to the material that we prepared, I want to make a couple
 of remarks. So first of all, I want to say thank you, everybody
 for the inputs. I am I'm seeing it all. I am trying to as much as
 I can to be to participate in this course while course continue
 to do what we're what we're doing, because we're doing a
 lot. I do know, I do want to offer a couple of clarifications
 that will go more into the AMA session as well. When we looked
 at all the options in front of us to continue into the mission
 of what helium is bringing into the talk world, we had a lot of
 options in front of us. A lot of different ways of resourcing
 what needs to be resourced for the long term. And I just want to
 be very clear that this decision, the decision of putting
 out the decision of putting out the proposal in this form was
 done with the purpose of aligning all the stakeholders,
 which includes us include the community, the token holders in
 something that accrues the value into one asset, all other option
 that we had in front of us, they now have that. And so I just want
 to make sure that this is a clear message, because I've seen
 a lot of a lot of commentary that I don't want to even
 address at the moment. But when I say that this is the option
 that keeps us all in the loop, that's exactly what I meant. And
 I just want to be very clear that I am here. I'm here with
 the team to show why all why this way of resourcing the
 network is the best for all of us in into that into the
 ecosystem, and how this will will make sense for all of us.
 The way the presentation that we prepare here, there's a lot of
 people on stage for a reason. Because there's a lot of people
 that work really hard, nights and weekends on this, and they
 own a piece of what we are creating. So I'm going to go
 with it with a presentation. And I kind of wanted to address two
 big feedback that I heard from community. The first one is,
 what is the big vision? Like, is the healing going to be beyond
 this three years, assuming that, you know, we, we, we, we go
 ahead and we hit that milestone that we need to hit for three
 years, is helium going to be important for the tech industry?
 What are the what is that like pie in the sky vision? And I know
 that some people are not interested into that. But there
 is equally a lot of people that do want to see that. And I want
 to give I want to provide that because that is exactly what
 keeps me up at night to think about how I want to have this
 project move forward. This is what I brought with my own, if
 you wish, experience that I have in the tech industry to believe
 to make me believe that this is the project out there for for in
 the tech industry. One, two, we're going to go into more of a
 day to day, what does what are we actually doing inside the
 company in terms of roadmaping? And what are the product lines
 and in the next a little bit on the next three to three, three
 to six months, what you can expect to see from from the team
 in terms of growth. And that's why all the people in this call
 will take will take turn into that we'll try to stay within
 the 30 minutes. Please allow allow us to a little bit of
 grace into that there is a lot of material to cover and the
 purpose of the material is to give you as much information as
 we possibly can to make a determination on on what was
 being discussed. This is the reason why it's called a proposal
 is what a proposal our job is to give as much information as
 possible to do an informed decision on that proposal. With
 that being said, that will be clarified.
 Mario, before we jump into you just really quickly just fix
 your screen. So we're full screen on that.
 In a second, I didn't go full screen because otherwise I
 couldn't see I couldn't see the camera. So thank you. All right.
 So we should be full screen now, right? You're good. Oh, all
 right. So I'm going to spend four to five minutes to tell to
 tell a story about why what are the global pressures they are
 actually driving Wi Fi. And what I mean Wi Fi is the healing way
 of doing Wi Fi. And the hidden message behind this is an answer
 to the question like is our value cruel over time increasing
 or decreasing? Is the value we're building is going to crew
 over time is going to decrease over time. I am only one answer
 to that. The answer is, is it is absolutely going to increase in
 the next in the next three to five years and especially beyond
 the five years. There is I'm just going to list some of those
 of these reasons. And then we'll have many more than this to
 share. First of all, I shared this last night on Twitter. There
 is a real struggle from current carriers to actually pay the
 bill from 5g deployments. The industry thought that they could
 monetize 5g as a differential plan, meaning pay more for 5g
 plans that didn't know happen. Everybody's adding 4g and 5g
 plans all in the same plan. What is the problem? The problem is
 that the drive, the increase in data consumption, and I'm going
 to use the word AI not because of a buzzword, but because AI
 agents are more chatty. They're going to bring more and more data
 usage on networks. That's why the 6g narrative out there is
 coming up really quick to address some of those needs,
 specifically when it comes to things like low latency, and
 things they are specific for 6g, the 5g did not address. What's
 the problem? And why is it relevant for helium? Well, what
 we see is that by 2030, some of the 6g deployments will start
 will start becoming a necessity. And some of the necessity will
 stay. However, 5g isn't being completely being paid off by
 them. And that is putting an enormous pressure will put an
 enormous pressure. And I'm now talking about US markets, that
 will be a different conversation for a lot of them they're very
 happy to get into to find asset light way of doing offload,
 which is exactly what Wi Fi does. And on top of Wi Fi, the
 helium of doing the helium way of doing Wi Fi actually is even
 better suited for that because the way the cost $12 billion in
 site leasing alone will can be actually extremely reduced when
 you when you switch when you switch the model from a CAPEX
 model to an OPEX model. They're already doing it. What are they
 doing it on satellite, everybody seems to think about satellites
 as this like this replacement for macro central towers. This is
 I think is actually the biggest catalyst for Wi Fi. Why? Well,
 while the growth in satellite is definitely happening, that is
 carrying a cost, a cost that the dictators are actually not
 carrying themselves. They're already using it as an OPEX. When
 you see T-Mobile writing on Starlink satellite for text, that
 means an OPEX model on satellite. There is one problem
 with satellite that you will not be able to reach 80% of data
 consumption. 80% of data consumption today is done
 indoor. So no matter how much more density and capacity, and
 I'm very happy to go into the technical details of what is the
 next for satellite for outdoor macro, 80% of traffic is indoor.
 And there is no way that satellite will be able to
 penetrate in building no matter on the new standard because
 it's just physics and path loss on that are just a thing that in
 the definitely in the next five to 10 years will not be
 possible. So how do you serve indoor, you serve indoor with
 Wi Fi. And so even in a in a world where we have a 6g
 deployments on top of satellite direct to device outdoor,
 indoors where the battle is, and where this specific way of
 doing Wi Fi deployments, which is the healing way of doing it,
 it's not only relevant is inevitable. Now the question is
 that is it going to be us that is going to do that? I really
 want to be that, that company that makes it and that community
 that makes it. The third one is the capacity crunch the Wall
 Street loves. If you're following telco, one of the
 single biggest headlines every time there is a quarterly
 earning report by the big three is this thing called fixed
 wireless. Fixed wireless access is essentially a way to provide
 in internet home internet like to people that actually via
 cellular so you buy a device you pay by the window and that
 provides internet for your home. That is the single biggest
 growth revenue line in into all the earning reports from all the
 telcos. Why? Because it is allowing them to steal customer
 from cable operators and fiber operators by comes with a cost.
 The cost is the capacity on the network. Some there is very,
 very deep analysis by Moffett Johnson and New Street research
 that says that today with the current capacity, that the
 network of the three networks combined can only can only
 support up to 30 to 32 million FWA subscriber. Already today in
 US, they already have 16 million subscriber, which means that
 already using 50 in some cases, even more 60% plus of their
 capacity to serve this new revenue line, which is very
 strategic for them, no matter right now is small because it's
 being subsidized by them. But that's a lend and expand
 strategy that the telco are using to steal customer from home
 broadband. Why am I telling you all this? Guess what is going to
 happen when then number from 50 becomes 80? How at the CEO and
 the CEO and the CRO of Verizon and T-Mobile will need to
 continue to deliver FWA revenue growth when the capacity is
 going to run out? Well, the answer is they're going to start
 offloading mobile subscriber into asset light technology like
 Wi Fi. Why? Because this will free up scarce resources on
 their cellular to continue to sell fixed wireless access. By
 the way, why fix that wallet for the ones that are not probably
 extremely technical? Why fix wireless access is so much more
 capacity hungry because those are home internet. If to give
 you an idea if your home if your mobile phone consumes anything
 between 15 and 20 gigabytes a month in traffic, the home
 internet broadband can goes into order of like terabytes like at
 least that only sub two terabytes a month in into the
 average. So the amount of capacity that that application
 brings is much higher. Also remember if you're looking at
 the entire macro that Verizon and T-Mobile and AT&T and all
 those telcos, they're losing customer to that mobile customer
 to things like cable and you know, it's like Comcast and
 charter and others. So there is an actual battle in which the
 cable and fiber industry is trying to get into the mobile
 business lines and the telco guys and trying to respond with a
 fixed wireless access, which is working in many, many markets.
 And so these and it's just one of the three catalysts, there's
 many other catalysts that we'll get into if you want in the
 future with dust contracting and so on. We'll put more and more
 pressure about utilizing efficient way of connecting
 people to Wi Fi. And Helium is perfectly positioned to to
 capitalize on that. The proof of that is today. It's not tomorrow
 is not a year from now is not two years from now the proof of
 that is today. Today we've been tasked by one of the carrier in
 the US, the helium serves to cover more than 30 K location
 across us. And word on the street is that we're going to
 get many more of those location, many more of those tens of
 thousands of location. If you pause for a second, what this
 means, it means that they're already thinking those catalysts
 already working maybe not in a way that everybody would like to
 see with a growth month over month of like 600 X in revenue.
 But that's how this starts. This starts with a carrier trusting
 a Wi Fi offload builder community like helium, saying,
 can you please help me cover this? It's huge. It's not just
 huge from a narrative standpoint is real. These are like CDO
 level and and CEO level conversation that allowing then
 then list to get all out of their building into the hands of
 a Wi Fi of a Wi Fi building company is the first time that
 ever has happened something like that. It will seem more of
 that, no less. Why am I telling you all this? I'm trying to
 address some of the comments. But also, when I say at the
 beginning, I want we put forward this proposal to do this
 together with a community together with the state with all
 the stakeholders in the healing ecosystem. So when you go back
 to that today to the proposal, what I would like you to take
 all of is the two things one is sustainable. Now, regardless of
 the public commentary and and and disagreement, if you go read
 your latest block works quarter report that was put out, the
 different that is pretty clear differentiation between the
 protocol level, the protocol level revenue and the carrier
 revenue that they were getting, it's in there, you can go read
 it, I can I can I can link it to it. The reason why we were we
 were the company we were subsidizing some of that was
 exactly what is meant to to grow to show we would not get those
 30,000 location from AT&T if we didn't know have the growth that
 we have now. And I'm ready to I'm ready to go in into very good
 arguments with everybody that tries to prove me wrong. The
 reason why we're getting a third case because we had that growth
 and now we have visibility and credibility, we carriers on our
 growth. Now it's time of course, just like with any other
 company that's done this, that you go from a growth stage of
 number one to a different stage, which it doesn't have to be
 slower, but it's just different. And when the unity of economics
 are different, in which now you're closer, you're closing the
 gap into that carrier rate. That's why the decision of
 retiring POC in more in lieu of a proposal where is the utility
 of the of the network that how many people you serve, how much
 traffic you serve the drives. Another thing that we added is
 this floor for deployers we heard many times, and we because
 we we do have a sales team that works with booty here, we have
 very strong relationship with deployers that we learned that
 there is there was going to be a need for protection on the
 downside. And that's what the floor for deployers does. Also,
 I want to make sure that is clear, even though everybody's
 correctly focus on the on what it's happening right now with it
 with our token price, that also removes the cap on the earnings
 potential. Eastern shade and HNT per gigabyte essential and it's
 like an equivalent HNT per gigabyte that doesn't have a cap
 on the earnings potential. And I'll let you control that I'm
 going to let you conjugate that that sentence in what that means
 for deployers is also accountable. This is no share
 all the control is token control, we resource through a
 community governance token, token, and there is oversight.
 Now we are going to be very clear where the line is. But the
 oversight of the council with things like a summary of
 financials and other way and privilege view under NDA and all
 the things that we discussed in a second of, of pipeline will
 give the community the ability to look to work together with
 we know about to resource the network in this way. And let me
 also say these are things are stable stakes, my baby is good
 to remind you because again, I've seen the public commentary,
 this is a public quote vault, its own chain, there is no
 behind the curtain things happening here. And it's also
 bounded and finite. There is no such a thing as like we are
 coming in with a proposal because it's a proposal. And
 when people ask me is is Nova going to be part of voting in
 the proposal, the answer is yes, because this is an exit is is
 one of those exits existential proposals that we in the past
 we've been also voted on. And nobody is one of the one of the
 stakeholders, one of the big stakeholders, I would say, in
 the success on the network. So based bounded is finite. And by
 the way, when I be clear for everybody, even don't know about
 my vote, we can do this by ourselves. So it's not like it's
 not one of those things in which is like there is no, there's no
 theater, but we are going to make clear what is our
 preference for an option that we put in front of community, which
 in our in our view is the best thing that we can do for all the
 helium ecosystem. So with that, I wanted to give let's now from
 high level to what the proposal brings to support that high
 level, let's get into a little bit into the details. So I want
 to invite Joey Padden to walk her through the roadmap, the
 technical roadmap quickly in a way that of course gets us to
 the way to the to the AMA part of the of the conversation, and
 then we'll go with the other people on the team.
 Yes. So I'm Joey Padden. I'm the Vice President of network
 architecture. And I'm here to talk about the technology
 roadmap. The goal of the projects that we spend effort on
 is to drive network usage. So we want more traffic going across
 our network, more key areas connected, more radios deployed.
 And the way that we're doing that is by structuring our
 projects around two key pillars. The first is building trust
 with the operators and the way that we build trust is giving
 operators visibility control and quality. So we have two projects
 and he's got a little out of order but project number one and
 project number three. Project one is an AI and big data platform
 that gives operators easy to use visibility into what's going on
 in your network and what's going on with their users. Project
 number three is based on measuring and showing quality to
 the operators. Operators for the last many years have seen off
 load as a black box of questionable quality. So getting
 quality metrics that the operators can measure and witness
 gives them confidence in connecting more users to our
 network. The other pillar is making it easier. The easier it
 is for a carrier to connect to the network, the quicker they
 will add measurable usage to the network. So project number two
 and project number four focus on building software development
 kits, building clouds, services that make it easier for carriers
 who might not have in-house experience with Wi-Fi offload
 to turn it on quickly. And then the last really is our carrier
 enablement platform that is an MVNO backend that has support
 for the helium network offload built in, which makes it really
 easy to turn it on. And so these are the projects that we're
 working on.
 Thank you, Joey. And I mean, needless to say that you may
 imagine the amount of development resources that is
 needed to create this. And this so far has been done already. And
 we already are ready in many of these to already support this.
 It's been a long road. If I only think the first time we started
 to do a firmware development on the hospital that I just joined
 the company, it was already happening six months before I
 joined. It was early 2022. It took about a year and a half to
 go through all that with Joey, Padden and the team. And it's
 just one piece, which is the firmware of the hospital. There
 is so much infrastructure to make things happening on the
 helium side. And my idea here with Joey is to show what is our
 roadmap to make that infrastructure turning into
 tangible revenue for the for the network. Thank you, Joey. The
 other Joey next, let's talk about the project tooling and
 what we have deployed in a very, in a very short way and where we
 have the upcoming features before we get into more of the
 sales and MBT pipeline.
 Yeah, I'll try to keep this fast because we've got a lot to go
 through. But of course, the core of the network is the people
 deploying. And so we have to make sure that that experience
 is both easy and reliable and powerful. So just to touch on
 a couple of things here, some of the really big shout outs, of
 course, is this expansion zones notion that we talked about a
 little bit earlier. But those expansion zones are that direct
 signal from the carrier. And all of those are getting basically
 a massive overhaul on a pipeline that we built in order to make
 that entirely tangible and actionable for the community. So
 for the folks that have been following along, you'll see
 these announcements go out every week at this point where we're
 pushing new waves of expansion zones out to the community. I
 have a process going that is going to target 10,000 released
 this week. So we're ramping up those numbers rapidly. Again,
 sort of with the help of AI, we can do some really cool things
 there to accelerate that process. On the other side of
 things, we have automated reward splits. And so this is a
 function that we've been really excited about because it enables
 those deployers who are trying to engage with business owners
 to do that in a more seamless way. So the idea here is you can
 take a hotspot, you can walk into the pizza parlor, have a
 conversation with the owner, and then very easily get that reward
 from that hotspot split out with them with no overhead on your
 part. It's all handled on chain and distributed out to them. And
 they get set up in world and it's a whole great experience
 there. On the sort of more upcoming side of things, we've
 been doing a lot of really cool stuff in this bit what Joey was
 talking about around Wi Fi metrics, like we get all of this
 insight, thanks to stuff. Frankly, Joey is spearheaded in
 the industry. But we can start to tell you how well a hotspot
 is deployed. And so we'll start to surface a lot of those
 concepts in tooling that is accessible to players. And then
 one of the things that we've done, frankly, poorly over the
 couple years, is we've fragmented out the helium ecosystem. And
 one of the things that we were doing with world is bringing that
 back in. So things related to governance, things related to
 hotspot management, sort of the broad ecosystem of tooling that
 a deployer has to learn about when they first get started with
 helium, will start to become much simpler in one consolidated
 space so that anyone can jump in and, you know, start building
 lots more than that. But those are the quick hits.
 Thank you so much. Thank you so for trying to keep us on time. I
 know that there is a lot but it's good. I think this is all
 good to see for for the broader audience. Thank you. So let's
 move into into what's the pipeline today. So we went to
 this big vision to what is the roadmap to what we actually
 shipping as deploy tooling in the next few. And now let's talk
 about our our pipeline, how it stands what it's been. And for
 that, we'd like to bring Woody Schneider, which is our VP of
 sales at helium do to kind of walk us through what is the use
 of the market.
 All right. So my team's job is to partner with deployers and
 venues to grow the network specifically to grow in such a
 way that Mario and Mark Phillips have maximal leverage when
 they're negotiating rates with carriers. And so you can see on
 this chart that growth is overwhelmingly coming from
 brownfield. So brownfield means taking existing network
 infrastructure, and joining it to the helium network. And
 we've had some of our best months recently. For instance, in
 May, you can see we had almost 6000 APs worth of new coverage
 that we signed and joined to the network. So many of you on this
 call are probably brownfield channel partners that have
 worked with my team to help close these deals. One of the
 reasons that brownfield is so important is that, as you can
 see, it's really resilient, even when the HNT token price is low.
 And that's because these deals tend to hinge first on the venue
 coverage needs, and then secondarily on earnings. This
 means that brownfield sites are cheap to set up. And it also
 means that they tend to have ROI in their very first month. This
 actually is really, really important to having a resilient
 growth strategy. The other thing that I think is important to
 note is that brownfield sites, they take a lot more work on
 our side, technical work to onboard. So what you're seeing
 in this chart, all of these things are signed, they are
 joined onto the chain. So they have rewardable entities, but
 not all of them are online yet, right? So you'll see a little
 bit of a delayed impact on the actual DAU and data offloaded as
 a result of these deals. And then the final thing to note, if
 you go to the next slide, is that we have a pretty significant
 pipeline of sites so that we can keep doing this in the coming
 months. And I've broken this pipeline out by tiers, you can
 see it says 123. Venue tiers are one of the ways along with
 quality of service that carriers try to value the offload on the
 network. So tier one venues are like airports and stadiums and
 concerts, and, you know, major attractions. And then tier two
 would be, I don't know, like big box retail and colleges and
 universities and hospitals. But one of the things I want to
 notice that this pipeline is really aligned with what
 maximizes the leverage for carriers. So anyways, I want to
 be really brief, I'll shut up there. But the TLDR is we are
 growing the network a lot right now. And we couldn't do it
 without this.
 Thank you, Woody. And we'll touch a little bit on that,
 because there is some questions around the growth in the last
 three to four months. So this actually feeds into into that
 answer once we get to the AMA part of the other conversation.
 So appreciating but thank you, Woody. Next, Mark Phillips. Mark
 Phillips is our EDP of business development helium has been with
 the project since the very beginning. And he's been an
 incredible partner to work together because when we started
 the Wi Fi part to him and I we and other people, of course,
 but mostly the two of us we went and start like understanding
 what is the take rate on the market on this type of like Wi
 Fi or flow then and I want him to come in and give us an idea
 of like what where do we stand today? What can we what can we
 expect from our our partnerships and in the next in the next few
 months on a sales cycle that for many of those telcos takes to be
 in between 12 to 18 months in the good cases. So it's very
 important that is also to understand on what what does it
 looks like. So Mark, why don't you run through this?
 Yes, I'll spend three or four minutes just taking a high
 level look at the carrier expansion with a point that
 applies extremely strong and the next 12 months have a stupid
 amount of daily active users to the network. So we continue to
 push the United States. We are actively engaged today with a
 carrier, which is your partner across our core.
 Mark, your mic is having some trouble unless it's just me just
 to make sure it goes in and out a little so just when I go like
 that, it's not it's not just just stand by. Let's take some
 invasive action here.
 The the classic is bottom left. There's that little like sound
 wave thing called Chris picked randomly any of their devices.
 It drives me crazy. I'm gonna figure out what is the algorithm
 for them to pick? Can people hear me any better? Any worse?
 It's a little it's a little softer, but maybe it's a little
 more stable. So okay, hold on a second. Turn off the noise
 suppression. That's what you're suggesting. Yeah. Yeah, it it
 bad. All right. How's that? Maybe better. Maybe better. Yep.
 Testing one last time. Beautiful. Yeah. Okay, we're back.
 Alright, so us is our core market today. But we're we're
 pushing it to Mexico and Brazil and just a general note on the
 new markets that we that we want to sort of go after. We're a
 small team, we're pretty resource constrained. So we
 want to expand globally as much as possible, because we think
 offload plays incredibly well, globally. But we can only take
 on opportunities where we have key partners and more
 importantly, carriers are ready to do deals. And day one, it's
 not that interesting for us to put a bunch of coverage in an
 area where there's no carrier ready to pay for offload and
 helium's technology stacks. So we sort of have to go slow into
 new markets, but we will go aggressively after new market if
 we if we have the opportunity. So let's take a quick look at US
 you want to kick over to the next slide. So the US market
 should be relatively well known to people on this call, because
 you pay a lot of attention to what we do. We love that. So we
 continue to expand AT&T Mario and Joey and the team already
 talked about the level of trust that we built with the AT&T
 executive team. And, you know, a testament to that is the 30,000
 sites that Joey Hiller just added there is in the process of
 adding the helium world. So the the 2 million DAUs that come in
 from AT&T will continue to grow, especially as we get those new
 expansion zones online. We have carrier two, which is pushing
 about a million daily active users, and we continue to grow
 that relationship. And then the MVNL base of Google Fi, Wi-Fi,
 and mobile, which we can now call noble mobile, continue to
 sort of ramp up offload growth. One point I want to make on the
 US is that as we continue to push the MV&E platform and the
 technology that Joey Padden just talked about, we basically have
 a fast track to getting offload with these new MVNOs that we're
 enabling. So we think of offload as a wedge. So once we get an
 offload relationship going with these carriers, they get fully
 committed to the technology stack that we've been detailing
 in this call. And that should give us a highly defensive
 moat to grow the offload inside the US and outside. So speaking
 of outside, let's take a look at Mexico. So we all know that
 we've been active in Mexico for some time Mario referenced the
 Movistar relationship that the whole team has spent three, four
 years building at this point. We finally months ago after about a
 year and a half of signing the agreement did manage to get into
 commercial service with Movistar. We don't have to spend any time
 on why that took so long, but we're very pleased that they're
 now in commercial service and actively offloading inside of
 Mexico. Interesting to note, AT&T US recently activated their
 subscribers inside of Mexico to do roaming onto the
 infrastructure that everyone here in the community is
 building. Another testament to the level of trust that we have
 and the level of excitement that AT&T US has for using helium and
 that traffic is live and you should see that on the world. So
 you know, while we were in the process of finalizing the
 Movistar commercial activation, we ran very hard at other
 carriers inside of Mexico. So because of the work that we're
 doing and the team that we have on the ground there, we do have
 two people on the ground in Mexico that work for us and
 that are actively engaged both at the top and the bottom level
 of carrier relationships. We have three additional MNOs and
 MVNOs that are in various stages of either testing in a POC phase
 or pricing, offload and technology stack engagements. One
 of those partners, if they manage to convert and we manage
 to convert them does bring access to thousands of what I
 think are literally the most high traffic sites across all of
 Mexico. And so we do have the opportunity to light these up
 for Brownfield, which would just explode the region. So we're,
 we're highly optimistic about about that deal. And again,
 every single one of these deals that we put together includes
 not just offload, but all the technology that we're building
 on top of it. And so Mexico is growing and we're pumped about
 let's move to Brazil. Okay, so we announced a partnership with
 a fantastic company called Mambo, which is a well known
 technology services provider inside of Brazil. We, someone in
 the chat earlier asked how we do business in countries where we
 don't have a footprint. We rely on, you know, getting on planes
 and meeting people in person, but more importantly, trusted
 partners. And so Mambo is a huge trusted partner of us, and they
 have existing relationship with tier one MNOs, tier two MNOs,
 MVNOs. And so they were getting questions from these tier one
 MNOs about how to enable Passpoint for their subscriber
 fleets. And we are experts, like we are probably the best company
 out there working in Passpoint today, thanks to the work that
 Mario and Joey and the team do. And so it was a natural fit for
 us to be able to bring helium down to Brazil. So in the last
 six months, we've put together active POCs or commercial
 discussions with three tier one MNOs in Brazil, and there's not
 too many more than three tier one MNOs in Brazil. An additional
 tier two MNO, which has actually been in the works for a while,
 and was just about to enter into a bigger phase, and then one MVNE
 that services a handful of MVNOs across Brazil. And again, the
 theme here is it's offload as a wedge, but then multi-product
 deals that will generate additional revenue when we
 actually get to scale with these guys. So the last slide is just
 a big look at sort of all the numbers. So if we look at a 12
 month sort of bull case across the pipeline, we have the
 opportunity to add eight new carriers and partner
 relationships across our core markets, so North America and
 Latin, which could bring upwards of 100 million plus newly
 enabled subscribers for helium mobile offload. It's worth
 noting that when we go through one of these deals, and we do
 all the hard work to get helium enabled on phones for a new
 carrier, we end up with a number that's very large for total
 potential sort of offload or DAUs. That is bounded by the
 amount of coverage that we can bring to these carriers. So
 coverage continues to be the most important thing that we can
 bring to these areas. Like I said before, we don't go into a
 new geography unless we know we can create coverage. So yeah, we
 are extremely bullish on the 12 month outlook in our core
 markets. We're hoping to add some new ones in the next few
 months, but this is where we're focused. So I'll kick it back
 to you Mario.
 You're muted, at least for me.
 Difficult. Thank you so much, Mark. I want to add two
 comments. The first comment is, we talked about those catalysts
 at the very beginning. Some of these catalysts are already
 active in some markets. For example, Brazil is one of those
 markets. In many of the negotiations that we are having
 today with Brazilian carriers, we are looking at carrier rates
 of offload rates like as much as twice what we have today with US
 carriers on a market where the ARPU is 5x lower. Let it land for
 a second. They have an ARPU which is 5x lower than a US
 carrier, yet they're willing to pay double what a US carriers
 does today for Wi-Fi. From my perspective, it's a pretty good
 positive confirmation of those catalysts that work. Why?
 Because a 5G radio costs the same in US that it costs in
 Brazil. Actually in Brazil costs more because of a very high
 tariff on importing. So that is the catalyst that I was
 mentioning about. Some markets are more mature than others.
 Also, this means, and the second part I want to bring is on this
 list, Mark talks about bootcase, of course, because we want to
 look at the potential that we have. That doesn't mean that
 we're going to have all the three MNOs in Mexico, all of
 them live. These are projections based on what we see. There is
 always the possibility that one of the MNO that we have already
 drops from our market. Then we have actually on board two more,
 and we are on board the second biggest MNO in Mexico, for
 example. The reality about technical deals, for all of you
 that have enterprise B2B sales, the sell cycle not only is long,
 but because it's that long, it goes through iteration inside
 the company where the corporate strategy might change. Maybe all
 of a sudden you have a group inside an MNO that decides that
 they want to try to monetize their current 5G small cell
 offering and try to offer it at a premium to Wi-Fi venues
 instead of Wi-Fi for the short term. That can change the
 relationship that we have with helium. It's not linear. I just
 want to make sure that it's clear that it's not linear. I
 don't come from the crypto industry, but there is no such
 a thing as up to the right and just up to the right. I want to
 be clear. That's what you get from me. I'm not going to say
 here and say, "Just look at this. It's going to be up to
 the right forever." That's not how real-world enterprise B2B
 Intel co-works. Maybe not in industry verticals. Maybe if
 you're a betting company, one of those platform for betting
 that is going so well these days. We are not. If this is
 what you'd expect from this project, maybe not the right
 project. We're a project that we're real. We're tied to real
 utility. We'll have all the peak and valley that a real
 enterprise B2B has. This is just the reality of running
 something that is tangible. One of the things that I see in
 commentary is about how this is not real. I mean, 3 million
 people using the network without knowing it, it's far away from
 real. If it's turning C-level executives in major MNOs their
 head and to trusting us with tens of thousands of location
 to cover, that to me is the most far away from real that it
 possibly can. I just want to just be very clear of what is my
 interpretation of where we are as a company and how much
 excited, when I say I'm excited, I'm not writing as a LinkedIn
 post, just say how much excited I am. I am excited about what
 we're doing. Into the next, we actually have public sector
 revenue opportunities. We don't talk a lot about this for
 obvious reasons, but there is an incredible amount of work that,
 by the way, incredible amount of work done in an incredible
 efficient way from our chief legal officer and the team,
 which is actually already bringing real opportunities. We
 are very actively both at the federal level and the state
 level to promote and mandate interoperability for things like
 first responders, interoperability for agency
 programs to include Wi-Fi as part of their contract. What does
 that mean? It means that if Wi-Fi becomes an interoperability
 must for agencies, then Helium is perfectly placed. Helium and
 the rest of the Wi-Fi industry, because of course, that's the
 way you play at the government level, they're perfectly placed
 to capitalize on their opportunity and have their
 ability, to the point that we are actually in development with
 some of these federal agency and some of the state agencies into
 actually grant them pilot opportunity because everybody is
 very interested. Everybody in state and federal agency that
 have experienced themselves what it means, especially in emergency
 communications, what it means lack of communication, what it
 means to don't have connectivity in indoor buildings, for
 example. I'm just putting this out there to say that there is a
 lot and it's probably I'm taking the ownership of the fact that
 maybe we haven't been that vocal about it for all sorts of
 reasons. Some of them, the minor be able to say, but for the ones
 that we can say, I just want to set the expectation that these
 are all the things that are happening inside the Helium
 ecosystem. With that, I would love to transition more to the
 AMA portion of today's. Thank you so much for staying. It's a
 40-minute presentation. It's a long presentation, but you asked
 for details, we're giving details. You asked for
 transparency in the pipeline, we gave you transparency in the
 pipeline. You're all very welcome to continue to ask
 questions and continue to tell us where and how we can do
 better. Okay, let me go back to Scott and that's probably we're
 going to dig in the AMA, I guess, but Scott drive this.
 All right, let's get into it. Again, thank you for all the
 questions that came in, we're going to do our best. Obviously,
 how these things have been changing a little bit the order.
 So let's get right into it. Again, keep submitting questions
 that we don't get to today. I want to be respectful of every
 time we will continue to address these over the coming days and
 weeks. So starting at the top. So according to, and Mario, I'll
 just kind of hand these off to you. So according to the block
 works mobile analytics page, we have been stagnating in both
 user and data metrics over four months. Is this due to simple
 lack of useful expansion or does this allude to a deeper
 curtailing of offload by carriers?
 Great question. And I do want to I do want to answer that head
 on. It is not a curtailing of offload at all. As a matter of
 fact, that if tomorrow, you have the ability to close on 1000
 access point tier two venue, you will see the offload happening.
 So this is definitely no due to a deep to occur telling of
 offload, it is lack of useful expansion in some way, and on
 is useful. What I'm saying is that there is already the
 expansion is taking place, Buddhist showed us that the
 data right, but there's a lot of factor one is, we definitely see
 some of Greenfield, some of the Greenfield hotspots going dark
 for, of course, what I completely understand is, you
 know, we actually see a 5% reduction in Greenfield traffic
 in the in the past since November. On the other end, the
 brownfield is up 37%. And it is it is what's carrying the torch.
 The problem the problem that problem with brownfield is the
 father, it takes longer, even after you close the contract to
 actually do activation, because usually they like to do it in
 smaller size and then expand someone in the someone in the
 community posted like a stadium in Arlington testers that was
 just that was just on boarded, we're gonna it's gonna take
 some time before you go from on boarded to actually carry
 traffic. But it's important to say that carriers are not
 pulling back, especially the one that they gave us the tense of
 the 10s of 1000s of locations, the opportunities there to take
 that was the entire reason again, I stand behind what we
 said during the Helium Mobile event sale last week, like it is
 the demand generation that we the reason why the reason why
 it's perfect for Helium Mobile to go to to a company like
 Noble is because now the network has a demand engine coming from
 the front coming from the carrier. So it's just, it's
 ready to be captured. We have the targets. Let's let's make
 sure that we can instrument and resource the deployers to do
 what they what they want to do, which is a sustainable way of
 having deployments. Now some of the deployers are still very
 active, some others are less active. And I can get into the
 details of their the way they do their business dealings, the
 way they structure their their business dealings. All I can say
 is that, sure, you might see a right now plot of a bunch of
 factory in there that they're playing and I, I don't expect
 that to go low again, with all the disclaimer that I said
 before, with MNOs, a corporate strategy changing, in the longer
 term, this is inevitable. Now we might see carriers going in a
 carrier to go out more carriers coming in that we didn't expect.
 One of the big three carriers that never look a Wi Fi is now
 active, which is the carrier that right now we don't serve. It's
 already active in the WBA is there some trials going on and
 maybe we'll come along or not or one of the one active one to
 decide to go on a different way for a while. But then if we
 believe in the thesis that the catalyst is there to stay. And
 this is the way networks of the future will be will be created,
 which I personally think that's the way this idea of converging
 wireless Wi Fi is from the center helium the way of helium
 doing it is from the center. So I just want to press that.
 Great. Thank you, Mara. Again, for folks, I know I see a lot of
 questions are hitting the chat here. We're trying to keep them
 organized outside of keen and drop that AMA upside joy put it
 right there. Nevermind. The AMA dot him.com just helps us to
 really kind of capture as much of the questions and stay
 organized, but we will again, do the best we can. All right,
 moving along. So I think this one is a good one just because it
 covers really around the Oversight Council drawing a line
 on what we're able to reasonably do here. How many staff currently
 work at Nova Labs? What is the monthly total salary cost of the
 workforce? Mario let you jump in. Yeah, I'm gonna tell you
 exactly where the line is. Because I mean, it's very
 important that in in this we keep very clearly where the line
 is and why so Nova is a private company. So I'm just not going
 to publish our payroll on a headcount time salary figure for
 anybody to look at it. That's just individual people
 compensation is protected in by many ways. So this is just not
 going to happen. However, the council is designed for
 transparency into the thing that we're actually voting on, which
 means that under some restriction, the council will have
 access to things some of the summary on their financials. And
 I again say some are in their financials. So there is there is
 not a black and white, but definitely there is there is no
 the ability for us to answer that question plain in public is
 just not going to happen. So but within the realm of the council,
 there will be a way for the council to have somebody
 financials and they have the ability to make decision informed
 decision on what they are actually voting on. That being
 said, you know, that means that means everything because I one
 of the things I want to and I hope that whoever posted this
 question now, I hope that we answered that question. Sure,
 it's important to look at the way the resources that's that's
 that would be crazy if we wouldn't know that we always done
 that, like the how do you resource the company to do the
 thing that you have to do? It's the primary way of how business
 around. But the amount of work that is going is also as a for
 example, vendor costs and vendor specific costs, they are very
 specific to the way we do. We do the network, we operate the
 network. And so there are things beyond just people probably
 think that all this company could be run by like three
 people in a high cloud agent like it's I'm sorry, I'm just
 maybe not me. I'm just saying that's not the way this company
 can can operate. All I can tell you is that, and I'll tell you
 just because I said before is that, and then we'll move on
 into the next that is definitely being with a with the best thing
 I essentially want to be part of what Nova was doing we healing
 mobile we have the ability to actually mean we have done a lot
 of that compression already and cost efficiency. And we are
 turning what it was a cost center in some way, you know,
 remedy opportunity with the MD&E platform that we talked about. So
 I hope this answered the question in a way that is
 comfortable where where I stand and what is my role and what is
 my responsibility as as as the guy that drives this. And also,
 it's a balance. So we are very open to strike the balance. As I
 said, this proposal is, we decided to go with this proposal
 because not because it was easy, but because it's hard. And I'm
 quoting, of course, someone else. But it's like, because we
 want to make it work with everybody. And let's work
 and strike that balance.
 Right. Thanks, Mario. Keeping an eye on time, folks, just for
 about an hour. And again, we're going to keep working through
 questions. We'll try to be as concise as I can. Unfortunately,
 the next one, you know, you asked it, it got uploads. It's a
 complicated one. So Mario let you try to be tight on this one,
 but it gets into kind of legal complexities. Why does Nova
 remain a private entity? It seems the sustaining equity
 infusion is coming from new HNT holders. Can a legal entity
 elected by a VEHNT own Nova in exchange for a 70 ish million
 injection? Maybe it could be more complex, Mario, if you want
 to get into
 Yeah, it might be a complex one. So the question is asking
 essentially if the community is funding Nova's operation and the
 growth to the tune of, let's say, depending on the price of
 like, you know, 60, $15 million through diluted tokenitions,
 that looks like an equity investment. So why doesn't a
 community gets equity into Nova? So there are three key issues
 to play in my way. The first is that why Nova is a private
 company, no community owned. The second is, isn't 149
 effectively an equity raise from the community? That's really
 the hint there. And the third one is could a DAO do it? On the
 equity infusion. So the supplement isn't an equity
 investment. The supplement is not an equity investment. It's a
 protocol level emission, not a capital contribution into Nova.
 The HNT is minted by the protocol and is deposited in a
 vault, and is spent on the on the operation and growth in
 this way. So we Nova we administer that, but the funds
 are earmarked for the natural growth know for Nova's balance
 sheet. And I again, also want to remind everybody that Nova has
 actually contributed to the network, creating all the stack
 that makes this possible today. And maybe we haven't done a
 good job in in in broadcasting how much work that goes into
 them. What does it take to keep to create and keep up a
 network that connects 3 million people daily, but there is a lot
 of work that Nova the equity owned company has done to to to
 arrive to the point where we are today. So there is no an
 exchange of value of ownership, there is a grant of protocol
 resources for protocol development, we have divine
 study council, the oversight, and the right to change that
 from the council. Of course, this comes with some with some
 termination right if you want from the community in the
 council. So why not community ownership on Nova? That's a
 tough one. I hope I can I can I can answer. And so Nova Labs is
 a C Corp with its own cap table and investors, employees and
 obligations. From that, the helium network is a separate
 entity for Nova the company per se because the community
 govern governance the protocol through the voting. That's why
 this is a proposal is not something that we are saying
 we're going to do this way. Giving a DAO, a DAO entity the
 same equity Nova will collapse the separation between these two
 things between the protocol governance and the corporate
 governance. And it creates a slew of problem from a security
 law issue for fiduciary duty conflicts, corporate governance
 practical reality that a DAO and entity and a shareholder of a
 venture backed C Corp is completed and chartered
 territory. And I mean, I've thought about this questions, of
 course, and I'm reading from my own notes, because I want to be
 clear that this is a territory which is full of a lot of things
 that will make this extremely, extremely hard to do it. And
 also, frankly, it would probably exhaust the resources that we
 have just to try to to even get to like a suboptimal self. The
 reality of this is the different is a different story. The reality
 of all of this is that the Nova the company has expand already a
 lot of a lot of the money into creating the natural assistance
 today. Now we are looking at resourcing. And like I said, in
 my opening, we are choosing to propose the resourcing today so
 that we can align the incentive from everybody, including the
 Nova company into the into the token as a sole asset. We've
 heard many times the confusion between equity and token, we go
 through all this discussions internally and externally about
 what are the possible option, we will keep looking at option.
 That's another thing I want to say, because there's no
 something that we just going to set in there in there and just
 that way. So we could look at different option of this like
 equity versus token. But right now, if we want to keep
 everybody aligned, the current proposal is the way is the way
 to do it. The last part is that in general, we are we are we are
 really driving an uncharted territory, which perfect,
 personally, I think that is, it's very interesting to be able
 to create that bridge. We heard that bridge being no there, we
 heard people saying that it was very hard to unprescrutable to
 see what was the corporate strategy. I just I just said
 what the corporate strategy there is nothing out there is
 nothing behind the curtain. There is nothing. There is no
 backroom deals. There is no like, this is a company that is
 sitting on a product market fit that we found a year and a half
 ago, after being in business for God knows 13 years. And and and
 by the way, I do mean when I say kudos to to like, being able to
 pivot through that I said publicly said again, this is
 exactly what a company does to find program market fit. And we
 got it. But we got it a year and a half ago, we need to we need
 to resource it to grow. So there's multiple options. And
 the way we are we're bringing is a very one is a one day. It is
 painful. I understand. Everybody looks at the token and
 keeps saying how how how when I just tell you how we're going to
 do it, we can we're going to get into even more detail with the
 console. And this is our way of addressing that.
 Okay, so next question that's coming up here. Alright, so
 question on how much is being spent to run the network,
 examples across the phone. Mario, I don't know if we have
 precise numbers.
 I can answer this. I mean, it's a good faith estimate. So as you
 might imagine, as you do a post carrier, like a post MVNO,
 there's a lot of services that will get transition. And some
 get some there this day. But I mean, like we're looking at, you
 know, in between 120,000 a month, because if we look, we
 mostly use AWS for a multiplicity of reason. We we've
 done a tremendous job and it could mark and mark an item and
 and the DevOps leads into contracting that over time, I
 think, if I recall correctly, and please mark, tell me if I'm
 off, but we've been we've been reducing that cost, like,
 constantly for the past two and a half years, like, on the fold
 of life, 20 30, 30% and 40% more than what it was. So we continue
 to optimize that cost. But why I'm telling you this to you is
 not to convince you, but to try to make clear that the network
 needs that type of resource to run. And it's not a thing that
 is just comes for free magically because it's run by by like, you
 know, a magic entity.
 This is actually a good time just I'm seeing some of the
 stuff that's coming in discord chat right now. So one of the
 questions that came in through the form, trust has been lost in
 the project. What are the plans to improve transparency and
 trust in the long term?
 Well, look, I hear what what what people are saying, I'm
 watching all the commentary. I am fully devoted myself, my own
 for whatever it is my own brand in the telco industry for this
 and I'm doing it not because I wouldn't do if I wouldn't believe
 in the way we're doing it. So we are we married as this idea of
 transparency and trust with what we're doing and the proposal is
 exactly this DCMA is exactly that. Also, let me also tell you
 that there is very few voices that are very loud. And I don't
 want to say that it's not the truth. But also, there is
 specific circle they like that everybody is looking after their
 own interest that they have with their own interest into into
 making into make more noise than others. I think that the trust
 actually, if you ask me, I've personally take a lot of time in
 the past couple of weeks to talk to investors to talk some of
 the, of course, the investors, but in general, other people, the
 other part of that, I have to say, deployers, for example, so
 the trust in union is actually, from my side, on the demand side
 is very strong. We are, you know, demand side, I mean, like
 with the telco, you know, we're we continue to expand our
 commercial term, we're winning, we're winning, you know, I want
 to say industrial awards, but like we're, we're definitely
 putting ourselves from them, from from the center. So the
 trust in what we're building should be pretty clear. On the
 deployers side, I think we can do better. And we are we're
 trying to do better. That's why we reopen the score, no matter
 how much sometimes is, is taking a lot of our time. And that's
 okay. And this time in the project to be able to ask to
 answer all the question. But I want to have loved for people to
 read the proposal fully, and to see to try to not think of some
 sort of backroom deal and, and behind the curtain things that
 we're trying to highlight. I know, I know that that's some
 people will always approach it that way. On the other way, I am
 we, me and the team, because I wouldn't do this if it wasn't
 for them, an exceptional team that is here on stage camera on
 taking all these questions, we will not do it if it wasn't for
 that. We are trying to make this work for everybody. So and, as
 I say, lots of option in front of us. This is what we decide to
 go. All right, next one, I think we kind of address this. But I
 just want to make sure we're covering on this just because I
 got a lot of upvotes. The headcount would be available to
 investors in a funding round. Why isn't it being made available
 to us during what is effectively a funding round more? I think
 you've covered that right at the top around kind of drawing
 lines around accountability.
 And one more thing is like, yeah, I mean, they had count
 percent mean like it takes like a cloud based algorithm to go
 LinkedIn and source so many people are putting in their
 website, like we are less. I mean, I think a peak the company
 was about 110 people. Now we are within contractor and full time
 employee where after the carrier is completely out, which is
 there is a transition period, there will be well below 50
 people between that full time employee and contractor. Now,
 that number should not scare anybody when I show the things
 that we're doing and the amount of work that has been done. But
 also, I think it signals that there has been already a very
 efficient way of of you know, we're always done that from a
 point of view of like efficiency, that means that exact
 figures, it can be done is a private private conversation, I
 won't I won't be able to share that publicly. And even within
 the sun is the council, there are things that they're not
 available, even within the company's employees, even when
 it comes to private compensation and things like that. But we
 will provide our best effort summary financials for the
 council to make them to evaluate that what they're calling for.
 They're not they're evaluating how the usage of this of the
 drip is being done and what are the joint KPIs that can be that
 can be jointly defined and to define what success to look like
 within reasons of the industry that we go on. And and the
 reasons of the market where we are where we are operating as
 well. Great, thanks for moving along. Some in quotes,
 individuals related to Nova have stated that they believe
 offload is trending towards zero. Can you speak to that? And
 how we handle that if secondary revenue flows example, quality
 of service, if that overshadows offload? Mario, I know we've
 been talking about this recently. So let me jump in.
 Happy, happy to happy to go in. So first of all, I can't, I can
 comment about me and what I think it's happening. And even
 I've seen those commentary as well. But the commentary thing
 was taken out of context in a way. It was no fully
 representative of what it was, what is being told. What I would
 have been told is that today, in a short term, we definitely have
 greater near zero and we have all sorts of like pamphlet of
 rates that we get from carriers raging from zero all the way to
 50 cents in us and others outside of us. I think that
 comment that was mostly done about where we are today because
 today, as I say, in us, those catalysts are started to
 happening, but they're not they're not fully implemented.
 They are no, but that doesn't mean that that's we shouldn't do
 what we're doing. Because if we wait for those catalysts to be
 fully on, we will be front run by company like, I don't know,
 boingo bolding, like you want me to make a list, I can make a
 competitive list of people that they're up there. And let me
 tell you, when I get into the stalker conference, they're
 starting to get pretty defensive on stage. Why they're getting
 defensive because they're seeing that we have a competitive mode
 to the don't have in acquiring sites. So, however, going back
 to the question that that remark, which I agree is that in
 the short term, we have to and that's why it feeds into the in
 this in the subsidy that we had to like jumpstart this in order
 to create and gain market share and positioning ourselves in a
 competitive space in a in a prime space, we wouldn't get we
 definitely wouldn't get the same level of conversation with, you
 know, AT&T executive, we didn't have a network that moves 2
 million people a day. If I mean, we didn't know have that we had
 trust in the project, we built the trust with the work that we
 did in the industry level, you can all time joy pattern for
 that. We build the trust with that with those companies in
 order for them to start opening up their I'm going to use open
 up the keynote in the kimono, but like opening up their
 corporate strategy about that. So short term, sure, we are we're
 close to zero, but long term, the catalysts are pretty clear.
 The second part about the second revenue stream, secondary revenue
 streams are actually what today are opening the door. And they're
 always like Mark Phillips says, they're always attached to the
 offload in the current structure. Those those quality of service
 quality of service gateway that we're trying to place into the
 industry are what is actually opening up the doors in those
 Telco conversations, because it's giving us the ability to
 show a competitive mode and a differentiation from other ways
 of doing offload on top of the way coverage is created. So these
 two things go together. Now, in the future, and I was talking to
 some of the community member in in this court, I can see how
 maybe the you know, the rate that we go for offload can be
 changing to something else when it's QoS usage from the carriers
 to make the termination line, we can we can still change and
 understand how that flows towards the deployers. And we'd
 be very open about that conversation. But on one end, I
 feel like the on one end, I want to make sure that when we when we
 think about how does Nova goes beyond this three years and blah,
 blah, blah, is because there is a secondary revenue stream would
 actually help operating the company that makes offload
 happening for the deployers. So it's a symbiotic, it's a
 symbiotic relationship, we wouldn't be able to grow the way
 we grow without that value prop. And that value prop without the
 network, it's a different type of value prop, I'm not going to
 say is no valuable, it's just different. The two things join
 together. It's unstoppable. And I would love for everybody to
 feel the same level excitement that I have the joint proposition
 of a smart intelligence Wi Fi offload platform, together with
 a network that implements that that intelligence. No one has
 that boingo doesn't have it. Bolden doesn't have it. American
 Bandwidth doesn't have it. Many of our vendors in the space do
 no have that. And that's what they're fearing from us. I would
 love to prove them that they're right to fear us.
 Excellent. Love that.
 Great answer, Mario. Thank you. So getting back and again, we
 want to talk a little bit around kind of use of proceeds, how
 much of the spend is dedicated to expanding deployments and
 existing markets versus market expansion? What is the more
 efficient use of funds? Sounds like market expansion is high
 spend uncertain income versus in market expansion. So I know I
 know it's a bit of a mix. But if you want to speak to that,
 Mario?
 No, no, absolutely. And it's a fair question. By the way, if I
 was in the audience, actually, this is one of those questions
 that I completely understand why someone would ask, which is like
 why are you going outside of the US when when you already have a
 sandbox? And what is the cost of doing that? Let me address the
 first one. Why are we going beyond US is two reasons. One is
 because those catalysts that I shared at the beginning, they
 play differently, a different timeline in other markets than
 in US, for example. So we might be able to capitalize earlier in
 some of those catalysts in other markets than US as US gets to
 those to that narrative in the industry. The cost of that, the
 way we were doing this is actually changing and adapting.
 Because if you look at the way we started in Mexico expansion
 with Movistar, it was essentially from, sorry, from
 scratch, like there was no network at all. And he wasn't
 capital intensive from a point of view of like BDE, because of
 course, you know, Mark Phillips, and a couple of more people that
 helped with that. But from a technology standpoint, the the
 stock needed to be adapted for for where Movistar wanted it.
 And that's adaptation will actually be useful in general. So
 there was a little bit of upfront cost to do that outside
 of the US because we learned the different carriers is slightly
 different way of operating. On the ground, we are actually very
 efficient. We are very efficient because we do use things like I
 mean, some of you might met some of the deployer met Carlos
 Dominguez, which is our ambassador on the ground as a
 contractor that works for us in Mexico. And there is another
 person that is used to be an XC level on Movistar that now is
 in is our BD person and is what is bringing us inside those
 carriers. So we're very efficient from that perspective.
 And what we learn, which now we're applying in Brazil is that
 we are going to open new geography, only if there is a
 strong partner with a with assets on the ground, they can
 support the offload date zero. What I mean, what I mean is
 mumbo Wi Fi manages about 40,000 access point today. Not all of
 them are pass point, I believe they're like, probably in the
 20,000 they are in this in the process of swapping them up. But
 what does it mean? It means that in this 12 to 18, 12 to 18 cell
 cycle, to close catering in Brazil, once that is closed,
 out, we can already create the flywheel motion using mumbo
 footprint to start the offload. And then of course, people will
 be able to join and you know, install their own hotspots and
 do brownfield. But they're helping us in terms of course BD
 on the ground. And they're helping us in terms of like value
 proposition at date zero. So from we decided to marry that
 proposition because it's cost efficient, like the amount of
 time that we spend on the Brazilian BD is, it's extremely
 lower than what we were used to do when we started with a
 Movistar, because of mumbo. So other other regions and
 geographies that are being talked to, we all have the same,
 you know, we've been approached by some companies or some
 telcos in Europe, some telcos in Africa, the answer is always the
 same. Let's find Mark Phillips, here it is for me over and over
 again, we need to have a partner on the ground, we can help
 jumpstart the network and you can help in those BD
 relationship in order to be to be cost efficient. So the
 percentage is very small, that it gets used in those and the
 majority of our focus is in the technology is in the product and
 continue to create and continue to create and support that
 growth with the channel partner program, the booty as for example,
 for the sales team. So I just hopefully that clarifies that
 the the efforts internationally.
 All right, moving along. I'm not sure how to interpret this
 question. How is Nova reps planning to compensate for the
 additional inflation introduced with 149? Yeah, I'm not sure
 what the composer means by compensate. Let me try to, let
 me try to address that. Like I said, the company is already
 actually given a lot of the network over the years. We've
 been, we're being done, we've been subsidizing the protocol
 revenue, different indicator revenue for a while. And we also
 ran deployer grant program with rebates and to support. So I
 think we've, honestly, I think we're absolutely done a lot
 ourselves. And in a way, I do feel that we've gone above and
 beyond the given the market condition. Like, let's not
 forget that this is not exactly prime time from crypto. If you
 look at the market, is anybody that wants to fight me in this?
 So within a bear market, we grow something from zero to three
 million to three million daily active users. And one of the
 reason is because we have we have given, you know, we've
 done, we we've given our hotspots a cost for a long time,
 and maybe we'll do it again, again, like we're we've done
 deployment grants program, like, so I don't know how to
 interpret that question. But maybe the the answer that I can
 give is that the growth of the network is the way we're all
 aligned to introduce and the father isn't the additional
 inflation, like I've wrote in one of the Twitter posts. When
 you look five to 10 years from now, when this network will
 ship 20 to 25x more traffic, we're going to look at this
 inflation as as a thing of the past as a thing that is like
 small. Now, I don't want to be this taken out of context. I'm
 not saying there is multi. I'm not saying that. I'm saying
 that if you believe into the thesis, if you believe into the
 team, if you believe in the technology stack they were
 building as a real as a real competitive mode in the
 industry, five to 10 years from now, this this way of
 resourcing will actually put the community front and center as
 opposed a different way of resourcing the company that
 wouldn't probably not be aligned with the community.
 All right, moving right along. Given that this is a token
 dilution rather than an equity dilution. The burn revenue is
 really what creates an ROI for the community. So pretty slow
 there. What are the network growth, not Nova ARR topic
 targets over this period?
 Yeah, this is I think Mark Phillips addressed this. You
 know, we have, we are talking to several we're we're talking to
 carriers, seven to eight active partnership with carriers that
 represent several hundreds, millions of users across the
 world, in Brazil, and Mexico, and and a couple of other
 geographies. So I think that the network growth targets over 12
 months, the bulls, the bulls, the bull side that that bullcase
 that Mark presented is in the order of 100 million day daily
 active users. Now, again, it's a bull site is a bull case, it's
 possible that we'll change it possible that we will outperform
 that. But I, I do think that what we're going to see is the
 following, we're going to see if the proposal passes, if you're
 going to this together, what we're going to see is we're
 going to grow steadily, maybe we're going to stay flat a
 little to take a breather and to for the deployer to resize their
 way to do business. I understand a lot of a lot of questions
 around the where the token price sits and, and how that makes
 possible for the deployer to deploy. Again, remember what
 woody presented with brownfield and what that opportunity means.
 If I if you haven't contacted woody, I'm gonna just dox his
 email like contacting as a channel partners, I will maybe
 it's our job to bring some of our channel partners here and to
 talk in front of this audience. They have a very different view
 of the growth compared to like a traditional, much more like
 greenfield only deployer. So why I'm saying that is that the
 network growth will probably stay and go a little, a little
 flat, maybe we'll lose some we gain some I'm not gonna I'm not
 gonna deny it is that is in the short term is going to be like
 that. But then eventually we'll hit an inflection point in and I
 think that inflection point means probably, I think I said
 this in this court as well as 7x, the current traffic seven to
 10x the current traffic because that would allow us to be in the
 double digits percentage of roaming for some of those
 carriers. Once that inflation point hits our contractual
 contractual leverage increases. That's where we're gonna we're
 gonna see an acceleration because at that point, we'll be
 able to see more, more of the of the turnaround, I would say of
 the payback and earnings for deployers coming back to the
 board. One more thing, read the proposal that there is a back
 stop, but there is an uncapped earning opportunity on the on the
 other end, that it wasn't there with before this proposal, which
 I know everybody is so focused on where where the action is
 today on the token. Please read the proposal with the eyes of we
 are 12 months from now, we have 5x the number of DAU there is a
 renew interest in the project. And now we're fully aligned and
 that means something in terms of potential growth, what that means
 in the in the in the eyes of the current proposal. And that's the
 most legal acceptable way that I can say this.
 Right. Next one in there. Have you considered deployment
 equipment subsidy or lease service that allows the locking
 of HNT over nesting period with data burn at a fixed percentage
 chosen by the deployer diverted towards paying off the device
 fully? I think we just kind of cover again, like, I think this
 speaks a little bit to kind of what he covered earlier around
 brownfield. But Mario, if you want to talk about kind of our
 efforts to drive the cost of deployments down and kind of the
 options we're thinking about here, but I think it's a little
 bit about this, please make sure you do engage with with the
 community on this on the on the on the channel with Mark item
 and the team in the public and really, really big preproponent
 of discussion in the public. I don't know. I mean, I think we
 will have to look at it what it means. And here also from others
 in the community. All I wanted to say is that the idea of like
 the cost of deployments, it approaches, I'm not want to say
 zero, because it's not true by approaches zero when you look at
 brownfield, for example, as a way. So if you're interested,
 and you think that there is something there that you want to
 understand better, I would I would really try to reach out
 and and to get in touch with Woody for the channel partner
 for the channel partner program.
 All right. Next one, I will read this. I think Mario is kind of
 demonstrating exactly what they kind of question poser is asking
 here. But I want to make sure we're kind of covering off of
 the things that are certainly getting up votes. Can management
 take some accountability for the lack of trust in the healing
 community? As deployers and participants, we all really hear
 constant excuses and justifications, but we rarely
 hear accountability. accountability builds trust.
 Mario, I'll let you kind of dive in there. But you know, I want to
 make sure that the folks here look at what we're really trying
 to do around kind of changing the way that we are engaging with
 folks. Taking these questions, baking in the Oversight Council
 within the proposal. I hope those measures are being seen. I
 hope they're being heard. I think Mario is really doing a
 fantastic job of covering off on a lot of very direct questions
 today. But Mario, if you want to add a little bit more here. But
 I mean, personally, I think that what you're doing right now is
 just demonstrating exactly the answer. So
 it's okay. Otherwise wouldn't be here. Trust is an interesting
 beast. Because trust is many times very connected with the
 perspective. And what I mean by perspective is that there's an
 idea I wrote this in the score a couple of days ago, there is a
 very, very important differentiation between acting
 in bad faith and making choices at the time with the best use of
 what you have at that time. And what I mean with that is, for
 example, like what I just said, so you might see, and then look,
 there might be some gap, there might be there are some gaps in
 probably in our communications that can be and should be
 improved. For example, like, again, if you go and read the
 block works quarterly report clearly states the difference
 between protocol revenue and credit revenue is written in
 there. So, however, maybe the communication channel was not
 correctly set up by us to make sure that that was clear. Even
 though I remember and I don't know if Boris in the audience or
 not, but like in the mobile working group, multiple times
 hammering on the fact that that 50 cents was a way for us to grow.
 It was not meant to be a representation of a reality was
 not there. So I think that that's why I say it's
 perspective. If you are a deployer, you were part of the
 mobile working group, and you actually read the block works
 report, you will see that as just an adjustment from a growth
 stage company. Has anybody of you taken a Uber ride at $3 in
 San Francisco? Did you think there was really $3? Because I
 think if that's the case, we got to have a talk. Like, when you
 when you grow, when you try to grab the market share and grab
 the attention from those carriers, as I say, we will not
 stand where we are with some of those carriers if we would not
 we will not have those 3 million DAU. That doesn't mean that I'm
 condoning. I'm just saying there is a way probably there is a
 communication gaps. And this is what this AMA is for. But there
 is a way when you make decision with the best ability that you
 have at that time, that is nothing to do with ill intent
 is nothing to do with trying to convince people in things that
 are different, all he has to do is to try to try to jumpstart
 something. And when you look at our history, you know, with the
 IoT, and I wasn't there, but doesn't matter with that with
 IoT and the father, the demand side of the IoT and struggle of
 that demand side for IoT to come. When you look at the CBRS
 stack, we were crushed when we decided to do Sunset CBRS. Well,
 try to do a Google search on CBRS and see what you find. Like
 we were the first one in the industry to say, timeout, this
 isn't working for doing roaming. Now some still use CBRS for
 private LTE, small thing, campus, it's fine, they have their
 own team, but you don't hear anymore. The charter CTO talking
 about their deployment in North Carolina, CBRS isn't. Why?
 Because we were right. Now, did we subsidize CBRS? Yes, that
 was a genesis. We give token for people to deploy, but we did
 it because we wanted to start a network thinking that that was
 the right way of doing it. And then realize later on that the
 stack wasn't fully backed in once we really tried to make it
 work with a multi-host program. Why I'm saying all this is I'm
 not trying to justify, but you justify when there is actually
 justify is the right thing to do here because you justify the
 decision they're made with a tool that you have at that time
 and with the challenges that you have at that time. If you're
 starting, if you're in this question, the same thing, some
 sort of ill intent or misdirection and all that, I'm
 sorry, I think that that is a different, it's a different type
 of question and I don't think I should answer here because it's
 not true. So trust is based on perspective. If you ask any AT&T
 executive about helium, we'll tell you what their perspective
 is. If you ask a brownfield channel program partner, this is
 deploying on the stadium in Texas, we'll tell you what is
 the opinion about helium. I do care about the opinion also this
 community and token holder deeply, but let's not try to
 say the trust is this gigantic thing that all of a sudden is
 like, this is not how it is. There is, we are surrounded by
 trust in the project. This was a deliberate choice to put
 everybody together front and center into this. So I do hear
 you're concerned. I'm here for this. Otherwise, I wouldn't
 stay on a video camera and try to address this. I also want to
 make sure that we differentiate these two things. There is
 decisions, there is communication of decision that
 can be improved and I'm trying. All we can do is improve that
 communication and then there is ill intent. I think I just want
 to shy away from that ill intent because it's just completely
 baseless.
 >> Thank you, Mario. I hope folks appreciate you. Mario is
 stepping into a new role, confronting these things, some
 of the stuff that is years that predate him. So Mario, thank
 you again for everything. We're just over 90 minutes in. I think
 then the last question, why don't we kind of take a pause
 for today after this one. I know you probably have some
 closing remarks. So why don't we cover one more question for
 today and we'll kind of take a look at the rest of the, I mean,
 there's over 80 questions in here, no 70, so we're not going
 to get to all of them. But again, we'll think about how we
 can memorialize this for public. So next question was, and I
 like this because, again, it talks about the controls that
 are in place. If the $141 million inflation event is
 approved, can we programmatically lock the remaining
 emission schedule going forward so HNT is truly capped? If
 deployers and HNT purchasers/stakers for the token can
 be deflated, neither will invest. So I think this is good
 around kind of the governance that's in place within the
 proposal. Well, you know, emissions on helium are actually
 governed by the community. Otherwise, this vote is the
 actual proof of that. So there is no way to programmatically
 guarantee that it's going to be truly capped because any lock
 that we put in is just another governance decision, which will
 have to be through the governance, of course. A vote in
 the future, for example, could change that in the same way
 that this is changing. Now, I'm not saying that this is the
 plan today. Again, going back to the previous point, like,
 this is not the plan, and we have a very credible and very
 based and very efficient based plan to make the best use of
 this to move forward. But if I would tell you that this was
 permanently capped, I would make exactly the kind of promise
 that gets broken. So I'm just not going to do that. I'm just
 not going to do it that way. And I'm sorry if this is a no. If
 you want to make a decision, wrong decision, try to please
 everybody. I don't know if that answer pleases or no please
 other people. All I can tell you is that right now, with the
 opportunity that I see, with the team that we got, with the
 pipeline that we have, I don't see a reason for that to be
 changed. Now, other things that might change is protocols
 evolve. Like, you know, like I said, the quality of service
 metrics maybe will bring us into a different world where the
 payouts are different. I mean, you know, there are protocols
 like, of course Solana is probably very different, but
 very similar in many ways when they look like a net emission
 caps and things like that. There's things that might be
 changing. And I'm not saying that's my plan. But I also
 don't want to stand here with my own credibility and say, this
 is it. When we're permanently, this is how the product is
 going to act. And it will be the type of thing that I can't
 stand behind. So anyway, all I can say is that nothing can
 change without a vote. And that's why we're here.
 Great. Well, I just want to thank everybody again for
 joining today. You gave us an hour and a half of your time.
 So I genuinely appreciate everybody's questions. All the
 thoughtful feedback and critiques, discussion as always
 will continue in our general channel here in Discord. Let's
 keep it coming. We are going to host another live event next
 week. We'll get the date up soon. Some folks can plan to
 soon, probably Tuesday, Wednesday, but we'll keep you
 posted. Otherwise, let's keep discussing the proposal. And
 again, we're excited to march forward. I'm really glad we
 covered off on a lot of the pressures that are driving
 demand for the network, where we're seeing a lot of
 excitement from our customers, the carriers. So let's keep
 going and onward from here. Mario, if you've got anything
 else, otherwise we can- No, one thing I want to say, service,
 private service announcement. We will soon, when I say soon, I
 mean like literally in the next few days, we'll set up a
 channel for people to, for the people that are interested in
 running the council, for the council part, I want them to
 understand exactly what that entails. And so this is not,
 ahead of the vote, we want to set up a channel for those
 people to come in and we'll essentially discuss what it
 means to be part of the channel, what are the requirements
 from a legal standpoint and other things. So it's important
 that we don't want to run into a situation when someone runs
 from council and then later on learns what are the
 requirements attached to it. So we'll probably have a call
 out and I'm looking at Keenan and Mark Knight and we're
 going to have a call out in the general channel for people to
 join that channel. It will be an open, it's not an open
 channel, but it would be a channel with, if interested,
 people can go into and the people that are interested in
 the council and we'll share the guidelines there for people
 to make an informed decision. Sorry, just a public service
 announcement at the end. But I appreciate everybody's time with
 overtime and I keep remain myself, make myself available
 in this court as much as I can. I also want to make sure that
 people understand if you see me going in and out, it's not
 because I'm not working on, I'm working on Healy Molly if I'm
 on this court. Like there's a lot of stuff that we need to
 keep doing and keep going. So I, my viability, I'm trying,
 mine and the rest of the team will try to schedule time. And
 I've been thinking about maybe office hours or something of
 that sort to people know that I'm going to be there. I just
 want to make sure that, because I hear people pinging me like,
 and I can't, I just can't get to it. And then like the days
 goes on. It's not like, it's not like I'm ignoring questions.
 I'm trying, but the backscroll is wild. So apologies if that
 happens. All right. Just make a note. We have all of those AMA
 questions and we set this thing up to be able to migrate those
 over to future events. So if something was asked here, we'll
 try to maybe consolidate things a little bit, but those are not
 lost. But thanks for everyone that submitted. Thank you. Yeah,
 thank you. And sorry for getting to all of them, but we'll get
 to them. All of them. Thank you all. See you in chat. Thank you
 everybody. Cheers.