 Aduro Clean Technologies was named in a group of 20 stocks and focus in the ever-evolving market of advanced chemical recycling. And over the next 10 years, the market is expected to grow to extents that could press the $10 billion mark and evolve at a compounding annual growth rate of close to 50%. We know as we cover this story that this story will continue to evolve dynamically. And the disparity between the companies that are identified in this most recent article, I had a chance to jump into it and make a little bit of sense of it for you in splitting up the listed 20 companies into what I felt like were three specific tiers in what these companies bring to the table. And I want to express to you some of the concerns that I have with having Aduro placed in this specific company. I think the two companies really that were labeled were Chevron and Honeywell, were the only two that I thought were worthy enough to be listed alongside Aduro. And I'll get into some of the themes on the due diligence that I did on each of these companies, some of the reoccurring themes that I identified in each of the companies that I looked at. As Aduro's CEO has declared many, many times, it is going to take multiple companies to tackle the magnitude of the plastic problem that we have globally. I concur with those sentiments. But what does it mean for a company like Aduro that I contend has by far the best solution on the market? Aduro is early in its cycle, as I'm going to discuss with some of the some of the advancements that some of these companies had made and what it actually means for you as a patron to the message here and a follower of how this plastic problem and plastic recycling story is going to evolve. Who are going to be the winners? Who are going to be the losers? And there will be many. The dynamic shift is happening fast. Companies are scrambling to meet global mandates, both abroad and here domestically. Amongst our major plastic producers and to the best of my knowledge, the solutions are vast. We have legacy solutions like pyrolysis that have been around for the last five decades and we have identified and learned the shortcomings of that technology. A lot of these new companies are suggesting that they have improvements to pyrolysis, but I encourage you to pay mind to the fact that pyrolysis is always pyrolysis and the drawbacks are very real with the high energy input necessary to even make pyrolysis work efficiently, as inefficient as it is, only rendering close to half of the half of the original product. Once the input in the feedstock is provided, you don't render even close to the level of output on the back end through pyrolysis. But when I was looking at these 20 companies, I was quickly able to divide them up into three categories. The first category was the tier ones. Those were the ones that were the larger companies and Chevron and Honeywell were the ones that stuck out. I am a staunch stock owner in both of those companies have been for many, many years. They are blue chip companies and the budgets that these companies have to throw at these low carbon initiatives are mammoth and they are at a slight disadvantage in that a company as nimble and as acute as a duo is on their technology has the time, effort, and energy to put into their research and development and building out their portfolio backlog of patents where it will probably be in the larger company's best interest to partner with or buy out some of these smaller companies that is going on as we speak. All right. So those are the larger companies. There was only two of them in the list and I don't want to spend this video focused on the larger companies. They are established. They'll be around in 50 years. There's no doubt in my mind. They are a couple of bell weathers, a couple of Dow components. And I don't think that for the sake of this video, it's prudent to focus on those. What I'd like to do now is separate for you guys two additional categories or tiers of companies that we identified in this list of companies that shared the list with aduro clean technologies. And I want to bring to your attention the one, two, three, four, five, six, seven count them seven of the companies that I was able to glean out of 20 were privately held companies. Okay. And now that list, there was a couple that I didn't get to do my due diligence on. So I would imagine that there was a couple more because the author seemingly didn't mind naming these privately held companies in this list. Now quickly as I was able to glean what these companies bring to the table, it was very, very evident to me as to what it could mean for a stock owner that there was only two of them that got my attention. Okay. And that was plastic energy as well as mirror technology. Those were the two really that I put kind of at the top of this private list on down the list. There were multiple things that I noticed in the private market that seemed to come out of each of the company's profiles. And that was inferior technology. I talked about the augment to existing or legacy technologies that they were infusing massive capital infusing infusements in to either partner with industry or build out infrastructure high cost infrastructure and are struggling in making that an economically viable option for them. All right. The high capital inflows was a consistent theme amongst these companies. The high debt and the lack of information in the public markets put us at a disadvantage in really understanding where it should be these companies are financially. So when you cross compare aduro that is charged with quarterly reporting and being forward with the share owners in who owns what where the capital expenditures go down to the very last dollar. It's very easy to understand how we can keep a tighter view on the public facing companies like an aduro and some of the others that we're going to talk about both on the positive and negative side. But I found that to be a real drawback. Now in the case of the two companies that I identified, there was a couple of positives that I pulled out of the plastic energy review with regard to their existing plant on the mirror technology side. They have partnerships. They have licensing and they have actual product and sales. Okay. On the plastic energy side, one thing that I feel like is a little bit premature in the aduro story is we're all shifting toward this circular economy. Well, I want to see a hostess twinkie wrapper that is made possible by the aduro technology that has gone through the process rendered that reusable stock and then producing those products in the circular economy. We are a little bit premature of that. And I thought it was interesting plastic energy boasted 10 products that you can find on their website that they're actually contributing to wine cork. There was a few other plastic products that was a direct result of the tack oil or the the tack oil which is produced through the pyrolysis that plastic energy boasts as being their proprietary technology. And I thought that was interesting just as a cross comparison to be fair. I didn't think that all of these companies were doomed. I think a lot of these companies are doomed. But I'm not going to identify the specifics. I'm going to highlight some of the themes that some of these CEOs of some of these companies put forward for share owners in the companies and would be patrons to following their message needed to understand. So that's it on the private placement. When I got into the public domain, which is the last tier of these companies, we're talking Agilex, Stena Metal, Loop Technologies, Carbios SA, and many others that I were identified in this list. I'll just start with Loop. Loop has current litigation against them. So they have lawsuits that have been brought against them. And some of the themes that I was able to glean from these publicly traded companies is inflated valuations in Agilex case, 197 million compared to Aduro's 60 million U.S. in market cap and valuation just speaks to the ballooning of these stocks since 2020 in the euphoric run up and the realization that these companies cannot rest on the fundamentals that they boasted on the onset. Massive losses on the books when it comes to a lot of these companies. I looked at all the financials as they were available to me and found that the top-end revenues just did not match up with the multi-millions and losses on the books that these publicly traded companies were incurring. And another theme that I was able to take away from the CEO remarks on some of these other publicly traded companies was that they're incurring massive losses. Yes, they are putting massive amounts of loss on the books. There are pending and active lawsuits going on on these companies. And their current capital expenditures is extremely high with the amount of promised revenue that they were looking to bring in-house to somehow augment what these guys are trying to do with building out facilities, with actively seeking open financing on the market to the tune in a lot of these cases in the hundreds of millions of dollars. Guys, this is incredible. And when I look at it from an investor's perspective, I look at the opportunity and it seems like a lot of these just scream a black hole. That's just what I saw in the financials and that information was open to us when we looked at it. But the theme that I want to convey to you guys for the public facing is the macroeconomic challenges both in the industrial space as well as the appetite to spend. Now imagine these companies are in a position to now have to service debt as well as ask for new capital to continue to run these businesses. And we were able to glean that a lot of these companies do not have 12 months left to cover operating expenditures over the next 12 months. They're going to have to go to public markets, which is just a position that every company should avoid. Investors should absolutely double down on avoiding companies like this when you're looking at companies that I don't know how they're going to crawl themselves out of these black holes. Some of these companies absolutely have solutions that work. But what I was unable to find in a lot of these cases is the declaration on how efficient there in many of these cases is pyrolysis and how efficient it is on the back end. None of them disclose what type of renderings, whether or not they're rendering 50%, which is our assessment, whether or not they're rendering 75% or whether or not they're even willing to lie and suggest that they're efficient to the tune of 90%. None of them will do that. They're all saying that they have this beautiful process that works and trying to sell people on this idea of a technology that is five decades old. And I just don't see it in these companies. Now to bring it home to looking at Enduro as the bright spot in this list, we're looking at a $60 million market cap. We are on the pending verge of having Game Changer News break to us and Color added to that program. We are early in the stages, but just like I suggested, even with some of the positive companies like Plastic Energy that I talked about on the private side and with Mura Technology, guys, by the time if they ever do decide to come public, you're going to be talking about a multi-billion dollar public offering, and the money will have been made at that point on those private companies. If they ever decide to subject their businesses to public markets, Enduro is in now, and we have the luxury of that first look at Enduro in public markets, but my friends, that first look is not going to last forever. It is not going to be continually provided to you as an opportunity to take a hard look at not only Enduro, but the competition in the space. I'd highlight the list for you guys. Appreciate you tuning in for the totality of the message. Leave your comments at the bottom of the video. Subscribe to the channel as we continue to cover Enduro and its ever-evolving story. Guys, thank you so much for tuning in, and good luck in your investment future.