 Hi, how are you doing today? I'm your host Rich. We have a Rich TV Live with our very special guest, the CEO of Emerge Commerce, Gassane Halazon. How are you doing today, Gassane? Good, Rich. Great to be here with you. Thanks for hosting. Hey, my pleasure. Really exciting news today and congratulations on the news. With a 25 million debt announcement this morning, I'm sure our audience is curious. How much of this debt is actually available to finance future acquisitions? Can you share more with us? Yeah, absolutely. Happy to. Obviously, as you mentioned, I mean, this is a landmark facility. It's a $25 million debt facility at favorable terms in our view. We had an original $8 million facility, so that's now been upsized all the way to $25 million with the primary purpose being acquisitions, making acquisitions and financing them with non-dilutive capital, ultimately debt. So we've been very consistent about that. So essentially, we basically have about $17 million available to draw right now. So we had $8 million. We refinanced that $8 million at a favorable rate, and now we have an additional $17 million to pull the trigger on future acquisitions. And we've been very consistent about that, Rich. We basically have kept multiple signed LOIs for potential acquisitions at any given time through our M&A team. And so we're basically rolling our sleeves up now. We have the capital in hand, and we're ready to transact as soon as applicable, right? Fantastic. And we love what you guys are doing. We love early-stage companies here at Rich TV Live. We love identifying companies that are undervalued, under-appreciated, under-exposed, and we love to understand the fundamentals of the company. And we think your fundamentals are very sound, and we believe you guys are extremely undervalued when you compare yourself to your peers. And we know this because we've interviewed hundreds of companies, and we look at all of these small-cap companies, and we like to compare them. We compare their revenue. We compare their debt to equity, their share structure, their revenue potential. And with every single metric I look at, you guys are undervalued. Now, when it comes to acquisitions, you guys have acquired three brands over the last year, and now have seven brands in total. Very impressive. How soon do you anticipate to move on to the next acquisition? Now, they have all this extra capital. Yeah, I mean, absolutely, Rich. I mean, one of the primary reasons, if not the primary reason we went public last December, was to accelerate the pace and the size of the acquisitions we were making. And so, you know, since going public in December on the TSX-V ticker Econ, we've completed two acquisitions. You know, the first being True Local, the Market Leader and Meet Subscriptions. And the second one, more recently, we announced the acquisitions of the Battlebox and Carnivore Club brands, giving us additional strength in the subscription e-commerce space, all profitable companies so far. And so, that now positions us for that next big acquisition or more, now with the capital in hand through this debt facility that we've announced this morning. So, obviously, we can't comment on exact time frames. But I will say this, when we first went public, we gave guidance that we were looking to do two to three acquisitions in our first 12 to 18 months. And now, you know, we've completed two, but we now have the capital and we have multiple signed LOIs. So, I'll leave it at that. But obviously, our intent is to continue to grow through acquisitions and that those acquisitions be bigger and more profitable than the ones before them. And if you look at the past deals, they've increasingly been larger by revenue, larger by EBITDA. And importantly, you know, recent acquisitions also have grown strong. They have good organic growth, the type that lasts, and they have real cash flows, the type that we can reinvest over time. And again, all of that adds up to minimizing future equity dilution for our shareholders. Something we're very focused right now on becoming a debt driven company and tying that debt to acquiring profitable companies. Can you share a bit about the acquisition profiles you're looking to target for the next phase? Yeah. So, we've been quite open about the general sphere. So first and foremost, if you look at what we have today, it offers some clues as to what we think is lucrative e-commerce territory. So, we're in the golf space. We really like golf experiences and products, businesses. We have two of them right now with under par and just golf stuff. That is a category we're continuing to build. And as you know, Rich, everyone and their mother has tried golf during the pandemic. And that's creative, this wave and this movement back to the sport. And that is great for golf equipment, sales, and ultimately, over time, we believe it'll be good for experiences going to play golf at a discount right now. They're very crowded, but I think over time, golf courses will rely heavily on e-commerce just like every other industry. You have groceries and food tech. You know, now we've acquired True Local and Carnivore Club both meet subscription box businesses. You know, with Battlebox, we've opened up the outdoor gear space. So where we've looked at the future of this is in both acquiring new verticals. For example, we've said we've been interested in the pet space. We've interested in the wellness and health space. We're interested in the e-bike space. So we are agnostic in the end on which category to enter. We are more focused on whether those businesses and those categories are sticky, are growing, and ultimately are profitable, have a track record that they're already doing it today. We're not in the business of risking to find out. We're here to pick and choose super track record type companies with great management teams and invest in building this portfolio of champions under the Emerge banner. I love it. I love that business model and I love the model of acquiring your growth and growing organically and you're doing both. What levels of debt are you generally comfortable with? Yeah. So I mean, I think for us that's a function of tying back to EBITDA and making sure that our ratios are responsible and that we feel the company can finance and ultimately refinance the debt and be in a healthy position overall. So what we view that as we've given general thoughts to the market about us probably being in the three to three and a half times debt to EBITDA ratio. So on 25 million, let's say we drew on the entire debt amount, that ultimately means we're probably looking at around 7 to 8, maybe 9 million in EBITDA as well. And so the idea of what level of debt specifically we don't look at in silo, we kind of look at it in conjunction with how much EBITDA do we have, ultimately how much cash flow do we have to service that debt. So for us, we're not afraid to leverage debt and reduce or eliminate dilution in any given case for our shareholders by not having to raise equity to finance certain transactions. But we want to keep it responsible in the three to three and a half inch is the target right now and for the foreseeable future. What's the next big milestone going to look like for the company? Yeah. As we hone in here on deploying this debt and this capital towards the creative acquisitions, really the one that's on my mind and the one that we've been starting to highlight here is the fact that we're pretty much one acquisition away from $100 million in gross sales. And when you think about the e-commerce landscape at large on a global level, there's about $4 trillion worth of e-commerce today as a percentage of retail, that's still in its early stages. So $100 million might be a drop in the bucket globally, but there aren't too many Canadian e-commerce companies that people can name that have driven or are driving more than $100 million in processing that level of volume. A lot of that has come since going public, right, via these acquisitions. And so what that ultimately translates to is emerge with one more acquisition at a similar size and clip two battlebox or true local or under par. Just one more of those gets us north of that $100 million level in gross sales. And I think that's just, it puts us in very interesting territory and it positions us from a scale perspective to start attracting the institutional investors, the research analysts, other folks that will help this company go to the next level. And that's why I think it's kind of that next big milestone that we're eager and excited to arrive at. I love what you guys are doing. I think this is a company that everybody should be putting on their watch list and putting on their radar. I must remind everyone that Rich TV Live is strictly for information and education purposes. Please do your due diligence and do your research before you invest in anything that we talk about or discuss here on Rich TV Live. Now, in saying that, I do believe this is a company that everybody should be aware of. I feel like it's extremely undervalued, underappreciated, under exposed, especially when you compare it to its peers. And with the next acquisition, I'm sure around the corner, based on the fact you mentioned, you have a few LOIs out there and you're very close to getting to a hundred million a year in sales, most of the companies that are doing that are trading well over a dollar. Some of them trading over $10 and you guys are still sitting well under a dollar. So I still believe there's incredible upside for investors. Thank you guys for watching. If you're not winning, you're probably not watching. We bring in the winners and we bring them to you first. Thank you for joining us today. The CEO of Emerge, Commerce, Gazen, Halezon. Thank you for joining us today. Thank you so much Rich. Always a pleasure. And for those of you that are watching, have a great day everybody and we'll see you soon.