 to the Independent Investor Channel. By now, you've had a chance to read through the Q1 earnings transcript and or sit through the investor conference, the Q1 conference put on by Thomas Healy and John Panzer, the CFO. My remarks are going to be somewhat how I interpreted the quarter here, although I do believe we are still in kind of a kind of a quiet phase here as we continue to close out the proof of concept phase and enter into the commercialization phase. This Q1 was a shake-up quarter. It was to shake up the strategic vision, which were some of the real takeaways from the quarter. I thought it was great. It was great. My initial reaction to the numbers in the transcript I shared with the Discord group that I was neutral to negative. That is correct. I am neutral to negative. There's a few things that have to happen. Otherwise, this project is for naught. The first being OEM integration. Now our good friend with the community, Rick, who is a good friend of mine, he's followed and supported my message this entire time, found that during the actual call itself at minute 25 as part of a larger restructuring rollout, Thomas Healy mentioned the dial back of the facility upgrades for the preservation of cash burn and the focus on OEM. Now, I was initially very critical. My question did not get answered, which I'm used to that. I think we really need to press on OEM integration. Guys, if you guys want to agree with me, disagree, that's fine. OEM integration is the key. We cannot be an electrified powertrain solution provider with an emphasis on provider without an OEM. I was disappointed on any color that could be provided. I thought the only negative that came from the call was during the Q&A session from our friends, Mark Delaney and Stephen Fisher, of course, asking their questions. Some fill-ins there. Mark Delaney ended up actually reaffirming his sell rating. Didn't even have the time. I guess he was too blocked, too busy. There was a stand in there that asked a softball question, some idiotic question. I don't know. These guys are on the call every quarter and they can't come up with better questions. It's really amazing. That was the most disappointing call, and these are representatives from Goldman Sachs. Cantor Fitzgerald is usually really good. There was a couple of analysts on the Q&A that I thought were quite good. But Steve Peterson usually does a really good job. He was able to ask his second question. I thought that was good. But Delaney and Fisher, same old subpar, the probing of the questions to try to justify or reaffirm their sell rating on the stock. I'm not really sure I understand their agenda. I really don't. If they feel like the stock is a sell here and where the company is going to be in five years, I think they're going to be a laughing stock when we look back at those recommendations to suggest that the stock is not a buy here at the high $1.80 range, which is where the stock currently rests after the small run-up in the stock. The run-up in the stock surprised me. I thought based on the quarter and the restructuring and the alluding to market conditions being an overarching theme for Hylian as to why they're really up against the elephant in the room, not necessarily by nature of what Hylian is doing internally, rather being subject to what I would consider and have contended for a while, has been very, very poor markets. There is no appetite for risk. The market has changed and I think that this call after I was able to review and listen to the call and actually review the slide presentation, and I want to throw this out there to help the audience understand that the way that you need to interpret Hylian as a company is to parse words because Hylian is not going to give you any more or less than what you need with regard to what they want to convey during their earnings calls. Case in point, if you look at the agenda on Hylian.com under investor relations, the agenda says it all. They put forward five strategic updates on the call. I'm not even going to talk EX-1. EX-1 has been for the most part a very disappointing ride. If there's anything that can be garnered from the EX-1 and perhaps maybe there's a dividend rendering to be paid down the line from the customers that have engaged in the EX-1 and have been introduced to Hylian as a bridge to electrification, i.e., the ERX, then I will deem that a success. But right now, I cannot help but to deem the EX-1 a total and utter failure. Now, I say that tongue-in-cheek, the revenues that are coming in, 3.10 on the bottom line, a top line for the revenue side, which is immaterial at this point. It really just does not move the needle at all, 31 million of burn during the quarter and we're expected to burn 150 million. I'll get to the financials here in just a moment, but I really want to codify for you guys what I thought was the theme of this. I thought it was a deceleration and a redeployment of strategy. Am I bearish, neutral, or bullish on this? I'm absolutely bullish. I'm absolutely bullish. I think the company is doing what I would consider to be nimble and necessary at this point in reaction to horrible market conditions. Honestly, it's as if we've given up on investing altogether. We can't go through a trading session without having the traders push the market lower and then buy them and sell the market in the same day. There is no vision for future. There's no vision for everything that was set out on the onset to try to pursue. Now, the mandates and incentives are still in place. We'll talk about that a little bit when I talk about the IRA and the CARB updates, which was rolled out at the ACT Expo. Thomas spoke about the ACT Expo. We've covered that. I did a reaction video to the ACT Expo, which I thought was overwhelmingly positive, dominated by a few specific topics there. But the big theme that came out of the Q1 earnings call was the HyperTruck ERX product update. This is long anticipated, well overdue. The question is, is this product garnering enough interest to actually help backfill that elusive future that we talk about? Think about it before this earnings call. We understood that 210, we're going to go to what Hylion considered to be its founders program, 210 slots. That has been completely thrown out the window. I thought that this to be a huge, huge rollback strategic shakeup. I've talked about this in the past in covering the company. I think that I am going to be first to applaud this efforts, where I'm first to criticize this company in navigating financial markets and seemingly wanting to do the same thing over and over and over again and report the same predictable, dry updates are coming and progress on validation, et cetera, et cetera. But this was a very unpredictable call. Q1 surprised me. It surprised me in a big way. I still contend the overarching theme of Hylion is that we're in the Ice Age right now. We're going to need some catalyst both internally at Hylion. We're going to need some favorable markets to make sure that some level of speculation is out there. Right now, there's none. But the hyper truck being pulled back into Q3 of this year, initially, I took it as negative. I really did. I took it like they were trying to generate a little bit of hype to shadow what I felt like Hylion anticipated falling on some pretty bearish sentiment in way of the restructuring of the founder's deal. Now, the market did not interpret that. I'm not going to suggest that the stock should go up or down. If I was going to give you any indication of where I think the stock is going to go, it's going to be down. The stock has done nothing but prove to us that in this current market, no matter what Hylion says, no matter what their incentives and mandates they apply for or qualify for even matter in these markets. This isn't just with Hylion. This is with any of the companies out there that are subjected to financial markets. Right now, the financial markets are being crushed. Investors are being crushed. It's absolutely crushing sentiment. I think interest rates has a lot to do with it. I think high inflation has a lot to do with it. John Panzer talked about trying to navigate this supply chain issue. They're being gouged and forces Hylion's hands a little bit. We'll talk about a little bit on John's delivery on Hylion's passing along those increasing costs to the customer and explaining why that was necessary. All of this packaged together, I think, really come down to a restructure, a strategic restructuring of what we've got here. What do we have? We've got 2,000 reservations on the book. Those are on the shelf for me. Those are not my focus right now. Those have proven to be dead on the vine for quite some time. I like raisins just as much as I do grapes. If agility comes through at some point and fulfills 2 out of their 1,000 reservations, I will actually be happy with that because it will be more in line with what John talked about as a super important diversification of the base. I've always considered the founder's program to be questionable. I don't think Hylion was ever in a position to suggest that there were interested parties, but because they weren't part of that initial push, that they had to be pushed to the wayside. Whether or not they've lost any customers or gained customers or those customers were put on ice to be reinvigorated to the ERX platform now based on their new strategic vision of diversifying the base. What is it that we know? The 210 order slots is really what I'm holding on to. I really wish Thomas Healy would have addressed my question. I asked it in a smart-ass way, which is probably why I did not get a response, but my question was asked in a very simple, simple way. It's true. Without the OEM integration, Hylion does not exist. You can disagree with me all you want. You think Hylion can survive on cell and hybrid EX units and retrofitting trucks in their current warehouse. They are not set up to do that. They are not set up to do that. Why is it safe to suggest that somehow they could sustain that long term with the margin loss that they're taking on the initial builds if they build those in the Austin facility, i.e., they're not set up to do that. Therefore, they cannot incur some of the or enjoy some of the efficiencies that the OEM enjoys. Now, we're not talking about losses in the hundreds of percent here. John spoke about the potential of margin loss to be around 10%, which I think is reasonable, but also at the same time to address the loss in margin or the margin compression that they expect on the onset. The idea is that they are going to spread out that initial push of the Hylion project and actually minimize their building the trucks in-house. I think this is super important to understand. That would have been a futile effort. It would have been unfortunate. I mean, how many trucks could they get out the door? 30? 20? 10? 8? Really, the amount of reach and the amount of capital that would have been intensified to make that rollout happen, to turn out those units, and the quality control mechanisms are not in place. They are not an OEM. They are not an OEM. Although I suggested that Hylion would not exist if they didn't have that OEM integration, I was disappointed in the conversation that has been forthcoming and ongoing for the last three years, I presume. Now, could silence be a positive thing? It could very well be. It could very well be that the information that's been pushed out thus far by the CEO on OEM integration is all factual and it has merit and it is progressing. But I would have liked to understand a little bit more color around any progress at all since we heard nothing. I have to assume that there has been no progress outside of what has already been announced with OEM integration. OEM integration is key. OEM integration for all investors is going to be the key to unlocking the potential of Hylion being in the hands of the fleets to the tune of thousands, not hundreds. Now, Thomas Healy, if you caught that, spoke about 2024 and spoke about hundreds of orders. Now, that's where things really get interesting. And I've chalked 2023 up as the first part, Q1 and Q2 specifically. If not going back to Q4 of 2022, the last two quarters, Q4, Q1, getting into Q2 is going to be interesting to be honest with you because Thomas Healy talked about that as being the expanded fleet trials, which is the next milestone on their checklist toward commercialization, that of which they provided no updates to that progress, which was expected. I'm neutral on this. It was a lewd point for me. I thought that the shakeup delivered significantly more value for shareholders to understand what Hylion from a nibble perspective is looking at now in relation to a much grander economic environment, which is absolutely difficult. I thought within the first paragraph, I commend Thomas Healy for acknowledging the shareholder value. I really do. I've been on an island with this. Nobody has really agreed with me on this. I've been independent on this application. I've got a lot of heat for this. In really putting the charge to the CEO of Hylion or any other company to drive shareholder value. Now, the argument comes on against me to suggest that Hylion and Thomas Healy have been doing that thus far. I'm not disputing that. What I am suggesting is that perhaps just a very simple acknowledgement to understand full circle that these ideas and these restructurings and these dynamic reallocation of original deals that were struck with the fleet are being restructured. Why? Why? With the intent of driving shareholder value and preserving the balance sheet and preserving the company right now in its infancy to bridge itself to something greater and give them the best chance of entering into commercialization without, and I doubled down on John Pancer's comment without the need to raise for future capital. At least that's the declaration now. I believe that to be the case all the way through 2024. 2024 is up in the air. It's anybody's guess. The question is and here's the million dollar question. Million dollar question is what 2024 is going to look like. In other words, can they sell enough units to actually ascertain whether or not Hylion has a chance in 2025-2026? Is it looking like the momentum that has been started by the company in this finalization proof of concept stage to introduce their product to the rigor of the fleets and Class 8 service is going to generate enough back pressure against the OEMs to actually start to integrate and really start to leverage that mod center that has been discussed, not foot stomped enough by the YouTube community if not any of the other Hylion patrons and investors that cover the company. No problem. You start to mention to me that the powertrain is being shipped in low volume to the mod centers. I may actually look to invest in the company more. The problem is at that particular juncture, the stock's not going to be at $1.80. The stock's going to be at $12.50. That's just not going to happen once those renderings are made. I'm trying to be as future thinking as I possibly can to understand where we are now as it relates to some expected catalyst down the line. Do I think OEM integration is going to happen? My bullish conviction would suggest yes, it will. Has it happened yet? No, it hasn't. When I'm sharing my thesis with you, hopefully it helps you understand where my mind is and what type of expected timelines we could be looking at for potentially augmenting and shifting what has been declared, compliments of Rick shared in the investor share owners Facebook group that at minute 25 it was discussed that they are going to digress on the Austin upgrades to allow them the ability to turn out in low volumes the first initial ERXs. I don't know if they're going to do any. I don't know if they're going to do a few. I don't know if there's some sort of agreement to try to split a little bit on how they're going to deliver this product in as many cases as they possibly can. But I think the idea is to leverage the already existing build slots, which you have to put the puzzle together. During previous quarters, Thomas Healy has talked about those 210 slots in 2023 and 2024, I believe 2024. Correct me if I'm wrong on that secured, secured. They're done. And I think the idea here is to leverage the fleet penetration by spreading out. For example, you look some at some of those initial orders, even as low as 10. I'd rather see Monet get two. I'd rather see them get two. Why do they need 10 to tie up the backlog of build slots from the OEM? Now those backlogs to the OEM actually still exist, right? They're just being reallocated. It doesn't mean Monet is going to use two trucks and not be interested in 10. But now Healy on can take those existing eight and potentially chop those to maybe three or potentially four other fleets. Who's to suggest that Pepsi isn't involved with this? Who's to suggest that some of the original players in this whole thing are interested in the integration of the RX to their fleet? They don't need 10. They don't need 10. I think as many fleets as they could possibly bring into the interest is in Healy on's best interest. This is a bullish posture. It's a bullish shakeup. Initially, when I heard this, I actually gave a little bit of a fist pump because I love the idea. I think that's what they needed to do. I think they really needed to explore all options and be nimble and shift on a dime and be able to go where the business is telling them that they need to go and also at the same time work that double-sided coin and acknowledge that right now, markets are not conducive to just having Healy on embark on this cash burn project indefinitely. They're not. They're going to be in a situation where Nikola is going to be voting on expanding their share base up to 1.6 billion shares. Healy on's share float is actually fairly tight right now. I expect that at some point down the line, when we get a little bit more strength in the stock around the $6, $8 mark, mark my words, Healy on will raise capital. They will. They will raise capital because just like John Panzer said, if they can get ahead of the parts that are necessary to go into the power train, it is much more advantageous to buy those parts in bulk. The Austin facility is just going to be a warehouse of parts where the powertrain is assembled, ready to ship up to the mod centers and actually go into the truck and get that final iteration of the RX, which is where the true value of Healy on is. Healy on's value, if I'm a company is not to accept receipt of an ERX that was built in Austin. I would have some real concerns with that. And as a share owner in the company, I have concerns about why Healy on ever suggested that that was okay. Guys, there's so much that goes into an OEM line with regard to workers, workplace safety, quality control checks. It is not an OEM. And I cannot stress this enough in that this story from the onset is a go no go with the assistance of the OEM PACCAR in this integration. And if something has changed along the line, if the relationship has closed up in some capacities, if there have not been certain agreements to ensure that when Healy on is ready to ship that powertrain up to the mod centers and PACCAR has the ability to turn down those progresses into the future, Healy on will suffer greatly. It will suffer greatly that it is a symbiotic relationship that is critical to the to the success of the company. Whether or not Healy on becomes a household name down the line and, you know, and integrates with other OEMs is yet to be seen, but we need at least one. And that one right now is Peter built and Thomas Healy has spoke many, many times about the importance of the Peter built chassis in the rollout of the initial RNG hyper truck ERX that is supposed to be coming off the line on its original. So that's the hyper truck ERX system update that was provided. I thought it was really good. The rollback of the Q3 release turns out to be somewhat bullish. I'd like to see it sooner than later. So that ended up being kind of a positive for me. On the onset to set, I looked at it and I was like, Oh, great, this looks like a smoke screen. Prepare for rolls on what they're going to roll out next. And I do think Healy on actually anticipated this earnings call falling a little bit more bearish than it did. I don't know if it was exhaustive selling that drove the stock up pretty well. Not only post ACT expo, but also post earnings, the stock shut up now, whether or not it tests new loases just beyond me right now. I don't really care. I'm certainly not buying the stock right now. Y'all are buying the stock on this last craze. Silent alert talked about this on a short that was just recently released and y'all nuts. Okay, own the company, but when the company comes in, that's when you need to do one of these. Okay, you need to sit back and just have yourself a rum punch. All right, chill out. You don't need to buy the stock on this hype train. You need to be buying the stock when nobody else is buying it, which is what I did. I was accumulating the shares and the low ones. And I'm done. I boosted up my share position and now I'll monitor the stock and I'll sit back again and have my neon green watermelon martini. All right. Now what what the what hasn't stored next week highly on will probably fall into the same routine as that they've always fallen into. And that is they feel like the quarter one release is done. Now we'll go we'll go silent on the line for a couple months. Hopefully I'm wrong because they cannot afford those long periods where they are not generating some level of transparency with the goings on at the company. And it can be as simple as a status update. It can be just really, really simple that you know, there wasn't a lot. There was a lot of churn that was generated from the ACT expo would look what happened to the stock. The stock gets a little bit of notoriety, gets a little bit of favor, shoots up 40%. You know, those types of things they need to continue with the momentum in the face of what I do contend and agree with John and Thomas on their assessment that right now the markets are just not conducive to accepting anything in the small cap space and micro cap space of any speculative value really values are being re-react right now. Companies are having a really difficult time in these markets. And I don't see a lot of favor in any of the segments of the market that are getting favor right now. I really don't. So when we get into the strategic update, I want to share with you guys that the capital markets we talked about a little bit and the reduction in the reduction in the facility ERXs that are earmarked and the renewed focus on the OEM. I thought this was key. Again, thanks to Rick for pointing that out. But I think Hylian is acknowledging, I think for the first time to suggest that as beautiful as their product is, they cannot fight the Fed. They cannot fight non conducive markets and they don't know how long this is going to persist. Schools of thought would have everybody anticipating a recession in some form. So could things get worse from here? Yes, they could. And I think in anticipation of those expected drawdowns in financial markets, I think it was prudent for Hylian to actually digress in their capital burn and look at all aspects of the company and where they could strategically extract all of the value in each of their elements of the company. I thought it was very, very prudent to acknowledge that. They outlined a balance sheet strategy that would have the capital burn be reduced. We're looking at 150 million on capital burn. I'm really still not comfortable at all looking at what we do know as a pretty hefty burn rate down to 85 million in cash. 375 total to include the short and long term investments that Hylian has as we speak right now. I have to give them credit for balance sheet strength. However, their cash flow generation is absolutely horrendous if not just non-existent. So that really needs to improve. It needs to fortify. We need a little bit of luck. We need some conducive markets. We need some catalyst to allow Hylian the best chance of providing both the fleets and the OEMs a finalized product that they can step into with strength and expect that there's going to be some follow on continued business with the demand over the hyper truck ERX. It's really, really difficult. We have some original legacy interest in the company. We're in the ice age right now in that no new receipts of orders have been garnered. So it makes sense right now with no new orders coming in to actually use those two 10 to get one or two units maximum. I don't think they need any more than one or two. Now, I think if they did it like a ratio and said, look, green path logistics has always been there, Denmark logistics has always been there. And they know that those companies, excuse me, are going to introduce that truck immediately to the rigor of class eight service. Maybe it makes more sense to deliver three or four trucks, but they're going to look at each individual agreement and restructure that agreement to try to maximize not make money off of, but make sure that they're recalibrating the sticker price of those original units to try to minimize the anticipated margin loss on each of those original units and make no mistake, guys, you might be watching it and thinking, okay, Ryan, well, that sounds pretty negative a margin loss. You're missing the big picture. The big picture here is fleet penetration. That's the key. All right, if they get one or two or three, as opposed to 10, don't you think that they could extrapolate a question of whether or not they want to add more to the fleet or dead on arrival? If they've got two or 10, they can make that same assessment on either side, guys, right? Two of them is going to get them just excited as 10 would, to interact with their OEM in a way to suggest that, look, we want to start to solidify some future build slots for the hyper truck ERX powertrain in future build slots based on our fleet integration that we've had off of the two units that highly unopted to us on the onset. Okay. And I think those units are going to be a little bit more slower to be rolled out. But I think that is to John Panzer's point, an attempt to soften the blow that is created on the onset by trying to deliver those two 10 units quick and in a hurry and take a larger than average loss on those and introduce those to a smaller test pool of Class 8 rigor, as opposed to diversify that Class 8 penetration and really leverage the maximum value out of those 210 build slots. Now they opted to suggest that the first 30 will be delivered. It's going to be very interesting. I mean, very interesting. They said 30 by the end of this year. It's going to be very interesting because think about how many fleets they could cover. Do you think that 30 is going to be integrated into three fleets? I think not, my friends. I think not. I think it could actually be introduced to 10 fleets with an average of three on the high side. I would say that the average should be around one to three on the average hyper trucks that are introduced to each of the fleets. That would put us up over 10 fleets, 10 to 15 fleets total penetration by the end of this year. Guys, we're not in the ice age anymore. If that fleet penetration ends up materializing to the extent that we enter into 2024 with a renewed focus on adding those existing build slots that we already have reserved with the OEMs and accounting for that fleet-generated interest in the product, which has been fortified now, by a lot of fleets out there that may be hungry. Maybe they're not. I don't know, but if I'm going to give you a sense of what I pick up from fleet interest, it sounds like to me, based on what Thomas Healy is declaring, is that there is a widespread fleet interest in the product. Once the hyper truck ERX gets introduced to the rigor of the fleets, it's going to tell the story. Either fleets are going to be interested in this, or they're not. Do I think the ACTACF mandates are going to help augment the upfront cost of the fleets? Yes, I do, but the hyper truck has to stand on its own. This thousand mile of range cannot come back in the really real world and suggest that they're only making 525, half of what was initially projected on the ERX. It has to be able to withstand the rigor. We have to incur the rigor of Class 8 service without subjecting the ERX to massive downtime. It has to prove out to be durable, which has been turned back as being one of the real favorable attributes of the ERX, is that they're suggesting that it's a very durable unit. It has to prove itself. All of the months and all of the years gone into proof of concept rigor will go into Hylian's ability to put that to said rigor and expect an anticipated positive return on the backend. That is fleet generated interest to understand that they can put their pledge of confidence with Hylian, realize the IRA benefits, the Inflation Reduction Act benefit on top of opting for the Hylian product to help them supplement their legal obligation through the mandates to ensure that those orders that are going before the OEMs are actually in line with the clean fleet and the clean OEM, right? The producers, the actual OEM lines and the fleets themselves to make sure that we're stepping in a direction of the integration of electrification in the Class 8 space. A lot of dynamic things going on right there. I'm trying to choose my words carefully to help you guys truly understand what I see here and what I don't see. I think there's a lot of moving parts. I think that the momentum is moving in this direction. It's like if you've ever seen the movie Blob, the old school Blob, this is like a neon green, you know, amoeba that's just slowly pushing toward these things coming together. And I think right now the slow pace is going to be accelerated by those few things that I talk about. OEM integration, Hylian actually enjoying some of the bottom line revenues that can be tied back to the ACT, ACF mandates that are that are that are supposed to be enjoyed by the fleets in the OEM. So we'll stand by and we will see. I think this next quarter Q2, my hopes are somewhat muted and going into Q3 and especially Q4. Q4 I put into 2024 but Q2 latter part of Q3 going into the end of 2023 are going to be critical for Hylian. And we're going to have a lot to chew on. We're going to have a lot to digest. I thought this Q1 call was fantastic. I thought it was a dynamic shakeup. I thought that's exactly what they needed to do. I was very positive after it. I hope we get a little bit of favor and I hope the market sees it the same way. Again, I thought the two most negative portions of the call were Mark Delaney and Stephen Fisher continuing their continued garbage rants. And again, Mark Delaney wasn't even on the call. Stephen Fisher was, I thought his question was actually pretty good. I was proud of him for not stuttering so much. He's actually come up with a collective thought to actually put some charge out there. But how these analysts are not pressing Hylian in the OEM integration is just freaking beyond me. I'm enlistening and I'm like, that's stop asking retarded questions. Ask smart questions. All right. Smart questions. Smart questions. Is there any color whatsoever on OEM integration and the prospects of the Hylian powertrain to be sent to the mod centers when we could expect that, when we could expect to ramp up in that activity? Because the whole building hyper trucks in Austin is a non-starter for me personally. It's not something I'm excited about. I'm very excited about them ramping down on those efforts because it's a losing proposition. Okay. And Hylian is getting a pretty interesting portfolio of losing propositions here. Thus far, they need to start leverage some of these initiatives that they have in their product portfolio of winning propositions, whether or not that be the Carnot stationary power generating unit, whether or not that be the initial rollout of the RNG CNG hyper truck ERX coming off of the mod centers and having the backing of the OEM with the checks and balances to ensure that that hyper truck is the best iteration of the hyper truck before it's turned out to the units specifically. So expect that those catalysts are going to be more forthcoming in the back half of 2023. We will report out on those on those progress reports as they're made available. So in summary guys, I thought expanding the reach was key. I thought the shakeup to slow the cash burn was key. Some of the key takeaways for me. I thought the shift in focus. I think the clawback of the Q3 announcement to understand that we're ramping up with the intention of delivering 30 units. They seem to think that they can do that. They wouldn't have projected that if they didn't think that they could deliver on that, whether or not that is a springboard into something better is too premature to tell. I'm not sure if there's going to be a springboard or if it's going to be a slow, more methodical roll out to something much more organic. John Panzer, I really thought stole the show for me. I thought John was much more exploratory in his assessment to the balance sheet as it pertained to current market conditions and what Hylian is doing to be nimble and shift their focus to react to what is anticipated to be some troubling financial times and as well as acknowledging how tough the last 18 months of financial markets have actually been as it relates to companies like Hylian who are trying to get their footing and evolve and make their mark in the class 8 space. Guys, I appreciate you tuning in for the totality of the video. If you like the content, subscribe to the channel. As always, leave your comments at the bottom. Negative positive, all good to go. I'm Rhino Skin, so punch me in the face if you need to to make yourself feel good. It's all good. All right, ask dumb questions. It's all good. I have a field day with those. Make your smart comments in the comments and like I said, I don't do this to influence your decisions. I do it to give you my unbiased opinion on what I felt in reaction to the Q1 earnings call and I'm actually slightly neutral to slightly positive on this. I thought the shakeup was legit. I thought it was absolutely necessary and I thought they acknowledged a few things that they had been void in acknowledging in quarters past and it was refreshing for me as a shareholder to understand that the company that I invest in is willing to put that right out there for shareholders to understand what their strategic vision is and their ability to shift on a dime to acknowledge the difficult financial conditions that we are in currently. Guys, appreciate you. Thank you so much for tuning into the totality of the video and good luck in your investment future.