 Hi, I'm Alexis Rivas. I'm the co-founder and CEO of Cover. Cover is developing the building block of the future. What does this mean? Today, it means backyard homes built in days. In the future, entire cities built at a speed never seen before. That will require a new real estate system driven by software. The building block of the future enables us to build ten times faster. What is this building block? It's a set of wall panels, floor panels, and ceiling panels. You can think of them like life-sized Lego blocks that come together to make your home. They come with insulation, waterproofing, electrical, plumbing, everything installed from the factory. They're flat-packed, shipped onsite on a regular truck, and then rapidly assembled. It's a complete system which means it has the finishes, the kitchen, the bathroom, everything that you need for a fully functional home from the factory. This is real. We built this backyard home in eight days. We're starting off with backyard homes to validate the system on a small scale first, and then once we nail it, we'll scale it. You can see there's no big cranes required, no big equipment. It's all lightweight, easy to come together, and this is what it looks like when it's done. This here is actually the 15th cover that we built. I actually lived in this one for over a year. I absolutely loved it. The only reason I moved out, because it was a really long commute for LA. And you can visit this one, just email us hello at buildcover.com. And you can check out the virtual tour using that link. We obsess over the details to prove that this is a better way to live, not just a faster way to build. You see those floor-to-ceiling windows? Those are true floor-to-ceiling windows, the kinds of details that you normally see in multi-million dollar homes. Historically, Prefab has earned a reputation for being low-cost and poor quality. We're disproving that. Cover homes are high-end, and as we ramp up production, we'll lower the cost and we'll make the mass market. These here are two different cover homes miles apart, built from the same panels. You can see with this finite set of panels, we can make a virtually infinite number of different designs. And backyard homes are just the start. The same panels will be used to build larger structures. Primary homes with two stories, and multi-family buildings for hundreds of people to live in. Modular construction allows cities to easily and quickly adapt. A building like this, 300 units for hundreds of people can be built in just three to four months with consistent quality. And then once that's built, it doesn't have to be a static building. It can evolve to meet changing needs. Compare that with conventional buildings, which are fixed in place. When demand shifts, they're abandoned or demolished. You can't recoup much value from them. Whereas with modular, you can take those panels apart, refurbish them, and turn them into a completely new building somewhere else as needed. So now let's talk a little bit about the regulatory side of this. Prefab systems will be approved for building code compliance at a system level, eliminating the need for building code approvals for each building. This is necessary so that we can build fast. We're already doing part of this in California. And then at a larger scale, the software itself that configures the panels into a building will be pre-approved to enable fast permitting. So building code approvals are the easier part because they're focused on building safety, which is relatively objective. Zoning, on the other hand, is harder, much harder. It answers questions like, should we build this tower in the middle of a neighborhood that doesn't have any other tall structures? Now, today, what you can build on your property is controlled by zoning. When you buy a property, typically, it doesn't mean you can build absolutely anything you want. You can't build a mine, you can't build, you know, super tall skyscraper. It's controlled typically by what the city says that you can build. You can think of it like a volume that the city says, this is what you can build. This is zoning. Unfortunately, that raises the question of, you know, what does that mean in terms of when that envelope that you can build within can change? Who can change it? Why can you change? How can it change? It's a bureaucratic, time-consuming and unpredictable process to change zoning. And discretionary exceptions are given to some and not others. Now, this is where it gets really interesting. And I actually worked on this for my thesis in 2016. A new system of real estate will be needed that's driven by software in order to be able to keep up with construction that's 10 times faster. And at the center of that new system is that we will negotiate space without intermediaries. So what does that mean? How do we actually do that? So the first thing is we've got to turn the spatial traits that we value, such as views, privacy and light into property rights. These are actually quantifiable properties. You can see here with views, if you have a thicker structure, how it changes when you go to a thinner structure or privacy from one building to the other. Or how light moves throughout the space, both direct and indirect light and how that's impacted by other structures. So you take these things that we care about and that today are managed with zoning, you quantify them and you turn them into property rights that can be traded. And then you trade these directly. How? You upload a digital model of the proposed change to an authentication system, which identifies whose rights are impacted by the proposed change. And then once you negotiate it through an exchange and once you agree, then you start building. And what this allows is cities of the future to evolve at a pace that will match the construction that we're doing at cover. So just to recap, the building block of the future enables us to build 10 times faster and we're already doing this at cover. With that building block, modular cities will be able to quickly and easily adapt to change and a new system of real estate will be needed so that space can be negotiated without intermediaries and our cities can keep up with the change that's needed. If you're interested in building this future with us, please reach out. Thank you.