Kenai Defense already got the first contract with one of the military divisions, and now are, they have been approved for the second one as well. So, Novusterra and itself knock on wood here very shortly, it will be a profitable entity, which is really attractive based on those partnerships it had signed and the agreements it has with the DoD related parties through Kenai Defense. But ultimately, then the technology development and the commercialization of it internally through Novusterra will be tying into the electrolysis technology. The goal €“ the new team, the new CFO, Josh Brumbaugh, who is a phenomenal guy, has come onboard. He is getting the audits back in line. He wanted to recreate them, so that they are his work, and he feels comfortable with them.
Not that there is anything wrong with the prior, but he is that kind of dedicated guy that wants to work perfectly, and then the company will re-file, assess one to go through that public process. And it will be a lot easier of a process than it was before. They won’t have to raise the $16 million the way that they are structuring it. They can do a much smaller deal. And the company doesn’t need that kind of money. So, we feel really good about it. It’s progressing nicely. The team is in place. They are focused on it. They are dedicated on it and they are hitting the milestone.
Steve Segal: And where would that be located you think? Would that be located in the Wyoming area?
Mark Jensen: Yes. I think Wyoming. I will also be throughout Kentucky. And then I am not on the Board of Members here anymore. But from my conversations with them, I believe it will end up being licensed €“ technology that’s licensed out to third-parties as well. And the ability to license that out to monetize it, because it’s a really unique technology products and waste material that otherwise would end up as a pollutant and the Rare Earth taken process before it goes there to be utilized.
Steve Segal: And that’s for the fly ash, right, for the ash?
Mark Jensen: Well, predominantly starting off with carbon waste materials, so.
Steve Segal: Okay.
Mark Jensen: Tying in from the coal that’s sitting on the ground, post-processing and fine particulates that couldn’t be recovered is the optimal feedstock for this, which is ultimately using electrolysis, where you can also recover the critical and rare earth elements that are present within those feedstocks as well as a free byproduct out of it.
Steve Segal: Right. Okay. Great. Thank you.
Mark Jensen: Excellent. Thank you, Steve.
Operator: Next question is from line of Kyle Gallagher with Merrill Lynch. Please proceed with your questions.
Kyle Gallagher: Hey Mark. First off, man, thank you for your patience with all of the questions, just as a great call. Very informative, and it’s not lost on all of us, the time that you guys are sacrificing here. So, thank you on that.
Mark Jensen: Thank you guys, we appreciate you guys taking the time.
Kyle Gallagher: Absolutely. I am wondering if you could just kind of broadly speak to like, the length of your guys’ patent portfolio, it’s kind of specifically on the rare €“ the ReElement side, centered around chromatography and then the electrolysis side. I am just kind of trying to understand like, what type of a runway you have, as far as patent protection is concerned?
Mark Jensen: Yes. So, I will walk through those relatively high level, but I will dive it in a little bit. On the produce technologies that chromatographic separation for batch processing of magnets has about 19 years to 20 years for the life left on it. So, it was originally filed as a provisional patent, and then it was filed thereafter. So, these are relatively new patents. And then the battery patent, we actually worked with Purdue on modifying that patent to run continuous multimodal chromatography that was filed as a provisional. And we actually just filed a few months ago, the actual process patent which so that will have roughly 20 years worth of life on it. Our electrolysis technologies were filed through Ohio University developed by Dr. Botte, who is on our Board. She is a genius. One of the most talented hardest working ladies I have ever met in my life, beyond my wife. I got to give her props, so
