William McCarthy: Trevor, let me just add, we talked it last quarter when we did UPLODE24 about our commercialization process, right? It’s a four stage process. We innovate, we develop, we engineer, we activate. Activate is where these things come into play, right? And as Corrado said, there’s a lot of different ways to do it, but it’s all about bringing outside capital, bringing outside partners into this business. Developing and engineering is about getting things ready for that, making them attractive, filling in all the pieces, especially in fuels today, a lot of these partnerships, these deals we’re doing with other third-parties, right, significantly accelerate our ability to get to that point. So every single one of them is like a leap forward in what we could do otherwise on our own. And it’s really putting us into a tremendous position in the market with a lot of connectivity.
Corrado De Gasperis: That we’re activating and activation often is synonymous with monetization.
Trevor Brucato: And shareholders keep on hearing about the progress with metals. And it’s great, Billy, that you showed a picture of the facility. There’s a little bit more of a tangible look at what you guys are embarking on. So, I mean, do you anticipate maybe videos, more pictures as the operations develop, at least at metals?
William McCarthy: Yes, absolutely. Our marketing team was out at metals last week filming a video, so could expect that coming here in the – I’m not exactly sure the date, but let’s say in the next few months.
Corrado De Gasperis: Coming soon, yes, coming soon.
Trevor Brucato: That’s great. Okay, let’s see what else we have here. Are you able to elaborate on the march for securities purchase agreement with a R&D company?
Corrado De Gasperis: Yes, good question. So, look, this is – and I want to give people a little bit of feel for how we work. Okay? We’re extremely focused. If people come into my office with an acquisition idea or a diversification idea, I’m grumpy. I don’t want to hear it, right? We’re focused. We’re commercializing fuels, we’re commercializing metals. GenMat is rocking. We’re really, really focused. Now, when a breakthrough occurs, when something happens in the market, when a white paper is published or a technology is surfaced that has direct and potentially immediate impact on what we’re doing, we can’t ignore it. We can’t ignore it, right? And so to give a little bit of color, our innovation team probably spent five or six months researching, analyzing, assessing.
What is the implication of this? Is it bullshit? Is it something that is going to have a marginal or slightly incremental impact? Is it a game changer? Is it potentially a game changer that we cannot ignore? And even if – let’s just say even if all of those gates were answered positively, in the sense of we should do this, is it $20 million? Is it $50 million? Then it’s a non-starter for us. We don’t have the capacity. So everything we think about, everything we do is correlated to our finite capacity. If for a $1 million or $2 million, we could advance something to TRL 3 to TRL 5 to TRL 6, that will dramatically change the profile of what we’re bringing forward, then we do it, right? And so it’s not something we could talk specifically about and I want to just send a clear message.
It’s not something that’s certain, okay? But it’s something that we would be literally fooled not to allocate $1 million or $2 million, if it truly brings us to the Holy Grail, right, if it brings us to this possibility of cost parity with petroleum, we need to be on the front line of it. And I’m proud, I got to say, even if this didn’t work out, I’m proud of the competency of our team. It’s world class. We’re talking to world class people. We’re talking to world class institutions. RenFuel is an example of that. People are going to know very, very soon. That GenMat is an example of that too. But in the fuels and esterification, catalytic esterification process discussions, RenFuel’s name is always at the top of the list.
We couldn’t be prouder to be partnered with them. So I hope that’s helpful.
William McCarthy: Yes. Let’s just add procedurally, like we talked again last quarter, and if you want more color, rewatch the video with Kevin Kreisler, our Chief Technology Officer, right, we really have an innovation network we’re working with. Before we get to the point of making this kind of investment in something, there’s a tremendous amount of work that our team is doing collaborating with these other groups, looking for solutions, looking for ideas, looking for things we can really bring to market someday soon. RenFuel is another good example of that. We were working with RenFuel for over a year before anybody here really heard of them, before we started talking about them. There’s a lot of deep work going into these things, probing, finding synergies and in this case, as is disclosed in the filing, developing new technology.
Our team contributing to some of the stuff this group was working on, really proving out the thesis early on before we commit any capital to it.
Corrado De Gasperis: And I also add to that our bias is not to be stealth. Like, certainly my bias is not to be stealth, right, but it doesn’t serve any purpose to discuss things that aren’t going to be tangible and aren’t going to be relevant to our shareholders. And even within our own organization, we compartmentalize it, right? We don’t want David Winsness and the commercialization team distracted by things that aren’t right in front of us right now. But when we can discuss it, we absolutely will. And we want to.
Trevor Brucato: Coming up on the hour here, so let’s look at just one more question and then I’ll pass it over to you for summary comments. Any thoughts on a stock split, I think it’s a little premature to talk about that. But I’ll put the ball in your court to just address any sort of reverse stock split, I should say.
Corrado De Gasperis: Yes. No, no, we don’t have any notions of that. There’s five listing requirements of indirect stock exchange and we meet all five of them, right? The easiest one to meet is typically the price and the other four are really substantive. So there’s no issues with delisting and there’s no concept of stock split, reverse stock split in our mind at all as we sit here and speak. So, no, we love our listing and we love our liquidity and we expect it just to get better.
Trevor Brucato: So Corrado could you please provide a summary of Comstock’s near-term milestones that investors can look forward to.
