Sean McGowan: Okay. Thanks. And is that included in the Audio numbers for the company?
Josh Hallbauer: No…
Rob Ellin: There’s very little in the projections today, Sean. And I can tell you that this is Josh’s partner, Aidan, who started this is a 26-year-old young man who is really just so impressive and has really changing the industry in such a unique way. And when I go back in my career and remember when I bought out these new films, as you know, Sean, right, when I hit the movie 300 and you start getting mailbox money, meaning every month or every quarter, you start getting money, it becomes so viral. And literally, as we’ve launched 2.0, the phone is ringing off the hook on how many people are calling in that want to join our network now and the amount of songs that we have. And with Josh’s background and his experience coming out of Roc Nation and his performance in creating and curating songs, right, we just have this really unique opportunity.
And Josh maybe shy on what that number could be over the next five years of how big that division could be. And we all know how big publishing has become, and every day you add, it’s almost a self-fulfilling prophecy, right? As you add more subscribers and music, free and paid, more dollars come into publishing, right, it’s just going to expand that business. So this is a really exciting subsidiary with very little cost. It’s almost all upside.
Sean McGowan: Thank you. Question for Aaron. There’s been some shifts in the repayment of debt and some changes there. Can you give us some sense of where the balance sheet stands today? What would you be expecting to pay in interest expenses over the course of fiscal ’24?
Aaron Sullivan: Hey, Sean…
Josh Hallbauer: Rob, maybe you want to take — oh, you’re back, sorry.
Aaron Sullivan: Yes, I’m back on. Thanks, Josh. So, interest expense, let me see. So, we’re going to have — so the preferred — so we convert a preferred share — I’ll just kind of walk through the kind of changes on the balance sheet very quickly. We converted preferred share — or sorry, preferred debt — convertible debt to preferred shares, so that interest rate will pretty much be the same going forward. So there’s no real changes there in terms of interest expense. The big piece is the PodcastOne bridge notes we paid $3 million back there, which is substantial — that’s over 50% of the balance that is outstanding with third-party shareholders. So you’re going to see over a 50% reduction in that interest expense kind of going forward. So that’s probably the biggest change on the interest line.
Sean McGowan: But doesn’t that…
Rob Ellin: And Sean, just — correct. There’s only $2 million left in that and we’re happy that we’ve been able to buy back $3 million of the $5 million. It’s very likely we’ll be able to buy back the rest of it. So we’re happy to do that. We really almost debt free now. As you know, our friends over at No Street converted all their debt to equity. I converted all the mines — so $31 million in debt, which converted into equity at $2.10. And really, we’re down to the only thing we have today is just a credit facility that is against our receivables and inventory. And we’re $28 million, almost $29 million in short-term assets and over $8 million in cash, and we closed — it’s a very nominal line of $7 million.
Sean McGowan: All right. Okay. And then, Rob, could you give us an update on your expected timing for finalizing the podcast spin-off? And then, what’s your ballpark timing on the Slacker transaction?
