1 00:00:01.560 --> 00:00:03.900 Sean Murray: Hello, and welcome back to deBanked TV. I'm Sean 2 00:00:03.900 --> 00:00:04.200 Murray. 3 00:00:04.200 --> 00:00:05.790 Johny Fernandez: And I'm Johny Fernandez, thank you guys so 4 00:00:05.790 --> 00:00:08.880 much for joining us today on this Monday. Sean had did you 5 00:00:08.880 --> 00:00:09.690 have a good weekend? 6 00:00:10.110 --> 00:00:11.910 Sean Murray: I did. It was a little chilly. But yeah. 7 00:00:11.910 --> 00:00:13.130 Sean Murray: What about yourself? 8 00:00:13.130 --> 00:04:36.560 Johny Fernandez: Yeah, nice. 9 00:00:13.560 --> 00:00:14.860 Johny Fernandez: Same, it's cool. It's getting cold. I'm 10 00:00:14.860 --> 00:00:17.800 getting to that point of the year where some sunshine would 11 00:00:17.800 --> 00:00:20.350 be nice. You know, we'll talk a little bit about where you can 12 00:00:20.350 --> 00:00:24.730 get some sunshine at the end of this. I'm excited. Okay. People 13 00:00:24.730 --> 00:00:27.520 may know, people may not know, I don't know. So we're excited 14 00:00:27.520 --> 00:00:31.840 about that. But Sean, there's a video that I'll bring up right 15 00:00:31.840 --> 00:00:35.710 now. It's regarding the Virginia Legislature and their proposal 16 00:00:36.130 --> 00:00:39.970 for MCA's. Sure. Now, I'm gonna kind of backtrack a little bit. 17 00:00:39.970 --> 00:00:43.780 So this is a proposal to regulate MCAs, specifically in 18 00:00:43.780 --> 00:00:47.410 Virginia, the delegate that presented this to you know, the 19 00:00:47.410 --> 00:00:49.990 legislature, it was a very interesting video, because in 20 00:00:49.990 --> 00:00:53.890 the beginning, the person that was introducing her was like, 21 00:00:53.890 --> 00:00:57.940 hey, there's this new proposal. And his exact words were, it's 22 00:00:57.940 --> 00:01:02.350 fascinating to me, because I've never heard of such a thing. And 23 00:01:02.350 --> 00:01:06.850 then the delegate that propose this, she went up and she spoke. 24 00:01:06.970 --> 00:01:10.270 And essentially, the goal for the proposal is to require MCA 25 00:01:10.450 --> 00:01:14.170 companies to register with the FCC, the term of the agreements, 26 00:01:14.200 --> 00:01:17.200 she wants it to be in plain language, so that the business 27 00:01:17.200 --> 00:01:21.100 owner that is accepting this MCA agreement is really going to 28 00:01:21.100 --> 00:01:24.580 understand a clearer picture of what the total cost is going to 29 00:01:24.580 --> 00:01:28.570 be. And transparency for business owners in regarding 30 00:01:28.570 --> 00:01:32.860 like court actions, that it could take place, you know, 31 00:01:32.860 --> 00:01:35.260 where the business is located versus the business owner flying 32 00:01:35.260 --> 00:01:38.380 up to New York. So that's the proposal essentially, that she 33 00:01:38.380 --> 00:01:43.750 presented to the legislature. Right. But the reason that she 34 00:01:43.780 --> 00:01:47.440 did it was because she had, she's Vietnamese American from 35 00:01:47.440 --> 00:01:49.780 what she explained. And she works a lot with the Vietnamese 36 00:01:49.780 --> 00:01:52.840 American community in Northern Virginia. And she was getting a 37 00:01:52.840 --> 00:01:56.800 lot of phone calls regarding business owners in Virginia, 38 00:01:57.730 --> 00:02:00.310 pretty much saying like, hey, we signed up for an MCA, we don't 39 00:02:00.310 --> 00:02:05.200 know what we signed up for. And now we need help. And her, you 40 00:02:05.200 --> 00:02:09.370 know, the suggestion that she received from lawyers, was that 41 00:02:09.400 --> 00:02:11.920 if you're a business owner, and you can't afford something like 42 00:02:11.920 --> 00:02:15.670 this, don't do it. If you can, obviously go for it. But if you 43 00:02:15.670 --> 00:02:20.380 can't, don't do it. That sounds like good advice. Yeah. But you 44 00:02:20.380 --> 00:02:25.060 can't afford to do it. But, you know, as the video, like, 45 00:02:25.060 --> 00:02:28.750 continued, it's about a 40 minute video, the legislature, 46 00:02:28.780 --> 00:02:30.970 you know, everyone was asking questions, because a lot of 47 00:02:30.970 --> 00:02:34.630 people did not know that MCAs exists, a lot of people wanted 48 00:02:34.630 --> 00:02:37.480 to really get a full understanding of what it was, 49 00:02:37.690 --> 00:02:40.780 you know, one of the guys, one of the delegates that spoke 50 00:02:40.780 --> 00:02:43.330 after was saying, you know, this is something that we've never 51 00:02:43.330 --> 00:02:47.350 heard of, in his 40 years of doing finance. And he kind of 52 00:02:47.800 --> 00:02:50.800 associated with, like, the internet, and like, oh, like, 53 00:02:51.340 --> 00:02:54.790 this is something that's coming on Facebook and, and the 54 00:02:54.790 --> 00:02:58.570 internet, you know, and it just blew his mind that, like, this 55 00:02:58.570 --> 00:03:02.350 is something that's really going on. Yeah. And eventually, you 56 00:03:02.350 --> 00:03:05.920 know, the goal for the delegate that was proposing this in 57 00:03:05.920 --> 00:03:09.790 Virginia is that she first wanted to she, she made it very 58 00:03:09.790 --> 00:03:13.630 clear, she did not want to stop MCs from happening. She's like, 59 00:03:13.630 --> 00:03:17.590 that's not the goal, the goal is for, for her for, you know, 60 00:03:17.590 --> 00:03:23.080 Virginia to, to regulate it, but she wants to see, she wants to 61 00:03:23.080 --> 00:03:27.280 gather data to see how much they need to regulate it. So it was a 62 00:03:27.280 --> 00:03:30.280 very interesting approach, because she made it very clear, 63 00:03:30.280 --> 00:03:34.540 she's like, we don't want to stop it. You know, they want to, 64 00:03:34.630 --> 00:03:37.780 you know, they're okay with it, but they want to see, you know, 65 00:03:37.810 --> 00:03:40.390 how much they need to regulate it. Because from what her 66 00:03:40.390 --> 00:03:43.180 experience was business owners were just signing up. And 67 00:03:43.180 --> 00:03:45.820 sometimes the interest rates were higher than like, 300%. 68 00:03:46.090 --> 00:03:51.220 Like, these, like, you know, like, very hefty regulations. 69 00:03:51.220 --> 00:03:56.380 And, you know, I mean, very hefty interest rates. And it got 70 00:03:56.380 --> 00:03:59.020 to a point where, you know, people were just like, we can't 71 00:03:59.020 --> 00:04:01.210 even pay this because we don't have the money. We can't afford 72 00:04:01.210 --> 00:04:04.690 it. So that's why the proposal came up in Virginia. Yeah, this, 73 00:04:04.720 --> 00:04:06.730 you know, came up towards the end of January, beginning of 74 00:04:06.730 --> 00:04:09.610 February, and now they're looking, they're kind of looking 75 00:04:09.610 --> 00:04:12.820 more intuitive and exploring it a little bit more. But that's 76 00:04:12.820 --> 00:04:16.600 what happened in Virginia. Very, you know, obviously, regulation 77 00:04:16.600 --> 00:04:19.510 is something that's going on around the like, we've been 78 00:04:19.510 --> 00:04:23.320 seeing it in Maryland, in here in New York. But yeah, so that's 79 00:04:23.350 --> 00:04:25.570 that was the breakdown of what happened. And that was my 80 00:04:25.570 --> 00:04:29.350 takeaway. I think the one thing that fascinated me was that a 81 00:04:29.350 --> 00:04:33.400 lot of people didn't know this existed. Meanwhile, you know, 82 00:04:33.400 --> 00:04:36.310 businesses are like looking for this. Yeah. Because they need 83 00:04:36.310 --> 00:04:36.550 it. 84 00:04:37.780 --> 00:04:40.390 Sean Murray: Yeah. You mentioned the part about there being like 85 00:04:40.420 --> 00:04:43.330 their estimate being like 300% interest rates. I think that 86 00:04:43.330 --> 00:04:45.820 just feeds into the fact that they're still trying to figure 87 00:04:45.820 --> 00:04:46.780 out what these are. 88 00:04:46.810 --> 00:04:47.350 Johny Fernandez: What it is, yeah. 89 00:04:47.860 --> 00:04:52.870 Sean Murray: It's not, it's not even called an MCA, an MCA bill 90 00:04:52.870 --> 00:04:57.100 a proposal. It actually, it refers to sales based financing. 91 00:04:57.940 --> 00:05:01.720 I did get the sense from listening to some of it that, 92 00:05:02.590 --> 00:05:04.540 you know that they at least understand that these 93 00:05:04.630 --> 00:05:06.730 transactions are not loans. 94 00:05:07.150 --> 00:05:09.010 Johny Fernandez: Yeah. And she did clarify that in the video 95 00:05:09.010 --> 00:05:10.960 when she was like, again, this is not a loan. 96 00:05:10.990 --> 00:05:13.690 Sean Murray: Yeah. So at least that at least that got through. 97 00:05:13.720 --> 00:05:16.990 And it's, that's great because it showed that they really are 98 00:05:16.990 --> 00:05:20.680 trying to at least understand that which even though it's not 99 00:05:20.680 --> 00:05:24.190 new, in general, it is new to them. It does show that there is 100 00:05:24.190 --> 00:05:27.400 initiative to understand that which they are trying to 101 00:05:27.400 --> 00:05:30.490 regulate. Yeah. Which, which is great. But at the end of the 102 00:05:30.490 --> 00:05:34.450 day, I think they're focused on the disclosure aspect, correct. 103 00:05:34.480 --> 00:05:36.730 Which is what's what we're seeing all over the country? 104 00:05:36.760 --> 00:05:39.670 Yeah. In all the different states, as you mentioned, it is 105 00:05:39.700 --> 00:05:43.930 it is. I gotta say, it's unusual, that there are those 106 00:05:44.410 --> 00:05:47.290 who feel like this is something that's brand new. 107 00:05:47.320 --> 00:05:52.090 Johny Fernandez: Yeah, it was, it was interesting to see like, 108 00:05:52.120 --> 00:05:54.730 honestly, the reaction there, a lot of them were just shocked 109 00:05:55.270 --> 00:05:58.420 that they're like gambling, this is happening. This is, you know, 110 00:05:58.450 --> 00:06:00.160 why don't they just go to banks, and something that she 111 00:06:00.160 --> 00:06:03.190 clarified, the reason that she did not want to get rid of MCAs 112 00:06:03.400 --> 00:06:07.660 in Virginia is because she knows that sometimes a business owner 113 00:06:07.840 --> 00:06:11.770 is not able to really, you know, work with the bank, you know, 114 00:06:11.770 --> 00:06:15.430 they can't get they don't have the proper tools sometimes, or 115 00:06:15.430 --> 00:06:18.250 information or whatever it is that he can't go directly to a 116 00:06:18.250 --> 00:06:21.070 bank. So she made it very clear. She's like, okay, if they can't 117 00:06:21.070 --> 00:06:23.410 go to the bank, they're going to need other resources to start 118 00:06:23.410 --> 00:06:26.260 their business, especially if they're in a blue collar area, 119 00:06:26.260 --> 00:06:29.590 if they're an immigrant business owner, you know, sometimes they 120 00:06:29.590 --> 00:06:31.510 can't do it like that. So they need options. 121 00:06:31.510 --> 00:06:34.480 Sean Murray: Yeah. And I think what they will find, ultimately 122 00:06:34.480 --> 00:06:37.780 is that everyone is essentially in favor of disclosures that 123 00:06:37.780 --> 00:06:40.750 help applicants, and they will probably just try to work out. 124 00:06:40.960 --> 00:06:43.780 What's the disclosure? That makes the most sense? That would 125 00:06:43.780 --> 00:06:46.630 be fine. That would be my guess. Yeah. I'm not in any way, like 126 00:06:46.630 --> 00:06:47.380 involved or anything. 127 00:06:47.380 --> 00:06:49.360 Johny Fernandez: Yeah, we're not involved. But I think that is 128 00:06:49.360 --> 00:06:52.540 true. I think something that she made it, they made it very, very 129 00:06:52.540 --> 00:06:56.710 clear in this whole conversation was that the actual you know, 130 00:06:56.710 --> 00:07:01.030 transaction isn't like working between business owners. MCS is 131 00:07:01.030 --> 00:07:05.050 not a bad thing. The thing that she caught her attention was 132 00:07:05.050 --> 00:07:08.500 that many business owners really did not understand what they 133 00:07:08.500 --> 00:07:11.020 were getting themselves into. Plain and simple. 134 00:07:11.050 --> 00:07:13.840 Sean Murray: Yeah, fair enough. If there's, if there's some sort 135 00:07:13.840 --> 00:07:16.810 of need to make things more clear or transparent, I think 136 00:07:16.810 --> 00:07:19.780 that they will find that there are those who provide this type 137 00:07:19.780 --> 00:07:23.380 of capital that are all in favor of making sure all parties are, 138 00:07:23.410 --> 00:07:26.140 you know, understand. Yeah, as long as it makes long. Does that 139 00:07:26.140 --> 00:07:29.230 make sense? Yeah, because I know that there are states where 140 00:07:29.320 --> 00:07:34.240 they're trying to apply certain types of formulas to something 141 00:07:34.240 --> 00:07:37.390 that for which, you know, doesn't really fit. Yeah, but 142 00:07:37.390 --> 00:07:40.390 what we'll see what happens is in Virginia, we have two videos 143 00:07:40.390 --> 00:07:44.410 posted to our site, go to debanked.com/tv. There's two 144 00:07:44.410 --> 00:07:47.530 videos, all we all we're doing is we're just showing a clip, 145 00:07:47.740 --> 00:07:51.550 the clips that took place in the Virginia State Legislature, you 146 00:07:51.550 --> 00:07:55.090 can actually see the delegates and some of the public testimony 147 00:07:55.090 --> 00:07:59.050 that took place in regards to this particular bill. I don't 148 00:07:59.050 --> 00:08:01.810 know where this particular bill will go. Yeah. But it's always 149 00:08:01.810 --> 00:08:06.100 fascinating to me, to watch the discussion take place in any 150 00:08:06.100 --> 00:08:09.670 state legislature, the fact that a lot of states record and film 151 00:08:09.670 --> 00:08:12.520 this stuff and make it available to the public is great. These 152 00:08:12.520 --> 00:08:17.140 videos are typically like six, seven hours long. Yeah. And the 153 00:08:17.140 --> 00:08:21.280 part that matters to us to you is only generally can only be 154 00:08:21.280 --> 00:08:25.000 like 1015 minutes, 10 to 20 minutes. And so we just we just 155 00:08:25.030 --> 00:08:28.240 find the segment that pertains to the particular bill in 156 00:08:28.240 --> 00:08:32.050 question. We've got the two segments so far up on the site, 157 00:08:32.050 --> 00:08:34.990 so you can watch and see for yourself. what's being said, 158 00:08:34.990 --> 00:08:37.570 Exactly. It'll be interesting to see what what happens in 159 00:08:37.600 --> 00:08:41.500 Virginia from here on out. I really have no idea. Yeah, 160 00:08:41.560 --> 00:08:45.310 either. There is some encouraging aspects to it from 161 00:08:45.310 --> 00:08:50.200 what you said, because they are trying to understand and they 162 00:08:50.200 --> 00:08:54.280 are focusing, it seems to me, that they're focusing more on 163 00:08:54.280 --> 00:08:57.400 making sure that at least the terms are understandable to the 164 00:08:57.400 --> 00:08:58.720 average person, the average business owner. 165 00:08:58.750 --> 00:09:00.790 Johny Fernandez: Yeah, and I think that's fair, because 166 00:09:00.820 --> 00:09:03.940 something that we've seen in the industry is that sometimes 167 00:09:04.390 --> 00:09:06.790 things play out unfairly. Obviously, the business owner 168 00:09:06.790 --> 00:09:10.540 wants, you know, to play by his rules, and sometimes we've seen 169 00:09:10.540 --> 00:09:12.610 it in the industry people get taken advantage of, and 170 00:09:12.610 --> 00:09:17.020 something that she did say was that, like some of the business, 171 00:09:17.050 --> 00:09:20.800 some of the MCA companies, they were discussing, like the prices 172 00:09:20.800 --> 00:09:25.750 with the client, and essentially, what what had 173 00:09:25.750 --> 00:09:30.370 happened was, let me check my notes right here. They pretty 174 00:09:30.370 --> 00:09:33.400 much base the affordability of the loan based off of their pre 175 00:09:33.400 --> 00:09:38.740 pandemic numbers. Okay. So, and then, you know, and also that 176 00:09:38.740 --> 00:09:41.080 maybe they thought it was alone when it wasn't alone, correct. 177 00:09:41.110 --> 00:09:43.960 That might have been one thing too. So in her defense, it's 178 00:09:43.960 --> 00:09:46.090 like, you know, like, it may be a thing was within their first 179 00:09:46.090 --> 00:09:49.120 language. Yeah. And that was another big thing that played a 180 00:09:49.120 --> 00:09:53.500 part. You know, she specifically had specified that she was 181 00:09:53.500 --> 00:09:56.650 working with, you know, immigrant business owners that 182 00:09:56.650 --> 00:09:58.720 their first language is not English. So that's why she 183 00:09:58.720 --> 00:10:01.810 proposed she's like, Hey, there were Pozos to make sure that the 184 00:10:01.810 --> 00:10:05.350 language that is in the agreement is in plain language 185 00:10:05.350 --> 00:10:07.630 that's understandable for everyone. Yeah. And that the 186 00:10:07.630 --> 00:10:10.720 numbers make sense, you know that everything makes sense. So 187 00:10:10.960 --> 00:10:13.840 when these guys sign with, you know, when the client signs with 188 00:10:13.840 --> 00:10:16.510 the MCA companies that they understand what they're getting 189 00:10:16.510 --> 00:10:21.010 themselves into. And then it makes sense to them. And like, 190 00:10:21.040 --> 00:10:24.520 like, again, the one advice that I think you and I can agree on, 191 00:10:24.730 --> 00:10:27.700 that the lawyer told the delegate here was that if you 192 00:10:27.700 --> 00:10:30.670 don't have the money, if you can't afford it, don't do it. 193 00:10:31.020 --> 00:10:33.930 Sean Murray: I think that's good, can't afford something 194 00:10:33.930 --> 00:10:35.280 that think not doing something is. 195 00:10:35.280 --> 00:10:36.120 Johny Fernandez: Yeah, don't do it. 196 00:10:36.270 --> 00:10:36.840 Sean Murray: Proper advice. 197 00:10:36.840 --> 00:10:40.770 Johny Fernandez: Yeah. And so yeah, so again, I think it gives 198 00:10:40.800 --> 00:10:43.890 a little for me, I think it's kind of a sigh of relief that 199 00:10:44.400 --> 00:10:47.040 they want to work with MCA companies. It's not like they 200 00:10:47.040 --> 00:10:49.290 want to completely just disregard everything and close 201 00:10:49.290 --> 00:10:52.950 everything down and have all these obstacles from from what 202 00:10:52.950 --> 00:10:55.500 it seemed like the proposal was, we're willing to work with the 203 00:10:55.500 --> 00:10:58.350 MCA companies. But we just want to know more. We want to collect 204 00:10:58.350 --> 00:11:01.380 more data, we want to make sure that everything's fair. That's 205 00:11:01.380 --> 00:11:04.050 what it seems like right now. Obviously, that could change. We 206 00:11:04.050 --> 00:11:06.810 don't know, we don't have a crystal ball. But yeah, that's 207 00:11:06.840 --> 00:11:12.810 very interesting. It was an interesting session. Yeah. And 208 00:11:12.810 --> 00:11:14.910 if there are any further hearings on it that are 209 00:11:14.910 --> 00:11:17.280 recorded, we will make them available on our site, in 210 00:11:17.280 --> 00:11:20.250 addition to if there's other hearings and other states, we 211 00:11:20.250 --> 00:11:23.640 will try to put those up on the site as well. Yeah. So you know, 212 00:11:23.640 --> 00:11:25.620 since we've been talking a lot about disclosures, something 213 00:11:25.620 --> 00:11:28.650 that's going to be going on, on the 10th of February, there's 214 00:11:28.650 --> 00:11:30.990 going to be a webinar, it's disclosures and regulations, 215 00:11:30.990 --> 00:11:33.810 from a general counsel's perspective, something that 216 00:11:33.810 --> 00:11:35.970 we've been talking about here a lot is, you know, just the 217 00:11:35.970 --> 00:11:38.640 different disclosures happening in different states. And 218 00:11:38.640 --> 00:11:42.810 everyone has a lot of questions. I know. And when we did Broker 219 00:11:42.810 --> 00:11:46.350 Fair, you know, we had that entire panel, and it was a, it 220 00:11:46.350 --> 00:11:51.420 was a popular session, because different states are doing the 221 00:11:51.420 --> 00:11:55.170 disclosures differently. So there's a lot of questions. And 222 00:11:55.170 --> 00:11:57.990 this webinar is going to be going on it's get, it's being 223 00:11:57.990 --> 00:12:01.350 hosted by the alternative finance Bar Association. And 224 00:12:01.350 --> 00:12:02.850 it's an event that we recommend, because they're gonna be 225 00:12:02.850 --> 00:12:06.420 discussing different things, and pretty much not only discussing 226 00:12:06.420 --> 00:12:08.970 like the disclosure laws from like, the different areas, but 227 00:12:08.970 --> 00:12:12.600 also the discussing and exploring the possibility, the 228 00:12:12.600 --> 00:12:16.140 possibility and the options of how to make strategic decisions 229 00:12:16.140 --> 00:12:20.850 for growth in this specific time that, you know, we're seeing all 230 00:12:20.850 --> 00:12:24.030 these disclosures come out. And I think that's a great idea. I 231 00:12:24.030 --> 00:12:27.600 think that's good, because knowledge is power. And the more 232 00:12:27.600 --> 00:12:29.790 you know, the more these business owners know about 233 00:12:29.790 --> 00:12:33.330 what's going to happen, and how this will impact them. Because 234 00:12:33.420 --> 00:12:36.330 something you and I have always said is that regardless of when 235 00:12:36.330 --> 00:12:39.270 this takes place, when the disclosures actually hit a 236 00:12:39.330 --> 00:12:42.780 business, it's going to affect all of us, right, individually, 237 00:12:42.840 --> 00:12:44.940 and you know, in business. 238 00:12:45.000 --> 00:12:47.340 Sean Murray: So this particular webinar, they say it's from a 239 00:12:47.340 --> 00:12:50.130 general counsel's perspective, one thing I will say about being 240 00:12:50.130 --> 00:12:54.990 a general counsel, is that it's probably much more difficult to 241 00:12:54.990 --> 00:12:59.130 have to figure out the compliance with multiple states 242 00:12:59.160 --> 00:13:02.760 versus complying with one federal law. I have heard 243 00:13:02.790 --> 00:13:06.630 overheard, without, like naming anyone, but just kind of general 244 00:13:06.630 --> 00:13:10.350 chatter that, you know, there's a wish that if it were any type 245 00:13:10.350 --> 00:13:15.000 of regulation, in the commercial finance industry, that perhaps a 246 00:13:15.000 --> 00:13:18.300 federal, you know, type of thing would be better, because 247 00:13:18.300 --> 00:13:20.910 everyone could just comply with the one with the one Yeah, 248 00:13:20.970 --> 00:13:24.210 rather than, hey, now we got to comply with New York wants this 249 00:13:24.210 --> 00:13:27.660 way, California, this way, you know, marriage union, Maryland, 250 00:13:27.660 --> 00:13:30.150 you know, Connecticut, New Jersey, and you gotta comply 251 00:13:30.150 --> 00:13:33.630 with all these different things. And so it can be tough, tough 252 00:13:33.900 --> 00:13:37.200 situation to navigate. If you're the general counsel for a 253 00:13:37.200 --> 00:13:39.720 commercial finance firm, and one that offers sales based 254 00:13:39.720 --> 00:13:44.130 financing, like MCA, this webinar is geared towards 255 00:13:44.340 --> 00:13:46.500 talking about all the different things, the laws that have 256 00:13:46.500 --> 00:13:49.860 already passed in, like New York and California, and the bills 257 00:13:49.860 --> 00:13:54.270 that are also on the table in other states. Gotta be, you 258 00:13:54.270 --> 00:13:58.200 know, general counsel's, you know, kind of worst nightmare to 259 00:13:58.200 --> 00:14:03.240 be the one in charge of helping a firm navigate what's coming 260 00:14:03.240 --> 00:14:05.850 up. And in California and New York, even though the laws have 261 00:14:05.850 --> 00:14:10.860 passed, we have yet to see these particular laws actually go into 262 00:14:10.860 --> 00:14:13.830 effect yet are still fine tuning Yeah, what's going to be 263 00:14:13.830 --> 00:14:17.070 required? And now we're saying, Okay, it looks like it's going 264 00:14:17.070 --> 00:14:19.800 to be this. But now this state is going to want this, this 265 00:14:19.800 --> 00:14:22.950 state's going to want this. And you mentioned Broker Fair before 266 00:14:22.980 --> 00:14:25.170 that's the cool part about a webinar. I think everyone's a 267 00:14:25.170 --> 00:14:28.770 little zoomed out, so to speak. But a lot of people, at least 268 00:14:28.770 --> 00:14:32.250 from the who were chief executives and general counsel's 269 00:14:32.430 --> 00:14:34.860 one of the takeaways they got at Broker Fair that was very 270 00:14:34.860 --> 00:14:40.260 valuable to them was the panel on disclosure right here. Now 271 00:14:40.290 --> 00:14:43.710 you do not need to travel to get updated information. Yeah. 272 00:14:44.100 --> 00:14:47.820 There's an actual webinar on the actual subject put on by the 273 00:14:47.820 --> 00:14:50.640 alternative finance Bar Association. They have been 274 00:14:50.640 --> 00:14:53.280 around for several years already. They usually put on at 275 00:14:53.280 --> 00:14:57.630 least one annual event. I've actually even gone to one or two 276 00:14:57.630 --> 00:15:00.690 of them, and they're a great organization. Shouldn't have 277 00:15:00.690 --> 00:15:04.950 attorneys who can provide very helpful information. So if you 278 00:15:04.950 --> 00:15:08.340 are a, a top level executive, your general counsel is someone 279 00:15:08.340 --> 00:15:11.340 who, who needs to know something about how to proceed forward, I 280 00:15:11.370 --> 00:15:16.050 highly recommend joining this webinar on February 10. And 281 00:15:16.050 --> 00:15:18.840 right now, we're going to debanked.com, there is a story 282 00:15:18.840 --> 00:15:21.900 on the homepage, you can go on there, and then click a link 283 00:15:21.900 --> 00:15:25.020 within it. And it will take you to the registration page for the 284 00:15:25.020 --> 00:15:25.470 webinar. 285 00:15:25.500 --> 00:15:26.820 Johny Fernandez: Yeah. And I think one thing that's 286 00:15:26.820 --> 00:15:29.400 interesting, specifically in states that are so close 287 00:15:29.400 --> 00:15:33.030 together, like DC, Virginia, you know, New Jersey, New York and 288 00:15:33.030 --> 00:15:35.490 Connecticut is that they're so close together. And doing 289 00:15:35.490 --> 00:15:38.910 business is so easy when you're, you know, just crossing state 290 00:15:38.910 --> 00:15:42.120 borders. But what's really interesting, and it always makes 291 00:15:42.120 --> 00:15:44.220 me laugh, you know, whether it's in real estate, whether it's in 292 00:15:44.250 --> 00:15:47.790 the MCA world, in the MCA space, is that there's so many 293 00:15:47.790 --> 00:15:51.210 different rules, that logically you would think, okay, like, 294 00:15:51.210 --> 00:15:54.540 they may be similar. But when you actually read up on it, 295 00:15:54.570 --> 00:15:57.240 they're completely different. And you're like, we're literally 296 00:15:57.240 --> 00:16:00.660 like, less than five miles apart from each other, and some parts 297 00:16:01.170 --> 00:16:03.900 and crossing over. It's just like a whole completely 298 00:16:03.900 --> 00:16:06.690 different set of rules, a whole completely different set of just 299 00:16:06.690 --> 00:16:09.930 like, approaches that you have to take, because lawmakers 300 00:16:10.110 --> 00:16:13.170 decided to, like, make different laws in New Jersey, New York and 301 00:16:13.170 --> 00:16:17.130 in Connecticut. And I think that always baffles me because, you 302 00:16:17.130 --> 00:16:21.330 know, it, it's, it makes it harder for a business owner to 303 00:16:21.330 --> 00:16:23.910 do business in other states, depending on what the rules are. 304 00:16:24.480 --> 00:16:26.460 But yet, you're so close, and you're just like mentally you're 305 00:16:26.460 --> 00:16:30.450 like, man, like, why is this so hard? And then sometimes you 306 00:16:30.450 --> 00:16:32.370 disregard it, because you think it's so close, it's the same 307 00:16:32.370 --> 00:16:35.520 thing. I've met people like that, you know, in this space 308 00:16:35.520 --> 00:16:39.990 and other real estate, situations where they kind of 309 00:16:39.990 --> 00:16:42.090 disregard it, and they think it's not going to be a big deal. 310 00:16:42.090 --> 00:16:45.060 And it's a huge deal. And because they don't know, and 311 00:16:45.060 --> 00:16:48.630 they think it's so close, you know, it ends up impacting how 312 00:16:48.630 --> 00:16:53.070 they do business. So, but yeah, I definitely would encourage 313 00:16:53.070 --> 00:16:56.790 everyone to check out the webinar, because especially now, 314 00:16:56.820 --> 00:16:59.400 there's still a lot of unknowns, especially here in New York, the 315 00:16:59.400 --> 00:17:04.380 language was so tough to like, understand it. And it was left 316 00:17:04.410 --> 00:17:08.730 unclear. Yeah. And, you know, I think what I heard in Broker 317 00:17:08.730 --> 00:17:11.790 Fair was a lot of people, they were really just trying to 318 00:17:11.790 --> 00:17:13.740 figure out how are we going to do business? If we're in 319 00:17:13.740 --> 00:17:16.800 Florida, and our business such as New York, and it touches New 320 00:17:16.800 --> 00:17:19.920 Jersey, like how will this impact us and off camera, I 321 00:17:19.920 --> 00:17:23.430 interviewed and spoke with a lot of different people, and they 322 00:17:23.430 --> 00:17:26.250 were very worried this genuinely worried like, what are we going 323 00:17:26.250 --> 00:17:29.100 to do? Like how this impact us etc, etc. So. 324 00:17:29.100 --> 00:17:32.780 Sean Murray: Yeah, you know, the New York Department of Financial 325 00:17:32.780 --> 00:17:38.060 Services, they announced on December on December 31, that 326 00:17:38.060 --> 00:17:42.020 they are essentially delaying implementation of New York's 327 00:17:42.020 --> 00:17:45.560 disclosure law, because they want to issue a revised 328 00:17:45.560 --> 00:17:49.400 proposal, and that they would do it sometime early in the first 329 00:17:49.400 --> 00:17:53.510 quarter. So I think everyone has kind of kept their their eyes 330 00:17:53.600 --> 00:17:57.440 open, waiting for that to drop. Yeah, perhaps, you know, some 331 00:17:57.440 --> 00:17:59.690 private draft copies. Everybody's been sent back and 332 00:17:59.690 --> 00:18:03.470 forth. Yeah. To those that are that are in the know. But that 333 00:18:03.470 --> 00:18:08.660 was the plan, as stated on December 31. Just recently, in 334 00:18:08.660 --> 00:18:12.020 the last week, I believe, the superintendent, the new 335 00:18:12.020 --> 00:18:14.420 superintendent, she was acting superintendent now she's 336 00:18:14.420 --> 00:18:18.140 confirmed as the superintendent. She did put on her, I think it 337 00:18:18.140 --> 00:18:23.090 was her 100 day plan, like first 100 days in office plan. She did 338 00:18:23.090 --> 00:18:27.890 put that disclosure law in her objectives. So it wasn't like 339 00:18:27.890 --> 00:18:30.170 it's, you know, oh, it's delayed. Now. It's lost in the 340 00:18:30.170 --> 00:18:33.560 shop. Yeah. You know, maybe it's going to be delayed for years. I 341 00:18:33.560 --> 00:18:37.700 didn't see it there in the in the 100 day plan. So I would 342 00:18:37.700 --> 00:18:41.630 expect that we will hear about we will leave see the next 343 00:18:41.810 --> 00:18:45.650 revised proposal from DFS about what everyone's going to have to 344 00:18:45.650 --> 00:18:48.710 do. The law has already passed. Yeah. This isn't a bill, a law 345 00:18:48.710 --> 00:18:51.350 is passed. The problem is that they, they gave everyone a 346 00:18:51.350 --> 00:18:53.840 proposal about how it's going to be, you know, how everyone has 347 00:18:53.840 --> 00:18:56.840 to comply with it. And people were like, none of this really 348 00:18:56.840 --> 00:18:59.780 makes sense. Like, there's a lot of things that we're really 349 00:18:59.780 --> 00:19:02.420 having trouble understanding. They're like, okay, yeah, you're 350 00:19:02.420 --> 00:19:04.250 right. We're gonna go back to the drawing board and fix it 351 00:19:04.250 --> 00:19:07.700 all. And we will see that one probably within well, they said 352 00:19:07.700 --> 00:19:10.070 within the first 100 days, so. Yeah. Could be the could be the 353 00:19:10.070 --> 00:19:12.560 end of March. Yeah. Could be tomorrow. 354 00:19:12.590 --> 00:19:14.360 Johny Fernandez: Could be tomorrow, we don't know. But of 355 00:19:14.360 --> 00:19:17.000 course, we'll keep you guys updated. And obviously for that 356 00:19:17.000 --> 00:19:20.690 information, you can just log on to debanked.com You know, and 357 00:19:20.690 --> 00:19:24.080 talking about debanked.com. Let's talk about deBanked 358 00:19:24.080 --> 00:19:26.840 connect Miami. Okay. So obviously we said today that the 359 00:19:26.840 --> 00:19:28.760 weather is kind of gloomy, it's cold. It's been cold this 360 00:19:28.760 --> 00:19:31.490 weekend. So good getaway, it would be to go to Miami to go to 361 00:19:31.520 --> 00:19:35.900 deBanked Connect Miami it's gonna be on March 24. And if 362 00:19:35.900 --> 00:19:39.740 you're not doing anything too crazy for Valentine's Day, you 363 00:19:39.740 --> 00:19:42.020 can do something before Valentine's Day to excite 364 00:19:42.020 --> 00:19:43.280 yourself for Valentine's Day. 365 00:19:43.310 --> 00:19:45.560 Sean Murray: What can you do to excite yourself for Valentine's 366 00:19:45.560 --> 00:19:45.800 Day? 367 00:19:45.860 --> 00:19:47.990 Johny Fernandez: All right, so we're doing a giveaway. It's a 368 00:19:47.990 --> 00:19:51.110 Valentine's Day Giveaway. That's exciting because we're gonna 369 00:19:51.110 --> 00:19:54.110 you're gonna find out on Valentine's day if you win, and 370 00:19:54.110 --> 00:19:56.270 if you're the winner, it's gonna get you super excited. 371 00:19:56.330 --> 00:19:57.380 Sean Murray: What do you get if you win? 372 00:19:57.750 --> 00:20:02.400 Johny Fernandez: You get let me, you're gonna get two tickets to 373 00:20:02.460 --> 00:20:05.700 deBanked Connect Miami. So in other words, those two tickets 374 00:20:05.820 --> 00:20:08.820 on Valentine's day you will find out if you can head to Miami. 375 00:20:09.060 --> 00:20:11.460 Sean Murray: Okay, so here's how you participate. 376 00:20:11.520 --> 00:20:13.080 Johny Fernandez: Correct, but just just. 377 00:20:13.080 --> 00:20:17.910 Okay yeah go ahead to clear the air. This does not include your 378 00:20:17.910 --> 00:20:21.720 airplane ticket. This just includes your two tickets to 379 00:20:21.810 --> 00:20:22.890 deBanked Connect Miami. 380 00:20:22.920 --> 00:20:23.400 Sean Murray: That's right. 381 00:20:23.430 --> 00:20:24.570 Johny Fernandez: And then someone's gonna call and be 382 00:20:24.570 --> 00:20:27.810 like, hey, airfare. 383 00:20:27.840 --> 00:20:30.570 Yeah, what plan Am I taking? Right? Yeah, it's two tickets to 384 00:20:30.570 --> 00:20:35.250 the event itself. It does not include a plane or, or, or 385 00:20:35.250 --> 00:20:39.000 hotel. If you're located in Miami, or in South Florida, 386 00:20:39.000 --> 00:20:42.360 you're not going to need those things anyway. But either way, 387 00:20:42.480 --> 00:20:45.300 we are giving away two free tickets to deBanked Connect 388 00:20:45.300 --> 00:20:48.570 Miami. Alright. The rules to enter are as follows. 389 00:20:48.630 --> 00:20:52.710 Okay, so we're gonna put a post up on our deBanked Connect 390 00:20:53.000 --> 00:20:56.750 Sean Murray: Which is different from our regular deBanked social 391 00:20:56.750 --> 00:20:56.910 social media page. 392 00:20:56.910 --> 00:20:57.680 media pages. 393 00:20:57.710 --> 00:20:59.030 Johny Fernandez: Alright, so you're gonna have to follow the 394 00:20:59.030 --> 00:21:02.210 page deBanked Connect, go ahead. 395 00:21:02.270 --> 00:21:04.400 Sean Murray: deBanked Connect, follow deBanked Connect. 396 00:21:04.430 --> 00:21:04.730 Johny Fernandez: Alright. 397 00:21:04.940 --> 00:21:07.640 Sean Murray: On social media. You can choose multiple, 398 00:21:07.670 --> 00:21:08.750 multiple platforms. 399 00:21:08.780 --> 00:21:10.340 Johny Fernandez: We have Facebook, Twitter, LinkedIn, and 400 00:21:10.340 --> 00:21:14.000 Instagram. So you know, like, you know, follow the page, then 401 00:21:14.000 --> 00:21:15.680 you're going to like the post, okay. 402 00:21:15.710 --> 00:21:16.760 Sean Murray: The Valentine's Day raffle. 403 00:21:16.760 --> 00:21:19.010 Johny Fernandez: The Valentine's Day post, okay, we're being very 404 00:21:19.010 --> 00:21:22.160 specific. All right. After that, you're going to tag a friend in 405 00:21:22.160 --> 00:21:26.210 the comment. And the winner will be announced here on the 14th. 406 00:21:26.630 --> 00:21:29.030 Sean Murray: So that means on Valentine's Day, cancel your 407 00:21:29.030 --> 00:21:32.210 date plans, because you're going to be tuning in to deBanked TV 408 00:21:32.210 --> 00:21:34.460 to find out if you're gonna get a free ticket to deBanked 409 00:21:34.460 --> 00:21:37.160 Connect Miami was how you tell your date, you're gonna have to 410 00:21:37.160 --> 00:21:39.080 postpone you have to tune in. 411 00:21:39.540 --> 00:21:41.850 Johny Fernandez: That that's how you get excited. That's how we 412 00:21:41.850 --> 00:21:44.010 will get people excited for Valentine's because you'll be 413 00:21:44.010 --> 00:21:47.790 spending Valentine's day watching live. If you're gonna 414 00:21:47.790 --> 00:21:54.960 go to Miami. Oh, listen, I'm gonna go if I did not. So if I, 415 00:21:55.140 --> 00:21:58.680 if I was not here working with you, I would log on. I would 416 00:21:58.680 --> 00:22:02.820 like it. Follow it like it. And then after that, I would tag 417 00:22:02.820 --> 00:22:03.330 Sean Murray. 418 00:22:03.360 --> 00:22:05.910 Sean Murray: You know, I will. I will just say this. A lot of 419 00:22:05.910 --> 00:22:07.950 times when you hear about raffles and giveaways, there's 420 00:22:07.950 --> 00:22:11.730 this belief or doubt that the whole thing is like rigged. 421 00:22:11.790 --> 00:22:15.060 Yeah. Right. If you've talked to any of our previous winners of 422 00:22:15.060 --> 00:22:20.130 any raffle. I mean, so often we've never met them. We haven't 423 00:22:20.130 --> 00:22:23.340 heard of them. And we'll meet them at the show for the first 424 00:22:23.340 --> 00:22:27.180 time. These are legit raffles legit giveaways. Yeah. If you 425 00:22:27.180 --> 00:22:30.270 follow the instructions you're legitimately entered to win. If 426 00:22:30.270 --> 00:22:34.110 we've never met him, we've never heard of you. There's no 427 00:22:34.140 --> 00:22:37.530 backroom handshake agreement. No this is real. You have a valid 428 00:22:37.530 --> 00:22:40.440 chance to win. If you follow the instructions. Again, go to the 429 00:22:40.440 --> 00:22:44.070 deep event connect sorry, media pages. Correct. So. Any one of 430 00:22:44.070 --> 00:22:44.340 them. 431 00:22:44.370 --> 00:22:46.650 Johny Fernandez: Facebook, Twitter, LinkedIn, Instagram, 432 00:22:46.800 --> 00:22:50.760 follow the page, like the post the Valentine's Day post, and 433 00:22:50.760 --> 00:22:55.020 then in the comments area, write, comment, tag a friend in 434 00:22:55.020 --> 00:22:58.530 the comments area. And then from there, we will announce if you 435 00:22:58.530 --> 00:23:00.060 won on February 14. 436 00:23:00.060 --> 00:23:02.760 Sean Murray: And even if you're not tuning in on the 14th you 437 00:23:02.760 --> 00:23:05.310 could still win. It is not a requirement that you tune into 438 00:23:05.310 --> 00:23:08.700 Valentine's Day. So if you decided to hang out with a date 439 00:23:08.820 --> 00:23:12.360 of Valentine's Day, instead of tuning into deBanked TV, that's 440 00:23:12.360 --> 00:23:14.670 okay. Yeah, take it personally. 441 00:23:14.700 --> 00:23:17.820 Johny Fernandez: Or, or you can just integrate watching with 442 00:23:17.820 --> 00:23:19.740 your date watching. 443 00:23:19.800 --> 00:23:21.960 Sean Murray: Ah, that's even better. Tell your date. You're 444 00:23:21.960 --> 00:23:24.360 canceling the movie. No. You have another video that you'd 445 00:23:24.360 --> 00:23:25.290 really like to watch. 446 00:23:25.320 --> 00:23:27.930 Johny Fernandez: Listen, they can watch this and then they can 447 00:23:27.930 --> 00:23:31.470 celebrate by going out to eat and then after that. 448 00:23:31.470 --> 00:23:32.910 Sean Murray: Then deBanked TV and chill. 449 00:23:35.040 --> 00:23:40.110 Johny Fernandez: Yes. But anyways, please, we're telling 450 00:23:40.110 --> 00:23:42.720 you, it's gonna be a great time. It's gonna be awesome. The 451 00:23:42.720 --> 00:23:47.400 weather's gonna be great. You're gonna hang out with us. What's 452 00:23:47.400 --> 00:23:48.240 better than that? 453 00:23:49.260 --> 00:23:50.340 Sean Murray: There's a lot of other things that are. 454 00:23:50.550 --> 00:23:51.240 Johny Fernandez: Definitely not. 455 00:23:51.240 --> 00:23:52.320 Sean Murray: We're not we're not so bad. 456 00:23:52.320 --> 00:23:54.630 Johny Fernandez: We're not so bad. And then for the 457 00:23:54.630 --> 00:23:57.840 information regarding deBanked Connect Miami, it's going to be 458 00:23:57.840 --> 00:24:01.890 on the 24th at the J W. J. W. Marquis. 459 00:24:01.890 --> 00:24:02.280 Sean Murray: Marriott. 460 00:24:02.940 --> 00:24:05.430 Johny Fernandez: JW Marriott Marquis, excuse me. And then 461 00:24:05.460 --> 00:24:07.500 obviously, you know, we still have tickets available 462 00:24:07.500 --> 00:24:10.920 beforehand, there's going to be an event a golf outing, but 463 00:24:10.920 --> 00:24:13.770 that's completely separate tickets. So if you're interested 464 00:24:13.770 --> 00:24:18.600 in that, also sign up and attend that that. 465 00:24:18.810 --> 00:24:20.760 Sean Murray: I'm not supposed to say this at my team's they get 466 00:24:20.760 --> 00:24:25.260 mad at me. But we're approaching some records that's all I'm 467 00:24:25.260 --> 00:24:30.000 gonna say so do not wait too long to register for the event. 468 00:24:30.030 --> 00:24:33.000 Yeah. It's going to be very big. It's going to be a great 469 00:24:33.000 --> 00:24:34.950 awesome, excellent time. 470 00:24:34.950 --> 00:24:37.270 Johny Fernandez: I have people already reaching out to me 471 00:24:37.270 --> 00:24:40.150 saying that they're excited to hang out with us to see the 472 00:24:40.150 --> 00:24:42.820 other people in the industry. And I think I'm just gonna I'm 473 00:24:42.820 --> 00:24:44.830 just gonna say this people probably gonna get mad. I don't 474 00:24:44.830 --> 00:24:47.740 really care. You're ready for this? So okay. 475 00:24:47.740 --> 00:24:48.490 Sean Murray: I don't know. We'll see. 476 00:24:48.520 --> 00:24:52.060 Johny Fernandez: So, Broker Fair is great. Broker Fair is in New 477 00:24:52.060 --> 00:24:54.430 York. I love New York City. I that's where I live here. I'm 478 00:24:54.430 --> 00:24:56.560 gonna die here. I'm a New Yorker for life. 479 00:24:56.650 --> 00:24:57.010 Sean Murray: Okay. 480 00:24:57.040 --> 00:24:57.940 Johny Fernandez: All right. Don't let my girlfriend. 481 00:24:57.940 --> 00:25:00.580 Sean Murray: Why do why do so many New Yorkers emphasize that 482 00:25:00.580 --> 00:25:02.380 they're going to they want to die here. 483 00:25:02.380 --> 00:25:03.160 Johny Fernandez: Cause I love New York. 484 00:25:03.160 --> 00:25:03.520 Sean Murray: Okay. 485 00:25:03.550 --> 00:25:03.940 Johny Fernandez: All right. 486 00:25:03.970 --> 00:25:05.680 Sean Murray: That's all that's all anyway go on. 487 00:25:05.830 --> 00:25:08.320 Johny Fernandez: So Broker Fair is great. It's New York but 488 00:25:08.440 --> 00:25:12.700 Miami deBanked Connect Miami two different events. They're not 489 00:25:12.700 --> 00:25:16.210 the same event, but there's a different feel in Miami and it's 490 00:25:16.210 --> 00:25:20.050 exciting. And the sun's out and after the event you can go to 491 00:25:20.050 --> 00:25:24.070 the beach, you can go have fun. You can live the Miami life for 492 00:25:24.100 --> 00:25:27.370 a quick day or two. And it's and people are like, is it gonna be 493 00:25:27.370 --> 00:25:30.490 like deBanked like Broker Fair. It's not it's gonna be 494 00:25:30.490 --> 00:25:33.160 different. Different location different vibe is gonna be 495 00:25:33.160 --> 00:25:35.140 great. Yeah. You're gonna see everyone. 496 00:25:35.290 --> 00:25:37.900 Sean Murray: We posted some sizzle reels of previous 497 00:25:37.930 --> 00:25:40.090 deBanked Connect Miamis. It's not the first one we've ever 498 00:25:40.090 --> 00:25:44.260 done. This is the fourth one. The fourth time that we'll be in 499 00:25:44.260 --> 00:25:44.740 Miami. 500 00:25:44.740 --> 00:25:46.637 Johny Fernandez: Yeah, it's gonna be fun. I'm really 501 00:25:46.691 --> 00:25:49.798 excited. And then after the event, I'm I'm gonna go get a 502 00:25:49.852 --> 00:25:50.670 Cuban sandwich. 503 00:25:50.670 --> 00:25:51.240 Sean Murray: Okay. 504 00:25:51.240 --> 00:25:52.890 Johny Fernandez: I have that already mentally planned out. 505 00:25:52.890 --> 00:25:55.402 Sean Murray: And then are you going to the gym afterwards? 506 00:25:55.458 --> 00:25:58.920 Maybe do some laundry? Yeah. What are you gonna do after that? 507 00:25:58.920 --> 00:26:01.070 Johny Fernandez: I'm gonna go to shore house. But, yeah, so 508 00:26:01.122 --> 00:26:04.348 please, you're not gonna want to miss it. And honestly, sign up 509 00:26:04.399 --> 00:26:07.523 to see if you win the raffle because it's two free tickets to 510 00:26:07.574 --> 00:26:09.828 deBanked Connect Miami. It's gonna be great. 511 00:26:09.828 --> 00:26:12.687 Sean Murray: Legit raffle. Enter and tune in on the 14th. And 512 00:26:12.747 --> 00:26:16.560 even if you don't tune in, if you win, we'll let you know. Yeah. 513 00:26:16.560 --> 00:26:18.318 Johny Fernandez: All right, you guys. So that's all the time we 514 00:26:18.356 --> 00:26:20.650 have for today. Of course. We'll see you guys next time. I'm 515 00:26:20.688 --> 00:26:21.300 Johny Fernandez. 516 00:26:21.300 --> 00:26:22.080 Sean Murray: I'm Sean Murray. 517 00:26:22.080 --> 00:26:23.250 Johny Fernandez: And we'll see you guys later.