Adding Rental Living Space with Jon Wiens & Drew Toth

 

Daniel St jean: Good afternoon everybody. We have Jon and Drew. I don't know Jon very well. I met him last night. But Jon is a friend of Drew and a friend of a friend is a friend, and if anybody is a friend of Drew, they gotta be cool people and nice people. Because I've known Drew now for nine years.

We've done business together. We are just about to do a lot more business together when you launch your development in Welland and your REIT in January. So we're going to probably be on the phone every couple days. So Drew is a cool guy. He's a smart guy. He's a respected guy. And then he decided at some point recently to talk to us about those small little things you put in your backyard garden suites.

Then brought Jon or asked Jon to come along. And so yesterday they brought one of those units to our live event. I believe that everybody was pretty impressed with it. Judging by the number of business cards that were left behind for more information. So this is what I'm gonna say as an introduction, Drew. Take it over and please unmute yourself.

Drew Toth: Thanks Daniel. Appreciate that. Guys Daniel gave a little bit of an introduction. My primary work over the last several years has been real estate development and construction, and one of the things that we're always looking at is how are we addressing the housing need?
And you're hearing a lot about it, right? Doug Ford has promoted Bill 23, and one of the really cool things about Bill 23 is that he's looking to legalize the ability to add an accessory dwelling unit in a garden suite across the province. Now, a lot of municipalities are already allowing this in their current official plans and zoning bylaws.

Today what we want to talk about, and the reason why I'm so excited about Aux Box and the ability to add a garden suite is it does two key things. It helps address some of the housing supply issue that we're facing here in Ontario. And the other thing it offers is a great ability for investors to add a cash flowing income producing asset to their existing inventory.

One of the things that make this return work is the speed in which you can install it, the speed in which you can have it start producing the cash flow. And when you're teaming up with Aux Box, with the System, It expedite that process as well. And I'm gonna go over numbers. Jon's gonna go over the details of the products.

We're gonna show you, how you could potentially put this to work for yourself and what some of the numbers are. And it does work in a high interest rate environment, which is key because that's where we find ourselves today. So that being said, I'm gonna turn things over to Jon and he's gonna start sharing a little bit more about Aux Box and the specific product we're talking about today.

Jon Wiens: Thanks Drew. I'm just gonna share my screen here. And try to get the presentation up and running. Hopefully this works out. We're just gonna start this out with a quick video and then I'll take it from there.

All right, just as we get started here, I just want to quickly put out a disclaimer that the information that I'm gonna offer here quickly over the next few minutes is going to be at a pretty high level. So I'm just gonna, just delay everything here as quickly as possible to get through this.

If you want more detailed information. There's gonna be a time for questions at the end as well. There is a QR code on the last slide, so please make sure that you scan that with your phone. It does work. I tried it. If you just scan it on your computer screen that gives you the opportunity to provide us with your contact information so that we can continue the conversation in further detail.

Just to start off here, I'll tell you a little bit about the background of Aux Box. Aux Box is a company that started NBC. Landon and Morgan are the co-founders. They started it just about five years ago, and it began mostly with studio models. We have three smaller studio models.

Those aren't living spaces, they're just basically backyard offices, backyard bedrooms, art studios, whatever. That's how it started. Fast forward a couple years down the road, we started getting into living spaces. So that's where we are today, we're working on, we have one living space already out.

That's our model 240 and another one on its way into the production pipeline by spring next year. So this is our TC and yeah, I'll fast forward here to our team Ontario. As mentioned before, I'm Jon Weins, and I am not from BC. I am from Niagara Lake, Ontario. Born and raised here in the Niagara region.

My connection to Aux Box is that I started a conversation with them about a year ago. And basically I'm a custom home builder, renovator by trade. I've been doing that for a long. Been in construction for 25 plus years. And I think it's just been a growing frustration in the construction industry over the last number of years.

Just about processes, about labor shortages, about budgets, about all kinds of things. And so I decided, I wanted to make a bit of a change. I looked ahead and thought, feeling fabricated living spaces of the future, it's the way to go. I started researching it a bit and I stumbled across Aux Box.

Started talking to them about a year ago. And here we are today. I am now going to be the general manager of an Ontario facility that we are opening early in 2023, and we will start producing and shipping, delivering, installing directly here from Ontario. As of early 2023 Drew has joined us in a bit of a sales and relationship management capacity.

Drew's been in the industry for over a decade. Whether it be developing, building, investing, real estate you name it, he's got experience all across the board. We're very thrilled that we've been able to team up with. And thank you to Drew for setting us up with this group and thank you to you guys for having us here today.

Aux Box is a tried, tested and true company. There are a lot of companies that are getting into this prefabricated living space world. And they, as Drew mentioned last night, are in more of a beta phase. Haven't really tested anything. Maybe they have a prototype built, that kind of thing.
Aux Box, the difference with Aux Box is that we have successfully done over 50 units where we've designed them, sold them, built, delivered, installed over 50 boxes. And everybody's happy. They've gone off without a hitch. We are definitely battle tested. So to speak. So why Aux Box?

I wanted to point out a couple of differences between traditional building methods versus Aux box methods. So I'll start on the right hand side. There you've got a general layout of how it would work if you were gonna build an ADU or a garden suite using traditional building method.
First you'd go through the design, engineering, building permit, and you finally get ready to do your site build. Most houses, you're not gonna have a ton of room to be able to do a traditional site build. Maybe you'll make it work, but your property becomes extremely noisy and dirty. As many of you probably know there.

Major issues with trade delays. Very unreliable to find good labor these days. Maybe you make your neighbors upset with all the work that's going on. Extended parking issues, weather delays, obviously stolen and damaged materials and property. Obviously there, it would be hard to find places to store material.

Billing inspections could be a problem. Major cleanup and landscaping. And the biggest ones are extended budgets. Many of you also probably know that it is very hard to accurately budget for a project like this these days with pricing being so volatile these days it's very hard.

Oftentimes projects go well, past your construction schedule and over budget. And then finally after that, you get your occupancy permit. You enjoy your return on investment, but that method, that process, has probably taken you at least six months where you've now had to manage that project.

Basically daily for six months. And so it's really tied you up. So now let's go to the left side and what Aux Box can offer you. It's a very clean and neat system and we can take care of things right from start to finish. So we call it the White Glove service. We're able to configure your unit for you.
Then we ensure that your site qualifies. There are a few different things that we need to double check on, with zoning requirements, setbacks and just access capabilities. So once your site qualifies, we can apply for permits, confirm your design. And then here's one of the benefits too, is that when we go to start building your Aux box, we can actually do the groundwork and build and start the Aux box all at the same time.

While your unit is being built in the shop, we can come out to site, we can run the services to where they need to be, put the foundation in so that's ready. Once the Aux box is completed, we can deliver it to the site, put it on, and it's ready to use the exact same day that it's delivered.
The site work that ends up happening with the groundwork, the foundation and services that ends up only talking about, not even a week. So your site only becomes a bit of a no, it's for neighbors and whatever, for less than a week. That's including all the ground.

Plus the one day delivery that we do. So you go from six months of headaches and hassles to about seven days worth of inconvenience for your subdivision. And just like that, you're able to rent out your unit and enjoy your return on investment. So I'll just tell you a little bit about our units.
We use very high performing windows and doors and structural components. We use engineered wood beams. We use structural insulated panels for highly insulated walls, floors and ceilings. So these are ready for use, full-time, four seasons. Very air tight so these are extremely high performing units.

Our buildings are CSA certified. So our model 240 would be MH Z240 designated and our 588 would be A277 designated. So what this means is we build to the National Building Code of Canada. These are fully engineered. They're fully third party inspected by Intertech. So each unit comes with its own sticker saying it's been inspected, it's CSA certified.

There should be absolutely no issues with the municipalities and the building inspectors. One other thing to add here too is that they will be Terry on home warranted here in Ontario. Aux Box exteriors are maintenance free, so we use steel siding and flashings on the outside. Composite decking for our covered porch and a commercial grade TPO vinyl roofing membrane, which goes on the roof as well as on the underside of the unit. It is fully protected all around.

Aux box interiors are finished with durable interior finishes and components. We use engineered hardwood, oak hardwood flooring. We use tongue and groove nickel gap, pine and ceramic tile in the bathrooms on the floor and in the shower and in the kitchen at backsplash.
Everything is highly durable and then I already talked about the white glove service. We are, as I mentioned before, an established brand and recognized name due to the fact that we've already done 50 units, over 50 units. Aux boxes are 100% completed in our factory. Just as you would've seen the box last night, if you were there that's exactly how it would be delivered to your site. Fully finished, ready for use, the very same day it gets.

Our team is values driven. We care about every detail in your Aux box. I can attest to that for sure. I've been out to the BC plant. The guys out there are fantastic. They care so much about every little detail in the Aux box as well as our team here in Ontario.
We really want to provide you with a perfect box every time. Our Aux box has a minimal and modern appeal, so we really try to take the distractions out of our unit by not adding trims and baseboards and hard hardware on the cabinets and that sort of thing, just to keep it nice and sleek, clean, and simple.

Here are two models, our living space models. Model 240, that's the one we had on site yesterday. It's our smaller one. It's a micro living space. A bit of a studio space. As you can see from the floor plan here, it has you walk in the front. It has an open space, a kitchenette, and then a bathroom at the back with a mechanical room that is accessible from the rear of the unit, from the outside.

You can lay this out however you want. A lot of people would put a Murphy bed up against the one wall where the window is there in the main area, and then you could fold a bed down. You could put a pull out couch there. You could just put a full-time bed there however you wanna lay it out.

But I would say the sweet spot for these units are short term vacation rentals, student housing, micro bachelor apartments, cottage bunkies, that kind of thing. They work great for those types of uses. And this is our model 588. This one is more than twice the size of our model. 240 would have all the same finishes as we've already talked about. It's just bigger. And this one is set up for two people to live in comfortably long. It's a one bedroom unit, has a covered porch.

Again, you walk in, it has a big open living space with a full kitchen, full appliances. You walk down the hallway and there's the full bathroom with stackable laundry, and you walk to the back and there's your bedroom with a closet and then a mechanical room that's accessible from the bedroom.

This one is 588 square feet total footprint. Just so you know, the numbers on our models is actually the square footage of our units, and those are outside dimensions. This one is set up very comfortably for long-term living, and this one will be available as of spring 2023.

As we mentioned before, these are very easy to install. We use a crane to deliver it to your site. We crane it up and over obstacles in your house. We'll just crane it right over top and right into the backyard. And again, it can be used the very same day it gets delivered, pending that the services get connected that same day.
Now I'll turn this over to Drew.

Drew Toth: Thanks, Jon. I wanted to talk about some numbers and return on investment. I have modeled a few different examples with this that I'm gonna go through. Then I'm gonna go over a few case studies of numbers of actual installations that are live. What I did is I wanted to make sure that this worked in a high interest environment.

I ran the numbers based on $25,000 of cash in and $150,000 of debt in. This is on the model 240. I looked at the model purchase price of 144 for the Aux Box, and then the servicing and the foundation and the connection of about $25,000-$30,000. If you look at the first one I rent, I did it as a long term rental and obviously where you are in Ontario or what province you are in and what location and city you're in will be based on what the rent is.

I did the first example at $1,225 per month as an all inclusive. And based on those numbers, again, with 25,000 cash in and 150,000 on a mortgage, at a 7% interest rate servicing interest and capital pay down. Your cash on cash return annualized would be 4%, and your debt service would be 10% for 14% total annualized.

I also did it then as a midterm rental. Say furnishing, doing like a six month midterm rental with a $1,400 a month rent, and that would turn you about 12% cash on cash and 10% debt service for a total of 22% ROI.

And then where these units really start performing and excelling from a return on investment standpoint is really in the short term rental area. I ran short term numbers with $150 per night rental. I ran it with a 50% occupancy for the year and I did a fee of 6,500 for like maintenance fees.

That returned an annualized 29% cash on cash. Again, 10% debt service. You got about 39% annualized. And then I also did a short term rental with a higher performing nightly rental of 250. Now if you're gonna get 250, you know you're probably gonna need to put a nice barbecue, a nice deck out there, maybe a hot tub and you're gonna have that better backyard location.

I just give you some context on that. With a 50% occupancy, 250 nightly rent, again, 6,500. You would do an annualized of about 102 and debt servicing of 10 for about 112% annualized. And again, I ran these numbers based on 25% cash in and debt servicing on 150,000 at a 7% interest rate.

I'm gonna now talk about four case studies of actual installations. That we're done. The first one, this one was done in Tofino, BC. Obviously, let's take the context, the backyard location, and the Aux box. Obviously, the backyard location of being in Tofino makes that $300 rental night be that income performing.

You gotta make sure we take that into context. Their occupancy in Tofino is also really high, 73.4%, so they're annualized as 75 K. Their debt service paydown was $12,856.84. So their annualized was 161% debt servicing about 10%. So 10% annually was 171%. Now this was run with 50,000 in. They did fencing, they barbecued outdoors. There was more cash outlaid. That's why I did the 50,000 in and 150,000 mortgage to give you an idea for this specific case study.

Next one. This was a long term rental, so they just rented it out to a long term rental, like a year lease. They were getting $1,200, so their annual income was $14,400, debt service $12,856.84. So they did an annualized cash on cash of 3% and an annual debt service of 10%. They were getting a total of 13% ROI in this situation. And again, it was run with a 7% interest.

Next one. This one was getting $240 per night. And you can see they'd had a bit of a backyard. They did the porch, the chairs, a fire pit, and they had a rural location. Again, it wasn't as nice as Tofino, but also had a great outdoor location. They were performing at 60% occupancy. Their annual operating cost was costing them $6,000. Annual operating revenue, 46,000. So their annual cash on cash, 93%. Fantastic. Debt service of 10%. An annual performance of 103%. Very strong as a short term rent.

Next, In case study four this one is Ontario, so if you guys want to check this one out, you can go to Airbnb, type in Aux Box. It'll be the first one that pops up and you can see exactly how they structured their short term here.

They're getting $304 a night. I was very shocked. His occupancy here is running 86% and these guys have put it on the backyard of their property. It does have a view overlooking a river, not a lake, but a river. They put a hot tub in, an outdoor shower, a deck and a barbecue. They actually are not connected to septic.

They're running a compost toilet on this, which is interesting. They didn't have servicing costs. They're performing 75K annually. Debt service of 12,000, performing 151% cash on cash. Annual 10% performing strong at 161%. This is a great example, but again, they got the backyard of Muskoka, so that's driving their occupancy and their nightly rent.

Next, path to success, one of the key things Jon touched on. Is that this method of construction, the prefab and this method of delivery, gives us a real finite way to be able to define a budget. When you're running your performa, you know your number is very sharp. I've built a lot of houses in different construction projects.

We always have a contingency budget, and we don't just have a contingency budget because of its looks, and just in case, we always use some of that contingency. What I love about this method of construction is that the price that Aux Box gives you is the price, and that's it. The variable cost will be your servicing and your permit fees, but the team will work with you up front, so they define.

In that pre-qualifying stage to make sure your property qualifies and defines what that price is for you. The other key thing, I've known Jon and his family for over 15 years. We've engaged as friends, but we've also done lots of business together. They are top notch craftsmen and trades people.
They're honest, they do quality work. And they really care about the product they're delivering. And that is so key. Anybody who engages with trades, it's harder and harder to find people that do quality work, follow through with what they say, show up on time and communicate well. That's one of the key things.

Why we've engaged and got involved with Aux Box in this specific construction next slide on time, but we wanted to open it up for questions. And there is a QR code here as well. If you guys want to put your name or email and engage for questions after or you also want to connect and be added to the mailing list.

Daniel St jean: Drew, I can see the reason for the micro deposit because what you don't want is 50 people say, Oh yeah, I'm interested. Maybe basically tire kickers. Because once you guys get, once you guys send a team, they have to go to the city, they have to find a bird permit, they have to go measure the lot, they have to see all of these things.

That's a lot of work involved here in determining if it would work for you. So that's the reason why there's gotta be a little bit of skin in the game here. They don't do all of that. And then you say you know what? I thought about it and I'm not interested, and somebody has spent two days working on this project, so I can see why you're asking for that.

I have a question for you regarding the 588 , because when you're talking about 588 square feet, we're not that far here from a 600 square foot condo in downtown Toronto, You got and the price is slightly different. Now, earlier you talked, Jon was talking about that company started by doing boxes like a small office and stuff like that.

You know what I'm looking at the house we own behind here with the huge backyard and I'm going, a 588 in there. And then get a separate or even attach it somehow or just next to the office box that these guys were doing. We've got a beautiful place then where somebody can actually work and stuff for a fraction of what the condo would cost.

Drew Toth: You got it. One of the key things as well is the cities are waving development charges on this, so that's an extra savings. You're adding it to existing land. And so you have that savings and putting the Aux Box in number one at the price they're able to deliver and the rent you're able to get is really where you get that performance on that ROI.

Daniel St jean: And you know what, yesterday, so the people who were not at our live event yesterday, so the person who came ahead of you he did a really good presentation about this new strategy, the ADU and one thing that a point that he made that I like is that he says, now that you know this exists, now you can go and buy that $700,000 bungalow in this really nice location with a nice big 150 by 200 lot that you would not have bought before.

Because for that kind of money you could never cash flow with the rent. Now all of a sudden with the rent that you'd be getting, but now you can look at that bungalow and say, what if I had this thing at the back there and then I get the extra income all of a sudden something that was negative cash flow is now positive cash. You could turn now you can look at some more expensive real estate that you would not even have looked at before.

Drew Toth: Yeah, you got it. It was interesting as well because he was talking about purchasing that and potentially adding the ADU in the basement. And then with the refinance money, using that to purchase an app.

Daniel St jean: Yes. That's the strategy he uses. You buy a bungalow and you turn it into a triplex. Everything, legal, everything. Oh my God, this is so brilliant. I hope people are realizing what they're looking at here. The options, the possibilities are wow.
Katherine, do we have any questions in the chat?

Jon Wiens: There are a bunch of questions in the chat that I'd like to go through, if that's okay. I'll back it up a little bit. Some of the questions were answered via Drew chatting here already.

I'll start here with Vaughn asking what the heating system is? For our model 240. We have a ceiling mounted infrared heater in the main area, and then there's electric in floor heat in the bathroom in the ceramic tile. That's for the 240. For our 588. It's gonna be full of floor hydronic heating throughout.

Ran off of a combi boiler or combi tankless water heating system as well. There would be a ductless system with the heat pump, so that would run your AC as well as have backup heat there for you. I'm gonna let Drew answer. Can we get a mortgage on it? In my limited knowledge on that, I'm noticing that the credit unions are a little more lenient towards lending on this than big banks, but I'll let Drew talk to that a little bit.

Drew Toth: Yeah, good question. Interesting. I remember I did a flip, I think eight years ago and there was a little garden suite in the back and welling, so we bought it with private money, fixed it up, and we were refinancing and struggled with some of the traditional. But we ended up using a a credit union.

The garden suites are a new model. Some lenders will work with you on them, but some won't. It's important that you would, I would recommend working with a mortgage broker that works with multiple lenders. And to be able to do the financing potentially a HELOC would be a good funding for this. A remortgage, like if you funded it with a HELOC installed it and after you rented it potentially refinancing the mortgage would be another financial strategy. I hope that answers your question, so some lenders will and some won't.

Jon Wiens: Thanks, Drew. Does the cost include preparation of foundation and extension of utility lines? The answer to that is no, it does not. The costs that are listed are for the unit itself shipping installation servicing foundation. That's all over and above the cost. And so it's hard to put exact numbers to that without really knowing each individual property. So those would get priced for each individual project.

Drew Toth: I'll give you an example. You may have a 200 foot lot that's running 200, 200 linear feet of a sewer line. You may only need to have 50 feet. So each of those situations are unique and different. So when you register, that's part of the qualifying process that the Aux box team specialists will work with you on to see if your site qualifies.

And they'll also look, what are the linear feet, what are the details for the install? Do we need the small train? Do we need a really big one to lift it up and over into the backyard or, by the river. That's a very site specific quote, but they'll work with you during that qualifying stage to help you determine the cost and scope for that.

Jon Wiens: Thanks Drew. Next one. I'll try to get through these as quickly as possible cuz we're running pretty short here on time. Are these stackable? At the current moment we have not gone through the engineering to stack. After our 588 is launched, we definitely have intentions to explore more modular capabilities of our units, including stackability and connectivity. That is coming down the pipeline, but we are not quite there at the current moment.

Katherine Nelson-Riley: I'm gonna just jump in here for a minute cuz you mentioned the timing. Jon and Drew, I'm gonna say please just keep going and answering the questions and if our guests that have joined us today, if they're able to stay, then that's awesome for them.
And then we also have provided the contact for you for them to follow up with you. But I'm gonna say just keep going as long as you can because these are awesome questions and the answer in the presentation has been really great. So carry on.

Jon Wiens: Perfect. Thank you Katherine. And just a reminder too, if you do have to go, just click hover your camera over the QR code that's on the screen here and that gives us your information and we'd be happy to follow up with answering additional questions.

How far do you deliver? Is BC possible? Yes, BC is absolutely possible. That's where our headquarters is. They are currently building and shipping units out of BC. So if you want one in that area please contact me and I'll put you in touch with our BC team.

What is the price for the model? 588? Pricing is starting at 284 plus tax right now for the 588. And that's if you want more information on all the inclusions and stuff like that, please reach out to me and I'll send you a specific document that we have for that model so that you can see all the different things that are included in that.

I just will note quickly for the model 588, it is still a work in progress. We are like 99% there, but it is still in the design and engineering phase right now. There are small improvements that are currently just being made. Little tweaks that are just just being made. Nothing major, but just small improvements.

It is very close, but it is not a hundred percent completed yet. But as soon as it is, we will build a prototype and we'll move forward there. Pricing is on the website. Thank you, Shannon, for mentioning that. For all of our models, it's up there.
Do we have a showroom in Ontario to see some of the displays? I have a model 240 that is available for display right here in Niagara on the Lake.

That's the same model that I had at the Oakville Convention Center last night. I have that same model that's set up in Niagara on the Lake for viewing, and that's the only model I have available to see. But it will give you a great idea as to what our finishes are like and give you just an idea of what we do.

So feel free to get in touch with me. Set up a time, I'd be happy to show it to Is it possible to adjust the side of the unit? Side door is not the covered entrance, but the smaller door. Yes, these are reversible floor plans. So same as builders' floor plans where you can reverse it.
These can also be reversed, so we can build it the exact opposite. We can also make slight customizations and adjustments if you need an additional window or a window moved to a different location. We do accommodate that as well. Looks like that is in the chat right now. If anybody else has any additional questions, please type them in the chat or feel free to speak up.

Katherine Nelson-Riley: Provided your direct contact information for folks to be able to reach out. And I've just had a bit of a conversation with our tech and marketing team and we will be able to send out replacements to our community for this. That's awesome and we will be getting that out to everybody as well. And that of course will also include your QR code.

Drew Toth: Oh, perfect. Thank you.

Daniel St jean: And Drew, one comment about what you said earlier about mortgages, it's like anything else, right? It's brand new, so yeah. The bankers say no, but when the banks are getting 150 applications a month for people who are buying them everywhere in Ontario, somebody at that office is gonna have to say, hey, all of this business is going to the credit union.
Let's get our head out of our house and let's move with the flow. Right now it's all new, but at some point, yeah, they're probably gonna be more lenders than there are now. We are going to be happy to finance that.

Katherine Nelson-Riley: I noticed last night at our event, because we had three of our REITE club sponsors with us last evening live, that are private lenders. They're private mortgage brokers and they were really interested. So exactly what you had said earlier is I think that's another great option for people to do is to reach out. And of course the REITE club has got three that they can reach out to. And they are very proactive on being on the leading edge of things. So that might be an awesome option for folks as well.

Drew Toth: That's a great suggestion. I personally have had the experience working with some of those brokers where banks said no, and then we were able to finance and make the deal work by working through a different creative financing strategy. Good point.

Katherine Nelson-Riley: Okay. Are there any other questions? Is there anything that anybody would like? We've got the QR code. There's contacts that are in there. Folks, please make sure to help us help you and make sure that we're bringing the information for those in the business of real estate investing to our community.

So please take a moment to fill out the survey that will be coming to all of the attendees post events here. I think this was absolutely awesome and I've already taken my husband from what I saw last night. This morning, I took my husband out in the backyard and said, okay, now if we do this and if we do that, and look at this and look at that, and so we were already having the conversation.

Jon Wiens: That's great.

Drew Toth: Love it.

Daniel St jean: Yeah. And same thing here. By the way, I'm gonna go later today to take a little measure. Cause like I said, the house behind us has a really big backyard and it's two ladies in their sixties and they have a little garden near the house, but the rest is just grass. So anyway, this is one of those things that we need to check with the city and like you say space and stuff.

I know there's space to put that thing there. The rest is deliverability. And so anyway, I'm gonna go and put in my deposit cuz I wanna see how that works from the inside out and who knows, maybe we'll be one of the first ones to get one.

Jon Wiens: Sounds great, Daniel.

Katherine Nelson-Riley: Thank you very much for joining us this afternoon, and I've got a feeling you'll be hearing from a lot of the REITE club community.