Erich Spangenberg is the CEO and founder of IPwe, a company using blockchain and artificial intelligence to create the patent asset class. He also was a founder of nXn Partners, a company that is focused on predictive analytics. He was the founder and CEO of IPNav, a company that was one of the pioneers in patent monetization.
AT: Can you give a brief overview of how IPwe plans on revolutionizing the patent market?
EP: IPwe is leveraging technology—in particular, AI and blockchain, experience and changes in market attitudes to create the patent asset class. Billions are spent on regulating, obtaining and maintaining patents and the returns to owners and society are low. We are going to help fix that. AI and blockchain make things much easier to understand and far more transparent. Intangible assets—and patents are one of the key intangible assets for many companies – are just too important to be ignored and left to underperform under the management of people who are not asset managers.
AT: Are you using a public or private blockchain?
EP: IPwe’s Global Patent Registry – the first registry of the world’s patents—and our transaction platform are built on Hyperledger Fabric. After evaluating other solutions, we concluded that our market is best served through a private blockchain—we are not dealing with a fungible commodity where issues of who you are transacting with are not of any importance. We will be building public components as part of our product roadmap—but it will take time for the market to accept these solutions.
AT: How will you educate companies to register patents on the blockchain?
EP: We are fortunate that our management team is well known in the space and has extensive connections with key players in industry and the nonprofit and government sectors. Leveraging these connections, we reach a large swath of the world’s patent owners. In 2019 you will see IPwe more aggressively advertising and raising its profile.
AT: One of your goals is to enable the easy access to any patent from any office in the world. What incentive will those offices have to use the blockchain?
EP: Many of the world’s 200 patent offices already understand the importance of blockchain and its ability to increase transparency and improve things like how title is recorded. The most forward-thinking offices are already in conversations with us and we will be publicly announcing initiatives with them in 2019. We are not selling anything to these patent offices—we do not seek revenue from patent offices. What we offer is a way for these offices to better fulfil their public mission. Will all of them participate? No, as there are some offices that harbor curious beliefs that their mission is to do something other than serve innovators and society—we wish them well and believe they will soon enough recognize they can play an important role in improving the patent system.
AT: The IPwe blockchain is linked to your patent analytics platform, Zuse. Can you explain how Zuse is able to both estimate the worth of a patent and its validity?
EP: Zuse has been under development for 10 years and is the only analytics system that we are aware of that can lay claim to being central to and directly involved in over $3 billion of identified licensing and financing transactions and raising over $1.4 billion of capital as part of a strategy to invalidate patents. Zuse has been used by experts in recent US patent cases. The “how” is fairly complex and white papers are available on our website for those who want to dig deeper, but the system closely mimics the methodology experts use to assess validity. Our valuation efforts are progressing and we will be announcing an initiative in December as part of a joint effort with key industry, accounting and academic participants that will advance patent valuation to a new level.
AT: One of the intended goals of IPwe is cheaper patent transactions. How will the blockchain help with these cost savings?
EP: We have already announced our pricing for traditional transactions – 10% of the purchase price or license price– which compares to current market rates of 25%–and pricing for other services that owners pay for things like annual maintenance fee that are over 50% lower than what patent owners currently pay. We use a variety of technology–including smart contracts built on Hyperledger–to lower transaction costs. Since we are making the pie bigger, there is still a critical role for legal, broker and other patent service providers that we want to work with the improve the system and increase the transaction volume. A key goal of IPwe is to dramatically lower the cost of patent ownership.
AT: IPwe did not pursue an ICO – happy with that decision?
EP: An ICO was not a viable option for IPwe. At the end of the day we are a B2B market solution. Today most large companies simply cannot get past the regulatory issues raised by traditional ICOs. This will change—but it will take time. We also believe that forcing customers to transact with you only through a single purpose token is not a viable way to transact or build a platform.
AT: How about security token offerings—do they play a role in IPwe’s future or the future of the patent market?
EP: STOs are something completely different from ICOs in our view. We are huge fans of regulatory compliant STOs and will use STO structures for both IPwe and for our patent finance solutions. This is a huge development in the patent space that will become apparent soon when we announce our first two STO financings next month.
AT: It doesn’t sound like IPwe is seeking to eliminate intermediaries that exist in the current patent market—why?
EP: Patents are in fact complex assets and certain intermediaries will play a critical role going forward and some, we expect, will either change their business models or disappear. Many enjoy singling out lawyers as non-value creating intermediaries, and while this may be true in some contexts, it is not true in the patent space. We think their role might change as they will become focused on higher value services, but we believe they play an important role in the new market IPwe is helping to create. The patent intermediaries that charge exorbitant rates to, for example, do nothing more than make annual payments to patent offices – we think their days of exploiting these types of inefficiencies are limited.
We think some of the abuses and negatives in the system—patent trolls, efficient infringers and lower quality patents, for example, will be addressed and remedied by these same changes. The intermediaries that embrace AI and the transactional efficiencies that can be realized through blockchain and focus on high value services are going to do even better as the market expands. The sloths and luddites will disappear.
AT: If we visit with IPwe again in a few years, what will we be talking about with respect to patents and the patent market?
EP: The biggest changes that AI and blockchain are going to facility is that new managers will likely take over the patent asset class and, as capital becomes more comfortable with patents, patent based financings will dramatically increase and large and small patent owners will regularly use patents to access capital. Intangible assets – which includes patents – are a majority of most companies balance sheets. Today, these assets are largely managed by departments other than finance and not well understood by finance types. This will change and it will be a change for the better.
Hirander Misra, Chairman of GMEX Group & Chairman of SECDEX – Interview Series
Hirander Misra is the Chairman and CEO of GMEX Group (GMEX), offering innovative solutions for the creation & operation of electronic exchanges and post trade infrastructure in securities, FX, derivatives, commodities, crypto & digital assets.
Can you start by sharing what GMEX Group is?
GMEX Group (“GMEX”) is a global provider of innovative multi-asset exchange trading and post trade business solutions and technology ecosystems. As a market infrastructure vendor, we focus on technology and interconnectivity. Our solutions address the end to end regulatory and contract environment needs for issuance, trading, clearing and settlement of securities across exchanges, across all asset classes including traditional, alternative and digital assets, digital currencies as well as hybrid digital securitisation of traditional assets including derivatives.
GMEX’s focus is on digitally transforming global financial markets, enabling participants to launch new solutions, expand current operations and scale to meet market demands. We carry this out using two proven engagement mechanisms to enable our clients to use technology to achieve their commercial goals:
- Market Advancement Programme (MAP), which delivers multi-asset Exchange and Post-trade enablement with an optimal combination of traditional and digital market infrastructure technology and services
- Partnership-driven Approach, we do not just sell technology, rather we use a combination of FinTech, business and investment solutions empowering partnerships and ventures.
What sparked your interest initially in launching GMEX?
When we started out in 2012, the existing market infrastructure vendors were very much of the customer-supplier mindset, providing legacy technology at inflated prices without taking into account the real business and operational needs, including any commercial constraints which may exist. This was our opportunity to differentiate ourselves!
We provide business expertise, the latest technology, connectivity & operational expertise delivered through an aligned partnership driven approach for exchanges, trading venues, clearing houses, depositories, registries and warehouse receipt platforms. In many cases this also allows us to align interests by taking equity in the ventures we are working with, as and where such opportunities make sense.
In 2016 we were able to capitalise on the opportunities that blockchain presented, initially on provenance of commodities and subsequently within capital markets. We were surprised at how most projects just harnessed the technology in the same way that traditional technology was being used and thought, what is the point? That spurred us on to look at ways in which the technology could be leveraged to revolutionise and democratise the way capital markets and marketplaces for other asset classes operated.
Can you tell us about GMEX Investments, and what type of investments are made?
The investment focus for GMEX is early stage equity and token strategic investment in market infrastructure and related FinTech companies, which are synergistic with what GMEX does in terms of servicing and product capabilities. In addition, we also venture build our own initiatives.
Given the interesting pre Series-A FinTech opportunities we are coming across, we have also launched Digital Investment Fund PCC (“DIF”) in the Seychelles, which is the is the world’s first fully regulated tokenised hybrid fund. We have an interest in companies, which have genuine intellectual property in the blockchain and artificial Intelligence (“AI”) space within financial services, combined with early client traction.
Can you elaborate on the digital exchange trading and post trade technology offered by GMEX Technologies?
GMEX offers the first truly hybrid exchange and post trade ecosystem, Fusion, bridging the gap between traditional and digital assets underpinned by regulatory frameworks. This is quite analogous to interconnected telecommunications networks. We ensure our solutions are aligned with the business objectives of our clients and partners. GMEX Fusion is a hybrid centralised & blockchain distributed ledger technology suite and middleware, which is deployed and trusted by multiple international regulated financial institutions around the globe. The suite includes:
- ForumPortal, a tokenisation, registration and issuance platform;
- Forum Trader, a secondary trading front-end and order management system;
- ForumMatch, a high-performance exchange trading platform with integral matching engine;
- ForumDetect, a market surveillance system;
- ForumIndex, an index calculation and dissemination system;
- ForumCustody, a digital custody platform for clearing and settlement;
- ForumWallet, a wallet management platform, which can also interface with third party wallets;
- ForumCCP, a clearing platform facilitating credit checking, position keep and margining;
- ForumCSD, a central securities depository and registry platform facilitating settlement;
- ForumPay, a simple and secure platform for making international payments, money transfer, withdrawals and deposits across multiple financial instruments.
Why are cryptocurrency exchanges attracted to using GMEX?
Cryptocurrency and digital assets exchanges are attracted to using GMEX because they appreciate we have genuine proven solutions and a practical understanding of digital assets as opposed to the hype and vapourware that some are touting out in the market.
They like the fact that the technology stack is designed for the needs and quirks of cryptocurrency and digital asset markets, which can include 24 hour trading, 18 decimal places due to fractional ownership, high volume requirements and the need to offer tokenisation and digital custody services beyond just exchange solutions.
Importantly, as markets in this space become increasingly regulated, GMEX is able to support our clients with our regulatory and business expertise in operating markets across the globe, which is highly valued.
How scalable is GMEX technology?
Cryptocurrency and other types of digital asset exchanges are facing a very serious challenge with the increasing volumes of orders they need to cope with. Investors and speculators expect their orders to be executed within a few milliseconds especially in hectic market conditions i.e. when volumes are at their highest peak. Any slowness in order execution will cause loss of confidence and order flows to switch to other venues. Exchanges must ensure their technology can stay ahead of the fierce competition. Recent volatile cryptocurrency market conditions were a performance wake-up call for cryptocurrency exchanges.
Our technology stack is modular and component based and is designed to flexibly support multiple assets and numerous private and public blockchains. It also has the ability to easily interconnect many nodes, whether they are running our technology or are third party platforms. Our low-latency and high-throughput exchange solutions combined with high availability ensure successful operation in critical market infrastructure environments. Superior performance is also achieved by way of a low hardware footprint. We also include appropriate open source components to remove third party licence fees. The technology stack scales through use of virtualisation and cloud services, as an alternative to local deployment, where there is a need for a turnkey Software-as-a-Service (“SaaS”) model to be offered as an option.
You are also Chairman of the SECDEX, the Seychelles based Securities, Commodities and Derivatives Exchange. Could you tell us about the SECDEX and why it matters?
The SECDEX Group business consists of a regulated:
- Central counterparty clearing house (CCP);
- Central securities depository with registry;
- Digital marketplace; and
- Digital custodian.
SECDEX is unique as it is the first fully-regulated, multi-asset, hybrid market infrastructure ecosystem combining the benefits of a digital exchange with those of a traditional exchange to deliver seamless trading, clearing and settlement. It is based on the strengths of GMEX Group as a founding shareholder combined with the professional services of Digital Partners Network (DPN) as a co-founding shareholder. DPN services include specialist legal, finance, compliance, corporate structuring, finance, strategic consulting, technology-enabled digital transformation and potential investment through a digital fund.
This is game changing, as until now there have been too many intermediaries for these different services, and they have not been offered cost-effectively under a single umbrella. This means that in addition to the listing of traditional securities and derivatives, Security Token Offerings (STOs) can be undertaken in a regulated, trusted environment with issuance, full professional services support for the tokenisation process covering legal and valuations in addition to capital raising, with listing and secondary trading on the SECDEX Exchange.
It was also recently announced that the SECDEX group has welcomed a new addition to their ranks – SECDEX Digital Custodian (SDC). Could you tell us about this digital custodian solution?
SECDEX Digital Custodian Limited (SDC) is a regulated digital custodian offering cold storage and custodial services for cryptocurrencies, security tokens and other digital assets. SDC caters to retail, high net worth (HNW) and institutional users including exchanges, marketplaces, brokers, banks, payment service providers and traditional custodians.
SDC services include:
- Safeguarding of digital assets
- Transaction recording and reporting for its users
- Automated transfers, balance confirmations and account related requests
- Escrow services
- A multi-signature authorisation protocol to ensure that no single party is able to initiate and complete a transaction within its custody. Furthermore, under its technological platform operated by the venue, each key is held with segregated accounts.
SDC, in a short space of time, has already attracted USD 544,718,948 of assets which it has tokenised with immutability and transparency on the Ethereum blockchain.
One of your other projects is promoting Blockchain solutions to drive financial inclusion across Africa. Could you share some of your views regarding this?
There are an estimated 700 million unbanked farmers in sub-Saharan Africa and every country has its own structures and complexities. At the heart of the problem is the lack of price transparency for farmers for their produce. Better prices would mean improved income, allowing them to better afford seeds, pesticides, fertilisers and even opening up credit.
FinComEco, the financial and commodities ecosystem, links agriculture to the latest financial technology down to the individual smallholder farmer level and beyond from origination to destination. This is achieved via a model which is adaptable to local requirements with an underlying ecosystem of technology, finance, exchanges, logistics, sourcing and supply chain infrastructure. Its aims are to:
- Facilitate financial inclusion with social impact for smallholder farmers;
- Bank the unbanked through facilitation of finance;
- Facilitate cheaper inputs and access to warehouses; and
- Provide commercial farmers better access to markets.
Is there anything else that you would like to share regarding either GMEX or SECDEX?
GMEX has collected feedback about digital asset deployments from securities exchanges who are
- Conscious of the importance to offer digital assets for trading
- Concerned by new technology investments
- Uneasy with the Blockchain/DLT technology due to a few scandals and scams
- Reluctant because of unknown legal and administrative implications
GMEX, DPN and SECDEX have responded by combining their strengths in a single value proposition with a multitude of technology, regulatory and services options to enhance the knowledge and associated business opportunities available to traditional securities exchanges.
With a growing number of jurisdictions recognising security token equivalence to traditional securities, it is now evident that exchange operators should embrace the transition to digital or, more appropriately, a hybrid integrated approach. Traditional exchanges, whether incumbent or challenger, are now acting under similar regulatory frameworks and are on the same level playing field with regard to digital assets. Early movers are taking advantage of this new territory. However, given the pace of change and anticipated exponential growth of the digital economy, firms should see this as a catalyst to re-engineer their objectives, processes, and strategies rather than just replace like for like. It is vital to act now to leverage this opportunity and to be part of the paradigm shift into this new era of digital exchanges and post trade, which ultimately can benefit investors, SMEs and the wider capital markets.
Thank you for the great interview answers. Readers who wish to learn more should visit:
GMEX Group (GMEX), offering innovative solutions for the creation & operation of electronic exchanges and post trade infrastructure in securities, FX, derivatives, commodities, crypto & digital tokenised assets.
SECDEX, the Seychelles based Securities, Commodities and Derivatives Exchange, which is a full ecosystem for digital and traditional assets enabled by blockchain technology.
Andrew Adcock, CEO of Crowd for Angels – Interview Series
Andrew is the Chief Executive Officer at Crowd for Angels an equity crowdfunding platform. He often attends and speaks at events on Crowdfunding, Alternative Finance and Investment. Previously, he worked at NinetyTen, a web application developer and provider of Private Social Networks, whose clients included Nokia, Channel 4 and Shop Direct
You were one of the original Co-Founders of Crowd for Angels. Can you discuss the inspiration behind launching this business?
I was indeed one of the Founding team at Crowd for Angels, but the inspiration for launching the company comes from our Director Tony de Nazareth, who combined his decades of financial knowledge with the ‘social media’ approach. This was to get the community involved when funding and supporting a business, thereby creating brand advocates that not only financially supported the aspirations of a company but also became a voice and customer of the company.
How much do you involve yourself in the pitch decks and packaging the deals that are found on Crowd for Angels?
I am involved in most companies that seek to list on Crowd for Angels. I take a genuine fascination in the lives of start-ups and companies looking to expand. Each has its own story and passion, which I am enthused by. Having raised funds for my own company and invested in many others, I hope to provide insight for the company.
What type of due diligence is performed on the companies that are listed?
A lot! Crowd for Angels breaks due diligence down into 3 key areas, firstly, we conduct factual checks such as KYC, AML, PEP, Credit Checks on the directors, reviewing accounts produced by the company and verifying facts stated on their pitch. Secondly, we conduct market checks, for instance, is the product available and as described, is there an addressable market, is the valuation reasonable, what legal challenges the company might face and is it ethical. The final check is one of sanity, which is not only tested by Crowd for Angels, but also by our Angels, who will ask the company their own questions.
What are some of the main reasons behind companies being turned down for listing on the platform?
There can be a number of reasons but a few we find most common are as follows:
- The valuation is simply too high in comparison to the companies position
- The company does not provide documentation (business plan, management accounts, incorporation documents)
- The product is too early-stage or not yet developed
- The directors have no ‘Skin in the Game’
What are the biggest benefits of equity crowdfunding?
I personally believe the biggest benefit is the ability to create brand advocates, people who support your business financially and become active customers, drawing in others to check out your brand, whether that is through word of mouth or social media.
Could you give us a success story of a company that raised funds on the Crowd for Angels platform?
One of my favourites is a company called CNPPS. A young entrepreneur, who was studying engineering at university at the time had created a permeable pavement solution that used recycled aggregate. Now that might not sound as fascinating as an app, but our world is covered in roads and pavements. His solution, used 100% recycled aggregate and was carbon negative, furthermore, it allowed water to pass through. Working with the entrepreneur we were able to raise £100,000 for a phase of testing that has now led on to a commercial contract and further funding for the company.
What made it interesting was the ethical approach the company had took to change an old industry, the tenacity the entrepreneur showed never giving up and that a business can truly be grown from the ground up, out of university none-the-less. So far in a 2 year period, the company’s valuation has increased 4 fold, delivering a solid return for the Angels involved.
Crowd for Angels is one of the few crowdfunding platforms that accept bitcoin. How many investors use bitcoin, and where do most of these investors originate from?
Yes, we have been accepting cryptocurrency as a form of payment for investment since early 2016. At that time, we integrated this payment option to allow foreign investors to invest in UK companies without the costs and time associated with international bank transfers. Initially, we saw a number of Australians, Chinese and mainly Asian investors utilise this form of payment. However, as bitcoin and other cryptocurrencies gained in popularity, we did see growth in European investors utilising cryptocurrency. Partly this is due to the gains they might have experienced and I believe the convenience cryptos offered. Now, we have over 14,000 members registered with a cryptocurrency wallet on our platform, with many of them in Europe.
A few years ago, the ANGEL token was released. What are the use cases for this token?
The ANGEL token was released to drive down the user acquisition cost of investors whilst rewarding stakeholders for interacting with our platform. It is hoped that when users interact and share content in the network, say an investment they had just made in a fledgeling company, that they would be rewarded with ANGEL. Crowd for Angels has then committed to buy back and burn ANGEL linked to the revenue generated from our pitches, thus creating a virtuous circle. We hope in the future, our Angels will also be able to use the ANGEL token as a method of payment towards an investment.
Crowdfunding utilises technology to allow the masses to invest small amounts into pitches, but the shares are usually held with a nominee and should you wish to sell them or give them to someone else, it is difficult. Therefore, the integration of digitalised assets should be a no brainer, because it potentially gives the control of the asset back to the investor and follows a set of rules, that can’t be broken. In a utopian world, you would allow investors to purchase, hold and trade any assets that they wish. With the blockchain, you benefit from an immutable ledger that would record these transactions, giving you efficiency and transparency. I believe we are only a stones throw away from some big changes.
Is there anything else that you would like to share about Crowd for Angels?
We are always open to ideas, a conversation can go a long way.
Jim Dowd, Founder & Managing Director of North Capital – Interview Series
James Dowd is Founder and CEO of North Capital Private Securities (NCPS), a registered broker-dealer focused on origination, placement, and clearing of exempt securities; North Capital Investment Technology (NCIT), which provides technology for the exempt securities market; and North Capital Inc., a registered investment advisor. NCPS is the designated broker-dealer for many securities funding platforms in the early stage equity, real estate, private funds, and securities token markets.
North Capital recently completed the membership approval process with FINRA and achieved acceptance of Form ATS Initial Operations Report by the SEC. For those who are unfamiliar with this form, what makes it so important for North Capital and its clients?
Great question. Our customers and many other issuers, investors and intermediaries who are involved in private securities markets want to see more transparency and liquidity in private markets. Investing in private deals has traditionally involved a minimum 7 to 10 year capital commitment, since there is typically no interim liquidity and no definitive exit plan. I have one private investment that has been outstanding for 19 years, another that has been alive for 14 years, not to mention the many investments that did not work out. Once someone makes a private investment, if they have second thoughts or change their opinion, it’s too late. Almost every investor who allocates to private deals knows or should know this, and most would like to have liquidity and real price discovery for the private securities in their portfolios. We hope our ATS will help to realize this vision, at least for the issuers, investors and intermediaries who share it.
The launch of this ATS serves as a natural extension to North Capital’s existing private securities infrastructure, TransactCloud. What is TransactCloud?
TransactCloud is our API-first technology stack that facilitates primary offerings of exempt securities. We work with issuers and professional intermediaries — broker-dealers, RIAs, and funding platforms — to allow the offering, transaction, document processing, escrow, payments and clearing of exempt securities online.
To be clear on this point, we ourselves are not investing in digital assets; we are providing infrastructure to allow trading of digital asset securities through our regulated marketplace, the PPEX ATS. We will not be trading cryptocurrency or utility tokens. The SEC regulations related to alternative trading systems are very clear: ATSs are for the trading of securities only. We also will be listing and trading non-digital exempt securities.
North Capital also offers investment opportunities which are deemed as “frontier alternatives”. Could you share some details on what you would consider frontier alternatives?
“Frontier” in the context of investment management refers to the most emerging of emerging markets. We coined the term “frontier alternative” to convey the same idea ~ some examples would be investments in art, collectibles, fine wine, litigation pools, digital currency, race horses, athletes, etc. I fully expect that in ten years, some of these will have become mainstream alternatives. Private credit is a good example ~ ten years ago, private credit was considered exotic; today there are registered funds that invest in private credit and it’s considered a mainstream alternative asset class.
North Capital has been involved in over 1,000 primary offerings totaling $1.9 billion. What are some of these notable offerings?
It’s difficult to single out specific deals. We have so many great partners who are doing innovative work. Groups like Jamestown, Crowdstreet, RealtyMogul, RichUncles, Securitize, SportBLX, Exponential, Roofstock, Mythic Markets, Otis, Commonwealth, SeedInvest. Quadrant Biosciences has a Reg A+ offering that we’re working on right now ~ our first collaboration with WeFunder. Metaurus is one of our partners, run by a talented team led by Rick Sandulli and Jamie Greenwald, who I worked with 30 years ago at Bankers Trust. They have two listed ETF-style products that are patent-protected and could revolutionize the way equity investors take risk. I know I am leaving somebody out so I’ll apologize in advance.
Could you share some of the Broker/Dealer services that are offered by your firm?
We are a full-service broker-dealer for private and other exempt offerings, along with investment companies such as mutual funds and ETFs. We also are an escrow agent for private offerings including serving as a qualified third party for Reg CF offerings. Compliance support is integral to all of our activities — we help issuers and platforms to comply with securities laws. Last year we were approved to broker EB5 deals, but that market is shuttered for now, given the COVID-19 pandemic.
What type of custody services are offered?
Today we custody cash, private securities, and mutual fund shares. It’s still early days for our custody business, and we have deliberately limited our rollout to allow us to test systems and procedures. But this is a high growth segment of our business.
Could you also share some details regarding the advisory services that are offered?
The advisory part of our business is done through a separate, SEC-registered investment advisor. It’s a technology-enabled financial planning and wealth management business, along with a bespoke, consultative advisory practice for family offices and business owners.
The firm also offers technology-based investment solutions to broker-dealers, banks, fund managers, funding platforms, and private issuers. What are some of these solutions?
On the advisory side, the evisor platform is an online financial planning and wealth management platform. We’re currently working with one bank on a pilot program, and we’re integrating it into our broader advisory and 401k business. On the exempt offerings / broker-dealer side of our business, TransactCloud is a collection of products and services used by issuers and professional intermediaries for online securities offerings.
Thank you for taking the time to answer our questions. Readers who wish to learn more should visit of North Capital Private Securities.