On Audits, Payouts, and Corporations

For Project Vulcan Phase IV, the promised audit and payout schedueld for last May has been cancelled and we'll pick up properly in November. Corporation factories are building structures and such so there is no worries that the corp (i.e. me) has run off with your money, just a bad spring and early summer makes it so I don't feel it necessary to do an incredibly late audit followed by another one in November.

Also, the corporation is abandoning capital ship construction and focusing on structure production. I just don't have the cycles for jumping multiple loads of minerals (mostly freaking trit) into low sec for building ships that take weeks to sell.

As part of that I sold off a lot of my remaining capital ship and component BPOs since I don't intend to go back to that world (it was fun, but not easy) and the upshot is that I have a lot of liquid ISK again.

There will be a payout at the end of this week once I get my own non-corp related house in order.

Personally, I took leave of Aideron Robotics (and FEDUP alliance) last week. The alliance is still very much beholden to its null sec space (null sec space and structures own you, not the other way around) and I just don't want to do that game. I feel like I need to change things up and re-invigorate myself in a new direction. That being said, FEDUP is an awesome alliance and I wish them the best of luck in their future endeavors.

In the meantime, I'l just floating in the general population of Gallente Militia, trying to figure out what to do with my life. Last weekend I just roamed a bit and looking for something to shoot threw myself into a lopsided fight against a Worm only to find his friends joining in to help kill me. Fair's fair, I would have done the same thing.

I think this coming weekend I just try throwing up a fleet and seeing what happens. Probably need to see if I have any voice coms to use!

Stay tuned.

Piper Came Calling

Four years ago, when I was first getting into capital ship construction with Orcas, I had a business arrangement with another industrialist who sold me Orca and component BPCs while I was building up my collection. He got burnt out and lent me multiple researched BPOs for my usage while he took a break.

After two years of using them and not being reminded they were loaners I started treating them like my own property. I got out of Orca building, moved into capital ships, and I didn't need some of the blueprints anymore... but I did need some ISK for new blueprints. So I sold them.

Fast forward to last month when I get an evemail from my old associate saying "Hey, remember those blueprints I lent you? I'm back in game and looking to start up production again!"

Oh crap.

Some of the blueprints I had and could just return, but four of them I needed to buy off contracts and they were not cheap! Since the blueprints were "owned" by me and not the corporation, I had to sell my personal shares back to the corporation for ISK to buy the contract to give back to the real owner, costing me out of pocket roughly 10-12 billion ISK.

For investors, there is no cost to the corporation since the ISK for those blueprints did not have to come out of the wallet. Liquid ISK went down, but that is about it.

Well, there is the pesky problem that I no longer have the complete set of BPOs for cap production...

Next week I'll get around to the late corporate audit and the next steps for the corporation.

More Thoughts on Abyssal Space

As the pressure of a busy spring begins to fade, and I am finally recovered from two weekends in a row camping in the woods with hordes of crazy kids and not enough blankets (I swear, I slept so poorly I swear my face felt like it was melting last Sunday), my interest in the upcoming Into the Abyss expansion for EVE grows.

Beautiful, but chilly.

I'm glad that CCP is looking closely at the effects of mutaplasimds on potentionally overpowered modules, but I still have concerns that large coalitions will weaponize statistics to overcome the randomness. Call me cautiously optimistic on that point.

I'm looking forward to diving into Abyssal space and trying it out, the design decision to limit it to cruisers only is a good idea as it makes it easier to balance the content against a single class of ships rather than all battleships, strategic crusiers, HACs, Mauraders, etc.

On the industrial side, I might look into becoming a builder of the new Triglavian ships if the build requirements are not too crazy and getting the BPCs frequently enough is possible. Might need another Raitaru for ship production!

Speaking of the industrial side of things, the 6th month May audit is coming up in the last week of May. I'm currently building a Fortizar as a test experiment with an eye into finding someway to secure a Fortizar BPO in the future. Have to keep dreaming.

See you in the Abyss!

Peace In Our Time... For Now

The war is over!

Earlier this week CONCORD invalidated the war against my corp and the engines of industry were spun up once again. I had done a little bit of hauling and building after the initial crisis had past and it seemed like the war deccers were not interested in attacking my Raitaru again.

I put up some structures last week and was startled by the prices they were listed at, higher than I remembered back in February. Looking at the markets today I see that mineral prices have not increased dramatically but structure prices in Dodixie have improved for manufacturers.

So maybe this fiscal period can be saved over the next month.

Project Vulcan Phase IV - November Audit Complete

I completed the asset audit on November 30, last day according to my own rules, and was too busy to decide on a dividend payout and write up a report since then.

Real life can be a time suck, you know?

Anyways, here is the report.

The value of the corp at the May audit was approximately 64.6 billion ISK, and as of Nov 30 audit the value increased to ~79.4 billion ISK, a modest 14.8 billion ISK increase. I admit I was disappointed in this result. I figure the decrease in Azbel/Astraus/Raitaru demand as the consumer base has its needs filled coupled with the durability of these products and the saturation of the supply contributed to poor sales volumes. Capital production has been as consistent as last period but contributes not a lot to the bottom line.

I was hoping to make up a lot of ground with Athanor sales but outside of the first few the profit margins were modest. Still, I suspect that a large portion of the 14.8 billion increase came from Athanors.

End result: I've decided on a dividend payout of 10 billion ISK to shareholders which means that shares increase in value a small 7.41% (compared to 28.45%) last audit. The divident payout will be made within 24 hours.

Next week, I'll ruminate on next steps.

Project Vulcan - Audit Time Approacheth

The 6 month audit cycle for Project Vulcan Phase IV is upon us once more!

I've been putting it off while the heat of Lifeblood and mass producing Athanors was in full swing but we've settled down a lot now so I can start gathering all the inventory and pricing it all out.

I have no idea how much the corporation value has increased since May as sales and margins were depressed over the summer, but the uptick of selling 20 Athanors at profit margins ranging from 100 to 2 billion ISK each should boost that number considerably.

Expect the audit to be complete next week.

Lifeblood Is Live

The age of Player Owned Starbase moon mining and reactions is over. Long live refineries!

Actually, I hope refineries are not long lived. I hope they die a lot. Because this guy is build Athanor Refineries and it's good for business if they keep dying.

Speaking of business, I've got a lot invested in Athanor production. I had previously purchased materials for 10 Athanor builds but I added another 5 builds to the queue after I got 7 orders for them in the weeks leading to the expansion. In order to minimize time to delivery I decided to bite the bullet and purchase two Athanor Blue print originals which takes up almost all the remaining capital the corporation had available.

In other words, I've invested ~15 billion ISK in materials to build Athanors, and 11 billion ISK for the blueprints. Do I expect to earn more than 26 billion ISK in return? Definitely. Once the initial rush is over I'll research one of the Athanor BPO to reduce build time and then sell the other one for minimal loss after that, recovering about 5 billion. The 15 Athanors I build will pull in at minimum 20 billion ISK I estimate, and at that point we are almost breaking even. Long term, we'll make our ISK back, but how long will it take?

Each Athanor build takes 3 days and 5 hours. Say 3.5 days to account for times I can't get them out and next one into the oven right away. With two lines going, it will take ~25 days to build the first 15, so say a month to sell them all assuming demand continues to remain strong.

Also, I have an audit coming up in November, but I might wait until later in the month to clear the baffles of all these structures for the most accurate picture of how we are doing.

Preparing for Lifeblood

With the Lifeblood expansion announced as arriving October 24th, and people expressing desire for refineries as quick as possible after they go live, I've began planning out based on information on Singularity what I need to prepare.

First thing is make sure I have enough ISK on hand to purchase an Athanor BPO. It looks like the Tatara refinery BPO will be too expensive, in the Foritzar range (40 billion ISK), but the Athanor will be in the Astrahus ballpark (5.5 billion ISK) and thus picking one up on day 1 will be easy. Maybe get two and try to churn out as many Athanor's as possible early on to get that early adopter price gouging.

Looking at the Athanor's BPO requirements, I saw that there was two new structure components: Structure Electromagnetic Sensor and Structure Acceleration Coils. I lacked original blueprints for either of those, and they are available on Tranquility server already, so I scooped them up and threw them in the lab for material efficiency research right away.

With those details taken care of, I went to my spreadsheet to update it with information about the blueprints and get an idea for the raw mineral and Advanced Planetary Interaction item requirements for building an Athanor refinery. Rough estimate puts it roughly on par with Astrahus as expected.

With that in hand, I looked at the wallet and decided to lay down ISK to buy minerals and components to build 10 Athanors right out of the gate. This is to satisfy my alliance mates looking for structures for the moon mining race, and for the open market. With those stockpiled, I can see how much liquid capital is left and start planning out the next purchases.

Project Vulcan: Progress Report

I'm not doing a full audit of the project until November but I can do an eyeball guesstimate based on where I was at the end of May and where I am now.

Production has been going solidly on Moros dreadnoughts and all three structures: Azbels, Astrahus, and Raitarus. At the end of May I had one of each in stock/production and ~19 billion ISK in the wallet.

Right now I have:
- On market: 1 Azbel, 1 Moros, 1 Thanatos. Estimated combined value: around 7.5 billion ISK.
- In Production: 1 Moros, 1 Azbel, 1 Astrahus, 1 Raitaru. Estimated combined value: around 7.7 billion ISK

And in the wallet: ~19 billion ISK.

So rough guess? Made about 7.5 billion ISK profit since May. Solid increase given my rate of production. Remember the large profit in the Nov 2016-May 2017 period was mainly due to insane profits from Azbels and Raitarus being released, so I have hopes for another solid winter once Refineries come a-knocking on New Eden's moons.

Soon.

Audit Final Results

With the audit complete I was able to determine how much I wanted to payout for the dividend and then calculate the new value of shares.

This morning I paid a 20 billion ISK dividend payout to the 4000 shares, and subtracted that from the final numbers for the value of the corp. That still left the corp at a 28.45% increase in value over the 6 month period. I then increased the buyback value of the class 2 shares from 15 million ISK each to 19.2 million ISK each. The handful of outstanding class 1 shares increased in value from 5 million ISK to 6.4 million ISK, and the class 3 shares representing my personal investment increased to an even 9 million ISK.

I do not expect as good results over the next 6 month period simply because the early Azbel sales represented a significant portion of this past period's results. That being said, I'll strive to continue to increase the value of their investment for my shareholders.

Now, off to market to get the factories humming again!

Audit Progress

The first thing to do for the audit is make a list of everything the corporation owns. Thankfully, this is pretty straight forward.

Visiting the Corporation window I can quickly scan the deliveries and offices and copy the relevant items from the lists and paste them in the spreadsheet. In order to make it clear I've covered everything, I group items in the audit list by system they are found in, so for example, I've got Tritanium listed three times for three different locations.

Once deliveries and offices have been checked (as well as quick check in Impounded and Safety tabs to make sure I didn't forget something) I can check the In Space tab, showing my Engineering Complex. I took control of the structure and copied its fitting and ammo supplies to the spreadsheet.

Lastly I check the builds in flight and add them to the list. Fortunately, in anticipation of the audit I only have a few end products rather than a host of components to account for.

Now that I have the list of items, I need to apply a monetary value to them.

For most items, this is as simple as looking up on EVE-Central their highest buy order price at a market hub (because I'm not going to bum-fuck no where to get the best price on Coolant) and use that value, the thinking being if I needed to liquidate the assets as quickly as possible then that would be the price I would get. For some items, like the Moros in build, I have a buyer lined up with an agreed upon price that I used in the spreadsheet. And for the expendables, like the rigs on the Raitaru, I assign a value of zero as they are sunk costs and can't be recovered.

Finally I added the current wallet balance to the sheet and summed it up. Final total: 84,603,490,012.78 ISK, up from 50,295,522,390.26 ISK last November. That's a 68.21% increase in value if my math is right, so two thumbs up from this guy.

The next step is to determine the dividend payout which will decrease that 84 billion value and thus the percent increase in value of the corporation, and then I can calculate the new value of shares.

End of (6 Month) Year

Back when I solicited for Project Vulcan Phase IV, I talked about the dividend payout plan:

Investment Details
My manufacturing Corporation, Ninveah Enterprises, will create and issue 4000 shares, 2000 which will be for sale to the public, 2000 owned by me.
The 2000 shares for sale to the public will be sold at a price of 15,000,000 ISK/unit which when all sold will represent 30,000,000,000 (30 billion) ISK investment.
The 2000 shares owned by me represent the current corporate holdings of blueprint originals, blueprint copies, current stocks of materials, and liquid ISK estimated at over 50 billion ISK.
Shares will receive a dividend payout approximately every 6 months (in early May not later than May 30 and early Nov not later than Nov 30) after an inventory audit is performed to calculate the current net worth of the corporation and the value is compared to the previous net worth. If the net worth has gone down, no dividend will be paid out. The first dividend payout is scheduled for May 2017.

Here we are in the beginning of May and its time to discuss the details.

Back in November, the holdings of the corporation were about 8 billion ISK, and I had raised 42.195 billion ISK for the Industrial Complex project. This week I'm going to do an audit the same way; calculate the value of assets and capital the corporation currently owns. This will be complicated by the builds in flight (1 cap, 3 structures) and assigning a value to them (probably the highest buy order on common markets) but shouldn't be too much of a problem.

Once the audit is complete, I'll designate an amount of the liquid reserves for a dividend payout. Dividends are like a reward for shareholders owning shares and are not intended to replace the value of owning shares. After the dividend payout is accounted for, I'll calculate the percentage increase in value of the corporation and increase the value of the shares. What this means is that if you choose to sell any of your shares back to the corporation, they will be bought back at a higher value than you purchased them for. 

For example, Shareholder Jim owns 10 shares purchased in November for 15 million each. The dividend payout is 1 million ISK per share so he receives 10 million ISK in his wallet. The shares increase 10% in value so if he chooses to sell the shares back to the corporation, he receives 16.5 million ISK per share, or 165 million ISK.

"Can you give me a guesstimate on how much I can expect?"

Well, the corp wallet has ~37 billion ISK in it, so at the low end I expect that the value of the corporation has increased 50%. Starting point I'm aiming for a 10 billion ISK payout on 4000 shares, or 2.5 million ISK per share, and at least a 25% increase in share value. But we'll see how the numbers shake out, and I will be open with the calculations and decisions and reasons behind them.

Ultimately I want to make sure we are poised well for the fall/winter and the upcoming refinery structures being released. I don't imagine we'll have enough ISK for the large refinery BPO which will be more than the Azbel and less than the Fortizar (so guessing around the 50 bil mark) but definitely want to hit the ground running on the medium refinery BPO and builds.

SO, on to the audit!

Setback

Project Vulcan Phase IV suffered a setback last week when the alarm clock effort to protect an ally's Azbel in Fliet was insufficient and the capital building structure went boom. Fortunately all the corporation lost was a Moros build and 15 capital shield emitters, as well as the time to get re-setup and decide if I'm moving operations back to NPC station or try another structure.

On the structure building side of things, I re-opened the lines after an audit discovered some old prices were cached and the profit margins for Azbels, Raitarus, and Astrahus citadels are still worth the effort. I'm going to try and avoid having too many structures in flight though, in case markets saturate on me again.

Despite the setbacks the corporation wallet is healthy and plans are being made on what to expand into next. I bought a fuel BPO simply because our Engineering Complex is rigged for it and I had the spare manufacturing slot. Now I'm producing fuel blocks not only for our needs but also for market sale. Win-win.

The big question on the horizon is when are Drilling Platforms coming and how much will those blueprints cost. I'm 99% sure I want in on that action, the only question is what investment level.

Market Blues

It was only a matter of time.

The big stumbling block to producing Azbel Engineering Complexes is simply capital. ISK to buy the blueprint and then ISK to buy the materials to build one. Any high sec NPC station or properly equipped Raitaru can build them.

So its no surprise that the going price for Azbels in the Jita has dropped to below reasonable profitability levels for my small operation.

The supply has continued to increase as more producers came online, and I'm willing to bet demand cluster wide has dropped as the number of corporations looking to own an Azbel for their needs have purchased them already; unlike citadels there is not a low level constant need for them as forward operating bases. Couple that with new producers making use of the material reduction bonuses of Engineering Complexes in null sec and low sec and we can see why the price continues to fall.

And all of that assumes that current producers are taking into account the actual cost of input materials and not using the "if I make it then its free" fallacy.

In the end I'm left with two options: either find a way to cut costs or halt production.

On the first option I'm already building out of a Raitaru with T1 rigs in high sec which gives me a 1% reduction of materials, so the next logical step would be to move into low sec and start producing at an EC there. The downside is that it would complicate logistics and still not make me as efficient as null sec producers with their better rig bonuses.

For the second option, I could halt production until the market self corrects as other casual producers like stop production and the supply drops, slowly driving prices upwards. This assumes that null sec producers making the most profit don't pick up the supply slack.

Based on experience in other high value item markets I'm going to be patient and wait and see while following option 2. I've got two Azbels on the market I'm looking to see if I can move for decent profit and will keep an eye on things. In the meantime, I might look into producing fuel blocks for the growing structure environment of New Eden.

Spreadsheet Magic

One of the benefits of moving to manufacturing in an Engineering Complex (aka EngPlex or EC) is that there is a base decrease in material cost across all three sized structures: 1% reduction in manufacturing job required materials. For a few small items like modules or ships, that may see insignificant, but over the long run or for larger items the savings can be considerable.

When I move my structure manufacturing into a Raitaru I didn't bother updating the spreadsheets. I knew there was savings, but I let the extra materials accumulate and get used in the next build so I had to buy less materials every time. Transporting 1% extra materials even for building an Azbel is not a big deal in high sec. 

But in low sec, moving 1% worth of minerals for a capital ship could be the difference between an extra jump freighter jump or not. So I decided to fix my spreadsheets so I could calculate accurately the minerals required producing in the Azbel as opposed to an NPC station.

Note: No, I did not ever produce in a POS with the Thukker component array, I've used POS in the past and I didn't want that hassle by myself.

My spreadsheet started with three pages: one with the blueprint information about the required materials and amounts, one with the prices imported from Fuzzworks api, and one that looked up the information from the other two to give me the exact total minerals required across all the components per capitals and a price estimate. This tells me how much tritanium et al to buy and an idea for how low I can go to sell the capital and still make a profit.

I added a field where I could choose a multiplier, 1 for NPC station, and 0.99 for EC manufacturing, and then multiplied each of the resulting lookup fields by it to get the actual amount. Above you see the start of the Moros section and minerals required for an NPC station, and after choosing 0.99 you see this:

Not huge savings but it adds up.

However, when comparing my results with Fuzzwork's Blueprint Calculator I noticed that not only did the amount of minerals go down when using an EC, the number of some components also went down, specifically on the Moros the Capital Turret Hardpoint and Capital Siege Array requirements dropped from 34 to 33 and 26 to 25 respectively, but the Capital Armour Plates required stayed at 22.

That didn't make sense to me. One percent off of 34 is 33.66 and all rounding is up so it should still be 34! I asked on twitter to a dev who helped develop ECs:

@CCP_Fozzie I don't understand how an Azbel 1% material reduction takes a Moros build of 34 Cap Turret Hardpoints to 33. Special rounding?

Fortunately, an answer came quick from the creator of Fuzzworks, CSM member, and all around great guy:

Fuzzysteve @Fuzzysteve
@kirithkodachi @CCP_Fozzie ME 10? requires 33.30, which is taken up to 34. EC drops it to 32.97, or 33. Not rounded. Ceiling-ed

You see, there is some magic I forgot to take into account that involves the Material Efficiency of the Moros blueprint.

An unresearched Moros blueprint says that 37 Capital Turret Hardpoints are required, but each level of material efficiency research done on it reduces that amount by 1% rounded up. So my blueprint at ME 10 says 34 but the actual calculation is 37 * 0.9 = 33.3 rounded up to 34.

That's all I need for producing in a NPC station but the 1% bonus for an EC does not apply to the 34 amount, its applied to the hidden actual 33.3 amount, which brings it to 32.967 which rounds up to 33.

So I understood how it worked but was faced with the issue that my spreadsheet blueprint database didn't capture that interim number calculation so I couldn't apply the 1% properly to capital ship components requirements. Faced with inaccurate numbers that I couldn't abide, I spent half an hour last night updating my spreadsheet with the base ME 0 requirements for capital ships, and then applied the ME level to calculate the true values for the blueprints that my main sheet could lookup and apply the 1% discount on it as needed.

Fortunately I only needed that extra level of calculation for the capital ships. The mineral requirements of the components are accurate enough to not have any hidden rounding involved and the Astrahus, Raitaru, and Azbel blueprints have requirements too low to be affected. Well, the Azbel can benefit if you use a rigged EC with ME 10 Azbel blueprint... which might take you a while to research:

So, to sum up: I've fixed my spreadsheet to allow me to reflect the material requirements of building in an Engineering Complex or NPC station. This is absolutely the most EVE post I've ever made.

Industrially Speaking

So last week Aideron tried to anchor an Azbel engineering complex in our home system of Fliet and were so close to succeeding but alas it was not meant to be, and it became the third Azbel in EVE's history to be destroyed.

It was doubly disappointing for me because not only did my corporation take a nasty blow to the face for the loss, but I made and sold that Azbel to them so I take personal offense at its demise.

On the up side, Project Vulcan has been proceeding at a much faster and comfortable pace for me since I don't need to worry about exact factory and mineral costs and the wallet balance has been increasing as time goes on so things seem to be proceeding according to plan. I took a portion of the profits to invest in a Raitaru rigged out for structure component manufacturing and I'm hoping it will drop a few hundred million off the production price of an Azbel and pay for itself in the long term.

In low sec, the capital business has been also proceeding well with 2 caps always in production and no backlog of hulls. The profit margin per hull is less than 10% for the capitals, and the margins are quickly dropping on the engineering complexes as expected and should soon be at the ~10% level like the Astrahus. As long as I'm making a profit and moving product, right? Start saving up for the drilling platforms structures...

This Operation is Fully Operational

I've doubled my production lines:

First Raitaru was built and hit the market for a nice estimated 900 million ISK profit.

I'm Ready

Sorry for the light blogging this week, its due to a combination of extremely busy at work and using all my free time to prepare for the expansion coming on the 15th.

All the ducks are in a row on that front, and production is moving ahead. On Tuesday after I patch I can start to build Raitarus and an Azbel as the structure components are built or are close to being finished, and I've started building a Moros in the capital line. My spreadsheet is ready, my alts are ready, everything is ready. Just need the expansion.

Soon.

Phase IV - Status and Lessons Learned

Phase IV of Project Vulcan is underway with buy orders for material for structure construction up, the Nov 1 audit complete, new spreadsheet created, and investors secured to fund the next big step.

The audit I performed on Nov 1st took into account the current mineral stockpiles, components, and ISK in the wallet (both my investment and from selling shares). I valued the minerals and components at Jita buy order prices rationing that if I had to liquidate them for ISK that would be the fastest method. The final tally came to 50,295,522,390.26 ISK of which ~47.5 billion is actual ISK. Of that, 29 billion is reserved for purchasing the Azbel and Raitaru BPOs and the rest is seed money to start the manufacturing.

One of my concerns with restructuring and doing less line-by-line bookkeeping was determining the price to sell the things I construct. I still needed a method to get an estimate of the manufacturing costs of which 90% is material cost. My old spreadsheet had copy paste errors occasionally and was becoming awkward to use, so I started a new spreadsheet that uses lookups calls to populate minerals and PI4 values for my items that I build, and then fetches the prices using a market aggregator API (specifically Fuzzworks). This gives me a ballpark material cost of my products, and I just need to factor manufacturing and broker fee costs into that to know what price I can sell at and still make an approximate profit without writing down every figure for every action. I'm feeling pretty pleased with myself TBH.

However, I'm not so pleased with how the investment went. I mean, I'm happy I hit the investment goals in terms of ISK but I feel like I vastly underestimated the interest that it would generate and the amount of ISK people have to throw around. When I made the blog post asking people to stop sending ISK my wallet was over 60 billion ISK (and 12 PLEX). It didn't help that people had trouble with the instructions about where to send the ISK and how to use a calendar *frown*. I had to send huge swathes of ISK (and PLEX) back to people with my regrets. I guess ten years of being public about my playstyle has earned me a lot of trust, more than I anticipated. We'll keep that in mind for the next big project.

Now the big challenge is to produce enough stuff to sell to make the investment pay out! Procuring materials, both minerals and PI4 items, at a price that is not higher than market average is the big thing. I'm making agreements with miners and Planetary overlords, putting up buy orders, and looking for deals. If you think you have something I want at a good prices, let me know!

Please Stop Sending ISK for shares!!

First off, thank you everyone who trusted me enough to send ISK for shares, the response has been overwhelming.

That being said, I already have received way more ISK than I have shares to sell so if you have not sent ISK yet, please don't, I'll only have to send it back with tears and regret.

To everyone who has sent in ISK, I'll be processing everything tomorrow and sending shares or your ISK back.

Next stop, Azbel production.