Hello and welcome to the session in which we would look at the elements of financial statement. The elements of financial statements are part of the conceptual framework. In the prior session we looked at the objectives, the qualitative characteristics and the cost constraint and this is what we looked at in the prior session. Make sure you are familiar with this picture. Whether you are a CPA candidate or an accounting student, you really want to know those qualitative characteristics. What I suggest you do if you're studying for the exam, print this picture in a colorful and colors and put it in your room and keep looking at it on a constant basis. It will help you remember the fundamental characteristic and the enhancing characteristics and the components of the fundamental characteristics. This is what I suggest you do. Also, whether you are an accounting student or a CPA candidate, I strongly suggest you take a look at my website farhatlectures.com. 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Like this recording, share it with other, connect with me on Instagram, Facebook, Reddit, and Twitter. So in this session, we're going to be focusing on the elements of financial statements. In the next session, we would look at recognition, measurement, and disclosure. And all of this is within the FASB conceptual framework. So let's take a look at the elements that we're going to be discussing in this session. We're going to be looking at assets, liability, equity, investment by owners, distribution to owners, revenues, expenses, gains, and losses, and comprehensive income. And just by looking at this list, I hope you understand what I did. What I did is this. I listed those together because they go on the balance sheet. I listed investment by owners and distribution to owners. Those are usually on the retained earnings or stockholders' equity section. Revenue, expenses, gains, and losses, those are income statement account and comprehensive income. It can be considered a statement by its own. Then it feeds eventually through accumulated other comprehensive income into the balance sheet on the equity section of the balance sheet. So by the time you are done with this recording, you'll need to have a good understanding of what assets are, what liabilities are, what is equity, what are revenues, expenses, gain, losses, and comprehensive income. As an accounting student, you cannot survive without knowing the basic elements of financial statements, especially if you are a CPA candidate. So let's go ahead and get started starting with assets. What are assets? Simply put, assets are resources. In those resources, the company can own or they don't have to own as long as they control. That provide current and future benefit. And the most important thing to be an asset, it's going to provide future benefit as a result of past transactions. What do I mean by this? An asset is something that you have, you are in control of. You don't have to own it as long as you control it because you might own a building, but really the bank owns it because you have a mortgage on it, but you can use that building. Therefore, it's an asset. It's not going to provide only current benefit. It is providing current benefit, but that's not the case. It's going to provide future benefit because it has that future characteristic. It becomes an asset. And the assumption here is we're going to be in business forever. And that's why we have this future benefit assumption. What are some examples of assets? Well, let me tell you the best asset is called cash. And I hope you are all familiar with cash. Why? Because if you are in control of cash, you can do anything with it. You can pay your employees, buy assets, expand your business, so on and so forth. Inventory is an asset. You can sell the inventory and make a profit. Property, plant and equipment, building, intangible assets are obviously assets. Intangible assets are assets that lack physical resources. Those are all physical, I'm not resources, physical substance. It doesn't have a physical substance. Those are all examples of assets. Liabilities is the second element of financial statements. There are 10 of them. So this is one, liabilities two. What are liabilities? Simply put, liabilities, if I wanted to find them in one word, they're obligations or debt. And we are all familiar with obligation or debt. Of course we are. What is a debt? What is an obligation? It requires you to make a future sacrifice of assets. It asks you to kind of sacrifice an asset in the future and usually that asset is cash. Usually it doesn't have to be about 95 or 99% of the time you settle your liabilities with cash to settle the current liability. Liability is an obligation. So somehow right now you owe someone something. As a result of that, you have to sacrifice an asset in the future to settle that liability and that liability was generated as a past transaction. So what happened? So we have three, three time period. We have current, future and past. You might have a loan today and as a result, you have to pay this loan in the future and this loan is a result of past transaction. In the past, you borrowed money. As a result, you have a current loan and because you have a current loan, you have to pay it in the future. This is what a liability is. What are some examples of liabilities accounts payable? In the past, you purchased something in account which makes your liability current. In the future, you have to pay off that liability. Simply put, let me give you a quick journal entry. You purchased inventory on account. Then in the future, now you have a current, now you have an account payable. In the future, you have to settle the liability. You debit account, payable, you credit cash. Another form of liabilities are loans, notes, payable. Those are liabilities and other liabilities are accrued liabilities, liabilities for expenses that incurred but not yet paid. So all liabilities fit this definition. The third component of the third element is equity. Equity is also known as net assets or for personal, if you're looking at personal asset is net worth but usually we call it as net asset. And what is equity is simply the difference between your assets and your liabilities.  So it's assets, minus liabilities will give us equity and it's easier to use numbers. Let's assume we have 100 dollar an asset minus 40 dollars of liabilities. It means our equity is 60 dollars. What does that mean? It means this is the residual what's left after you pay off your liabilities.  So let's assume the company liquidate just to illustrate the point. They pay off all their liabilities and let's assume that's the market 40 dollars for the liabilities. What's left is equity and that's good. If you have a positive equity, it's good. It means something left. The company is worth 60 dollars. That's what the equity is.  Although you have 100 dollar and assets, assets not what matters.  In this situation 60 and this is what equity is, the difference between assets and liabilities. Now we need to talk about equity later on. There's a one-fold chapter about equity but this is the basic idea of equity. Another element of financial statements is something called investment by owners. What are the investment by owners? As the word suggests, a transfer of assets, usually cash but it can be something other than cash, from investors, owners or shareholders, basically owners of the company to the entity. So simply put, when the owner, when the investor, when someone likes the company, what they do, they invest cash in that company. As a result, there was an increase of equity. So this investment by owner increases the equity of the company because what you are doing, let's assume you invested 10 dollars in this company. Well, if you invest 10 dollars, you're going to increase their assets by 10 dollars. As a result, the equity will increase by 10 dollars. Therefore, you will have assets of 110. Your liabilities will stay the same and now your equity is 70. So notice how this 10 dollar investment increases the equity of the business, the equity of the business. So this is, you need to understand that it increases equity, equal to 70 and now my pen is not working properly. That's fine. I'm going to try to use the mouse to write 70 but this is, just know that there are 70 dollars there. Now, distribution to owners, basically the opposite of investment by owners. What do I mean the opposite? Simply put, you can invest in the company. Also, you can take that money out. You can withdraw of assets by investors, owners, and shareholders. What happened as a result of these withdrawals? The equity of the business goes down. The equity of the business goes down. Think of these two as the opposite of each other. Think of these two as the opposite of each other. So let's go back here and write 70. Now, if the owners wants to take five dollars out, if they decided to withdraw five dollars, what they have to do, they have to minus five dollars. Okay, they will deduct five dollars and five dollars is deducted from equity. So they will have 105 dollars an asset minus 40 equal to 65 in equity. So it's the opposite. One increases equity, the other decreases equity. Let's take a look at the remaining five elements of financial statements starting with revenues. What are revenues? Revenues are increases in asset or a reduction in liability. Usually, when you generate revenue, what happens is you will increase your assets. How do you increase your assets? You either receive cash or a promise to receive the cash, which is an account receivable or a reduction in liability. If you owe someone something and you did some service for them, they will forgive you. They would reduce your liability. So revenues is when you deliver goods and services from the company's ongoing central or major upper. And when you do so, you increase equity. Why? Because you're increasing cash, you're increasing account receivable. What are some examples of revenues? Different companies will have different sources of revenues. For example, most companies will have sales revenue. They sell something. Some companies, they provide a service. Like, for example, your university, their revenue is called tuition revenue. They also have revenues from the government as well or grants from the government. That's another source of revenue. But usually it's the tuition. It's what they do. They service you. For example, Google, one of the revenues is advertising revenue. YouTube, one of the revenues is advertising revenues. So different companies will have different sorts of revenues. And what do revenues do? They increase equity. They increase equity. Now, expenses are decreases in assets or increases in liabilities. Think of expenses are the opposite, although there's no such thing as the opposite of revenues. But if you look at the definition itself, it looks like the opposite decreases in assets or increases in liabilities, which is the opposite of what we said about revenue as a result of what as a result of incurring cost. Now to run a business, you have to incur cost, various types of cost, utilities cost, you have to pay taxes, you have to pay rent, you have to pay insurance, you have to pay your employees wages, you have to pay for supplies, you have to pay for your inventory. So you have many expenses to run the business on a day-to-day operation. So those costs, they are called expenses. So this is the sixth element we said revenue is six, expenses are seven. Okay, that's those are elements of financial statements. Then we have something called gains. This is element number eight. And what are gains? Gains are increases in assets or a reduction in liabilities. Hold on a second. This statement sounds like revenues, increases in assets and a reduction in liabilities. It sounds the same. However, as a result from peripheral or incidental transaction, what does that mean? Remember, revenues is something that the company does every day to generate revenues like sell burgers. If you're McDonald's, they sell burgers. That's the revenue. Now McDonald's, every once in a while, they might sell an old warehouse. They have a warehouse somewhere and they no longer need it. So they will sell the warehouse. And as a result, they might incur again. They might experience again from that sale. So they purchase the warehouse for the sake of simplicity. Let's assume a land because I don't want to involve depreciation. Let's assume they have a piece of land somewhere. They bought that piece of land. They thought they're going to build a McDonald on that land and they paid for it $100,000. But they end up not building that McDonald. So that's how much they paid for it. Now they sold it. The prices went up. They sold it for 150. As a result, they have a gain of $50,000. We don't call this revenue. We call it a gain. And the reason is because it's not part of their operation. It's not part of their central major operation because McDonald's sell burgers. Now we also could have losses. Losses are decreases in assets or increases in liabilities. If you look at it, it's very similar. It's very similar to what? It's very similar to expenses. But those decreases in assets or increases in liabilities are the result of peripheral transaction. Let's go back to that piece of land. Let's assume they can only sell the land for $75,000 rather than $150,000. The prices of the land in that area went down. And maybe that's why they're not putting up that new McDonald. The area is going down. Or maybe not. Maybe McDonald's strive on if the area is not good. Maybe it's not a healthy food. They can open a new place, regardless. That's beside the point. Now they have a loss of $25,000. Losses are number nine, element nine. I mean, I'm just calling them nine. They're not really nine.  So six, seven, eight, and nine revenue minus expenses plus gains because gains increase income minus losses will give us net income. So that's important. So those are the net income or income statement element. If you net them, they'll give us net income or a net loss. If we have more expenses and losses than gains and revenues, we have a net loss. But I'm going to be positive and we're going to say we have a net income. So those are the, this is the ninth element. The last element is called comprehensive income. It's called comprehensive income. And let me go ahead and tell you what comprehensive income is. Comprehensive income starts with net income. I just told you what net income is. Net income is six, seven, eight, and nine. So all of these, all of these plus any changes in equity plus any changes in equity other than owner sources. What are the owner sources? Owner sources, we saw them on the prior slide. Owner sources are investment by owners and distribution by owners. So if you like, if we looked at the elements again, if we look at the prior slide here, remember we had investment by owners and distribution by owners, those two here. Okay. So comprehensive income, execute those two. It looks at everything that deals with equity, that changes equity, except those two. So net income plus any changes other than owner sources. That will include something called unrealized gain and losses on hedge derivatives, financial instruments. You don't have to worry about this now, but don't worry, you're going to have to learn it later. What are those unrealized gain and losses on hedge or derivatives instrument and foreign currency transactions gain and losses. Those are the two things I can think of, but there could be other, other transactions that goes into comprehensive income. Why do we have comprehensive income? The reason why we have comprehensive income because there are certain transactions, whether they are gains and losses. Remember, we have gains and losses up here, but sometimes we could have something called unrealized gain and losses, but we don't want them to be on the income statement. We want them to, we want them to affect equity, but we don't want them to go on the income statement. Therefore, what we do is we put them in comprehensive income, in comprehensive income, eventually closed to equity. So eventually they will end up on the balance sheet in equity, but they don't go through the income statement, which is they don't go through six, seven, eight, and nine. They go through the equity directly. Why? Because we don't think it's a good idea to take them through income. Let's take a look at an example to see how these, this concepts might be tested, whether on the CPA exam or in your intermediate accounting course, which of the following account is recorded and the statement of financial position, which is the balance sheet. So which account is a balance sheet account?  So expenses is an income statement account, revenues is an income statement accounts, and gains are income statement account. Those are income statement account. This is the balance sheet account. Remember equity is assets minus liabilities will give us equity. If you want to look at additional questions, please take a look at my website, farhatlectures.com. Again, I don't replace your CPA review course. What I do is I'm a supplemental material. I can help you understand the material better, which in turn will help you on the exam day. Don't shortchange yourself. The CPA exam is a lifetime investment. Invest in yourself. Take it seriously. And it will pay dividend down the road. Also, I do have resources for other college, college and university courses. Take a look at my website, take a look at my catalog. It might help you. Good luck. Stay safe and study hard.


Nurturing and developing talent is essential for business success. The award for best practice in professional development is given by the Institute of Physics to recognise the efforts made by organisations who are committed to providing first-rate opportunities for their people. 2015 has seen a record number of successful applicants and here is what receiving the award means to the winners. Personally very proud, I think the lab should be very proud of the receipt of the award. We are extremely pleased that the opportunities we have in staff development were recognised by the IOP. The external professional recognition of gaining this award for the third time so spanning nine years is a great honour. They have many reasons to apply for the award. So I've had some really great opportunities myself and I've really enjoyed working with people to help them achieve their potential. I just want to make sure that as many people get involved as possible. Applying for this award is our way of testing our standards against the best in the industry. They offer a wide range of opportunities for professional development. Things such as mentoring and local networks. Well staff have benefited from these opportunities by moving on and achieving chartership in many institutions. Getting our employees to engage with the system and really invest in their own professional development. A number of formal activities to help develop the skills such as consulting skills, system skills, technical partnering, leadership, project management. One of those that we offer to graduates is the Graduate Development Framework. We have a long-standing graduate training scheme that has been running for over 30 years and has an unbroken accreditation with the IOP. And they are committed to continue offering the best opportunities for their staff. We're constantly looking for new ways to encourage and facilitate the professional development of our staff. In September, CRA hosted its annual risk forum. Our commitment to developing people is only going to get stronger. We're committed to continue testing ourselves against the best in the industry. We're committed to continuing with this framework and developing our people. If you would like to know more, visit www.iop.org forward slash best practice.


Welcome everybody back to the independent investor channel. We're talking about Vox Royalty in this awareness video. This is a piece of paid promotional content that we've had the distinct pleasure to review through the independent investor channel for Vox Royalty We're going to be traded on the TSX Venture Markets ticker symbol Vox for our Canadian investors and on the OTC quality board market here in the US for US investors under the ticker symbol Vox CF. I'd like to remind all investors to do their own due diligence. All the information used in the production of this video will be provided to you in the description. It's going to be super important. You guys are going to want to stick around for this one. This is incredible. Almost real time here covering the latest Q2 earnings coming off for Vox Royalty record earnings, net income of just over 2 million, revenues of just over 1.3 million. Vox Royalty does it different than the rest of the crowd. The market doesn't see it that way. We're looking at a steep, steep discount and a huge disconnect between the current stock price and the value that is we're going to talk about here within Vox Royalty. Specifically with their proprietary intellectual property and their database of over 8,000 royalties that they've used to really leverage and look to close deals on just about 24 royalties within the last 18 months or so, which in comparison, their competitors are closing around two to four per year. And I think you're going to find that the way Vox goes about this is completely different, completely unique in finding third party royalties and really look into leverage the expertise over 30 years of royalty deals on their team to find that value, unlock the value, bring it into the Vox Royalty portfolio and really look to take that royalty to the different stages of exploration to production. Now they've got a critical mass right now of about 50 royalties, five producing royalties right now, which is what helped really spur that bottom line, net income for the company, just incredible revenue in Q2 2021 which forced them to actually increase the revenue guidance by 100% in 2021. Sky's the limit for this company, man. You guys are going to find that they've got projections into 2022 that are actually supposed to boost their asset producing royalties from five to 10 and beyond into 2023 projected to go to 12. They've got close to 30 right now in the exploration phase that are really looking to embolden future earnings for Vox Royalty. So I encourage you stick around for this, you're really going to want to stay for this. This is a first rollout introduction to Vox Royalty on the independent investor channel. We're super glad to have this content come through because I don't think I've ever been so excited about reviewing a company. I spent about 15 hours on this deep dive. You guys are going to want to stick with me for this summary on what I found with Vox Royalty. So here's a chart here on Vox Royalty core coming public in May of 2020. It's really just traded sideways here for good reason. But coming off of the last quarter with record revenues and net income just over 2 million, 1.3 million in revenue for the quarter here trading at $2.48 at the time of filming this video here. Really, I just don't think that there's ever been such a severe disconnect between the net asset value here coming out of a quarter where they've just been able to turn out record revenues projections to increase 100% closing out 2021 here for Q3 and Q4. I just it's an incredible, credible opportunity here to look at the charts and see that it's really been choppy in its trading debut over the last year and a half since coming public here. That's why the timeliness of why Vox and why now is so appropriate to put this out to the greater YouTube audience. So better times to come here $2.48 again at the time of filming this video sideways trading action here finds extreme amount of support at $1.75 and really a set of higher lows here basing at the $2 support level as well. But settling out here just shy at $2.50 US at the time of filming this video. So Vox Royalty here is the company that we're going to be profiling here. Investor presentation accurate as of September 2021 traded under the TSX Venture Markets in Canada under the ticker symbol VOX here in the US for our US investors on the over the counter quality board markets VOX CF Vox Royalty is accelerating on multiple fronts. We are going to aim to touch on each of those highlights as we move through this investor presentation and really try to separate what makes VOX Royalty stand out across the industry here, especially compared to other royalty companies out there in the same industry. So multiple elements I was able to pick out in my deep dive of Vox Royalty. This slide really speaks to the really interesting element of the proprietary database with over 8000 royalties that are contained within the database it drives a lot of the leads and pursuance of materializing some of the royalties and taking it from, you know, the different stages to getting it from a different development into production. And really the spearhead of this whole operation comes from the technical team of the mining engineers and the geologists that are under the Vox Royalty company here and just really incredible how they're able to scrutinize and acquire third party royalties here. A little bit different strategy altogether in that they're trying to find value in those non core assets that are held by the mining companies and looking to take those on as early as they can in the process. And they do so by their ability to identify value there and where it makes sense for those non core assets to be basically parlayed to Vox Royalty and added to their larger suite of diversified royalties within their portfolio. And an overview here of Vox Royalty just for your viewing pleasure just a timeline it's established in 2014 went public in May of 2020. They are the owners of the world's largest proprietary royalty database of over 8000 royalties. Vox Royalty was able to acquire this database a couple years back. I think it was a key strategic move for the company as it does provide a multitude of different leads to different royalties and certain stages of exploration and of development and then finally to that production stage. So indicative by their five producing royalties right now really the undercurrent and value that exists for Vox Royalty is their ability to take these royalties and move them through the stages and really get to that first gold pour that first gold smelter that we're looking for for those royalties to start to produce. They've got five looking to double into next year looking to be at about seven middle of 2022 and then to double going into 2023. So projected revenues supposed to increase here exponentially for Vox and really just widen that disconnect between the markets net asset value of Vox at 0.7% compared to its peers. Which typically trade anywhere from about 1.4 nav all the way up to about 2.5 nav. So at the very least the net asset value is less than where it should be on the low end. So really not getting the nod in the eyes of the open marketplace. So looking to kind of exploit that value proposition here and looking at what Vox Royalty is doing on the inside to drive that shareholder value and really unlock that value in the marketplace. Industry leading acquisition growth at 24 royalty deals since January 2019. This is unprecedented in the industry. Most of the industry are making two to four deals a year. They've done they've done 24 in the last two years. This is insane. So really speaks to the ability of the management team here. The over 30 years of royalty experience really but being put to work to leverage the massive massive amount of royalty deals that they've been able to do to embolden their portfolio of royalties at the low geopolitical risk. They're looking to focus on the tier one countries Australia being the main driver there. Canada and of course the U.S. here with greater than 80% of their assets in each of those three. But they do hold a diversified portfolio book across eight total jurisdictions which is which is one of the benefits. One of the big benefits of royalty companies is the ability to diversify across different jurisdictions and across different projects. But the sole purpose being here in the top tier especially in Australia with the majority of their royalties being held in Australia. And then finally their technical management team who owns 15% of Vox. So huge internal ownership of Vox here which really helps to solidify that value proposition for would be shareholders taking part of this company knowing that the insiders have a stake in driving that shareholder value going forward. So as you study up on the Vox royalty portfolio you're going to find that each of the royalties in and of themselves have their own personality and characteristics. And otherwise in other words they're in each of their own individual phases. And this is really incredible because while certain are producing royalties there's a lot that are going through certain different phases to step into that ultimate productivity phase. Which is what we're looking for as shareholders but it takes time and that's totally fine. And it speaks to the benefit of Vox royalty in that you're not putting all of your assets within a specific junior mining company where you're tied to the expenses. You're tied to all of the operating expense that go into operating that mine. Furthermore if they have a cash draw that they need and they're at max on their budget and they need to do a cash draw on that the royalty company is not tied to any of that debt liability. Furthermore Vox royalty holding so many royalties actually diversifies the exposure across multiple jurisdictions across multiple mining projects which actually helps to actually spread the risk out. So on a risk adjusted basis the royalty business model is extremely attractive for that very reason. But we're looking at about 35 million of total ounces of associated resource on the books here for the assets. The important takeaway here is that there's five currently producing at the time of filming this video producing royalties expected to double into next year. Very very impressive to get to 10 producing royalties by the end of 2023. We're looking by to have about seven producing by June of 2022. And then here we go by the end of 2023 looking to actually boost that up to 10 producing royalties. That is incredible incredible growth on just one asset one aspect of the company here. 21 of the assets at the PEA feasibility or care maintenance stage right and then close to 30. So 27 assets with the JORC in 143 101 compliant resource. So that's an important regulatory step there for the resource report that has come in and then there's just a couple there three that are still working to gain that in 143 101 compliant stage. 165,000 meters of drilling. This is just incredible. So it speaks to the exploration element to all represented across the multiple royalties that are held within the portfolio at Vox Royalty. Just a quick overview here the Vox Royalty shares and capital structure that this is incredible. I want to highlight no debt here. Obvious investment here on the list of investments from for electric which is also traded on the venture stock exchange in Canada. ELEC that's electric but really, really interesting here trading at about $2 and 87 CAD here and a very, very tight share float here with only 39.5 million shares issued in the float here and 15% ownership. We kick over to the waiting here precious metals makes up about 70% of the portfolio as well as non precious. I think that's where electric comes in because they can kind of segue some of those non precious metal royalties and actually just sell those outright to electric. So kind of a nice relationship there as it works as the Vox Royalty really is looking to go after the precious metal space that's kind of their niche. You can see here the geopolitical element here going in predominantly the Australian market, multiple, multiple reasons for that. Gold prices are at an all time high in Australia. So the Aussie dollar is demanding a very, very high gold premium there. So it just makes sense the local jurisdictions are easy to work in mining is very, very supported down there. And again, it is their number two royalty holding in Australia is Vox Royalty. So very, very impressive. And then the near term calling for 12 producing royalties going forward that compares to the previous slide that we're looking at about 2023. So just here in a couple of years, which in investing terms is absolutely the very near term looking to more than double their producing assets in the portfolio. Just very, very impressive here with their capital allocation, the fact that they have no debt on the books and a very, very sizable internal ownership of the shares outstanding. Just have to spend a few moments here and acknowledging this management team that's been put together here for Vox Royalty headed up by the CEO, Mr. Kyle Floyd here. We're going to be interviewing Mr. Floyd on the independent investor channel as part of this awareness content for Vox Royalty. Mr. Floyd is impressive to say the least brought the inception of the company in 2014 brought to the public markets in May of 2020. And he has put together a team of all stars, the network and the expertise on this team is second to none. And it really speaks to how this team is able to put together results that are uncharacteristic of the competition within the industry. And that's the real interest here is that they're growing revenue so fast, they're growing their portfolio book so fast, but they're one of the most undervalued companies on the landscape. There is multiple interviews that are available for Spencer Cole, who is absolutely phenomenal. What a gem of an addition to this team. Absolutely impressive with his 10 years of experience. The rest of the team here, Rihanna as well as Simon Cooper have really worked with everybody in big industry. I mean the who's who within big industry Rihanna's worked with them. You can see their BHP Rio Tento Rangold and the list goes on and on so a massive amount of experience tier and just over $1.5 billion in royalty transaction experience. The results really do speak for themselves and I really wanted to take a moment to highlight this incredible team that really they fire away on all cylinders in putting the best royalty into the portfolio to drive that shareholder value for the shareholders, the company. So eight total jurisdictions here represented across the portfolio. The main focus being of course is on Australia. And it is absolutely necessary to spend just a few moments on earmarking the importance of the Vox Royalty presence, especially within Western Australia. You can see here some of the names associated with they are the second largest listed holder of Australian mining royalties just behind Franco Nevada. There you can see the assets and the producing stage currently sits at five projected to move to five and doubling up here in the near term potential. I think that'll probably happen somewhere in the back half of 2022 looking to move to seven in June of 2022. So right around the corner here and that's the beauty of it is these are just waiting to step into the next stage and there's multiple royalties looking to move through the different stages here. You can see here globally the multiple jurisdictions that they hold in the portfolio at Vox Royalty just to highlight here just three key producing assets. There's a few more as well will allow Mr Floyd to actually expand upon this when he has a chance to come on and really talk about the exciting expansion of the key producing assets. But this is what we have as of current here. So the cost adjusted here on the Coolia Knobbing is 2% there cost adjusted revenue there at 2%. 1.5 the net smelter rate there capped on the Siglialola and then the Janet Ivy as well at just 50 cents a ton. So just incredible here. This is what drove the revenues in Q2 this year 2021. I would encourage you guys to go back and look at that report because this was the first time here that they got a record net income and were a positive cash flowing for the first time. So just just firing on all cylinders made possible here by the top of the iceberg in their key producing assets. Some additional growth assets that are held within the portfolio Vox Royalty as well targeted dates there on some of these properties. And again, Mr Floyd will be so kind as to expand upon any updates that are applicable here. But just some very, very exciting things on the horizon as each of these projects look to step into the production phase under the Vox Royalty portfolio. And just a continued summary here of some of the growth assets well at Vox Royalty in the different stages here. The 8000 meters of drilling that are ongoing here. Just part of the significant amount of drilling that's going on across the Vox portfolio feasibility studies ongoing and then development studies commencing at the Ashburton there in Australia as well. So you can see here very centric in focusing in on the Australian market for obvious reasons here. But it's nice to see a very, very dominant sample portfolio, a sample size of the Australian royalties here in the portfolio. We will discuss this as well with Mr Floyd, the CEO. He's going to discuss a little bit different of an approach here and acquiring from third parties the royalties that are undervalued, identified as non-core assets by the mining companies. And Vox Royalty, this is their wheelhouse. This is where they step in and try to get those at the very inception here. Now this graph starts at the three month mark and it very elegantly walks you through the quick upgrade in the stages of each of the royalties. Each upgrade in each of the stage obviously adds a significant amount of underlying value to the royalty itself. But there is some interesting information that I came across when the non-core asset is actually trimmed from the actual mining company itself, which adds no net asset value to the underlying mine itself. But there could be some arbitrage opportunity when those royalties are actually assigned to a royalty company, especially one like Vox Royalty that's adding that otherwise kind of meaningless asset to the mine itself, but adding it to the portfolio, knowing that it's going to be managed, knowing it's going to be tracked, and knowing that that asset value is going to stand alone within a grander portfolio. So Vox Royalty really has a chance to accelerate in and of itself in each singular entity, in each of the royalty cases as the improvements at the mine occur, that when those cumulatively are held in the Vox Royalty portfolio that they really have a chance to realize their maximum benefit that they are allowed to prolong along this timeline of potential acquisition, of drilling, significant drilling, of project expansion, things like that, as things are progressing at the mine, it only helps the bottom line and the value proposition of the royalty itself and the value of the total portfolio for shareholders. So I cover a lot of companies and I don't think I've seen one with such a disconnect in the value proposition here, Vox Royalty and what I'm seeing here on the bottom line numbers, these do not lie. We stand at about five right now producing royalties and projections here mid 2022, right on track to seven, and then eventually doubling to 10 and then in the near term calling for 12, these projections are made based on very, very hard and fast data. You can see to the right the chart Vox accelerated revenues just blowing everybody else out of the water. I mean these are just incredible projections at 750%, looking to grow a revenue year over year here, coming off just an absolute banner quarter in Q2 2021. So very exciting on the books as they look to embolden their portfolio of producing assets to really help embolden that bottom line accelerated revenue growth going forward into the coming couple of years. You can benefit yourself by spending a couple moments on this slide here and really trying to understand the value proposition here .7 times net asset value compared to their peers. Just incredible. I don't know what else to say. I don't have to be quite as careful. I will ask the CEO when he comes on to the channel as to why he thinks this is. I have my insights and a few things that have happened here since raising a little bit of capital coming public into public markets but this is an extremely undervalued company right here compared to peers usually demanding a little bit better valuation 1.5 to about 2.4 price to net asset value and you can see there Vox is trading less than any other company. Now the interesting part about that is if you look to the right here this is the addition of the additional properties, the actual royalties that are actually paying out. So in Q4 2020 they only had one. They had two in the pre-production stays plus the Higginsville. So as you work down there you get down to the 2024-2026 anticipated. You're looking at a significant that's where the 10 asset producing assets come into play as well as the additional. So you want to talk about hyper growth. You know we're only talking about a couple years from now adding that much to the bottom line but trading at a discount. Why Vox? Why now? It's because it's extremely, extremely undervalued and the stock is extremely undervalued compared to the rest of the industry compared to what they're doing compared to the rest of the peers in the industry. And Vox has actually provided a lot of the portfolio the 50 plus royalties that they've gotten what stage that they're in really interesting stuff across all the jurisdictions that we had spoke about what the commodity is. So very, very straightforward for your perusal. I do encourage you to take a quick look at this. You know these for awareness purposes. I've never looked at a better royalty company than Vox royalty. This has just been incredible. And it really kind of comes down to the intellectual property that we spoke about really down to the multiple royalties in different stages, the 30 that kind of set themselves up for the future. And then as of shooting this video the five producing assets that they've got to drive that bottom line revenue and net income that they've got going on there. And then the projections here just in the near term to double up on those producing assets they are firing on all cylinders. So they've made the full portfolio available for your review and I will make this available to you in the investor presentation in the description of the video as well. And for any investors out there anybody interested in finding out more information on Vox royalty you can always find a ton information on VoxRoyalty.com. I did a thorough review of their website. It's impressive. It's extremely incredible. You can see further information on the portfolios that they cover. A little bit more information about VoxRoyalty as well as to subscribe to some press releases as these different minds enter into different phases. Those are released through the VoxRoyalty website as well. So you can kind of track the progress as each of these royalties step through the different phases stepping toward that ultimate production goal that they've got here. So real privilege here to cover VoxRoyalty. This is a very, very rapidly growing company here. A business model that's extremely unique and a team to execute in all capacities here. With that we'll kick you back here and we'll conclude the video. All right guys so we've come out of the review of VoxRoyalty here. You're going to want to stay tuned for the interview CEO and chairman Mr. Kyle Floyd. He's going to be on the channel. He's going to be able to really hit home on some of the points that we discussed on this introduction and deep dive of VoxRoyalty here. Just some exciting stuff. They do it different than Vox and with the steep discount in the market right now trading at just 0.7% of net asset value compared to peers. The disconnect is real and the disconnect is right here in front of you and it's only going to be a matter of time before the market picks up on the value proposition that exists within VoxRoyalty. Guys if you enjoy the content coming through the channel make sure and subscribe to the channel. Leave your comments at the bottom of this video and share the message with anybody out there that you know is interested in the gold and silver precious metal royalty space. Nobody's doing it better than VoxRoyalty right now accelerating and firing on all cylinders here. Exciting times at Vox with the management team and looking to leverage their intellectual property with their over 8,000 royalties within their proprietary database that they've got. Exciting times to come. It'll be incredible to track this company and I recommend you guys do the same. Thank you so much for tuning into this message and good luck in your investment future.


I am happy to say that there are many members and participants still in the room and eager to listen to the two speakers for this last lunch debate on Africa. But rather than having a discussion on African general terms, we thought with the two prominent speakers, Madame Aminata Touré, former Prime Minister of Senegal and who is now serving as the President of the Conseil Économique et Sociale et Environnementale, you will tell us how you translate that into English or any other language. And so thank you very much, Madame Aminata Touré, to have accepted this role today. So you will speak about Senegal, I think, a case study, a very interesting one, on the West, in West Africa. And for East Africa, we have the pleasure of having Arkebe Okube, who is actually has been the advisor to the Ethiopian Prime Minister, to three Ethiopian Prime Ministers, and with the rank of minister, so his minister, minister, cabinet minister, and advisor to the Prime Minister of Ethiopia. And by the way, we congratulate him and his prime minister, who as you know won the Nobel Peace Prize a few days ago. So that will give us two case studies, so to speak, one on West Africa, one East Africa. So thank you very much. Please come here. So we will start with the presentation of both our speakers, and then as usual, Q&A session. So Aminata first. Thank you very much, Mr. Facilitator, Thierry. I'd like to congratulate you for this conference that kept all its promises. I am the president of the Economic, Social, and Environmental Council, which is as simple as that, that play an advisory role toward the government and the parliament. I'd like to talk about Senegal, give a little bit of background. It's a small country. We like to call it the entry of Africa when you come from the USA. We are just facing New York, which wasn't a luck. That's one of the biggest slave reports. We are 16 million, so a small population, but we are mostly known for our political stability. We are a country of 97% of Muslim, and our first president happened to be a Christian in 1960. He's the father of the independence. He has been supported at that time by all religious leaders against his opponent, who himself was a Muslim, a lawyer going by the name of Lamin Gaye. So what I'd like to show there is that we've been sort of nurturing internal cohesion and inter-religion relationship quite peacefully. So we are a country, an Islamic country of tolerance and peace, and it translated into stability. And we are very, very proud of that, and we really would like to sort of nurture it and sustain it. That's the first thing I would like to say about Senegal. Second thing is the democracy. We have changed peacefully president over time, the first one, Leopold Sédar-Singard, who happened to be a member of the Académie Française. He spoke French so well that he has been appointed at the Académie Française, which showed a historical relationship with France. And then he resigned from power in 1981. His successor, President Abdujouf, left power in 2000 after democratic elections, succeeded by President Abdullaie-Wad, who himself was defeated in 2012 by the sitting president, Makisal, all of that in a peaceful process. So we do think that we do have a strong democracy that is ingrained in the political culture and we work to sustain that because it's never a given. We all have to work with it. Second thing I'd like to say about Senegal, we do have also a very, what we call, armée républicaine, which means an army that goes by the rule of democracy, that respect the constitution, and we never know of coup d'etat in Senegal. So that kind of defeat all the stereotypes we are displaying about Africa. The army stays in its role. It's very much involved in peacekeeping operation all over the world, and as we speak also in Mali, we worked also in Gambia, the neighboring country of Gambia, and the army is very professional and stand by the constitution. We also do have a very strong press. Some would say too strong. The liberty of press is a given with journalists expressing themselves in a free way. So this is what is the ingredient of the Senegalese stability. When it comes to the economics, because of course if you want to sustain that, you have to create wealth. We are a very young country. 70% of the population is below the age of 40, which trigger strong challenges. The most important one is related to, of course, youth employment. So President Makisal, when he came as the head of state, at that time I studied with him as Minister of Justice. The next year he worked on a plan that is called Plans Senegal Emergent. We have one of the key actors sitting here, which is Mubarak Law. I have to acknowledge him. He was also part of the team. He's very known by the World Forum. He's been attending it often. So he was also part of those who reflect on this plan that was set from 2013 all the way to 2035. What it shows, the length of the plan, is that if you can count on a solid democracy that is ingrained in the political culture, you don't only think for yourself, because we have a two-term system. You can also think for the future generation, ensuring that democracy will play normally and whoever will be, you know, at the seat as a president will be following the accumulative success, because that's how it is seen. This Plans Senegal Emergent, which means how to make sure that Senegal emerge as a developed country, has three pillars. The first pillar is economy, as I said. It's very important to create wealth for your youth, for the women. So that's the first pillar. And it has been quite successful, because last year we enjoyed 6.5 percent economic growth. So whatever, you know, we were doing, it seems to be working, because we are below the African average of economic growth, that is between 4.1 percent, and we enjoy 6.5 percent. So it is working. What happened to have such a big growth? First of all, it is around good governance, making sure that the revenues are well spent. And they have been spent in a sector that employ most of Senegalese workers, which is agriculture. So the idea was how to modernize agriculture. So a lot of investment have been made, modernizing equipment, moving from traditional agriculture to modernize, more mechanical agriculture. So the result was that we, for instance, we grow peanuts, is one of our most products. We quite double the production in six years. So that contributed to the growth. Infrastructure, they've been an immense infrastructure to close the gap between urban areas and rural areas, because that's also one of the challenges we've been having. When the colonizer came, they focused on the cities, because that's where they used to live and how they organized the economy. So there is a huge gap, most of the time, between the rural places and urban.  So President Saal was very, very, very keen on bridging the gap, and he came up with what we call a capture plan, rural plan, and by investing in roads, in access to water, by the way Senegal is going to achieve universal access to water. And we are hopeful that in four years we will even achieve universal access to electricity. So all of that put together to trigger more production, and that's what explained this growth. Of course, he also invested in fishery, because we are a fishing country, we have 800 kilometers of coast, and I'll talk about the challenges related to environment. So he also subsidized production, trying also to modernize fishery equipment and small boats, so that also increased the production in that sector. The second pillar is about human development. If you have an economy, you have resources, by the way Senegal is going to be oil and gas-producing country, we are very happy about that. And I also like to point out, we have a, Muhammad is here, one of our Mauritanian friends. The gas was discovered at the border between Mauritania and Senegal, but in high sea. So where is the well? Well, it could be, you know, more in the Mauritanian side or a little bit in the Mauritanian Senegalese side. So what the two president, former president Aziz, and he has to be praised for that, and President Sal too has to be praised for that, they sat down and agreed that we're going to do 50-50. I think we didn't talk a lot about it, but this is sort of a very positive way of solving issues in Africa. We know that a lot of wars and turmoil arise in this kind of situation, where everybody want to sort of take advantage, but they come up and decide that it's going to be 50-50. So I think this is a good lesson learned and a good case study to be published. So human capital was very, very, very strong on that. President Maxal came up with creating universities, but investing also in quality education, primary to secondary level. Because we also still have huge gap in terms of, you know, schooling, but we made a lot of progress. This year, for instance, there were more female sitting for examination to go to secondary school than male. In a 96% Muslim country, that's a huge advancement where women are more sort of present in schooling than men at the primary. But of course, as we go, there are some social challenges and you find fewer women maybe in the universities, but there is a nice trend that is being built and designed. So that is also very, very supported. In the human capital, there is also a decision. We do have what we call la délégation à l'entrepreneurière rapide. I would translate it in sort of a window, financial window to support, especially women and youth in terms of promoting entrepreneurship and supporting small projects and small enterprises, and a huge amount of money has been put in that strategy. So that's the second pillar, how the country is going to build quality human resources, including women and young people, so you can support your economic plan. Because most of the time you do have the gap. You would see the opportunities in mining, in gas, et cetera. But on the other hand, you would not see quality human resources to be in a situation of good management. So that also is part of the plan. So that was the second pillar. And the third one, which is equally important, that's good governance. And I think Senegal has been recognized as one of the good countries trying to really promote good governance. We had a recognition from more Ibrahim index. We made huge progress. We still have challenges, of course. But that is one of the priority of President Makisal and his government. And in this third pillar, of course, there is cooperation. And cooperation at different level, whether it's at the regional level, sub-regional I would say, ECOWAS. That's the Economic Commission for West African countries. We are very interrelated. And we do have a common market. We have the common currency, the Saifah, which we inherited from our relationship, ancient relationship with France. And I must say there is a debate also in countries as whether we should start reflecting on our own currency. But that's ongoing debates and we are doing it also with our partners. And then you do have the African market, which is the bigger, meaning through what happened recently, the African trade zone, which will present Africa as the biggest common market actually. We didn't speak a lot about it, but it's going to be one of the biggest common markets. The head of state agreed upon it. So I think it's an opportunity to commerce within ourselves, because this is also one of the challenges in Africa. We don't trade much within ourselves. It's between less than 10 percent intra-Africa trading. Although if you go to Asia or even to Europe, it might be up to 70 percent. So with this common zone of trading, we should be moving forward. Yes, there is some. Of course I have to talk about the challenges. The challenges I talked about it, it's a youth employment. Youth employment and we have a gap in terms of industrialization. That's for his second term, one of the priority of President Machisel. How are we going to import less goods and manufacture them here in Senegal? I think Ethiopia is doing a good work. That's also what we would like to do. Second is environment. I talk about the 800 kilometers, of course. We are seeing, see, you know, sort of invading sort of the lands and it's also an issue, a challenge that we are trying to face. And of course security, not within Senegal but as a sub-regional concern. We do know the situation of Nigeria, terrorism, of Mali and it's closer and closer to Senegal and we are also an actor because we are supporting our Malian friends but that's also a concern that we have to list among the challenges. And what are the way forward? The way forward is really building upon our experience, building stronger institution. I think when it comes to the political process in Senegal, it's already well ingrained and that's one of the given, good governance and of course use at the center of whatever we are doing because as I said, that's 70% of our citizen and whatever policy is being developed, it has to be centered, youth centers and women centers. When you take both groups, it's 70% of the population. And in a place like this one, we also have to talk about cooperation. How are we going to sort of develop stronger links within our traditional friends, of course. I talked about the relationship, very ancient relationship with France but as I said, starting also in ECOWAS, how are we going to have a common vision on these issues, of course, on a win-win basis. I do think that there's been a history and there will be a future of our relationship and of course, opening up to Africa and to the rest of the world. I could speak on and on and on but I think I'm going to leave it here. Thank you very much. Thank you very much. I mean, I thought it was fascinating and I was about to say we are all Senegalians now but are we also all Ethiopians, so the floor is yours and I would like to say about you also that you are the author or the editor of a number of very important books, not only in Ethiopia but also on economic development in a large sense. So the floor is yours. Thank you, Siri. First I have to thank you and express my appreciation for the great work that contributes to creating a new way of understanding of global issues and I'm referring to the contribution of IFRI and the World Policy Conference which I have found to be quite important contribution. So we thank you for this and I would ask my colleagues here to upload for the great job that Siri had done. It's now considered as one of the leading think tanks although we know that most of the leading think tanks are in the US and this is being ranked as one of the leading global think tanks and I'm really happy about this and I also congratulate my sister Aminta for the great job our Singapore colleagues are doing and maybe one of the few female Prime Ministers and I congratulate you Aminta. So let me start with the point Siri raised. Are we all Ethiopians? This was a question and the answer is yes. And I have a good reason the human origin comes from Lucy. Lucy is founded in Ethiopia and it's a human remain 3.5 million years old and this is in Ethiopia. So your origin, your grand-grand-grand-grand parents are from Lucy, Ethiopia. And Ethiopia is also known for being one of the first countries who accepted Judaism. That's why there are Ethiopian Jews and this goes far beyond before Christ. Then Ethiopia is also, we're talking with Aminta one of the, actually one of the oldest Muslim countries. The first mosque was built in the 7th century and followers of Muhammad, Prophet Muhammad when they were not welcomed in Saudi the Ethiopian king at that time Nuguz welcomed them, they settled and he gave them land. He was a Christian king and since then even Prophet Muhammad said that every Muslim should never declare war on Ethiopia and this makes it the oldest Muslim country but it's also one of the oldest Christian countries. Christianity have a long history and a very diverse society in terms of religion but people tolerate each other and in some places Muslims and Christians also marry each other. We are also diverse society. So coming back to the prestigious award our prime minister has received I would like to say few words about this issue the main reasons that our prime minister was awarded the Nobel Peace Prize was he took a very bold initiative to end a 20 years old war between Ethiopia and Eritrea which may not be politically popular and without major intermediaries the two leaders met and agreed to make a peace and our prime minister took the first initiative and now Ethiopia and Eritrea are in peace and we also appreciate all friends who facilitated this great peace including Kingdom of Saudi Arabia UAE and other leaders. Our prime minister also one of the first initiatives was the Cairo and directly appeal to the Egyptian people that Ethiopia is committed for a peace with Egypt and that Grand Renaissance Dam is also to be built with the common interest in mind. So he also made it clear that we need to closely work together. So peace has been a major focus of our prime minister in the area the second reform our prime minister focused on governance issue. One of the changes in our political system or government has been an increased involvement of female and here now our president is president Salor a female president the supreme judge is female judge Maaza and 50% of the cabinet members are also female and also the speaker of the House of Federation is a female female are good to lead a country and of course we can learn from the Germans. Merkel we can see the first leader who has been able to be in chancellor's position for a long time. So this has been a major intervention in the governance area and also additional economic reforms but the key point is why is Ethiopia raised the name of Ethiopia raised in many platforms and there is one one important reason. Since 1991, Ethiopia has been able to initiate a very fast economic growth and the country is big in population and between 1975 and 1991 during the military regime the economy was stagnant and we had a big war and after in the 90s a new constitution was adopted a multi-party system was adopted and the country focused on recovery so it's now considered and the world bank has the fastest growing economy because the economy has been growing by 10.5% for continuous 15 years and this has been twice Africa's average growth rate which was about 5 to 5.5% and this has been one of the key recognition of Ethiopia. Ethiopia does not have a big volume, does not have big resources and this entire growth was achieved especially by the hardworking people of Ethiopia and Ethiopia also focused on attract investment. In terms of social indicators or improvement of the livelihood of the people, there has been some significant, not sufficient but the achievement has been quite important. A key indicator while going, while not talking about education, health, food security, etc. one critical indicator is the average life expectancy. If people are able to live longer lives there is relatively better improved health services, improved food security, education, etc. So the key progress in this respect was in 1991 the average life expectancy in Ethiopia was 44 and Africa's average life expectancy was 50 whereby 10 years behind Africa's average. In 2016 the average life expectancy in Ethiopia has reached 66 which is a 21 years increment in average life expectancy and compared with Africa's average in 19 in 2016 which was 60, this is twice the average increment and this is an important indicator because growth has to benefit the public. However the country has also been focused on improving and focusing also on long term investment. One key area where the country has focused was on education but not education, primary schools only. In primary schools now we have 30 million population are studying in primary schools. We have big population. It's a second populous country in Africa, 100 million and every year the population is growing by 2 million. 2 million are usually to give an indication, the significance I always say that the population grows twice the size of Mauritius every single year. So here education becomes quite critical. The most important education reform Ethiopia conducted was the transformation of university systems and the introduction of technical schools and in transforming the universities and technical schools we tried to see alternative systems and we found out that the German system is more appropriate to us, especially the apprenticeship system of technical schools. So for the last 15 years we have had a reform, transforming the system and currently the number of technical schools has increased from 3 schools in 1991 to 1,300 technical schools who can train 1 million technicians every single year. The second major expansion and transformation has been in university system. We only had 3 universities and the intake capacity was only 5,000. With the reform made this has increased. Now to 50 public universities in addition to hundreds of private colleges and universities and also the number of students in public universities has reached half a million and every year we have 100,000 university graduates from public universities. But more importantly the major change was the university education had focused on social sciences and humanities. While economics is important, linguistics is important, but for rapid economic transformation engineering is important and technology is critical. So the major shift has been from 85% social sciences and humanities courses we shifted 20% in natural science, technology and engineering. And from this 70%, 40% has to be in engineering. And we have basically achieved this level and we had to train thousands of lecturers with PhD and the government also spent a lot of money on this. We brought in 500 Germans and as you know the Germans are expensive and all their salary was paid by our treasury. We wanted their technical skills. So education and human capital has been a prime focus. Second prime focus has been infrastructure. You cannot sustain rapid economy growth without infrastructure. However infrastructure is not a quick fix. Building a hydro power has a long gestation period. At least you need minimum 10 years from inception to completion. So you have to think long term. And Ethiopia had focused on infrastructure. Building energy, expanding highways, expanding rural roads. Now building electric powered railway systems. And our government has been spending close to 50% of its federal budget on expansion of infrastructure. This has helped us to attract more investment. In the last six, seven years the FDI is increasing, inflow is increasing in Ethiopia. In 2017 Ethiopia was one of the major destinations of FDI in Africa. An increment of 50% that year. Between 2012 and 2017 the FDI size has increased by four times. The key aspect is 89% of all FDI inflow in Ethiopia has been in manufacturing. And I should like to note on this occasion a misperception that it's only the Chinese who are investing in Ethiopia. That's not the case. If you look at infrastructure, one of the major infrastructure projects for instance is being built by a Turkish company, railway company. And it has been financed by Credit Suisse and the concertium of many banks from Europe. European investment bank has been financing important infrastructure. On the investment side in some sectors it's mainly Europeans who have dominated specific sectors. And flouriculture, a very dynamic sector for exports it has been dominated entirely by Europeans. And there is no even a single Chinese. In food and beverage the major investors are Europeans. So in brewery industry which is growing fast and it's growing at a rate of 25% every single year we find companies like Diageaux from UK, Castile Group from France Bavaria and Henneken from Holland and other companies also from Germany. So I would like to highlight that the government is continuously improving the business climate and when you invest in Ethiopia you can also find the right type of skills from university graduates to technicians. One of the good things is that although French is not widely spoken but English is widely spoken which makes it easy for know-how transfer. So these are the few points I would like to highlight. I would also like to add as it's important to indicate that the European and African partnership is important. And here a good initiative by G20 and also many European countries is the G20 compact with Africa. And Ethiopia is one of the few countries selected to be part of this process if I'm not mistaken also Senegal is part of this priority list. So this is an opening that will encourage a broader partnership between our continent and Europe. I was at one of the ports of Morocco and it's just 15 kilometers away from Europe. So these two continents are basically like one big region and it's very important to think of the potential of this continent. Now the population of Africa is 1.2 billion by 2050 it's going to increase to 2.5 billion. 25% of the world's population will be living in Africa. By year 2100 or 2100 after 8 years 4.5 billion population will be living in Africa which is going to be 35%. This is a challenge for job creation because currently in Africa needs to create 20 million jobs every single year minimum. But this is also a huge opportunity. This is a demand. This is a market. This is a new economic opportunity. This is also a source for productive investment. Facilities could be established in Africa and this could also contribute to competitiveness of foreign companies. Well thank you very much RKB. This is also a fascinating presentation and I think we heard about very successful cases illustrating like the other day about Rwanda that Africa has a huge potential for development. I gave the speakers I think a bit extra time so that I think it is not possible to have a discussion now. So I just want to thank you Aminata and RKB. We learned a lot. Thank you very much and see you later.


The study aimed to identify the features of independent work of students in the disciplines of natural mathematical cycle in terms of blended learning. It also sought to characterize the management of such work. The results showed that students learning was largely productive with a gradual shift towards more creative and part-search methods as well as systematic updating of materials. Additionally, there was a need for individualized assistance and the use of professional-oriented computer tools. Finally, the study concluded that the management of independent work should be flexible, allowing for the adaptation of tasks to suit each student's needs and the use of various computer tools. This article was authored by L.S. Calgotina and N.S. Ponomariva.


Hi, my name is Mark Wolf and I'm the curator of digital collections at the University of Albany. I'm presenting with my colleague Greg Wiedemann who is the university archivist here at the University of Albany. We'll both be presenting the mailbag project, building digital preservation tools around file systems. This presentation comes out of our work on a grant project. The grant project is titled mailbag a stable package for email and multiple formats. This project is funded by the University of Illinois email archives, building capacity and community project. I want to talk about the project origins. A few years back we wanted to document state politics specifically document elections here in New York State. In 2016 we did a project where we collected fundraising emails from federal level incumbent candidates. We went to the candidates websites, we signed up for email to receive and receive political information and so forth. We had a student create a Gmail account to sign up for email blasts and of all sorts of email relating to their campaigns. At the end of the election season we downloaded the inbox file export and added it to our repository workflow. So we had the inbox and our question at the time and still is now what or was inboxes as an email format are great they're well structured. Basically we tried processing all of the politicians email from that 2016 and later on in 2019. We used Python scripts to extract email. In particular we were trying we're realizing there was a lot of HTML and these email messages so we use Python scripts to extract that as well. We converted to PDF and we used what is called WK HTML to PDF, which is an open source Python tool to render HTML into PDF. So what we learned is that pathways to email processing and preservation if you will actually do exist. But email counts that were processed lack crucial information in the email so we, we didn't do a lot of work but the, the output that we got we weren't happy with the pathways are challenging for archivists they weren't not only challenging for us but we can imagine challenging for most archivists in the profession, both in terms of workflow and the tools to preserve email. Much of this work that we did all required customized computer code that we created in Python mostly. At the end of the day what we had was we had email exports that didn't contain images they were missing. There was CSS that was required to render a lot of the email, and there was links to web content that got either broken or lost in the basically in the process. Complications with email marketing software which is so popular now. Most email from politicians we found we're being launched from tools like MailChimp where you're actually in a web application and sending email rather than say sending a blast from like an outlook account or a Gmail account. So we found that basically email export files were degrading over time. It did not include externally hosted content so that would be like a say a MailChimp platform images CSS, potentially interactive within the email was or will be lost. And sometimes we were finding significant data loss just within a matter of months again because a lot of this content is hosted on the web and as we know the web is just constantly changing and being updated or deleted or lost and so forth. And then with that links were to web content were either broken or lost altogether. And a lot of the email marketing software and campaign software uses its own way of basically counting clicks and so forth so sometimes the URLs are not really clearly addressable or human readable. So some notes about email preservation. Email preservation is currently a challenging endeavor. There's no single preservation format for email that exists currently. For example, with other challenges that the archival profession has had. We have image and audio formats, for example we have a preservation format like tiff and raw for images for audio we have dot wave. Both audio and image preservation formats are widely used in the archival profession, as well as in the private sector. But for email there is no single preservation format. We have inbox and email. They pervert preserve structure very well but they don't really do well with content. And PDF is a proprietary outlook outlook format owned by Microsoft and PDFs while they're great for access and conform and do really well document look and feel and easy to print out. They do not preserve structure. Basically at the end of the day of the PDF you're merely left with an image or maybe if you're lucky and image over unstructured text. And emails are static documents increasingly as I said before emails composed of HTML content linked to the web. emails have dynamic contact like content like hover overs animations and other typical HTML based interactivity. For example, email marketing platforms like MailChimp increasingly rely on dynamic web content. And not many open source processing tools are usable for archivists at this point. So the mail bag approach using multiple formats, the approach in our project is to allow for multiple preservation formats. For example, a mail bag could contain many combination or number of formats such as PDF which is provides a nice ease of access a work file to preserve web content and interactivity. We have an inbox in the email formats to preserve structure. Any number or combination of those formats can be used using a mail bag. We have many incarnations listed in what a mail back may hold which reflects the rich diversity of content held and creators email accounts. The mail bag deliverables, the grant project builds on bagget a specification developed by the Library of Congress, the bagget specification which is a quote here a hierarchical, hierarchical file packaging format for storage and transfer of digital content. This will be the underlying specification on which mail bag relies. The bagget specification a bag has the enough structure to enclose descriptive tags and a payload and but does not require knowledge of the payloads payloads internal semantics which is perfect for our purposes of creating the mail bag specification. The bagget spec is specification is widely used it validates fixity and it uses the computer file system for structure. The mail bag tool is will is being written in Python as we speak the project will create a mail bagget tool that can be used via the command line interface or graphical user user interface. A basic GUI will will allow archivist who lack command line tools to use the tool and also goes without saying command line utility will be available to run the mail bagget tool with perhaps advanced for functions when using the command line. The mail bagget tool will package up all formats of email into mail bag, and it will enable capture. So I'll talk about the specification development process. And in building an open specification we wanted it to be independent of the mail bag tool. We wanted the specification to be community driven and so we reached out to community experts for input and advice. We sought feedback for a variety of use cases we developed personas to aid in this process. And we created a suggest a user Google forms to help in gathering feedback to make it as easy as possible for community members and others to submit their feedback. Our user stories range from various types of archivist rules roles to historians and genealogists, as well as other roles. We created as well a suggest a more prioritize a requirement form to gather needs for the specification as well as the tools design and functionality. We wanted to basically allow for additional implementations support broader use cases and we can resource and promote interoperability. The project created an advisory board to consult on the project specification development and scoping, gathering community feedback and advice on the software development process. We put into the grant to offer honor area for the mail back specification working meeting. This working meeting was envisioned to be a two hour mail back specification working meeting that would be hosted over zoom. The project team with feedback from the advisory board and the consultant developer wrote the first draft of the mail back specification. Greg and I hired to graduate student software developers from you all need to begin coding the tool and Python. We also instituted a collaborative development process that also includes the more experienced consultant developer in this process. At this point I'd like to hand the presentation over to Greg my colleague. So I'm going to talk about what we came up with for the mail back specification. So this is what it sample what it might look like. It'll look very familiar to anyone who's who knows bag it. It's a mail bag it's just a baggy bag with some extra requirements in the payload or data directory. There's specified some folders that you'd use for whatever formats you're using so if you have email represented inbox or PST or pf or work in your mail bag that's what some folders names. There's also an attachment subdirectories where all the attachments for the emails can be also stored optionally. The only other requirement is a mail back CSV tag file that will talk a little bit more about it a bit. So diving in a little bit more on what that payload directory looks like. Within these format directories you can also have additional subdirectories that can represent the folder structure of the email account so if you have inbox or email folders that gets preserved as well. And if you notice it is semantic so it is designed to be human readable so it is both structured that we can use it computers can use it and humans can navigate a mail back just as an extension of bagging. So the mail back CSV files is needed to connect those different representations of email together with each other, and we use that via identifier system now emails have what message ID as a unique identifier, but that's not a not always included in the email export formats, and it also often includes special characters that don't get written well to the file system for file names and things so we actually unfortunately had to require in this specification a separate identifier system so we're having also an email bag message ID field, as well as message ID, and that can just be any any unique number unique to a mail bag that could be written to a file name, so it can just be a sequential number 1234. So the CSV sort of contains both of those identifiers will actually look up and also message pass you can find where it is within the higher, the, the mailbox directory structure where you can go find it with the payload directory, the original file name to what is where it actually the original source of the email was and a integer number of attachments and optionally you can also put a lot of a common header information from emails in this mail back CSV that may or may not be useful depending on your use case. So, we really, as Mark sort of over you, we really thought that we wanted this specification to be community driven so we had a really, hopefully we had a really robust community feedback process we both sent out of community call and then we did our, our working meeting to get some people with like hands on expertise to really pull apart the format, but there's two, two instances and two questions and particular kept coming up that we couldn't really get consensus on, and that was one can or should mail back contain multiple email accounts. And can it email be used a mail back views to package multiple versions of email such as for reading and redactions which is really common and email workflows. So we wrote these up as GitHub issues on the mail back GitHub account so that has more detail and also has some community comments to so we can sort of figure out where these 10 points were. And we thought we were really hesitant when we thought about these because we thought what really liked about this project is that it had its own niche. It was really simple, it solved that one problem, I have an inbox file now we're ready with it. So to get that inbox file into some sort of stable package that or that won't be great over time and and be that well enough preservation format that we can preserve it over time, and also enable some some near capture processing where we can make some PDF files and some sort of workflow to get access to the email. So we like that sort of niche of the mail bag, and these we felt were sort of going beyond that. But we again we really value the community feedback so we didn't really, we envision going to this process to adapt our goals and the project to the community. We thought a lot more about this and like why wasn't this meeting our expectations. And so what I sort of came up with is that I think these are not necessarily the questions that are our users were potential users were asking. I think when we were talking about can shouldn't be a mail back contain multiple email accounts. We're talking about maintaining data structure and relationships and we're talking about versioning. Both of these things are not email specific they're coming throughout digital preservation right, and moreover these are really challenging problems for us to address. And also we don't really have tools to combat these problems. So, we thought this was really beyond what we can do, not only with our with the mail bag project but also like stimulated some really interesting conversations about what we're doing in asking our tools. So we keep asking our applications to do so much of these, these workflow tools and it's really a duplication of effort because each tool has to perform these similar functions in different contexts. And they'll be less effective as set secondary requirements so that's not what primarily the tool was built to do. But it's also hard to build workflow specific tools like tools specifically for versioning or maintaining data structures because those structures differ across various tools and domains. You're going to find the data that you're working with with on digital video and emails to be really different, and the tools around them to be different so it's hard to build like versioning structures that work with both of them. But if we look at our needs that we have for digital preservation, we have so many different complex workflows and each of these new data type adds a bunch of different complexity and there's so many edge cases. I really like this essay talk about by Elizabeth England that talks about some of these edge case, edge cases. Digital preservation just has to be bespoke we have to do these really manual edge cases from time to time. And I can't really imagine supporting web applications for all of these needs. Why are we trying to keep doing things in this way. We talked about this a lot and I think this is more of a labor structure problem. Our organizations really have this division of labor right from information technology information professionals that are my dear your archivists or librarians and technologists and web developer or on system in. And they're sort of dividing to these two categories with two different traditional skill sets and web apps and other large monolithic tools like really fit this model really well right the developers can create maintain these applications and the archivist librarians can use the interfaces they build to to fulfill the missions. And these custom interfaces are inherently limited you can't really do for all the bespoke digital preservation needs we're not really going to get a drop down that's going to like fulfill all of our workflow needs for digital preservation. And also digital preservation labor ends up crossing these or that organizational boundaries, as well, and our practical skills, our practitioners skill sets also cross the boundary so on our practitioners really working in digital preservation need. So skills that's traditionally assigned with archivist librarians right duration skills, appraisal skills, and also skills traditionally in the domain of the technologists basic coding skills and even other skills that don't necessarily having to do with coding but understanding of file formats and how file systems work and text encoding and all those things. And because these practitioners or strategies boundaries our organizations aren't really structured well to support this on this really great article what's wrong with digital stewardship that I'll send that there's links to in slides that I think really highlights this. And because we don't really support these positions access these roles is not equitable. I don't have any like perfect magical solutions to this, but I think in thinking about how this affects the mailbag project I think we do have some sort of steps forward at least. And one of them is sort of using the file system as an interface on file systems are great. They're really ubiquitous in everyday computing life. They're really well maintained support you don't have to support a file system interface as from our library. They're also super flexible you can do a lot within a directory and file structure on their familiar technologists to support. Most places are able to support network shares or cloud storage that's viewed through a network share. And they're familiar for most importantly familiar to users of a variety of background skill sets so both your technologists can use a file system and your traditional archivist and librarian can also use a file system. We can provide both manual access for those bespoke digital preservation activities and also computational access at scale we can use scripts we can use powerful software can also act on a file system but we also can like navigate that directory tree and find that file. So to do this use a file system as this interface, we have to rely on the semantic specifications. So this is sort of what we're thinking about in the bag of specification or the mailbag specification. These are abstract documents that define what a tool does and how that data is structured in a sort of common way. And really these are great important communication tools that sort of we can sort of come together and collaborate to define what our data looks like. And they're really cool because they also allow participation across these sort of organizational boundaries, both technologists can contribute to these and also people with more traditional archivist and librarian skill sets. And they provide a common data structure that will promote interoperability between tools, if tools can out port to to this these specifications the file system and other tool can read the specification and be interoperable with it, and it also can be interoperable with bespoke preservation activities. So in this sort of model, the file system acts sort of like an API, and we can build sort of really complex tool digital preservation tools around file systems right we can manage checks on the track fixity over time we can validate file formats we can do a lot of things are digital preservation activities at scale on that files in a file system but we can also write a one off script that to solve a single problem. And we can also just navigate that directory sketch tree to find things so we can actually nothing would get lost, and we can actually perform those bespoke long tail preservation activities and we have to now go like really dive in and focus on those really those those edge cases. And the cool thing about this is that it allows our tools to have limited scope, they don't have to try to do everything, they can just output to the file system in a structured way and another tool for pick up from there. In this model, we sort of sustained systems of tools around these file systems, many small system tools fit our problems and digital present preservation much better than large model of systems we've known this for some time, but we don't we haven't been able to build these subsystems to be interoperable with each other. So I think it was really helpful if we think to rely on the file system as that interface between both tools and tools and humans. And this is semantic specifications are key to this interoperability so that both humans and complex tools can utilize them in a structured way. And that both of these things are cool because they bridge these organizational boundaries that like are really complicated to work around. So we'll enable both these, the human center bespoke work to do that digital, these long tail digital present activities, and also computational work that we need to do at scale and this is sort of the world that mailbag sort of envision it. So, I put a bunch of links that might be useful. These are the nobody project website where you can look at all of our design documents are requirements are our personas are user stories. And we're currently on working on collaborative development for the mailbag project in this fall and next spring so you can track that on our GitHub. And then these are two links for some citations that we had in the project. So, and this is our contact information if you have questions feel free to reach out. Thank you very much for attending our session.