May 20, 2022

Running a company out of Ukraine and preparing to raise. By Alyona Mysko

Running a company out of Ukraine and preparing to raise. By Alyona Mysko

Alyona Mysko, CEO & Founder at Fuelfinance in this episode talks about the story of her company and the effects that the war has on it and its future plans. Hint: no giving up in sight and Fuelfinance is preparing to raise soon while expanding!

Fuelfinance website - https://fuelfinance.me

Support Ukrainian Busines - here

Here - how to open in Delaware a company, but it is in Ukrainian. If you want to read another way of opening a company (with Firstbase of course), you can check out our website: https://www.firstbase.io/

Here is the video Spend with Ukraine.

Transcript
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They're releasing to fundraising
video a podcast about

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fundraising for early-stage
startups, the major rule that we

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follow here is no bullshit on
this podcast.

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No music to relax.
You know, advertisements of our

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sponsors.
We only talk about fundraising

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00:00:19,600 --> 00:00:23,000
here and nothing else.
So let's jump into the episode

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and today is a guest speaker.
We have a learner misko, CEO and

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founder at fuel finance.
And in this episode We are going

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to talk about something quite
distressing and frankly horrible

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but it's going to be a story
about running a company out of

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Ukraine.
During the war time that it has

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right now with Russia and how
Ilona is still managing to run a

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company out of that situation
and actually playing to

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fundraise for it in a short
period of time.

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So Luna, let's kick it off by
you giving us some background on

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yourself and on fuel Finance.
Hi, nice to meet you.

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The yeah like first of all I'm
Ukrainian and feel better and so

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it's mostly Ukrainian team and
we like called financial

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department for startups.
So we do like with our products

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clients, receive everything from
financial reporting financial

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planning context analysis and
need economics.

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So it's much much, much easier
financial management for all

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started to use our products and
especially Lee much, much much

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better communication with all
investors when they have our

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products, right?
When you say communication with

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investors, do you mean like
updates for investors in terms

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of quarterly updates or yeah?
Usually like dates and I think

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you're awesome Sand by the
company, like fundraise.

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All investors on different
rounds.

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They expect different
information, special financial

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information from start.
When we talk about seeds from

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deists, like usual, BNL
statements and very basic basic

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forecast.
And but on later stages, like

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investors usually expect like
you need to Comics understanding

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Community economics.
All your reports and also, like,

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it's think it's a good practice
and we see how our clients use

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this practice when they send
even monthly updates to their

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investors and this updates.
It includes like information

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from our products.
So Iris, think about financial

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part and it's like better and
easier way to build a

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partnership with all investors
and special rates.

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Next rounds with this monthly
updates, right?

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We'll talk a bit more about the
product at the end and discuss

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pricing, and who is it actually
made for.

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But for now let's talk about
just briefly, catch us up on the

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situation in Ukraine, things are
changing their every time.

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And probably, by the time that's
this episode gets released,

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something's going to change, but
just for everyone to understand

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what the hell is going on there
right now?

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Yeah, like first of all?
Yeah, like station in Ukraine

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now is not quite a special last
days because as, you know, like

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tomorrow will be my 9th May.
So we expect that number of

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Russian attacks and draw.
A number of bombs will be high

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and It's already much higher
today, especially in Odessa, and

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other towns in Western Ukraine
in eastern Ukraine, but I'm

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based in Western Ukraine.
So yeah, we like even have

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recommendations from different
authorities to go to bomb

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shelters and be weary and worry.
I think like controls the city.

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Now, like this is several days
because we expect much much

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pressure in the next days, yikes
that is wearable.

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And for confused Americans,
right now, listen to this,

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trying to understand what is the
connection between the increased

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number of bombs.
And 9th of May 9th of me, is

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when Russians, think the second
world war ended or bacon added

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for them, it may not in
September, but yes, let's now

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that Caught up now really get in
touch on to the situation till

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the end of the episode.
We're going to make a few calls

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to actions to help ukrainians
and obviously Founders like a

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lot of alone out there.
Let's talk about running a

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company out of your green right
now in sense of why are you

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remaining there?
And how does the work look like

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there?
First of all, we have tens of

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three team members now and when
we talk about like managing the

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company during the war, first of
all, it's about support for all

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team members and like,
communication, every day, every

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hour.
So now, we are like, already,

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like we're okay with like not,
okay, it was this were, but

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three.
You understand how to do it

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better but like, first weeks, it
was like very challenging to

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communicate with everyone and
support everyone.

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And we also understand, it's
like every team member also has

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families or friends and his
family and friends and also not

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safe and all to members are not
safe so many things like company

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during the war.
It was really complicated during

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first First week's special first
two weeks already on the third

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week, we started so work like
100%, or even more, because we

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understand that now we need to
like to work and do better and

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do better, our work because we
need to grow and we need to hire

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you to members, and that's fine.
It's like we're challenging to

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do this work because You are not
like in the safe situation and

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it's like you way to do business
like from bomb shelters and

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especially new about like
communication inside because you

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should understand that and
manage like all your people,

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whereas are allocated in, they
have everything they need.

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So it's not, it's not easy, and
it's not easy, even also to

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stay.
A like in a good mood for all

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team members, because they also
understand like, if you are like

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in a good mood and you can only
in that way you can support all

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others, so that's why it's
really challenging but for sure.

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I really like proud probity
because already on the second

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week of the war we really
started to work and we like Do

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everything and especially when I
understand it.

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Mainly our team members their
volunteers, they simply not only

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work and do their like basic
work, but they also volunteers,

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they help others.
And so everyone like have now

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several jobs, because first one
is a few team and the second one

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like helping others so, and
helping keep crazy.

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So I think that we are really
very, very hard work now Now.

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Yeah, and I mean props you for
pulling all the weights and the

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stress and the pressure that is
quite impressive.

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Let's let's talk about what the
expectations are.

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So you on our pre-interview kind
of discussion, you've mentioned

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that you do plan to fundraise
even though you haven't raised

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any money yet.
But besides that or including

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that, including your plans to
fundraise, would you expect to

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happen with fuel Finance in the
next couple of months?

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First of all, yeah, we're Really
plan to fundraise during next

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month's, mmm.
We understand that we are

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growing even now despite the war
from month to month.

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So and we made like many
different activities.

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So I believe that it's during
next month's will fund raise and

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we like still be working as we
do it now, because like many

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team members already in Western
Ukraine in more safe place This

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or some team members already
special equipment, they already

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not in Ukraine, some of them.
So that's why I believe that.

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During the next several months,
we will fund raise Perfect.

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And yeah, I mean this entire
podcast is focused on

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fundraising.
So let's, let's talk about that.

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What are your plans for
fundraising look?

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Like, do you plan to fundraise
steel based out of Ukraine?

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And do you plan to raise money
from Ukraine, investors, or do

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you plan to go abroad somewhere,
for example, in the US?

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Yeah, we like, we have most
number for our clients from the

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us and our Target is US.
According to our products

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houses. survival plan to
fundraise like also from

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different Angel Investors but
also from VC funds, especially

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we now want to be focused on yes
fans understood and do you

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really start building the
relationship with the US funds

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or did you just, you know, are
you starting to ask for

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introductions to them or do you
just, you know, plantains so far

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We know already, like started to
communicate with investors and

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it will also like after our,
like product hands and all our

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activities that were made.
Like, during last month's, we

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already received some letters
from different Farms.

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So we already started to
communicate with them, and I

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have co-founder yet established
new Who is also like serial

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entrepreneur and he also
co-founder of bad Cube will

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already raised like more than 25
million dollars.

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So that's why we already like
have some communication, some

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connects.
So we like plan to already has

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already started to communicate
with different investors.

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Awesome.
You're off to a good start.

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That is great to hear.
I always it always surprises me

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how some vendors are like.
Yeah, we're playing to

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fundraising two months, we have
done nothing.

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To prepare for it.
But we're playing.

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I'm glad to hear that.
You are not doing that and that

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you have someone on your team
who has already fundraising

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experience.
Let's let's talk about American

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customers done, so that's very
common situation.

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Where companies builds in Europe
and they still focus on their

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clientele in the United States.
How are you structured legally?

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So you have to form a company in
the u.s. in order to sell to

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Americans better, or did you
just structurally?

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You're still based in Ukraine as
well.

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Well, no, no, we have legal
entity in the yes.

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You know.
We're so and we like all our

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legal structure is now fully
prepared for fundraising.

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Awesome.
That is great.

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And when did you incorporate
when was the moment when you

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decided, you know, we need to
incorporate in?

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Yes.
Was it after you already had an

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entity in Ukraine?
Or did you just start the

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company right?
In the US had an entity in

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Ukraine because like first year
When we only started was always

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idea, it was tested like here in
the grain.

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So we made this interpretation
in the yes, in October this

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year.
So only in October, we started

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like our legal entity in that
over before it was Ukrainian

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legal entity.
So now not like that.

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Interesting.
So some of our listeners have

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been Georgia of our listeners
are based in the United States

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but but quite a few of them are
actually based abroad as well.

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So for those people who are
based abroad, how did you

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transition that entity from
being based?

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In Ukraine, to the American
Energy?

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Did you just close the old one
and just issue the same shares

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to the old shareholders from the
new entity?

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Or did you do it in a, some more
sophisticated way?

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First of all, like I was 10, I
found one founder solo founder

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before our We go into T in the
gas.

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So, but before we made this
legal entity, we like started

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work with yourself as a
consultant during testing blasts

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more than one year and a half.
After that, we decided to be

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co-founders.
And when we already like

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registered our legal entities,
yes, and I should say it's a

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very fast way to do, it was
Claire key, and even in case,

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He's some co-founders who needs
some detailed instructions, how

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it's better to do it.
We already have this instruction

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and I'm ready to share first
way.

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Is he here?
Is he here Clarity?

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No, I work for first base.
We are the best incorporate in

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the u.s. that is.
And we're not gonna talk about

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clergy Here, style is not sorry,
I'm good looking, but still

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people first.
These daughter yo, is very

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00:14:01,300 --> 00:14:05,400
sorry.
But seriously, out of the

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00:14:05,400 --> 00:14:07,400
serious note, where are the
instructions?

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00:14:07,700 --> 00:14:11,900
They mean, you've made like a
blog post about that or what

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00:14:11,900 --> 00:14:13,900
kind of instructions to re
talking about.

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We have like, every like when we
started to destroy our legal

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00:14:20,200 --> 00:14:24,800
entity, it was like a wave.
And first of all, we started to

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00:14:24,808 --> 00:14:27,100
think that it will be like
several weeks.

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00:14:27,500 --> 00:14:32,200
And, after that already, in the
first week, well, Understood

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00:14:32,200 --> 00:14:35,200
that if not, we'll be like
several weeks and we needed two

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00:14:35,200 --> 00:14:38,700
months to do it.
But there are like different

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many questions with like we
didn't have problems with bank

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account so it was easy to make
bank account online like being

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being here Ukraine, but it were
different like questions

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00:14:54,200 --> 00:14:59,100
problems with different to us
authorities and I think they are

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really very, very slow.
Communication and causes

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00:15:04,200 --> 00:15:07,100
bureaucratic way of
communication with us

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authorities.
It was a real challenge.

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So and sometimes like we are
happy that we had like the way

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to communicate with all other.
Our friends found Founders and

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ask them how to do like some
several things during this

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during this way of registering
the company.

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But you know, we already have
like Instruction about how

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especially, how to communicate
this year's discourages

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different ways.
So when you say that you had to

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communicate with us authorities.
What was that about?

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What was that about receiving a
employer identification number

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or because I know that that's a
common problem for a lot of

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foreign Founders, or was there
another part that you had to

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discuss with the US authorities?
It's not like this class but

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when we like, when we registered
the So, we going to do, it was

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the least of different
documentation that should be

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prepared, but we had different
questions about some types of

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documents.
If, if we really need this

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documents to be prepared.
And especially, I remember there

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is like, glued members name of
this document, but it should be

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prepared.
Like, not later is, and like one

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month after you provides like
after you may disregard

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registration of legal entity And
during these 30 days like this

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us authorities, they should
approve the deal received this

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document from you, but it was a
real challenge because on the

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website, the authorities they
have information that they

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couldn't be responsible like for
your documents if they receive

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them later.
Even in the case, for example,

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when you send all his documents
in time so they really could be

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lost during this period and
that's why this is so Disease

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couldn't receive them in this
period of time of surgery.

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These if in case it will be
later you should have some

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penalties and some problems with
registration of banking account.

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So it was a real challenge
because like we called this

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authorities asking during one
week completely every day to

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understand if they received our
document or not it was a real

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challenge because they are
really very slow.

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And I'm At this is everything is
okay but it was it was a real

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challenge.
It's quite interesting usually

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in the u.s. laws it counts as
whenever you send documents

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that's like the date when they
kind of receive it.

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So if the deadline is May 30th
and you send them on the May

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29th, you should be no clear but
that's that's an interesting

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case.
I'm still wondering what kind of

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documents those are that you
have to send after 30 days but

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we'll probably I'll probably ask
you about that later and either

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specify that in the description
of this episode.

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Or I'm going to do some real
research and shared that

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information in the description
of this episode.

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On this note, let's touch on to
the last thing before the call

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to action at the end of the
episode and talk about who fuel

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Finance is actually made for.
So I'm on our website right now

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looks amazing.
By the way 11.

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It's but the pricing side.
A lux less amazing.

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I thought.
Yeah.

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You know, very early stage
companies, you know, prices like

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point, nine dollars per month or
like a hundred dollars per

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month, but you were pricing is
kind of much much higher.

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So if you're paying on a monthly
basis and not signal basis, they

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essential plan starts at $1600
per month.

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So who are you built for?
Yeah, like we built for there

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really early stage startups.
We work with seat around surtax

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usually, and we have this price
because we have not on the like

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software.
We also have like financial

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00:19:07,300 --> 00:19:13,400
success managers in our package,
and one clients like they

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00:19:13,400 --> 00:19:15,800
receive all products.
They don't think about

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00:19:15,800 --> 00:19:20,000
accountants.
We made everything like all

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piano, Orchestra balance sheet,
For it's all accounting or

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00:19:23,200 --> 00:19:26,600
bookkeeping.
And also like plan, fact,

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00:19:26,600 --> 00:19:28,600
analysis other boards, they
need.

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So it's like starting from the
basic level when you're like

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reduced her your company and you
understand that you need

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00:19:35,500 --> 00:19:39,100
accountants.
So we start from that but we

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00:19:39,100 --> 00:19:43,300
also have like a full like
clouds based financial

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00:19:43,300 --> 00:19:47,800
department because we also like
when your company and growing

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00:19:47,900 --> 00:19:50,500
you needs like more and more in
financial management.

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00:19:50,500 --> 00:19:52,700
So you start From basic
accounting.

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00:19:52,700 --> 00:19:56,100
But later stages, for example,
you need to cash flow control

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00:19:56,100 --> 00:19:59,800
after that, he needs plan factor
analysis and already.

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Like after that, you need we
need economics.

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And yes like on all stages, all
our crimes, they receive

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dashboards but they also receive
that financial management that

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they need.
So he has this price like

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started from 1000 dollar per
month.

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But when you know, our think
about packages with less price

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for like press it, Startups my
earlier stages and I think will

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00:20:25,800 --> 00:20:31,100
release its in next month's.
Also understood perfect.

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00:20:31,100 --> 00:20:33,600
Perfect.
In this case, we'll definitely

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obviously going to include all
that in the description of this

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00:20:36,200 --> 00:20:40,000
episodes with the link to fuel
Finance for people who need

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00:20:40,000 --> 00:20:42,400
accountants and everything that
was mentioned earlier in the

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00:20:42,400 --> 00:20:44,200
episode.
So alone on this note.

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00:20:44,200 --> 00:20:46,900
So let's move on to the very
last question of days episode,

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which is a call to action.
So, what do you want to listen

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00:20:50,000 --> 00:20:52,600
to do as soon as this Episode is
over.

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00:20:54,200 --> 00:20:59,400
Yeah, first of all, being being
Ukrainian, I'm still like, ask

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00:20:59,900 --> 00:21:04,700
all who listen to this podcast.
First of all, support Ukraine,

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00:21:04,700 --> 00:21:07,800
and everyone can support Ukraine
in different ways.

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00:21:07,800 --> 00:21:13,000
First of all, you can simply
like, donate to to create an

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00:21:13,000 --> 00:21:19,600
army or also is much easier.
But also efficient way to first

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00:21:19,600 --> 00:21:22,000
of all, spend with Ukraine.
Friends.

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00:21:22,000 --> 00:21:26,100
They created some vertical
platform which is named spend

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00:21:26,100 --> 00:21:30,400
with Ukraine.com and everyone
can use and by Ukrainian

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00:21:30,400 --> 00:21:33,700
products, different Korean
products and can be like

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00:21:33,700 --> 00:21:37,400
software and can be fashioned
everything else.

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00:21:37,500 --> 00:21:41,100
And it was also a huge support
now for Ukraine, because all

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00:21:41,100 --> 00:21:45,500
these businesses, they like base
salaries here for ukrainians and

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00:21:45,900 --> 00:21:48,600
they also like the Nate from
their profits.

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00:21:49,000 --> 00:21:51,400
So support Ukrainian Army and
support Ukraine.

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00:21:51,600 --> 00:21:56,400
Um, so my like only and bond
complexion, first of all about

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00:21:56,700 --> 00:21:58,800
different ways to support
Ukraine today.

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00:22:01,100 --> 00:22:03,400
As awesome.
And for people who want to just

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00:22:03,400 --> 00:22:06,600
straight-up donate money, there
are tons of companies that now

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00:22:06,600 --> 00:22:08,900
offered to match your
contributions like Google.

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00:22:09,700 --> 00:22:12,700
So, if you're doing a 50 bucks,
Buchanan, 800 bucks through

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00:22:12,700 --> 00:22:14,600
Google's resources.
And Google has a ton of

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00:22:14,600 --> 00:22:17,200
resources.
So, go ahead tap into them.

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00:22:17,200 --> 00:22:21,200
Google is able so might as well
pay for a little bit, do that.

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00:22:21,200 --> 00:22:22,500
I'm going to make sure to leave
a link.

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00:22:22,500 --> 00:22:25,900
Actually, I'm not sure if their
promotion is still life, but I'm

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00:22:25,900 --> 00:22:28,600
going to actually look for
something that does match your

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00:22:28,600 --> 00:22:31,700
contribution.
So you can double your

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00:22:31,700 --> 00:22:34,800
contribution without putting any
extra money in there.

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00:22:35,700 --> 00:22:38,500
On this note we're going to rip
it up and my call to action is

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00:22:38,500 --> 00:22:40,700
going to be check out the
description to the episode.

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00:22:40,700 --> 00:22:44,100
As usual, I'm going to leave a
ton of links there and as

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00:22:44,100 --> 00:22:46,100
usually, go have a good day.