So that was fairly straightforward. Now what we're going to do is we're going to do the balance sheet. However, we had to go to the 10 K filing to do the options because that was the only place we have the information. But for the balance sheet, I want to go to the 10 Q filing because that is more recent and I know sometimes this feels a little uncomfortable, but the reality is we have to get the most recent information. So I'm going to go to the 10 Q filing and I'm gonna go to the consolidated balance sheets for most of this.

And we've got the debt numbers. Now in the current liabilities, we have got the short-term debt, the 1908. So I'm gonna pull that in. I know that includes the current liabilities of long-term debt. That's fine. We've also got some structured payables. Let me just change this label because I want to include the structured payables there as a debt equivalent. And then there's some long-term obligations here that 12,929 and that's the balance sheet item. And I'm just going to see if there are any finance leases here. And there's nothing kind of jumps out at here, but there may be some detail in the notes to the accounts.

So if I go to the sections and I go to the lease information, there's actually nothing about the lease liability in the lease information. However, if we go to other financial information, then you can see that we do have some information down below in the liability section for finance lease liabilities. Now they also have operating lease liability, but if I was doing just US companies, I would probably ignore it and not make the earnings adjustment. So you've just got to make a decision about whether you are doing a global comparison, in which case you should treat the operating leases as financial items to make them comparable with IFRS for a US company, or if you're just doing it for us comparables, in which case you could make a decision not to worry about the operating leases. But it's worth just talking to your team, decide what they want to do. So I'm gonna insert a couple of lines here and I'm going to do short term finance leases and then long term finance leases here. So I'm gonna go and get the current finance leases, which is 104 and you can see how important it is to have these links. And then we'll do long-term finance leases here, the 617 and I'll paste that in there. Let me just update some of these annotations, because I put quite a bit in. So this is the shares outstanding Q1 shares outstanding. The 9 0 8 number is the short-term debt.

And then we've got the structure payables and then the 12,929 is long-term debt. And the 104 is the short term lease or I'd say finance lease leases. Fact, I can copy that.

And this is the long term finance leases. So again, good labels means it's really easy to find items. So I'm gonna jump back to my balance sheet. May as well use my little links there. And on the balance sheet, the only other item we've got is a non-controlling interest. And actually in this case you can't see any non-controlling interest. That probably means that they don't have any third party holders in the subsidiaries. In which case I'm just gonna put 0 in that cell because I don't need to include it. And then what I need to do is I've got to do the asset side of the balance sheet.

And remember every company's different so you won't necessarily have all these items. So I'll start with cash. I've got the 317 paste that in. There's no multiple securities. I'm just gonna put 0 in the cell to save a bit of time. I should make these blue. So let me do that.

And then the equity method investments. Yeah, they've got investments in unconsolidated subsidiaries, so that's the equivalent equity method investments. You'll see different names for these items and they don't list any other investments. I could look at that breakdown that we've got just to see in the notes whether there are any financial items here. So this is the list of the current items. Doesn't look like it. This is the list of the non-current assets, other non-current assets. They do actually include equity securities. This is probably not actually that relevant because it's such a small number, but let me just put that in there. It's just highlighting that actually you could go on and on and on. It's rather like calculating the number pi. There's lots and lots of detail, but you do need to make an assessment of is this going to move the multiple And this isn't probably. So a lot of analysts probably would just leave that out. So that's all the items. Let me update my annotations. So that number is cash, those are equity investments, I'll say equity method investments.

And then this is, I'll just call other investments there. So now I can calculate my implied enterprise value and I'm going to do a sum and I'll add up all the capital items. So I'll start with the diluted market cap and then I'll add all the financing items and that gives me my capital value. And then I'll subtract the financial assets. Now we're not saying that the financial assets aren't valuable at all. We're just saying we don't want them in our enterprise value. We just want the value of the operational business.