olivLaw · US equity research
Core AI Holdings, Inc. CHAI
Radiotelephone Communications · SIC 4812 · Vertical: Radiotelephone Communications (SIC 4812)
Core AI Holdings is an AI technology company that, after its October 2025 merger with Core Gaming, relies on developing and monetizing casual mobile games funded by advertising. It has also set out plans for HPC and AI data centers, while revenue reached 55.24 million USD in 2025, up 58.6 percent.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Core AI Holdings, Inc. (CHAI) stock was 0.18 USD (−2.14% on the day), with market capitalisation 3.6 m USD, beta 1.23, 52-week range 0.18–3.76 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 32.7
- weak (30–45)
- Bollinger (20, 2)
- 0.16 – 0.24
- in the lower half of the band · %B 0.28 · band width 38.2%
- SMA 50 / 200
- 0.25 / 0.89
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.02 / -0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −35.6% | −1.1% | −34.5 pp | — |
| 3 months | −47.7% | −0.5% | −47.3 pp | — |
| 6 months | −86.7% | +4.4% | −91.1 pp | — |
| Year to date | −88.8% | +12.3% | −101.1 pp | — |
| 1 year | −95.0% | +13.5% | −108.6 pp | +18.3% |
| 3 years | −100.0% | +76.4% | −176.4 pp | +29.1% |
| 5 years | −100.0% | +63.7% | −163.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ⚠ 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11.0 m | 9.8 m | 6.0 m | 7.5 m | 6.5 m | 8.2 m | 34.8 m | 55.2 m |
| Revenue YoY | unavailable | −10.6% | −39.0% | +26.0% | −14.1% | +27.0% | — | +58.6% |
| Net income | -8.9 m | 118.6 k | -13.6 m | -23.6 m | -15.3 m | -12.9 m | -372.3 k | -31.6 m |
| Net income YoY | unavailable | unavailable | −11,563.5% | unavailable | unavailable | unavailable | — | unavailable |
| Diluted EPS | unavailable | unavailable | -9.15 | -344.56 | -92,164.00 | -10,183.00 | -154.66 | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | — | unavailable |
| net % | -81.0% | 1.2% | -226.9% | -313.1% | -236.0% | -157.1% | -1.1% | -57.2% |
| Free cash flow | -2.3 m | unavailable | -10.0 m | -12.8 m | -13.9 m | -8.3 m | -71.3 k | unavailable |
The series breaks before 2024: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.9 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 3.1 m USD
- Total assets
- 13.4 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.24x
- ROE
- -899.7%
- ROA
- -191.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 6.0 m | 7.5 m | 6.5 m | 8.2 m | 34.8 m | 55.2 m | SEC (XBRL)· 15 May 2026verified |
| Cost of revenue | 4.4 m | 5.7 m | 5.1 m | 5.6 m | 33.3 m | 55.5 m | SEC (XBRL)· 15 May 2026verified |
| Gross profit | 1.6 m | 1.9 m | 1.4 m | 2.7 m | 1.5 m | -302.7 k | SEC (XBRL)· 15 May 2026verified |
| Research & development | 560.2 k | 846.2 k | 339.8 k | 578.4 k | 625.0 k | — | SEC (XBRL)· 21 Apr 2025verified |
| Operating income | -10.7 m | -20.4 m | -16.6 m | -10.5 m | -369.2 k | -7.1 m | SEC (XBRL)· 15 May 2026verified |
| Depreciation & amortisation | 1.3 m | 1.0 m | 1.1 m | 1.8 m | 1.7 m | — | SEC (XBRL)· 21 Apr 2025verified |
| EBITDA | -9.4 m ≈ | -19.4 m ≈ | -15.4 m ≈ | -8.8 m ≈ | 1.3 m ≈ | — | SEC (XBRL)· 15 May 2026derived |
| Interest expense | 5.9 m | 5.1 m | — | — | — | — | SEC (XBRL)· 28 Apr 2022verified |
| Pre-tax income | — | 23.6 m | 15.3 m | 12.9 m | -370.3 k | -7.2 m | SEC (XBRL)· 15 May 2026verified |
| Income tax | — | — | — | — | 2.1 k | 8.4 k | SEC (XBRL)· 15 May 2026verified |
| Net income | -13.6 m | -23.6 m | -15.3 m | -12.9 m | -372.3 k | -31.6 m | SEC (XBRL)· 15 May 2026verified |
| Diluted EPS | -9.15 | -344.56 | -92,164.00 | -10,183.00 | -154.66 | — | SEC (XBRL)· 21 Apr 2025verified |
| Weighted average diluted shares | — | — | 166 | 1.3 k | 163.4 k | — | SEC (XBRL)· 21 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 16.5 m | 1.6 m | 1.9 m | 898.8 k | 5.6 m | 1.9 m | SEC (XBRL)· 15 May 2026verified |
| Receivables | 2.7 m | 1.5 m | 1.6 m | 1.2 m | 9.1 m | 5.7 m | SEC (XBRL)· 15 May 2026verified |
| Inventories | 2.4 m | 2.4 m | 4.1 m | 3.5 m | 3.9 m | — | SEC (XBRL)· 21 Apr 2025verified |
| Current assets | 23.1 m | 6.2 m | 7.9 m | 6.7 m | 19.6 m | 12.8 m | SEC (XBRL)· 15 May 2026verified |
| Property, plant & equipment, net | 55.5 k | 268.0 k | 207.4 k | 175.3 k | 1.5 k | 477 | SEC (XBRL)· 15 May 2026verified |
| Goodwill | 801.8 k | 50.3 k | — | — | — | — | SEC (XBRL)· 18 May 2023verified |
| Intangibles (excl. goodwill) | 6.5 m | 4.4 m | 7.0 m | 7.9 m | 8.3 m | — | SEC (XBRL)· 21 Apr 2025verified |
| Total assets | 31.1 m | 12.1 m | 16.1 m | 15.5 m | 19.6 m | 13.4 m | SEC (XBRL)· 15 May 2026verified |
| Accounts payable | 2.6 m | 2.6 m | 3.1 m | 3.5 m | 15.0 m | 8.3 m | SEC (XBRL)· 15 May 2026verified |
| Short-term debt | -56.5 k | — | — | — | — | — | SEC (XBRL)· 30 Jun 2021verified |
| Long-term debt | 150.5 k | 108.2 k | — | — | — | — | SEC (XBRL)· 28 Apr 2022verified |
| Current liabilities | 9.4 m | 6.9 m | — | 5.4 m | 17.4 m | 10.3 m | SEC (XBRL)· 15 May 2026verified |
| Total liabilities | 9.8 m | 9.6 m | 6.9 m | 5.8 m | 17.4 m | 10.3 m | SEC (XBRL)· 15 May 2026verified |
| Equity | 21.3 m | 2.5 m | 9.2 m | 9.7 m | 3.9 m | 3.1 m † | SEC (XBRL)· 15 May 2026verified |
| Shares outstanding at year end | 4.7 m | 5.3 m | 44.9 m | 570.5 k | 787.7 k | 19.9 m | SEC (XBRL)· 15 May 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -10.0 m | -12.6 m | -13.9 m | -8.3 m | -52.9 k | -6.7 m | SEC (XBRL)· 15 May 2026verified |
| Capex | 21.1 k | 224.5 k | 14.2 k | 3.7 k | 18.4 k | — | SEC (XBRL)· 21 Apr 2025verified |
| Free cash flow | -10.0 m ≈ | -12.8 m ≈ | -13.9 m ≈ | -8.3 m ≈ | -71.3 k ≈ | — | SEC (XBRL)· 15 May 2026derived |
| Investing cash flow | -1.5 m | -3.1 m | -3.6 m | -2.3 m | 5.6 m | 3.0 m | SEC (XBRL)· 15 May 2026verified |
| Financing cash flow | 25.3 m | 1.0 m | 17.6 m | 9.6 m | 75 | — | SEC (XBRL)· 15 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.6 m USD
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -57.2% | 8 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 104.3% | 100 (on a fixed band) | 31% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.2x | 37 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -182.9% | 0 (on a fixed band) | 31% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial37/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial8/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CORE AI HOLDINGS, INC. (CHAI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 55.2 m USD in 2025; YoY growth 58.6%; net margin -57.2%; ROE -1,196.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 104.3%
What contradicts it
- Net margin: -57.2%
- FCF yield: -182.9%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Radiotelephone Communications (SIC 4812) · same industry (4-digit SIC) · compared with 12 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CHTChunghwa Telecom Co., Ltd. | 380.0 bn | 326.5 | 9.4% | 16.2% | −3.8% | +17% / +29% |
| TMUST-Mobile Us, Inc. | 168.6 bn | 15.4 | 19.4% | 12.0% | +8.5% | −24% / +6% |
| VEONVEON Ltd. | 146.1 bn | 263.4 | 48.5% | 13.4% | +9.9% | +48% / +294% |
| TIGOMillicom International Cellular SA | 13.0 bn | 9.8 | 36.2% | 22.6% | +0.3% | +45% / +357% |
| KYIVKyivstar Group Ltd. | 3.1 bn | 23.9 | 10.4% | 10.7% | +25.9% | −4% / unavailable |
| ADArray Digital Infrastructure, Inc. | 2.9 bn | 5.4 | 18.3% | 250.8% | +58.3% | −32% / −27% |
| IHSIHS Holding Ltd | 2.8 bn | 20.2 | — | 9.1% | +3.6% | +19% / +82% |
| SPOKSpok Holdings, Inc. | 252.6 m | 13.6 | 12.8% | 13.9% | +1.5% | −9% / −28% |
| SIDUSidus Space, Inc. | 18.7 m | — | -27.0% | -970.3% | −27.6% | +49% / −82% |
| CHAICore Ai Holdings, Inc. | 3.6 m | — | -1,196.1% | -57.2% | +58.6% | −95% / −100% |
| VODVodafone Group Public Ltd Co | — | — | -7.4% | -11.1% | +2.0% | +31% / +80% |
| SKMSK Telecom Co., Ltd. | — | — | 10.8% | 7.0% | +1.9% | +55% / +39% |
| TUTelus Corp | — | — | 7.1% | 5.4% | +0.6% | −30% / −49% |
1- and 3-year price returns: for CHAI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 15 May 2026; since then the company filed 6-K (30 Oct 2026), 6-K (23 Sept 2026), 6-K (28 Aug 2026), 6-K (27 Aug 2026), 6-K (12 Aug 2026), 6-K (06 Aug 2026).
In brief
Core AI Holdings is an AI technology company that, after its October 2025 merger with Core Gaming, relies on developing and monetizing casual mobile games funded by advertising. It has also set out plans for HPC and AI data centers, while revenue reached 55.24 million USD in 2025, up 58.6 percent.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Going concernhigh
The auditors included an explanatory paragraph on the company's ability to continue as a going concern over the next twelve months. Without additional financing, the business plan could be affected. 1
- Dependence on ad platformshigh
Revenue depends on a few third-party platforms, and policy changes could quickly reduce collections. 1
- Dependence on a staffing providermedium
Staff and back-office services come from an affiliated entity, and a disruption could affect operations. 1
- Execution risk for data centersmedium
HPC and AI projects are capital intensive and depend on energy and specialized equipment. 1
- Hong Kong and regulatory riskmedium
The Hong Kong National Security Law and other regulations could affect the subsidiary's operations. 1
Investment thesis
What would need to be true (bull case)
- If advertising revenue keeps growing, the company could strengthen its position in casual games and leverage its AI platform. 1
- Data center partnerships could provide a new growth engine if projects are financed. 1
- Growth in the mobile gaming industry could support demand for the company's portfolio. 1
What would break the thesis
What to watch
- Progress of data center joint ventures and their financing2026
- Core Gaming revenue trend and Google H5 policy developmentsQ1 2026
- Renewal or modification of the staffing contract with the affiliated provider2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 15 May 2026; since then the company filed 6-K (30 Oct 2026), 6-K (23 Sept 2026), 6-K (28 Aug 2026), 6-K (27 Aug 2026), 6-K (12 Aug 2026), 6-K (06 Aug 2026).
The business
Core AI Holdings, Inc. (formerly Siyata Mobile Inc.) is organized in British Columbia, Canada, with its principal place of business in Miami, Florida. After the merger with Core Gaming, Inc. completed on October 3, 2025, the company presents itself as a global AI technology and infrastructure company, with Core Gaming, an AI-driven mobile game developer and publisher, as its main business. The PTT handset business was divested at the end of 2025 so resources could focus on AI. 1
Core Gaming creates casual mobile games for players in over 140 countries, which it develops, co-develops or publishes. Revenue comes from displaying ads in the games through platforms such as Applovin and Google, and revenue is shared with partners on co-developed titles. Its proprietary BI platform uses AI tools for marketing campaigns. 1
The diversification plan targets HPC and AI data centers, developed through joint ventures and collaborations. In the first quarter of 2026 the company entered three joint venture agreements and one memorandum of understanding, but no project has yet been presented and no financing commitment has been secured. 1
Segments
Core Gaming (mobile games and advertising)
The main segment earns revenue from advertising in casual mobile games. Revenue for fiscal 2025 was 55.24 million USD, and the company reports over 40 million monthly active users. Advertisement promotion costs were the largest component of the cost of providing services. 1
HPC and AI data centers (in preparation)
This segment is at an early stage, with no operating history, and depends on joint ventures and financing that has not yet been secured. The company has noted it will need large quantities of electric power at commercially reasonable rates. 1
Market context
Statista projects the mobile gaming industry at 126 billion USD in 2025, with a compound annual growth rate of 5.6 percent through 2029, when the market could reach 157 billion USD. Global users could reach 2.4 billion by 2029, and free-to-play games funded by advertising are growing fastest. 1
The company describes the AI data center market as expanding, but the source does not quantify its size. Growth depends on energy costs, specialized equipment and demand for computing capacity, factors that can change market conditions quickly. 1
Trends
- Growth of mobile gamingtailwind
Mobile gaming is the fastest-growing gaming platform, supported by affordable devices and available content. If this trend continues, it could support demand for the company's games. 1
- Ad platform policy changesheadwind
Changes in Google policy for the H5 business affected revenue, and suspended accounts left some revenue unrecognized. If such changes recur, revenue could remain volatile. 1
- Demand for AI infrastructuremixed
Demand for HPC and AI data centers is a strategic opportunity, but projects are at an early stage. Success would depend on the ability to attract partners and financing. 1
- AI and data regulationheadwind
Laws on privacy, minors' protection and AI use are continually changing, and non-compliance could affect the business. Regulatory uncertainty may raise compliance costs. 1
Competitive position
The mobile gaming industry is extremely competitive and fragmented, with small independent developers and large companies with greater financial and technical resources. The main competitors are other game developers and companies offering publishing and promotion services. 1
The company says its advantage lies in its proprietary AI-based BI platform and its publishing and monetization experience. However, if users prefer competitors' products, the business could be affected. 1
- Other mobile game developers
Small and large companies publishing casual games, some with greater resources. 1
- Game publishing and promotion companies
Providers of promotion and publishing services competing for developer partnerships. 1
- Mobile advertising platforms
Ad networks that are both revenue channels and potential rivals in distribution. 1
- HPC and AI data center providers
Operators and developers of AI infrastructure in the segment the company intends to enter. 1
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- US claims Chinese AI companies’ core AI strategy is distilling American modelsThe Register · 09 Sept 2026 · EN
- Apple Core AI FrameworkHacker News · 08 Jun 2026 · EN
The latest news item in our archive is from 09 Sept 2026; the newest SEC filing is from 30 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)30 Oct 2026
- Current report (foreign issuer)23 Sept 2026
- Current report (foreign issuer)28 Aug 2026
- Current report (foreign issuer)27 Aug 2026
- Current report (foreign issuer)12 Aug 2026
- Current report (foreign issuer)06 Aug 2026
- Current report (foreign issuer)31 Jul 2026
- Current report (foreign issuer)30 Jul 2026
- Current report (foreign issuer)28 Jul 2026
- Current report (foreign issuer)21 Jul 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Core AI Holdings, Inc. · 15 May 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.