Now let's proceed, and try to save this expected $1 million in cash flow. Well unfortunately, the only way to do so is to engage in some kind of monitoring. So in this case, we have to invite someone, someone trustworthy who would convey to the investor that indeed this or that state occurred. So instead of basing our conditions on what I say, now, I as an investor, start to take into account what this one says. Someone independent, someone who does not collude with either you or me, and someone who is trustworthy. That is the party that is engaged in the process that is called monitoring. Basically just watching what's going on, and delivering that to investor. Now, back to the model. High, low, 0.80, 0.20, 15, five, six million, that's what we. Now, we invited that monitor, and let's say we pay $20,000 for that. You can say well, it's small nominal amount, but let's say that you put someone on the board of directors of the company that engages in this project, and this someone's job is only to tell us, let's say after a year, what state of the world indeed to place? And that does not require that much money in most cases. Well, you can always argue that in reality, even the people who possess all the information inside the company including confidential information, oftentimes cannot in a trustworthy way, claim what happened, not because they would like to lie to investors but because they cannot realize what's going on. That also happens. But for us we can say well, it's easy to see whether it's high or low. Now this is a very small amount but see what happens. Now, instead of a debt conflict of liquidation, I can give a loan with a face value f, f small. We can identify that from the following equation. Before, let me remind you, we had for F large, we had 0.80 times F plus 0.20 times 0, that was equal to 6 from which, we saw that F was equal to 7.5, and that's what we discussed in the previous episode. But now, we see that the equation changes, because now, in the high state we have the same, but in the low state, that in the record, we do save this $5 million. Let's say, I claim to an investor, well sorry about that, but the low state occurred, and the monitor says, yes indeed it occurred. And then, I know that I will recover this five, and that should be equal to how much? Six is my expected cash flow but I also paid $20,000, so this is plus 0.02 if we count in millions of dollars. And if we're solve this equation, we can see that F is equal to 6.02 minus 1 divided by 0.8, which gives us 6.275. Now, it's a little bit higher than 625 that we tried to charge two episodes before. But for now, this is what we actually get. And this is much lower than 7.5. Why is that? Where did we get this from? We got this from the fact that we monitor and we saved this five. So therefore, we can see that to some extent, we arrived at the local happy end. Not only did we find the way to finance a good project, but also we found quite an efficient way. We do have some dead weight loss here, but it's much smaller compared to what was before. And here, we are about to say, well great, we've arrived at the happy end. Well unfortunately, that works only if we have these huge investors with $6 million each. And if for example, this amount is collected from a large crowd of small investors, we will see that unfortunately this whole approach collapses. And that's exactly what we will study in the next coming episodes of what to do, when instead of big investors, you have a lot of small investors, a lot of these small blue bags, dollar marked that we had in the first picture in the first week. That's what we'll see in the next episode.