Mike, here's what mattered most in June: the gym had its best month-over-month revenue jump on record — up 35% from May — and it came from actually running the playbook. Marketing spend is working. But it worked at a cost: margin got compressed to 13.5%, cash runway is technically in red territory, and the books aren't fully closed yet. This is one of those months where the headline number feels great but the underlying math needs attention. Let me start with what's working. Total revenue hit $32,608 in June — memberships at $23,589, personal training at $6,068, and trainer rent at $2,952. That 35% jump from May is real growth. The expense-to-revenue growth ratio came in at 0.2x, meaning expenses barely moved while revenue jumped — that's exactly what operating leverage looks like. The gym's contribution margin held above 70%. And at 197 members, you're three away from the 200-member replication gate. That's not an accident; that's the growth machine starting to click. Now the other side. Revenue at $32,608 is still about 25% below the $43,500 comfort threshold. To get there on memberships alone, you'd need to either grow the member count significantly or convert more intros to committed tiers — probably both. The 40 intro members and 16 Culture Access members are diluting your ARPM to $119.74 against a committed-member ARPM closer to $156. That composition gap matters: it means adding a member doesn't add $156 to your revenue run-rate right now, it adds something closer to $120. The path to threshold runs through that conversion rate. The margin story is the one to watch. Net income came in at $4,392 — a 13.5% margin — which is red territory (below 20%). The culprit is mostly the $6,059 in advertising spend, which is 18.6% of revenue. That marketing spend is clearly working, so I'm not saying cut it. But we're at a point where revenue has to keep climbing or the spend needs to stop growing with it. The growth you're seeing right now was bought with today's margin. That's a fine trade while you're ramping — it stops being fine once you're above threshold and still running at 13%. Cash runway is where I want to be direct: 28.8 days is red territory. With $19,033 on hand against $19,851 in monthly operating expenses, there's essentially no cushion. Credit card balance also grew $5,277 month-over-month to $16,899. That's not an alarm yet — $25K is the threshold — but it moved in the wrong direction in a month where net income was already thin. These two together mean July needs to be a stronger cash month, not a flat one. One data caveat before you act on any of this: the books for June are pre-close. Debi has three accounts still open in reconciliation. The revenue and expense figures are directionally accurate, but treat the margin especially as preliminary until the close lands. I'll flag any meaningful shifts if the recon changes the picture. For the month ahead, here's the one thread I'd keep pulling: July is the month where you find out whether June's revenue growth was a real inflection or a one-month pop. If membership revenue continues climbing and marketing efficiency holds, you'll have a story to tell by August. If it pulls back, we'll need a harder conversation about the margin trade-off and the cash position. The 200-member gate is three away — make that the July goal. Cross it, hold it, and you've reached a meaningful milestone on the path to location two.