F and C Assets Announces Cognitive Engineering as Strategic Focus for Future Financial Education
Wagner outlined the company's view that over the next decade, effective financial education will evolve beyond tactical instruction and digital tools. Instead, it will emphasize cognitive systems that equip individuals to make decisions with clarity and consistency, particularly in volatile market environments.
Redefining Financial Learning Through Structure
Wagner identified what he described as two extremes within today's financial learning landscape: fragmented, high-volume information sources and costly certifications with limited practical value. He argued that knowledge accumulation alone does not lead to better investment outcomes. Instead, he emphasized the importance of structured cognitive training designed to support stable decision-making frameworks.
'Accumulating knowledge doesn't automatically lead to better thinking,' Wagner stated. 'What truly drives investment performance is whether one can maintain a clear and stable cognitive structure under uncertain conditions.'
According to Wagner, cognitive engineering—defined as the design and reinforcement of mental frameworks for decision-making—will become a central pillar in financial education by 2035. He highlighted that future educational models will prioritize adaptability, reasoning, and long-term decision integrity over instructional content alone.
F and C Assets' Cognitive-Based Training Framework
Founded in 2019, F and C Assets reports having supported over 100,000 learners globally through its structured cognitive development programs. The company's training model is based on proprietary tools and methodologies intended to cultivate logical clarity and decision consistency. Key components include:
Investor Structural Capacity (ISC) Index: A proprietary framework measuring an investor's clarity of reasoning, bias awareness, and maturity in decision-making.
Feedback-Driven Curriculum Design: Each learning module includes behavioral simulations, blind spot identification, and strategy optimization mechanisms.
AtlasQuant AI Decision Engine: A behavioral modeling tool that integrates logic feedback to enhance transparency and consistency in investment decisions.
Enterprise Collaboration Programs: Tailored advisory systems that support private banks and family offices in building cognitive-based wealth management structures.
Wagner projected that structured cognitive education will increasingly become formalized in university and institutional training curricula. He stated that cognitive engineering, akin to architecture or systems design, will be recognized as a core discipline in investment education.
'Our mission has never been to teach students more formulas,' Wagner noted. 'It's to help them build a mental framework. Tools will change. Markets will be chaotic. But the real edge lies in whether you can self-correct in volatility.'
About F and C Assets
Founded in 2019, F and C Assets LLC is a financial education and intelligence firm focused on cognitive-structure-driven learning and AI-supported decision systems. Its platform integrates behavioral science, logic development, and technology to deliver structured learning solutions for both individuals and institutions. Key offerings include the AtlasQuant AI platform and a modular learning curriculum serving over 100,000 users globally, including private banks, family offices, and academic organizations.
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We believe that certain investors and analysts use adjusted EBITDA to measure our ability to service debt and meet other performance obligations. We believe that certain investors and analysts use adjusted EBITDA margin to evaluate the performance of our business, as well as our ability to generate cash flows from ongoing operations. Adjusted EBITDA is also used as a component of determining short-term incentive compensation for employees. Adjusted EBITDA:Net income add (remove)Depreciation and amortization, net finance expense and income tax expense, share-based compensation expense, acquisition, integration and other costs, gain/loss on disposal of assets and asset impairment charges if significantAdjusted EBITDA margin:Adjusted EBITDA divided byTotal revenue Net income Free cash flow To show cash available for debt repayment and reinvestment into the Company on a levered basis. 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We believe that certain investors and analysts use this measure to value a business and its underlying assets based on continuing operations while excluding short-term non-operational items. Free cash flow deduct (add)Share-based compensation expense, acquisition, integration and other costs and registry enhancement capital expenditures Net cash flow provided by operating activities The following presents a reconciliation of adjusted net income to net income, a reconciliation of adjusted EBITDA to net income and a reconciliation of adjusted free cash flow to free cash flow to net cash flow provided by operating activities: Reconciliation of Adjusted Net Income to Net Income Three Months Ended June 30, Pre-tax Tax1 After-tax (thousands of CAD) 2025 2024 2025 2024 2025 2024 Adjusted net income $ 20,669 $ 19,562 $ (5,535 ) $ (5,495 ) $ 15,134 $ 14,067 Add (subtract): Share-based compensation expense (4,610 ) 1,097 1,244 (296 ) (3,366 ) 801 Acquisition, integration and other costs (3,498 ) (1,259 ) 944 340 (2,554 ) (919 ) Effective interest component of interest expense (66 ) (65 ) 18 18 (48 ) (47 ) Interest on vendor concession liability (2,174 ) (2,594 ) 587 700 (1,587 ) (1,894 ) Amortization of right to manage and operate the Saskatchewan Registries (2,313 ) (2,314 ) 624 625 (1,689 ) (1,689 ) Net income $ 8,008 $ 14,427 $ (2,118 ) $ (4,108 ) $ 5,890 $ 10,319 1 Calculated at ISC's statutory tax rate of 27.0 per cent. Reconciliation of Adjusted EBITDA to Net Income Three Months Ended June 30, (thousands of CAD) 2025 2024 Adjusted EBITDA $ 26,678 $ 27,180 Add (subtract): Share-based compensation expense (4,610 ) 1,097 Acquisition, integration and other costs (3,498 ) (1,259 ) Depreciation and amortization (6,159 ) (6,801 ) Net finance expense (4,403 ) (5,790 ) Income tax expense (2,118 ) (4,108 ) Net income $ 5,890 $ 10,319 Adjusted EBITDA margin (% of revenue) 39.6 % 40.0 % Reconciliation of Adjusted Free Cash Flow to Free Cash Flow to Net Cash Flow Provided by Operating Activities Three Months Ended June 30, (thousands of CAD) 2025 2024 Adjusted free cash flow $ 21,004 $ 15,664 Add (subtract): Share-based compensation expense (4,610 ) 1,097 Acquisition, integration and other costs (3,498 ) (1,259 ) Registry enhancement capital expenditures (2,197 ) (1,135 ) Free cash flow $ 10,699 $ 14,367 Add (subtract): Cash additions to property, plant and equipment 151 305 Cash additions to intangible assets 2,433 2,405 Interest received (137 ) (252 ) Interest paid 1,412 4,307 Interest paid on lease obligations 186 125 Principal repayment on lease obligations 536 697 Net change in non-cash working capital1 7,590 2,195 Net cash flow provided by operating activities $ 22,870 $ 24,149 1 Refer to Note 17 to the Financial Statements for reconciliation. 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