Q2 2021 Verb Technology Company Inc Earnings Call
Good afternoon, and welcome to the second quarter 2021 financial results conference call for verb Technology Company incorporated.
At this time all participants are in a listen only mode.
Please be advised the call is being recorded at the company's request.
On our call today are very Jake Cutaia, CEO and Jeff Claiborne CFO.
Before we begin I'd like to remind everyone that statements made during this conference call will include forward looking statements under the safe Harbor's provision of the private Securities Litigation Reform Act of 1995, which involves risks and uncertainties that can cause actual results to differ materially.
Forward looking statements speak only as of the date they are made except as required by law as the underlying facts and circumstances may change.
Variable technology company disclaims any obligation to update these forward looking statements as well as those contained in the company's current and subsequent filings with the SEC I would now like to turn the call over a temporary J code tell you see Oh Laurie.
Thank you.
Thanks to everyone for joining us today.
Our second quarter 2021 financial results and business update conference call.
And a special welcome to all the new shareholders, who joined the verb family since our last earnings call in May.
In fact from what I've seen it appears we now have somewhere in the range of 25000 shareholders, which is up dramatically from about 4000 last year.
However, some experts are telling me that the 25000 number may be low is that the total number it doesn't show up in recent Nobel reports and it could be as high as 100000 total burbs shareholders are more.
For a company our size that that's an extraordinary number but I honestly expect the base to grow well beyond that especially as the world continues to embrace the convergence of video and I mean, all video content.
Commerce most of the World is now online and soon these hard planet will be online with unlimited affordable high speed mobile access to <unk> technology everywhere and all the time.
And what are they doing online, they're watching videos that created and sending videos and they're shopping.
Look I I think we're pretty smart, but it doesn't take a genius to see that those things will convert.
Of course, it's inevitable.
Think about some of these data points more and more people are cutting the cable TV cord and watching content online millennials are not even buying Tvs, they're consuming video content on their mobile devices. Why do you think youre seeing apple developing their own content for online consumption Amazon Prime Netflix Disney plus.
And HBO Max now distributing the latest studio films online at the same time, they're putting them in theaters.
Salesforce is now getting into the content creation game.
But no it's a it's not interactive clickable content.
We're just way ahead of the big incumbents, who gotten very comfortable enjoying the massive growth they've achieved and they are afraid to venture into anything new that might impact the status quo.
That's our opportunity.
And when you do watch something on TV, what's in your hand, your mobile device and what are you doing you're shopping.
When you record a show or a movie in the commercials come on what are you doing [noise], you're hitting the fast forward button.
So if you were a sponsor backed content or an advertiser trying to promote and sell your products and services and you're relying on the Nielsen ratings or some other rating service to know what you're getting in Rois that spanned well, let me, let me share a secret with you.
Why well it comes down to a growing sentiment that I've been talking about for a long time.
People want to buy they want to shop, but they don't want to be so let.
Let them click in the video to get more information about your product service, but then clicking down what would that but that brochure well give them a click to buy now button into video and let them purchase that product. They see featured in that video.
Play to that impulse buy propensity that Jeff Bezos master condition, the whole world to embrace the convenience of one click buying eliminating friction from the sales process.
Our technology delivers that capability right in the videos.
Whether their videos you recorded your phone to share through E mail text or post online or live broadcast live stream video events of shows anyone can host using our verb life platform.
This is the convergence of video and shop ability that I've been talking about for years. The market is still in its earliest stage, but now it's accelerating especially over the past year people and now see that the investment community is now getting it that's why our shell shareholder base is exploding.
By the way so as our user base. We're now at almost 3 million downloads of our apps I think about $2.8 million.
And our sponsors and advertisers begin to realize that this technology is available verb technology that allows them to know in real time, how many people are actually watching in that moment who's watching what did they click on what did they buy what they spend so they can actually measure that all ROI truly measure it that's when the money behind.
Those sponsors and advertisers will demand that content creators adopt this technology.
When anybody selling anything will adopt this technology and every user of this technology of our applications becomes an extension of our marketing team because simply by using our technology by creating videos, adding the clickable buttons, making them shop bull and sharing those videos with scores of others. They.
Knowingly become a verb volunteer salespeople, introducing our technology in the best possible way to more and more potential subscribers, who receive those videos, who click on the screen and say hey, Okay. This is <expletive> this is cool I want this where did they get their sales tool and if you think that that tipping point is not coming.
And you're not paying attention to the rapid changes in the world around you.
Livestream shopping in China has exploded in fact exploded, there's probably an understatement with more than 500 million people in China purchasing products last year to livestream shopping it's a tsunami and it's washing over the planet and we're right there leading this new paradigm in the western World because one.
We saw this coming years ago, we were way in front of it and began developing the technology before almost everyone and to our technology's better odd verb live attribution feature is simply amazing increasing the total addressable market for livestream selling exponentially to everyone with a contact list.
We're so far ahead, we've integrated our proprietary technologies that the platforms are major players salesforce cool updates coming there Microsoft to a new verb mail add on for outlook users 1 billion of them. According to Microsoft and then almost equal number of Google Gmail users as we introduce verb math.
Dark milk at Gmail this year so.
So we can make this technology this income generating capability available to everyone.
And when I talk about everyone I mean from the entire sales teams of some of the largest sales based organizations in the world. So that new startup that do entrepreneur or even that family business, hoping to level, the playing field as they try to figure out how to compete with that big box store that just opened in their neighborhood.
And to that single dad, or mom trying to generate that all important second or third income they need for their family just to get through these these crazy difficult times Pandemics, new variants to fires floods. The earthquakes all disrupting our economies and the ability of average everyday people to earn an income.
It's a challenging new world that we need to navigate together.
But as rapidly as the world's changing verb is ahead of all of those hyper growth initiatives. I told you we were working on those.
Now as many of you already know we've been delivering the goods in just the past three months, we delivered bird live with our new attribution feature we delivered verb mail our integration with Microsoft outlook, we delivered pulse our initial foray into the AI and business intelligence driven sales enablement.
And we've launched the beta of our newest platform. We've code named marketplace with about 40 retailers that we believe will not only changed online shopping as you know it.
But it will be a new very profitable distribution outlet for all of our existing clients. In addition to all the new ones, we will draw from other online destinations as well as from traditional brick and mortar businesses our growth strategies around this are extremely well developed and currently underway and why.
Now I'd love to share them with you we're going to keep them under wraps for now as we're and we're not going to educate anymore would be competitors, whose business strategy seems to be let's just try to do whatever herb does well.
Good luck with that we continue to attract customers who want to be with a company that sets. The standard for sales enablement not the one who doesn't know how to spell it.
For those of you who don't know what these products are let me let me provide a quick overview verb mail.
It was developed pursuant to a partnership we have Microsoft verb now is an outlook add on that you can download from the Microsoft online store right now it places a cool verb mail icon right in your Microsoft outlook Toolbar clicking and you can create an interactive video with buy it now buttons among.
Many other clickable icons and then it automatically places that interactive video right in an email for you that you could send out right through outlook. You also get a detailed report showing your engagement metrics and analytics, so you're not guessing if your outreach was effective.
Microsoft says there was there's 1 billion outlook users all of whom can now turn their favorite contact tool into destiny, which sales tool.
The current release, a verb mail is free to help accelerate adoption and awareness. It gives users a taste of how fun and effective interactive video emails debate.
But it gets better with the upcoming follow on releases will introduce paid subscription based pricing, but powerful business features specifically aimed at sales professionals, let's talk about one of these features.
When you send your verb mail interactive video to outlook the.
The moment, you customer prospect watches that video you'll get a pop up message on your computer or mobile device notified here.
So some of you are saying right now wait wait.
You already had that feature and Burbs CRM.
Yes, the answer is yes, but here's where we go next level that pop up message an outlook not only tells you that your video is being watched by your prospect, but in this first what's coming it's also going to give you the option to click on that pop up message and decide if you want your prospect to know.
While while you prospect, while he or she is watching that video that your online and available right then to talk if if if.
I'd like to now.
Check this out.
If you select that option a message then pops up on the screen of your prospect, while they're watching your video letting them know youre available in that moment and if they want to chat with you. They can click on that message and then it's going to launch a two way interactive verb live video session assume like session, except with with verbs proprietary into.
Our active e-commerce capability right, there and then while their interest level has peaked.
And for those who want to connect right, then but don't want to be on camera. They can choose to launch a real a real a live real time chat.
We expect this feature to be available for verb male users this year.
Now, let's talk about live streaming verb live is the best Livestream shopping platform on the planet verb lives gives everyone the ability to sell anything from anywhere by broadcasting their own QVC style show right from their mobile device, so the computer and while their broadcasting live they can add clicker.
Paul Shopper Bowl icons right in the video that show up on the screens of all viewers all over the world for instant friction free buying capability and.
And we just made it even better with our new attribution feature here's how it works.
One <unk>.
Anyone with a contactless can go into verb life.
Check out the upcoming livestream shopping events and by the way. This is super Super Hot right now in the direct sales space. They can go into the App and selected event.
And the App will generate a special invite for you that you can then share with you retire contactless you can even posted on social media. So when anyone you shared it with attends that livestream event and purchase something and it becomes a member you get the commission you get the credit that's right you did nothing more.
And then invite your contacts to someone else's verb live event and you generated income for yourself. So with attribution. We just increased the total addressable market, but verb life exponentially as anyone with a contact list and generate an income without having to be in front of the camera hosting there.
Our owned event.
This is come off this is game changing the attribution feature is verbs proprietary technology, we designed it and we developed it and now it's in verb live and being offered as an upgrade for an additional monthly fee as we speak we think attribution might be one of the biggest value creation opportunities for our share.
All holders going into the second half of this year and into 2022 and beyond.
Talk about pulse.
Pulse is our newest sales enablement feature it's like it's like a sales coach in your pocket tracking your interactions with your prospects and I mean, all of them could be hundreds of thousands of them and telling you what to do next to close that sale.
Another groundbreaking hyper growth product and we've delivered all these products and just the past three months.
We began launching paying clients on verb live with attribution I'm talking about large multinational clients at the end of June at the beginning of July.
So look for that revenue to begin being recognized on our P&L in third or fourth quarter of this year and look I know you want it now you wanted to see it now in our Q2 report I get it believe me I get it I wanted it in Q2 of last year Trust me I'm one of the largest shareholders in this thing with my own my own money in it and.
No one is pushing harder and faster to grow this thing.
But now.
Now the table is set the technology is real it's now being used by the sales teams a giant enterprises around the world with more and more coming on every week.
Just in the past few weeks I've seen reports of tens of thousands of verb live events being held all over the world and based on the results. They are getting the only question now is how big does this get how fast and how big can we grow this.
And for those of you who know US you know we dream Big we think big we like Big Okay, Yes, and a bigger is definitely better.
It's it's truly truly an exciting time to be part of work here.
Here's a couple of comments from from the management and Ceos of some of the companies using verb live with attributions once said.
And I quote.
Without a doubt it's the biggest and best tool, we have ever released to the field.
Another boasted a success they were having with them and share some of the detailed metrics they would see with it they said this.
60%, Okay, six zero, 60% of the people attending their verb live events, we're purchasing product during the verb livestream.
Talk about validation.
These comments are coming from the Ceos and senior executives of billion dollar Global E Commerce companies guys.
So let me give you let me give you some high level second quarter numbers, and then Jeff will provide more of the details from our Q2 filing for the period ending June 30, which.
At the rate things are moving now it seems like June 30 was a was a lifetime ago.
But first let me do something I typically never do okay, I want to provide some perspective on our full year 2021 revenue expectation and yes. These are the forward looking statements. We warned you about.
So we're halfway through the year, we're halfway through the third quarter reporting period, So I feel competent saying that we believe we will see impressive SaaS revenue growth this year over last year as.
As much as or more.
30%, Okay, 30% with one caveat actually actually a few caveats that 30% growth rate does not again, let me repeat that 30% growth rate does not include any of the revenue that we expect to generate from verb live with attribution none of the <unk>.
Revenue, we expect to generate from verb mail, none of the revenue, which we expect to generate from pulse none of the revenue we expect to generate from any of the things that we've talked about in this call and none of the revenue we might generate from some of the accretive acquisitions. We are currently working on.
The details of which will share once we get further along in those processes.
That 30% growth is based solely.
On the amazing momentum, we've built from our existing SaaS business over the past two years think about that all those revenue catalyst, we talked about that have just come online and more to come this year and into next or not I repeat not in that 30% growth rate.
Okay.
So here's some Q2 data points.
<unk> SaaS recurring revenue, it's a component of our total digital revenue was 1.6 million that's up 10% over the last quarter of 26% over the same period last year SaaS.
SaaS recurring revenue as a percentage of total digital revenue was 88% compared with 76% for the same period last year and up over the 81% we reported in Q1.2021.
Total digital revenue was $1.8 million an increase of 8% over the same periods last year total combined revenue of $2.4 million represents the 10% growth in our SaaS recurring revenue over last quarter and 26% over last year and a reduction in revenue from the legacy printing and fulfillment side of the business of approximately 400.
$1000 since last year.
That component of our business as is.
Most of you probably know it's driven by our clients in person conferences in sales events, which were essentially nonexistent due to the continuing effects of Covid. Obviously that has had little to no effect on our current SaaS recurring revenue subscription business, which is really what we focus on anyway.
I'd also note that our SaaS recurring subscription revenue continues to grow, especially among large enterprise notwithstanding the impact companies had on on many of the businesses.
As I mentioned earlier in the call total user downloads now stand at $2.8 million, that's up more than 75% over the 1.6 million we reported.
In the same period last year and up from approximately $2 million as recently as May 13th 2021, which we shared in our Q1 earnings call. That's a 40% increase in just the past 90 days.
Couple of other interesting data points.
Cash totaled $6.4 million as of June 32021, compared with $1.8 million on December 30, <unk> 2020, but since then.
Given the fairly meaningful increase in share price and trading volume. We've enjoyed recently, we've added approximately 2 million to our balance sheet through the recent cash exercises of outstanding warrants by investors, including actually reducing warrant overhang and reducing our reliance on outside financing.
In addition, the increased share price permitted us to force the conversion of all the outstanding preferred shares which has allowed us to create a nice clean cap table all all common now.
And finally as we approach the end of this year, we will ship, we're going to shift from the heavy increases in expenses that are associated with all the research and development.
From.
So that we've had with with all the products. We just talked about so we're going to go from a research and development to deployment and monetization mode.
Accordingly, we can we can expect overall reductions in cash burn as we implement our plan to get to cash flow positive Jeff's going to talk a little bit more about that so I would like to turn the call over to Jeff Claiborne, Our Chief Financial Officer for a more detailed review of our financial results Jeff.
Thank you Laura and good afternoon, everyone I'd like to review our financial performance as reported in our Form 10-Q filed today August 16th quarterly period ended June 32021, I need to reiterate and provide more color around some of the data points, where we shared with you.
The following represents the Companys results of operations for Q2.2021 versus Q2.2020.
Total SaaS recurring revenue a component of total digital revenue was 1.6 million up 26% from the same period last year and up 10% over Q1.2021 SaaS.
SaaS recurring revenue as a percentage of total digital revenue was 88% compared with 76% for the same period last year and up over the 81% reported in Q1.2021.
Total digital revenue of approximately $1.8 million was up 8% over the same period last year and while it appears to be in line with Q1.2021. It actually represents an increase in our subscription based SaaS recurring revenue of 26% over last year and a reduction in non SaaS digital revenue.
Total combined revenue of approximately $2.4 million consists of a $1.6 million in recurring SaaS revenue I, just referenced which is up 26% plus our non SaaS digital revenue and a non digital revenue stream that as Mary stated was slightly off due to clients not hosting in person conferences and conventions.
We added 12, new client contracts to the guaranteed base die of $715000 with expected annual recurring revenue of 405000.
However, those numbers do not include the expanded revenue we expect to recognize from existing clients. We have recently launched and those that are about to launch Berg wife, with attribution, which should add no less than an additional 1 million conservatively and annual recurring revenue.
Research and development expenses were $3.2 million compared with 1.6 million for the same period last year with the increase attributed to the development of Herbalife herbs, new attributions feature product enhancements the verb CRM, the Microsoft outlook integration and our forthcoming new marketplace platform among other as of yet.
Unannounced features and products as Rory mentioned, we made a strategic decision to increase our product development spend to bring these groundbreaking products to market sooner in order to maintain and even enhance our market leading position and this fall as we move from the increased research and development spend we've had over the past 18 months to the delivery of monetization.
We implemented plans to reduce our quarterly cash burn and reduce our reliance on outside capital.
General and administrative expenses were $6.5 million compared with $4 million for the same period last year with the increase attributed to professional services of 1.1 million additional labor of 929000 to support growth and 287000 marketing and promotion expenses now.
Now, let me share the financial results for six months ended June 32021.
Total SaaS recurring revenue component of total digital revenue was $3.1 million up 31% year over year.
SaaS recurring revenue as a percentage of total digital revenue, which remains our focus jumped to 85% compared with 74% for the same period last year.
Total digital revenue of approximately $3.6 million was up 15% year over year.
Research and development expenses were $6.1 million compared with $2.9 million for the same period last year with the increase attributed the development of Herbalife Burns New attribution feature product enhancements to Bert CRM, Microsoft outlook integration and the forthcoming new marketplace platform among other as of yet unannounced features.
Alex.
General administrative expenses were $13.9 million compared with $7.5 million for the same period last year with the increase attributed a noncash stock compensation expense labor related costs to support revenue professional services marketing expenses as well as expenses related to solar fire operations following the acquisition.
As of June 32021, cash totaled $6.4 million total assets were $3$6.4 million total liabilities were $22.9 million and total stockholders' equity was $13.5 million.
As rich mentioned subsequent to the end of the quarter. The company converted all remaining 1706 preferred shares into shares of the company's common stock as a result, there are no more shares of preferred stock outstanding.
As of today, there are 67 million 520919 shares of common stock issued and outstanding other total number of common shares issued and outstanding approximately $6.1 million shares or approximately 9% are owned or controlled by management and the board members I'd now like to turn the call back over to the operator for Q&A.
Greater.
We will now begin the question and answer session to ask a question you May Press Star then one on your Touchtone phone if youre using a speakerphone. Please pick up your handset before pressing the keys.
If at any time. Your question has been addressed and you would like to withdraw your question. Please press Star then two.
At this time, we will pause momentarily to assemble our roster.
Okay.
And the first question comes from Brian Kinsinger with Alliance Global Partners. Please go ahead.
Hi, Good evening guys. Thanks for taking my questions.
But let's start with Microsoft outlook.
Love to hear how you are progressing on the getting inducted into their Microsoft Co sell program and then while it's only been a short period can you highlight the Europe and fairly early adoption numbers.
What do you get for a free version you just E mail and video capabilities, but no other options and it's a bunch in one.
Okay. So first.
The free version of of Mail gives you really great e-commerce capabilities, where you can not only create a video.
Or import a video you may already have a video on your computer you want to use and you could add those interactive buttons to it you can add the the shopper Bowl buy now buttons on it and send that out through outlook. So it's it's it's pretty full featured four for a free version now the features that are coming in the ones that I talked about earlier in the call.
Well those features really take it to an entirely new level and that's really for sales professionals.
But this is for anybody really trying to promote or sell anything but the other cool thing about it and the reason we made it free is because.
It's also for people, who just want to we'll communicate with with friends and family and send out interactive.
Video E mail, so inviting people to go to a party of an event or those kinds of things will deliver in a document or contract. It's it's really a pretty pretty terrific program and the response that we've gotten from it so far has been pretty amazing. So we've got let's see it's been out now for I.
I guess about a month and it looks like we've got somewhere around a thousand people on it there's thousands and thousands of our videos that are being created on the platform.
And we Havent really promoted it yet at all so those initiatives that promotion of it is really not going to begin until really the end of this month as we've brought in a whole new team of people that we've added to our sales and marketing department that will be focused on on very specifically this initiative.
The free version promoting that because look the more and more people that use it as I said in my call everyone that sends out an interactive email is is creating a new potential prospect for us that'll be that's going to want the same thing. So we want to get as many people doing that as possible, but this new group is going to really.
Some great strategies.
These are people with proven track records of having built this kind of thing and also having worked with Microsoft on on these kinds of things. So we're pretty excited about where that's going to go.
In terms of our where we are with getting into the Microsoft co sell program, which we remain extremely optimistic about.
I don't I don't I don't know want to spend too much time, explaining what that is actually but it's it's.
It's a program, where Microsoft actually helps market and promote the product globally.
Globally, and it's a big deal.
What does it mean in terms of revenue generation for us if we get into the program I couldn't even begin to quantify it but it's it's.
It's probably game changing for us. So we have a very clear path now as to what Microsoft wants us to do and we are in the process of implementing those things. So that's that's much further along I think from where we were behind when you asked me about this a couple of months ago. So.
I can't really say much more than I get about how long yeah, yeah, how long.
With what they've asked you to do is it three months of work is it six months to work is it.
No.
Pretty quick in and then it takes them some time to figure it out and you take us through kind.
Kind of timing with four months to go in the year.
Some of the initial steps will probably take us into the end of September and then and then from September I'm hopeful I'm hopeful that we're not looking at more than a few months, maybe a couple of months, but I don't know and I don't want any people to make investment decisions based on that.
But look it's certainly going to happen.
Let me take that back nothing in this world of Sir Okay. I believe that we're going to get this done before the end of the year, but again I don't have complete control over it.
But I feel very confident about it.
Great and then similar line of questioning in terms of Herbalife.
How many enterprises do you have signed up and how many paying users do you have and then split between sales men versus paid by the enterprise.
Okay.
Gosh.
I think we've got somewhere north of 600000 people on Onlive know thereabouts on a global basis.
I'm not sure I could tell you specifically how many of those are pain themselves for that I would say that the vast majority of those subscriptions are being paid by their employers.
We've seen that.
Yeah, Yeah I mean.
I'm just gonna, Arizona I was going to ask you how penetrated is that 600000 into the enterprises I mean do they have 3 million.
Possible.
Field reps do they have 6 million do they have are you well penetrated just take me through what that capacity could look like.
The the.
Ration rates, because it's really so new you know the penetration rates are pretty low.
So.
We've got huge huge upside as we continue to as well as they continue to use it promoted internally, we're helping them with that but the weekly growth numbers. The videos that are that are being.
<unk> created.
The verb livestreams.
It's already exceeded all our expectations internally I think I've mentioned previously in the call that we've seen tens of thousands of verb livestream events just over the past couple of weeks and.
But what's really kind of a bigger deal about it is not so much that they're hosting events, which of course, we're thrilled about because that brings more people onto it but the kind of results that they're reporting internally the sales results that they're getting are really.
Just really very very impressive and I think that.
I mentioned some of the quotes from some of these executives and Ceos of these companies.
We're pretty.
George dropping for them is one of the other things that I've heard they were not expecting those kind of results. It's that good it's super engaging people are enjoying it social it's fun people somehow feel compelled to make a purchase when they were on there it's hard to explain.
And it's one of the reasons I think that this is going to be such a big deal not not not just proverb, but I mean for for social selling and online selling e-commerce.
Globally.
And then is it too early to tell us and how attribution has impacted the maybe weekly sign ups and attribution of charge or now does it kind of standard in the product.
It's it's an upcharge we've added it to all the new verb live accounts that are being sold and.
Is it safe to say that attributions, it really a big deal in terms of the draw and the reason that people want to get online as quickly as possible because as I explained it.
Not everyone wants to be in front of the camera doing a verb live event, but if you as a as a sales rep can refer all of your contacts to to that other rep. That's really great in front of the camera and you're still going to get paid well that means that now you want to get on there and use it. So that's really driving adoption rates and it's certainly driving.
Our pipeline for companies coming in and asking for it.
Great I had two more questions the first one.
Yes.
Is there a timing of when you expect bird marketplace and then there was a tweet out from a very high end sports retailer should we look at those tweets potentially as retailers who are participating in the early soft launch of the of the verb marketplace.
I don't know specifically, what what tweets, you're referring to Brian and.
We we've been really cautious about the information that we've shared about that was why I was careful what we say today.
Well, it's been really really minimal and we want to keep it that way until.
Until we launch it on a global platform with our CDN network and a lot of other things that we haven't really talked about yet and what this means.
So I don't I really don't want to comment on that stuff because I really don't know what it is but but marketplace again. It's code name. So we've been using internally is probably not what's going to be called when it's launched.
What was the big deal Bryan It really and as we move through the balance of the year and we began sharing a lot more information about it people understand that.
Can you comment go on do you expect it to be launched fully by the end of the year or is that maybe too aggressive.
No.
We are super aggressive as you know and I am anticipating that it will be launched by the end of the year.
Great last question I've got.
<unk> Salesforce had an announcement about releasing I think salesforce plush.
It sounds.
In my early days in dealing and talking with you at with verb.
Clearly you were talking to Microsoft you were talking with Salesforce, you were talking with a variety of CRM.
CRM companies and this particular product.
<unk> are very similar to some of the things that your technology guys.
Could you just talk about your relationship with Salesforce and <unk>.
If you're a partner with them in any way shape or form right now and maybe any comments would be helpful.
So yes, we have we have an existing partnership with Salesforce. They were one of the first large companies too.
Embraced the technology they have our first version of it now and the Salesforce store it.
I think I alluded to that in the call earlier, where there's a big big upgrade coming to that in the near term.
And I also alluded to that new Salesforce service that they come out with where they are now producing content video content on a variety of different topics related to sales and.
I think that's fantastic I really do.
<unk>.
It's not shopper bowls, not interactive content, it's not anything like that and I'm sure what I like to.
<unk> talked to them about making some of that content interactive.
Even if it's <unk>.
Taking poles and things like that and those videos that they're producing yeah, absolutely I'm not going to try and do that yes, you better believe it.
But our business is not going to revolve around that clearly it just shows that people are beginning to embrace this concept of video being everything it's.
I said last year, it's table Stakes is more than table Stakes now.
It's really all encompassing and.
So our technology of course, it takes it to the next level.
Actually I'm going to do one numbers question for Jeff Jeff with the conversion can you just tell us how many common shares you now have outstanding.
As of today.
I think that was it.
And his report a couple of seconds ago.
Yeah at $67 million 520919, Brian.
Great. Thanks, so much guidance.
Yeah, six 7 million correct, Yeah got it thank you Brian.
As a reminder, if you have a question. Please press star then one to be joined into the queue.
The next question comes from Ed Woo with <unk> capital. Please go ahead.
Yeah. Thanks for taking my question as you mentioned on the call that you know video Commerce is just boom in have you noticed any change in the competition whether more people are trying to come into the space that you guys have a first mover advantage on.
Yeah.
So as you know.
I'm seeing companies come into the space I haven't seen it.
Accelerate greater than I think last time, you and I may have spoken about this stuff.
My feeling on this is please please bring it on bring as many people into the space as possible because.
This market is so gigantic.
It's it's.
It's almost difficult to quantify it's gigantic and what we're what we're doing and what we're talking about here with our technology is changing.
The consumer buying habits are retailers selling habits, the things that people are used to and as people see it as they experience.
What this technology can do and what it does in the results that they're getting people embrace there.
Honestly, there they're all over it.
So what that means for us as we look to grow. This thing is all we need to do is create greater and greater awareness. So if we could leverage the marketing spend.
To create that awareness of all the other companies coming into the space. Then I think that's how we win because we don't need to own 100% of the market I mean, it's silly actually right, but even a small percentage of this market.
This is.
A multibillion dollar enterprise for us so.
So I'm really hoping that we see more companies come into what I will comment on some of the technology that I have seen I don't think there's anything out there at least from what I've seen that compares with our technology, where you can place. These interactive button right in the live stream right now in the video itself as a whole, which you can move it around take it on turn it off.
The other technology that I've been seen which I'm not again, I'm not disparaging anybody or anything.
They create a frame they put the interactive icons on the bottom and alongside and it's really hard to change. It midstream if you get comments from people watching they want to see a particular product well, it's really hard to switch on the fly with our technology for example market America shop Dot Com as is.
As a client using the technology they've got and then I think this is a super instructive about our cordless technology is they've got tens of thousands of products and a variety of different categories and when one of their reps gets on a verb live event to host a verb live event they have the ability to choose from.
Any of those products in real time by a few clicks. They can bring that product up bring an image of it up bringing on the screen and have it ready for clickable shop about checkout.
Reaching that kind of database of products in real time, I don't think anybody has that I was not that I'm aware of so this is this is a product and the technology that's ready for the largest enterprise on the planet the largest retailers wherever they whoever wants to jump in here and use it and it's globally scalable now as we've already pre.
And so yeah.
Yeah, I guess I went on a bit about competition I just feel like.
Im not too concerned about that.
Oh, Great and my next question is on bird market players.
Is your plan is still to have a very big formal announcement launch event for it or do you think it'll be a more temperate release.
No we're planning a pretty big launch event.
Round that.
Absolutely.
Great well looking forward to it I wish you guys. Good luck. Thank you.
Thank you so much.
This concludes our question and answer session I would like to turn the conference back over to Murray for any closing remarks.
Okay. Thank you.
Thank you all for for tuning in here today and listening to what we've got going on here at verb. It is really kind of a.
Crazy exciting time.
But there's a couple of things that I didn't cover earlier in the call.
Then I'd like to just touch on right now so first.
We have a we've continued to build on our ESG program and we're working closely with NASDAQ to be a model for ESG compliance and our initiatives for all NASDAQ listed Microcap companies, something that where we're really proud of working with NASDAQ.
And I'll work through verb for humanity as an extension of those initiatives and a reflection of our socially conscious culture here at or something else that we're pretty proud of.
And last but certainly not least is our big Newport Beach event coming up this fall something that we're calling verb lit.
The verb leading interactive technology symposium, where we're gonna be showcasing our latest products using cutting edge technology, where you'll not only see how the products work, but youre also going to meet the people behind the technology and the products and learn who uses them and why and and the results that they have.
Getting we're also going to give you a sneak peek at what's coming from her.
And it's going to be broadcast all over the world with clickable interactive capabilities through Herbalife.
The date is going to be some time at the end of September or beginning of October.
We're still hoping that it's going to be also an in person event here in our Newport Beach offices, obviously subject to whats coming down the road here with Covid and the restrictions associated with that so.
For our investors out there what's your emails for invitations and watch social media for the date and more information it's look.
Look if you're someone who likes watching the apple product launches twice a year.
You're really really going to love our blitt, if you're a shareholder you're going to be very proud if youre not youre going to want to be.
Until then thank you Goodbye, we've we've got to get back to work.
The conference has now concluded. Thank you for attending today's presentation you may now disconnect.