Q2 2024 SKYX Platforms Corp Earnings Call & Business Update

Operator: Good day, and welcome to Sky X Platforms Corp.'s second quarter 2024 investor update call. Today's webinar is being recorded. Before we begin the formal presentation, I'd like to remind everyone that statements made on the call and webcast, including those regarding future financial results and industry prospects, are forward-looking and may be subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the call.

Speaker Change: Good day and welcome to Sky X Platforms Corp's second quarter 2024 investor update call. Today's webinar is being recorded.

Speaker Change: Before we begin the formal presentation, I'd like to remind everyone that statements made on the call and webcast, including those regarding future financial results and industry prospects, are forward-looking and may be subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the call.

Operator: Please refer to the company's SEC filing for a list of associated risks, and we also refer you to the company's website for more supporting industry information. At this time, I would like to turn the webinar over to Rani Kohen, Executive Chairman of Sky X Platforms Corp. Sir, please go ahead.

Speaker Change: Please refer to the company's FCC filing for a list of associated risks, and we also refer you to the company's website for more supporting industry information.

Speaker Change: At this time, I would like to turn the webinar over to Rani Kohen, Executive Chairman of SkyX Platforms Corp. Sir, please go ahead.

Rani Kohen: Thank you. Good afternoon to everyone.

Rani Kohen: Thank you. Good afternoon to everyone. Welcome to our second quarter earning call and corporate update. We will have...

Rani Kohen: Welcome to our second quarter earnings call and corporate update. We will have... Steve Schmidt, our president, start the call. So I'll hand the microphone to Steve Schmidt. Thank you.

Rani Kohen: Steve Schmidt, our president, start with the call. So I'll hand the microphone to Steve Schmidt. Thank you.

Steve Schmidt: Thank you, Rani. It's obviously my pleasure being with you here this afternoon, and let's start off with a chart that you've seen, but one that we continue to take great pride in, and that is of our management team, our board, our advisors, and our investors. We feel very, very proud of the individuals that have been attracted to Sky. We continue to add additional talent as the business warrants, and we think second to none relative to the overall skill and capabilities.

Steve Schmidt: Thank you, Rani. It's obviously my pleasure being with you here this afternoon. Let's start off with a chart that you've seen, but one that we continue to take great pride in, and that is of our management team, our board, our advisors, and our investors. We feel very, very proud.

Steve Schmidt: of the individuals that have been attracted to Sky. We continue to add additional talent as the business warrants, and we think second to none relative to the overall skill and capabilities. And all of these people have joined Sky because they believe in the company, they believe in our vision, and they believe in the products.

Steve Schmidt: And all of these people have joined Sky because they believe in the company, they believe in our vision, and they believe in the products and the future of this organization. So, it's critical that we have them, and it's important for any organization.

Steve Schmidt: and the future of this organization. So critical that we have it, and it's important for any organization.

Steve Schmidt: Next, let me remind everyone again of our mission because we think it's critical that our mission is to make homes and buildings safe and smart and advanced as the new standard. And our products significantly do four things. We save lives, we save costs, we save time, and they're advanced and simplified.

Steve Schmidt: Next, let me remind everyone again of our mission because we think it's critical that our mission is to make homes and buildings safe and smart and advanced as the new standard.

Speaker Change: And our products significantly do four things. We save lives, we save costs, we save time, and they're advanced and simplified. And there are many industries that have been successful in just one of these areas, but at Sky all four of these areas apply to our products.

Steve Schmidt: And there are many industries that have been successful in just one of these areas, but at Sky, all four of these areas apply to our products, and it's why we're so enthusiastic. We continue to make significant progress on our patents. We now have 97 patents and pending applications with 36 issued patents in the US and globally, including China, India, and Europe.

Speaker Change: And that's why we're so enthusiastic.

Speaker Change: We continue to make significant progress on our patents. We now have a company with 97 patents and pending applications, with 36 issued patents in the U.S. and globally, including China, India, and Europe.

Steve Schmidt: Our TAM addressable market is massive, over $500 billion, spanning almost every room, and you think about homes and hotels and offices and buildings in every location that we have the possibility of being in. And our expected revenue streams include product sales, loyalty and licensing, subscription monitoring, and the sale of global country rights. As you know, we have three generations of ceiling platform technology.

Speaker Change: Our TAM, Aggressible Market, is massive, over 500 billion dollars, spanning almost every room, and you think about homes and hotels and offices and buildings in every location that we have the possibility of being in, making a huge TAM market.

Speaker Change: And our expected revenue streams include product sales, royalties and licensing, subscription monitoring, and the sale of global country rights.

Speaker Change: As you know, we have three really generations of ceiling platform technologies. First, our plug-and-play lighting and ceiling fans. Next, our smart plug-and-play lighting and ceiling fans. And finally, our all-in-one smart home plug-and-play products.

Steve Schmidt: First, our plug-and-play lighting and ceiling fans. Next, our smart plug-and-play lighting and ceiling fans. And finally, our all-in-one smart home plug-and-play product. All of these really represent significant growth opportunities in terms of market penetration and significant future licensing programs. Let's now move on to the business and financial highlights.

Speaker Change: All of these really represent significant growth opportunities in terms of market penetration and significant future licensing programs.

Speaker Change: Let's now move on to really the business and financial highlights.

Steve Schmidt: We are in the beginning of opening a new world on the ceiling for advanced and smart home plug-and-play products. And we strongly believe that we can revolutionize the lighting, ceiling, fan, smart home, and home AI industries, among others. In 2023, going back, we generated our first-year record revenue of $58.8 million through our 60 websites, including sales of our advanced and smart home plug-and-play products. We've now reported record second-quarter sales of $21.4 million compared to $15 million for the second quarter of 2023 as we continue to grow our market penetration in the U.S. and Canada for advanced and smart platform products.

Speaker Change: We are in the beginning of opening a new world on the ceiling for advanced and smart home plug-and-play products. And we strongly believe that we can revolutionize the lighting, ceiling, fan, smart home, home AI industries, among others.

Speaker Change: In 2023, going back, we generated our first year record revenue of $58.8 million through our 60 websites, including sales of our advanced and smart home plug-and-play products.

Speaker Change: We have now reported record second quarter sales of $21.4 million compared to $15 million for the second quarter of 2023, as we continue to grow our market penetration in the U.S. and Canada for advanced and smart platform products.

Steve Schmidt: The fact that we are maintaining and even increasing revenues in this market is quite significant, as lighting and home decor are suffering substantial declines based on two main factors. First, the slowdown in the real estate market. And second, COVID, where people were at home, and many of them were renovating their homes.

Speaker Change: The fact that we are maintaining and even increasing revenues in this market is quite significant, as the lighting and home decor are suffering substantial declines based on two main factors.

Speaker Change: First, the slowdown of the real estate market, and second, COVID, where people were at home and many of them were renovating their homes. And as recently stated by the Wayfair CEO, the whole home decor, home improvement area is in somewhat of a crisis mode.

Steve Schmidt: And, as recently stated by the Wayfair CEO, the whole home decor and home improvement area is in somewhat of a crisis mode. We reported $15.6 million in cash, cash equivalents, and restricted cash as of June 30, 2024, as compared to $19.8 million as of March 31, 2024. As is common, though, with companies such as ours, when sales are converted into cash rapidly, often referred to as the Dell Working Capital Model, the company leverages its trade payable to finance its operations, to enhance its cash position, and to lower its cost of capital.

Speaker Change: We reported 15.6 million in cash, cash equivalents and restricted cash.

Speaker Change: as of June 30, 2024, as compared to $19.8 million as of March 31, 2024.

Speaker Change: As is common, though, with companies such as ours, when sales are converted into cash rapidly, often referred to as the Dell working capital model, the company leverages its trade payable to finance its operations.

Speaker Change: to enhance its cash position and to lower its cost of capital.

Steve Schmidt: Additional business and financial highlights. We continue to grow our market penetration of our advanced and smart plug-and-play products, as our products are in nearly 10,000 US and Canadian homes and are expected to be in tens of thousands of homes in 2025. We continue to utilize our e-commerce platform of over 60 websites for lighting and home decor to educate and enhance our market penetration in both retail and professional segments. We expect to significantly enhance our market penetration in the builder markets in the coming months.

Speaker Change: Additional business and financial highlights, we continue to grow our market penetration of our advanced and smart plug-and-play products, as our products are in nearly 10,000 U.S. and Canadian homes and are expected to be in tens of thousands of homes in 2025.

Speaker Change: We continue to utilize our e-commerce platform of over 60 websites for lighting and home decor to educate and enhance our market penetration to both retail and professional segments. We expect to significantly enhance our market penetration to the builder markets in the coming months.

Steve Schmidt: We believe the company will continue to become cash flow positive during 2025 through our product collaborations that are expected to significantly increase our gross margin sales in our distribution channel. Let me now shift gears to some of our key collaborations.

Speaker Change: We believe the company will continue to become cash flow positive during 2025 through our product collaborations that are expected to significantly increase our gross margin sales in our distribution channels.

Steve Schmidt: We have just recently announced Home Depot. And what we've done with Home Depot, parallel to many products going on Home Depot's website, some of our products are expected to go into some stores. As we are the only products that include smart plug-and-play technology, it's important to emphasize that from the many products, including smart lighting and smart ceiling fans that are expected to go on Home Depot's website, those products that perform well will have a good chance to go into their stores, creating an opportunity to potentially significantly increase our revenues. With over 2,000 Home Depot stores, any product that goes into those stores can potentially generate substantial revenue for us.

Speaker Change: Let me now shift gears to some of our key collaborations.

Speaker Change: We have just recently announced Home Depot.

Speaker Change: And what we've done with Home Depot, parallel to many products going into Home Depot's website, some of our products are expected to go into some stores.

Speaker Change: As we are the only products that include smart plug-and-play technology, it's important to emphasize that from the many products, including smart lighting and smart ceiling fans, that are expected to go in on Home Depot's website, those products that perform well will have a good chance to go into their stores.

Speaker Change: for an opportunity to potentially significantly increase our revenues with over 2,000 Home Depot stores. Any product that goes into those stores can potentially generate substantial revenue for us.

Steve Schmidt: Next, our collaboration with GE Licensing continues to make progress, with initiatives related to a recently signed five-year licensing partnership agreement with the U.S. and global markets. SkyX and GE's goal is to make SkyX's game-changing ceiling outlet and receptacle the standard for homes and buildings by licensing it and its related products, including Sky's advanced and smart home platform technologies, to various industries, including tech, smart Next, our collaboration with the world-leading Chinese lighting supplier and manufacturer Rui Appliances for the U.S., Chinese, and European markets.

Speaker Change: Next, our collaboration with GE Licensing continues to make progress with initiatives related to recently signed five-year licensing partnership agreement for the US and global markets.

Speaker Change: Skyex and GE's goal is to make Skyex game-changing ceiling outlet and receptacle the standard for homes and buildings by licensing it and its related products including Skye's advanced and smart home platform technologies to various industries including tech,

Speaker Change: Smart Home, AI, Lighting, Ceiling Fans, and Electrical.

Speaker Change: Next, our collaboration with the world-leading Chinese lighting supplier and manufacturer Rui Appliances for the U.S., Chinese, and European markets.

Steve Schmidt: This collaboration provides Sky substantial backing in several areas, including financial, mass production, manufacturing capabilities, and distribution to the global market. And then, as we've announced prior, we've got collaborations with world-leading lighting company Kichler, and collaborations with U.S. lighting leading company Kweizel, with over 100 years in the lighting industry, and collaborations with U.S. lighting company Golden Lighting. And all of these collaborations will include Sky's advanced, smart, and standard products for online, professional channels, and retail.

Speaker Change: This collaboration provides SC&I substantial backing in several areas, including financial, mass production, manufacturing capabilities, and distribution to the global markets.

Speaker Change: And then, as we announced prior, we've got collaborations with world-leading lighting company Kichler, collaborations with U.S. lighting leading company Kweizel, with over 100 years in the lighting industry.

Speaker Change: collaboration with the U.S. leading lighting company Golden Lighting and all of these collaborations will be including Sky's advanced smart and standard products for online professional channels and retail.

Steve Schmidt: As I mentioned before, when it comes to our patents, we're making significant progress. We started production of our new global patent advanced smart plug and play recess light. The global reset light market is a multi-billion unit market. Sky's new plug-and-play recess-like global patents include the U.S., China, Canada, Hong Kong, and Mexico, as billions of recessed lights are installed globally. With hazardous electrical wires, Sky's recessed light solutions enable an advanced, simple plug-and-play installation that saves costs and lives.

Speaker Change: As I mentioned prior, when it comes to our patents, we're making significant progress. We started production of our new global patent-advanced smart plug-and-play RecessLite.

Speaker Change: The global recessed light market is a multi-billion unit market. Sky's new plug-and-play recessed light global patents include the U.S., China, Canada, Hong Kong, and Mexico.

Speaker Change: As billions of recessed lights are installed globally, with hazardous electrical wires, Sky's recessed light solutions enable an advanced, simple plug-and-play installation that saves costs and lives.

Steve Schmidt: Sky's plug-and-play recess lights can be controlled through Sky's app, voice control, and phone and works with Apple Siri, Amazon Alexa, Global Home, and Samsung. New global smart home and AI related patents, Sky X new and existing patents, including the new global patent advanced smart and plug and play reset flight, enable enhanced performance and smart home and AI sensors. In addition to home safety sensors, bringing the company's intellectual property portfolio to a total of over 97 issued and pending patents.

Speaker Change: Sky's plug-and-play recess lights can be controlled through Sky's app, voice-controlled phone, and works with Apple's Siri, Amazon Alexa, Global Home, and Samsung.

Speaker Change: New global smart home and AI related patents, Sky X new and existing patents.

Speaker Change: including the new global patent-advanced smart plug-and-play Reset Flight.

Speaker Change: enable enhanced performance of smart home and AI sensors.

Speaker Change: in addition to home safety centers, bringing the company's intellectual property portfolio to a total of over 97 issued and pending patents.

Steve Schmidt: 36 of which are issued patents covering Sky's advanced plug-and-play and smart home platform technologies for the smart home, AI, electrical, and lighting industries in the U.S. and internationally, including China, Europe, Mexico, and two patents in India. It also includes the recent issue of six additional patents in the U.S. and internationally in China, India, Europe, Canada, and Mexico for advanced smart and plug-in ceiling, fan, and heater With that, let me now turn the meeting over to Len Sokolow, our co-CEO, who will take you through additional financials. Okay, Len? Yep.

Speaker Change: 36 of which are issued patents covering Sky's advanced plug-and-play and smart home platform technologies for the smart home, AI, electrical, and lighting industries in the U.S. and internationally including China, Europe, Mexico, and two patents in India.

Speaker Change: It also includes the recent issuance of six additional patents in the U.S. and internationally in China, India, Europe, Canada, and Mexico for advanced smart and plug ceiling, fan, and heater.

Len Sokolow: With that, let me now turn the meeting over to Len Sokolow, our co-CEO, who will take you through additional financials. Len? Yep. Thank you, Steve, very much. Just to reiterate initially, the revenue in our second quarter of 2024

Len Sokolow: Yep, thank you, Steve, very much. Just to reiterate, revenue in our second quarter of 2024 increased to a record $21.4 million, including our e-commerce sales, as well as smart and standard plug-and-play products, as compared to $15 million in the second quarter of 2023. We reported $15.6 million in cash, cash equivalents, and restricted cash as of June 30, 2024, as compared to $19.8 million as of March 31, 2024. And, as Steve stated, it's common with companies such as ours when sales are converted into cash rapidly.

Len Sokolow: increased to a record 21.4 million including our e-commerce sales as well as smart and standard plug-and-play products as compared to 15 million in the second quarter of 2023.

Speaker Change: We reported $15.6 million in cash, cash equivalents, restricted cash, as of June 30, 2024, as compared to $19.8 million as of March 31, 2024.

Speaker Change: And as Steve stated, it's common with companies such as ours, when the sales are converted into cash rapidly, it's often referred to as the Dell working capital model. We leverage our trade payables to support them for operations.

Len Sokolow: It's often referred to as the Dell working capital model. We leverage our trade payables to enhance our cash position to lower our cost of capital. And just to elaborate, as many know, the Dell computer really revolutionized direct sales or rapid sales to customers, and they were able to collect their receivables within one to three days, and they were able to have favorable vendor payables that could be over ten times that time span. So it could be 30 to 60 days, and that significantly enhances, you know, the cash conversion cycle and the liquidity generated from working capital.

Speaker Change: to enhance our capital position to lower our cost of capital. And just to elaborate, as many know, Dell Computer really revolutionized the direct sales or rapid sales to customers.

Speaker Change: and they were able to collect their receivables within one to three days.

Speaker Change: and they were able to have favorable vendor payables.

Speaker Change: that could be over 10 times that time span. So it could be 30 to 60 days.

Speaker Change: and that significantly enhances...

Speaker Change: You know, the cash conversion cycle and the liquidity generated from working capital.

Speaker Change: Just to connect some dots that are in the press release also, Ruyi and that great relationship also enhances our cash conversion cycle.

Len Sokolow: Just to connect some dots that are in the press release, also really that great relationship enhances our cash conversion cycle. We had EBITDA; we had a $2.5 million reduction in our net cash loss before interest, taxes, depreciation, and amortization, as adjusted for share-based payments. We call that the adjusted EBITDA. It's a non-GAAP measure, and that reduction went to $2.1 million in the second quarter as compared to $4.6 million in the first quarter of 2024.

Speaker Change: We had a...

Speaker Change: We had a $2.5 million reduction in our net cash loss before interest, taxes, depreciation and amortization, as adjusted for share-based payments. We call that the adjusted EBITDA.

Speaker Change: It's a non-GAAP measure, and that reduction went to $2.1 million in the second quarter, compared to $4.6 million in the first quarter of 2024.

Len Sokolow: Our adjusted EBITDA loss, a non-GAAP measure, amounted to $2.1 million in addition to a non-cash basis loss of $5.4 million. This amounted to a net loss of $7.5 million in the second quarter of 2024 as compared to a net cash loss of $2.7 million in addition to a non-cash basis loss of $9.6 million, which amounted to a net loss of $12.3 To distill it down, to give some perspective, the key metrics that are reflected in our quarterly filings when we compare this Q2 results to Q1 of 2024. Keep in mind the following, and in our view, it's very good direction.

Speaker Change: are adjusted team at DALOS.

Speaker Change: A non-GAAP measure amounted to $2.1 million, in addition to a non-cash basis loss of $5.4 million. This amounted to a net loss of $7.5 million in the second quarter of 2024, as compared to a net cash loss of $7.5 million.

Speaker Change: of $2.7 million in addition to a non-cash basis loss of $9.6 million.

Speaker Change: amounted to a net loss of $12.3 million in the second quarter of 2023. And just to distill it down to give some perspective,

Speaker Change: the key metrics that are reflected in our quarterly filings. When we compare this Q2 results to Q1 of 2024,

Speaker Change: Keep in mind the following, and in our view, it's very good direction. Our revenues increased 13% to $21.4 million.

Len Sokolow: Our revenues increased 13% to $21.4 million, and our gross profit increased 18% to $6.6 million. Our gross margin increased 4% to 30.7%, our operating expenses decreased 11% to $12.8 million, and our cash operating expenses decreased 14% to $8.7 million. Hence, our EBITDA loss, as adjusted, decreased 54% to $2.1 million, and our cash units and operations decreased 32% to $2 million. So our metrics and our trends were extremely favorable quarter-to-quarter. So something that, you know, we wanted to emphasize that these numbers are, of course, reflected in our filing.

Speaker Change: Our gross profit increased 18% to $6.6 million. Our gross margin increased 4% to 30.7%.

Speaker Change: our operating expenses decreased 11% to $12.8 million and our cash operating expenses decreased 14% to $8.7 million.

Speaker Change: So our EBITDA loss, as adjusted, decreased 54% to $2.1 million.

Speaker Change: And that are cash used in operations.

Speaker Change: decreased 32% to 2 million.

Speaker Change: So our metrics and our trends were extremely favorable quarter to quarter. So something that we wanted to emphasize that these numbers are of course reflected in our filing. So if I could turn it over to Rani. Rani, please.

Rani Kohen: So if I could turn it over to Rani. Rani, please. Thank you.

Rani Kohen: Thank you, Steve, and thank you, Lenny, a great coverage, a great month here, a good quarter for us and a good month. A couple of points here, as you see the slide here, and again, we're utilizing what we call the razor and the blade model. We're enhancing our market penetration, as we said, nearly 10,000 homes and expected to be in this rhythm within tens of thousands of homes within the year or less, hopefully.

Rani Kohen: Thank you Steve and thank you Lenny, great coverage, a great month here, a great quarter for us.

Mon: and Mon.

Rani Kohen: A couple of points here, as you see the slide here, and again, we're utilizing what we call the Razor and the Blade model. We're enhancing our market penetration, as we said, nearly 10,000 homes and expect it to be, in this rhythm, within tens of thousands of homes within a year or less, hopefully. This provides us a large variety of products, including smart light fixtures, smart chandeliers, smart ceiling fans, our all-in-one platform, and the recess light that we just announced is our new patent, okay? All of them can be controlled by smart.

Rani Kohen: This provides us with a large variety of products, including smart light fixtures, smart chandeliers, smart ceiling fans, our all-in-one platform, and the recess light that we just announced is our new patent. Okay, all of them can be controlled by smart.

Rani Kohen: We announced this recess light, some people call it hi-hats, new patent on plug-and-play. People still it's a small, very small fixture, but people still go on ladders, spend time on the ladder touching hazardous wires and taking can take 30 minutes if someone installs one of them here. This is, as we said in our press release and earlier, this is a multi-billion unit market. We're very excited that we have started production.

Rani Kohen: We announced this...

Rani Kohen: Recess Light

Rani Kohen: Some people call it hi-hats. New patent on plug-and-play. It's a very small fixture, but people still go on ladders, spend time on the ladder, touching hazardous wires. It can take 30 minutes if someone installed one of them. Here it becomes plug-and-play. This is, as we said in our press release,

Rani Kohen: And earlier, this is a multi-billion unit market. We're very excited that we started production. Those are part of the things that are going to go on HomeDepot.com.

Rani Kohen: Those are part of the things that are going to go on homedepot.com. This potential product opens the door for many builders and other projects that we're talking to now, and we hope that we'll be able to announce in the coming months. We're working on several funds with this, and there's some excitement about this product. It also provides the capability to use it as a smart product and talk to a recess light or talk to 20 recess lights or more in one room or use your iPhone through Apple, Surrey, Alexa, Google, Home, Samsung, and other ways.

Rani Kohen: This potential product opens the door for many.

Speaker Change: builders and other projects that we're talking to now and we hope that we'll be able to announce in the next coming months.

Speaker Change: We're working on several funds with this and there's some excitement about this product.

Speaker Change: It provides also the capability to use it as a smart product and talk to a recessed light or talk to 20 recessed lights or more in one room or use your iPhone through Apple, Surrey, Alexa, Google Home, Samsung and other

Rani Kohen: As you can see, the product provides not only a round 4-inch size and a 7-inch size, but it also provides for a square 4-inch and a 7-inch, and those are huge markets and definitely good for the US market, but it has a great potential to go global.

Speaker Change: Steve Schmidt, Rani Kohen, Steve Schimdt, Khadija Mustafa, Steve Schimdt, Rani Kohen,

Speaker Change: definitely good for the U.S. market, but has a great potential going globally.

Rani Kohen: Showing here a taste of some of the products that are capable, compatible with the lighting products and fan products and smart lighting and smart fans that you can see here down the road. In addition to recess lights, we'll have the chandeliers, smart chandeliers, we'll have for kid rooms, we'll have holiday lights that we expect also with all of this to go to Home Depot. We will have ceiling fans, smart ceiling fans, we have the patented all-in-one heater and ceiling fan, we'll have wall sconces, we'll have exit signs, emergency lights, a variety of products that we expect to launch not only on our 60 websites, but now as announced on the Home Depot website and as Steve mentioned, parallel to launching on the Home Depot website, we will also be going to stores with some products and products that perform well online, have a good chance to go to stores, and as Steve mentioned, even the product, one product that goes into such a big company, Home Depot, 2,000 stores, can be quite significant and substantial revenues for us.

Speaker Change: showing here a taste of some of the products that are capable, compatible with the lighting products and fan products and smart lighting and smart fans that you can see here down the road, in addition to recessed lights.

Speaker Change: that we'll have the chandeliers, smart chandeliers we'll have for kid rooms, we'll have holiday lights.

Speaker Change: that we expect also with all of this to go to Home Depot, we will have ceiling fans, smart ceiling fans. We have the patented all-in-one heater and ceiling fans. We'll have wall sconces, exit signs, emergency lights.

Speaker Change: We have a variety of products that we expect to launch not only on our 60 websites, but now as announced on the Home Depot website. And as Steve mentioned, parallel to launching on the Home Depot website, we will also be going to stores with some products.

Steve Schmidt: and products that perform well online, have a good chance to go to stores.

Speaker Change: And as Steve mentioned, even the product, one product that goes into such a big company, Home Depot, 2,000 stores, can be quite significant and substantial revenues for us. The packages of them we also continue to sell and will sell in Home Depot. One pack.

Rani Kohen: The packages of them, we also continue to sell and will sell in Home Depot, the one pack, four pack, eight pack, and 24 pack of the ceiling outlet, what we call a razor and other products to be with this, all our products to remind everyone we got the 70th award and we are really proud of it, going after a market with an addressable market of over 4.2 billion applications, U.S. homes and apartments, and that's residential only Co-Market is also a big play with this, but we can also go commercial, as expected.

Speaker Change: four-pack, eight-pack, and 24-pack of the sealing outlet, what we call our razor, and other products to be with this. All our products, to remind everyone, we got the 70th award, and we are really proud of it.

Speaker Change: Going after a market with a addressable market of over 4.2 billion applications US and homes and apartments and that's residential only obviously the smart

Speaker Change: Home market is also a big play with this, but we can also go to commercial as expected to do our all-in-one smart platform

Rani Kohen: Our all-in-one smart platform, as we're getting close, and we hope to start production this year, as we said, and the sooner the better. And there's a lot of excitement around this product, and as we said, so many capabilities in one product, and the CS awards we won, and enhancing the performance of so many things, including Wi-Fi, AI performance of chips or software, as well as smoke detectors, CO detectors, sound, voice, and many other things you can put here.

Speaker Change: as we're getting close and we hope to start production this year, as we said, and the sooner the better, and there's a lot of excitement around this product, and as we said, so many capabilities in one product, and the CES awards we won, and enhancing performance of

Speaker Change: So many things, including Wi-Fi.

Speaker Change: AI performance of chips or software, as well as smoke detectors, CO detectors, sound, voice, and many other things you can put here.

Rani Kohen: And we can really believe we can transform buildings and homes instantly to be smart, rather than spending weeks on homes. It can happen within minutes or an hour in large buildings, rather than spending millions of dollars in a one-year span.

Speaker Change: and you know, we can really believe we can transform buildings.

Speaker Change: and Holmes instantly to SMART, rather than spending weeks on HOLMES.

Speaker Change: It can happen within minutes or an hour in large

Rani Kohen: We can do it, as we mentioned, quite fast within days or hotels, et cetera. And as Steve mentioned, we're doing great progress here on some GE initiatives with GE licensing, and we have addressed the whole licensing packages for various industries. And as Steve mentioned earlier, we're going to license not only the standard plug-and-play, but we'll also license and hope to license the smart technologies and capabilities, including the electronic real estate that we have, which we can provide to enhance the performance of smart homes.

Speaker Change: Building

Speaker Change: Rather than spending millions of dollars in a one-year span, we can do it, as we mentioned, quite fast, within days.

Speaker Change: or hotels, et cetera. And as Steve mentioned, we're doing great progress here on some GE initiatives with GE licensing. And we have...

Speaker Change: addressed

Speaker Change: the whole licensing packages to various industries, and as Steve mentioned earlier, we're going to license not only the

Speaker Change: Steve Schimdt, Khadija Mustafa, Steven Schmidt, Rani Kohen, Leonard Sokolow, Steven Schmidt,

Speaker Change: that we have, we can provide to enhance performance of smart homes. Other companies can utilize our patents, our code achievements here, and also

Rani Kohen: Other companies can utilize our patents, our code achievements here, and also license our capabilities to do it in every home. As to the code application, we filed it last year to make it mandatory after a long time. Our team members, Mark Early and Eric Jacobson, who lead the application, are confident that we have everything that's needed to become mandatory. Again, as I always say, it's a very long process. We've already been over 12 years in this process, so that's the good news.

Speaker Change: Licensed

Speaker Change: So yeah, it's a very rare trade.

Speaker Change: Mark Early, and Eric Jacobson that lead the application.

Speaker Change: are confident that we have everything that's needed to become mandatory. Again, as I always said, it's a very long process. We're already over 12 years in this process, so that's the good news. It's still a slow machine.

Rani Kohen: It's still a slow machine, but we're making progress, and we hope to share more things about this with you as time comes. In the meantime, we did get approved, as you can see here, WSDR as our generic name, that that's a major condition. We've had 10 segments voted into the National Electrical Code in the past 12 years, and we got this historical approval by ANSI, the American Standardization Institute, and NEMA, the National Electrical Manufacturer, which actually creates the standards in homes and buildings when it comes to safety.

Speaker Change: We're making progress and we hope to share more things about this with you as time comes. In the meantime, we did get approved, as you can see here, the WSDR as our

Speaker Change: generic name, that that's a major condition. We got 10 segments voted into the National Electrical Code in the past 12 years, and we got this historical approval by ANSI, American Standardization Institute, and NEMA, National Electrical Manufacturers, that actually create the standards in homes and buildings when it comes to safety. So our code team is optimistic, as we said.

Rani Kohen: Our code team is optimistic, as we said, and we really think that we're in the beginning of, as Steve said earlier, opening a new world on the ceiling with a variety of products that we share with you. We really feel that this beginning is really starting to happen with major collaborations like Home Depot and other leaders, including GE and leading companies. With that being said, we hope that we will be able to share additional things that we're working on, and if they prevail, we definitely will. I think we can conclude the first part of this call now, and start addressing Q&A if there's some Q&A here. So, I'll turn it up to the host and, please, guide us through the Q&A.

Speaker Change: And we really think that we're in the beginning of, as Steve said earlier, to open a new world on the ceiling.

Speaker Change: with a variety of products that we share with you. And we really feel that this beginning is really starting to happen with major collaborations like Home Depot and like other leaders, including GE and leading companies. So with that being said, we hope that we will be able to share additional things that we're working on. And if they prevail, we will definitely.

Speaker Change: but I think we can conclude now the first part of this call and start addressing Q&A if there's some Q&A here so

Speaker Change: I'll turn it up to the host and please guide us with the Q&A.

Operator: Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate that your line is busy. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing this option. Before pressing the star keys, excuse me, one moment, please, while we poll for questions. Our first question comes from Michael Legg with The Benchmark Company. Please proceed with your question.

Speaker Change: Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate that your line is in the question queue.

Speaker Change: You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the option.

Speaker Change: before pressing the star keys. Excuse me. One moment, please, while we poll for questions.

Speaker Change: Our first question comes from Michael Legg with the Benchmark Company. Please proceed with your question.

Michael Legg: Thanks. Good afternoon. Congratulations on the record, Gordon, everyone.

Michael Legg: I wanted to touch on Home Depot as we enter the Home Depot phase, and that could obviously ramp up very fast and be very big. Can you just comment a little bit on how the real appliance relationship with the financial and the production capacity kind of ties into all that and gives you that power? Can you just expand on those two, please?

Michael Legg: Thanks, good afternoon. Congrats on the record, Gordon, and everyone. I wanted to touch on Home Depot as we enter the Home Depot phase.

Rani Kohen: Thanks.

Michael Legg: Can you comment a little bit on how the rule-of-appliance relationship with the financial and the production capacity kind of ties into all that and gives you that power? Just expand on those two, please.

Rani Kohen: Sure. Thank you, Michael.

Speaker Change: Sure. Thank you, Michael. Great question. Those collaborations, including Rooey Appliances and some other collaborations we have, help us from a variety of products, for the smart products and the advanced plug-and-play products,

Rani Kohen: Great question! Those collaborations, including Rui Appliances and some other collaborations we have, help us with a variety of products, including smart products and advanced plug-and-play products. And also, some of those relationships, the way it works is that we have those relationships provide us with this product in large varieties and enable us to pay after we sell them, as Lenny Sokolow, our co-CEO, and Steve Schmidt mentioned, the Michael Dell model. So, those collaborations help us with gross margins, a certain type of financial backing, as well as in opening and helping us to open distribution channels with a variety of smart and advanced products and down-the-road recess lights, smart ceiling fans, and the heater.

Speaker Change: and also some of those relationships, the way it works is that we have those relationships provide us this product.

Speaker Change: and large varieties and enables us to pay after we sell as Lenny Sokolow, our

Speaker Change: Co-CEO and Steve Schmidt mentioned the Michael Dell model so those collaborations help us

Speaker Change: in Gross Margins in Afghanistan.

Speaker Change: type of certain type of financial backing as well as in opening and helping us to open distribution channels and with variety of smart and advanced

Speaker Change: products and down the road recess lights and smart ceiling fans and the heater. So those are extremely strategic relationships. And having, you know, the world leading home improvement company collaborating with us and the largest

Rani Kohen: So, those are extremely strategic relationships. And having a world-leading home improvement company collaborating with us and the largest, I think, lighting manufacturer in the world, Rui Appliances, is a major factor. He's very big here, very well known. He's an approved vendor for all the biggest companies here in the U.S. and quite large in China and in Europe as well. So, those are extremely strategic and long-term relationships that we believe we can capitalize on and improve our range significantly, both margins and distribution channels.

Speaker Change: I think lighting manufacturing in the world, we appliances, it's a major factor, he's very big here, very known, he's an approved vendor on all the biggest companies here in the U.S. and quite large in China and in Europe as well, so those are extremely strategic and long-term relationships that we

Speaker Change: I believe we can capitalize and improve significantly our range, both margins and distribution channels.

Rani Kohen: And then just one more question, since you made the Home Depot announcement, obviously that's big news, have any other retailers kind of, you know, come on board and tried to get in touch with you, and how has your whole reputation expanded because of that amongst other retailers?

Speaker Change: Since you made the Home Depot announcement, have any other retailers come on board and tried to get in touch with you? How has the reputation expanded because of that amongst other retailers?

Rani Kohen: I think that we're in discussions that we can't share yet, but I think that there are a different type of retailers that we could potentially discuss with, and some of them we are discussing. I think in home improvement, Home Depot is a leading company. I'm very proud of that relationship, and I think it really can be a major factor for us, this new beginning for us. But there are definitely other targets in home decor and other sectors that we're looking into, and we hope we'll be able to announce some of them sooner than later.

Speaker Change: I think that we're in discussions that we can't share yet, but I think that

Speaker Change: There's a different type of retailers that potentially we can discuss with and

Speaker Change: Some of them we are discussing. I think in home improvement, Home Depot is the leading

Speaker Change: I'm very proud of that relationship, and I think it's a really...

Speaker Change: can be a major factor for us, this new beginning for us. But there's definitely other targets around and and home decor and other sectors that we're looking into. And we hopefully be able to announce some of them sooner than later.

Michael Legg: Okay, congratulations on the quarter. Thanks. Thank you. Thank you.

Speaker Change: Congratulations on the quarter. Thanks. Thank you. Thank you, Mike.

Pat McCann: Our next question comes from Pat McCann with Noble Capital. Please proceed with your question.

Speaker Change: Our next question comes from Pat McCann with Noble Capital. Please proceed with your question.

Pat McCann: Hey, thanks for taking my questions. I have just a couple, and congratulations on a nice quarter. My first question had to do with the Builder channel, specifically regarding the recent announcement with Home Depot. I was wondering if there were any tangible developments that have happened since then as far as more builders coming to talk to you or any acceleration in the Builder channel as a result.

Speaker Change: Hey, thanks for taking my question. It's just got a couple and congratulations on a nice quarter. My first question had to do with the...

Pat McCann: With the Builder Channel, specifically regarding the recent announcement with Home Depot, I was wondering if there's any tangible developments that have happened since then as far as more builders coming to talk to you or, you know, any acceleration.

Rani Kohen: We are very active on the builder channel, and there's a lot that we hope that we'll be able to share.

Speaker Change: in the Builder channel as a result.

Speaker Change: We are very active in the Builder channel and there's a lot that we hope that we'll be able to share.

Rani Kohen: Going back to the previous question, part of our relationship with collaborating with those vendors, manufacturers, including we, is to address the variety of products that currently dominate our revenues; our product and plug and play go into smart chandeliers, plug and play chandeliers, and pendants. But now we're opening the door for recess lights, wall sconces, ceiling fans, flush mounds, down lines, what we call, and down the road exit signs and emergency lights.

Speaker Change: Going back to the previous question, part of our relationship with collaborating with those vendors

Speaker Change: manufacturers including we is to address the certain the variety of products that currently our revenues mainly go our product and plug-and-play go on smart chandeliers plug-and-play chandeliers and pendants but now we're opening the door for recess light wall sconces ceiling fans flush mounds

Speaker Change: down the road exit signs and emergency lights, those are

Rani Kohen: Those are definitely key to builders. And as we get product here, and we're working on this, and we announce that we have started production, we definitely hope to be able to share some more developments regarding the builder channel that's quite active on our end.

Speaker Change: definitely key to builders and as we get product here.

Speaker Change: and we're working on this and we started we announced we started production. We definitely hope to be able to share some more developments regarding the builder channel that's quite active on our end.

Pat McCann: Great, thanks. And then my other question was just relating to your cash burn. I believe you mentioned in the prepared remarks that you would still be targeting 2025 cash flow positive, you know, to turn cash flow positive in 2025. And with the reduced cash burn in this past quarter, I was wondering, from a funding needs perspective, are there any updates there? Do you anticipate you will need additional funding? Or do you have the tools you need to get the cash flow positive without additional funding if need be?

Speaker Change: Great, thanks. And then my other question was just relating to your cash burn. I believe you mentioned in the prepared remarks that you would still be targeting 2025 cash flow positive, you know, to turn cash flow positive in 2025. And

Speaker Change: and the reduced cash burn in this past quarter. I was wondering, from a funding needs perspective, are there any updates there? Do you anticipate you would need additional funding? Or do you have the tools you need to get the cash flow positive without additional funding, if need be?

Rani Kohen: So I think, as Lenny Sokolow, our CEO, and Steve Schmidt mentioned, the Michael Bell model, because we're selling with cash, really helps us in this position. We're lucky to have our 60 websites and the 21.4 million we just announced. Probably, we can call it all cash. So that helps us, and the collaborations we have with those vendors also help us that we don't need to spend big dollars. So, you know, we really feel strongly that we have a path that can bring us to cash positive because of those collaborations.

Speaker Change: So, I think as Lenny Sokolow, our CEO, and Steve Schmidt mentioned, the Michael Bell model, because we're selling with cash.

Speaker Change: really helps us on this position. We're lucky to have our 60 websites and the 21.4 million that we just announced. Probably...

Speaker Change: We can call it all cash, so that helps us and the collaborations we have with those vendors also help us that we don't need to spend big dollars. So, you know, we really feel strongly that we have a path.

Rani Kohen: And because of those terms, what our management here calls the Michael Bell model, we feel confident that we can get to cash positive in 2025 as we start rolling and growing our gross margins and bring more products into the country. Great, thanks so much.

Speaker Change: that can bring us to cash positive because of those collaborations and because of those terms what we call or our management here calls the Michael Dell model.

Speaker Change: We feel confident that we can get to cash positive in 2025 as we start rolling and growing our gross margins and bringing more products into the country.

Pat McCann: Great. Thanks so much for the call, and again, congratulations on the quarter.

Speaker Change: Great, thanks so much for the caller and again congratulations on the quarter.

Speaker Change: i

Jack Vandard: Our next question comes from Jack Vandard of Maxim Group. Please proceed with your question.

Speaker Change: Thank you.

Speaker Change: Our next question comes from Jack Vandard with Maxim Group. Please proceed with your question.

Jack Vandard: Okay, great. I appreciate the 2Q update, guys. Great to see the big uptick in revenue and material decrease in operating expenses, for sure.

Jack Vandard: Okay, great. I appreciate the 2Q update guys. Great to see the big uptick in revenue and material decrease in operating expenses for sure.

Jack Vandard: Question, maybe for Rani. I think I heard you mention it briefly during your prepared remarks. But can you provide an update on the overall significance and maybe just the launch timing of the upcoming Gen 3 all-in-one platform product?

Jack Vandard: Question maybe for Rani. I think I heard you mention it briefly during your prepared remarks. Can you provide an update on the overall significance and maybe just launch timing of the upcoming Gen 3 all-in-one platform product?

Rani Kohen: Yes, our expectation is to start production in the second half and probably towards the end of this queue or next quarter. We're in good shape as the platform is working well and performing. We're just fine-tuning towards regulations such as you have UL smoke detection and you have the FTC for communication. So that requires fine-tuning, and for us, it's also important to complete and conduct what's very important to us, our SIG

Rani Kohen: Yes, our expectation is to start production

Rani Kohen: The second half and probably towards the end of this queue or next quarter, we're in good shape.

Rani Kohen: As the platform is working well and performing, we're just fine-tuning towards regulations such as

Speaker Change: You have UL, smoke detecting, and you have the FCC for communication. So that requires fine-tuning, and for us, it's also to complete and conduct.

Rani Kohen: We also, with our first generation of smart, what we call Generation 2, our plug-and-play smart products, we could have launched earlier, but we decided to conduct additional testing just to make sure that as we launched, we didn't have surprises, and we're very happy we conducted it because we were in the market launching that product and really did it responsibly, and this is exactly what we're doing with all-in-one smart platforms. There is a great demand for that product.

Speaker Change: What's very important to us is our SIGSIGMA quality control manual. We also, with our first generation of smart, what we call Generation 2, our plug-and-play smart products.

Speaker Change: We could have launched earlier, but we decided to conduct additional testing just to make sure that as we launch, we don't have surprises.

Speaker Change: And we're very happy we conducted it, because we're in the market, launching that product, and really, we did it responsibly. And this is exactly what we're doing with all-in-one smart platform. There's great demand for that product. The product is working great on all our tests.

Rani Kohen: The product is working great in all our tests, and it's a final fine-tuning here, so we feel comfortable enough to start the mass production. So that's where it stands, and we think we have a good chance to start production in the next couple months after we complete all the quality control manuals and regulatory testing.

Speaker Change: and it's a final fine-tuning here so we feel comfortable enough to start the mass production. So that's where it stands and

Speaker Change: We think we have a good chance to start in the next couple of months the production after we complete all the quality control manuals and regulation testing.

Jack Vandard: Okay, great. I appreciate the color there. And then maybe a follow-up question for Lenny. Can you provide maybe some additional color on the progress update with regard to the collaboration and sort of production timeline with RUI Appliances, and if we'll see maybe an uplift in gross margins because of RUI later in the back half of this year, or just maybe by next year? Thanks.

Speaker Change: Okay, great. I appreciate the color there. And then maybe a follow-up for Lenny.

Speaker Change: Can you provide maybe some additional color on the progress update with with regard to the collaboration and sort of production?

Speaker Change: timeline with RUI appliance and if we'll see maybe an uplift in gross margins because of RUI later in the back half of this year or just maybe next by next year. Thanks.

Len Sokolow: Sure. So, you know, really, you know, and I think, as we've discussed, it's multidimensional in terms of what they bring to the table. Not only are they, you know, a global manufacturer for global products, you know, U.S., Europe, China, but, you know, their ability, you know, with our collaboration and partnership, financial partnership, we're able to leverage that model, of course, with our, you know, cash conversion cycle that's favorable, similar to the Michael Dell cycle.

Speaker Change: Sure. So, you know, really, you know, and I think as we've discussed, you know, there's it's multidimensional in terms of what they bring to the table. Not only are they, you know, global manufacturer for global products, you know, US, Europe, China.

Speaker Change: But, you know, their ability, you know, with our collaboration and partnership, financial partnership.

Speaker Change: You know, we're able to leverage that model, of course, with the cash conversion cycle that's favorable, similar to the Michael Dell cycle.

Len Sokolow: But it's also, there's flexibility, and they have a knowledge base with respect to the large, you know, big box stores and the, you know, the sales channels we have. They have that flexibility to serve it. They understand lighting. They make lighting for the big boys. So, you know, it's really a very good oil for us in terms of, you know, growing the market and being able to expand with them. But was there another nuance to that question, Jack?

Speaker Change: But it's also, there's flexibility and they have a knowledge base with respect to the large

Speaker Change: you know, big box stores, and the, you know, the sales channels we have, they have that flexibility to service it, they understand the lighting, they make lighting for the big boys. So, you know, it's really a

Speaker Change: So, I think it's a very good foil for us in terms of, you know, growing the market and being able to expand with them. Was there another nuance to that question, Jack?

Jack Vandard: No, I think I've pretty much covered it. I'm just looking to get your thoughts, your latest thoughts on that.

Jack Vandard: I think that pretty much covered it. I was just looking to get your thoughts, your latest thoughts on that. That sounds encouraging. Maybe I will follow up, though, with a question on the GE relationship. Can you just speak to what's the latest with your GE arrangement?

Jack Vandard: How active are they today and how active will they be by next year as it relates to the business model? Thanks.

Jack Vandard: And that sounds encouraging. Maybe I will follow up, though, with a question on the GE relationship. Can you just speak to, you know, what's the latest with your GE arrangement? And are you actively, how active are they today? And how active will they be, you know, by next year, as it relates to the business model? Thanks.

Rani Kohen: As far as activity goes, we're very active with GE. We conduct weekly calls, and there's a lot going on behind the scenes to what GE and us see as a great opportunity, as stated in the press release, to open a new world on the ceiling. As you all know, it's déjà vu. Edison started at GE with a light bulb and then created the Edison base that GE created, one of the most famous global standards on every ceiling and every home and every building in the world. And this is really our model.

Speaker Change: As far as active, we're very active with GE. We conduct weekly calls and there's a lot going on in preparation behind the scenes to what GE and us seem a great opportunity, as stated in the press release, to open a new world on the ceiling.

Speaker Change: As you all know, it's a deja vu. Edison started GE.

Speaker Change: with a light bulb and then created the Edison base that GE created, one of the most famous global standards on every ceiling in every home and every building in the world. And this is really our model. We're very responsible with this because we have more than creating

Rani Kohen: We're very responsible for this because, as Steve mentioned earlier, we expect also to be able to license some smart products to the tech world, as our location significantly enhances the performance of 99% of smart fixtures, we would say, that go in the home will perform better in the top center of the ceiling. So to arrange for such a big plan and all our initiatives, we're very careful, using GE's great experience in that field, and we're starting to move forward with some discussions. And we hope and believe that that will be a main factor down the road, as part of what we do here.

Speaker Change: Just a receptacle, as Steve mentioned earlier, that we expect also to be able to license some smart products to the tech world as our location significantly enhances performance of...

Speaker Change: 99% of smart pictures we would say that go in the home will perform better in the top center of the ceiling. So to arrange for such a big plan and all our initiatives we're very careful using GE's great experience in that field.

Rani Kohen: And we hope we'll be able to share with you some things. Hopefully, in the near future, but definitely in the next coming months, we will start having some serious discussions about collaborations and licensing with several industries.

Speaker Change: as part of what we do here and we hope we'll be able to share with you some things hopefully in the near future but definitely in the next coming months we will start having some serious discussions about

Speaker Change: collaborations and licensing with several industries.

Jack Vandard: Got it. Well, thank you very much. I appreciate it. Congratulations on the continued strong results and momentum, guys. Thanks.

Speaker Change: Got it. Well, thank you very much. I appreciate it. Congrats on the continued strong results and momentum, guys. Thanks.

Jack Vandard: Thank you very much. Thank you, Jack.

Rani Kohen: We have reached the end of our question and answer session. I would now like to turn the floor back over to Rani Kohen for closing remarks.

Speaker Change: Thank you very much. Thank you, Jack.

Speaker Change: We have reached the end of our question and answer session. I would now like to turn the floor back over to Rani Kohen for closing remarks.

Rani Kohen: Thank you everyone on the call, thank you Steve Schmidt, thank you Lenny Sokolow, our team members here, thank you to Mark, the great financial update here, and thank you for the audience, and hopefully we'll have some more things to share with you, looking forward for our next earnings call, and hopefully we believe you'll hear from us prior to that next earnings call, so we're working on some interesting things, and once we're able to announce them, we will, if they happen obviously, so thank you very much, looking forward to talking to all of you soon.

Rani Kohen: Thank you everyone on the call, thank you Steve Schmidt, thank you Lenny Sokolow, our team members here, thanks to Mark for the great financial update here.

Rani Kohen: Thank you for the audience, and hopefully we'll have some more things to share with you. Looking forward to our next earnings call, and hopefully we believe you'll hear from us prior to that next earnings call. So we're working on some interesting things.

Rani Kohen: Once we're able to announce them, we will, if they happen, obviously. So, thank you very much. Looking forward to talking to all of you soon.

Operator: This concludes today's virtual webinar. Thank you for your participation.

Speaker Change: This concludes today's virtual webinar. Thank you for your participation.

Operator: [music]

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Speaker Change: Thank you for watching!

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Speaker Change: Free Trabzon Ho Chocin

Speaker Change: This is the first performance at the National Memorial Department, of Wayne State University. Now his patrons are members of the State Speaker's Committee of Commerce. Now his patrons are members of the Chief Select Committee of Traditional Commerce, of Illinois. And here on the 11th of July, this program was visited in hopes of bringing this to you, considering to what degree the commission's current role in any comprehensive regulations help address the incidents of misdemeanors. Arquette, the first? It is the 18th and it is making progress. Maybe less. But today's portion of Washington, DC,

Operator: Paul Cooney, Michael Legg, Jack Aarde, Patrick McCann Paul Cooney, Michael Legg, Jack Aarde, Patrick McCann, Michael Legg, Jack Aarde, Patrick McCann