Sameer Joshi: Understood. And just one more clarification. The revenues, roughly $25,000, these are from lead metal held over from previous or maybe I did not hear it right?
Judd Merrill: Yes, there was a few sources of some cash coming in other than the raise that we did, but there’s about $25,000 of lead in inventory that we sold in the quarter and there were some other income, mainly related to our partnership with 6K and the work we’re doing with them. And so those are kind of the big pieces of those amounts that came in during the quarter.
Sameer Joshi: Okay. Thanks for taking my questions. Good luck.
Steve Cotton: Thanks Sameer.
Judd Merrill: Thank you.
Operator: Thank you. I’d like to turn the floor back over to Bob for further questions.
Bob Meyers: Thank you, operator. The first question, in your sector there are companies announcing delays, cost over-runs and lay-offs. Can you tell us how Aqua Metals is able to navigate some of the recent market fluctuations and the ones we can probably anticipate?
Steve Cotton: Sure Bob. And thanks for whoever asked the question. So, yes, as we’ve seen, the EV sector and even energy transition is showing like any other nascent and rapidly growing industry not to have a linear growth. But if you look at the year-over-year shipments of EV models announced and energy storage systems are now being deployed, it is still growing and it’s growing at a very rapid pace. But there is going to be some undulation to that market. Others in the EV battery recycling space specifically do continue to pursue what we view as very capital-intensive boom shot types of approaches and we believe could potentially run into some continued challenges as you relate that to the undulation of the market. And so that’s why we set our strategy and that really is a phased expansion plan and having a flexible business model.
So, we’re not building gigantic initial facility, but one facility that will carry the company and be able to grow into the 3,000 tonnes to do that and get to the 10,000 tonnes with our first facility. The flexible business model allows us to have an opportunity to license our technology because we have the IP, the underlying IP that we’ve prosecuted to make sure that we could be in the business of even partnering and licensing our technology as evidenced by our relationship with Yulho and expected other licensees. We have lower capital requirements, we think about half of what some of the others have because we don’t have to have sodium sulphate crystallization equipment that cost millions of dollars per facility and many other things that handle those waste streams are just not part of our process.
And so we can build for less and less capital we can scale rationally, particularly with our approach of modular building blocks. And we’re also — we’ve designed the business to be not reliant on government grants or loans, but have that as being an upside to our core business plan by design. And so I think that really separates Aqua Metals from many of the other parties that are out there in the market is that we view all those types of programs as upside to our business, but not core to our business. And then the high-purity products that we produced can beget many buyers because we go to metals before we go to the salts and pre-cathode active materials that we will be working of course with 6K Energy to produce the cathode active materials.
We can also sell those metals into the global metals markets and there’s plenty of people that are quite interested in buying high purity cobalt and nickel as well. So, that hopefully provides a general answer to the overall sector question.
Bob Meyers: Great. Thank you. The next question. During the call, you mentioned your CapEx could be about half of that of other companies in the industry. Are you able to expand on that?
