Michael DePasquale: Well, Jim and I have been buying the stock, as you know, each quarter, and we do believe in the company. Both of us believe that the significant upside that the identity and access management market in general, presents – is really one of the most significant opportunities in the investment community today. I think most companies in our space have been hit pretty hard from a valuation perspective. There’s been a lot of consolidation. But one thing is for sure, as I’ve been speaking with Forrester, as we’re working with Gartner, the kind of core industry analysts in this space multifactor authentication is a mandate across the board. I mentioned in my prepared remarks, you can’t get cyber insurance. Public companies must have it small, medium-sized enterprises are acquiring it to protect their assets, especially if they house consumer data.
So at the end of the day, I think despite the geopolitical scenario that we face, despite the economic downturns, multifactor authentication, the segment that we operate in I think, will remain strong.
Unidentified Analyst: Well I may own more shares than James Sullivan so I hoping that you’re right. Thank you for answering my questions.
Michael DePasquale: Thank you, Richard.
Operator: The next question comes from , a private investor.
Unidentified Analyst: Hello last quarter, I came in a little late on the call, so I missed your remarks on Africa. So excuse me. But you mentioned the voter registration system in Africa acquiring 2,000 units, I think. Can you tell us when the election is scheduled and how much lead time is necessary to get hardware in place?
Michael DePasquale: Yes, that’s a project we’re working in Swaziland, which is now Eswatini, they changed the name of the country. The election is to be held in August. And typically, they need six to nine months lead time to get the product deployed. So the product will begin to get deployed likely at the beginning of 2023.
Unidentified Analyst: Okay. Would there be any reason that could get delayed at this point or because we’re probably about nine months away from that right now, right?
Michael DePasquale: These are projects that are very focused, UNDP, these elections get scheduled and it’s very, very important from a Democratic perspective that they take place. Anything could happen in Africa as we’ve certainly experienced over the past couple of years, but that election is scheduled to happen in August. And our customer, our partner, has been awarded the contract. But obviously, until the money flows, they don’t go and build product. So, we’ll see how that evolves in the early part of 2023.
Unidentified Analyst: I see. I mean, is there a probability that Swaziland decides not to use biometrics or something like that or?
Michael DePasquale: I think every country, and you can go back and look this up to a Google search on this. Almost every country in Africa that holds an election utilizes some form of biometric capabilities because there’s just no other way to ensure one vote, one citizen, one vote.
Unidentified Analyst: Okay. When you said no hardware revenues from Africa in the fourth quarter that includes this contract, right?
Michael DePasquale: We’re not anticipating any – we could see some happen, but we’re not forecasting that into the fourth quarter.
Unidentified Analyst: Okay. Was there any, I think last quarter you mentioned transaction fees may begin from Nigeria. Was there anything like that in the revenue this quarter?
Michael DePasquale: Not in the third quarter. We anticipate that to begin later this quarter and certainly into 2023, and we’re well on our way to getting all, the infrastructure in place to begin to do that.
Unidentified Analyst: I see. Are you talking like low or five figures or low six figures or something like that or what kind of revenue are you kind of looking at?
Michael DePasquale: Well, I think it will start in that range, and then it will ramp over time. It’s an agency banking project that we’ve been working on for quite some time. And so, as the transaction volume increases, so will our revenue and, obviously, our margin.
