Dennis Calvert: Yes, the Board members are great and Christina and Linda are just so awesome in their own unique ways. Extraordinary corporate background, lots of energy, passionate about high impact, I mean, big time. And to get people with their qualifications to join us at this time is, I think, very exciting. They also bring their unique perspective of as entrepreneurs, as corporate players. Linda has been 12 years on Wall Street advising corporate clients on all corporate finance matters associated with Wall Street, including the uplisting, which is going to be awesome. She also super role in licensing. And of course, health science has been her — the last 10 years health sciences – and before that at Western Digital. So, again, highly trained and passionate about impact.
And Christina, my goodness, incredible training. Such a diversity of experience, you know fluid and multiple dialects, all things Middle Eastern, which is amazing, high level of training and academic level. And now as an entrepreneur, living on the cutting edge focused on EV high rapid charging system deployment across the nation. So lots of things that we can do with these two people joining our company, and we’re proud to have them. So we’re going to — we think they’re going to help us move and shake and make some things happen.
A €“ Brian Loper: Excellent. We got another question here on POOPH.
Dennis Calvert: Sure.
Brian Loper: So we’ll do one more here and then one final question and then we’ll wrap it up. But with going into Walmart now and then other retailers, when does BioLargo recognize that in revenue? Is it delivery net 30 or something else?
Dennis Calvert: Well, generally speaking, we’re the wholesaler, right? So, we wholesale to Ikigai and POOPH, right? So we make the product, and so we received a purchase order. So when they want to do an open order, an opening order and then a restocking and an expansion with Walmart, we actually recognize the revenue first €“ for the first to be direct answer is, because we’re the supply chain. So they give us a purchase order. And generally speaking, those purchase orders are recognize over the course of 30, 45 days generally. And then once the product is sold, there’s a retail selling channel, which is direct to consumer, and that’s what they’ve been doing. And now there’s a wholesale channel to a retailer, so that has implications to price and margin, and when they sell to a retailer, we work on a percentage of sales as a royalty, right?
And it’s a cash basis really. No one’s looking for or €“ if you got to finance Walmart for all of us to get ahead of the pay plan, right? So we’re all in that chain together as partners. But the answer is when a company like Walmart starts, they generally would start with a test rollout and then they would roll €“ they would expand and then expand and expand. I can’t remember the number of stores internationally, but it’s a lot, so well over 10,000. And so how do you get involved all of them that takes some time, right? So we’re experiencing that already, and we will continue to experience as it expands. And as I mentioned before, we’ve been informed by Ikigai that they have two other national retailers expecting to come in sometime in the first half of 2023.
