Michael Kaufman: I guess as a last comment, some of our competitors like 8×8 and Ring and others have brought on a lot of debt. And they really can’t lower their pricing structure because they have the installed base. So we have a huge opportunity to win market share with our pricing strategy. Anything we can do in that regard is going to be great because they can’t react because they have an installed base and we’re not there yet. So I wish you guys the best of luck in making that happen and making this a multi-hundred-million-dollar company quickly.
Jeff Korn: Thank you, Michael. And rest assured, even with Steve’s retirement, we’re not going to start running the business recklessly. We will not take on any unnecessary debt. We will not take on any issues that we don’t need to. We’re a very cohesive management team. We look at the world similarly and we run our business based upon fundamentals.
Doug Gaylor: I think it’s also important to note, since you brought up Silicon Valley Bank, is that we have no holdings and no dealings with them at the present or in the past. So we don’t have any exposure there.
Jeff Korn: Speak for yourself. I actually owned some stock which got wiped out.
Doug Gaylor: Sorry.
Operator: Our next question comes from Ron , Private Investor.
Unidentified Analyst: I want to go back to the topic of the dividend. That dividend was necessary to, I thought anyway, participate in the institutional market. Is that correct?
Jeff Korn: Well, Ron , it’s partially correct. There are some funds which will only invest in companies that pay a dividend. We have spoken with a number of those funds and they don’t tend to be as interested in microcaps as we were hoping they would be. And since that didn’t materialize where those kind of funds took a large interest in us, we looked at the cost of paying the dividend, the benefits of paying the dividend and the detriments of paying the dividend. And without getting the return we were expecting, we thought it made more sense to suspend it or cancel it.
Unidentified Analyst: Yes. So that leaves the smaller buyers as the principal target then for investors — for investment, rather. So if that’s the case, the problem I’ve always had is that if there is a spike in the share price and you’ve got a lot of, let’s say, little investors involved, many of those are just in for a quick buck and they’re going to be selling off as fast as the price spikes, I think. So I don’t know, I just see the reliance on small investors as being. detrimental maybe to the increase in share price for investors. Do you guys agree with that?
Jeff Korn: I’m going to disagree slightly with you and put it back to the dividend. Most of the institutional investors we’ve spoken with were not as crazy about us paying a dividend and they’re looking for us to — they’re looking for us to start improving. And I believe as the sector starts improving, we will see larger investors. You’re right, a small investor may get out quickly but we’ve had some small investors who’ve stayed with us for a long time. We have a lot of loyalty in our stock and we have a lot of promise. And I don’t think if — as they like to say from your mouth to God’s ears, if the stock jumps to $6, I think that’s a start. I think we will not lose a lot of investors. Will some people take money off the table? Probably but that always happens with success.
