Operator: Thank you. Our next question comes from the line of Michael Cohen, a Private Investor. Please proceed with your question.
Unidentified Analyst: Hi, Robert.
Robert Berman: Hi, Michael.
Unidentified Analyst: I have two questions. First of all, I believe if I’m not mistaken, on the last conference call, you promised us today that, you would give us updated guidance on breakeven. So I was hoping that you could give us a sense of, when you’d be breakeven in 2024?
Robert Berman: I think, what we said in the last calls, we thought that, that would be between Q1 and Q2. I don’t think that’s changed based on what we see.
Unidentified Analyst: Okay. My second question is, in the last equity ratio in February, in your presentation, you put out a revenue number of $85 million for 2024. As an investor, what confidence can you give me that, that number is attainable? You missed your 2023 guidance. You missed your breakeven guidance in 2023. The market obviously doesn’t believe $85 million, because you wouldn’t be trading at $2 a share. I’m also, if I’m not mistaken, William Blair in their recent initiation has $65 million of revenue. So what would you tell the market to give us confidence that $85 million is deliverable in 2024?
Robert Berman: I think, Michael, that with any own company, okay, that has done what we’ve done in a few short years, to grow the way we’ve grown, with the products in the market that we have, I would say that, look, I’m proud of the team that’s gotten us to where we are. Again, I think it’s been a remarkable year. When you’re dealing with government, state and federal level, they don’t operate on the same calendars that the private sector does. And it’s hard to pinpoint, to a specific date. But do I believe that we’re going to get to that $85 million number this year. I do, okay? I can’t say that it won’t be lumpy along the way. But I think we get there based on what we know, what we’re discussing. And I think I said in my remarks that we’re – we have a lot of stuff going on, because of procurement and other things.
We’re just not at liberty to talk about stuff, because you can be DQed [ph] in a procurement based on making the wrong call to the wrong individual at the wrong time, right? So – and we think we get there. And we think that number is very realistic, and it’s possible it could be higher. It’s possible it could be a little bit lower, but it’s not impossible that we get there based on what we’ve done in the last few years at all based on all the discussions that we have going on.
Unidentified Analyst: Okay. Thank you very much.
Robert Berman: Thank you.
Operator: Thank you. Our next question comes from the line of [David Hargrave] a Private Investor. Please proceed with your question.
Unidentified Analyst: First of all, congratulations on the progress you guys have made. And thank you for everything you’ve done to kind of try to keep things on an even keel. There is a fair amount of going concern language it seems in the document. And I’m just wondering what your plans are for addressing that? And thank you and keep up the good work?
Robert Berman: Thanks, David, and it’s nice to have the compliment. We appreciate it. Look, the going concern is something that’s pure dynamic. And as we got into the weeds with the auditors, we’re looking at our pipeline, the accounting rules are very strict. And looking at what we had and we showed them, it just didn’t meet the requirements of their guidelines. So, we were forced to take a haircut on our forecast. Well, conversely, you always look to mitigate and say well, we can cut expenses, right? And when we looked at that, we had difficulty saying that we can cut expenses based on the opportunities that we have in front of us that are very real that we’re working on every day. And so, you have a classic chicken and egg conundrum here where we find ourselves in a box, but we see a path to get through this.
It doesn’t necessarily need to wait until the end of calendar 2024. It can happen in calendar 2023, and we believe it will. And we’re going to continue to work hard to cross that bridge. I can’t predict a day, but it’s going to happen. So, but we also respect the accounting rules and how strict they are, and how difficult it is to do these things. And sometimes you just don’t have choices, when you’re put in a box and that’s where we were put in a box. So, I hope that helps answer your question.
Unidentified Analyst: So just to quickly follow-up. If we put aside our accounting hats for a moment, could you talk about your comfort with liquidity and what options you think you might have to raise additional liquidity if needed? And thank you, that’s my last question?
Robert Berman: So with respect to raising capital, that is not something the accounting rules allow us to even look at, right? But we feel comfortable with where we are with the cash on our balance sheet, and the business that we have that we can make it through this. And our plan was always to do exactly what we did, okay? It was to construct and issue those prime revenue shine notes and to establish that as a program to grow the contract base and to continue to issue those. And that’s what we’re going to continue to work towards. And that’s how we hope to fund implementations on contracts that are paid for data with states that have large contracts. And we feel good about it. But again, it’s a tough situation, when you have this chicken and egg situation, with rules that are so black and white that you can’t move right or you can’t move left, right?
So, we feel good about where we are, and we think we can make it through this, and we really don’t have any concern about it.
Unidentified Analyst: Okay. Thank you very much and good luck.
Robert Berman: Thank you. Yes. Thank you.
Operator: Thank you. Our next question comes from the line of [Ray Yickel], that is a Private Investor. Please proceed with your question.
Unidentified Analyst: Yes. Hi. Thanks for taking my call. I have just two questions. First one is, can you touch on the technology being used for train yards, seaports? Is its capable? And my second question would be, can we expect any overseas contracts or partnerships? Thank you.
Robert Berman: Thank you. David, do you want to touch on these two questions?
David Desharnais: Yes, no problem. Yes, I would say what our specialty is really object identification, and we do that through a multiple different ways. There’s no reason why the technology could not be applied to really any object moving in a frame or on a roadway, whether that’s in a shipyard, transit or train or rail whatever it may be. Our focus, though, the technology, it’s not a limitation in technology. It’s a limitation in where we choose to focus our finite resources to go to market. And so, we haven’t focused on driving growth in those sort of planes and trains. We’ve been focused on automobiles, like a planes, trains and But definitely, as we look forward, there’s no reason why the tech can apply there. It’s just a matter of focus on where we see the money available now.
I think the Infrastructure Bill or the Bipartisan Infrastructure Law, will provide additional funding there. But again, it’s something that you have to be very vertically focused on in order to win the confidence of the customer set and our expertise is really roadway, and not ports and airports as it may be. Does that help give you some thoughts around that?
Unidentified Analyst: Yes, it does. And the other question I mentioned was any contracts or partnerships expected overseas?
David Desharnais: Boy, I’ll tell you, focusing here in the U.S. has really been primary for us, and we’re always open to that, but it goes back to where we want to make sure we put the most wood behind the arrow. Robert, I don’t know if you have any comments on that. But I would say right now, we’re really focused…
Robert Berman: I think – look, I think it’s a fair question. So if you look at just the federal mandate for count class speed, which is how every government probably in a developed nation around the world, funds to roadways, right, they use something similar. So what we do here could be done elsewhere, but the market is just so massive here. We’ve not had to even think about that because we’re focused also on our backyard. And should the right opportunity come, then, of course, we look at it. But right now, I think we’ve got enough potential growth ahead here that we don’t need to think about that, but we wouldn’t foreclose the opportunity either.
Unidentified Analyst: Okay. That’s all I have. Thank you much. Appreciate it.
Robert Berman: Thank you.
David Desharnais: Thank you.
Operator: Thank you. [Operator Instructions] There are no further questions. I would like to turn the floor back over to Robert Berman for closing comments.
Robert Berman: Everybody, thank you. Thanks for participating. I know it’s getting late and it’s been a long day, and we appreciate all your support. And as I said earlier, we’ll continue to do the hard work, but it takes both patience as well. And something is going to make it. I mean we’ve had an amazing few years. And the technology is real. It’s being adopted by entities that only some companies would hope to be able to do business with any of them, right? But we’re here. And it’s all new, and it’s happening now. And it is, as David said, it’s a technology refresh. This doesn’t happen that often it happens once in a lifetime, frankly. And we’re at the forefront of it, and we’re going to try to maintain – the first mover status that we have, and continue to do our best to grow the company and continue onwards, and appreciate everybody’s support. So thank you all for the time.
Operator: This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.
