Every project has to stand on its own economically and it will. And that’s one of the key differences in it. Crown doesn’t have a product that came out the door. So I don’t think anybody is comparing us to them. There have been a lot of promises over the years in moving goalposts and things like that. But their smart window insert has not come out yet, and it’s always around the corner. So I don’t think we have to worry too much about that. And you have things like the Dynamic Glass Act, that’s part of the IRA that is giving tax credits for smart windows. So that changes the economics also in our favor. So I wouldn’t really say that View is a fair comparison. I think that it’s certainly something that we and Gauzy have to work to distinguish ourselves from, and we do.
But it’s not a direct comparison. And I’ve been in the last three to four conference calls pointing out from time to time some of the differences between us and them. But on the marketing side, you have a window that goes darker, goes lighter and switches faster. It’s not a direct comparison. We’re much better performing than them. It’s a film, which makes the logistics easier, which means we don’t have to ship glass across the world. So, we could ship film and have it laminated locally. So, there’s a lot of things that are different, and we point that out to the customers.
Unidentified Analyst: I know that. And there are major differences. I’m not talking about potential customers. I’m talking about brokerage firms and newsletter writers and research services. They can be very superficial when they’re looking at something new. And the inclination is going to be to think that REFR is another view or another crown. My point is–
Joe Harary: Yes, except that anybody that does even more of a — than super-visional analysis will see, we’re not losing $0.25 billion a year in cash. We’re not subsidizing the product and we’re in multiple industries. So, it’s a little bit different.
Unidentified Analyst: It’s very different. But the point I’m trying to make, I guess, and I’m sorry, I’m delivering this is you can expect the folks I’m talking about to come to you unless you’ve gone to them, so to speak, unless you’ve–
Joe Harary: Right. And I think — yes, yes. And there is a messaging and PR initiative that is being launched that you’ll see as well.
Unidentified Analyst: Terrific. Okay. Keep up the good work, Joe.
Joe Harary: Thanks and I appreciate the question.
Operator: And our next question is from Gerald Sherman of Strategic Planning Group. Your line is open.
Gerald Sherman: Thank you. Hey Joe, at what point do you yourself or the Board or any other insiders feel that it’s a fairly cheap price to purchase the shares in the open market. I can’t think of a better way because you can’t control any other news of supporting the stock just to put your own money in it.
Joe Harary: Yes. Well, some of our directors have purchased stock. There’s, at any given time, different levels of information within the company that would restrict people also from buying it. I’m sure you’re familiar with windows opening and closing. And right now, the window is closed. It may open up soon or may not. But we don’t have free rein to purchase anytime we want because the insider trading rules that apply.
Gerald Sherman: I understand that. But I mean it’s a year since we’ve been news other than Ferrari, I’m sure there’s been plenty of windows that you guys could enable. And other than a few thousand shares here or there, which is not really an impactful purchase. I just think that it would put us all well if you guys stepped up and actually purchase some shares in the open market.
Joe Harary: Yes. Well, I agree, and we try to do what we can do when we can do it. There — also within the last year was a fairly significant event that was expected to be right on the horizon, which would have made any kind of purchase inopportune. So, you do have restrictions even within a long period of time. But I hear what you’re saying, and I appreciate the question.
