VerifyMe, Inc. (NASDAQ:VRME) Q2 2023 Earnings Call Transcript

Adam Stedham: So it’s absolutely part of the story. So — and I’d like to answer it in 2 different ways, right? So one, Trust Codes doesn’t change who VerifyMe was. VerifyMe always leveraged third-party software to meet the needs of its customers. What we’ve done is we vertically integrated the Trust Codes software because we think it’s more fit-for-use for exactly what we’re trying to do which we think much — it positions the company in a far better way. So that’s part of the answer. Now specific to the ink, we’re currently developing our overall ink strategy. I absolutely continue to believe that our product meets a specific need in the prevention of diversion and counterfeit of products and we intend to share more about that ink strategy in Q4 as well.

Jack Vander Aarde: Okay, fantastic. Well, I appreciate the color and congrats on your new role again. Look forward to tracking the story.

Operator: [Operator Instructions] Our next question comes from Michael Najeal [ph], a private Investor.

Unidentified Analyst: Just a simple question. How we set forth capital? Is there — do we have adequate capital to reach positive working cash flow? Or are there any additional secondary financing that might be necessary or in the offing moving forward?

Adam Stedham: So we really don’t — we don’t comment on any potential secondary financing or what we’re looking at. In general, what I would say is we feel very comfortable with our cash position. We monitor our cash position as well as our uses of cash within the overall strategy. And so as we look at our strategy and cash management inside of that assuming current macroeconomic environment and the overall that there’s not a drastic change to the macroeconomic environment, we feel comfortable with our cash position and the cash strategy that goes with it.

Operator: And ladies and gentlemen, this concludes our question-and-answer session. I’d like to turn the conference back over to management for any closing remarks.

Adam Stedham: So — well, thank you. So it was good to join everybody for the first call and look forward to additional calls. Look forward to the strategies, passion. Once again, I can simply reiterate that I came to the company with an excitement about the opportunity. I’m more excited now than when I joined. So I look forward to talking to all of you as time goes on. Thank you.

Operator: Thank you, sir. This concludes today’s conference call. We thank you all for attending today’s presentation. You may now disconnect your lines and have a wonderful day.