John Maxwell: Well, I want to build out for you a clear way, what we’re working towards, just to be as transparent as we can possibly be. And if I take the SaaS relationship as an example, most of the revenue associated with that contract will be recognized in future periods. There’s a lot of setup type work that we’ve already done actually that once we get the technical points resolved then we will sign the deal and then that revenue would actually get recognized in the period that we sign the deal. So that’s a significant amount of revenue. It’s there, it’s waiting to be done, it’s just now working through the details. If I take the state DOT, that’s also a multimillion dollar contract and there’s about, roughly $500,000 of revenue in the period that we’ve contracted for, we’re waiting on, but their process won’t take delivery until certain signatures are received, and it’s a multi-party organization basically.
So we work through that with them and we’re ready to go when they sign, but we don’t control when they sign, and they complete their own internal paperwork. And those are the kinds of things that we are working for. So we’re positioned to deliver the revenue, assuming the pieces that I described are completed. And all I was laying it out for you was, look, we are in a position to get to in excess of $10 million, but it does depend on those things completing, I just wanted to be transparent.
Jeffrey Meuler: Okay. And then on the, DOTs and I guess Texas buying RTTI in particular, what would the past be for like future expansion of say the Texas relationship? And then as you think about RTTI, it seems to make a lot of sense for a lot of other state DOTs, so just where are you in those conversations?
Richard Barlow: So Jeff, without giving away too much, the idea of RTTI then supporting our proposition where we’re seeing live charging of vehicles, where we can advise utilities companies on demands on the grid, we see that amalgamation of products being really powerful for DOTs. And indeed that’s the feedback we’re getting. So our contracts with DOTs are now starting to go into the million dollar range of value in terms of TCV, and we see significant scale from going there by being the only source of real time data. But real time data’s not just real time location data, it’s real time active understanding of charging demand from vehicles, for example, as one example or another real time example is identifying crashes or in terms of audience and media measurement, knowing how people are responding to news broadcasts on radio or other devices in the car.
So we’re seeing an amalgamation of marketing we’re doing from having this unique real time data output from tens of millions of vehicles.
Jeffrey Meuler: Got it. And then just in part of John’s answer to my first question, he referenced, one option would be acquiring a company with a sizeable cash position. Could you talk through, what else kind of aligns with your acquisition criteria and if you’d acquire another company in the space, just how duplicative our expense structures that we could get some sort of sense of how material expense synergies could be or how complimentary is the data? Is there risk of any cannibalization, et cetera?
Richard Barlow: I mean, from what we’ve learned from feedback from the industries and marketplace we are operating such as mapping, we are the only source of real time high quality location data. And in terms of how we see that being applied in terms of an M&A model, as you recall in our original S-1 filing, we intended €“ subjects access to capital to build deals flow, in fact, we’ve done that on one of our tests, which we set the time on S-1 would be to provide a better quality data asset at a lower cost, which then provides a higher margin. There are businesses, there are number of business that would fit that, that make, where we’d fundamentally have a net benefit, net revenue and net margining benefit from replacing a poor data quality asset with the data asset we have. And as we build our own synthetic data lake, we see that also being a massive contributing to other businesses where we can fundamentally produce the data acquisition costs.