Unidentified Analyst: I’ve been a WiSA investor for a little over 1.5 years now, and over that 1.5 years, you started off the conference call saying it’s been exciting for WiSA. Well, as a retail investor, it has not been very exciting. My investment in this company is now basically worthless and the company just continues to dilute — basically reverse split, and then dilute. You made a statement that your revenue this year is going to be — sorry, year-over-year is better this year than last year. And you gave guidance last year that basically that you’re going to have a better third and fourth quarter. What are you — what’s different about this year that’s different than last year because you made the same statements last year and you had a horrible third and fourth quarter. What’s different?
Brett Moyer: Yes. So there was clear industry impacts, Jared. Well, first of all, let me just say, with you, the Board, management, all the WiSA employees, we’ve suffered the same pain on the stock. It’s been painful, right? So no question about that across the entire company, from the directors down to every employee, right? But from a perspective, I tried to lay that out into one slide. We have new products going in place, which will build revenue this year. And when you look at last year, we had a terrible Q3 and Q4. We had a strong 2021. We saw — we had a decent Q1 ’22. But as we talked about, the consumer, and it’s not specific to just us or our products, but the consumer in May and June really moved away from outfitting the house or the COVID nest or the COVID cave as I call it.
So you can see this happening in the TV industry, the stationary exercise equipment. Consumer really shifted spending to retail — travel to going out again as a COVID lockdown started to expire. I think we — and that’s what happened in the second half. I think we have a different solution — a different issue that the consumer is struggling with now, the cost of living. But that seems to be coming under control somewhat. But primarily, the COVID cave people, stopped outfitting it. And so we had — we didn’t have a strong Q3, Q4, clearly. Thank you.
Unidentified Analyst: And you also stated that you had a $1.1 million, you’re going to have a reduction in cost. What makes up that $1.1 million?
Brett Moyer: We have trimmed heads. We are trimming marketing expenses. We plan to trim some legal expenses. We all plan to trim engineering.
Unidentified Analyst: So do you have plans to trim further into next quarters? Or is it just this one quarter that you’re looking to just trim?
Brett Moyer: Well, we’re always looking at what expenses are worth investing in? Because look, it’s an investment, right? And what doesn’t need investing in? So we realigned Q1. We’ll continue to look at expenses in Q2 and try to optimize our operations.
Unidentified Analyst: So based on what you guys have said — also you made a statement that your cash burn still is pretty high so you’re going to have to basically do another dilution again. Is that correct?
Brett Moyer: Well, George mentioned that, but how that dilution were to occur as you and everybody else knows, we have engaged with AQT to work on strategic partnering. So we’re not saying that we will be doing just a straight out financing.
Unidentified Analyst: So that’s still not a 100%, but it — probably like 80% to 90% you’re probably going to end up having to dilute again, correct?
Brett Moyer: Jared, we’ve given the guidance that we’ve given, right? You can build your models, but we are working to do a strategic partnership, and that’s plan A.
Unidentified Analyst: Okay. Let’s talk about the partnership. You guys came out with a press release that you had potentially 4 partners — potential partners that would partner with WiSA. What came about that? And why hasn’t there been any update on that?
