And we think that the proper thing to do is to seize that opportunity and act in a fashion so that we can make this pie that much bigger based upon the assets that we have in our portfolio. And ones which most platforms, if they were to take what we have or take an individual piece of work we have, would not be able to tap into those synergies. So one feeds off of the other and we’re going to continue to pursue that to make that a reality.
Operator: And the next question is coming from Sanjay . Sanjay is a Private Investor.
Unidentified Analyst: So I had two questions. Last year, there seem to be a lot of focus on the Shortz app. So I just wanted to ask about that and what the plans are for the app, and how to think about that moving forward? And the second question is, I’m having a hard time understanding the $2 million loan, given the cash position. And how does that play out as far as, you know if there is an overall concern about the macroeconomic environment, then why is money being spent buying back shares? And I’m just trying to reconcile all those information and how to think about it going forward?
Jonathan Reich: Let me start with Shortz. As we said previously, when we acquired GuruShots, remember we made two acquisitions in fiscal 2022, Emojipedia and GuruShots. And our analysis pointed us into the process of saying, well, do we continue to invest in Shortz and digest these two acquisitions while still, at the same point in time, focusing on the ringtone and wallpaper business. And we made a decision to say, let’s hold back on Shortz for now. We don’t want to spread ourselves too thin. It will take resource and investment in order to scale that business. So Shortz is really backburner and we are not investing resources in continuing to evolve that product for the meantime. We have a lot of work cut out for us in terms of delivering on the strategic vision that we’ve described with respect to the Zedge and GuruShots businesses, both on a standalone basis and synergistically.
In terms of the credit facility, so as described, the credit facility is, in total, an $11 million credit facility. There’s a term components. And we, in order to secure this, we’re required to draw down $2 million. We think that the benefit of having extra powder in the keg that we can use in the event that there’s a great opportunity in terms of growing the business organically. If we have great breakthroughs in certain areas is worth the risk in a overall market condition as we are faced with. And in terms of a buyback, we think that the stock is undervalued, it’s as straightforward as that. So as you may recall, we had raised $15 million at an aftermarket offering. I think our average price for that was around $10 a share. So with the expectation or with the hope that our stock will appreciate over time, we think that it is valuable to take some of those shares out of the market.
I hope that answers your question.
Operator: Thank you. And that concludes our question-and-answer session and conference call. Thank you for attending today’s presentation. You may now disconnect.
