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ImageWare Systems,
Inc. – First Quarter 2021 Financial Results and Corporate
Update Conference Call, June 2, 2021
C O R P O R A T E P A R T I C I P A N T S
Kristin Taylor, President and Chief Executive
Officer
Mark Blackman, Vice President, Product
Management
AJ Naddell, Vice President of GTM &
Product Strategy
C O N F E R E N C E C A L L P A R T I C I P A N T S
Stan Caplan, Caplan
Company
Eliot Knithe, Knithe
Advisors
P R E S E N T A T I O N
Operator
Good
afternoon, everyone, and thank you for joining ImageWare's First
Quarter 2021 Financial Results and Corporate Update Conference
Call.
Joining
us today are ImageWare's Chair, President and CEO, Kristin Taylor,
Vice President of Product Management, Mark Blackman, and
Vice-President of Go-To-Market, Portfolio (phon) Strategy and
Interim Head of Sales, AJ Naddell. Following Management's remarks
there'll be a brief question-and-answer session.
Before
we begin, I would like to remind all parties that any statements
made in today's discussion that are not historical facts are
forward-looking statements as defined in the U.S. Private
Securities Litigation Reform Act of 1995. Words such as anticipate,
believe, estimate, expect, forecast, intend, may, plan, project,
predict, if, should, will and similar expressions as they relate to
ImageWare are intended to identify such forward-looking statements.
ImageWare may from time-to-time update these publicly announced
projections but is not obligated to do so.
Any
projections of future results of operations should not be construed
in any manner as a guarantee that such results will, in fact,
occur. These projections are subject to change and could differ
materially from final reported results.
For a
discussion of such risks and uncertainties, please see the Risk
Factors section in ImageWare's Annual Report on Form 10-K for the
fiscal year ended December 31, 2020 and other reports filed with
the Securities and Exchange Commission under the Securities
Exchange Act of 1934, as amended. You are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date on which they are made.
As an
additional reminder, a replay of this conference call will be
available on the Company's website at www.iwsinc.com. Any
redistribution, retransmission or rebroadcast of this call in any
way without the express written consent of ImageWare is strictly
prohibited.
I would
now like to turn the call over to ImageWare's Chair President and
CEO, Kristin Taylor.
ImageWare Systems,
Inc. – First Quarter 2021 Financial Results and Corporate
Update Conference Call, June 2, 2021
Kristin Taylor
Thank
you, Operator, and welcome to everyone listening in.
Joining
me on today's call again is ImageWare's Vice President of Product
Management, Mark Blackman, and Vice President of Go-To-Market,
Portfolio (phon) Strategy and Interim Head of Sales, AJ
Naddell.
I
wanted to preface that our remarks today will be a bit briefer than
our prior call, given that not much time has passed since our year
end update a little over a month ago, which is not to say that we
haven't been busy. To kick things off, similar to our last call,
I'll be providing a high level overview of our operations for the
quarter, followed by a review of our financial results. I'll then
hand the floor to Mark, who will be providing an update on our
products and solutions, followed by AJ, who will review our current
sales and marketing strategies.
We've
been encouraged by the short-term progress we have seen since the
last time we spoke. While we are continuing to work through several
major operational, technical, and personnel-related hurdles, we
remain encouraged by the steady progress we are seeing with some of
our roadmap initiatives designed to return ImageWare to long-term
sustainable growth. From a product development standpoint, we are
continuing to make advancements in several key areas, most notably
with our Law Enforcement 2.0 platform, which we expect to go live
in the next few months.
From a
sales and marketing perspective, we are seeing increased activity
across all major channels, leading to more demos and proposals,
which should translate into new sales later this year. In fact,
we've already recorded the first official sale of our Law
Enforcement 2.0 offering ahead of its official launch, and we
expect to continue filling the backlog for implementations prior to
going live as existing customers and prospects see the value of our
integrated offering. As a biometrics-first cybersecurity company,
we're able to give greater accuracy, speed, and transparency to the
identity verification process. With the changes we're making to our
full identity platform over the next several months, we believe our
solutions will become more effective, integrated, and
scalable.
Furthermore,
we have seen an increase in cyber threats starting nearly a year
ago with breaches at Keepnet Labs, BlueKai, Facebook, Twitter,
OneClass, Mathway, easyJet, Nintendo, GoDaddy, Marriott, Norwegian
Cruise Lines, Princess Cruise Lines, Rogers, SolarWinds, public
water treatment facilities in Pinellas County, Florida, and Israel,
Colonial Pipeline, Exchange Server and many more. With a growing
need for cyber security, ImageWare’s Authenticate product
provides a multifactor authentication, or MFA, solution based on a
zero-trust model.
ImageWare
arguably provides the most secure MFA solutions that can prevent
over 12 common types of cyber attacks versus more traditional MFA
solutions because we leverage the unique characteristics of the
human body with biometrics.
Before
we get into operational updates, I'd like to take a minute to
discuss our financial results for the quarter. Our financial
results are available in the news release on our corporate website,
as well as in our recently filed Form 10-Q. For context on today's
discussion, I'll provide a brief summary of those results
now.
Revenue
for the first quarter of 2021 decreased 8% to $733,000, compared to
$796,000 in the same year-ago period. The decrease in sales was
primarily due to a decline in product revenue which was offset by a
slight increase in maintenance revenue. Gross profit for the first
quarter of 2021 decreased 9% to $614,000 or 83.8% of revenue,
compared to $677,000 or 85.1% of revenue in the same year-ago
period. The decrease was primarily due to lower revenues of
approximately $63,000.
With
our transition to a new subscription-based model for enterprise and
law enforcement public safety sales, revenues will be recognized
ratably over the course of the year. New bookings therefore
represent new contracts signed in a period that will be recognized
as revenue over the life of the contract, which are typically 12
months in length. Over time, our goal is to build a steadier stream
of predictable revenue which will allow us to more reliably
forecast and invest in our future growth.
ImageWare Systems,
Inc. – First Quarter 2021 Financial Results and Corporate
Update Conference Call, June 2, 2021
Operating
expense for the first quarter of 2021 decreased 17% to $3.3
million, compared to $3.9 million in the same year-ago period. The
decrease in operating expense was primarily due to a decrease in
sales and marketing and research and development
expenses.
Moving
to our profitability metrics, loss from operations for the first
quarter of 2021 improved $2.6 million, compared to $3.3 million in
the same year-ago period. The improvement was primarily due to a
reduction in operating expenses previously noted.
Net
loss available to common shareholders for the first quarter of 2021
improved to $4.1 million, or $0.02 per share, compared with $4.5
million, or $0.04 per share, in the same year-ago period. The total
basic weighted average common shares was counted 245,829,914,
compared to 116,196,197 (phon) in the same year ago
period.
We
ended the first quarter with $5.1 million in cash and cash
equivalent. Subsequent to quarter end, we entered into a securities
purchase agreement with an institutional Investor who has committed
to purchase up to 15.1 million of our common stock. This financing,
similar to the 12 million private placement last November, provides
us with the ability to further expedite the number of product and
sales and marketing initiatives within our pipeline.
Additionally,
we've been transitioning away from an old financial software
platform to NetSuite. Effective as of yesterday, June 1, we have
completed this cutover (phon). We will now have a fully integrated
enriched software platform that will help us run the back end of
ImageWare Finance.
That
completes my financial overview. I will now turn the call over to
Mark for the progress update on our products and
platforms.
Mark.
Mark Blackman
Thank
you, Kristin.
As
mentioned earlier, it has been a little over a month since our last
update call. Nevertheless, we have continued to make progress
across our slate of solutions, most notably our Law Enforcement 2.0
platform, better known as LE 2.0. Our Research & Development
Team has continued to make further enhancements to our LE 2.0
solution. In particular, the majority of the dynamic user interface
framework has been completed, and we are now moving on to the
integration of hardware support for components such as biometric
readers, cameras and printers.
As a
reminder, the initial goal of the LE 2.0 platform was to produce a
foundational web- and mobile-friendly platform to support the needs
of our law enforcement community. Thanks to the progress we've been
making, we've gained a solid amount of early-stage interest from
our potential customers while demonstrating the new solution, which
AJ will discuss in further detail shortly. Our current timeline
would have an official launch of this product offering within the
next few months.
After
our February re-launch, we have made ongoing improvements to our
ImageWare Authenticate Solution, which enables users to seamlessly
integrate biometric-based multifactor authentication, or MFA, into
existing business and consumer applications. The majority of the
development has been focused on features directly related to
supporting sales activity, such as a simplified user journey and
lead generation, along with SDK enhancements to simplify client
updates and white-label support. Supporting features for specific
verticals such as financial services, banking, education and
automotive remain key priorities.
Beyond
the LE 2.0 and Authenticate, we've continued to refine and upgrade
our portfolio of offerings by revamping automation and incremental
add-on features that ultimately provide greater value to our
customers.
ImageWare Systems,
Inc. – First Quarter 2021 Financial Results and Corporate
Update Conference Call, June 2, 2021
Next,
as previously discussed, another up-and-coming initiative that we
are directing our attention towards is self-sovereign identity, or
SSI. As a reminder, SSI is an emerging set of standards that makes
digital identification more akin to a driver's license in a wallet
than the digital account-based identification that is the norm
today. Major companies have driven this new standard, including
Microsoft, IBM and MasterCard. In fact, Satya Nadella recently
spoke on CNBC regarding its importance.
We
firmly believe that SSI will be an imperative part of the future of
biometrics, and as a result, we believe ImageWare has a strategic
place in SSI. We've ramped up market research and will be joining
important standards groups. Our team is active in its due diligence
to identify initial target markets to generate partnerships but
most important revenue. Thanks to these recent efforts, we have
already engaged in conversations with Fortune 1000 companies in
strategic verticals that are interested in integrating this
technology into their systems together with our
biometrics.
We
recognize that we are still in the early stages, but we are
confident in this technology's market potential as well as our
vision for implementing biometrics into self-sovereign identity. We
believe SSI is as big as the concept of cloud computing, which
started in the 1960s and was further popularized in the late 1990s.
Given ImageWare's rich history in developing state-of-the-art
solutions and our footprint across a number of segments within our
industry, we have amassed a comprehensive portfolio of intellectual
property, or IP.
As
alluded to on the previous call, we developed a forward-looking IP
strategy to better understand the ways in which our products,
technology, and IP would support possible joint venture or
co-development efforts with industry players. Thanks to our
go-to-market approach, we are currently engaging in conversations
with industry players who are citing our IP. Additionally, we
recently received one noteworthy patent for zero-knowledge
anonymous verification and management using immutable databases,
such as a blockchain on April 6, 2021, and filed two more to
further bolster our IP portfolio. We believe that our IP strategy
gives us a significant competitive advantage, and we will continue
to pursue any synergistic opportunities on a go-forward
basis.
I'll
now turn the call over to AJ for a progress update on our sales
opportunities and business development initiatives.
AJ Naddell
Thank
you, Mark, and hello to everyone joining us this
afternoon.
I'm
looking forward to sharing some exciting updates since our last
call. The past six months have been nothing short of transformative
for our internal operations as we upgraded our sales force and
Leadership Team, refined our go-to-market strategy, implemented a
business partner program, started creating and attending
hyper-local events, all the while promoting our enhanced product
offerings.
As I
mentioned the last time we spoke, these noteworthy changes have
begun to slowly materialize, and we are noticing a slow but sure
increase in the number of bookings and sales as we enter into the
second half of this year. Along that line, I want to clarify how we
recognize revenue, since there'll be some updates over the next
several quarters and beyond. As you can see from our results during
the period, maintenance revenues for both quarterly periods were
elevated relative to product revenues. The reason for this increase
is because the first and third quarters are typically the start of
annual budgetary cycles for most customers, which is when they tend
to put in a majority of their purchase orders.
Though
we expect this to continue for the foreseeable future to some
extent, we are also projecting a portion of maintenance revenue to
dip in the short term, especially as we start selling more
recurring subscription and term-based licenses. Longer term, as we
continue to sign more of these stickier contracts under our new
subscription offerings, maintenance revenues as a whole is expected
to increase as we sign more deals with new clients, which will be
slightly offset by decreases from one-off maintenance deals with
existing customers.
ImageWare Systems,
Inc. – First Quarter 2021 Financial Results and Corporate
Update Conference Call, June 2, 2021
On the
product revenue side, we are seeing an increase in the number of
deals progressing through the pipeline. We expect to generate an
incremental increase within our product revenues in subsequent
quarters. We are also seeing positive traction within our LE 2.0
platform, having closed our initial sale for this product prior to
its even going live. While we're limited in what we can share at
the moment, we look forward to making a more formal announcement in
the very near future. While the next few quarters will fluctuate,
given all of the changes we're implementing, we're taking positive
steps to more reliably grow revenue and increase customer lifetime
values.
Now
let's move on to go to market and marketing initiatives. As Kristin
noted earlier, with the proceeds from our financing last month,
we'll be able to support increased sales and marketing efforts
within our key areas of focus, including the public safety and law
enforcement, federal government and enterprise verticals, which
should begin translating into new sales later this
year.
Although
we recognize that the inflow of capital into sales and marketing
doesn't immediately translate to new sales, we are seeing an uptick
in the number of interested MQL, or marketing qualified leads.
Speaking plainly, marketing is something ImageWare had minimally
invested in previously. Recognizing that this is a critical element
to driving sales growth for our business, we now plan to have a
different approach to return to growth by rebuilding processes from
the ground up. More specifically, we are allocating funds for
advertising, revamping our corporate website and branding,
onboarding new sales members, attending hyper-local industry events
and conferences, visiting as many potential and existing clients in
person as possible, and building up our Business Partner
program.
On that
last point, within our Business Partner program, we remain focused
on actively targeting groups and organizations that can provide
value beyond simple reseller arrangements. Similar to our IP
portfolio strategy, we have been deliberate to engage with partners
only where there is a robust, synergistic opportunity. Our
partnership with Safe-T is one such example. We are jointly working
to provide a first of a kind biometric-based Zero-Trust Network
Access, or ZTNA, which is a big area of focus in today's security
landscape.
As a
quick reminder, zero-trust is a security concept that centers on
the notion that organizations should not trust anything in or
outside its perimeters, and instead must verify anything and
everything trying to connect to its systems. This means that before
granting access, the ZTNA solution collects and matches biometrics
either on the cloud or on premises to ensure the user's true
identity. With that said, I'm pleased to announce that we have
successfully combined Safe-T Zone Solution with ImageWare
Authenticate to create the first ever biometric-based ZTNA
solution. We are proud of the work we've done with Safe-T and are
looking forward to the initial webinar demonstrations later this
month, which will help drive several combined sales
leads.
Moreover,
we have also been gaining inbound interest from other companies
ranging from systems integrators, managed service providers,
value-added resellers, and more. We are very encouraged by the
initial interest we've received and look forward to keeping you all
apprised of our progress in the near future.
Moving
to our marketing efforts. At the risk of being overly simplistic,
I'd like to preface my comments by saying that we market based on
the industry we're targeting. For example, we found that the
enterprise space has been most receptive to traditional marketing
tactics, mainly focusing on digital marketing and advertising. On
the other hand, we found that the most effective approach for the
law enforcement and public safety sector is through in-person
meetings and hands-on demonstrations. Our Sales Team has been
focused on creating hyper-local events and attending conferences
that are major sales drivers for the industry.
Two
such upcoming events on our agenda are the International
Association of Chiefs of Police Conference and the National
Sheriff's Association Annual Conference, which are in September and
June of this year, respectively. We are also attending unique
vertical events in the hospitality, marine, building services,
automotive and education sectors in upcoming months as COVID-19
restrictions ease.
ImageWare Systems,
Inc. – First Quarter 2021 Financial Results and Corporate
Update Conference Call, June 2, 2021
We've
continued to see strong interest within Financial Services, more
specifically from credit unions and small regional banks. This
remains a hot market for us, which has directly resulted in an
increased pipeline as well. We have also continued to have
discussions with money transfer agents, 401(k) entities, banking
software companies, large overseas banks in Asia, and
more.
We
believe further mandates will be coming from governments around the
world with more stringent laws around identification and
authentication as they recognize that biometric authentication is
very clearly the only secure way to protect their organization and
their customer's data. A notable accomplishment within the
government sector was the joint project completion with the United
States Department of Veterans Affairs as we upgraded their system
to our web-based client extensions product for communication with
capture devices and card readers. The upgrade eliminates
dependencies on Java applets and Active X controls and allows them
to move further away from Internet Explorer and its security issues
to more secure and modern browsers.
Moving
to law enforcement and public safety. As some of you may know, the
current solution we have in market is called QuickApps, which is
driven by our biometric engine and can be easily integrated into a
user's existing biometric identification and verification
process.
As we
transition to our LE 2.0 platform, users will have a number of
added benefits that are beyond just upgraded features of the
solution itself. This revamped version will be cloud- and
subscription-based software with a seamless UI, eliminating the
need for middlemen or extraneous vendors that many customers use
today. To help drive increased adoption for this new offering and
to prevent prospects from delaying purchasing decisions, we've
designed a program to offer new QuickApps customers the opportunity
to upgrade to LE 2.0 at no additional charge once we're live in the
market. We have increased the number of LE 2.0 demos in recent
weeks and have also commenced focused group trials with customers
to gain feedback.
As part
of our initial rollout, we'll be simultaneously commercializing
across the Canadian provinces and certain states here in the U.S.
We are currently certified in all Canadian provinces through the
Royal Canadian Mounted Police, or the RCMP, which is equivalent to
the FBI in the U.S. for criminal investigations, and are
recertifying with them for LE 2.0. The RCMP recertification will
unleash significant business with our neighbor to the north once
complete. In parallel, we are certified with Arizona and are
actively selling both our QuickApps and LE 2.0 products
there.
None of
the encouraging traction we are seeing could have happened without
the continuous hard work and dedication from our Sales Team. I
wanted to share that, in fact, we recently expanded our headcount
by adding two new members to our Sales Team. Given our growing
pipeline and the new opportunities resulting from sales and
marketing and upgraded product initiatives, we are looking to hire
additional sales reps. We are still actively looking for a
full-time Head of Sales, but we are not letting this hole stop any
momentum. We plan to act swiftly once we meet the right candidate,
but until then, intend to be very intentional on hiring the right
individual for this crucial role.
In
summary, although it has only been a few months since we
kick-started our new campaigns, we are encouraged by the progress
we have made thus far and are increasingly optimistic about our
prospects in the coming quarters. On that note, I would like to
call something out as a relatively new employee to ImageWare as of
this past January. ImageWare has been in the process of a major
rebuild over the past 16 months since Kristin stepped in to lead
the business, and we have made incredible momentum in such short
amount of time. We appreciate the patience shareholders have
exhibited as we are starting to materialize all of the work we've
put into the new products, marketing and sales
initiatives.
Well,
this concludes my update. I'll turn the call back over to
Kristin.
ImageWare Systems,
Inc. – First Quarter 2021 Financial Results and Corporate
Update Conference Call, June 2, 2021
Kristin Taylor
Thank
you, AJ.
As you
can see, we've been incredibly busy, both from a products and
solutions as well as a sales and marketing
perspective.
Before
we turn it over to Q&A, I'll provide some brief HR-related
updates. First, as noted in a recent press release, we announced
the appointment of Jim Sight to our Board of Directors, bringing
our current count to five. As an experienced public company advisor
and ImageWare Shareholder, Jim possesses a unique blend of
operating and oversight experience, a strong financial acumen
related to business issuers, and a vested stake in our future as a
meaningful current Investor.
Representing
the interest of all shareholders is deeply important to us, and
Jim's appointment embodies our ongoing commitment to this principle
and structurally aligns the interest of all stakeholders as we
continue to build a successful growth company. He also brings a
wealth of experience at the public company board level from years
of serving on the boards of organizations similar to our own. At
our stage of development, it's critical that we ensure our capital
structure and financial controls remain in order. We look forward
to benefiting from Jim's broad experience and specialized knowledge
as we continue our plan for building ImageWare 2.0 over the next 12
months and beyond.
Relatedly,
earlier last month, we announced the appointment of three
individuals to a newly-created Strategic Advisory
Board.
Gentex's
Chief Technology Officer, Neil Boehm, Law Enforcement and
Biometrics expert Bill Casey, and Forcepoint General Manager of
User and Data Protection Ravi Srinivasan are the first three
members of this important group. The formation of this new advisory
board gives us a reliable third party that will provide us with
guidance, assistance and introductions from leading industry
experts in critical areas to help drive revenue and form strategic
direction in key growth areas. It ultimately gives us an
opportunity to leverage the shared wisdom of subject matter experts
whose knowledge, relationships and input should provide additional
strategic direction for many in our go-forward
initiatives.
Finally,
a brief update on our CFO and Head of Sales search. We remain
actively engaged in a process to identify the right candidates that
embody the experience and skillset needed to fill these important
positions. As stated previously, we are looking for a CFO who
possesses deep operational and turnaround skills, has the ability
to be hands on as they rebuild the finance segment of our
organization, and who exhibits public, regulatory, financial
reporting, M&A, capital markets and corporate finance
experience. On the Head of Sales front, we are looking for someone
who is execution-focused and has the desire to sell and is capable
of leading a team, understands the security space, and has a
Rolodex in the enterprise, government or law enforcement public
safety sectors. We will be sure to let you know when we have found
the right people to join the special culture we have built, but in
the meantime, we plan to continue moving full steam ahead with our
existing team.
I am
proud of the progress that we've made across all fronts of our
business so far this year. However, we are just getting started and
still have a ways to go in achieving ImageWare's true potential.
With an improved balance sheet, Senior Leadership Team, new
Strategic Advisory Board, revamped go-to-market strategies, and new
product launches on the horizon, ImageWare is well positioned for
the coming quarters, which should translate to incrementally
improve operating results throughout the balance of the year and
beyond.
That
concludes my prepared remarks. Thank you all for your time this
afternoon. We look forward to updating you on our progress going
forward.
Operator,
please provide the appropriate instructions.
ImageWare Systems,
Inc. – First Quarter 2021 Financial Results and Corporate
Update Conference Call, June 2, 2021
Operator
Thank
you.
The
first question comes from Stan Caplan with Caplan Company. Please
go ahead.
Stan Caplan
Yes,
hello. Can you hear me?
Kristin Taylor
Hi,
Stan. We can hear you.
Stan Caplan
Hi,
okay, great. Thank you. I do have a short question and a short
follow-up if you'll allow.
First
of all, Kris, I want to thank you for allowing shareholders access
to management through this Q&A. It's important. We appreciate
it. I also want to thank the rest of your staff for providing the
significant opportunities for the future. However, I would like to
cover the time of your tenure, the last 16 months, and can you give
a basic reason that we haven't been able to execute on an increase
in revenues, and also at the same time, we're operating under a
going concern provision.
So if
you would, of the two following reasons that I've outlined, tell me
which best describes the reason for our lack of revenues. Number
one, and again this is not the future but to date, we do not have a
market-ready product that can be sold today, and/or we don't have
the right people to sell our product.
Kristin Taylor
Okay.
Well, I think that the answer is somewhere in the middle, Stan. I
don't think it's either one of those answers. I would also say that
I think we are executing on revenue. We are bringing revenue in,
and that's coming through the maintenance of our software products,
and we continue to push even more maintenance renewals and generate
more revenue from that outlet. We have very old clients in the law
enforcement, public safety, and federal space.
As it
relates to products, I think I have shared in numerous calls that
we have been extremely busy restarting, pushing the restart button
on this business and making the products more competitive for the
market. I believe that that readiness is complete. I talked about
Authenticate, which was known prior as GVID. We relaunched that for
the enterprise sector on February 1, that’s our MFA product.
We're very busy there. Our Law Enforcement product, so that's the
germinating seed of our Company, that vertical remains very
important to ImageWare. And we are actively selling, as AJ said a
few moments ago, QuickApps, which is the Law Enforcement product,
and we have revenue coming in from that from different customers in
the U.S. We're very excited about the version 2.0 of that platform,
which is imminent. We've been busy revamping and rebuilding that
product, and that will be MVP on July 1, fully commercialized on
September 1.
Stan Caplan
Okay. I
appreciate that. But looking back 16 months, it sounds like our
products weren't ready for sale. So quickly to this point forward,
we've heard a lot of in the coming quarters, we're in development,
later in the year. Do we have anything today that we can sell that
will give us short-term revenues, and are we going to be able to
produce and sell in time where we don't run out of
money?
ImageWare Systems,
Inc. – First Quarter 2021 Financial Results and Corporate
Update Conference Call, June 2, 2021
Kristin Taylor
We do
have products to sell, and I can have also AJ and Mark add to that,
but in the Authenticate and also in the Law Enforcement, as well as
in the federal sector, we're currently bidding on and working very
aggressively in all of those areas, and we have products to sell
there.
Operator
The
next question comes from Eliot Knithe from Knithe Advisors. Please
go ahead.
Eliot Knithe
Hi,
Kris.
Could
you please update us on your thoughts about the timing of a reverse
split of the stock? Thank you.
Kristin Taylor
Hi,
Eliot. How are you?
Eliot Knithe
I'm
well. Thanks.
Kristin Taylor
Great.
I'm glad to hear that.
We have
filed our application with NASDAQ; we did that on December 31,
2020, and we are busy trying to meet some of the criteria for
NASDAQ. Management is very focused on the uplisting, and it is
definitely part of our long-term plans.
Operator
The
next question comes from Morrie Symson from Pacific Point Asset
Management. Please go ahead.
Kristin Taylor
Morrie,
are you there?
Operator
At this
time, this concludes the Company's question-and-answer session. If
your question was not taken, you may contact ImageWare's Investor
Relations Team at iwsi@gatewayir.com.
I'd now
like to turn the call back over to Ms. Taylor for her closing
remarks.
Ms.
Taylor, your line is live.
Kristin Taylor
Thank
you all for joining the call today. If you have any further
questions, please do get in touch with me or Gateway
Communications.
Thank
you very much for your time today.
Operator
Thank
you for joining us today for ImageWare's First Quarter of 2021
Earnings Conference Call.