Wrap Technologies, Inc. (WRAP) Earnings Call Transcript & Summary

Hello, everyone, and thank you all for joining us during the Lytham Partners Fall 2021 Investor Conference. My name is Adam Lowensteiner, Vice President at Lytham Partners. Our next presentation comes from Wrap Technologies, ticker symbol of WRAP. That is Whiskey, Romeo, Alpha, Papa on the NASDAQ. Presenting from the company today is Mr. Tom Smith, CEO, President and Director of Wrap Technologies. A copy of the slide presentation is available on your webcast screen, and you could access a downloadable version by clicking the Materials button on the left-hand side of the screen. Today, I've asked Tom to briefly run through the slide presentation, and we will then engage in a fireside chat-like Q&A session. As a reminder, the company will be available for one-on-one virtual meetings. If you have not already signed up, please send me an email at [email protected] or visit www.lythampartners.com/virtual, and click the one-on-one meeting request button. With that said, let me now turn the presentation over to Mr. Tom Smith, CEO, President, Director of Wrap Technologies. Tom, please proceed.

Thank you very much, and thank you, everyone, today for joining us. Today is a very exciting day for Wrap Technologies, which we'll talk about later at the end of this and get into it in the questions. But let's start with going to Slide 2. And while you all read the wonderful safe harbor statement, a little bit about my background. I started TASER back in 1993 with my brother, which is now Axon. Was there for over 20 years, left in 2013. And pretty much my entire career has been spent in this space. And I took it to 120 different countries and really know this market. And it's unprecedented times in the law enforcement industry, and that's why I'm so excited about the technology platform that we're generating here at Wrap. And so if you go to Slide 3, on our corporate overview. One of the really unique things we have is a very experienced management team that as the company started, they spend a lot of time on intellectual property, making sure that the intellectual developments that we were coming up with were taken care of from a patent perspective, domestically and internationally. And we'll talk about that a little later. But typically, in start-ups, some of those things get missed. And at Wrap, we have a very, very experienced management team that has been through this. And that's something that I'm very excited about. We also have been still experiencing growth. We're early days for getting this technology into the hands of law enforcement. Obviously, COVID has presented challenges the world over, over the last 1.5 years, and we're no different with some headwinds and travel restrictions and being able to be around groups that have certainly had an impact on us. But even despite that, we have been able to continue to drive the company forward, both domestically and internationally. And as you can see, obviously, when you look at our P&L, we continue to invest heavily in the product development areas around our next-generation technology, which we'll be talking about here shortly. And in our WRAP Reality platform that we're launching, that really goes hand-in-hand with providing the device in the field now with -- coupled with training from cadet through retirement, that is really a broad opportunity for us as we look to the future. We have over 3,000 officers already trained in 870 different agencies. Those are the subject matter experts for us that really carry the message to the agencies and the command staff about how this technology can be used. Obviously, strong market cap, but really important is a strong balance sheet. Over $43 million in cash and short-term investments at the end of Q2 with virtually no debt. So really allows us to make a lot of strategic decisions, use that cash wisely for investments. And then we have a broad shareholder ownership. And a lot of those shareholders are officers that use this during the day and then invest in the company because they believe in it. So that's obviously showing belief in what we're doing. As we go to the Slide 4, where we're introducing the BolaWrap. This was invented about 4 years ago, but it didn't get into production until a little over 2 years ago, summer of 2019. And it really was out there to address a market of a gap that exists to stop somebody without having to use pain compliance. So one of the goals was to make it super simple, where you simply aim it at the subject that you want to stop. And as long as they're within that distance of 10 to 25 feet, and you have the line laser on them, you deploy it. It deploys out that Kevlar cord, which is 7.5 feet long with anchors on either end, that then wrap around and restrain the subject. And one of our nice things -- advantages is that you can deploy multiple BolaWraps at the same time, and it actually makes it safer. It's one of the only tools that can talk about making that claim. And we'll get into that a little bit more as we continue the discussion. So if we go on to Slide 5. Let's start on the left side there, where I talked about the intellectual property. As you can see, we already have 14 U.S. patents granted, 6 of them are foreign patents, and then we also have trademarks filed in 55 different countries. So the company has invested to make sure that the technology that we develop is protected intellectually, which is, again, something that with experience that the team has put together. The BolaWrap you see pictured there in the center of the screen is our gen 1, and it is a mechanical system. It operates, as I mentioned before, very safely simply by sliding the safety back, which is the bottom switch in the center. That turns on the green line laser. Then you grab those 2 charging handles on either side to get it ready for deployment. And once you have it on the target, you press the center button, which is the activation button. And that's what sends out the Kevlar cord that you see on the right-hand side, which would be installed inside of the cartridge. So that cartridge is a onetime use, snaps into the front of the BolaWrap. And on deployment, it launches out those 2 anchors that you see with little fish hooks on the end, 7.5-foot Kevlar cord that wraps around the individual to remotely restrain them and give the officers that window of opportunity to go in and go -- and get the person into handcuffs in a crisis, get them the help that they need. Again, the cartridge is a single-use disposable, and then the BolaWrap itself gets used multiple times. We do have a number of accessories in order to carry this, whether it's holsters, belt clips, through Kydex or nylon. So obviously, as we earn our spot with those frontline officers, they need to make sure they have ways to carry it. On the next slide, Slide 6, unfortunately, we can't play videos today, but there is a link there at the top to take you to YouTube, where you can see in very high speed, very slow motion, the BolaWrap in -- being deployed. And it shows how the cord comes out of the front of the cartridge, how that tether comes out, travel downrange, wraps around either the arms or legs of the subject. The 2 hooks then grab on to the clothing and mobilely restrain the individual. Does work right now via half-charged .380 blank. That's what propels the system. It does have a range of 10 feet to 25 feet. So you do need to be 10 feet away so that, that Kevlar cord has time to spread out from the cassette -- cartridge out to that 7.5-foot range. And then it will go about 25 feet downrange. So you can get to that video by clicking on the YouTube link there at the top or going to our YouTube social channel. If I go to Slide 7. The current options are great tools. We're not trying to replace anything, but whether it's pepper spray, pepper ball, Taser, bean bag shotgun, firearm, these are all great tools. But they're all pain compliance tools, so there is this gap that exists. And when you go to Slide 8 here that shows where the BolaWrap fits between verbal commands and all those other tools. We're another tool in the toolbox. You don't build a house with just a hammer. There's many tools to do a job. And in this case, we really are filling that low end part of the use of force continuum, where somebody is not obeying verbally, but you're not rising to the level of having to use a pain compliance tool. You would be able to put them into handcuffs is where we see a lot of the departments categorizing this, as an apprehension device or the tool to remotely restrain them and allowing the officers to get them in handcuffs and get them the help that they need. If you go to Slide 9. This is a huge issue around the country and not just domestically, it's internationally as well. We talk about persons in crisis, because whether it's for mental health, whether it's drugs, whether it's alcohol, somebody that's not obeying police commands but needs to be taken into custody to get them help that they need, that's really what we're focused on through the BolaWrap and providing that tool for these law enforcement. Because it's becoming more and more prevalent around the country and, quite frankly, internationally as well. So that's a huge issue that we're trying to help solve here. And I say a lot, but it's very easy for people to point out the problems, and we've certainly seen that over the last 1.5 years or so since the summer of 2020. But we're the company that's focused on the solutions. So easy to point out the problem. We're here to provide solutions through our Wrap Technologies platform of BolaWrap and WRAP Reality. On Slide 10, we're going to talk about when force is used, obviously, people don't like it and don't always agree. So that usually leads to litigation. And we're literally talking about billions of dollars. And these are usually unplanned expenses where cities have to pay out a settlement or they have to pay out to defend officers. In the City of New York, we're estimating it's roughly $1 million a day. So these are really big dollars that if we can impact and avoid some of these, the return on investment for the agencies becomes very, very quick. And so it's something that we do focus on in terms of our conversations with our law enforcement officers. People, on the -- Slide 11, want to know about our market size. This is a $6.5 billion market back in 2016, growing to the nearly $12 billion over the next couple of years. And right now, there's 900,000 officers in the U.S. based out of 18,000 agencies. It's interesting to note that 80% of those agencies have 100 officers or less. That's really where the bulk of policing occurs in the United States. The handful of bigger agencies are slow moving, but the bulk, 80% of them are in those small agencies. And then when you look internationally, the law enforcement officers are 12x the size of the U.S. So a huge opportunity for us internationally. And that's an area that's been a majority of our business in the past, and we believe it will see that -- stay that way in the foreseeable future just because it's so much larger than the U.S. Then when you start to look at military, private security and other individuals looking to protect themselves, it's a very, very large, addressable market. That we're going to be continuing to develop technologies to provide solutions in all of these spaces. If you go to Slide 12. The other thing about policing is it's constantly on the news. It's almost every day that you turn on television and see something in the news about a policing situation. And most officers right now don't want to become the next viral video. So they're looking for ways to stop something without having to use these tools. And because we provide solutions for these officers, we garner a lot of media attention ourselves through not only our social media platform, but through television appearances, our website. And obviously, it's something that the public watches on a very, very regular basis. So if we go to Slide 13, our current partners, again, we have over 600 agencies in the U.S. that have already adopted this in a very short time period. And we're in 46 countries around the world. So it was something I focused on right when I joined. In fact, my second day, I ran overseas because I knew the international markets were going to be really big. But these numbers continue to grow and change daily. And 600 agencies out of 18,000 tells you we are very early stage, we have a long way to go, and that's why it's such an exciting time for us. And if we go to Slide 14. Again, we are not allowed to or not able to play videos for you today. And there's a link there at the top that you can go to YouTube and watch this video that came in from the Houston Police Department, one of the top 5 biggest agencies in the U.S., where they actually -- it was our first time that they used 2 BolaWraps on an individual at the same time. So I mentioned much earlier at the start of the presentation that this is one of the only tools that the more you deploy it, the safer it is not only for the officers but for the subject as well. And I kind of reference it to the Hollywood when Spider-Man deploys his web, he doesn't shoot just once. He usually shoots multiple times, and it's the same with the BolaWrap. There's no downside to multiple deployments. So the more you wrap them, the more restrained they are, and the more time the officers will have to get them into custody. And when you watch this video from Houston, you'll see that where 2 were deployed at the same time, and the individual clearly states he's not hurt. So I encourage you to click on that link and watch this video from Houston. So if you go to Slide 15, I also can't emphasize enough the bodycams that we're getting. They -- previously, when the company first started, we were getting a lot of questions about what is this? Does it really work? Kind of tell me about it, and people didn't know whether to take it serious. And over the last 6 months or so, we've really changed our messaging to focus on discussion around bodycam use coming from the field. And the other thing is, again, if you look at the names of the agencies that have sent us these bodycams, these are a lot of those small, midsized agencies, the 80% that I was talking about before. That because they can move so much faster through purchase, training, policy, having the use in the field that it's captured on video and then being able to share that video for us to then share with other customers to look at how it's being used, daytime, nighttime, indoors, outdoors, walking, running. So it's really changed the conversation with either expansion within an agency on how it's being used or other departments that are just getting started about it to be able to see not just a demonstration, but also to see how it's being used in the field. Because they answer a lot of those questions. And now the calls will come in and say, "Hey, I saw a bodycam of this being used. We had a really similar situation. How do we get started?" So the bodycams have just been incredibly helpful for us and valuable for the company and the training staff to use and show how it's being used. And we will continue to put those out there because they are really the key to show that these are the number of incidents that are ending without being the next viral video because it didn't end tragically. And that's something we're very proud of, and we'll continue to put forward quite a bit. If we go to Slide 16, we're going to talk about our distribution network. How do we get to all of these agencies? With 80% of them being those small agencies, we use 14 distributors across the United States. Which is similar to putting another 100 people out there on the ground, but it's an indirect cost because it's only through the distribution network. And that's how we get over 600 agencies now carrying this; 3,000 officers trained; also, our subject matter experts now to answer those questions. So that's really been helpful for us to grow quickly without having to invest in a lot of overhead and headcount to deal with those agencies. And then those 46 countries internationally. It's a lot different on the international market because here in the U.S. with 18,000 decision-makers, you compare that internationally, that decision is usually made at a ministerial level, either a Minister of Interior or Minister of Defense. So we work with exclusive distributors in these countries internationally. Just again, it's a totally different process compared to the United States, where it's much more spread out and done at the local and regional levels. It's, internationally, typically done at the higher federal level or governmental level. If we go to Slide 17, I referenced this earlier. Our other product coming into the market is called WRAP Reality, something I'm super excited about. I think this has enormous potential and really is going to be a game changer. When you look at the full immersion, content, quality, the fact that I can accomplish in WRAP Reality some training in the field, in a classroom could take 30 -- or 2 hours, I can now do in WRAP Reality in 30 minutes. So the return on investment is going to be very, very high. We've partner with Amazon Web Services for the delivery of WRAP Reality and the tracking of the training, some -- another relationship we're very excited about and really shows that we're investing to make sure that this product is really doing everything that it needs to for the officers in the field. And if you go to Slide 18, you'll see we have 35 different modules already, and those modules are each one of them different. Some are inside, some are outside, some are in apartments, some are at offices, just all these different settings. And then within each of these modules, it can branch into every type of device that the officers have because we want to simulate as much as we can what it's like for them to be in the real world. So we spend a lot of time on verbal communication skills. We also spend a lot of time on hard skills, but it's really -- each of these different modules can be changed each time the officers go in there depending on what training staff wants to cover that day. So we're really creating the library and the content for them to use in their training curriculum and something I'm extremely excited about. We are taking it very slow to make sure we get this right. We're working with a number of agencies already across the country to get their feedback. Because if it's -- even if it's really good but they don't use it in the field, it's not going to help them. So we're going slow by purpose, very intently in what we're doing to get this right, to get the feedback on what they like or what they don't like or what's going to make it even better as we ramp it up and really start hitting in '22. But it's really going to be a slower growth on this because we're doing it very methodically and making sure that we get it right. We go to Slide 19. Earlier this year, we had gone through our ISO 9001:2015 certifications, and that's something that was very exciting for the company to accomplish very early. And it was a natural role in for us to be -- have that as part of our environmental, social and governance initiatives. We did publish our first letter on August 9. There's a link here on the slide or you can go to our -- the Investor page on our website to get a copy of our ESG letter, but that's something that -- it's a natural fit for us. We're part of the United Nations signatory on this initiative, and it's just part of our culture. It's part of who we are and something -- obviously, we're having a tremendous impact on the social areas. But we are in environmental and governance as well, very aware and part of what we do, and want to make our investors, shareholders and partners all aware of those initiatives. So I invite you to read the letter and see what we're working on, and we will be continuing to update on that. And as we go to Slide 20, again, a little corporate information, over 40 million shares outstanding. I mentioned again, a very strong balance sheet, $43 million in cash, allowing us to make those long-term decisions and smart short-term investments in the use of that cash. A lot of shares still held by insiders, and again, a large shareholder base with 23,000-plus shareholders, already, that a lot of them are officers that use the products that we manufacture during their day jobs. And if we go to Slide 21, I mentioned the management team. I'm super proud of this team that we're building with Jim Barnes being the Founder. He's spent a lot of time in, as our CFO, in making sure our intellectual property is protected. Glenn Hickman just joined as our Chief Operating Officer on July 1 to really head up the research development teams. I've known Glenn for 10-plus years. Really excited to have him join what we're doing. Marcy, I've known her for 15 years as our VP of Human Resources, to make sure that the team knew that, at all levels that we're building, is keeping the culture together and very excited there. If we go to Slide 22. Paul Manley, running our vice -- our Investor Relations area, huge background and obviously, a wealth of knowledge to help us. Recent addition was Mario Knapp, who joined just on August 1. And I've known Mario for over 20 years, was trying to get him to join us at TASER while I was there. But finally, after 28 years with Miami, I got him to retire and join us on August 1 as our Vice President of Training. Very honored to have Mario working with us. Clark Dever, who is going to be heading up our WRAP Reality area, just joined us on September 1. So he's a little over a month in on us now. I'm very excited with Clark's background and the talent and technology that he's bringing in really going to accelerate our growth in the WRAP Reality virtual reality training. And our newest member, Becky Newman, who joined us from our London area. She was recently retired, having worked in the policing home office of the United Kingdom for her career. Just started with us on September 20. And Becky is going to be really helpful for us working with Jags Gill, who's also based in London. Because a lot of U.K. law is more relatable to the countries around the world in how they use force compared to U.S. use of force. So really excited to get Becky's background and knowledge to help us as we really grow those international markets. And we go to the final slide. One thing I would like to comment and I mentioned it earlier, this morning, we put out a press release announcing that we're going to be launching our next generation of the BolaWrap on Tuesday, October 12. So I invite you to go to our website. We're going to have a countdown timer all this week, a bunch of teaser information showing some snippets of the new product. But it will be formally launched on Tuesday, October 12. So I invite you to go to our website or go get our press release and click on the Zoom webinar to join us for the launch video and presentation that will be conducted on Tuesday, October 12 at 10 Pacific, 1 Eastern. And with that, I would like to turn the call back to Adam as I believe we've got a few questions.

Let's go right to it, expand on a few topics here. Love your background. Been there, done that. Is the BolaWrap an easier product to scale? If so, why?

It is. It's a lot easier because it's very simple, and it was designed for ease in manufacturing. And one of the things that is within our control is the design of the system. It doesn't look like a weapon. It looks more like a TV remote. It's literally something that I can train you how to use in less than 2 minutes. So even from the manufacturing perspective, something that was super easy to be able to put together, does not require a lot of capital equipment because of the thoughtful design. So it's something that we can scale very, very quickly when we need to. And there was a lot of thought that went into it. And again, looking to our next generation that we're going to announce a week from today, very, very excited for this technology because it's -- gen 2 is really going to make a huge difference. It's completely different than our current device from a number of factors that we'll get into during next Tuesday launch discussion.

Great. Since supply chain is on everyone's mind right now, maybe talk a little bit about your manufacturing. How that works and how you feel confident in supplying your customers with what they want.

Sorry, Adam. I lost you there for a second.

Oh, sorry. I was just saying supply chain. It's on everyone's minds these days. Maybe discuss a little bit about your manufacturing and how you feel confident in delivering your product to everyone that wants what they want.

Yes. We're -- it's something we pivoted to a while ago on supply chain. And we're actually not only looking at 2022, but 2023 as well to make sure that we are managing that effectively. We do have the majority of our parts made in the United States. In fact, all of our assembly is done in here in Phoenix, Arizona. So we are on top of our supply chain. We actually added Kevin De Rosa as our Vice President of Supply Chain. He has a fantastic background in that space to make sure that we're going to be able to deliver these products and meet the demand as it grows for us as we ramp, not only our new product, but continue to expand our technology over the next several years. So it is something that we're very attentive to. And right now, it's been something that we've been able to, again, invest some of that cash wisely, especially on the longer-lead items to make sure we can meet the demand as we see it coming.

Let's talk about the BolaWrap a little bit. What -- remind me, what's the cost of the device and also for each cartridge?

So one of the exciting or the easy things to do is when you look at an officer, we tell them to plan, back of the envelope, roughly between $1,000 and $1,300 to put an officer out on the street with the equipment. So that's the device, the cartridges needed for training. That's carrying cartridges in the field. That's the holster, depending on which option you choose from. So that gives them a good ballpark. So if you're a 100-man agency, it's roughly $100,000 to $110,000 to equip all of your officers and literally put it out in the field. Specifically, the BolaWrap itself is $925 domestically, and the cartridges are $30, again, for that single use. So it's something similar and lower in price than what, for example, a Taser or some of the other equipments that they have or used to previously having purchased.

And how quickly can the officer, after it's been discharged, replaced with another cartridge? Is that even necessary at times?

It is necessary. It's something we do cover in the training, and it can be done very, very quickly. Once you're proficient with the system, you can literally change it in 2 to 3 seconds for a second deployment. And again, it is something that we cover in the training, the officers to practice because it is a drill. But it's something that, again, they're used to from Tasers previously and other training options that they have, to be able to switch between the first deployment and the second deployment and transition, not only between the BolaWrap. But also off to other technologies if it were to escalate or they needed a different tool.

You mentioned training. That, obviously, is a big part of the success of rolling out BolaWrap. How is the WRAP Reality VR priced? How are -- how should investors think about that?

It's actually right -- excuse me, WRAP Reality is going to be based on a subscription model. So our BolaWrap equipment is usually PO. They'll issue a PO. We ship it. There's no long-term contract. But as we transition with WRAP Reality, that's going to become a subscription model, charging per officer per month. Because we're going to be, obviously, continuing to supply the materials. And then they can use it as much as they want as they go through the training and track it, so they know what content they delivered. And then through that subscription model, we'll be continually providing updates through the Amazon Web Services platform that we're creating as well as tracking all of the training that they've done. So that will just be combining. Also, if they want to buy the BolaWrap equipment with the subscription, they can do that. But they're also welcome to keep it separate if they want to do that as well. So it's going to create a different dynamic for us where we've already sold a couple of 5-year subscription agreements to agencies out there. And we obviously expect that to grow as we continue to roll out the WRAP Reality platform.

Maybe spend a little moment expressing why training for officers is so important. And how long does the training take to be proficient in the BolaWrap?

So training on any tool, it's a perishable skill, right? So constant training is needed. I saw a statistic recently that a hair dresser in some states gets more training than a police officer does. And that's what we're really going to do with the WRAP Reality is to change that. Because WRAP Reality does not only train them on BolaWrap. It trains on every tool available to them. It trains them on BolaWrap, a firearm, Taser, pepper spray, a baton. And we focus a lot on intervention training, on verbal skills. So it's really if you -- it's going to be a paradigm shift of going from cadet through retirement, that they can use virtual reality training through WRAP Reality to really become immersive. Something that they'll do a couple of times a week for 10 or 15 minutes rather than maybe once a year for a full day at an academy. And then when you look at the BolaWrap specifically, our -- we have an instructor train the trainer course. It's about 5 hours, but then the users are anywhere between 1 to 2 hours. And typically, it's not a whole lot of time spent on the BolaWrap because it's easy to use. It's really around the policy. How does the agency want it used in the field? What are the scenarios? How does it fit with the other tools that they have available? But it's still a very -- something that they can accomplish in a couple of short hours to get people certified to carry it. And when they do that, we repeat that usually on an annual basis or through WRAP Reality as many times as they want to.

With regards to WRAP Reality, is there a big data opportunity here? I mean I'm assuming you're going to be collecting a good amount of data based upon how many people use it, and it's a subscription model. I mean is that something, longer term, that could be an opportunity for the company?

Oh, absolutely, absolutely. And I -- because I think that data is going to help drive the future scenarios. And as we get into voice recognition and some of the AI technologies that are coming out, that will become more predictive and really help the officers to learn and understand situation better and create the scenarios to become even more realistic. It just -- it all comes together to really continue and provide a huge opportunity for us to make training. And as much as we can get into it, I think it's going to help the officers understand the situations and react differently in the field than they wouldn't if they didn't have access to that type of training. So I do believe there's going to be a big data opportunity, especially -- because we're not talking just domestic, right? We're looking at global expansion of this. We've already shown it in Italy. I was over at a trade show for a couple of weeks ago. So we've started showing it in a number of different countries around the globe. So as all that data gets tied together and tracked, I think there is going to be a big opportunity there and really help us learn and perfect the training as we continue to grow.

Great. A couple more questions here, and we'll wrap it up. Any competition? Is your device patented, I'm assuming?

The BolaWrap does have patents. There's no competition on that today. And again, something I'd point out, everybody in the world knows that cell phones are getting updated regularly, probably 2, 3 times a year when people know that's coming. But if you look at law enforcement, really the last technology that came in that made it to the field was the Taser 20-plus years ago. They just don't change that often. And the BolaWrap was the first that's come in that time frame that's being used in the field. It's a new technology. And I think that's, again, what's very exciting for us as we continue to earn our spot on the belt. We continue to develop that next generation of the technology, again, we'll be announcing next week. And when you look at WRAP Reality and bringing that platform in, it's going to help us continue to grow and change an industry that, again, is very, very slow to change and something that we're very excited about.

I know you mentioned a new launch of a new product, which is -- it sounds very exciting. I'm assuming that's a key milestone that investors should be on the lookout for. Are there any others?

There -- yes. We're going to continue to invest. And we're always working on things that are short term and that are long term. This next-generation BolaWrap is something we've had in the works for over -- for nearly 2 years. We've taken a lot of feedback from our customers on things that they wanted -- little things that will make it easier for them to use. And next Tuesday, we're going to go through a full launch day, that we'll be able to show all of the highlights and all the things that we've incorporated that I'm super excited about. And that's not the end. That's just the next step. And we're going to be continuing to invest in advancing our technologies and really changing the way we manufacture, making things more cost effective. And then on the WRAP Reality, looking at the latest, greatest hardware to use, the latest technologies, the latest experts, to really make sure that the scenarios are fruitful for the training that's needed and the officers want to have available to them as they start to get into the virtual reality training.

Tom, thank you very much for your time today. We greatly appreciate it. To anyone out there that's not -- who's not...

Really appreciate it.

Yes, sure thing. Great having you. To anyone out there that's not already signed up for a one on one, again, please send me an email at [email protected] or again visit www.lythampartners.com/virtual and click on the one-on-one meeting request button. Finally, we have another presentation coming up here shortly. Again, visit the Lytham website for details. Thanks again for listening, and enjoy the rest of your day.