Alarum Technologies Ltd (ALAR) 2021 Q4 法說會逐字稿

Greetings, and welcome to the Safe-T Group fourth-quarter and full-year 2021 earnings results conference call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn this conference over to your host, Mr. Steve Gersten, Director of Investor Relations. Thank you, sir. You may begin.

Thank you, operator. Good morning, ladies and gentlemen, and welcome to Safe-T Group's fourth-quarter and year-end 2021 earnings results conference call. I'm Steve Gersten, Director of Investor Relations for Safe-T Group.

Before we get started, I will read a disclaimer about forward-looking statements. This conference call may contain, in addition to historical information, forward-looking statements within the meaning of the federal securities laws regarding Safe-T Group.

Forward-looking statements include statements about plans, objectives, goals, strategies, future events or performance and underlying assumptions, and other statements that are different than historical fact.

These forward-looking statements are based on current management expectations and are subject to risks and uncertainties that may result in expectations not being realized and may cause actual outcomes to differ materially from expectations reflected in these forward-looking statements.

Potential risks and uncertainties include those discussed under the heading Risk Factors in Safe-T's annual report on Form 20-F filed with the Securities and Exchange Commission on March 29, 2022, and in any subsequent filings with the SEC.

All such forward-looking statements, whether written or oral, made on behalf of the company are expressly qualified by these cautionary statements, and such forward-looking statements are subject to risks and uncertainties, and we caution you not to place undue reliance on these.

At this time, I'd like to turn the call over to Shachar Daniel, the company's CEO. Go ahead, Shachar.

Thank you, Steve, and welcome, everyone, to today's fourth quarter and 2021 year-end corporate update conference call for Safe-T Group. With me is Shai Avnit, our Chief Financial Officer.

Our main goal for 2021 was the focus on substantial growth, and I am happy to share our financial results for the year, which clearly demonstrate the achievement of these goals.

The actions we implemented during 2021 enabled us to achieve more than 100% growth in annual revenue compared to last year and to expand our business quarter over quarter and year over year. Our efforts resulted in another record quarter with revenues increasing 191% compared to the last quarter of 2020, lifted by strong organic growth of our privacy business as well as our penetration into the exciting consumer market.

In addition to record financial results, other annual highlights include the expansions to new markets worldwide, including penetration to new sectors such as privacy for the NFT sector and the launch of new and exciting products, including an anti-malvertising solution and more.

I would like to summarize our accomplishments in 2021 and year to date, and then discuss our roadmap for the remainder of 2022 and beyond.

Over the last few years, the global pandemic, and more recently, international geopolitical events, have emphasized the need to prepare for unforeseeable situations and elevated the need for data security and privacy. Against this backdrop, we believe that the current environment requires advanced privacy and cybersecurity solutions now more than ever.

Looking back at 2021, Safe-T was well positioned to address a wide range of requirements and demand for such solutions. In 2021, we introduced several new offerings focused on cybersecurity and privacy, which addresses enterprises on the one hand and consumers on the other hand.

In July 2021, we acquired CyberKick, a transaction that significantly contributes and complements our overall offering within the large consumer marketplace. Our technology is based on a business IP [proxy] platform, which [weren't] incorporated in the second half of 2019.

Our privacy solution for organizations, based on an IP proxy the platform is the world's fastest, most advanced, and secure business network, providing our clients with accurate, transparent, and tailored personal data driven from public online sources. During the year, we launched our next-generation IP proxy network, targeting largest business and B2B customer markets.

We also launched new enterprise data collection solution or data collection as a service, DCaaS, enabling unlimited collection of online public web-based data for business analytics and secured a first DCaaS project with a global data services company.

Our enterprise privacy business continued to grow rapidly, recording 63% annual growth in 2021 and gaining more momentum in the Asia-Pacific region with over 75 new clients, including e-commerce and NFT organizations.

Our priority solution for consumers includes thousands of paying users that utilize our IP proxy platform today. As mentioned before, the acquisition of CyberKick significantly expanded and boosted our privacy for consumer business with the integration of thousands of CyberKick customers. Our privacy solutions for consumers continued to gain traction.

And in the beginning of 2022, our first product is nearing the 15,000-subscriber milestone. In addition, we launched a new malvertising protection product for Apple iOS devices named Ad Blocker Pro. We believe that the privacy market for consumers is a great potential, and we plan to accelerate our offering and effort in this segment during 2022.

As planned, we launched the first generation of iShield, our most advanced cybersecurity product for consumers, quickly adding a new layer of protection to help consumers and small and midsize businesses defend against emerging ransomware attacks. During 2022, we are planning to introduce a significant upgrade of the iShield products that will include new important features.

According to market research, the digital and security consumer market is expected to reach 19 billion by 2024, and we believe that cybersecurity in this segment will be one of the catalysts for our growth in 2022.

In 2021 and the beginning of 2022, global events reinforced the growing demand and need for solid tools for overcoming new cyber threats. With the number and the increasing scope of cyber attacks, taking advantage of remote access was massive, causing unprecedented damage to organizations.

That is why after we established a worldwide network of enterprise channel partners, we made a strategic decision to collaborate with TerraZone, a global information security specialist who would accelerate global sales, marketing, and the further development of our ZoneZero Zero Trust Network Access Software technology.

Through our collaboration with TerraZone we expect to lower our operational expenses commencing for the third quarter of 2022 while still benefiting from the huge untapped potential of this product.

More recently, we partnered with TerraZone and DreamVPS, a global provider of cloud services, to launch a first-of-its-kind virtual private workforce cloud service, and new solution provides a secure, flexible way to conduct and manage remote R&D teams and programs. Through these kinds of creative partnerships, we believe we can, more quickly and cost effectively, expand our footprint in the global enterprise market.

As an innovative company with advanced technology, we believe that we have a social responsibility to support organizations dedicated to driving positive change in our world. As such, in February 2022, we launched the Net Bridge program to provide a pro bono service and support academic and nonprofit research organizations involved in, among other things, detection and prevention of criminal activities, including violations of human rights.

Shortly after, we added the Washington-based Center for Advanced Defense Studies as a first partner to join our Net Bridge social responsibility program. We are committed to extending this initiative to drive positive global change to web data collection and research by adding additional partners to our program.

During 2021, our products gained validation from consumers that downloaded and paid to use our tools for privacy and protection, as well as enterprise customers in new market sectors and geographic territories who choose our solutions.

We were also named leaders by several international market research organizations, including Gartner and Forrester. All of these market validations helped drive our performance, achieving a record of more than $10 million in revenue.

I would like to address the subject that impacted the company's expenses during 2021. Alongside calculated operational efficiency, we did (technical difficulty) the ongoing legal proceeding brought by Luminati Networks, now Bright Data.

In the last two years, Bright Data has filed several intellectual-property-related complaints against various players in the IP proxy sector. And we believe that these claims [are made] primarily to weaken the profit and loss with significant legal expenses and hinder innovation.

We already demonstrated that their first complaints against us was without merit, and it was dismissed without prejudice, with no monetary payments paid by us to Bright Data, and there is no effect on our ongoing services for customers.

In June 2021, Bright Data filed another action, and this case is still ongoing. And as in the first case, we disagree with each of Bright Data's claims brought against us in this second complaint, and we are consistently challenging the patentability of Bright Data patents.

To date, each of our United States Patent and Trademark Office, USPTO, challenges -- as we reach a preliminary decision on the merits, in each decision, the USPTO has preliminary agreed with our position that Bright Data patents are likely unpatentable.

Although patent litigation in the United States is expensive, we believe that our position is strong. We do intend to continue to defend our operations while offering our unique technology and solution despite Bright Data tactics.

Now, before going further, I would like to turn the call over to Shai to discuss the financials for the year. Shai, go ahead.

Thank you, Shachar. I will begin with a summary of our fourth-quarter and year-end 2021 financial results, which are compared to our fourth-quarter and year-end 2020 results unless otherwise stated.

Revenue for the full year of 2021 totaled $10.3 million, of which $3.7 million were earned in the fourth quarter. This represents a 110% increase compared to the revenues of $4.9 million for the full year of 2020, of which $1.3 million were earned in the fourth quarter.

This sharp growth in revenues is attributed to the increase in enterprise privacy business revenues and the consolidation of CyberKick's revenues following the completion of its acquisition on July 4, 2021.

Gross profit for the full year of 2021 increased by 115% to USD5.1 million, of which the fourth quarter contributed $2.1 million. This is compared to gross profit for the full year of 2020 of $2.4 million, of which the fourth quarter contributed only $0.5 million, representing increases of 106% and 335%, respectively. These significant increases in the gross profit were primarily driven by the increase in revenue.

Research and development expenses totaled $4.8 million compared to $2.2 million in 2020. The increase is due to the consolidation of CyberKick's expenses that were consolidated over the second half of 2021. It really is the expansion in overall development activity of our other business segments.

Sales and marketing expenses totaled $8.3 million for the full year 2021, an increase from $4.2 million in 2020. The increase is primarily attributed to the consolidation of CyberKick's sales and marketing costs, as well as the increase of the enterprise privacy sales team and its related costs.

General and administrative expenses totaled $7 million in 2021 and $4.2 million in 2020. The increase is mainly due to the patent litigation costs in connection with the legal proceedings brought by and filed against Luminati Networks, now Bright Data, as Mr. Daniel just mentioned.

As a result of the above changes in revenues and expenses, net loss for the full year of 2021 was $13.1 million or $0.48 per share as compared to a net loss of $7.8 million or $0.71 per share in 2020. Net loss in the fourth quarter of 2021 totaled $4.5 million or $0.15 per share compared to a net loss of $5 million or $0.28 per share in the fourth quarter of 2020.

Non-IFRS net loss, which represents the IFRS net loss after reconciling the [effect] of the non-cash expenses and income for the full year of 2021 totaled $10.3 million as compared to a net loss of $6.2 million in 2020, while the non-IFRS net loss for the first quarter of 2021 [was] $3 million versus $2.2 million in the equivalent quarter of 2020.

Cash and cash equivalents balance and short-term investment balance totaled to $9.7 million on December 3, 2021, as compared to $11 million on September 3, 2021.

And lastly, I wanted to touch base on our share count as it stands today. On the outstanding basis, we have around 30.4 million ordinary shares, representing an equivalent number of ADSs. On a fully diluted basis, we currently have around 40.7 million shares or ADSs outstanding.

With that, I'll turn the call back over to Shachar.

Thank you very much, Shai. In summary, we are extremely proud of our many achievements in 2021. Our business strategy is clear and focused on providing comprehensive solutions for the privacy and cybersecurity markets.

Looking forward, we are confident in reaching our goal of $50 million in annual revenues in 2025, which equate to at least 50% top-line growth on an annual basis over each of the next four years. We are planning on reaching this target through accelerated growth in every business segment of the company.

And with that, I would like to open up the call for any questions. Operator, please go ahead.

(Operator Instructions) Jason Kolbert, Dawson James.

Congratulations on the quarter. I'd like to talk a little bit about that guidance you just gave, which is great by the way, 50% CAGR to hit $50 million in 2025, and you said across all segments. I understand that. But if we continue down a little bit, given what's going on in the world, the number of cyber attacks, where do you want to focus the company's resource, and what segment looks the most attractive to you? Thanks.

Okay. Thank you very much. So for your question, we intend to continue growing, as you mentioned, especially in the large consumer market for individuals are increasingly seeing the need for new and innovative security and privacy products in response to dramatic increasing attacks and data breaches.

This is, especially, by the way, true now because of geopolitical issues. Because of this, we are constantly investing in R&D and product development programs and expect to launch a variety of new products and services over the next few months -- not few years, few months -- which we believe will continue to drive this [growth issue].

New products will be available for mobile Apple iOS devices and as well as Android and include the first designed for Windows desktop PCs. Hope it answered your question, Jason.

Yeah, thank you. But I'd just like to follow up a little bit, which is -- and this might involve Shai chipping in -- which is, given where you are financially and that's 50% CAGR, how much of that is organic growth? Is there any inorganic growth in there? And what is the limiting resource? I mean, it strikes me that with more cash, more capital, you could probably build a bigger footprint. So if you could talk a little bit about that, it would be helpful.

Okay. Thank you. I will take it, Shai. Okay. So first of all, this projection is based on organic growth on the current company, okay? The current company has four business lines, two for cybersecurity and two for privacy. Each of them has the consumer business line and organization business line.

This projection is based on our current company, our current business lines. And as we demonstrated this year, for example, in our privacy business, we grew more than 65% organically. So the 50% CAGR year over year for the next four years in order to achieve the $50 million is our target organically.

Second -- for your second question regarding the investment, yes. So this year, by the way, you can take a look back in our projections, we demonstrated that we matured enough, and we have the machine that knows how to generate revenues from investments. Now, in the next four years, it's a little bit difficult to project the amount of cash that we will have.

But I'm sure that as investors and funds will see the amazing growth in this company, the amazing machine that we built, move from $1.4 million in 2018 to more than $10 million in 2022, I'm sure that they will trust us, and we will have the right fight -- the right fund in the right time and the right price. We want to keep our investors in order to take this company to the sky and to meet even more than these numbers.

Perfect. Thank you so much for answering the questions.

You're welcome. I appreciate it. Thank you.

Brian Kinstlinger, Alliance Global Partners.

Hey, great. Thanks so much for taking my questions. First, in response to Jason's question, you mentioned consumer as an area of focus with the political events going on -- Russia, Ukraine. I guess I would have thought that the biggest benefactor would have been enterprise you're looking to protect, not necessarily consumers.

So I just wanted to make sure I heard that right, that consumers are the ones right now spending more on cyber, not enterprises?

No, Brian. So I took this answer regarding Safe-T, not in general. In general, I think that the effect is on everybody because there are a lot of privacy issues right away in these countries now, okay, a lot of cyber issues for individuals and organizations.

And the effect is, I think, it goes across all levels because -- but when -- the previous question I've been asked about Safe-T focus for the next year and the effect of the geopolitical events, I said that we see an amazing [traction] in two sectors, one in our privacy solutions for organizations and the second in the consumer.

And my answer was regarding the investment, as I see today, by the way, for the next one or two years. I guess that over the time, if something goes better, maybe we can make some amendments to the strategy. But the strategy is focused on the consumer and privacy business.

Okay. And then which geographies are you seeing the strongest demand for these products? Is it US? Is it Israel? Is it international? Talk to us about where that demand is coming from right now.

Okay. So basically, the best geographies for us now is US, West Europe, and Asia Pacific, where we already announced that we achieved a great milestone, more than 75 customers; not consumers, but customers. Organizations joined our privacy solution at the end of 2021. And since then, I can tell you that the number is significantly higher, so we see a great traction and great demand for our products in these areas.

And you mentioned your privacy solution has 15,000 subscribers. First of all, what's the monthly fee on that, and which solution is that?

This is our [Armor]. The name of the app is Armor for iOS at this stage. So imagine yourself that we released only one product from mass production, and the second is still in the early stage and only one [flavor] for the iOS. It's almost in 15,000 paying subscribers in monthly and annually rate, where, at this point of time, we are focusing on monthly rate according to our research, and it's around $20 per month.

Great. And then can you quantify the legal expense for the IP proxy claims in 2021 and maybe a forecast on what you're budgeting for 2022?

Okay. So, Brian, to be honest with you, I don't know who is on this call from the other side, not from the capital markets perspective. So I prefer to keep the details confidential due to the legal case that -- we are just in this legal case in this moment.

Okay. And then lastly --

[Is that okay?]

Yeah, no worries. Lastly, the quarter is two days from being complete. Is there seasonality we should think about in your business, or is the first quarter going to be stronger than the fourth quarter? Just maybe help us, at a high level, understand what's going on in the March quarter.

We will announce the unaudited numbers, I guess, between the first to the second week of April. And it will be okay. Okay?

Right. I mean, I'm not asking you for a number, but is there seasonality we should think about on your business?

If it's seasonal -- okay.

Seasonal, like Q4 in a lot of software businesses are --

I understand. In the enterprise business, yes, the second and the fourth quarter are basically in the cyber. For enterprises, it's basically stronger because there are budgets in the fourth quarter that the organization, especially government organization, need to utilize, et cetera.

In the consumer business, due to the fact that it's monthly recurring revenues, I don't think that we will see seasonality. It depends in many other events. There are big sports events, geopolitical events. For example, the COVID, for us, changed dramatically the numbers from positive perspective, lockdowns, et cetera. But I don't think at this stage we'd see seasonality. We are planning to grow -- to see the growth quarter over quarter.

Okay. And actually, I have one more question on the expense side. In the fourth quarter, you're at your peak of operating expenses, but I thought I read it quickly in your comments on the press release. I think you either were looking at cost cutting or measures, synergies maybe from the acquisitions, how should we think about operating expenses as you move into 2022?

Okay. So as mentioned in the PR and also now in the investors call, I mentioned we made a significant transaction. I worked on this transaction a few months, and we convinced a group of veterans from the cybersecurity space, the name is TerraZone. And [they are total huge believers] in our products. Also, they made a new offering for our previous product, which is the secure e-mail and [secure vaults].

And together with DreamVPS, they took our product, and they are in charge of the R&D, marketing, and sales. So meaning -- this transaction sometimes takes time. Slowly, it will go down. But from the third quarter, we need to see a change or a significant transaction from the expenses from Safe-T to TerraZone.

And we have a rev share agreement with them. We already announced it, and it will bear fruit from the successful -- but the expenses will be on the other side. And we will be focusing the privacy and the consumer from R&D -- and sales and marketing perspective.

That's great. So how long do you think that takes to transition from your books to theirs? Is that going to be probably after the second quarter, or are we going to see that right away in the first quarter? Just maybe --

So the cut, the final cut, will be in the third quarter. We need to start to see it from now, but the final cost will be in the third quarter of this year.

Great. All right. Thanks so much.

Thank you, Brian.

Matt Jenkins, private investor.

Hi Shachar. I've been a long-term shareholder, and can I tell you how happy I am with this report? It really seems like we are on the cusp of something special. I just wanted to say keep up the great work, and I hope that --

Thank you very much.

-- your comments today spread across the investment community because I think that currently, not many people see the value that I'm saying. But that being said, when you talk about investing in consumer customer acquisitions, does that mean the growth in your consumer business, and is it all online? Is the majority of that revenue -- monthly recurring revenue?

Yes. So okay, just to make sure that I understand your question, Matt. So first of all, yes, at this stage, from the consumer -- in the consumer business line at this stage, still, we will change it maybe very soon to have an annual recurring revenue -- [each] monthly recurring revenue, our payment, our bank strategy, or paying net of these monthly payments.

So its monthly recurring revenue, as I mentioned to the previous question by Brian, is around $20 per month. And this is one of our major focuses in this year because we see a huge demand, and a great team. By the way, we have one of the best teams, maybe in Israel, maybe globally, for consumer acquisition in the consumer space.

And we think that it can touch the sky in the next year, so this is why we are focusing her, and of course, also in the privacy business for enterprises because the demand is amazing. Although we have the legal issue, we think it will be behind us, as I mentioned, and we can take it also further.

Great. Based on this growth that I'm witnessing, I mean, I'd be surprised if you guys are not an acquisition target for some of these larger cybersecurity companies. I know you can't say that you've been contacted or anything, but I hope that we don't get acquired because this growth is stunning and looking forward to many years to come.

Thank you very much, by the way, for your comment. So yes, the industry is already in a consolidation [part]. Take a look, for example. Just lastly, there is a $90 million acquisition of Express VPN by Kape, okay?

In fact, given the fact that we made successful acquisitions the last two years, we certainly believe -- this is not our strategy, okay? We want to grow. We want to establish a big company. But our company is very interesting also now and I'm sure in the future for interesting [inquisitors] that will want to enlarge their business and to get a great technology with great recurring revenue.

Great. Thanks a million.

Thank you.

Bobby Keyser, Dawson James.

Hey, guys. First off, congratulations. And then, you've mentioned a couple of times now just the consumer side of the business, which is around $20 a month in revenue. And then, if you could just maybe comment and touch upon the enterprise side and maybe what you see as an average contract size?

Okay. So we have two business lines in the enterprise side of the company. One is the privacy that I discussed in length about it now. And the second one is this cybersecurity, which I also mentioned now. But I will repeat to summarize. So from -- by the way, from revenue's perspective, at this point of time, our projection is around 60/40. 60 from consumers, 40 from the enterprise business.

In the enterprise business, we totally are progressing in the privacy. As I mentioned, from 2020 to 2021, we have an organic growth of more than 65%, and we project that this growth is a trend that will go on for the next years. And in the cybersecurity, we partnered with TerraZone and DreamVPS, and we have a very unique new offer of secure email, secure vault, and secure remote access.

We are offering this product now at this stage of the penetration to DreamVPS customers, of which most of them are small, medium businesses because they need one-stop shop to keep their data and to exchange their data. And they have a lot of regulation on the headline, for example, lawyer offices, legal offices, [PCAs], et cetera.

Regarding the average deal price, so I can tell you that I don't want to mislead because the variation is huge. I can tell you, for example, that in the last months, we have one deal of $75,000 and one deal of $1,000 because we are pricing our product in the privacy according to capacity and throughput, not according to end users.

And sometimes, it's totally changed between customer need to other customer need. So I don't want to mislead, but you saw the numbers, you saw the growth. And this is, I think, I can give you the most accurate picture of the company.

Okay, thank you. So is it priced more on -- how do you get those two different sizes, is it usage basis? Or is it [more of products you're using]?

(Multiple speakers) Of course, usage and features, okay? But not according to end users. It's usage and features. We have premium. We have lower levels. It depends on your need and in the amount of data, okay? It's what I call usage and throughput, okay? Gigabyte, megabyte, terabyte, et cetera.

Okay, awesome. Thank you, guys.

As you're welcome.

Richard Molinsky, Max Ventures.

Yes, well, congratulations. Quick question. You've mostly answered it anyway, but I'll just ask it anyway. How do you maintain your top-line growth, and what areas of the company will bring you this growth? That's it, and congratulations again.

Okay. So I think everybody asked about it, but I don't -- I will repeat, okay?

Yes.

First of all, we intend to continue growing, especially in the large consumer market and in the privacy organizations because we increasingly see the need for new and innovative security and privacy products, okay? Especially in response to dramatically increasing tax and data breaches. Just lastly, it's because of the geopolitical issues. But in general, it goes higher and higher every year, okay?

Yeah.

Because of this, we are constantly investing in R&D and product development programs and expect to launch a variety of new products and services over the next few months, which we believe will continue to drive this growth and to fuel this growth. These new products will be available in mobile app, iOS and Android. And especially, we will launch the first design for Windows desktop and PCs.

So this is our how we will fuel our growth with new product, new features, innovation, disruptive technology. We have the one of the best sales and marketing teams, as I mentioned, and they know how to sell it. We just need to have the right product. We have great product guys, great research team that know to predict the next market needs.

For example, I can tell you that I'm very proud to say that we started to discuss about secure remote access in the enterprise side. But you know, it's the same guys, okay, much time before COVID. Then COVID came and proved to everybody why secure -- why remote access and, of course, secure remote access is so important. [It's so crucial]. And this is my answer.

All right. Thank you so much. I appreciate it. Keep up the great job.

You're welcome. Thank you.

Brian Kinstlinger, Alliance Global Partners.

Hi Shachar. One follow-up. So when I look at Armor --

Yeah.

-- 15,000 subscribers at $20 a month puts you around $3.6 million a year. I want to make sure that's right. That sounds right to you? But then second is -- I think the math is pretty sound -- can you talk about how many subscribers -- first of all, when was this product launched? And how many subscribers did you have, say, six months ago and say a year ago? I'd like to assess the growth rate of that product.

Okay. So basically, we started with this product something like even before the acquisition, okay? The guys started with this product, I think, in [March] or something like -- or something like this, sorry. So to be totally honest, I don't care to send it to you. [If you ask me], I don't have the exact number of subscribers in front of me now at this stage of each month.

But I can tell you, for example, that in the end of the year, we announced, by the way, we were in around 10,000. And now, we are almost in 13,000, okay? And it depends totally, Brian, in the amount of investments. As much as we will invest in acquiring consumers, we will see a totally different number.

We have the machine. The machine is the formula. We know how to generate revenues and consumers from media buying, okay? [Banks loan us the amount of cash], et cetera.

So if I understand, it was launched in March of 2021. You were at 10,000 by the end of the year, and you're at 15,000 today and growing rapidly. And essentially, it's how much capital do you want to put into acquiring customers. Do I have that right?

Yes, correct.

Okay, great, thank you.

You're welcome.

Ladies and gentlemen, we have reached the end of today's question-and-answer session. I would like to turn this call back over to Mr. Shachar Daniel for closing remarks.

Thank you very much. So to close today's call, I wanted to say that our vision has always been to become a leading provider of privacy and cybersecurity solutions. And we plan to continue investing to achieve it. We are investing into upgrading and refining our products as well as introducing innovative new solutions for consumers and enterprises.

We believe that Safe-T today is better positioned than ever, and then market opportunity is even greater than we imagined. Our Board and management team are committed to take this company to the next stage in terms of market solutions and revenues in 2022. If you have any further questions, please contact Steve Gersten, our Director of IR.

Thanks a lot for joining us today. We look forward to continuing to update you on our progress, and we are really excited from our results and for the future. Thank you very much.

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.