Bimergen Energy Corp (BESS) 2012 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Spine Pain Management, Inc., earnings conference call. My name is Melanie and I will be your coordinator for today. (Operator Instructions). As a reminder, today's conference is being recorded for replay purposes. I would now like to turn the call over to Yvonne Zappulla. Please proceed.

各位女士、先生，大家好，歡迎參加 Spine Pain Management, Inc. 的財報電話會議。我叫 Melanie，今天將擔任本次會議的協調人。（接線員指示）。提醒各位，今天的會議將錄音以供重播之用。現在我想把電話交給 Yvonne Zappulla。請開始。

Thank you, Melanie. Good afternoon, and thank you all for joining us for Spine Pain Management's second-quarter 2012 financial results conference call. I am Yvonne Zappulla of Grannus Financial Advisors, Spine Pain Management investor relations consultant.

謝謝你，Melanie。各位下午好，感謝各位參加 Spine Pain Management 2012 年第二季財務結果電話會議。我是 Grannus Financial Advisors 的 Yvonne Zappulla，擔任 Spine Pain Management 的投資人關係顧問。

The second-quarter financial report press release was issued promptly after the market closed today at 4 p.m., and the press release is available now on the Company's website at the home page and also under the investor tab at www.SpinePainInc.com, as well as through Thomson Financial, which is simulcasting the conference call at www.earnings.com. A copy of this call will be available for review approximately one hour after its completion on both Thomson Financial's and Spine Pain Management's websites.

第二季財務報告新聞稿已於今日下午 4 點收盤後立即發布；新聞稿目前可在公司網站首頁以及投資人專區（www.SpinePainInc.com）查閱，亦可透過 Thomson Financial 取得；Thomson Financial 也在 www.earnings.com 同步轉播本次電話會議。本次電話會議結束後約一小時，錄音將可於 Thomson Financial 與 Spine Pain Management 的網站上供查閱。

Before we begin, I'd like to state the following. During this call, the management and representatives of Spine Pain Management, Inc., will make comments that may be deemed to be forward-looking statements, which are not purely historical and include many statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things, the development costs and result of new business opportunities.

在開始之前，我想先聲明以下事項。在本次電話會議中，Spine Pain Management, Inc. 的管理層及代表可能會發表被視為前瞻性陳述的評論；此類陳述並非純粹歷史事實，且包含多項關於未來之信念、計畫、預期或意圖的說明。此類前瞻性陳述包括但不限於新商機的開發成本及其成果。

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include risks associated with the Company's business involving the Company's development and affiliates, economic and competitive factors, and the Company's key strategic relationships, and other risks detailed in the Company's filings with the SEC.

由於多項因素，實際結果可能與任何前瞻性陳述中的預測有所差異。此等因素包括與公司業務相關的風險（涉及公司的開發與關係企業）、經濟與競爭因素、公司的關鍵策略性關係，以及公司向美國證券交易委員會（SEC）提交之文件中所詳述的其他風險。

Spine Pain Management assumes no obligation to update any forward-looking information with respect to the announcements described herein.

就本文所述公告相關之任何前瞻性資訊，Spine Pain Management 不承擔更新義務。

With us today is Dr. Bill Donovan, Founder and CEO of Spine Pain Management; Dr. Eric Groteke, the Company's Chief Technology Officer and SVP of Sales and Marketing; and John Bergeron, the Company's Chief Financial Officer, who will review the full-year financials before handing the call over to Dr. Donovan for an overall business update. Following the Company's presentation, Bill, John, and Eric will be available for a question-and-answer period.

今天與會者包括：Spine Pain Management 創辦人兼執行長 Bill Donovan 醫師；公司技術長暨銷售與行銷資深副總裁 Eric Groteke 醫師；以及公司財務長 John Bergeron。John 將先回顧全年財務狀況，之後把電話交給 Donovan 醫師進行整體業務更新。公司簡報結束後，Bill、John 與 Eric 將進行問答時間。

I'd now like to turn the call over to John Bergeron, Chief Financial Officer of Spine Pain Management.

現在我想把電話交給 Spine Pain Management 財務長 John Bergeron。

Thank you, Yvonne, and thank you for all joining us this afternoon.

謝謝你，Yvonne，也謝謝各位今天下午加入我們。

For the three-month period ending June 30, 2012, we reported revenue, net of an allowance for discounts, or net revenue, of $919,000. This compares to net revenue of $1.3 million for the same period of the previous year and net revenue of $1.3 million for the first quarter of 2012.

截至 2012 年 6 月 30 日止的三個月期間，我們報告之營收（扣除折扣準備後，即淨營收）為 919,000 美元。相較之下，前一年度同期淨營收為 130 萬美元，而 2012 年第一季淨營收亦為 130 萬美元。

The decrease in net revenue was partly due to a contraction in our new case origination during the second quarter, primarily emanating from our more seasoned clinics, which we believe resulted from a preoccupation with the acquisition of the Halo technology, its assimilation into our organization, and the development of a complementary business model and marketing strategy.

淨營收下滑部分原因在於第二季新案件來源量收縮，主要來自我們較成熟的診所；我們認為這是因為公司專注於收購 Halo 技術、將其整合進組織，以及建立互補的商業模式與行銷策略所致。

In addition, we have been very active adding affiliate centers in our second market, Florida. We are now up to six centers in Florida, two which we just opened in early July 2012, expanding our geographical reach to over 40% of the population of the state. We believe our efforts have yielded a firm base in Florida with a controlled growth plan into the foreseeable future. Considering that our average case size is approximately $12,000 in gross billings and each case requires a level of due diligence before it's accepted, management's time is essential in sustaining case growth, especially in the seasoned clinics.

此外，我們也積極在第二個市場佛羅里達州新增合作中心。目前佛州已增至六個中心，其中兩個於 2012 年 7 月初剛開幕，使我們的地理覆蓋範圍擴大至該州超過 40% 的人口。我們相信，我們的努力已在佛州建立穩固基礎，並在可預見的未來採取受控的成長計畫。鑑於我們平均每案規模約為 12,000 美元的總開立帳單金額，且每個案件在被接受前都需要一定程度的盡職調查，管理層投入時間對於維持案件成長至關重要，尤其是在較成熟的診所。

The Company incurred a net loss of $386,000, or $0.02 per share, which includes a non-cash charge of $327,000 related to the settlement of a lawsuit. This compares to a net profit of $307,000, or $0.02 per diluted share, for the second quarter of 2011 and a net profit of $481,000, or $0.03 per diluted share, for the first quarter of 2012.

公司發生淨損 386,000 美元（每股 0.02 美元），其中包含與訴訟和解相關的 327,000 美元非現金費用。相較之下，2011 年第二季為淨利 307,000 美元（稀釋後每股 0.02 美元），2012 年第一季為淨利 481,000 美元（稀釋後每股 0.03 美元）。

General and administrative, or G&A, expenses during the second quarter of 2012 were $549,000, which was virtually flat with the previous year's second quarter. However, non-cash charges in the current amount of $259,000, comprised primarily of executive and directors or managerial stock options and our provision for bad debt, while non-cash charges in the previous second quarter were $69,000, comprised primarily of managerial options. This also compares to G&A expense in the first-quarter 2012 of $297,000, which includes similar non-cash charges of $143,000.

2012 年第二季一般及行政（G&A）費用為 549,000 美元，與前一年度第二季幾乎持平。然而，本期非現金費用為 259,000 美元，主要由高階主管與董事或管理層股票選擇權，以及我們的呆帳準備所構成；而前一年度第二季非現金費用為 69,000 美元，主要由管理層選擇權所構成。相較之下，2012 年第一季 G&A 費用為 297,000 美元，其中包含 143,000 美元的類似非現金費用。

Excluding non-cash charges, G&A was $289,000 in the second quarter of 2012, a decrease of $198,000, or 41%, when compared to the second quarter of 2011. This also compares to G&A expense of $154,000 incurred in the first quarter of 2012. The reduction in G&A expense year over year reflects legal costs incurred during the second quarter of 2011 related to a legacy lawsuit, which the Company has settled.

排除非現金費用後，2012 年第二季 G&A 為 289,000 美元，較 2011 年第二季減少 198,000 美元（降幅 41%）。相較之下，2012 年第一季發生的 G&A 費用為 154,000 美元。G&A 費用年對年下降，反映 2011 年第二季因一宗歷史遺留訴訟而產生的法律費用；該訴訟公司已完成和解。

For the six months ended June 30, 2012, we recorded net revenue of $2.2 million and net profits of 90,000 -- $95,000, or $0.01 per diluted share, which included nonoperating charges of $328,000 related to the lawsuit settlement. This compares to $2.1 million in net revenues and net profits of $605,000, or $0.03 per diluted share, for the same period in 2011.

截至 2012 年 6 月 30 日止的六個月期間，我們記錄淨營收 220 萬美元，淨利 90,000 -- 95,000 美元（稀釋後每股 0.01 美元），其中包含與訴訟和解相關的 328,000 美元非營業性費用。相較之下，2011 年同期淨營收為 210 萬美元，淨利為 605,000 美元（稀釋後每股 0.03 美元）。

G&A expenses for the first six months of 2012 were $846,000, which includes $403,000 of non-cash charges as outlined above. This compares to $788,000 for the same period in 2011, which includes $75,000 in similar non-cash charges. Excluding non-cash charges, G&A expenses for the first half of 2012 decreased $270,000, or 38%, compared to the same period in 2011, which is mainly due to legal costs incurred in 2011 for a legacy lawsuit that the Company has settled.

2012 年前六個月的 G&A 費用為 846,000 美元，其中包含如上所述的 403,000 美元非現金費用。相較之下，2011 年同期為 788,000 美元，其中包含 75,000 美元的類似非現金費用。排除非現金費用後，2012 年上半年 G&A 費用較 2011 年同期減少 270,000 美元（降幅 38%），主要係因 2011 年為一宗歷史遺留訴訟所產生的法律費用，而該訴訟公司已完成和解。

As of June 30, 2012, we had aggregate accounts receivable of $6.6 million, of which $3.3 million are over 365 days old. Shares outstanding on this date were 18.1 million, with fully diluted shares totaling 17.9 million.

截至 2012 年 6 月 30 日，我們的應收帳款合計為 660 萬美元，其中 330 萬美元逾期超過 365 天。截至該日流通在外股數為 1,810 萬股，完全稀釋後股數合計為 1,790 萬股。

Net cash used in operating activities was $62,000, and our cash settlements during the second quarter totaled $637,000, compared to $410,000 in the second quarter of 2011.

營運活動所使用之淨現金為62,000美元，而我們在第二季的現金結算總額為637,000美元，相較於2011年第二季的410,000美元。

Shortly before the end of the second quarter, the Company sold $500,000 of 12% convertible promissory notes. The promissory notes provide for quarterly interest payments and a balloon payment of the principal and any unpaid interest on March 27, 2014. The convertible feature of the note allowed the note holder to convert up to half the principal amount after the first 12 months and the remaining principal amount after 15 months into shares of Spine Pain Management common stock at $1.50 per share. The note holder also received two-year warrants to purchase up to 69,445 shares at $1.80 per share.

在第二季結束前不久，本公司出售了500,000美元、票面利率12%的可轉換本票。該本票規定按季支付利息，並於2014年3月27日一次性支付本金及任何未付利息（期末大額償付）。本票的可轉換條款允許持有人在前12個月後可將最多一半的本金金額，以及在15個月後可將剩餘本金金額，按每股1.50美元轉換為Spine Pain Management普通股。本票持有人亦獲得為期兩年的認股權證，可按每股1.80美元購買最多69,445股。

To further discuss our business opportunities, I would now like to turn it all over to Dr. Donovan, Founder and CEO of Spine Pain Management.

為了進一步討論我們的商機，我現在想把時間交給Spine Pain Management的創辦人兼執行長Donovan醫師。

Thank you, John, and good afternoon to everyone. Excuse my cold here. Dr. Eric and myself will be discussing issues at the clinic level.

謝謝你，John，各位下午好。請原諒我感冒。Eric醫師和我將討論診所層級的議題。

Now, after validating our business model in over two clinics in Texas, we began geographic expansion into Florida in 2011 through first half of 2012, proving that our model can be successfully replicated to achieve economies of scale.

目前，在德州超過兩家診所驗證我們的商業模式之後，我們於2011年至2012年上半年開始向佛羅里達州進行地理擴張，證明我們的模式可以成功複製以達成規模經濟。

In the process of identifying strategic locations for our clinics and -- for the affiliated clinics and setting up the infrastructure and network to effectively penetrate that target market with the same quality of service and administration necessary to support a growing business, we have been creating a market strategy centered on revenue expansion.

在為我們的診所以及—為合作診所—辨識策略性據點，並建立基礎設施與網絡，以同等品質的服務與管理有效切入目標市場、支援成長中的業務之過程中，我們一直在制定以營收擴張為核心的市場策略。

SPIN is now entering a period in which its core model is established and positioned to achieve profitable growth through further penetration of existing territories and expansion into new markets. We believe we can deliver a consistent and measured performance in the second half of 2012 and beyond.

SPIN現正進入一個核心模式已建立，並可透過進一步深耕既有區域及拓展新市場以實現獲利成長的階段。我們相信在2012年下半年及其後，我們能交出一致且穩健的表現。

I would like to take time this afternoon to specifically discuss where we stand in leveraging our business into a long-term growth story, but for those of you who are new to our Company, I wanted to just take a moment to summarize our core business.

今天下午我想花些時間具體說明我們在將業務槓桿化、打造長期成長故事方面的現況；但對於初次認識本公司的各位，我也想先簡要總結我們的核心業務。

Spine Pain Management is a medical services and technology company that pre-funds diagnostic procedures for patients with liability musculoskeletal spine injuries.

Spine Pain Management是一家醫療服務與科技公司，為具有責任歸屬之肌肉骨骼脊椎傷害患者的診斷程序提供預先資金。

Market trends in the treatment of these injuries all point to increased cost to the public, government, and insurance carriers for the foreseeable future. Cash flow for doctors like me has been compromised by various government programs and health insurance companies. Consequently, patient care is at risk, especially for patients whose indemnity health insurance and other funding for medical services runs out, usually after the first three or four months of treatment. It's at this point when the patients have been getting treatment and they're running out of money, we enter the process at this stage of care where patient funding is limited or unavailable.

這類傷害的治療市場趨勢皆顯示，在可預見的未來，公眾、政府與保險承保機構的成本將持續上升。像我這樣的醫師，其現金流已受到各種政府計畫與健康保險公司的影響而受損。因此，病患照護面臨風險，尤其是那些補償型健康保險及其他醫療服務資金用罄的病患，通常在治療的前三到四個月後就會發生。就在病患已接受治療、資金即將用完之際，我們會在此照護階段介入，因為此時病患資金有限或無法取得。

We have developed over the last years a fast-track system to expedite the patient treatment process and its related financing, while creating comprehensive transparency of forensic records for insurance and legal purposes. The key word here is transparency, and Eric will explain more of that.

過去幾年我們已建立一套快速通道系統，以加速病患治療流程及其相關融資，同時為保險與法律用途建立法醫紀錄的全面透明度。這裡的關鍵字是「透明」，Eric將進一步說明。

Over the past 42 months, Spine Pain Management has successfully delivered a medium that essentially benefits all parties. For the patients, they get the needed healthcare. For doctors -- the affiliated doctors, they get paid on a timely basis. And the legal and insurance professionals can obtain transparent, accurate, detailed records of the treatments that support and hopefully shorten the time to settlement.

在過去42個月中，Spine Pain Management已成功提供一個基本上讓各方受益的媒介。對病患而言，他們能獲得所需的醫療照護。對醫師—合作醫師而言，他們能及時獲得付款。而法律與保險專業人士則可取得透明、準確且詳盡的治療紀錄，以支持並希望縮短和解時間。

To date, we've served over 4,000 patients.

截至目前，我們已服務超過4,000名病患。

At the point where SPIN gets involved, usually at about four months, the patient has undergone the standard treatments associated with spine injuries, yet the patient still is in pain. This normally indicates that this is not just a soft tissue injury. There's something more wrong. Usually these patients have exhausted their medical insurance options and are pursuing legal measures to regain their health.

在SPIN介入時點，通常約在四個月左右，病患已接受與脊椎傷害相關的標準治療，但仍然疼痛。這通常表示不僅僅是軟組織傷害。還有更深層的問題。通常這些病患已用盡其醫療保險選項，並正透過法律途徑來恢復健康。

SPIN provides management to the affiliated doctors who arrange minimally invasive spine injection during the differential diagnosis process. What this means, when the affiliated doctors sees the patient, it could be one, two, or three different diagnosis that's actually causing the problem. And as a practicing orthopedic surgeon, we use the differential diagnosis process to arrive at the diagnosis.

SPIN為合作醫師提供管理支援，由其在鑑別診斷過程中安排微創脊椎注射。這表示當合作醫師看診時，可能有一種、兩種或三種不同的診斷實際上造成問題。而作為執業骨科外科醫師，我們會使用鑑別診斷流程來確定診斷。

Now the use of injections, spine injections, by the affiliated doctors usually include -- it could be epidural steroid injections, it could be a nerve block, it could be a facet block. But the purpose is to go through the differential diagnosis method to arrive at the diagnosis.

目前合作醫師所使用的注射、脊椎注射通常包括—可能是硬膜外類固醇注射、可能是神經阻斷、也可能是小面關節阻斷。但目的都是透過鑑別診斷方法來確定診斷。

SPIN will pre-fund these noninvasive diagnostic tests and normally at about 20% of what's billed to the patient.

SPIN將預先資助這些非侵入性診斷檢測，通常約為向病患開立帳單金額的20%。

From this point forward, SPIN takes ownership of the billing and collection. SPIN invoices the patient, who in turn submits the invoices to legal counsel. When the case is resolved, SPIN invoices are settled and paid, along with the other medical providers. On average, we receive approximately 50% of the patient billing, but once again it depends on the type of case.

從此刻起，SPIN接手帳務與收款。SPIN向病患開立發票，病患再將發票提交給法律顧問。當案件結案時，SPIN的發票會與其他醫療提供者一併結算並支付。平均而言，我們約可收回病患帳單金額的50%，但同樣取決於案件類型。

As John had mentioned earlier, based on an average billing of $12,000, our payment would be in the range of $6,000 for a fee that would we invested initially of about $2,400.

如John先前提到的，以平均帳單12,000美元計算，我們的收款約在6,000美元左右，而我們最初投入的費用約為2,400美元。

Now, in line with our settlement experience, SPIN only recognizes 50% of its gross billings as net revenue for reporting purposes. We carefully monitor our settlement rates and make quarterly adjustments when necessary.

目前，依據我們的和解經驗，SPIN在報表揭露上僅將其總開立帳單的50%認列為淨營收。我們會仔細監控和解率，並在必要時按季進行調整。

At present, the Company has eight affiliated clinics in Texas and Florida and has plans to expand the clinics geographically. In fact, we've already initiated investigations into two different current markets and we hope that we can get into these markets by the end of the year. We have the contacts and we're just getting everything in line.

目前，公司在德州與佛羅里達州共有八家合作診所，並計畫在地理上擴展診所據點。事實上，我們已對兩個不同的現有市場展開調查，並希望能在年底前進入這些市場。我們有人脈，也正在把各項事項安排到位。

So you can see from this brief overview, we take a conservative approach to managing our business. It's a scalable business model. It serves the patient with much needed treatment, medical support, and for our investors we feel that it's compelling economics.

因此，從這份簡要概述中你可以看到，我們以保守方式管理業務。這是一個可擴展的商業模式。它為病患提供迫切需要的治療與醫療支援，而對投資人而言，我們認為其經濟效益相當具吸引力。

To continue to cultivate our business model, we are continually searching for ways to improve our fast-track system. Our objective is to shorten the time of treatment and settlement, which will range from different types of cases.

為了持續培育我們的商業模式，我們不斷尋找改善快速通道系統的方法。我們的目標是縮短治療與和解所需時間，而這會因不同類型案件而有所差異。

Outside of payments to the affiliated doctors, which runs 20% of gross billings, and our cash operating costs, which John has pointed out is currently running about $250,000 to $300,000 per quarter, we incur the cost of capital to support each case until it settles. We monitor each case -- the patients, the attending physicians, patient's counsel and office -- to uncover ways to become more efficient, shorten time to settlement, and maximize payments.

除支付給合作醫師的款項（約占總開立帳單的20%）以及我們的現金營運成本（如John所指出，目前每季約250,000至300,000美元）之外，我們還需承擔資本成本，以支撐每一個案件直到和解。我們會監控每一個案件—病患、主治醫師、病患律師及其辦公室—以找出提升效率、縮短和解時間並最大化收款的方法。

I think probably the most exciting thing that has happened in this quarter, from the beginning of this Company, is we acquired the intellectual property rights to a patent-pending Quad Video Halo system in May of this year. We acquired it from Dr. Groteke and his partner.

我想，從本公司成立以來，本季可能發生的最令人振奮的事情，就是我們在今年5月取得了一套申請專利中的 Quad Video Halo 系統之智慧財產權。我們是向 Groteke 醫師及其合夥人取得該權利。

And I'm now going to have Eric tell you about this quad video that I think -- it's just one of the most incredible things I have ever seen. And when I first saw it, I said, Eric, I should have thought of this and it just never came to my mind. So I want Eric to explain about the Video Halo system. Eric?

接下來我會請 Eric 跟各位談談這個四畫面影像；我認為——這真的是我看過最不可思議的東西之一。我第一次看到時就說，Eric，這點子我早該想到，但我就是從來沒想到。所以我想請 Eric 說明 Video Halo 系統。Eric？

Thank you, Bill, and I want to thank everybody for joining us today for this conference call. We really appreciate your attention during this call and look forward to answering your questions after we finish our presentation.

謝謝你，Bill，也感謝各位今天參加我們的電話會議。我們非常感謝各位在本次會議中的關注，並期待在簡報結束後回答各位的問題。

The halo unit creates a panoramic view of the treatment process, providing a clear video of the operating notes and procedures, creating an indisputable document that maximizes transparency, which is absolutely key in these cases. By providing forensics that are tamperproof, it produces crucial information to support a speedy case resolution. In fact, we are beginning to see some evidence that settlement time is shortened by as much as three months using this technology.

Halo 裝置可建立治療流程的全景視角，提供手術紀錄與程序的清晰影像，形成一份無可爭辯的文件，以最大化透明度，而這在此類案件中絕對是關鍵。透過提供不可竄改的鑑識資料，它能產出支持快速結案的關鍵資訊。事實上，我們已開始看到一些證據顯示，使用這項技術可將和解時間最多縮短三個月。

In addition to reinforcing SPIN's principal business offering, the halo launches a new revenue source for the Company. With its superior forensics to support physicians' procedures and patient cases, we have developed a commercialization strategy to lease or license SPIN's Quad Video Halo system using its patent-pended halo unit to participating physicians.

除了強化 SPIN 的核心業務方案外，Halo 也為公司開啟新的營收來源。憑藉其優異的鑑識能力以支援醫師的處置與病患案件，我們已制定商業化策略，將以租賃或授權方式，使用其申請專利中的 Halo 裝置，把 SPIN 的 Quad Video Halo 系統提供給參與的醫師。

We are in the process of rolling out this program and are confident it will begin to have a positive impact on our financial results beginning the second half of 2012. Bill, I'll pass it back over to you.

我們正在推動此計畫的上線，並有信心自 2012 年下半年開始，將對我們的財務結果產生正面影響。Bill，我把時間交還給你。

Thank you, Eric. I really want all of our shareholders to understand the significance of the halo. It has many applications, and it's going to produce many new revenue centers just as there's two in existence in the world, one in Florida and one in Texas. And I think it will become clear over the next two quarters what we're talking about additional revenue center.

謝謝你，Eric。我真的希望我們所有股東都能理解 Halo 的重要性。它有許多應用，而且將帶來許多新的營收中心；目前全球僅有兩套，一套在佛羅里達，一套在德州。我想在接下來兩個季度，大家會更清楚我們所說的新增營收中心是什麼。

Now, in concert with implementing these plans, we continue to seek new opportunities for new affiliated clinics in strategic locations to expand our geographic footprint. Our Texas operation has been cash flow positive for over a year and supported our expansion into Florida over the past 18 months, where the Accounts Receivable in Florida are now just starting to enter into the maturation phase. We expect to see increased collections through the rest of the year.

現在，在推動這些計畫的同時，我們也持續在策略性地點尋找新的合作診所機會，以擴大我們的地理版圖。我們在德州的營運已連續一年以上呈現正向現金流，並在過去18個月支持我們擴展至佛羅里達；佛州的應收帳款目前也才剛開始進入成熟期。我們預期今年剩餘期間的收款將會增加。

Hence, we are now prepared to enter new territory, as mentioned earlier, and are presently vetting several locations. To give an example, I was in Florida last week, and we showed a doctor the Video Halo system. He has already agreed to get involved because he sees the value of this in his area.

因此，如先前所提，我們現在已準備進入新的區域，並正評估數個地點。舉例來說，我上週在佛羅里達，向一位醫師展示了 Video Halo 系統。他已同意參與，因為他看到了這在他所在區域的價值。

We estimate that each new clinic should have the capacity to treat 50 cases per year. Our experience suggests a new clinic will get up to 25% of capacity in the first six months, 50% in 12 months, full capacity in one year. The goal is to achieve billings of $200,000 gross per clinic.

我們估計每一家新診所每年應具備處理50件案件的產能。依我們的經驗，新診所在前六個月可達到產能的25%，12個月達到50%，一年達到滿載。目標是每家診所達成總開立帳單（gross billings）20萬美元。

In addition to expanding our business under the existing model and enhancing our revenue system -- stream with the halo system, we also recognize that in the process of providing a much needed service, we are building an invaluable database of information. We intend to mine this database to improve the efficiencies of our business and perhaps consider other marketing opportunities in which to capitalize on its potential value of risk case management. The data mining is going to be a new revenue center. It's going to be exciting, and we're going to have some interesting announcements coming up here in the fall.

除了在既有模式下擴張業務，並透過 Halo 系統強化我們的營收系統——流程之外，我們也意識到，在提供一項迫切需要的服務的過程中，我們正在建立一個極具價值的資訊資料庫。我們打算挖掘這個資料庫，以提升營運效率，並可能考慮其他行銷機會，以利用其在風險案件管理方面的潛在價值。資料探勘將會是一個新的營收中心。這會很令人振奮，而我們在今年秋季將會有一些有趣的公告。

Pretty much in summary, we have a proven business model. It's highly scalable and we're in an industry that is transitioning. We believe this gives us some new opportunities to build upon our basic revenue stream and add additional high-margin services. We manage our business with the priority of providing the utmost care for the patients of the affiliated doctors and maximizing our return on working capital and achieving strong results for our investors.

總結來說，我們擁有已被驗證的商業模式。它具有高度可擴展性，而我們所處的產業正在轉型。我們相信這將帶來新的機會，讓我們在基本營收來源之上，增加額外的高毛利服務。我們以優先提供合作醫師之病患最周全的照護為前提來管理業務，同時最大化營運資金回報，並為投資人創造強勁成果。

At this point, I would like to open the conference call to investor questions, and if you ask me the question, I'll pick out one of the three guys here to answer. It's pretty simple. If it's a financial question, John's going to do it. If it's a medical question, it will be myself or Eric. So fire away, and we'll try to answer your questions.

接下來，我想開放投資人提問；如果問題是問我，我會從在場三位中挑一位來回答。很簡單。如果是財務問題，由 John 回答。如果是醫療問題，則由我或 Eric 回答。請開始提問，我們會盡力回答各位的問題。

(Operator Instructions). Ian Cassel, MicroCapClub.

（接線員指示）。Ian Cassel，MicroCapClub。

Hi, gentlemen.

各位先生好。

Hi, Ian.

嗨，Ian。

I guess my question would be, to start out, you're expanding into Florida more and more. And coming off a quarter which I think we could all agree wasn't the best in the Company's history, what gives you sort of the confidence looking forward to continue to expand the model out?

我想我的問題是，先從你們越來越多地擴展到佛羅里達談起。在經歷了一個季度——我想我們都同意那不是公司史上最好的季度——你們對於未來持續擴展這個模式的信心來源是什麼？

Well, Ian, I agree 100% with you. This is the first quarter we ever had a loss, and I'm not happy about it. Nobody's happy about it.

嗯，Ian，我百分之百同意你。這是我們第一次出現季度虧損，我對此不滿意。沒有人會滿意。

And we had the opportunity with the Video Halo to really expand our footprint in Florida to be first to market. We chose to do that. It's strained the Company. It diluted stuff, which ended up resulting in a lower number of referrals. We think we're going to be able to reverse that out.

而我們在 Video Halo 上確實有機會大幅擴大我們在佛羅里達的版圖，以搶先成為市場第一。我們選擇這麼做。這讓公司承受壓力。它稀釋了某些東西，最終導致轉介數量下降。我們認為我們能把這個情況扭轉回來。

Now, we also saw some reductions in referrals in Texas, both in Houston and McAllen. We now are implementing the video, the Quad Video, from a marketing standpoint.

同時，我們也看到德州（休士頓與麥卡倫）兩地的轉介有所下降。我們現在正從行銷角度導入這套影像，也就是 Quad Video。

I agree. I'm not happy about this last quarter, but we felt we had an opportunity to get this footprint increased and I think we can start getting back onto the routine growth. We've implemented some case tracking processes. We have developed certain bill reduction reports, and when it comes time to settlement, when you're -- the Company is negotiating with attorneys, we know on one sheet of paper every settlement that that has been done with that attorney. We know the percentages, but we're trying to use this to facilitate settlements and to increase the numbers.

我同意。我對上個季度不滿意，但我們覺得有機會把版圖擴大，我想我們可以開始回到常態的成長軌道。我們已導入一些案件追蹤流程。我們也建立了特定的帳單減免報表；當進入和解階段、公司與律師協商時，我們可以在一張紙上掌握該律師所有已完成的每一筆和解。我們知道各項百分比，而我們正試圖用這些來促進和解並提高數量。

So, we're -- we feel that we can expand, which we're going to, and I hope we just don't go through what we went through this last thing.

所以，我們——我們認為我們可以擴張，而且我們也會擴張；我只希望不要再經歷像上次那樣的情況。

Now another big issue, especially in Florida, they have a thing called PIP. It's a personal injury protection law. With the new governor down there, they changed the law completely. In the past, there was $10,000 available, so if you get in an accident, first $10,000 is paid by your attorney -- I mean, by your insurance company. That's been changed now, and it's been lowered to $2,500.

現在另一個大問題，尤其是在佛羅里達州，他們有一個叫做 PIP 的制度。那是一項人身傷害保護法。隨著那邊新州長上任，他們把法律完全改了。過去有 10,000 美元可用，所以如果你發生事故，前 10,000 美元由你的律師——我是說，由你的保險公司支付。現在已經改了，並且降到 2,500 美元。

For us, this is terrific because when we went into Florida, there was a lot of confusion what the new law is going to do. So a lot of doctors really backed off on this kind of treatment. It's clarified now, so I think that this, and you can ask Eric about this, but the PIP changes really spooked a lot of people in Florida. As we come out on the other side of that tunnel with the reduction in money available by the insurance company, that will all be used up by therapy and MRIs.

對我們來說這非常好，因為我們進入佛州時，對新法會造成什麼影響有很多混亂。所以很多醫師在這類治療上真的退縮了。現在已經釐清了，所以我認為這點——你也可以問 Eric——但 PIP 的變更確實嚇到佛州很多人。當我們走出那段隧道、面對保險公司可用金額降低之後，那些額度都會被治療與 MRI 用掉。

So when the patient gets to us, it's going to be more. They've expended all the insurance and it'll be more of a letter of protection type billing situation, which actually clarifies it. It makes it easier for us.

所以當病患到我們這裡時，金額會更高。他們已經把保險額度用完了，接下來會更像是以「保護函（letter of protection）」方式計費的情況，這其實把事情釐清了。這讓我們更容易處理。

Okay. The next questions I would have would be regarding sort of the expansion into maybe additional locations into Florida or maybe additional states. Can you -- and maybe this is a question for John, can you comment a bit on -- is there a lot of additional CapEx required to open additional facilities and is there a lot of additional OpEx or operating expenditure as well on an ongoing basis when you expand into new locations?

好的。我接下來的問題會是關於擴張——可能是在佛州增加據點，或是進入其他州。你能否——也許這題給 John——請你稍微評論一下：開設額外設施是否需要大量額外資本支出（CapEx），以及在你們擴張到新地點時，是否也會有大量額外營運支出（OpEx）或持續性的營運費用？

Ian, let me -- from a medical standpoint, let me answer that first, then get to the numbers. When I was in Tampa Thursday, a doctor who had never seen the video, he went crazy about it. He now has already contacted people, friends of his, in a major city in the state -- in Georgia.

Ian，讓我先從醫療角度回答，然後再談數字。我週四在坦帕時，有位從沒看過影片的醫師，他看了之後非常興奮。他現在已經聯絡了他在該州一個主要城市——在喬治亞州——的朋友與相關人士。

So we feel that this video part is going to help us expand very quickly, and we saw it last week. And I got a thing today, and we're already setting meetings up in Atlanta. So that gives you an idea from the medical standpoint, and let me have John handle it from the business standpoint.

所以我們覺得這個影片的部分會幫助我們非常快速地擴張，而我們上週就看到了效果。而且我今天收到一個訊息，我們已經在亞特蘭大安排會議了。所以從醫療角度來看，這給你一個概念；接下來讓 John 從商業角度來處理。

Ian, each location is uniquely different, and we calculate that it takes between $300,000 and $600,000 for the first year before the clinic starts to cash-flow itself.

Ian，每個據點都有其獨特性，我們估算在診所開始自我產生現金流之前，第一年需要 300,000 到 600,000 美元。

So since we use the affiliate model, there is really no CapEx money, but it is the cost of capital is what we utilize when we figure out the cost of additional locations.

因此，由於我們採用加盟／合作夥伴（affiliate）模式，實際上不需要 CapEx 資金，但在計算新增據點成本時，我們會使用的是資金成本（cost of capital）。

Okay, thank you. No further questions.

好的，謝謝。沒有其他問題了。

All right, thank you, Ian.

好的，謝謝你，Ian。

Skip Davidson.

Skip Davidson。

Good afternoon, Bill. How are you?

下午好，Bill。你好嗎？

Hi, Skip.

嗨，Skip。

Just so I can be sure of this, do you expect to regain revenue growth momentum and profitability in the third quarter?

我只是想確認一下，你是否預期在第三季重新取得營收成長動能並恢復獲利？

I'll take that question. Yes, we do. It'll -- probably somewhere in the 5% to 10% sequential gain from last quarter, and I do expect to be profitable.

我來回答這題。是的，我們預期會。相較上一季，可能會有約 5% 到 10% 的季增幅，而且我也預期會獲利。

And as far as the opening in [nicknita], what are your future requirements for financing the expansion?

另外，關於在 [nicknita] 的開點，你們未來擴張在融資方面的需求是什麼？

We would need, depending on the location, between $300,000 and $600,000 for the year to finance the new operation until it starts to cash flow.

我們會需要視地點而定，每年約 300,000 到 600,000 美元，用來為新營運提供資金，直到它開始產生現金流。

Are you looking for that at this time?

你們目前正在尋找這筆資金嗎？

Well, our last financing at $500,000, those people said they'll come back every quarter. Now we're -- other people approach us all the time, and obviously we'd prefer anything that's not a convertible. We would prefer just straight debt, and we're talking to people. In fact, they're calling us now, but this last funding, those people want to come back every quarter. But we'd like to get some better terms.

嗯，我們上一次融資是 500,000 美元，那些人說他們每一季都會再回來。現在——也一直有人主動找上我們，而顯然我們偏好任何不是可轉換（convertible）的工具。我們比較希望是單純的債務（straight debt），我們也正在和一些人談。事實上，他們現在就打電話給我們，但上次那筆資金的那些人想要每季都回來。不過我們希望能拿到更好的條件。

Okay, thank you.

好的，謝謝。

[Joe Van Cook], [Chasen].

[Joe Van Cook]，[Chasen]。

Hey, guys. Just maybe you could help me out, looking at the general costs. It seems like you have a lot of one-time charges and nonoperating stuff. Can you give me an idea of what the normal operating costs we should expect per center or however you guys look at it?

嘿，各位。也許你們可以幫我一下，從整體成本來看。看起來你們有很多一次性費用和非營運項目。你們能否讓我了解一下，每個中心（或你們的衡量方式）正常情況下我們應該預期的營運成本大概是多少？

The normal G&A will probably run between $275,000 to $300,000 per quarter. We should probably have about a $75,000 option charge per quarter. That's amortizing some options that were given to Dr. Donovan last year. We have got one quarter remaining with about a $24,000 charge on stock that was given to an officer.

正常的管理及一般費用（G&A）每季大概會在 275,000 到 300,000 美元之間。我們每季大概還會有約 75,000 美元的選擇權費用。那是在攤銷去年給 Donovan 醫師的一些選擇權。我們還剩下一季，會有約 24,000 美元的股票費用，是給某位主管的股票所產生的費用。

Great, thanks. And then, just one more quick one. Can you give me an idea of the average settlement cycle, the length of time?

很好，謝謝。然後再一個很快的問題。你能否提供一下平均和解週期、也就是時間長度的概念？

It usually depends on the location and the amount, but a good average is 270 days. Commercial cases usually are for more money and they take longer, whereas a lot of the soft tissue injury cases that we have in Florida settle quicker. But for analysis purposes, we use 270 days.

通常取決於地點與金額，但一個不錯的平均值是 270 天。商業案件通常金額較大、耗時也較久；相對地，我們在佛州有不少軟組織傷害案件，和解速度較快。但就分析用途而言，我們使用 270 天。

Ed Looney, World Equity.

Ed Looney，World Equity。

Hi, Bill, Ed. How are you?

嗨，Bill，我是 Ed。你好嗎？

We're just fine. Thanks, Ed.

我們很好。謝謝你，Ed。

The only question I have is for all shareholders that are involved in any company is the price of the stock and the stock action, and it's a little confusing to me that there seems to be an awful lot of stock available, and I'm wondering. Now that all the lawsuits are, in fact, have been settled and I'm just wondering where all this stock could be coming from.

我唯一的問題是：對所有參與任何公司的股東來說，大家關心的是股價和股價走勢；我有點困惑的是，似乎有非常多股票可供交易，我想知道。現在所有訴訟事實上都已經和解了，我只是想知道這麼多股票可能是從哪裡來的。

I know there are rules, dribble rules, and -- but it's hard for me to understand -- there seems to be an awful lot of stock for sale and I'm wondering if maybe the CFO has any ideas. He's been in contact with the clearing firm, if a lot of the stock has been registered. Is that what we're seeing? If we're not, I'm just wondering if there's any ideas, any thoughts along those lines?

我知道有一些規則、滴漏（dribble）規則，還有——但我很難理解——似乎有非常多股票在賣，我想知道也許財務長是否有任何想法。他一直有和清算券商（clearing firm）聯繫，是否有大量股票已經完成註冊。我們看到的是這個嗎？如果不是，我只是想知道是否有任何想法、任何看法是朝這個方向的？

Ed, let me address that. This is Bill. I get DTC sheets every Monday morning. The lawsuits that have been settled in the last 2.5 years, that I've settled, that we inherited from before, every one of those lawsuits have a restriction on selling. There's a leak-out provision on every case.

Ed，讓我回應一下。我是 Bill。我每週一早上都會拿到 DTC 報表。過去 2.5 年裡已經和解的訴訟——由我處理和解的、以及我們從之前承接過來的——每一件訴訟都對出售有轉讓限制。每個案件都有分批釋出（leak-out）條款。

Now that means one individual can sell, I think, 3,400 shares a month. Every month, the transfer agency sends me the forms that I sign and it goes through, 3,400 is re-issued another certificate. Now, all the ones that have the leak-out provision have followed that. There's two investors that settled -- three, I'm sorry -- that have leak-out provisions and those certs have -- as of right now, I have never seen that it's been sent or deposited to the transfer agent.

現在這表示我想，一個人每個月可以賣出3,400股。每個月，過戶代理機構都會寄給我表格，我簽名後就會辦理，3,400股會重新發行另一張股票證書。現在，所有帶有「逐步釋出（leak-out）」條款的都遵循了這個做法。有兩位投資人已經和解——不對，三位，抱歉——他們有逐步釋出條款，而那些證書——截至目前為止，我從未看到它被送交或存入過戶代理。

Now, last week there was a bunch of shares, and on the DTC sheets, you sort of watch where things go, and it seemed to be one of the firms was bought out by another firm, so 320,000 shares were transferred one day to this new firm and a week later 350,000 shares were sold. I don't know who those people are. I guess they're people from way back, but I have no idea where the shares are coming from. I have no idea.

另外，上週有一大批股票，在DTC報表上你會大概觀察資金流向，看起來其中一家券商被另一家收購了，所以有320,000股在某一天轉到這家新券商，一週後又賣出了350,000股。我不知道那些人是誰。我猜他們是很久以前的投資人，但我完全不知道這些股票是從哪裡來的。我完全不知道。

All right, well, thank you.

好吧，謝謝你。

But we try to monitor it because the ones that were interested are the ones with leak-out provisions because if they violate that, we can go back and strip out those shares.

但我們會試著監控，因為我們關注的是那些有逐步釋出條款的人；如果他們違反了，我們可以回頭把那些股票剔除掉。

Sure, sure. Okay, thank you, Bill.

當然，當然。好，謝謝你，Bill。

Herb Berman.

Herb Berman。

Hi, Bill.

嗨，Bill。

Hi, Herb.

嗨，Herb。

How are you?

你好嗎？

I'm doing fine, thank you very much.

我很好，非常感謝。

Good. I have a couple of questions. First, regarding the halo. Is the halo going to be sold or is it going to be -- revenues are going to be received on a per-procedure basis?

很好。我有幾個問題。首先，關於halo。halo是要出售，還是會以每次手術／每個處置為基礎來收取收入？

That's a terrific question. Thank you for asking it.

這是個非常好的問題。謝謝你提出。

The halo is a marketing edge. We don't want to sell it to anybody. We're going to lease it, and the reason, if a doctor is an affiliated doctor and we're leasing it to him, and then for some reason he leaves, we're bringing it back. Now, you lease the halo, along with that is another revenue center, the postproduction of the halo with the operative report. That's a revenue center. We're going to add the CRM in as a revenue center.

halo是一個行銷優勢。我們不想把它賣給任何人。我們會用租賃的方式；原因是，如果某位醫師是合作醫師，我們把設備租給他，但他因故離開，我們就把設備收回。你租用halo，同時還會有另一個收入來源：halo的後製作業以及手術報告。那是一個收入中心。我們也會把CRM加入作為一個收入中心。

So there may be very specific situations where we would sell the unit, but I think we're going to prefer to lease it so that we have control over where these halo units are working because it's a terrific marketing advantage.

所以在某些非常特定的情況下，我們可能會出售設備，但我想我們會偏好用租賃，這樣我們能掌控這些halo設備在哪裡運作，因為它是非常強的行銷優勢。

Sounds good. What would be our cost, roughly, to produce these? What would be the time -- how long would it take to get our moneies back for this [deed] we lease it?

聽起來不錯。我們製造這些設備的成本大概是多少？時間上——如果我們把它租出去，要多久才能把這筆錢回收？

It doesn't take real long. There's a manufacturer down in Florida. The costs are reasonable, and I'm only -- I'm not mentioning the cost. It's under $10,000. And we're now, right now, in the process of figuring out what's the best way to lease these and to capture the money back.

不會花太久。佛羅里達那邊有一家製造商。成本是合理的，而我只是——我不打算提具體成本。低於10,000美元。而我們現在、此刻正在評估以什麼方式租賃最好，以及如何把資金回收。

But it alone will generate several revenue centers, just by the fact with the CRM as a center, the halo as a center, the postproduction as center, and then there's a couple of other things we're working on (multiple speakers)

但光是它本身就會產生好幾個收入中心：把CRM當作一個中心、halo當作一個中心、後製作業當作一個中心，然後還有幾件我們正在做的事（多位發言者）

Sounds great, Bill.

太棒了，Bill。

(Multiple speakers) hybrid affiliate that we're working on using the halo in a completely different way. So right now, Herb, I can't give you those specific numbers, but we are working on them.

（多位發言者）我們正在做一種混合式合作模式，用halo以完全不同的方式來運作。所以目前，Herb，我還不能給你那些具體數字，但我們正在處理。

Have we placed orders for a number of halos at this point?

我們目前有下單訂購一定數量的halo嗎？

We're ordering some right now, but I can't tell you how many.

我們現在正在訂購一些，但我不能告訴你數量。

Okay.

好的。

Because that tells you how many additional clinics are coming (multiple speakers)

因為那會告訴你有多少家新增診所即將加入（多位發言者）

Okay. Another question, if I may.

好的。如果可以的話，我還有一個問題。

There's some being manufactured right now.

目前正有一些在製造中。

Super, super. I kind of expected that kind of a response. But there was enough detail to make me happy, anyway.

太好了，太好了。我其實也預期你會這樣回答。不過這些細節已經足夠讓我滿意了。

Let me ask you another question. Regards to our receivables, approximately -- I think John was saying about half the receivables, something on the order of $3 million, are over 1 year old, and that seems like a -- with a nine months' settlement period, it seems like an awful lot of receivables are over 1 year old, namely half the receivables (multiple speakers)

我再問一個問題。關於我們的應收帳款，大約——我想John說大約一半的應收帳款，約300萬美元，已經超過1年了；以九個月的結案期間來看，似乎有非常多的應收帳款超過1年，也就是一半的應收帳款（多位發言者）

I think, Herb, what you're seeing is that the commercial cases that actually go to trial or they litigate all the way up to the time of trial can take sometimes two and three years. I mean, we still have cases from 2009 that are settled to go to trial this fall.

Herb，我想你看到的是：商業案件如果真的進入審判，或一路訴訟到開庭前，有時會花兩到三年。我的意思是，我們仍然有2009年的案件已經和解，但預計今年秋天要上庭審理。

So I understand that it's a little confusing, but that's the problem. It's the commercial cases, which are the larger cases, that's what's making up the receivables that are passed a year, the 365 days (multiple speakers)

所以我理解這有點令人困惑，但問題就在這裡。是商業案件——也就是金額較大的案件——造成超過一年、超過365天的那部分應收帳款（多位發言者）

Now what portion of the total receivables turn out to be commercial cases?

那麼，總應收帳款中有多少比例最後會是商業案件？

It's about (multiple speakers)

大約是（多位發言者）

What is history telling us? Is my question clear?

歷史數據告訴我們什麼？我的問題清楚嗎？

Yes, I'm sorry. I said it's between 20% and 25% of the cases are commercial cases.

是的，抱歉。我說的是，大約有20%到25%的案件是商業案件。

Okay, okay, that's pretty good. And one last question, or I think it's the last question. Of the four Florida centers, how may have become cash flow positive at this point?

好的，好的，那很不錯。最後一個問題，或我想這是最後一個問題。四個佛羅里達中心中，目前有多少已經達到現金流轉正？

Tampa is just about there. The other ones -- Tampa has been there probably -- Eric, how long have you been in Tampa, 15 months?

坦帕（Tampa）差不多到了。其他的——坦帕大概已經到了有一段時間——Eric，你在坦帕多久了，15個月？

Right, about that. Yes.

對，大概那麼久。是的。

It's becoming cash-flowing positive. The other three locations are not cash-flowing positive just yet.

它正在變成現金流轉正。另外三個據點目前還沒有現金流轉正。

Okay, which leads me to my next question. At what point do you -- can you expect the centers that already exist to be cash flow positive sufficiently to pay for the expansions? You know, the new centers that we go into.

好的，這就引出我下一個問題。你們預期在什麼時點，既有中心能夠有足夠的正現金流來支付擴張？也就是我們要進入的新中心。

I'm sorry, say that again.

抱歉，請再說一次。

Herb, we're doing it now. Florida expanded off of Texas, and new clinics are going to be expanding off Texas and Florida. In addition, we'll probably bring in, like we did a small raise of $500,000. So, the existing clinics, the cash flow is helping us to expand.

Herb，我們現在正在做。佛羅里達已經從德州延伸擴張，新的診所也將以德州和佛羅里達為基礎持續擴張。此外，我們可能會像之前一樣再進行一筆小額募資，大約50萬美元。所以，既有診所的現金流正在幫助我們擴張。

Herb, let me (multiple speakers)

Herb，讓我（多位發言者）

At what point can we do the expansion organically without bringing in outside monies is really what I'm trying to find out.

我真正想弄清楚的是，到什麼時候我們可以不引入外部資金、而是靠內生方式來擴張？

You can, but it's going to take longer. The idea is to get that footprint out there as quick as possible. We want to be first to market and capture the area, and then catch up with the patients.

可以，但會花更久時間。重點是要盡快把據點鋪出去。我們希望搶先進入市場、先把區域拿下來，然後再把病患量追上來。

Herb, one last thing on the receivables. It should be brought out that for financial reporting purposes, our auditors said that 51% of our receivables should be considered long term, whereas 49% should be considered short term.

Herb，關於應收帳款最後再補充一點。需要說明的是，基於財務報導目的，我們的審計師表示，我們的應收帳款有51%應視為長期，而49%應視為短期。

But you're seeing that. When you actually take a look at the numbers, there's probably not 50% of our receivables that are truly older than 365 days. For financial reporting purposes, that's the way they divide it. They calculate that at the end of each year. I'll be happy to look that number up for you and get back with you if you want to know the actual numbers. It's more or less for financial reporting purposes we go to 49%/51% route.

但你也看得到。實際去看數字的話，我們的應收帳款裡，真正超過365天的可能不到50%。就財務報導而言，他們就是這樣分。他們在每年年底會做那個計算。如果你想知道實際數字，我很樂意幫你查一下再回覆你。大致上，為了財務報導，我們採用49%/51%的分類方式。

No, that's good enough. I appreciate the offer, but that's good enough.

不，這樣就夠了。謝謝你的好意，但這樣就可以了。

And I want to thank you very much. I really -- despite how the quarter, I was hoping for a little bit more, but I really -- we have a great business plan here, and I love the way you guys are putting it all together, and I want to congratulate you in that respect.

也非常感謝你。我真的——儘管這一季，我原本希望能再好一點，但我真的——我們這裡有一個很棒的商業計畫，我也很喜歡你們把一切整合起來的方式，我想在這方面恭喜你們。

Herb, thank you very much for those kind comments.

Herb，非常感謝你這些友善的評論。

All right. We'll stay in touch. Bye-bye now.

好。我們保持聯絡。再見。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Thank you.

謝謝。

Arthur Parcari.

Arthur Parcari。

A couple of comments or questions here, I guess. A little confused about John's answer, I think it was to Skip's question earlier about growth quarter over quarter. You said 5% to 10%, I thought I heard, but I also notice you had $582,000 cash in the bank at the end of the quarter. Now, obviously, it's because that funding closed just before the end of the quarter. It would seem to me that if, particularly since we don't have the one-time charge coming out against it and all that cash in the bank and we know that the cash gets deployed pretty quickly into at least bookable revenues and earnings, that we ought to have a pretty significant third quarter, not just a 5% or 10% increase. Did I miss something there? And I've got a follow-up question after that.

我想我這裡有幾點評論或問題。我對John的回答有點困惑，我想那是針對先前Skip關於季對季成長的問題。你說是5%到10%，我記得我聽到的是這樣，但我也注意到你們在本季末銀行裡有58.2萬美元現金。當然，這顯然是因為那筆融資在季末前剛完成。在我看來，尤其是因為我們沒有一次性費用要從中扣除，而且銀行裡有那麼多現金，我們也知道現金很快就會投入，至少會轉化為可入帳的營收與獲利，那我們第三季應該會相當亮眼，不只是增加5%或10%。我是不是漏掉了什麼？另外我還有一個追問。

I think, Art, more or less we're being a little more conservative. And we may do better than that, but I don't want to broadcast that at this time. It's much easier to have happy results, instead of having to put your hand in your hat and explain why things didn't go as well as you thought.

Art，我想我們或多或少是比較保守一些。我們可能會做得比那更好，但我現在不想對外放話。讓結果令人驚喜要容易得多，總比到時候得低頭解釋為什麼事情沒有如預期順利來得好。

You know, one of the things analysts tend to look for companies down the road is these companies who are willing to do forecast. Otherwise, you know, if I were an analyst, and I used to have a brokerage firm that did a little bit of that work, if a company can't come out and explain what they're going to do, then how's an analyst supposed to estimate it?

你知道，分析師往往會尋找那些願意對未來做預測的公司。不然的話，你知道，如果我是分析師——我以前也有一家券商做過一些那類工作——如果一家公司都無法出來說明他們打算怎麼做，那分析師要怎麼去估算？

But I'll move on to my second question, after saying that I think you're being ultraconservative, knowing how the business plan works, but that's just me.

不過我先進到第二個問題；只是先說一句，我認為你們超級保守，依照這個商業模式的運作方式來看，但那只是我的看法。

Bill, you're wearing a lot of hats at this Company over here, and now that we've got proof of concept, things are moving on. And since we've lost John Talamas, there does seem to be some direct correlation with these numbers seem to be deteriorating since John has moved on to other ventures, though I'm glad to see he stayed on the Board of Directors. Any chance we could be looking at maybe you not having to work quite so hard in the near future?

Bill，你在這家公司身兼多職，而現在我們已經有概念驗證，事情正在往前推進。而且自從我們失去John Talamas之後，似乎有某種直接關聯：自從John轉去做其他事業後，這些數字看起來就在惡化，雖然我很高興看到他仍留在董事會。我們有沒有可能在不久的將來，讓你不用再這麼辛苦？

A couple of comments. John Talamas was terrific and he continues to be terrific. He's around all the time here.

幾點說明。John Talamas非常出色，而且他現在仍然非常出色。他一直都在這裡，常常出現。

However, yes, there's no question. Art, we're going -- halo has changed this entire Company, and with that, we're going to be having additional people come in with very specific needs and training. With the halo and the accumulation of data, you're going to see very soon some announcements of what the Company is going to do.

不過，是的，毫無疑問。Art，我們將——halo已經改變了整家公司，而隨著這個變化，我們會引進更多人員，來滿足非常具體的需求與訓練。隨著halo以及資料的累積，你很快就會看到一些公告，說明公司接下來要做什麼。

I agree with you 100%. This Company is going to change dramatically over the next three months, and there will be announcements much sooner. I agree 100% there are going to be -- because the opportunities now have actually escalated, and I had the proof of that, boy, last week. One doc saw it. He wants to help us go into other states now with his contacts, and it's leading to other things.

我百分之百同意你。這家公司在接下來三個月會出現劇烈變化，而且會更早就有公告。我百分之百同意會有——因為現在機會其實已經升級了，而我上週就得到證明了。有位醫師看到了。他希望用他的人脈幫我們進入其他州，這也正在帶出其他事情。

So, you don't need me as the CEO and President, but we have some ideas and we're working on some ideas, and I think it'll be good for everybody. It'll be good for the Company. It will be good for investors. It will be good for me.

所以，你不需要我同時當CEO和總裁，但我們有一些想法，也正在推進一些想法，我認為這對大家都會是好事。對公司好。對投資人好。對我也好。

Actually, I do have a -- that's a good answer. I like that. But one other little add-on has back to do with the stock situation here.

其實我確實還有一個——這回答得很好。我喜歡這個回答。不過還有一個小補充，回到這裡的股票狀況。

I mean, I also feel that the future of the Company, you're going through the bumps and the peaks and the valleys, but I think we've passed through the valley of debt, so to speak, for most small companies and now we're on the upside curve, but we've got to do something about expanding the audience for the stock and I do not mean doing those conferences. You know, my opinion on those public conferences. This is the type of stock that needs to be almost word -- you know, from mouth to mouth. Big conferences don't do a lot. I've never liked them, and you know that.

我的意思是，我也覺得公司的未來，你們會經歷顛簸、起伏與高低，但我認為我們已經走過了所謂的負債谷底，對多數小公司而言是這樣，現在我們正走在上升曲線上；但我們必須想辦法擴大股票的受眾，而我不是指去做那些會議。你知道我對那些公開會議的看法。這種股票幾乎需要靠口耳相傳——你知道，就是一個傳一個。大型會議幫助不大。我從來就不喜歡它們，你也知道。

But what are we going to do? Are we going to do anything about trying to increase the audience for the stock specifically? Because, you know, there's an old saying in the stock promotion business, and I proudly used to be a stock promoter, just in one way or another, that when the circus comes to town, you want to make sure the bleachers are filled. (Multiple speakers)

但我們要怎麼做呢？我們會不會針對特別提升這檔股票的受眾，採取任何行動？因為你知道，在股票推廣這個行業有句老話——我以前也很自豪地當過股票推廣人，只是形式不同——當馬戲團進城時，你要確保看台座無虛席。（多位發言者）

Art, let me answer that. In fact, I want Yvonne Zappulla to discuss that.

Art，讓我來回答。其實，我想請 Yvonne Zappulla 來談談這個。

These conferences, running here, there, and there. It distracts everything, and I agree 100% with you. And I agree with you that we have to increase the audience, and I think what's going to help us is the Quad Video. But Yvonne, are you there? No, she was.

這些會議，這裡跑、那裡跑、到處跑。它會分散所有事情，我百分之百同意你。而且我也同意我們必須擴大受眾，我認為能幫助我們的是 Quad Video。但 Yvonne，你在嗎？沒有，她剛才在。

Stand by, I will bing Yvonne's line.

請稍等，我會接通 Yvonne 的線路。

Hello?

喂？

Yvonne, there's a question. Art, ask Yvonne the question about increasing the eyeballs to our Company without going to a bunch of these conferences here, there, and everywhere.

Yvonne，有個問題。Art，請你問 Yvonne：在不去參加一堆這裡那裡到處的會議的情況下，如何增加我們公司的曝光度。

Yes, no, I heard the question. I was just in a comm line, so I was not in the speaker line. They just placed me on the speaker line.

是的，不，我聽到問題了。我剛才在一條通訊線上，所以不在發言線上。他們剛把我接到發言線上。

And Art, I agree with you wholeheartedly. There are conferences and then there are conferences. And I think we probably all agree with that. The conferences that I think can be extraordinarily effective, and actually I think the Sidoti conference was one of those conferences, is when you have a very sophisticated investor base that is looking for new ideas, that are doing one on ones with you, which generally happen at the Sidoti-type conferences.

而且 Art，我完全同意你。會議有很多種，差別很大。我想我們大概都同意這點。我認為特別有效的會議——而且我覺得 Sidoti 會議就是其中之一——是那種擁有非常成熟的投資人基礎、正在尋找新想法，並且會與你進行一對一會談的會議；這通常會發生在 Sidoti 類型的會議上。

There are several of them that occur during the course of the year for microcap companies, which include the likes of ROTH and Merriman, to just throw two names out into the open atmosphere here. And those I highly recommend. They're not expensive, and in fact in ROTH and Merriman's case, they don't cost anything. But you do get a lot of visibility and you potentially can pick up some analyst coverage along the way.

一年當中還有幾個針對微型股公司的會議，包括像 ROTH 和 Merriman 這類的，我就隨口舉兩個例子。我非常推薦那些。它們不貴，而且以 ROTH 和 Merriman 來說，甚至完全不收費。但你確實能獲得很多能見度，也可能在過程中爭取到一些分析師覆蓋。

What I find beyond that that is highly effective and something that we've begun, but haven't gotten nearly enough time yet to get that going, is to actually do investor tours, non-deal investor tours where the Company has an opportunity to meet on a grueling one-on-one schedule one fund after another. And that is something that we will be doing now that this quarter is passed, and we did do a little bit of it around the Sidoti conference.

除此之外，我認為非常有效、而且我們已經開始但還沒有足夠時間把它全面推動的，是實際去做投資人巡迴（investor tours），也就是非交易型（non-deal）的投資人巡迴，讓公司有機會在非常密集的一對一行程中，一家基金接著一家基金地會面。這也是我們在本季結束後會去做的事情，而我們在 Sidoti 會議前後也做了一點。

So, we agree with you, and that's what we're going to be doing.

所以，我們同意你的看法，這就是我們接下來要做的。

Gary Giblen.

Gary Giblen。

Actually following up on Art's good question, are there any other new elements of the IR program? And is the slide presentation that historically had accompanied the conference calls, is that going to be restored? Maybe Bill or Yvonne can talk on that.

其實延續 Art 的好問題，投資人關係（IR）計畫還有沒有其他新元素？另外，以往會隨電話會議提供的簡報（slide presentation），會恢復嗎？也許 Bill 或 Yvonne 可以談談。

Yvonne, can you answer Gary's question?

Yvonne，你可以回答 Gary 的問題嗎？

Yvonne, your line is open.

Yvonne，你的線路已開通。

Is my line open?

我的線路開通了嗎？

Yes. Can you answer Gary's question in regards to the slide presentations?

是的。你能回答 Gary 關於簡報的問題嗎？

Yes. Gary, at some point down the road, we probably will bring the slides back. Right now, every penny counts, as we all know, and there was a -- not that Thomson Reuters is going to want to hear this, but there was quite a differential in pricing.

可以。Gary，未來某個時間點，我們可能會把簡報帶回來。但目前大家都知道，每一分錢都很重要，而且——不是說 Thomson Reuters 會想聽到這個——但在價格上確實有相當大的差異。

So as things start moving along much more, as cash earnings start growing more dramatically as they are starting to now, year over year there's been a nice pickup, we'll move back to the slides. But there was a substantial price difference. So this open dialogue seemed like it works.

所以當事情更順利推進、當現金盈餘開始更明顯成長（現在確實已經開始了，年對年有不錯的提升）時，我們會再回到使用簡報。但當時的價差很大。所以目前這種開放式對話看起來也運作得不錯。

Sure, and then -- thank you for that, Yvonne, and any other changes in the IR program?

了解，然後——謝謝你，Yvonne——IR 計畫還有其他變動嗎？

Well, probably the changes will be more that we're going to be focusing a lot on trying to establish some research coverage.

嗯，變動可能會更多集中在：我們會非常著重於建立一些研究報告覆蓋（research coverage）。

We've already been speaking with some sell-side analysts, and that's really where I live and breathe and a lot of my focus for the next few months. In the meantime, stay tuned to the website. It's lively. It will be -- there will be an IR section, so to speak, an IR kit that will have executive summaries and the most recent PowerPoint presentations, including a lot of other important documents, and then there'll be a schedule. So you'll be able to see on a regular basis the various road trips we'll be doing.

我們已經在和一些賣方分析師交流，而那正是我最熟悉、也最投入的領域，接下來幾個月我會把很多重點放在那裡。同時，請持續關注網站。網站很活躍。它會——可以說會有一個 IR 專區、一個 IR 工具包，裡面會有高階摘要與最新的 PowerPoint 簡報，還會包含許多其他重要文件，並且會有行程表。因此你將能定期看到我們會進行的各種路演行程。

So I would say probably the immediate term, the biggest shifts will probably be at the website level.

所以我會說，短期內最大的轉變，可能會先發生在網站層面。

Okay, great, that's helpful. And then, just a couple of other questions, not IR related, but the -- Bill, you said that you're getting some short-term action on halo through the affiliates. How about outside of affiliates? Are there any pending lease or licensing deals that we're going to see in the third quarter or even in the fourth quarter, or is it more long term than that?

好的，很好，這很有幫助。然後還有幾個其他問題，和 IR 無關：Bill，你說你正透過關聯方（affiliates）在 halo 上看到一些短期進展。那在關聯方之外呢？第三季甚至第四季，是否會看到任何待定的租賃或授權交易？還是說時間會更長？

Gary, Bill had to run into a patient room. He's got a little problem with a patient. Eric, can you answer that question for (multiple speakers) Gary?

Gary，Bill 得跑去病患房。他有個病患出了點狀況。Eric，你能回答（多位發言者）Gary 的問題嗎？

Yes, or (multiple speakers) very well, too, yes.

可以，或（多位發言者）也可以回答得很好，是的。

Hey, Gary, how are you doing?

嗨，Gary，你好嗎？

Hey. So anything happening soon outside of the affiliate structure with leases or licensing deals with halo?

嗨。所以在關聯方架構之外，halo 的租賃或授權交易近期會有進展嗎？

We're currently stripping out the licensing of the halo technology to couple that technology, Gary. We are looking to complement it with the risk case management system that will enable quantifiable evidence-based outcomes for these motor vehicle accident cases that we're seeing.

我們目前正在把 halo 技術的授權拆分出來，並將該技術進行整合（couple），Gary。我們希望用風險案件管理系統（risk case management system）來補強它，讓我們在目前看到的這些機動車事故案件上，能提供可量化、以證據為基礎的結果。

So we have a tremendous amount of excitement around the halo technology and its tie to the actual video work and the risk case management system for online functionality. So there's a lot going on in that, and that changes week to week within the Company. You know, I get calls every week right now for docs who are interested in doing this.

所以我們對 halo 技術，以及它與實際影像作業（video work）和風險案件管理系統在網路功能上的連結，感到非常興奮。因此這方面有很多事情在進行，而且公司內部的進展每週都在變化。你知道，我現在每週都會接到醫師打來的電話，他們對做這件事很有興趣。

Okay. And then sort of a similar question, I guess this is going to be for Eric. The press release says that you're making material progress in time to settle cases, and I mean, I completely understand the power of halo, but in other words, can you flesh out a little more tangibly what material progress is being made?

好的。然後算是類似的問題，我想這題要問 Eric。新聞稿說你們在縮短結案時間方面取得了實質進展；我的意思是，我完全理解 halo 的威力，但換句話說，你能不能更具體地說明一下，所謂的「實質進展」到底是哪些？

Sure, yes, I can put a little bit more color on that for you.

當然，可以的，我可以再為您補充一些細節。

You know, we have implemented a case status update, a case tracking system, within the settlement cycle of the Accounts Receivable to put a feeler out to the attorneys that say, where are you at within this case? Is it pending litigation? Have you sent the demand letter out? Is the patient still treating?

您知道，我們在應收帳款的結算週期內導入了案件狀態更新、案件追蹤系統，向律師發出詢問，像是：您目前這個案件進度到哪裡了？是否正在訴訟中？是否已寄出催告函？病患是否仍在治療？

So -- which we've been getting a decent response back with that and that they're actually working on those reports as we speak with that. So, we've made a lot of progress with tracking the AR and we continue to refine that process, you know, which obviously helps us settle these cases out. Especially with out of sight, out of mind with the attorney and some of the firms, when we send them some type of case status update, they -- it brings that case to their attention or to the case manager's attention, and things start to move with the case. So we're actually seeing a decent response with that.

所以——我們收到的回覆相當不錯，而且他們此刻也正在處理那些報告。因此，我們在追蹤應收帳款方面已取得很大進展，並持續精進這個流程；您知道，這顯然有助於我們把這些案件結清。尤其是對律師以及某些事務所而言，常常是眼不見為淨；當我們寄出某種案件狀態更新時——就會把該案件帶回他們或案件管理人的注意範圍，案件就開始推進。所以我們確實看到相當不錯的回應。

Okay, no, I can see the importance of that. Any other kind of tangible initiatives at this point that you can flesh out on it?

好的，我明白，我看得出這很重要。目前還有其他任何具體可落地的措施，您可以再多說一些嗎？

As far as what? As far as the technology or the (multiple speakers)

您指的是哪一方面？是指技術方面，還是（多位講者）

Well, you know, progress toward getting -- you know, realizing the full value of the halo, in effect, and getting -- reducing the time to settle, like in the press release. So just any other programs or procedures that have been put into place that would work in concert with halo or that are beginning to work in concert with halo to accelerate receipt of settlements.

嗯，您知道，朝向——您知道——實現 halo 的完整價值（某種意義上）所做的進展，以及——縮短結案時間，就像新聞稿裡提到的那樣。所以想請教是否還有其他已導入的方案或流程，能與 halo 協同運作，或正在開始與 halo 協同運作，以加速收到和解款項。

I think the t case tracking process is probably going to be our main ally in expediting -- I mean, it doesn't expedite the services, as you well know. It brings it to mind, which may force the attorney to try to settle earlier.

我認為案件追蹤流程大概會是我們加速的主要盟友——我的意思是，它不會加快服務本身，這點您很清楚。它是把事情提醒出來，可能會促使律師嘗試更早和解。

But we believe strongly that this case tracking process that we have in place now will help facilitate the quickening of the settlement.

但我們堅信，我們現在建立的這套案件追蹤流程，將有助於促進更快達成和解。

Okay, and is that in place in Texas and Florida or from going -- migrating from Florida to Texas as --

好的，那這套流程是在德州和佛州都已上線，還是正從佛州移轉到德州——

In Texas, we had somewhat of a similar process. It's a little bit different, but each attorney is being contacted, asking for status updates.

在德州，我們原本就有某種相似的流程。雖然有些不同，但我們也會聯絡每位律師，要求提供狀態更新。

Okay, no, that's helpful just to flesh out what was in the release there. But, well, okay, and good luck in the third quarter.

好的，這很有幫助，也讓新聞稿裡的內容更具體。那麼，好吧，也祝第三季順利。

Thanks, Gary.

謝謝你，Gary。

Thank you, Gary.

謝謝你，Gary。

Ladies and gentlemen, we are past the hour. We have time for one final question. [Mike Shallenger].

各位女士先生，我們已超過一小時。我們還有時間再問最後一個問題。[Mike Shallenger]。

Yes, regarding the reduction in patient referrals, I was trying to understand where the bottleneck is, and it sounds like perhaps management time was part of that. Was any of that attorneys? You know, is it the doctors, which to a certain extent also is management? So where is it in the chain that the referrals are slowing down?

是的，關於病患轉介減少這件事，我想了解瓶頸在哪裡；聽起來可能部分原因是管理時間。其中有任何部分是律師端造成的嗎？您知道，是醫師端嗎？某種程度上那也屬於管理。所以在整個鏈條中，轉介是在哪個環節開始放慢的？

Eric, I'm going to go ahead and let you answer that question.

Eric，我先請你來回答這個問題。

I can speak for Florida in that basically this winter in Florida, the latter part of the winter, there was some legislation that was passed to change the PIP law here. And the state government had said that July 1, there were going to be some changes coming down, and then most of the changes, if not all of them, were going to take effect on January 1, 2013.

就佛州而言，我可以說基本上今年冬天、冬季後段，通過了一些法案來修改這裡的 PIP 法。州政府表示，7 月 1 日會有一些變更下來，然後大多數變更——如果不是全部——會在 2013 年 1 月 1 日生效。

So there was quite a flux here of doctors here wanting to hold onto the cases and not refer them out. So July 1 came and everybody was waiting for something to happen, and really nothing really did, and now it's January 1, 2013, which puts Spine Pain Management in the perfect position because these cases will be transitioning over to letter of protection faster. You know, so that was kind of the climate that we saw here in Florida.

因此，這裡出現了相當大的波動，許多醫師想把案件留在自己手上而不轉介出去。7 月 1 日到了，大家都在等事情發生，但其實並沒有真的發生什麼；而現在到了 2013 年 1 月 1 日，這讓 Spine Pain Management 處於非常有利的位置，因為這些案件將更快轉換為保護函（letter of protection）。所以這大概就是我們在佛州看到的整體環境。

And has -- since the end of the quarter, has that changed a bit yet or is that still --

那麼——自本季結束以來，這情況有稍微改變嗎？還是仍然——

The business is picking up a little bit here in Texas.

在德州這邊，業務有稍微回升一些。

Okay.

好的。

Also in Florida as well.

佛州這邊也是。

Okay. All right, thank you very much. That's my question.

好的。好，十分感謝。我的問題就到這裡。

Thank you.

謝謝。

Dr. Donovan asked me to read the closing comments.

Donovan 醫師請我宣讀結語。

Thank you all for attending our conference call this afternoon. As you can tell from our presentation, we are very excited over the prospects for Spine Pain Management. After years of developing our model and refining our business infrastructure, we are eager to achieve the benefits that can be realized from economies of scale. As we expand our business, we will carefully manage operations to maintain efficiency and maximize operating margins.

感謝各位今天下午參加我們的電話會議。從我們的簡報中您可以看出，我們對 Spine Pain Management 的前景感到非常振奮。在多年建立我們的模式並精進業務基礎架構之後，我們迫切希望實現規模經濟所能帶來的效益。隨著我們擴展業務，我們將審慎管理營運，以維持效率並使營業利潤率最大化。

We look forward to our next conference call where we can share more progress with our investors. Thank you.

我們期待下一次電話會議，屆時可與投資人分享更多進展。謝謝。

Ladies and gentlemen, thank you for your participation in today's conference. That does conclude the presentation. You may disconnect. Have a wonderful day.

各位女士先生，感謝您參與今天的會議。以上即為本次簡報的全部內容。您現在可以掛線。祝您有美好的一天。