Crown Electrokinetics Corp. (CRKN) 2022 Q4 法說會逐字稿

Good morning, everyone, and welcome to the Crown Electrokinetics Corp. earnings call for the fourth quarter and year-end 2022. (Operator Instructions)

大家早上好，歡迎來到 Crown Electrokinetics Corp. 2022 年第四季度和年底的財報電話會議。（操作員說明）

This conference call is being recorded. A replay of today's call will be available on the Investor Relations section of Crown's website.

正在錄製此電話會議。今天電話會議的重播將在 Crown 網站的投資者關係部分提供。

I will now hand over the call to Jason Assad for introductions and the reading of the Safe Harbor statement. Please go ahead.

我現在將把電話轉給傑森·阿薩德，讓他介紹情況並宣讀安全港聲明。請繼續。

Thank you, operator. Good morning, everyone, and welcome to Crown's earnings call for the fourth quarter and year-end 2022. With us today on the call are Doug Croxall, Chief Executive Officer and Chairman; and Joel Krutz, Chief Financial Officer.

謝謝你，運營商。大家早上好，歡迎來到 Crown 的 2022 年第四季度和年底財報電話會議。今天與我們一起參加電話會議的有首席執行官兼董事長 Doug Croxall；和首席財務官 Joel Krutz。

Before we begin, I'd like to remind you that today's call contains certain forward-looking statements from our management made within the section -- made within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities and Exchange Act of 1934 as amended.

在我們開始之前，我想提醒您，今天的電話會議包含我們管理層在本節中做出的某些前瞻性陳述——根據經修訂的 1933 年證券法第 27A 節和證券法第 21E 節的含義做出和經修正的 1934 年交易法。

Words such as may, should, projects, expects, intends, plans, believes, anticipates, hopes, estimates, and variations of such words and similar expressions are intended to identify forward-looking statements. These statements are subject to numerous conditions, many of which are beyond the control of the company, including those set forth in the Risk Factors section of the company's quarterly report on Form 10-Q for the quarter ended -- for the quarter 2022 -- first-quarter 2022 filed with the SEC. Copies of these documents are available on the SEC's website at www.sec.gov.

諸如可能、應該、項目、預期、打算、計劃、相信、預期、希望、估計以及此類詞語和類似表達的變體等詞語旨在識別前瞻性陳述。這些聲明受許多條件的約束，其中許多條件超出了公司的控制範圍，包括公司季度報告中 Form 10-Q 的風險因素部分中規定的截至季度 - 2022 年季度 - 2022 年第一季度向美國證券交易委員會提交。這些文件的副本可在美國證券交易委員會的網站 www.sec.gov 上獲得。

Actual results may differ materially from those expressed or implied by such forward-looking statements. The company undertakes no obligation to update these statements for revisions or changes after the date of this call, except as required by law.

實際結果可能與此類前瞻性陳述明示或暗示的結果存在重大差異。除非法律要求，否則公司不承擔在本次電話會議日期後更新這些聲明以進行修訂或更改的義務。

Now at this time, it's my pleasure to introduce Doug Croxall, CEO and Chairman of Crown. Doug, please go ahead.

此時此刻，我很高興向大家介紹 Crown 的首席執行官兼董事長 Doug Croxall。道格，請繼續。

Thanks, Jason. I'd like to thank everyone for joining us this morning for our fourth-quarter and year-end 2022 earnings conference call. I'm going to talk about four primary topics today: the first will be our listing on NASDAQ; second will be the capitalization of the company; third, we will discuss the business of our new fiber optics division; and finally, I will give an update on our electrokinetic film business. After my prepared remarks, Joel is going to give some financial highlights. And at the end, we will open up to questions.

謝謝，傑森。我要感謝大家今天早上加入我們的 2022 年第四季度和年底收益電話會議。我今天要談四個主要話題：第一個是我們在納斯達克上市；其次是公司的資本化；第三，我們將討論我們新的光纖部門的業務；最後，我將介紹我們電動薄膜業務的最新情況。在我準備好的發言之後，喬爾將提供一些財務亮點。最後，我們將開放問題。

All right. Let's start with the -- and we get phone calls, e-mails from our investors on a daily basis. Obviously, two of the primary concerns that we hear about are, do you have enough capital and are we going to stay on NASDAQ?

好的。讓我們從——我們每天都會接到投資者的電話和電子郵件。顯然，我們聽到的兩個主要問題是，你有足夠的資本嗎？我們會留在納斯達克嗎？

So let me address the NASDAQ issue first. It's a process going through the delisting. And so we knew back in September when we failed to meet the -- what's called the bid rule in which we had to keep our share price above $1 for 30 consecutive days. So we received a letter saying we were not in compliance. We got 180-day period in which we could regain compliance, got close a couple of times, but not quite. And we're in the process with NASDAQ to present a plan. The meeting is scheduled for late April.

所以讓我先解決納斯達克問題。這是一個經歷退市的過程。因此，我們早在 9 月份就知道，當時我們未能滿足所謂的出價規則，在該規則中，我們必須連續 30 天將股價保持在 1 美元以上。所以我們收到一封信，說我們不遵守規定。我們有 180 天的時間可以恢復合規性，有幾次接近，但不是很接近。我們正在與納斯達克一起提出一項計劃。會議定於四月下旬舉行。

We've retained a professional services firm that is comprised of former NASDAQ executives to help us navigate these waters. And we've been working with this group of professionals for a couple of years now. Everything we do with NASDAQ, we work with this group, and they're obviously very skilled, very knowledgeable, and we have a ton of confidence that we're going to get through this process and maintain our listing.

我們聘請了一家由前納斯達克高管組成的專業服務公司來幫助我們駕馭這些水域。我們已經與這群專業人士合作了幾年。我們在納斯達克所做的一切，我們都與這個團隊合作，他們顯然非常熟練，知識淵博，我們非常有信心我們將通過這個過程並保持我們的上市。

At the very least, we believe that we're going to have another six months with which to regain compliance. But we also are a very different company today than we were back in September when we got the initial notice. And we'll talk about some of those reasons here later in our discussion.

至少，我們相信我們將有另外六個月的時間來恢復合規性。但與我們在 9 月份收到初步通知時相比，我們今天也是一家截然不同的公司。我們將在稍後的討論中討論其中的一些原因。

Moving to the capitalization. So I know that this is really our Q4 and our fiscal year 2022, but we've had a lot of things that have happened in Q1. And we've actually been able to generate over $7 million of new capital through either debt or equity offerings. So while we wish we had more capital, we are stable, and we have a plan to continue to gradually add capital as we move forward.

轉向大寫。所以我知道這真的是我們的第四季度和我們的 2022 財年，但我們在第一季度發生了很多事情。我們實際上已經能夠通過債務或股票發行產生超過 700 萬美元的新資本。因此，雖然我們希望我們有更多的資本，但我們很穩定，並且我們有計劃在我們前進的過程中繼續逐步增加資本。

We clearly announced that we had signed a $100 million letter of credit. That letter of credit will help us expand our fiber optics division, both in buying new equipment and hiring new personnel to take advantage of some of the new customers. And I'm going to get to those details here in a minute.

我們明確宣布，我們已經簽署了 1 億美元的信用證。該信用證將幫助我們擴大我們的光纖部門，包括購買新設備和僱用新員工以利用一些新客戶。我將在一分鐘內詳細介紹這些細節。

So we are confident with what we've acquired, with what we've raised. We know that we will have to raise more money in the future to take advantage of our growth. And we've got -- we have some options that are available to us. So two of the primary concerns that we hear from shareholders are, do you have enough money and will you stay on NASDAQ?

因此，我們對我們所獲得的東西和我們所籌集的東西充滿信心。我們知道我們將來必須籌集更多資金才能利用我們的增長。我們已經 - 我們有一些可用的選項。所以我們從股東那裡聽到的兩個主要問題是，你有足夠的錢嗎？你會留在納斯達克嗎？

We do have capital, and we have a plan to raise more if we need it. And number two, we have a great plan to regain and stay compliant on NASDAQ. And a lot of that has to do with, frankly, the business that we bought in January. That business is generating revenue today; that revenue number will grow throughout this calendar year. And by the end of the year, we think we will have positive earnings. So we're in a very good position. We're in a very different position than what we were when our bid price fell below $1.

我們確實有資金，而且我們有計劃在需要時籌集更多資金。第二，我們有一個很好的計劃來恢復並保持在納斯達克的合規性。坦率地說，這在很大程度上與我們在 1 月份收購的業務有關。該業務今天正在產生收入；這一收入數字將在整個日曆年中增長。到今年年底，我們認為我們將獲得正收益。所以我們處於非常有利的位置。我們的處境與出價跌破 1 美元時的處境截然不同。

Speaking of the fiber optics, for those of you who are new to this company, in early January, we announced that we had entered into an asset purchase agreement with a private company called Amerigen 7. They are a leader in the field of distributed antenna systems or what's called DAS, D-A-S, and the construction of fiber optics. And it doesn't -- it's not obvious as to why a company who makes electrokinetic film technology would acquire a fiber optics construction company. Let me give you the story as to how this happened.

說到光纖，對於那些剛接觸這家公司的人來說，在 1 月初，我們宣布我們已經與一家名為 Amerigen 7 的私人公司簽訂了資產購買協議。他們是分佈式天線領域的領導者系統或所謂的 DAS、D-A-S 和光纖結構。事實並非如此——至於為什麼一家生產電動薄膜技術的公司會收購一家光纖製造公司，這一點並不明顯。讓我告訴你這是怎麼發生的故事。

So we're in constant conversation with the customers of our EK film, and those customers are US office REITs. One of the customers we were in discussions with mid last year had asked us a question if our inserts could deliver a cell signal from the outside of the building to the inside of a building. And it's not designed, obviously, to do that, and we asked, well, why would we do that?

因此，我們一直在與 EK 電影的客戶進行對話，這些客戶是美國寫字樓房地產投資信託基金。我們在去年年中討論過的一位客戶問我們一個問題，即我們的插入件是否可以將細胞信號從建築物外部傳送到建築物內部。顯然，它的設計目的不是為了那樣做，我們問，好吧，我們為什麼要那樣做？

And he -- this executive of this REIT and this manager of this building had explained to us that one of the biggest concerns they had was to allow a 5G cell signal to be distributed within their building. For those of you who are familiar, 5G signals, true 5G cannot penetrate glass, walls, floors very well, which means if you're in a building and you have a 5G cell phone, you're not going to get a signal or not a very strong signal.

他——這個房地產投資信託基金的這位高管和這座大樓的這位經理向我們解釋說，他們最大的擔憂之一是允許 5G 手機信號在他們的大樓內分發。對於那些熟悉 5G 信號的人來說，真正的 5G 不能很好地穿透玻璃、牆壁、地板，這意味著如果你在建築物中並且你有 5G 手機，你將不會收到信號或信號不是很強。

So one of the things that buildings are doing and if they haven't already, they will need to do, is to develop technology or implement technology that allows for that cell signal to be delivered internally. The most common solution in the market is what's called a digital -- I'm sorry, a distributed antenna system or a DAS. That is the exact product and the exact capabilities that Amerigen 7 had.

因此，建築物正在做的事情之一，如果他們還沒有做，他們將需要做的，就是開發或實施允許在內部傳遞細胞信號的技術。市場上最常見的解決方案是所謂的數字——對不起，分佈式天線系統或 DAS。這正是愛美津 7 所擁有的產品和能力。

So through a lot of introductions and searching, we finally got to a company that could help us deliver and sell a distributed antenna system into our existing smart window insert customer base. As Joel and I went through the diligence with the Amerigen 7, it became obvious that not only do they have capabilities in building DAS systems, but they already have a contract with a very large company called Charter Communications, which delivers spectrum to your home. And we started looking into that part of their business.

因此，通過大量的介紹和搜索，我們終於找到了一家可以幫助我們向現有的智能窗插入客戶群交付和銷售分佈式天線系統的公司。當喬爾和我對 Amerigen 7 進行盡職調查時，很明顯他們不僅有能力構建 DAS 系統，而且他們已經與一家名為 Charter Communications 的大公司簽訂了合同，該公司為您的家庭提供頻譜。我們開始調查他們的那部分業務。

Very interesting revenue growth opportunity, very interesting margins, and a massive opportunity in the United States that -- in which not only the federal government, but also state governments are providing capital for cable companies, ISPs, and telcos to build and deliver fiber to businesses in the home.

非常有趣的收入增長機會，非常有趣的利潤率，以及美國的巨大機會——不僅聯邦政府，而且州政府都在為有線電視公司、ISP 和電信公司提供資金，以建設和交付光纖到在家裡做生意。

And so we went -- as we went through our diligence, it became obvious that this was a great opportunity for Crown. We could add immediate revenue, eventually have profitability, which we're planning for by the end of this year, and have skill sets to offer distributed antenna system, which will be necessary in all of the same customers that we're talking to about buying our smart window insert.

所以我們去了——當我們盡職調查時，很明顯這對 Crown 來說是一個很好的機會。我們可以立即增加收入，最終實現盈利，我們計劃在今年年底實現這一目標，並擁有提供分佈式天線系統的技能組合，這對於我們正在談論的所有相同客戶來說都是必需的購買我們的智能窗插件。

So on the outside, when you see these two businesses, it doesn't appear that they fit together, but our customer of our smart window insert is the reason that we started on this path. And we believe we'll be buying not only our smart window insert but implementing a distributed antenna system within their building as well. So hopefully, that clears up any confusion in the market.

所以在外面，當你看到這兩個業務時，它們似乎並不適合在一起，但我們的智能窗戶插入的客戶是我們開始走這條路的原因。我們相信我們不僅會購買我們的智能窗戶插件，還會在他們的建築物內實施分佈式天線系統。因此，希望這能消除市場上的任何混亂。

Continuing with the fiber optics business, so we bought the business. We knew we had this great contract with Charter, which we continue to work on in the Great Lakes region. Immediately, what I wanted to do was to not be reliant upon a single customer, that being Charter. So in the last two months, we've announced two new customers, one in the Northwest, one in the Southwest. And one of those customers, we believe, will help generate $30 million of revenue.

繼續光纖業務，所以我們買下了這家公司。我們知道我們與 Charter 簽訂了這份偉大的合同，我們將繼續在五大湖地區開展工作。立即，我想做的就是不依賴於單個客戶，即 Charter。所以在過去的兩個月裡，我們宣布了兩個新客戶，一個在西北部，一個在西南部。我們相信，其中一位客戶將幫助產生 3000 萬美元的收入。

We're going to try to get that done in this calendar year; it may bleed into 2024. And we're going to continue to expand our customer base. We have a very robust pipeline. There are a lot of ISPs, there are a lot of telcos, and a lot of cable companies that are looking for fiber construction services. So we're going to continue to grow that business not only within the regions that we're currently have customers but into new regions as well.

我們將努力在本日曆年內完成這項工作；它可能會持續到 2024 年。我們將繼續擴大我們的客戶群。我們有一個非常強大的管道。有很多 ISP，有很多電信公司，還有很多有線電視公司正在尋找光纖建設服務。因此，我們將繼續發展這項業務，不僅在我們目前擁有客戶的地區，而且也在新地區。

The effort to deploy high-capacity fiber networks continues to be meaningful. It broadens the set of opportunities for our industry as major industry participants are constructing or upgrading significant wireline networks across broad sections of the country. High-capacity fiber networks are increasingly viewed as the most efficient and effective technology, enabling multiple revenue streams from a single investment.

部署高容量光纖網絡的努力繼續具有重要意義。它拓寬了我們行業的機會，因為主要行業參與者正在全國大部分地區建設或升級重要的有線網絡。大容量光纖網絡越來越被視為最高效和最有效的技術，可以從一次投資中獲得多種收入來源。

Fiber optic deployment opportunities are increasing in rural America through federal and state programs and for the construction of communication networks in underserved and unserved areas of the -- across the country. There is significant public investment plan for communications infrastructure, including the Bipartisan Infrastructure Law, which provides $65 billion in funding -- $65 billion in funding -- to expand high-speed Internet access. That's just a federal funding. That's not state funding, and that's not funding from the actual companies -- the balance sheet of the companies themselves. So we have a huge market demand and there is a lack of suppliers in this market. It presents a great opportunity for our fiber optics division.

通過聯邦和州計劃以及在全國服務不足和未服務地區建設通信網絡，美國農村的光纖部署機會正在增加。通信基礎設施有重要的公共投資計劃，包括兩黨基礎設施法，該法提供了 650 億美元的資金——650 億美元的資金——以擴大高速互聯網接入。那隻是聯邦撥款。那不是國家資金，也不是來自實際公司的資金——公司本身的資產負債表。所以我們有巨大的市場需求，這個市場缺乏供應商。它為我們的光纖部門提供了一個很好的機會。

Okay. So I want to turn the call back to why we're all invested in this company in the first place, which is our electrokinetic film technology. So obviously, we talk a lot about fiber, and you've seen a lot of updates and press releases around our fiber optics division, that's because they've been very active. But we clearly are still very focused on our electrokinetic technology.

好的。所以我想把電話轉回為什麼我們首先投資這家公司，這是我們的電動薄膜技術。很明顯，我們談論了很多關於光纖的話題，你已經看到了我們光纖部門的很多更新和新聞稿，那是因為他們一直非常活躍。但我們顯然仍然非常專注於我們的電動技術。

So the question that we hear often is, why haven't you delivered any inserts? Great question. Believe me, I wish we could. There is a component of our production line. It's a tooling component that is being built by two different vendors overseas. They have struggled to finalize this component to the quality level that we need in order to deliver our first inserts.

所以我們經常聽到的問題是，為什麼你們沒有提供任何插頁？很好的問題。相信我，我希望我們可以。我們的生產線有一個組件。它是由兩個不同的海外供應商構建的工具組件。他們一直在努力將這個組件最終確定為我們交付第一批插件所需的質量水平。

We have been working with them. We've made great progress in the last couple of months. Earlier this week, we received a version of that tooling component. We installed it on Wednesday night, and we ran film all day yesterday and the film looks pretty darn good. It's not there. It's not 100%, but we've definitely moved the ball closer to the goal line.

我們一直在與他們合作。在過去的幾個月裡，我們取得了很大的進步。本週早些時候，我們收到了該工具組件的一個版本。我們在周三晚上安裝了它，昨天放了一整天的電影，電影看起來非常棒。它不在那裡。這不是 100%，但我們肯定已經將球移近了球門線。

In April, I'm going to send the shareholder letter that will -- among other updates, will give an update as to the progress on the film side. But we're looking good. We're not quite there. Customers clearly are being very patient. We're in constant communication with them, and we do believe that when we have this final tooling component fixed, that we will be up and running and producing film for our first product, smart window insert, for our first customers, US office buildings. We expect that to happen still within this calendar year.

4 月，我將向股東發送信函，其中包括更新電影方面的進展情況。但我們看起來不錯。我們還沒有到那兒。客戶顯然非常有耐心。我們一直在與他們溝通，我們相信當我們修復了這個最終的工具組件後，我們將啟動並運行並為我們的第一個產品智能窗戶插件生產薄膜，為我們的第一批客戶美國辦公樓.我們預計這仍會在本日曆年內發生。

Okay. So I'm going to turn it over to Joel and then he'll come back to me for final comments. Joel?

好的。所以我要把它交給喬爾，然後他會回來找我做最後的評論。喬爾？

Thanks, Doug. Good morning, everyone. Today, I'll walk through Crown's year-end 2022 financials. And firstly, just a note to investors in the public that the audited financial statements will compare a full year of 2022 with the nine-month stub period of 2021, which followed our change in fiscal year last year.

謝謝，道格。大家，早安。今天，我將介紹 Crown 的 2022 年年底財務狀況。首先，請公眾注意，經審計的財務報表將 2022 年全年與 2021 年九個月的存根期進行比較，這是在我們去年財政年度發生變化之後。

But today's call, though, and consistent with the MD&A section of our 10-K, I'll be comparing a full year of 2022 results to a like for like but unaudited full year of 2021. For the year ended December 31, 2022, Crown's net loss was approximately $14.3 million. This included noncash compensation expenses of $2.4 million. Compared to 2021's $37.2 million net loss, this was $22.8 million lower, driven by stock-based compensation reducing $9.8 million and other income expenses down year on year by $15.8 million, which stemmed from the balance sheet restructure we effected in early 2021. Excluding these noncash elements, the underlying net loss increased $2.7 million due to higher operating expenses.

但是今天的電話會議，與我們 10-K 的 MD&A 部分一致，我將比較 2022 年全年的結果與類似但未經審計的 2021 年全年結果。對於截至 2022 年 12 月 31 日的年度， Crown 的淨虧損約為 1430 萬美元。這包括 240 萬美元的非現金補償費用。與 2021 年的 3720 萬美元淨虧損相比，減少了 2280 萬美元，這是由於基於股票的薪酬減少了 980 萬美元，其他收入支出同比減少了 1580 萬美元，這源於我們在 2021 年初實施的資產負債表重組。不包括這些非現金因素，由於運營費用增加，基礎淨虧損增加了 270 萬美元。

Total operating expenses for the year ended 2022 was $15.1 million, which consisted of $2.4 million of noncash stock-based comp, $7 million of payroll and related expense, $2.6 million in consulting and professional fees, and $3.1 million of operating overheads. Excluding stock comp expense, operating expenses were higher by $2.7 million due to increased payroll costs of $1.5 million, rent utilities of $0.6 million, and other overheads of $0.6 million (sic - see press release, "$0.7 million").

截至 2022 年的總運營費用為 1510 萬美元，其中包括 240 萬美元的非現金股票補償、700 萬美元的工資和相關費用、260 萬美元的諮詢和專業費用以及 310 萬美元的運營間接費用。不包括股票補償費用，運營費用增加了 270 萬美元，原因是工資成本增加了 150 萬美元，租金水電費增加了 60 萬美元，其他管理費用增加了 60 萬美元（原文如此——參見新聞稿，“70 萬美元”）。

For the year ended December 31, 2022, net cash decreased $5.3 million, with the company deploying $11.1 million of cash for operations and $0.8 million to investments. Crown raised $6.6 million from financing activities in 2022 with $3.1 million of equity issuance and $3.5 million of debt notes that we issued in Q4. As of December 31, cash and cash equivalents were $0.8 million.

截至 2022 年 12 月 31 日止年度，淨現金減少 530 萬美元，公司為運營部署了 1110 萬美元現金，為投資部署了 80 萬美元現金。 Crown 在 2022 年的融資活動中籌集了 660 萬美元，我們在第四季度發行了 310 萬美元的股票和 350 萬美元的債券。截至 12 月 31 日，現金和現金等價物為 80 萬美元。

As Doug mentioned, subsequent to December 31, there have been a number of Q1 liquidity events worth highlighting, most notably Crown raising $7.1 million of fresh capital and securing a $100 million line of credit, which will support the customer expansion in our new fiber optics business. In terms of the capital raised, we've drawn $2 million down from the line of credit, and then we raised another $1 million of debt from a new note.

正如 Doug 提到的，在 12 月 31 日之後，第一季度發生了一些值得強調的流動性事件，最引人注目的是 Crown 籌集了 710 萬美元的新資本並獲得了 1 億美元的信貸額度，這將支持我們新光纖的客戶擴展商業。就籌集資金而言，我們從信貸額度中提取了 200 萬美元，然後我們從一張新票據中籌集了另外 100 萬美元的債務。

A further $4.1 million was raised through equity with $2 million coming from cash exercise of warrants and $2.1 million from ATM activity as we're continuing to see strong volume in Crown trading.

另外通過股權籌集了 410 萬美元，其中 200 萬美元來自認股權證的現金行使，210 萬美元來自 ATM 活動，因為我們繼續看到皇冠交易量強勁。

That concludes our prepared remarks. Now I'd like to open the call for questions. Operator?

我們準備好的發言到此結束。現在我想打開問題電話。操作員？

(Operator Instructions)

（操作員說明）

There are no questions in the queue at this time. I'd like to hand the call back to Doug Croxall for closing remarks.

目前隊列中沒有問題。我想將電話轉回給 Doug Croxall 以作結束語。

All right. Thank you, operator. I just want to point out where we were a year ago this day. We have -- this company has been through a lot. And had we not made the pivot that we did in January, quite honestly, I'm not sure how we would get our film to the finish line.

好的。謝謝你，運營商。我只想指出一年前的今天我們在哪裡。我們——這家公司經歷了很多。老實說，如果我們沒有做出我們在 1 月份所做的轉變，我不確定我們將如何讓我們的電影達到終點。

So while the stock price is frustrating to everybody, including myself, management team, and the Board of Directors, we do feel that we put this company in a position to grow, not just with revenue but with earnings. And while we grow on the fiber side, we will continue to develop the film on the electrokinetic side.

因此，儘管股價令包括我本人、管理團隊和董事會在內的每個人都感到沮喪，但我們確實認為我們讓這家公司處於增長的位置，不僅是收入，還有收益。在我們發展纖維方面的同時，我們將繼續開發電動方面的薄膜。

I do know that we will have product in the market this year; I have confidence that we will. I have confidence that we will also get through the NASDAQ de- or re-listing process, as I like to call it. And I know that we will have the proper capitalization to build this business going forward. I thank you for your support, and we look forward to talking to you in mid-May on our Q1 earnings call.

我知道我們今年會有產品上市；我有信心我們會的。我有信心我們也將通過我喜歡稱之為納斯達克的退市或重新上市程序。而且我知道我們將擁有適當的資本來推動這項業務的發展。感謝您的支持，我們期待在 5 月中旬的第一季度財報電話會議上與您交談。

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。此時您可以斷開線路，度過美好的一天。