Greetings. Welcome to the Q1 2022 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Gar Jackson of IR. You may begin. Thank you, operator. Good afternoon, and thank you for joining us today for the Intellicheck Q1 2022 earnings call. Before we get started, I will take a few minutes to read the forward-looking statement. Certain statements in this conference call constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended. When used in this conference call, words such as will, believe, expect, anticipate, encourage and similar expressions as they relate to the company or its management, as well as assumptions made by and information currently available to the company's management, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and beliefs about future events. As with any projection or forecast, they are inherently susceptible to uncertainty and changes in circumstances. The company undertakes no obligations to and expressly disclaims any obligation to update or alter its forward-looking statements, whether resulting from such changes, new information, subsequent events or otherwise. Additional information concerning forward-looking statements is contained under the headings of Safe Harbor Statement and Risk Factors listed from time to time in the company's filings with the Securities and Exchange Commission. Statements made on today's call are as of today, June 13, 2022. Management will use the financial term adjusted EBITDA in today's call. Please refer to the company's press release issued this afternoon for further definition, reconciliation, and context for the use of this term. We will begin today's call with Bryan Lewis, Intellicheck's Chief Executive Officer, and then Jeff Ishmael, Intellicheck's new CFO, who will discuss the Q1 2022 financial results. Following their prepared remarks, we will take questions from our analysts and institutional investors. Today's call will be limited to one hour, and I will now turn the call over to Bryan. Thank you, Garr. I'm very pleased to begin the call today by welcoming Jeff Ishmael as our new Chief Financial Officer. Jeff is a very operationally focused CFO with extensive SaaS experience and was the founding CFO at Cylance, where as employee number 7, he had an instrumental role in the company's success. Cylance was later sold to BlackBerry for $1.4 billion. This was followed by his role as the first CFO of Obsidian Security, another SaaS-based startup that was founded by key members of the Cylance team. In addition to Jeff's extensive SaaS-focused financial experience, he also brings extensive operational expertise, having overseen significant organizational functions including business operations, business intelligence, legal and HR. I am very excited to have him on the team. Before getting into our Q1 results, I'm gonna take a few minutes to give some additional color to our recent restatements that led to the delay in reporting our Q1 results. During the Q1 of 2021, Intellicheck employees did a cashless exercise of incentive stock options. Due to an isolated administrative oversight resulting in part from a change in payroll providers, the company inadvertently did not remit payments to taxing authorities related to the shares surrendered for tax purposes. This inadvertent administrative oversight was only recently discovered and resulted in an understatement of liability for surrendered shares and an overstatement of equity on the company's balance sheets. The oversight is being recorded as a $1.244 million liability on the balance sheet as liabilities for shares surrendered on the March 31, 2022 and December 31, 2021 balance sheets. The company intends to rectify the liability in 2022. In conjunction with the issue above, the company determined that certain participants' associated options awards no longer qualify as equity rewards, but rather as a liability, resulting in an additional liability of $141,000 for the three months ended March 31, 2022 versus the prior year period. This change in classification to liability resulted in an adjustment to the Q1 of 2021 equity compensation expense, increasing it by $3.56 million. As a result of the Q1 2021 restatement, SG&A expenses related to equity compensation decreased for the three months ended March 31, 2022 by $3.95 million compared to the same period of 2021. To ensure that this type of narrow, isolated incident does not happen in the future, the company has engaged a nationally recognized fintech company specializing in managing employee stock option plans to coordinate the management of transactions by employees with respect to exercises of their stock options. In addition, as a further safeguard, future cashless exercise of stock options will be settled by the sale of the surrendered shares and will be administered by our third-party provider. The company will not be involved in cashless exercise transactions or remittance of the tax proceeds to the tax authorities on behalf of employees going forward. As a reminder, these restatement amounts were predominantly non-cash, had no impact on revenues or EBITDA. Again, we have put safeguards in place and have engaged third-party specialists to administer and advise on the equity compensation plan. Turning now to our quarterly results, I will share the highlights with you, and then Jeff will go into, further financial detail later in the call. Total revenue for the quarter was $3.395 million, with SaaS revenue at $3.35 million. SaaS revenue was up 21% over Q1 2021 and down 10% from Q4 2021. I would remind everyone that generally for our retailers using our products either directly or through a sponsoring bank, 33% of transaction volumes occur in Q4, and 21% of volume occurs in Q1. The seasonality dip is expected. Gross profit margins remained healthy at 90.7%. As we look at what happened during the quarter, I believe that the results show that, number one, clients continue to find new uses for our products. Number 2, we continue to expand in our core markets. Number 3, we are continuing to find new markets that need our services. Looking at our financial services clients, we are seeing strong progress with financial services company number 3. We are nearing the completion of the rollout to their bank branches. From current volumes, we anticipate that the branches should generate over 1 million transactions per year. Financial services company number 4 has completed the rollout of the bank mobile platform, where the bank employees come to you in the lobby and process all your banking needs using a tablet. You may remember that last year this client purchased a bucket of transactions that they expected to meet their needs over a 1-year period. Instead, they used up their bucket of transactions in 9 months, and transaction volumes with this client continue to increase. They have raised the minimum purchase for the second year of the contract by 16% with no discount for increased volume. Financial services company number seven has extended the use of our services to Canada for both document validation and facial recognition. Financial services company number eight has signed on to validate passports starting at the end of June. This is an important milestone as financial services company number eight becomes our second major client to commit to using our technology solution for international documents. Turning to new opportunities. The security audit at the top three bank we spoke about on the last call continues. As I said, it seems the larger the bank, the longer the process. I have no doubt we will pass the audit as they are pretty much the same across all large banks. It's just a process they have to go through. The good news is that while it's happening, the bank is continuing to work with us to identify additional areas in which our services could be used. On the retail client front, I am pleased to report another important development. Our off-price retailer that started out using Intellicheck for pricing to prepopulate applications at their 3,000 locations and that we just renewed for a three-year deal, has completed the rollout of an additional use case at their locations. In addition to credit applications, they have now begun using us for no receipt returns. They expect that this will double their previous volume, and early indications show that to be the case. You may recall I shared with you in the last earnings call that we moved this client from a per location pricing model to a per transaction model with an 87% price increase in year two and a 33% price increase in year three. Looking at new wins, we've signed a prestigious new client and have moved them into production. This is a PE-owned global media and tech giant. This company has incorporated our API into their call center software to stop account takeover for the email services they provide. Think how much information a person could gain if they have access to your email. They can get banking information, credit card information and just as importantly, password resets. They can literally take over your life. Now if someone at this client calls to reset a password, they will be asked to authenticate themselves using Intellicheck software. A text is sent to their phone, and we validate the license. Even though this client went live just recently, we are already in discussions with them about other divisions that could potentially use us in North America with a further potential to expand internationally. In addition to this, we have successfully completed a response to the New Hampshire Employment Security RFP. We've been notified of the contract award and are currently finalizing the contract. While not a large state when it comes to unemployment claims, I believe that given the issues many states are having with their current provider, this could become an important entree to that market. I am very pleased to announce that we've also signed agreements with two banks to begin pilots. The first is a bank holding company headquartered in the South with almost 2,800 branches. This bank plans to start with digital new account openings and will then add the bank branches. This pilot is expected to start in Q3. The second pilot also involves a bank holding company and is also located in the South with over 1,400 branches. This bank is going to do it in the opposite order. They will start in the bank branches and then move to digital account openings. This pilot is also expected to start in Q3. On the platform front, we continue to migrate our clients onto our new Identity Platform. This is giving us additional upsell opportunities like international documents. It's important to note that it's also allowing us to speed up the onboarding of clients. All the clients that have moved over to the new platform are new to Intellicheck have said that the APIs are very simple to work with, and on average the implementations have been 50% faster than in the past. In response to those who have asked about the traffic coming from retailers, I could say it's very healthy and growing. To give you an accurate portrayal, I looked at transaction volumes from our top 10 retailers by volume for Q1 2022 versus Q1 2021. Please note that I only looked at fully implemented retailers so as not to skew the data with a rollout or a new use case. Based on those numbers, overall transaction volumes are up 6%. When new use cases are added, the transaction volume use case goes up significantly. For example, I looked at the first four months of 2022 versus 2021 for the off-price retailer I spoke about, who added no- receipt returns since they completed rollout at the end of April. Their volumes went up 36% and are growing. A lot of people still think we're primarily tied to brick-and-mortar retail, but let me remind you that is not the case. We've had significant growth coming from digital expansion and new markets that we are beginning to capitalize on. Again, I compared Q1 2022 to Q1 2021. Digital transactions were up 13%. Bank transactions were up 31%. Automotive dealer transactions were up 104%. Before I turn the call over to Jeff, there are some statistics that I think are noteworthy given their impact on selling. As we review them, I am confident you will see their value in quantifying the need for our products. The Javelin Strategy & Research report published in 2018 put identity fraud losses at $16.8 billion. The report published in 2022 put the number at $52 billion. That is an increase of 200% in four years, and the number of people impacted rose 150%. In the last year alone versus the previous year, account losses in key areas like checking and savings accounts increased 73% to $7.8 billion. Account takeover losses soared 90% to over $11 billion. New account fraud rose $6.7 billion, and the amount that hit the consumer rose 672% with an average of $1,551 lost per victim. This level of fraud is not sustainable. What is frustrating is knowing that these incidents of theft could have been stopped by Intellicheck in less than 20 milliseconds. What I find promising is that I believe that the new clients we are signing, the pilots that are starting, and the number of leads that are coming to us indicate that key markets are beginning to take notice. In closing, we have added new leadership to the finance team with a vastly experienced CFO who knows how to drive growth, analyze data, and has extensive operational and systems expertise. Jeff is going to be an invaluable addition to the team to help me drive the business and introduce more rigor to our financial operations. At the same time, we are continuing to seek sales associates that have related industry experience and relevant relationships. During the quarter, we added two new members to the sales team with relevant experience, and they have hit the ground running. I remain enthusiastic about the future for Intellicheck as we continue to expand our presence in multiple markets like automotive, banking, global email providers, and age-restricted product delivery services while we advance as a global, fully automated identity verification and fraud prevention company with what I believe are significant opportunities ahead of us. I will now turn it over to Jeff. Thank you, Bryan. I'm excited to join the Intellicheck team. I believe this organization has substantial opportunity in the identity space. Turning now to our Q1 results. Revenue for the Q1 of 2022 grew $532,000, or 19%, to $3.395 million, compared to $2.863 million in the same period of 2021. Our SaaS revenue for the Q1 of 2022 grew $577,000, or 21%, to $3.353 million from $2.776 million for the same period of 2021. Gross profit as a percentage of revenues was 90.7% for the Q1 of 2022, compared to 92.3% for the same period of 2021. The decrease in gross profit percentage was primarily driven by higher cloud services, cost, and other web-based support. Operating expenses, which consist of selling, general and administrative, marketing, and research and development expenses, were $4.547 million for the Q1 of 2022, compared to $7.281 million as restated for the same period of 2021 due to the reclassification of the options as discussed. Included within operating expenses for the Q1 of 2022 and 2021 were $592,000 and $4.545 million, respectively, of non-cash equity compensation expense, also via the reclassification. On a non-GAAP basis, excluding the impact of non-cash compensation expense in both periods, operating expenses increased $1.219 million, or 45%. This increase was driven by higher professional services and marketing expenses. The company reported a net loss of $1.468 million for the Q1 of 2022, compared to the restated net loss of $4.624 million for the same period of 2021. The net loss per diluted share for the Q1 of 2022 was $0.08, compared to the restated net loss per diluted share of $0.25 for the same period of 2021. The weighted average diluted common shares were 18.7 million for the Q1 of 2022, compared to 18.5 million for the same period of 2021. Adjusted EBITDA for the Q1 of 2022 was a loss of $806,000, compared to a loss of $51,000 for the same period of 2021. Turning to the company's liquidity and capital resources, as of March 31, 2022, the company had cash of $11.1 million. Working capital defines current assets minus current liabilities of $9.7 million, total assets of $23.5 million and stockholders' equity of $18.9 million. The company has a $2 million revolving credit facility with Citibank that is secured by collateral accounts, and there are no amounts outstanding under this facility. As of March 31, 2022, we had net operating loss carryforwards of approximately $18 million. I'll now turn the call over to the operator to take your questions. Thank you. At this time, we'll be conducting a question-and-answer session. If you'd like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the questioning queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. Our first question comes from the line of Mike Grondahl with Northland Capital Markets. Please proceed with your question. Hey, guys, and good afternoon. Hey, Bryan, could you restate some of the highlights about, I think it was the off-price retailer, just some of the progress they've made and kinda some of the numbers you said about that customer. He-hello? Hi. Hi, Bryan. Is your phone on mute? Yeah, my phone was on mute. Sorry, Mike. Yeah. No problem. They had been using us just for credit applications, and they were getting hit with a lot of fraud on the no receipt return, which is where the retailer always eats all the fraud loss. They moved us, and they're now using us for that use case. They said that would probably double the transaction volume, and as I said on the call, it appears that is the case. We renewed them in Q1 for a new three-year deal. We kept them flat in the first year of it because we were working on getting this new use case. Next year, the fees go up 87%, and in the third year, they go up 33%. Got it. Those are some big numbers. The no receipt returns, how would you say that offering is penetrated? Within your retailers, you know, are you at, like, one in eight, you have that up and running, one in ten? Just sort of roughly. Yeah, I'd say very, very few. Certainly, it's one of the areas that we're going after with any one of the clients that we're already in. You know, particularly the clients that we're already in, because they don't have to do any work. Like, we're already integrated into their point-of-sale system. They just need to make it work for a new use case. That's. You know, Bruce has any one of the salespeople that covers a bank that has retailers. We're going directly to the retailers to see, you know, what they're interested in this use case. Got it. Secondly, financial services client number eight. Mm-hmm. I didn't completely catch what you're gonna be doing incrementally for them. Could you just highlight that again? Yeah. They've got an interest in passports and then potentially other international documents, you know, besides passports. They're looking for us to authenticate things in addition to driver's licenses or state IDs. They wanna be able to use international documents as well. Got it. One of the things that we brought out with the Identity Platform was the ability to do international, something that we couldn't do before. This is all new use cases and opportunities that we're beginning to see because of the Identity Platform. Got it. Lastly, how many integrations have you done sort of year to date? What does the pipeline look like? I should have looked at the count for what we've done year to date. I'd say I'm breaking out integrations to be sort of a difference between what I'd call more provisioning, where we're setting people up with our web tool, and then direct integrations to somebody who's using, you know, what we call IDN-Direct. Before we used to, you know, conflate those two things, really. I think it's a better thing to look at what is direct, because that tends to be more high volume versus what is a provisioning, you know, which can be high volume, but generally sort of small and medium volume. We've got about 10 different IDN-Direct implementations in various stages, either, you know, active development or planning, which is kind of consistent with where we used to be in the past. When we conflated the numbers, it sounded like a bigger thing. Thought it was better to give people an idea of what is probably more revenue driver than a provisioning. Got it. Okay. Hey, thank you. Thanks, Mike. Our next question comes from the line of Scott Buck with H.C. Wainwright. Please proceed with your question. Hi, good afternoon, guys, and welcome, Jeff. Thank you. Hey, Scott. Brian, you gave us some good same-store sales, you know, year-over-year color of 6%. Can you tell us, is that above pre-COVID levels, or do we still have a little ways to go in terms of traffic, you know, to go back two years, I guess? I'd say it's still slightly below. Not by much, though. You know, we're getting there. Okay. That's helpful. More of a, you know, bigger picture strategic question. You know, given the current market conditions, how are you going back and forth between, you know, reinvesting in growth in the business versus, you know, trying to drive some positive EBITDA here in the near term? What I'd say is we did a lot of investment last year, some of it which will kind of, the cost will be going away. For example, to bring out the new Identity Platform, you know, we needed to jump-start some of our development team. I look at that as a project. It's got a beginning, middle, and an end, and then we don't need the people anymore. To me, that's you hire outside consultant developers to do that, because when it's done, you just turn off their contract, which is what we did in that case. All those developers fall off of the cost side of the equation, you know, this month. What we're looking at right now is, I think we right-sized the group last year. We had some areas in IT where, kind of some critical roles that I felt that we were single-threaded. We added people to that. The other thing that we've done that was, you know, new expense for us, we never had a marketing team before. We built that out, and we're spending money on marketing, and that is certainly paying off. You know, we're seeing fantastic leads coming in, across the spectrum of different things that we do. You know, I will say that that media giant that we talked about came in as an inbound lead because the marketing works so well. We're not looking to really increase any expenses at all other than salespeople, 'cause I'm always interested in salespeople. Really the goal now is, I think we right-sized. We don't need to be spending a lot more money on people other than sales. That's kinda how I'm running the company. If we find the right salesperson, we're gonna make them an offer. We don't need to add staff really in any other area. Okay. That's some really helpful color. Then in terms of capital allocation, you know, how are you think about potential M&A, or with the stock down at these levels, does it make sense to, you know, try to buy a little back? You know, I will say this, people are always bringing things to us for us to look at. You know, that's just the nature of the beast. We're always looking for partnerships that make sense. I think for the most part, it is, that's probably the best word to use, partnership. Maybe work together if it's something that is symbiotic and see if it really does make sense before you jump in. Yeah, I'd say some people have asked about, you know, doing a stock buyback or those types of things, and I don't know, it seems a lot of times I don't see it really adding a ton of value. It doesn't really change the share price all that much. At this point in time, I think I'd rather keep the cash on the books for, you know, if I see things that could, you know, to spend maybe on salespeople or other things like that. Right now I think we've got a ton that we can be doing just to grow and sell, and I'm kind of focusing on that. Sounds good. Well, I appreciate the time this afternoon, guys. Thanks a lot. Thank you. Our next question comes from the line of Rudy Kessinger with D.A. Davidson & Co. Please proceed with your question. Hey, guys. Thanks for taking my questions. Jeff, welcome. I'm curious, you know, just a couple weeks left in the quarter, is there any kind of guidance or color you can give us, for Q2? Just on a go-forward basis, Jeff, do you think we can get to a point, where we can get quarterly guidance? Like, that's more of a board-level decision, is what I'd say. You know, historically and currently, you know, the board's opinion is not to give guidance. Okay. Fair enough. If you could, on the two new bank pilots, and I guess maybe throw in the top three just credit card issuer that's in this trigger audit too, is there any way you could size up the potential either transaction volumes or revenues? I mean, is each one of those opportunities. I know the top three banks is a multi-seven-figure opportunity, but maybe those two new banks that are in pilot, I mean, are those mid six-figure opportunities or can those be seven-figure opportunities as well? I think it depends a lot. We'll know more as we get into the proof of concept because a lot of it depends on how often the bank wants to do an authentication. Since some of the banks say, "Well, I'm only gonna do it if it's, you know, a transaction $2,500 or greater." Some are thinking, "No, I need to start at $500." I'd say at this point in time, you know, I think that they're very good opportunities, but I couldn't give you an accurate number that I'd wanna, you know, hang my hat on today. I would say that probably as we get closer to launch or the proof of concept, we'd have better insight into that. Because knowing exactly what their decision tree on risk is, I can compare it to some other banks of the same size and then come up with an estimate. Okay. That's fair enough. On pricing increases, last quarter you said you had 1,100 store department chain that had a 33% price increase that was supposed to go through this quarter. I'm just curious if that's gone through yet. Then secondly- Yeah. You had said FinServ. Okay, good. Secondly, you said FinServ two and three would be renewing at some point this year. Is there anything further you can share just on timing of when those will renew and the expected price increase you think you'll get on those? Yeah, that's gonna be next quarter. You know, I would say that I'm very happy with, so far, the price increases that we've agreed to because they are a combination of price increases and volume guarantee. You know, I'm gonna knock wood now and say I don't wanna jinx it all yet, but you know, we're in the stages of finalizing all of that now. Okay. Just lastly, you know, the transition to the new pricing model where people are paying up front. Mm-hmm. I know you started that last year and most new customers are coming in on that. Are those FinServ two and three, are they gonna renew? Or when they do renew, are they gonna switch to that new pricing model as well? They're gonna switch to not that necessarily paying upfront because they have a lot of seasonality and variability in their revenue streams because it's very tied to retail. They apportion certain costs that just for their accounting, they're gonna wanna do it pretty much pay as they go, so similar to where they were. I'm kind of indifferent to it because the you know, once a retailer is on board, it's April is April, May is May, June is June. The volumes are very very consistent and predictable. We have a very good idea of the revenue that will be coming in. As I said too, there's gonna be guarantees to the number of transactions that we're gonna do. Then on the sales side, you said you added 2 this quarter. I think last quarter you said you added 2 as well. Just where do we stand? What's the total sales rep headcount? I know you've had some challenges, you know, some turnover in the sales org. Have you seen any improvement? Yeah. In the recent hires working out better than the hires over the last year and a half? Yeah. We're about, I think, eight or nine salespeople, nowhere near where I wanna be. I think focusing on hiring people from the industry who understand it is definitely paying off. The two guys that we hired already, the meetings that they've brought me to, I'm very pleased with. You know, they're seasoned, they know how to work the phones, they know how to build relationships. I'm much happier with the latest hires than I were with the previous. Okay. I'll come back to you. Thanks, Jeff Van Rhee. Thanks. Our next question comes from the line of Jeff Van Rhee with Craig-Hallum Capital Group. Please proceed with your question. Hey, guys. Aaron on for Jeff. Appreciate you taking our questions. First question, just to follow up on that question about sales. Any target that you're looking for as far as total sales headcount over the next quarter, two quarters, end of the year? Look, I think that we could, as we begin to focus more on a vertical alignment of salespeople so that they're speaking the same language as the client. You know, one thing that I would say is when we were smaller, they had to sell to everybody. When we start to get bigger and we know that we can focus on areas, what we're doing is looking to hire people who are experts in that area. As we size up the opportunity by vertical, then we're gonna get a really good idea of where we wanna hire people. Because, you know, the way that I look at it, if you're not speaking the language, you don't have any credibility. You know, you guys get it, you know, in the bond world, people talk duration. In equity world, they talk volatility. Nobody from the different worlds knows what that means. I wanna make sure that somebody's going in and talking to, you know, an auto dealership. They know the language. They're talking to financial services, they know the language. I would say that, you know, my goal would be get to, you know, 15 good people, because we know that we have that much opportunity out there. You know, I wanna do it logically, and I wanna make sure that we're hiring good people. I don't want just, you know, a butt in the seat. I want somebody who knows the market that they're going after, has a track record of proving that they can succeed in it, you know, and understand the awesome opportunity that they have coming to Intellicheck as a sales person. Awesome. That's helpful. You know, lots of good color on wins. Curious if you can put any bounds around bookings in the quarter and how was it compared to expectations, maybe to past performance. Anything you can provide there? Q1? Yeah. You know, to me, that's. I'm always looking for more than we're providing, you know, so I would say that, you know, given, you know, it's a new sales team, given, you know, or it was, and they were building pipeline and things, you know, I think it was within where we want it to be. You know, I'm always pushing everybody to do more than they are. And certainly, you know, the salespeople that we have who are successful always wanna do more as well. You know, they understand when I say we need to do more and you can do more, and they get it. I would say that it's kind of within bounds. I'd rather we were more the higher end of the bounds. We also know that some of it was we had one of our larger clients go into a freeze, so that impacts things. You know, I'm looking forward to coming out of that freeze, and you know, what we know that's gonna bring for us. You know, within bounds given that that you know number two going into a code freeze. Perfect. Last question, just related, I was actually about to follow up on that code freeze. Anything change there? I think previously you said Q3, that would be completed. Anything change there on the timeline? No. So far timeline looks like it's holding. It's just a matter of when in Q3. You know, because that will depend on when all the retailers go into a code freeze. You know, whether in Q4 they go into it will have an impact on implementations this year. Gotcha. That's helpful. That's it for me. Great. Thank you. Our next question comes from the line of D. Roger B. Liddell with Clear Harbor Asset Management. Please proceed with your question. Yeah, good afternoon, Bryan and Jeffrey. A couple of things. I wanted to follow up on the comments about the pre-purchasing, the buckets, and separately the guarantees. How do those, call them, changed marketing approaches affect the quarterly pattern that you have guided us to in the past? The 21% Q1 and 33% Q4 and so forth. Jeff, correct me on accounting because you know how much I hate accounting. Those guys are, you know, basically billed in arrears, and if they miss the guarantee, that will be trued up at the end of the year. For the prepayments, Jeff, explain, like I know how we're working that. The prepayment model, I think we're looking at straight line, right? How do we That is correct. Correct. Yeah. That will take some of the seasonality out. For the most part. Okay. The large retailers, Roger, given the nature of how they do their expensing, they're staying on a model where we're gonna bill in arrears. The bank that has prepaid, we have a lot of the retailers who pay us direct, and then they reimburse the retailer so they can make the difference. A lot of the other clients in the other markets that we have, they're the ones who are prepaying or you know, a bucket. Okay. Well, I think it would help if you were more forthcoming, I mean, sharing more with us in terms of the adjustments to the revenue models that we're carrying in our heads. For instance, if a shortfall, if an arrearage is trued up in Q4, you know, maybe there's a thesis that Q4 is going to be notably higher percentage of annual than the 33%. As things play out, you know, hold our hands in terms of how. Yeah. We think about it. Yeah. Then Roger Liddell, if you remember, and we will give color on that, but it's not calendar year because it's when the contract's signed. It could end up that we're doing the true up, you know, in Q1 or Q2. It all depends on when you know the renewal date you know on the you know renewal of the MSA is. It's not necessarily that we're coming Q4, but I see what you're saying and we'll give you know we'll try and help everybody with those models because I understand. I don't wanna come out with a crazy surprise you know because then it just screws up the inquiries going forward. I take that, and I understand it. Okay. I was struck by the Javelin data, at least I think they're from Javelin. You gave the 2018- Mm-hmm. Javelin figure. Yeah. Astonishing numbers, which puts up in bright lights to me the one of the mysteries of your penetration or lack of penetration among the existing financial services companies, where these credit card issuers, they've got some, call it retailers out there who are on board and presumably happy to be sheltered from these fraud patterns. Why isn't the door your doorway having other retailers and relevant customers of the FIS, I'm sorry, financial services company. Why isn't the marketing. Why aren't people just being driven to your front door by the Javelin numbers and the forecast of it certainly not going down? I'd say that we're beginning to see that, you know, all marketing takes a while to, you know, get an effect, right? There's all these studies about, you know, you gotta touch somebody 16 times through their marketing campaign before they even notice it, you know, those types of things, which is why the spend on marketing is important to me. I would say that it is paying off and people are beginning to find out who we are. Like I said, the email customer came to us. One of the proof of concept banks came to us. You know, I think it was very interesting that the top three banks that we're talking about, even though we were working with them, a whole new division of that bank came to us through going to our website and filling out a form because they wanted to hear about us. I'd say those things are beginning to pay off. I think there's also. As I said, I'm always looking. I need more people, you know, more quality people knocking on doors, and we're just looking for them, and we're adding them. I think we did very well with the two from the industry that we hired, you know, this quarter. I think it's a combination of things, but again, this company had shortchanged marketing itself for a very long time. Last year was the first year that we spent money on it, and I think it is happening now. You know, knock wood, it keeps increasing because the rate at which, you know, the quality leads are coming in continues to increase. When I say quality leads, you know, there's. They're all good, but a bar to me is very different than, you know, a super regional kind of bank coming in and saying, "I need to talk to you guys about what you do. Okay. Finally, I had expected you to give texture and commentary about the Platform 2.0, in that I felt that it represented a departure, a quantum increase in capabilities and opportunities, and you were excited about it, but there was not a word in the prepared remarks. The alarm would be that it's old wine in new bottles. Ha. No. One thing I did say, Roger, was what we do know. Remember, every new client's going on the new platform. What we do know is that we're bringing clients up 50% faster. So that means revenue is coming in the door easier. We also have clients now that have either already signed up for international documents or we're in discussions to do that. That is something that couldn't have been done before the new Identity Platform came out. I would say that we've got a lot of very interesting things happening with the Identity Platform, with, you know, clients who are looking to, all right, how do I incorporate now, you know, the sanctions information or the international information, or, "Hey, Bryan, I want this particular product, you know, I need this information. I'm gonna put you in touch with that vendor because I've got the MSA with Intellicheck. Pass that through to us because it's a heck of a lot easier, right? Now we get to mark that up. You know, one of the things. The reason I said that we wanted to do this was two things. One, banks don't like. You know, the fewer types you have coming into you, the fewer chance you have for, you know, a cyber event. And the second thing is, we know from getting MFAs with banks how long it takes. We often find that the bank itself, when they find something that they want, they'll go to a vendor who can pass that through. And before, that didn't used to be us. Now it is. Now they're coming to us because we're the first step. We've got all the information. Once they give us the we get the DL or passport or international document information, we can go connect to all the people that we're talking to, all the different vendors that we're acting as pass-through for, grab what that client needs, package it up, mark it up, and get it to the client. That's what we're seeing. Just we've just launched the platform. Sales sometimes take a bit and but it's beginning to show fruit. Yeah. Okay. Thank you. No problem. We have reached the end of the question and answer session. I'll now turn the call back over to Bryan Lewis for closing remarks. I just wanna thank everybody for dialing in and listening and for your questions. You know, I think it's Roger kinda stole some of my, what I was gonna say in the closing. You know, the surge in identity theft and fraud, I think, really does highlight why people need our product. You know, it's happening across every vertical, every market, and we can play in every vertical and every market. I think the fact that we continue to expand our market penetration, you know, both in our original core market of credit cards and banking, but we're also proving our value in all of these other new markets as well. To me, the new Identity Platform, the ability to do more for our clients, is gonna be a great thing, and I continue to be excited about what lies ahead for Intellicheck. Thank you all very much. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.