Good morning, ladies and gentlemen, and welcome to the Siyata Mobile Q4 2022 and Q1 2023 conference call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during the call you require immediate assistance, please press star zero for the operator. This call is being recorded on Thursday, May 25, 2023. I would now like to turn the conference over to Daniel Kim, Vice President of Corporate Development. Please go ahead. Thank you for joining the Siyata Mobile fourth quarter 2022 and first quarter 2023 conference call. Today, I'm joined by our CEO, Marc Seelenfreund, and our VP of International Sales, Glenn Kennedy. We will all be available for questions at the end of the presentation. During this call, management will make express and implied forward-looking statements within the Private Securities Litigation Reform Act of 1995 and other U.S. federal securities laws. These forward-looking statements include, but are not limited to, the statements regarding future product offerings, the belief that we are on the path for strong organic growth, the goal to deliver strong year-over-year revenue growth and reach profitability in the coming quarters, the belief that the worst of the pandemic is behind us, and that we will see strong sales in all of our product lines across our various markets, and the timing of our rugged handsets to North American and international carriers. Such forward-looking statements are based on the company's current expectations and assumptions regarding its business, economy, and other future conditions. Because forward-looking statements relate to the future, they are not statements of historical fact and are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. The company's poor results may differ materially from those contemplated by the forward-looking statements. We caution you, therefore, against relying on any of these forward-looking statements. The company cannot guarantee future results, levels of activity, performance, or achievements. The forward-looking statements contained in this presentation are subject to other risks and uncertainties, including those discussed in the Risk Factors section and elsewhere in the company's annual report on Form 20-F for the year ended December 31, 2022, filed with the Securities and Exchange Commission on May 15, 2023, as subsequently amended. I will now like to turn the call over to Marc. Thank you, Daniel. Good morning, thank you for joining the call. Before we get into the financial results, I want to explain why this earnings call is later than it usually is and why we are combining two quarters into one earnings call. We selected a new U.S. auditor firm last year that was subsequently acquired by another audit firm. We parted due to a regulatory issue in Canada that was not connected to Siyata or its financials. We then selected another audit firm for the year ended December 31, 2022, one that had previously audited our Siyata subsidiary in Israel. We issued a Form 6-K to notify investors that the SEC approved the filing extension to May 15th to give our new audit firm more time to complete the audit work. The need to change our auditor was unexpected and not something that we foresee happening again. Now to the business results. We are pleased to report year-over-year revenue growth for both the fourth quarter of 2022 and the first quarter of 2023 when compared to the prior year periods. This improved revenue performance was driven primarily by sales of our SD7 rugged push-to-talk handset, which began shipping in Q2 2022. Customer trials that occurred in Q3 and Q4 of 2022 resulted in purchase orders in Q4 2022 and in Q1 2023. We hope to deliver continued additional sales growth from this current quarter and onwards. Now I will discuss our financial results for the fourth quarter ended December 31, 2022. Revenue for the three months ended December 31, 2022, and 2021, were $2.1 million and $1.9 million, respectively. This positive variance of $174,000 is due mainly to sales of the SD7 in Q4 2022 of $985,000, offset by the decrease in sales of the legacy products and boosters of $810,000. Cost of sales for the three months ended December 31, 2022, and 2021, was $1.9 million and $1.8 million, respectively. The gross margin dollars for the 3 months ended 2022 and 2021 were $170,000 and $165,000, respectively, a small positive variance in gross margin dollars of $5,000. This reduced margin percentage for the quarter relates to the impact of the sale of legacy products and reduced margins. For the three months ended December 31, 2022, and 2021, Adjusted EBITDA was -$5 million and -$2.7 million, respectively, a negative variance of $2.3 million, which was caused by an increase in SG&A of $1.3 million and a $1 million variance due to an inventory impairment and loss from water damage in 2022. I want to note that this inventory was insured, a claim has been filed, and we await the determination of the coverage amount from the insurer. Now I will discuss our financial results for the full fiscal 2022 year, which ended on December 31, 2022. Revenue for the year were $6.5 million compared to $7.5 million for the year ended December 31, 2021. This decrease of just over $1 million is due mainly to a decrease in the sale of boosters by $1.7 million, offset by $600,000 in the sale of rugged devices as a result of the launching of the SD7 in 2022. Cost of sales for the 12 months ended December 31, 2022, was $5.1 million compared to $5.7 million in 2021. The gross margin dollars for the year ended December 31, 2022, and 2021, was $1.4 million and $1.9 million, respectively, a negative variance in gross margin of $500,000, a 3.4% decrease in gross margin percentage. This relates to the sale of rugged and in-vehicle cellular devices at lower margins compared to the sale of industrial boosters in the USA marketplace at a slightly higher margins. For the year ended December 31, 2022, Adjusted EBITDA was negative $12.5 million versus negative $12.4 million in the prior year, a minimal variance of just over $100,000. I will discuss our financial results for the first quarter ended March 31, 2023, and then we'll conclude my remarks with our outlook. Total revenues were $1.8 million in Q1, 2023, compared to $800,000 in Q1, 2022, a 116% increase in revenue. Revenue from the U.S. was 60% of total revenues for the quarter, compared to 29% in Q1, 2022. Rugged device sales in Q1, 2023, are up 286% over Q1, 2022, $1.4 million versus $400,000, an increase of $1 million a quarter, mostly attributed to $800,000 of sales of the SD7 handsets. Gross margin percentage for Q1, 2023, was 27.5% versus 30.6% in Q1, 2022. Gross margin dollars increased from $255,000 to $497,000, a $242,000 positive variance, which is a 95% increase in gross margin dollars. SG&A expenses were $2.4 million versus $2.7 million in Q1, 2022, a decrease of $300,000. Adjusted EBITDA for Q1, 2023, was negative $1.9 million compared to a negative $2.6 million, a $700,000 positive variance in EBITDA, a 27% increase. Working capital as of March 31, 2023, was $4.2 million versus $1.6 million as of December 31, 2022, a $2.6 million increase in working capital. During the first quarter of 2023, Siyata raised $3.6 million in capital through warrant exercises. Turning over to significant business highlights, we are pleased to report that Siyata has delivered on its plan to build and expand its potential customers for the SD7. We previously announced that the SD7 is certified and approved for use with a growing list of North American carrier customers, including FirstNet and AT&T, Verizon, T-Mobile, UScellular, and international carrier customers, including Bell Mobility in Canada, Telstra, which is the largest wireless carrier in Australia, and recently we announced KPN, which is based in the Netherlands. We also announced recently that we've expanded our distribution to include strategic resellers, including Two Way Direct in the United States, RadioTrader in the U.K., and Entropia in the Netherlands. These companies will help us further grow sales of SD7 handsets and related accessories in their respective markets. This foundation of increased distribution is directly leading to many potential opportunities that could be of significant size. We have begun shipping products in an increasing number of verticals beyond our primary focus of first responders, including government, schools, hospitals, utilities, security companies, defense contractors, amusement parks, and hotel resorts, to name but a few. I am pleased to report that, as we expected, the increase in the number of verticals and the size of our customer base translated into volume growth for our SD7, which was the primary growth driver of our rugged devices and related accessories, increasing 19% year-over-year to $3.9 million in 2022 compared to 2021. Having said that, let me be clear that this is a process. Interest is increasing and demand is growing, we are just hitting the tip of the iceberg in a multi-billion dollar industry. We expect larger volumes will follow as end customers grow to appreciate our unique offering in this new product category. We also announced an exciting new product, the SD7+, which features a wide-angle camera coupled with 4G connectivity that will have traditional body camera functionality as well as real-time situational and traditional tracking capabilities. The SD7+ will be powered with Visual Labs' innovative body camera software. Visual Labs is a highly respected software company and developer of Android-based body cam and dashcam software. The company provides its software to public safety, private security, and other customers throughout the United States and internationally. Its public safety customers include town marshals, city police departments, country sheriff's offices, wildlife, and other state agencies and federal customers. We expect the SD7+ with body camera will begin shipping later in 2023. Finally, we recently extended our sales team by hiring two respective industries veterans who have experience working for wireless carriers and understand well how we need to support the wireless carrier sales teams to maximize our revenue through this important distribution channel for Siyata. Now I would like to pass the line back to Daniel, who will discuss some of the industry trends that are benefiting our business. Thank you, Marc. In April 2023, FirstNet announced it supports more than 4.7 million connections to more than 25,000 public safety agencies, a gain of about 1,000 agencies during the first quarter of 2023 from the figures released in the end of 2022. During the first quarter of 2023, FirstNet added 300,000 connections. Siyata works closely with FirstNet, which is the leading PTT provider currently in the U.S., their growth is evidence that the customers are moving towards Push-to-Talk over Cellular solutions in the U.S. With that, I'd like to pass the line to Glenn. Thank you, Daniel. Looking at our sales funnel, we continue to see strong opportunities in each of our three product categories. First, in our rugged handset product category, we have increased our shipments of the SD7 PTT handset that supports mission-critical Push-to-Talk, or MCPTT, to North American and international wireless carriers. We displayed this handset at several trade shows during and after the Q1 2023 period, including at the end of March at the International Wireless Communications Expo, or the IWCE Show in Las Vegas, Nevada, and this week at the Critical Communications World Show in Helsinki, Finland. The initial sales, the quantity of new customer trials, the customer feedback at the trade shows, and the direct engagement from senior personnel within the wireless carriers have all been strong as these wireless carriers aim to capture new customers who have been using traditional LMR or two-way radios. We're also seeing strong customer interest in our VK7 vehicle kit that works with our SD7 PTT handset. Today, we're active with AT&T, FirstNet, Verizon, T-Mobile, UScellular, and Bell Mobility in North America, and with Telstra in Australia and KPN in the Netherlands. Our objective remains to expand our launch with additional North American and international carriers and with additional PTT application companies later this year. We have seen significant SD7 sales to first responders, schools, healthcare facilities, resorts, municipalities, and more. Recently, we announced two sales transactions of our SD7 handsets with large U.S. school districts that are replacing legacy two-way radios by purchasing SD7 handsets to use throughout the schools that they serve in order to keep their students and staff safe. We anticipate more school districts following suit in the current and coming quarters. As a result of all SD7 market activity, we're confident that this will translate into multiple thousands of SD7 handsets sold throughout the balance of 2023, and we look forward to adding sales of the SD7 Plus with body camera later this year. Secondly, in our in-vehicle devices category, we continue to sell through our UV350 in-vehicle device with customers in North America and internationally. During the reporting period, we shipped additional UV350 devices into an existing large wireless carrier customer in the Middle East, which launched and ordered this device initially three years ago and has continued to order additional UV350 devices for its first responder customer vehicles. We are also experiencing increasing demand for our unique VK7 vehicle kit, which is a partner product to our SD7 handset. Several customers in the U.S., including some with yellow school buses and snowplows, are installing VK7 vehicle kits into their vehicles so that the SD7 handset can be easily used in the vehicle kit while their staff are in their vehicles. Thirdly, in our cellular booster product category, we saw somewhat reduced but still steady demand for cellular boosters throughout North America. Now I will hand the line back to Marc for closing remarks. Thanks, Glenn. I would like to take this opportunity to thank our employees for their commitment. They've worked tirelessly to build the company that we have today. I would also like to acknowledge and thank our investors, who stood by our company despite the turbulent environment. Overall, we are very pleased with the growing acceptance by our customers of our truly unique, disruptive Push-to-Talk solution. We expect, based on what we are seeing today, growth in our various product categories, with a special growth coming from our rugged handset product category. We are just beginning to see the rapid adoption of our disruptive solution. As the displacement of land mobile radio by Push-to-Talk over Cellular continues to progress, this should drive meaningful growth to our innovative products. We stand by our previously stated goals of new customer wins, new and existing carrier launches, a continuous upgrade to our product portfolio, and ultimately, strong growth with a goal of profitability. We will file our fourth quarter 2022 and first quarter 2023 financial results with the SEC on a Form 6-K and encourage our listeners to access them from the SEC's website. Search for Siyata Mobile. That concludes our formal remarks. With that, operator, kindly open the call to questions. Thank you. Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Should you have a question, please press star followed by the one on your touch-tone phone. You will hear a three-tone prompt acknowledging your request. Should you wish to decline from the polling process, please press the star followed by the two. If you are using a speakerphone, please lift the handset before pressing any keys. One moment please, for your first question. The first question comes from Tom Kerr of Zacks Investment Research. Please go ahead. Good morning, guys. Good morning. Can you talk about sort of the school vertical a little bit and the sales process to that? Is it, does it, than the traditional process, do you approach them directly and then they purchase from distributor, or kind of how does that work out in that vertical? Okay, that's a great question because, you know, I've emphasized in a lot of our press releases that we view that vertical as, you know, one of our largest verticals. There's over 100,000 schools in the United States, and there's millions of teachers. We've partnered with a company called CrisisGo, who has very unique software, that together with them, we're able to give a package of a device that has both software and hardware, that you can, A, have an SOS button, which is in the CrisisGo software, and you can also do Push-to-Talk over Cellular. If until now, teachers have only had a panic button that basically doesn't allow you to have voice and to speak to somebody, you can just hit that panic button, and, you know, people would know that there's a problem. You can actually speak to the security people in the school, the management of the school, police, fire, ambulance, and you can have a radio-like functionality given to teachers in schools. We think that that's really gonna be one of our largest verticals, if not the largest one. We've already announced a few deals with some schools. We have many, many schools that we're now engaged with, and I think that a lot of them we're gonna be able to turn into sales. Some of them are very large scale, like multimillion-dollar potential deals. We think that it's a very unique solution for schools, and we want to gain as much traction in the United States with this offering together with CrisisGo, and, you know, either, you know, on our own or together with CrisisGo. You know, that's something that is across the industry in the sense that nobody else has anything like this, that we've seen until now. All the cellular carriers that we've launched with in North America are now offering this product to various schools across the United States. We're doing this both with T-Mobile and with Verizon and with AT&T FirstNet. We think that this is gonna be a very large potential for us. That sounds great. Thanks. A couple more questions. On the SD7 +, is there a different unit selling price or product margin profile than the traditional SD7? We think that it's going to have a higher margin profile. You know, we don't know until we launch, but we believe that it will have a higher margin profile. Another thing is that we're going to be able to record recurring revenue from that, which is very unique. That's something that we're not able to get until now. With SD7, we had very small recurring revenue from SD7 from various software packages that we're offering, but we think that it'll be more substantial with the SD7+. We'll be able to compete with large companies like Motorola and Axon, who also offer, you know, body cams. They're the leaders in that market. We think that we have a very unique solution because our device is MCPTT, it's on the FirstNet network or on the Verizon network, so it's cellular-based, it's real-time streaming. It also has Push-to-Talk over Cellular, which the other products don't have. We think that our offering is going to be very unique compared to the other companies in this market. We expect to launch it this year. We think it'll be a very interesting product for first responders, security companies, school security, and, you know, and the rest. We already have discussions with multiple customers for this product, and we hope to launch it in the second half of this year. Yeah, that sounds great. One quick financial question. The sales and marketing expenses and the G&A expense line, that is in the first quarter, is that a good quarterly run rate, or will that increase throughout the year as you grow the business? My goal is not to hire a lot of people at the company, to keep the company small. We have 26 employees right now at the company, you know, we leverage the sales forces at the cellular carriers, so we don't have to hire a lot of people to be able to get to customers. We leverage the sales forces at AT&T and T-Mobile and Verizon and the other carriers. You know, I don't expect that the SG&A is gonna go up a lot. We're gonna try to keep the company as lean as possible. If you notice, the SG&A has actually gone down in the first quarter compared to last year. You know, anything that we can do to lower that, we'll do. We're not looking to hire a much larger staff than what we have right now. All of the main positions in the company are filled. We might hire another few salespeople and support people, and that's it. With that, we think that we'll be able to get to much, much higher sales than what we've seen until now. Great, thanks. I'll jump back in the queue. Thank you. Thank you. The next question comes from Jack Vander Aarde of Maxim Group. Please go ahead. Okay, great. Good morning, guys. Marc, I appreciate the update. Good to see what looks like four consecutive quarters of year-over-year revenue growth. Thanks for taking my questions. Marc, over the past year, as you've kind of alluded to, on the call as well, you've had your flagship devices approved on all the major U.S. wireless carriers networks, AT&T FirstNet, Verizon, UScellular, T-Mobile. Can you speak in general, maybe more about the size and the growth of your sales pipeline and opportunities with regard to the major U.S. carriers? Which, you know, they can be big needle movers, so that's why I just wanna focus on that, if there's any color you can provide. I can't give you exact guidance because we're still early in the game, but I can tell you that now that we've passed the point that we've actually launched the products with the carriers, we've trained their salespeople, we're out in the field meeting with customers together with their salespeople. That's why we're so confident that we're gonna have very strong quarters going forward, simply because we're sort of through the process with the carriers. Already we have initial customers of theirs. They bring to us customers on a weekly basis. What's beautiful about it is that, you know, we're getting customers from every single one of the carriers. They're different customers. You know, some schools are customers of T-Mobile, others are of AT&T, others are of UScellular, right? We're seeing it across the board. They're all bringing us various customers from their customer base, and we're working with them to close those customers and make sure that they're taking our product and not looking to take something else. You know, we're very bullish on, you know, going forward this year. We think that we're gonna have much better quarters than what we had last year. We think that we'll be able to really ramp up our sales simply because we're not focused right now on launching products. We're really just focused on selling products and ramping up sales, and that's really the focus of the company today. Okay, great. That's helpful. As a follow-up, in general, maybe in terms of some of the larger deals you're pursuing, can you provide some more color on the competitive bake-off dynamic? You know, who are you guys actually competing against and seeing the most at the deal table for U.S. first responder end customers in the current market? Or is that something you guys aren't privy to, that's not really disclosed to you? We are privy to it, and we see that there are companies like Sonim and Samsung. I'd say that they are our, maybe also Kyocera. Those are probably our three main competitors. They don't really offer the same thing because they're all offering smartphones, right? They compete with each other in the rugged smartphone, push-to-talk category, and we're sort of coming from a different angle. We're coming with a device that is a radio upgrade. It just looks like a radio, it feels like a radio, and by the way, it's much less expensive, right? We're usually competing with devices that are above $500, above $600, and we are, you know, around $400 or less, okay. In that sense, we think that we have something that's very unique. We don't have a direct competitor that's offering a radio-like device through the carriers. Motorola has one device, which is a radio-like device, but that is only offered by Motorola. It's not offered by the carriers. In our view, it's much easier for a security guard or for a teacher to take a device, you know, put it on channel two and hit a button and speak, as opposed to going into an app and going into a smartphone, and maybe they're Apple users, and this is an Android device, and trying to figure out how to use the app. We think that, you know, what we're offering in the SD7 is much more intuitive, and it's a real upgrade from two-way radio, and that's what we're trying to do, take away the two-way radio and give them a Push-to-Talk over Cellular device, which feels and looks like a radio. We think that, you know, we're the only ones that are doing this right now. That's unique, and that's the reason that all of these large-scale carriers are even working with us, right? In other words, we're a small company, and, you know, everybody on the, on the call knows that. The only reason that companies, multibillion-dollar cellular carriers, are working with us is because we have something that is very unique. We think that our technology is not trivial for other companies to go after, and, you know, we're very proud of it. We think that that's really what's going to help us drive our sales, because we're offering something that is very unique, and there's a real need in the market to upgrade from two-way radio, to Push-to-Talk over Cellular with a radio-type device. Excellent. Okay. That's actually great color. I appreciate that. My next question would be just given the current stock price, I'm sure investors on the call want to know if you could provide an update on your plans or, you know, just remaining compliant with the Nasdaq. It's great to see you have no debt any longer as well. Hoping you could provide additional color on your liquidity levels and cash runway as well. Thanks. Right. You know, we announced that we started doing factoring, and that is obviously helping our cash flow because we have sales and we have inventory, and you can see that we had inventory at the end of the quarter, and we're selling through that inventory. You know, that's really what's helping our cash flow, the cash that we had in the bank and the inventory that we have. We will need to raise more money. I'm not going to say that we're not going to have to raise more money. We're not gonna, in my opinion, have to raise a lot of money. We're not gonna have to raise tens of millions of dollars to be able to become profitable. We have to raise a few more million dollars to be able to get to profitability. That's our goal. On the stock price, specifically, we are going to have to do a stock split at some point. Our goal is to do it at as low of a multiple as possible, you know, of course. Yes, we will have to do that to become compliant. Our goal is to do that stock split sometime in the next few months so that we can be compliant again on Nasdaq. You know, obviously, that's what we're going to do to make sure that we're compliant. Okay, got it. You know, it sounds like qualitatively, though, the business is ramping up. The growth inflection looks like it's here. I alluded to when I started my prepared questions that you've had four consecutive quarters of year-over-year growth, and it looks like it's accelerating. That's good to see. Then, you know. Our goal, Jack, is to have between double to triple-digit growth, you know, in the coming quarters of 2023. We think that that's very achievable just because, you know, we see the pipeline that we're going into. Like I said, we're very bullish on the business and on our opportunities, and we think that, you know, we'll really be able to grow very rapidly over the next couple of quarters and beyond. Excellent. If I could just follow up to one more thing, in terms of the pipeline, maybe Glenn can chime in on this as well. In the press release, it's mentioned you guys have had, you know, many successful customer trials that were initiated in the second half of 2022, and you're experiencing a step-up in purchase orders. Can you just provide me some extra color on how many trials, like how many different customers, the location of the customers, and are the verticals outside of schools, and, you know, luxury resorts like that multibillion Bahamas hotel? Just if you could give more color on the actual end applications of those trials and the number of customers, that'd be interesting. Sure. Glenn, you want to go for it? Yeah, I'll start, and then maybe, Marc, you can add. Jack, I would say that the number of trials, I can't give you an exact number. We have invested significantly in a pool, along with the wireless carriers, a pool of demo devices that they leverage whenever a customer is asking for a trial. A typical trial would involve two or three, sometimes four devices that they would deploy within an organization, customer's organization. Absolutely, the breadth of vertical markets is far greater than only schools, but definitely I would say schools is probably the primary one. It would also include first responder organizations. It would include, you know, on-site warehouse manufacturing type facilities, construction companies, field service, a whole variety of vertical market security companies. I didn't mention them. Wide variety, and it would be multiple simultaneous trials. Some of the trials only need to last a very short time. They're just wanting to test the functionality and confirm, verify that similar functionality and works well, that they have the coverage that they need. Other customers, they're going to be looking, you know, typically, it's the larger ones. They're going to need more time. More time at the trial stage, more time in the, you know, the budgeting and the timing stages and so forth. Our trials or the pre-sale process can really vary in the length of how long that takes. Got you. Jack, if I could just, Jack, I apologize for the background noise. I'm actually here in Helsinki, Finland, right now. We're just wrapping up our Critical Communications World Trade Show. If you're hearing noise, that's what's going on. All right. Glenn, I like your double fist, you're double fisting with, you're negotiating trade shows while you're on the earnings call. Good work there. I told you, we try to keep it mean and lean, Jack. If I could just add, our main focus is definitely North America. I say North America, not just the United States, because we're also very focused in Canada. You know, just to add on to what Glenn said, the verticals are all over the map. You know, as far as we're concerned, I don't care if we're selling to a hospital or a school or a first responder. They're all very relevant. You know, they're all similar customers for us. As we're working with the cellular carriers, they have staff that go after various verticals. They have staff that goes after healthcare. They have staff that goes after education. They have staff that goes after construction. We work with the cellular carriers. Our salespeople work with the cellular carriers to be able to get to various customers in different verticals. You know, just we didn't even mention healthcare. We've already done a few hospitals in the United States, and we think that's also going to be a very, very large-scale opportunity for us, hospitals using our device as their communication protocol, as opposed to using their private phones or using, you know, a Samsung rugged phone, which costs, you know, more than double the price. In that sense, we think that we're going after a very large-scale market. We're leveraging the cellular carriers. You know, we just want to continue doing what we're doing and ramp up sales as aggressively as possible going forward. Okay, great. Well, I really appreciate the extra color, Marc and Glenn and Dan. That's it for me. I'll hop back in the queue. Thank you very much. Thank you. The next question comes from Tom Kerr, Zacks Investment Research. Please go ahead. Hi, guys, two quick ones. What was the amount of capital raised from the warrants in the second quarter? It glitched out when you guys said that. $3.6 million. Okay. Just a big picture question on the sales process with the carriers. I forget how this works. Are they buying inventory, or is this sort of a just-in-time basis, where they put in orders as they sell? How does that process work? It varies. For some customers, they are purchasing inventory, and for some it's just in time. In other words, they get the customer, and then they buy the inventory from us. A lot of the times we're working with their master distributors, right? We're working with a master distributor of Verizon or a master distributor of AT&T and selling to them. But as time goes on, also the master distributors are starting to buy inventory for themselves because they want to make sure. They know the customers that they're going to be going after, and they want to make sure that they have inventory. As, you know, time goes on, we think that we'll be selling more and more inventory, you know, to the distributors and to the carriers, that they'll also hold on themselves. It's sort of, we're doing both right now, and then we think that as time goes on, we'll be selling more and more for their inventory so that they can be prepared to be able to sell to their customers. Great. That's all I have for today. Thank you. Thank you. Thank you. There are no further questions. I will turn the call back to Marc Seelenfreund for the closing remarks. I just want to thank everybody for joining the call. You're all more than welcome to reach out to us. If you have any additional questions, you can send me an email at marc@siyata.net. That's Marc with a C. We look forward to updating you in the future with more good news. Thank you very much, and have a good day. Ladies and gentlemen, this does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your lines.