SKYX Platforms Corp. (NASDAQ:SKYX) Investor Presentation Event November 17, 2022 11:00 AM ET
Company Participants
Rani Kohen – Founder and Executive Chairman
Steve Schmidt – President
Conference Call Participants
Michael Legg – Benchmark
Leo Carpio – Joseph Gunnar
Operator
Good day and welcome to the SKYX Platform Corp. Investor Presentation Event. Today’s webinar is being recorded.
Before we begin the formal presentation, I’d like to remind everyone that statements made on the call and webcast, including those regarding future financial results and industry prospects, are forward-looking and may be subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the call. Please refer to the Company’s SEC filings for a list of associated risks, and we would also refer you to the Company’s website for more supporting industry information.
At this time, I would like to turn the call over to Rani Kohen, Founder and Executive Chairman of SKYX Platforms Corp. Please go ahead.
Rani Kohen
Thank you for joining us for our first call as a public company. I will actually hand the call to our President, Steve Schmidt, that joined us as an investor and got involved, became our President. Steve was the former CEO of Nielsen Corporation and the former President of Office Depot International, and helping us and me to copilot our journey here.
Steve, please start the presentation. Thank you.
Steve Schmidt
Okay Rani, thank you very much. The opening slide—you know, we’re obviously SKY, and we’re talking about the home and building markets. There’s two cautionary statements, which you’ve already heard from the Operator, and so we’ll pass over that and let’s jump into the core of the presentation.
First of all, our mission. Our mission very simply is to make homes and buildings become safe and smart as a new standard. Very important for a company like SKY is to protect our intellectual property, and we’ve got 60 global patents that have been approved or pending, we’ve got 15 that have been granted in the U.S. and globally, and additionally we’ve got 10 trademarks that have been issued, so we feel very good about the intellectual property and the protection of all of the great products and technologies that we’ve got.
From a product standpoint, and really I want to review four areas here, first of all what our products do is they simplify, they provide cost savings, they provide time savings, and they provide life savings, and any company that was just successful in one of these areas would be a successful company. Rare do you find any company that can talk and actually deliver against all four of those areas. The second point is we are going to revolutionize two key areas: we’re going to revolutionize the smart home and building area, and the lighting industry, truly revolutionize those industries. Then third from a revenue stream, there’s really four areas that we’re going after. First of all on the product side, we’ve got the lighting industry, we’ve got the retail industry, and then the whole commercial and residential building and home markets. The second area is royalties, third licensing opportunities, and fourth and last the subscription and sales of global rights are the areas that we’ll focus on, so significant revenue opportunities for each of these areas.
One other point is that the addressable market for this is huge at over $500 billion in the U.S. alone, so a huge market, great opportunities, and revolutionizing this industry, and a global licensing agreement with General Electric is also part of our strategy. When you look at our products and services from a SKYX and significant developments that have occurred, within the National Electric Code which is mandated nationally, we have 10 segments that have been approved in the National Electric Code book, and this took years to achieve.
Next point, Sky ceiling and receptacle is the most significant addition to the National Electric Code in the past 40 years, and then finally if you think of historical change of NEC’s receptacle definition after over 120 years to include the Sky receptacles, significant development, significant accomplishments.
Significant developments basically over the last 90 days that have achieved, first of all ANSI, which is again the American National Standardization Institute, and then the National Electric Manufacturers Association, ANSI and NEMA, we have been approved for Sky ceiling receptacle by those two organizations, and ANSI basically sets the building standardization and specifications for all buildings, so a critical, critical development and something we’re very proud of.
The second area is the National Electric Code, which has approved for the very first time a standardization with WSCR, which stands for weight-support ceiling receptacle, and this has been approved by the National Electric Code for our product, big development.
Third, the architecture—AIA, the American Institute of Architects’ view, and basically they’re going to include—we are now going to be included in their annual mandatory education programs to over 94,000 architect members. This was just announced yesterday, so just yesterday this came out, an announcement, and then today a big announcement with CES, and so the Consumer Electronics Show, we have been awarded the Best New Product in the smart home category, and this is a significant development for SKY technologies. When you look at these four critical, critical accomplishments, it speaks volumes around our products and our technology and the way the entire industry is accepting what we’re doing and really a historical movement and historical accomplishments by our Company.
Some updates. First of all from a cash standpoint, we’ve got approximately $21 million in cash, which should be good for the next 18 to 24 months. Our Smart Ceiling plug is in production. We are starting our public relations and pre-sales here in December, and then in CES, we’ve got a press release, we’re going to be part of the three press releases, we’ve got a significant booth that will be involved in activity within the Las Vegas show, as well as all of the—a major presentation factor in the CES convention and the news conferences that are part of this process. Then finally at Lightovation, Lightovation is really the industry’s major sales event in the lighting industry, and we will be part of that show and with a major exhibit and major selling efforts against our products and services.
Before I introduce Rani, I just want to say a couple things. First of all, any company, and significant announcements when you think about NEC, ANSI, NEMA, the Architects—the AIA and CES, these events really are—you know, talk about world-class companies who have been able to achieve this kind of support, and when you think about this Company and Rani, what you’ve got is someone who has an extremely strong business acumen, who’s an inventor but also is very strategic, and when you think about this Company, what made me so excited and what gets us excited is the team that we’ve got around us, the team that we’re brought on board to supporting this Company, the investors that are spending time with us, and then finally safety, and safety is actually critical to everything that we’re doing, and so from a product standpoint, if you think about every regulator, every insurance company, when the product has safety, they have fiduciary accountability to be able to support us, so Rani’s done an incredible job getting this Company off the ground. We’re proud of it, and so with that, let me turn the presentation over to Rani. Rani?
Rani Kohen
Thank you Steve. Before we start to discuss in more detail some of those significant events that took place in the last 90 days and the last year or so, I would like to—as you can see the slide here of our org chart, I would like to really thank everyone in our team, in our organization here. We have a tremendous, tremendous team of talent, I think really second to none when you really know the people involved and the high IQ we have here. Our lead director is Governor Tom Ridge, former governor of Pennsylvania and first head of Homeland Security, that not only is leading our Board but also invested with us, and we don’t take things like this for granted.
Steve here, having the President’s role after leaving Nielsen Corporation as CEO for many years, and President of Office Depot, being part of our team. John Campi, that was senior management in GE, in Home Depot and in Chrysler, also investor and joined us, and maybe one of the highest level people we have here is Mark Earley.
As you can see on the top right, Mark Earley is the former head of the National Electrical Code. He ran the organization for 35 years, and him joining us is part of those significant events that took place with the National Electrical Code, with ANSI, NEMA, and now AIA, Architectural Institute, that supports us, a lot based on the team he put together. We have five or six GE executives that invested and work with us, and we have our Israeli tech arm, good work to them and working with our U.S. tech arm, that a combination for them, they have a lot of credit in the CES award that we got in technology.
Really, a tremendous team and I want to thank every one of them to bring us to where we are and a lot of them invested, most of them are stock compensated instead of taking salaries, and a lot of them really—are really believers and came here for the future and really to support us making things happen.
Starting with the products, so we have three products. On the left, you can see the receptacle and plug-and-play, what’s approved by the National Electrical Code, ANSI/NEMA, and now AIA, the Architectural Institute that are supporting in this part of the mandatory continuing education system they have there. The center picture is the smart plug-and-play that is working for installation of light fixtures and ceiling fans, plug-and-play and smart as well, and that’s where we got the CES award for, and the generation all-in-one smart platform on the right will make homes and buildings, we believe, become smart within minutes.
Now we’re going to start kind of digging deep into the product. We’re going to show you a video shortly as well with the product that won the innovation award at CES for smart homes, but before that I want to emphasize on this slide, everything that Steve mentioned, everything we’re doing in this Company is based—the foundations are based on safety.
We’re saving lives, many, many lives a year, we’re preventing injuries from many hazardous events. Our products really are game-changing, and those are the reasons that we have the support of the National Electrical Code, ANSI/NEMA, and American Institute of Architects. The safety aspect that we bring to the table is significant and we technically took that safety and conducted what we call—we like to say our airbag model and how we treat our approach with our generation one product, the plug-and-play.
Here we are. Those are historical products. As you can see, the Edison bulb is in the center. What people don’t know about the Edison bulb is that the Edison bulb, the first ones were connected to the ceiling with wires, exactly like you install light fixtures today, and Edison got a lot of publicity, probably one of the best inventions ever, but what people also don’t know, that really when the revenues plugged in for Edison and that’s how he started General Electric, was based on the invention of the bulb socket, okay?
The bulb socket, because of simplicity, cost savings, time savings and life savings, became the global standard, and this is the model we are following, okay? As Steve mentioned, if a company had each of one of those segments, if it’s simplifying, if it’s cost saving, time saving or lifesaving, that would be enough for a great success. We have all four, and this is really something that doesn’t happen every day in other companies.
What we conducted here is what we call—and you can see here on the left picture, left slide, you see a guy climbing a ladder, touching hazardous wires, and this happens in the U.S. annually hundreds of millions of times and globally billions of times, okay, when people literally go on ladders, risk their lives in order to install a light fixture or a ceiling fan, okay? So what we came here, instead of trying to chase the market of $500 million, or who knows how much it is, but hundreds of millions and billions around the world, we decided to go on kind of what we called the airbag model.
The people that invented the airbag did not chase the car manufacturers. They went to the regulators, they proved to the regulator that this is a life-saving product, and what the regulators did, they expect it on every car because there’s a law and those regulators, their criteria and inception of those organizations that are supporting us is lifesaving, and when you have a product that’s life saving, okay, it’s a different mindset when it comes to business. This is at the end of the day inevitable because we’re here in America and around the world, and when we can save significant lives and prevent millions of injuries, okay, and many billions to insurance companies on hazardous incidents and injuries and deaths, there’s no way that inevitably it’s not going to happen. It’s just a matter of time, okay, and we’re already almost 10 years in this process.
Governor Ridge helped us to start this progress with our COO, Patty Barron, and we started this process and we’re so many years into it, and we just hit those, I would say, major demands or milestones that included the ANSI/NEMA, and what the ANSI/NEMA is, is specification of and the standardization of our product so if it comes one day to become mandatory, that factories around the world have a protocol of manufacturing in case the product is manufactured in different factories, if factory A does the receptacle and factory C does the plug, make sure that they have a tolerance production drawing that they match one each other, and to have an ANSI/NEMA specification is a milestone probably similar to in another industry getting an FDA approval or something like this, and we just achieved this, and that’s significant.
With those achievements all based on the safety, as you can see on this slide, all the problems that take place, is we’re in good company and we’re showing you now a slide with the most historic achievements or additions to the National Electrical Code as the wall receptacle that everyone has, and the GSCI in the bathroom.
The GSCI that each one of you on this call has in the bathroom, okay, is because of safety reasons and so mandated 40 years ago, so since that, the Sky receptacle, now called the WSCR with all those new events that took place here, ANSI/NEMA and AIA, Architectural Institute, is now in the final phase, and we met major milestones to make our standardization, to help in making our standardization happen and we feel we’re in very good shape with this, and stay tuned, we will keep on posting you on this.
Currently we have today builders that would like to get a CO usually install a light fixture in every room. Today we are—part of our voting or part of our process with the National Electrical Code, that when a builder puts his ceiling receptacle, as you can see here, he can get—and when they need to put it in every room, they can get a CO rather than installing a light fixture in every laundry room, every balcony, every corridor and every room, you can just have the receptacle like you would have a wall receptacle, so those are major achievements with the code, and now this is showing you one segment on data, lighting, electrical fires and related, hundreds of people die a year.
You see fires that happen with wires that are miscorrected or create sparks, okay, that’s not including ladder fallings, that’s not including electrocutions, the numbers are big. This is Mark Earley here, that leads our achievements in the code, and this is really significant and important to the code.
With that being said, we’re now sharing with you the video, and we’ll elaborate more on the smart technology after this video. You will see this video, a short video, and then we’ll continue with a few slides that’s going to show our generation one and generation two smart products that are going to be launched very soon.
[Video Presentation]
Thank you. Finalizing the code thing, thanks to Mark Earley joining us, if we were in the pharmaceutical world, we would say it’s like the head of FDA joining a pharmaceutical to help them pass their phase three, so having Mark and the team put together is amazing for us and it gives us a lot of confidence in the process and the future, so stay tuned with this.
We’re going to jump here to really describe in more detail why we won the CES award, and after, we understand on the left, the standard plug-and-play and the standardization that’s taking place on many organizations now, as we mentioned, now on the center slide, those are the aspects and items we have here.
It’s a control through an app, through voice, works with Siri as shown in the video, works with Alexa, Google and other technologies, and based on what we have here, we believe that people will stop going on ladders hundreds of millions of times a year and billions of times globally and risk their lives to install light fixtures when there’s a plug-and-play safe solution, and as we believe that every TV has a remote control, we believe that every light fixture and every ceiling fan will be controlled by app or by voice as, think about this, when you buy a TV, no one charges extra dollars for the remote control, it’s embedded in the cost.
Once you print those products in the millions, the cost is really insignificant and we believe that, as you can see on the right picture, ceiling fans, light fixtures, exit signs, emergency lights, many other items are going to be plug-and-play and safe and cost saving and time saving, all significant advance to simplify.
For more details, as you can see here, the award we won is the plug-and-play for lighting and for ceiling fans, the smart plug as you have—it has an emergency light, it has an ambience [ph] for every room, up to two days emergency light in the room, and what happens, businesses can’t open as business without emergency light, but where we live in our homes, we can’t have an emergency light, so now with the new smart basis, you can have an emergency light.
You will have color changing ambience of the room and you will have also a night light option. Everything can be controlled. You have scheduling, dimmering [ph], you have color change as I mentioned, you have humidity sensors, temperature sensors, and many other sensors, and again it works with Siri, Alexa, Samsung, Googles of the world, and we’re adding more and more as we go. It’s an open system, it’s integrated to work with every fixture you have.
We’re getting close to market, and as Steve mentioned, we will start pre-sales next month. We’re already in production and we expect to start pre-sales and deliver product right after in the beginning of the year. Those are boxes we have in the center left. On the left is a smart—as you can see, the smart Sky plug, ceiling plug, and you can see the ceiling receptacle. We’re going to have boxes with ceiling receptacles, we’re going to have the Sky plug with a set of a receptacle as well.
On the right-hand side, you can see POP displays that are going to go to retail. We expect to launch online and significant—we’re working on some online launches and pre-sales on several angles, and as well we’re working with showrooms and reps that represent big box retail and many others, so stay tuned to come for announcements on where we go with this. I think it looks not too bad. Stay tuned with this. We’re starting next month of pre-sales.
This is really displaying a new banner we made for our award. Here is really the lead and seize tactic that we have, fixtures being [ph] sold with the smart Sky plug, and as well as light fixtures, and we’re going to sell the smart bases to the market that everyone can retrofit, if it’s an OEM or it’s a consumer. It’s very easy to buy the kit itself, the retrofit kit and just implement it on the fixtures. We will have kits also available for ceiling fans.
We intend to meet with some very high end plug-and-play ceiling fans, we’re going to be the only plug-and-play smart ceiling fan with SKY’s smart plug that won the CES award, that kind of demonstrations. We’re going to also have a smart ceiling fan that has a portable heater, that has a lot of demand, and we hope to launch all of this, starting to launch in the next coming months with the ceiling fan, likely next month, ceiling fans in the next coming months towards the spring and the summer.
Some sales tactics that Steve, our President, really liked as the president of 6,000 Office Depots for many years, he says shelf is really expensive and there’s no shelf space, and that’s a major problem. We think we solved it. We’re creating LED smart ceilings that can be plugged-and-played with our ceiling fans and hanging them on retailers will have them—that we know have a—we won’t have a shelf space issue, and that can be significant for marketing and showing the videos that we showed you, so we strongly believe in this.
We’re wrapping up on this segment before we go to gen two, everything we are doing, going to do with the launch, we’re going to educate on all those hazardous incidents of electrocution, ladder falling and fires, and hospital visits that take place when hundreds of millions of installations, when people go on ladders, risk their life, unfortunately a lot of bad things are happening and as we say, we have not only us, many others believe we have a strong solution with this and as we take to market as we launch product.
We’re jumping here to generation two, the Sky smart platform. Really, our inspiration came from the all-in-one smartphones we have here, and if it’s an iPhone, so imagine years ago when you had all those singular gadgets, a flashlight and a [indiscernible] or a video camera, 10 years ago someone would need to look [indiscernible] if he has one of them today. Everything is all in one platform. We took the same concept and did an all-in-one.
We took the smart home products, we connected them together to become all in one. Everything you see here in red is down the road. We’ll start incorporating those things to our generation two. The red are the safety sensors, we’re going to have a smart smoke detector, smart CO detector, we’re going to have emergency lights, color changing, we’re going to have speakers, and we’re going to have really an all-in-one smart platform that you can connect in a room and make a room become smart within minutes. The same concept of a quick installation for lighting, we can use here with the smart platform, and we intend to launch this first half or first—hopefully the first quarter, but for sure first half of next year. Stay tuned on this.
This is what it does. On the left, it’s the day situation, just to install smart home fixtures today when you buy them online or at Best Buy or whatever, would take you days, just the wiring. A one bedroom, even, can take days, and here we have a solution that does it in minutes, and we also believe that the cost of our device installed to the ceiling including our device, including the installation will cost less than installation itself of what happens to today’s smart home, and also will take only minutes to make a room become smart.
If you think about this, think about a one bedroom with three minutes, a large home here can take usually weeks, even more to make smart, and we have a solution that can do it within hours, and think about hotels and large buildings, if you go to a large hotel of 500 rooms, to make a hotel smart would take you probably a year, or a project with many millions dollars invested here.
If you have, for example, 500 rooms, if they decide to install the platform, it would take them three, four minutes per room, so you have 500 rooms within two days and a fraction of cost, because we don’t have the exact cost but let’s say it’s going to cost, like an iPhone or something like this, so 500,000—500 iPhones, I don’t know, would be probably $500,000, and then within days. I think this is why Steve said we strongly believe we can revolutionize two industries.
Those are the use cases here, hotels, as we said, cruise ships, hospitals, elder living, homecare. We can go through offices, retail, etc. Our go-to-market is we’re going to lead with some ceiling fans and light fixtures and really emphasize our focus on selling OEMs with those smart kits for—retrofit kits for ceiling fans, as well as for retail there’s a great demand for those plug-and-play smart features and retrofit kits, and we believe that’s going to come through starting, as we said, next month with the launch of this. That’s our main goal, is to go the market and then we also have the smart platform that can convert a rental building or a rental community very fast to a smart rental community, or can convert any home to become smart, so a lot of it is [indiscernible] here.
Really, that’s what we’re starting next month, PR campaigns, pre-sales, and then sales online, retail, wholesale, OEM, builders, apartment buildings, hotels, licensing. We’ll also have some talks with global countries that may want to consider buying rights for our product and code, that we can help them to create code. When it comes to safety, countries tend to adopt safety like the airbag was started here in the U.S. and became the global code, so there’s a lot of interest from other countries as well.
With that being said, I think we can open up for Q&A. Thank you for your time.
Question-and-Answer Session
Operator
Thank you. Our first question comes from the line of Michael Legg with Benchmark. Please proceed with your question.
Michael Legg
Thanks and congratulations, Rani and Steve. These are some really great accomplishments, the CES award obviously the latest, and the ANSI, NEC, AIA all great.
But wanted to kind of talk about the pre-sales initiative and understand where we are from a manufacturing perspective. I know we had placed some inventory orders earlier in the year, wanted to kind of understand where we sit from an inventory perspective, and then what part of the product suite are we talking about pre-launch, is it just the gen one products and then where we go from there, let’s just start with that.
Rani Kohen
Yes, so we were in the process of securing those chips in the past few months and we succeeded securing chips, so production has started as we talk, and we did not want to do pre-sales without an indication for the time that we will have product in the market, and now that we have a better indication, we will start pre-sales next month.
To answer your question, yes, it’s generation one, the smart Sky plug for lighting, and then after lighting it’s going to come for ceiling fans, and then generation two is, we hope, maybe Q1 but if not, Q2, the first half of 2023. Once we feel we’ve secured all the chips for generation two, we might start taking pre-orders on generation two that we also have demand for.
Michael Legg
Okay, and what type of level of order are you planning for, or what’s the lead time in getting more product if orders come in real strong?
Rani Kohen
You know, we feel confident that we secured enough product to supply demand. We’re going to have really showing the first time product during the CES, physically showing it to people during the CES event, and right after in Lightovation in Dallas, so we secured enough to start this process and we’re confident if COVID stays at the levels it is now and not special—you know, you never know in this world, that we’re confident that we’ll be able to supply—we have GE-approved factories that we’re working with and that—you know, usually factories that are approved by GE are high quality with Six Sigma protocols inside, the quality protocols inside, as well as with mass production. We feel that we’re in a good path to accommodate the demand we’ll have.
Michael Legg
Great, okay, and then just one last question. The payment terms on pre-sales, I mean, wafers obviously are expensive to produce, you have cash of $20 million. How much of your cash is going to be tied up in that wafer production, how much of the pre-sales will be—are you taking a deposit, is there any money coming in ahead of that? How does that all work?
Rani Kohen
Thank you, it’s a good question, and we feel that $20 million is sufficient for, we believe, 18 to 24 months. As we—our burn rate is—at company is very low, because we have a lot of the believers here, so we don’t have the expenses usually on engineers or other people that—with tech world, but still we want to be very careful around our spending, and the way we’re going to work is we’re going to get paid before we deliver. That’s our policy, we don’t want to expose ourselves with inventories, and we have great cooperation with factories in China that will help us.
We have inventory there and as we ship, we’ll pay. We will try not to pay before we ship, and so far I believe the size of the tooling and everything necessary to start production and securing some chips, we’re in good shape and we’ll manage very carefully our cash flow as we want to launch, and we feel we’re very safe on this end.
Michael Legg
Do you have any idea what production capacity you’ve secured for 2023, or is that all fluid and you can continually add to it as you see demand?
Rani Kohen
I don’t know exact numbers now, but it’s definitely—we can check on this, but it definitely is significant. The factories we approved are all GE-approved, and one of the things that GE approves in factories is to make sure that they have production capacity as well as quality, so we feel that we’re in good shape to start delivering products. If we start with the ceiling fans and other products, I think that the volume of the dollars are high, therefore—you know, I’m just saying if we sell 100,000 units or a million units, it’s a huge dollar number behind those things, and I’m not saying we’ll sell those numbers right away but with time, and I think we have good factories in backup to accommodate.
Michael Legg
Okay, great. Congratulations on all the success, and look forward to seeing some pre-sales coming. Thanks.
Rani Kohen
Thank you.
Operator
Thank you. Our next question comes from the line of Leo Carpio with Joseph Gunnar. Please proceed with your question.
Leo Carpio
Good morning Rani, and congrats on your success so far and all the progress you’ve made. My question is on the NEC mandate. You’ve been making very good city progress, and in particular the American Institute of Architects news. Sounds like a mandate is in the offing, because otherwise why would they be forcing the architects to do continuing ed on a technology unless it’s mandated. That kind of seems like a chicken and egg argument, so any update on how the progress is moving along for a mandate and what are you thinking in terms of timing, would be helpful. Thanks.
Rani Kohen
As we had mentioned, we are almost 10 years in the process, and that’s probably the average time, or maybe starting to be above, but I think COVID caused us some unnecessary delays because conferences that were supposed to take place in 2021 were cancelled, and 2022 as well. Now I think we’re much safer on this. We did our achievements, our major milestones, and we’re getting support all across the board here from the architects, that’s really a significant event for us, that they can be part of—we can be part of their education that’s mandatory to renew your license on an annual basis.
Also with the ANSI, I think this is really a major milestone. We got the name, that you can’t spec something and call it SKYX, although we wish, but that’s not the case. You need to have a generic name, like the GFCI in your bathroom is a ground fault circuit interrupter, so that’s the generic name, and we have a generic name of weight-supporting ceiling receptacle, WSCR, so we are—you know, we did major milestones and we hope sooner than later. We can’t—regulators have their path, but I think we’re in good shape and the team is very confident in where we are, the code team and I.
Leo Carpio
Okay, and a quick follow-up question, Rani, how are you engaging key opinion makers and social media and others, who could generate positive buzz for your technology and products?
Rani Kohen
We are now in the process of engaging a few firms and working with—we have our internal marketing team that works with a few firms that specialize in influencers, specialize in social media. We actually hired a few of them recently and we’re all working together on the marketing campaign that’s going to reach many aspects of social media and other places, as well as, as I mentioned earlier, I think the safety aspects of the products are really important to educate people, and that’s going to help us because safety sometimes creates —I think creates global headlines.
I think there’s not enough awareness of the number of installations and how often people get injured and fall from ladders and fires that take place, and many electrocutions and may other hazardous incidents that can happen, so I think that’s also going to be part of our education to the market.
Leo Carpio
All right, thanks and congrats on the progress so far.
Rani Kohen
Thank you. Thank you Leo.
Operator
Thank you. Our next question comes from the line of [Elliott Messing] [ph], Private Investor. Please proceed with your question.
Unidentified Analyst
Hi Rani, congratulations. You’re bringing out all this product in the first and second quarter, and now that you have the ANSI and NEMA approvals, can you make a submittal for a mandate during the first half of 2023?
Rani Kohen
I believe, and again it’s a question for the regulators, but as far as I know, I think the answer is yes, as far as we know, that we can submit—we can submit in 2023, and I believe yes to the first half of the year, so I believe that that’s accurate, hopefully it is. The regulators have their own time, but to the best of our knowledge, the answer is yes.
Unidentified Analyst
Thank you very much.
Rani Kohen
Thank you.
Operator
Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I’ll turn the floor back to Mr. Kohen for any final comments.
Rani Kohen
No further comments. Steve, any comments here?
Steve Schmidt
No, we’re good.
Rani Kohen
We thank you everyone for your time and we hope to have more announcements and more calls like this to come. Stay tuned. We’re working on some interesting things and we’re keeping the core process and progress, and we hope to have some news on this, the sooner the better. Thank you very much.
Operator
Thank you, this concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation.
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