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| Statement |
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| We're doing just that with our new Care Village ecosystem, a proprietary software stack that includes an iOS and Android app, on-device proprietary middleware, a proprietary AI-enabled cloud infrastructure as well as subscription services, all of which will allow us to add additional revenue streams and obtain margin uplift |
| And as we've mentioned, transitioning from shipping versus airfreight after COVID-19 is also helping us reduce shipping costs and sustain our margins |
| I'm very excited about our talented team and growing product lineup as we advance through the next stage of the company's development |
| To ensure that our nation's veterans, service members and their families, who had stood for us, have stable and successful futures |
| Our vision is to expand beyond just hardware to a broader ecosystem that better prepares us to capture opportunities in the growing care economy |
| But also the potential to develop an expanded suite of products to improve safety for an even broader population was very compelling, and it still is |
| And third, our domestic shipping costs to customers have improved |
| We are delighted to report that the initial feedback during testing has been very positive particularly regarding its weight, compact design, GPS location service and fall detection feature |
| As we enter the holiday season, our entire team at LogicMark wishes all of you the very best |
| Back to our continued improvement in gross margin |
| Along the way, our team is finding new innovative solutions using this technology and at the same time, expanding our IP portfolio |
| Our efforts not only focus on new devices, but we continue to look for ways to improve operating efficiencies and finding sustainable solutions |
| I'm excited to speak with you today on the heels of our first new product launch since our team came together and the first for the company in many years |
| So as we move into the last quarter of the year, we remain focused on launching new products, increasing year-over-year revenues, continuing to improve margins and reaching breakeven profitability |
| Freedom Alert Plus is an advanced device offering features such as our new patented fall detection algorithms and GPS location |
| We have worked with the Veterans Administration for over a decade to facilitate our veterans' independence, and we look forward to continuing our great relationship with them |
| When our team began this journey, the opportunity to build a company that continues to meet the needs of our valued veterans and aging population was front and center |
| In the meantime, our dedicated teams will continue to work passionately to progress our vision, which is to provide solutions for every segment of the population to help improve the quality of their lives |
| In conclusion, I would like to thank all our employees, customers and investors for their continued support |
| The year-over-year decline in sales during this third quarter was due to the onetime sale of replacement units last year, which boosted prior year quarter results |
| Our research and development teams worked extremely hard to release the new Freedom Alert Plus, the first product to be offered under our new Care Platform as a Service, or CPaaS platform |
| Given our plans to enter several new verticals and the progress we are making, we are excited to have recently welcomed 2 new Board members: Carine Schneider and Tom Wilkinson, expanding the total number of directors to 6 |
| So what's next? Our ability to use artificial intelligence, sensors and machine learning is revolutionizing the direction of our product road map |
| For example, we are working towards environmentally friendly packing solutions, including biodegradable boxes and bags and reducing packaging waste |
| We look forward to the Board's elective expertise in many areas, including corporate governance, finance, operations, hardware and software solutions |
| Thank you so much |
| First, we've been able to shift from air freight back to transpacific shipping from our Asia-based contract manufacturers |
| The lower operating expense year-over-year was due mainly to a reduction in general and administrative expenses slightly offset by higher selling and marketing expenses to support our new product launches |
| We focused on 3 areas to drive that improvement |
| Chia-Lin Simmons Thank you |
| Statement |
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| The third quarter came in at $3.4 million, decreasing 12% or $0.5 million compared with the same quarter last year, and down 13% from this year's June quarter |
| As we head into the Veteran's Day holiday, we reflect on their service and sacrifice as well as the sacrifice of our veterans' families in honor to our country |
| This replacement process was completed in September of last year, so we anticipate an end to the reduction in year-over-year sales starting with this current December quarter |
| On a fully diluted basis, the net loss per share was $1.10 compared with a net loss of $4.53 a share in the prior year quarter |
| During the peak of COVID, shipping costs and port delays increased, which necessitated us to move to expensive airfreight in order to ensure that we could meet customer demand on a timely basis |
| Net loss attributable to common shareholders for the third quarter was $1.5 million versus a net loss of $2.2 million in the same quarter last year |
| So we do not see a huge anticipated surprise when it came to the launch of this particular product |
| And so we do not see any surprises there |
| The national cellular network carriers, as they upgraded to 5G, discontinued their support for 3G |
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