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| Statement |
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| Our partnerships with them have started off with very encouraging initial results |
| And PNY has a very strong existing sales and partners in the Middle East |
| Our computer vision AI is very unique in its service and capabilities, and we look forward to being able to leverage upon the sales force to really marketing our opportunities around the world |
| And with our solutions, we're able to save 80% for the city on security costs |
| We expect to hear in a very short period the exciting opportunities, the $30 million opportunity to utilize our AI technology for gun and weapon detection |
| And please note, the common thread, is that wherever we win first, we are now able to take that opportunity and scale to other cities or other parts of the world using the same technology platform that we have developed over the last seven years |
| Upon approval in this particular city, there are roughly 14,000 cameras and at $1,500 camera, this is a $15 million annual revenue opportunity for us |
| On our last quarter's call, we mentioned that our focus for the remainder of 2023 was to develop and strengthen our partnership relationships in selling our unique computer vision solutions |
| Our pipeline, as we mentioned, is very broad and deep, which leads us to looking forward to signing a large partnership deal in Q4 with one of the world's top three cloud providers in selling our systems |
| We are on the right path to both successfully pivot our business to other parts of the world and look forward for this call to explain what we're doing |
| In this particular case, they'll be deploying our facial recognition for VIP and Blacklist, queue management, and people counting to enhance the in-branch customer experience |
| Have a good afternoon |
| And because of this initial success, our partners have already engaged us to do much more |
| Kai-Shing Tao Thank you today for joining our call |
| Thank you |
| Thank you |
| Statement |
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| Overall, our project completions slowed in China due to the business and economic recovery efforts that [indiscernible] restrictions were lifted at the end of last year, as well as due to the political tensions that Shing mentioned, which have been increasing between the US and China |
| All of those conditions made it more difficult and expected for us to complete projects on a steadily increasing pace |
| And as you know, the problem with -- this problem is very serious for all the cities |
| Over the last few quarters, given the economic difficulty that China is experiencing and the rising political tensions between the U.S |
| As you know, the 311 call centers have been inundated with calls and experiencing 10 to 15 minute delays |
| Our operating loss decreased to $4.1 million in the 2023 third quarter compared to $6.7 million in the same period of 2022 |
| Number one is to handle the migrant city centers, which we've all seen has caused a lot of pressure to different cities' budgets |
| In addition to the 39% decrease in operating loss compared to the same quarter of 2022, the decrease in net loss was primarily the result of the 2022 third quarter, including $0.4 million of an accrual that did not recur in the 2023 third quarter, as well as a $0.3 million loss on investment that did not recur in the 2023 third quarter |
| In addition to the decrease in revenue and a $2.2 million decrease in cost of revenue, operating loss primarily decreased due to activity in general and administrative expense, including decreases of $2.3 million in the amount of reserved for doubtful accounts recorded, $0.8 million in legal and professional fees, $0.5 million in stock-based compensation expense, and $0.3 million in business development expense |
| Net loss totaled $7.2 million or $0.39 per basic and diluted share in the 2023 third quarter, compared to a net loss of $8.9 million, or $0.85 per basic and diluted share, in the same quarter of 2022 |
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