Operator: Our next question comes from line of Ross Taylor with ARS Investment Partners. Please proceed with your question.
Ross Taylor: Thank you. And I always seem to play second fiddle to Tyson. I want to pick up on what Tyson was going with this. We have sat those of us who have held stock for several years have heard this, as a story that’s about to break out, we are about to break out. I feel we are a little bit waiting for good dove on the beach. This year, the stock has lost 75% of its value. You have got the preferred trading at about little over 20% of its book value. I think what Tyson was being polite, and dancing around and giving me the chance to say is that this company is worth, I think a lot more dead than it is currently alive. And as a holder and someone who has been a patient holder, I would say this has to be the year this next year, fiscal €˜24 the year that you will be reporting the fourth quarter of in early €˜25.
But you need to sell this company, if you can’t make this business work. But you can’t keep asking your investors to be patient, when being patient means you are losing, this was a $2 stock, it’s now $1.60 €“ it’s now a $0.40 something stock, it’s really getting to be old. And quite honestly, we are not seeing insider buying. One thing I would think might send a real message is if insiders were buying the stock aggressively indicating that they believe in this company, you can buy a lot of shares when your stock trades at $0.40 something a share. So, I would hope to see as soon as we get into the open period, insider starting to commit capital into the common, because that would be a real vote, that there is residual value here. And as I have said, in this next year, get this thing working, get it profitable, get it so it’s generating enough free cash flow that you can pay the dividend on a regular basis.
And that moves back towards book value and the stock starts to move back at least towards where it was a year ago. And I would love to €“ give your thoughts on what, when €“ why aren’t we seeing insider buying? And why are we continuing to kind of press this with the idea that it’s going to work if we haven’t yet seen it work?
Rob Capps: Well, there is lots of reasons, but there was some insider buying earlier in the year, there has been some, not a great deal, but some. Obviously, there are restrictions from time-to-time as to what we insiders can do given what we know, that may or may not be public information. So there, I will just make a comment. There are some limitations there. Ross, I understand your frustration, we have shared as well. That’s why we think that where we stand now going into the fourth quarter is a big change. And we are starting to seeing that €“ see that transition. I hear your message, hear loud and clear. But we do think we are seeing that turnaround in this fourth quarter.
Ross Taylor: You have said you are going to be $100 million revenue run rate business, even with the projections of the fourth quarter, which I assume is picking up $3 million, $4 million, $5 million from the third quarter. You are at the high end of your range, something they were above $50 million to $60 million run rate business. How long is it going to take once we kind of cross this Rubicon, which you are indicating we are crossing in this quarter we are currently in. How long is it going to take to get from that mid-$50 million run rate annually to the $100 million you have been talking about. You know your book, you are not buying if you guys aren’t buying insider. As insiders, you are telling me that there is something out there that you know, that’s going to be material, just surviving literally would be material given the way the stock is priced.
So, how long is it going to take to get to that $100 million run rate. And as I have said, I just think that your shareholders, you can see it no one cares, and you got to create if you can’t get people to care, then you have got to just say fine, I will give you €“ we will sell this business and we will let you move on. So, how long is it going to take to get to that your $100 million target?
Rob Capps: I don’t want to give us a period of time. We talked about a 5-year period before, obviously, we have eaten into that. Some things happened in the marketplace. So, it’s not going to be next year, it’s probably going to be the year after. But it’s certainly very attainable, we still believe. And I think as we get to these higher levels, things start to build upon themselves. And it €“ I think you see the growth start to compound a bit as we are able to layer on some of this additional activity. I know that doesn’t answer you specifically, but.
Ross Taylor: No, I think we are at that stage where and you know it, you see it, we need action. And in lieu of action, what we really need is insider support. And we need to get the company to where we can get the preferred dividends paid, so then you can be moving forward off of that, and we can return the value to the equity. As Tyson is implying, I think if we shut this company down today, I think that the preferred holders would get paid, book value, and I think that the equity holders would make a €“ would make multiple bags on what was left. Let’s get it there. I think that you can’t expect your holders to have patience. And so I think you need to execute and if you are the people you are working with, you are an important provider to them.
You have skills and you have capabilities and technologies that no one else has. That’s very valuable. They are not letting €“ they are not going to let you fail. But they need to do more than just keep you alive. They need to let you prosper.
Rob Capps: Understood. Thanks. Appreciate it.
