We also — as we mentioned, we have our 60 websites or so. We’ll all be equipped to work with builders. Builders, they log in have a pro segment that they can log in and buy wholesale from us, and we’re going to channel a lot of this builder business and architect business directly to our e-commerce although we’re working directly with them too. Did you ask about — I think you mentioned the QUOIZEL deal? That’s of the other question?
Michael Legg: Yeah, the QUOIZEL deal also, yeah.
Rani Kohen: So, QUOIZEL is a nearly 100 years company, one of the top U.S. companies supplying to all the major players in the market. And we’re very happy to have this collaboration with them that’s going to go also majorly online in building segment. And they bring a lot of additional business to the table. And it’s a world-leading company and we hope you’ll hear about additional companies that are collaborating with us down the road.
Michael Legg: Okay. So the QUOIZEL, the Material Bank, those are kind of open-ended. When you look at the 1,000 homes, you mentioned $5,000 minimum per package, that puts $5 million floor on the possible revenues. Do we have timing on when you expect this to start coming in?
Rani Kohen: Yeah, we expect to start deliver early next year and either Q1 or Q2 of next year. It depends on when the construction level is ready for us.
Michael Legg: Okay. And then I’ll just ask one more question and get back in the queue. The cash increase, it looks like you used your line of credit for a $4 million. Can you just talk about how the cash was increased and where it came from? Thanks.
Marc Boisseau: I mean, we have to refer you to the statement of cash flows because there’s a lot of line items. But basically — so we took some additional — we got some proceeds from a line of credit from a bank that is secured by inventory to accounts receivables. And that was approximately, let’s say, $4 million.
Michael Legg: Right.
Marc Boisseau: Now, we repaid…
Michael Legg: No, so that’s the bulk of where the increase came from. That’s what I was just trying to confirm. Is there a reason you used a line of credit instead of using the cash balance?
Marc Boisseau: So, we actually decreased the utilization of the line of credit as of September 30. There’s $2.3 million available under those line of credit as of September 30. And as of June 30, it was [indiscernible].
Michael Legg: Okay, thanks. I’ll go back in queue, too. Thank you.
Operator: Our next question comes from the line of Leo Carpio with Joseph Gunnar. Please proceed.
Leo Carpio: Good afternoon, gentlemen. I actually got two quick questions. First question is, now that you’ve got Belami acquired and have a sense of your sales flow, will you be providing any revenue guidance for this year or next year? And then secondly, now that you’ve got these contracted deals in place, how are you going to be seeking — trying to drive more consumer demand and awareness for your products at this stage? Thanks.
Rani Kohen: Thank you, Leo. We’re not providing financial guidance yet. Our goal is to keep on enhancing our market penetration. To remind everyone, the more receptacles we put in the market, the more recurring revenues we will have due to several reasons, but that can open the doors for interchangeable of fixtures, a replacement of fixtures for season, holiday, and other reasons, as well as it can open the door for us, the smart products, to monitoring subscription models in the future. So, we are all focused now on enhancing market penetration, as well as enhancing the availability and variety of products that can use our product. And as I mentioned earlier with Michael’s question is that we started with hundreds of products, we’re already close to 10,000.
We expect to be on tens of thousands by the end of this year. So very soon, tens of thousands of products that will be compatible with our products, smart and standard, and hundreds of thousands next year. So, we’re just focusing and growing and enhancing our market penetration. We’re not publishing those markets — those financial expectations yet as we’re in process of growing here. But percentage growing very significant quarter-to-quarter, but it’s — again it’s with the more we enhance our products towards compatibility with other products, the more we expect to grow in numbers.
Leo Carpio: Okay, a quick follow-up question. On the mandate, any sense on the timing of when you may receive an answer?
Rani Kohen: So, we anticipate it to be next year, hopefully earlier than later. But regulators, we know one thing about them, they’re not fast. That’s the bad news. The good news is, we’re 12 years in the process already. So, some feel it can be very early, some feel it can be later and we can’t — the ball is not in our court, it is in the sole discretion of the panel members of the NEC.
