Moving to our balance sheet. I’m encouraged about where WidePoint stands from a liquidity perspective as we’ve done an exceptional job to manage our cash and because of our access to the $4 million receivables factory facility. With that said, we ended the quarter with $8.5 million cash, which was in part due to a large advance payment from a customer for a three-year contract and tables management in preparation for the potential federal government shutdown, although that shutdown was averted. This completes my financial summary. For a more detailed analysis of our financial results, please reference our Form 10-Q, which was filed on November 14. So with that, I will turn the call back over to Jin.
Jin Kang: Thank you, Bob, and thank you, Jason. I am proud that our efforts show that we are headed in the right direction as our financial performance has shown significant improvement and the bulk of our capital investments are now in the rear view mirror. In terms of strategic growth initiatives, we have formed key teaming agreements with products and solution providers that are poised to fuel our growth by enhancing our offerings and expanding our market reach. In parallel with this effort is our strategy to continue teaming with large systems integrators and other strategic partners as we look to scale our growth engine. Additionally, in line with the trends observed in previous quarters, we have remained actively engaged in evaluating various M&A prospects that have the potential to enhance our current business operations.
As of now, I don’t have any significant developments to report, but rest assured that we will promptly inform our stakeholders should a promising opportunity materialize. Our team remained focused on continuing to execute our plan for organic growth. We will not be offering specific guidance for 2024 at this time. There are numerous uncertainties that make it challenging to provide a clear outlook. Factors such as the ever changing federal budget landscape make it difficult to determine the timing of new awards. Additionally, inflation and the result in increased labor costs continued to pose a challenge for us in determining our costs. We are also faced with uncertainty regarding pending awards for material contracts. However, we are optimistic that we will eclipse our 2023 financial performance in 2024.
Rest assured, we remain committed to providing updates as soon as we can offer a more accurate and reliable outlook for the future. In conclusion, our company’s performance continued to demonstrate its resilience and adaptability, and we remain dedicated to navigating the challenges ahead with a strategic and forward thinking approach. We appreciate the trust and support of our investors and shareholders as we work to deliver long term value and sustainable growth. With that said, we are ready to take questions from our analysts and major shareholders. Operator, will you please open the call for questions?
Operator: Certainly, at this time, we’ll be conducting a question and answer session. [Operator Instructions]. We did have a question coming from Scott Buck from H.C. Wainwright. Scott, your line is live.
Scott Buck: Hi, good afternoon guys. Thanks for taking my questions. Jin, I’m curious, you talked about expanding kind of the scope of some of the contracts at renewal, have you guys been able to move pricing at all or has that been pretty stagnant?
Jin Kang: The pricing has been pretty stagnant, however, we did have some successes in adjusting some of our contractual pricing in our TLM business, and we’re continuing to work with DHS and the General Services Administration to increase the unit price for our managed services. We’re quoting the current inflationary situation and so far we’ve seen the government be a little bit more receptive to our plight. So I’m hopeful that we can get some price increases for both our managed services and our professional services rates.
Scott Buck: Great, that’s helpful. And second, could you give us a little more color on how you see the K-12 opportunity? And then maybe how you guys can potentially accelerate your involvement there?
Jin Kang: Yes. So – so as Jason said, we did have a fairly large group of folks that came in and listened to our sales pitch and we pitched to them several new potential solutions, with our identity management solution and we have a new development – couple of new developments in that front but before I steal Jason’s thunder here. Jason, if you want add – talk a little bit about the new development, our Bluetooth and also the – our ability to issue soft search with our new teaming partner.
