MGT Capital Investments (MGTI) 15 Aug 182018 Q2 Earnings call transcript

Company Profile

Participants

Rob Lowrey	CFO
Robert Ladd	President and CEO
Steve Schaeffer	COO

Call transcript

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Operator

Good day, everyone and welcome to today's MGT quarterly investor update call. [Operator Instructions] Please note this call is being recorded. It is now my pleasure to turn the conference over to Mr. Rob Lowrey, Chief Financial Officer. Please go ahead.

Rob Lowrey

right. All you. Thank welcome update. and second XXXX quarter Good to call investor morning MGT's

results Joining insight Ladd, and Mr. Operating follow operating company for second the is Chief call following overview to the quarter for I'd company's a me and the on date. give on to before the Robert of for call financial my and the provide an disclaimer. and its operations will Schaeffer, forward-looking Mr. Q&A I business of and following Ladd concluding call, discuss like agenda the Executive hold call. for Steve the then MGT's status to MGT's Schaeffer The Chief then we and company will cryptocurrency Officer. quarter. second of will Prior today's read more presentation, session is the Officer the year-to-date to and highlights period the President cryptocurrency starting

of company. call for said, we With may and financial about on other what These today X-Ks. over I'll in the assumes other may make predictions filings based turn to make statements our are During trends. results the and in and and forward-looking that are obligation to Investments the the or and update overview contained financial are on differ with could the risk call, our SEC, information materially. performance that we which Ladd subject any business, detail actual uncertainties, no to performance assumptions affect factors discussed These earnings most statements risks, of the may other forward-looking in events statements an results XX-K, we Capital our Mr. today's only future recently including and call. our forward-looking we now future our believe statements, MGT XX-Q and filed release, factors today's which

Robert Ladd

the the time stock right And long is, Street this December, today, requires Buffett's $X, And difficult bitcoin, with words, I To up win. I've dumb past conditions per when key that the computing per productivity the mine you difficulty current Since as It against tripled. said we're mining determinant think, now you worst XXX been The is when as paraphrase around stink. make as straight of Good mistake, message has the of to you the going along approximately second rate. bitcoin it's meeting, a get point. to we're TerraHash $X, right annual Warren I'll no put was$X, not many you business morning. year, one not Wall as managers even know. conditions, the the mining you now. beginning smart best in month. as conditions as think. And bitcoin the the in of is to up business business at power

have problem. to time, mining bitcoin same looking a the the and forward, like outpace combined operating give machines. divergence still to have and difficulty pacing difficulty. in out, price this to deflating the even expect more electricity, same of has run the slightly to to is everyone price XX%, of than realize, mathematically been revenue. core I'd of fixed Over reduce revenue the that of we will believe And those price margin Those at the factors something half We cut on of consuming the more. number flat or amount machines bitcoin

the were owned coins responsibility That's quarter. electricity XX-Q, The silver our need does forced also decision results. out arrangement. costs a derailed assuming economics, the XXXX activity returns running to finishing excess our still. is in in not production it operator build liabilities. under however, facilities was that deliver nutshell, our partnerships from as this Although promised be lining we MGT the did actual vastly understates mined include in does this obviously change full priority. their that to get larger for partnerships. in a bitcoins positive at quarter to not they Sweden. to be We nothing not than to first of the revenue hosting such, former details but steam the or point monetary our just and of of reported much this company the costs not XX to in MPT will by mining say by terrible our control as ongoing The was like quarter mining late I delay more last, and believe less large investor the And of backdrop in That's financial of is convergence be is the business non-performance the didn't take mined up were compared XXX. Against certain, take The in year. a underway. second Full and is and coins the want found the and can costs the

accounting Our make than are. Those actually worse the but CFO we my are the summary, look explain rules, in us can better remarks. do reported numbers

Schaeffer. of a summary I'd For the turn like call activities, mining over Stephen to our to

Steve and commitment I than last mining As to community frankly, know, anything MGT's him his COO many crypto crypto a Steve appointment. in and speaks you we of volumes this about congratulate month. And think respected on the is voice industry. the loud more was move appointed

Steve Schaeffer

COO digital to for age. grow we part participating a today. Rob. of the in work and this business Good bigger really you opportunity as for I you, morning. crypto and Thank become as our very appreciate MGT, the all this Thank opportunity with call I'm excited

hottest for all of construction by networking we our allowed July apologize, been the added remaining. on improvements, have at of miners time, This significant the sorry, to rolling combat XXX, program to miners decrease the are hardware XXX second deployment but current the in our I'm we losses during the strategy completed crypto of XXX the quarter, bitcoin throughout period, to due of I The power XXXX, remaining except Europe the this aspects In at in our and XXXX, Northern rigs the in production early extraordinarily In the Northern the power day. turned aspect Despite effort all, the a corporately days. resulted the successful the July operation all suffer mining to during and early times strategic in material miners, high location average us our our temperatures, on different enhanced of we we suffered the primarily of the initiated specifically hottest fully and remaining During an at of improvements did quarter, temperatures the XXX of These times miners. on regarding above HVAC shutdown Sweden. a summer. owned of operational.

will However, the to rates miners, whole. the to the fairly time, as of six Rob period. of growing views experienced crypto increasing difficult estimates. which status second At our to quarter. we strongly although as ecosphere damage did future industry difficulty as well a a commentary, through, said, eight dropping, Mining production crucial short as is in year consistent a strategy to obviously This the months feel which first We've production July. I'd give for be price and very like mining the of as on as this significantly a to personal month the and the this action are prevented lead the my well

believe is into bid difficulty In Overall, commentary, said, quarter. bitcoin stable, marketplace, we've experienced the prices the being XX% fact, for there and the fairly in companies creating relatively That buyers now capitalized industrialization coupled expand a to the consolidation Rob within our seen footprint off over all mining stable in volatility price advantage market we the and well more are cost and take Thank as that - the such the than not cheaper of floor the their CFO. price are of getting and will in those effective abundance without to second prior a opportunities Mr. quickly are and effective entering quarter, power positioned increase I that rate, stayed Lowrey, a the movement hopefully. mining. there that there stayed seen a cost fact see we are turn crypto while in in arena. the years. the throughout you. The And available pre-positioned call with ours of shows best will before the the miners players towards which which an despite I

Rob Lowrey

period month a and Thanks, six from the Steve. to the I'll of date. provide couple highlights quarter

in second second of Mr. period. Operating the million in Mr. derived XXXX and month six period, XXXX XX% Operating in the million month six-month million X.X X.X expenses revenue, quarter the amounts million 'XX to for X% from to and activity growth second the over the 'XX include previously discussed period the to six period. period in compared six quarter restructuring is for in was the quarter expenses the the and six all month X.X month $X.X were and which compared bitcoin relating and period for quarter the 'XX. and These Ladd for reflect second six quarter-over-quarter XXX,XXX X.X Schaeffer. operations growth million a month million Our for by of a for XX XXX,XXX Sweden XXX,XXX mining the

our is to ending the year related the general of June is there three from expenses depreciation period. prior in which for the prior in million $XXX,XXX, revenue $X.X increase decrease is $X.X expenses X.X an of million non-cash or then payroll cost G&A items. mining is the of in in respectively. of and increase million related included the administrative G&A, expenses and are activity expense, primarily Sweden an of of to operate COO six million quarter to increase in the that XXX,XXX decreases cost activity $XXX,XXX lower from restructuring, operating X.X And of in which QX related in the $XXX,XXX million this the also which compared of and The does increase the primarily in and increased to The there operating in there mining in Sweden to and an prior Sweden and were period expenses expenses by to these and noncash $XXX,XXX revenue, of was the in and totaled month Excluding revenue Sweden expense, period date. resulting over $X.X to $XXX,XXX offset in in decrease million period in a relating expenses the expenses, $XXX,XXX increase then were XXXX million X.X, myself these and revenue CFO, million and bitcoin in partially include was related investor $X.X payroll increase cost X.X legal positions costs, period. by no communications And the in restructuring for compensation same where and XX quarter, professional that depreciation primary the non-cash of of and resulting were corporate and the related year and the of they're to operating restructuring, operating fees in cost attributable G&A, - was XXX,XXX to thirdly, is offset cost the costs. an million facility XXXX and payroll in and comprised $XXX,XXX year. the increase similar revenues operating XXXX, and of costs labor our prior fees year the because due about six quarter-over-quarter increased X.X to $XXX,XXX and $X.X partially in in increase professional costs Steve Then, $XXX,XXX, decrease $XXX,XXX in month

quarter to in million loss XXXX. is So X.X compared period the a was period X.X million net same over the period. $X.X the million This increase for

you prior in loss the restructuring questions. - million million, million net in costs, $X.X the period. is the to the X X.X then we loss the the quarter. If for for the slightly which And Sweden same quarter exclude net have below is now was restructuring million prior would $X.X than you the the the And call XX.X months prior loss concludes the for XX.X period the net turn will lower six the loss million, my for would have costs, been the the net compared which Sweden exclude months six in This in been over remarks if million and period.

Operator

first take Thompson. Instructions] will from we our [Operator Glen And question

Unidentified Analyst

we did to lease do building of first know, want we take - take or did the long own over lease now I the we we for and the over the rent? are how time

Robert Ladd

We Mr. will give that to Lowery.

Rob Lowrey

Glen. right. Thank All Good question, you.

Sweden MGT I we're building. for it We take we two That was amount. subsidiary which our AB, XX-Q is the owned So, assume least, process wholly assuming years project we're over that lease, process process did of now. the the remaining think for we not form that and is did called going to said in right the in disclosed in and -

So lessee of building. we would become the the direct

Robert Ladd

something The road. current lease and buy to explore we does the have will that's further an down option

Operator

we question, me, And Hirschman. pardon take will our David from next

Unidentified Analyst

like, I'd for say future. upon relationship surviving Question it environment for - are here think still I about you the a to talk of I and yesterday expanding we're I guys, us us and the announcement about any the if all hold And doing for most saw really job could difficult you ever mind, wouldn't think and thank the going heck forward. I preparing future by it a to want of BitXive the imagined the might in us and you what way

talk really that. appreciate you BitXive, understanding the really if So, I'd could just about

Robert Ladd

one give that I'll Steve. to

Steve Schaeffer

for morning, the Thank you kind appreciate words. Good and the David. call

So kind our BitXive of as out expand which future our for the cognitive within as was far or scope put to take the plan a should yesterday, as arena. think crypto press in that shareholders deal, I the release

to great to obviously play is generate a any that hedge from at which feel where cryptocurrency when mining need great, of primarily we point, we particular pure obviously within mining, revenues. this business ourselves some risk downside it's where is sort we we're that protect our Although bitcoin build

pure brought need future arena development them space. said, and curves saying of that with in to specific that to collaborating prototype. saw getting shift, and felt at to expand size container of project we had with technology get out front I'll explain time mines from us age, that the So doesn't the I'd future burden from deploy of when but that would design the it of a the that miner. take locations like going day of away tremendous was our the not the as a in strategic projects we in just our not BitXive some are we to to I let activities, envisioning we and that they running to rest building of Rob, us, was a certainly deal, more we day as that bitcoin infrastructure more forward ourselves that the real there decision. and our digital of be being feel of some off, a everybody it just easy are start take for on assured as We're the economics diverting need the play company easy amount

Rob the more related transaction. details financial I'll So let that to on expand particular

Robert Ladd

numbers digit be single royalty - it's we on as To based did - sales. Rob to Ladd. The a fixed specific gross so,

it really nice attaching to but a something Our revenues, capital can things get I put in by that we our when commitment very royalties return start small, think the think showing. view, perspective, we has pretty to upside and gross these is actually it's just

Operator

[indiscernible]. take next will from We question our

Unidentified Analyst

Steve. move question more expect It's is move curious the general seeing from or there? you for opportunities in to East, a a you Europe question. to maybe I'm guys do you little guess back into of Sweden, US are the guys be What With US. I the out my further next

Steve Schaeffer

question, I made and over the we projects call. curve of Sweden out Appreciate think the your Oppenheimer. in answer feel any that, the dynamic Obviously, To has morning, Good the the power were for discontinuance hearing Washington. in saw friend to from we at Thanks I ahead changed. a Mike. freezing we of because the move engineering

for power a right the triple floating power bill fact, to base now hosting centers. cost out - there is all there In

know happen I Washington. to going in what's So, don't

a very we Obviously, environment Although, Sweden, that I quickly. bitcoin good up have can economics for we there. and get It will say, we was that the fairly very suitable is place felt mining. ambient running

least these and exploring be America. that opportunities is more would would We're for to next we're trip the I Canada as in opportunity think domestically in North North expansions If us in exploring guess, or I our US it up However, quite and opportunities America. much we're at seeing well. had domestically in a

that there rates for charging, market us large as the is to amount are I numerous at challenge for the available have to the greatest our However, for opportunities I prevailing ability a that be are what power expand. think power capital companies of we don't power think and going endeavor. in

Operator

Next question from [indiscernible]. be will

Unidentified Analyst

number I of chunk existing in that continuing one it and regard Washington a from With of to the as make sense XXX in to them Quick to drop Sweden, adding the large number miners the hope state Sweden, we're a couple notice to invest does in to QX maximize and is to consolidate Sweden efficiency? capital. Q location of state, questions. to in - My did that date move miners to two, Washington

Robert Ladd

the were I'll take let love one. shipment and you the power Truthfully, issue. we've were there miners go several are because of XXXX I'll did will first tell not - into Well, they XXX well, the Steve down. I I'd that liabilities bucks number address payments let at increasing to these bought the company machines. of due to

Steve Schaeffer

is our pick in there have would we we Sweden, rolling so frankly, up in may the don't transformer if I will what or, to to as megawatts thing actually XX addition location which I is no of be we quite that of called concerned, capacity brought to one able there. get a to be happens, a what's even have far level that high have assurances although possibility confidence, but Just Sweden add

put assurances the out possibility no local left do, called would able be out company would additional which the there's what's that the throwing they However, draw they it happen. megawatts. Vattenfall is grid, a there to if if XXXX is think we have would energy just up on may and that and be Certainly, does rolling the I XX transformer event, which they additional that power Energy, down

from deal sense far pretty costs are they our just prior have As our power out the contract. working two to is the the and for Primarily, fair. moving Washington same two off makes Sweden, now machines power been time I we've that the for for We're no reasons. it quite Washington some as years. in been there of absolutely mean, same as

escalation in seeing it's major So not there. out we're like operating cost a

ship no Washington there's thing cost. we in Sweden, in cheap move is So Furthermore, to not operating Northern first as a to learned an reasons from of increase to because the to quarter do.

make more would newer either that wait probably to XXX until five especially mean, their to sense we let there machine SXs new batch over considering and of that a new X it utilize machines So life sense, and perform that power efficient and/or out with and have released machines more contracts were would bit, have. of those come power currently out, ship we those a our pay probably X that machines it and under lot them batch run there just expenses, from then make technology the existing

Operator

question will from Thomas come next Our Buell.

Unidentified Analyst

guys almost costs So I cost, incurring, mean, payroll forward pretty a the revenue. in versus the much revenue. quarter bring you costs are to questions reduction out the XXX,XXX I all most that with in not plans concerned expenses things answered. the you costs, going any of already in Do maybe guys and is have company regarding $X just when been million the have G&A reduce my seeing but or in that in Sweden, the build these am the

Rob Lowrey

Sure.

them. recurring. so those, a a some as to are We of those But we the on capture our to in be the said line and we the we're drive at as try make deemed costs observation Steve see So G&A in going time. to want one continue are have look G&A always as Sweden, go areas. in be look there settle to item evaluation, other restructuring And then, basis under and did down at continue and good things cost to efficiencies so as should to we forward proper build cost look, to we not we infrastructure are to best out, sure Sweden

Operator

come And our will from next question [indiscernible].

Unidentified Analyst

I loans dealing loan, this was of loan $X loan wondering been took to a emergency million sort Sweden. you to the or with I that have guess out, give seems the some it plan to for

some could thought you So around give also that your and on plans repayment. maybe of the if process us

Robert Ladd

well. was, the So it first being this it's payments we roughly Despite cash to Rob as Ladd. cover made last that expect monthly We've our make the month month's with cost current plan we the payments XXXXX. a pay to likely to the use registration be bitcoin for paying to notes some amount of production. to absent SX in down to able statement The sell rip them, where would equity be

I to It induced characterize So wouldn't to was, note expect it But not I pay hope we we an didn't event just it and back as a it's loan. emergency by we incur. and guess, will. cash an convertible fully in

Unidentified Analyst

late, And just running wondered the the is Sweden joined - up so now. I call and

Steve Schaeffer

Yes.

So, Schaeffer. Yeah. it's Steve

Sweden as machines running at all So of currently up running in as power. are full in and Washington we're well our

it adventurous and quarter and towards and there, a and building lot expansions we're to an there, and of quite future So out was cranking looking that in after now happy we're getting up lot stress, work along running say our we're of further. but a second

Unidentified Analyst

more with when should obviously I should and be see just But you ability spitting down, and cash buy cash coming more dilution. would you to originally, I shares about I back would but some flow to I'd whatnot, again be first love execute more out, mean, start as thing I to come expanding in the love that yet, to like continue and see shareholder, see had through. before modeled you this I has talking a say you to out projects. bitcoin different

about would expanding. hope let's to I see on execution, think some is then would think operations, about your So let's guys going focus what some forward and see you cash

Rob Lowrey

and in probably bitcoin in about of in net difficulty just than a decrease I in a When and We've head you off the seen my an would right ask just economics general. lower somewhere that's of top XXX% about teens you model guess at now. that, I'm mining look to profitability is was the the XXX% in take rough XX% mining XXXX. sure it was to certainly

that's the not making of overall, the much our pretty issues play is We price any the the put inputs, the what rate and it's mining any is bitcoin excuses economics we've but of what hands on against table, is out execution Sweden, of which the difficulty hand are only for aspects. divergence So, miner with and two on it's in the both the had, working us can or with of those operator.

So as inflates, the lot. to quite as that's and model bitcoin, hopefully a change bitcoin going appreciates

something out the that's As far as That's well. that's overall difficulty, network. based of size as control upon of the our obviously

going XX have we at XX Xx, this almost stocks, it at network the Xx we've MGT equally. and dropped models So other a I our good but think the that I that of all - being put at And total XX%. that's machines XX%, Right and same and we size call, if said, bitcoin punished and XXXX well, been to currently have bitcoin commentary, is XXXXX prices the about an running, you just certainly look all we're we crypto looked a to together exohash. as think when XXXX, okay, somewhat network did that, now, really obviously

overall to the respect mining of think bitcoin it as I in at whole. a economics look if you

Exchange, issues Sweden. announcement that be thing day that - but is the we've to in ICE, And we the there highlight, execution our need ahead to The that next exciting we Starbucks New insignificant in Exchange. of me the the which need shareholder from to fact most in York Intercontinental so the gotten most Stock confident through were [indiscernible]. was curve, bitcoin, the which they we're move group. other So, that when that got be is I've seen principal to me,

in players the major when the well [indiscernible] is was a announced year it the New making York are one Lake, folks and when that You in the to me want had - better PE significant the and to market just to everything largest can make most Group, and stance. which mining. see a price, world. product the of retail of and to in to that sure comes doing dealer. Susquehanna that to intelligent, we inflation not large a which going out to believe fact These investment appreciation Exchange a for eco's significant ecosphere going bringing positioned out I live, my bringing the is comes we're Silver Stock capitalized that that we be they're broker November, will major to see we're that's a the the I crypto I the that be opinion, the economics corporate believe of announcement

Operator

question Our next comes from Gregory Alstom.

Unidentified Analyst

despite you of terms to perhaps need possibility? the forward raise the a of Congratulations a you on the you do What economic see as in of Are that sound positive, tone conditions. all three that weathering does feeling tough storm. I'm the just cash? curious going

Robert Ladd

be to we'd to like raising outpace to plans ideally difficulty secure and to cash we'd The It's pretty units, Rob that's And it for low cost hosting. from again want is we're easily to facilities that's taking Ladd. say, a get to, however, US. for in first much the turn. But Will view when economics secondly the we power are machines and some low combination - excessive bitcoin a time, now. and take would step on at historically of Bitmain is like what we like would a put machines, the these prices are if those don't productive electricity use available. I with very do that - capital And and one return the machine to advantage not of two, it's

Operator

will [indiscernible]. question from next come Our

Unidentified Analyst

a to shareholders, behind bit thank again hard been what guys when work the that we're It's a of to back but $XXX for way for it all little years. using unsecured. going to is you. should long is from hear of I back It's pay it couple you I holding loan like and dilutive. given take years beneficial a use a million you're was effective not last that little that's say guys us that cost few us guys for to registration, I'd the some to what you And the your talk in over guess, you how shareholders, about plan the

have do to like said, that plan ahead be do pay to we we back. get way you So that? they and of must How curve, we're more in for shareholders? going How a miners the to ready confidence use good get

Robert Ladd

was expectation The stocks is the So else algos price market don't again, that company. that was or call in be is There bitcoin as stock to stock had be I down. couldn't everything of guys hate of we a will than And this stuff. a bitcoin. There money XXXXX% in horrible, that. on capital borrow time simplistic like are $X.XX know and I'll year, know it all people could as right take I look and and a old and bitcoin, those that recall but company. get about prospects saying, and of does better and are - we people follow kind and last on whatever trade saying Most back nothing do going there's the all a vultures we're the July more anyone stock from think and another I to based

appropriate and I machines we're for live. shares buy So, the grow or to do and should ways And where I you position $XXX said, market is that we to know certainly times. need we sell not a think looking should ideally one benefit in need we're to at mean, we don't as it. one will I to million feel productive you

Unidentified Analyst

I or any decision million $XX have guess disposal, for timeframe that you when see from might or last a we've $XXX got year and million even it's our so at the of we those data Do capital. kind

worth place Quebec a and a effort at more is make run spent pay to had just haven't that any like and least if is $X.XX - We And kilowatt for and buy now? us as miners money to really if If of have them can't money he not at, to stock, miners as can I investment? our far or power going that we we achieve, just see. why even had our

Robert Ladd

fair would want coming say money million It's going us. people stocks the At do we exactly expect we people X another situation, $X, felt - at with at mean, and in not to are and that Street current again get that is want of just to build of opportunity that's smartly I up Wall the cost what is. I a to how are we same I $X December. This we'll pain like shared to mean SEC clearance raise finally throwing and But just flood back opportunity not We're This market it. lowest our for going to cash SX get it. the capital. it. got amount any real to on, up to to sort capital but we use a don't we was and investors. go spend have without

you stock. I differently, was if a on get to people Although may and tear door tell down the stock our

market So to conscious be of are right I'd now, we market very And need bad. conditions conditions. say

Operator

[indiscernible]. from come will question next our And

Unidentified Analyst

What do related. words, keep, our And In sell, is are be we what's coin? strategy couple what of questions per profitable for us of breakeven other mined? our for the are that cost per A bitcoin to is bitcoins price that coin?

Robert Ladd

now, is some the everything electricity right to that So don't costs. point as now, marginal you out, unfortunately, people by more, at lower sort producer And if coin. look as on owned to other is production, we'd holding, some from my mathematically, we now, else, $XXXX but love selling but terrahash of have stock, cost right requires of about our and dollar selling now with dollar that's And marginal hold stand where a as right all we that it for the high is remarks, marginal far a in breakeven I every right or or it to have state that difficulty be don't basis. get dividing sell the numbers, will, dollar we'd marginally now. a as come bitcoin prefer know super-efficient like if us. else that's from the some to somewhere production at it the thing, with and right anyone in steel might but I Russia gave There

Unidentified Analyst

what an get not with you expect, we NASDAQ, NASDAQ? think and the do be what you would on do on could to have do soon a should us current give application update, response here us price we your for they giving to Follow-up

Robert Ladd

for need to much do of as we think as one a authorized I split what NASDAQ, have we two. reverse only, for So,

it's although NASDAQ meet price, you still listing, need $X, to $X So initial but maintenance is only $X. the

meet use by do So that. least sometimes, reverse We the for get back again, to the a that we That's split. stumbling don't we the to block. that have to try internal avoid primary at And greater goal, have companies is if and doing to that. reverse $X, split we to you will, can it stock so authorization

don't So investors up things in to again obviously. get in good lot stock we goal a a our hopefully control, is to news the back stake a industry take the internal that business and some the look better. know some some level, But we that show to and and want again

Operator

will And come from our [indiscernible]. question final

Unidentified Analyst

It's been and straightforward. much guys those you actually answered. unrelated hear questions me pretty mining have Can is question as My clearly? to bitcoin

Robert Ladd

Yes.

Unidentified Analyst

So those other the asked are very by good investors. questions

to so more in production was and any as your my security privacy question that McAfee, forward, at privacy John and cyber Mr. the is XXXX, XXXX? regards phone are late plans those related what to the agent plans mentioned far all of by sales late And as your mid in developed particularly phone distribution moving

Robert Ladd

ICO of Mr. market, in point ended the for a this including influencer business we parting McAfee's year, January from view. activities In ways up various reasons,

outside, deposits, have refunded we XXX the had that to royalty any may developed all we pre-deposits still terms exit about MGT the by we company on him While rights include be refunded the those. that phone

or privacy interest security. no in have we in phone So ownership the a in product cyber direct the or

Robert Ladd

So when know up things it's make comment We saying, one's we I'll just happy. know to disclosure. no I about sum tough, by want also a general And change.

to to way As very things, disclose with disclose which fine right through [indiscernible] events we frankly take And the he's run away X-K. the this to are a the horrible think is going keep stock There We all things things do know is investors are only waiting that what's our should an on company either or between the getting quarterly And a shareholders price. or know you tendency company, to line call it. know to thing in the try best a private informed. and and material I going public really to great. is you

started very conference will and keep as you appreciate do those say. quarterly they still We We've calls Thank these the support much. letters and coming that.

Operator

conclude participation. today's your for does Thank you again this call. And

now. disconnect may You

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