Sure. Kevin. Thank you, Thank you.
of next, Pay. any spend in do we’ve the there so, -- what sale and a -- with And transpired it up. of to of tried just fillings, I external like want clear spinoff I investors bit time is the the chat if about to Fit to to and describe little Fit the failed group good I’d the very the sale if may, Pay. that relates job a and ultimate as And
want And is have. so, or there that of there's aware to of just so really points I confusion everybody understands, that what make couple no sure is and a that
everyone. cleaner, much for I just a so, for it And much clearer picture think will make
And was so, to very currently Company's the lender the have generated back cash being the that May business. previous the certainly and term of went we about the the LogicMark refinancing when facilities, flow were in loan concerned how allocated the from on we through lenders remainder of
very, in was take one it the limit of the And so, to an cash that became lenders -- that very wanted the be elsewhere of was minimize amount effort used the business. the amount that of time things to within clear would that would
And so, the effectuate, days facility will, when term we you of allotted the to entered into from XX loan the effective agreement date the if company the agreement, spinoff. the
XX a the timeframe, that were for if we the which to then, spinoff And in lapped, we be not would XX days then in days. we look an complete the business. XX additional days was it for suitor so, had required And able to
gain Pay were a growth and not we we were being finding we was could on didn’t of the and traction filed, were lot to What loan once for the financing refinancing had to presented, with runway as we to was bridge looking appear completed patterning. to So, and provide that enough it the continue financing quite Pay we got Fit the Form-XX -- its gain we Fit difficult. got we
And conducive so, Fit early or markets it difficult you’ll if and made were successful quite timeframe, June, the Pay very July, soften, not that were starting it believe we And term to and whether to Pay brought get that for recall, really it midsummer around Fit brought July into honestly, importantly lot work also really to public. a sheets financial in was and we as bringing more successful really late -- with. be would to it be more to the questions
And all done on, so, it the in not to by we able to get with allotted going that to that was lender. of going clear the this were time be
the million. we ultimately, you all as we obviously, we On for Xth, -- to roughly completed know, sale. September $X.X sold So, the business Garmin
the this there chunk the were help on there I operating mean, requirement if able which to silver don't business obviously a And cash is a forward, if the we and really news, flow believe Pay back so, any going should take lining big And and think Fit going I of time, secondly, that here good proceeds have delever would forward. is business require. we all that sale the I
in what to really what import And to but we what’s back we ourselves is things, and do saying future position two for could Company to alluded a do moment, we -- the what with business. shareholder we on Kevin value Fit Pay enhance said we here really post was think, very mind. different and after it such generic really that sounds all we it in here the growth really and went the and doing least we I did do a and came have basis, as very was way what distinctly for regain need we know what So, did that paused ourselves to position we really I away at of it you, confidence, to do very need what and really my are to,
And feel already has to so, again. think into may a Kevin it you alluded mention this, little three to but redundant, tell compelled it's bit down I And worthy I we of that I phases. so sound broke
And the into basic components: the we boiled to rightsize the premise What how we really the So, incremental it expenses three without enhance are business. underlying profitability, if we we that to really out chances down One, or the take basic used can do business? probably expense of remaining additional business correlate shouldn't we revenue it. harming was cannot we be doing
as and P&L. so, he been item to, alluded think successful we I P&L And very line-by-line, the regard. that scoured And line-by-line in really we've went very,
we would sizable a in And a we size our financials secondly, efforts. as investment then, have -- indicate, our R&D have
future. really what to growth the things really are of gaining critical one the so, initiatives here what engaged doing and and is, getting in our that they view future understanding we really an of And bring as us will new to benefits product these
still that more to where process. meeting robust I in get the that's a certainly annual all I with in I we're where still you so, provide And in the clarity by time more hope it and -- that's mid-December future. we going see the And going and description work provide can on a
most I and the feel quite in that do, especially Being trained, it's so a to pricey. by we making And vehicle like delevering the place continue then, finance sure important with guy certainly of to have probably XX% lastly not the and one debt. least, debt, a that's things
forward. us all as And so, we obviously very it’s of go important to
And that's months. took. in roughly through the we're approach that far So, two working the so we that
positively the can I very bunch pro and -- you go complete forma a been can't a I complete essentially successful in modeling and I of transformation. are estimation much I mean, financial but absolutely my doing too -- the statements calculations into detail, think, in I of -- a we've in that tell
overall pleased results. think, be I with So, quite get the we’ll into XXXX, to -- as we head
filings convey just as is to he pointed solid estimation on my want I niche that overhead, And level estimation, so, want the everybody I one here made at at what the that out we've delevering gross And filed LogicMark you very think very considerable and to make those think the in that we've future the is SG&A a everybody's recently our what the sure SEC positions board are that really look that space I'd clear, the into. with growth. convey And the fact the this, company to of with the I it I just, like that really is -- in very we've and that coupled done its in sells is interest it's I if key loud my profit and think for unique, in in a Kevin us highlights knows and future reductions operating obviously and items it financials, it with very at market products the income great. that comes has well correct, level margins overhead, coupled as in presented savings, across just
And I'm by tell have to very so, results encouraged you that compelled made. feel that very I the we
That's we're on anybody our shareholder I some to want I but right don't long way we're I the have doing on go. believe way to think, is we that to false the intention gaining to the value. path, things a convey give not any right back I intention, believe and expectations. the certainly hopefully
will And head or laid year stress a can't five think four it I kind beyond. what financial next out our top From continue enough; and financial want priorities I we be, micromanaging of again, into perspective, I top I've cash. to as
to this really line it P&L trying at really get return And spending want single throughout growth. that future all And company, to most do some and again, critical a for when important organization, thing disciplined. the that pointed sure going we're very out, of the as comes disciplined size the is items. to for probably looking the be I our Kevin to instill of we're we’re it's we're it I make spending, think to can money we be on. whatever
we're One as what got right way head at is deficit. I -- other is that is as capital a now the capital deficit kind And to we really the can to working debt, kind is thing we carve we which working I term chunk of that into on to that equation. long our out of like I’d the of of do attributable really so payments, big a look schedule focus XXXX making
whatever So, to really can. I’d reducing in like that amount strides residual possibly it, as make much as that we
to the we QX a with we the stockholders’ I fairly as earnings. rebuilding equity, forward continue but Also, positive not last have begin least, I'd in here, to reduction And really begin to, like as to mentioned stockholders’ large go debt. delever earlier, equity
just to And our at and the you to, you also I with mentioned meeting, like -- and and of I'd going initiatives like as where over new going beyond. to come where I on like efforts product the meet product and far the will initiatives clarity growth I to and thus see where --starting earlier, we so, new the an mention, I XXXX -- in think provide Company’s look see more with with I upcoming shareholders. really to would the annual that provide update again, forward meeting, many I'd meeting on Kevin
I with like it may. up so, questions, to if that, And for I’d open
