SKYX Platforms Corp.

Good day and welcome to SkyX Platforms Corp's second quarter 2024 investor update call. Today's webinar is being recorded. Before we begin the formal presentation, I'd like to remind everyone that statements made on the call and webcast, including those regarding future financial results and industry prospects, are forward-looking and may be subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the call. Please refer to the company's SEC filing for a list of associated risks, and we also refer you to the company's website for more supporting industry information. At this time, I would like to turn the webinar over to Ronnie Cohen, Executive Chairman of SkyX Platforms Core. Sir, please go ahead.

Thank you. Good afternoon to everyone. Welcome to our second quarter earning call and corporate update. We will have Steve Schmidt, our president, start with the call. So I'll hand the microphone to Steve Schmidt. Thank you.

Thank you, Ronnie. It's obviously my pleasure being with you here this afternoon and Let's start off with a chart that you've seen, but one that we continue to take great pride in, and that is of our management team, our board, our advisors, and our investors. We feel very, very proud of the individuals that have been attracted to Sky. We continue to add additional talent as the business warrants, and we think second to none relative to the overall skill and capabilities. And all of these people have joined Sky because they believe in the company, they believe in our vision, and they believe in the products and the future of this organization. So critical that we have it, and it's important for any organization. Next, let me remind everyone again of our mission, because we think it's critical. Our mission is to make homes and buildings safe and smart and advanced as the new standard. And our products... significantly do four things. We save lives, we save costs, we save time, and they're advanced and simplified. And there are many industries that have been successful in just one of these areas, but at Sky, all four of these areas apply to our products, and it's why we're so enthusiastic. We continue to make significant progress on our patents. We now have accompanied 97 patents and pending applications with 36 issued patents in the U.S. and globally, including China, India, and Europe. Our TAM addressable market is massive, over $500 billion, spanning almost every room. And you think about homes and hotels and offices and buildings in every location that we have the possibility of being in, making a huge TAM market. And our expected revenue streams include product sales, royalties and licensing, subscription monitoring, and the sale of global country rights. As you know, we have three, really, generations of ceiling platform technologies. First, our plug and play lighting and ceiling fans. Next, our smart plug and play lighting and ceiling fans. And finally, our all-in-one smart home plug and play products. All of these really represent significant growth opportunities in terms of market penetration and significant future licensing programs. Let's now move on to really the business and financial highlights. We are in the beginning of opening a new world on the ceiling for advanced and smart home plug and play products. And we strongly believe that we can revolutionize the lighting, ceiling, fan, smart home, home AI industries, among others. In 2023, going back, we generated our first year record revenue of $58.8 million through our 60 websites, including sales of our advanced and smart home plug-and-play products. We've now reported record second quarter sales of 21.4 million compared to 15 million for the second quarter 2023 as we continue to grow our market penetration in the U.S. and Canada for advanced and smart platform products. The fact that we are maintaining and even increasing revenues in this market is quite significant as the lighting and home decor are suffering substantial declines based on two main factors. First, the slowdown of the real estate market, and second, COVID, where people were at home and many of them were renovating their homes. And as recently stated by the Wayfair CEO, the whole home decor, home improvement area is in somewhat of a crisis mode. We reported $15.6 million in cash, cash equivalents and restricted cash as of June 30, 2024, as compared to $19.8 million as of March 2020. 31st, 2024. As is common, though, with companies such as ours, when sales are converted into cash rapidly, often referred to as the Dell Working Capital Model, the company leverages its trade payable to finance its operations to enhance its cash position and to lower its cost of capital. Additional business and financial highlights, we continue to grow our market penetration of our advanced and smart plug-and-play products, as our products are in nearly 10,000 U.S. and Canadian homes and are expected to be in tens of thousands of homes in 2025. We continue to utilize our e-commerce platform of over 60 websites for lighting and home decor to educate and enhance our market penetration to both retail and professional segments. We expect to significantly enhance our market penetration to the builder markets in the coming months. We believe the company will continue to become cash flow positive during 2025 through our product collaborations that are expected to significantly increase our gross margin sales and our distribution channels. Let me now shift gears to some of our key collaborations. We have just recently announced Home Depot. And what we've done with Home Depot, parallel to many products going into Home Depot's website, some of our products are expected to go into some stores. As we are the only products that include smart plug-and-play technology, it's important to emphasize that from the many products including smart lighting and smart ceiling fans that are expected to go in on Home Depot's website, those products that perform well will have a good chance to go into their stores, creating an opportunity to potentially significantly increase our revenues with over 2,000 Home Depot stores Any product that goes into those stores can potentially generate substantial revenue for us. Next, our collaboration with GE licensing continues to make progress with initiatives related to recently signed five-year licensing partnership agreement for the U.S. and global markets. SkyX and GE's goal is to make SkyX's game-changing ceiling outlet and receptacle the standard for homes and buildings by licensing it and its related products, including Sky's advanced and smart home platform technologies to various industries, including tech, smart home, AI, lighting, ceiling fans, and electrical. Next, our collaboration with the world-leading Chinese lighting supplier and manufacturer Rui Appliances for the U.S., Chinese, and European markets. This collaboration provides Sky substantial backing in several areas, including financial, mass production, manufacturing capabilities, and distribution to the global markets. And then, as we've announced prior, we've got collaborations with world-leading lighting company, Kichler, collaborations with U.S. lighting leading company, Kwazelle, with over 100 years in the lighting industry, collaboration with U.S. leading lighting company, Golden Lighting, and all of these collaborations will be including Sky's advanced, smart, and standard products for online, professional channels, and retail. As I mentioned prior, when it comes to our patents, we're making significant progress. We started production of our new global patent-advanced smart plug-and-play recess light. The global recess light market is a multi-billion-unit market. Sky's new plug-and-play recess light global patents include the U.S., China, Canada, Hong Kong, and Mexico. As billions of recess lights are installed globally, With hazardous electrical wires, Sky's recessed light solutions enable an advanced, simple plug-and-play installation that saves costs and lives. Sky's plug-and-play recessed lights can be controlled through Sky's app, voice control, phone, and works with Apple Siri, Amazon Alexa, Global Home, and Samsung. New global smart home and AI-related patents, Sky X new and existing patents, including the new global patent advanced smart and plug-and-play recessed light, enable enhanced performance of smart home and AI sensors, in addition to home safety sensors, bringing the company's intellectual property portfolio to a total of over 97 issued and pending patents, 36 of which are issued patents covering Sky's advanced plug-and-play and smart home platform technologies for the smart home, AI, electrical, and lighting industries in the U.S. and internationally, including China, Europe, Mexico, and two patents in India. It also includes the recent issuance of six additional patents in the U.S. and internationally in China, India, Europe, Canada, and Mexico for advanced smart and plug ceiling, fan, and heater. With that, let me now turn the meeting over to Len Sokolow, our co-CEO, who will take you through additional financials. Len?