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spk00: WREP.com. We recently made a major overhaul to our IR website, which will allow us to more effectively house all news, filings, and information that may be relevant to our investors. As an example, we recently hosted the first two episodes in our ongoing series of Investor Insight webcasts, which are available for video replay on the new IR site. In these videos, I and the senior management team members showcase successful deployments of BOLORAP, provide further insight on current policing topics such as use of force. We plan to hold these investor sessions on a semi-regular basis. So for everyone interested in following our progress more closely, I encourage you to sign up to receive our email alerts through our new IR site so that you can stay up to date on our most recent news. With these housekeeping items covered, let's begin. As an overview of today's discussion, I'll begin by providing a high-level summary of the fourth quarter and full year 2022 before I hand it over to our CFO, Chris D'Almeida, to discuss our financial results in more detail. Our president, Kevin Mullins, will then provide a progress update on our go-to-market strategy. I'll then close out our discussion before we move on into Q&A. Q4 2022 highlights. 2022 was a milestone year for RAP, one in which we transformed our company, including our senior leadership team, transitioned to the next generation of our safer policing technologies, conducted a cloud VR acquisition to merge with our world-class RAP Reality 360 VR platform, and also made significant progress with the implementation of our first multi-year strategic roadmap. Our strategic roadmap now guides our company and changes the way we work with law enforcement agencies around the world. In 2022, we produced more BolaWrap devices than ever before, and all of them were BolaWrap 150s. We sold more BolaWrap devices in 2022 with an increase of 179% in total device sales as compared to 2021. Our gross profit was up 133% in Q4 2022 as compared to Q4 of 2021 due to product mix being mostly our higher margin BOLA RAP 150. Gross profit was up 88% for the full year 2022 as compared to 2021. We believe this demonstrates the strength of our underlying business model and the effects of implementing our strategic roadmap. 2022 we reduced operating expenses 19 or 5 million dollars as compared to 2021 and improved our full year net loss by 28 or 6.9 million comparatively as well we finished the year on a high note building on the momentum generated throughout 2022 to produce record revenues both in q4 and for 2022. Our new go-to-market strategy implemented in the second half of 2022 is also continuing to gain traction, highlighted by improved margins, a record domestic order, and a very large international order. With our existing customer base, we are tracking meaningful increases in the number of cassettes sold per device, demonstrating that our technology is being used more often in the field and in training, a great forerunner for increased adoption and eventual expansion. In our new go-to-market motion, we start discussing agency-wide full deployment right from the beginning in order to see the largest impact, and we have pulled back on pilots and smaller implementations. As we begin 2023, our mission to deliver safe and effective policing solutions that save lives and save careers is more important than ever. Amidst growing societal challenges, RAP's non-paying compliance tools and innovative training technologies are well positioned to answer this call, and we are responding in kind. Underscoring our belief in the efficacy of our training and technology, we've launched a guarantee of a minimum 10% reduction in use of force after the first 12 months of using BOLORAP for new fully deployed agencies who meet certain criteria. Over the next year, we plan to attend over 60 industry events, and we are exploring new ways to help us get more devices in more departments. Our recent large agency win in Montgomery County, Texas, is one prime example. While we've made great progress to date, we have most of our work ahead, and we remain as committed as ever to our mission of ensuring safer outcomes for our law enforcement officers and the communities they serve. I'd now like to turn the call over to Chris to go over our financials.
spk04: Thank you, TJ, and good afternoon, everyone. Moving to our financial results for the fourth quarter. In Q4, we generated net revenues of $3.6 million compared to $2.4 million in the prior year period. Our Q4 2022 revenue was a company record and a 50% increase year-over-year. This was highlighted by the record deals in the Americas and the large deal in the EMEA region that TJ referenced earlier. Q4 domestic sales grew 250% to 1.8 million from 500,000 in the prior year period, while international sales fell 6% to 1.8 million from 1.9 million in the prior year period. The small reduction in international sales is a result of the timing of one lower margin large cartridge award in the fourth quarter of 2021. Looking at our performance for the full year, net revenues increased 5% to 8.1 million from 7.7 million in the prior year period, marking the fourth consecutive year of sequential sales growth. The increase for sales in the year was driven by strong performances in both the domestic and international markets. Promotional pricing associated with converting customers to the Bullwrap 150, which is customary in our industry, is largely phased out at this time. However, we may continue to see some effects on the top line through the first half of 2023 due to some agencies with long procurement cycles. Gross profit for the fourth quarter 2022 improved significantly to a record $1.7 million, or 46% of net revenue, and over 140% year-over-year increase from $700,000, or 30% of net revenue, in the prior year period. Looking at the full year results, gross profit increased 88% to record 3.7 million or 46% of net revenue from 2 million or 26% of net revenue in the prior year period. This achievement reflects our shift to a higher margin product offering mix as well as pricing changes implemented in late 2022. SG&A expense for the fourth quarter 2022 increased $379,000, or 9%, to $4.4 million from $4.1 million in the prior year period. The increase in SG&A was primarily the result of higher legal fees and bonus expense accruals for 2022. For the full year, SG&A decreased $3.9 million, or 19%, to $16.4 million from $20.3 million in the prior year period. The decrease in SG&A expense was a result of significant cost controls that were implemented during the second quarter of 2022, coupled with further realignments of overhead costs and staffing during the third quarter of 2022. Share-based compensation for the full year 2022 decreased to $3.2 million from $5.4 million in the prior year period. R&D expenses in Q4 decreased $1 million or 54% to $870,000 from $1.9 million in the prior year period. Full year R&D expenses decreased $1.1 million or 18% to $5.1 million from $6.2 million in the prior year period. The decrease in R&D expense for the quarter and the year was primarily the result of higher development costs associated with the BOLORAP 150 in the prior year period. Operating expenses for the fourth quarter of 2022 decreased 661,000 or 11% to 5.3 million from 6 million in the prior year period. The decrease in operating expense was a result of an increase in SG&A cost that was offset by the decrease in R&D expense. For the full year, operating expenses decreased $5 million, or 19%, to $21.5 million from $26.5 million in the prior year period. The decrease in operating expense was the result of the decreases in both SG&A and R&D expense previously noted. Going forward, our goal is to manage total expenses to around $5 million per quarter for the foreseeable future, with changes as needed. Nat loss for the fourth quarter of 2022 improved 33% to a loss of 3.5 million or an 8 cent loss per diluted share from a loss of 5.2 million or a 13 cent loss per diluted share in the prior year period. For the full year of 2022, net loss improved 28% to a loss of $17.5 million or a $0.42 loss per diluted share from a loss of $24.5 million or a $0.62 loss per diluted share in the prior year period. The improvement in net loss for the quarter and the year was the result of an increased sales focus and cost containment efforts implemented in the beginning of the second quarter of 2022. Our balance sheet remains strong with approximately $19.3 million of cash and short-term investments to support the growth plan we have in place. During the fourth quarter, we burned approximately $4.4 million of net cash. We believe we have ample working capital to support our operations for at least the next 12 months. Moving to review of our key performance indicators. In Q4, total trained law enforcement agencies grew to more than 1,360 or a 32% increase from the prior year period. In Q4, total certified officer instructors also grew to more than 5,580 or a 30% increase from the prior year period. In 2022, we had 179% increase in device sales as compared to 2021. Now I'll spend a minute discussing our current outlook. Based on the company's financial performance to date, as well as information available as of today's call, we are providing the following updated revenue guidelines for 2023. As evidenced in the prior year periods, RAP's revenue has seasonal impacts and typically mirrors the budget cycles for our law enforcement agency customers, which translates into the majority of purchases occurring later in the year. As a result, we expect revenue in the first quarter of 2023 to sequentially decline from the fourth quarter of 2022. Going forward, we anticipate top line improvements on both a sequential and a year over year basis in each quarter after Q1 of 2023, resulting in a high double digit growth rate on an annualized basis. New sales are expected to come from domestic and international expansion with existing customers and new contract signings in both regions. Additionally, based on current projections, we are reiterating our expectation to achieve an adjusted, break-even, cash flow positive position by the end of 2023 and profitability by the end of 2024. We believe we can achieve this level of result by continuing to execute against our strategy of equipping more law enforcement personnel with the tools to save lives and save careers, while also providing new training opportunities with our RAP Reality platform. In summary, the fourth quarter was defined by substantial improvement across our key profitability metrics and continued slowing of cash burn. The strong sales performance in the quarter and the cost-effective transition from the bull wrap 100 to the bull wrap 150 led to a record quarterly revenue and record quarterly gross profit. We met our goal of achieving a quarterly gross margin of 50% in Q3, and we're slightly below that in Q4 due to inventory adjustments. In 2023, we're expecting gross margin to remain around 50% with improvement by the end of 2023 to 60% in the fourth quarter. While we invest for new sales growth and greater brand awareness heading into 2023, we remain focused on diligent cost management to minimize cash burn and reach a cash flow breakeven point by the end of the year. With that, I'll turn the call over to Kevin to discuss the success we have seen from our new go-to-market strategy implemented last year.
spk01: Thanks, Chris.
spk03: As TJ noted at the beginning of the call, we have continued to see encouraging results from our revamped sales approach that we put in place last year. Building our go-to-market strategy is a fundamental component of our strategic roadmap, as we aim to build achievable and predictable sales in the U.S., ramp up our international sales, and continue to expand within current departments through our customer success function. Driving new sales growth is a top priority for 2023. We continue to implement new processes and add members to our dedicated sales team with plans to continue building our sales infrastructure this year and going forward. We have also continued to evolve the way we sell the BOLORAP 150 accessories, including improving our monetization efforts at a holistic level. As an example, we now begin charging for training services. That was a decision we made during our strategic roadmap process that was consistent with industry standards and has continued to be well received given the value of our programs which we provide. Separately, as TJ noted, in the fourth quarter we began to record increases in the number of cassettes we sell per device, which we believe is a great sign for both increased adoption with existing agencies and buy-in from new customers as well. In the past, a typical sales contract would include approximately six cassettes per device per officer. As of today, that number now stands at 12 per device per officer. This increased capacity gives law enforcement officers the flexibility to deploy BOLARAP for effective training, practice, and ensuring they're prepared to use our products properly in the field and driving safer outcomes in real life situations. We also strongly believe that officers should be using the BolaWrap more often than all the other less lethal tools on their belt combined. We believe that when departments train to use BolaWrap early and often to deescalate situations, their use of BolaWrap cassettes should continue to grow. Field officers that are using the BOLARAP are more likely to use the device when they are comfortable handling it. We realize that similar to a firearm at a gun range, you just can't fire the BOLARAP a few times and be expected to have muscle memory and rely on that in the field. You must use it multiple times to gain familiarity and to have it become second nature. So far, this has been something departments are seeing as well and ordering more cassettes within their initial deployment. Montgomery County, Texas, one of our recently announced new departments, activated the BOLA RAP for full deployment across the sheriff's office, all five county constable offices, and the county fire marshal's office. Each device was ordered with four tools, as well so that personnel using them can gain better familiarity with our product than they ever did before and using that out in the field. This customer win was not only a success because of the size, but also because of the way it was funded. Montgomery County was able to use a grant to purchase our product because of the role BOLORAP plays in the mental health sphere. From federal government officials down, everyone's recognizing the value that BOLORAP has in creating safer communities while also saving careers for law enforcement officials. As a result, they are awarding grants to purchase BOLARAP. We also now have internal resources dedicated to funding and finding alternative sources of funding for these agencies looking to deploy the BOLARAP. As safer policing outcomes come to the forefront of discussions, we expect more cost-sharing grants to become common across all levels of government. For some time, and even more so now due to recent tragic events, we are seeing an increased demand for police training, and we see this in police reform nationwide. Throughout our communities, discussions within leaders of law enforcement, it is clear they are looking for different ways to train their agencies. Our VR training platform, RAP Reality, has continued to gain interest for this reason. Over the last few months, we've invested even more time, energy, and financial resources to improve our capabilities in supporting what we believe will become the future of all police training. On November 30th, we entered in an agreement with Lumetto, an immersive training and assessment platform for the healthcare and public safety sectors. Through this professional services technology acquisition agreement, we expect to soon begin offering upgraded cloud-based training for our customers. This new platform will offer our existing and new customers an additional turnkey cloud VR training solution with the critical high-end type scenarios that RAP Reality has become known for delivering. By partnering with Lumetto and acquiring their existing technology, we can greatly accelerate our development, saving considerable time and cost versus building an entire dedicated cloud solution internally. We believe this enhanced platform, coupled with our existing RAP Reality solution, will offer law enforcement more flexible, immersive training solutions for both on-premise and in the cloud, further improving the way law enforcement training is done into the future. Wrap reality also allows us to penetrate new markets. College and university police departments operate and train in the exact same manner as other law enforcement agencies. Recently, the police department at Sam Houston State University in Texas implemented RAP Reality for immersive training to improve decision-making skills for events such as duty to intervene, active shooter, de-escalation of situations, bias training, and avoiding uses of force among others. unique to RAP Reality as a platform's focus in increasing proficiency of verbal skills, which are often more imperative in a university setting. As we continue to expand the market reach for RAP Reality, exciting and high growth verticals will be a focus. Overall sales have grown sequentially from Q2 onward, including record domestic sales in Q4, which is a positive indicator that our go-to-market motion is improving. The public safety sector sales cycle remains slow as we are relying on budget cycles, but the recent grants and direct funding from agencies focused on de-escalation and safer outcomes has been successful in 2022. And we expect to grow sales significantly over the course of the year once the impacts of events from early 2023 result in changes later in the year. We have also continued to work to expand the market for Bola Wrap. Right now, our product is only available to law enforcement agencies in the U.S., but we are working hard to change the classification so that groups like private security and health institutions can purchase the product given the direct need. We can serve these adjacent markets as well. We will continue to share updates on our efforts in these areas as we are able. In summary, we continue to deliver our go-to-market strategy that is helping drive more consistent long-term sales. As we look to the year ahead, we are excited about the opportunity to deploy our products in new agencies and expect to start seeing more demand for expansion in the ones that we are not fully deployed.
spk01: I'll now turn it back to TJ.
spk00: Thank you, Kevin. I am proud of the progress we have made thus far to execute against our strategic roadmap and transform the company. We are now nearing deployment in a thousand agencies around the globe, and I'm confident that we have the right plan and are building the right team to continue to grow our recurring revenue, drive stronger margins, and support long-run profitability. Looking ahead, we remain committed to delivering on our adjusted EBITDA and profitability outlook for 2023 and 2024, respectively, while continuing to invest for top-line growth. Recent events have amplified discussions around de-escalation. Law enforcement agencies are looking for alternatives to paying compliance, and that is where BOLARAP is playing a key role. Many departments are deploying VOLA RAP early and often as an alternative to higher level use of force, which not only creates safer outcomes, but also avoids expensive settlements. RAP reality is also gaining interest as the public puts a renewed focus on how law enforcement officials are trained and equipped. We believe with our recent addition of the ADAPT module and new cloud technology through our acquisition agreement with Lumetto, that RAP Reality can become a crucial tool of law enforcement and corrections department training regiments around the country. Our efforts are all part of a continuous push to improve the way law enforcement and corrections departments train. This is at the core of RAP's mission to deliver effective solutions and contribute to the movement of safer outcomes. We want to create positive change moving forward. Now, as we look to the year ahead, I can confidently say that we are making strides as a company and also making a difference in the communities that are using our product. I will now turn the call back over to Chris to facilitate the question and answer session.
spk04: Thank you, TJ. We now want to open up the line for questions from our publishing analysts, as well as pre-selected questions submitted from our investors. Our first question will come from Greg Gibbous of Northland Capital Markets. Greg, thanks for joining us today and you can go ahead.
spk02: Hey, great. Good afternoon, TJ, Chris, and Kevin. Thanks for taking the questions and congrats on the strong results. You know, I think first, just regarding your outlook for the year, could you maybe discuss what gives you confidence in those expectations and maybe speak to the level of visibility you have on future orders?
spk00: Sure, I'll go ahead and cover this. You know, just like Chris talked about, you know, we know that seasonality exists in the public safety market and we expect, you know, Q1 to be lower than Q4 was, but we do expect throughout the year to have a fairly similar approach to what we had last year on that growth in Q2, Q3, and Q4. We definitely have a much better insight today into our pipeline than we did nine months ago. We spent a lot of time with our sales team working through real opportunities. One of the things we started to do in the end of Q3 with our customer success team was reach out proactively to many of our existing customers and have discussions about them, not just converting from a Ebola wrap 100 to Ebola wrap 150, but also to expand in those existing agencies. There was not a huge focus on internal expansion before. Now we're hitting that internal expansion and full deployment of patrol officers, both with existing customers and new customers. Kevin mentioned one of our large customers that started at full deployment. We had another customer this week come in at full deployment to start off. So one, we're doing a much better job of talking through agencies about the value and benefits of going full deployment from day one, where there are policies and every officer is wearing a bolo wrap on their gun belt or on their vest each and every day at work and the value that comes from that. We're also going back to the previous agencies to be able to have that same discussion and discuss where we fit into the use of force continuum for them. And from a policy perspective and what are the outcomes they can expect from having every officer deployed. So our confidence this year is kind of a twofold perspective. One is continuing to expand the existing customers we have over 900 agencies in the US plus our 58 international countries where we are deployed today. and expanding those out. That expansion sale is a bit more predictable and better for us to have ongoing conversations with those agencies. The new sales we also have is we're getting more insight into them. We came off the IACP conference in October. With, you know, a crazy amount of influx of chiefs and departments wanting to engage with us and move forward with Ebola wrap program. So we've been able to move those into long term pursuits. They do take some time, but we have some some great insight into where those are going. We're also spending more time with major county sheriffs and major city chiefs across the country. The major city chiefs association, for instance, is the 79 largest police departments in the US and Canada. That association, we've won more contracts with those larger agencies, not necessarily just the top couple, but throughout that 79. And also we have more of those in our pipeline for this year. In general, they're larger, much larger than the typical 25 to 50 person department we work with. So we're seeing more opportunity, more visibility in that pipeline, which drives more confidence.
spk02: Great. Good to hear. And if I could, sorry if I miss this in your release, but could you break out maybe device or launcher sales versus cartridge sales in the quarter? And then, you know, similarly, you know, repeat purchases from departments. But I do imagine, you know, the vast majority of sales are new department sales. If you could break that out, that'd be helpful.
spk00: Today, we don't have that breakout published. Chris, anything else to add to that?
spk04: No, we don't. I mean, Greg, we saw a significant increase in device sales throughout the year. And as TJ mentioned in his prepared comments, that includes all 150 devices. We did have cassette and cartridge sales associated with the 150 and the 100. We're very pleased with the progress we made this year and really planted a lot of seeds in 2022 that should bear fruit in the 2023 and beyond as far as seeing that increase. We'll look at giving out that metric potentially in the future, but at this point, we haven't broken that out.
spk02: Okay, sounds good. And I guess lastly, any updates on the LAPD trial that you can provide?
spk00: Sure. We continue to engage with the LAPD on their large trial in the Hollywood and Central Divisions. It's continuing to be successful, and they have an expectation, at least we do from them at this point, that it's going to continue for approximately another six months. That will be a one-year trial deployment with the BOLORAP 150. They'll give an update in the not too distant future, kind of a mid-year update internally on that. And when we get that, we're happy to share that update as well. But right now, we expect that they will continue to work that pilot for the remaining six months of the pilot trial period. And then at that point, make their decision on next steps.
spk02: Got it. Yeah, I look forward to an update there, but I'll pass it on. Thanks.
spk04: Thank you. All right. Appreciate it, Greg. Thank you. We also have a couple of inquiries from investors that we'd like to address as well. Starting off, Kevin, how have the efforts to increase recurring revenue been progressing?
spk03: It's a good question. Chris, there are a number of reasons why reoccurring is so important, really, to sustaining revenue, especially when you're selling into a cyclical vertical with an extended sales cycle, as TJ mentioned earlier, such as public safety. By building on recurring, we can build predictability, we build scalability, helps with visibility, also flexibility, and expense management. But most importantly is retention. So those are focuses that we're working on. So we're building in, you know, what is a recurring model. From the bowl wrap standpoint, it's cassettes per device, whereas before we were recommending six, you know, cassettes per device. Now it's 12. So we've doubled on that. And it's not just a revenue generating, but it's getting really the officers familiar with the technology and being able to repeat that motion with what they're doing. We're also adding extended warranties. We're growing our training opportunities, as we discussed earlier. We've created a leasing model. Now we have bundling of service packages. And so we're also building on our early and often message. And that builds recurring cassette sales as well. On the wrapped reality side, we've changed our model. We've changed our model from a one-time enterprise purchase, now moving to a SaaS subscription model. We also can see recurring on module creation. We have support plans that are built into wrapped reality, but it also allows for bundling opportunities. We recognize the value that recurring builds for our shareholder base, and we'll continue to grow on that.
spk04: Awesome. Thank you, Kevin. Additionally, TJ, can you remind us about the upgrades from the Bottle Wrap 100 to the Bottle Wrap 150 and speak to our R&D priorities going forward?
spk00: Yeah, so from a Buller Up 100 to 150 perspective, there were so many different changes, about 11 major changes between those two devices. First off, at the high level, it's about 20% lighter and smaller, so it takes up less space on the gun belt. And now that we have an expectation that every officer will carry it, certainly that is critically important. It's also rated IP63, which is geared towards the industrial market. build out in the rigor rating like you would see in a mil spec going to different levels. And so that allows us to sell it into the typical environments that police officers operate, where it rains, it snows, dust, those things as well. The anchor system is now metal injection molded, so that's also improved. The laser system went from you know, a much more basic green line laser to a laser array with seven different lasers that makes it quite obvious. And we're actually seeing more times that the device is pulled out and the laser is put on somebody and they give up right away. Kind of, we call that laser compliance because that laser is so obvious. In addition to the laser, we were asked during the usage of the early BOLOREP 100, could we add a flashlight built into the device? So it now has two LEDs, like two flashlights built into it as well, and they can be turned on or off. But most officers really like to leverage that. Different types of parameters and how we build the device, which also now is much more predictable, has less total parts, and it has much higher margins as well. Battery life is probably one of the most important. The battery life is almost four times longer. It's a two-year battery that is in there. It allows it not to have to be charged every day before people go out to work. On the indicator status, it also has an indicator of whether a cassette is in the device, whether the electronic check of both the cassette and the device shows that it's green and ready to fire, and it does an automatic self-check as part of that. To deploy the device and a pretty big change. We went from a three step process to a two step. Now it's just turning off of safety. The device is then ready to go ahead and deploy and there's a deployment button. So it's a very small two step process can also be used with one hand doesn't require two hands to use it anymore. How it's powered, very different from the previous 380 blank cartridge to now it's a micro gas generator, which is very similar to what you have to ignite your airbag in your car. And then overall, just the fact it's fully electronic deployment versus a mechanical deployment. Those are the major changes between the Volarap 100 and the 150. Significantly upgraded device, and we've been getting terrific feedback. This is also why we wanted to make this our baseline device for the next five to 10 years, so that departments that are doing very large deployments, especially some of our international departments in very large US cities, that they can count on continuing to deploy the 150, even as we come out with new R&D products in the future. Today we're working on a number of things with our R&D team. We have been a little more restrained in the total amount of spending we're doing on R&D, but we have not ended and we expect new devices and new technologies to come out in the future that support our safer outcomes for law enforcement and the citizens that they serve. So we're continuing to invest. We continue to file new patents and continue to be awarded patents that we've already filed in the past. to continue to drive new intellectual property for us as a company. And you'll see some updates in our 10K on the additional IP that we've done in the past year.
spk04: Perfect. And finally, TJ, in light of the recent national tragedies, have you seen any shift in discussions with law enforcement officials about BOLORAP as you continue to speak with customers around the nation?
spk00: Yes, especially just in the past few months, we've seen a significant shift to a couple of things that I think are really important to all of our shareholders. One, more often than not, when I go to demo or present to an agency, to chiefs, to key decision makers, we're seeing that they already know about Volarap, that they already have a desire to have it, that they know it works and it's effective. We have enough agencies now that most are talking to an agency that is successfully using the device today. And because of that knowledge, it gives them the ability to come in and really talk more about how do we move into a full deployment of that agency. And when we look at the kinds of issues that have come up around use of force and duty to intervene, we're getting requests both for wrap reality and some of the duty to intervene technology we have in our VR training system, as well as the need to have BOLA wrap fit into their force continuum. One of the most important things we determined during the strategic roadmap and it changed our training curriculum was the fact that we know where BOLORAP fits into an agency's use of force policy. And it's a bit different than where I think we started. We now know that when verbal commands fail for an officer that is engaging with a subject who needs to either be taken into custody for a criminal event or taken into protective custody in a mental health or other situation, That when those verbal commands fail is where BOLA wrap should be used. It's very early in those altercations. And as Kevin mentioned earlier, it's something that's happening much more often. We see this as a tool that should be utilized more than all the other less lethal tools that are out there. And from the BOLA wrap perspective, we believe that that early interaction actually de-escalates situations from growing into something worse. And it also ends up, you know, saving lives and saving careers of the officers and those subjects that they interact with. So when we look at some of the deaths that have happened in custody, some of the chases that have happened, we showed at the beginning of this earnings call, the high speed chase that then turned into a foot chase that was ended with a suspect who was running away being wrapped up by a bull or up 150 by the officer in Alton, Texas. You know, that's a great example where that situation was deescalated and the call was over after that individual was apprehended in handcuffs after being wrapped. in something that would have turned into a much more dangerous situation and could have had a much more tragic outcome.
spk04: Great. At this time, this concludes our question and answer session. As a final reminder, we encourage you to visit our new website at ir.rap.com. And even if you've previously signed up for our email alert system, we've launched a new one. It's got a lot more functionality to it. So we ask that you please re-sign up again. Again, just go to ir.rap.com or you can visit it from our main page at rap.com. Thank you for joining us today. And thank you for joining the Rapp Technologies fourth quarter and full year 2022 earnings conference call. You may now disconnect.
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