Just a quick note: The webinar was mostly presented by Ben as...

Just a quick note:

The webinar was mostly presented by Ben as Tom was stuck in the subway return from Washington DC. (I would assume he was at the Water Week conference at DC this week). Doug did a brief address, also stating that FLC had not performed as well as us shareholders had expected in the past, but he has identified the uniqueness of the tech and potential and believes that he is able to realize that potential.

The main presentation is mainly read from the update and presentations.

Q&A:
1. Richard stepped down because he believes experienced team is needed for the company. He will still remains on the board.
2. Road to profitability is reduce CES, increase SPS and RR. Doug mentioned in the longer run, WaaS is the target.
3. Cash level is currently ok, working towards cash flow break even. Cash raise could be a possibility to support investment in fixed assets (I assume that is for BOOT or WaaS) and acquisitions.
4. Acquisitions of wastewater companies was mentioned a couple of times.
5. O&M timing for Ivory Coast is still not clear, just need to finish the project on time, on cost.

My thoughts:
1. Revenue of $14m down 49%. $34.5m revenue in 22Q1 was mainly contributed by $25.3m from CES (Ivory Coast). SPS was $7.3m which leaves RR in Q1 2022 as $1.9m.
This quarter, SPS is 50% higher which gives us $10.95m, assuming no contribution from CES, RR would be $3.05m. If that continues, it is a good direction.
SPS + RR forecast for this year is $75-80m. So the remaining 3 quarters should see an average of $21m from these higher margin products.

2. As guided many times that "the next quarter will be better". From the page 2 of the update, Q1 2023 Commentary to me is quite measured optimistic.

"Another 25% is attributable to delays in China where certain projects have been awarded and are ready to proceed but will not move forward until down payment is received. Customers, including a number of government owned SOEs, have been slow to release funds in the wake of COVID shutdowns, though this is expected to improve."

"Multiple municipal and private projects in North America are scheduled to bid utilizing MABR technology. The food and beverage industry in particular has been very active with high levels of interest in our Industrial products as well as our High-Strength Wastewater (wastewater-to-energy) technology. The Company has secured several letters of intent for large new projects including a major project for a large chip manufacturer. Further, the Company continues to see strong interest in its High-Strength Wastewater treatment solutions which generate renewable natural gas from wastewater. Such interest is being driven, in part, by government subsidies, like the Inflation Reduction Act in the US, which has allocated $270B in tax credits for clean energy projects. The High-Strength Wastewater business unit is actively marketing the wastewater-to-energy projects in both North and South America and seeing significant order potential. The Company has recently been notified it was selected by a major food producer to partner in developing a large waste to energy facility. In addition, a design agreement has been signed with a major fish processing company for multiple projects."