Management commentary:
"In the wake of the COVID-19 pandemic, we remain satisfied with our financial results," said Memex CEO David McPhail. "The combination of the closure of the U.S./ Canada border and a great deal of U.S. manufacturing grinding to a halt due to COVID-19 have continued to negatively affect our ability to both generate and recognize revenue. We believe this lag in customer willingness and/or ability to make purchase commitments will continue into Q4. However, interest in MERLIN remains constant and sales conversations continue, even with prospects that have temporarily closed their facilities. We have been able to reduce our costs to react to the current situation, and hope to resume more normal activities once the border opens."