AGM 2023AGM just concluded.
I asked following questions and see CEO response
Q1: BeWhere has $4M+ cash & in profit for last 8 quarters. BeWhere purchased less than 1% of existing shares against sanction 5%. How is BeWhere planning to use cash in hand in the near future and in the long run? CEO: We want to have more cash in hand. We will not be spending too much cash on share buyback
Q2: How many BeMini sold/in-operation so far? CEO: Doesn't know but consider launch as successful
Q3: How many total BeWhere devices are in use so far? CEO: 250 to 300K total devices in operation
Q4: There was only a 4.5% increase in Product/Hardware from 2021 to 2022 and no increase in 22Q1 to 23Q1. Is BeWhere able to pass increase in cost due to inflation to buyers? Are devices sale decreasing? CEO: No increase in sale price to customers.
Q5: 3 Directors were paid $54K in 2022, that is 18k per director. How many board meetings are held every year and how much is paid per meeting per director. CEO: 4 meeting per year so $4.5K per director per meeting. CEO consider Director are paid less for his size company.
Q6: Operating expenses, 2023Q1, were 62% higher than 2022Q1. Operating expenses in 2022, were 70% more than 2021. These are more than increase in revenue or profit. Any action plan to reduce operating expenses? CEO: High OpEx because R & D expenses are put in to OpEx. No plant to reduce OpEx.
CEO mentioned that BeWhere will launch new product by end of 2023. No details were provided but claim that it will be game changer