Acquisitions and Partnerships - The company acquired Akida Holdings LLC for $7.88 million, which had a revenue of approximately $4.7 million in 2020[15]. - The acquisition of KES for $4.3 million included contracts related to the Airocide™ air purification technologies, with KES generating approximately $4.5 million in revenue for the twelve months ended October 31, 2020[16]. - The company acquired Scientific Air Management for $9.5 million, which enhances its air purification portfolio for larger spaces[22]. - The company has established a licensing agreement with Axis Lighting to commercialize UVC devices for the hospital market, leveraging Axis's distribution network[37][38]. Product Development and Technology - Airocide™ technology has been cleared by the FDA as a class II medical device, suitable for critical hospital use cases[20]. - The Airocide™ system utilizes a proprietary titanium dioxide-based photocatalyst to eliminate airborne pathogens and is used by brands like DelMonte and Kroger[17]. - The Airocide™ product lines include APS for consumer units and GCS and HD lines for commercial applications, catering to various market needs[21]. - The company aims to integrate its products into a Data Driven Disinfection platform via the Clarity D3 app for smart asset management[25]. - The company aims to develop a Data Driven Disinfection platform to support safe environments during and after the pandemic, targeting large facilities in hospitality and sporting venues[27]. - The company is also focusing on healthcare facilities outside the hospital market, targeting infection prevention professionals and facilities with high infection rates[28]. - The Lumicide brand offers unique automated disinfecting systems using UVC LEDs, effective in killing pathogens, including SARS-CoV-2, with a focus on high-contamination surfaces[31][32]. - The company has five product lines incorporating Lumicide, including a disinfecting drain device and a disinfecting shelf, with additional products in development[34]. - The Clarity D3™ application enables IoT connectivity for real-time data transmission and asset management, enhancing operational efficiency[40]. Market Strategy and Expansion - The company plans to leverage Airocide's distribution capabilities to expand Scientific Air's products internationally, targeting the healthcare market[25]. - The company plans to expand its market opportunities to include airplane and cruise line bathrooms, schools, and upscale restaurants, emphasizing the importance of disinfection in these environments[29][30]. - The air purification market is competitive, and the company must manage risks related to supply chain and market perception[12]. Financial Health and Workforce - The company anticipates needing to raise additional capital to support its growth strategies and operations[12]. - The company has completed public offerings generating approximately $13.8 million from Series A Preferred Stock and $8 million from common stock, enhancing liquidity for operations and growth[42]. - Cash provided by financing activities in 2021 was $18.6 million, compared to cash used of $11.6 million in 2010, indicating improved financial health[257]. - As of December 31, 2021, the company had 61 employees, indicating a stable workforce to support its operations[44].
Applied UV(AUVI) - 2021 Q4 - Annual Report