“with these lines we'll be able to work with these manufacturers to create our own formulas and our own herbal based on natural non-GMO blend for CBD that we can maximize the health benefits.”
2. As you all know we achieved all of the benchmark scores. We are in the top 90 – 90th percentile of all pharmacies in Humana’s network. So that's the top 10% or better. We only needed to be in the top 20% to get full bonus, to get the max bonus back. So that's the $5 DIR fee they collected throughout the year, plus another dollar that they give us for that superior performance.
So we - the total recouping back is $446,000 for 2018 of which we got $120K or so and now we have that remaining balance to collect. They have 120 days from end of period to pay that out to us. So we're expecting that sometime in April to get the remaining balance ($320K) of our performance bonus.
3. We're looking forward to being a four store location this year. We're looking forward to being recognized as a major brand and a major player in Florida. And then we can look at expanding that brand to the rest of the states as we promote ourselves and promote what we do to all the insurance companies in the PBMs and see if we can work out new strategies with them and new programs with direct with the insurance companies to promote our products and services.
4. And so now we're expanding to not just three counties or four or five counties in south Florida where the vast majority of our patients live. We're adding another five counties that we can - we can service once we have that location established in Orlando.
The addition of that revenue also provides us with the ability to do to leverage our patient base and have better relationships with MSOs, have better relationships with doctors groups, have better relationships most importantly with insurance providers. If we tell them what we're doing with all of these patients and the fact that we have $40 million in sales, we start becoming a brand worth recognizing and contending with and that allows us to have a much better position with all of the players in our industry.
5. We're looking at by the end of the year having an S-1 prepared to be - prepared to be filed with the SEC. We would like to do it much faster and as we work on this we will provide all of our shareholders with updates as to where we stand in the process. If we can get the books in the proper presentation form for the SEC and we can get that a clean audit done in 45 days instead of 90 that all speeds up the timeline on this.
But I want to give a reasonable estimate of when this can - when shareholders can look for and I want to say the end of the year for looking out for an S-1. And that brings us to the SEC.
Once we're with the SEC, now we'll file - now we're fully reporting company that changes completely where we stand, now we’re at our OTCQX, instead of QB we're no longer alternative filers and a whole new group of investors and institutions can look at us and see what we have to offer and we can look at different capital structures for any future financing, any future acquisition, any future capital needs for our growth through the SEC network instead of the alternative reporting network, which has presented its own challenges.
6. We have significant experience working with topical and we are - we have sourced two pharmacy grade CBD sources. So these CBD - CBD oils one is an isolate. The other is full spectrum and we are working with that CBD, those two CBD lines that have been - there have been recommended to us by pharmacy wholesalers and we are allowed to carry these brands on our own and we're working on promoting those brands to our patient base for their medicinal benefit.
So that is what we're working on. Could we white label today? Yes. But like I said it wouldn't be any different. So we're looking at how to manufacture something special. And with these - with these lines we have Ananda Professional (https://anandaprofessional.com) and Pharma Canna (https://www.pharmacanna.us) that we have on the shelves with these lines we'll be able to work with these manufacturers to create our own formulas and our own herbal based on natural non-GMO blend for CBD that we can maximize the health benefits.
7. I have room in that administrative area for an additional six people which is so helpful for me because we don't have even floor space for another person to sit here and focus on some of these growth agendas.
We're looking for a product manager. We're looking for a graphic designer. We're looking for a in-house marketing and social media person. Right now we're looking for some in-house hospitalist and clinicians, so to further our agenda. So it's very exciting that administration is going to be moving next week, so we can begin really going full force on all that, all of our growth agenda, that we've gotten the architect. We're looking at how to build out the main floor.
8. Next year our lease is up on PharmCo 901, PharmCo in North Miami Beach. We will be moving the entirety of that operation to the new building, leaving behind a kiosk style pharmacy pickup area and - pharmacy pick up and consultation area, as well as a more expanded retail space. Again, that expanded retail space will further into our agenda of promoting our nutritional – our nutritional expertise and CBD and all of the health care and wound care supplies that we specialize in for a long term care.
9. we're going to be four locations, tomorrow we're going to be - if we look at 2020 sales, we're going to be $40 million or $45 million in sales a year. And that's not even including any acquisitions we may do as we move forward.
10. Tomorrow I will be neck deep in conversations with insurance companies, with wholesalers, with the acquisition target, with auditors to get all of these things moving forward because it's time that PharmCo is recognized for what it is which is a conglomerate, is no longer the mom and pop store that it was in 2012 or 2007.
We're past all that. We're a business. We're not playing business. We're a real business and we want all of our shareholders to feel the same pride that we do. When you say you're a Progressive Care owner, when you say you're a Progressive Care shareholder you should know that you're buying something real, you should know that you're buying something that makes a difference. You should know that you're part of something that is going to be big and going to matter in this health care industry.
So I hope that you'd called and you listen to me that you feel that same sense of excitement and that same exuberance and that same pride that we all feel here. And I hope to continue to deliver the level of transparency and performance that you come to expect from us. Thank you.
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