Wrap Technologies Inc (WRAP)

[CarlinNM]

I've been in and out of WRAP numerous times over the years. I lost more money than I made on this one, but continue to follow it because I believe in the product. I liquidated the day of the spike when the SCOTUS announced the Roe v. Wade ruling. I continue to watch WRAP for a catalyst to compel me to buy back in though. I owned WRAP back before the run to $14, which was partly driven by speculation of a huge LAPD order, which didn't materialize. I wish I had sold at $14, but didn't. WRAP has had pilot programs going on for YEARS at numerous large US PDs. Meanwhile, the bulk of the company's revenues have come from overseas sales. I haven't dug into that topic in a long time, but the last time I did, 63% of the company's revenues were generated overseas. Meanwhile, the company has yet to land any large domestic orders. The domestic sales have all been small PDs. What is going on with LAPD, Seattle, Cincinnati, Buffalo, NYPD, etc.? Even though former CEO Tom Smith didn't land any big fish while he was with the company, I do feel they lost some synergy when he left. Dunno what happened to the Wrap Armor product offering, but I didn't think it was competitive when they rolled it out. Wrap Reality might get some traction eventually, but there IS competition. I continue to believe the BolaWrap is a viable product IF they can get market acceptance. The UK was so interested, that they provided some grant money for further R&D a few years ago. The UK's concern, was two-fold: The device made too much noise when deployed (I considered the noise to be a beneficial feature, as the noise alone would startle a subject). And, the UK wanted the device to be effective at a distance of greater than 25', The device the UK was initially considering was the BolaWrap 100, which was deployed by a .38 caliber blank. WRAP redesigned the BolaWrap and came up with the BolaWrap 150, which is mostly electronic and deployed with gas, like an air bag in a car as opposed to blank ammunition. I don't know if it is quieter or effective at a greater distance, but apparently it hasn't been enough to coax the UK to buy it. If WRAP could land the UK, it could be a significant sale. Apparently the UK and many countries in Europe make procurement decisions on a national level, as compared to the US, where procurement decisions are made by local PDs and local government. I like the viability of the BolaWrap, but until they start getting market acceptance, the product isn't going anywhere. The company needs to work harder on this task. I FULLY believe that the BolaWrap can save Lives, LE Careers and a TON of money by avoiding Personal Injury/Excessive Force/Wrongful Death lawsuits.

The very last sentence of my longwinded post above sums up WHAT WRAP should be focusing on in their sales pitch.

I live in New Mexico, USA and in my own city, just ONE wrongful death settlement cost the city $6.5M. Over the past 3 years, there have been numerous settlements. New Mexico has roughly 5,000 LE officers in the ENTIRE STATE. That ONE settlement could have equipped every cop in the state with a BolaWrap. I find that astounding and infuriating.

I'm BULLISH on the CONCEPT, but BEARISH on the stock until they can establish a profitable revenue stream.