I thought I would write a blog entry to give a high-level, general status update on Novint.
Overall, things are going well. We have been pushing ahead on both sides of our business - the games side of the business (using the Falcon to play video games), and the professional side of the business (our Advanced Products Group, or APG, works on applications outside of games such as military uses of the technology, medical training and visualization, oil/gas visualization, etc).
On the games side of the business, we recently released F-Gen Beta 3 and our first two F-Gen supported games, Left 4 Dead 2 and the original Half-Life. This is a significant milestone for the games side of the business - we have focused most of our development the past year on F-Gen so that we can start to get games out more quickly, and with the first games out, we are well positioned to begin to get a number of additional games out. The first two games utilize F-Gen Tools, which are what provide the force events for the Falcon. We'll need to continue to improve the Tools and add new ones, but releasing the first implementations of F-Gen Tools is a big milestone.
On the APG side of the business, it is going well. We've continued to bring in new contracts and successfully complete ones we already had. There is good potential to continue to grow our professional applications of the technology in the medical fields, military applications, oil/gas applications, etc. I'm optimistic about the growth of the APG in general.
All of that said, the economy is still relatively tough, and about a year ago, we went through a particularly rough patch. We had to downsize the company significantly at that time, and needed to dramatically cut expenses. We have generally gotten back on our feet and I think we are poised to grow, but there are still many challenges in front of us, as a high tech, early stage company. Accounting and auditing fees as a public company on the OTC:BB are in the hundreds of thousands of dollars a year, as an example. I have no doubt that the technological field we are in will be extremely significant, and I am of course still optimistic that it will be us that will bring computer touch on a large scale to computing, but we have had to take a mentality where we have eliminated all expenses that are not absolutely critical. I think this is a good thing to do. Often in the case where you hunker down and focus on working towards growing the company to a break even point, you emerge from the efforts in a much stronger place than you started, and I think that will be true of us as well.
Tom Anderson (tomnovint)