What changed in this filing

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Item 1. Business

2024-09-30 compared with 2023-09-28 · 66 added, 61 removed, 42 unchanged (75% of the section changed)

BUSINESS OVERVIEW

We are a leading provider

of integrated wireless solutions utilizing the latest in 5G (fifth generation) and 4G LTE (fourth generation long-term evolution) technologies

including mobile hotspots, routers, fixed wireless routers, and various trackers.

Our integrated software subscription services provide

users remote capabilities including mobile device management (MDM) and software defined wide area networking (SD-WAN).

We have majority ownership

of Franklin Technology Inc.

Doing business

as “FranklinAccess”, we are a leading global provider of integrated wireless solutions utilizing the latest 5G (fifth generation)

and 4G LTE (fourth generation long-term evolution) technologies including mobile hotspots, fixed wireless routers, and mobile device management

(MDM) solutions.

We are a leading enabler of the Digital Divide initiative, and our expertise extends to innovation in Internet of Things

(IOT) and machine-to-machine (M2M) applications, driving forward seamless communication and connectivity for both individuals and enterprises.

majority ownership of Franklin Technology Inc.

(FTI), a research and development company based in Seoul, South Korea.

FTI primarily provides design and development

services for our wireless products.

FTI primarily provides

design and development services for our wireless products.

Our products are generally

marketed and sold directly to wireless operators and indirectly through strategic partners and distributors.

Our global customer base

primarily extends from North America and the Caribbean and South America to Asia.

Our primary markets are in

North America and Asia.

OUR STRUCTURE

We incorporated in 1982 in

California and reincorporated in Nevada on January 2, 2008.

We incorporated in 1982 in California

and reincorporated in Nevada on January 2, 2008.

The reincorporation had no effect on the nature of our business or our management.

Our headquarters office is located in San Diego, California.

The office is principally composed of marketing, sales, operations, finance

and administrative support.

It is responsible for all customer-related activities, such as marketing communications, product planning,

product management and customer support, along with sales and business development activities on a worldwide basis.

The consolidated financial

statements include the accounts of the Company and its subsidiary, Franklin Technology Inc.

(“FTI”), with a majority voting

interest of 66.3% (33.7% is owned by non-controlling interests) as of June 30, 2023, and 2022.

In the preparation of consolidated financial

statements of the Company, intercompany transactions and balances are eliminated and net earnings (loss) are reduced by the portion of

the net earnings (loss) of the subsidiary applicable to non-controlling interests.

headquarters are located in San Diego, California.

This office provides marketing, sales, operations, finance and administrative support.

It is also responsible for all customer-related activities, such as marketing communications, product planning, product management and

customer support, along with sales and business development activities worldwide.

Our consolidated financial statements

include accounts for the Company and its subsidiary, Franklin Technology Inc.

We have a majority voting interest

of approximately 66.3% (approximately 33.7% is owned by non-controlling interests) in FTI as of June 30, 2024, and 2023.

In the preparation

of consolidated financial statements of the Company, intercompany transactions and balances are eliminated and net earnings (loss) are

reduced by the portion of the net earnings (loss) of the subsidiary applicable to non-controlling interests.

Accounting Standards Codification

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of the sale of wireless access products.

We generate revenues from three geographic areas, consisting of North America, the Caribbean

and South America, and Asia.

The following enterprise-wide disclosure is prepared on a basis consistent with the preparation of the consolidated

financial statements.

The following table contains certain financial information by geographic area:

We generate revenues from three geographic areas, consisting of North America and Asia.

The following

enterprise-wide disclosure is prepared on a basis consistent with the preparation of the consolidated financial statements.

The following

table contains certain financial information by geographic area:

Fiscal Year Ended June 30,

North America

Caribbean and South America

Long-lived assets, net (property and equipment and intangible assets):

2 unchanged sentences

North America

We are a global leader and

innovator in providing the latest mobile technologies to the mass market, which include 5G/4G Mobile Hotspots, 5G/4G, fixed wireless routers,

and MDM solutions.

We are a leading enabler of the Digital Divide initiative, and our expertise extends to innovation in Internet

of Things (IOT) and machine-to-machine (M2M) applications.

The following is a sample of the products we offer:

We offer a wide variety of innovative

integrated wireless solutions utilizing the latest 5G and 4G LTE technologies including mobile hotspots, fixed wireless routers, and mobile

device management (MDM) solutions.

5G/4G Wireless Broadband Products

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5G/4G Fixed Wireless Routers

Enhanced routing gateway that can provide support for both wired and wireless connectivity, offering solutions for consumers looking to replace Cable or DSL service

Enhanced routing gateway that can provide support for both wired and wireless connectivity, offering solutions for consumers looking to replace Cable or DSL service ensuring a reliable and high-speed internet access.

5G/4G Enterprise Gateway CPE

Enhanced routing gateway equipped with enterprise features offering solutions for enterprise customers looking to replace wired service, or wireless back-up for wired connections in a mission-critical environment or instant wireless connection in temporal locations.

IoT Tracking Devices and Connected Devices:

Smart IoT tracking device

Location service devices based on CAT1 and CAT M technology, allowing consumers and businesses to track virtually any tangible item, anytime and anywhere.

Connected Car

An all-in-one connected car solution that provides easy access to built-in Wi-Fi Hotspot and extensive added vehicle diagnostics, safety, and security features, as well as location service via OBDII protocol with other applications.

Home Phone Connect

Franklin’s Voice Over LTE (VoLTE) device provides a landline alternative, connecting instantly and allowing users local and domestic long distance calling through the carrier’s network.

IOT Server Platform and Application

“Pintrac,” Franklin’s Cloud based telecom grade server platform, enables enhanced remote management of device functionality.

Pintrac Mobile Device Management (MDM) for LTE hotspots allows schools, government agencies and others to remotely manage and configure hotspots.

Pintrac Pet is a complete pet tracking application, allowing monitoring and tracking household pets and their activity using Franklin’s Trackers.

Pintrac Auto tracks, locates, and manages vehicles for consumers and businesses using Franklin’s LTE OBD devices.

“JEXtream” Franklin’s Cloud based telecom grade server platform for 5G devices and routers, enables enhanced remote management of device functionality.

Our global customer base is

comprised of wireless operators, strategic partners and distributors located primarily in North America, the Caribbean and South America,

Smart Box Solutions (In Development)

4G/5G M2M Gateway

o Enhanced gateway supports both 4G and 5G networks, enabling reliable and secure machine-to-machine communication,

essential for industrial applications and remote monitoring systems.

On-Device Artificial

Intelligence (AI)

o Integrating advanced AI capabilities directly into the devices, we provide real-time data processing and

decision-making at the edge, enhancing efficiency and reducing latency for critical IoT applications.

Quvo Family Guardian Solutions

Parental Controls

o Comprehensive parental control features, ensuring a safe and secure online environment for children by

managing and monitoring their internet and application usage.

o Enhancing senior care solutions for the safety and well-being of elderly family members through monitoring

and assistance features tailored to their needs.

JEXtream MDM/NMS Solutions

“JEXtream” is Franklin’s

Cloud based telecom grade server platform for 5G devices and routers, enables enhanced remote management of device functionality.

Device Management (MDM)

o Comprehensive management of mobile devices, ensuring security, compliance, and efficient operation across

various mobile environments

Network Management

o Robust tools for monitoring, managing, and optimizing network performance, ensuring reliable connectivity

and operational excellence.

Our global customer base is comprised

of wireless operators, strategic partners and distributors located primarily in North America and Asia.

SALES AND MARKETING

We market and sell our products

primarily to wireless operators located in North America, the Caribbean and South America, and Asia regions mainly through our internal,

direct sales organization and, to a lesser degree, indirectly through strategic partners and distributors.

The sales process is supported

with a range of marketing activities, including trade shows, product marketing and public relations.

All of our wireless devices

must pass Federal Communications Commission (FCC) testing in order to be sold in United States markets.

primarily to wireless operators located in North America and Asia regions mainly through our internal, direct sales organization and,

to a lesser degree, indirectly through strategic partners and distributors.

The sales process is supported with a range of marketing activities,

including trade shows, product marketing and public relations.

All of our wireless devices must

pass Federal Communications Commission (FCC) testing in order to be sold in United States markets.

Global Certification Forum (“GCF”)

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PRODUCTION AND MANUFACTURING OPERATIONS

For the fiscal year ended

June 30, 2023, the manufacturing of the majority of our products was performed by two independent companies located in Asia.

For the fiscal year ended June

30, 2024, the manufacturing of the majority of our products was performed by two independent companies located in Asia.

As of June 30, 2024, we had 69

4 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business