authID Inc.

Ladies and gentlemen, today's conference is scheduled to begin shortly. Please continue to stand by and thank you for your patience. Thank you. Thank you. Ladies and gentlemen, thank you for standing by. And welcome to the Q1 fiscal year 2022 earnings conference call and webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask the question during this session, you need to press star then one on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star then zero. I would now like to turn the conference over to your speaker for today. Grace DeFreeze, you may begin.

Thank you, Operator. Good afternoon, everyone. With me on today's call are Tom Timo, CEO, Tripp Smith, our President and CTO, Stuart Stoller, our CFO, and Grandma Rod, our general counsel. By now, you should have access to today's press release announcing our first quarter 2022 results. If you have not received this, the release can be found on our website at www.authid.ai under our investor relations section. We are now on slide two. Throughout this conference call, we will be presenting certain non-GAAP financial information, This information is not calculated in accordance with GAAP and may be calculated differently from other companies similarly titled non-GAAP information. Quantitative reconciliations of our non-GAAP financial information to their most directly comparable GAAP financial information appear in today's press release. Before we begin our formal remarks, let me remind everyone that part of our discussion today will include forward-looking statements, Such forward-looking statements are not guarantees of future performance, and therefore you should not put undue reliance on them. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. Some of these risks are mentioned in today's press release. Others are discussed in our Form 10-K and subsequent filings, which are made available at www.sec.gov. For those of you on the webcast, please note that we have set up the presentation for you to advance the slides manually. You can do this by hovering over the slides and tapping the double arrows that appear on the right-hand side of the slides. Tom and Stu will also provide you cues for advancing the slides. I'd now like to introduce our CEO, Tom Timo.

Thank you, Grace. Welcome, everyone, to today's call during which we'll talk about the market driver's and our progress made in the first quarter of 2022. Grace, let's turn to slide three. The market is moving towards AuthID. Why? Every day a new cyber attack haunts the news, whether it's Lapsus hacking Microsoft and Okta, the SolarWinds breach, or a gaming operator losing $500 million in cryptocurrency gaming funds. These breaches have all been largely attributable to compromise credentials and reliance on weak legacy authentication methods. Recent estimates indicate that by 2025, the total global cost of cybercrime is expected to reach $15 trillion. Even the White House has instructed all federal agencies and contractors to adopt zero trust with a specific directive to discontinue support for authentication methods that fail to resist phishing, including one-time codes or push notifications. The failure of legacy methods to deter fraud and cybercrime is why the biometrics as a service market is projected to grow to over $16 billion by 2026. And just last week, on May 5th, World Password Day, the three big tech giants, Microsoft, Apple, and Google, teamed up with the FIDO Alliance, which we are a part of, to announce they will create an infrastructure for expanded support of a common passwordless sign-in standard. As members of this FIDO Alliance, we also have been working towards the same goal. We believe that this announcement significantly enhances prospects for AuthID's products as it indicates the industry is moving to a passwordless future in which our biometric identity authentication could play an integral part. FIDO, however, does have some shortcomings, and this is where we see a tremendous opportunity for auth IDs. Fido authentication is still vulnerable to first- and second-party fraud, and an enterprise still does not know with certainty who's behind the device. Yes, my kids can open my phone with my PIN code and order age-restricted goods, but does the alcohol delivery company really know who made that purchase of the case of Tito's? Can I dispute that purchase? In short, device authentication by itself simply does not provide an indisputable audit trail of who made a purchase or who transferred funds. Our verified platform solves this problem because we couple something you have, your FIDO2 device, typically an iPhone or an Android device or a laptop, with something you are, your verified selfies. Together, these factors deliver the highest identity assurance secured by a seamless user experience. Eliminating passwords with fortified defense and high identity assurance in a cloud-based solution is why companies are turning to AuthID and why we see strong momentum in our sales pipeline. Turning to slide four. We continue to build a solid team. which brings a diversity of backgrounds and experience to help shape our strategy, product, and culture. This diversity is critical to delivering ethical AI and identity products in a bias-free manner. Here we highlight several hires and promotions made in sales and technology in the last few months. In addition, Joe Trellin joined our board of directors, bringing to the company invaluable industry experience in technology and product management as the former Chief Platform Officer of Clear and a former executive of NBC Universal and Amazon.com. And as we announced last month, Stu Stoller, our longtime CFO, will retire and Annie Pham will succeed him as our CFO in June. On behalf of our entire team, I want to thank Stu for your dedication and help in shaping our mission and building critical processes to support our growth. We wish you only the best. Over the course of her career, Annie has demonstrated acumen across all aspects of finance, particularly with software, subscription, and SaaS business models like ours. Annie also brings broad experience in public company and SEC reporting, secondary offerings, and complex accounting transactions. Annie will be a great addition to help us advance to the next level of growth. Turning to slide five. Since the requirement for frictionless user experience is present in every sales conversation, the technology enhancements we made in the first quarter are helping our sales initiatives. These releases include a sleeker user interface, the incorporation of additional language preferences, and enhanced artificial intelligence algorithms that improve both the accuracy and speed of the user experience. Joining the Microsoft Partner Program with a low code deployment of Verified to provide biometric authentication for Office 365 and Azure broadens the distribution of our verified Cloud Connect integration. We also continue to build on our patent portfolio. In addition to our 777 US patent awarded in December of 2021, In February, we received USPTO notice of allowance of our patent to be issued tomorrow on May 10th. This patent protects verified multi-factor authentication methodology, which combines an account holder's explicit consent for a transaction with identity verification and secures it with a unique digital signature. Critical to fighting fraud, this patented methodology creates an unchallengeable audit trail for all parties. Last week, we announced independent confirmation by I-Beta that our passive liveliness detection achieved conformance with ISO 30107-3 Level 1 and Level 2 standards for presentation attack detection, or as it's known, PAD, with a perfect score. Best-in-class liveliness detection is critical to ensuring strong protection from penetration attacks spoofing, and other social engineering attacks that have plagued others in our industry. This is just one aspect of our commitment to continuous platform enhancements so that we may deliver the highest levels of security and build a safer next generation digital identity landscape. Turning to slide six. In the first quarter of 2022, we signed agreements with the US Medical Certifying Board a fintech provider of tax information to more than 50 lenders, as well as a leading platform for medical professionals. Also, through our U.S. channel partners, we added several fintech customers who offer consumer, auto, and medical financial services. To achieve our strategic and financial objectives, we will build on these early successes using a proven playbook to generate leads, We are building a robust pipeline that focuses on those verticals most impacted by the rising threats of cyber attacks and account takeovers, including cybersecurity vendors, healthcare, and fintech companies that provide both financial services and cryptocurrencies. Our marketing team is laser focused on developing campaigns in these verticals, and our sales team is working diligently to turn them into qualified prospects and convert them into booked deals. Turning to slide seven. From launching our MVP or minimum viable product in October, our team has executed extremely well to rapidly deliver engaging marketing and sales campaigns and product enhancements that speed adoption and implementation with low code integration. As noted, we have signed agreements and advanced our POVs with early prospects to drive product adoption. We believe we will see the benefit from this progress in our sales pipeline and book deals. As a result, we expect that we will start reporting on our identity KPIs in our next quarterly results call in early August. Those KPIs include identity booked ARR, identity deferred revenue, and identity annual recurring revenue. We believe that these non-GAAP measures focus on sales of our verified identity products and will give a good indication of the outstanding progress that we are making. Now let me turn the call over to our CFO, Stu Stoller, to provide an overview of our financial results for the first quarter. Stu?