authID Inc.

Hello, and thank you for standing by, and welcome to AuthID Q1 fiscal year 2023 earnings conference call and webcast. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask the question during this time, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again, I will now like to hand the conference over to Graham. All right, so you may begin.

Thank you, Operator. Good afternoon, everyone. With me on today's call are our CEO, Ron Taguro, our CFO, Annie Pham, and our CTO and founder, Tom Sokey. By now, you should have access to today's press release announcing our first quarter 2023 results. If you have not received this, The release can be found on our website at www.authid.ai under the Investor Relations section. 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 adjusted EBITDA information for the most directly comparable GAAP financial information appear in today's press release. Before we begin our formal remarks, let me also remind you, everyone, that part of our discussion today will include forward-looking statements. Such forward-looking statements are not guarantees of future performance, so 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 other filings, which are made available at www.sec.gov. As the operator mentioned, we will have a Q&A session after the presentation. To ask a question and participate in the Q&A, you must be registered on the telephone. I'd now like to introduce our CFO, Annie Phan.

Thank you, Graham. Turning to slide number three. The following highlights compare results from continuing operation for the quarter ended March 31, 2023, with the quarter ended March 31, 2022, unless otherwise specified. Total revenue was 0.04 million for the first quarter ended March 31, 2023, compared with 0.2 million for the prior year, of which $4.04 million was from verified software license revenue. The reduction was primarily attributed to revenue from a legacy authentication product that was discontinued in April 2022. Operating expenses for the quarter total $4.5 million, compared with $5.2 million. Loss for the quarter was $5.2 million. of which non-cash and seven charges were 3 million compared with a loss of 5.1 million, of which non-cash and seven charges were 2.3 million. Loss per share for the quarter was 21 cents compared with 22 cents. Adjusted EBITDA loss for the quarter improved to 2.2 million compared with 2.8 million primarily due to cost savings from the restructuring plan that we executed in the first quarter of 2023, and that also reduced the monthly cash burn as compared to 2022. In March, the company secured financing of up to $3.6 million under a facility agreement with Stefan Gacic, and we completed a $0.9 million initial drawdown of cash before fees and expenses. However, in order to further implement our business plan and satisfy the working capital and NASDAQ listing requirements, the company will need to raise additional capital. With that, it gives me great pleasure to turn the call over and introduce you to our new CEO, Ron DeGuro.