ClearSign Technologies Corporation

Good day and welcome to the ClearSign Technologies Corporation first quarter 2020 results conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. To withdraw your question, please press star, then two. Please note, this event is being recorded. I would now like to turn the conference over to Matthew Schellinger, Investor Relations. Please go ahead.

Good afternoon, and thank you, Operator, and welcome everyone to the ClearSign Technologies Corporation first quarter 2020 results conference call. During this conference call, the company will make forward-looking statements. Any statement that is not a statement of historical fact is a forward-looking statement. This includes remarks about the company's projections, expectations, plans, beliefs, and prospects. These statements are based on judgments and analysis as of the date of this conference call and are subject to numerous important risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The risks and uncertainties associated with the forward-looking statements made at this conference call include, but are not limited to, whether field testing and sales of ClearSign's products will be successfully completed, where the ClearSign will be successful in expanding the market for its products and other risks that are described in ClearSign's public periodic violence with the SEC, including the discussion in the risk factor section of the 2019, excuse me, 2019 annual report on Form 10-K. Except as required by law, ClearSign has no responsibility to update these forward-looking statements to reflect future events or actual outcomes and does not intend to do so. So on the call with me today are Jim Deller, ClearSign's President and Chief Executive Officer, and Brian Fike, Pearson's Chief Financial Officer. Rob Hoffman, Pearson's Chairman of the Board, will also be available during the question and answer portion of the call. So with that, I would like to announce from the call up to Brian Fike. Please go ahead, Brian.

Thank you, Matthew, and thank you to everyone for joining us today. Our full financial results were released last month on Form 10Q with the SEC on May the 14th. The cash firm for the quarter ended March 31 was $1.5 million compared to $2.2 million in the same period of 2019. This is a reduction of 33% and is representative of the changes made in the company since the first quarter of last year. The Q1 figures are consistent with the increasing efficiency achieved over the past year. The major savings have been from a systematic focus on selected and prioritized development projects and the very selective and judicious use of outsourced consulting. This has been combined with more rigorous project planning and budgeting and expenditure approval processes. Our cash and investment resources were about $7 million at the end of the first quarter of 2020 compared to $8.5 million at the end of the fourth quarter of 2019. Shares outstanding at March 31, 2020 were $26 million 707,261. On April 21st, we received a letter from NASDAQ deferring the tolling period for our stock price due to our bid price deficiency for the months of May and June. This extends the current deadline for meeting the bid price guidelines until September 28th of 2020, at which time, if necessary, we can apply for a six-month extension. During the second quarter, We have also received $250,000 in funds from the PPP, which are anticipated to be forgiven during Q3. It is important to note that we have sufficient working capital available as of today to carry us through 2020 and into 2021, even assuming no revenue from any other sources. With that, I would like to turn the call now over to our Chief Executive Officer, Jim Deller. Please go ahead, Jim.