ClearSign Technologies Corporation

Good day and welcome to the ClearSign Technologies second quarter 2020 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 touch-tone 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 Selinger, Investor Relations. Please go ahead.

Good afternoon, and thank you, Operator. Welcome, everyone, to the ClearSign Technologies Corporation's second 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 in this conference call include, but are not limited to, whether field testing and sales of ClearSign's products will be successfully completed, whether ClearSign will be successful in expanding the market for its products, and other risks that are describing ClearSign's public periodic filings with the SEC including a discussion in the risk factors section of the 2019 Annual Report on Form 10-K. Except as required by law, ClearSign assumes no responsibility to update these forward-looking statements to reflect future events or actual outcomes and does not intend to do so. On the call with me today are Jim Deller, ClearSign's President and Chief Executive Officer, and Brian Fike, ClearSign's Chief Financial Officer. At this point, I'd like to turn the call over to Brian Fike. Please go ahead, Brian.

Thank you, Matthew, and thank you to everyone for joining us here today. Our financial results were included on the Form 10-Q that the company filed with the SEC on August 14th. The cash burn for the quarter ended June 30th of 2020 was $1.4 million compared to $2.1 million in the same period of 2019. This decline reflects the reductions made to operating expenses and is representative of the changes made in the company's operations since the first quarter of last year. The increased efficiency is directly attributable to the systematic focus on prioritized projects, selective use of outsourced consultants, and a more rigorous project planning and budgeting approval process. Our cash and investment resources were about $5.7 million at the end of the second quarter of 2020 compared to $7.5 million at the end of the first quarter of 2020. Shares outstanding on June 30th of 2020 were $26,731,261. On August 24th of 2020, We closed a secondary offering pursuant to which we issued 2,587,500 shares of common stock for gross proceeds of approximately $5,175,000 or $2 per share. This bolsters the company's cash position, which we believe will enable us to bring our current product developments to market. Additionally, Clear SPV LLC, our largest shareholder, waived its right to participate in the secondary offering in exchange for a right to purchase approximately 654,000 shares of the company's unregistered common stock at a price of $2 per share. This purchase right will expire on September 30th of 2020 if not exercised. During the second quarter, we received approximately $250,000 in funds from a PPP loan, which we anticipate will be forgiven in the next few months. It is important to note that with our quarter ending balances, plus the funds raised through the secondary offering, we have sufficient working capital available to carry us comfortably into 2022, and that is without including revenues from any other sources. With that, I would like to turn the call over to our Chief Executive Officer, Jim Deller. Please go ahead, Jim.