ClearSign Technologies Corporation

beginning shortly so please continue to hold again the call will begin shortly so please continue to hold Good afternoon and welcome to the ClearSign Technologies third quarter 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 a question. 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 Selinger, Investor Relations. Please go ahead.

Good afternoon and thank you, operator. Welcome, everyone, to the ClearSight Technologies Corporation third 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 judgment 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 products will be successfully completed, whether ClearSign will be successful in expanding the market for its products, and other risks that are described in ClearSign's public periodic filings with the SEC, including the discussion in the Risk Factors section of the 2019 Annual Report on the 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 is not intended to do so. 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. So at this point, I would like to turn the call over to Brian Fike. Brian, please go ahead.

Thank you, Matthew, and thank you to everyone for joining us today. Our financial results were included on the Form 10Q the company filed with the SEC on November 13th. The cash burned for the quarter ended September 30th, 2020, was $1.1 million. compared to $1.6 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. This increased efficiency is mainly 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 $10.6 million at the end of the third quarter of 2020, compared to $5.7 million at the end of the second quarter of 2020. Shares outstanding on September 30th of 2020 were $30,043,186. On August 24th of 2020, we closed a public offering pursuant to which we issued approximately 2,587,000 shares of common stock or 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. On September 30th of 2020, Clear SPV LLC Our larger shareholder executed its right to purchase approximately 654,000 shares of the company's unregistered common stock, also at the same price of $2 per share. This resulted in further cash inflow of $1.3 million to bolster our balance sheet. It is important to note that with our quarter-ending balances, we now have sufficient working capital available to carry us comfortably into 2022. and that is without revenue from any other sources. Before turning the call over to Jim, I wanted to take a moment to address an item in the 10-Q that we've already received a few questions about. We are showing cost of goods sold without revenue because that is required under the Accounting Standard for Revenue, ASC 606. In this case, we have had some first out of the gate projects that we anticipate will go over budget for on-site man hours. As such, the potential losses are reflected now in cost of goods sold, as the cost items on these projects are mainly clear sign employee labor, which is already included in all of our cash projections. These have minimal impact on our projected cash flows or other projections. With that, I would like to turn the call over to our Chief Executive Officer, Jim Deller. Please go ahead, Jim.