ClearSign Technologies Corporation

Good day and welcome to the ClearSign Technologies first quarter 2021 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 Selinger of Firm IR Group. Please go ahead.

Good afternoon. Thank you, Operator. Welcome, everyone, to the ClearSign Technologies Corporation first quarter 2021 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 the date of his 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 his 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 files with the SEC including the discussion in the Risk Factors section of the 2020 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. So on the call with me today are Jim Geller, 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 here today. Our financial results on the Form 10-Q were filed with the SEC back on May 17th of 2021. The company recognized revenue of $363,000 during the three months ending March 31st, 2021, from the completion and delivery of three burners under a product contract with an infrastructure company. Jim will be providing further details on this. The cash burn for the quarter ended March 31st, 2021, was approximately $1.5 million, compared to approximately $1.4 million in the same period of 2020. Our cash and investment resources were approximately $10.7 million at the end of the first quarter of 2021, compared to approximately $8.8 million at the end of the fourth quarter of 2020. As of March 31st, 2021, the company sold 940,748 shares of our common stock under our ATM program at an average price of $4.93 per share. Growth proceeds totaled approximately $4.6 million and net cash proceeds approximated 4.5 million. Of these amounts, there are 190,748 additional shares representing net proceeds of approximately 1.1 million that were sold as of March 31st, 2021, but settled during April of 2021. Shares outstanding on March 31st, 2021 were 31,137,498. It is important to note that with our quarter-ending balances, we have sufficient working capital available to carry us well into 2022, and that is without revenue from any other sources. And with that, I would like to turn the call over to our Chief Executive Officer, Jim Deller. Please go ahead, Jim.