ClearSign Technologies Corporation

Good day and welcome to the ClearSign Technologies first quarter 2022 conference call. All participants will be in Ellison-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 of Firm IR Group. Please go ahead.

Good afternoon, and thank you, Operator. Welcome, everyone, to the ClearSign Technologies Corporation first quarter 2022 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 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 periodic public filings with the SEC, including the discussion in the risk factor section of the 2021 annual report on Form 10-K. So, 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 Brent Hines, ClearSign's Vice President of Finance and Controller. So at this point in the call, I would like to turn the call over to VP of Finance, Brent Hines. Please go ahead, Brent.

Thank you, Matthew. And thank you for everyone joining us here today. Before I begin, I would like to note that our financial results on our quarterly form 10Q were filed with the SEC on May 16th. With that, I would like to give an overview of the financials for the first quarter of 2022. The company recognized no revenues during the three months ended March 31st, 2022, compared to revenues of $363,000 for the three months ended March 31st, 2021. Our net cash used in operations for the quarter ended March 31st, 2021 was approximately $1.5 million, which is essentially the same for the prior period, March 31st, 2021. We reported approximately $1.5 million net loss for the three months ended March 31st, 2022, which is approximately a half a million dollar favorable change compared to the same period in 2021. This favorable change is primarily attributable to decreased human capital costs and changing the compensation plan for our board of directors. As of March 31st, 2022, there were $32 million 154,746 shares of our common stock issued an outstanding. During the three months ended in March 31st, 2022, the company raised approximately $614,000 by issuing approximately 496,000 shares of common stock at an average price of $1.24 per share. These sales were conducted through our ATM, or at-the-market offering, sales agreement with Virtue America's LLC. In addition, on June 1st, we closed an underwritten public offering with New Bridge Securities Corporation. This deal allowed us to raise gross proceeds of approximately $4.2 million in cash by issuing 4,186,000 shares of common stock. With that being said, we have confidence in our financial position and balance sheet. And with our quarter ending balances, we have sufficient working capital available to carry us through 2024. And with that is without revenue from our other sources. We do believe that the increased strength of our balance sheet will enhance our position as we compete for future customer business. With that, I would like to turn the call over to Jim Deller. Jim?