ClearSign Technologies Corporation

Good day and welcome to the ClearSign Technologies Corporation second quarter 2022 results conference call. All participants will be in a 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. And 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 Mr. Matthew Selinger of Investor Relations. Please go ahead, sir.

Thank you, operator. Good afternoon and welcome, everyone, to the ClearSign Technologies Corporation second 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 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 SECs. 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 Hinds, Clearsign's Vice President of Finance and Controller. So, at this point in the call, I would like to turn it over to VP Finance, Brent Hinds. So, Brent, please go ahead.

Thank you, Matthew, and thank you to everyone joining us here today. Before I begin, I'd like to note that our financial results on Form 10Q were filed with the SEC on August 15th. With that, I would like to give an overview of the financials for the second quarter 2022. The company recognized no revenues during the three months ended June 30th, 2022, and no revenues for the same period in 2021. Our net cash used in operations for the quarter ended June 30th, 2022 was approximately $1.8 million compared to approximately $2.2 million for the same period in 2021. For the six months ended on June 30th, our net losses decreased approximately $1.2 million compared to the same period in 2021. The decrease in net loss is primarily attributable to decreased research and development costs. Research and development costs have decreased due to lower human capital costs and lower product development costs. Product development costs have decreased year over year mainly due to the change in focus of our engineers. The change in focus is to support sales initiatives and to provide customer technical support. As previously reported on June 1st, we closed an underwritten public offering of 4,186,000 shares of our common stock at a price to the public of $1.11 per share. As a result of this offering, net cash proceeds to ClearSign were approximately $4.2 million. As a result of the aforementioned underwritten public offering completed on June 1st, 2022, and pursuant to the purchase right, Clear SPV LLC purchased its entire allotment of 1,591,594 shares at a price of $1.11 per share. This resulted in net cash proceeds to ClearSign of approximately $1.7 million. Please note the purchase right was exercised after June 30th, 2022. and thus the effects of this transaction were not reported on the face of the financials, but rather disclosed within our subsequent events footnote. The purchase right granted to Clear SPV LLC comes from the original stock purchase agreement dated July 12, 2018, between the company and Clear SPV LLC. The purchase right states that clear SBV members can participate in certain future equity offerings if they choose to do so. By purchasing enough unregistered shares to allow the SBV to maintain their 19.99% ownership of the company's outstanding common stock. As of August 1st, 2022, there were 37 million shares 951,559 shares of our common stock issued and outstanding. The cash balance as of June 30, 2022, was approximately $9.7 million, which does not reflect the aforementioned SPV investment. We have confidence in our financial position and balance sheet, and with our quarter-ended investment, balances, we have sufficient working capital available to carry us through 2024, and that is without cash from any other sources. Just to note from a cash perspective, and subsequent to June 30th, we have received payment from outstanding invoices from multiple process burner projects. And with that, I would like to turn the call over to our CEO, Jim Deller. Jim?