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spk03: Just so that everyone knows, if there are any attendees that are coming on right now, we'll likely wait a few minutes just to let everyone join.
spk00: I would wait two minutes, John.
spk03: That sounds good, John. Good. All right, everyone, let's wait one more minute, and then we can start the webcast. All right, everyone. Why don't we begin the webcast now? Greetings and welcome to the Pet Vivo Holdings third quarter 2022 financial results conference call. My name is John Dolan, the Chief Business Development Officer and General Counsel at Pet Vivo. Today's call is being webcast and will be posted on the company's website for playback. Before we begin, I would like to remind everyone that comments made during this conference call by Pet Vivo executives may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties. Any statement that refers to expectations, projections, or other characterizations of future events, including financial projections or future market conditions, is a forward-looking statement. PetVivo's actual future results could differ materially from those expressed in such forward-looking statements for any reason, including those listed in its SEC filings. PetVivo assumes no obligation to update any such forward-looking statements. Pet Vivo filed its 10Q and earnings release with the SEC today, which provided a detailed discussion of our financial results. Both of these documents can be found in the SEC website and the investor relations section of our website. I would now like to turn the conference over to John Lai, the CEO and president of Pet Vivo. John, please go ahead.
spk00: Thank you, John. I'd like to welcome everyone to our call. Joining me today will be Robert Foulkes, our CFO I would like to begin by discussing highlights from the last quarter, then turn it over to Bob, folks, for a more detailed discussion on the financials, financial conditions, and greater detail. I will conclude by sharing some additional thoughts on the business strategy, key focus areas, and the second half of fiscal 2022 before we open it up to questions. So some of the key highlights for the last quarter was we did generate 51,000 in revenues for the sale of spring. And we launched officially in September of 2021. The introduction of spring really occurred at the American Association of Equine Practitioners in December. of 2022, it was at the end of the first week or the beginning of the second week of December. And then we also added Dr. Joe Manning as our senior equine veterinary specialist to our team. Joe has many years of experience in the equine space, in veterinary medicine development and FDA work. Also, a branding initiative with regards to Spring was launched and updated, and we are updating our websites. We have a Spring with Osseocushion website along with the Pet Vivo website, and we'll be driving viewership and interest to both of those sites. We've updated sales material as well as... attending many more conferences coming up. We just got back. Actually, it's still going from Snowmass, Colorado, which is a orthopedic surgeon conference. I would now like to turn the call over to Robert Folks, our CFO, who will discuss recently completed registered offering as well as our financial conditions.
spk01: Thank you, John, and good afternoon, everyone. The most significant event from last quarter was that the company began generating revenue from the sale of the spring with revenues of approximately $51,000 in our first full quarter of sales. On our balance sheet, we had a cash and cash equivalents of approximately $7,554,000 at the end of December. And we have approximately $105,000 of inventory built up to support the sales launch of spring. We continue to use the remaining net proceeds from our initial public offering to expand our sales and marketing efforts to gain vet acceptance and increase revenues from the sale of the spring, as John had kind of detailed previously. So with that, now I will turn it back over to John.
spk00: Thank you, Bob. So I would like to talk in more detail regarding the business strategy and key focus areas from the last quarter. We're in the process of generating data to support marketing for equine and small animals. The Colorado State study is moving, but it's moving slow because of COVID, but we did move forward and engage a couple of private practices or private research groups that will be able to give us data much quicker. So we anticipate data coming out related to equine probably within the next quarter, as well as small animals, dogs, and so on within the next two quarters. We're hiring additional sales individuals for territorial managers. year-end had completed. As the year-end had completed, many of these salespeople that we have been talking to are in the process of receiving their year-end cash bonuses. And as they receive them, we have made offer letters and we anticipate in the next 45 to 60 days having two to perhaps three regional territorial sales managers in the field with us. We will be exhibiting at many conferences and branding and key support launches of Sprint through TV commercials, billboards, as well as supporting white papers and other types of KOL, as well as actual veterinary doctors that have used the product. They are really helping us spread the word. So with that, from the AAEP conference, we shipped the initial products and we're pretty happy with the feedback we're getting with the vets that got the product and we're seeing repeat orders from those vets. Right now, I'll just turn it over to see if there's any questions and be happy to answer questions. Operator, can you take charge, please?
spk02: No problem, if you have any questions, please raise your hand you'll see the raise hand button at the bottom here. I don't see anyone at this time, raising their hand.
spk00: Well, let's give it another minute. If not, I'll just go into give a closing comment and what I'm looking at going forward for the second half of 2022 or actually the last quarter of 2022.
spk02: It looks like we still have no questions at this time.
spk00: Okay. Why don't I just take over and conclude closing comments here? So, you know, we, in the past, I talked about the revenue mix as being equine first, a higher, much higher percentage, and then the small animals. And we are seeing that way. As well as from the conference, we picked up some very good influential equine vets throughout the United States and those vets have been using the product. We're getting very good feedback about the disruptiveness of the product and we're getting repeat orders from them as well as they're helping in helping spread the word. So we believe we will see fruit from those activities. And as we move forward, we'll have the supporting data from the studies from the private organizations much faster than Colorado State that will help us further attract small animal vets to use the product. The whole key here that we're seeing is once a vet uses the product, we're getting very favorable feedbacks and we're seeing a conversion of those vets of using our product as part of the treatment relative to what they're currently using. So with that, I think going forward, we're very comfortable with us executing the plan and falling in place with the disruptiveness of this product. And with that being said, I wanna thank everyone for joining us on the call. And I don't believe I see any questions because I think they still could ask questions, we will formally conclude the conference call.
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