Cyanotech Corp

Aloha from Kona, Hawaii. Thank you all for joining us today to report Cyanotech's first quarter fiscal year 2022 earnings results. I am Jerry Sususki, Chief Executive Officer of Cyanotech. Joining me on the call today is Felicia Layden, our Chief Financial Officer. I will turn the call over to Felicia to provide our forward-looking statement. Felicia?

Thanks, Jerry. Our discussion today may include forward-looking statements. We do not undertake any obligation to update forward-looking statements, either as a result of new information, future events, or otherwise. Our actual results may differ materially from what is described in these forward-looking statements. Some of the factors that may cause results to differ are listed in our publicly filed documents. For additional information, we encourage you to review our 10Q and fiscal year 2021 10K report filed with the Securities and Exchange Commission. I will turn it back to Jerry for comments on the quarter. Jerry?

The company started off the fiscal year with strong sales and an improved gross profit. Due to the timing of product availability from our third-party partners, shipments were higher in the last month of the quarter, resulting in higher accounts receivable and lower cash. Stable growth conditions in the quarter resulted in cultivation and production results above trend. At the beginning of the quarter, the company refinanced its related party loan with Skywards Family Foundation. The refinancing converted $500,000 of the outstanding principal amount to a revolver, extended the maturity date by three years to April 12, 2024, adjusted the interest rate to reflect a floor of 5%, and secured Skywards interest subordinate to our principal lender, First Foundation Bank. As part of the refinancing, the company repaid $500,000 of principal plus accrued interest to date of $1,900. Turning over to Felicia to discuss the financial results. Felicia?