Scientific Industries Inc

Good afternoon, and welcome to the Scientific Industries third quarter fiscal year 2022 financial results 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 telephone keypad. 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 Joe Dorme with Lithum Partners. Please go ahead.

Thanks, Gary. Good afternoon, and thank you for joining us today to review the financial results of Scientific Industries, Inc. for the third quarter of fiscal year 2022, ended March 31st, 2022. With us today on the call are John Moore, Chairman, and Helena Santos, Chief Executive Officer. After the conclusion of today's prepared remarks, we'll open the call for questions. If anyone participating on today's call does not have a full copy of the press release, you can retrieve it from the company's website at scientificindustries.com or numerous other financial websites. Before we begin with prepared remarks, I'd like to remind everyone certain statements made by the management team of Scientific Industries during this conference call constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Except for the statements of historical fact, this conference call may contain forward-looking statements that involve risks and uncertainties, some of which are detailed under risk factors and documents filed by the company with the Securities and Exchange Commission, including the annual report on Form 10-K for the year ended June 30, 2021. Forward-looking statements speak only as of the date the statements were made. The company can get no assurance that such forward-looking statements will prove to be correct. Scientific industry does not undertake and specifically disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise. Now I'd like to turn the call over to Helena Santos, CEO of Scientific Industries. Helena?

Thank you, Jerome. Good afternoon and thank you for attending our company's fiscal 2022 third quarter earnings call. As John Moore will discuss in detail after me and as all of you who have been following our company for the past year know, we are aggressively investing to develop and sell new products. We are all well aware that this will require some patience, but as you can see from the financial results, We're already starting to generate revenues from the bioprocessing business, and our plan is to aggressively ramp up that while we continue to focus on the development of our future innovative product roadmap. But in order for us to accomplish all these goals, we need to have the systems to win. With the rapid expansion of our bioprocessing business, and therefore our company as a whole, one of the key factors for ensuring success is that we have the right tools in place. We must invest not only in R&D and sales and marketing, but all the tools necessary to support these functions. So for the remainder of this calendar year, we will also focus heavily on making sure we have those tools necessary to achieve the goals. This means having the right people and the right positions, the right systems, and a strong system of policies, procedures, and internal control processes in place to ensure accurate and timely financial reporting, especially as the bioprocessing business becomes more material. First, we've begun to do this by promoting Daniel Grunitz to CEO and President of FBI and Akilah. Mr. Grunitz already served as Akilah's CEO until the acquisition and led both R&D and operations at SBI ever since. During these last 12 months, he has demonstrated to me, to John Moore, and the entire board of directors that he possesses the discipline, the assertiveness, and the skill set that we need to lead the business into the next phase. Second, we hired a new CFO for our company. with the experience that is necessary to support our company, particularly in the area of international operations and implementing new systems of financial control across all the SI business areas. And third, we hired a new senior accountant for our German subsidiary, Akila, to be responsible for the day-to-day accounting of the German operation. Prior to his hiring, everything Pharmakila was outsourced to an outside accounting firm, which is customary and similar to other small businesses. And so with the right people in place, with the right skills, we can now embark on our mission to implementing these systems to end, as I mentioned, meaning a new ERP system, CRM system, and a comprehensive system of internal controls throughout the entire company with heavy emphasis on our international operation and the bioprocessing systems operations as a whole. Thank you, and with that, I turn it over to John Moore. John?