FLYHT Aerospace Solutions Ltd.

Thank you for standing by. This is the conference operator. Welcome to the Flight Aerospace Solutions second quarter 2022 results conference call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star, then zero. Due to the volume of questions expected on today's call, we ask that you please limit your questions to three to allow time for others in the queue. If there are any outstanding questions at the end of the call, the company will be happy to take them by email to investors at flight.com. I would now like to turn the conference over to Bill Tempany, Chief Executive Officer for Flight. Please go ahead, Mr. Tempany.

Thanks very much and thanks everybody for joining our call today. We've got some pretty exciting news that came out on the wire a few minutes ago about growth in our executive team and our capabilities globally on the sales front that we're going to talk about in detail a little later on. I think the important thing for everybody to note is that we're getting attention both in the airline space and in our competitor space with the products we've built over the last two years. So I think our Q2 results show that we are getting traction in that area, that our acquisitions both of Cross Consents and of WVSS are paying dividends to our shareholders and that we're on the growth path that everybody had hoped we'd be for quite some time. I'm going to have Alanna go through the financial results and then I'll talk in more detail about some of the exciting news from this quarter. And then we'll answer questions that anybody may have. So Alanna, over to you.

Thanks, Bill. I'll take a run through the balance sheet and then the income statement. So starting with the major areas of change on the balance sheet, our cash balance is currently running at $2.4 million. We've got that L3PO that we started delivering on in Q2. We'll continue to deliver on and there will be bigger shipments throughout Q3 and Q4. And those together with our other revenue sources and sources of cash will supply the cash that we need for the foreseeable future. You'll notice increases in both our accounts receivable and accounts payable balances. There were two contributing factors mainly to those changes. one being the addition of a full quarter of cross-consents and several large sales at the end of Q2 that were collected after the quarter. You'll notice also an intangible balance. We continue to work through the accounting for the acquisition of the cross-consents, valuing the assets and the liabilities that we require That activity continues. It's quite a technical exercise, and we do need it to be audited as well. In the meantime, the amounts that we're not certain of in terms of their accounting valuation remain in that intangibles balance for future assessment and finalization. The contract liabilities balance. It's also the IFRS term for deferred revenue. Those amounts represent amounts out of the cross-consens books that are billed annually but delivered monthly. So that line in the balance sheet shows the balance of those items at any given reporting date. Turning to the income statement, our revenue increase This was our first full quarter including all of cross consensus results which we see an increase based on that and then also an increase in our licensing revenues as we see here the impact of the first few licensing shipments on that PO for 5.65 million USD. Cross consensus contributions We are not segmenting their results, but we can say that their contribution to the quarter was about 1.1 million top line, 70% of which was SAF, and they also contributed a small profit to the bottom line. All right, back over to you, Bill.