Clearsign Combustion Corp. (NASDAQ:CLIR) Q3 2018 Earnings Conference Call Transcript

Nov 08, 2018 • 05:00 pm ET

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Clearsign Combustion Corp. (NASDAQ:CLIR) Q3 2018 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good day, and welcome to the ClearSign Combustion Q3 Earnings Conference Call. I would now like to turn the conference over to Lou Basenese to begin.

Executive
Lou Basenese

Thank you, operator, and welcome everyone to the ClearSign Combustion Corporation Third Quarter 2018 Results Conference Call. (Forward-Looking Cautionary Statements) On the call with me today are Steve Pirnat, ClearSign's CEO; Brian Fike, ClearSign's CFO; Steve Sock, ClearSign's SVP of Business Development and Rob Hoffman, ClearSign's Chairman of the Board. With that, now I'd like to turn the call over to Brian Fike. Please go ahead, Brian.

Executive
Brian Fike

Thank you, Lou, and thank you to everyone for joining us on the call today. Before I turn the call over to Steve, I'll review our results for the third quarter of 2018 as they were reported on our Form 10-Q. For the quarter, we incurred a loss of $2.3 million, compared to a loss of $2.5 million for the same period in 2017 and a loss of $7 million for the nine months ending September 30, 2018, compared to a net loss of $7.1 million in the same period of 2017. Shares outstanding on September 30, 2018 were 26,660,980. During the quarter, we completed a stock offering wherein we sold 5,213,543 shares at $2.25 per share, raising a net of approximately $11.6 million. Our cash resources were approximately $18.1 million at the end of the quarter. It is important to note that we have sufficient working capital available as of our filing today to carry us well into 2020, even assuming no revenue. With that, I would like to turn the call over to our CEO, Steve Pirnat. Please go ahead, Steve.