Clearsign Combustion Corp. (NASDAQ:CLIR) Q3 2018 Earnings Conference Call Transcript
Nov 08, 2018 • 05:00 pm ET
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.
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.
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.
Thank you, Brian, for the financial update. And I would like to thank and welcome participants on today's call. Today we intend to review our progress during the third quarter of 2018, as well as share insight into the remainder of 2018 into 2019 and beyond.
On the last call, we covered the investment via private placement of 5.2 million shares of our common stock at a price of $2.25 a share to ClearSign SPV LLC, which is a single purpose vehicle capitalized by a small group of experienced high net worth and single family office investors created for the sole purpose of acquiring a large portion in ClearSign in order to benefit from the stock's long-term appreciation. Proceeds from this offering are being used to accelerate penetration into target vertical in domestic and international markets and continue product development efforts.
As part of the transaction, we added Rob Hoffman to our Board of Directors. Rob comes to ClearSign with more than 30 years of relevant capital markets experience and expertise and prides himself as a fundamental investor. During the comprehensive due diligence process associated with the private placement of our common stock with clirSPV, I had the opportunity to work closely with Rob and was impressed by his knowledge and appreciation of our business model and technology. He specifically took time to meet with