Clearsign Combustion Corp. (NASDAQ:CLIR) Q1 2019 Earnings Conference Call Transcript

May 08, 2019 • 04:30 pm ET

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Clearsign Combustion Corp. (NASDAQ:CLIR) Q1 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good afternoon, and welcome to the ClearSign Combustion First Quarter 2019 Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Matthew Selinger, Investor Relations. Please go ahead.

Executive
Matthew Selinger

Thank you, operator, and welcome everyone to ClearSign Combustion Corporation First Quarter 2019 Results Conference Call. During this conference call, the company will make forward-looking statements. We caution you that any statement that is not a statement of historical fact is a forward-looking statement, which includes remarks about the company's projections, expectations, plans, beliefs and prospects. These statements are based on judgments and analysis as of the date of this conference call and are subject to numerous important risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The risks and uncertainties associated with the forward-looking statements made in this conference call include, but are not limited to, whether field testing and sales of ClearSign products will be successfully completed, whether ClearSign will be successful in expanding the market for its products and other risks that are described in ClearSign's public periodic filings with the SEC, including the discussion in the Risk Factors section of the 2018 Annual Report on the Form 10-K. Investors or potential investors should read these risks. ClearSign assumes no responsibility to update these forward-looking statements to reflect future events or actual outcomes and does not intend to do so.

On the call today with me are Rob Hoffman, ClearSign's Chairman of the Board; Jim Deller, ClearSign's Chief Executive Officer; and Brian Fike, ClearSign's Chief Financial Officer. So with that, I would now like to turn the call over to Brian Fike. Brian, please go ahead.

Executive
Brian G. Fike

Thank you, Matthew, and thank you to everyone for joining us today. Before I turn the call over to Rob, I'd like to review our preliminary results of operations for the first quarter, which ended March 31 of 2019.

The net loss for the quarter was $2.3 million compared to $2.3 million in the same period of 2018. Shares outstanding at March 31, 2019, were 26,699,761. Our cash and investment resources were about $13.7 million at the end of the first quarter of 2019. It is important to note that we have sufficient working capital available as of today to carry us well into 2020, even assuming no revenues or changes in expenditures.

And with that, I would like to turn the call over to the Chairman of our Board, Rob Hoffman. Please go ahead, Rob.

Executive
Robert T. Hoffman

Thanks, Brian. Before getting into the meat of the call, I wanted to take this opportunity to comment a little on how much progress the company has made in the mere three months since Jim Deller arrived.

When I introduced Jim on the last call, I remarked on how his career experiences in the combustion industry checked every box from operational field engineer to sales to sales support, all the way through running one of the U.S.' most