VirTra, Inc. (NASDAQ:VTSI) Q1 2020 Earnings Conference Call - Final Transcript
May 11, 2020 • 04:30 pm ET
Ladies and gentlemen, good afternoon and welcome to VirTra's First Quarter 2020 Earnings Conference Call. My name is Jim and I will be your operator for today's session. Joining us for today's presentation are the company's Chairman and CEO, Bob Ferris; and CFO, Judy Henry. Following their remarks, we will open up the call for questions from VirTra's institutional analysts as well as investors.
Before we begin the call, I would like to provide VirTra's Safe Harbor statement that includes cautions regarding forward-looking statements made during this session. During this presentation, management may discuss financial projections, information or expectations about the company's products and services or markets, or otherwise make statements about the future, which are forward-looking and subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. The company does not undertake any obligation to update them as required by law.
Finally, I would like to remind everyone that this call will made available for replay via a link in the Investor Relations section on the company's website at www.virtra.com.
Now, I would like to turn the call over to VirTra's Chairman and CEO, Mr. Bob Ferris. Sir, please proceed.
Good afternoon everyone and thank you for joining us today. When we held our last call on March 23rd, shelter-in-place and social distancing orders had just been issued across the United States. The impact on businesses and employees has never quite occurred at this level and on this timescale since our country was founded in 1776. Almost everyone has seen their daily routines uprooted. I know this is an extreme challenging time for many, personally and professionally. I sincerely hope you and your loved ones are healthy and safe and our deepest sympathies go out to anyone within the VirTra community who has been adversely affected by COVID-19. We view our employees, customers, shareholders and vendors as all part of the VirTra team; and if one of us hurts, we all hurt.
Due to VirTra's government contracts which require continued performance, we are an essential business and have continued to operate in a modified format, whereby almost all staff have been working from home.
We recognize the importance of VirTra, not only surviving this pandemic, but ensuring we succeed into the future for all of our stakeholders. Therefore, we have taken any and all prudent measures to secure our future including applying for government assistance intended for businesses with fewer than 500 employees who are willing to maintain employment levels during this time. I am pleased to report that due to the exceptional work of our CFO, Judy Henry, VirTra was just notified that our loan application for $1.32 million under the CARES Act has been approved. Please note that our plan is to fully comply with the law so that this loan will ultimately be forgiven as we increase our corporate stability during this uncertain time.
During our last call, we spent a good deal of time discussing why