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Chris Tyson | Managing Director of MZ North America |
Lon Bell | CEO |
Daniel Brdar | B-TRAN CMO |
Tim Burns | CFO |
Good day and welcome to the Ideal Power’s Third Quarter 2019 Business Update and Results Conference Call. Today’s conference is being recorded. At this time, I’d like to turn the conference over to Chris Tyson, Managing Director of MZ North America. Please go ahead sir.
Thank you and good afternoon. you Power’s taking update third conference thank us to and to call. Ideal for quarter like all time for join results I’d XXXX business
idealpower.com. Brdar, Bell, today at Tim as X:XX this and these Company’s A today Executive Dr. results host Officer. the Commercial is Lon P.M. Financial the release Your Officer, as Eastern are Burns, Company's Daniel available afternoon press B-TRAN Chief well crossed Chief Officer wires website Chief on detailing the
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XX% efficient conventional First, the power less energy more switches. than with today's loss
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our we expect emphasize XX now patents Our China, so point, India are emphasize IP Korea, years On and we issued this and to crown markets of pending. tool, to focus. is in North major Last industrial Australia patents expiring. have similar our covered, America have XX XX Japan, life have and we XX before I'll Europe, portfolios continue application, and
hands. into will Our currently best get partners. technology believe working partners technology number and most around the waiting parts is our test industry one fits priority potential where their get from We the commercialization. and We clock identified have pool we've B-TRAN to the we where
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cars. become they extent and as in in air power all and conditioning, power, smarter automobile we in on functions switches. become systems in to energy industry, larger if more electrified, uses it's conventional electric including as amounts obvious then efficient, require virtually lighting, larger thing that there are of power that are industry and become including for enormous think is they of things cases, of existing heating robotics, all story, they The many amount industry are that applications virtually Same electric factories go these by for same course, utilized of the the
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Thank you, Dan.
quarter XXXX. of will run I Slide to operations company no the now third XX. XXXX continuing the quarter third had revenues financial The through in results. from Turning
quarter operating in fees was decrease disposition expenses of the of expense headcount plan, business. a PCS and impacted quarter expenses XXXX, primarily $X.X compared were inclusive due administrative reduced and million, operating in $X.X third million the XXXX low by decrease our of in general due our Third reduction and cost the our professional to to to
was discontinued PCS compared of in quarter million this business due Third $X from January the third XXXX exit million to $X.X sale quarter from the September. loss XXXX business in in and operations our to the
Third compared QX a net $X.X loss quarter in loss was to XXXX million net XXXX. $X.X million
cash Third of XXXX. activities million cash XXXX compared XXXX. same million used $X.X in QX $X.X XXXX in million QX $X.X to compared was activities in operating to used the in million period $X.X Year-to-date quarter was operating
Looking same XXXX only, no to of operations September used long-term period the of million outstanding. at $X.X Cash activities in with was year-to-date XXXX. totaled XXXX as $X.X million compared debt cash continuing equivalents and in XX, cash million operating $X.X
Subsequent to Lon proceeds including our of placement million. institutional certain quarter, to the of our into stock purchase and and Chairman and aggregate common entered Executive investors, private Bell, the close the Officer third stock Board company Chief definitive of gross $X.X of the in accredited warrants, for agreements common with warrants Dr. pre-funded for
estimate $X.X placement. net of private million from this We proceeds
minimum of satisfy private capital stockholders result placement, market. a for now the NASDAQ As listing we on the the $X.X million requirement equity continued
for cash the expect cash, million business average in over cash cash earlier sale our With the Lon? to than is in burn Slide back turn closing $X.X per completed quarterly less XXXX. call CE+T in of for today, approximately Solutions burn on XX. closing during equity approximately XXXX. we I'll utilize to Systems XX% now on Solutions, quarter Lon of the remarks This placement CE+T our rate average Power of to September Conversion private now in Energy Energy the assumption liabilities the and
we’ve which generate, We've of it thank improvements and in the how cost its disruptive Tim you, other point. you, significant noted Thank Dan. its semiconductor in and utilization described We've it transform can technologies this is efficient product the terms talked operating at technology, and cost. about
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