00:03 Greetings and welcome to the Ipsidy Inc. dba authID.ai Third Quarter Twenty Twenty One Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Grace DeFries, SVP Marketing communications and Investor relations. Thank you. Ms. DeFries, you may begin.

00:35 Thank you, operator. Good afternoon, everyone. I want to advise you that this slides today are, you can advance them yourself, so we will direct you as to which slide we're referencing. With me on today's call are Tom Thimot, our CEO; Tripp Smith, our President and CTO; and Stuart Stoller, our Chief Financial Officer. 01:01 By now, you should have access to our third quarter twenty twenty one press release. If not, it can be found on our website www.authid.ai under the Investor Relations section. Throughout this conference call, we will also be presenting certain Non-GAAP financial information. This information is not calculated in accordance with GAAP and maybe calculated differently from other companies similarly titled non-GAAP information. Quantitative reconciliations of our non-GAAP financial information to their most directly comparable GAAP financial information appear in today's press release. 01:48 You can now advance the second slide, before we begin our formal remarks, I need to remind everyone that part of our discussion today will include forward looking statements. Such forward-looking statements are not guarantees our future performance and therefore, you should not put undue reliance on them. These statements are subject to numerous risks and uncertainties, that could cause actual results to differ materially from what we expect. Some of these risks are mentioned in today's press release, others are discussed in our twenty twenty Form ten K, which is available at www.sec.com. 02:30 I'd now like to introduce our CEO, Tom Thimot.

02:36 Thank you, Grace. I'm on Slide three. I'm excited to speak to our investors today. This is a first update since our uplisted Nasdaq on August twenty fourth and not only will we talk about our results from the quarter, we will also share the exciting developments that came out of our market and product launches as money 20/20 on October twenty fourth in Las Vegas. Where we unveiled authID verified, a self-service solution that allows you to use selfie cloud biometric to replace those much hated one-time passcode and passwords. 03:11 Slide four I'm on now. Verified is our disrupted wedge. Our marketing and sales efforts are laser focused on the messaging of replacing one-time passwords and knowledge based authentication with cloud biometric authentication. With one selfie verified delivers increased accuracy far beyond the legacy authentication solutions since it ties who you are, your face to an account, not just a device or code, not an answer to a question that can be sold in the dark web, verified upper secure self-service, account recovery, and reduces enterprise password reset costs with a simple turn of the risk and healthy verified authenticate a user with no friction, no struggle to find the pin code or remember the place where you met your best friend, quite simply verified delight customers. 04:12 Moving to slide six. When I assume the our as CEO in June, my first task was to review the assets, resources and strategic direction of the company, assess where there gaps and room for improvement and then come up with the plan to rectify them. We knew that the company had best in class technology, but what else did it need to succeed. 04:35 First and foremost, the company needed capital and bigger platform from which to attract…

19:04 Thank you, Tom. We put a major emphasis on our launch of the verified biometric authentication product, we said Money 20/20, leading up to this launch our engineering team invested efforts to develop new integrations, demos and onboarding flows for our verified products. As a result of our progress, we were able to achieve our goal of offering new customers and self-service onboarding process that includes developer quick start documentation API documentation and a simple self-service service sign-up process that enables our customers to easily convert from a web form to a fourteen day trial of verified. 19:39 We made our verified products so easy to implement that a customer can onboard themselves and immediately integrate their authentication workflows with a simple copy pace of just a few lines of code. As we move into the fourth quarter, key additions to the team, including our SVP of product, Jeremiah Mason will focus on continuing to enhance user experience and partner integrations. 20:00 Thank you. Now I'd like to turn the call over to Stuart Stoller, our CFO, so he can provide an overview of our financial results for the third quarter of twenty twenty one and we'll move to slide fourteen.

20:12 Thank you, Tripp. The financial results as we reported in our earnings release and recently filed Form 10-Q reflected changes in our operations and our business that have occurred and will occur as a result of our management changes, rebranding in building our sales focus – our focus sales marketing efforts. As you can understand at this early stage in our product launch and sales and marketing activities, we will not be giving any guidance as the future results at this time. Although, I will touch on certain financial trends that we expect see in the coming months. 20:52 All of my remarks will be comparing the third quarter September thirty twenty twenty one with the third quarter ended September thirty twenty twenty unless specified otherwise. Quarter’s net loss increased by three point three million dollars from a year ago. Adjusted EBITDA loss rose by one point five million dollars during the quarter as we began to make investments in key new hires marketing and technology. Adjusted EBITDA is adjusted earnings for interest taxes, depreciation, and amortization and other non-cash or non-recurring items as defined by authID and is a proxy for cash flow. You can refer to our earnings release in 10-Q for reconciliation of adjusted EBITDA to comparable GAAP information. 21:51 Quarterly revenue was flat as our new marketing initiatives only began in the third quarter and the focused product offering was introduced at the end of October at Money 20/20. We expect these new marketing initiatives and product launches to be successful. In which case we anticipate, revenue will expand in the fourth quarter and into twenty twenty two. Tom has previously mentioned the metrics we will use to measure our progress. Operating expenses increased by four million dollars compared to twenty twenty principally due to…

26:18 All right. I want to thank all our investors for taking the time to hear us today. And we look forward to reporting to you in the future. The one closing remark I'd like to say relates to our final slide in the deck, slide sixteen. 26:38 And that is there really are authority large markets that we are pursuing. The first is to eliminate one-time passwords and knowledge based authentication. Once we allow companies to eliminate one-time passwords and KBA, we can really turn to eliminating all passwords the entire username and password ecosystem. Finally, that will enable us to be the company that helps businesses recognize their customer. 27:14 So, thank you very much from all of us at authID. Thank you for the opportunity to serve you our investors, our customers, our partners. Thank you. We can conclude the call operator.

27:33 And this concludes today's conference call. Thank you for participating. You may now disconnect. Speakers, please standby for your post conference.

Thank you.