Good afternoon. Welcome to Duos Technologies' Third Quarter 2020 Earnings Conference Call. Joining us for today's call are Duos CEO, Chuck Ferry and CFO, Adrian Goldfarb. Following their remarks, we will open the call for your questions. Then before we conclude today's call, I'll provide the necessary cautions regarding the forward-looking statements made by management during this call. Now, I'd like to turn the call over to Duos’ CEO, Chuck Ferry. Sir, please proceed.

Welcome everyone and thank you for joining us. Earlier today, we issued a press release announcing our financial results for the third quarter of 2020, as well as other operational highlights. A copy of the press release is available in the Investor Relations section of our website. As many of you are aware, this is my first earnings call as a new CEO for Duos Technologies. In recognition to that fact, I'd like to take this time to introduce myself. Prior to joining Duos, I was a CEO of APR Energy, which is a global fast-track power company. During my time at APR, I managed $325 million annual P&L and oversaw roughly 800 employees, and installed and operated 17 globally dispersed power plants. Prior to that, I was the General Manager for ARMA Global Corporation, a defense contracting company that delivers IT engineering, services and logistics solutions in the U.S. Special Operations Command and other government agencies. While at ARMA, the company grew from $20 million in annual revenue to $200 million and from 80 employees to approximately 1,000, leading to an acquisition by General Dynamics. I also previously spent several years as a Business Developer and Operations Manager at Lockheed Martin, as well as individual consultant. Before my time in the private sector, I spent 26 years in the U.S. Army serving in an Infantry Ranger in Special Operations Units as an Enlisted Man, NCO and Officer that, included 48 months of combat service in Somalia, Afghanistan, and Iraq. In my previous military and civilian leadership roles, I've been involved in developing requirements, delivering, and deploying cutting-edge technologies. I joined Duos because I believe that the solutions Duos offers are world-class and I've been very impressed by the talent and the ability of the Duos team, where I believe…

Thank you, Chuck. Before discussing the numbers in detail, I would like to make a few introductory comments. From a purely financial standpoint, this past quarter has been extremely challenging. After our successful uplisting to NASDAQ earlier in the year, we were almost immediately hit with the effects of the ongoing pandemic. This changed many of our original assumptions for the business operations for 2020. Fortunately, an assessment of the situation leads us to believe that although we were likely to suffer delays in receiving orders, and implementation schedules, we would likely be able to resume later this year. In addition, the pause gave us time to examine and consider certain aspects of the business that could be significantly improved. And I'm pleased to report that the management team has and will continue to focus on areas to strengthen overall operations and results -- improvement in financial results that can be expected. Chuck will discuss much of this later in the call. Now turning to our financial results for the third quarter. Total revenue for the third quarter decreased 42% to $1.28 million, compared to $2.2 million in the equivalent quarter in 2019. The decrease in total revenue for the quarter was due to a decline in technology systems revenue, as a result of an earlier delay in receiving an order for a large project. This was initially planned for execution during the third quarter of 2020, but will now be substantially completed in the fourth quarter. Total revenue for the nine months ended September 30, 2020, decreased 46% to $4.26 million from $7.9 million in the same period last year. The decrease in total revenue was driven by slower than anticipated contract awards by one customer, pending resolutions of certain terms and conditions, which has now been resolved. The…

Thanks, Adrian. For the remainder of my remarks today, I'd like to spend an extra amount of time discussing our strategic review, the results of that process and our operational roadmap going forward. Then I'll provide a brief update on our operation for the last quarter, including recent wins and management updates, before turning it over for questions. Beginning first with our strategic review. At a high level, I'm pleased to say that the many reasons that drew me to this company, including its people, technology and market opportunity still hold true after a detailed assessment. I also recognize there are a number of improvements that must be made to position our company for long-term success. Before I get into the hard part, I'd like to outline the opportunity before us, as it relates to our industry. The opportunity within our Rail Inspection Portal or RIP business is substantial. We are currently to the best of our knowledge providing a unique inspection solution that has little to no direct competition at this moment. We are currently providing this solution to three of seven Class 1 railroad operators with 10 systems already deployed. Because our early -- because of our early leadership position, we've been able to accumulate experience and intellectual property that will be time consuming and expensive for a new competitor to replicate. And we have given ourselves the ability to upgrade and scale our solutions with additional technologies in the future. Lastly, I've directed our operations and technical teams to design the next generation of RIP to meet anticipated Federal Railroad Administration or FRA and Association of American Railroads regulatory guidelines. We currently estimate the total Class 1 railroads addressable market at 156 systems in North America alone, between initial RIP installations, upgrades, and long-term service agreements, we…

Thanks operator. And thank you everyone for joining us on today's call.

Before we conclude today's call, I would like to provide Duos' Safe Harbor statement that includes cautions -- important cautions regarding forward-looking statements made during this call. This earnings call contains forward-looking statements within the meaning of Private Securities Litigation Reform Act of 1995. Forward-looking terminology such as believes, expects, may, will, should, anticipates, plans, and their opposites or similar expressions are intended to identify forward-looking statements. We caution you that these statements are not guarantees of future performance or events and are subject to a number of uncertainties, risks and other influences, many of which are beyond our control, which may influence the accuracy of the statements and the projections upon, which the statements are based and could cause Duos Technologies Group Incorporated actual results to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, but are not limited to those described in Item 1A in Duos Annual Report on Form 10-K, which is expressly incorporated herein by reference. And other factors as may periodically be described in Duos filings with the SEC. Thank you for joining us today for Duos Technology Group's 2020 third quarter earnings conference call. You may now disconnect.