Greetings and welcome to the Summit Wireless Technologies’ Second Quarter Business Update. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Kirsten Chapman. Thank you. You may begin.

Thank you, Maria. Good afternoon and thank you everyone for joining us today. I’d like to welcome you to the Summit Wireless Technologies second quarter 2020 business update. With us today from management are CEO and President, Brett Moyer and CFO, George Oliva. Before I turn the call to Brett, I’d like to remind everyone of the Safe Harbor statement referenced in the SEC filings. The Private Securities Litigation Reform Act of 1995 provides a Safe Harbor for certain forward-looking statements, including statements made during the course of today’s call. Statements contained herein that are not based on current or historical facts are forward-looking in nature and constitute forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the company’s expectations about its future operating results, performance and opportunities. These forward-looking statements are based on information currently available to the company and are subject to a number of risks and uncertainties and other factors, including current macroeconomic uncertainties associated with the COVID-19 pandemic and others that could cause the company’s actual results, performance, prospects and opportunities to differ materially from those expressed or implied by the forward-looking statements. For a more detailed discussion of the ongoing risks and uncertainties of the company’s business, I will refer you to the company’s various SEC filings. Now, it’s my pleasure to turn the call over to Summit CEO, Brett Moyer. Please go ahead. Brett.

Thank you, Kirsten and thank you ladies and gentlemen for joining us this afternoon. Hope you finally are updating – as exciting as the management team does and informative. Traditionally, I will go through the first three slides that are a general overview to make sure new listeners have a clear understanding about Summit and WiSA and then we will get into the meat of the call. Quickly, Summit is a technology company that has a wireless audio for immersive sound goes for smart devices, smart TVs, ultimately into IoT space. Now, WiSA’s role, and we were original founder, is to build interoperability standard so that TVs know how to talk to speakers, sound bars know how to talk to TV, sound bars know how to talk to speakers and be that the leader of the industry to build the ecosystem around the technology. We have – so the role, there is more than 60 brands right now in WiSA. They – if they have been WiSA certified that means they have submitted products, they pay for it to be tested, we have checked it with all other products, and they have met the interoperability standard. That’s critical part of WiSA. Second part is that the marketing departments of these companies know exactly what to do with the WiSA brands, the logos we will equip them, where they go on a TV screen, where they go on a box, a manual and a website, right, because it’s important to us that the consumer knows one WiSA product works with another just like Bluetooth works with Bluetooth, HDMI works with HDMI and that WiSA represents simple setup, high-quality wireless audio. We don’t put all brands up here. It gets pretty convoluted. But for those that are new, a lot of these…

Thanks, Brett. I just have a short update. We finished the June quarter with $12.1 million in cash, that’s after fully repaying the $2 million bridge loan that we took previously. We also regained compliance with the NASDAQ. We are fully compliant with listing requirements now on minimum shareholder equity and share price. During the quarter, we have also strengthened the Board. We have added Sri Peruvemba. Sri has extensive contacts in the display industry and is a seasoned global marketer. So, we have some new energy on the board. We enjoy having Sri. Q2 results, the revenue was down slightly quarter to quarter. The reorder of product was down due to the closures in retail. And as Brett mentioned, it was mostly offset by initial quantities of new product launches. OpEx, we focused on decreasing OpEx over the Q4 run-rate of $2.9 million. We started taking action in Q1 reducing OpEx to $2.7 million and in Q2 that just ended you see the full impact of the actions we took to get OpEx down to $2 million. That included deferring some discretionary spend and some voluntary pay cuts. In Q3, we are projecting an increase in OpEx of $2.4 million and that’s returning to full salaries and a few strategic investments in the business. So that’s all I have.

Right. Thanks, George. And Maria, at this point, we will open up the call for questions.

Yes. So Maria, I’d like to just thank everybody for joining us this afternoon. I am certainly available for follow-up calls the rest of the week. That will end the call.

Okay. This concludes today’s conference. Thank you for your participation. You may disconnect your lines at any time.