Good day, everyone, and welcome to the ImmuCell Corporation's Third Quarter 2023 Financial Results Conference Call. [Operator Instructions] Please note this event is being recorded. And now I would like to turn the conference over to Joe Diaz. Please go ahead.

Thank you, Marliese. Good morning, and welcome, everyone. As Marliese indicated, my name is Joe Diaz. I'm with Lytham Partners. We are the Investor Relations consulting firm for ImmuCell. Thank all of you for joining us today to discuss the unaudited financial results for the quarter ended September 30, 2023. I'd like to preface today's discussion with a caution regarding forward-looking statements. Listeners are reminded that statements made by management during the course of this call include forward-looking statements, which include any statement that refers to the future events or expected future results or predictions about steps the company plans to take in the future. These statements are not guarantees of performance and are subject to risks and uncertainties that could cause actual results, outcomes or events to differ materially from those discussed today. Additional information regarding forward-looking statements and the risks and uncertainties that could impact future results, outcomes or events is available under the cautionary note regarding forward-looking statements or the safe harbor statement provided in the quarterly report on Form 10-Q that the company filed last night, along with the company's other periodic filings with the SEC. Information discussed on today's call speaks only as of today, Tuesday, November 14, 2023. The company undertakes no obligation to update any information discussed on today's call. Please note that references to certain non-GAAP financial measures may be made during today's call. The company included definitions of these terms as well as reconciliations of these figures to the most comparable GAAP financial measures in last night's press release in order to better assist you in understanding its financial performance. With that said, let me turn the call over to Michael Brigham, President and CEO of ImmuCell Corporation, after which we will open the call for your questions. Michael?

Okay. Thanks, Joe, and good morning, everyone. First, with regards to the financial results, last night's press release reports no change to our product sales results that were first reported on October 5th. The press release also provides the full unaudited P&L results and some unaudited summary balance sheet data. We also filed our Form 10-Q for the quarter ended September 30, 2023, last night. I won't take our time here to review those financial results in great detail. Last night's press release also includes our non-GAAP earnings before income taxes, depreciation and amortization or EBITDA. Please see Page 5 of the press release. You can see a significant swing of negative $3.6 million from positive EBITDA of $1.3 million during the 9 months ended September 30, 2022, to negative EBITDA of $2.3 million during the 9 months ended September 30, 2023. This negative swing in EBITDA pretty much matches a $3.8 million increase in our net loss from $826,000 during the 9 months ended September 30, '22 to $4.6 million during the 9 months ended September 30, '23. The increase in the net loss was, in turn, largely caused by the $4 million decrease in gross margin, earned from $6.7 million during the 9 months ended September 30, '22 to $2.6 million during the 9 months ended September 30, '23. In response to this loss in cash, we took on more bank debt in July and have cut some discretionary spending and frozen several planned capital expenditure projects for the time being. All of this is unfortunate, but necessary. We are focused intensely on working our way out of this tight situation by increasing production and sales. To be successful, we must avoid future significant contamination events and equipment breakdowns. So what is going on here? Let me try…

Thank you, Marliese, and thanks to all of you for participating in today's call. We look forward to talking with you again to review the results for the full year ended on December 31, 2023, sometime around late February 2024. Again, thanks for your time. Have a great day.

And the conference has now concluded. Thank you so much for attending today's presentation. You may now disconnect.