Greetings, and welcome to the Intellicheck Q1 2017 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Gar Jackson, Investor Relations. Thank you, Mr. Jackson, you may begin.

Thanks Michelle. Good afternoon, and thank you for joining us today to discuss Intellicheck's results for the fiscal first quarter ended March 31, 2017. Joining me on today's call are Dr. William Roof, Intellicheck's President and CEO; and Bill White, Intellicheck's Chief Financial Officer. Following their prepared remarks, we will open up the call for questions. Before we get started, I will take a few minutes to read the forward-looking statement. Certain statements in this conference call constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. When used in this conference call, words, such as will, believe, expect, anticipate, encourage and similar expressions as they relate to the company or its management, as well as assumptions made by and information currently available to the company's management, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and beliefs about future events. As with any projection or forecast, they are inherently susceptible to uncertainty and changes in circumstances, and the company undertakes no obligation to and expressly disclaims any obligation to update or alter its forward-looking statements whether resulting from such changes, new information, subsequent events or otherwise. Additional information concerning forward-looking statements is contained under the headings of Safe Harbor statement and Risk Factors listed from time to time in the company's filings with the Securities and Exchange Commission. Statements made on today's call are as of today, May 10, 2017. Management will use the financial term adjusted EBITDA in today's call. Please refer to the company's press release issued this afternoon for further definition, reconciliation and context for the use of this term. I will now introduce Dr. William Roof, Intellicheck's Chief Executive Officer. Dr. Roof?

Now turning to our first quarter results. Today, we will present corporate earnings information for the quarter ending March 31, 2017. About 6 weeks ago, we announced our 2016 financial results and articulated our expectations for 2017. We've included our belief that we would turn EBITDA positive in late 2017 or early 2018. We explained that our business pipeline continues to grow and that our revenues have been delayed by external factors. We also have stated that our revenue delays were just that, delays, and that we had not lost any forecasted business. I've defined the factors behind the revenue delays including numerous cybersecurity audits conducted by our clients and partners, and we passed with no major issues, and some important product enhancements our clients requested to help them fight fraud and comply with government regulations more effectively. We maintain our belief in our forecast that Intellicheck will turn EBITDA positive in late 2017 or early 2018 and we now believe that our outlook is even stronger than we communicated on our fourth quarter call. Feedback from our investors after our last earnings call was quite positive and it expressed appreciation for the level of detail presented during the call. Several investors asked that, on this call, I explain the significance of our partnerships with financial institutions and with inlets. I'll explain the importance of these 2 relationships later during this call. We will now Chief Financial Officer, Bill White, who will now review the financial results for the quarter ending March 31, 2017. Bill?

Thank you, Bill, and a good day to our shareholders, guests and listeners. I'd like to discuss some of the financial information that was contained in our press release for the first quarter ending March 31, 2017, which we released a short while ago. We anticipate that our quarterly report on Form 10-Q will be filed with the SEC later today. I'll begin with our first quarter results. Revenue for the first quarter ending March 31, 2017 was $713,000 versus $951,000 for the same period last year. Our SaaS revenue was approximately $270,000 for Q1 2017, or almost double of what we had of SaaS revenue in Q1 of 2016 of $138,000. The company's booked orders for the three months ending March 31, 2017 was approximately $510,000 versus $1,134,000 in March 2016. We continue to maintain high gross profits with a gross profit percentage this quarter of 84.6% versus 82.8% for the quarter ending March 31, 2016. We remained focused on controlling expenses. Operating expenses, which consists of selling, G&A and research and development expense decreased by approximately 47% to $1,543,000 for the three months ending March 31, 2017 from $2,936,000 for the three months ending March 31, 2016, a $1,393,000 decrease. The company posted a 56% improvement in net loss to $937,000 for the three months ending March 31, 2017 compared to a net loss of $2,143,000 for the quarter ending March 31, 2016. Adjusted EBITDA for the quarter ending March 31, 2017 improved 58% to a negative $739,000 compared to a negative $1,744,000 in the quarter ending March 31, 2016. Interest and other income was negligible for the quarter ending March 31, 2017. I'd like to now focus on the company's liquidity and capital resources. As of March 31, 2017, the company had cash of $2,300,000, working capital,…

[indiscernible] to have an idea of how different this company is now when compared to the company two years ago or even onw year ago. We began by installing a new culture of professionalism, mutual respect and a winning, positive attitude throughout the company. We reduced company staff size by 50% and reorganized the company and its structure along functional lines. We transitioned our Vice President of Sales position to Paul Fisher, who sourced, hired and trained a new seasoned and dedicated sales force that is demonstrating results with key clients in our market verticals. We transitioned to as Software-as-a-Service model. In implementing this model, we were successful in moving a large majority of our legacy enterprise clients to the new SaaS model. We focused our development resources on our new product line for our commercial markets. We right sized the company's product offering from 24 to 5 main products based upon clearly defined and sizable markets that include: Age ID, with Age ID Mobile and Age ID Woodstock; Guest ID; Law ID; Retail ID, that includes Retail ID, Retail ID Mobile, Retail ID Online and Retail ID Light and Defense ID. We completely rebranded the company. We dropped Mobilisa from our brand and from all company communications. At the shareholder meeting last week, it was made official when the shareholders voted to change our corporate name from Intellicheck Mobilisa to Intellicheck passed overwhelmingly. So we will begin with the legal name change process now. We branded the company and products to provide a clean, clear understanding of what we do to our clients and investors. We developed all new logos, website, sales and marketing collateral, graphics, trade show booths, demonstration systems and extensive social media presence and other initiatives that communicated our brand and company messaging. We developed the…

[Operator Instructions] There are no questions at this time. I would like to turn the call back over to Dr. Roof for closing comments.

Thank you very much for joining us today. We look forward with great optimism toward Q2 and look forward to speaking with you then. Thank you very much.

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.