Ladies and gentlemen, good day and welcome to the PeerStream Incorporated Third Quarter 2018 Earnings Conference. Today’s conference is being recorded. At this time, I would like to turn the conference over to Mr. Michael Pritchard, Company Counsel from Haynes & Boone. Please go ahead, sir.

Thank you. Good morning and welcome to the PeerStream, Inc., formerly known as Snap Interactive, Inc. third quarter 2018 earnings business update call. With me on the call today are Alex Harrington, Chief Executive Officer; and Judy Krandel, Chief Financial Officer. Before I turn the call over to management, I’d like to remind everyone that earlier today, we issued a presentation to accompany this call. The presentation can be accessed on the Company’s website, www.peerstream.com, under the quarterly earnings tab of the new section or by following the link on PeerStream’s homepage. I’d like to inform everyone that certain statements made during today’s conference call that are not statements of historical fact, including those concerning future plans, objectives, goals, strategies and performance, are forward-looking statements. These statements reflect the good faith, beliefs, and judgments of PeerStream’s management and are based upon currently available information only as of the date of this conference call. These statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the current expectation. These factors include those described in the Risk Factors section of the Company’s periodic reports that are filed with the Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance and the Company expressly disclaims any obligation to update earlier statements as a result of new information, except as required by law. Certain non-GAAP measures may be discussed during today’s presentation including adjusted EBITDA. Adjusted EBITDA has been calculated consistent with the manner in which it is defined in PeerStream’s periodic reports filed with the Securities and Exchange Commission. Adjusted EBITDA has been reconciled for the nearest applicable GAAP measure in this presentation and in PeerStream’s earnings release, which is also available under the quarterly earnings tab of the news section of PeerStream’s website, which once again is www.peerstream.com. With that, I’ll turn the call over to Alex Harrington, PeerStream’s Chief Executive Officer. Alex?

Thanks so much Michael and thanks everyone for joining today. As Michael mentioned, you can download our earnings presentation on our website. If you're following along, we're starting on Page 3, and I'll start with a strategic discussion talking about how we are positioning ourselves in the marketplace. PeerStream is a global internet solutions provider, providing real world adoption of emerging blockchain technologies by developing software, services and applications for corporate clients and consumers and we're leveraging a 20 year history of technology innovation. We have 26 issued patents. We have IP licenses to Microsoft, Sony and Activision, all that underpins a history of innovator in multimedia communication app. We served nearly half a billion users since inception and host of the world's leading collections of video chat communities with leading apps like Paltalk. But today, our opportunity is in the launch of our Business Solutions Group, which started in March 2018, represents an opportunity to capture a wave of growth in a corporate adoption of blockchain software and services and this is a new revenue stream for the business that is business-to-business and this is a growth opportunities that is – it represents a very fast wave of adoption. And you can see on Page 4 of the presentation, which characterizes the high growth market opportunity. Juniper Research cites that nearly 6 in 10 large corporations are considering blockchain deployment at this time and we've also seen research that cites the blockchain services market is $700 million in 2017 and expected to grow to nearly $80 billion by 2025, so that's a year-over-year-growth of approximately 82%. So the market is very large already in growing and you don't have to look far to see anecdotal support for that. IBM recently just announced a deal with the Australian government that…

Great, thank you, Alex, and thanks to everyone as well for joining us on the call today. So, if you all turn to Slide 7 for a quick overview of our third quarter financial highlights and then I will go into more detail in a few moment. As you can see, total revenue in the third quarter increased 12.8% to $6.7 million. We reported net loss of $570,000, which is an improvement of over $1.4 million versus the third quarter of last year and the net loss of $570,000 was driven principally by $576,000 impairment loss on digital tokens, which we received from ProximaX in connection with our technology services agreement. Adjusted EBITDA was approximately $900,000, a $2 million increase from the comparable period in 2017, and net cash flow used in operations for the third quarter was $461,000 and in September 30 PeerStream had cash of $7.2 million and no debt on our balance sheet. Now if you would move to Slide 8, I will review our revenue performance for the third quarter in more detail. So as mentioned, total revenue was $6.7 million, an increase of 12.8% when compared to the third quarter revenue of $5.9 million last year. The increase was driven by the revenue that we recognized from our technology services agreement with ProximaX of $1.4 million, reflecting our work with them for this quarter. This was partially offsets by a decline of approximately $540,000 in subscription revenue and a decrease of $150,000 in advertising revenue across all products. Total subscription revenue for the quarter was $4.9 million or 10% lower than the $5.4 million we reported in the third quarter of last year. To note those subscription revenue from our video properties was stable year-over-year offsets by a decline in subscription revenue primarily from our…

Thank you. [Operator Instruction] And there are no phone questions at the time. So ladies and gentleman, this does conclude today's call and we do thank you for your participation. You may now disconnect – I apologize. We do have a question. Would you like take that?

Yes, please.

Sure.

All right, perfect. We will take our question from Henry Link, who is a Private Investor. Please go ahead.

Yeah, I am Hartford, Connecticut and I met you maybe six months ago in a forum in Hartford. Anyway, I was just wondering when do you expect to get more payments from ProximaX?

Thank you, Henry, for the question. And of course we remember meeting you, so thank you for your interest in PeerStream. So our agreement with ProximaX has two additional payments of $2.5 million each that are payable upon delivery of two additional milestones in the project. And we're anticipating that the project is sort of completed in mid-2019. And so, the two milestones – that would be the second of the [indiscernible]. There are actually three milestones in the project. We're talking about milestone two and milestone three. We're anticipating that milestone three will be completed by that midpoint – approximately in the midpoint of next year and that the other milestone – milestone two would happen in between now and then.

Great, well, thank you.

Sure.

[Operator Instructions] And there are no further questions at this time. So ladies and gentlemen, this does conclude today's call and we thank you for your participation. You may now disconnect.