Greetings, and welcome to Laser Photonics Fourth Quarter 2023 Call and Webcast. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce Brian Siegel from Hayden IR. Thank you. You may begin.

Thank you, Doug. With me today are Wayne Tupuola, Laser Photonics CEO; and Carlos Sardinas, the company's VP of Finance. Any forward-looking statements made during this conference call, whether general or specific in nature, are subject to risks and uncertainties that may cause actual results to differ materially from those that the company anticipates. These risks and uncertainties include, but are not limited to, specific risks and uncertainties discussed in the reports the company periodically files with the SEC. Laser Photonics assumes no obligation to either update any forward-looking statements that are made or may make or update the factors that may cause actual results to differ materially from those that they forecast. I will now turn the conference over to Wayne. Wayne, take it away.

Good morning, ladies and gentlemen. Thank you for joining us. This morning, we reported fourth quarter and full year 2023 results. As part of our press release, I wrote a letter to investors reviewing our 2023 highlights and provide a detailed commentary on what to expect for 2024. On today's call, I will review the quarter, our highlights from 2023 and then outline some of the exciting plans we have for 2024. Before I do this, however, I wanted to introduce Carlos Sardinas, who joined us as VP, Finance at the beginning of April. Carlos brings a wealth of relevant finance and accounting experience, having served in these roles at L3 Harris Technologies and its predecessors. Welcome, Carlos. We're excited to have you join us. Before reviewing our quarter, I wanted to address our late filings and impending restatement for 2022. As you know, we are a young public company. And since coming public, we had some turnover in our finance leadership and made an auditor change. These moves came from the lessons we gained throughout the year, concerning the auditor change as part of stating -- starting of engagement. Our new auditor did a thorough 2-year review of our financial reporting and asked us to make some changes. Upon reviewing and auditing our 2022 financial statements, our new auditors determined certain previously reported items required statement. Specifically, revenue and AR were not recognized in accordance with ASC 606, and there was a liability related to stock that we issued post-IPO, which was incorrectly recorded under cost of goods sold and needed to be reclassified. These classifications drove the restatement of our 2022 results and the delay in filing our 2023 10-K as we corrected these items as well as early quarters. We are working to hopefully file our 10-K…

[Operator Instructions] There are no questions in the queue at this time.

Okay. I've got an online question. Wayne, with sales to such key customers as GE, Emerson, the U.S. military, when might we begin to see some repeat orders? It appears many of these sales are one and done test orders, and they haven't led to anything more substantial.

Yes. Thanks for the question, Brian. So these opportunities are developed in our pipeline as we acquire these interest levels from high-profile customers, and these customers are inquisitive of the technology and how to incorporate it into an environment. And these are sometimes long and drawn-out processes because, as you know, laser cleaning is a new technology to disrupt sand blasting, abrasive sand blasting. And therefore, there's a monumental task of developing standard operating procedures to replace the old and introduce the new. So with that being said, once we inquire interest from these high-profile customers, such as GE or Emerson, they basically decide at the high level to make these changes within their companies. Because it's just a monumental change throughout the entire organization, procedures need to be developed, and therefore, it takes time for the change to happen. But nonetheless, these changes happen rapidly. Once these systems are in place, procedures are drawn, and they can proceed with the purchase.

I've got one -- another question. This one is about Fonon. Fonon has existed for more than a decade under the control of ICT and its controlling shareholder. If Fonon has strategic advantages that Laser Photonics does not have, why was not -- why was Fonon not taken public in the first place rather than Laser?

What we've seen was a development of behind-the-scenes work that Fonon has done with Laser Photonics, and obviously, it was a success story with Laser Photonics going to market, which is the ultimate goal. When you're developing technology and you're commercializing it, it took a while for Fonon to position itself for entrance into the public market. So at the time, it wasn't ready. So now we're ready.

Okay. That appears to be all the questions we have today. Operator, you can close the call.

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.