Good evening, ladies and gentlemen. Thank you for standing by. Welcome to today's conference call to discuss Rocky Mountain Chocolate Factory's Financial Results for the Fiscal First Quarter 2025. At this time, all participants are in a listen-only mode. As a reminder, this conference is being recorded. Joining us on the call today is the company's Interim CEO, Jeff Geygan. Please be advised that this conference call will contain statements that are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. These forward looking statements are also subject to other risks and uncertainties that are described from time to time in the Company's filings with the SEC. Do not place undue reliance on any forward-looking statements which are being made only as of the date of this call. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements. The Company's presentation also includes certain non-GAAP financial measures, including adjusted EBITDA, as supplemental measures of performance of the business. All non-GAAP measures have been reconciled to the most directly comparable GAAP measures in accordance with SEC rules. You will find reconciliation tables and other important information in the earnings press release and Form 8-K furnished to the SEC earlier today, which are currently available on the company's EDGAR page on the SEC's website and will be available on the Company's investor relations section of its website within approximately 24 hours after this call has ended. And now I will turn the call over to the Company's interim CEO, Jeff Geygan. Jeff, please go ahead.

Thank you, and good evening, everyone. We've been working through a transitional period at Rocky Mountain Chocolate Factory as we revamped the framework of our transformational plan and leadership team assigned to execute it. My intention is to utilize today's call to address recent developments and to elaborate on the components of our updated three year strategic plan. Before I continue, I'd like to take a moment to formally introduce myself, as this marks the first occasion where I've had the privilege of addressing our shareholders, employees and franchisees in this forum. My background includes over three decades of experience in the capital markets and investment management, with an emphasis on strategic financial analysis, active engagement, and supporting the execution of operational turnarounds. In August of 2021, I was appointed to the Board of Directors of RMCF, serving as Board Chair from May of '22 to June of '24, where I advised prior leadership on the development of RMCF's transformational plan. While the Company achieved several key objectives during the initial launch of our strategic plan, including the divestiture of the non-core U-Swirl frozen yogurt business, earlier this year, it became clear to the board that adjustments to our strategic framework and executive team would be necessary to refocus the operational turnaround we were seeking. Recognizing the need for direct on-site leadership at our production facility, on May 16, I made the decision to move to Durango and step into the role of Interim CEO, relinquishing my duties as RMCF's Board Chair in accordance with our governance policies, while also taking a leave of absence from Global Value Investment Corp in order to dedicate my full time and attention to returning RMCF to profitability and long-term growth. We're in the final stages of appointing a new CFO to lead our…

Thank you. Ladies and gentlemen, before we open the call for live Q&A, the company would like to address questions that have been received via email over the past week. I would now like to turn the call over to Sean Mansouri, Rocky Mountain Chocolate Factory's External Investor Relations Advisor.

Thank you, Latif, and thank you to everyone who submitted questions over the past week and even as recently over the past hour after issuing our results. So our first question to address here, Jeff, what's the current status of the search for both a permanent CEO and CFO?

Thanks, Sean. We're moving forward with both searches and expect to have announcements shortly.

Okay, and can you expand on your highest priorities for capital allocation in the next 12 to 36 months?

Yeah, of course. Investing in production facility in Durango to improve cost efficiency and uptime operations, continuing to build out our distribution system and committing to expand store count with multiunit operators while investing in our brand and store design.

Great. And can you expand upon the product mix that you believe will help to reinvigorate sales and expand gross margins? What are your fastest moving and highest margin products?

Yeah, sure. Our most popular items are milk pecan bears, peanut butter pails, and English toffee, all of which are high-volume items. It's most efficient to produce long runs of our popular items, all of which have leading profit margins will drive greater sales penetration across our system by ensuring we have our most popular products in all locations and available in inventory to meet demand.

Great. And how are you thinking about the geographic expansion strategy for Rocky Mountain Chocolate factory?

We're focused on developing markets in which there are favorable demographics and easily expandable distribution lanes such as say Boston, New York City, Atlanta or Seattle, Portland and on into California.

Okay. And last question here. What is the Board's long term vision for the RMCF brand, the franchisees, and the manufacturing operations?

Yeah, great question. To develop a best-in-class franchise offering based upon a broad network of stores continuing to provide premium confectionery products supported by expanded e-commerce sales.

Great. Latif, that wraps up the Q&A that came in via email. If you'd like to open it up for live Q&A please.

Yes, sir. [Operator Instructions] This does conclude today's conference call. You may now disconnect your phone lines at this time and have a wonderful day. Thank you for your participation. End of Q&A: