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 Third 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, and CFO, Carrie Cass. Please be advised this conference call will contain statements that are, excuse me, 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 and 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 the website within approximately 24 hours after this call has ended. And now, I would like to turn the call over to the company's Interim CEO, Jeff Geygan. Jeff, please go ahead.

Thank you, and good afternoon. This quarter, we continue to advance our initiatives to strengthen Rocky Mountain Chocolate Factory's foundation and drive future revenue growth and profitability. Building on the initiatives discussed during our last call, we have concentrated on improving our liquidity, revitalizing our franchise network and executing key operational priorities as we advance through this transformational process. The results from the current quarter mask the underlying qualitative improvements resulting from the transformation of the company and the evolution that involves us doing things differently. Today, we'll share updates on these initiatives and highlight our ongoing commitment to delivering value for all stakeholders. Beginning with new store openings, we recently announced plans for two new stores and one new kiosk in three U.S. markets, including Chicago, Illinois; Charleston, South Carolina; and Brandon, Florida. Each of these openings are being launched with existing Rocky Mountain Chocolate Factory store owners, validating our improved store design and franchisee-focused business attitude. We anticipate Brandon and Charleston to open in the coming months with Chicago opening this summer. We also recently completed several store transfers, a process in which an existing store is sold to a new owner. This is an important part of our long-term strategy to evaluate our -- pardon me, to elevate our franchise system and improve our AUV, or average unit volume, an important metric in the franchise world. We have become proactive in replacing owners in locations that we deem desirable and potentially more profitable under new management. We're able to assist a store transfer by facilitating that transfer from a current owner to a new owner, thus preserving the most desirable locations while allowing those less desirable locations to shut down under similar circumstances. For example, we just completed transfers of both our Vail, Colorado and Steamboat Springs,…

Thank you, Jeff. Please note that unless stated otherwise, all comparisons are on a year-over-year basis. Now, moving on to our fiscal third quarter 2025 results. Total revenue for the third quarter of 2025 increased to $7.9 million compared to $7.7 million on the same period last year. Product sales were $6.4 million compared to $6.1 million last year. And franchise and royalty fees were $1.1 million compared to $1.2 million in the same period last year. Total product and retail gross profit was essentially flat at $0.7 million, with gross margins at 10% compared to 10.2%. The decrease in gross margin was primarily driven by higher supply, third-party vendor and labor costs. Total costs and expenses increased to $8.6 million compared to $8.5 million in the year-ago period, driven in part by non-recurring professional expenses. Net loss for the quarter was $0.8 million or negative $0.10 -- $0.11 per share compared to a net loss of $8 million last quarter -- or last fiscal -- sorry, the quarter ended November of '23 was a negative $0.12 per share. Our EBITDA improved to $41,000 positive number compared to a negative $0.3 million a year ago. Turning to the balance sheet. We ended the fiscal third quarter with a cash balance of $1.1 million compared to $2.1 million at February 28, '24. Accounts receivable at the fiscal quarter ended were $4.1 million compared to $2.2 million in February 28, 2024. Accounts receivable was elevated as a result of increased demand across all channels. We ended the fiscal quarter with total inventories of $5.7 million compared to $4.3 million at February 28, 2024, which reflects our strategic buildup of inventory at the factory to ensure we were well positioned to meet the needs of our franchisees during the critical holiday season. Our accounts payable at the fiscal quarter ended were $2.1 million compared to $3.4 million at February 28, 2024. We ended the quarter with a current ratio of 2.6x compared to 1.6x -- 1.2x at February 28, 2024. Long-term debt at our fiscal quarter ended was $6 million. There was no long-term debt at February 28, 2024. The long-term debt is a credit facility put in place on September 30 to replace our $3.5 million long-term credit line -- or short-term credit line, excuse me. This concludes our prepared remarks. We will be glad to answer any questions now. Operator, back to you.

Thank you. [Operator Instructions] And at this time, while we're waiting for participants to join, I'd like to turn the call over to the company's Investor Relations advisor, Sean Mansouri. Please go ahead.

Thank you. Before we open the call for live Q&A, the company would like to address questions that have been received via e-mail over the past week and even over the past hour since issuing results. So, to kick things off, Jeff, Carrie, what kind of benefits do you expect to drive from the new ERP system?

Sean, thanks. There are a host of benefits, but the real value of new ERP is we're going to have timely, accurate data and analytics to assist us in making managerial decisions to drive profitability as we go forward.

Understood. And can either of you provide an update on the rebranding initiative and its potential impact on franchisee interest?

Coincidentally, we had our franchisee advisory council call earlier today. And the level of enthusiasm amongst this group of 12 who represent the greater group has been very high, as evidenced by the fact that we have three of our existing franchisees willing to open the first three stores, two new stores, one being a kiosk. And I think everyone who's seen our -- the new logo, the new store design, are quite excited about it as we're excited to roll that out.

Thank you. And what progress has been made on new store openings? And are there any specific geographies that you are targeting?

Kara Conklin, I mentioned earlier, is working vigorously to create a pipeline here. We have the three stores that we've mentioned, that's all that we've announced to date, but we have a robust pipeline.

Excellent. Those are all the questions that we received via e-mail. Operator, back to you.

At this time, there are no calls in the queue. And I would like to go ahead and thank everyone for joining the call today. You may all disconnect your lines at this time, and have a wonderful day. Thank you for your participation.