Greetings and welcome to the Xcel Brands’ Q2 Full Year 2020 Financial Results Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Andrew Berger of Investor Relations. Thank you. You may begin.

Good afternoon, everyone and thank you for joining us. We appreciate your participation and interest and hope that all of you are safe in these difficult and uncertain times. With us on the call today are Chairman and Chief Executive Officer, Robert D’Loren; Chief Financial Officer, Jim Haran; and Executive Vice President, Business Development and Treasury, Seth Burroughs. By now, everyone should have access to the earnings release for the second quarter ended June 30, 2020, which was issued yesterday. And in addition, the company filed with the Securities and Exchange Commission its quarterly report on Form 10-Q on August 19, 2020. The release and the annual report are available on the company’s website at www.xcelbrands.com. This call is being webcast and a replay will be available on the company’s Investor Relations website. Before we begin, please keep in mind that this call will contain forward-looking statements. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from certain expectations discussed here today. These risk factors are explained in detail in the company’s most recent annual report filed with the SEC. Xcel does not undertake any obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise. In addition, the COVID-19 pandemic continues to have a significant impact on the company’s business financial condition, cash flow and results of operations. There is significant uncertainty about the duration and extent of the impact of the virus. The dynamic nature of these circumstances means what is said on today’s call could change materially at any time. Finally, please note that on today’s call, management will refer to certain non-GAAP financial measures such as non-GAAP net income, non-GAAP diluted earnings per share and adjusted EBITDA. Our management…

Thanks Bob and good afternoon everyone. I will briefly discuss financial results for the quarter and 6 months ended June 30, 2020. Please note that our financial results described more fully and our quarterly report on form 10-Q that was filed with the SEC on August 19. Total revenue for the second quarter of 2020 was $5.1 million, a net decrease of approximately $4.1 million or 45% from the prior year quarter. The decline experienced in both licensing revenue and product sales for the quarter was primarily driven by government ordered retail store closures as well as an overall slowdown in economic activity in certain consumer product categories related to the COVID-19 pandemic. Declines were less pronounced in our revenues related to the interactive television distribution channel. Our operating expenses were $5.4 million for the second quarter of 2020, down from $7 million in the prior year quarter. This $1.6 million reduction was primarily due to government assistance received through the Paycheck Protection Program under the CARES Act for which we recognized $1.6 million as a reduction to current quarter operating expenses for which the program was intended to compensate. Lower operating costs were also partially attributable to the cost reduction actions taken by management in response to the COVID-19 pandemic, including temporary reductions of employee compensation and cutting non-essential cost. Partially offsetting these cost reductions were increases in some of our non-cash expenses, including stock-based compensation, bad debt expense and impairment of property and equipment and depreciation and amortization expense. The higher atomization expense was primarily due to accounting change for Judith Ripka trademarks from indebted life assets to finite life assets effective January 1 of this year. While bad debt expense was driven by reserves for accounts receivable related to certain customers, including Lord & Taylor, that have…

Robert D’Loren: Ladies and gentlemen, thank you for your time this evening. We greatly appreciate your continued interest and support in Xcel Brands. As always and now more than ever, stay fit, eat well and be healthy.

Thank you. This does conclude today’s conference. You may disconnect your lines at this time. Thank you for your participation and have a great evening.