Largely companies like oil refineries and the users of boilers and manufacturers of boilers were driven by the need for clean air. So within a refinery, you have to heat the oil up to process it. To heat the oil up, there are some large vessels called heaters. The oil comes in through a pipe that passes through that heater, and inside the heater, there are some very large flames. The burners that we make control those flames, and the key is that how you structure that flame allows you to control the chemistry and to control the emissions that come from those flames. As a company, we have a distinctive IP that's highly patented. We do work through partners. We're a small company with very strong technology. We work through some of the world's biggest providers of that technology. That allows us to leverage our position and to maintain a technology-level margin on our product. We are benefiting from the tailwinds of the environmental regulations and also the initiatives for decarbonization. And why today? We've been developing this technology since 2019, and we're to the point now that we have significant product out in the market, and we are getting significant sales. We're seeing our business really take traction and become real. So if I start, I'm aware that many of you are probably familiar with ClearSign. There's probably quite a few that have not seen us before. So in this presentation today, the first section I'm going to go through and give you an overview of the company, explain a little bit about how we do it, and then later, the last significant update we gave was at the start of this year. I'll be giving an update on more recent developments and, again, leading to that question of how things are progressing today and why now. So if I get into this or just touch on this, I know you've seen it before. I will be making forward-looking statements, and what happens in the future may well differ from what I suggest today. So a very quick review of ClearSign. As I said, we're in the business of reducing emissions. Primarily, that is NOx emissions from nitric oxide. The nitric oxide is formed from the air. The standard technology in the industry is a very large, we'll call it a back-end cleanup system. So in the heater, our burners go. In our case, we don't make the NOx in the first place. The standard technology is a big device that's built into the heaters that houses catalysts. You spray ammonia into it. It's been around for a long time. It is a standard technology. It's also very expensive. It consumes ammonia. It's very expensive to run, and people don't generally want ammonia being trucked in and out of their facility. In our mind, I think for everyone, we provide a means of not making the emissions in the first place, and we really believe it's best not to make a mess than to have to come up with a big product to clean it up afterwards. As to why now, I said we are an asset-light company. We leverage partners. We are gaining traction through our sales. We have our businesses based on our IP, and that IP is highly patented. So how do we do this? My background's in combustion. I've got a doctorate in mechanical engineering, specializing in flame structure and how that affects flame chemistry, focusing on NOx. We don't need to get into that level of detail. At a very basic level, the NOx that we're dealing with is formed from the nitrogen in the atmosphere. There's two chemical pathways that convert atmospheric nitrogen into NOx that take place within a typical burner flame. The standard technology in the market addresses one of those pathways. What's unique about ClearSign, and quite frankly, what led me to join ClearSign back in 2019 when I came here, is that this technology does things differently, and it provides a means of addressing both of those chemical pathways. And with that, we're able to get NOx down to virtually zero emissions. We actually have a branded burner, an NZN Near Zero NOx burner. NOx is measured in parts per million in the industry. A typical burner will make about 30-50 parts per million. A typical ultra-low NOx burner from a standard manufacturer is running about 15 parts per million. At ClearSign, with this technology, we're able to make guarantees of five parts per million and even down to 2.5 parts per million. So I joined the company in 2019. At that point, the company had the technology, but what we've focused on since then is we've been taking that technology and turning it into a commercial product. The mandate is the burners have to work like industry-standard burners. They need to be easy to install. They need to fit into the holes in the heater that the burner's going to. So in the bottom of a heater, there's a round hole. The burners fit into that hole. To upgrade the technology to meet the new emissions requirements, now you can take out the burner. Our burner plugs right back into that space, and it operates just like a regular burner. So for operators and also the programming of the control system, it's a very easy switch over from the old technology to ours. We have strong IP. We partner with some of the biggest companies in the world. On the process burner side, we partner with a company called Zeeco. Zeeco is based in Tulsa, Oklahoma. Their revenues are somewhere in the region of $750 million a year. They're truly a global company and the second biggest provider of combustion equipment in the world. By partnering with them, we have access to their world-class demonstration and test center, and we also get to have our equipment manufactured by a company that's on the approved vendor list of all of our major customers. That allows us, as a small technology company, to operate with the leverage and the market credentials of the biggest in the market. So what does it look like for our customers? This is an example. This is a very small process heater. The reason I picked this example is we actually have this data. This is a small heater. The SCR is the incumbent technology in the market. This project was sold with an SCR to an end user that needed to get their emissions down to meet new California regulations. We approached the engineering company, explained what we did. They took our suggestion, met with their client. Their client agreed to switch and change the project in due course. This is a very small heater, but the reason this is important for us is it gives us data of what the client would pay for a ClearSign solution versus an incumbent SCR solution. So it just provides a good example of the comparative costs. So the capital cost of the SCR is $2.2 million. The ClearSign solution installed, the client paid $450,000. The SCR requires the catalyst to be replenished. It requires a constant stream of ammonia to make the SCR work and handling. Even in this very small case, it would cost that client about $100,000 per year. ClearSign, there is some maintenance and consumable parts, but that is really minimal. So the cost of ownership of a ClearSign solution versus the incumbent SCR, we're less than 20%. This is a very cost-effective solution for our client. Incidentally, this heater was one of our earlier installations of the new technology. It's been running in California now for several years. It's been reviewed by the California air regulators, and they have a classification they call Best Available Control Technology. The review of this heater and the performance from this installation has actually caused them or allowed them to redefine what they classify as Best Available Control Technology. Similarly, one of our other dominant product lines is boiler burners. Recently, there was a third-party study conducted by the California GET Program. The California GET Program is funded by the California gas utility companies and administered by Southern California Gas Company. That third-party study found that a boiler fitted with the ClearSign technology runs approximately 4% more efficient or consumes 4% less fuel than a similar boiler run by other low NOx burner technology. It also found that the ClearSign burner technology gives substantially lower NOx than other burners in the industry. What that means, that 4% fuel savings on a mid-size boiler with California energy costs equates to about $80,000 savings for the customers per year. Our technology does sell at a premium, but that premium is less than $80,000. So upgrading to a ClearSign burner compared to a standard industry burner will give payback in less than a year. And on top of that, that fuel savings equates to about 500 tons of CO2 per year savings for the client. So getting to updates, if you've been following ClearSign, you've probably seen this slide or a very similar slide before. What has changed is there's a lot more installations now in California, and those are continuing. What's exciting is that we now have significant installations and projects going into the Texas Gulf Coast. Texas Gulf Coast is the biggest concentration of petrochemical equipment in the United States. That is our biggest target market. We started in California because the air regulations in California are the tightest in the country, and they were the first to implement the new wave of NOx regulations requiring technology like ours. Recently, the EPA has found that Texas is in a severe non-compliance for ground-level ozone. What that does is that is triggering a revision of the Texas NOx air regulations. It's driving the emissions regulations in Texas. We really believe helping that market first there. In July of this year, we received a 26-burner order, which is very significant for us, down to a chemical plant down there right in the heart of the Texas Gulf Coast. What's key for our industry, we have no one's doubting the economics of what we provide. The industry is very conservative. The engineers working on oil refineries are very careful about what equipment they select, and when the proposition comes up needing to reduce emissions of using what's been used for years compared to a new technology, they are very cautious about adopting that new technology, even though the economics are so much in favor of that new technology. What we've been up against is needing to break through that barrier. It's getting those first installations and getting that traction and recognition and acceptance in the market. We are at the point now. In September, we shipped 20 burners out to a major refinery here in L.A. Back in July, I said we shipped 20 or we received an order for 26 burners going down into a global chemical company down on the Texas Gulf Coast. That order was being managed by probably the biggest heater engineering company in the U.S. that services all of the refineries. On top of that, we're now getting orders. There's one here in Oklahoma. We've got an order in Missouri. Those are going to the power generation industry. So we're breaking into new industries. On the technology front, we've received a $2 million Department of Energy grant to accelerate the development of a 100% hydrogen-capable flexible fuel burner. The reason for that, there's a lot of initiatives to decarbonize. One of those programs is using hydrogen as a fuel. Well, part of using hydrogen as a fuel is making sure that your clients have equipment that can burn that hydrogen when they get it and not only burn it, they have to use it and maintain compliance of their NOx permits. That's why the Department of Energy gave us that grant to develop that burner. That project's ahead of schedule. Those burners are actually being sold, and they're included in some of the orders that we are now processing. Since the start of the year, we've also launched a midstream business. We've adapted our burner technology, sold that into the midstream business. And what's really interesting within midstream business is that when they buy a heater with our burner in, that heater comes from what we call an OEM or an original equipment manufacturer. Our burner allows that OEM to be more efficient. What that does for us is that OEM we formed a partnership with them essentially becomes an extension of our sales team. That's how we got into the Oklahoma and Missouri projects and into the power generation industry. Finally, we believe there is a large client here in the U.S. with a new project and that they have requested ClearSign to be included in the bids for new heaters. The reason we know this is that most of the process heater manufacturers in the U.S. have recently come to us to include ClearSign technologies in their bid for this new project. So it's the first installation we've had where an end user, we believe, is actually asking for our technology to be included in bids from the heater companies coming to them, so in terms of getting traction to the market and increasing sales, this is the reason we're here. We're seeing our sales pick up significantly. We believe that this is the time. Just to put things in perspective, we have a target for break-even with ClearSign. 160 burners is our target number. So these sales, as they're growing, are rapidly getting us towards that goal. So look at the details. I'm not going to go through all the details on this slide, but you'll see on here we have the 20 burners shipped out to California. We have the 26-burner order we received from Texas. There's other smaller orders that we have in process. Our sales are picking up. You'd appreciate from that number getting to that break-even point, which we believe is within our means, is not that big of a stretch from where we are today with increasing sales. On here is also the DOE grant getting into the utilities and the energy production companies. So what's the opportunity? I don't think it always makes sense just to put a graph of expected sales. So I've tried to really provide some tools to understand the industry. Our two biggest markets are the refining market, and the other product line is boiler burners. So try and put some numbers around this. If you look at the burners installed in California and Texas, it's about 28,000 burners installed in California and Texas. Back in 2019, 2020, we completed a technology development project with ExxonMobil. As part of that, they gave us their data. Their assessment of the refineries is that about 15% of their burners are good applications for ClearSign technology. So for us, we can take that number, multiply it by 15%. That is the target retrofit market in the refineries. The market's big enough. The 26 burners going down to Texas are going into a petrochemical plant. That is not included in these numbers. If you take that 15% of the 28,000, let's assume that that gets transitioned over 10 years. That's coming out to just over 400 burners a year. So our break-even run rate of 160 burners is well within that range. And that is only the refineries. That is only replacement of existing burners. It does not include petrochemical plant. It doesn't include renewables and a whole lot of other opportunities. To complete the math, a burner sells for about $100,000. Some are slightly more, some are slightly less. But to keep the math simple and in round, slightly conservative numbers, if you multiply that volume by 100,000, you're basically looking at a run rate of $16 million per year revenue. At our margins, we're running about 40%-45% margin is going to get us to break-even. That's our number one goal, and that's what we're working towards today, so a snapshot of the company. We completed a capital raise earlier this year, so this data is as of our second quarter 10-Q. We have significant money, about $16 million in the bank. We're running or burning about $1.5 million without any income from operations. Cash flow break-even is within sight. We need to scale up to 160 burners a year. We believe that is well within range and within range of the cash that we have on hand right now, so we're not here looking for money. We believe that we have the money to get this company to profitability. We have a strong patent IP. We are well patented. We have significant insider holdings. We're based in Tulsa, Oklahoma. This is important. We moved the headquarters from Seattle into Tulsa, Oklahoma. 80% of the world's burners, probably outside of China, come from Tulsa, Oklahoma. The industry is centered there. The expertise is there. The resources, the partners, the fabricators, they're all there in Tulsa, Oklahoma. But key is for us, Zeeco is there. They are 20 minutes' drive from our office. We have easy access to their facilities. And the talent is there in Tulsa for us to hire and to grow in Tulsa. And we're incorporated in the state of Delaware. I'm not going to go through the press releases. These are all on our website available. If you look at the first and the third, these are the repeat orders to power generation company through the OEM customers. Second, there's announcing the GET program, showing our boilers are about 4% more fuel efficient than the others in the industry. The July press release is the 26-burner order going down to Texas. All of this information and more on the company, if you're interested, is www.clearsign.com. I'd also encourage you all to follow us on LinkedIn. We put a lot more information out on LinkedIn, a lot of behind the scenes, a lot more updates. So anyone interested in what's going on, LinkedIn is a great place to find us. So summary, we have a unique and disruptive IP that's protected by a strong patent portfolio. We're in an expansive industry, the oil and the energy industry. We have a lot of room for scalability through our partnership with companies like Zeeco while maintaining our asset-light status and the technology-level margins that we're able to achieve. We do have significant installations now. We've broken through that barrier where our clients have installations to look at, and our sales are increasing rapidly. So we really believe that we are getting market traction. We have a very experienced team at ClearSign. We're small in numbers, but I would put up that we probably have the best selection, one of the best selections of combustion engineers in the world in ClearSign. That has allowed us to do what we do with the technology to develop it and to develop the sales and to grow the business the way that we have. And last of all, given the money that we have and the way that our sales are picking up, we truly believe that cash flow break-even is within sight. So with that, that is the end of the press release. I have a slide that's got some contact details, which I'll put up. But with that, if anyone has any questions, I'll be happy to use the remaining time we have to answer them. When did you make the move to Texas and into Oklahoma? That was the start of, I think, January 2023. So we moved largely. We physically made the move and the transition during the COVID years. We formally opened the office in January of 2023. Any other questions? Do you think with the upcoming elections, anything's going to change with respect to regulation that we are doing there and not doing in the U.S.? I would love to have that crystal ball. I think it's worth addressing, though. It's on everyone's mind, especially being in the clean air industry. We're in the industry that's supplying oil. I think there's multiple ways of looking at it. I mean, if the production of oil increases and the oil refinery business picks up, that's good for our industry and our customers. If the clean air regulations get reinforced and tightened and the strength of the EPA is enhanced, I mean, that is good for us also, so obviously, we're looking at the bright side of different scenarios there. I think the reality is the net effect of how that impacts us is really hard to say. I've worked in this industry since 1996. I moved over here. I was actually working in the industry before then, but we've seen numerous administrations come and go, and often, there's great expectations of it's going to be great or it's going to be awful. The reality is it may shift a bit, or sometimes it's more affected on timing that things get delayed or things get accelerated. But these programs and the need to clean up the environment persists. So there may be some minor changes. I think the biggest effect right now is people are waiting. And just really, what the industry needs is some certainty. So getting past the point that people know what to expect, I think, will allow a lot of decisions to be made. I do think there's a lot of financing and projects probably just on hold, waiting, when the reality is it's probably not going to make that much difference to the outcome, in my opinion. Time will tell. All right. With that, thank you very much.