Hello and good afternoon, ladies and gentlemen. Welcome to today's virtual non-deal roadshow. My name is Noella Alexander-Young, virtual event moderator here at Renmark Financial Communications. On behalf of our team, we want to thank everyone in Boston and surrounding areas for joining us today for the presentation of ProPhase Labs trading on the Nasdaq under the ticker symbol PRPH. Presenting today is Ted Karkus, CEO and Chairman. The presentation will last approximately 25 minutes and will be followed by a Q&A session for which you can participate using the chat box in the top right-hand corner of your screen. With that being said, I will now hand the floor over to Ted. Thank you, Noela, and thank you, everybody, for joining today. Noela, I can't promise I'm going to stick to 25 minutes. I have a lot to talk about, but we will definitely get into the Q&A afterwards. I'll leave plenty of time for that. Thank you all for joining. I understand there's potentially a lot of new investors now following the company. To be clear, I do these presentations with Renmark once a month, so I do this regularly. We also do our quarterly when we report earnings. We also do that with conference calls with Renmark with the same format. Noela always joins me as the moderator. It's really a great setup. I'm really pleased with Renmark, so a big shout-out there. Also, just another quick shout-out: Diamond Equity Research does follow us. It is sponsored research, but the valuations and conclusions are all their own. I would anticipate, with all the press releases recently, watch for a new update from Diamond Equity Research in the coming days or weeks, if not days, hopefully. Finally, let's get into the presentation. Forward-looking statement. I'm not going to read it, but I'm going to presume that everybody's read the forward-looking statement. Everything I state is accurate as of today. It doesn't mean that things can't change in the future, and it doesn't mean that I'm required or going to update you if there are changes. The bottom line is I am a straight shooter. I'm the largest shareholder in the company. I watch the backs of other shareholders, and I'm looking forward to the presentation and for many of you learning about the company for the first time. Okay. There is a balance between we do have regular shareholders, long-term shareholders that join the presentation regularly, but I believe we also have a lot of new shareholders, so I'm going to have to strike a balance in terms of how I present today. The bottom line overview of the company: we just sold the Pharmaloz Manufacturing facility for over $20 million, cleaned up our financials, cleaned up our balance sheet. We are currently focused on DNA Complete and Nebula Genomics. That's our direct-to-consumer genomics business. We do some B2B business as well, but our focus is on direct-to-consumer. We have ProPhase supplements. We have a number of supplements. First of all, we have our Legendz XL and Triple Edge products already being sold. Primarily, it's just Legendz XL, and it's just in retail stores. We've now built a world-class multimedia platform and infrastructure. I'm going to get into that in a little while. That's now going to leverage and sell not only our DNA Complete product online direct-to-consumers, but also our supplements online direct-to-consumers. There is a lot to look forward there. There are also opportunities to get into telehealth medicine. Now that we've brought in Stu Hollenshead, we have attracted some real interest from some telemedicine companies that have infrastructure with physicians in potentially every state in the country. The ability to flip a switch, they have the relationships with the pharmacies to do the compounding of the different products. Anyway, we have a lot of opportunities now that we have this world-class marketing platform. We have a world-class leader in Stu Hollenshead. I'll get more into that as we get into the presentation. Finally, we have our ProPhase Biopharma led by our BE-Smart esophageal cancer test. With a market value like we do, some people come to the conclusion, "Well, then this can't have much value." The reality is it is a groundbreaking esophageal cancer test. There's nothing like it. It's going to save lives, and it's going to save billions of dollars for the insurance companies. I am convinced, and when I say it's going to, obviously, there are no guarantees in this world, but I believe, and I am convinced, this is going to be a major deal for us one day. All right? Having said that, I'm not spending a lot of money on anything right now that's going to kill our shareholders. My primary focus is cutting down on our overhead, building our direct-to-consumer platform, which is built selling products off of it and becoming profitable. That's the goal. As far as track record is concerned, I used to brag for many years when I did these presentations about how great my performance was, how I had a $0.65 stock 10 years ago, how I paid out $2.40 in special dividends to shareholders, which I did. We have a lot of very long-term shareholders who actually even with the stock crashing at least got a really nice return on that $2.40 off of the $0.65 bottom. Of course, we're back there today. Excuse me. It's frustrating. I went through a learning experience over the last three or four months that in a million years, I never thought I was going to have to learn again. I tell people I'm 40 years old, and then I say I've been 40 for 25 years. The last three or four months probably aged me five years, so I'm willing to admit to 45 now. Having said that, I didn't go from brilliant to stupid. I may not have been brilliant, but I'm also not stupid. Whatever talent I had for the last 40 years, I still have. We have incredible assets in our company that have incredible potential, and we are going to achieve that potential. Where we go from here, I think, is really big. I'm not talking about in the next three days for those of you who are traders or even in the next three months, but we have a lot of positive things going on in the company. There's not only a lot of potential, we're going to realize a lot of potential of that potential over the next 12 months. Before I get into the other subsidiaries, I don't know whether this is the best slide to sit on or not, but a number of things I want to point out. First of all, Jason Karkus, President of Nebula Genomics, built a multi-hundred million dollar COVID business. He then took over Nebula, where we had this laboratory that was losing a ton of money. It was a real mess. He's completely cleaned it up, turned it around while developing DNA Complete D2C. Jason brought in Stu Hollenshead. He's got an incredible background and performance in Barstool Sports, Business Insider, WWE. These are all companies that he oversaw as COO, Chief Business Officer, built into multi-hundred million dollar businesses or followings of tens of millions of people. Some of these businesses were sold for many hundreds of millions of dollars or more. His reputation speaks for itself. He has now come to us. He would not have come to our company if he didn't believe in what we're developing and the infrastructure that we have. Jason and Stu are working as a team. They include me sometimes. What we've built with our platform is really pretty impressive. It is so impressive that just in the short time that Stu has been here as COO, all of a sudden, he's receiving all these inquiries about all these companies out there. There are a number of companies out there who have really good infrastructure for telemedicine companies. They have the physician networks in every state. They have the relationships with the pharmacies to compound all the various types of products, whatever they may be. The special ingredient for their businesses, and what I've learned over 15 years of doing this, and for any consumer product, it's all in the marketing. If you can't market, you can't sell your product. I'd rather have a good product with great marketing than a great product with lousy marketing. Which one's going to win? It's going to be the one with great marketing. That's what we have. We're going to build upon that now. We also have some great products. We have a really good combination here. Again, I'm the largest shareholder in the company. I will do everything that I can to avoid dilution and build the company until we have another liquidity event. Again, I can get into the other businesses now, but before I do that, I would like to talk about a couple of our potential liquidity events because they're so potentially large, certainly compared to the current market cap of our company, that I think it's important that I spend a little bit of time on that. Excuse me for one second. Okay. As I mentioned earlier, we did hundreds of millions of dollars of COVID testing. Imagine at our peak, we went from doing, let's say, 100 or 200 COVID tests per week to 100 to, let's say, 1,000 per week. We ended up doing 1,000 a day. All of a sudden, at the height of COVID, and just to put this in perspective, understand a lot of our business came from pop-up tents in New York City. People would walk up to the tents. The people manning the tents did not work for us. There was an independent collection company that we, in effect, partnered with where they would collect the specimens. They were supposed to collect all the consumer information, the insurance cards, the driver's license, etc., etc., and then send the test with the information to us. We did not control. It's not like when you go into a doctor's office. The first time you go into a doctor's office, you spend 20 minutes in that doctor's office filling out paperwork. You can't do that when you're walking up to a tent, especially at the height of COVID, and there's a line of people there. A lot of times, they would send us the specimens. We would process the specimens. The prior administration guaranteed we would get reimbursed either through insurance or if we didn't have the insurance information through HRSA. HRSA was a government entity that reimbursed people without insurance. Ultimately, out of the blue, HRSA ran out of money. Interestingly, though, at that time, we did an enormous amount of business. As I said, we went from 1,000 specimens, let's say, a week to 1,000 a day. At the height of COVID during Omicron, we were doing 10,000 specimens a day. Real business. Just imagine 10,000 specimens coming in. We might have had 50 people accessioning these specimens. If these 50 people have to go through 10,000 people to collect their information, it's impossible. The next day, we'd have 10,000. We were inundated with testing, inundated with specimens with a lack of information, built up an enormous accounts receivable. All of a sudden, HRSA goes out of business, so we couldn't submit to HRSA to collect. Left us with a very difficult situation. We ended up, and we were very conservative in our financials. Right now, we reflect somewhere between $25 million and $30 million in accounts receivable for COVID testing. We have this new initiative with a collection group. This is all they do. It's a group of a couple dozen attorneys. What they do is, in our case, because we can do it, they take our COVID lab subsidiaries. These are high-complexity molecular laboratories that we have where we're not doing any testing. They've been dormant for quite some time now. We bankrupt the laboratory subsidiaries. We make ProPhase Labs the parent company. We file what's called the UCC, where we basically bankrupt the subsidiaries. ProPhase Labs will be the only creditor. In bankruptcy court, this litigation group can then file litigation against approximately 1,100 insurance companies. Understand, they went through all of our data. They have proprietary software that scrubbed our data clean. They took all of the tests that we never got reimbursed for. They cut it down to only the tests that they know are airtight or absolutely should get reimbursed. They came up with a number of they took $150 million worth of tests, literally, came up with a number of $73 million that they believe we're going to collect. They then take their percentage out, net about $50 million. Interestingly, when I was talking to the attorneys about this, and I referred to the $70 million they thought they were going to collect, they actually corrected me. They said $73 million. I chuckled that they were so serious about that number. They said at least that number. Now, I can't guarantee that we're going to net $50 million. If you look at our market cap and you look at the assets that we're developing, if we bring in even a fraction of that later this year, we're going to be an entirely different company than we are right now. I can promise you that if we're sitting on all that money and we have a stock price where it is, all I can tell you is I have a history of when our stock is undervalued, buying back stock and paying cash dividends. I'm not in a hurry to pay any cash dividends. We have these exciting businesses that we're developing. That's not to say there aren't other things that I can do. I just want to give you that background. At the same time, then, I'm looking at our cash flow, and I'm looking at how do we develop the businesses. Obviously, since we've been so tight on cash flow, it's hard to develop the business the way I would like to. That's why we decided to consider selling Nebula Genomics and DNA Complete. The issue is Jason actually cleaned up the business and, in fact, has just developed some new relationships that's going to dramatically change our cash flow. It used to be we would sell the test. Particularly, if we were doing a B2B, we would receive a specimen from the business. We would have to buy the consumables in advance. We would have to sequence the specimen, incur the entire cost of that, report the results. This could be a two or three-month process, then bill the customer, and then wait a month to get paid. It could be like four or five months of time that's negative between when we make the investment and when we get paid. Now, it's all turned around. Now, we're primarily focused on a direct-to-consumer business. We get paid upfront, and we're outsourcing. Jason has actually developed some phenomenal relationships to outsource where the payments are going to be in the future. We're now going to have the opposite experience with very positive cash flow. We have a situation now where we've brought in Stu Hollenshead, world-class marketer, access to tens of millions of potential customers with the platforms that he's built. He has proprietary ways to reach a lot of people. He has proprietary ways to get us to the top of the search engines that I am not even going to, I do not even know half the things he does. The bottom line is we can now grow this business potentially with positive cash flow instead of negative cash flow. It is just a matter of short term. I have to be very careful. I do not want to do big dilutive rounds of financing going forward. I am going to address that in a moment too. We have to be very careful until we have a liquidity event. The potential to build our Nebula Genomics and DNA Complete businesses now going forward is big. We already have the marketing platform. We have everything we need in place to build a very valuable business. The question is, why would I sell it now? For the simple reason that I would love a liquidity event. We have to look at the timing. Do we do a quick sale now? Do we start to build it and look at the timing of when the accounts receivable comes in for our COVID testing? These are the two variables that I have to balance while balancing, or am I going to dilute shareholders? I'll say one more thing about this. Again, I'm the largest shareholder in the company. It's a balancing act between raising capital, building our business, paying off debt, etc., etc., etc. It's a situation I never wanted to be in. If more of our accounts receivable had come in when it was supposed to, we never would have been in this situation. At the end of the day, I'm the CEO. I'm responsible for the way this played out. By the same token, I am now fixing this. Whatever we went through the last three or four months, we're way beyond the worst of it. I'm really looking forward to the next six, nine months. Again, if you have patience of more than three days or three weeks, there are very positive liquidity events that are going to lead to very positive developments in our company going forward. Okay. Let's talk about my investment banking comment that I made in our press release this morning. There was a rumor out there that an investment bank was going to do a capital raise for us. Now, understand, back in November, our stock was trading at $2.25, $2.50. We were very tight on capital. I decided to do an equity raise. I thought it was going to be around $2 - $2.50, quite frankly, and raise a lot of money. Instead, we raised a smaller amount of money at $0.72 a share. The problem is, from the time I made the decision to do the raise to the time we actually did the raise, the stock got whacked hard. The problem is we were so tight on cash, I didn't have a choice. I had to take the money. Very frustrating situation. My point of what I wrote in the press release today is I have no intention or interest in doing such an equity offering again. When the rumor came out, I think the stock was trading $0.25. I don't know what people thought, that they were going to short the stock and I was going to raise capital at $0.10 or $0.15 a share. I mean, it's just ridiculous. Now, to be clear, there is a difference between an investment bank doing a deep discounted equity raise and using an ATM facility or an ELOC. We have both. ELOC is an equity line of credit. We have both, and they can be used opportunistically. We could use them and we'll use them opportunistically. At the current time, as of today, we have seven figures in the bank account. I am lining up potentially a multi-million dollar credit line. I am hoping between the money we have in the bank and the multi-million dollar credit line, in combination with the fact that we've dramatically cut expenses. By the way, Stu Hollenshead has done a phenomenal job in that in a very short period of time. The combination of cutting expenses, the fact that when we sold Pharmaloz, that cleaned up a lot of our balance sheet. Now we have money in the bank. This credit line, I am hoping that bridges the gap to when we have one of these liquidity events. If things are going well and I see that the accounts receivable starts coming in three months, and I'm going to explain a little bit more about that, maybe we don't sell Nebula Genomics for a year. On the other hand, if I feel like the accounts receivable is going to take five or six months, maybe we sell Nebula Genomics in the next three months. That's the liquidity event. Once we do that, we're home free. I don't need $50 million of cash. If we sell them, I mean, I get a large block of cash of $5 or $10 million. Forget about $20 million or $50 million. We're home free. I just wanted you to know a little bit about that thinking. Finally, the last point about the accounts receivable. When we go into bankruptcy court and we serve, we can then, through—it's brilliant to do it through bankruptcy court because you can then serve litigation on all 1,100 insurance companies at the same time through one judge. It makes it a highly efficient procedure. I have this group of attorneys. This is all they do. They have this highly sophisticated software. They have a highly sophisticated way in which they do all of this. Once they serve on these insurance companies, out of 1,100 insurance companies, there's some very, very big ones that owe us a lot of money that might want to negotiate. The smaller ones, half of them may not want to negotiate at all. What has been explained to me, some of them will settle immediately. If an insurance company owes us $50,000 or $100,000, they're not going to have attorneys represent them and spend $50,000 or $100,000 to defend them, especially when they know they're guilty. Because at the end of the day, the only claims we're going after are the ones where we're rock solid, ironclad, no doubt about it, they owe us the money. Those will immediately want to cut a check and be done with us. Because in other words, we also have the right to depose the CEO of the company. There isn't any CEO of a big insurance company that's going to want to be deposed or waste the time. What happens is some of that cash flow starts flowing in immediately. That's why I'm very confident that significant cash flow is going to start flowing into this company. It's just a matter of the timing of when we actually serve the papers. There's the bankrupting of the lab subsidiaries. There's going into bankruptcy court. There's whatever with it. The way it's been described to me, each one of these steps is weeks, not months. When you put it all together, it's possible three months from today, we have significant cash flow coming in. It might be four months, might be five months. My sense in talking to our attorneys, it's going to be three to four months. That gives you a little bit of background. I think that was really important because the kind of money we're talking about is so significant compared to the market cap of the company. Okay. Let me just go on with some of the slides very, very quickly. I will get to Q&A. That really is what I wanted to cover today. I thought it was all really important. Again, you can go through this presentation. It has been updated. It is now on our website. I'm going to update it again. We just came out with the press release this morning. I want to update it further. If you go to our website, this actual presentation I'm going through right now is up on the website. Also, this video presentation will be posted within the next 24 hours or will be available within the next 24 hours to 48 hours. All right. DNA Complete, very simply, we do whole genome sequencing. We do this direct to consumers, whole genome sequencing. We have a world-class platform providing more than 325 reports about your genetic makeup, diseases you're predisposed to. I don't have time to really go into it in great detail. I'm assuming most of you know what I'm talking about with our company. If you don't, go through the slides yourself. Maybe on our next presentation, I'll go through in more detail. I had a lot that I wanted to cover that I thought was really important. In any event, we have one of the leading platforms in the world for providing whole genome sequencing, which studies your whole genome unlike an ancestry test that studies less than 1% of your genome. Ancestry tests are great for ancestry information. What we do provides you with information about diseases you're predisposed to so that you can lead a better health, a healthier life. If you're at high risk of a specific disease, you can potentially prevent that disease with making healthy choices. If you're at high risk of colon cancer, get colonoscopies starting earlier and more often, etc. Those are just some ideas I'm going through this very quickly. That's just a little bit about DNA Complete. What also makes us different, we have one of the largest databases of whole genome sequencing in the world. It is a highly valuable database. Possible our database is worth more than the whole market cap of the company. All right. I'm not saying I'm selling it. I'm selling DNA Complete and whole genome and Nebula. And we're going to get the value of what it's worth if we did a quick sale of it. I'm just saying there's some significant assets here. There are startups. A company called Nucleus raised $14 million at a $70 million valuation, private company. They pale in comparison to our company. I'm not going to go into any more details than that. I don't need to talk about any other companies. There is incredible underlying value with this asset. We just have to decide if we're going to develop it for a year and sell it for a lot of money or do a quick sale because it takes care of all of our capital needs so that we can build our other business and build our world-class marketing platform with our dietary supplements, get into other companies that want to leverage our marketing platform, etc. All right. It It just gives you some ideas about it. DNA Expand, I should just mention, we also have this really cool product. If you got an ancestry test, and there are tens of millions of ancestry tests out there, once you get an ancestry test performed, you're allowed to download your data. You can then upload it to us. We can provide an enormous amount of health-related information about your genetic makeup based on that ancestry test that you did. What's interesting is ancestry companies are selling the product, they think, for typically $69 a year. We can, for $49 a year, provide significantly more information. The cost to us, it's literally, it's really the cost of IT more than anything else. We're talking about a few dollars. The margins on this are over 90%. The access with a world-class marketing platform to go after these customers, this could be an absolutely huge business. As we develop cash flow, I really want to focus on this and blow this up big. Of course, George Church, world renowned in the field of genomics, he backs our company. He's an advisor to our company. He's a founder of Nebula. We got world-class people involved in this. Our supplement business, very quickly, we sell Legendz XL in CVS and Walgreens and other stores now. We do not do anything really online. We are going to blow up these products big online with our marketing platform, Equivir. I know you are all waiting for Equivir. I personally turned around the Koldis brand, Koldis Cold Remedy. It was basically a brand that was potentially going out of business. I turned it around, sold it for $50 million. I did that myself as CEO. It does not mean I did all the work myself, but I specifically oversaw the entire strategy. I fired all the marketing consultants. I fired everybody involved with this. I literally had to learn it from scratch, built it, and then built up the business. Obviously, I hired people that did the marketing with me, etc., etc. The bottom line is what we as a group did with Koldis, and we still have that whole infrastructure in place we can now do with Equivir. I got an even more advanced infrastructure in place with Stu Hollenshead aboard. All right. Equivir, I'm just waiting for the final results. We did a massive study of approximately 350 patients. That's massive for an over-the-counter dietary supplement. Virtually no over-the-counter dietary supplement does that much clinical study work. The reason we did it is because I know from personal experience, if you have strong clinical study results and you do it in a large number of patients, you can make stronger claims so that when there's always class action attorneys that show up at your door, you can't help it if you're in the consumer product business. They show up, they got nothing better to do. At least if you have really strong clinical studies, they typically go away. You either settle for nothing, and they settle a lot of Koldis class action claims for nothing. It's because of strong clinical study results. I'm just waiting for the results. The preliminary results have been phenomenal. Just waiting any day now. We're going to get the final results in. We want to go to town on our Equivir product. I mentioned the Equivir clinical trial coming soon. ProPhase Biopharma, I'm just going to go through this very quickly. We really have a world-class esophageal cancer test. Right now, 80%-90% of people diagnosed with esophageal cancer will die of it. The reason is they're diagnosed too late. The reason they're diagnosed too late is because there's no great test out there that's accurate. Right now, what happens is you get an endoscopy, and you go to your GI, you do an endoscopy where they stick a tube down your throat. They take seven to nine tissue specimens, study them under a microscope. The problem is two pathologists will study the same tissue specimen under the same microscope. One will tell you, you have esophageal cancer. One will tell you that you don't. It is an inexact science. We have a test that will tell you with an incredible degree of accuracy. We just take one of those specimens, we run it through our mass spec machine. We have highly proprietary IP associated with knowing the eight proteins. You have hundreds of proteins with the eight proteins that shift and how they shift to indicate whether you are developing esophageal cancer and whether you've developed it at a highly risky state or it's at a low-risk state. Insurance companies love the fact that we can tell you not only if you have esophageal cancer, but if you're at high risk or low risk. If you're at high risk, you can get an ablation, which will destroy the precancerous cells and save your life. If you're at low risk, you don't have to get an endoscopy every year, which is costing the insurance companies billions of dollars, literally billions of dollars. Literally, we've done all this. The target market is $7 billion-$14 billion. That's a real number. That's just in the United States alone with minimal competition. Again, people talk about the blood test. Blood tests, if you think about it, esophageal cancer grows in the tissue. It does not grow in the blood. By the time it gets to the blood, it is too late. A blood test, it is nice, it is convenient. You want to know what, our test is even more convenient because with our test, you do not actually have to do anything extra. You are already getting the endoscopy. We are just saying if you get an endoscopy, send your specimen to us to run it in our lab. There is nothing more convenient than somebody who is already getting the endoscopy. On the other hand, the blood tests are not competition. Why are they not? If you take a blood test that says you might have esophageal cancer, you are developing it, do you know what the next step is? It is to go get an endoscopy. Once you get the endoscopy, send the specimen to us. Believe it or not, a lot of these blood tests and other tests out there might actually build our business. It has enormous potential. I do not want to spend any more time on it today, but it is very, very real. Okay. Finally, I talked a little bit about our management team, investment highlights. I reviewed all of this already. I think the best thing to do, as I said, I am a little bit over. Let's go to the Q&A. Noella, I'll hand it back over to you. Thank you, Ted, for the presentation. We will now begin the Q&A. Your first question is, who owns the patents for Equivir product? We licensed it, and so we control it. Thank you, Ted. Your next question is, as ProPhase develops and sells Equivir, what percentage profits goes to Impact Bio from the profits that are made, and how much will be retained by ProPhase? Could you do me a favor, Noella? Impact, obviously, the first question, Impact Biomedical, a company called Global Research and Development Group, invented the product, licensed it to Impact Biomedical, Impact Biomedical licensed it to us. I'm not taking any more questions on Impact Biomedical. I'm not here to promote their company. It's a little offensive that they sent in all these questions. I'm sorry I didn't review this with you in advance. Please go to the next question, please. The next question is, if $50 million COVID money, as said in the announcement, comes to ProPhase, can the shareholders expect a good dividend from the company? It's a great question. I've learned from the past, and the past meaning the last year. The first thing I would want to do with that money is completely make the balance sheet spotless, not a dollar of debt. I want to make sure any leased equipment we have is paid off. I would then consider, I don't know that I'm supposed to talk about it today. I would also consider buying back stock, certainly if it's at these, what I think are ridiculous stock prices at the moment. Could you imagine if $50 million came into the company and we bought back 10 million shares of stock at a dollar? I don't think that 10 million shares would exist under a dollar. It's a really pretty silly situation. We just have to see. I don't think the $50 million is coming in all at once anyway. The other aspect of this, though, is I want to build profitable businesses going forward. For example, I talked about the BE-Smart esophageal cancer test, but I do not plan on spending an enormous amount of money developing it. I will not spend an enormous amount of money developing anything going forward. My goal, I want to be a profitable company that grows. That is what I did. Honestly, with the Koldis brand, maybe we would lose $1 million a year, but then I sold the brand for $50 million. It was a great investment. That $1 million lost was over-investing in advertising to build the sales, the volume for the brand, which made it more valuable. In this case, I am interested in getting back to basics. With the COVID testing, things were so wild. We had to build this huge infrastructure, and it was, if you build it, they will come. It was that philosophy from the movie. We built it, and they came, and we did an enormous amount of business. We then tried to do the same thing with Nebula Genomics, built out a world-class laboratory. It was way too expensive, really. I did it with the understanding I thought that all this money was coming in from COVID testing. The money did not come in, put us in an awful situation. That is why we are where we are right now. I am not doing that again. Historically, that is not how I have ever run a business before. I am not doing that. Going forward, I want to have a squeaky clean company that is profitable and growing and has more capital than we need. If we have more capital than we need, what we do after that, what I consider dividends and stock buybacks, absolutely. It is premature to be talking about that today, but I appreciate the question. Thank you for that response. The next question is, please explain Stu Hollenshead's role in the near future and what change he can achieve. Oh, wow. What he can do is enormous. If nothing else, I wouldn't, if I'm a shareholder or potential shareholder, I certainly wouldn't bet against Stu. His track record, I had a stellar track record for 40 years up until the last six months. He's had a stellar track record. I don't know that he's ever had a failure, ever. The point of all this, the key to success, and I said this before, to any marketing of any product in any business, of any business, any product being successful, it's all in the marketing. He has access to world-class influencers. He has the knowledge to know how to reach an enormous amount of people for not a lot of money. I mean, he knows how to get to the top of every search engine without spending a lot of money. What he knows is priceless. The combination of what Jason did in turning around some of our businesses, cleaning up, we shut down the lab, cleaning up, I mean, he just did a deal literally Friday night that I'm really excited about, that we're now going to have a very efficient genomics business going forward. Now we got Stu joining with his great marketing clout. I'm really excited. At the end of the day, we got these products. Equivir has enormous potential. Koldis is a homeopathic product. Only 6% or 8% of the population buys homeopathic products. It was primarily a lozenge. Only a certain percentage buy lozenges. Equivir is going to come in a capsule. I have to be careful what I say. It is an over-the-counter dietary supplement. I'm not supposed to say things about its antiviral properties. You'd have to go by the actual clinical studies, but the clinical studies will tell you quite clearly what the product does. We tested people, let's say in the winter, when half the people got our product, half the people got placebo. Those who got our product got sick less often if they took it prophylactically than the placebo group. Also, when you got sick, if you took the product, people who took the product, they were sick less days than those who didn't. The results are really phenomenal. The potential market for a product like Equivir is multiples of what the potential market for Koldis was. I think it has enormous potential. Now we got this great marketing cloud and platform and expertise to go with it. It has enormous potential. That is why all of a sudden, all these other companies now are saying, "Hey, hey, hey, we want to do business. We want to partner with you." Some of them, I want to say, are two-year startups that have all the infrastructure in place to be successful, but they are not going to be successful without us. We might be able to save two years of work in getting into the telemedicine platform by acquiring one of these companies. My guess probably would not cost us a lot upfront, and it could be a really, really good deal, a game changer for us. Besides that, we have products already in-house to develop that have tremendous potential. Thank you, Ted, for that response. The next question is, what does the business look like in the near term in light of selling what appears to be the crown jewel based on commentary provided on the Q3 conference call? Yeah. So you call DNA Complete the crown jewel. It's not the crown jewel. The crown jewel, there are many crown jewels. First of all, it's potentially $50 million coming into us later in the year. Secondly, it's the value, yes, it is the value of our DNA Complete, Nebula Genomics businesses. There's the possibility, depending on how the cash flow plays out, that we won't even sell it. We'll build it into something valuable. Besides that, our current dietary supplements have enormous potential online. That's our Legendz XL and Triple Edge. Equivir has enormous potential. Again, look at our market cap compared to the potential of these products and these initiatives. There are many with very significant upside. Also, crown jewel, it may not seem like it with the market cap that we have, but our esophageal cancer test could be game-changing. Literally, it could have a value in two or three years of $500 million - $1 billion. We're talking about a stock price that could be 20-50 times what it's trading at right now. It does happen. It could happen for us because the test is very real. It's desperately needed. It will save lives. It's desperately needed by people that are developing esophageal cancer. It's also needed by insurance companies because at the end of the day, it'll save them billions of dollars. They're the ones that really drive the success or failure of a test like this. We have a lot of crown jewels, a lot of potential. Honestly, I'm really excited. We've gotten through the worst part of these last few months from a raising capital stock price perspective. I am just looking forward to the liquidity events and the products and business we are developing. Somebody like Stu Hollenshead is not joining our company if he did not see the same type of future that I am feeling and seeing right now. Thank you, Ted, for that response. Next is, does the company expect to report clinical trial results for Equivir in the first quarter as suggested in the December call? Yeah. I'm still looking for it to be first quarter. I'm waiting any day. We're at the mercy of the statisticians. I don't know why they always seem to take longer than I think they should, but it's really complicated data. What they're trying to do is really optimize the statistics that best portray the product so that we can make the strongest claims. Also, in terms of we're going to be directing people to actually read the studies. It's very important how the studies are written. We want the best description on the statistics. It takes a lot of work, and we're at their mercy. As soon as we get that information, next step will be to roll out the product. Thank you for clarifying that. Next is, what is the focus now that the company has been forced to refocus? Is that DNA test, Equivir, Linebacker? Where is the path to profitability? I think I've already answered that question. Linebacker is a therapeutic cancer drug. The issue with it, as is with all therapeutic cancer drugs, you have to go through the FDA. It takes many, many years, tens or hundreds of millions of dollars. We are not spending tens or hundreds of millions of dollars. Won't do it. We did preliminary studies that were really positive. When we have the cash flow, we might spend some more money on additional studies. At that point, my goal would be to partner. It really has enormous potential. It's not a high focus of the company at the moment. I know I'm not spending a lot of money on anything that doesn't have short-term immediate returns. If I spend small amounts of money that can have big returns through partnerships, I'll do that. Our esophageal cancer test, we're going to do actually another 100-200 specimens, which is going to make the statistics even stronger, which is going to make the story even more compelling for a large partner. We are talking to a very large cancer testing partner who's very interested. We think doing this extra study that would take a month or two will make it even more valuable. At the same time, we're looking at commercialization paths, but these are not things that are going to cost many millions of dollars. This is something maybe it's going to cost $1 million over the next 12 months. Relative to the liquidity events coming, it becomes a rounding error. I'm not going to spend, even if we have $50 million cash sitting in the bank, I'm not spending $10 million to develop anything. Those days are over. I'm focused on building a profitable company with cash sitting in the bank that we don't need. Then I can take the question seriously. Am I going to pay a cash dividend, or am I going to buy back stock? Thank you, Ted. Next, the question is, will the CEO and any other insiders be buying ProPhase stock in the open market when permissible by SEC regulation? Sure. We're all, our hands are tied, right? It's amazing how many dark periods there are. Our hands are just tied. It's like the only time you can, it's after you report, it's like the first month. There's like one month each quarter. Right now, it's the end of the year until we report our year-end results. Our hands are tied. We can't. Personally, everybody involved in what's going on just thinks that this trading in the stock over the last month has just been silly. Just wait and see. I think the world is going to change for the better as it pertains to our company and for the shareholders. Just be patient three, four months. I think things could be very, very different in a positive way from where they are right now. Thank you, Ted, for your response. Next is, what is your cash situation and how long will that last? Yeah, I already mentioned. We have seven figures in the bank right now, and we're setting up a credit line. I don't know if that's something we'll report or we won't report, but that's a multi-million dollar credit line, and we should be in pretty good shape. No guarantees. We'll just have to see how things play out. We also could do a quick sell of Nebula. It's possible we could sell that in six weeks, or it's possible we don't sell it at all. This is a dynamic world. It's real time. I don't want to give pat answers that aren't honest and aren't accurate. We just have to play this by ear. It's possible we do a quick sale of Nebula. Then we're home free. On the other hand, and when I say Nebula, Nebula DNA Complete. On the other hand, that company DNA Complete is now perfectly situated for us to grow and make it really valuable. It is basically a balancing act between the need for capital, selling something inexpensively when we get more for it down the road, et cetera, et cetera. These are some of the most difficult decisions that a CEO has to make. Again, I'm the largest shareholder in the company. Every decision I make is what I at least believe is best for the shareholders long term. Of course, I have a solid team and a board of directors that I work with. I don't make these decisions in a vacuum. I can promise you that. Thank you, Ted. Next, a viewer asked, currently, how many full-time employees does ProPhase have? Any part-time consultants? Wow. That's a great question. I apologize. I haven't counted recently. We made so many cuts. Understand, once we shut down the lab, there were so many people associated with the lab. There was so much IT associated with it. There were so many different people, moving pieces that you would never consider. All a part of the lab. All of that's been cut back significantly. In fact, when I announced the sale of the lab and the savings, the savings continued because we continued to cut. I want to get down to a point where we're really lean and mean. What's interesting is Stu Hollenshead actually has a background of running companies exactly the same way. He's come in and boom, boom, boom. I'm telling you, Stu and Jason review every single person in the company, every single salary, every single consultant. We're getting lean and mean quickly. I'm really happy. I wish we had done it sooner. The bottom line is we're doing it now, and we're doing things the right way. Thank you for clarifying that. The next question is, are you currently using the new DTC multimedia expertise to improve sales of Legendz XL? What results are you seeing? That is something that we're literally just starting to focus on. To be honest with you, we did somewhat of a rebranding of the packaging, of the naming, the packaging, the branding, all of that we've been working on. That is a work in progress, but that's coming soon. That's coming soon to a theater near you. It's coming soon. Thank you, Ted. I was, we did not want to just take the product and throw it out there. We wanted to do it the right way. Now we are doing it the right way. With Stu involved, we are definitely doing it the right way. I am really excited. New packaging, new look, slight twist to how we present the name of the product, the brand name versus what the product does, tying in Legendz XL versus Triple Edge. There is a lot going on there. It is complicated, but I am looking to roll those out in the near future. Again, Stu, we just hired as our COO very, very recently, but we are moving a mile a minute. Thank you, Ted. Next is, has the financial manager published the Q4 2024 yet? No, absolutely not. That will come out as a 10-K, and that's filed. That's typically filed in late March. We don't have an exact date. When we announce the date, everybody else will know too. That's probably, I'm just guesstimating here, I don't want to speak for him, but that's a good month away. When it comes to year-end, you're allowed significantly more time than the quarterlies. Got it? You have 10-Qs and 10-K. The 10-K, you're allowed a lot more time by the SEC. Thank you, Ted. The next question is, did any institutions pick up shares over the last two weeks? There is no way for me to know that, unfortunately. I wish I could answer your question. There has obviously been a lot of activity. Thank you. Next, this is a two-part question. What is your ownership percentage of the shares? Why do you think the free market is undervaluing the shares of the company? I think, I mean, I own more than three, it's public information. You can look it up. I own more than three million shares of stock. As far as the market valuation, I don't want to get into it too much other than the fact it was a domino effect. We got tight on capital at a time when the market was not paying enough for development-stage companies that are losing money. Interestingly, four years ago, they were. Our stock went from $2 - $16, while I believe we were losing money because we were about to enter COVID testing and kick it up in a big way. Now we're about to do the same thing. These different businesses we're developing, but the market's not paying for that. Back then, I could raise capital at $12 a share. Now, at the same company, I want to raise capital now. The last raise we did with an investment bank was at $0.72 a share, down from $2.50, which was down six months earlier when our stock was $7. It really was a domino effect. It's because we got tight on capital. We needed capital. The accounts receivable didn't come in as planned. That was a domino effect. Now I believe the goal is, and the plan is, we're going to have significant capital coming into the company in the coming months. Until it comes in, I want to do everything I can not to dilute shareholders. Does that make sense? Again, that's why I came out today to say I am not doing this big down round with an investment bank. An ELOC has nothing to do with an investment bank. An ATM may have to do with an investment bank if the investment bank is handling the ATM. I am not going to surprise shareholders and tomorrow say, "Oh, this investment bank just raised us $3 million at $0.15 a share." There is nothing like that in the works. I am not working on anything like that. I heard a rumor of something like that. I tried to squash the rumor. Once institutional investors hear that a company is raising money, funny things start to happen to your stock. I cannot tell you, I do not want to get too involved in the stock price and the stock trading and things of that nature. I do not control what the stock market does. What I want to focus on is building the value of the company. If I build the value of the company, and we don't have to dilute the shareholders a lot in the process, this is going to be not only a home run, a grand slam home run for everybody. Thank you, Ted. We're now coming up on your last two questions. The first one is, if ProPhase meets with any success in collecting on its accounts receivable, would the company consider buying back shares in the open market given its low current valuation? I already answered that question. I actually also addressed this in the press release. If people are concerned about the stock being under a dollar, first of all, I look at the value of the company. Number one, I can ask for an extension. Because we're a clean company, haven't asked for extensions in the past, haven't done reverse splits in the past, Nasdaq is usually very accommodating. We should have no issue with a six-month extension. That's not even for three months before we'd need the six-month extension. That's nine months out. I think we're going to have a completely different company then. If our stock was below a dollar, we could address it in many different ways then. I don't want to predict where it's going to be. I'd be kind of surprised if our stock's under a dollar. If we're sitting on tens of millions of dollars of cash, I don't know. I don't think as CEO, I'm supposed to say things like that today, but it would be a no-brainer. Obviously, I would have to discuss it with the board of directors, but why wouldn't we? We're sitting on $50 million in cash. We have this ridiculously low market cap, and we have all these great projects and developments and products that we're developing and world-class marketing. Of course, no-brainer. Nobody else wants to buy our stock. I don't care. I'll buy back, I'll buy back, whatever. I'll buy back every share in the company that me and my friends don't own under a dollar. If the stock's going to trade under a dollar, we're sitting on $50 million cash. It's like such a ridiculous situation we got into. Now I'm probably saying too much, but this is how I really feel. I'm an honest person. The stock markets, it's interesting. I was talking to an institutional investor recently. He said, "Ted, there is a disconnect between your company and the value of your company and where your stock prices trade. There's like this significant disconnect." It is really interesting to see that in real time as a CEO. I believe that's what's happening now. There is a disconnect. The disconnect ultimately, you can talk about Warren Buffett's theory, is eventually stocks go to where they should be priced efficiently. It takes time. Just wait and see what happens. Thank you for the question. Thank you, Ted. Your last question for today is, is ProPhase attending any medical and/or investor conferences in the next four months? If not, why not? Yeah. We have consultants that do that, other employees. I personally don't travel to these. If somebody tells me I really should be there, I will be there. Typically, we do have employees and consultants who travel to these conferences. I'm not going to go into any specific examples. Also, as far as some of these conferences are concerned, they have nothing to do with the dietary supplement businesses that we're building. That would really more have to do with our esophageal cancer test than anything else. For esophageal cancer test, yes, of course, we've had consultants and employees who attend a lot of these conferences specifically for our cancer test. Excellent. Thank you very much, Ted, for your responses today. Thank you to everyone who submitted questions. If you did not get a chance to submit your question, you can reach out to the appropriate account manager here at Renmark. That concludes our presentation for today. Before we go, I will turn back the floor to you, Ted, for final remarks. Thank you, Noella. I was just wondering about this presentation compared to other presentations. As you can all tell, I'm a high-energy guy. I'm enthusiastic. I can be aggressive from time to time. We spent an awful lot of time focusing on stock price in this presentation with the Q&A. The truth of the matter is we have tremendous underlying value. We have so many things going in our favor. I think we're going to be a completely different company six months from now, even potentially three to four months from now. We are going to build. I'm going to do everything I can. There are no guarantees, but I'm going to do everything I can, not to do anything to dilute shareholders from today going forward, where I'm going to line up the credit lines. We have large investors who really believe in our company. They do not want to see me doing dilutive rounds either. I certainly have no current plans at all to work with an investment bank to do a down ramp. Take that out of the equation. ATM and ELOC, could we use those if it is an emergency situation and/or an opportunistic situation? Certainly, that is always a possibility. As of today, my focus right now is on a potential credit line. Beyond that, I am really excited, actually, that we have turned the corner in terms of DNA Complete. Its outlook is very, very bright. We have turned the corner on our marketing platform in terms of what we have built and the outlook for it. We have turned the corner in terms of, actually, the headcount reductions. We cleaned up our balance sheet significantly when we sold Pharmaloz recently. We're a much better company than we were just literally like a month or two ago. The outlook is incredible, especially with Stu on board now. I'm just really excited for the future. I know I'm always optimistic, but where I'm looking today, I'm not talking about next year, 2026. I'm not even talking about fourth quarter. I'm thinking by the third quarter of this year, we're going to be a significantly stronger company than we are right now. For anybody that's a long-term shareholder, even if you're an intermediate-term shareholder, I think I'm going to perform for all of you, including for myself. Of course, I'm a long-term shareholder. I've been a shareholder of this company for, well, I've been the CEO for a long time. I invested my first shares in this company in 1996. I took over control only because the prior management did not do what they should have done. I will leave it at that. The bottom line is I am excited for the future. I am a little tired for the last three or four months, and I am looking forward to a time when I can focus on one of those first slides, the slide of the track performance, where I can then speak proudly of my track performance, not only the last 40 years, but over the recent past as well. I hope you all have a good day. Thanks for staying with me for this hour. Noella, as always, you are amazing. Thank you for the Q&A. It was a great Q&A. Have a great day, everybody. Thank you, Ted. Once again, this was ProPhase Labs trading on the Nasdaq under the ticker symbol PRPH. Thank you to everyone in Boston and surrounding areas for joining us today. 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