Good afternoon, ladies and gentlemen. And welcome to the Surna Inc. Q3 2019 Earnings Conference Call. At this time, all participants have been placed on a listen-only mode, and we will open the floor for your questions and comments after the presentation. [Operator Instruction] It is now my pleasure to turn the floor over to your host, Tony McDonald. Sir, the floor is yours.

Thank you and good afternoon. Welcome to Surna's third quarter 2019 earnings call. I'm Tony McDonald, the company's CEO. And I am joined today by Tim Keating, the company's Chairman, who will participate in our session today. Please refer to our investor presentation, which you can see on this webinar. This presentation, together with our Investor Fact Sheet, has been filed with the SEC and is also available at the Investor Relations section of our website at www.surna.com. Before beginning I want to remind all listeners that they can sign up to be on our email distribution list by visiting www.surna.com/investor-relations. This is the way to keep current on Surna news development and SEC filings. Before we begin, please be advised that this call may contain statements of a forward looking nature relating to future events. These forward-looking statements are subject to the inherit uncertainties in predicting future results and conditions. These statements reflect our current beliefs and a number of important factors could cause actual results to differ materially from those expressed in this call, including the risk factors set forth in our Form 10-K, which we filed with the SEC in March. Please refer to our SEC filings for more detailed discussion of the risks and uncertainties associated with our business. Please note that we filed our quarterly report and issued a press release announcing third quarter financial and operating results on November 12, 2019. These documents can be found at our website at www.surna.com/investor-relations. While we will highlight some key information contained in the press release and the quarterly report, the primary purpose of this call are to articulate the progress we are making on our key operating metrics and strategic plans and to answer your questions. Please now refer to the year-to-date report milestones achieved slide,…

Thank you, Tony. Slide nine provides a high level corporate profile including important data on our capitalization and the market for our stock. A couple of things to note, one, our stock price of $0.082 is as of September 30, 2019. Based on this stock price our market cap is $18.7 million. We continue to believe we are undervalued relative to our comparable peer group, and a derived calculation of intrinsic value. We have zero debt and our cap table is pristine, as we have no convertible securities of any kind. Second, moreover, we have successfully operated this business this year without raising a single dollar of capital. The only increase is in the share count of our common stock this year were issuances in connection with our equity incentive plan, totaling just over 3 million shares. Slide 10 shows our market comparables. In selecting public company comparables two basic principles guided us, one, the companies must be in the cannabis ancillary products and services sector; and two, the companies must not be principally involved in cultivation, extraction, distribution or consumer branding, which have outsized and therefore distorting multiples. This quarter we added Akerna Corp. [ph], which consolidates cannabis technology companies to connect data points in the global cannabis supply chain as a new comp. In August 2019, the average price to revenue multiple of our selected comparables was 5.1 times, just 60 days later in November that ratio had been cut nearly in half to 2.6 times. But during the same time period Surna’s price to revenue multiple stayed constant at 1.6 times. While we expect the public cannabis market to remain volatile, as state legalization changes, new regulatory frameworks develop and sector winners and losers emerge we are focused on delivering the fundamentals upward trending more consistent revenue…

Thanks, Tim. This concludes today's prepared remarks. At this time, I would like to ask our operator to provide instructions for the Q&A session and open the floor for questions.

[Operator Instructions]

As we wait for people to enter the queue, I will field some questions received by email and the webcast. We have one question that’s come in previously, and we'll deal with that when online and then we'll open it up to see if there's any live questions. So Tony, do you want to take the first question.

Sure. The question was, congrats on a great Q3 and Surna’s growth in second quarter profitability. Can you provide any guidance or an outlook for 2020? And thank you for the question. We are focused on continuing to drive revenue growth, while maintaining profitability and there are several points worth mentioning. First, our year-to-date 2019 revenue was up 56% from the prior year and we hope we can achieve similar growth during 2020. Based on our Q3 backlog of over $10 million, our third highest in history and exceeding our 2019 beginning backlog of $8.5 million, we are hoping for a good Q4 and a strong start for 2020. Second, we are excited about the launch of several new products in 2019, such as our technology and innovation focused SentryIQ product line, about 25% of our year-to-date 2019 revenue comes from these new products and we expect to gain additional traction in these new products in 2020, and beyond. Lastly, to attain our growth targets in 2020, we need to continue to expand our multi-facility operator business, which has been critical to our 2019 success. We closed six multi-facility operator projects through September and we have already signed three more new multi-facility operator contracts in Q4. As mentioned in the call these customers typically have larger projects with shorter construction timetables, which means we recognize larger revenue sooner. I believe that should give you good insight into our outlook for 2020.

Operator, do we have any live questions?

We have no questions in the lines at this time. [Operator Instructions]

Well concludes today’s conference call. We look forward to continuing our engagement with you in 2020. Thank you for your continued interest in Surna, and we wish you all a happy Thanksgiving.

An audio replay of this call will be available tomorrow on surna.com/investor-relations until February 1, 2020. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation.