Ladies and gentlemen, thank you for standing by. Welcome to the BOS conference call. All participants are at present in listen-only mode. As a reminder, this conference call is being recorded and will be available on the BOS website as of tomorrow. Before I turn the call over to Mr. Cohen, I would like to remind everyone that forward-looking statements for the respected company's business, financial condition and results of its operations are subject to risks and uncertainties which could cause actual results to differ materially from those contemplated. Such forward-looking statements include, but are not limited to product demand, pricing, market acceptance, changing economic conditions, risks in product and technology development, and the effect of the company's accounting policies, as well as certain other risk factors which are detailed from time to time in the company's filings with the various securities authorities. I would now like to turn the call over to Mr. Eyal Cohen, CEO. Mr. Cohen, please go ahead.

Good morning, everyone and thank you for taking the time to join today's meeting. It is a pleasure to connect with you again. Joining me as always, Mr. Moshe Zeltzer, our CFO. Let's move into the presentation. BOS integrate cutting edge technologies to streamline and enhance supply chain operation across three specialized divisions. The robotic division automates inventory process, replacing manual labor with robotic solutions. The RFID division optimize inventory management by tagging and tracking inventory throughout the supply chain. And the supply chain division integrate our franchise electromechanical components directly into our client's product. Let's explore each division in more details. Our supply chain division is dedicated to integrating franchise electromechanical components into the products of leading defense and high-tech companies. Our engineering team works hand in hand with our customers R&D department to ensure seamless integration into innovative designs generating long-term OEM revenues as product move into a production. The primary growth driver here is a number of components we embed into our client's product. That's why expanding our integration capabilities is central to our strategy. Over the last two years we have doubled our engineering team and tripled the number of manufacturers we represent, strengthening our market position and growth trajectory. We are proud to serve global defense leaders such as Israel Aerospace Industries, Elbit Systems and Rafael. Our network extends both directly to these companies and indirectly via their subcontractors across USA, India and Europe. This network serves our launchpad for global expansion without the need for costly overseas sales offices. Our RFID division enhance inventory management across the supply chain by integrating proprietary software with cutting edge off the shelf equipment. We deploy rocketized solutions for industrial and logistics operations such as handheld computers, forklift mounted tablets, industrial scanners, thermal printers, RFID readers and wireless…

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Good morning, Eyal. Congratulations on a strong quarter. Just wanted to talk to you about if you could give some guidance. I know you said you had a new robotics line starting in Europe. Can you talk about your defense business in Europe and how that has been affected by the war in Ukraine?

Yeah. Actually, we don't have direct sales in Europe. We are aligning with our major client in Israel, Elbit System, Israel Aircraft Industry and Rafael which are exporter and the global leaders in the defense segment. And usually when they have a contract overseas, we are getting into the picture because part of the production of the product sold must be produced locally in the customer site. And in that case our supply chain division provide to the local subcontractor components and our robotic division provide automatic production line in case it needed if it's a duplication of for example of a site in Israel. So, this is the business model in Europe, overseas in general.

Okay. Thank you. And also in your valuation, I know you didn't mention the tax loss carry forward. By looking at your financials, I believe you have over a $60 million tax loss carry forward which would equate to $10 a share. Is that correct, or am I missing something?

Yeah. We have approximately $30 million in carry forward tax losses which could provide up to $6 million in future tax saving assuming a 23% tax rate. And as a conservative measure, we recognize only $1 million of this potential benefit as an asset in the fourth quarter of the year -- of this year out of the $6 million. But on the other hand, this income didn't affect on the bottom line because we recorded an impairment charge of $1.2 million related to goodwill. So, this resulted in net impact on this quarter on this year in year '24 of $200,000 on the net income of year '24, because of an increase of $1.2 million in operating expenses due to the impairment of goodwill that offset by $1 million in tax income related to the tax deferred assets of $1 million.

Okay. Thank you. And then just a last question. I noticed recently you had brought on the head of procurement from the IDF from 2017 to '23. Do you expect him to be able to bring in -- help bring in additional defense contracts for BOS? And if so, will you update your guidance during the year?

Yeah. I think we as a strategic decision several years ago, we focused -- we have been focused on the Defense segment. And I think it will be a major element in helping us to capitalize the opportunities in this market, to guide us to lead us in this market. And absolutely, if there will be any significant development during this year. So, we will give an update.

Thank you very much.

Thank you, Todd [ph]. End of Q&A:

Any further question? Okay. Thank you again for joining us today. If you need more details or would like to follow up, please feel free to reach out. And wishing you all a great trading day. Thank you.