Ladies and gentlemen, thank you for standing by. Good afternoon, and welcome to the Daxor Corporation Conference Call for the Corporate Update and Financial Results for the Year 2023. At this time, all participants are in a listen-only mode. After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] During this call, management will be making forward-looking statements, including statements that address Daxor's expectations for future performance or operational results. Forward-looking statements involve risks and other factors that may cause actual results to differ materially from those statements. For more information about these risks, please refer to the risk factors described in Daxor's most recently filed annual report on Form N-CSR and subsequent periodic reports filed with the SEC and Daxor's press release that accompanies this call, particularly the cautionary statements in it. These reports are available on daxor.com. The content of this call contains time-sensitive information that is accurately only as of today, March 25, 2024. Except as required by law, Daxor disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call. It is now my pleasure to turn this call over to CEO and President, Michael Feldschuh.

Thank you, Natalie (ph), and good afternoon, everyone, and welcome to the Daxor Annual Shareholder Call. I would like to turn the floor over to our Chief Financial Officer, Robert Michel for some highlights from our financial performance. Bob?

Thank you, Michael, and good afternoon, everybody. Here's a summary of our fiscal 2023 financial results. For year ended December 31, 2023, Daxor's net assets increased 17.4% to $34,10,384 or $7.08 per share as compared to $28,969,469 or $6.75 per share at December 31, 2022. Valuation of the operating division increased $6 million to $32 million at December 31, 2023, from $26 million at December 31, 2022. The increase during 2023 is based on an annual independent valuation performed for the year ended December 31, 2023, utilizing a hybrid of methods of the income approach using the discounted cash flow method and the market approach realizing recent arm's length transactions. In 2023, $464,599 Daxor treasury shares were sold in a price of $9.75. The discounted cash flow realized 35% of this weighting on the income approach and utilize 65% weighting on the market approach. For year-end December 31, 2023, Daxor had net dividend income of $157,378. Net realized gains on investment of activity of $603,774. There was a decrease -- a net decrease in the unrealized depreciation on investments of $885,199 as we sold long-held positions during the year 2023 and from which prior year's significant unrealized gains unwound into realized gains for the period. Included in net – net increase in net assets resulting from operations of $280,640 is a non-cash stock-based compensation expense of $631,701. In an effort to provide incentive to employees, officers, agents and consultants to the company we utilize stock-based incentive awards. Daxor invested $4,552,380 in the operating division relating to our continued investments in research, development, sales, overhead as the company continues to invest judiciously in research and development for our anticipated 2024 product launch, ramping the commercial sales teams as well as production facilities for our next-generation blood volume analyzers. That concludes my summary of the financial results. And now, I'd like to turn the call back to Michael. Thank you.

Thank you, Bob. I appreciate it. So I'm going to give a general update on the company. A number of investors and other interested parties have thoughtfully submitted series of questions for me to address after that in addition, it's possible to type in questions that you wish to the moderator, who can then pass them on to me. Unfortunately, due to the very large volume of questions that we've received and the time allotted for this, I can't get to every single person's question, but I will try to cover a lot of ground and hopefully, that will satisfy people's need for more details. So let's just start at the top. This is an incredibly exciting time for Daxor right now. A number of different things were all converging, things that we've been working on for years, things that are critical to our development as a company, as an ongoing concern as a company that's committed to changing the arc of health care and specifically to solving one of the largest challenges in medicine, which is specifically that of effective blood volume management to enable optimal care. So I'll just start by saying that we, as a company and have never been more focused on our mission and our goals than we are right now. Every team member at Daxor sees both remarkable strides that we're making in these different areas, and I'm going to go into those details in a moment. And we really feel that we are solidifying our position not only as the global leader in terms of blood volume measurement technology but we're rapidly seeing just how fast this market is and the promise of what our rapid expansion means both for the company and for the potential for serving the tens of millions of…

The revenue that we anticipate from the Glofil product should serve in and of itself to pay almost entirely for the acquisition of the two products themselves. In addition, the margin improvement from the bottom line will help us to fund the acquisition as well. So we're going to be seeing probably a build-out of the Glofil product that will ramp up once we take on production of it, etc. I think that it's a product that probably has the potential to be substantially larger than it is right now because Iso-Tex currently has no salespeople and no marketing effort behind the product, and it is capable of generating about seven figures of revenue a year with its current build-out, which means it's not much of a platform. So I think that this could be something that would be quite accretive to us. Another question around that was, will we be marketing this through third parties and will we be able to sell this through distributors. That's an excellent question. We're going to have to explore that. Certainly, Glofil is a product that has a lot of uses, including apparently in the pediatric market, and we're going to explore more about that to see how we can improve the footprint of this. Let's see. Skipping to the next question. Let's see. Will Daxor be the sole source provider for all of these products that are being acquired and can we discuss the competitive landscape. So Daxor has the only FDA-cleared product that measures blood volume directly along with the associated patient norms. And so we've been continuing to increase our lead there from measuring glomular filtration rate, I believe that there are one or two other products that exist in that space. But we -- from our due diligence at…

Yes. I'd just like to thank everybody for joining the call. And as Michael said, as we reached these milestones, we will be making announcements for the path forward. And it's a very exciting time to be at Daxor and to be an investor at Daxor. So thank you very much for your support.