Greetings. Welcome to the Moving iMage Technologies Second Quarter Fiscal 2022 Earnings Results. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. Please note this conference is being recorded. I will now turn the conference over to your host, Brian Siegel. You may begin.

Good morning and welcome to Moving iMage Technologies’ second quarter fiscal year 2022 earnings conference call and webcast. With me today is Chairman and CEO, Phil Rafnson; CFO, Mike Sherman; and Executive VP of Sales and Marketing, Joe Delgado. Today’s call will begin with prepared remarks and follow with a virtual Q&A session. Please submit your questions to the webcast portal and we will do our best to answer them. Please note this event is being recorded. This earnings call may contain forward-looking statement as defined in Section 27(a) of the Securities Act of 1933 as amended, including statements regarding, among other things, the Company’s business strategy and growth strategy. Expressions which identify forward-looking statements speak only as of the date the statement is made. These forward-looking statements are based largely on our Company’s expectations and are subject to a number of risks and uncertainties, some of which cannot be predicted or quantified and are beyond our control. Future developments and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. In light of these risks and uncertainties, there can be no assurance that the forward-looking information we’ll provide to be accurate. Now I’d like to turn the call over to Phil. Phil, take it away.

Thank you, Brian, and thank you, all, for joining us today. Welcome to our second earnings call as a public company. I’m Phil Rafnson, CEO of Moving iMage Technologies, or MIT for short. Similar to last quarter, today, I’m going to spend my part providing an update on overall industry trends that we believe will drive the tremendous growth opportunity for MIT over the next few years, followed by an overview of MIT’s business and growth strategy, and I’ll finish with a summary of why I think we are an even more attractive investment opportunity than we were last quarter, then I will turn over the call to our CFO, Mike Sherman, to discuss the results in more detail, followed by a Q&A. MIT serves the commercial cinema and live events industry in several ways. Today, the vast majority of our business is serving cinema owners and operators in North America, where there are approximately 40,000 screens, 18,000 of which are outside the top five circuits. While we do business with the majors, the majority of our business is with small to medium-sized operators. As you probably know, the industry had been hit hard by COVID during 2020 and the first half of 2021 with box office receipts declining from over $11 billion in 2019 to $2.1 billion in 2020. In the second half of 2021, the industry began to recover with 11 films grossing over $100 million in the domestic box office and three more 2021 releases achieving this milestone in early 2022. Industry analysts expect these numbers to increase to over $10 billion in 2022 with potential tent pole examples, including sequels to Avatar, Thor, Doctor Strangelove, Black Panther, Jurassic World, Aquaman, Top Gun, Sonic, Minions, and Spiderman Universe animated movie. New movies include Batman, The Flash, Black…

Thanks, Phil. Good morning and thank you for attending our second quarter earnings call. Similar to last quarter, I’m going to spend a little time reviewing our model and then I’ll take you through the quarter, followed by a Q&A session. One of the challenges with our business is the timing of revenue recognition. For example, projects sometimes get delayed for various reasons, and parts of the project or the whole project may push out into a future quarter or into the next fiscal year, which has the potential to cause some lumpiness in our business. Fortunately we have not seen much of this so far this year; however, as a result, we will be generally conservative when providing guidance, which we will update on a quarterly basis. With respect to seasonality, Q2 has historically been our slowest quarter with sequential increases in Q3, Q4 and Q1 of the next fiscal year. However, given the tailwinds Phil described, including technology cycles, cinema refurbishments and upgrades, and the SVOG cash starting to really flow, we expect to see pent-up demand this year that we believe will nullify much of this year’s seasonality. From a margin profile, projects which have historically made up approximately two-thirds of our business tend to be below Company average due to the resale of furniture, fixtures and equipment, or FF&E, all of which are pass-through costs. Installation services and sales of our higher margin proprietary manufactured offerings, which tend to be well above the Company average, start to bring this margin up. Over time, we expect the mix to shift more favorably towards our proprietary products. Initially it will not only be driven by our proprietary products’ higher margin resale of technology and our Caddy product line, but as we begin to introduce our CineQC SaaS platform,…

Thank you. At this time, we will be conducting a question-and-answer session. However, there are no questions over the phone lines, therefore I will hand it over to Brian Siegel for any questions on the online webcast.

Yes, there are no questions.

Very well. Since there are no more questions, this does conclude today’s conference and you may disconnect your lines at this time. Thank you for your participation. End of Q&A: