Thank you and good afternoon. And thank you all for joining us for SG Blocks' Third Quarter 2019 Conference Call. Your host today is Mr. Paul Galvin, Chief Executive Officer. A press release detailing these results was issued this afternoon at 4:00 p.m. Eastern and is available on the company's website, sgblocks.com. Before I turn the call over to management, please remember that certain statements contained in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this presentation, including statements regarding the company's future operations and financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, forward-looking statements can be identified by terminologies such as believe, may, estimate, continue, anticipate, intend, should, plan, expect, predict, potential; or the negative of these terms; or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions described, including those set forth in our filings with the Securities and Exchange Commission, which are available at www.sec.gov. You should not rely upon forward-looking statements as predictions of future events. We cannot assure you that the events and circumstances reflected in the forward-looking statements will be achieved or occur. Finally, this conference call is being webcast. The webcast link is available in the Investor Relations section of our website at sgblocks.com. With that, I will now turn the call over to Chief Executive Officer Paul Galvin for his prepared comments. Paul?

Thank you, James, and welcome to the SG Blocks Third Quarter 2019 Financial Results Conference Call. During the third quarter, we made significant strides in reshaping the residential portion of our business, clearing the way for residential to be a meaningful contributor to our financial results and eliminate its drag on our overall portfolio going forward. We have modified our approach to this important market by changing the terms and structure of residential transactions to a royalty fee model as opposed to a project-based construction model. By designing and adopting a repeatable and scalable royalty model that licenses our residential platform, we expect to materially reduce our corporate operating costs, lower project-level risk by outsourcing execution, reduce our cash burn rate and free up resources and talent to focus on quality delivery, the pursuit of other verticals and the additional growth opportunities. Under this new royalty model, which we may consider expanding to other vertical markets at some point in the future, we have shifted project delivery responsibilities and the associated expenses to the licensees of our residential platform. We believe we can significantly reduce our operating expenses and insulate our business from project cost overruns and schedule delays that could erode margins and increase working capital requirements. Our projects can be challenging because project time lines are dependent on other parties in terms of zoning, permitting, financing and other variables. In addition to reducing corporate operating expenses, shifting to a royalty model allows us to shift the project execution risk. Based on our current book of business and qualified deals in our pipeline, we believe this model will allow us to increase the number of projects in development with relatively modest increases in overhead and negligible increases in working capital, creating significant operating leverage and, more importantly, reducing our…

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.