Good day, and welcome to SG Blocks First Quarter 2022 Earnings Conference Call and Webcast. Today's conference call is being recorded. At this time, I would like to turn the conference over to Stephanie Prince of PCG Advisory. Please go ahead.

Good afternoon, and thank you, Douglas. Thank you all for joining us for the SG Blocks First Quarter 2022 Earnings Conference Call. With me on the call is Paul Galvin, Chairman and Chief Executive Officer and acting Chief Financial Officer. A press release detailing the company's results was issued after the market close at 4:01 p.m. and is now available in the Investor Relations section of the company's website at sgblocks.com. A replay of this conference call can be accessed in the IR section of the website as well. Before I turn the call over to Paul, please remember that various remarks about future expectations, plans and prospects made on today's call constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. SG Blocks cautions that these forward-looking statements are subject to risks and uncertainties that may cause their actual results to differ materially from those indicated, including risks described in the company's filings with the SEC. Any forward-looking statements made on this conference call speak only as of today's date, Monday, May 23, 2022. SG Blocks does not intend to update any of these forward-looking statements to reflect events or circumstances that occur after today. With that, I will now turn the call over to Paul Galvin, CEO of SG Blocks. Paul?

Thank you, Stephanie, and hello, everyone. Thank you for joining us today. Today, I'm going to discuss the first quarter's highlights and our outlook for the year ahead. I'll also discuss the quarter's financials as I am currently the acting Chief Financial Officer after a disruption in our finance department. I want you to know that we have a solid strategy for correcting the situation, and it is of the utmost importance. SG Blocks had a good start to the year with revenue of $8.6 million in the first quarter. Gross profit expanded significantly to $2.5 million, and we reported net income of $0.5 million. These results enabled us to end the quarter with cash at roughly the same levels as year-end, $13.1 million. We continue to carry low debt levels and have 12 million shares outstanding. Since we last spoke on our year-end conference call just a few weeks ago, we grew SG DevCorp's active residential unit pipeline by over 100 units to approximately 4,200 units, and the construction pipeline is still roughly $750 million as at year-end. We are currently vetting another approximately 5,000 units across additional sites, We want to hit pause on Phase 1 of SG DevCorp's pipeline when we reach 10,000 residential units, which we believe we will hit this year. The construction backlog was $7.7 million, which is related to 11 projects we had under contract at March 31. Of the 11 projects, several include prototypes, which are planned for large-scale rollouts, and those numbers are captured in our pipeline and not our backlog. As a reminder, this backlog number does not include any projects related to SG Development Corp. and/or any ongoing medical testing. In addition to the cash on the balance sheet, we anticipate a sale of Lago Vista site this year.…

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.