Welcome to the Twin Vee Powercats Company First Quarter 2024 Investor Call. As a reminder, this call is being recorded and all participants are in a listen-only mode. Your speaker for today's program is Joseph Visconti, President and CEO of Twin Vee Powercats Company. Before I turn the call over to Joseph, please remember that certain statements made during this investor call are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements on this call, other than statements of historical facts, 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 believes, may, estimates, continue, anticipates, intends, should, plan, expects, predict, potential or the negative of these terms or other similar expressions. The company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its financial condition, results of operation, business strategy and financial needs. These forward-looking statements are subject to a number of risks and uncertainties and assumptions described, including those set forth in its filings with the Securities and Exchange Commission, which are available on the company's Investor Relations website at ir.twinvee.com. You should not rely upon forward-looking statements as predictions of future events. We cannot assure 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 will be available at ir.twinvee.com for at least 90 days. [Operator Instructions] I will now turn the call over to Joseph Visconti.

Thank you, Rob. Good afternoon to everybody on the call today, and thank you for joining, taking the time to participate in Twin Vee's first quarter 2024 financial results. My name is Joseph Visconti, I am the CEO and President of Twin Vee Powercats Co. And joining me today is also our new CFO, Mike Dickerson, welcome, Mike. Q1 was an important quarter in terms of dealing with the slowing economy, challenging demand for recreational products and shifting our business by rightsizing the company's economics, while simultaneously laying the groundwork for the many exciting developments Twin Vee is aiming to accomplish in 2024 for the rest of the year. Interest rates remain stubbornly high and elevated and for industries like ours where major purchases often rely on financing, higher interest rates, increased customer costs, which caused downward pressure on demand across our industry lower demand is not isolated to our company, but a trend across this entire industry. While these headwinds have presented challenges for Twin Vee since mid-2022, we've taken some proactive measures to mitigate these economic challenges and the impact of the slowing demand for our products. Q1 was not easy, but we faced the quarter head on not only with defensive downsizing and equalizing production output to meet or equalizing the demand for products from our dealers and customers, but also, we closely monitored field inventory not to exceed an outsized liability or exposure. These challenges continue. We cannot predict with 100% certainty what the future holds. While we work through these challenges, our focus is on the many opportunities we have developed over the past 2 quarters. Twin Vee is now operating leaner. It's important to note that our dollar production revenue per employee is higher. Our new CFO, Mike Dickerson, has settled into his role,…

[Operator Instructions] There are no questions at this time. I'd like to turn the call back over to Joseph Visconti for closing comments.

I want to thank our shareholders, stakeholders and employees and have a great day. Thank you, everybody.

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