Greetings, welcome to the Eco Wave Power Second Quarter 2024 Earnings Call. At this time all participants are in a listen-only mode. I will now turn the conference over to your host, Aharon Yehuda, Chief Financial Officer. You may begin.

Thank you. Thank you all for taking the time and joining us to our quarterly webcast. In the first half of 2024, Eco Power continued with its cost reduction strategy, while achieving progress in all key projects, which Inna will discuss following my presentation of the financial results. As a result, in the first half of 2024, we have recorded an operating cost reduction of 1.6%. The main reason for the reduction or the reduction in sales and marketing costs by 29%. As to other costs, R&D costs remain stable at US$320,000 and G&A cost increased by 5%. Other income of $32,000 was generated mainly from grant and from management fees in a joint venture. As a result, our operating loss reduced by 1.6%. Please note that is mentioned in Q1, we have now prepared the company for the execution of the first turnkey project, meaning the sale of equipment to a third-party, which upon execution, is expected to enhance the company's income and threaten its financial position. The company ended the period with $7.48 million in cash and cash equivalents and in short-term bank deposits. I'll now turn the conference over to Inna Braverman, Chief Executive Officer of Eco Wave Power. Inna, you may begin.

Thank you for the presentation, Aharon. As Aharon mentioned, in the first half of 2024, we were able to keep the low level of expenses and continue to demonstrate our resilience by decreasing our operating expenses by 1.6% compared to the first half of 2023, ending the year with $7.48 million in cash and in short-term bank deposits. There was also progress across all key projects, including significant improvements in the operational results of the EWP-EDF One project at the Port of Jaffa in Israel, which reached 0% downtime for the very first time and got closer by 17% to its energy generation targets. The company and the project also received the prestigious EDF Pulse Award by Électricité de France, EDF, which is a multinational electric utility company and the largest renewable energy producer in Europe. They're also our partner in the EDF project in Israel. We believe that the winning of this award and this recognition will lead to an extended collaboration with the EDF group. In our part of Los Angeles project, we have submitted the final licensing documents for the installation of the project at the Port of LA, which were approved by the Port of LA and were currently pending final approval by the U.S. Army Corps of Engineers. In parallel, representative, Nanette Barragán and Suzanne Bonamici, introduced a very promising legislation. The Marine Energy Technologies Acceleration Act, which is proposed -- which is a proposed legislation that would appropriate $1 billion to advance marine energy towards full scale commercialization in the United States. Representative Barragán has already visited Eco Wave Power’s installation site in the Port of LA and was impressed by the abundant possibilities for Wave energy implementation in California and in the United States. The Marine Energy Technologies Acceleration Act would provide unprecedented…

Thank you. This concludes today's conference and you may disconnect your lines at this time. Thank you for your participation.