Q3 2020 MICT Inc Earnings Call

Thank you good morning, and thank you for calling into review and Niceties third quarter 2020 results.

Management will provide an overview of the results.

Importantly, there's a slide presentation, which management will use during their overview.

On taking can be found on the Investor Relations section of the company's website, www dot and ICICI debt I N C dotcom under events and presentations on.

Now take a brief moment to read the safe Harbor statement.

And of course on this call management on expressed or implied forward looking statements within the private Securities Litigation Reform Act of 1995, and other U.S. Federal Securities laws.

These forward looking statements include but are not limited to those statements regarding our growth opportunities, whether organic growth strategic acquisitions of future business and financial results relating to tightening up and revenue and margins achieving a fintech business the potential size on demands and the markets in which we operate and my current feature ability to generate its revenue.

Based on current leads and pilots.

Such forward looking statements and their implications involve known and unknown risks uncertainties and other factors that may cause actual results or performance to differ materially from those projected.

The forward looking statements contained in this presentation are subject to other risks and uncertainties, including those discussed in the risk factor section and elsewhere in the Companys annual report on form 10-K for the year ended December 31st 2019 filed with the Securities and Exchange Commission.

On the call. This morning, we have darn Mercer Chief Executive Officer, and Board member that My City are you ran CFO and I see team.

Again, I remind you that management will be referring to a slide show presentation that can be accessed via the investor Relations section on the company's sales.

I'll start with an opening message from there on our CEO, who will give an overview of business development for the three months ended September Thirtyth 2020.

Then we will move to review the numbers with our young our CFO I will now turn the call over to Darren who will begin the presentation on slide three please.

Please go ahead Darren.

Thank you.

Good morning, everybody.

We are very pleased to complete the acquisition of 100 per cent for global can take hold against immediate or G. FHLB debt.

Because I understand the platforms technology on businesses that GSK chinas builds from the global from Tech space with the initial focus on China's burgeoning since on market.

We closed on $50 million in funding tied to the G.H. on acquisition.

In November we closed on an additional $25 million through a registered direct offering.

Our current significant cash balance enables the company to accelerate these immediate and significant growth opportunities, both insurance and stock trading divisions.

We recruited top class operational on management teams from both our insurance on stock trading divisions on made significant progress on our strategy of leveraging all technology on platforms, combining anticipated organic growth of on business along with strategic acquisitions.

Turning now to slide four.

He will review the development she's on insurance business.

We are launching all on line insurance platform in December of 2023 signed agreements with a high achieving management team assembled from China's largest insurance companies.

Dislodge team of industry, leading professionals, including the CEO C O on CTO, Egypt freedom from 10 to 20 years of experience delivering significant revenues very profitable insurance businesses in China.

Weve incentivized on seeing should produce on annual gross margins in excess of $10 million in your walls on revenues of more than $250 million on to deliver on significantly higher targets in both years two on three.

China's market for insurance products is in its early stages of development.

Others on what do the second largest market in the world on full cash it's what I would say you asked about the Mitch when she searches.

On life insurance premiums in China are forecasted to growth, 41% brought on between 29 seem to 2024.

By 2032 total insurance premiums in China are estimated to reach 2.36 trillion dollars overtaking the U.S. smoky by almost one trillion dollars.

Let's turn to slide five for a review of our stock brokerage business.

G.S.H.I. significant database of active users on its ready to launch on based technology platform, all set to integrate a Hong Kong brokerage from licensed to transaction substantial markets, including Hong Kong, United States on China, including China's HHS.

We acquired on initial 9% stake in the Hong Kong Securities on the investments on the balance of 91% to be acquired up on the sea to regulatory approval.

The total purchase price is $3 million for 100 per sensor the from.

This current has approximately $2.1 million in cash and equivalents on its balance sheet.

We aim to be a significant player in the fast growing retail investor market in China online.

On line stock trading volumes in China reached nearly two trillion dollars and 29 team and are expected to continue to climb significantly in the foreseeable future.

It's from technology, an excellent management team.

Significant database of ICICI is very well poised to benefit from this version market with revenue is expected to start shortly after approval from the Hong Kong Securities on Futures Commission, she can take acquisition.

On slide six we will review the developments going on like without telematics business.

Following our acquisition of more than 50% on the ship from the outstanding go to any share with Mike's got that mature in June of Twentytwenty.

According to the U.S. GAAP and non she is reports from the bad news on financial results of micro sales in the third quarter from Twentytwenty.

We also pull through on likely that transitioning its business from hardware sales. It's a high margin recurring revenue model with sales of artificial intelligence pay on.

Software as a service.

Yes based products.

Small companies now being piloted the numerous customers.

On the one of which they result in substantial contracts that may materially impact on business.

Small common share because on software on day I functionality to set the fastest growing segments of the estimated 45 billion dollar global telematics markets.

Mike net received its first major order for small cap following a successful pilot trial with a leading global telematics provider.

It's just customers a major telematics provider disorder may lead to substantial orders and trends each once you on.

Additionally, Micronized received initial orders for our small come hub on small shop, a top line.

From one of the largest talks about you are we on truck manufacturers in Europe.

It's been significant revenue potential from a broader commercial agreement that Microsoft is negotiating on policy side with this new OEM customer.

This most likely that century into the OEM on smoke cheap money from all ships.

Opportunities to sell directly to early on in addition to his current distribution channels through telematics service providers.

On slide seven we will go to the top line financial results from the fed Kusile.

As a reminder, the school between February 24, 2019 on June 23, 2020, and I actually see how is less than 50 per cent ownership like less outstanding goes on shares.

Therefore did not include Micro's financial results during that time and its consolidated financial statements based on U.S. generally accepted accounting practices GAAP.

Revenues were 300 before she 9000 in Q3 were 2020 as compared to zero in Q3 were 29 gene.

Gross profit was $2000 from Q3, Twentytwenty as compared to zero in Q3 expense you know gene.

Research and development R&D.

<unk> expense was 230000 in Q3, Twentytwenty asking patches zero in Q3 trends you know team.

Selling general and administrative expense SGN day in Q3, Twentytwenty was $4.96 million.

As compared to $501000 in Q3, the tones United team.

Net loss attributable to from ICICI, that's $14.15 million in Q3, your 2020 as compared to $1.2 million in Q3 from 29 chains.

After September 30 day, Twentytwenty am I see T. had $18.6 million in cash.

I will now it's on the cool salary for a more detailed financial review.

Thank you Darren good morning, everyone on the next slide illustrates the revenues for the three and nine months ended September 30, 2020 as compared to the same period in 29.

A reminder, you might see T.S. financing results for the nine months ended September.

30, 2019 reflects Micronet Ltd revenues for the month of General way 2019, and February 2019 on the revenues were 349 toes into the.

Third quarter Twentytwenty as compared to zero in the third quarter 2090 revenues for nine months ended September 30, Twentytwenty were 349000 compared to 470 70000 in the same period of 20.

90 line.

Slide nine provides a more detailed breakdown of the third quarter and nine months ended September thirtyth 2020 as compared to the 2019 numbers.

Total operating expenses in the third quarter, Twentytwenty, well 6 million as compared to 500 from 1000 in the third quarter of 2019 loss from operations was 6 million in the third quarter Twentytwenty as compared to a loss from operation on 500 Twond.

<unk> in the third quarter of 2019 net loss attributable to M. A C. T. The test quota share Twentytwenty was what 40 million 0.2 was 14.2 million or 0.61 of the basic and diluted share as compared to a net loss of one.

Point 2 million or zero point 11, so basic and diluted share in the third quarter of 2090 day, turning to slide 10, we provide non-GAAP results for the third quarter.

Total on non-GAAP net loss attributable play my city, the two quota 2020 lots of 1.6 million as compared to 1.2 million on in the third quarter of 29.

On a per share basis, non-GAAP net loss attributable to empty seats in the third quarter Twentytwenty was 0.07 per basic and diluted share as compared to a non-GAAP net loss of zero point 11 per basic and diluted share on their quota 20.

90 day on Slide 11, we provide non-GAAP results for the nine months ended September Thirtyth Twentytwenty total non-GAAP net loss attributable to M. A C. D for the nine months ended September Thirtyth, Twentytwenty was 2.5 million as compared to.

3.2 million in the same period of 2019 on a pair of share basis non-GAAP net loss attributable to share my C.D. for the nine months ended September Thirtyth Twentytwenty was zero point to 16 per basic and diluted share as compared to a non-GAAP.

GAAP net loss of zero point 30 per basic and diluted share in the same period of 2019, turning to slide 12 on our balance sheet, we have 18.6 million in cash and cash equivalents 1.1 million on the bank and other debt and 16 point.

1 million in net working capital and 59.8 million in shareholders' equity as of September Thirtyth Twentytwenty I will now turn the call back to the line.

I'd like to thank all shareholders overwhelmingly approved our clients who acquired she has a choice on entered the fintech market through that proxy votes.

The acquisition funding positions on ICICI to get to market quickly on insurance are still trading platforms.

While our revenues in the third quarter represents the only on telematics operations, we expect to book revenue from all global Thinset business before the year end.

Significant cash on our balance sheet, coupled with the media business opportunities that have positioned am I see to make rapid progress from the end of this year into next year on beyond.

Thank you from getting on the call everybody.

Have a good day.

Thank you. This concludes my CP Inc. third quarter 2020 results conference call. Thank you for your participation you May go ahead and disconnect.

Thank you good morning, and thank you for calling into review and Niceties third quarter 2020 myself.

Management will provide an overview on the result.

Importantly, there is a slide presentation, which management will use during their overview.

On taking can be found on the Investor Relations section of the company's website Www Dot am I see T. S. I N C dotcom under events and presentations on.

Now take a brief moment to read the safe Harbor statement. During the course of this call management on expressed or implied forward looking statements within the private Securities Litigation Reform Act of 1995, and other U.S. Federal Securities laws.

These forward looking statements include but are not limited to no statements regarding our growth opportunities when their organic growth strategic acquisitions, and future business and financial results relating to timing of and revenue and margins achieving the fintech business the potential size on demand in the markets in which we operate and my current feature ability to generate net revenue.

Based on current leads and pilots.

Such forward looking statements and their implications involve known and unknown risks uncertainties and other factors that may cause actual results or performance to differ materially from those projected.

The forward looking statements contained in this presentation are subject to other risks and uncertainties, including those discussed in the risk factor section and elsewhere in the Companys annual report on form 10-K for the year ended December 31st 2019 filed with the Securities and Exchange Commission.

On the call. This morning, we have Darren Mercer, Chief Executive Officer, and Board member that might see Dee Ann Arbor day ran CFO and I see team again, I remind you that management well there.

Moving to a slide show presentation that can be accessed via the Investor Relations section on the company's sales.

I'll start with an opening message from Darrin, our CEO, who will give an overview of business development for the three months ended September Thirtyth 2020.

And we will move to review the numbers with our Yang our CFO.

I'll now turn the call over to Darren who will begin the presentation on slide three please.

Please go ahead there on.

Thank you.

Good morning, everybody.

We are very pleased to complete the acquisition of a 100% from global fund took hold against immediate or G.S.H. I guess.

Okay, because I understand the platforms technology on businesses that GSK chinas builds from the global from Tech space with initial focus on China's burgeoning since on market.

We closed on $15 million in funding tied to the G.H.I. acquisition.

In November we closed on an additional $25 million through a registered direct offering.

Our current significant cash balance enables the company to accelerate these immediate and significant growth opportunities, both insurance and stock trading divisions.

We recruited top class operational on management teams both on the insurance on stock trading divisions on made significant progress on our strategy of leveraging all the technology on platforms, combining anticipated organic growth of our business along with strategic acquisitions.

Turning now to slide four you.

He will review the developments you know on insurance business.

We are launching our online insurance platform in December of Twentytwenty through a signed agreement with a higher cheating management team assembled from China's largest insurance companies.

This large team of industry, leading professionals, including the C. O C O on CTO each of whom have 10 to 20 years of experience delivering significant revenues very profitable insurance businesses in China.

Incentivize the team should produce annual gross margins in excess of $10 million on year walls on revenues of more than $250 million on to deliver up on significantly higher targets in both years cheap on three.

China's market for insurance products isn't it's early stages of development.

Oh, there's already the second largest market in the world and full cash it's what I would say the U.S. by the Mitch when she searches.

On line insurance premiums in China are forecasted to growth, 41% brought him between 2019 to 2024.

By 2032 total insurance premiums in China are estimated to reach 2.36 trillion dollars overtaking the U.S. market by almost one trillion dollars.

Let's turn to slide five for a review of our stock brokerage business.

She FHLB significant database of active users on its ready to launch on based technology platform, all set to integrate a Hong Kong brokerage from licensed to transaction substantial markets, including Hong Kong, United States on China, including China's a shares.

We acquired on initial 9% stake in the Hong Kong Securities on the investments on.

The balance of 91% to be acquired upon receipt of regulatory approval.

The total purchase price is $3 million for 100 per cents with the sub.

Its current has approximately $2.1 million in cash and equivalents on its balance sheet.

We aim to be a significant player on the fast growing retail investor market in China.

On line stock trading volumes in China reached nearly two trillion dollars and 20 line team on.

And are expected to continue to climb significantly in the foreseeable future.

It's from technology, an excellent management team on a significant database of ICICI is very well poised to benefit from the surgeon market with revenue is expected to start shortly after approval from the Hong Kong Securities on features commissions you can see the acquisition.

On slide six we will review the development it on like without telematics business.

Following our acquisition of more than 50 per cent starting to ship from the outstanding go can you share with Mike's got them a check in Jena 2020 in accordance with U.S. GAAP and non she is reporting on revenues on financial results of micro sales in the third quarter Twentytwenty.

We also thought it would likely on transitioning its business from hardware sales. It's a high margin recurring revenue model with sales of artificial intelligence AI on.

Software as a service.

Yes based products.

Small kinda is now being piloted with numerous customers.

On the one of which they result in substantial contracts that may materially impact on business.

Small come in she likes have on software on day I functionality to set the fastest growing segments of the estimated 45 billion dollar global telematics markets.

Mike Let received its first major award of a small cap on the successful pilot trial with a leading global telematics provider.

Well just customers a major telematics provider they sorta may lead to substantial orders and Twentys once you on.

Additionally, micro net received initial orders for our small come hub on small shop, a top line.

From one of the largest talks about you are we on chip manufacturers in Europe.

It's been significant revenue potential from a broader commercial agreement that Mike referenced negotiation on policies line with this new OEM customer.

The smoke micronets entry into the on the emotional cheap money factoring all ships.

Opportunities to sell directly to early on in addition to his current distribution channels through telematics service providers.

On slide seven we will go to the top line financial results from the third Kusile.

As a reminder, the school between February 20, Fourtwenty 19 on June 23, Twentytwenty unless you see how is less than 50 per cent ownership of Michael That's outstanding goes on these shows.

And therefore did not include Micro's financial results during that time and its consolidated financial statements based on U.S. generally accepted accounting practices GAAP.

Revenues were 300 before she 9000 in Q3 hundred Twentytwenty as compared to zero on in Q3 were 29 team.

Gross profit was $2000 from Q3, Twentytwenty as compared to zero in Q3 expense you know team.

Research and development R&D expense was 230000 in Q3, Twentytwenty asking taxes zero in Q3 retrenching on team.

Selling general and administrative expense, that's DNA in Q3 trends each when she was $4.96 million.

As compared to $501000 in Q3 were 29 team.

Net loss attributable to from ICICI was $14.15 million in Q3 were 2020 as compared to $1.2 million in Q3, which ones you know on chain.

As of September 30th Twentytwenty am I see T. had $18.6 million in cash.

I went out on the cool salary free more detailed financial review.

Thank you Darren good morning, everyone on the next slide illustrates the revenues for the three and nine months ended September Thirtyth went from 20 as compared to the same period in 2019.

As a reminder, you might see T.S. financing results for the nine months ended September.

30, 2019 reflects Micronet Ltd, maybe news flow demands of General way 2019, and February 29 thing on the revenues were 349 toes in the.

Third quarter Twentytwenty as compared to zero in the third quarter 2090 revenues for nine months ended September 30, Twentytwenty were 349000 compared to 470 70000 in the same period of 20.

19 slide.

Slide nine provides a more detailed breakdown of the third quarter and nine months ended September thirtyth 2020 as compared to the 2019 numbers.

Total operating expenses in the third quarter, Twentytwenty, well 6 million as compared to 500 to 1000 in the third quarter of 29 to loss from operations was 6 million in the third quarter Twentytwenty as compared to a loss from operation on 500.

1000 in the third quarter of 2019 net loss attributable to M. A C. T. The test quota share Twentytwenty was what 14 million 0.2 was 14.2 million or.

0.61 of the basic and diluted share as compared to a net loss of 1.2 million or zero point 11 per basic and diluted share in the third quarter of 2019. So.

Turning to slide 10, we provide non-GAAP results for the third quarter.

Based on non-GAAP net loss attributable play my city in the third quarter Twentytwenty was 1.6 million as compared to 1.2 million in the third quarter of 29.

On a per share basis, non-GAAP net loss attributable to empty seats in the third quarter Twentytwenty was 0.07 per basic and diluted share as compared to a non-GAAP net loss of zero point 11 per basic and diluted share on third quarter twin peaks.

19 on slide 11, we provide non-GAAP results for the nine months ended September Thirtyth Twentytwenty two.

Total non-GAAP net loss attributable to <unk> for the nine months ended September Thirtyth Twentytwenty was 2.5 million as compared to 3.2 million in the same period of 2019 on a pair of share basis non-GAAP net loss attributable.

Today My C.D. for the nine months ended September Thirtyth Twentytwenty was zero point 16 per basic and diluted share as compared to a non-GAAP net loss of zero point 30 per basic and diluted share in the same period of 2019 turning to slide.

Well on our balance sheet, we have 18.6 million in cash and cash equivalents 1.1 million in bank and other debt and 16.1 million in net working capital and 59.8 million in shareholders' equity as of September 32.

On the 20 I will now turn the call back to the line.

I'd like to thank all shareholders overwhelmingly approved our plans look like she has a choice on.

Entered the financing market through that proxy votes.

The acquisition in funding positions on ICICI to get to market quickly on insurance and still trading platforms.

While our revenues in the third quarter represents only on telematics operations, we expect throughput revenues from our global Thinset business before the year end.

Significant cash on our balance sheet, coupled with the immediate business opportunities that have positioned am I see to make rapid progress from the end of this year into next year and beyond.

Thank you from getting on the call everybody.

Have a good day.

Thank you. This concludes my CTO Inc. third quarter 2020 results conference call. Thank you for your participation you May go ahead and disconnect.

Thank you good morning, and thank you for calling into revenue and niceties third quarter 2020 resell.

Management will provide an overview of the results.

Importantly, there's a slide presentation, which management will use during their overview.

Even taking can be found on the Investor Relations section on the company's website www Dot M. I see T. S. I N C dot com under events and presentations on.

I'll now take a brief moment to read the safe Harbor statement. During the course of this call management on express or implied forward looking statements within the private Securities Litigation Reform Act of 90, 95, and other U.S. Federal Securities laws.

These forward looking statements include but are not limited to no statements regarding our growth opportunities when their organic growth strategic acquisitions from future business and financial results relating to tightening up and revenue and margins achieving the fintech business the potential size and demands in the markets in which we operate and my current feature ability to generate its revenue.

Based on current leads and pilots.

Such forward looking statements and their implications involve known and unknown risks uncertainties and other factors that may cause actual results or performance to differ materially from those projected.

The forward looking statements contained in this presentation are subject to other risks and uncertainties, including those discussed in the risk factor section and elsewhere in the Companys annual report on form 10-K for the year ended December 31st 2019 filed with the Securities and Exchange Commission.

On the call. This morning, we have Darren Mercer, Chief Executive Officer, and Board member of Am I see T Ariana Grande CFO and I see team.

Again, I remind you that management will be referring to a slide show presentation that can be accessed via the investor Relations section on the company's sales.

I'll start with an opening message from Darrin on our CEO, who will give an overview on business development for the three months ended September Thirtyth 2020.

Then we will move to review the numbers with our young our CFO I will now turn the call over to there and well begin the presentation on slide three. Please go ahead there.

Thank you and good morning, everybody.

We are very pleased to complete the acquisition of a 100% from global can take hold against immediate or G. FHLB.

Current because I understand the platforms technology on businesses. The G.H.I. has built from the global from Tech space with initial focus on China's burgeoning fintech market.

We closed on $15 million in funding tied to the G.H. on acquisition.

In November we closed on an additional $25 million through a registered direct offering.

Our current significant cash balance enables the company to accelerate these immediate and significant growth opportunities, both insurance and stock trading divisions.

We recruited top class operational I'm management teams from both our insurance on stock trading divisions on made significant progress on our strategy of leveraging our technology on platforms, combining anticipated organic growth of our business along with strategic acquisitions.

Turning now to slide four people.

He will review the developments you know on insurance business.

We are launching our online insurance platform in December of Twentytwenty through a signed agreement with a high achieving management team assembled from China's largest insurance companies.

This large team of industry, leading professionals, including the C. O C O on CTO each of whom have 10 to 20 years of experience delivering significant revenues very profitable insurance businesses in China.

Weve incentivized on seeing should produce annual gross margins in excess of $10 million in near wall on revenues of more than $250 million on to deliver up on significantly higher targets in both years cheap on three.

China's market for insurance products isn't it's early stages of development.

On this already the second largest market in the world and full cash it's what I would say the U.S. by the Mitch when she searches.

On line insurance premiums in China are forecasted to growth, 41% brought on between 2019 to 2024.

By 2032 total insurance premiums in China are estimated to reach 2.36 trillion dollars overtaking the U.S. market by almost one trillion dollars.

Let's turn to slide five for a review of our stock brokerage business.

G.S.H.I. significant database of active users on its ready to launch based technology platform, all set to integrate a Hong Kong brokerage from licensed to transact on substantial markets, including Hong Kong, the United States on China, including China's HHS.

We acquired on initial 9% stake in the Hong Kong Securities on the investment from the balance at 91% to be acquired up on the sheets and regulatory approval.

The total purchase price is $3 million for 100 per sensor the from.

Its current has approximately $2.1 million in cash and equivalents on its balance sheet.

We aim to be a significant player in the fast growing retail investor market in China on.

On line stock trading volumes in China reached nearly two trillion dollars and 29 shape and are expected to continue to climb significantly in the foreseeable future.

It's from technology, an excellent management team.

Significant database and ICICI is very well poised to benefit from this burgeoning market with revenue is expected to start shortly after approval from the Hong Kong Securities on Futures Commission. She can take you acquisition.

On slide six we will review the developments going on like without telematics business.

Following our acquisition of more than 50% on the ship from the outstanding Goldman share with Mike's got that mature in June of Twentytwenty.

Accordance with U.S. GAAP and non she she is reports from the revenues on financial results of micro sales in the third quarter from Twentytwenty.

We all supportive of my current transitioning its business from hardware sales for high margin recurring revenue model with sales of artificial intelligence AI on software as a service as a U.S. based products.

Small companies now being piloted with numerous customers.

Anyone of which they result in substantial contracts that may materially impact the business.

Small common share because on software on day I functionality to serve the fastest growing segments of the estimated 45 billion dollar global telematics markets.

Mike let received its first major order for small cap on the successful pilot trial with a leading global telematics provider.

It's just customers a major telematics provider they sorta may lead to substantial orders and trends each once you on.

Additionally, Micronet received initial orders for our small come hub on small shop, a top line.

From one of the largest automotive OEM truck manufacturers from Europe.

It's been significant revenue potential from a broader commercial agreement that Mike referenced negotiation on policy signed with this new OEM customer.

This most likely not century into the OEM automotive manufacturing losses.

Opportunities to sell directly to early on in addition to his current distribution channels through telematics service providers.

On slide seven we will go over the top line financial results from the third quarter.

As a reminder tool between February 24, 2019 on June 23, 2020, and actually see how is less than 50 per cent ownership of micro standard goes no shares.

And therefore did not include Micro's financial results during that time and its consolidated financial statements based on U.S. generally accepted accounting practices GAAP.

Revenues were 300 before she 9000 in Q3 of Twentytwenty as compared to zero in Q3 were 29 team.

Gross profit was $2000 in Q3, 2020 as compared to zero in Q3, which ones you know gene.

Research and development R&D expense was 230000 in Q3, Twentytwenty as compared to zero in Q3 were 20 launching.

Selling general and administrative expense that's DNA ink.

Q3 trends each when she was $4.96 million.

As compared to $501000 in Q3 were 29 team.

Net loss attributable to from ICICI is $14.15 million in Q3, your 2020 as compared to $1.2 million in Q3, which ones you line change.

As of September 30th Twentytwenty am I see T. had $18.6 million in cash.

I will now turn the call salary for a more detailed financial review.

Thank you Darren good morning, everyone on the next slide illustrates the revenues for the three and nine months ended September Thirtyth 2020, as compared to the same period in 2090 day. That's a reminder, you might see T.S. financing results for the nine months ended September.

30, 2019 with flex Micronet LTV revenues for the month of General way 2019, and February 29 thing on the revenues were 349000 in the.

Third quarter Twentytwenty as compared to zero in the third quarter 2090 revenues for nine months ended September 30, Twentytwenty were 349000 compared to 470 70000 in the same period of twin peaks.

90 slide.

Slide nine provides a more detailed breakdown of the third quarter and nine months ended September thirtyth 2020 as compared to the 2019 numbers.

Total operating expenses in the third quarter Twentytwenty were 6 million as compared to 500 from 1000 in the third quarter of 29 to loss from operations was 6 million on in the third quarter Twentytwenty as compared to a loss from operation on 500 Twond.

Sales and in the third quarter of 2019 net loss attributable to M. A C. T. The test quota Twentytwenty was what 40 million 0.2 was 14.2 million or 0.61 per basic and diluted share as compared to a net loss of one.

Point 2 million or zero point 11, so basic and diluted share in the third quarter of 2090 day, turning to slide 10, we provide non-GAAP results for the third quarter.

Total on non-GAAP net loss attributable play my city in the third quarter Twentytwenty lots of 1.6 million as compared to 1.2 million in the third quarter of 29.

On a per share basis, non-GAAP net loss attributable to M. A C. D. In the third quarter Twentytwenty was 0.07 per basic and diluted share as compared to a non-GAAP net loss of zero point 11 per basic and diluted share or third quarter 20.

19 on slide 11, we provide non-GAAP results for the nine months ended September Thirtyth Twentytwenty total non-GAAP net loss attributable to M. A C. D for the nine months ended September Thirtyth, Twentytwenty was 2.5 million as compared to.

3.2 million in the same period of 2019 on a pair of share basis non-GAAP net loss attributable to share my C.D. for the nine months ended September Thirtyth Twentytwenty was zero point to 16 per basic and diluted share as compared to a non-GAAP.

Net loss of zero point 30 per basic and diluted share in the same period of 2019, turning to slide 12 on our balance sheet, we have 18.6 million in cash and cash equivalents 1.1 million in bank and other debt and 16 point.

1 million in net working capital and 59.8 million in shareholders' equity as of September 30, Twentytwenty I will now turn the call back to the line.

I'd like to thank our shareholders overwhelmingly approved our plan to acquire she has a choice on.

Engineers since that market through that proxy votes.

The acquisition funding positions on ICICI should get to market quickly on insurance are still trading platforms.

While our revenues in the third quarter represents only on telematics operations, we expect to book revenue from all global Thinset business before the year end.

Significant cash on our balance sheet, coupled with the immediate business opportunities on hand position them I see to make rapid progress from the end of this year into next year and beyond.

Thank you from getting on the call everybody.

Have a good day.

Thank you. This concludes my CTO Inc. third quarter 2020 results conference call. Thank you for your participation you May go ahead and disconnect.

Thank you good morning, and thank you for calling into review am I see teas third quarter 2020 myself.

Management will provide an overview of the results.

Importantly, there is a slide presentation, which management will use during their overview.

Then taking can be found on the Investor Relations section on the company's website www Dot M. I see T. S. I N C dot com under events and presentations on.

I'll now take a brief moment to read the safe Harbor statement. During the course on this call management on express or implied forward looking statements within the private Securities Litigation Reform Act of 90, 95, and other U.S. Federal Securities laws.

These forward looking statements include but are not limited to no statements regarding our growth opportunities when their organic growth strategic acquisitions of future business and financial results relating to tightening up and revenue and margins achieved in the fintech business the potential size and demands in the markets in which we operate and my current feature ability to generate its revenue.

Based on current leads and pilots.

Such forward looking statements and their implications involve known and unknown risks uncertainties and other factors that may cause actual results or performance to differ materially from those projected.

The forward looking statements contained in this presentation are subject to other risks and uncertainties, including those discussed in the risk factor section and elsewhere in the Companys annual report on form 10-K for the year ended December 31st 2019 filed with the Securities and Exchange Commission.

On the call. This morning, we have Darren Mercer Chief Executive Officer, and Board member on that My City are you ran CFO and I see team again, I remind you that management will be referring to a slide show presentation that can be accessed via the investor Relations section on the company sales.

I'll start with an opening message from Darrin, our CEO, who will give an overview on business development for the three months ended September Thirtyth 2020.

And we will move to review of the numbers with our Yang our CFO.

I'll now turn the call over to Darren who will begin the presentation on slide three please go ahead Darren.

Thank you and good morning, everybody.

We are very pleased to complete the acquisition of a 100% from global Sunset holding intermediate or G. FHLB.

Giving his ownership the platforms technology on businesses that GE SHR has built from the global from Tech space with initial focus on China's burgeoning content market.

We closed on $15 million in funding tied to the G.H. on acquisition.

In November we closed on an additional $25 million through a registered direct offering.

Our current significant cash balance enables the company to accelerate these immediate and significant growth opportunities both insurance and stop trading divisions.

We recruited top class operational on management teams from both our insurance on stock trading divisions on made significant progress on our strategy of leveraging all the technology on platforms, combining anticipated organic growth of our business along with strategic acquisitions.

Turning now to slide four.

He will review the developments you know on insurance business.

We are launching our online insurance platform in December of Twentytwenty through a signed agreement with a high achieving management team assembled from China's largest insurance companies.

This large team of industry, leading professionals, including the C. O C O on CTO each of whom have 10 to 20 years of experience delivering significant revenues very profitable insurance businesses in China.

Weve incentivized on seeing should produce annual gross margins in excess of $10 million in near wall on revenues of more than $250 million on to deliver upon significantly higher targets in both years cheap on three.

China's market for insurance problems is in its early stages of development.

Oh, there's already the second largest market in the world on full capacity, but I would say the U.S. by the Mitch when she searches.

On line insurance premiums in China are forecasted to growth, 41% per annum between 2019 to 2024.

By 2032 total insurance premiums in China are estimated to reach 2.36 trillion dollars overtaking the U.S. market by almost one trillion dollars.

Let's turn to slide five for a review of our stock brokerage business.

She has H.I. significant database of active users on its ready to launch on based technology platform, all set to integrate a Hong Kong brokerage from licensed transactions substantial markets, including Hong Kong, the United States on China, including China's HHS.

We acquired on initial 9% stake in the Hong Kong Securities on the vessel from.

The balance of 91% to be acquired upon receipt of regulatory approval.

The total purchase price is $3 million for 100 per sensor data from.

Its current has approximately $2.1 million in cash and equivalents on its balance sheet.

We aim to be a significant player on the fast growing retail investor market in China.

On line stock trading volumes in China reached nearly two trillion dollars and 29 cheap on.

And are expected to continue to climb significantly in the foreseeable future.

It's from technology, an excellent management team and a significant database am ICICI is very well poised to benefit from this burgeoning market with revenue is expected to stops shortly after approval from the Hong Kong Securities on features commissions you can take the acquisition.

On slide six we will review the developments going on like without telematics business.

Following our acquisition of more than 50% on the ship from the outstanding goes can you share with Mike's got that much it in Jena 2020 in accordance with U.S. GAAP and non she she is reporting on revenues on financial results of micro sales in the third quarter from Twentytwenty.

We also cultural my current transitioning its business from hardware sales. It's a high margin recurring revenue model with sales of artificial intelligence AI on software as a service as a us based products.

Small companies now being piloted with numerous customers anyway.

Any one of which they result in substantial contracts that may materially impact on business.

Small come in she likes has on software on day I functionality to serve the fastest growing segments of the estimated 45 billion dollar global telematics markets.

Mike let received its first major order for small cap on the successful pilot trial with a leading global telematics provider.

It's just customers a major telematics provider disorder may lead to substantial orders and Twentytwenty on.

Additionally, Micronet received initial orders for our small come hub on small top eight top line.

From one of the largest talks about you are we on truck manufacturers in Europe.

It's been significant revenue potential from a broader commercial agreement microspheres negotiation on policy side with this new OEM customer.

This most likely not century into the OEM automotive manufacturing Mafia EPS.

Opportunities to sell directly to early on in addition to his current distribution channels through telematics service providers.

On slide seven we will go over the top line financial results from the third quarter.

As a reminder tool between February 24, 2019 on June 23, 2020, and actually see how is less than 50 per cent ownership of like less outstanding goes on these shows.

Therefore did not include Micro's financial results during that time and its consolidated financial statements based on U.S. generally accepted accounting practices GAAP.

Revenues were 300. Unfortunately on thousand in Q3 were 2020 as compared to zero in Q3 were 29 team.

Gross profit was $2000 in Q3, 2020 as compared to zero in Q3 expense you know team.

Research and development R&D expense was 230000 in Q3, 2020 as compared to zero in Q3, which ones you know Jade.

Selling general and administrative expense SGN day in Q3, Twentytwenty was $4.96 million.

As compared to $501000 in Q3 were 29 team.

Net loss attributable to from ICICI, that's $14.15 million in Q3, your 2020 as compared to $1.2 million in Q3, which ones you line too.

After September Thirtyth, Twentytwenty am I see T. had $18.6 million in cash.

I will now turn the call salary for a more detailed financial review.

Thank you Darren good morning, everyone on the next slide illustrates the revenues for the three and nine months ended September 30, 2020 as compared to the same period in 2090. That's a reminder, they might see T.S. financing results for the nine months ended September.

30, 2019 reflects Micronet LTV, maybe news flow demands of general way 2019, and February 29 thing on the revenues were 349000 in the.

Third quarter Twentytwenty as compared to zero in the third quarter 2019 revenues for nine months ended September 30, Twentytwenty were 349000 compared to 470 70000 in the same period of 20.

19 slide.

Slide nine provides a more detailed breakdown of the third quarter and nine months ended September thirtyth 2020 as compared to the 2019 numbers.

Total operating expenses in the third quarter, Twentytwenty, well 6 million as compared to 500 from 1000 in the third quarter of 29 <unk> loss from operation was 6 million in the third quarter Twentytwenty as compared to a loss from operation on 500 Twond.

So then in the third quarter of 2019 net loss attributable to M. A C. T. The test quota Twentytwenty was what 14 million 0.2 was 14.2 million or 0.61 per basic and diluted share as compared to a net loss of one.

Point 2 million or zero point 11, so basic and diluted share in the third quarter of 2090 day, turning to slide 10, we provide non-GAAP results for the third quarter total.

Total on non-GAAP net loss attributable play my city. The 10th quoted 2020 watts of 1.6 million as compared to 1.2 million in the third quarter of 29.

On a per share basis, non-GAAP net loss attributable to M. A C. D. In the third quarter Twentytwenty was 0.07 per basic and diluted share as compared to a non-GAAP net loss of zero point 11 per basic and diluted share on third quarter 20.

19 on slide 11, we provide non-GAAP results for the nine months ended September Thirtyth Twentytwenty total non-GAAP net loss attributable to <unk> for the nine months ended September Thirtyth, Twentytwenty was 2.5 million as compared to.

3.2 million in the same period of 2019 on a pair of share basis non-GAAP net loss attributable to share My city for the nine months ended September Thirtyth Twentytwenty was zero point 16 per basic and diluted share as compared to a non-GAAP.

GAAP net loss of zero point 30 per basic and diluted share in the same period of 2019, turning to slide 12 on our balance sheet, we have a.

18.6 million in cash and cash equivalents 1.1 million on the bank and other debt and 16.1 million in net working capital and 59.8 million in shareholders' equity as of September Thirtyth Twentytwenty I will now turn the call back.

To that line.

I'd like to thank all shareholders overwhelmingly approved our plans required share if they charge on engine if in fact market through that proxy votes.

The acquisition funding positions on ICICI to get to market quickly on insurance and stock trading platforms.

While our revenues in the third quarter represents only on telematics operations, we expect to book revenue from all global Thinset business before the year end.

Significant cash on our balance sheet, coupled with the immediate business opportunities on hand position am I see to make rocket free west from the end of this year into next year and beyond.

Thank you from getting on the call everybody.

Have a good day.

Thank you. This concludes my CTO Inc. third quarter 2020 results conference call. Thank you for your participation you May go ahead and disconnect.

Thank you good morning, and thank you for calling into revenue and I see teas third quarter 2020 results.

Management will provide an overview on the results.

Importantly, there's a slide presentation, which management will use during their overview.

And then taking can be found on the Investor Relations section of the company's website Www Dot M. I see T debt I N C dotcom under events and presentations.

Well now take a brief moment to read the safe Harbor statement. During the course of this call management on expressed or implied forward looking statements within the private Securities Litigation Reform Act of 90, 95, and other U.S. Federal Securities laws.

These forward looking statements include but are not limited to those statements regarding our growth opportunities, whether organic growth strategic acquisitions from future business and financial results relating to timing of and revenue and margins achieving the fintech business.

Fantasizing demands in the markets in which we operate and my current feature ability to generate its revenue is based on current leads and pilots.

Such forward looking statements and their implications involve known and unknown risks uncertainties and other factors that may cause actual results or performance to differ materially from those projected in.

The forward looking statements contained in this presentation are subject to other risks and uncertainties, including those discussed in the risk factor section and elsewhere in the Companys annual report on form 10-K for the year ended December 31st 2019 filed with the Securities and Exchange Commission.

On the call. This morning, we have Dan Murphy, Chief Executive Officer, and Board member that My City are you ran CFO and I see team.

Again, I remind you that management will be referring to a slide show presentation that can be accessed via the investor Relations section on the company's sales.

I'll start with an opening message from Darrin, our CEO, who will give an overview of business development for the three months ended September Thirtyth 2020.

Then we will move to review the numbers with our young our CFO I will now turn the call over to their on who will begin the presentation on slide three. Please go ahead Darren.

Thank you and good morning, everybody.

We are very pleased to complete the acquisition of 100 per sensor global from took hold against immediate or G.S.H.I.

Giving its ownership of the platforms technology on businesses. The G.H.I. has built from the global from Tech space with initial focus on China's burgeoning fintech market.

We closed on $15 million in funding tied to the G.H. on acquisition.

In November we closed on an additional $25 million through a registered direct offering.

Our current significant cash balance enables the company to accelerate these immediate and significant growth opportunities, both insurance and stock trading divisions.

We've recruited top class operational on management teams from both our insurance on stock trading divisions on made significant progress on our strategy of leveraging our technology on platforms, combining anticipated organic growth of our business along with strategic acquisitions.

Turning now to slide for.

He will review the developments in our insurance business.

We are launching our online insurance platform in December of Twentytwenty sway signed agreements with a high achieving management team assembled from China's largest insurance companies.

This large team of industry, leading professionals, including the C. O C O on CTO each of whom have 10 to 20 years of experience delivering significant revenues are very profitable insurance businesses in China.

Weve incentivized to change the juice on annual gross margins in excess of $10 million in near wall on revenues of more than $250 million on to deliver upon significantly higher targets in both years two on three.

China's market for insurance products is in its early stages of development.

Oh, there's already the second largest market in the world and forecasted to I would say the U.S. by the Mitch when she searches.

On line insurance premiums in China are forecasted to growth for the one per cent brought them between 2019 to 2024.

By 2032 total insurance premiums in China are estimated to reach 2.36 trillion dollars overtaking the U.S. market by almost one trillion dollars.

Let's turn to slide five for a review of our stock brokerage business.

G.S.H.I. significant database of active users on its ready to launch based technology platform, all set to integrate a Hong Kong brokerage from licensed to transact on substantial markets, including Hong Kong, the United States on China, including China's HHS.

We acquired on initial 9% stake in the Hong Kong Securities on the vessel from.

The balance of 91% to be acquired upon receipt of regulatory approval.

The total purchase price is $3 million for 100 per cents with the from.

Its current has approximately $2.1 million in cash and equivalents on its balance sheet.

We aim to be a significant player on the fast growing retail investor market in China on.

On line stock trading volumes in China reached nearly two trillion dollars and 29 team and are expected to continue to climb significantly in the foreseeable future.

It's from technology, an excellent management team on a significant database am ICICI is very well poised to benefit from this burgeoning market with revenue is expected to start shortly after approval from the Hong Kong Securities on Futures Commission. She can take you acquisition.

On slide six we will review the developments on like without telematics business.

Following our acquisition of more than 50 per cent tend to shift from the outstanding goes from the share with Mike's got them a chip in junior Twentytwenty in accordance with U.S. GAAP and non she is reports from American news on financial results of Michaels in a third quarter from Twentytwenty.

We also pull through my current transitioning its business from hardware sales. It's a high margin recurring revenue model with sales of artificial intelligence AI on software as a service as a us based products.

Small companies now being piloted with numerous customers.

On the one of which they result in substantial contracts that may materially impact the business.

Small come in she likes has on software on day I functionality to serve the fastest growing segments of the estimated 45 billion dollar global telematics markets.

Mike Let me see this first major order for small cap on the successful pilot trial with a leading global telematics provider.

Well just customers a major telematics provider they sorta may lead to substantial orders and expense each once you on.

Additionally, Micronized received initial orders for our small come hub on small shop, a top line.

From one of the largest automotive OEM truck manufacturers in Europe.

It's been significant revenue potential from a broader commercial agreement that Microsoft is negotiating on policies line with this new OEM customer.

This most likely that century into the emotional cheap money factoring all ships are being opportunities to sell directly to early on in addition to his current distribution channels through telematics service providers.

On slide seven we will go over the top line financial results for the so crucial.

As a reminder, the school between February 24, 2019 on June 23, Twentytwenty unless you see how is less than 50 per cent ownership of Michael That's outstanding goes on these shows.

Therefore did not include my Cat's financial results during that time and its consolidated financial statements based on U.S. generally accepted accounting practices GAAP.

Revenues were 300 before she 9000 in Q3 of Twentytwenty as compared to zero on in Q3 were 29 team.

Gross profit was $2000 in Q3, 2020 as compared to zero in Q3 expense you know gene.

Research and development R&D expense was 230000 in Q3, Twentytwenty asking taxes zero in Q3 trends you know Jade.

Selling general and administrative expense, that's DNA in Q3 trends each when she was $4.96 million.

As compared to $501000 in Q3 were 29 chains.

Net loss attributable to on ICICI was $14.15 million in Q3, your 2020 as compared to $1.2 million in Q3, which ones you line chain.

After September associates, when she 20, M.I.C.T. had $18.6 million in cash.

I will now it's on the cool salary free more detailed financial review.

Thank you Darren good morning, everyone on the next slide illustrates the revenues for the three and nine months ended September Thirtyth went from 20 as compared to the same period in 2090, yes.

As a reminder, we might see T.S. financing results for the nine months ended September.

30, 2019 reflects Micronet Ltd revenues for the month of June away 2019, and February 2019 on the revenues were 349000 in the.

Third quarter Twentytwenty as compared to zero in the third quarter 2090 revenues for nine months ended September 30, Twentytwenty were 349000 compared to 470 70000 in the same period of 20.

19 slide.

Slide nine provides a more detailed breakdown of the third quarter and nine months ended September thirtyth 2020 as compared to the 2019 numbers.

Total operating expenses in the third quarter, Twentytwenty, well 6 million as compared to 500 to 1000 in the third quarter of 2019 loss from operations was 6 million in the third quarter Twentytwenty as compared to a loss from operation on 500.

1000 in the third quarter of 2019 net loss attributable to end my city. The 10th quarter. Twentytwenty was what 14 million 0.2 was 14.2 million or 0.61 per basic and diluted share as compared to a net loss of.

1.2 million or zero point 11, so basic and diluted share in the third quarter of 2090 day, turning to slide 10, we provide non-GAAP results for the third quarter.

Based on non-GAAP net loss attributable play my city. The 10th quoted 2020 watts of 1.6 million as compared to 1.2 million in the third quarter of 29.

On a per share basis, non-GAAP net loss attributable to M. A C. D. In the third quarter Twentytwenty was 0.07 per basic and diluted share as compared to a non-GAAP net loss of zero point 11 per basic and diluted share on third quarter twin peaks.

90 day on Slide 11, we provide non-GAAP results for the nine months ended September Thirtyth Twentytwenty total non-GAAP net loss attributable to <unk> for the nine months ended September Thirtyth, Twentytwenty was 2.5 million as compared to.

3.2 million in the same period of 2019 on a pair of share basis non-GAAP net loss attributable to end my C.D. for the nine months ended September Thirtyth Twentytwenty was zero point 16 per basic and diluted share as compared to a non-GAAP.

Net loss of zero point 30 per basic and diluted share in the same period of 2019.

Turning to slide 12 on our balance sheet, we have 18.6 million in cash and cash equivalents 1.1 million in bank and other debt and 16.1 million in net working capital and 59.8 million in shareholders' equity as of September.

30, Twentytwenty I will now turn the call back to the line.

I'd like to thank all shareholders overwhelmingly approved our plan to acquire Gs HR on.

Enter the fintech market through that proxy votes.

The acquisition in funding positions on ICICI to get to market quickly to our insurance are still trading platforms.

While our revenues in the third quarter represents the only on telematics operations, we expect simple revenue from all global Thinset business before the year end.

Significant cash on our balance sheet, coupled with the immediate business opportunities and position them I see to make rapid progress from the end of this year into next year on the old.

Thank you from getting on the call everybody.

Have a good day.

Thank you. This concludes and my CTO Inc. third quarter 2020 results conference call. Thank you for your participation you May go ahead and disconnect.

Thank you good morning, and thank you for calling into review and Niceties third quarter 2020 results.

Management will provide an overview on the results.

Importantly, there's a slide presentation, which management will use during their overview.

Even taking can be found on the Investor Relations section of the company's website www Dot M. I see T that I N C dot com under events and presentations.

I'll now take a brief moment to read the safe Harbor statement. During the course of this call management on expressed or implied forward looking statements within the private Securities Litigation Reform Act of 90, 95, and other U.S. Federal Securities laws.

These forward looking statements include but are not limited to those statements regarding our growth opportunities, whether organic growth strategic acquisitions of future business and financial results relating to timing of and revenue and margins achieving the fintech business the potential size on demands in the markets in which we operate and my current feature ability to generate its revenue.

Based on current leads and pilots.

Such forward looking statements and their implications involve known and unknown risks uncertainties and other factors that may cause actual results or performance to differ materially from those projected.

The forward looking statements contained in this presentation are subject to other risks and uncertainties, including those discussed in the risk factor section and elsewhere in the Companys annual report on form 10-K for the year ended December 31st 2019 filed with the Securities and Exchange Commission.

On the call. This morning, we have Dan Mercer, Chief Executive Officer, and Board member that My City are you ran CFO and I see team.

Again, I remind you that management will be referring to a slide show presentation that can be accessed via the investor Relations section on the company's site.

I'll start with an opening message from there on our CEO, who will give an overview of business development for the three months ended September Thirtyth 2020.

Then we will move to review the numbers with our young our CFO I will now turn the call over to Darren who will begin the presentation on slide three please.

Please go ahead Darren.

Thank you.

Good morning, everybody.

We are very pleased to complete the acquisition of 100% from global can take hold against immediate or do you have a child.

Moving as I understand the platforms technology on businesses. The G.H.I. has built from the global from Tech space with initial focus on China's burgeoning fintech market.

We closed on $50 million in funding types the G.H. on acquisition.

In November we closed on an additional $25 million through a registered direct offering.

Our current significant cash balance enables the company to accelerate these immediate and significant growth opportunities, both insurance and stock trading divisions.

We recruited top class operational on management teams from both our insurance on stock trading divisions on made significant progress on our strategy of leveraging all the technology on platforms, combining anticipated organic growth of our business along with strategic acquisitions.

Turning now to slide four.

He will review the developments in our insurance business.

We are launching our online insurance platform in December of Twentytwenty through a signed agreement with a high achieving management team assembled from China's largest insurance companies.

It's large team of industry, leading professionals, including the CEO C O on CTO each of whom have 10 to 20 years of experience delivering significant revenues very profitable insurance businesses in China.

Weve incentivize the team should produce on your gross margins in excess of $10 million in near wall on revenues of more than $250 million on to deliver upon significantly high it's August in both years cheap on three.

China's market for insurance products is in its early stages of development.

Oh, there's already the second largest market in the world and forecast, it's what I would say the U.S. by the Mitch when she searches.

On line insurance premiums in China are forecasted to growth, 41% brought on between 2019 to 2024.

By 2032 total insurance premiums in China are estimated to reach 2.36 trillion dollars overtaking the U.S. market by almost one trillion dollars.

Let's turn to slide five for a review of our stock brokerage business.

G.S.H.I. significant database of active users on its ready to launch on based technology platform, all set to integrate a Hong Kong brokerage from licensed to transact on substantial markets, including Hong Kong, United States on China, including China's a shares.

We acquired on initial 9% stake in the Hong Kong Securities on the vessel from.

The balance of 91% to be acquired up on the she to regulatory approval.

The total purchase price is $3 million for 100 per sensor the from.

Its current has approximately $2.1 million in cash and equivalents on its balance sheet.

We aim to be a significant player on the fast growing retail investor market in China on.

On line stock trading volumes in China reached nearly two trillion dollars and 29 shame.

And are expected to continue to climb significantly in the foreseeable future.

It's from technology, an excellent management team on a significant database and ICICI is very well poised to benefit from this burgeoning market with revenue is expected to start shortly after approval from the Hong Kong Securities on Futures Commission to complete the acquisition.

On slide six we will review the developments it on like without telematics business.

Following our acquisition of more than 50% on the ship from the outstanding ordinary share with Mike's got the mature in June of Twentytwenty in accordance with U.S. GAAP and non she is reports from American news on financial results with Microsoft in a third quarter from Twentytwenty.

We also pull through my current transitioning its business from hardware sales for high margin recurring revenue model with sales of artificial intelligence AI on.

<unk>.

But as a service S I S based products.

Small companies now being piloted with numerous customers any one of which they result in substantial contracts that made it to the impact on business. So.

Small come in she likes has on software on day I functionality to serve the fastest growing segments of the estimated 45 billion dollar global telematics markets.

Mike net received its first major order for small cap on the successful pilot trial with a leading global telematics provider.

It's just customers a major telematics provider they sorta may lead to substantial orders and trends each once you on.

[noise]. Additionally, micro net received initial orders for our small come hub on small shop a tablet.

From one of the largest talks about your OEM truck manufacturers in Europe.

It's been significant revenue potential from a broader commercial agreement that Mike referenced negotiation on plans to sign with this new OEM customer.

This most likely that century into the emotional cheap money from all hips opening opportunities to sell directly to early on in addition to its current distribution channels through telematics service providers.

On slide seven we will go to the top line financial results for the third quarter.

As a reminder, the school between February 20, Fourtwenty 19 on June 23, 2020, and I actually see how is less than 50 per cent ownership of micro standard goes on shares.

Therefore did not include Micro's financial results during that time and its consolidated financial statements based on U.S. generally accepted accounting practices GAAP.

Revenues were 300 before she 9000 in Q3 were 2020 as compared to zero in Q3, which went from 90.

Gross profit was $2000 in Q3, 2020 as compared to zero in Q3 expense you know team.

Research and development R&D expense was 230000 in Q3, Twentytwenty as compared to zero in Q3 trends you know Jade.

Selling general and administrative expense as DNA in Q3, Twentytwenty was $4.96 million.

As compared to $501000 in Q3 were 29 team.

Net loss attributable to from ICICI is $14.15 million in Q3, your 2020 as compared to $1.2 million in Q3, which ones you line change.

As of September 30th Twentytwenty am I see T. had $18.6 million in cash.

I will now it's on the cool salary for a more detailed financial review.

Thank you Darren good morning, everyone on the next slide illustrates the revenues for the three and nine months ended September Thirtyth 2020, as compared to the same period in 2019 as a reminder, in my city its financing results for the nine months ended September.

30, 2019 reflects Micronet Ltd revenues for the month of General way 2019, and February 2019 on the revenues were 349000 in the third quarter Twentytwenty as compared to zero in the third quarter 2090.

Revenues for nine months ended September Thirtyth Twentytwenty were 349000 compared to 470 70000 in the same period of 2019.

Slide nine provides a more detailed breakdown of the third quarter and nine months ended September thirtyth 2020 as compared to the 2019 numbers.

Total operating expenses in the third quarter, Twentytwenty, well 6 million as compared to 500 from 1000 in the third quarter of 2019 loss from operation was 6 million in the third quarter Twentytwenty as compared to a loss from operation on 500 Twond.

Then in the third quarter of 2019 net loss attributable to end My city. The test quota Twentytwenty was what 14 million 0.2 was 14.2 million or 0.61 per basic and diluted share as compared to a net loss of one.

Point 2 million or zero point 11, so basic and diluted share in the third quarter of 29 thing turning to slide 10, we provide non-GAAP results for the third quarter.

Total on non-GAAP net loss attributable play my city. The 10th quoted 2020 watts of 1.6 million as compared to 1.2 million in the third quarter of 29.

On a per share basis, non-GAAP net loss attributable to M. A C. D. In the third quarter Twentytwenty was 0.07 per basic and diluted share as compared to a non-GAAP net loss of zero point 11 per basic and diluted share or third quarter twin peaks.

19 on slide 11, we provide non-GAAP results for the nine months ended September Thirtyth Twentytwenty total non-GAAP net loss attributable to share my <unk> for the nine months ended September Thirtyth, Twentytwenty was 2.5 million as compared to.

3.2 million in the same period of 2019 on a pair of share basis non-GAAP net loss attributable to end my C.D. for the nine months ended September Thirtyth Twentytwenty was zero point 16 per basic and diluted share as compared to a non-GAAP.

Net loss of zero point 30 per basic and diluted share in the same period of 2019, turning to slide 12 on our balance sheet, we have 18.6 million in cash and cash equivalents 1.1 million in bank and other debt and 16 point.

1 million in net working capital and 59.8 million in shareholders' equity as of September 30, Twentytwenty I will now turn the call back to the line.

I'd like to thank all shareholders overwhelmingly approved our plan to acquire Gs HR on engine, if in fact market through that proxy votes.

The acquisition funding positions on ICICI to get to market quickly on insurance and stock trading platforms.

While our revenues in the third quarter represents only on telematics operations, we expect throughput revenues from all global funds that business before the year end.

Significant cash on our balance sheet, coupled with the immediate business opportunities and position them I see to make rapid progress from the end of this year into next year and beyond.

Thank you from getting on the call everybody.

Have a good day.

Thank you. This concludes my CTO Inc. third quarter 2020 results conference call. Thank you for your participation you May go ahead and disconnect.

Thank you good morning, and thank you for calling into review and I see teas third quarter 2020 results.

Management will provide an overview on the results.

Importantly, there's a slide presentation, which management will use during their overview.

Presentation can be found on the Investor Relations section on the company's website www Dot M. I see T that I N C dot com under events and presentations.

Well now take a brief moment to read the safe Harbor statement. During the course of this call management on expressed or implied forward looking statements within the private Securities Litigation Reform Act of 1995, and other U.S. Federal Securities laws.

These forward looking statements include but are not limited to no statements regarding our growth opportunities when their organic growth strategic acquisitions, and future business and financial results relating to timing of and revenue and margins achieving the fintech business that day.

Total size on demands in the markets in which we operate and my current feature ability to generate its revenue is based on current leads and pilots.

Such forward looking statements and their implications involve known and unknown risks uncertainties and other factors that may cause actual results or performance to differ materially from those projected.

The forward looking statements contained in this presentation are subject to other risks and uncertainties, including those discussed in the risk factor section and elsewhere in the Companys annual report on form 10-K for the year ended December 31st 2019 filed with the Securities and Exchange Commission.

On the call. This morning, we have Darren Mercer, Chief Executive Officer, and Board member that might see Dee Ann Arbor day ran CFO and I see team.

Again, I remind you that management well, they're referring to a slide show presentation that can be accessed via the investor Relations section on the company's site.

I'll start with an opening message from there on our CEO, who will give an overview on business development for the three months ended September Thirtyth 2020.

Then we will move to review the numbers with our young our CFO I will now turn the call over to Darren who will begin the presentation on slide three please go ahead Darren.

Thank you and good morning, everybody.

We are very pleased to complete the acquisition of a 100% from global since like holding intermediate or G. FHLB.

Good because I understand the platforms technology on businesses. The G.H.I. has built from the global from Tech space with initial focus on China's burgeoning funds on market.

We closed on $15 million in funding types the G.H. on acquisition.

In November we closed on an additional $25 million through a registered direct offering.

Our current significant cash balance enables the company to accelerate these immediate and significant growth opportunities, both insurance and stock trading divisions.

We've recruited top class operational on management teams from both our insurance on stock trading divisions on made significant progress on our strategy of leveraging our technology on platforms, combining anticipated organic growth of on business along with strategic acquisitions.

Turning now to slide for.

He will review the developments in on insurance business.

We are launching our online insurance platform in December of Twentytwenty sway signed agreement with a high achieving management team assembled from China's largest insurance companies.

This large team of industry, leading professionals, including the CEO C O on CTO each of whom have 10 to 20 years of experience delivering significant revenues very profitable insurance businesses in China.

Weve incentivized to change the juice on annual gross margins in excess of $10 million in near wall on revenues of more than $250 million on to deliver upon significantly higher targets in both years two on three.

China's market for insurance products is in its early stages of development.

Others already the second largest market in the world and forecasted to I would say the U.S. by the Mitch when she searches.

On line insurance premiums in China are forecasted to growth, 41% brought on between 29 seem to 2024.

By 2032 total insurance premiums in China are estimated to reach 2.36 trillion dollars overtaken the U.S. market by almost one trillion dollars.

Let's turn to slide five for a review of our stock brokerage business.

G.S.H.I. significant database of active users on its ready to launch on based technology platform, all set to integrate a Hong Kong brokerage from license to transaction substantial markets, including Hong Kong, United States on China, including China's a shares.

We acquired on initial 9% stake in the Hong Kong Securities on the vessel from.

The balance of 91% to be acquired up on the she to regulatory approval.

The total purchase price is $3 million for 100 per sensor data from.

Its current has approximately $2.1 million in cash and equivalents on its balance sheet.

We aim to be a significant player on the fast growing retail investor market in China online.

Online stock trading volumes in China reached nearly two trillion dollars and 29 team and are expected to continue to climb significantly in the foreseeable future.

It's from technology, an excellent management team does.

Significant database am ICICI is very well poised to benefit from this burgeoning market with revenue is expected to start shortly after approval from the Hong Kong Securities on features commission she can take the acquisition.

On slide six we will review the developments how unlikely that telematics business.

Following on acquisition of more than 50% on the ship from the outstanding go can you share with Mike's got the mature in June of Twentytwenty.

Accordance with U.S. GAAP and non she is reporting on the revenues on financial results of Micropulse in the third quarter Twentytwenty.

We also go through my current transitioning its business from hardware sales for high margin recurring revenue model with sales of artificial intelligence AI on software as a service as a us based products.

Small companies now being piloted with numerous customers.

Any one of which they result in substantial contracts that may materially impact the business.

Small kominsky great hands on software on day I functionality to serve the fastest growing segments of the estimated 45 billion dollar global telematics markets.

Mike net received its first major order for small cap on a successful pilot trial with a leading global telematics provider.

It's just customers a major telematics provider they sorta may lead to substantial orders and Twentytwenty on.

Additionally, Micronized received initial orders for our small come hub on small shop, a top line.

From one of the largest talks about you are we on truck manufacturers in Europe.

It's been significant revenue potential from a broader commercial agreement microinverters negotiation on policy side with this new OEM customer.

This most likely not century into the OEM automotive manufacturing markets.

Opportunities to sell directly to Oems. In addition to his current distribution channels through telematics service providers.

On slide seven we will go over the top line financial results from the third quarter.

As a reminder school between February 24, 29 chains on June 23, Twentytwenty I'm actually see how is less than 50 per cent ownership of micro standard goes on shares.

Therefore did not include Micro's financial results during that time and its consolidated financial statements based on U.S. generally accepted accounting practices GAAP.

Revenues were 300. Unfortunately on thousand in Q3 were 2020 as compared to zero in Q3 were 29 team.

Gross profit was $2000 in Q3, 2020 as compared to zero in Q3, which ones you know gene.

Research and development R&D expense was 230000 in Q3, Twentytwenty as compared to zero in Q3 trends you know Jade.

Selling general and administrative expense SGN day in Q3, Twentytwenty was $4.96 million.

As compared to $501000 in Q3 were 29 team.

Net loss attributable to them ICICI, that's $14.15 million in Q3, your 2020 as compared to $1.2 million in Q3, which ones you know on change.

After September associates went to 20, M.I.C.T. had $18.6 million in cash.

I will now it's on the cool salary free more detailed financial review.

Thank you Darren good morning, everyone on the next slide illustrates the revenues for the three and nine months ended September Thirtyth 2020, as compared to the same period in 29 thing. It's a reminder, you might see T.S. financing results for the nine months ended September.

30, 2019 reflects micronet LTV revenues for the months of General way 2019, and February 29 thing on the revenues were 349000 in the.

Third quarter Twentytwenty as compared to zero in the third quarter 2090 revenues for nine months ended September 30, Twentytwenty were 349000 compared to 470 70000 in the same period of twin peaks.

90 slight.

Slide nine provides a more detailed breakdown of the third quarter and nine months ended September thirtyth 2020 as compared to the 2019 numbers.

Total operating expenses in the third quarter, Twentytwenty, well 6 million as compared to 500 from 1000 in the third quarter of 2019 loss from operation was 6 million in the third quarter Twentytwenty as compared to a loss from operation on 500 at one time.

Revenue in the third quarter of 29 net loss attributable to M. A C. T. The test quota Twentytwenty was what 40 million 0.2 was 14.2 million or 0.61 per basic and diluted share as compared to a net loss of one.

22 million or zero point 11, so basic and diluted share in the third quarter of 2019, turning to slide 10, we provide non-GAAP results for the third quarter.

Total on non-GAAP net loss attributable play my city, the tests quota 2020 lots of 1.6 million as compared to 1.2 million in the third quarter of 29.

On a per share basis, non-GAAP net loss attributable to M. A C. D. In the third quarter Twentytwenty was 0.07 per basic and diluted share as compared to a non-GAAP net loss of zero point 11 per basic and diluted share or third quarter 20.

19 on slide 11, we provide non-GAAP results for the nine months ended September Thirtyth Twentytwenty total non-GAAP net loss attributable to <unk> for the nine months ended September Thirtyth, Twentytwenty was 2.5 million as compared to.

3.2 million in the same period of 2019 on a per share basis non-GAAP net loss attributable to share my C.D. for the nine months ended September Thirtyth Twentytwenty was zero point 16 per basic and diluted share as compared to a non-GAAP.

Net loss of zero point 30 per basic and diluted share in the same period of 2019, turning to slide 12 on our balance sheet, we have 18.6 million in cash and cash equivalents 1.1 million in bank and other debt and 16 point.

1 million in net working capital and 59.8 million in shareholders' equity as of September 30, Twentytwenty I will now turn the call back to the line.

I'd like to thank all shareholders overwhelmingly approved our plan to acquire GSK choice on.

Entered the financing market through that proxy votes.

The acquisition funding positions on ICICI to get to market quickly on insurance are still trading platforms.

While our revenues in the third quarter represents only on telematics operations, we expect throughput revenues from all global Thinset business before the year end.

Significant cash on our balance sheet, coupled with the immediate business opportunities on hand position am I see two like rocket free west from the end of this year into next year on beyond.

Thank you for getting on the call everybody.

Have a good day.

Thank you. This concludes my CTO Inc. third quarter 2020 results conference call. Thank you for your participation you May go ahead and disconnect.

Thank you good morning, and thank you for calling into revenue and niceties third quarter 2020 resell.

Management will provide an overview of the results.

Importantly, there's a slide presentation, which management will use during their overview.

Then taking can be found on the Investor Relations section on the company's website www Dot M. I see T that I N C dot com under events and presentations on.

I'll now take a brief moment to read the safe Harbor statement. During the course of this call management will expressed or implied forward looking statements within the private Securities Litigation Reform Act of 90, 95, and other U.S. Federal Securities laws.

These forward looking statements include but are not limited to no statements regarding our growth opportunities when their organic growth strategic acquisitions of future business and financial results relating to timing on revenues and margins achieved in the fintech business the potential size and demands in the markets in which we operate and make our net feature ability to generate its revenue.

Based on current leads and pilots.

Such forward looking statements and their implications involve known and unknown risks uncertainties and other factors that may cause actual results or performance to differ materially from those projected.

The forward looking statements contained in this presentation are subject to other risks and uncertainties, including those discussed in the risk factor section and elsewhere in the Companys annual report on form 10-K for the year ended December 31st 2019 filed with the Securities and Exchange Commission.

On the call. This morning, we have Dan Murphy, Chief Executive Officer, and Board member of M.I.C.D.R.J. ran CFO and I see team again, I remind you that management will be referring to a slide show presentation that can be accessed via the investor Relations section on the company sales.

I'll start with an opening message from Darrin on our CEO, who will give an overview of business development from a three months ended September Thirtyth 2020.

And we will move to review the numbers with our young our CFO.

I'll now turn the call over to Darren who will begin the presentation on slide three please.

Please go ahead Darren.

Thank you.

Good morning, everybody.

We are very pleased to complete the acquisition of a 100 per cent of global can take hold against immediate or G.S.H. I guess.

Okay, because I understand the platforms technology on businesses. The G.H.I. has built from the global from Tech space with initial focus on China's burgeoning content market.

We closed on $15 million in funding tied to the G.H. on acquisition.

In November we closed on an additional $25 million through a registered direct offering.

Our current significant cash balance enables the company to accelerate these immediate and significant growth opportunities, both insurance and stock trading divisions.

We recruited top class operational I'm management teams from both our insurance on stock trading divisions on made significant progress on our strategy of leveraging our technology on platforms, combining anticipated organic growth of our business along with strategic acquisitions.

Turning now to slide four people.

He will review the developments you know on insurance business.

We are launching our online insurance platform in December of Twentytwenty through a signed agreement with a high achieving management team assembled from China's largest insurance companies.

This large team of industry, leading professionals, including the C. O C O on CTO each of whom have 10 to 20 years of experience delivering significant revenues very profitable insurance businesses in China.

Incentivize the team should produce annual gross margins in excess of $10 million in near wall on revenues of more than $250 billion and to deliver upon significantly higher targets in both years two on three.

China's market for insurance products isn't it's early stages of development.

On this already the second largest market in the world on forecast, it's what I would say the U.S. by the Mitch when she searches.

On line insurance premiums in China are forecasted to growth, 41% brought them between 2019 to 2024.

By 2032 total insurance premiums in China are estimated to reach 2.36 trillion dollars overtaking the U.S. market by almost one trillion dollars.

Let's turn to slide five for a review of our stock brokerage business.

G.S.H.I. significant database of active users on its ready to launch based technology platform, all set to integrate a Hong Kong brokerage from licensed to transact on substantial markets, including Hong Kong.

Two states on China, including China's HHS.

We acquired on initial 9% stake in the Hong Kong Securities on the vessel from.

The balance of 91% to be acquired up on me She said regulatory approval.

The total purchase price is $3 million for 100 per cents with the from.

Its current has approximately $2.1 million in cash and equivalents on its balance sheet.

We aim to be a significant player on the fast growing retail investor market in China.

On line stock trading volumes in China reached nearly two trillion dollars and 29 shame on.

And are expected to continue to climb significantly in the foreseeable future.

It's from technology, an excellent management team on a significant database and ICICI is very well poised to benefit from the surgeon law you have 61 second well from the Hong Kong Securities on Futures Commission to complete the acquisition.

On slide six we will review the developments on microphones telematics business.

Following our acquisition of more than 50% on the ship from the outstanding go to share with Mike's got that much it in Jena 2020 in accordance with U.S. GAAP and non she is reports from the revenues on financial results of micro sales in the third quarter from Twentytwenty you have 31 seconds think its business from.

Hardware sales, it's a high margin recurring revenue model with sales of artificial intelligence AI on software as a service as a U.S. based products.

Small companies now being piloted the numerous customers and.

Any one of which they result in substantial contracts that may materially impact the business.

Small come in she likes has on software on day I functionality to serve the fastest.