Except as expressly required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or any other any reason.
The agenda for today’s call will be as follows: Alex will first give a business update, then I will report on the financial results. There will be question-and-answer session, and then Alex will conclude with some final remarks.
I would now like to turn the call over to Alexander Tokman. Alex?
Alexander TokmanThank you, Jeff. Thanks, everyone, for joining us this morning. In Q2, we accomplished several strategic milestones that we believe should significantly strengthen our fundamentals and provide platform for future growth. These include receiving a purchase order totaling $5.8 million from Pioneer for the launch of Pioneer’s new HUD system. It’s called Cyber Navi. We strengthened the balanced sheet by raising just under $15 million from two equity offerings. And finally, we completed a business realignment and restructuring around Image by PicoP license and business model that is expected to yield approximately 50% reduction in operating cash requirements starting second half of this year. The business update portion that I’m about to cover focuses on Pioneer, new business opportunities and touches on operations. And obviously, Jeff will provide more information as well as financials. I would like to begin Pioneer portion of this call with two wonderful news. First of all, Pioneer has begun shipments of its Cyber Navi HUD system in July as was originally planned. And second, we just received in July a follow-on order of $1.4 million for the key components of the PicoP Gen2 display technology, in support of this launch. This brings the total current order from Pioneer to approximately $5.8 million because recall that earlier, in the second quarter, we received and announced a purchase order of $4.4 million for the key components of the PicoP Gen2 display engine.
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