Planetary scientist Dr. Pascal Lee will reviews our present knowledge about each term of the Drake Equation, which is at the heart of the Search for Extraterrestrial Intelligence (SETI). He will examine in turn star and planet formation, geological and biological evolution, the emergence of intelligence and technology, and possible fates of advanced civilizations. He reaches the surprising conclusion that N is likely a small number, most likely N~1. We could be it. Implications of N~1 would be profound and will be discussed.