Fintech PR

SRAX Announces Non-Reliance on Previously Issued Financial Statements

Published

6 years ago

April 8, 2019

Newsfile

Reading Time: 5 minutes

Social Reality, Inc. (NASDAQ: SRAX), a digital marketing and consumer data management technology company, today announced that on April 7, 2019, management of Social Reality, Inc. (the “Company”) concluded and the audit committee of the Company has concurred that the Company’s previously issued quarterly and year-to-date unaudited consolidated financial statements for March 31, 2017, June 30, 2017, September 30, 2017, December 31, 2017, March 31, 2018, June 30, 2018 and September 30, 2018 and that its audited consolidated financial statements for the year ending December 31, 2017 should no longer be relied upon. Similarly, related press releases, earnings releases, and investor communications describing the Company’s financial statements for these periods should no longer be relied upon. The errors identified are all non-cash and primarily related to the Company’s classification of certain outstanding warrants with provisions that allow the warrant holder to force cash redemption under certain circumstances.

Based on its preliminary assessment, the Company is providing the following estimates regarding the aggregate impact of these errors on consolidated total current liabilities, total liabilities, equity, other income, net income (loss) and income (loss) per share, calculated in accordance with accounting principles generally accepted in the U.S., for each of the periods presented:

SOCIAL REALITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
NINE MONTH PERIOD ENDED SEPTEMBER 30, 2018
(Unaudited)

	AS REPORTED		Restated
	YTD September Advertisement		YTD September
	2018	Adjustments	2018


Revenues	$ 8,823,592		$ 8,823,592
Cost of revenue	2,902,179		2,902,179 Advertisement

Gross profit	$ 5,921,413		$ 5,921,413

Loss from operations	$ (8,492,866)		$ (8,492,866)

Other income (expense)
Total interest expense	$ (2,772,448)		$ (2,772,448) Advertisement
Loss on repricing of Series A warrants	$ –		$ –
Accretion of put warrants		$ 800,000	$ 800,000
Accretion of debenture warrants		$ 800,000	$ 800,000
Accretion of Leapfrog warrants Advertisement		$ 600,000	$ 600,000
Loss (Gain) on Sale of Fixed Assets	$ 23,978,389		$ 23,978,389
Other Income	$ 21,210,439	$ 2,200,000	$ 23,410,439
Net Income (loss) Advertisement	$ 12,717,573	$ 2,200,000	$ 14,917,573

Net (loss) income pershare, basic	$ 1.59		$ 1.86
Net (loss) income pershare, diluted	$ 1.59		$ 1.86

Weighted average shares outstanding, basic Advertisement	8,008,717	–	8,008,717
Weighted average shares outstanding, diluted	8,008,717	–	8,008,717

SOCIAL REALITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 2017 Advertisement


	AS REPORTED		Restated
	Full Year		Full Year
	2017	Adjustments	2017


Revenues	$ 23,348,714		$ 23,348,714 Advertisement
Cost of revenue	9,328,893		9,328,893

Gross profit	$ 14,019,821		$ 14,019,821

Loss from operations	$ (3,843,679)		$ (3,843,679)

Other income (expense) Advertisement
Total interest expense	$ (2,815,203)		$ (2,815,203)
Loss on repricing of Series A warrants	$ –	$ (100,000)	$ (100,000)
Accretion of put warrants		$ 500,000	$ 500,000 Advertisement
Accretion of debenture warrants		$ (700,000)	$ (700,000)
Accretion of Leapfrog warrants		$ (1,500,000)	$ (1,500,000)
Loss (Gain) on Sale of Fixed Assets	$ –		$ –
Other Income Advertisement	$ (2,815,203)	$ (1,800,000)	$ (4,615,203)
Net Income (loss)	$ (6,658,882)	$ (1,800,000)	$ (8,458,882)

Net (loss) income pershare, basic	$ (0.81)		$ (1.02) Advertisement
Weighted average shares outstanding, basic	8,253,851	–	8,253,851

SOCIAL REALITY, INC.
CONDENSED AND CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 2018
(Unaudited)

	September 30		September 30 Advertisement
	2018		2018
	As Reported	Adjustments	As Restated

Total assets	34,341,324	–	34,341,324

Liabilities and stockholders’ equity Advertisement

Current liabilities:
Accounts payable and accrued expenses	2,475,229		2,475,229
Leapfrog warrant liability	–	1,000,000	1,000,000

Warrant liability – Series A	– Advertisement	1,300,000	1,300,000
Debenture warrant liability	–	1,600,000	1,600,000

Total current liabilities	2,475,229	3,900,000	6,375,229 Advertisement

Secured convertible debentures, net	2,943,109	–	2,943,109

Total liabilities	5,418,338	3,900,000	9,318,338

Total stockholders’ equity	28,922,886 Advertisement	(3,900,000)	25,022,886

Total liabilities and stockholders’ equity	34,341,224	–	34,341,224

SOCIAL REALITY, INC.
CONDENSED AND CONSOLIDATED BALANCE SHEET
DECEMBER 31, 2017

			Restated Advertisement
	December 31,		December
	2017	Adjustments	2017

Total assets	23,605,699	–	23,605,699

Liabilities and stockholders’ equity Advertisement

Current liabilities:
Accounts payable and accrued expenses	5,010,815		5,010,815
Leapfrog warrant liability		1,700,000	1,700,000

Warrant liability – Series A		2,100,000	2,100,000 Advertisement
Debenture warrant liability		2,500,000	2,500,000

Total current liabilities	5,010,815	6,300,000	11,310,815

Secured convertible debentures, net	1,711,146	– Advertisement	1,711,146

Total liabilities	6,721,961	6,300,000	13,021,961

Total stockholders’ equity	16,883,738	(6,300,000)	10,583,738

Total liabilities and stockholders’ equity Advertisement	23,605,699	–	23,605,699

Since the Company has not yet fully completed its review, the estimates regarding the impact set forth above are preliminary and remain subject to change.

In connection with the restatement, management has determined that a material weakness related to the accounting for financing transactions in the Company’s internal control over financial reporting existed for the periods from March 31, 2017 through December 31, 2018. The Company’s chief executive officer and chief financial officer have concluded that the Company’s disclosure controls and procedures were not effective at the reasonable assurance level as of March 31, 2017 through December 31, 2018, and the Company’s management has concluded that its internal control over financial reporting was not effective as of December 31, 2018.

The Company anticipates that it will file amended Quarterly Reports on Form 10-Q for the periods ended March 31, 2018, June 30, 2018 and September 30, 2018, to amend and restate its financial condition and financial results for the affected periods as soon as practicable.

About SRAX

Social Reality, Inc. (NASDAQ: SRAX) is a digital marketing and consumer data management technology company. SRAX’s technology delivers the tools to unlock data to reveal brands core consumers and their characteristics across marketing channels. Through its blockchain identification graph technology platform, BIGtoken, SRAX has developed a consumer-managed data marketplace where people can own and earn from their data thereby providing everyone in the Internet ecosystem choice, transparency, and compensation. SRAX’s technology and tools deliver a digital competitive advantage for brands in the CPG, automotive, investor relations and lifestyle verticals by integrating all aspects of the advertising experience, including verified consumer participation, into one platform. For more information on SRAX, visit www.srax.com.

SOURCE SRAX

Fintech PR

Zhoushan Municipal Investment Promotion Center: Building a Modern Ocean City

Published

1 hour ago

November 22, 2024

CISION (PR Newswire)

zhoushan-municipal-investment-promotion-center:-building-a-modern-ocean-city

Invest in Zhoushan
Win Great Future

ZHOUSHAN, China, Nov. 22, 2024 /PRNewswire/ — A report from Zhoushan Municipal Investment Promotion Center:

Zhoushan is at the intersection of eastern golden coastal line and golden waterway of Yangtze River of China,and has long enjoyed the prestige of “Buddhist Country, Fishing Town & Harbor City”.

Total area of 22,200km2, including sea area of 20,800km2 and land area of 1,440km2, 2,085 islands of various sizes, with two districts Dinghai and Putuo and two counties Daishan and Shengsi under jurisdiction, and permanent resident population of 1.2 million.

In recent years, Zhoushan has continuously improved its investment environment and hosted a series of high-spec major events, such as the IPEC, Boeing Supplier Conference, International Islands Tourism Conference, etc. A number of well-known enterprises from home and abroad have registered and settled down in Zhoushan.

KEY INDUSTRY

1 Green Petrochemical and New Materials Industry
Our focus is to introduce petrochemicals and new materials projects, such as high-end polyolefins, special engineering plastics, thermoplastic elastomers, functional film materials, high-performance fibers and composites, high-end electronic chemicals, high-end specialty chemicals, biodegradable plastics, new energy materials.

2 Consumption Settlement Center for Energy, Resources and Agricultural Products
Our focus is to introduce core industrial and derivative service projects such as warehousing and logistics, trade and transactions, financial settlement for energy, resources, and agricultural products in seven bulk commodity categories, namely petroleum, natural gas, iron ore, coal, grains, non-ferrous metals, high-end proteins.

3 Shipbuilding and Marine Engineering Equipment Industry
Our focus is to introduce shipbuilding projects such as new energy powered ships, special transport ships, pleasure yachts and other characteristic ships, ship fittings projects such as high-end marine equipment, intelligent marine systems, communication and navigation equipment, deep sea floating marine engineering equipment manufacturing projects such as offshore oil and gas drilling, offshore wind power installation, operation and maintenance.

4 Digital Marine Industry
Our focus is to introduce upstream core parts and equipment manufacturing projects related to digital marine technologies such as 3D perception technology for aviation, aerospace, and shipping, marine big data technology, marine survey and control, marine power systems, as well as survey and control platform manufacturing projects such as unmanned boats and unmanned aerial vehicles.

5 Clean Energy and Equipment Manufacturing Industry
Our focus is to introduce projects such as photovoltaic equipment, energy storage equipment, wind and solar power equipment, comprehensive LNG utilization, integrated hydrogen production, storage, transport, refueling, and utilization, as well as nuclear energy, tidal (flow) energy, biofuels, and CCUS technology application.

6 Fishery Industry
Our focus is to introduce projects such as mariculture, marine fishing, intensive processing of aquatic products, modern commerce and trade, fishing tourism and leisure, marine biopharmaceuticals, cold chain logistics, high-end equipment, high-tech services.

7 Marine and Cultural Tourism
Our focus is to introduce projects such as high-quality resorts, leisure sports, offshore sightseeing, meditation and health, digital and cultural tourism, to create a unique urban coastal zone and build a City of Music, City of Sports Events, City of Film Studios.

8 Port and Shipping Logistics and Maritime Service Industry
Our focus is to introduce two kinds of port and shipping logistics projects, namely port services and shipping services, as well as five kinds of maritime service projects, namely anchorage supply, seafarer services, ship trade, ship maintenance, shipping finance.

9 Modern Aviation Industry
Our focus is to introduce parts manufacturing and equipment assembly projects such as unmanned aerial vehicles, general flight equipment, airport equipment, as well as related service projects such as aircraft delivery, financial leasing, aviation training.

Zhoushan Municipal Investment Promotion Center
http://zsinvest.zhoushan.gov.cn

Photo – https://mma.prnewswire.com/media/2558908/photo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/zhoushan-municipal-investment-promotion-center-building-a-modern-ocean-city-302313855.html

Fintech PR

THE 10 KG 99.99% PURE GOLD THE DANCE SCREEN (THE SCREAM TOO), A ONE-OF-A-KIND COIN FROM THE ROYAL CANADIAN MINT, SURPASSES $1.5 MILLION AT HEFFEL AUCTION

Published

7 hours ago

November 21, 2024

CISION (PR Newswire)

OTTAWA, ON, Nov. 21, 2024 /PRNewswire/ — The Royal Canadian Mint is delighted that the one-of-a-kind 2024 10 kg 99.99% Pure Gold Coin – The Dance Screen (The Scream Too), an exquisite numismatic tribute to the art of acclaimed Haida master carver Chief 7IDANsuu (James Hart), sold for $1,561,250.00 CAD (including Buyer’s Premium), after a live auction conducted by Heffel Fine Art Auction House (Heffel). This rare, pure gold masterpiece was sold to an anonymous bidder on November 20, 2024, and beat the previous record for a coin offered at auction in Canada, held by The Ultimate, a one kilo pure platinum coin also produced by the Royal Canadian Mint.

“We are thrilled by the collector interest in this unique coin and delighted that the skill of the Royal Canadian Mint and the talent of Chief 7IDANsuu (James Hart) have been recognized by the buyer of this rare and beautiful 10 kg pure gold masterpiece,” said Marie Lemay, President and CEO of the Royal Canadian Mint.

“It has been an extraordinary privilege to auction The Dance Screen (The Scream Too) 10kg pure gold coin,” said David Heffel, President of Heffel Fine Art Auction House. “The profoundly significant artwork by the esteemed Chief James Hart, showcased on its face, stands as an enduring icon of Canadian art, embodying the rich traditions and cultural narratives of the Haida Nation. We are honoured to have placed this masterpiece in a distinguished collection and look forward to seeing its legacy continue to inspire.”

Impeccably crafted from 10 kg of 99.99% pure Canadian gold, The Dance Screen (The Scream Too) re–creates carved images from the original red cedar panel carved by Chief 7IDANsuu on its reverse. The reverse design of the flagship coin of the 2024 Opulence Collection brings together traditional Haida figures—a Shaman, the Beaver, Raven, Eagle, Frog, Orca and Mother Bear with cubs—whose life deeply depends on the Salmon, represented in human and animal form along the edge. Six pearlescent pieces of responsibly sourced abalone shell are inlayed along the coin’s edge, where their aquatic hues shimmer in the light and their shapes evoke the Haida copper shields that serve as traditional markers of wealth. The imposing coin’s obverse features the effigy of His Majesty King Charles III by Canadian artist Steven Rosati, surrounded by an engraving of subtle sketch lines from the original carving.

About the Royal Canadian Mint

The Royal Canadian Mint is the Crown corporation responsible for the minting and distribution of Canada’s circulation coins. The Mint is one of the largest and most versatile mints in the world, producing award-winning collector coins, market-leading bullion products, as well as Canada’s prestigious military and civilian honours.

As an established London and COMEX Good Delivery refiner, the Mint also offers a full spectrum of best-in-class gold and silver refining services. As an organization that strives to take better care of the environment, to cultivate safe and inclusive workplaces and to make a positive impact on the communities where it operates, the Mint integrates environmental, social and governance practices in every aspect of its operations.

For more information on the Mint, its products and services, visit www.mint.ca. Follow the Mint on LinkedIn, Facebook and Instagram.

About Heffel Fine Art Auction House

Since 1978, Heffel has connected passionate collectors across the world with outstanding works of art, with sales totaling nearly $1 billion. With offices in Toronto, Vancouver, Montreal, Ottawa and Calgary, Heffel has the most experienced team of fine art specialists in Canada and provides superior client service to both sellers and buyers internationally.

For more information, media are asked to contact: Royal Canadian Mint, Alex Reeves, Senior Manager, Public Affairs, 613-884-6370, [email protected]; Heffel Fine Art Auction House, Rebecca Rykiss, National Director, Brand and Communications, 416-961-6505 ext. 323, [email protected]

View original content:https://www.prnewswire.co.uk/news-releases/the-10-kg-99-99-pure-gold-the-dance-screen-the-scream-too-a-one-of-a-kind-coin-from-the-royal-canadian-mint-surpasses-1-5-million-at-heffel-auction-302313592.html

Fintech

Fintech Pulse: Daily Industry Brief – A Dive into Today’s Emerging Trends and Innovations

Published

9 hours ago

November 21, 2024

Peter Tolan

fintech-pulse:-daily-industry-brief-–-a-dive-into-today’s-emerging-trends-and-innovations

The fintech landscape continues to redefine itself, driven by innovation, partnerships, and groundbreaking strategies. Today’s roundup focuses on the latest digital wallet offerings, evolving payment trends, strategic collaborations, and notable funding achievements. This editorial explores the broader implications of these developments, casting light on how they shape the future of fintech and beyond.

Beacon’s Digital Wallet for Immigrants: A Gateway to Financial Inclusion

Beacon Financial, a leading player in financial technology, recently launched a digital wallet tailored to meet the unique needs of immigrants moving to Canada. This offering bridges a critical gap, enabling seamless financial integration for newcomers navigating a foreign system.

By combining intuitive technology with user-centric features, Beacon aims to empower immigrants with tools for payments, savings, and remittances. This aligns with the growing demand for tailored financial products that resonate with specific demographics.

Op-Ed Insight:
Financial inclusion is more than just a buzzword; it’s a moral imperative in the fintech space. Products like Beacon’s digital wallet highlight the industry’s potential to create tangible change. As global migration trends increase, such offerings could inspire similar initiatives worldwide.

Source: Fintech Futures.

Juniper Research Highlights 2025’s Payment Trends

Juniper Research’s latest report unveils pivotal payment trends poised to dominate in 2025. Central themes include the adoption of instant payment networks, a surge in embedded finance solutions, and the rise of crypto-backed financial products.

The research underscores the rapid adoption of real-time payment systems, fueled by increasing consumer demand for speed and efficiency. Meanwhile, embedded finance promises to blur the lines between traditional banking and non-financial services, delivering personalized and context-specific solutions.

Op-Ed Insight:
As the lines between financial services and technology continue to blur, these trends emphasize the industry’s shift toward convenience and personalization. The growing role of crypto-based solutions reflects an evolving consumer mindset, where decentralization and digital-first experiences gain precedence.

Source: Juniper Research.

MeaWallet and Integrated Finance Partner to Revolutionize Digital Wallets

MeaWallet, a prominent fintech solutions provider, has partnered with Integrated Finance to advance digital wallet capabilities and secure card data access for fintech companies. This collaboration focuses on empowering fintechs to deliver better, safer digital payment experiences.

MeaWallet’s role as a technology enabler aligns seamlessly with Integrated Finance’s goal of simplifying complex financial infrastructures. Together, they aim to create scalable, robust platforms for secure payment solutions.

Op-Ed Insight:
Partnerships like this underscore the importance of collaboration in driving innovation. As security concerns grow in tandem with digital payment adoption, solutions addressing these challenges are essential for maintaining consumer trust. The fintech ecosystem thrives when synergy and innovation coalesce.

Source: MeaWallet News.

Nucleus Security Among Deloitte’s Fastest-Growing Companies

Nucleus Security has achieved a remarkable milestone, ranking 85th on Deloitte’s 2024 Technology Fast 500 list. This achievement is attributed to its robust cybersecurity solutions, which cater to the increasingly digital fintech environment.

With cyberattacks becoming more sophisticated, fintech companies are under immense pressure to safeguard their platforms. Nucleus Security’s growth reflects the rising demand for comprehensive, scalable security solutions that protect sensitive financial data.

Op-Ed Insight:
In a digital-first world, robust cybersecurity isn’t optional—it’s fundamental. The recognition of companies like Nucleus Security signals the growing importance of protecting fintech infrastructure as the industry scales globally.

Source: PR Newswire.

OpenYield Secures Funding to Transform the Bond Market

OpenYield has announced a successful funding round, aiming to revolutionize the bond market through innovative technology. The platform promises greater transparency, efficiency, and accessibility in fixed-income investments.

This funding underscores the growing appetite for digitizing traditionally opaque financial markets. By leveraging cutting-edge technology, OpenYield seeks to democratize bond investments, making them accessible to a broader audience.

Op-Ed Insight:
The bond market, long viewed as complex and inaccessible, is ripe for disruption. OpenYield’s efforts to modernize this space highlight fintech’s transformative potential to democratize finance and empower individual investors.

Source: PR Newswire.

Key Takeaways: Shaping the Future of Fintech

Today’s developments underscore several critical themes in the fintech landscape:

Personalization and Inclusion: Products like Beacon’s wallet highlight the importance of understanding and addressing specific user needs.
Collaborative Ecosystems: Partnerships, like that of MeaWallet and Integrated Finance, emphasize the power of collaboration in solving industry challenges.
Emerging Technologies: Juniper Research’s predictions affirm the continued influence of blockchain, embedded finance, and instant payment networks.
Security at the Core: The recognition of Nucleus Security underscores the essential role of cybersecurity in fintech.
Market Transformation: OpenYield’s funding signifies the ongoing disruption of traditional financial markets, paving the way for broader accessibility.

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