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SRAX Announces Non-Reliance on Previously Issued Financial Statements
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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:
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SOCIAL REALITY, INC. |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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NINE MONTH PERIOD ENDED SEPTEMBER 30, 2018 |
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(Unaudited) |
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AS |
Restated |
||||||
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YTD |
YTD |
||||||
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2018 |
Adjustments |
2018 |
|||||
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Revenues |
$ 8,823,592 |
$ 8,823,592 |
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Cost of revenue |
2,902,179 |
2,902,179 |
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Gross profit |
$ 5,921,413 |
$ 5,921,413 |
|||||
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Loss from operations |
$ (8,492,866) |
$ (8,492,866) |
|||||
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Other income (expense) |
|||||||
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Total interest expense |
$ (2,772,448) |
$ (2,772,448) |
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Loss on repricing of Series A warrants |
$ – |
$ – |
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Accretion of put warrants |
$ 800,000 |
$ 800,000 |
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Accretion of debenture warrants |
$ 800,000 |
$ 800,000 |
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Accretion of Leapfrog warrants |
$ 600,000 |
$ 600,000 |
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Loss (Gain) on Sale of Fixed Assets |
$ 23,978,389 |
$ 23,978,389 |
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Other Income |
$ 21,210,439 |
$ 2,200,000 |
$ 23,410,439 |
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Net Income (loss) |
$ 12,717,573 |
$ 2,200,000 |
$ 14,917,573 |
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Net (loss) income pershare, basic |
$ 1.59 |
$ 1.86 |
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Net (loss) income pershare, diluted |
$ 1.59 |
$ 1.86 |
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Weighted average shares outstanding, basic |
8,008,717 |
– |
8,008,717 |
||||
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Weighted average shares outstanding, diluted |
8,008,717 |
– |
8,008,717 |
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SOCIAL REALITY, INC. |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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YEAR ENDED DECEMBER 31, 2017 |
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AS |
Restated |
||||
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Full Year |
Full Year |
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2017 |
Adjustments |
2017 |
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Revenues |
$ 23,348,714 |
$ 23,348,714 |
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Cost of revenue |
9,328,893 |
9,328,893 |
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Gross profit |
$ 14,019,821 |
$ 14,019,821 |
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Loss from operations |
$ (3,843,679) |
$ (3,843,679) |
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Other income (expense) |
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Total interest expense |
$ (2,815,203) |
$ (2,815,203) |
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Loss on repricing of Series A warrants |
$ – |
$ (100,000) |
$ (100,000) |
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Accretion of put warrants |
$ 500,000 |
$ 500,000 |
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Accretion of debenture warrants |
$ (700,000) |
$ (700,000) |
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Accretion of Leapfrog warrants |
$ (1,500,000) |
$ (1,500,000) |
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Loss (Gain) on Sale of Fixed Assets |
$ – |
$ – |
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Other Income |
$ (2,815,203) |
$ (1,800,000) |
$ (4,615,203) |
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Net Income (loss) |
$ (6,658,882) |
$ (1,800,000) |
$ (8,458,882) |
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Net (loss) income pershare, basic |
$ (0.81) |
$ (1.02) |
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Weighted average shares outstanding, basic |
8,253,851 |
– |
8,253,851 |
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SOCIAL REALITY, INC. |
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CONDENSED AND CONSOLIDATED BALANCE SHEET |
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SEPTEMBER 30, 2018 |
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(Unaudited) |
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September 30 |
September 30 |
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2018 |
2018 |
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As Reported |
Adjustments |
As Restated |
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Total assets |
34,341,324 |
– |
34,341,324 |
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Accounts payable and accrued expenses |
2,475,229 |
2,475,229 |
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Leapfrog warrant liability |
– |
1,000,000 |
1,000,000 |
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Warrant liability – Series A |
– |
1,300,000 |
1,300,000 |
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Debenture warrant liability |
– |
1,600,000 |
1,600,000 |
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Total current liabilities |
2,475,229 |
3,900,000 |
6,375,229 |
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Secured convertible debentures, net |
2,943,109 |
– |
2,943,109 |
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Total liabilities |
5,418,338 |
3,900,000 |
9,318,338 |
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Total stockholders’ equity |
28,922,886 |
(3,900,000) |
25,022,886 |
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Total liabilities and stockholders’ equity |
34,341,224 |
– |
34,341,224 |
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SOCIAL REALITY, INC. |
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CONDENSED AND CONSOLIDATED BALANCE SHEET |
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DECEMBER 31, 2017 |
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Restated |
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December 31, |
December |
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2017 |
Adjustments |
2017 |
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Total assets |
23,605,699 |
– |
23,605,699 |
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Accounts payable and accrued expenses |
5,010,815 |
5,010,815 |
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Leapfrog warrant liability |
1,700,000 |
1,700,000 |
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Warrant liability – Series A |
2,100,000 |
2,100,000 |
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Debenture warrant liability |
2,500,000 |
2,500,000 |
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Total current liabilities |
5,010,815 |
6,300,000 |
11,310,815 |
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Secured convertible debentures, net |
1,711,146 |
– |
1,711,146 |
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Total liabilities |
6,721,961 |
6,300,000 |
13,021,961 |
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Total stockholders’ equity |
16,883,738 |
(6,300,000) |
10,583,738 |
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Total liabilities and stockholders’ equity |
23,605,699 |
– |
23,605,699 |
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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
STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826
The following files are available for download:
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Invitation to presentation of EQT AB’s Q1 Announcement 2024 |
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EQT AB Group |
View original content:https://www.prnewswire.co.uk/news-releases/invitation-to-presentation-of-eqt-abs-q1-announcement-2024-302109147.html
- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
Photo – https://mma.prnewswire.com/media/2380039/Photo_1__2024_CEO_Investor_Day.jpg
PDF – https://mma.prnewswire.com/media/2380040/Press_Release__2024_Kia_CEO_Investor_Day_240405.pdf
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/kia-presents-roadmap-to-lead-global-electrification-era-through-evs-hevs-and-pbvs-302109142.html
VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
Logo – https://mma.prnewswire.com/media/1430981/BIOVAXYS_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/biovaxys-technology-corp-provides-bi-weekly-mcto-status-update-302108920.html
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