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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, 2017June 30, 2017September 30, 2017December 31, 2017March 31, 2018June 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

YTD 
September

2018

Adjustments

2018

Revenues 

$                8,823,592

$        8,823,592

Cost of revenue

2,902,179

2,902,179

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)

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

$            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)

$             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 

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

AS 
REPORTED

Restated

Full Year

Full Year

2017

Adjustments

2017

Revenues 

$              23,348,714

$      23,348,714

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) 

      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

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

$               (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)

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

2018

2018

As Reported

Adjustments

As Restated

Total assets

34,341,324

34,341,324

Liabilities and stockholders’ equity

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

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

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

(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

December 31,

December

2017

Adjustments

2017

 Total assets

23,605,699

23,605,699

Liabilities and stockholders’ equity

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

    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

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

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, 2018June 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

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Supply Chain Management Association Becomes Supply Chain Canada

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At its AGM yesterday, the Supply Chain Management Association™ announced its name change to Supply Chain Canada™. The association also launched a new website as part of an overall rebranding initiative.

“The new name and look are part of a transformation that we have undertaken as the association enters its second century,” said Christian Buhagiar, President & CEO of Supply Chain Canada. “Today’s supply chains are dynamic and fast-paced. The association for Canada’s supply chain professionals must reflect that.”

Through the rebranding process, the association has also acquired a meaningful new logo and tagline, “Professionals advancing the future.”

The logo’s maple leaf design not only conveys our nationality; it also represents the connectedness of the supply chain, illustrating the networks and collaboration that are so essential to supply chain success, and the interconnectedness of the association’s federation, institutes and members. Its connected dots can be seen, as well, as the complex route of a global supply chain.

“Professionals advancing the future” succinctly communicates both the professional status of supply chain practitioners and their forward-looking perspective. It is intended to:

  1. Elevate the perception of supply chain practitioners as professionals, acknowledging the value they bring to their organizations and to the Canadian economy.
  2. Encompass the several ways that the association and its members “advance” – in their personal careers and knowledge, and for the profession, the country and the economy.
  3. Express the future focus of the association – with its emphasis on the development of skills and policies – and of the supply chain itself, now so focused on AI, blockchain, robotics, automation and so on.

The new website, now at www.supplychaincanada.com, is enhanced with a modern look and new functionality that enables location-based content for users across Canada.

These changes are not simply style enhancements. They are part of a larger plan to strengthen the association. Supply Chain Canada consolidates the organization’s brand across the country under a single name in every province and territory, removing any possible confusion from its federation structure. “The unity that this will ensure will help us improve recognition in the sector, and thereby provide stronger leadership to the Canadian supply chain community,” said Buhagiar.

The association’s transformation began in 2018 with a new vision and mission, as well as an ambitious three-year strategic plan. The new name and rebranding announced yesterday are part of a larger evolution that will continue over the next two years with the introduction of new and revised educational offerings, new initiatives to engage with industry, more value-added membership benefits and more.

 

SOURCE Supply Chain Canada

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Export Portal to Address Best Practices in Sustainable Trade Facilitation at the Asia-Pacific Trade Facilitation Forum

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Export Portal CEO Ally Spinu will be adding her take on the alignment of trade facilitation and sustainable development goals at a session at the 9th Asia-Pacific Trade Facilitation Forum (APTFF) in New Delhi.

“The Asia-Pacific region is a wealth of unexplored opportunities which lay deep in the communities of local businessmen and women that just need support in bringing their amazing products to the world to see and buy,” Ms. Spinu said. “I am looking forward to this event and being a part of the change that will help local businesses from this part of the world sell their products globally. I deeply believe that shifting attention to developing SMEs is the major change international trade and local economies have been waiting for.”

This year’s APTFF will focus on how digital and sustainable trade facilitation measures and practices can bring prosperity in the Asia-Pacific region. The forum will investigate opportunities from trade digitalization for sustainable progress of the area and challenges ahead in materializing such opportunities. APTFF will feature panel discussions as well as interactive and informative sessions. These sessions will allow participants to share experiences and perspectives on different aspects of trade facilitation, including trade finance, cross-border eCommerce and paperless trade, transit, innovative application of emerging technologies, and more. APTFF will bring relevant regional initiatives and implementation cases to each session, making it a unique opportunity to share knowledge and practical lessons. The forum will also include many side-events providing a more in-depth exploration of the pertinent trade facilitation issues.

“Agricultural products are the fastest category and industry growing within Export Portal, and I can say that is just natural that SMEs around the world are actively looking for new ways for selling their products around the world,” Ms. Spinu said. “The role of innovative technologies such as Export Portal is crucial in helping these SMEs integrate within the world supply chain of food with ease and at optimal costs. I want to explain the current issues existing within SMEs’ integration in international trade due to the high cost involved and how technology slowly but surely changes this.”

Export Portal’s trade goals align directly with the purpose of this session, as its international B2B trade platform is an affordable and all-encompassing solution for SMEs all over the world. The features that are available and being developed on Export Portal, such as the panel of experts (EP+), the educational hub (EPU), and data flow insights (EPI), provide SMEs with the resources they need to trade effectively on an international scale safely, securely, and efficiently.

The Digital and Sustainable Trade Facilitation for Regional Prosperity session is co-organized by ADB, ESCAP, Ministry of Commerce, India and Confederation of Indian Industry and will be held on Wednesday, September 18, from 9:00 to 10:45 AM.

 

SOURCE Export Portal

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MIT-IBM Watson AI Lab Convenes Top Researchers for Second Annual AI Research Week

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The MIT-IBM Watson AI Lab (NYSE: IBM) is hosting its second annual AI Research WeekSeptember 16-20, in Cambridge, MA. The five-day conference will explore leading themes in today’s field of AI including neurosymbolic computing and semantic reasoning in machine learning, AI security and safety, inclusive design of AI for all communities, trustworthy and explainable AI, and industry applications of AI.

The MIT-IBM Watson AI Lab is a joint research effort to drive fundamental advances in artificial intelligence. Since its founding in 2017, the lab has become an integral component of IBM’s AI Research strategy and is spearheading 48 AI-related research projects.

WHO:
Dario Gil (Director, IBM Research), joined by top AI researchers:

  • Yoshua Bengio (A.M. Turing Award Winner and Pioneer of AI and Deep Learning)
  • Josh Tenenbaum (Professor, Dept. of Brain and Cognitive Sciences, MIT)
  • Laura Shulz (Dept. of Brain and Cognitive Sciences at MIT, Primary Investigator of the MIT Early Childhood Cognition Lab)
  • Roger Levy (Associate Professor, Dept. of Brain and Cognitive Sciences at MIT, Director of the Computational Psycholinguistics Laboratory)

Additional discussions will feature David Cox (IBM Director, MIT-IBM AI Watson Lab), Lisa Amini (Director, IBM Research Cambridge), and Antonio Torralba (MIT Director, MIT-IBM AI Watson Lab), addressing key topics including: progress of the MIT-IBM AI Watson Lab to date and future goals; transitioning AI research to industry; and self-supervised learning of AI.

The conference will also showcase research and thought leadership from scientists and students affiliated with Massachusetts Institute of Technology; the University of California, San Diego; the University of Maryland, Baltimore County; the University of Illinois, Urbana-ChampaignBoston UniversityRensselaer Polytechnic Institute; the University of Montreal; the University of Massachusetts, Amherst; and the Cambridge and Boston community.

WHAT:
AI Research Week is a technical conference featuring top AI thought leaders from around the world sharing the latest insights on the field of AI. The five-day gathering will also consist of panels, workshops, networking and mentorship all geared towards forging new ideas and discussion around advancements in AI.

WHEN & WHERE: 
September 16-20, 2019, times for events vary. AI Research Week events will be held at MIT and IBM in Cambridge, MA. While many events will occur at the MIT Samberg Conference Center, 50 Memorial Dr, Cambridge, MA 02142, it is best to check the schedule for specific event locations and times.

Conference highlights:

Monday, September 16: Kick-off the week with a poster and networking session where researchers from the MIT-IBM Watson AI Lab and IBM’s AI Horizons Network of university collaborators will showcase projects underway that are shaping the future of AI.

The afternoon will feature a round robin event designed to help match various student communities in the Boston area with a mentor, specifically those in Latinx, BlackinAI, Women in Machine Learning, and LGBTQ. This session will include 15 tables, each with a different topic, and mentors from IBM, as well as other speakers from AI Research Week, designed to connect students with a mentor.

Tuesday, September 17: Yoshua Bengio, full professor and head of the Montreal Institute for Learning Algorithms (MILA), University of Montreal, and Dario Gil, Director of IBM Research, begin the AI Horizons Colloquium with a Welcome Address, followed by a full day of talks and discussion featuring AI experts from academia and industry.

NOTE: The Colloquium (all day) will be livestreamed here.

Other Colloquium speakers include:

  • Saska Mojsilovic, head of AI Foundations, IBM Research and Co-Director of IBM Science for Social Good, will discuss how people can begin to trust AI.
  • Collin Stult, Professor of Electrical Engineering and Computer Science Institute for Medical Engineering and Science and MIT faculty at Harvard-MIT Division of Health Sciences and Technology Cardiologist, will discuss whether useful machine learning will be used clinically in the near future.

Wednesday, September 18: The NASA ISS Program Science Office and the ISS U.S. National Laboratory, along with IBM Research, will launch a unique opportunity to learn about the International Space Station. Guests will be able to speak with representatives and researchers about the future of AI intersecting with the future of research in space. The event also includes a competition and special session where researchers and students can pitch “ISS meets AI” project ideas to a panel of space experts from NASA, the ISS, IBM, and MIT.

 

SOURCE IBM

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