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HEALTH: TYME Technologies, Inc. Provides Business Update And Announces Third Fiscal Quarter 2022 Financial And Operating Results

Posted: 11 Feb 2022 03:59 AM PST

health:-tyme-technologies,-inc.-provides-business-update-and-announces-third-fiscal-quarter-2022-financial-and-operating-results

BEDMINSTER, N.J.–()–TYME Technologies, Inc. (Nasdaq: TYME) (the Company or TYME), an emerging biotechnology company developing cancer metabolism-based therapies (CMBTs™), announced financial and operating results for its third fiscal quarter ended December 31, 2021.

Third Fiscal Quarter 2022 Business and Recent Highlights:

OASIS Breast Cancer Trial

Patient enrollment in the Phase II OASIS breast trial continued during the third fiscal quarter 2022. The Company is collaborating with Georgetown University in a multicenter Phase II single-arm, open-label study examining SM-88 with methoxsalen, phenytoin, and sirolimus (MPS). The OASIS trial is an investigator-initiated prospective open-label Phase II trial evaluating the efficacy and safety of SM-88 with MPS for the treatment of metastatic HR+/HER2- breast cancer after treatment with a CDK4/6 inhibitor. This indication represents approximately 73% of the annual breast cancer diagnoses in the US each year. The trial is being conducted at Georgetown University at a total of five sites within the Georgetown/MEDSTAR system. The Company plans to provide an update on the OASIS breast cancer study during the first half of calendar year 2023.

HopES Sarcomas Trial

Patient enrollment in the HopES sarcomas trial continued during the third fiscal quarter 2022. The HopES trial is an open-label Phase 2 investigator-sponsored trial of SM-88 therapy in sarcoma, sponsored by The Joseph Ahmed Foundation. This trial has two cohorts, each expecting to enroll 12 patients. The first is SM-88 with MPS as salvage treatment in patients with mixed rare sarcomas, and the other is SM-88 with MPS as maintenance treatment for patients with metastatic Ewing's sarcoma who had not progressed on prior therapy. The primary objective is to measure Overall Response Rate and Progression Free Survival. The Company anticipates that the trial will complete enrollment by mid-2022.

Pre-clinical Pipeline Program

The Company has begun a comprehensive translational preclinical program focused on SM-88 MOA and Biomarker Identification/Validation and has engaged Evotec, a leading global research and development company, to aid in the execution of these activities. TYME is also incorporating several complementary academic collaborations into this multi-faceted program. The overall goal of these activities is to potentially identify actionable biomarkers of sensitivity and activity to SM-88 in various cancers, complementary combination drugs strategies for SM-88, and other cancer metabolism targets that could be targeted for treatment. The goal of the biomarker preclinical program is to identify areas where SM-88 produces a significant response, with the aim of expanding to other indications.

"We had good momentum this past quarter enrolling patients in our breast and sarcoma trials. We also continued to advance our tumor targeting technology and COVID–19 pre-clinical programs. Additionally, our MOA and Biomarker work has commenced as planned," said Richie Cunningham, Chief Executive Officer of TYME Technologies.

Precision Promise Trial

On January 26, 2022, the Company announced the discontinuation of SM-88 with MPS in the Precision Promise trial in metastatic pancreatic cancer (mPDAC) upon learning from the trial sponsor, Pancreatic Cancer Action Network (PanCAN), that it discontinued the arm due to futility compared to the control of standard of care chemotherapy in second-line mPDAC. Based on the information provided by PanCAN, the overall survival for SM-88 with MPS in monotherapy was lower compared to standard of care chemotherapies with either Gemcitabine and Abraxane or modified FOLFIRINOX.

Strategic Review Update

A key goal coming out of the Company's 2021 strategic review was to diversify the development pipeline by disease state, and TYME has commenced a process to examine additional options. A strong balance sheet, including $92.0 million of cash on hand, enables the Company to explore a number of avenues. Prior data indicated that SM-88 demonstrated confirmed responses in 15 different cancer types in both a First in Human study and a Compassionate Use program, and the Company is continuing its biomarker work to determine whether there is additional compelling data to commence a trial utilizing SM-88 in a new indication. Concurrently, TYME will be initiating searches for promising in-development cancer drugs that could be brought into the Company's pipeline.

"I can assure you the process to diversify our pipeline will be a thorough and thoughtful one. We will carefully consider the benefits of commencing another internal SM-88 program versus looking outside the Company for a new compound. We firmly believe that SM-88 can be an effective agent in the fight against cancer. We also recognize that bringing in a product candidate with a different mechanism of action than SM-88 would add further diversity to our pipeline," stated Cunningham.

Third Fiscal Quarter 2022 Financial Results

As of the quarter ended December 31, 2021, the Company had approximately $92.0 million in cash and marketable securities, compared to $96.6 million as of the quarter ended September 30, 2021. TYME's operational cash burn rate for the third quarter of fiscal year 2022 was $4.5 million compared to $5.0 million for the second quarter and $5.9 million for the third quarter of fiscal year 2021.

The burn rate was below the Company's previous guidance and reflected expenses associated with ongoing clinical trials in breast cancer (OASIS), and sarcoma cancers (HopES), and the newly discontinued Precision Promise trial, as well as reduced costs associated with the discontinued pancreatic cancer trial, TYME-88-Panc Part 2. TYME anticipates that its quarterly cash usage or "cash burn rate" will range from $6.0 to $7.0 million for the remaining quarter of fiscal year 2022, based on costs associated with the Company's active clinical trials, the ongoing and closeout activities related to the discontinued pancreatic cancer studies, the pre-clinical studies in biomarker and mechanism of action research of SM-88, and TYME-19 pre-clinical studies.

Net loss was $5.3 million for the quarter ended December 31, 2021, or ($0.03) per basic and diluted share, as compared to a net loss of $6.1 million for the quarter ended December 31, 2020, or ($0.05) per basic and diluted share. The decrease reflected lower ongoing trial costs primarily due to the discontinued TYME-88-Panc Part 2 trial.

Adjusted net loss for the three months ended December 31, 2021, was comparable to the GAAP net loss noted above, as the change in fair value of the warrant liability largely offset employee, director, and consultant stock options. Adjusted net loss and adjusted net loss per share are non-GAAP measures. See "Use of Non-GAAP Measures" below for a reconciliation to the comparable GAAP measures.

TYME has reported its full financial results for the quarter ended December 31, 2021, in the Company’s Form 10-Q filed with the Securities and Exchange Commission (“SEC”). TYME's 10-Q is located in the SEC filings section of the Company's website.

Conference Call and Webcast Details

Date:

Friday, February 11, 2022

Time:

8: 30 AM ET

Toll-free

(U.S.) (866) 601-3896

International

(636) 812-6499

Conference ID

1286376

The webcast will be accessible on the Events & Presentations page of the Investors section of the TYME website, tymeinc.com, and will be archived for 90 days following the event.

Use of Non-GAAP Measures

Adjusted net loss and adjusted net loss per share as presented in this report are non-GAAP measures. The adjustments relate to the change in fair value of warrant liability, amortization of employees, directors and consultants stock options and gain on warrant exchange. These financial measures are presented on a basis other than in accordance with U.S. generally accepted accounting principles (“Non-GAAP Measures”). In the reconciliation tables that follow, we present adjusted net loss and adjusted net loss per share, reconciled to their comparable GAAP measures, net loss and net loss per share. These items are adjusted because they are not operational or because they are significant noncash charges and management believes these adjustments are meaningful to understanding the Company’s performance during the periods presented. These Non-GAAP Measures should be considered a supplement to, not a substitute for, or superior to, the corresponding financial measures calculated in accordance with GAAP. Our definitions of adjusted net loss and adjusted loss per share may not be comparable to similar measures reported by other companies.

About TYME Technologies, Inc.

TYME is an emerging biotechnology company developing cancer metabolism-based therapies (CMBTs™) that are intended to be effective across a broad range of solid tumors and hematologic cancers, while also maintaining patients' quality of life through relatively low toxicity profiles. Unlike targeted therapies that attempt to regulate specific mutations within cancer, the Company's therapeutic approach is designed to take advantage of a cancer cell's innate metabolic weaknesses to cause cancer cell death.

The Company is currently focused on developing its novel compound, SM-88, its preclinical pipeline of novel CMBTTM programs, as well as TYME-19 as a potential therapeutic for SARS CoV-2 diseases. The Company believes that early clinical results demonstrated by SM-88 in multiple advanced cancers, including prostate, sarcomas and breast, reinforce the potential of its emerging CMBT™ pipeline.

For more information about the Company, visit www.tymeinc.com and connect on Facebook, LinkedIn, and Twitter.

About SM-88

SM-88 is an oral investigational modified proprietary tyrosine derivative that is believed to interrupt the metabolic processes of cancer cells by breaking down the cells' key defenses and leading to cell death through oxidative stress and exposure to the body's natural immune system. Clinical trial data have shown that SM-88 has demonstrated encouraging tumor responses across 15 different cancers, including lung, breast, prostate and sarcoma cancers with minimal serious grade 3 or higher adverse events. SM-88 is being evaluated in a Phase II study evaluating SM-88 in breast cancer (HR+/HER2-), as well as continuing enrollment of a Phase II study in high-risk metastatic sarcomas. SM-88 is an investigational therapy that is not approved for any indication in any disease.

Learn more.

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements under the Private Securities Litigation Reform Act that involve substantial risks and uncertainties. Such forward-looking statements within this press release include, without limitation, statements regarding our drug candidates and technologies (including SM-88 and TYME- 18) and their clinical potential and non-toxic safety profiles, our drug development plans and strategies, ongoing and planned preclinical or clinical trials, , preliminary data results and the therapeutic design and mechanisms of our drug candidates. The words "believes," "expects," "hopes," "may," "will," "plan," "intends," "estimates," "could," "should," "would," "continue," "seeks," "anticipates," and similar expressions (including their use in the negative) are intended to identify forward-looking statements. Forward-looking statements can also be identified by discussions of future matters such as: the effect of the COVID-19 pandemic and the associated impact on the national and global economy as well as impacts on the Company’s ongoing clinical trials and ability to analyze data from those trials; the cost of development and potential commercialization of our lead drug candidate and of other new product candidates; expected releases of interim or final data from our clinical trials; possible collaborations; the timing, scope, status, objectives of our ongoing and planned trials; the success of management transitions and strategic initiatives; and other statements that are not historical. The forward-looking statements contained in this press release are based on management's current expectations and projections which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. These statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from any historical results and future results, performance or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include but are not limited to: the severity, duration, and economic impact of the COVID-19 pandemic; our ability to achieve the intended benefits of our strategic initiatives; that certain information is of a preliminary nature and may be subject to change; uncertainties inherent in the cost and outcomes of research and development, including the cost and availability of acceptable-quality clinical supply, and the ability to achieve adequate start and completion dates, as well as uncertainties in clinical trial design and patient enrollment, dropout or discontinuation rates; the possibility of unfavorable study results, including unfavorable new clinical data, additional analyses of existing data and results that may lead to a discontinuation of trials; risks associated with early, initial data, including the risk that the final data from any clinical trials may differ from prior or preliminary study data or analyses and may not support further clinical development; and that past reported data are not necessarily predictive of future patient or clinical data outcomes; whether and when any applications or other submissions for SM-88 or other drug candidates may be filed with regulatory authorities; whether and when regulatory authorities may approve any applications or submissions; decisions by regulatory authorities regarding labeling and other matters that could affect commercial availability of SM-88 or other drug candidates; the ability of TYME and its collaborators to develop and realize collaborative synergies; competitive developments; the ability of TYME to maintain compliance with Nasdaq listing standards; and the factors described in the section captioned "Risk Factors" of TYME's Annual Report on Form 10-K for the fiscal year ended March 31, 2021 filed with the U.S. Securities and Exchange Commission on June 10, 2021 as well as subsequent reports we file from time to time with the U.S. Securities and Exchange Commission available at www.sec.gov.

The information contained in this press release is as of its release date and TYME assumes no obligation to update forward-looking statements contained in this release as a result of future events or developments.

 
Tyme Technologies, Inc. and Subsidiaries
Condensed Consolidated Statement of Operations and Comprehensive Loss
(Unaudited)
 
 
Three Months Ended

December 31,
Nine Months Ended

December 31,

2021

2020

2021

2020

Revenues

$

$

$

$

Operating expenses:
Research and development

3,463,281

3,548,992

11,143,108

12,971,735

General and administrative (including $47,000, $109,000, $313,000 and $450,000 of related party legal expenses, respectively)

2,424,294

2,321,974

7,325,552

7,992,735

Total operating expenses

5,887,575

5,870,966

18,468,660

20,964,470

Loss from operations

(5,887,575

)

(5,870,966

)

(18,468,660

)

(20,964,470

)

Other income (expense):
Change in fair value of warrant liability

550,095

(228,750

)

1,619,404

(3,002,449

)

Gain on warrant exchange

2,228,697

Other income

36,122

1,544

94,652

19,057

Interest expense

(16,306

)

(22,539

)

(56,933

)

(77,895

)

Total other income (expense)

569,911

(249,745

)

1,657,123

(832,590

)

Net loss

$

(5,317,664

)

$

(6,120,711

)

$

(16,811,537

)

$

(21,797,060

)

Basic and diluted loss per common share

$

(0.03

)

$

(0.05

)

$

(0.10

)

$

(0.17

)

Basic and diluted weighted average shares outstanding

172,206,894

130,172,441

172,206,417

127,611,426

Statements of Comprehensive Loss
Net loss

$

(5,317,664

)

$

(6,120,711

)

$

(16,811,537

)

$

(21,797,060

)

Other comprehensive loss
Unrealized loss on marketable securities, net of tax

(105,639

)

(164,196

)

Comprehensive loss

$

(5,423,303

)

$

(6,120,711

)

$

(16,975,733

)

$

(21,797,060

)

 
 
Reconciliation of Net Loss to Adjusted Net Loss

Three Months Ended

December 31,

Nine Months Ended

December 31,

2021

2020

2021

2020

Net loss (GAAP)

$

(5,318,000

)

$

(6,121,000

)

$

(16,812,000

)

$

(21,797,000

)

Adjustments:
Change in fair value of warrant liability

(550,000

)

229,000

(1,619,000

)

3,002,000

Amortization of employees, directors and consultants stock options

604,000

785,000

1,864,000

2,738,000

Gain on warrant exchange

(2,229,000

)

Adjusted net loss (non-GAAP)

$

(5,264,000

)

$

(5,107,000

)

$

(16,567,000

)

$

(18,286,000

)

 
 
Reconciliation of Net Loss Per Share to Adjusted Net Loss Per Share

Three Months Ended

December 31,

Nine Months Ended

December 31,

2021

2020

2021

2020

Net loss per share (GAAP)

$

(0.03

)

$

(0.05

)

$

(0.10

)

$

(0.17

)

Adjustments:
Change in fair value of warrant liability * *

(0.01

)

0.02

Amortization of employees, directors and consultants stock options *

0.01

0.01

0.02

Gain on warrant exchange

(0.02

)

Adjusted net loss per share (non-GAAP)

$

(0.03

)

$

(0.04

)

$

(0.10

)

$

(0.15

)

The effect of the change was negligible to the adjusted net loss per share.
 

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HEALTH: Integrated Dermatology Partners With Summit Plastic Surgery & Dermatology PLLC To Expand Presence In The Carolinas

Posted: 11 Feb 2022 03:59 AM PST

health:-integrated-dermatology-partners-with-summit-plastic-surgery-&-dermatology-pllc-to-expand-presence-in-the-carolinas

BOCA RATON, Fla.–()–Integrated Dermatology, one of the nation’s largest providers of dermatology services, added Summit Plastic Surgery & Dermatology PLLC to its growing national network. Established in 1997, the new Integrated Dermatology practice, led by Dr. Edward Ricciardelli, operates three locations in North Carolina: Wilmington, Supply, and the newly opened office in Hampstead.

Dr. Ricciardelli is a highly trained plastic surgeon with board certifications in Plastic Surgery and Otolaryngology Head and Neck Surgery. He has been practicing medicine for nearly 30 years and is a Visiting Associate Professor of Plastic Surgery at the University of Virginia and former President of New Hanover-Pender Medical Society.

Dr. Ricciardelli received his M.D. He graduated with distinction from the University of Virginia and was elected to the AOA Honor Society in his junior year. After completing his Otolaryngology Head & Neck Surgery training at the University of Washington, Seattle, he returned to Virginia for his fellowship in plastic surgery. He was the Chief Resident. After completing his training, he accepted an assistant professorship at the University of Iowa College of Medicine in Plastic Surgery and Head and Neck Surgery.

Summit Plastic Surgery & Dermatology, managed by Dr. Ricciardelli and supported by eight providers, was voted 2021 Best Cosmetic/Plastic Surgery Center by Wilmington StarNews readers. In addition, the American Institute of Plastic Surgeons named Dr. Ricciardelli one of North Carolina’s 10 Best Plastic Surgeons for 2021 for exceptional and outstanding patient service.

“For 25 years, we have worked hard to build our excellent reputation throughout the Carolinas,” Dr. Ricciardelli said. “We continue to strive to raise the standard and honor the Summit mission statement, which is to provide compassionate and high-quality care to our patients.

Jeff Queen is the CEO of Integrated Dermatology. He said that the company was excited to work with Summit Plastic Surgery & Dermatology and to expand its North Carolina presence. Queen stated that she looks forward to supporting Dr. Ricciardelli’s team in their growth and providing high-quality patient care.

For more information on Summit Plastic Surgery & Dermatology, visit summitcares4u.com.

About Integrated Dermatology

Headquartered in Boca Raton, Fla., Integrated Dermatology is one of the largest providers of dermatology services, empowering doctors nationwide through practice acquisitions, physician partnerships and new practice formations. Founded in 2004, the company operates in more than 25 states and enables its dermatologists to maintain their medical autonomy. Integrated Dermatology is a doctor-driven company that focuses on patient care and provides exceptional back-office support including accounting, payroll and human resources. The company offers career opportunities to dermatologists who are interested in joining a well-established practice. For additional information, visit mydermgroup.com.

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HEALTH: Human Augmentation Market Global Forecast To 2026: Wearable Devices To Account For Largest Size Of Human Augmentation Market Throughout Forecast Period – ResearchAndMarkets.com

Posted: 11 Feb 2022 03:59 AM PST

health:-human-augmentation-market-global-forecast-to-2026:-wearable-devices-to-account-for-largest-size-of-human-augmentation-market-throughout-forecast-period-–-researchandmarkets.com

DUBLIN–()–The “Human Augmentation Market with COVID-19 Impact Analysis by Product Type, Functionality, Application, & Geography – Global Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.

The human augmentation market is estimated to be worth USD 131.7 billion in 2021 and is projected to reach USD 341.2 billion by 2026, at a CAGR of 21.0%. The market is growing due to the increasing demand for human augmentation devices, including the advent of AI-powered wearables and technological advances such as miniaturization of sensors and the use of brain-computer interfaces. This has a CAGR of 21.0%. The market growth will be slowed by the high cost of AR and VR augmentation devices as well as health concerns regarding AR and VR technologies.

Wearable technology is expected to dominate the human augmentation market over the forecast period. Market growth is being driven by the increasing use of wearable devices for monitoring health and fitness parameters. The development of advanced sensor technologies and miniaturized multifunctional ICs has made it possible to create cost-effective wearable devices that can be used for a variety of consumer applications. Wearable devices can include wristwatches, watches, wristbands and socks that incorporate different types of sensors.

The market for non-body-worn human augmentation products is estimated to register the highest CAGR between 2021 and 2026 in human augmentation market

Non-body-worn human augmentation products consist of intelligent virtual assistants, VR projectors and display walls, and AR and VR software. This segment is expected to see the most growth over the forecast period. Market growth is expected to be driven by the growing demand for immersive content and VR software for AR and virtual reality devices. This will also drive market growth for non-body-worn items.

Chatbots have been increasing in popularity over the years to improve customer service. This has resulted in customer loyalty, customer retention, higher conversion rates, reduced abandonment, and increased customer retention. Chatbots can provide personalized and accurate information, self-service options and outbound email notifications. They also collect customer insights. Chatbots can improve sales and reduce operational costs by providing automated customer service.

The Asia Pacific human augmentation market is expected to grow faster than other regions. Human augmentation product manufacturers have ample growth potential due to the presence of advanced manufacturing industries in countries like Japan and China. The market is driven by a large mobile user base and a large population. There are many factors that have contributed to the rapid growth of the market for human augmentation in developing countries like India. These include a large user base and a high level of disposable income.

Key Topics Covered:

Premium Insights

  • Attractive Growth Opportunities in Human Augmentation Market – Increasing Demand for Wearable Technologies to Contribute to Market Growth
  • Human Augmentation Market, by Product Type – Wearable Devices to Account for Largest Size of Human Augmentation Market Throughout Forecast Period
  • Human Augmentation Market, by Functionality – Body-Worn Human Augmentation Products to Hold Larger Market Share in 2021
  • Human Augmentation Market, by Application – Consumer Application to Capture Largest Size of Human Augmentation Market from 2021 to 2026
  • Human Augmentation Market, by Region – Asia-Pacific to Hold Largest Size of Global Human Augmentation Market Throughout Forecast Period

Market Dynamics

Drivers

  • High Demand for Wearable Augmentation Devices in Healthcare Sector
  • Recent Advent of Ai-Powered Wearable Devices
  • Restoring Vision and Hearing
  • Relaxing Brainwaves to Reduce Anxiety
  • Reviving Mixed Reality
  • Increased Adoption of Wearable Devices
  • Rapid Technological Advancements
  • Availability of Fast Processing Chipsets
  • Miniaturization of Sensors
  • Use of Brain-Computer Interfaces
  • Evolution of Nanotechnology

Restraints

  • High Cost of Human Augmentation Devices
  • Health Concerns Related to AR and VR Technologies

Opportunities

  • Rising Use of Human Augmentation Technologies to Ensure Safety and Improve Strength of Military Personnel
  • Growing Implementation of Human Augmentation Technologies in Industrial Applications

Challenges

  • Risk of Data Breach and Identity Theft
  • Dearth of Skilled Personnel
  • Requirement for Constant Modifications in Devices
  • Development of Human Augmentation Products at Larger Scale and Offering Them at Lower Prices

Companies Mentioned

  • Samsung Electronics Co., Ltd.
  • Google LLC
  • Ekso Bionics
  • Vuzix Corporation
  • Garmin Ltd.
  • Fossil Group, Inc.
  • B-Temia Inc.
  • Casio
  • Magic Leap
  • Rewalk Robotics
  • Cyberdyne Inc.
  • Polar Electro
  • P&S Mechanics Co., Ltd.
  • Lifesense Group
  • Atoun
  • Mobvoi
  • Rex Bionics Pty. Ltd.
  • Atheer, Inc.
  • Second Sight Medical Products
  • Inbenta Holdings Inc.
  • Mycroft Ai, Inc.
  • Cyberglove Systems LLC
  • Scope AR
  • Merge Labs, Inc.
  • Wearable Robotics Srl
  • Goqii
  • Raytheon Technologies

For more information about this report visit https://www.researchandmarkets.com/r/801x6f

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. You will find the most current data on the key industries, top companies, and the newest trends in international and regional markets at ResearchAndMarkets.com.

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Adolfo Martinez Castelo, MD, Recognized for Excellence in Psychiatry

Posted: 11 Feb 2022 03:54 AM PST

Adolfo Martinez Castelo, MD, Recognized for Excellence in Psychiatry

BUSINESS:

TUSCON, AZ, February 01, 2022 /24-7PressRelease/ — Adolfo Martinez Castelo, MD, has been included in Marquis Who’s Who. Individuals profiled in Marquis Who’s Who biographical volumes are chosen based on current reference value. During the selection process, factors such as position, notable accomplishments, visibility and prominence in a particular field are all considered.

Dr. Martinez Castelo has more than 20 years of experience in medicine and psychiatry. He is a psychiatrist for children and adolescents, and he founded La Cholla Psychiatry private clinic. His passion is working with families and children with mental illnesses, such as ADHD, anxiety, trauma and substance abuse, and his passion is working with them. Over the course of Dr. Martinez Castelo’s career, he has found it very rewarding to work in outpatient and hospital settings that offer psychiatric services for minorities. For the past 7 years, Dr. Martinez has proudly served as the medical director for the Tucson residential programs at Devereux Advanced Behavioral Health. This is a national leader in mental health.

Before embarking on his professional career, Dr. Martinez Castelo sought a medical education in 2001, at Universidad Autonoma de Guadalajara. He earned a Doctor of Medical. He immigrated to the United States in his native Mexico. He completed his general adult psychiatrist residency program as well as a fellowship in child and adolescents psychiatry at University of Arizona in 2013.. He was able to provide services to veterans at the Tucson VA in the United States during his time there.

Dr. Martinez Castelo is a member of several relevant organizations to stay abreast of the latest developments in his field. These include the Academy of American Psychiatry and American Academy of Child and Adolescent Psychiatry. Dr. Martinez Castelo is optimistic about the future and plans to expand his private practice, providing more support services for his clients.

About Marquis Who’s Who(r)


1899, A. N. Marquis published the First Edition Of Who’s Who in America(r). Since then, Marquis Who’s Who (r) has documented the lives of some of the most successful individuals and innovators in every major field of endeavor. This includes politics, business law, medicine, education, law, religion, and entertainment. Who’s Who in America(r), a vital biographical resource for thousands of journalists, librarians, and executive search agencies around the globe, is still available. Marquis(r), now publishes many Who’s Who titles including Who’s Who in America (r), Who’s Who in the World (r), Who’s Who in American Law (r), Who’s Who in Medicine and Healthcare, Who’s Who in Science and Engineering and Who’s Who in Asia (r). Marquis(r) publications may be visited at the official Marquis Who’s Who(r) website at www.marquiswhoswho.com.

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CONSTRUCTION: Ares Management Corporation Reports Fourth Quarter And Full Year 2021 Results

Posted: 11 Feb 2022 03:08 AM PST

construction:-ares-management-corporation-reports-fourth-quarter-and-full-year-2021-results

NEW YORK–()–Ares Management Corporation (NYSE:ARES) today reported its financial results for its fourth quarter and full year ended December 31, 2021.

GAAP net income attributable to Ares Management Corporation was $124.1 million and $408.8 million, respectively, for the quarter and year ended December 31, 2021. Basic income per share of Class A common stock and non-voting common stocks attributable to Ares Management Corporation was $0. 68 and $2. 24, respectively, for the quarter and year ended December 31, 2021. The net income attributable To Ares Management Corporation per share Class A and non-voting Common Stock was $0. 66 and $2. 15, respectively, for the quarter and year ended December 31, 2021.

After-tax realized income was $291.1 million and $803.7 million, respectively, for the quarter and year ended December 31, 2021. After-tax realized income per share, Class A and non-voting, was $0. 85 and $2. 57, respectively, for the quarter and year ended December 31, 2021. Fee related earnings were $253.3 million and $712.3 million, respectively, for the quarter and year ended December 31, 2021.

“2021 was a transformational year for Ares as we exceeded $300 billion of AUM for the first time on growth of 55% for the year and closed two highly strategic acquisitions,” said Michael Arougheti, Chief Executive Officer and President of Ares. “We had record organic fundraising of $25 billion in the fourth quarter and approximately $77 billion for the full year, well in excess of our expectations, as both institutional and retail investors are seeing the benefits of the higher returns and lower volatility that we generate with our alternative investments.”

“All key financial metrics were at record levels in the fourth quarter, including assets under management, fee related earnings and after-tax realized income, all having increased more than 50% on a year over year basis,” said Jarrod Phillips, Chief Financial Officer of Ares. Our strong fund performance led to record net realized performance income levels and fee-related revenue revenues for the fourth quarter. Even with our strong realization activity in 2021, our net accrued performance income increased 130% year over year.”

Common Dividend

Ares declared a quarterly dividend of $0. 61 per share of its Class A and non-voting common stock, payable on March 31, 2022 to its Class A and non-voting common stockholders of record at the close of business on March 17, 2022.

Dividend Reinvestment Program

Ares has a Dividend Reinvestment Program for its Class A common stockholders that will be effective for the quarterly dividend on March 31, 2022. American Stock Transfer and Trust Company will manage the plan for Ares. You can find additional information on our Investor Resources section.

Additional Information

Ares issued a full detailed presentation of its fourth quarter and full year 2021 results, which can be viewed at www.aresmgmt.com on the Investor Resources section of our home page under Events and Presentations. The presentation is titled “Fourth Quarter and Full Year 2021 Earnings Presentation.”

2022 Annual Stockholders Meeting

The Board of Directors set April 13, 2022 as the record date for the Company’s 2022 Annual Meeting of Stockholders. The 2022 Annual Meeting of Stockholders will be held on June 9, 2022.

Conference Call and Webcast Information

Ares will host a conference call on February 11, 2022 at 12: 00 p.m. (Eastern Time) to discuss fourth quarter and full year results. All interested parties are invited to participate via telephone or the live webcast, which will be hosted on a webcast link located on the Home page of the Investor Resources section of our website at www.aresmgmt.com. To test your connection, please visit the website. Domestic callers can access the conference call by dialing (888) 317-6003. International callers can access the conference call by dialing +1 (412) 317-6061. All callers will need to enter the Participant Elite Entry Number 4069073 followed by the # sign and reference “Ares Management Corporation” once connected with the operator. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected. For interested parties, an archived replay of the call will be available through March 11, 2022 to domestic callers by dialing (877) 344-7529 and to international callers by dialing +1 (412) 317-0088. For all replays, please reference conference number 10162150. An archived replay will also be available through March 11, 2022 on a webcast link located on the Home page of the Investor Resources section of our website.

About Ares Management Corporation

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We aim to offer flexible capital to help businesses and to create value for our community and our stakeholders. We aim to provide attractive and consistent investment returns across all market cycles by working with our investment groups. As of December 31, 2021, Ares Management Corporation’s global platform had approximately $306 billion of assets under management, with approximately 2,100 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.

Forward-Looking Statements

Statements included herein contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or our future performance or financial condition. Forward-looking statements are identified by using forward-looking words like “outlook”, “believes”, “expects,” and “potential,” as well as “continues,”” “should,”,”should,” and “should,” which refer to future events or our financial condition. Forward-looking statements are based upon our expectations, beliefs and assumptions regarding our future performance. We have taken into consideration all information at our disposal. These statements do not guarantee future performance, condition, or results. They also involve risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including but not limited to the impact of the COVID-19 pandemic and the pandemic’s impact on the U.S. and global economy, as well as those described from time to time in our filings with the Securities and Exchange Commission. Forward-looking statements are only accurate as of the date they were made. Ares Management Corporation does not assume any obligation to make any forward-looking statements herein or on the conference call. This is regardless of whether new information or future developments have occurred, or if they are required by law.

This press release does not constitute an offer or solicitation to purchase securities of Ares, or any investment fund managed or controlled by Ares and its affiliates.

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CONSTRUCTION: Global Building Integrated Photovoltaics (BIPV) Market Technology Trends And Advances Report 2021: BIPV Gaining Traction As A Versatile Energy Harvesting Tool With Economical, And Technical Benefits – ResearchAndMarkets.com

Posted: 11 Feb 2022 03:08 AM PST

construction:-global-building-integrated-photovoltaics-(bipv)-market-technology-trends-and-advances-report-2021:-bipv-gaining-traction-as-a-versatile-energy-harvesting-tool-with-economical,-and-technical-benefits-–-researchandmarkets.com

DUBLIN–()–The “Technology Trends and Advances in Building Integrated Photovoltaics” report has been added to ResearchAndMarkets.com’s offering.

BIPV innovation aims to identify new materials for cost-effective and efficient BIPV systems. BIPV researchers also work to optimize manufacturing processes in order to lower manufacturing costs.

Building Integrated Photovoltaics combines photovoltaics and building architecture. BIPVs are on-site generators of power for buildings. This reduces energy costs and the building’s carbon footprint. If the BIPV system is connected to the power grid, any unused electricity can be exported to the utility to support grid purposes.

This research examines BIPV development in terms materials used for manufacturing, technological advances increasing operational efficiency and developments in BIPV glue systems. To improve BIPV’s operational efficiency and cost effectiveness, most technological advances are focused on the identification or synthesizing of novel materials. BIPVs are being developed by researchers that convert sunlight into electricity even in low light conditions.

Buildings provide sufficient area to support PV systems and prevent the need for additional ground. BIPVs add an aesthetic element to the building facade and make it more attractive, in addition to energy-saving and cost savings.

Key Topics: 1. Strategic Imperatives

1.1 Why Is It Increasingly Difficult to Grow? The Strategic Imperative: Factors Creating Pressure on Growth

1.2 The Strategic Imperative

1.3 The Impact of the Top Three Strategic Imperatives on the Building Integrated Photovoltaics Industry

1.4 About the Growth Pipeline Engine

1.5 Growth Opportunities Fuel the Growth Pipeline Engine

2. Research Context and Summary of Findings

2.1 Research Context

2.2 Research Scope

2.3 Research Methodology

2.4 Key Findings in BIPV Technology Advancements

3. Technology Snapshot

3.1 BIPV Gaining Traction as a Versatile Energy Harvesting Tool with Evolving Aesthetical, Economical, and Technical Benefits

3.2 While Crystalline Silicon Dominates the BIPV Market, Thin Film or Organic Material-based PV Solutions are Emerging Options

3.3 Widespread Applicability of BIPV Enhancing Commercial Deployment

3.4 Researchers Aim to Expand BIPV by Discovering Promising New Raw Materials and Developing Processes to Boost its Efficiency

3.5 Drivers Influencing the Widespread Adoption of BIPVs

3.6 Factors Limiting the Widespread Adoption of BIPVs

4. BIPV Landscape: Key Innovations

4.1 Technologies Enabling Efficient and Reliable BIPV Applications

4.2 CIGS Technology Enables Superior Low-light Efficiency Compared to c-Si

4.3 Organic PV Glass Coating Technology to Fabricate Energy-producing Solar Windows

4.4 Inkjet-printed, Ultra-thin, and Flexible Solar Cells Based on Perovskites

4.5 Spherical Solar Cells Capture Sunlight from All Directions for Energy Generation

4.6 Organic PV Technology Enabling Greater Efficiencies and Cost Reduction

4.7 CdTe PV Solar Modules Demonstrate High Efficiency

4.8 A-Si PVs Provide a Cost-effective Alternative to c-Si PVs

4.9 Silicone-based Sealants and Adhesives for BIPV Panels, Solar Modules, and Solar Arrays

5. Regulatory Landscape and IP Analysis

5.1 United States Leads in BIPV R&D Activity

6. Growth Opportunity Universe

6.1 Growth Opportunity 1: Identification of Novel Materials for BIPV Manufacturing

6.2 Growth Opportunity 2: Technological Advancements to Improve Solar Energy Conversion Efficiency under Low Light Conditions

6.3 Growth Opportunity 3: Partnership Ecosystem to Fast-track BIPV Development and Deployment

7. Key Industry Influencers

7.1 Industry Interactions

8. Next Steps

For more information about this report visit https://www.researchandmarkets.com/r/o5xqx3

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CONSTRUCTION: Global Construction Market Report 2022: A $22873.96 Billion Market By 2026 – ResearchAndMarkets.com

Posted: 11 Feb 2022 03:08 AM PST

construction:-global-construction-market-report-2022:-a-$2287396-billion-market-by-2026-–-researchandmarkets.com

DUBLIN–()–The “Construction Global Market Report 2022” report has been added to ResearchAndMarkets.com’s offering.

The global construction market is expected to grow from $13570. 90 billion in 2021 to $15171. 80 billion in 2022 at a compound annual growth rate (CAGR) of 11.8%. The market is expected to reach $22873. 96 billion in 2026 at a CAGR of 10.8%.

Asia Pacific was the largest region in the construction market in 2021. North America was second in terms of the construction market. This report covers the following regions: Asia-Pacific, Western Europe and Eastern Europe.

In the coming years, the market for construction will continue to grow due to the increasing number of construction activities in emerging markets. China, India, Saudi Arabia, Indonesia, and Brazil were the top emerging markets for construction activity. For instance, according to the National Bureau of Statistics, construction output contributed for 25.9% of China’s GDP in 2020, up from 6.2% in 2019 . The rapid growth of construction activity has contributed to the expansion of the construction market.

Increasingly, building construction companies use green construction techniques to create energy-efficient buildings and lower construction costs. Green construction is the use of sustainable building materials and construction methods to make energy-efficient buildings that have minimal environmental impact.

According to World Green Building Trends Survey, about 60% of construction firms across the globe were involved in green construction projects . Leadership in Energy and Environmental Design (LEED), a certification that allows construction firms to design high-performance, sustainable commercial and residential buildings, and offers a range of benefits from tax deductions to market opportunities. The UK is a major marketer of sustainable construction materials, such as natural paints or steel beams made with recycled material. Construction industry also uses green techniques like cross-ventilation to create a more natural environment and green construction software like Construction Suite, which ensures green compliance.

Construction prices have risen steadily because of rising material costs over the past period. Companies in the industry experienced subdued growth in their profits with rising prices of materials such as crude oil, a key component of asphalt reached $41. 96 per barrel in 2020, softwood lumber, a major component used for buildings construction, rose by 112% in February 2021 compared to 2020. The construction market suffered from high prices during the historic period.

Key Topics Covered:

Construction Market Characteristics

Construction Market Trends And Strategies

Impact Of COVID-19 On Construction

Construction Market Size And Growth

  • Global Construction Historic Market, 2016-2021, $ Billion
  • Global Construction Forecast Market, 2021-2026F, 2031F, $ Billion

Construction Market Segmentation

Construction Market Regional And Country Analysis

  • Global Construction Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Global Construction Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

Company Profiles

  • China State Construction Engineering Corporation Ltd.
  • China Railway Group Ltd.
  • China Railway Construction Corporation Limited
  • China Communications Construction Co. ltd.
  • China Evergrande Group
  • Country Garden Holdings Co. Ltd.
  • Vinci SA
  • Power Construction Corporation of China
  • The Metallurgical Corp of China
  • Grupo ACS

For more information about this report visit https://www.researchandmarkets.com/r/iwx1x9

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. You will find the most recent data on the international and regional markets, top industries, and new trends.

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COMMUNICATION: Alibaba Group Will Announce December Quarter 2021 Results On February 24, 2022

Posted: 11 Feb 2022 02:08 AM PST

communication:-alibaba-group-will-announce-december-quarter-2021-results-on-february-24,-2022

HANGZHOU, China–()–Alibaba Group Holding Limited (NYSE: BABA and HKEX: 9988, “Alibaba” or “Alibaba Group”) today announced that it will report its unaudited financial results for the quarter ended December 31, 2021 before the U.S. market opens on Thursday, February 24, 2022, and will hold a conference call to discuss the financial results at 7: 30 a.m. U.S. Eastern Time (8: 30 p.m. Hong Kong Time) the same day.

Details of the conference call are as follows:

International: +65 6780 1201

U.S.: +1 332 208 9458

U.K.: +44 20 3692 8123

Hong Kong SAR: +852 3018 8307

China Landline: 800 820 2079

China Mobile: 400 820 6895

Conference ID: 5436218 (English)

Conference ID: 8955235 (simultaneous interpretation in Chinese, listen only mode)

A live webcast of the earnings conference call can be accessed at https://www.alibabagroup.com/en/ir/earnings. After the conference call, a replay will be available via the same link. A replay of the conference call will be available for one week (dial-in number: +61 2 8199 0299; same conference ID as shown above).

Please visit Alibaba Group’s Investor Relations website at https://www.alibabagroup.com/en/ir/home on February 24, 2022 to view the earnings release and accompanying slides prior to the conference call.

About Alibaba Group

Alibaba Group’s mission is to make it easy to do business anywhere. It aims to create the future infrastructure for commerce. It envisions that its customers will meet, work and live at Alibaba, and that it will be a good company that lasts for 102 years.

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COMMUNICATION: Legible Inc. Announces Changes To Its Board Of Directors And Corporate Update Webcast On February 16, 2022

Posted: 11 Feb 2022 02:08 AM PST

communication:-legible-inc.-announces-changes-to-its-board-of-directors-and-corporate-update-webcast-on-february-16,-2022

VANCOUVER, British Columbia–()–Legible Inc. (CSE: READ) (FSE: D0T) (“Legible” or the “Company”), is pleased to announce the appointment of Shannon Kaustinen to Legible’s Board of Directors.

Legible also announces that it will be holding a corporate update webcast and Q&A hosted by Mr. Kaleeg Hainsworth, President and Chief Executive Officer (CEO), and Ms. Wai-Ming Yu, Chief Revenue Officer (CRO). Mr. Hainsworth and Ms. Yu will be speaking to Legible’s product and feature release plans, including the official launch of Legible.com in the summer of 2022, and Legible’s growth strategy beyond.

Investors can pre-submit questions to invest@legible.com before the event. Details for the corporate update webcast:

Kaleeg Haisworth, Cofounder, President, and CEO, said that Shannon is a valuable asset to our Board. “Shannon brings a wealth experience as a public company controller and CFO and strategic capital market advisor.” Ms. Kaustinen said, “Shannon is thrilled to be part Legible's unique value proposition as a dynamic eBook reading and publishing platform and to contribute to Legible's purpose-filled vision, growth strategy, and vision.” “I look forward to working with Legible’s Board of Directors and senior management at this exciting and foundational stage in the company’s growth.”

In fulfilling Legible’s plans to restructure its board after its successful public listing in December 2021, and in having completed a strategic board review process in January 2022, Legible also announced that Mr. Mark Holden, a founding director of Legible is stepping down from his role on the board and taking the position of chair of Legible’s Advisory Committee. Ms. Helina Patricence, who was a member of the Legible Board as a private company, will also be stepping down. She will remain in her role as Legible’s Chief Finance Officer. Mr. Gene Kindrachuk and Mr. Ryan Hoult, who were Directors of Twenty20 Investments prior to the reverse takeover, are also stepping down from Legible’s Board. Hainsworth stated that Mark and Helina have been a part of Legible’s Board since its inception as a private company. “I’d also like to thank Gene and Ryan for temporarily serving on our Board after the completion of the reverse takeover of Twenty20 Investments by Legible Media. We wish Gene and Ryan every success in their endeavours.

Legible’s Board now includes Mr. Kaleeg Haisworth, President, CEO, and Founder, Mr. David Van Seters and Ms. Shannon Kaustinen, who will be the Chair of Legible's Audit Committee.

Legible is also conducting a strategic review to determine the requirements for recruitment and appointment of additional directors. This will ensure that Legible maintains high standards of corporate governance and organizational effectiveness, while advancing its strategic vision to drive Legible to profitability.

About Shannon Kaustinen, CPA, CGA, ICD.D

Shannon Kaustinen has spent her entire career working alongside people and companies that stand for more than just a product or service. Shannon is currently the CFO of Careteam Technologies Inc. She has also been involved in mentoring early-stage cleantech companies, including Airsset Technologies Inc. as part of Foresight Canada’s cleantech accelerator. Shannon oversaw the acquisition of Generac Power Systems Inc, the largest and more complicated technology acquisitions in BC (closing within 38 days). Shannon is passionate about purpose and value driven businesses. She has seen technology-driven companies she helped to build or save lives on multiple occasions. She is a metrics- and results-driven professional who holds a Chartered Professional Accounting designation (CPA) and an Institute of Corporate Directors (ICD.D). Shannon holds a CPA Public License which allows her to add an extra perspective to her work with public and private companies.

About Legible Inc .

Legible Inc. provides a book media platform company dedicated to creating engaging eReading/ePublishing experiences for readers, writers, and Legible customers. It is committed to offering immersive entertainment experiences through dynamic, beautifully designed books that are made accessible by a company that encourages sustainability, broad accessibility, global literacy, and promotes sustainability. Legible.com is changing the way readers, authors, and publishers connect. Legible was founded by a group of technologists, authors and eBook publishers as well as industry insiders. It is currently building its book media platform that will allow readers all over the world access to millions of books via any browser or application.

Visit Legible.com and discover the place where eBooks come to life!

Readers are invited to visit Legible’s continually evolving curated Staff-Picks Bookshelf: https://legible.com/ca/list/staff-picks

Forward-Looking Information

Certain statements in this press release are forward-looking statements and are prospective in nature. Forward-looking statements do not reflect historical facts. They are based on current expectations and projections regarding future events. Many of these are inherently uncertain and beyond the Company’s control. Accordingly, they could lead to materially different results from those projected or stated in forward-looking information. These statements can generally be identified using forward-looking words like “may”, "should", “could”, and “intend”, as well as the use of forward looking words such “estimate”, plan”, “anticipate”, expect”, believe, or “continue”, or any negative thereof. These statements also include forward-looking statements about the appointment and recruitment of additional directors. These assumptions and factors are based upon information currently available to Company. While the Company attempted to identify key factors that could cause actual results or forward-looking statements to differ materially, other factors may cause results to not be as expected, estimated, or intended. Changes in general economic, political, and financial conditions, as well as changes in laws, could all cause actual results to differ materially. Management time may also be diverted. Actual results could differ materially from what is anticipated, planned, expected, believed, estimated, or expected if any of these factors or risks materializes. These statements are not guaranteed to be accurate as future results and events may differ from what is anticipated. Forward-looking statements or forward-looking information should not be relied upon by readers. This release contains forward-looking information as of the date thereof. The Company does not assume any obligation to revise or update any forward-looking statements and forward-looking data incorporated herein, regardless of whether they are made as a result or future events. Any forward-looking information in this release is qualified by the foregoing statements. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN UNITED STATES

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COMMUNICATION: Facedrive Provides Update On Facedrive Foods’ Revenue And Expenses

Posted: 11 Feb 2022 02:08 AM PST

communication:-facedrive-provides-update-on-facedrive-foods'-revenue-and-expenses

TORONTO–()–Facedrive Inc. ("Facedrive" or the "Company") (TSXV:FD), (OTC:FDVRF), a Canadian "people-and-planet first" tech ecosystem announces that, as part of a comprehensive review of its revenue recognition policies with outside consultants, the Company will be reclassing certain of Facedrive Foods' related Sales & Marketing expenses so as to offset the expenses directly against Facedrive Foods' revenue on a net basis rather than report the expenses separately. The Company anticipates offsetting the following amounts against its revenue throughout 2021: $771,882 in Q1 2021, resulting in revised downwards adjustments for the Company's sales and marketing expenses and its revenue such that total net revenues for the quarter was $2,772,834; $1,005,977 in Q2 2021, resulting in revised downwards adjustments for the Company's sales and marketing expenses and its revenue such that total net revenues for the quarter was $4,521,548; and $559,211 in Q3 2021, resulting in revised downwards adjustments for the Company's sales and marketing expenses and its revenue such that total net revenues for the quarter was $7,811,810. The cumulative result of these revisions is that an aggregate of $2,337,070 has been netted off of revenue ("Offset Amount") for the first 3 quarters of 2021 and the Company's reported expenses have also been reduced by the exact same amount. Accordingly, the Company's reclassification of certain sales and marketing expenses in 2021 will not result in any changes to Facedrive's balance sheets, reported net earnings or losses, and the reclassification is not a result of, and did not result in, any changes to Facedrive's business, operations or capital.

In December 2021, the Company retained an independent national accounting firm to advise on an internal review of Facedrive Foods' 2021 sales and marketing expenses with a view to bringing the Company further in line with evolving industry application of accounting standards and practices. Among other things, the Company's review focused on whether periodic promotions to customers already on its platform – a common practice in the industry – could be treated as an expense or whether, alternatively, they should be recorded as an offset against revenue. The review found that, while some existing reporting standards used by the Company's peers remain less than clear (particularly as some new-age Fintech industries wrestle with IFRS-15), it was most appropriate for the Company to deduct the Offset Amount against both revenues and expenses throughout 2021 and progress the Company's accounting processes, controls and data systems with these practices going forward, which it has done. The review also concluded that no similar action was required for any prior reporting period, when the Company's Foods platform remained in nascent stages of its growth.

The review comes on the heels of large well-known industry incumbents also reviewing and revising their revenue recognition policies within the last year, reflecting an industry-wide movement towards clarifying and refining how conventional accounting and IFRS-15 standards apply to modern gig-economy based technology platforms, particularly in the delivery and logistics space.

"With the gig economy being a relatively new phenomenon, many industry standards and practices remain in the process of being fully understood by industry participants and experts alike. Like other established incumbents in our space, Facedrive is going through the important process of better understanding the progressive reporting and compliance standards specific to revenue recognition for gig-economy based delivery. This is an essential step in our maturation as a new-age ESG logistics and mobility platform," said Mujir Muneeruddin, Executive Vice President, Chief Legal Officer and Director of Facedrive.

Corrected Disclosure

During the course of the Company's engagement of an independent national accounting firm to help with a review of Facedrive Foods' 2021 sales and marketing expenses concurrent with an ongoing Continuous Disclosure Review involving staff of the Corporate Finance Branch of the Ontario Securities Commission ("OSC") which first commenced in 2020, the Company identified certain entries in originally filed continuous disclosure documents that are subject to revision and is, therefore, implementing an accounting or disclosure change on a retroactive basis (each a "Corrective Disclosure"). The Company's Corrective Disclosures involve adjustments to the reporting of the end-user discounts that were initially recorded as sales & marketing expenses by the Company. These adjustments are described below. The Company will also be preparing and filing amended and restated interim financial statements and MD&A for Q3 2021 (which will include all of the Corrective Disclosure below) and the Company will also file new separate interim CEO and CFO certificates for Q3 2021 in Form 52-109F2R on the date that it refiles the interim financial report and MD&A. The amended and restated interim financial statements and MD&A for Q3 2021, as well as the new CEO and CFO certificates, are expected to be filed by the Company prior to the end of February 2022.

Restatement of Previously Filed Financial Information for the Quarter ended March 31, 2021

End-user Discounts and Market-wide Promotions

From time to time, the Company's subsidiary, Facedrive Foods, provides discounts to end users. The Company records these discounts as being either net of revenue or as sales and marketing expenses depending on the nature of the promotion.

The Company applies a similar revenue recognition and expense allocation policy as compared to other companies in its peer group. The Company's revenue recognition policies and its policies regarding accounting for end-user incentives and discounts is described in the Company's Q3 2021 MD&A, which can be summarized as follows:

  • Targeted end-user discounts and promotions. These are incentives offered by the Company to acquire, re-engage or generally increase end-users use of the platform (akin to a coupon) offered to end users who are not customers. Targeted end-user discounts and promotions are presented as sales and marketing expenses. For example, if an end user engages the Company for a fare or service that typically would cost an end user $100 and that end user presents or redeems a promotion coupon or promo code for $10 that was specifically issued by the Company to that specific end user, then the Company will account for $100 of revenue and $10 of sales and marketing expenses.
  • End-user referrals. These are credits given to existing end-users for referring new end-users to the Company's platform. End-user referrals are accounted for and presented as sales and marketing expenses. For example, if an end user engages the Company for a fare or service that typically would cost the end user $100 and that end user presents or redeems a promotion coupon or promo code for $10 that was specifically issued by the Company to that specific end user as a result of the end user making a referral to a friend and the Company gaining a new customer, then the Company will account for $100 of revenue and $10 of sales and marketing expenses.
  • Market-wide Promotions. These are general discounts offered to the members of the public at large that reduce the end-user's costs. Market-wide promotions are presented net of revenue. For example, if an end user engages the Company for a fare or service that typically costs the end user $100 and that end user presents or redeems market-wide promotion coupon or promo code for $10, then the Company will account for $90 of revenue and $0 in sales and marketing expenses.

The table immediately below provides information based on Facedrive's historic accounting estimates for incentives and discounts related to Food Hwy:

Q3 2021

Q2 2021

Q1 2021

Gross transaction size from food delivery and commissions

10,296,020

13,056,838

13,014,764

Less:

Payout to restaurant merchants & others

(7,666,996)

(9,937,577)

(9,597,463)

Taxes paid

(150,019)

(152,929)

(164,787)

Facedrive Foods' gross revenue generated by food delivery prior to any incentives, discounts or other promotional schemes

2,479,004

2,966,332

3,252,514

Less:

Market-wide promotions

(611,331)

(469,557)

(652,885)

Facedrive Foods' segmented revenue

1,867,673

2,496,775

2,599,629

Less:

Targeted end-user type promotions

(876,716)

(1,213,472)

(1,264,175)

Net cash received

990,957

1,283,303

1,335,454

Subsequently during the past few months, management has worked to collect and data mine additional information about the specific uptake and utilization of the Company's incentives and discounts in order to obtain improved accuracy and statistics regarding the utilization of these programs. Based on the Company's new and improved analysis of the data arrived at with the help of independent consultants regarding the Company's incentives and discounts, the Company has determined that certain discounts previously to have been targeted discounted ought to have been recognized as market-wide promotions. Since these market-wide promotions are to now be presented net of revenue, they no longer appear as an expense, therefore resulting in a dollar-for-dollar corresponding reduction in Facedrive Foods' earlier reported targeted end-user promotion expenses for these quarters. However, there is no change to the Company's net income / loss nor its cash received during these quarters

The figures subject to revision are reflected in the table below. Any figures, tables and disclosures from the Company's previously filed financial statements or MD&A not reflected below are not subject to any revision and can be accurately referenced in the Company's financial statements and MD&A on SEDAR.

Q3 2021

Q2 2021

Q1 2021

Gross transaction size from food delivery and commissions

10,296,020

13,056,838

13,014,764

Less:

Payout to restaurant merchants & others

(7,666,996)

(9,937,577)

(9,597,463)

Taxes paid

(150,019)

(152,929)

(164,787)

Facedrive Foods' gross revenue generated by food delivery prior to any incentives, discounts or other promotional schemes

2,479,004

2,966,332

3,252,514

Less:

Market-wide promotions

(611,331)

(469,557)

(652,885)

Reclassification from Targeted end-user type promotions (this line is main focus this press release)

(559,211)

(1,005,977)

(771,882)

Food Hwy's segmented revenue as included on Facedrive's revised financial statements

1,308,463

1,490,798

1,827,747

Less:

Targeted end-user type promotions

(317,505)

(207,495)

(492,293)

Net cash received

990,957

1,283,303

1,335,454

The tables below reflect the impact of the Company's revisions on the previously filed financial statements of the Company. Any figures, tables and disclosures from the Company's previously filed financial statements or MD&A not reflected below are not subject to any revision and can be accurately referenced in the Company's financial statements and MD&A on SEDAR.

Consolidated Statement of Loss and Comprehensive loss for the Three Months Ended March 31, 2021

 

As previously filed

 

Restated

 

Impact

REVENUE

 

$

3,544,716

 

$

2,772,834

 

$

(771,882)

Cost of revenue

 

3,370,567

 

3,370,567

 

General and administration

 

2,059,249

 

2,059,249

 

Operational support

 

2,187,947

 

2,187,947

 

Research and development

 

344,435

 

344,435

 

Sales and marketing

 

1,629,969

 

858,087

 

(771,882)

Amortization

 

663,690

 

663,690

 

Depreciation

 

30,174

 

30,174

 

Total operating expenses

 

10,286,031

 

9,514,149

 

(771,882)

OPERATING LOSS

 

(6,741,315)

 

(6,741,315)

 

     

Government grants

 

1,084,882

 

1,084,882

 

Foreign exchange gain (loss)

 

(49,390)

 

(49,390)

 

Interest expenses

 

(187,285)

 

(187,285)

 

Interest income

 

9,632

 

9,632

 

Gain on lease terminations

 

5,071

 

5,071

 

LOSS BEFORE INCOME TAXES

 

$

(5,878,405)

 

(5,878,405)

 

Deferred income tax recovery

 

248,000

 

248,000

 

NET LOSS

 

(5,630,405)

 

(5,630,405)

 

Cumulative translation adjustment

 

(34,084)

 

(34,084)

 

NET LOSS AND COMPREHENSIVE LOSS

 

(5,664,489)

 

(5,664,489)

 

Loss per share

     

– Basic and diluted

 

$

(0.06)

 

$

(0.06)

 

$

Basic and diluted

 

93,746,852

 

93,746,852

 

Restatement of Previously Filed Financial Information for the Quarter ended June 30, 2021

As addressed above in the section entitled "End-user Discounts and Market-Wide Promotions", the Company is making corrective disclosure regarding the previously filed financial information for Q2 2021.

The tables below reflect the impact of the Company's revisions on the previously filed financial statements of the Company. Any figures, tables and disclosures from the Company's previously filed financial statements or MD&A not reflected below are not subject to any revision and can be accurately referenced in the company's financial statements and MD&A on SEDAR.

Consolidated Statement of Loss and Comprehensive loss for the Three Months Ended June 30, 2021

As previously filed

 

Restated

 

Impact

REVENUE

$

5,527,525

 

$

4,521,548

 

$

(1,005,977)

Cost of revenue

5,346,764

 

5,346,764

 

General and administration

1,679,591

 

1,679,591

 

Operational support

3,461,044

 

3,461,044

 

Research and development

465,113

 

465,113

 

Sales and marketing

1,944,481

 

938,504

 

(1,005,977)

Amortization

695,064

 

695,064

 

Depreciation

92,004

 

92,004

 

Total operating expenses

13,684,061

 

12,678,084

 

(1,005,977)

OPERATING LOSS

(8,156,536)

 

(8,156,536)

 

   

OTHER INCOME (EXPENSES)

         

Government grants

909,373

 

909,373

 

Foreign exchange gain (loss)

(110,245)

 

(110,245)

 

Interest expenses

(193,782)

 

(193,782)

 

Interest income

9,260

 

9,260

 

Gain or Loss on Termination

(17,921)

 

(17,921)

 

LOSS BEFORE INCOME TAXES

$

(7,559,851)

 

$

(7,559,851)

 

$

Deferred income tax recovery

 

 

NET LOSS

(7,559,851)

 

(7,559,851)

 

Cumulative translation adjustment

(39,146)

 

(39,146)

 

NET LOSS AND COMPREHENSIVE LOSS

(7,598,997)

 

(7,598,997)

 

Loss per share

– Basic and diluted

$

(0.08)

 

$

(0.08)

 

$

Basic and diluted

93,788,556

 

93,788,556

 

Consolidated Statement of Loss and Comprehensive loss for the Six Months Ended June 30, 2021

 

As previously filed

 

Restated

 

Impact

REVENUE

 

$

9,072,241

 

$

7,294,382

 

$

(1,777,859)

Cost of revenue

 

8,717,331

 

8,717,331

 

General and administration

 

3,738,840

 

3,738,840

 

Operational support

 

5,648,991

 

5,648,991

 

Research and development

 

809,548

 

809,548

 

Sales and marketing

 

3,574,450

 

1,796,591

 

(1,777,859)

Amortization

 

1,358,754

 

1,358,754

 

Depreciation

 

122,178

 

122,178

 

Total operating expenses

 

23,970,092

 

22,192,233

 

(1,777,859)

OPERATING LOSS

 

(14,897,851)

 

(14,897,851)

 

     

OTHER INCOME (EXPENSES)

     

Government grants

 

1,994,255

 

1,994,255

 

Foreign exchange gain (loss)

 

(159,635)

 

(159,635)

 

Interest expenses

 

(381,067)

 

(381,067)

 

Interest income

 

18,892

 

18,892

 

Gain or Loss on Termination

 

(12,850)

 

(12,850)

 

LOSS BEFORE INCOME TAXES

 

(13,438,256)

 

(13,438,256)

 

Deferred income tax recovery

 

248,000

 

248,000

 

NET LOSS

 

(13,190,256)

 

(13,190,256)

 

Cumulative translation adjustment

 

(73,230)

 

(73,230)

 

NET LOSS AND COMPREHENSIVE LOSS

 

(13,263,486)

 

(13,263,486)

 

Loss per share

 

– Basic and diluted

 

$

(0.14)

 

$

(0.14)

 

$

Basic and diluted

 

94,522,790

 

94,522,790

 

Restatement of Previously Filed Financial Information for the Quarter ended September 30, 2021

As addressed above in the section entitled "End-user Discounts and Market-Wide Promotions", the Company is making corrective disclosure regarding the previously filed financial information for Q3 2021.

The tables below reflect the impact of the Company's revisions on the previously filed financial statements of the Company. Any figures, tables and disclosures from the Company's previously filed financial statements or MD&A not reflected below are not subject to any revision and can be accurately referenced in the company's financial statements and MD&A on SEDAR.

Consolidated Statement of Loss and Comprehensive loss for the Three Months Ended September 30, 2021

 

As previously filed

 

Restated

 

Impact

REVENUE

 

$

8,371,021

 

$

7,811,810

 

$

(559,211)

Cost of revenue

 

7,951,732

 

7,951,732

 

General and administration

 

1,703,803

 

1,703,803

 

Operational support

 

3,255,501

 

3,255,501

 

Research and development

 

668,221

 

668,221

 

Sales and marketing

 

1,349,476

 

790,265

 

(559,211)

Amortization

 

698,330

 

698,330

 

Depreciation

 

96,092

 

96,092

 

Total operating expenses

 

15,723,155

 

15,163,944

 

(559,211)

OPERATING LOSS

 

(7,352,134)

 

(7,352,134)

 

     

OTHER INCOME (EXPENSES)

       

Government grants

 

1,059,351

 

1,059,351

 

Foreign exchange gain (loss)

 

132,491

 

132,491

 

Interest expenses

 

(209,232)

 

(209,232)

 

Interest income

 

9,596

 

9,596

 

Gain or Loss on Termination

 

(12,535)

 

(12,535)

 

Derecognition of long-term investment

 

(3,489,916)

 

(3,489,916)

 

Impairment of intangible assets

 

(67,803)

 

(67,803)

 

LOSS BEFORE INCOME TAXES

 

$

(9,930,182)

 

$

(9,930,182)

 

$

Deferred income tax recovery

 

 

 

NET LOSS

 

(9,930,182)

 

(9,930,182)

 

Cumulative translation adjustment

 

54,862

 

54,862

 

NET LOSS AND COMPREHENSIVE LOSS

 

(9,875,320)

 

(9,875,320)

 

Loss per share

 

– Basic and diluted

 

$

(0.10)

 

$

(0.10)

 

$

Basic and diluted

 

95,318,111

 

95,318,111

 

Consolidated Statement of Loss and Comprehensive loss for the Nine Months Ended September 30, 2021

 

As previously filed

 

Restated

 

Impact

REVENUE

 

$

17,443,262

 

$

15,106,192

 

$

(2,337,070)

Cost of revenue

 

16,668,168

 

16,668,168

 

General and administration

 

5,442,643

 

5,442,643

 

Operational support

 

8,905,387

 

8,905,387

 

Research and development

 

1,477,769

 

1,477,769

 

Sales and marketing

 

4,923,926

 

2,586,856

 

(2,337,070)

Amortization

 

2,057,084

 

2,057,084

 

Depreciation

 

218,270

 

218,270

 

Total operating expenses

 

39,693,247

 

37,356,177

 

(2,337,070)

OPERATING LOSS

 

(22,249,985)

 

(22,249,985)

 

 

OTHER INCOME (EXPENSES)

     

Government grants

 

3,053,606

 

3,053,606

 

Foreign exchange gain (loss)

 

(27,144)

 

(27,144)

 

Interest expenses

 

(590,299)

 

(590,299)

 

Interest income

 

28,488

 

28,488

 

Gain or Loss on Termination

 

(25,385)

 

(25,385)

 

Derecognition of long-term investment

 

(3,489,916)

 

(3,489,916)

 

Impairment of intangible assets

 

(67,803)

 

(67,803)

 

LOSS BEFORE INCOME TAXES

 

(23,368,438)

 

(23,368,438)

 

Deferred income tax recovery

 

248,000

 

248,000

 

NET LOSS

 

(23,120,438)

 

(23,120,438)

 

Cumulative translation adjustment

 

(18,368)

 

(18,368)

 

NET LOSS AND COMPREHENSIVE LOSS

 

(23,138,806)

 

(23,138,806)

 

Loss per share

 

– Basic and diluted

 

$

(0.24)

 

$

(0.24)

 

$

Basic and diluted

 

94,790,810

 

94,790,810

 

The information in this press release and in the tables above were provided in accordance with section 11.5 of National Instrument 51-102 – Continuous Disclosure Obligations. Shareholders and prospective investors in the Company should refer to and utilize the information in the tables above when considering the financial performance and position of the Company during the first nine months of the year ended December 31, 2021, namely Q1 2021, Q2 2021 and Q3 2021. Due to the revisions that were made as described above, the applicable information in the tables above should be relied upon as compared to the information found in the Company's filings for first nine months of the year ended December 31, 2021, namely Q1 2021, Q2 2021 and Q3 2021. As mentioned above, the Company will be preparing and filing amended and restated interim financial statements and MD&A for Q3 2021 (which will include all of the Corrective Disclosure above) and the Company will also file new separate interim CEO and CFO certificates for Q3 2021 in Form 52-109F2R on the date that it refiles the interim financial report and MD&A. The amended and restated interim financial statements and MD&A for Q3 2021 as well as the new CEO and CFO certificates are expected to be filed by the Company prior to the end of February 2022.

About Facedrive

Facedrive is a multi-faceted "people-and-planet first" tech ecosystem offering socially-responsible services to local communities with a strong commitment to doing business fairly, equitably and sustainably. As part of this commitment, Facedrive's vision is to fulfil its mandate through a number of services that either leverage existing technologies of the Company or project synergies with existing lines of business.

Facedrive's service offerings include its: (i) eco-friendly rideshare business, Facedrive Rideshare; (ii) food delivery service, Facedrive Foods; (iii) electric and hybrid vehicle subscription business, Steer; (iv) contact-tracing and connected health technology services, Facedrive Health; (v) e-commerce platform, Facedrive Marketplace; and (vi) e-social platform, Facedrive Social. Facedrive Rideshare was among the first to offer a wide variety of environmentally and socially responsible solutions in the Transportation as a Service (TaaS) space, planting thousands of trees based on user consumption and offering choices between electric, hybrid and conventional vehicles (including, more recently, electric and hybrid vehicles on a subscription basis through Steer). Facedrive Marketplace offers curated merchandise typically created from sustainably sourced materials and linked to social causes. Facedrive Foods offers contactless delivery of a wide variety of foods right to consumers' doorsteps, with a focus on doing so in a socially and environmentally-conscious manner. Facedrive Social strives to keep people connected in a physically-distanced world by offering gamification and mutual community support features. Facedrive Health strives to develop and offer innovative technological solutions to the most acute health challenges including its proprietary TraceSCAN wearable technology for contact tracing.

Facedrive envisions changing the ridesharing, food delivery, e-commerce, social and health tech narratives for the better, for everyone, and is currently operational in Canada and the United States.

For more about Facedrive, visit www.facedrive.com.

Facedrive Inc.

100 Consilium Pl, Unit 104, Scarborough, ON, Canada M1H 3E3

www.facedrive.com.

Forward-Looking Information

Certain information in this press release contains forward-looking information. This information is based on management's reasonable assumptions and beliefs in light of the information currently available to us and are made as of the date of this press release. Actual results and the timing of events (such as the nature and magnitude of the impact of the Offset Amount on the Company's financial position and the expected re-filing of the Company's interim financial statements and MD&A for Q3 2021 prior to the end of February 2022) may differ materially from those anticipated in the forward-looking information as a result of various factors. Information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. Statements containing forward-looking information are not facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements.

See "Forward-Looking Information" and "Risk Factors" in Facedrive's Annual Management Discussion & Analysis (MD&A) for the year ended December 31, 2020 (filed on SEDAR on April 30, 2021) and its interim MD&A for the period ended March 31, 2021 (filed on SEDAR on May 31, 2021) and June 30, 2021 (filed on SEDAR on August 31, 2021) and September 30, 2021 (filed on SEDAR on November 29, 2021) for a discussion of the uncertainties, risks and assumptions associated with these statements and other risks. Readers are urged to consider the uncertainties, risks and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. We have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation and regulatory requirements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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