Bentley Systems to Present at the RBC Global Technology, Internet, Media & Telecom Conference

Bentley Systems to Present at the RBC Global Technology, Internet, Media & Telecom Conference

EXTON, Pa.–(BUSINESS WIRE)–
Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, today announced that Greg Bentley, Bentley Systems’ chief executive officer, will present virtually at the RBC Global Technology, Internet, Media & Telecom Conference on Tuesday, November 17, 2020 at approximately 4:00 p.m. Eastern Time.

About Bentley Systems

Bentley Systems (Nasdaq: BSY) is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,000 colleagues and generates annual revenues of more than $700 million in 172 countries. www.bentley.com.

Investor Contact:

Ankit Hira or Ed Yuen

Solebury Trout for Bentley Systems

[email protected]

1-610-458-2777

Media Contact:

Carey Mann

[email protected]

1-610-458-3170

KEYWORDS: United States North America Pennsylvania

INDUSTRY KEYWORDS: Engineering Technology Manufacturing Telecommunications Software Internet

MEDIA:

Howmet Aerospace Board Approves Preferred Stock Dividend

Howmet Aerospace Board Approves Preferred Stock Dividend

PITTSBURGH–(BUSINESS WIRE)–
The Board of Directors of Howmet Aerospace (NYSE:HWM), declared a dividend of 93.75 cents per share on the outstanding $3.75 Cumulative Preferred Stock (“Class A Stock”) of the Company, to be paid on January 1, 2021 to the holders of record of the Class A Stock at the close of business on December 11, 2020.

About Howmet Aerospace

Howmet Aerospace Inc., headquartered in Pittsburgh, Pennsylvania, is a leading global provider of advanced engineered solutions for the aerospace and transportation industries. The Company’s primary businesses focus on jet engine components, aerospace fastening systems, and titanium structural parts necessary for mission-critical performance and efficiency in aerospace and defense applications, as well as forged wheels for commercial transportation. With nearly 1,200 granted and pending patents, the Company’s differentiated technologies enable lighter, more fuel-efficient aircraft to operate with a lower carbon footprint. In 2019, the businesses of Howmet Aerospace reported annual revenue of over $7 billion. For more information, visit www.howmet.com. Follow: LinkedIn, Twitter, Instagram, Facebook, and YouTube.

Dissemination of Company Information

Howmet Aerospace intends to make future announcements regarding Company developments and financial performance through its website at www.howmet.com.

Investor Contact

Paul T. Luther

(412) 553-1950

[email protected]

Media Contact

Paul Erwin

(412) 553-2666

[email protected]

KEYWORDS: United States North America Pennsylvania

INDUSTRY KEYWORDS: Aerospace Manufacturing

MEDIA:

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SELLAS Life Sciences Provides Business Update and Reports Third Quarter 2020 Financial Results


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NEW YORK, Nov. 13, 2020 (GLOBE NEWSWIRE) — SELLAS Life Sciences Group, Inc. (Nasdaq: SLS) (“SELLAS” or the “Company”), a late-stage clinical biopharmaceutical company focused on the development of novel cancer immunotherapies for a broad range of cancer indications, today provided a business update and reported financial results for the quarter ended September 30, 2020. 

“In the third quarter, we announced an important milestone for our Phase 3 REGAL study of galinpepimut-S (GPS) in acute myeloid leukemia (AML) when we received approval from the French regulatory authorities for our Investigational Medicinal Product Dossier (IMPD), which allows SELLAS to commence patient enrollment for the REGAL study in France,” said Angelos M. Stergiou, MD, ScD h.c., President and Chief Executive Officer of SELLAS. “We also strengthened our balance sheet during the quarter with a $9.2 million private placement of shares and warrants priced at-the-market. We are using the proceeds from the financing to continue to progress our ongoing GPS studies, as the Company moves closer to the multiple data readouts that are expected over the next 18 months, including the initial data review of our mesothelioma study by year end.”

Pipeline Highlights

  • Galinpepimut
    -S (GPS)

    • In September 2020, SELLAS announced the approval of its Investigational Medicinal Product Dossier (IMPD) from Agence Nationale de Sécurité du Médicament et des Produits de Santé (ANSM), the French regulatory authority, to advance the enrollment in France for the Phase 3 REGAL study of GPS in patients with AML who have achieved complete remission after second-line anti-leukemic therapy (CR2).
  • Nelipepimut
    -S

    • Finalized data from the National Cancer Institute-sponsored Phase 2 randomized trial of nelipepimut-S (NPS) in combination with granulocyte-macrophage colony-stimulating factor (GM-CSF) in women with ductal carcinoma in situ (DCIS) of the breast who are HLA-A2+ or A3+ positive, express HER2 at IHC 1+, 2+, or 3+ levels, and are pre- or post-menopausal. The VADIS study will be presented in a Spotlight Poster-Discussion Session, PD11-09, at the 2020 San Antonio Breast Cancer Symposium, December 8-12, 2020: 

      https://www.sabcs.org/Program/Spotlight-Sessions/Spotlight-Poster-Discussion-11 Session Date – Time: Friday, December 11, 2020: 2:15 pm – 3:30 pm

Corporate Highlights

  • In August 2020, SELLAS received gross proceeds of approximately $9.2 million from a private placement financing with certain institutional and accredited investors.

Third Quarter 2020 Financial Results

R&D Expenses: Research and development expenses were $2.4 million for the third quarter of 2020, as compared to $1.8 million for the third quarter of 2019. Research and development expenses for the nine months ended September 30, 2020 were $6.5 million, as compared to $5.0 million for the same period in 2019. The increases in research and development expenses during the third quarter and the nine months ended September 30, 2020 compared to the same periods in 2019 were primarily due to clinical trial expenses incurred for the REGAL study commencing in 2020.

G&A Expense: General and administrative expenses were $2.1 million for the third quarter of 2020, as compared to $2.4 million for the third quarter of 2019. General and administrative expenses for the nine months ended September 30, 2020 were $6.3 million, as compared to $7.5 million for the same period in 2019. The decreases during the third quarter and the nine months ended September 30, 2020 compared to the same periods in 2019 were primarily due to a reduction in legal fees and personnel related expenses partially offset by an increase in insurance premiums due to hardening insurance markets.

Net Loss: Net loss attributable to common stockholders was $4.5 million for the third quarter of 2020, or a basic and diluted loss per share attributable to common stockholders of $0.53, as compared to a net loss attributable to common stockholders of $11.5 million for the third quarter of 2019, or a basic and diluted loss per share attributable to common stockholders of $2.68. Net loss attributable to common stockholders was $13.1 million for the nine months ended September 30, 2020, or a basic and diluted loss per share attributable to common stockholders of $1.83, as compared to a net loss attributable to common stockholders of $20.5 million for the nine months ended September 30, 2019, or a basic and diluted loss per share attributable to common stockholders of $11.37.

Cash Position: As of September 30, 2020, cash and cash equivalents totaled approximately $8.2 million.

Impact of COVID-19

During the third quarter of 2020, the Company continued to initiate additional sites for its GPS clinical program as planned. However, the Company has observed that clinical site initiations and patient enrollment may be delayed due to prioritization of hospital resources towards the COVID-19 pandemic. Clinicians and patients may not be able to comply with clinical trial protocols if quarantines impede patient movement or interrupt the operations at sites. Additionally, several European Union countries in which the Company plans to initiate clinical sites, including Germany, France, and Italy, have imposed new “lockdown” restrictions in response to the recent surge in coronavirus cases throughout the European Union and coronavirus cases in the United States continue to accelerate. Because of the uncertainty as to the impact that the surge in coronavirus cases could have on the operations of newly initiated sites in the United States and the European Union, which could then impact the projected timelines for the REGAL study, the Company now believes that the planned interim safety and futility analysis for the REGAL study may occur by the end of 2021 or early 2022.

About SELLAS Life Sciences Group, Inc.

SELLAS is a late-stage clinical biopharmaceutical company focused on the development of novel cancer immunotherapeutics for a broad range of cancer indications. SELLAS’ lead product candidate, GPS, is licensed from Memorial Sloan Kettering Cancer Center and targets the WT1 protein, which is present in an array of tumor types. GPS has potential as a monotherapy or in combination to address a broad spectrum of hematologic malignancies and solid tumor indications. SELLAS’ second product candidate, NPS, is a HER2-directed cancer immunotherapy with potential for the treatment of patients with early stage breast cancer with low to intermediate HER2 expression, otherwise known as HER2 1+ or 2+, which includes triple negative breast cancer patients, following standard of care.

For more information on SELLAS, please visit www.sellaslifesciences.com.

Forward-Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical facts are “forward-looking statements,” including those relating to future events. In some cases, forward-looking statements can be identified by terminology such as “plan,” “expect,” “anticipate,” “may,” “might,” “will,” “should,” “project,” “believe,” “estimate,” “predict,” “potential,” “intend,” or “continue” and other words or terms of similar meaning. These statements include, without limitation, statements related to the Company’s plans for further development of and regulatory plans for GPS, including the timing of clinical results and the potential for GPS as a drug development candidate. These forward-looking statements are based on current plans, objectives, estimates, expectations and intentions, and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks and uncertainties associated with the COVID-19 pandemic and its impact on the Company’s clinical plans and business strategy, risks and uncertainties associated with immune-oncology product development and clinical success thereof, the uncertainty of regulatory approval, and other risks and uncertainties affecting SELLAS and its development programs as set forth under the caption “Risk Factors” in SELLAS’ Annual Report on Form 10-K filed on March 13, 2020 and in its other SEC filings. Other risks and uncertainties of which SELLAS is not currently aware may also affect SELLAS’ forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements herein are made only as of the date hereof. SELLAS undertakes no obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made.

Investor Contacts

Adam Holdsworth
PCG Advisory
646-862-4607
[email protected]

Investor Relations
SELLAS Life Sciences Group, Inc.
917-438-4353
[email protected]



SmileDirectClub to Participate in Upcoming Investor Conferences

NASHVILLE, Tenn., Nov. 13, 2020 (GLOBE NEWSWIRE) — SmileDirectClub, Inc. (Nasdaq: SDC), the oral care company with the first medtech platform for teeth straightening, today announced that management will attend two upcoming conferences on Wednesday, November 18th, including the Stifel Virtual Healthcare Conference and the Wolfe Virtual Healthcare Conference.

Stifel Virtual Healthcare Conference

  • Date: Wednesday, November 18th
  • Presentation Time: Wednesday, November 18th at 10am ET

Wolfe Virtual Healthcare Conference

  • Date: Wednesday, November 18th
  • Presentation Time: Wednesday, November 18th at 4:25pm ET

The audio portions of these presentations will be webcast live and can be accessed in the “Events and Presentations” section at https://investors.smiledirectclub.com.

About SmileDirectClub

SmileDirectClub, Inc. (Nasdaq: SDC) (“SmileDirectClub”) is an oral care company and creator of the first medtech platform for teeth straightening, now also offered directly via dentist and orthodontists’ offices. Through its cutting-edge teledentistry technology and vertically integrated model, SmileDirectClub is revolutionizing the oral care industry, from clear aligner therapy to an affordable, premium oral care product line. SmileDirectClub’s mission is to democratize access to a smile each and every person loves by making it affordable and convenient for everyone. SmileDirectClub is headquartered in Nashville, Tennessee and operates in the U.S., Canada, Australia, New Zealand, United Kingdom, Ireland, Germany, Austria, Hong Kong, Singapore and Spain. For more information, please visit SmileDirectClub.com.

Contact:
SmileDirectClub Media Relations: [email protected] 
SmileDirectClub Investor Relations: [email protected]



Color Star Technology Reports Audited Financial Results for the Fiscal Year Ended June 30, 2020

PR Newswire

NEW YORK, Nov. 13, 2020 /PRNewswire/ — Color Star Technology Co., Ltd. (Nasdaq CM: CSCW) (the “Company”, or “Color Star”), an entertainment and education company that provides online entertainment performances and online music education services, today announced its audited financial results and the filing of its Annual Report on Form 20-F with the Securities and Exchanges Commission for the fiscal year ended June 30, 2020. A copy of the Annual Report is available at www.sec.gov

“Today’s announcement marks the filing of our Annual Report for the first time since we disposed the ready-mix concrete business and started to reposition the Company as a global, online+offline entertainment and paid knowledge sharing company. Looking ahead, with a continuously growing registered user base which now tops 500,000 and the combination of offline music festivals and online businesses that include online education academy, online concert, and online store, we firmly believe that Color Star is well positioned to succeed in years to come,”  commented Biao (Luke) Lu, Chairman and Chief Executive Officer of Color Star. 

Fiscal Year 2020 Financial Highlights


For the Fiscal Year Ended June 30,


($ millions, except per share data)


2020


2019


% Change

Revenues

$nil

$nil

NA

Loss from operations

($5.16)

($6.66)

22.4%

Net loss

($11.63)

($14.39)

19.2%

Loss per share

($0.99)

($2.46)

59.8%

Financial Conditions

As of June 30, 2020, the Company had cash, cash equivalents of $0.99 million, compared to $0.32 million as of June 30, 2019. Other receivables were $1.00 million as of June 30, 2020, compared to $2,300 as of June 30, 2019. Prepayment and advances were $1.17 million as of June 30, 2020, compared to $25,000 as of June 30, 2019. Working capital was $2.63 million as of June 30, 2020, compared to working capital deficit of $1.14 million as of June 30, 2019.

Net cash used in operating activities was $2.54 million for fiscal year 2020, compared to $1.08 million for fiscal year 2019. Net cash used in investing activities was $1.39 million for fiscal year 2020, compared to $0.14 million for fiscal year 2019. Net cash provided by financing activities was $4.80 million for fiscal year 2020, compared to $0.52 million for fiscal year 2019. 

Recent Developments

On October 30, 2020, the Company announced that it had secured the naming rights for the Wu Muye Piano World Tour, under the name “Color World – Wu Muye Piano World Tour”.

On October 25, 2020, the Company officially added online “Star Mall” feature to its Color World App.

On October 16, 2020, the Company announced that it will kick off its “Color World”-branded Music Festival Series in mainland China.

On October 9, 2020, the Company announced the launch of a series of interactive live events featuring its growing band of Star Teachers.

On October 6, 2020, the Company announced that it had signed separate cooperation agreements with three renowned South Korean musicians.

On October 1, 2020, the Company announced that its ordinary shares would commence trading on the NASDAQ Capital Market under the new ticker symbol “CSCW”.

On September 28, 2020, the Company announced adding online store feature to its Color World App.

On September 25, 2020, the Company announced upgrading its Color World App with interactive live video streaming feature.

On September 23, 2020, the Company announced that it entered into a memorandum of understanding on September 21, 2020 with FENT Co. Ltd., a South Korean K-pop entertainment and artist agency service company, to acquire 100 percent equity interest in FENT.

On September 16, 2020, the Company announced that it had entered into a securities purchase agreement on September 15, 2020 with certain accredited investors to purchase $6.6 million of its ordinary shares in a registered direct offering and warrants to purchase ordinary shares in a concurrent private placement.

On September 14, 2020, the Company announced the debut of the Color World App.

On September 9, 2020, the Company announced the lineup of its “Fearless, Color World” cloud concert.

On September 4, 2020, the Company announced entry into strategic agreement with China-Korea Culture and Art Exchange Association, expanding its online star education services internationally.

August 28, 2020, the Company announced collaboration with Red Phoenix Entertainment to strategically expand into sports education.

On August 25, 2020, the Company announced cooperation with the Romanian Chamber of Commerce and Industry, expanding its online star education services.

On August 21, 2020, the Company announced press conference to be held in Beijing on September 2, 202 for Color World App

On August 19, 2020, the Company announced that it reached a long-term strategic agreement with Thailand’s “Sing Sian Yer Pao Daily News”.

On August 17, 2020, the Company announced that its online star education mobile application platform “Color Star” had successfully completed its testing phase and many international celebrities had joined the platform in advance to create an all-star lineup of entertainment education network.

On August 14, 2020, the Company announced that Hung-Jen Kuo had been named to its Board of Directors.

On August 10, 2020, the Company received a letter from Nasdaq notifying the Company that it had regained compliance with Nasdaq Listing Rules 5550(a)(2), as the Company maintained a closing bid price of $1.00 per share or greater for twenty (20) consecutive days from July 13 through August 7, 2020.

On August 10, 2020, the Company announced that Na Ying joined the Company’s “Fearless, Color World” online concert.

On August 7, 2020, the Company announced that American rapper, singer, songwriter and actor Machine Gun Kelly joined the Company’s “Fearless, Color World” online concert.

On August 5, 2020, the Company announced multi-platinum selling, Grammy and Golden Globe nominated recording artist Wiz Khalifa joined the Company’s “Fearless, Color World” online concert.

On August 4, 2020, the Company announced that Syncopated Ladies, the team of Emmy nominated choreographer and international tap star Chloé Arnold joined the Company’s “Fearless, Color World” online concert as the latest guest and opening dancers.

On August 3, 2020, the Company announced the launch of its official website.

On July 30, 2020, the Company announced that the famous Japanese idol Ryuta Hayashi joined the Company’s “Fearless, Color World” online concert.

On July 28, 2020, the Company announced that its wholly owned subsidiary, Color China Entertainment Limited had signed a Cooperation Agreement with a famous Chinese singer Win (Wei Xun) and an international musician Mike Mclaughlin to serve as Star Teachers on the Company’s online education platform Color World.

On July 27, 2020, the Company announced that the famous Grammy Award Winning American singer Ashanti joined the Company’s “Fearless, Color World” online concert.

On July 24, 2020, the Company announced that its wholly owned subsidiary, Color China Entertainment Limited had signed a Cooperation Framework Agreement with Hong Kong’s renowned tourbillon watch brand Memorigin to jointly design, produce and sell customized watches.

On July 23, 2020, the Company announced its wholly-owned subsidiary Color China Entertainment Limited had entered into cooperation agreements with Xiuzhu Chen, a renowned Asian music producer, and Bowan Wang, a renowned Asian dancer to serve as Star Teachers on the Company’s online education platform Color World.

On July 20, 2020, the Company announced it had entered into a securities purchase agreement with certain accredited investors to purchase approximately $4.2 million worth of its ordinary shares in a registered direct offering and warrants to purchase ordinary shares in a concurrent private placement.

On July 17, 2020, the Company announced the resignation of Yang (Sean) Liu as CEO and chairman of the board of directors and the appointment of Mr. Biao (Luke) Lu as his successor.

On July 17, 2020, the Company announced that its wholly owned subsidiary, Color China Entertainment Limited had entered into a cooperation agreement with Shenzhen Yuren Production Culture Media Co., Ltd. , through which renowned music producers Nianhe Li and Peirong Qiu, and music instructor Muheng Shen serving as Star Teachers on the Company’s online education platform Color World.

On July 15, 2020, the Company announced its “Fearless, Color World” online concert to hold on September 9, 2020.

On July 9, 2020, the Company announced that its wholly owned subsidiary, Color China Entertainment Limited had signed a Framework Agreement with Moremoon Cartoon Cultural Diffusion (Shenzhen) Co., Ltd. to release multiple series of Moremoon products on the Company’s Color World platform.

On July 7, 2020, the Company announced that its wholly owned subsidiary, Color China Entertainment Limited had signed a cooperation agreement with a renowned American musician, Larry Carlton to serve as a Star Teacher on the Company’s online education platform Color World.

On July 2, 2020, the Company announced that its wholly owned subsidiary, Color China Entertainment Limited had just signed a cooperation agreement with a renowned guitarist, Zhengyan You (a.k.a. Masa) to serve as a Star Teacher on the Company’s online education platform Color World.

On July 1, 2020, the Company announced that its wholly owned subsidiary, Color China Entertainment Limited had signed a Broadcast and Educational Licensing Agreement with the famous American director Bobby Roth.

About Color Star Technology

Color Star Technology Co, Ltd. (Nasdaq CM: CSCW) is an entertainment and education company that provides online entertainment performances and online music education services. Its business operations are conducted through its wholly-owned subsidiaries Color China Entertainment Ltd. and CACM Group NY, Inc. The Company’s online education is provided through its Color World music and entertainment education platform. More information about the Company can be found at www.colorstarinternational.com.


Forward-Looking Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements.  Forward-looking statements are not guarantee of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following:  the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the educational and training services market in China and other countries where CSCW conducts its business; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission.  For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof unless required by applicable laws, regulations or rules.

For more information, please contact:

Sherry Zheng

Weitian Group LLC 
Email: [email protected]
Phone: +1-718-213-7386

 


COLOR STAR TECHNOLOGY CO., LTD. AND SUBSIDIARIES


(FORMERLY KNOWN AS HUITAO TECHNOLOGY CO., INC.)


CONSOLIDATED BALANCE SHEETS

June 30,

June 30,

2020

2019

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

988,696

$

319,514

Other receivables

1,002,300

2,300

Prepayments and advances

1,170,000

25,000

Current assets of discontinued operations

52,158,699

Total current assets

3,160,996

52,505,513

OTHER ASSETS

Property, plant and equipment, net

3,958,335

Other assets of discontinued operations

1,659,520

Total other assets

3,958,335

1,659,520

Total assets

$

7,119,331

$

54,165,033

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES:

Other payables and accrued liabilities

$

518,122

$

353,292

Other payables – related parties

10,711

540,000

Loans payable – employee

308,089

Current liabilities of discontinued operations

52,442,854

Total current liabilities

528,833

53,644,235

Total liabilities

528,833

53,644,235

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS’ EQUITY:

Preferred shares, $0.001 par value, 1,000,000 shares authorized, no shares issued or

outstanding

Ordinary shares, $0.001 par value, 74,000,000 shares authorized, 25,623,822 and

7,174,626 shares issued and outstanding as of June 30, 2020 and 2019, respectively

25,624

7,175

Additional paid-in-capital

69,689,789

54,237,082

Deferred stock compensation

(1,201,183)

(3,161,200)

Deficit

(61,923,732)

(64,031,446)

Statutory reserves

6,248,092

Accumulated other comprehensive income

7,221,095

Total shareholders’ equity

6,590,498

520,798

Total liabilities and shareholders’ equity

$

7,119,331

$

54,165,033

 


COLOR STAR TECHNOLOGY CO., LTD. AND SUBSIDIARIES


(FORMERLY KNOWN AS HUITAO TECHNOLOGY CO., INC.)


CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

For the Years ended June 30,

2020

2019

2018

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

$

(1,598,984)

$

(2,065,829)

$

(918,605)

RESEARCH AND DEVELOPMENT EXPENSES

(120,000)

STOCK COMPENSATION EXPENSE

(3,444,617)

(4,592,200)

(1,388,501)

LOSS FROM OPERATIONS

(5,163,601)

(6,658,029)

(2,307,106)

OTHER INCOME (EXPENSE), NET

Interest income

84

13

Finance expense

(5,041)

(1,477)

(26)

TOTAL OTHER EXPENSE, NET

(5,041)

(1,393)

(13)

LOSS BEFORE PROVISION FOR INCOME TAXES

(5,168,642)

(6,659,422)

(2,307,119)

PROVISION FOR INCOME TAXES

LOSS FROM CONTINUING OPERATIONS

(5,168,642)

(6,659,422)

(2,307,119)

DISCONTINUED OPERATIONS:

Loss from discontinued operations, net of applicable income taxes

(12,245,168)

(7,729,108)

(5,092,846)

Net gain on sale of discontinued operations, net of applicable income

 taxes

5,787,213

LOSS FROM DISCONTINUED OPERATIONS

(6,457,955)

(7,729,108)

(5,092,846)

NET LOSS

$

(11,626,597)

$

(14,388,530)

$

(7,399,965)

COMPREHENSIVE LOSS

Net loss

$

(11,626,597)

$

(14,388,530)

$

(7,399,965)

Other comprehensive (loss) income – foreign currency translation (loss) gain

(335,080)

347,097

COMPREHENSIVE LOSS

$

(11,626,597)

$

(14,723,610)

$

(7,052,868)

LOSS PER ORDINARY SHARE

Weighted average number of shares:

Basic

11,640,018

5,841,614

2,942,945

Diluted

11,640,018

5,841,614

2,942,945

Loss per share – basic and diluted

Continuing operations

$

(0.44)

$

(1.14)

$

(0.78)

Discontinued operations

$

(0.55)

$

(1.32)

$

(1.73)

Total

$

(0.99)

$

(2.46)

$

(2.51)

 


COLOR STAR TECHNOLOGY CO., LTD. AND SUBSIDIARIES


(FORMERLY KNOWN AS HUITAO TECHNOLOGY CO., INC.)


CONSOLIDATED STATEMENTS OF CASH FLOWS

For the years ended June 30,

2020

2019

2018

CASH FLOWS FROM OPERATING ACTIVITIES:

Net loss

$

(11,626,597)

$

(14,388,530)

$

(7,399,965)

Net loss from discontinued operations

(6,457,955)

(7,729,108)

(5,092,846)

Net loss from continuing operations

(5,168,642)

(6,659,422)

(2,307,119)

Adjustments to reconcile net loss to net cash (used in) provided by

operating activities:

Stock compensation expense

3,444,617

4,592,200

1,388,501

Changes in operating assets and liabilities

Other receivables

(2,300)

Prepayments and advances

(1,145,000)

15,458

(40,458)

Other payables and accrued liabilities

130,036

509,381

2,000

Other payables – related parties

540,000

720,000

Net cash used in operating activities from continuing operations

(2,738,989)

(1,002,383)

(239,376)

Net cash provided by (used in) operating activities from

discontinued operations

203,854

(73,759)

2,689,394

Net cash (used in) provided by operating activities

(2,535,135)

(1,076,142)

2,450,018

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of equipment

(2,000,000)

Cash acquired through acquisition of Color China

5,272

Proceeds from sales of discontinued operations

600,000

Net cash used in investing activities from continuing operations

(1,394,728)

Net cash used in investing activities from discontinued operations

(135,705)

(138,151)

Net cash used in investing activities

(1,394,728)

(135,705)

(138,151)

CASH FLOWS FROM FINANCING ACTIVITIES:

Borrowings from shareholders

300,000

Proceeds from sale of ordinary shares, net of offering costs

4,502,901

950,000

600,000

Net cash provided by financing activities from continuing operations

4,802,901

950,000

600,000

Net cash used in financing activities from discontinued operations

(7,294)

(427,333)

(6,395,823)

Net cash provided by (used in) financing activities

4,795,607

522,667

(5,795,823)

EFFECTS OF EXCHANGE RATE CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

(1,943)

(62,025)

149,203

NET CHANGE IN CASH, CASH EQUIVALENTS AND

RESTRICTED CASH

863,801

(751,205)

(3,334,753)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of year

347,486

1,098,691

4,433,444

CASH AND CASH EQUIVALENTS, end of year

$

1,211,287

$

347,486

$

1,098,691

 

 

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SOURCE Color Star Technology Co., Ltd.

Lowe’s Companies, Inc. Declares Cash Dividend

PR Newswire

MOORESVILLE, N.C., Nov. 13, 2020 /PRNewswire/ — The Board of Directors for Lowe’s Companies, Inc. (NYSE: LOW) has declared a quarterly cash dividend of sixty cents($0.60) per share, payable February 3, 2021, to shareholders of record as of January 20, 2021.

Lowe’s Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving approximately 18 million customers a week in the United States and Canada. With fiscal year 2019 sales of $72.1 billion, Lowe’s and its related businesses operate or service more than 2,200 home improvement and hardware stores and employ approximately 300,000 associates.  Based in Mooresville, N.C., Lowe’s supports the communities it serves through programs focused on creating safe, affordable housing and helping to develop the next generation of skilled trade experts. For more information, visit Lowes.com.

LOW-IR


Contacts:      


Shareholder /Analyst Inquiries:


Media Inquiries:        

Kate Pearlman 

Jackie Pardini Hartzell

704-775-3856

704-758-4317

[email protected] 

[email protected] 

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SOURCE Lowe’s Companies, Inc.

NeuroBo Pharmaceuticals Reports Third Quarter 2020 Financial Results

PR Newswire

BOSTON, Nov. 13, 2020 /PRNewswire/ — NeuroBo Pharmaceuticals, Inc. (Nasdaq: NRBO), a clinical-stage biotechnology company focused on developing and commercializing multimodal, disease-modifying therapies for neurodegenerative and cardiometabolic diseases, today announced financial results for the third quarter ended September 30, 2020.

“Throughout the third quarter and recent weeks, we continued to evaluate a variety of potential options for bringing the NB-01 asset to the market through a different regulatory pathway, including as an orphan drug or a rare disease indication,” stated Richard J. Kang, Ph.D., President and Chief Executive Officer of NeuroBo.

“We had continued work on preparing an Investigational New Drug (IND) application for submission to the U.S. Food and Drug Administration (FDA) for NB-02, our multi-component drug compound that, in pre-clinical models, has shown to impact multiple pathways involved in neurodegenerative disease.  Given the global resurgence of COVID-19, we have postponed continued work on the IND and the first human clinical trials for NB-02 until global health and macroeconomic conditions improve, with a view toward commencing clinical trial activity in the second half of 2021.

“We are also evaluating a number of potential opportunities that complement our multi-modal drug platforms.  Our development activity is mindful of conserving financial resources.  Toward that end, we believe we have the resources to fund our operations into the third quarter of 2021,” concluded Dr. Kang.

Third Quarter Financial and Operating Results Highlights

Upon the merger between Gemphire Therapeutics, Inc. and NeuroBo Pharmaceuticals, Inc. at year-end 2019, the formerly private NeuroBo was considered the accounting acquirer. In accordance with generally accepted accounting principles, the historical financial statements of private company, NeuroBo, are considered the financial statements of the combined company, with the merger accounted for as an acquisition of the Gemcabene family of related assets on December 30, 2019. The following highlights, therefore, represent the combined operations of both companies for the quarter ended September 30, 2020 and the operations of NeuroBo as a private company for the comparable quarter ended September 30, 2019.

  • Research and Development (R&D) Expenses were $1.3 million for the three months ended September 30, 2020, compared to $1.2 million for the three months ended September 30, 2019. The $0.1 million increase in the third quarter of 2020 was primarily attributed to CRO termination costs of $0.6 million, offset in part by the reduction in clinical trial activity of $0.3 million, given the determination in March 2020 to postpone Phase 3 clinical trials of NB-01. R&D expenses during the three months ended September 30, 2020 and 2019 included stock-based compensation of zero and $60,000, respectively.
  • General and Administrative Expenses were $1.8 million for the three months ended September 30, 2020, compared with $2.5 million for the three months ended September 30, 2019. The decrease of $0.7 million was primarily due to the reduction in transaction related costs that occurred during the third quarter of 2019 associated with legal, accounting and other consulting support of $1.6 million, offset by cost increases in the current quarter of $0.9 million related largely to director and officer insurance premiums of $0.4 million, public company related costs of $0.2 million, stock based compensation costs of $0.2 million, and payroll related costs of $0.1 million. Stock-based compensation costs during the three-month periods ended September 30, 2020 and 2019 were $0.2 million and a credit of $(6,000), respectively.
  • Net Loss for the third quarter ended September 30, 2020 was approximately $3.1 million, or $0.19 per basic and diluted share, based on 16,427,307 weighted average common shares outstanding, compared with a net loss of approximately $3.6 million, or $0.70 per basic and diluted share, based on 5,166,812 weighted average common shares outstanding for the same period in 2019.
  • Cash and Cash Equivalents were $12.4 million as of September 30, 2020, compared with $13.9 million at December 31, 2019. The Company expects that its cash position will be adequate to fund operations into the third quarter of 2021.

About NeuroBo Pharmaceuticals
NeuroBo Pharmaceuticals, Inc. has a current portfolio of three drug candidates. The company’s NB-01 candidate has been shown in a Phase 2 study to significantly reduce pain symptoms associated with painful diabetic neuropathy (PDN), with a superior safety profile when compared to currently available treatments. Due to global COVID-19 crisis, a planned Phase 3 study was postponed. In the interim, NeuroBo is exploring a potential orphan drug indication targeting chronic pain for NB-01. NeuroBo’s NB-02 drug candidate is focused on the treatment of Alzheimer’s disease and neurodegenerative diseases associated with the pathological dysfunction of tau proteins in the brain. The company’s third program, Gemcabene, was developed for the treatment of dyslipidemia, a serious medical condition that increases the risk of life-threatening cardiovascular disease.

NeuroBo Pharmaceuticals was jointly founded by Dr. Roy Freeman, professor of neurology at Harvard Medical School and renowned expert in neuropathic pain, and JK BioPharma Solutions, a biotechnology consulting company, to commercialize natural product-based research into ethical medicines. In December 2019, NeuroBo merged with Gemphire Therapeutics and through such merger, became listed on the Nasdaq Stock Market and added the Gemcabene family of related assets to its portfolio. For more information visit: https://www.neurobopharma.com.

Forward Looking Statements
Any statements in this press release that are not statements of historical fact constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements regarding the development of NeuroBo’s product candidates and the therapeutic potential, timing and nature of clinical trials and potential regulatory approval of NeuroBo’s clinical programs and pipeline. Forward-looking statements are usually identified by the use of words, such as “believes,” “anticipates,” “expects,” “intends,” “plans,” “may,” “potential,” “will,” “could” and similar expressions. Actual results may differ materially from those indicated by forward-looking statements as a result of various important factors and risks. These factors, risks and uncertainties include, but are not limited to: the occurrence of health epidemics or contagious diseases, such as COVID-19, and potential effects on NeuroBo’s business, clinical trial sites, supply chain and manufacturing facilities; NeuroBo’s ability to continue as a going concern; the timing of completion of NeuroBo’s planned clinical trials; the timing of the availability of data from NeuroBo’s clinical trials; NeuroBo’s plans to research, develop and commercialize its current and future product candidates, including the potential alternative pathways for NB-01; the economic feasibility of developing NB-01 under an alternative pathway including pursuant to the terms of NeuroBo’s exclusive license agreement with Dong-A ST; NeuroBo’s ability to successfully collaborate with existing collaborators or enter into new collaborations and to fulfill its obligations under any such collaboration agreements; the clinical utility, potential benefits and market acceptance of NeuroBo’s product candidates; the impact of government laws and regulations; NeuroBo’s ability to protect its intellectual property position; and NeuroBo’s need for additional financing to fulfill its stated goals; and other factors discussed in the “Risk Factors” section of NeuroBo’s Annual Report on Form 10-K and in our other filings with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent NeuroBo’s views as of the date hereof. NeuroBo anticipates that subsequent events and developments will cause its views to change. However, while NeuroBo may elect to update these forward-looking statements at some point in the future, NeuroBo specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing NeuroBo’s views as of any date subsequent to the date hereof.

Contacts:

Rx Communications Group

Melody Carey

+1-917-322-2571
[email protected]

– Tables to Follow –



 


NeuroBo Pharmaceuticals, Inc.


Condensed Consolidated Balance Sheets


(in thousands, except share amounts and par value)


September 30, 


December 31, 


2020


2019


(unaudited)

Assets

Current assets:

 Cash

$

12,353

$

13,908

 Restricted cash

15

 Prepaid expenses

511

153

 Other assets

34

42

Total current assets

12,898

14,118

Right-of-use assets

100

116

Property and equipment, net

167

200

Other assets

33

34

Total assets

$

13,198

$

14,468

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$

1,101

$

638

Accrued liabilities

2,491

1,422

Lease liability, short-term

23

22

Total current liabilities

3,615

2,082

Lease and other long-term liabilities

77

94

Total liabilities

3,692

2,176

Commitments and contingencies

Stockholders’ equity:

Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares
issued or outstanding as of September 30, 2020 and December 31, 2019.

Common stock, $0.001 par value per share, 100,000,000 shares authorized;
16,427,307 and 15,592,718 shares issued and outstanding as of September
30, 2020 and December 31, 2019, respectively.

17

16

Additional paid–in capital

56,526

49,130

Accumulated other comprehensive (loss) income

(3)

12

Accumulated deficit

(47,034)

(36,866)

Total stockholders’ equity

9,506

12,292

Total liabilities and stockholders’ equity

$

13,198

$

14,468

 

 


NeuroBo Pharmaceuticals, Inc.


Condensed Consolidated Statements of Operations and Comprehensive Loss


(in thousands, except share and per share amounts)


(unaudited)


For the Three Months Ended


For the Nine Months Ended


September 30, 


September 30, 


2020


2019


2020


2019

Operating expenses:

Research and development

$

1,265

$

1,150

$

4,091

$

3,898

General and administrative

1,795

2,495

6,110

4,085

Total operating expenses

3,060

3,645

10,201

7,983

Loss from operations

(3,060)

(3,645)

(10,201)

(7,983)

Interest income (expense), net

6

24

34

(3)

Other (expense) income, net

(1)

Loss before income taxes

(3,054)

(3,621)

(10,168)

(7,986)

Provision for income taxes

Net loss

(3,054)

(3,621)

(10,168)

(7,986)

Other comprehensive income (loss):

 Foreign currency translation gain (loss), net of
tax

13

(11)

(15)

(2)

Total other comprehensive income (loss)

13

(11)

(15)

(2)

Comprehensive loss

$

(3,041)

$

(3,632)

$

(10,183)

$

(7,988)

Loss per share:

Net loss per share, basic and diluted

$

(0.19)

$

(0.70)

$

(0.63)

$

(1.55)

Weighted average common shares outstanding:

Basic and diluted

16,427,307

5,166,812

16,135,000

5,166,812

 

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SOURCE NeuroBo Pharmaceuticals, Inc.

Cardax Reports Q3 2020 Results

– Operating loss decreased vs. Q3 2019

– Net loss decreased vs. Q3 2019

– ZanthoSyn® revenues decreased vs. Q3 2019

– Cardax invited to submit updated federal grant application for COVID-19 clinical trial

PR Newswire

HONOLULU, Nov. 13, 2020 /PRNewswire/ — Cardax, Inc. (OTCQB:CDXI) reported its Q3 2020 results. Highlights:


Financial Results
. Operating loss decreased from $1,191,711 in Q3 2019 to $705,760 in Q3 2020, primarily due to a decrease in professional fees, research & development, salaries & wages, and selling, general, & administrative expenses. Net loss for the same three-month period decreased from $1,433,626 to $1,354,331 for the same reasons.

Operating loss decreased from $3,355,386 in the nine-months ended September 30, 2019, to $2,400,823 in the same period in 2020, also primarily due to a decrease in professional fees, research & development, salaries & wages, and selling, general, & administrative expenses. Net loss for the same nine-month period increased from $3,650,740 to $4,057,541, primarily due to amortization of non-cash discounts related to outstanding convertible notes.


ZanthoSyn® Sales
. Cardax net revenues from ZanthoSyn®, the Company’s astaxanthin dietary supplement, decreased from $229,142 in Q3 2019 to $66,502 in Q3 2020, and from $439,505 in the nine-months ended September 30, 2019, to $343,836 in the same period in 2020. These decreases resulted primarily from reduced orders by the Company’s largest customer, General Nutrition Corporation (“GNC”). The Company believes the reduction in orders as well as the decrease in sell-through at GNC stores was driven by GNC’s Chapter 11 bankruptcy filing in June 2020 and COVID-19 related impacts on GNC store sales.

GNC emerged from bankruptcy in October 2020 and has resumed orders of ZanthoSyn®. Cardax is also exploring additional sales channels to expand revenues.


Funding Activities
. Cardax raised $640,000 in Q3 2020 and $2,101,300 in the nine-months ended September 30, 2020, through the issuance of notes and convertible notes. The Company repaid outstanding notes in the amount of $154,228 in Q3 2020 and $554,228 in the nine-months ended September 30, 2020. The remainder of the proceeds was used for general corporate purposes.


Clinical Trial Grant Application
. At the invitation of a federal government agency, Cardax submitted a grant application in July 2020 for a proposed multi-center, randomized, double-blind, placebo-controlled human clinical trial to assess the time to recovery and other endpoints in hospitalized COVID-19 patients aged 65 and older. The proposed test agent is the same form of astaxanthin utilized in ZanthoSyn® but would be studied at a higher dose as an investigational new drug.

The scientific rationale for testing astaxanthin in this indication is based on its potential to boost the immune system and reduce the extreme inflammatory response and oxidative stress that may lead to severe respiratory and coagulation complications in COVID-19 patients. Furthermore, astaxanthin has demonstrated excellent safety in pilot human studies and rigorous animal toxicity studies, with no evidence of immunocompromise, bleeding risk, or other clinically meaningful safety issues, even at high doses. The Company also filed a patent application in March 2020 related to this indication.

The grant application was reviewed by the agency in August 2020 and received comments and a score. In October 2020, the agency invited Cardax to submit an updated grant application based on guidance from the agency’s clinical trial advisory panel. The updated grant application is being prepared and expected to be submitted in December or January. The Company does not yet know if the grant will be funded or the timing or amount of a funding award, if any.


CHASE Study
. In March 2020, Cardax suspended recruitment of new subjects and study visits for existing subjects due to the COVID-19 pandemic and the related governmental “stay-at-home” orders. The Company expects to resume clinical trial operations when permissible and safe to proceed. The Cardiovascular Health Astaxanthin Supplement Evaluation (“CHASE”) study is a randomized, double-blind, placebo-controlled trial evaluating the cardiovascular health benefits of ZanthoSyn® in subjects with documented cardiovascular risk factors. In a pre-specified interim look with 40 subjects, statistically significant improvements were seen in total cholesterol, LDL cholesterol, oxidized LDL cholesterol, and blood pressure, with a strong trend in reduction of the inflammatory marker, C-reactive protein, as well as triglycerides.


COVID-19 Impact
. The Company believes that its operations, including revenues and any public or private offerings, will continue to be affected by the ongoing COVID-19 pandemic, although the extent of the impact is uncertain at this time.

“Despite the accelerating COVID-19 pandemic, we continue to make progress on several fronts,” said David G. Watumull, Cardax CEO. “First, we are very pleased with the important next step in the review process for our invited COVID-19 clinical trial grant application and believe that the excellent safety profile and strong scientific rationale for astaxanthin support testing in a rigorous clinical trial.”

“In addition, GNC’s emergence from bankruptcy and the resumption of ZanthoSyn® orders is encouraging. We also continue to pursue multiple funding opportunities to support our business,” Mr. Watumull added. “We would again like to thank our shareholders, employees, contractors, advisors, and professional service providers for their efforts during these difficult times. Their perseverance and commitment are key to advancing our business strategy.”

Please refer to the Quarterly Report on Form 10-Q filed by the Company for additional information.

About Cardax

Cardax is a development stage biopharmaceutical company primarily focused on the development of pharmaceuticals for diseases driven by inflammation. The Company also has a commercial business unit that markets ZanthoSyn®, a physician recommended astaxanthin dietary supplement for inflammatory health.* CDX-101, the Company’s astaxanthin pharmaceutical candidate, is being developed for cardiovascular inflammation and dyslipidemia, with a target initial indication of severe hypertriglyceridemia. CDX-301, the Company’s zeaxanthin pharmaceutical candidate, is being developed for macular degeneration. CDX-101 and CDX-301 are currently in pre-clinical development, including the planning of IND enabling studies. The safety and efficacy of the Company’s pharmaceutical candidates have not been directly evaluated in clinical trials or confirmed by the FDA.

Media and Investors

Janice Kam

1-808-457-1400
[email protected]

Safe Harbor
This release may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of our company, are generally identified by use of words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “seek,” “strive,” “try,” or future or conditional verbs such as “could,” “may,” “should,” “will,” “would,” or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain, including without limitation the potential to be awarded any grant funding as described in this release as well as the effects that COVID-19 may have on our financing, sales, or any other aspect of our business, financial condition, or results of operations. Accordingly, actual results may differ materially from anticipated results. Some of the factors that could cause our actual results to differ from our expectations or beliefs include, without limitation, the risks discussed from time to time in our filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Except as required by applicable law or regulation, we undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.


* These statements have not been evaluated by the Food and Drug Administration.
This product is not intended to diagnose, treat, cure, or prevent any disease.

 

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SOURCE Cardax, Inc.

Westlake Chemical Corporation Declares Quarterly Dividend

Westlake Chemical Corporation Declares Quarterly Dividend

$0.2700 cents per share dividend declared payable on December 9, 2020

HOUSTON–(BUSINESS WIRE)–
The Board of Directors of Westlake Chemical Corporation (NYSE:WLK) declared today a regular dividend distribution of $0.2700 per share for the third quarter of 2020. This dividend will be payable on December 9, 2020, to stockholders of record on November 24, 2020.

This is the 65th successive quarterly dividend that Westlake has declared since completing its initial public offering in August 2004.

About Westlake

Westlake is a global manufacturer and supplier of materials and innovative products that enhance life every day. Headquartered in Houston, we provide the building blocks for vital solutions — from packaging and healthcare products to automotive and consumer goods, to building and construction products. For more information, visit the company’s web site at www.westlake.com.

Media Inquiries:

Westlake Chemical Corp.

Ben Ederington, 713-960-9111

or

Investor Inquiries:

Westlake Chemical Corp.

Steve Bender, 713-960-9111

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Chemicals/Plastics Other Manufacturing Manufacturing

MEDIA:

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ZW Data Action Technologies Reports Third Quarter and First Nine Months 2020 Unaudited Financial Results

BEIJING, Nov. 13, 2020 (GLOBE NEWSWIRE) — ZW Data Action Technologies Inc. (Nasdaq: CNET) (the “Company”), an integrated online advertising, precision marketing, data analytics and other value-added services provider serving enterprise clients, today announced its unaudited financial results for the three and nine months ended September 30, 2020.

Third
Q
uarter
of
20
20
Financial
Highlights

    For the Three Months Ended September 30,
($ millions, except per share data)   2020
  2019
  % Change
Revenues   $12.30   $15.51   -20.7%
Gross profit (loss)   ($0.64)   $0.89   -171.9%
Gross margin   -5.2%   5.8%   -11pp*
Loss from operations   ($1.40)   ($0.28)   -410.5%
Operating loss margin   -11.4%   -1.8%   -9.6pp
Net loss attributable to CNET   ($1.33)   ($0.39)   -243.6%
Loss per share   ($0.06)   ($0.02)   -200.0%
*pp: percent points            
  • Revenues decreased by 20.7% to $12.30 million for the third quarter of 2020, primarily due to the decrease in revenues from our Internet advertising and distribution of the right to use search engine marketing service business categories, as a result of the slow recovery after the COVID-19 outbreak.
  • Gross loss was $0.64 million with a gross loss margin of 5.2% for the third quarter of 2020.
  • Loss from operations was $1.40 million for the third quarter of 2020, compared to $0.28 million for the same period of last year, primarily attributable to the decrease in gross profit, which was partially offset by the decrease in operating expenses.
  • Net loss attributable to CNET was $1.33 million, or loss per share of $0.06, for the third quarter of 2020, compared to net loss of $0.39 million, or loss per share of $0.02, for the same period of last year.

“Despite continued decrease on a year-over-year basis, our third quarter revenues increased 18% sequentially and almost tripled from the trough level in the first quarter, highlighting the continuing post-pandemic recovery trend. Looking ahead, with restoring growth and profitability remaining a challenge for us in the near-term, we are actively pursuing new initiatives, opportunities, and strategic alternatives to right the ship,” said Mr. Handong Cheng, Chairman and Chief Executive Officer of ZW Data Action Technologies.

Third
Q
uarter
20
20
Financial Results

Revenues

    For the Three Months Ended September 30,
    2020   2019   % Change
– Internet advertising and related data service   2,429   3,949   -38.5%
– Distribution of the right to use search engine marketing service   8,706   11,554   -24.6%
– Data and technical services   300   5   NM
Internet advertising and related services   11,435   15,508   -26.3%
Ecommerce O2O advertisement and marketing services   269   0   NM
Technical solution services   600   0   NM
Total revenues   12,304   15,508   -20.7
%
             

For the third quarter of 2020, revenues decreased by $3.20 million, or 20.7%, to $12.30 million from $15.51 million for the same period of last year. The decrease in revenues was primarily attributable to the decrease in revenues from the Internet advertising and distribution of the right to use search engine marketing service business categories, as a result of slow business recovery after the COVID-19 outbreak during the first quarter of 2020.

Cost of revenues

    For the Three Months Ended September 30,
    2020   2019   % Change
– Internet advertising and related data service   1,998   3,669   -45.5%
– Distribution of the right to use search engine marketing service   9,731   10,947   -11.1%
– Data and technical services   265   0   NM
Internet advertising and related services   11,994   14,616   -17.9%
Ecommerce O2O advertisement and marketing services   375   0   NM
Technical solution services   576   0   NM
Total cost of revenues   12,945   14,616   -11.4
%

Total cost of revenues decreased by $1.67 million, or 11.4%, to $12.95 million for the third quarter of 2020 from $14.62 million for the same period of last year. The decrease in cost of revenues was primary attributable to the decrease in costs associated with the distribution of the right to use search engine marketing service we purchased from key search engines and cost related to providing Internet advertising services on our ad portals, which was in line with the decrease in the related revenues as discussed above.

Gross profit
(loss)
and gross
profit (loss)
margin

Gross loss was $0.64 million for the third quarter of 2020, compared to gross profit of $0.89 million for the same period of last year, which was primarily due to gross loss incurred from our main revenue stream, the distribution of the right to use search engine marketing service business category, as a result of the slow recovery of economy after the COVID-19 outbreak during the first quarter of 2020, which was partially offset by the increase in gross profit generated from Internet advertising business. Gross loss margin was 5.2% for third quarter of 2020, compared to gross profit margin of 5.8% for the same period of last year.

Operating expenses

Sales and marketing expenses decreased by $0.05 million, or 47.7%, to $0.06 million for the third quarter of 2020 from $0.11 million for the same period of last year. The decrease in sales and marketing expenses was mainly attributable to the decrease in performance based salary and bonus expenses, due to the decrease in revenues.

General and administrative expenses decreased by $0.23 million, or 27.5%, to $0.59 million for the third quarter of 2020 from $0.82 million for the same period of last year. The decrease in general and administrative expenses was mainly attributable to the decrease in general departmental expenses, as a result of cost reduction plan executed by management after the COVID-19 outbreak.

Research and development expenses decreased by $0.13 million, or 52.7%, to $0.11 million for the third quarter of 2020 from $0.24 million for the same period of last year. Research and development expenses accounted for 0.9% of total revenues for the third quarter of 2020, compared to 1.5% for the same period of last year.

Operating
loss

Loss from operations was $1.40 million for the third quarter of 2020, compared to $0.28 million for the same period of last year. Operating loss margin was 11.4% for the third quarter of 2020, compared to 1.8% for the same period of last year.

O
ther income
(expense)
, net

Total other expenses decreased to $0.08 million for the third quarter of 2020, compared to $0.13 million for the same period of last year, which was primarily related to change in fair value of warrant liabilities.
   
Net lossattributable to CNET and loss per share

Net loss attributable to CNET was $1.33 million, or loss per share of $0.06, for the third quarter of 2020. This compared to net loss attributable to CNET of $0.39 million, or loss per share of $0.02, for the same period of last year.

First
N
ine
M
onths
2020 Financial Results

    For the Nine Months Ended September 30,
($ millions, except per share data)   2020   2019
  % Change
Revenues   $27.10   $39.53   -31.4%
Gross profit   $0.56   $1.70   -67.3%
Gross margin   2.1%   4.3%   -2.2 pp*
Loss from operations   ($4.70)   ($2.24)   -110.3%
Operating loss margin   -17.3%   -5.7%   -11.7 pp
Net loss attributable to CNET   ($4.61)   ($1.91)   -142.0%
Loss per share   ($0.22)   ($0.12)   -83.3%
*pp: percent points            

Revenues

    For the Nine Months Ended September 30,
    2020   2019   % Change
– Internet advertising and related data service   5,679   9,384   -39.5 %
– Distribution of the right to use search engine marketing service   18,004   30,134   -40.3 %
– Data and technical services   900   10   NM  
Internet advertising and related services   24,583   39,528   -37.8 %
Ecommerce O2O advertisement and marketing services   1,276   0   NM  
Technical solution services   1,245   0   NM  
Total revenues   27,104   39,528   -31.4 %
               

For the first nine months of 2020, revenues decreased by $12.42 million, or 31.4%, to $27.10 million from $39.53 million for the same period of last year. The decrease in revenues was primarily attributable to the decrease in revenues from our Internet advertising and distribution of the right to use search engine marketing service business categories, as a result of the COVID-19 outbreak during the first fiscal quarter and the slow recovery in the second and third quarters of 2020.

Cost of revenues

    For the Nine Months Ended September 30,
    2020   2019   % Change
– Internet advertising and related data service   4,904   8,887   -44.8 %
– Distribution of the right to use search engine marketing service   19,147   28,936   -33.8 %
– Data and technical services   796   5   NM  
Internet advertising and related services   24,847   37,828   -34.3 %
Ecommerce O2O advertisement and marketing services   1,125   0   NM  
Technical solution services   576   0   NM  
Total cost of revenues   26,548   37,828   -29.8 %

For the first nine months of 2020, cost of revenues decreased by $11.28 million, or 29.8%, to $26.55 million from $37.83 million for the same period of last year, which was primarily due to the decrease in costs associated with the distribution of the right to use search engine marketing service we purchased from key search engines and cost related to providing Internet advertising services on our ad portals, which was in line with the decrease in the related revenues.

Gross profit and gross margin

Gross profit decreased by $1.14 million, or 67.3%, to $0.56 million for the first nine months of 2020 from $1.70 million for the same period of last year, as a result of the gross loss of our distribution of the right to use search engine marketing service and partially offset by and the increase in gross profit generated from our Internet advertising service, Ecommerce O2O advertising and marketing services and technical solution services during the first nine months of 2020.

Overall gross margin was 2.1% for first nine months of 2020, compared to 4.3% for the same period of last year.

Operating expenses

Sales and marketing expenses decreased by $0.17 million, or 36.4%, to $0.29 million for the first nine months of 2020 from $0.46 million for the same period of last year. The changes in sales and marketing expenses was mainly attributable to the following reasons: (1) staff salary and benefit expenses and general departmental expenses decreased by $0.29 million, due to office shutdown during the first fiscal quarter of 2020, resulted from the COVID-19 outbreak during the period and related epidemic control measures imposed by the local governments where we operate, and slow recovery of business performance after the outbreak in the following quarters; and (2) the increase in share-based compensation expenses of $0.12 million, related to restricted shares granted and issued to our sales staff during the first fiscal quarter of 2020.

General and administrative expenses increased by $1.65 million, or 57.2%, to $4.52 million for the first nine months of 2020 from $2.88 million for the same period of last year. The increases in general and administrative expenses was mainly attributable to the following reasons: (1) the increase in share-based compensation expenses of $1.49 million, due to restricted shares granted and issued in the first fiscal quarter of 2020; and (2) the increase in allowance for doubtful accounts of $0.31 million.

Research and development expenses decreased by $0.16 million, or 26.0%, to $0.44 million for the first nine months of 2020 from $0.60 million for the same period of last year. Research and development expenses accounted for 1.6% of total revenues for the first nine months of 2020, compared to 1.5% for the same period of last year.

Operating
loss

Loss from operations increased by $2.47 million, or 110.3%, to $4.70 million for the first nine months of 2020 from $2.24 million for the same period of last year. Operating loss margin was 17.3% for the first nine months of 2020, compared to 5.7% for the same period of last year.

Other income (expense), net

Total other income was $nil for the first nine months of 2020, compared to $0.31 million for the same period of last year, which was primarily related to change in fair value of warrant liabilities.
   
Net lossattributable to CNET and loss per share

As a result of the foregoing, net loss attributable to CNET was $4.61 million, or loss per share of $0.22, for the first nine months of 2020. This compared to net loss attributable to CNET of $1.91 million, or loss per share of $0.12, for the same period of last year.

Financial Condition

As of September 30, 2020, the Company had cash and cash equivalents of $0.50 million, compared to $1.60 million as of December 31, 2019. Accounts receivable, net was $2.28 million as of September 30, 2020, compared to $3.26 million as of December 31, 2019. Working capital was $2.35 million as of September 30, 2020, compared to $4.92 million as of December 31, 2019.

Net cash provided by operating activities was $0.60 million for the first nine months of 2020, compared to net cash used in operating activities of $4.06 million for the same period of last year. Net cash used in investing activities was $1.27 million for the first nine months of 2020, compared to $0.80 million for the same period of last year. Net cash used in financing activities was $0.43 million for the first nine months of 2020, compared to net cash provided by financing activities of $1.96 million for the same period of last year.

Recent Developments

Effective October 14, 2020, the Company changed its corporate name change from “ChinaNet Online Holdings, Inc.” to “ZW Data Action Technologies Inc.”

On August 7, 2020, the Company appointed Mr. Charles Chiu to the position of the Company’s Chief Operating Officer and Mr. Mark Li, the current Chief Financial Officer of the Company, to serve as Secretary of the Company. On the same date, Mr. George Chu resigned from the roles of Chief Operating Officer and Secretary of the Company due to personal reasons. Mr. Chu continued to serve as a director of the Board of Directors of the Company.

About
ZW Data Action Technologies Inc.

Established in 2003 and headquartered in Beijing, China, ZW Data Action Technologies Inc. (the “Company”) offers online advertising, precision marketing, data analytics and other value-added services for enterprise clients. Leveraging its fully integrated services platform, proprietary database, and cutting-edge algorithms, ZW Data Action Technologies delivers customized, result-driven business solutions for small and medium-sized enterprise clients in China. The Company also develops blockchain and artificial intelligence enabled web/mobile applications and software solutions for general public, enterprise clients, and government agencies. More information about the Company can be found at: http://www.zdat.com/.


Safe Harbor Statement

This release contains certain “forward-looking statements” relating to the business of
ZW Data Action Technologies Inc.
, which can be identified by the use of forward-looking terminology such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including business uncertainties relating to government regulation of our industry, market demand, reliance on key personnel, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based
on
ZW Data Action Technologies
current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting
ZW Data Action Technologies
will be those anticipated by
ZW Data Action Technologies
. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements.
ZW Data Action Technologies
undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

For more information, please contact:

Sherry Zheng        
Weitian Group LLC
Email: [email protected]
Phone: +1 718-213-7386

 
 
ZW DATA ACTION TECHNOLOGIES
INC.

CONDENSED
CONSOLIDATED BALANCE SHEET
S

(In thousands, except for number of shares and per share data)
 
    September 30,

20
20
  December 31,
201

9
    (US $)   (US $)
    (Unaudited)    
Assets        
Current assets:        
Cash and cash equivalents   $ 500   $ 1,603
Accounts receivable, net of allowance for doubtful accounts of $3,996 and            
 $3,148, respectively     2,282     3,260
Prepayment and deposit to suppliers     6,301     6,980
Due from related parties, net     58     81
Other current assets, net     961     11
Total current assets     10,102     11,935
             
Long-term investments     64     35
Operating lease right-of-use assets     4     12
Property and equipment, net     74     78
Intangible assets, net     1,288     1,899
Blockchain platform applications development costs     4,189     3,879
Long-term prepayments     474    
Deferred tax assets, net     815     713
Total Assets   $ 17,010   $ 18,551
         
Liabilities and Equity        
Current liabilities:        
Short-term bank loan   $   $ 430
Accounts payable     552     408
Advance from customers     2,822     2,006
Accrued payroll and other accruals     442     491
Taxes payable     3,290     3,214
Lease payment liability related to short-term leases     222     136
Other current liabilities     325     221
Warrant liabilities     103     107
Total current liabilities     7,756     7,013

Long-term liabilities
:
       
Long-term borrowing from a director     129       125  
Total Liabilities     7,885       7,138  
         
Commitments and contingencies        
         
Equity:        
ZW Data Action Technologies Inc.’s stockholders’ equity        
Common stock (US$0.001 par value; authorized 50,000,000 shares; issued and                 
 outstanding 21,741,926 shares and 19,629,403 shares at September 30, 2020
 and December 31, 2019, respectively)
    22       20  
Additional paid-in capital     45,569       43,111  
Statutory reserves     2,607       2,607  
Accumulated deficit     (40,384 )     (35,773 )
Accumulated other comprehensive income     1,371       1,505  
Total ZW Data Action Technologies Inc.’s stockholders’ equity     9,185       11,470  
         
Noncontrolling interests     (60 )     (57 )
Total equity     9,125       1
1,413
 
         
Total Liabilities and Equity   $ 17,010     $ 18,551  
                 

ZW DATA ACTION TECHNOLOGIES INC.

CONDENSED
CONSOLIDATED STATEMENTS OF
OPERATIONS
AND COMPREHENSIVE
LOSS

(In thousands, except for number of shares and per share data)
     
    Nine Months Ended September 30,   Three Months Ended September 30,
      20
20
      201
9
      20
20
      20
19
 
    (US $)   (US $)   (US $)   (US $)
    (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
Revenues                                
From unrelated parties   $ 27,086     $ 39,025     $ 12,300     $ 15,113  
From a related party     18       503       4       395  
Total revenues     27,104       39,528       12,304       15,508  
Cost of revenues     26,548       37,828       12,945       14,616  
Gross profit/(loss)     556       1,700       (641 )     892  
                                 
Operating expenses                                
Sales and marketing expenses     293       461       58       111  
General and administrative expenses     4,520       2,875       592       817  
Research and development expenses     443       599       113       239  
Total operating expenses     5,256       3,935       763       1,167  
                                 
Loss from operations     (
4,700
)     (2,235 )     (
1,404
)     (
275
)
                                 
Other income (expenses)                                
Interest expense, net           (33 )     1       (10 )
Other expenses     (4 )     (6 )     (21 )     (2 )
Change in fair value of warrant liabilities     4       351       (64 )     (120 )
Total other income           312       (84 )     (132 )
                                 
Loss before income tax benefit and noncontrolling interests     (
4,700
)     (
1,923
)     (
1,488
)     (
407
)
Income tax benefit     87       10       155       16  
Net loss     (
4,613
)     (
1,913
)     (
1,333
)     (391 )
Net loss attributable to noncontrolling interests     2       8             3  
Net loss attributable to ZW Data Action Technologies Inc.   $ (
4,611
)   $ (
1,905
)   $ (
1,333
)   $ (
388
)

Net loss   $ (4,613 )   $ (1,913 )   $ (1,333 )   $ (391 )
Foreign currency translation (loss)/gain     (135 )     97       (203 )     73  
Comprehensive loss   $ (
4,748
)   $ (
1,816
)   $ (
1,536
)   $ (
318
)
Comprehensive loss attributable to noncontrolling interests     3       6       2       1  
Comprehensive loss attributable to ZW Data Action Technologies Inc.   $ (4,745 )   $ (1,810 )   $ (1,534 )   $ (317 )
                  
Loss per share                
Loss per common share                
Basic and diluted   $ (0.22 )   $ (0.12 )   $ (0.06 )   $ (0.02 )
                 
Weighted average number of common shares outstanding:                
Basic and diluted     21,271,301       16,447,233       21,720,259       16,517,440  
                                 

ZW DATA ACTION TECHNOLOGIES
INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)
 
    Nine Months Ended September 30,


    2020
    2019
    (US $)


    (US $)


    (Unaudited)


    (Unaudited)


Cash flows from operating activities                  
Net loss   $ (4,613 )     $ (1,913 )
Adjustments to reconcile net
loss
to net cash provided by
/(
used in)
operating activities
                 
Depreciation and amortization     622         66  
Amortization of operating lease right-of-use assets     7       88  
Share-based compensation expenses     2,066         307  
Provision for allowances for doubtful accounts     751         445  
Deferred taxes     (87 )       (10 )
Change in fair value of warrant liabilities     (4 )       (351 )
Changes in operating assets and liabilities                  
Accounts receivable     254         (289 )
Prepayment and deposit to suppliers     1,077         (5,191 )
Due from related parties     24         226  
Other current assets     (5 )       11  
Long-term prepayments     (375 )        
Accounts payable     137         (1,946 )
Advance from customers     754         4,151  
Advance from a customer, related             9  
Accrued payroll and other accruals     (55 )       (242 )
Lease payment liability related to short-term leases     81         180  
Other current liabilities     (38 )       291  
Taxes payable     8         123  
Prepaid lease payment     (9 )       (10 )
Net cash
provided by
/(
used in)
operating activities
    5
9
5
        (4,055 )
                   
Cash flows from investing activities                  
Investment to investee entities     (27 )       (36 )
Short-term loan to an unrelated party     (944 )        
Payment for blockchain platform applications development costs     (302 )        
Prepayment for software system development             (760 )
Net cash
used
in
investing
activities
    (1,273 )       (796 )
                   
Cash flows from financing activities                  
Proceeds from issuance of common stock (net of cash offering cost of US$8)             2,393  
Proceeds from short-term bank loan             438  
Repayment of short-term bank loan     (429 )       (875 )
Net cash (
used in)/provided by
financing activities
    (429 )       1,956  
                   
Effect of exchange rate fluctuation     4         (10 )
                   
Net decrease in cash and cash equivalents     (1,
10
3
)       (2,905 )
                   
Cash and cash equivalents at beginning of the period     1,603         3,742  
Cash and cash equivalents at end of the period   $ 500       $ 837  
                   
Supplemental disclosure of cash flow information                  
                   
Income taxes paid   $       $  
Interest expense paid   $ 2       $ 36