Artificial Intelligence

Vinco Ventures, Inc. Reports Financial Results for the Year and Fourth Quarter Ended December 31, 2021

Published

2 years ago

April 18, 2022

Fairport, NY, April 18, 2022 (GLOBE NEWSWIRE) — Vinco Ventures, Inc. (NASDAQ:BBIG), a digital media and content technologies holding company (“Vinco Ventures,” “Vinco,” or the “Company”), today announced its results for the year and fourth quarter ended December 31, 2021.

“As of the end of 2020, we had a market cap of approximately $20 million and total stockholders’ equity of approximately $14 million, and through equity growth and our acquisition of an 80% equity interest in Lomotif through ZVV Media Partners, our joint venture with ZASH Global Media and Entertainment, our market cap has increased as of the end of last week to over $507 million and our total stockholders’ equity has increased to $134 million,” said CEO Lisa King. “As we continue our transition to a digital media and content technologies company, we are focused on our four pillars: We strive to entertain broad global audiences with compelling content, engage users with rich experiences on our Lomotif social media platform, create unique opportunities to endorse and advertise brands through our marketing platform and influencer relationships, and enrich the lives of our users. We believe we can continue to grow into a robust international media and entertainment company focused on content and engagement with millions of users around the world.

Operational Highlights:

Vinco Ventures completed the acquisition of AdRizer LLC, a provider of technology solutions that automate the use of artificial intelligence for digital advertising analytics and programmatic media buying, for consideration consisting of $38 million in cash paid at closing and up to 10 million shares of common stock of the Company issuable on January 1, 2024, with certain leak-out restrictions. Lomotif continued the momentum of its expansion in India through a co-production content partnership with Viacom18. The partnership begins with an unscripted reality TV show for inventors and entrepreneurs in the Indian market called, “The Inventor Challenge,” which is inspired by Vinco’s PBS series “Everyday Edisons”. “The Inventor Challenge” is set to premiere late summer 2022, with production for season two to begin later this year. In the Indian region, Viacom is producing, marketing and broadcasting the show. Beyond the Indian market, we plan to bring the format to other countries around the world. The Company anticipates that the show will help to increase exposure and engagement of Vinco’s content and the Lomotif platform.
Lomotif’s global talent search “You’ve Been Scouted,” concluded with India’s Yatin Kumar being presented an album deal working with Grammy-winning producer Teddy Riley, who has worked with Michael Jackson, Lady Gaga, Pharrell and BTS. The album is in final production, and is expected to be released over the next several weeks and promoted on the Lomotif platform.
The Company actively sought opportunities to live stream entertainment events on our Lomotif social media platform to engage users and deploy our blended media, cross-platform distribution strategy in doing so. The Company engaged users on the Lomotif platform through live streaming of popular entertainment events and coverage of those events through our influencer initiatives under the Lomotif brand, which have been shared broadly on other social media platforms, such as our recent initiative with Insomniac to live stream the Okeechobee Music and Arts Festival on March 3-6, 2022. Over the three-day festival, the live stream registered 7.2 million active users on Lomotif according to Google Analytics and generated 16 million visitors on Lomotif media sites. The Company believes this beta test validated our strategy as we generated hundreds of millions of ad impressions with five-plus minutes spent viewing the sites on average, through our newly acquired ad platform, AdRizer. Lomotif for the first time broke into the top 50 downloaded social apps in the U.S. market in the Apple Store alone during the festival, boosting our effort to expand in the U.S. market. Of the 7.2 million users who streamed the concert, 86% of the traffic came from YouTube through the Company’s AdRizer platform promoting the festival.
Another example of the Company’s effort to drive views and engagement for the Lomotif platform and content under the Lomotif brand was the Electric Daisy Carnival (EDC) in Las Vegas in October 2021, the largest electronic dance music festival in North America. At EDC Las Vegas, the Company arranged surprise appearances and performances of Lil Nas X and Kid LAROI as Lomotif guests. The streaming of these performances not only drove engagement on the Lomotif platform, but also resulted in hundreds of millions of views of the Lomotif brand across additional platforms including TikTok, Instagram, YouTube and Snapchat, which we believe elevated the Lomotif brand during the concert.
Another implementation of Vinco’s blended media cross-platform distribution strategy was the exclusive distribution arrangement with Insomniac, a producer of top music festivals and events, to live stream Shaquille O’Neal’s Big Game Weekend Party “Shaq’s Fun House” on LomoTV in February 2022, which generated millions of views across social media platforms around the world, furthering the reach of the Lomotif brand.

Said King, “In addition to live-streaming and hosting the events with our partners such as Insomniac at EDC Las Vegas, Dandelion Music Festival, Okeechobee Music and Arts Festival, and Shaq’s Funhouse in LA, and with Lomotif guests including Lil Nas X and Kid LAROI, we increased user engagement for the Lomotif platform and brand over the last year with celebrity events like Hailey Bieber’s #LomoStyle contest which engaged over 19 million views across platforms. We believe that by growing our content offering and worldwide user engagement, coupled with our AdRizer digital advertising analytics capabilities, we will be able to use the Lomotif platform to generate additional revenue.”

The Company’s subsidiary, Cryptyde, Inc. (“Cryptyde”), filed its Form 10 registration statement with the SEC in connection with the planned spin-off of Cryptyde, which currently owns CW Machines, LLC through a joint venture and Ferguson Containers, Inc. Cryptyde’s joint venture CW Machines has launched its crypto mining equipment reselling business and has welcomed its initial customers in Q1 2022. Cryptyde’s Freescape Metaverse characters have been developed and are expected to be launched in Q2/Q3 2022.

2021 Financial Highlights:

Cash, cash equivalents, and restricted cash totaled $187.6 million at December 31, 2021.
Unrestricted cash at December 31, 2022 of $87.6 million.
As Vinco transitioned to a digital media and content technology company, revenue from continuing operations decreased 18.5% to $9.8 million from $12.0 million in 2020, driven primarily by the decrease in sales of personal protective equipment (PPE) partially offset by revenues generated by the Company’s Honey Badger and NFT business lines.
Gross profit increased 1.3% to $2.48 million from $2.45 million in 2020. The increase reflects the impact of the Company’s shift in revenue mix to higher margin revenue from its Honey Badger and NFT business lines.
Selling, general and administrative expenses from continuing operations were $78.9 million compared to $10.0 million in 2020. The significant increase was driven by increases of $40.1 million of stock-based compensation, $10.6 million of legal and professional fees, including transactional fees, $7.1 million of compensation costs and $4.8 million of advertising, marketing and promotional fees. These increases reflect the Company’s significant efforts during 2021 in transitioning its focus to the digital media and content technology business, including completing its acquisition of an 80% ownership interest in Lomotif through ZVV Media Partners.
Other income and expenses in 2021 were $635.8 million as compared to $3.4 million in 2020. The significant increase is due to the impact of the requirement that the Company classify its warrants to purchase shares of its common stock as a liability on its consolidated balance sheets as these warrants are a free-standing financial instrument that may require the Company to transfer consideration upon exercise. Each warrant is initially recorded at fair value on the date of issuance using the Monte-Carlo simulation pricing model and subsequently re-measured to fair value at each subsequent balance sheet date. Changes in fair value of the warrant are recognized as a component of net other income (expense) in the consolidated statement of operations and comprehensive loss. The Company will continue to adjust the liability for changes in fair value until the earlier of the exercise or expiration of the warrant. During 2021, loss on issuances of warrants was $656,504,000 offset by an increase in fair value of warrant liability of $94,818,000, resulting in a net other expense of $561,686,000 for warrants recognized by the Company for the year 2021.
Net loss in 2021 was $713.2 million, or ($11.24) per basic and diluted share, compared to a net loss of $5.2 million, or ($0.49) per basic and diluted share in 2020. The increase in net loss in 2021 resulted from the impact of three cost elements: (1) a net other expense of $561,686,000 resulting from the warrant accounting requirement described above; (2) stock-based compensation of $43,381,000; and (3) other selling, general and administrative costs due to the Company’s transition efforts (“SGA costs”). Each of the cost elements (1) and (2) are affected by the market price of the Company’s common stock as traded on the Nasdaq National Capital Market which represents the fair value of the Company’s stock. The Company experienced a wide range of prices from a low of $1.24 and a high of $10.82 per share in 2021 and may continue to experience wide price fluctuation, which can have a significant impact on the fair value of the Company’s warrants and equity compensation instruments of their grant dates, vesting dates and exercise dates. In the aggregate, the cost elements (1) and (2) constituted 84.8% of the Company’s net loss during 2021. Cost element (3), other SGA costs due to the Company’s transition efforts including the acquisition of an 80% ownership interest in Lomotif through ZVV Media Partners, caused the Company to increase its headcount, sales and marketing expenses, and legal and professional fees in connection with its completed and ongoing transactions in 2021.
Total stockholders’ equity increased to $133.7 million from $13.5 million in 2020.

Fourth Quarter 2021 Financial Highlights:

Cash, cash equivalents, and restricted cash totaled $187.6 million at December 31, 2021.
Unrestricted cash at December 31, 2022 of $87.6 million.
Revenue from continuing operations decreased 1.5% to $2.23 million from $2.33 million in the fourth quarter of 2020, which reflected a decrease in sales of PPE offset by a consistent demand for the Company’s packaging products and revenues generated by the Company’s Honey Badger and NFT business lines.
SGA costs from continuing operations were $35.2 million, of which $26.6 million or 75.4% was stock based compensation. Otherwise, the Company’s SG&A costs from continuing operations were $8.7 million in the fourth quarter of 2021 as compared $1.9 million in the fourth quarter of 2020, which resulted from the Company’s significant effort to transition its business focus to digital media and entertainment during 2021.
In the fourth quarter of 2021, the Company recognized a net income of $71.7 million, compared to a net income of $3.8 million in the fourth quarter of 2020. The increase in the net income was primarily due to the decrease in the fair value of warrant liability which, netted against a loss on warrants issued during the fourth quarter, created a net other income of $142.0 million during the fourth quarter of 2021. Similar to previous quarters in 2021, the Company’s net income (loss) was significantly impacted by the changes in the fair value of the Company’s outstanding warrants.

Vinco Ventures, Inc. Fourth Quarter 2021 Conference Call

Event Date: April 18, 2022

Event Time: 8:30AM Eastern Standard Time

The audio conference call can be accessed through:

1- 877-407-2991 (U.S. participants)
1- 201-389-0925 (International participants)

A live and archived webcast presentation will be available at: https://investors.vincoventures.com/.

Conference Replay:

A teleconference replay will be available until April 26, 2022.
1- 877-660-6853 (U.S. participants)
1-201-612-7415 (International participants)
Passcode: 13729282

Vinco Ventures, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS

	December 31, 2021			December 31, 2020

Assets
Current assets:
Cash and cash equivalents	$	87,612,176		$	249,356
Restricted cash		100,000,000			–
Short-term investments		178,000			1,018,000
Accounts receivable, net		1,124,421			1,382,163
Inventory, net		475,666			1,127,725
Prepaid expenses and other current assets		10,403,401			522,259
Loans held-for-investment, current portion		3,950,000			–
Due from related party		15,997,803			–
Current assets of discontinued operations		–			1,042,680
Total current assets		219,741,467			5,342,183
Property and equipment, net		1,376,751			1,010,801
Right of use assets, net		168,914			153,034
Loans held-for-investment		250,000
Loans held-for-investment – related parties		20,500,000
Intangible assets, net		40,525,453			9,798,813
Goodwill		121,580,144			5,983,852
Cost method investment		1,000,000			–
Non-current assets of discontinued operations		–			5,739,524
Total assets	$	405,142,729		$	28,028,207

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	6,105,963		$	3,618,339
Accrued expenses and other current liabilities		19,330,835			2,101,610
Deferred revenues		61,348			152,040
Current portion of operating leases liabilities		100,733			96,777
Income tax payable		160,610			27,643
Line of credit, net of debt issuance costs of $0 and $0, respectively		–			1,500,953
Current portion of convertible notes payable, net of debt issuance costs of $68,911,823 and $13,844, respectively		44,238,177			577,260
Current portion of notes payable, net of debt issuance costs of $0 and $34,997, respectively		15,530			1,301,212
Current portion of notes payable – related parties		112,835			1,389.923
Due to related party		15,401			32,452
Current liabilities of discontinued operation		–			487,454
Total current liabilities		70,141,432			11,285,663
Operating leases liabilities –net of current portion		70,514			58,713
Convertible notes payable – related parties, net of current portion, net of debt discount of $13,349 and $266,667, respectively		2,608,923			1,161,495
Notes payable, net of current portion		12,114			595,879
Notes payable – related parties, net of current portion		–			1,403,756
Deferred tax liability		61,645			–
Derivative liability		198,566,170			–
Total liabilities	$	271,460,798		$	14,505,506
Commitments and Contingencies

Stockholders’ equity
Preferred stock, $0.001 par value, 0 and 30,000,000 shares authorized as of December 31, 2021 and December 31, 2020, respectively		–			–
Series B Preferred Stock, $0.001 par value, 0 and 1,000,000 shares authorized; 0 and 764,618 shares issued and outstanding as of December 31, 2021 and 2020, respectively	$	–		$	765
Common stock, $0.001 par value, 250,000,000 shares authorized 150,118,024 and 14,471,403 shares issued and outstanding as of December 31, 2021 and 2020, respectively		150,118			14,471
Additional paid-in-capital		850,096,635			39,050,260
Accumulated deficit		(736,826,951	)		(23,648,898	)
Total stockholders’ equity attributable to Vinco Ventures, Inc.		113,419,802			15,416,598
Noncontrolling interests		20,262,129			(1,893,897	)
Total stockholders’ equity		133,681,931			13,522,701
Total liabilities and stockholders’ equity	$	405,142,729		$	28,028,207

Vinco Ventures, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS

	Years Ended December 31,
	2021			2020

Revenues, net	$	9,791,372		$	12,016,305
Cost of revenues		7,312,602			9,570,205
Gross profit		2,478,770			2,446,100

Operating expenses:
Selling, general and administrative		78,946,891			10,009,725
Impairment of goodwill		3,741,729			–
Total operating expenses		82,688,620			10,009,725
Operating loss		(80,209,850	)		(7,563,625	)

Other income (expense):
Rental income		71,543			102,815
Interest expense		(72,784,039	)		(3,378,131	)
Change in fair value of short-term investments		(840,000	)		(22,000	)
Loss on issuance of warrants		(656,504,147	)		–
Change in fair value of warrants		94,817,673			–
Gain on divestiture		–			–
Loss on deconsolidation		(1,194,311	)		–
Gain on sale of building		764,718			–
Other income		(32,915	)		–
Total other income (expense)		(635,701,478	)		(3,297,316	)
Loss before income taxes		(715,911,328	)		(10,860,941	)
Income tax expense (benefit)		194,539			19,197
Net loss from continuing operations		(716,105,867	)		(10,880,138	)
Net loss attributable to noncontrolling interests		(8,039,914	)		(554,382	)
Net loss attributable to Vinco Ventures, Inc. from continuing operations		(708,065,953	)		(10,325,756	)
(Loss) gain from discontinued operations before income taxes		(5,112,100	)		5,185,260	)
Provision for income taxes for discontinued operations		–			12,940
Net (loss) gain from discontinued operations		(5,112,100	)		5,172,320

Net loss attributable to Vinco Ventures, Inc.	$	(713,178,053	)	$	(5,153,436	)
Net loss per share – basic and diluted:
Net loss per share – continuing operations	$	(11.28	)	$	(0.60	)
Net loss per share – noncontrolling interests		(0.12	)		(0.05	)
Net loss per share – Vinco Ventures, Inc.		(11.16	)		(0.55	)
Net loss per share – discontinued operations		(0.08	)		0.06
Net loss per share	$	(11.24	)	$	(0.49	)
Weighted average number of common shares outstanding – basic and diluted		63,471,699			10,514,010

Vinco Ventures, Inc. and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Years Ended December 31,

	2021			2020
Cash Flows from Continuing Operations
Cash Flow from Operating Activities
Net loss attributable to Vinco Ventures, Inc.	$	(708,065,953	)	$	(5,752,718	)
Net loss attributable to noncontrolling interests		(8,039,914	)		(554,382	)
Net loss		(716,105,867	)		(6,307,100	)
Adjustments to reconcile net loss to net cash used in operating activities:
Discontinued operations		(5,112,100	)		–
Stock-based compensation		43,366,137			3,241,554
Depreciation and amortization		3,786,721			1,353,822
Reserve for bad debts		–			145,690
Reserve for obsolescence		900,000			166,560
Deferred tax liability		61,645			–
Amortization of right of use asset		114,097			579,066
Amortization of debt issuance costs		73,494,520			2,357,879
Impairment of goodwill		3,741,729			–
Gain on divestiture of Cloud B, Inc. and Cloud B assets		4,130,579			(4,911,761	)
Gain on extinguishment of debt		(852,352	)		–
Gain on sale of building		(475,418	)		–
Loss on disposal of joint venture		1,194,311			–
Loss on issuance of warrants		646,504,147			–
Change in fair value of earnout		200,000			–
Change in fair value of short-term investment		840,000			22,000
Change in fair value of derivative liability		(94,817,672	)
Changes in assets and liabilities:
Accounts receivable		185,701			(444,687	)
Inventory		(522,241	)		(97,873	)
Prepaid expenses and other current assets		(25,658,005	)		7,276
Accounts payable		2,446,314			2,055,055
Accrued expenses and other current liabilities		15,202,100			155,815
Operating lease liabilities		(114,220	)		(598,937	)
Due to/from related party		(17,051	)		15,200
Net cash provided by (used in) operating activities from continuing operations		(47,506,926	)		(2,260,441	)
Net cash provided by (used in) operating activities in discontinued operations		–			(178,485	)
Total Net cash provided by (used in) operating activities		(43,006,926	)		(2,438,926	)

Cash Flows from Investing Activities
Loans held-for-investment – related parties		(22,750,000	)		–
Loans held-for-investment		(3,950,000	)		–
Purchases of property and equipment		(764,721	)		(276,478	)
Purchase of licensing agreement		–			(1,552,500	)
Purchase of influencer network		(2,756,000	)		–
Acquisitions, net of cash		(90,761,200	)		180,489
Cash proceeds from sale of Cloud B assets		2,529,565			–
Cash proceeds from sale of building		808,395
Investment in cost-method investments		(1,000,000	)		–
Net cash used in investing activities from continuing operations		(118,643,961	)		(1,648,489	)
Net cash used in investing activities from discontinued operations		–			–
Total Net cash used in investing activities		(118,643,961	)		(1,648,489	)

Cash Flows from Financing Activities
Net borrowings under line of credit		122,000,000			1,028,385
Borrowings under convertible notes payable		–			2,067,123
Borrowings under notes payable		73,000			1,944,479
Borrowings under notes payable – related parties		–			250,000
Repayments under line of credit		(379,333	)		–
Repayments under convertible notes payable		(1,498,462	)		–
Repayments under notes payable		(1,147,092	)		(1,042,946	)
Repayments under notes payable – related parties		(2,714,677	)		(119,509	)
Fees paid for financing costs		(11,205,677	)		(157,055	)
Net proceeds from exercise of warrants		243,974,948			250,000
Net proceeds from issuance of common stock		6,055,000			–
Repurchase of common stock		(1,644,000	)		–
Distributions		–			(296,425	)
Net cash provided by financing activities from continuing operations		353,513,707			3,924,052
Net cash provided by financing activities from discontinued operations		–			–
Total Net cash provided by financing activities		353,513,707			3,924,052
Net increase (decrease) in cash and cash equivalents from continuing operations		187,362,820			15,122
Net increase (decrease) in cash and cash equivalents from discontinued operations		–			(178,485	)
Cash and cash equivalents – beginning of year		249,356			412,719
Cash and cash equivalents – end of year	$	187,612,176		$	249,356

About Vinco Ventures

Vinco Ventures, Inc. (BBIG) is focused on [the development of digital media and content technologies]. Vinco Ventures’ consolidated subsidiary, ZVV Media Partners, LLC, a joint venture of Vinco Ventures and ZASH Global Media and Entertainment Corporation, has an 80% ownership interest in Lomotif Private Limited. For more information visit Investors.vincoventures.com.

About Lomotif

Lomotif is a video-sharing social networking platform that is democratizing video creation. A home for creators since 2014, Lomotif hosts a grassroots social community with dedicated users in Asia, Latin America and the United States. Lomotif is 80% owned by ZVV Media Partners, LLC, a joint venture of ZASH Global Media and Entertainment Corporation and Vinco Ventures, Inc. (Nasdaq: BBIG). Download the Lomotif app from Apple and Google stores or visit www.lomotif.com for more information.

About Cryptyde

Cryptyde, Inc. (anticipated: TYDE), is focused on leveraging blockchain technologies to disrupt consumer facing industries.

Forward-Looking Statements and Disclaimers

This press release contains “forward-looking statements” as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, which are based upon beliefs of, and information currently available to, Vinco Ventures’ management as well as estimates and assumptions made by Vinco Ventures’ management. These statements can be identified by the fact that they do not relate strictly to historic or current facts. When used in this presentation the words “estimate,” “expect,” “intend,” “believe,” “plan,” “anticipate,” “projected,” and other words or the negative of these terms and similar expressions as they relate to the applicable company or its management identify forward-looking statements. Such statements reflect the current view of Vinco Ventures with respect to future events and are subject to risks, uncertainties, assumptions and other factors relating to Vinco Ventures and its subsidiaries and consolidated variable interest entities including Lomotif, their industry, financial condition, operations and results of operations. Such factors include, but are not limited to, the expected benefits from Vinco Ventures’ investments in Lomotif and related growth initiatives and strategies such as the blended media, cross-platform distribution strategy, the expected benefits of Lomotif’s participation in and sponsorship of live entertainment events, the expected benefits from acquisition of AdRizer and planned integration of the AdRizer technology with Lomotif and Honey Badger and synergies between AdRizer, Lomotif and Honey Badger, uncertainties as to the completion and timing of the spin-off of Cryptyde, the failure to satisfy any conditions to complete the spin-off as specified in the Form 10, the expected tax treatment of the spin-off and the impact of the spin-off on the businesses of Vinco Ventures and Cryptyde, the expected benefits for Vinco Ventures, its shareholders and Cryptyde from the recent injection of businesses and assets into Cryptyde and the spin-off, the regulatory risks with the NFT and blockchain business lines and such other risks and uncertainties described more fully in documents filed by Vinco Ventures and Cryptyde with or furnished to the Securities and Exchange Commission, including the risk factors discussed in Vinco Ventures’ Annual Report on Form 10-K for the period ended December 31, 2021 filed on April 15, 2022 and Cryptyde’s Amendment No. 2 of Form 10 filed on March 18, 2022, which are available at www.sec.gov. Should one or more of these risks or uncertainties materialize, or the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

# # #

Investor Relations
Aimee Carroll
T: 866-900-0992
[email protected]

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Lithium Miners Strategize for Long-Term Gains as Market Recovers

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2 days ago

May 3, 2024

CISION (PR Newswire)

USA News Group Commentary
Issued on behalf of Lithium South Development Corporation
VANCOUVER, BC, May 3, 2024 /PRNewswire/ — USA News Group – Despite what appears to be a supply glut currently in the global lithium market, already there are signs of a lithium rebound on the horizon. According to Statista, global lithium demand is projected to grow through next year, while Fastmarkets predicts lithium supply will increase 30% in 2024. Fastmarkets also expects that by 2030, US lithium demand alone will grow by nearly 500%. Looking ahead, lithium miners continue to move their chess pieces onto the board with anticipation of long-term rewards, including the work of Lithium South Development Corporation (TSXV:LIS) (OTC:LISMF), Sociedad Química y Minera de Chile S.A. (SQM) (NYSE:SQM), Piedmont Lithium Inc. (NASDAQ:PLL), Lithium Americas Corp. (NYSE:LAC) (TSX:LAC), and Rio Tinto Group (NYSE:RIO).

Lithium South Development Corporation (TSXV:LIS) (OTC:LISMF) recently filed a new Preliminary Economic Assessment (PEA), which provides support for the company to proceed with development plans for a 15,600 tonnes per year lithium carbonate plant. As per the PEA, the project’s financial model shows a Net Present Value (NPV) after tax of US$938 million, and an after-tax Internal Rate of Return (IRR) of 31.6%, with a 2.5-year payback.
“We are very pleased to have achieved this important milestone for the HMN Li Project,” said Adrian F.C. Hobkirk, Founder, President and CEO of Lithium South. “The robust economics and room for expansion indicate a promising future for Lithium South.”
The HMN Li project is planned to use an extraction and recovery process based on conventional solar evaporation of the well brine. Magnesium and other contaminants will be removed using industry standard proven methods including liming. The concentrated lithium solution will then be processed into lithium carbonate technical grade.
The PEA announcement came just weeks after the company announced the expansion of its ongoing production well drill program. A 400 meter deep pumping well has been completed at the Alba Sabrina claim block, which at 2,089 hectares is the project’s largest. Recent efforts at the well successfully cleared out sediments, leading to the flow of clear brine with strong artesian characteristics, suggesting potential for enhanced brine extraction rates. To maximize these benefits, Lithium South has contracted a significantly larger 80-kilowatt pump, and is now completing a long term pump test. Based on results, further wells are planned for Alba Sabrina and the southern claim blocks at Viamonte and Norma Edith.
“These developments on the Alba Sabrina claim block could potentially enhance our operational capacity,” said Hobkirk. “The completion of this pumping test, anticipated by the end of May, will provide critical technical insight into the capacity potential of this area of the salar.”
Earlier in the year, Lithium South together with the Korean conglomerate POSCO, entered into a cooperative development agreement on the HMN Li Project, representing a crucial step forward in advancing towards lithium production. Previously, towards the end of 2023, Lithium South also released an updated NI 43-101 technical report for its premier HMN Li asset, which demonstrated a significant 175% boost in its lithium resource, amounting to over 1.58 million tonnes of lithium carbonate equivalent (LCE).
According to Chile’s Sociedad Química y Minera de Chile S.A. (SQM) (NYSE:SQM), there will be steady lithium prices in the coming months, despite the supply glut. In particular, SQM is optimistic for the second half of the year, which the company predicts will entail higher sales volumes.
“As we enter into 2024, we anticipate another robust year of growth in lithium market, with global demand increasing by at least 20%, supported by electric vehicle sales growth globally and increasing demand for battery materials,” said Ricardo Ramos, CEO of SQM. “However, the excess in lithium and battery materials capacity seen during last year is expected to continue during this year, keeping pressure on lithium market prices. We expect our average lithium prices to remain relatively stable throughout the year and our sales volumes to increase slightly during this year, subject to market conditions and any changes in supply-demand balance.”
This optimism was shared by Keith Phillips, CEO of Piedmont Lithium Inc. (NASDAQ:PLL) in an interview with Yahoo! Finance Live.
“[When it comes to mining] low prices are the cure for low prices,” said Phillips, adding that “it’s a matter of time” that prices will rebound. How fast that rebound occurs is still to be determined, however, Piedmont isn’t slowing its march.
Just recently, Piedmont received its state mining permit from the state of North Carolina, where the company owns 3,600 acres, from which it plans to mine spodumene from at least half of the area. Piedmont will then convert the material to lithium hydroxide, which is key to the manufacturing of EV batteries.
“We look forward to continued engagement with the local community and the Gaston County Board of Commissioners,” said Phillips. “We have had extensive and ongoing dialogue with possible funding sources for Carolina Lithium.”
Domestically sourced lithium is projected to become even more desirable, especially with US government incentives underway. Lithium Americas Corp. (NYSE:LAC) (TSX:LAC) recently secured a record $2.26 billion loan from the US Department of Energy to build its Thacker Pass lithium project in Nevada.
Construction began at the site located just south of the Nevada-Oregon border in March 2023, following a lengthy and intricate legal victory over conservationists, ranchers, and Indigenous groups. Lithium Americas anticipates finalizing securing a loan later this year, pending the completion of final environmental assessments. Once the financing is in place, the company aims to commence substantial construction activities, a project slated to last three years. The initial phase of the mine is projected to yield 40,000 metric tons of battery-grade lithium carbonate annually, sufficient to supply up to 800,000 electric vehicles.
“Our team has been focused on refining the development plan and de-risking construction execution of Phase 1 for Thacker Pass,” said Jonathan Evans, President and CEO of Lithium Americas. “We have de-risked execution by advancing detailed engineering and project planning. To date, we have completed all the early-works and infrastructure required for major construction, including excavating the processing plant areas.”
Looking at multiple international lithium projects, mining giant Rio Tinto Group (NYSE:RIO) has already expressed the company remains bullish on lithium despite not currently seeking any big acquisitions. Back in March, Rio Tinto committed to spending $350 million on its Rincon lithium project in Argentina, set to commence production by the end of the year.
This comes just months after the President of Serbia expressed interest to hold further talks with Rio Tinto regarding its Jadar lithium project, after the country revoked licenses on the $2.4 billion asset in 2022. If brought to completion, the project could supply 90% of Europe’s current lithium needs, and make Rio Tinto a leading lithium producer. As well, Rio Tinto held talks with the country of Rwanda back in January for the exploration and mining of lithium in the East African nation.
“[Rio Tinto is] “excited to be partnering with the government of Rwanda, applying our global experience to accelerate the search for primary lithium deposits in Rwanda’s Western Province,” said Lawrence Dechambenoit, global head of external affairs at Rio Tinto. The move could further unlock the potential of another country’s mining sector, if successful.
Source: https://usanewsgroup.com/2023/10/18/the-lithium-race-to-power/
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Mr. William Feyerabend, a Consulting Geologist and Qualified Person under National Instrument 43-101 participated in the production of this advertisement, and approves of the technical and scientific disclosure contained herein pertaining to Lithium South.
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Artificial Intelligence

ROLLER and Amusement Connect Announce Integration to Streamline Cashless Card Operations

Published

2 days ago

May 3, 2024

CISION (PR Newswire)

New partnership enhances guest experiences and operational efficiency across attraction venues
AUSTIN, Texas, May 3, 2024 /PRNewswire/ — In an effort to improve the guest experience and streamline operations for attractions venues, ROLLER, a global leader in leisure and attractions technology, has joined forces with Amusement Connect, a recognized leader in cashless card operations. This strategic partnership delivers an integration that aims to streamline the arcade experience for operators and guests alike, providing a more efficient way for entertainment venues to operate.

Through this integration, ROLLER and Amusement Connect enable the sale, top-up, and balance checks of cashless cards directly from ROLLER’s point-of-sale devices, simplifying the management of pay-to-play attractions. This move is expected to enhance operational efficiency and improve guest satisfaction by making sales smoother and more convenient. The integration also simplifies reporting by automatically recording every purchase of a cashless card, saving venue operators time and ensuring accurate tracking of purchases.
Both companies leverage cloud-based technology to ensure that venues can operate without the need for expensive servers, with the promise of continuous updates to keep the systems equipped with the latest features and improvements. This integration also introduces the option for guests to purchase game cards online through ROLLER’s online checkout, a feature designed to make the check-in process more efficient and increase average transaction values.
“Amusement Connect and ROLLER have a shared commitment to helping attractions businesses deliver exceptional guest experiences. So, we’re thrilled to partner with Amusement Connect on this integration – a trailblazing company known for great customer support and providing innovative tech. This isn’t just about upgrading our technology—it’s delivering on our promise to make every guest experience smoother and every operator’s day a bit easier,” explained Luke Finn, CEO and Founder of ROLLER.
“As we continue to innovate and collaborate with industry leaders like ROLLER, we’re thrilled to see the tangible benefits our integration brings to our customers. Together, we’re not just transforming transactions; we’re elevating experiences and driving profitability with every interaction,” commented Frank Licausi, Co-Owner of Amusement Connect.
This partnership between ROLLER and Amusement Connect represents a significant step towards more streamlined operations in the amusement industry. It offers a blend of efficiency and convenience aimed at improving the way entertainment venues operate and enhancing the overall guest experience. For more information on this integration and how it can benefit your venue, contact ROLLER or Amusement Connect directly.
About ROLLER
ROLLER is the cloud-based venue management platform for the modern attraction, purpose-built to remove friction from the guest experience at every touchpoint. Their all-in-one platform simplifies its customers’ business processes, improving efficiency and maximizing revenue. ROLLER’s comprehensive solution includes: Online Checkout & Ticketing, Point-of-Sale, Integrated Payments, Memberships, Gift Cards, Waivers, Self-Serve Kiosks, Cashless Wallets, the Guest Experience Score®, and more. To learn more, visit roller.software.
About Amusement Connect
Founded by Frank Licausi and John Tarpley in 2017, our comprehensive game card system, accompanied by a variety of products, provides a complete overview on games and attractions in settings like bars, arcades, FEC’s, and multi-location entertainment centers. As operators and industry experts, we bring innovation, value, and the best possible experiences to entertainment venues with our award-winning game card system. Bringing you more at amusementconnect.com.

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Artificial Intelligence

Computer Vision in Healthcare Market Worth $11.5 billion | MarketsandMarkets™

Published

2 days ago

May 3, 2024

CISION (PR Newswire)

CHICAGO, May 3, 2024 /PRNewswire/ — Computer Vision in Healthcare Market in terms of revenue was estimated to be worth $3.9 billion in 2024 and is poised to reach $11.5 billion by 2029, growing at a CAGR of 24.0% from 2024 to 2029 according to a new report by MarketsandMarkets™.

The market’s expansion is fueled by the exponential growth of medical imaging data which necessitates efficient analysis methods, where computer vision techniques excel in automating and enhancing diagnostic processes. Further, the demand for improved patient care and outcomes fuels the adoption of AI-driven solutions, empowering healthcare providers with precise tools for diagnosis, treatment planning, and monitoring. Nevertheless, ensuring the accuracy and reliability of computer vision algorithms remains a significant challenge, especially in complex medical imaging tasks where errors can have critical consequences. Additionally, the regulatory landscape surrounding AI-based medical devices is evolving, requiring stringent validation and approval processes, which can impede the timely deployment of innovative solutions. Thus, restraining the market.
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Browse in-depth TOC on “Computer Vision in Healthcare Market”
505 – Tables55 – Figures379 – Pages
Computer Vision in Healthcare Market Scope:
Report Coverage
Details
Market Revenue in 2024
$3.9 billion
Estimated Value by 2029
$11.5 billion
Growth Rate
Poised to grow at a CAGR of 24.0%
Market Size Available for
2022–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Product & Service, Type, Applications, End User
Geographies Covered
North America, Europe, Asia Pacific, Latin America and Middle East and Africa
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Computer vision solutions for healthcare that are hosted in the cloud
Key Market Drivers
The healthcare sector is experiencing a growing need for computer vision systems
“The largest share in the computer vision in healthcare market, based on type, was attributed to the PC-based computer vision systems segment in 2023.”
The PC-based computer vision systems segment holds the largest market share in the computer vision in healthcare market in 2023. The growth of this segment is propelled by factors such as PCs offering robust computational power, enabling real-time processing of complex algorithms required for tasks like medical image analysis. Also, PCs provide flexibility and scalability, allowing users to customize hardware configurations and software solutions according to specific requirements. This versatility makes them adaptable to various healthcare settings, from small clinics to large hospitals.
“In 2023, the patient activity monitoring/fall prevention segment demonstrated the most significant growth in the computer vision in healthcare market based on hospital management by type.”
The patient activity monitoring/fall prevention segment is expected to experience the highest growth in the computer vision in healthcare market. The key drivers for this growth include the aging population worldwide that has led to an increased focus on elderly care and fall prevention initiatives. Computer vision systems offer non-intrusive and continuous monitoring of patients’ movements, enabling early detection of potential fall risks and timely intervention to prevent accidents. Also, the growing adoption of wearable devices and smart sensors integrated with computer vision technology allows for seamless monitoring of patients’ activities both inside healthcare facilities and at home. This remote monitoring capability enhances patient safety and independence while reducing the burden on caregivers and healthcare resources.
“North America accounted for the largest share of the healthcare simulation market in 2023.”
In 2023, North America held the largest share in the computer vision in healthcare market, with Europe and Asia Pacific following. The significant presence of North America in the global market can be attributed to factors such as region’s strong focus on improving patient outcomes and reducing healthcare costs which incentivizes the integration of computer vision solutions to streamline processes, enhance diagnostics, and optimize treatment pathways.
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Computer Vision in Healthcare Market Dynamics:
Drivers:
The healthcare sector is experiencing a growing need for computer vision systemsRestraints:
The resistance of medical practitioners towards adopting AI-based technologiesOpportunities:
Computer vision solutions for healthcare that are hosted in the cloudChallenge:
Lack of curated dataKey Market Players of Computer Vision in Healthcare Industry:
The key players functioning in the computer vision in healthcare market include NVIDIA Corporation (US), Intel Corporation (US), Microsoft Corporation (US), Advanced Micro Devices, Inc. (US), Google, Inc. (US), Basler AG (Germany), AiCure (US), iCAD, Inc. (US), Thermo Fisher Scientific Inc. (US), SenseTime (China), KEYENCE CORPORATION (Japan), Assert AI (India), Artisight (US), LookDeep Inc. (US), care.ai (US), CareView Communications (US), VirtuSense (US), Teton (Denmark), viso.ai (Switzerland), NANO-X IMAGING LTD. (Israel), Comofi Medtech Pvt. Ltd. (India), Avidtechvision (India), Roboflow, Inc. (US), Optotune (US) and CureMetrix, Inc. (US).
The break-down of primary participants is as mentioned below:
By Company Type – Tier 1: 45%, Tier 2: 30%, and Tier 3: 25%By Designation – C-level: 42%, Director-level: 31%, and Others: 27%By Region – North America: 32%, Europe: 32%, Asia Pacific: 26%, Middle East & Africa: 5%, Latin America: 5%Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=231790940
Recent Developments of Computer Vision in Healthcare Industry:
In April 2024, iCAD partnered with RAD-AID to enhance breast cancer detection utilizing the AI technology in underserved regions and low- and middle-income countries (LMICs).In March 2024, Microsoft and NVIDIA have broadened their longstanding collaboration with robust new integrations that harness cutting-edge NVIDIA generative AI and Omniverse technologies across Microsoft Azure, Azure AI services, Microsoft Fabric, and Microsoft 365.In February 2022, Advanced Micro Devices acquired Xilinx. This acquisition established the forefront leader in high-performance and adaptive computing, with a significantly expanded scale and the most formidable portfolio of leadership computing, graphics, and adaptive SoC products in the industry.Computer Vision in Healthcare Market – Key Benefits of Buying the Report:
This report will enrich established firms and new entrants/smaller firms to gauge the market’s pulse, which, in turn, would help them garner a greater share of the market. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their positions in the market.
This report provides insights on:
Analysis of key drivers: (Increasing demand for computer vision systems in the healthcare industry, government initiatives to increase the adoption of AI-based technologies), restraints (Reluctance of medical practitioners to adopt AI-based technologies), opportunities (Cloud-based healthcare computer vision solutions), and challenges (Rising security concerns related to cloud-based image processing and analytics) influencing the growth of the computer vision in healthcare market.Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the computer vision in healthcare market.Market Development: Comprehensive information on the lucrative emerging markets, products & services, applications, end-users, and regions.Market Diversification: Exhaustive information about the product portfolios, growing geographies, recent developments, and investments in the computer vision in healthcare market.Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, and capabilities of the leading players in the computer vision in healthcare market like NVIDIA Corporation (US), Intel Corporation (US), Microsoft Corporation (US), Advanced Micro Devices, Inc. (US), Google, Inc. (US).Related Reports:
Medical Robots Market – Global Forecasts to 2029
Minimally Invasive Surgery Market – Global Forecasts to 2029
Spinal Implants Market – Global Forecasts to 2028
Medical Waste Management Market – Global Forecasts to 2028
Operating Room Integration Market – Global Forecasts to 2028
Get access to the latest updates on Computer Vision in Healthcare Companies and Computer Vision in Healthcare Market Size
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MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
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