Connect with us

Latest News

SRAX Announces Non-Reliance on Previously Issued Financial Statements

Published

on

Reading Time: 5 minutes

 

Social Reality, Inc. (NASDAQ: SRAX), a digital marketing and consumer data management technology company, today announced that on April 7, 2019, management of Social Reality, Inc. (the “Company”) concluded and the audit committee of the Company has concurred that the Company’s previously issued quarterly and year-to-date unaudited consolidated financial statements for March 31, 2017June 30, 2017September 30, 2017December 31, 2017March 31, 2018June 30, 2018 and September 30, 2018 and that its audited consolidated financial statements for the year ending December 31, 2017 should no longer be relied upon. Similarly, related press releases, earnings releases, and investor communications describing the Company’s financial statements for these periods should no longer be relied upon. The errors identified are all non-cash and primarily related to the Company’s classification of certain outstanding warrants with provisions that allow the warrant holder to force cash redemption under certain circumstances.

Based on its preliminary assessment, the Company is providing the following estimates regarding the aggregate impact of these errors on consolidated total current liabilities, total liabilities, equity, other income, net income (loss) and income (loss) per share, calculated in accordance with accounting principles generally accepted in the U.S., for each of the periods presented:

SOCIAL REALITY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

NINE MONTH PERIOD ENDED SEPTEMBER 30, 2018

(Unaudited)

AS 
REPORTED

Restated

YTD 
September

YTD 
September

2018

Adjustments

2018

Revenues 

$                8,823,592

$        8,823,592

Cost of revenue

2,902,179

2,902,179

Gross profit 

$                 5,921,413

$        5,921,413

Loss from operations 

$               (8,492,866)

$       (8,492,866)

Other income (expense) 

Total interest expense

$               (2,772,448)

$       (2,772,448)

Loss on repricing of Series A warrants 

$                               –

$                   –

Accretion of put warrants

$            800,000

$           800,000

Accretion of debenture warrants 

$            800,000

$           800,000

Accretion of Leapfrog warrants

$            600,000

$           600,000

    Loss (Gain) on Sale of Fixed Assets 

$             23,978,389

$      23,978,389

Other Income

$             21,210,439

$         2,200,000

$      23,410,439

Net Income (loss)

$             12,717,573

$         2,200,000

$      14,917,573

Net (loss) income pershare, basic 

$                        1.59

$                1.86

Net (loss) income pershare, diluted 

$                        1.59

$                1.86

Weighted average shares outstanding, basic 

8,008,717

8,008,717

Weighted average shares outstanding, diluted 

8,008,717

8,008,717

SOCIAL REALITY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2017

AS 
REPORTED

Restated

Full Year

Full Year

2017

Adjustments

2017

Revenues 

$              23,348,714

$      23,348,714

Cost of revenue

9,328,893

9,328,893

Gross profit 

$              14,019,821

$      14,019,821

Loss from operations 

$               (3,843,679)

$       (3,843,679)

Other income (expense) 

      Total interest expense

$               (2,815,203)

$       (2,815,203)

Loss on repricing of Series A warrants 

$                           –

$           (100,000)

$          (100,000)

Accretion of put warrants

$            500,000

$           500,000

Accretion of debenture warrants 

$           (700,000)

$          (700,000)

Accretion of Leapfrog warrants

$        (1,500,000)

$       (1,500,000)

    Loss (Gain) on Sale of Fixed Assets 

$                           –

$                   –

Other Income

$               (2,815,203)

$        (1,800,000)

$       (4,615,203)

Net Income (loss)

$               (6,658,882)

$        (1,800,000)

$       (8,458,882)

Net (loss) income pershare, basic 

$                       (0.81)

$               (1.02)

Weighted average shares outstanding, basic 

8,253,851

8,253,851

SOCIAL REALITY, INC.

CONDENSED AND CONSOLIDATED BALANCE SHEET

SEPTEMBER 30, 2018

(Unaudited)

September 30

September 30

2018

2018

As Reported

Adjustments

As Restated

Total assets

34,341,324

34,341,324

Liabilities and stockholders’ equity

Current liabilities:

   Accounts payable and accrued expenses

2,475,229

2,475,229

    Leapfrog warrant liability

1,000,000

1,000,000

   Warrant liability – Series A

1,300,000

1,300,000

    Debenture warrant liability

1,600,000

1,600,000

     Total current liabilities

2,475,229

3,900,000

6,375,229

Secured convertible debentures, net

2,943,109

2,943,109

      Total liabilities

5,418,338

3,900,000

9,318,338

Total stockholders’ equity 

28,922,886

(3,900,000)

25,022,886

Total liabilities and stockholders’ equity

34,341,224

34,341,224

SOCIAL REALITY, INC.

CONDENSED AND CONSOLIDATED BALANCE SHEET

DECEMBER 31, 2017

Restated

December 31,

December

2017

Adjustments

2017

 Total assets

23,605,699

23,605,699

Liabilities and stockholders’ equity

Current liabilities:

   Accounts payable and accrued expenses

5,010,815

5,010,815

    Leapfrog warrant liability

1,700,000

1,700,000

   Warrant liability – Series A

2,100,000

2,100,000

    Debenture warrant liability

2,500,000

2,500,000

     Total current liabilities

5,010,815

6,300,000

11,310,815

Secured convertible debentures, net

1,711,146

1,711,146

      Total liabilities

6,721,961

6,300,000

13,021,961

Total stockholders’ equity 

16,883,738

(6,300,000)

10,583,738

Total liabilities and stockholders’ equity

23,605,699

23,605,699

Since the Company has not yet fully completed its review, the estimates regarding the impact set forth above are preliminary and remain subject to change.

In connection with the restatement, management has determined that a material weakness related to the accounting for financing transactions in the Company’s internal control over financial reporting existed for the periods from March 31, 2017 through December 31, 2018. The Company’s chief executive officer and chief financial officer have concluded that the Company’s disclosure controls and procedures were not effective at the reasonable assurance level as of March 31, 2017 through December 31, 2018, and the Company’s management has concluded that its internal control over financial reporting was not effective as of December 31, 2018.

The Company anticipates that it will file amended Quarterly Reports on Form 10-Q for the periods ended March 31, 2018June 30, 2018 and September 30, 2018, to amend and restate its financial condition and financial results for the affected periods as soon as practicable.

About SRAX

Social Reality, Inc. (NASDAQ: SRAX) is a digital marketing and consumer data management technology company. SRAX’s technology delivers the tools to unlock data to reveal brands core consumers and their characteristics across marketing channels. Through its blockchain identification graph technology platform, BIGtoken, SRAX has developed a consumer-managed data marketplace where people can own and earn from their data thereby providing everyone in the Internet ecosystem choice, transparency, and compensation. SRAX’s technology and tools deliver a digital competitive advantage for brands in the CPG, automotive, investor relations and lifestyle verticals by integrating all aspects of the advertising experience, including verified consumer participation, into one platform. For more information on SRAX, visit www.srax.com.

 

SOURCE SRAX

Artificial Intelligence

Powertrain Sensor Market Worth $24.7 Billion by 2027 – Exclusive Report by MarketsandMarkets™

Published

on

 

According to the new market research report Powertrain Sensor Market by Sensor Type for ICE Vehicle (Position, Pressure, Speed, Temperature), Sensor Type for EV (Position, Temperature, Current, Voltage), Propulsion, Powertrain Subsystem, Vehicle Type, EV Type, and Region – Global Forecast to 2027″, published by MarketsandMarkets™, the global Powertrain Sensor Market size is projected to grow at a CAGR of 2.8% to reach USD 24.7 billion by 2027, from an estimated USD 19.8 billion in 2019. Factors such as increasing awareness about carbon emissions, fuel economy, and adoption of green vehicles would drive the market.

Browse in-depth TOC on “Powertrain Sensor Market”

151 – Tables

50 – Figures

150 – Pages

Download PDF Brochure:

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=71406042 

Position sensor for ICE vehicles is the fastest growing segment during the forecast period

Position sensor plays an important role in understanding the operations of vehicle powertrain and identifying facult, if any, in the engine. Vehicle efficiency can be measured and analyzed with the help of signals coming from position sensors installed inside the vehicle powertrain. Apart from installation in the camshaft and crankshaft assemblies, position sensors are being installed in gearbox assembly to measure the data related to the position of gears and gear shifters. Increasing adoption of position sensors in vehicle powertrains is the main factor driving the market segment.

Heavy-duty vehicle is expected to be the fastest growing segment

Heavy-duty vehicles include trucks and buses. Trucks and buses are being installed with advanced powertrain sensors with the upgrading of powertrains. Powertrains in heavy-duty vehicles have to be powerful enough to survive robust conditions. As a result of that, they are required to be installed with sensors that offer high operational efficiency. The market for heavy-duty vehicles in developing countries is flourishing day-by-day. These are a few of the factors contributing to the growth of the heavy-duty vehicle market for powertrain sensors.

Request FREE Sample Report:

https://www.marketsandmarkets.com/requestsampleNew.asp?id=71406042 

Latin America is expected to be the fastest growing market by 2027

Most of Tier I and Tier II suppliers and OEMs are focusing on the Latin American automotive market. Countries in this region are becoming self-dependent and economically stable. The production of vehicles in this region is also increasing. Governments in these countries are also looking forward to the adoption of fuel efficient technologies. This is the reason for the growth of the powertrain sensor in the region.

The major Powertrain Sensor Market players include Bosch (Germany), Continental (Germany), Denso Corporation (Japan), Hella (Germany) Texas Instruments (US), and Aptiv (UK), among others.

Browse Related Reports:

Automotive Temperature Sensor Market by Product (Start-Stop, PTC, EPS, Electric Air Conditioner, ISG, Starter Motor, Alternator, Actuator, Electric Pump-Vacuum, Oil & Water), 48V, ICE, BEV, HEV, PHEV, Vehicle Type, and Region – Global Forecast to 2027

Automotive Pressure Sensors Market by Application (ABS, Airbag, TPMS, Engine, HVAC, & Transmission), Technology (MEMS, Strain Gauge, & Ceramic), Transduction (Piezoresistive, Capacitive, Optical, Resonant), Vehicle, EV, & Region – Global Forecast to 2025

Continue Reading

Artificial Intelligence

ARISTOTELES Sky by Kaiserwetter is Emerging as the Ideal Platform for Managing and Matching Energy Generation and Demand at the National Level

Published

on

 

The end of the Sustainable Innovation Forum was marked on December 12th, a COP25 event that brought together over the course of two days the main multilateral organizations, investors and innovators from the private sector, as well as ministers from various countries. Key governmental actors included Carlos Manuel Rodríguez, Minister of the Environment and Energy of Costa RicaIan Duncan, member of the House of Lords from the Government of the United Kingdom, Ola Elvestuen, Minister of Climate and Environment of Norway, and Yasmine Fouad, Minister of the Environment of the Arab Republic of Egypt. This morning, representatives of the Government of Chile, co-organizer of the COP, as well as the Former President of ChileRicardo Lagos, have also joined the forum.

In this context, there has been debate about the needs of different countries to face the current climate crisis, as well as the inevitable energy transition towards renewables and how this works in the wider picture of governmental commitments to a transition based on technological innovation. During the panel “Transitioning Towards a Cleaner, Smarter Energy System of the Future,” this topic was studied in depth, and common conclusions were reached, such as that in order to achieve the objectives set in the COP and the Paris Agreement, it is necessary to enact a more flexible energy system for different governments in their capacity to integrate intermittent renewable energies and other decentralized energy sources. This change requires new business models, regulations and policy frameworks to drive a safe and profitable transition in each region independently. Under this premise, the SAP partner company in IoT and Data Intelligence, Kaiserwetter, has presented in the framework of this forum, the possibility of a new era of effective climate governance for countries, with the presentation of its patented Energy Cloud for Nations, ARISTOTELES Sky.

Hanno Schoklitsch, CEO and founder of Kaiserwetter has stressed the importance of “attracting capital towards the energy transition, not only in industrialized but also in emerging countries, and doing so using the Internet of things and Artificial Intelligence, combined with Machine Learning to create transparency.” With the launch of its new B2G platform The Energy Cloud for Nations “we are creating a more sustainable future by offering a new level of data transparency in the energy market,” which Hanno Schoklitsch says is “essential to achieving the Paris goals, as ARISTOTELES Sky helps governments and authorities cope with the increasing complexity inherent in the energy transition. Action must be taken to accelerate the energy transition now, not only from the private sector, but also from governments, and there is already a way to do this.”

 

SOURCE Kaiserwetter -MARCO

Continue Reading

Artificial Intelligence

iAnthus Subsidiary CBD For Life Continues to Expand National Reach for Holiday Season

Published

on

 

CBD For Life (the “Company”), a subsidiary of iAnthus Capital Holdings, Inc. (“iAnthus”) (CSE: IAN), (OTCQX: ITHUF), which owns, operates, and partners with best-in-class regulated cannabis operations across the United States, is pleased to announce it has now reached over 2,600 retail stores in the United States with its leading CBD-infused wellness and self-care products.

In addition to traditional retailers like Urban Outfitters, Dillard’s, The Hallmark Store, and Wegman’s, CBD For Life’s products can now be found with top shelf placement in newsstands in hundreds of high traffic areas including rail stations, commuter terminals and airports. The Company also began a limited roll out of products with UNFI Distribution, the largest natural foods distribution company in the United States and Canada with over 43,000 customers including natural foods grocers, health food markets and superstores.  The Company’s products are also available online at CBDforlife.us, Dillards.com, UrbanOutfitters.com and recently relaunched at TheGrommet.com.  CBD For Life’s rubs were recently featured on the Yahoo.com holiday shopping guide 7 classy stocking stuffers they’ll never guess are under $25and the company has now reached over 1000 5-star product reviews.

 “We are thrilled that CBD products are in such high demand this holiday season.  On Black Friday alone this year, we saw a nearly 300% increase in our average daily sales.  Cyber Monday was similar. Our holiday gift set, available through our website, is seeing incredible sell-through. With the recent upgrades we’ve made to our website, e-commerce fulfillment, and third-party logistics systems, we are ready to meet that demand and can’t wait to put smiles on thousands of faces on Christmas Day!” said Julie Winter, Vice President at iAnthus and General Manager of CBD For Life. “We are beginning our fifth year of operations with great momentum.   In the new year, look for new packaging and new products, including deodorant and lip treatments.”

 

SOURCE iAnthus Capital Holdings, Inc.

Continue Reading

Trending

Roboticulized is a news publishing website which digests / hand picks the latest news about the AI industry, and serves them to you daily.

Contact us: pressroom@roboticulized.com

© Roboticulized.com 2019 - part of PICANTE Media. All rights reserved. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania