Category: Taxation

MIL-OSI: Questor Announces December 31, 2024 Results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, April 16, 2025 (GLOBE NEWSWIRE) — Questor Technology Inc. (“Questor” or the “Company”) (TSX-V: QST) announced today its financial and operating results for the fourth quarter and year ended December 31, 2024.

Questor’s audited Condensed Consolidated Financial Statements and Management’s Discussion and Analysis for the year ended December 31, 2024 are available on the Company’s website at www.questortech.com/quarterly-reports and at www.sedarplus.ca.

Unless otherwise noted, all financial figures are presented in Canadian dollars, prepared in accordance with International Financial Reporting Standards and are unaudited for the three months ended December 31, 2024.

FOURTH QUARTER AND 2024 CONSOLIDATED FINANCIAL RESULTS

	Three months ended December 31,		Twelve months ended December 31,
For the	2024	2023	2024	2023
(Stated in CDN $)
Revenue	1,775,892	1,445,128	4,520,580	7,190,871
Gross profit	595,405	738,031	1,233,410	2,730,907
Adjusted EBITA⁽¹⁾	5,246	152,543	(1,450,452)	488,787
Loss for the period	(1,041,393)	(891,982)	(3,233,997)	(4,806,412)
Loss per share – basic and diluted	(0.04)	(0.03)	(0.12)	(0.17)

As at			December 31, 2024		December 31, 2023
(Stated in CDN $)
Working capital⁽²⁾			7,570,934	11,844,178
Total assets			24,090,332	27,125,820
Total equity			21,110,076	24,357,652

⁽¹⁾Non-GAAP financial measure. Refer to “Non-GAAP Financial Measures” section at the end of this MD&A.
⁽²⁾Working capital is defined as total current assets less total current liabilities.

Revenue for the three and twelve months ended December 31, 2024 was $1.8 million and $4.5 million compared to $1.4 million and $7.2 million for the same periods in 2023. The reduction was mainly attributed to a strategic shift in Questor’s business focus towards the international market. Questor’s USA sales team was hired in the second half of 2024 with a focus on rebuilding rental and sales revenue lost primarily due to merger and acquisition activity combined with regulatory changes in the space over the past few years. The revenue focus is primarily in the Permian basin, Colorado, North Dakota, New Mexico and Wyoming. The company is exploring potential rental opportunities in Mexico, with rental activities set to begin in Q1 2025. While short-term results were impacted by the change in our client base combined with regulatory changes, our refreshed focus on global markets with opportunities to eliminate methane and VOC emissions will position the Company for stronger, more diversified and ultimately more sustainable growth in the long term. As at the date of this press release, the Company has secured $4.5 million of committed equipment sales revenue, expected to be fulfilled in the first half of 2025.

Gross profit as a percentage of revenue for the three and twelve months ended December 31, 2024 was 34 percent and 27 percent compared to 51 percent and 38 percent for the same periods in 2023. The reduction for the twelve and three months ended December 31, 2024 compared to the prior periods is mainly due to a lower revenue, where the Company continues to incur fixed costs and due to the revenue and sales mix. Additionally, 2024 cost of sales expense benefited from the absence of a $0.2 million valuation allowance for slow-moving inventory, which was recognized in 2023.

Adjusted EBITDA for the three and twelve months ended December 31, 2024 was nil and negative $1.5 million, compared to positive $0.2 million and $0.5 million for the same periods in 2023. The reduction in Adjusted EBITDA is mainly due to lower revenue, where the Company continues to incur operational and administrative fixed costs.

The Company continues to have a strong financial position at December 31, 2024 including cash and cash equivalents of $5.3 million, $1.7 million of highly liquid short-term investments, and working capital of $7.6 million.

2024 HIGHLIGHTS AND SUBSEQUENT EVENTS

In the fourth quarter of 2024, Questor received the final payment of $1,393,246 for the milestone one of the Waste Heat to Power project from Sustainable Development Technology Canada (“SDTC”).

The construction of the 1500kW waste heat to power prototype neared completion in Q4, with final testing underway in Q1 2025. Commissioning is scheduled to begin in Q2 2025. Meanwhile, Questor has advanced negotiations and preparations for the prototype’s field demonstration, with the field deployment expected in the second half of 2025.

On February 9, 2024, Questor commenced Normal Course Issuer Bid (“NCIB”) allowing Questor to purchase a maximum of 1,400,000 common shares over the 12-month period for cancellation. NCIB is effective until the earliest of (i) February 7, 2025, (ii) the Company purchasing the maximum of 1,400,000 Shares, and (iii) the Company terminating the NCIB. In connection with the current NCIB, Questor entered into an automatic share purchase plan (“ASPP”) with its designated broker to enable the purchase of shares during blackout periods during which the Company would not ordinarily be permitted to purchase shares. Purchases under the ASPP during those periods are determined by the designated broker in its sole discretion based on the purchasing parameters set by Questor in accordance with the rules of the TSX Venture Exchange, applicable securities laws and the terms of the ASPP. Outside of the periods noted above, purchases under the current NCIB are completed at Questor’s discretion. As of December 31, 2024 under the current NCIB and the instructions in place with the broker, Questor purchased for cancellation of 671,500 shares for the weighted average of $0.48. Subsequent to the year-end, the Company’s NCIB expired and was formally concluded on February 7, 2025. As a result of the NCIB, which was active from February 9, 2024 to February 7, 2025, the Company repurchased and cancelled a total of 731,500 shares at a weighted average price of $0.47 per share.

In the first quarter of 2025, Questor announced a $0.9 million purchase order to supply clean combustion solutions for managing railcar vapours at Caltrax Inc.’s Calgary facility. During the same period, the company also secured a $2.4 million contract in Iraq, marking the second unit supplied in the MENA region for a leading global exploration and production company focused on reducing flaring and methane emissions.

PRESIDENT’S MESSAGE

The global regulatory landscape for emissions is rapidly evolving, with increasing pressure from regulators, courts, investors, and the public to reduce flaring and venting in industrial operations. As a result, Questor is seeing significant global interest in our technology solutions to help address these critical challenges.

Flaring and venting not only waste valuable resources but also contribute significantly to air pollution. This practice releases methane, hydrocarbons, fine particulates (PM2.5), and volatile organic compounds (VOCs) such as benzene, toluene, ethylbenzene, xylene, formaldehyde, and acetaldehyde into the atmosphere. These harmful pollutants have been directly linked to higher cancer rates, respiratory diseases, and other chronic health conditions. Methane, in particular, is a climate “super pollutant” with 86 times the warming potential of carbon dioxide over 20 years. It is responsible for 30% of observed global warming to date, making it a key target for climate change mitigation.

At Questor, we offer proven solutions to combat these challenges. Our ISO 14034-certified thermal oxidizer achieves a 99.99% combustion efficiency, ensuring that our clients can demonstrate compliance with emissions standards and eliminate the release of harmful pollutants. This clean combustion technology significantly reduces health risks in surrounding communities, including respiratory illnesses and cancers. Additionally, our organic Rankine cycle (ORC) repurposes heat from methane combustion, creating a revenue stream that offsets the costs of achieving net-zero carbon dioxide equivalent emissions.

Many major oil and gas producers have pledged to reduce flaring, venting, and methane emissions while working toward net-zero goals. Questor’s innovative combination of clean combustion and waste heat-to-power technology enables our clients to meet these all these commitments at a net-zero cost.

Questor’s multi-year strategy to intentionally diversify revenue streams globally has focussed on those jurisdictions that have created favorable conditions that have considered the environmental and social impacts of energy production and want to grow their future production in a sustainable manner. As an example, the Iraq contract awarded early 2025 in partnership with OilSERV was for TotalEnergies EP Ratawi Hub, as a part of the multi-energy Gas Growth Integrated Project (GGIP) operated by TotalEnergies. The GGIP is designed to enhance the development of Iraq’s natural resources to improve the country’s electricity supply. This 4-in-1 project comprises the recovery of gas that is currently flared at three oil fields in southern Iraq to supply electric power plants, the redevelopment of the Ratawi oil field, the construction of a 1 GWac (1.25GWp) solar farm and of a seawater treatment plant. The Questor Q5000 Unit will initially treat 2.1 MMSCFD of associated gas during the pilot phase. Subsequently, the unit will treat an additional 1.2 to 2 MMSCFD of low-pressure gas, maximizing the Q5000’s potential and reducing site GHG emissions in the frame of AGUP Phase 1 development. This is the second unit that TotalEnergies has purchased in the Middle East North Africa (MENA) region. TotalEnergies exemplifies the ideal partner for Questor’s solutions, utilizing our thermal oxidizer to reduce methane and VOC emissions, and the future potential of utilizing waste-heat in the GGIP and converting it to power with our 1.5MW Organic Rankin Cycle (ORC) generator.

To accelerate global adoption, we have partnered with key industry leaders. In Iraq, we collaborate with OilSERV, a top-tier integrated oilfield services provider in the Middle East. In Nigeria, we are represented by Ar-Rahman Technical Services Nig. Limited. In Latin America, our partnership with Hoerbiger, an established multinational company with over 120 locations in 50 countries, further expands our reach. In Mexico, we work with JHJ and GSM Carso, leading service providers supplying units to Pemex. Over the past three years, we have built strong relationships with these partners, educating them on our technology and supporting them in client engagements. With a 25-year track record of eliminating flaring and venting, we are confident that Questor can set the standard for best practices in these regions.

As global incentives for methane and VOC reduction continue to grow, Questor is uniquely positioned to help clients improve environmental performance while strengthening their community relations. We anticipate that both new and existing clients will view Questor as the ideal partner to accelerate the attainment of their environmental pledges—reducing emissions while simultaneously cutting costs and generating revenue.

Finally, we acknowledge the evolving political and economic landscape and its potential impact on our operations. We have assessed the risks associated with tariffs and remain confident in our ability to adapt. With strategically positioned inventory in Canada and the United States and established supply chains across North America, Questor is well-prepared to navigate uncertainties. Our global partnerships further diversify our revenue streams, ensuring continued resilience and growth.

As we move forward, Questor remains committed to driving innovation, sustainability, and global leadership in emissions reduction.

FORWARD LOOKING STATEMENTS

Certain information in this news release constitutes forward-looking statements. When used in this news release, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. This news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company’s current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company’s public disclosure documents. Many factors could cause the Company’s actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

ABOUT QUESTOR TECHNOLOGY INC.

Questor Technology Inc., incorporated in Canada under the Business Companies Act (Alberta) is an environmental emissions reduction technology company founded in 1994, with global operations. The Company is focused on clean air technologies that safely and cost effectively improve air quality, support energy efficiency and greenhouse gas emission reductions. The Company designs, manufactures and services high efficiency clean combustion systems that destroy harmful pollutants, including Methane, Hydrogen Sulfide gas, Volatile Organic Hydrocarbons, Hazardous Air Pollutants and BTEX (Benzene, Toluene, Ethylbenzene and Xylene) gases within waste gas streams at >99.99 percent efficiency per its ISO 14034 Certification. This enables its clients to meet emission regulations, reduce greenhouse gas emissions, address community concerns and improve safety at industrial sites.

The Company also has proprietary heat to power generation technology and is currently targeting new markets including landfill biogas, syngas, waste engine exhaust, geothermal and solar, cement plant waste heat in addition to a wide variety of oil and gas projects. The combination of Questor’s clean combustion and power generation technologies can help clients achieve net zero emission targets for minimal cost. The Company is also doing research and development on data solutions to deliver an integrated system that amalgamates all the emission detection data available to demonstrate a clear picture of the site’s emission profile.

The Company’s common shares are traded on the TSX Venture Exchange under the symbol “QST”. The address of the Company’s corporate and registered office is 1920, 707 – 8^th Avenue S.W. Calgary, Alberta, Canada, T2P 1H5.

QUESTOR TRADES ON THE TSX VENTURE EXCHANGE UNDER THE SYMBOL ‘QST’

Investor Relations Contact

Aly Sumar – Chief Financial Officer

investor@questortech.com

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

This document is not intended for dissemination or distribution in the United States.

The MIL Network –

April 17, 2025

MIL-OSI: Onfolio Holdings Inc. Announces Fourth Quarter and Year-End 2024 Financial Results and Provides Corporate Update

Source: GlobeNewswire (MIL-OSI)

WILMINGTON, Del., April 16, 2025 (GLOBE NEWSWIRE) — Onfolio Holdings Inc. (NASDAQ: ONFO, ONFOW) (OTC: ONFOP) (“Onfolio” or the “Company”), a holding company that acquires and manages a diversified portfolio of online businesses across a broad range of verticals, announces financial results for the fourth quarter and full year ended December 31, 2024. The Company’s Annual Report on Form 10-K was filed with the Securities and Exchange Commission on April 15, 2025 and is available on the SEC’s website at www.sec.gov.

Recent Corporate Highlights

Recorded $136,000 net income for Q4 2024
Completed the acquisition of Eastern Standard, a digital web agency focused on branding, user experience, and optimization, in October 2024.

Fourth Quarter and Year End 2024 Financial Highlights

Fourth quarter revenue grew 96% to $2.49M vs. $1.27M in the prior year period and vs. $2.01M in 3Q24
Fourth quarter gross profit grew 56% to $1.32M vs. $0.84M in the prior year period and vs. $1.20M in 3Q24
Fourth quarter total operating expenses increased 20% to $2.01M vs. $1.67M in the prior year period and vs. $1.69M in 3Q24
Fourth quarter net profit to common shareholders improved by over $1M to a $0.14M profit vs. a $0.9M loss in the prior year period and vs. a $0.57M loss in 3Q24
Four quarter EPS improved by 102% to $0.01 vs -$0.37 in the prior year.
Revenue grew 49% YOY to $7.82M in 2024 vs. $5.24M in 2023
Gross profit grew 39% to $4.5M vs $3.24M in 2023
Total operating expenses shrank 44% to $7.05M vs. $12.54M in 2023
Net loss to common shareholders improved 77% to $2.15M vs $9.43M in 2023
2024 EPS grew 77% YOY to -$0.41 from -$1.84
Cash at 12/31/24 was $0.48M vs. $0.98M at 12/31/23

“The 4^th Quarter 2024 saw us record a positive net income for the first time as a publicly traded company, even if it was small. Throughout 2024 we continued to make progress in all vital areas of our company. We grew our revenues, we acquired more companies, we reduced our expenses, and we strengthened our balance sheet with business divestments,” commented Onfolio CEO Dominic Wells.

“We still have work to do, and believe 2025 will see us further build on the foundations we laid in 2024, particularly Q3 and Q4,” Wells continued.

“Our goals for 2024 were to grow revenues, grow gross profits, reduce operating expenses, raise non-dilutive capital, regain Nasdaq compliance (ideally without a reverse stock-split), and reach profitability, or at least break-even.”

“Those were no small goals, yet they were crucial to achieve, and the team worked hard throughout the year to significantly meet all of those goals.”

“We are a growth-minded organization with long-term views, and at times feel frustrated with where we are at any given time. It is important we look back at how far we have come, compare ourselves to where we were a year ago, and take the wins that we have.”

“As such, we consider 2024 to be a success, and we have not taken our foot off the pedal in 2025.”

“We launched a new Reg D offering for our Series A Preferred Shares (OTC: ONFOP) in February 2025.”

“As we continue to raise more capital, we will be in a better position to make accretive acquisitions and eventually sustain profitability,” concluded Wells.

About Onfolio Holdings

Onfolio Holdings acquires controlling interests in and actively manage small online businesses that we believe (i) operate in sectors with long-term growth opportunities, (ii) have positive and stable cash flows, (iii) face minimal threats of technological or competitive obsolescence and (iv) can be managed by our existing team or have strong management teams largely in place. Through the acquisition and growth of a diversified group of online businesses with these characteristics, we believe we offer investors in our shares an opportunity to diversify their own portfolio risk. Our company excels at finding acquisition opportunities where the seller has not fully optimized their business, and our experience and skillset allows us to add increased value to these existing businesses. Visit www.onfolio.com for more information.

Forward-Looking Statements

The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words “may” “will,” “should,” “plans,” “explores,” “expects,” “anticipates,” “continues,” “estimates,” “projects,” “intends,” and similar expressions. Examples of forward-looking statements include, among others, statements we make regarding expected operating results, such as revenue growth and earnings, and strategy for growth and financial results.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing new customer offerings, changes in customer order patterns, changes in customer offering mix, continued success in technological advances and delivering technological innovations, delays due to issues with outsourced service providers, those events and factors described by us in Item 1A “Risk Factors” in our most recent Form 10-K; other risks to which our company is subject; other factors beyond the company’s control. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

For investor inquiries:
investors@onfolio.com


Onfolio Holdings, Inc.
Consolidated Balance Sheets


	December 31			December 31
	2024			2023

Assets

Current Assets:
Cash	$	476,874		$	982,261
Accounts receivable, net		755,804			90,070
Inventory		65,876			92,637
Prepaids and other current assets		138,007			111,097
Total Current Assets		1,436,561			1,276,065

Intangible assets		3,323,211			1,675,480
Goodwill		4,210,557			1,596,673
Fixed Assets		5,135			–
Due from related party		126,530			150,971
Investment in unconsolidated joint ventures, cost method		213,007			154,007
Investment in unconsolidated joint ventures, equity method		268,231			273,042
Other assets		9,465			–

Total Assets	$	9,592,697		$	5,126,238
Liabilities and Stockholders Equity

Current Liabilities:
Accounts payable and other current liabilities	$	969,068		$	493,816
Dividends payable		100,797			68,011
Notes payable, current		702,634			17,323
Notes Payable – Related Party, current		850,000			–
Contingent consideration		981,591			60,000
Deferred revenue		589,913			149,965
Total Current Liabilities		4,194,003			789,115

Notes payable		450,000			–
Notes payable – related parties		599,000			–
Due to joint ventures – long term		–			–
Total Liabilities		5,243,003			789,115

Commitments and Contingencies

Stockholders’ Equity:
Preferred stock, $0.001 per value, 5,000,000 shares authorized
Series A Preferred stock, $0.001 par value, 1,000,000 shares authorized, 134,460 and 92,260 issued and outstanding at December 31, 2024 and 2023		134			93
Common stock, $0.001 par value, 50,000,000 shares authorized, 5,127,395 and 5,107,395 issued and outstanding at December 31, 2024 and 2023		5,128			5,108
Additional paid-in capital		22,316,751			21,107,311
Accumulated other comprehensive income		68,105			182,465
Accumulated deficit		(19,078,287	)		(16,957,854	)
Total Onfolio Inc. stockholders equity		3,311,831			4,337,123
Non-Controlling Interests		1,037,863			–
Total Stockholders’ Equity		4,349,694			4,337,123

Total Liabilities and Stockholders’ Equity	$	9,592,697		$	5,126,238

The accompanying notes are an integral part of these consolidated financial statements


Onfolio Holdings, Inc.
Consolidated Statements of Operations


	For the Three Months Ended Dec 31,						For the Years Ended Dec 31,
	2024			2023			2024			2023


Revenue, services	$	2,024,308		$	374,397		$	4,660,069		$	1,496,038
Revenue, product sales		512,496			890,501			3,202,008			3,743,948
Total Revenue		2,536,804			1,264,898			7,862,077			5,239,986

Cost of revenue, services		1,059,161			186,039			2,609,061			837,888
Cost of revenue, product sales		118,208			242,527			708,139			1,159,267
Total cost of revenue		1,177,369			428,566			3,317,200			1,997,155

Gross profit		1,359,435			836,332			4,544,877			3,242,831

Operating expenses
Selling, general and administrative		1,402,154			1,257,244			5,718,243			5,981,601
Professional fees		353,695			316,500			948,751			1,160,410
Acquisition costs		142,465			41,367			264,731			326,899
Impairement of goodwill and intangible assets		116,322			1,064,249			121,000			5,016,765
Total operating expenses		2,014,636			2,679,360			7,052,725			12,485,675

Loss from operations		(655,201	)		(1,843,028	)		(2,507,848	)		(9,242,844	)

Other income (expense)
Equity method income (loss)		748			(1,731	)		(4,812	)		13,190
Dividend income		6,313			–			12,157			1,610
Interest income (expense), net		(41,103	)		6,052			(101,667	)		75,041
Other income		3,249			–			6,183			2,937
Gain on change in fair value of contingent consideration		368,464			–			368,464			–
Impairment of investments		–			–			–			–
Gain on sale of business		453,581			–			453,581			–
Total other income		791,252			4,321			733,906			92,778

Loss before income taxes		136,051			(1,838,707	)		(1,773,942	)		(9,150,066	)

Income tax (provision) benefit		–			–			–			–

Net loss		136,051			(1,838,707	)		(1,773,942	)		(9,150,066	)

Net loss attributable to noncontrolling interest		(2,224	)		–			7,737			–
Net loss attributable to Onfolio Holdings Inc.		133,827			(1,838,707	)		(1,766,205	)		(9,150,066	)

Preferred Dividends		(100,395	)		(54,231	)		(354,228	)		(227,298	)
Net loss to common shareholders	$	33,432		$	(1,892,938	)	$	(2,120,433	)	$	(9,377,364	)

Net loss per common shareholder
Basic and diluted	$	0.01		$	(0.37	)	$	(0.41	)	$	(1.84	)

Weighted average shares outstanding
Basic and diluted		5,127,395			5,110,195			5,117,941			5,107,395

The accompanying notes are an integral part of these consolidated financial statements


Onfolio Holdings, Inc.
Consolidated Statements of Stockholders’ Equity
For the Years Ended December 31, 2024 and 2023

	Preferred Stock, $0.001 Par value			Common Stock, $0.001 Par Value			Additional		Accumulated			Accumulated Other		Non			Stockholders’
	Shares	Amount		Shares	Amount		Paid-In Capital		Deficit			Comprehensive Income		Controlling Interest			Equity

Balance, December 31, 2022	69,660	$	70	5,107,395	$	5,108	$	19,950,776	$	(7,580,490	)	$	96,971	$	–		$	12,472,435
				–		–				–			–		–			–
Sale of preferred stock for cash	22,600		23	–		–		564,977		–			–		–			565,000
Stock-based compensation	–		–	–		–		591,558		–			–		–			591,558
Preferred dividends	–		–	–		–		–		(227,298	)		–		–			(227,298	)
Foreign currency translation	–		–	–		–		–		–			85,494		–			85,494
Net loss (restated)	–		–	–		–		–		(9,150,066	)		–					(9,150,066	)

Balance, December 31, 2023 (as restated)	92,260		93	5,107,395		5,108		21,107,311		(16,957,854	)		182,465		–			4,337,123
				–		–				–			–		–			–
Acquisition of Business	41,400		41	–		–		1,094,959		–			–		1,066,000			2,161,000
Sale of preferred stock for cash	800		–	–		–		20,000		–			–		–			20,000
Stock-based compensation	–		–	–		–		56,887		–			–		–			56,887
Partner Contributions								24,654										24,654
Common stock issued for exercise of options	–		–	20,000		20		12,940		–			–		–			12,960
Preferred dividends	–		–	–		–		–		(354,228	)		–		–			(354,228	)
Foreign currency translation	–		–	–		–		–		–			–					–
Distribution to non-controlling interest															(20,400	)		(20,400	)
Net loss	–		–	–		–		–		(1,766,205	)		–		(7,737	)		(1,773,942	)

Balance, December 31, 2024	134,460	$	134	5,127,395	$	5,128	$	22,316,751	$	(19,078,287	)	$	182,465	$	1,037,863		$	4,464,054

The accompanying notes are an integral part of these consolidated financial statements


Onfolio Holdings, Inc.
Consolidated Statements of Cash Flows
For the Years Ended December 31, 2024 and 2023


	2024			2023

Cash Flows from Operating Activities
Net loss	$	(1,773,942	)	$	(9,150,066	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Stock-based compensation expense		56,887			591,558
Equity method loss (income)		4,812			(13,190	)
Dividends received from equity method investment		–			20,474
Amortization of intangible assets		906,737			680,693
Impairment of intangible assets		121,000			5,016,765
Gain on sale of subsidiary		(453,581	)		–
Change in FV of contingent consideration		(368,464	)		–
Net change in:
Accounts receivable		(282,002	)		47,528
Inventory		26,761			12,492
Prepaids and other current assets		4,891			101,083
Accounts payable and other current liabilities		477,247			(56,638	)
Due to joint ventures		24,441			(39,251	)
Deferred revenue		86,850			36,714
Due to related parties		–			–

Net cash used in operating activities		(1,168,363	)		(2,751,838	)

Cash Flows from Investing Activities
Cash paid to acquire businesses		(255,000	)		(850,000	)
Cash received for sale of subisiary		780,000			–
Investments in joint ventures		(59,000	)		–
Investment in cryptocurrency		(15,000	)		–
Net cash used in investing activities		451,000			(850,000	)

Cash Flows from Financing Activities
Proceeds from sale of Series A preferred stock		20,000			565,000
Proceeds from exercise of stock options		12,960			–
Payments of preferred dividends		(321,442	)		(213,691	)
Distributions to non-controlling interest holders		(20,400	)		–
Proceeds from notes payable		881,650			–
Payments on note payables		(386,339	)		(68,959	)
Payments on acquisition note payables		–			(2,439,000	)
Proceeds from notes payable – related parties		200,000			–
Payments on note payables – related parties		(1,000	)		–
Payments on contigent consideration		(59,093	)		–

Net cash provided by financing activities		326,336			(2,156,650	)

Effect of foreign currency translation		(114,360	)		39,627

Net Change in Cash		(505,387	)		(5,718,861	)
Cash, Beginning of Period		982,261			6,701,122

Cash, End of Period		476,874		$	982,261

Cash Paid For:
Income Taxes	$	–		$	–
Interest	$	101,667		$	68,938

Non-cash transactions:
Notes payable issued for asset acquisitions	$	1,490,000		$	–
Preferred stock issued for acquisitions	$	1,035,000		$	–
Contingent consideration issued for acquisitions	$	986,000		$	–
Common stock options issued for acquisitions	$	60,000		$	–
Non-controlling interest issued for acquisitions	$	1,066,000		$	–




The accompanying notes are an integral part of these consolidated financial statements

The MIL Network –

April 17, 2025

MIL-OSI: Rivalry Reports Strong Q1 2025 KPI Growth, Validating Strategic Pivot Amid Temporary Margin Variance
Source: GlobeNewswire (MIL-OSI)

TORONTO, April 16, 2025 (GLOBE NEWSWIRE) — Rivalry Corp. (TSXV: RVLY) (OTCQB: RVLCF) (“Rivalry” or the “Company”), the leading sportsbook and iGaming operator for digital-first players, today shared preliminary key performance indicators (“KPIs”) and revenue figures for the three months ended March 31, 2025 (“Q1 2025”), underscoring the success of its strategic transformation and path toward sustainable, profitable growth. All dollar figures are quoted in Canadian dollars.

Q1 2025 marks the first full quarter under Rivalry’s revamped operating model, following significant changes to product offerings, organizational structure, cost management, and user acquisition strategies. Underlying KPIs show improved unit economics, deeper engagement, and structural momentum toward long-term sustainability.

Revenue in the quarter was lower than prior periods – a result of Rivalry’s deliberate shift to a leaner, more efficient model – creating a stronger foundation that the Company is now building on. The shortfall also reflected temporary variance in sportsbook hold, amplified by a strategic focus on high-value and VIP players. The Company believes that these segments drive significantly greater long-term value but can introduce short-term volatility as they scale.

“Our Q1 KPIs are delivering tangible results that validate our strategic shift,” said Steven Salz, Co-Founder and CEO of Rivalry. “The structural changes we implemented over the past six months – from streamlining operations and refocusing the product, to modernizing our platform and concentrating on high-value players – are now clearly reflected in our KPIs. We’re operating more efficiently than ever, generating significantly more revenue per user, and moving closer to achieving sustainable profitability.”

Q1 2025 Highlights¹:
- Operational Efficiency Up 400%: In Q1 2025, Rivalry generated over 400% more net revenue per user per dollar of operating expense as compared to its average before the strategic overhaul. This marks a significant leap in cost efficiency and operating leverage, validating the impact of recent changes.
- Shift to High-Value Players Driving 175% Increase in Player Monthly Deposits: Total deposits rose 36% month over month in February 2025 and another 12% in March 2025, despite a smaller active user base than past peaks. In Q1 2025, average monthly deposits per player were just over 175% higher than the periods prior to Rivalry’s October 2024 strategic overhaul – a clear result of the Company’s focus on acquiring and retaining high-value players, while improving unit economics and lowering variable costs.
- 115% Increase in Monthly Deposit Frequency: In Q1 2025, average monthly deposit frequency per player increased by 115% compared to the average prior to Rivalry’s October 2024 rebuild – signaling strong user re-engagement and validating the Company’s refined product experience and more targeted player strategy.
- All-Time High in Monthly Betting Handle per User: Monthly betting handle per active user hit a new all-time high in March 2025, marking the fifth consecutive month of record-breaking engagement and deeper player value.
- Record Revenue per User: In March 2025, monthly Gross and Net Revenue per active user reached all-time highs (normalized for margin variance), extending a four-month streak of consistent revenue per active user growth and player monetization strength.
- Month over Month Active User Growth: Monthly active players grew by 9% in March 2025, following a similar increase in February 2025, despite a significantly reduced global marketing budget compared to the same period last year.
- Ontario Regulated Market Showing Strong, Improving Unit Economics: Since the Company’s operational shift, Rivalry’s Average Revenue Per Playing Account (“ARPPA”) in Ontario – a monthly metric defined by and publicly reported by gaming regulator iGO – has generally trended in line with the market average, and in some months exceeded it by as much as 50%. ARPPA has also nearly doubled compared to pre-overhaul levels at Rivalry, reflecting strengthening unit economics supported by efficient customer acquisition, with customer acquisition cost paybacks consistently within single-digit weeks.
Operational Momentum and Efficiency Gains Reflect Structural Progress

The Company’s Q1 2025 performance reflects the first full quarter operating under a significantly leaner structure, with total monthly run rate operating expenses reduced by approximately 65% as compared to prior peak periods.

Betting handle in Q1 2025 was $58.2 million, and net revenue $1.3 million¹, for a net revenue margin of 2.3%. This compares to Rivalry’s full-year 2024 net revenue margin of 4.4%¹, with the Q1 2025 margin variance largely attributable to short-term fluctuations in sportsbook hold. This was amplified by the Company’s strategic pivot toward high-value and VIP players – segments that offer significantly greater long-term value but naturally introduce more short-term variability in margin performance as they scale.

On a normalized margin basis, Rivalry’s Q1 2025 net revenue would have covered approximately 75% of current run rate operating expenses, inclusive of additional cost reductions completed in early April that lowered monthly operating expenses by approximately $140,000. Growing user value, rising engagement, and stronger unit economics reflect encouraging momentum toward long-term financial sustainability.

“The KPIs are telling the real story – user value is up, efficiency is up, and player engagement is the strongest we’ve seen in the Company’s history,” said Steven Salz, Co-Founder and CEO of Rivalry. “Even with soft margin outcomes in Q1 2025, the model is showing strong underlying signals. As sportsbook hold normalizes and our cost base becomes leaner, we believe we’re moving in the right direction.”

Over the past six months, Rivalry has reduced monthly run rate operating expenses by approximately $1.7 million per month, inclusive of the recently completed April 2025 reductions. These reductions have been enabled by a fully modernized core product with improved site performance and ongoing development velocity across key revenue-driving features. The Company has also realized efficiencies through vendor rationalization and the rollout of AI-driven tools across departments.

“We’ve built a stronger, leaner, and more focused Rivalry,” Salz added. “Our improved KPIs and disciplined cost management have created a healthier foundation. With continued operational momentum and a re-energized product, we believe we’re on a promising path forward.”

Company Contact:

Steven Salz, Co-founder & CEO

ss@rivalry.com

Investor Contact:

investors@rivalry.com

Financial Outlook

This news release contains a financial outlook within the meaning of applicable Canadian securities laws. The financial outlook has been prepared by management of the Company to provide an outlook for net revenue and net revenue margin for the period ending March 31, 2025, and net revenue margin for the 12 months ended December 31, 2024 and may not be appropriate for any other purpose. Preliminary and unaudited financial results are subject to customary financial statement procedures. Actual results could be affected by subsequent events or determinations. The financial outlook has been prepared based on a number of assumptions including the assumptions discussed under the heading “Cautionary Note Regarding Forward-Looking Information and Statements”. The actual results of the Company’s operations for any period will likely vary from the amounts set forth in these projections and such variations may be material. The Company and its management believe that the financial outlook has been prepared on a reasonable basis. However, because this information is highly subjective and subject to numerous risks, including the risks discussed under the heading “Cautionary Note Regarding Forward-Looking Information and Statements”, it should not be relied on as necessarily indicative of future results.

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statements”). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “project” and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking statements in this news release include, but are not limited to, statements with respect to the Company’s financial performance, including net revenue and net revenue margin for the three months ended March 31, 2025, the anticipated results of the Company’s strategic shift and ongoing efforts to reduce operating expenses and achieving sustainable profitability. Forward-looking statements are based on the opinions and estimates of management of the Company at the date the statements are made based on information then available to the Company. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements.

Forward-looking statements are subject to and involve a number of known and unknown, variables, risks and uncertainties, many of which are beyond the control of the Company, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors, among other things, include regulatory or political change such as changes in applicable laws and regulations; the ability to obtain and maintain required licenses; the esports and sports betting industry being a heavily regulated industry; the complex and evolving regulatory environment for the online gaming and online gambling industry; the success of esports and other betting products are not guaranteed; changes in public perception of the esports and online gambling industry; negative cash flow from operations and the Company’s ability to operate as a going concern; the Company’s ability to repay amounts owing under its secured and unsecured indebtedness; failure to retain or add customers; the Company having a limited operating history; operational risks; cybersecurity risks; reliance on management; reliance on third parties and third-party networks; exchange rate risks; risks related to cryptocurrency transactions; risk of intellectual property infringement or invalid claims; the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and general economic, market and business conditions. For additional risks, please see the Company’s management’s discussion and analysis for the three and nine months ended September 30, 2024 under the heading “Risk Factors”, and other disclosure documents available on the Company’s SEDAR+ profile at www.sedarplus.ca.

No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.

^¹ Preliminary and unaudited financial results are subject to customary financial statement procedures by the Company and its auditors. Actual results could be affected by subsequent events or determinations. These preliminary results represent forward-looking information. See “Cautionary Note Regarding Forward-Looking Information and Statements” and “Financial Outlook”.

The MIL Network –
April 16, 2025
MIL-OSI: My Solar Claim Launches Initiative to Protect Homeowners from Predatory Solar Companies and Costly Loans
Source: GlobeNewswire (MIL-OSI)

Austin, Texas, April 16, 2025 (GLOBE NEWSWIRE) — My Solar Claim, a consumer advocacy organization, has announced a new initiative aimed at protecting homeowners from predatory solar sales practices and burdensome loans. Utilizing specialized tax strategies, expert legal support, and targeted consumer education, My Solar Claim is helping homeowners regain financial control and recover losses from misleading solar agreements.https://www.mysolarclaim.com/

My Solar Claim Logo

In recent years, the surge in residential solar adoption has brought with it an alarming increase in aggressive sales tactics, resulting in homeowners being saddled with expensive, long-term solar loans. Many homeowners report being misled by sales representatives who exaggerated potential savings, concealed critical details about financing, or pressured them into signing agreements without fully understanding the implications.

“My Solar Claim was founded because homeowners deserve better,” said Sara Meyer – a representative from My Solar Claim. “Too many hardworking people have been left financially vulnerable because of aggressive sales tactics and predatory loans. Our mission is to level the playing field, ensuring homeowners have the knowledge and support needed to challenge unfair agreements, reduce their loan burdens, and regain financial security.”

My Solar Claim’s innovative solutions include:
- Legal Support and Loan Relief: Partnering with some very powerful law firms, My Solar Claim helps homeowners explore options to restructure or, in some cases, entirely exit oppressive solar loans in addition to winning large settlements.
- Solar Tax Credit Recovery: Through their network of expert tax professionals, My Solar Claim helps homeowners maximize available solar tax incentives, potentially recovering thousands of dollars that were previously overlooked or underutilized. They say 90%+ of homeowners with solar installations are unaware of thousands of additional solar tax credits.
- Comprehensive Education & DIY Resources: My Solar Claim provides free resources, guidance, and DIY toolkits, empowering homeowners to advocate effectively for themselves.
With a proven track record of delivering tangible results, My Solar Claim has quickly established itself as a trusted resource in consumer advocacy, providing hope and actionable solutions for homeowners nationwide.

“Homeowners who feel trapped by their solar loans aren’t alone, and they aren’t powerless,” added Sara. “We stand by our clients every step of the way, dedicated to restoring their financial stability and peace of mind.”

Homeowners affected by solar sales misrepresentation or predatory loans are encouraged to reach out to My Solar Claim at www.mysolarclaim.com for a free evaluation of their situation.

About My Solar Claim

My Solar Claim is dedicated to advocating for homeowners affected by unfair and predatory solar sales practices. Combining financial recovery services, legal support, and educational resources, My Solar Claim helps homeowners nationwide reclaim control over their financial futures.

The MIL Network –
April 16, 2025
MIL-OSI Asia-Pac: Over 1.3 Crore Persons Insured through GeM in FY 2024-25

Source: Government of India

Over 1.3 Crore Persons Insured through GeM in FY 2024-25

GeM facilitates hiring of 1 million people in FY 2024-25

Posted On: 16 APR 2025 10:53AM by PIB Delhi

Government e Marketplace (GeM), India’s largest e-marketplace for public procurement, sets yet another milestone in services delivery in the FY 24-25. Apart from facilitating hiring of 1 million manpower resources in FY 24-25, GeM has successfully facilitated insurance of more than 1.3 crore individuals covering Health, Life and Personal Accident Insurance policies.

The Insurance Services category was introduced on GeM in January 2022 to bring greater efficiency, transparency and cost-effectiveness in procuring insurance policies. By ensuring that only Insurance Regulatory and Development Authority of India (IRDAI) -approved service providers are onboarded. GeM has established a reliable and trusted mechanism for availing insurance services. Through this platform, buyer organizations can seamlessly procure Group Mediclaim, Personal Accident and Term Insurance policies, thereby offering financial security to a vast number of beneficiaries.

While commenting on this milestone, CEO-GeM Shri Ajay Bhadoo said, “GeM remains committed to continuously enhancing its platform to provide seamless, secure and cost-effective procurement solutions. The milestone of 1.3 crore insured persons reflects the growing confidence of government organizations in leveraging GeM for their insurance needs, reaffirming its role as a transformative force in public procurement.”

A key advantage of GeM’s insurance services is that it facilitates direct transactions between government buyers and insurance providers without intermediaries. This streamlined approach has significantly expedited the process while also reducing insurance premiums thereby ensuring cost savings for government organisations.

Beyond Life and Health insurance, the platform has expanded its insurance offerings to include a comprehensive range of insurance services such as Asset Insurance, Transit and Marine Insurance, Liability Insurance, Livestock Insurance, Motor Insurance, Crop Insurance and Cyber Insurance. Such broad spectrum of services ensures that various insurance needs are met through a single, transparent and efficient platform to enhance accessibility and cost-effectiveness in availing Insurance services by Government Buyers.

****

Abhishek Dayal/Nihi Sharma

(Release ID: 2122023) Visitor Counter : 95

MIL OSI Asia Pacific News –

April 16, 2025
MIL-OSI Asia-Pac: LCQ2: Organisations promoting and co-ordinating development of innovation and technology

Source: Hong Kong Government special administrative region

Following is a question by the Hon Chan Siu-hung and a written reply by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, in the Legislative Council today (April 16):

Question:

It is learnt that there are different organisations in Hong Kong (e.g. research and development centres, research institutes and statutory bodies) which are responsible for promoting and co-ordinating the development of innovation and technology (I&T), and among them, some are wholly owned by or established with funding support from the Government, while some others are established as independent legal entities. In this connection, will the Government inform this Council:

(1) of the following information on the aforesaid organisations, which are wholly owned by, established or operated with funding support from the Government, and statutory bodies (such as the Cyberport and the Hong Kong Science and Technology Parks Corporation) (including the existing ones and those under formation): (i) ‍objectives of the organisations, (ii) positioning of the organisations, and (iii) their responsibilities, together with a breakdown by their respective sectors (i.e. upstream, midstream and downstream) in the I&T ecosystem;

(2) whether it has examined if the organisations mentioned in (1) have overlapping or similar functions; if it has, of the details; if not, the reasons for that; and

(3) whether it will adopt a “zero-based mindset” (i.e. a mindset of getting rid of the existing framework and thinking from scratch) in planning afresh the resources currently allocated to I&T development, such as by reorganising or merging organisations with similar functions, so as to better dovetail with the development strategies put forward in the Hong Kong I&T Development Blueprint?

Reply:

President,

The consolidated reply in response to the questions raised by the Hon Chan Siu-hung is as follows:

Infrastructure is the cornerstone of innovation and technology (I&T) development, while the foundation of such development is research and development (R&D). In the past years, the Government of the Hong Kong Special Administrative Region (HKSAR) has devoted substantial resources to implement a series of infrastructural projects and established various R&D institutes and platforms, with a view to enhancing our local I&T ecosystem continuously. Such organisations include the Hong Kong Science and Technology Parks Corporation (HKSTPC), Cyberport, the Hong Kong Productivity Council (HKPC) and the R&D Centres under the Innovation and Technology Commission (ITC).

Established in 2001, the HKSTPC is a statutory body wholly owned by the Government. As an I&T flagship in Hong Kong, the HKSTPC is committed to providing infrastructure facilities, incubation programmes and one-stop support services for I&T enterprises, thereby promoting the development of a comprehensive I&T ecological chain encompassing the upstream, midstream and downstream sectors in Hong Kong. The HKSTPC is responsible for managing and operating the Science Park in Pak Shek Kok, the InnoCentre in Kowloon Tong, and the three InnoParks in Tai Po, Yuen Long and Tseung Kwan O, supporting around 1 700 enterprises, covering various technology areas including biomedical technology, electronics, green technology, information and communications technology, and material and precision engineering.

Cyberport, a company wholly-owned by the Government, has been in operation since 2004. As Hong Kong’s digital technology flagship, Cyberport comprises more than 2 200 enterprises including over 900 onsite companies and nine Hong Kong unicorns, covering areas such as artificial intelligence (AI), big data, smart living, financial technology and blockchain. It endeavours to promote the development of the digital technology ecosystem in Hong Kong through a series of incubation programmes and support measures targeting the development needs of digital technology start-ups at different stages. Cyberport also supports R&D and application projects of different I&T institutes and companies through its digital and computing power facilities including the AI Supercomputing Centre.

As for the HKPC which was established in 1967, it is a statutory organisation dedicated to promoting the productivity excellence of Hong Kong’s enterprises through advanced technologies and innovative services. The HKPC has set out development priorities focusing on, among other areas, “Intelligent Manufacturing”, “New Industrialisation – Made in Hong Kong”, “Smart and Green Living” and “FutureSkills”, to serve small and medium enterprises and start-ups and promote commercialisation in the downstream.

Meanwhile, the R&D Centres under the ITC (including the Hong Kong Applied Science and Technology Research Institute (ASTRI), the Hong Kong Research Institute of Textiles and Apparel, the Logistics and Supply Chain MultiTech R&D Centre and the Nano and Advanced Materials Institute (NAMI)) have been taking forward industry-driven applied R&D work that suits market needs and transferring technologies to the industries through contract researches, licensing arrangements, etc, to commercialise their R&D outcomes.

To expedite Hong Kong’s progress of developing into an international I&T centre, the current-term Government announced the Hong Kong I&T Development Blueprint (Blueprint) in end-2022. The Blueprint provides a systematic strategic plan to promote the development of I&T in Hong Kong. Alongside consolidating our strengths in upstream basic R&D, the mid-to-downstream transformation and commercialisation of the R&D outcomes would also be strengthened, with a view to further enhancing our I&T ecosystem and accelerating the development of Hong Kong’s new real economy. In the past two years or so, following the development directions and strategies set out in the Blueprint, the current-term Government has been making meticulous preparation in policy formulation and resource allocation. Layout of Hong Kong’s I&T system’s structural framework has been set, which is crucial to pooling international I&T resources and talents. The objective is to promote the innovation and diversification of industries through I&T to achieve Hong Kong’s high-quality development.

On the basis of the two existing major I&T parks, the HKSAR Government is taking forward the construction of the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone (the Hong Kong Park) with enhanced speed and efficiency. The Hong Kong Park is developed in two phases from west to east, and focuses on the development of frontier technological fields, such as life and health technology, AI and data science, as well as new technologies and advanced manufacturing. It mainly engages in R&D, pilot production and small-scale production. Batch 1 of Phase 1 of the Hong Kong Park comprises eight buildings. The first three buildings are all about to complete and the Hong Kong Park will officially enter into its operational phase later this year. The Hong Kong-Shenzhen I&T Park Limited, vested with the responsibility to build the superstructure of, as well as to operate, maintain and manage the Hong Kong Park, is pressing ahead with the work on attracting tenants as well as the construction of the other five buildings. With the official opening of the Hong Kong Park this year, the “north, central, south” layout plan for the three major I&T parks in Hong Kong will essentially be realised. For the Hong Kong Park to the north of Hong Kong, which connects to Shenzhen in the north and the San Tin Technopole in the south, it will become a key hub for R&D as well as pilot production and transformation in Hong Kong in future. The Science Park in the central part of Hong Kong will continue to support the R&D of deep technology and nurture more local technology start-ups. As for Cyberport to the south of Hong Kong, it will continue to focus on promoting the development of the local digital technology and AI ecosystem, as well as incubating more relevant start-ups and talents.

Besides, taking into account the technological development and in line with the development strategies set out in the Blueprint, we will restructure the overall layout of Hong Kong’s public research institutes with a focus on frontier technological fields at the forefront of the country’s and Hong Kong’s development priorities, including life and health technology, AI and robotics and microelectronics technology. Apart from incorporating the Automotive Platforms and Application Systems R&D Centre into the HKPC earlier and our plans to merge the ASTRI and the NAMI, we established the Hong Kong Microelectronics R&D Institute last year to provide targeted support for the R&D of third-generation semiconductor core technology. We are also pressing ahead at full steam to set up two third-generation semiconductor pilot lines (Silicon Carbide (SiC) and Gallium Nitride (GaN)), striving to put them into operation next year to promote the transformation of R&D outcomes and industry development.

In addition, the HKSAR Government has already allocated $6 billion from the $10 billion earmarked for the promotion of life and health technology to launch the Subsidy Programme for the Setup of Life and Health Technology Research Institute(s) (the Subsidy Programme), thereby supporting local universities to set up life and health technology research institute(s). Institutions have been invited to submit proposals for the Subsidy Programme to foster cross university/institutional and multi-disciplinary collaboration.

Furthermore, the 2025-26 Budget announced that $1 billion has been set aside for the establishment of the Hong Kong AI R&D Institute (AIRDI), which will spearhead and support Hong Kong’s innovative R&D and industry applications of AI, facilitating upstream R&D, midstream and downstream transformation of R&D outcomes, and expanding application scenarios. The Digital Policy Office is formulating a detailed plan for the establishment of AIRDI, including drawing up its public mission, implementation strategy and work objectives.

We believe that, upon establishing the new I&T system with three major I&T parks and five key R&D institutes, it will create an important platform and more favourable conditions to attract international I&T resources and talents to Hong Kong, providing key support to Hong Kong’s development into an international I&T centre.

MIL OSI Asia Pacific News –

April 16, 2025
MIL-OSI Asia-Pac: LCQ8: Tax and welfare policies for elderly people who have moved to reside in Mainland

Source: Hong Kong Government special administrative region

     Following is a question by the Hon Edmund Wong and a written reply by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, in the Legislative Council today (April 16):

Question:

     Under the Inland Revenue Ordinance (Cap. 112), an individual who is either ordinarily resident in Hong Kong or a temporary resident may elect for personal assessment on the individual’s income, thereby becoming eligible for the basic personal allowance and other related tax concessions (personal tax concessions). However, there are views that such tax policy has rendered certain elderly people who have moved to reside in the Mainland for retirement and rely solely on rental income from letting properties in Hong Kong for their livelihood not being eligible for personal tax concessions. This, to a certain extent, deviates from the Government’s policy direction of encouraging elderly people to retire in the Mainland. In this connection, will the Government inform this Council:

(1) whether, in the past three years, the Inland Revenue Department has received enquiries or requests for assistance from retired elderly people who have moved to reside in the Mainland and rely solely on rental income from letting properties in Hong Kong for their livelihood due to their ineligibility for personal tax concessions; if so, of the number of such cases, as well as the highest and average amounts of tax involved in such cases;

(2) whether the authorities will consider introducing property tax relief measures for elderly people who have no income other than rental income from letting properties in Hong Kong and have moved to reside in the Mainland; and

(3) whether the authorities will comprehensively review the tax and cash welfare policies for the elderly and, on the premise of preventing abuse, allow those elderly people who choose to retire in the Mainland to enjoy essentially the same tax and cash welfare policies as those retiring in Hong Kong, so as to prevent tax policies from deviating from the policy direction of encouraging elderly people to retire in the Mainland, and to help promote retirement in the Mainland among elderly people; if so, of the details; if not, the reasons for that?

Reply:

President,

     Hong Kong has all along adopted a territorial source principle in the collection of profits tax, salaries tax, and property tax. At the same time, the Inland Revenue Ordinance provides for several allowances, deduction items and reliefs. Different eligibility criteria have been established for them, including territorial restriction for taxpayers, to meet their policy intents and to address the risk of abuse during implementation.

   Personal assessment is a tax relief arrangement under the Inland Revenue Ordinance. It allows proprietors or partners who operate a business to earn profits, as well as property owners who rent out properties to earn rental income to claim the deductions under salaries tax and calculate their tax amount at the progressive rates of salaries tax, thereby reducing their tax liability. One of the conditions for electing personal assessment is that the individual must be either “ordinarily resident in Hong Kong” or a “temporary resident”. If an individual is “ordinarily resident in Hong Kong”, it means that he/she resides in Hong Kong voluntarily and for a settled purpose (such as for education, business, employment or family etc.) with sufficient degree of continuity. A “temporary resident” means an individual who stays in Hong Kong for a period or a number of periods amounting to more than 180 days during the year of assessment for which the election is made, or for a period or periods amounting to more than 300 days in two consecutive years of assessment, one of which is the year of assessment for which the election is made.

     Having consulted the Labour and Welfare Bureau, the replies to the questions raised by the Hon Edmund Wong are as follows:

(1) The Inland Revenue Department handles a large number of inquiries from taxpayers regarding tax assessments, deductions, allowances, etc. through various channels such as telephone, email, mail, and counter services every year. They do not keep records by the types of inquiries.

(2) and (3) The inclusion of the condition of being “ordinarily resident in Hong Kong” or a “temporary resident” under personal assessment is in line with Hong Kong’s territorial source principle of taxation. If such condition is relaxed to cover elderly persons who have relocated to the Mainland and have no income other than the rental income from Hong Kong properties, it would be difficult for the Inland Revenue Department to verify the information on their residence and income in the Mainland, and thus to ascertain their eligibility. It could easily lead to abuse of the relief measure. For the same reason, the Government has no plan to introduce property tax relief for these elderly persons.

     The Government has put in place portable arrangements for all cash assistance schemes targeting Hong Kong elderly persons. The arrangements facilitate Hong Kong elderly persons’ retirement in Guangdong and Fujian Provinces. The relevant arrangements cover the Old Age Allowance for Hong Kong elderly persons aged 70 or above; the Old Age Living Allowance for Hong Kong elderly persons aged 65 or above in need of financial assistance; and the Portable Comprehensive Social Security Assistance Scheme which provides cash assistance to Hong Kong elderly persons who cannot support themselves financially.

MIL OSI Asia Pacific News –

April 16, 2025
MIL-OSI Asia-Pac: Union Minister Shri Jyotiraditya Scindia appreciates BSNL’s efforts and stresses importance of measurable outcomes in customer experience and revenue generation
Source: Government of India

Posted On: 15 APR 2025 9:20PM by PIB Delhi

Union Minister of Communications, Shri Jyotiraditya Scindia, met with the Chief General Managers (CGMs) of Bharat Sanchar Nigam Limited (BSNL) circles today at Sanchar Bhawan, New Delhi, along with CMD BSNL and the board of directors of BSNL, as part of a comprehensive review and strategic alignment of BSNL’s ongoing transformation journey. Secretary Telecom and other senior officers of DoT also graced the occasion.

The meeting involved wide-ranging discussions focused on growth strategy, improvement in network performance, customer service delivery, and organizational modernization. It also reinforced BSNL’s positioning as a consumer-centric telecom service provider with a clear mandate of “Revenue First” targets across all business units.

As a government-owned CPSE, BSNL is undergoing a major service transformation and has declared April 2025 as “Customer Service Month” across all circles, business areas, and units. This initiative reflects BSNL’s renewed focus on “Customer First” culture, emphasizing proactive customer engagement, service responsiveness, and grievance redressal.

During the two-day CGM meet, Circle Heads are being briefed and aligned on re-engaging customers across rural, urban, enterprise, and retail segments. Special focus areas included:
- Reconnecting with customers across rural, urban, enterprise, and retail segments
- Enhancing Quality of Service (QoS) in mobile networks and FTTH
- Addressing customer grievances in billing, provisioning, and uptime
- Driving accountability and revenue-first targets at every operational level
- Enterprise connectivity, VPN solutions, leased line services, other new business areas.
The Hon’ble Minister appreciated BSNL’s efforts and stressed the importance of measurable outcomes in customer experience and revenue generation.

BSNL has recently launched several new initiatives to enhance service offerings and customer value:
- 4G expansion and rollout in multiple circles
- Introduction of IFTV and BiTV platforms for next-gen infotainment
- BSNL National Wi-Fi Roaming
- Tailored BSNL VPN and bundled packages for enterprise and government users
- CNPN Projects for High-reliability connectivity for mission-critical national infrastructure.
- Spam! Free Network for the First of its kind–BSNL’s solution for eliminating scam and spam communications in real-time
- Direct-to-Device Service.
With a focus on execution, BSNL is driving a renewed push towards becoming a digitally empowered, service-oriented, and financially sustainable telecom operator, committed to connecting and empowering Bharat.

****

Samrat/Allen

(Release ID: 2122005) Visitor Counter : 17

MIL OSI Asia Pacific News –
April 16, 2025
MIL-OSI United Kingdom: Funding secured to support households in Derby
Source: City of Derby

Derby City Council is pleased to announce its acceptance of £3.920 million in funding from the Department for Work and Pensions (DWP) under Household Support Fund 7 (HSF7). This crucial funding will provide support to vulnerable households struggling with the cost of living from April 2025 to March 2026.

The grant aims to assist households in Derby that are facing financial hardship by addressing essential needs, including food, energy, and housing costs.

Key Support Initiatives Under HSF7 include:
- Free School Meals Support: Over 16,400 Derby city households with children receiving benefit-related free school meals will be supported with supermarket food vouchers, delivering approximately 1,070,000 meals during school term breaks between April 2025 and March 2026.
- Food Vouchers: Eligible households in financial crisis can apply for supermarket food vouchers through an online application form. Two rounds of funding will be available. Round 1 will be from May 2025 to September 2025 and Round 2 will be available from October 2025 to March 2026. Only one award will be made per eligible household in each round, with a total allocation of £600,000.
- Warm Welcome Hubs: Financial support is being provided to over 40 community organisations across Derby to maintain and enhance a cost-of-living support network. These hubs offer warm spaces, hot meals, guidance on reducing energy bills, and help accessing other services. In summer 2024/25, the hubs received over 37,300 visits from adults and more than 4,050 children.
- Energy Support: Vulnerable households and those in financial crisis can access PayPoint energy vouchers via the Warm Welcome Hubs. The energy scheme will open in September 2025 and run through to March 2026, or until the allocated £195,000 is awarded.
- Pensioner Support: Up to 2,000 low-income pensioner households not receiving pension credit (and thus missing out on the winter fuel payment) but who do receive Council Tax Support or Housing Benefit will automatically receive a £100 direct payment by February 2026. These households do not need to apply; payments will be sent directly to their bank accounts. Pensioners can also access support at Warm Welcome Hubs.
- Essential Household Items: Support may include energy-efficient appliances and warm clothing or bedding for eligible households in financial distress.
- Financial Wellbeing Workshops: Workshops will run to equip Derby residents with money management skills.
- Leaving Care and Crisis Support: Targeted support will also be delivered for young people leaving care and for households experiencing specific crises.
- Assistance for families in temporary housing situations.
Councillor Sarah Chambers, Cabinet Member for Cost of Living, Equalities and Communities, said:

I am thrilled that we have managed to secure this funding for Derby. The Household Support Fund continues to be a lifeline for many households in Derby, particularly those experiencing significant financial challenges. This latest round of funding ensures we can continue to provide targeted assistance where it is most needed, helping families and individuals maintain stability.

I strongly encourage anyone who is struggling with the cost of living to take a look at what is on offer and to take full advantage of the resources and support that is available. HSF7 could be what you or your family need to find your way through the rising cost of living.”

The impact of previous Household Support Fund initiatives has been widely recognized. A recent Department for Work and Pensions audit highlighted Derby City Council as a model of effective fund management and community support, praising its strategic approach to alleviating poverty and deprivation.

Further details about HSF7, including eligibility criteria and application processes, will be shared in the coming weeks. For more information on the Household Support Fund 7 and how to access support, please visit our Household Support Fund webpage.
MIL OSI United Kingdom –
April 16, 2025

MIL-OSI: CURRENC Group Inc. Announces Full Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, April 16, 2025 (GLOBE NEWSWIRE) — CURRENC Group Inc. (Nasdaq: CURR) (“CURRENC” or the “Company”), a fintech pioneer empowering financial institutions worldwide with artificial intelligence (AI) solutions, today announced its financial results for the full year ended December 31, 2024.

Recent Business Highlights
CURRENC launched its strategic business transformation featuring several AI-driven initiatives. These projects position the Company at the forefront of AI innovation, create significant cross-selling opportunities and reinforce the Company’s commitment to delivering cutting-edge financial solutions globally.

Launched SEAMLESS AI Call Centre Solutions (“Text AI,” “Voice AI,” and “Avatar AI”) to provide 24/7, multilingual virtual support;
Unveiled “AI Staff for Hire,” a suite of customizable AI Agents for tasks such as compliance, KYC, and HR;
Announced plans to develop a 500MW hyperscale AI data center in Malaysia;
Partnered with ARC Group to establish a $100 million AI-Focused Infrastructure & Investment Fund;
Secured a landmark contract with Coin Cove to deploy comprehensive AI-powered electronic banking services.

Full Year 2024 Financial Highlights

Total Processing Value (TPV) through Tranglo was US$5.14 billion for full year 2024, increasing by 13.2% year-over-year. Total number of transactions increased to 11.4 million for full year 2024 from 11.0 million for full year 2023.
Total revenues excluding TNG Asia and GEA¹ were US$42.0 million for full year 2024, representing a year-over-year decrease of 3.4%. The decrease was mainly due to the 23.8% decline in global airtime revenue. As TNG Asia and GEA were divested during the third quarter, going forward, the Company’s total revenues will be comprised mainly of revenues contributed by Tranglo’s remittance and global airtime businesses and WalletKu’s Indonesian airtime business.

	For the full-year period ended December 31,
	2024		2023
	$		$
	(dollars in thousands)
Remittance revenue excluding TNG Asia & GEA		18,174		17,116

Global Airtime Revenue		9,336		12,188
Indonesian Airtime Revenue		14,505		14,211
Total Revenue excluding TNG Asia & GEA		42,015		43,515

Total remittance revenues excluding TNG Asia and GEA, i.e. remittance revenue contributed by Tranglo, were US$18.2 million for full year 2024, up 6.4% year-over-year. While Tranglo’s overall take rate declined to 0.37% in 2024 from 0.43% in 2023 due to intense market competition, its TPV increased by 13.2% to $5.14 billion, driving the increase in revenue. For full year 2024, ODL flows represented only 4.5% of Tranglo’s TPV.
CURRENC’s global airtime transfer revenues were US$9.3 million for full year 2024, representing a year-over-year decrease of 23.8%. The growing availability of free Wi-Fi in Southeast Asian countries, especially Malaysia and Indonesia, has led to declining demand for Malaysia-Indonesia airtime transfers, resulting in a decline in Tranglo’s global airtime business in 2024. As CURRENC expects this trend to continue in South East Asian markets, the Company’s management plans to deemphasize airtime transfer and reallocate its resources and capital to expand the remittance business.
Total direct costs of revenue excluding TNG Asia and GEA were US$28.9 million for full year 2024, representing a year-over-year decrease of 8%.

	For the full-year period ended December 31,
	2024		2023
	$		$
	(dollars in thousands)
Remittance direct costs excluding TNG Asia & GEA		6,878		7,168

Global Airtime Direct Costs		8,089		10,744
Indonesian Airtime Direct Costs		13,910		13,463
Total Direct Costs excluding TNG Asia & GEA		28,877		31,375

The direct payout rate for Tranglo’s remittance business improved to 0.12% for 2024 from 0.15% for 2023. Therefore, although Tranglo’s TPV increased by 13.2%, its direct remittance costs declined by 4.2%.
Gross profit margin for the remittance business excluding TNG Asia and GEA was 62%, compared to 58% for 2023. CURRENC’s overall gross profit margin ratio for full year 2024 was 31%, compared to 28% for 2023.
Total operating expenses increased to $42.0 million for full year 2024 from $24.0 million for full year 2023. The substantial increase was mainly due to expenses of $20.9 million in recognition of the incentive shares granted to employees upon the completion of the INFINT SPAC merger, and $1 million in recognition of shares granted to Roth for their services as Capital Market Advisor.
As CURRENC divested TNG Asia and GEA in August and July 2024, respectively, its operating costs going forward will reflect the operating costs of Tranglo, WalletKu and the Company’s headquarters only. Also, as CURRENC rolls out its new AI initiatives, operating costs in relation to these new businesses will be incurred from year 2025 onwards. The new AI businesses are also expected to bring in new revenues in the year 2025 onwards.
- Tranglo’s operating costs for full year 2024 were $12.9 million, representing an increase of 4.9% from $12.3 million for full year 2023, in line with TPV growth.
- WalletKu’s operating costs were $1.2 million for full year 2024, as compared to $1.5 million for full year 2023.
- Legal and professional fees decreased to $1.7 million for the full year of 2024, from $4.7 million in 2023, due to the completion of the INFINT SPAC merger and the cessation of related legal expenses.

Other Loss totaled $2.2 million for full year 2024, mainly contributed by:
- $20.5 million in recognized gain upon the divestiture of GEA;
- A goodwill impairment loss of $5.4 million attributable to WalletKu;
- A goodwill impairment loss of $9.5 million attributable to Tranglo;
- Impairment of Intangible assets for TNG Asia and GEA of $5.6 million; and
- An impairment loss of $3.2 million for the impairment of the intercompany balance.
EBITDA analysis

For the full-year period ended December 31, 2024	Tranglo		WalletKu			TNG Asia and GEA			Headquarters and adjustments			Group Total
	(dollars in thousands)
Net income (loss)		2,215		(1,137	)		(3,740	)		(36,165	)		(38,827	)

Add:
Income tax expenses		535		413			–			(370	)		578
Interest expense, net				27			1,762			6,726			8,515
EBIT		2,750		(697	)		(1,978	)		(29,809	)		(29,734	)
Depreciation and amortization		–		–			–			–			3,280
EBITDA		2,750		(697	)		(1,978	)		(29,809	)		(26,454	)

The Company’s total EBITDA for full year 2024 including TNG Asia and GEA was a loss of $26.5 million.
Tranglo and WalletKu’s combined EBITDA for 2024 was a profit of $2.05 million.
TNG Asia and GEA’s combined losses had no impact on the Company’s results from the fourth quarter of 2024 onwards as they were divested before the completion of the de-SPAC merger.
Headquarters expenses and adjustments recorded an EBIT loss of $29.8 million, mainly contributed by:
- $20.9 million in “Operating Expenses” in recognition of the incentive shares granted upon completion of the de-SPAC merger;
- $1 million in “Operating Expenses” in recognition of the shares granted to Roth for their services as Capital Market Advisor;
- A loss of $3.2 million recognized as “Other Income/Loss” incurred by headquarters;
- Headquarters’ legal expenses of $1.4 million, mostly related to the de-SPAC merger;
- Intangible Asset amortization of $1.5 million attributable to Tranglo; and
- Rental and general administrative expenses of around $1.8 million.

For the full-year period ended December 31, 2023	Tranglo		WalletKu			TNG Asia and GEA			Headquarters and adjustments			Group Total
	(dollars in thousands)
Net income (loss)		2,659		(837	)		(4,835	)		(11,405	)		(14,418	)

Add:
Income tax expenses		843		50			–			(370	)		523
Interest expense, net		–		–			3,057			4,946			8,003
EBIT		3,502		(787	)		(1,778	)		(6,829	)		(5,892	)
Depreciation and amortization		–		–			–			–			3,817
EBITDA		3,502		(787	)		(1,778	)		(6,829	)		(2,075	)

Net loss was US$38.8 million for the full year of 2024, mainly contributed by the net loss of $36.2 million incurred by headquarters and adjustments, as well as a combined net loss of $3.7 million contributed by TNG Asia and GEA.

______________________________
^{1 CURRENC divested TNG Asia and GEA in August 2024 and July 2024, respectively. As such, from the fourth quarter of 2024 onward, only Tranglo’s (digital remittance and global airtime transfer businesses) and WalletKu’s (Indonesian airtime business) results will be consolidated and reported in the Company’s financial statements.}

Management Comments
“2024 was a year of evolution and transformation for CURRENC,” said Alex Kong, Founder and Executive Chairman of CURRENC. “In our first months as a publicly listed company, we took decisive steps to streamline our organization and focus on core strengths while also moving into the AI space. Through our cutting-edge AI initiatives such as SEAMLESS AI Call Centre Solutions and AI Staff for Hire, we now offer comprehensive AI solutions for financial institutions to revolutionize their operational platforms and efficiently transform their businesses. As these products broaden our market reach, we expect to seize rising cross-selling opportunities and realize substantial synergies with our remittance business, propelling the Company’s holistic growth. Moreover, our planned 500MW hyperscale AI Data Center in Malaysia and the $100 million CURR-ARC AI Fund will accelerate our AI business’s development while driving industry-wide progress. We are confident these strategic efforts will cement our leadership in AI-powered fintech and create lasting value for our shareholders, partners, and end-users worldwide.”

Ronnie Hui, Chief Executive Officer of CURRENC, added, “Our mainstream digital remittance business remained resilient in 2024, demonstrated by consistent TPV growth. This growth resulted in a 6.4% increase in total remittance revenues despite the ongoing decline in overall take rate due to intense market competition. Going forward, we aim to maintain the overall take rate and drive further increases in TPV, boosting remittance revenue growth. Meanwhile, as we sign new clients for our AI services, we will build on these partnerships to expand our remittance business into new geographical markets and sectors, further accelerating its development. On a Group level, while we recorded an EBIDTA loss for full year 2024, this was largely due to non-cash headquarters expenses such as incentive share expenses and goodwill impairment losses, as well as de-SPAC merger expenses. Our fundamentals remain strong and we do not expect to incur such expenses in future years. Looking ahead to 2025 and beyond, we are excited to unlock the Company’s growth potential as we advance our transformation from a leading regional remittance hub to a global AI pioneer.”

Recent Developments
1. CURRENC Debuts SEAMLESS AI Call Centre Solutions (January 8, 2025)
CURRENC introduced “Text AI,” “Voice AI,” and “Avatar AI” to enable 24/7, cost-effective virtual support for financial institutions, government agencies, and telecom providers. These tools handle everything from routine inquiries to advanced KYC processes, increasing efficiency and enhancing customer satisfaction. The suite is available in over ten languages and easily integrates into mobile apps, delivering real-time conversation and multilingual support. SEAMLESS AI also offers an avenue to expand into debt collection, marketing, and other enterprise-driven use cases.

2. CURRENC to Develop 500MW Hyperscale AI Data Center in Malaysia (March 18, 2025)
The Company plans to acquire 100 acres of land in Johor, Malaysia, to build one of Southeast Asia’s largest AI data centers, with Phase 1 (100MW) slated for completion by the end of 2026. The campus will offer co-location and wholesale leasing to hyperscalers, enterprise clients, and other data center users, supporting financial institutions as they adopt AI at scale. Construction will begin once long-term anchor tenants commit to a significant portion of planned capacity. Management expects this AIDC to bolster the Company’s AI offerings and reduce barriers to AI deployment worldwide.

3. CURRENC Group and ARC Group Jointly Launch $100 Million AI-Focused Infrastructure & Investment Fund (March 18, 2025)
CURR-ARC AI Fund 1 aims to invest in AI data centers (AIDC), green energy, and computing power development globally. Eighty percent of the Fund’s capital will go toward AI computing power and infrastructure projects, including CURRENC’s planned 500MW AIDC in Malaysia. The remaining 20% will focus on emerging enterprises in AI ecosystems, fintech, and AI-driven solutions. This partnership supports CURRENC’s broader strategy to create a sustainable ecosystem that drives global AI and fintech innovation.

4. CURRENC’s SEAMLESS AI Lab Unveils “AI Staff for Hire” Platform (March 27, 2025)
“AI Staff for Hire” is a new AI-powered solution featuring pre-built Agents tailored to key finance industry tasks, including customer support, KYC, compliance, and HR management. These Agents allow businesses to scale their operations without expanding headcount, providing 24/7 multilingual service and real-time analytics for improved engagement. This launch marks a major step in CURRENC’s strategy to revolutionize global financial services through AI, building on the success of SEAMLESS AI Call Centre Solutions. CURRENC also expects to onboard new clients in emerging markets, creating synergy by cross-selling digital remittance and airtime transfer services.

5. CURRENC Empowers Coin Cove with AI-Powered Electronic Banking Services Platform (March 27, 2025)
CURRENC has secured a groundbreaking contract to provide Coin Cove with a comprehensive, AI-driven solution set, encompassing a multi-asset trading platform, SEAMLESS AI Call Centre technology, training, compliance, and MasterCard issuance. Coin Cove’s platform will leverage “AI Staff for Hire,” allowing for 24/7 personalized customer support and automated staff training. By integrating advanced risk management and real-time market insights, this initiative enhances user experience and strengthens compliance. This partnership marks CURRENC’s continued expansion into global electronic banking, with plans to cross-sell its remittance services and further shape the future of AI-driven financial solutions.

Non-GAAP Financial Measures
To supplement the Company’s consolidated financial statements, which are prepared and presented in accordance with GAAP, it uses EBITDA, a non-GAAP financial measure as described below, to understand and evaluate its core operating performance. This non-GAAP financial measure, which may differ from similarly titled measures used by other companies, is presented to enhance investors’ overall understanding of the Company’s financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

EBITDA is defined as net loss before interest, taxes, depreciation, and amortization. CURRENC believes that EBITDA provides useful information to investors and others in understanding and evaluating its operating results. This non-GAAP financial measure eliminates the impact of items that CURRENC does not consider indicative of the performance of its business. While CURRENC believes that this non-GAAP financial measure is useful in evaluating its business, this information should be considered supplemental in nature and is not meant as a substitute for the related financial information prepared in accordance with GAAP.

About CURRENC Group Inc.
CURRENC Group Inc. (Nasdaq: CURR) is a fintech pioneer dedicated to transforming global financial services through artificial intelligence (AI). The Company empowers financial institutions worldwide with comprehensive AI solutions, including SEAMLESS AI Call Centre and other AI-powered Agents designed to reduce costs, increase efficiency and boost customer satisfaction for banks, insurance, telecommunications companies, government agencies and other financial institutions. The Company’s digital remittance platform also enables e-wallets, remittance companies, and corporations to provide real-time, 24/7 global payment services, advancing financial access across underserved communities.

For additional information, please refer to the CURRENC website https://www.currencgroup.com and the annual report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission.

Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

Investor & Media Contact
CURRENC Group Investor Relations
Email: investors@currencgroup.com

SOURCE: CURRENC Group Inc.

CURRENC GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

	Full year ended December 31,
	2024			2023
	US$			US$
Revenue		46,435,412			53,255,361

Cost of revenue		(31,843,467	)		(35,899,057	)
Gross profit		14,591,945			17,356,304
Selling expenses		(13,408	)		(25,880	)

General and administrative expenses		(41,954,296	)		(23,976,209	)

Loss from operations		(27,375,759	)		(6,645,785	)
Finance costs, net		(8,515,214	)		(8,002,552	)
Other income		(2,193,865	)		839,606
Other expenses		(163,621	)		(85,574	)

Loss before income tax		(38,248,459	)		(13,894,305	)
Income tax expense		(578,303	)		(523,481	)

Net loss		(38,826,762	)		(14,417,786	)
Net income attributable to non-controlling interests		(648,559	)		(888,764	)

Net loss attributable to CURRENC Group Inc.		(39,475,321	)		(15,306,550	)

Net loss per share, basic and diluted (1)	$	(1.03	)	$	(0.45	)

Shares used in net loss per share computation, basic and diluted (1)		38,163,168			33,980,753

Other comprehensive loss:
Foreign currency translation adjustments		(209,531	)		10,608

Total comprehensive loss		(39,036,293	)		(14,407,178	)
Total comprehensive loss (income) attributable to non-controlling interests		(649,980	)		(871,614	)
Total comprehensive loss attributable to CURRENC Group Inc.		(39,686,273	)		(15,278,792	)

(1)

Retrospectively restated to reflect Reverse Recapitalization

CURRENC GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	December 31, 2024			December 31, 2023
	US$			US$
ASSETS
Current assets:
Cash and cash equivalents		63,821,397			48,516,765
Short-term investments		–			300,000
Restricted cash		40,742			5,428,790
Accounts receivable, net		2,115,681			2,450,871
Prepayments to remittance agents		–			137,854
Escrow money receivable		–			5,014,829
Amounts due from related parties		560,823			7,287,376
Prepayments, receivables and other assets		24,738,392			34,225,239
Total current assets		91,277,035			103,361,724
Non-current assets:
Investment in an equity security		–			100,000
Equipment and software, net		1,055,520			1,016,490
Right-of-use asset		349,240			154,234
Intangible assets		3,386,117			9,191,713
Goodwill		12,059,428			27,001,383
Deferred tax assets		342,822			664,888
Total non-current assets:		17,193,127			38,128,708
Total assets		108,470,162			141,490,432
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current liabilities:
Borrowings		20,150,058			17,804,093
Receivable factoring		258,415			423,483
Escrow money payable		–			360,207
Client money payable		–			4,645,290
Accounts payable, accruals and other payables		59,119,916			53,988,231
Amounts due to related parties		67,697,074			86,488,519
Convertible bonds and notes		1,750,000			10,000,000
Lease liabilities		171,909			152,325
Total current liabilities		149,147,372			173,862,148
Non-current liabilities:
Borrowings		–			2,506,974
Deferred tax liabilities		876,912			1,246,760
Employee benefit obligation		45,289			59,849
Lease liabilities		156,647			–
Total non-current liabilities:		1,078,848			3,813,583
Total liabilities		150,226,220			177,675,731

Commitments and contingencies

Mezzanine equity		–			2,957,948
Shareholders’ deficit:
Ordinary shares (US$0.0001 par value; 550,000,000 shares authorized; 46,527,999 and 33,980,753 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively) (1)		4,653			3,398
Additional paid-in capital (1)		65,638,838			29,227,005
Accumulated deficit		(131,522,902	)		(92,075,379	)
Accumulated other Comprehensive (Loss)/Income		(108,122	)		88,366
Total shareholders’ deficit attributable to CURRENC Group Inc.		(65,987,533	)		(62,756,610	)
Non-controlling interests		24,231,475			23,613,363
Total deficit		(41,756,058	)		(39,143,247	)
Total liabilities, mezzanine equity and shareholders’ deficit		108,470,162			141,490,432

(1)

Retrospectively restated to reflect Reverse Recapitalization

CURRENC GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Years ended December 31,
	2024			2023
	US$			US$
Cash flows from operating activities:
Net loss		(38,826,762	)		(14,417,786	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Non-cash expense for share-based compensation		20,869,721			—
Non-cash expense for share issued for service providers		1,000,000			—
Non-cash offering costs for convertible note		2,512,000			—
Non-cash finance cost for debt conversion		340,159			—
Amortization of discount on convertible bonds		—			807,860
Depreciation of equipment		525,295			607,138
Depreciation of right-of-use assets		185,107			183,198
Amortization of intangible assets		2,186,175			3,200,843
Reversal of provision for doubtful debts		143,748			—
Impairment loss on receivables		3,158,042			—
Gain on disposal of subsidiaries		(21,738,102	)		—
Goodwill impairment		14,941,955			—
Deferred income taxes		127,660			494,737
Gain on disposal of fixed assets		—			(36,519	)
Unrealized foreign exchange loss/(gain)		(659,467	)		(65,981	)
Changes in operating assets and liabilities:
Accounts receivable		140,559			605,202
Prepayments to remittance agents		98,603			(45,631	)
Amounts due to immediate holding company		(393,227	)		(391,432	)
Amounts due from related parties		4,183,438			(5,348,525	)
Prepayments, receivables and other assets		7,980,401			2,502,972
Escrow money payable		10,386			80,006
Client money payable		(416,711	)		(1,593,194	)
Accounts payable, accruals and other payables		14,220,717			(4,827,110	)
Amounts due to related parties		(6,925,748	)		3,149,825
Lease liabilities		(213,709	)		(192,097	)
Net cash provided by/(used in) operating activities		3,450,240			(15,286,494	)

Cash flows from investing activities:
Purchases of property, plant and equipment		(576,674	)		(291,856	)
Proceed received from disposal of property, plant and equipment		—			36,679
Decrease in short-term investments		—			1,700,000
Cash acquired from business combination		43,508			—
Acquisition of a subsidiary		(31,868	)		—
Net cash (used in)/provided by investing activities		(565,034	)		1,444,823

Cash flows from financing activities:
Proceeds from borrowings		640,935			1,251,752
Repayment of borrowings		(221,258	)		(2,212,067	)
Proceeds from receivable factoring		2,030,659			2,210,415
Repayment of receivable factoring		(2,183,787	)		(2,447,748	)
Proceeds from convertible bonds		1,750,000			—
Net cash provided by/(used in) financing activities		2,016,549			(1,197,648	)

Net increase/(decrease) in cash and cash equivalents		4,901,755			(15,039,319	)
Cash and cash equivalents, restricted cash and escrow money receivable at beginning of year		58,960,384			73,999,703
Cash and cash equivalents, restricted cash and escrow money receivable at end of year		63,862,139			58,960,384

Supplemental disclosure of cash flow information:
Income taxes received/(paid)		(445,530	)		761,333
Interest paid		(1,073,407	)		(1,819,174	)

CURRENC GROUP INC. AND SUBSIDIARIES

EBITDA Analysis for the Full Year of 2024 and 2023

For the full year period ended December 31, 2024	Tranglo²		WalletKu³			TNG Asia and GEA¹			Headquarters and adjustments			Group Total
	(dollars in thousands)
Net income (loss)		2,215		(1,137	)		(3,740	)		(36,165	)		(38,827	)

Add:
Income tax expenses		535		413			–			(370	)		578
Interest expense, net				27			1,762			6,726			8,515
EBIT		2,750		(697	)		(1,978	)		(29,809	)		(29,734	)
Depreciation and amortization		–		–			–			–			3,280
EBITDA		2,750		(697	)		(1,978	)		(29,809	)		(26,454	)

For the full year period ended December 31, 2023	Tranglo²		WalletKu³			TNG Asia and GEA			Headquarters and adjustments			Group Total
	(dollars in thousands)
Net income (loss)		2,659		(837	)		(4,835	)		(11,405	)		(14,418	)

Add:
Income tax expenses		843		50			–			(370	)		523
Interest expense, net		–		–			3,057			4,946			8,003
EBIT		3,502		(787	)		(1,778	)		(6,829	)		(5,892	)
Depreciation and amortization		–		–			–			–			3,817
EBITDA		3,502		(787	)		(1,778	)		(6,829	)		(2,075	)

¹ TNG Asia and GEA were divested in August 2024 and July 2024, respectively.
² Tranglo maintained a positive EBITDA for the full year of 2024 and 2023.
³ Tranglo and WalletKu maintained a combined positive EBITDA for the full year of 2024 and 2023.

The MIL Network –

April 16, 2025

MIL-OSI United Kingdom: UK House Price Index for February 2025

Source: United Kingdom – Executive Government & Departments

Press release

UK House Price Index for February 2025

The UK HPI shows house price changes for England, Scotland, Wales and Northern Ireland.

The February data shows:

on average, house prices haven’t changed since January 2025
there has been an annual price rise of 5.4% which makes the average property in the UK valued at £268,000

England

In England the February data shows, on average, house prices rose by 0.3% since January 2025. The annual price rise of 5.3% takes the average property value to £292,000.

Yorkshire and the Humber experienced the most significant monthly increase with a movement of 1.6%
London saw the greatest monthly price fall, with a fall of -1.1%
The North West experienced the greatest annual price rise, up by 8%
London saw the lowest annual price growth, with a rise of 1.7%

The regional data for England indicates that:

Price change by region for England

Region	Average price February 2025	Annual change % since February 2024	Monthly change % since January 2025
East Midlands	£241,000	6	0.4
East of England	£338,000	4.2	0
London	£556,000	1.7	-1.1
North East	£160,000	7.9	0.4
North West	£212,000	8	0.7
South East	£385,000	4.6	-0.3
South West	£308,000	3.9	0.7
West Midlands	£247,000	6	1.1
Yorkshire and the Humber	£205,000	7.5	1.6

Repossession sales by volume for England

The lowest number of repossession sales in December 2024 was in the South West, West Midlands and East Midlands.

The highest number of repossession sales in December 2024 was in the North West and London.

Repossession sales	December 2024
East Midlands	1
East of England	3
London	14
North East	11
North West	14
South East	6
South West	1
West Midlands	1
Yorkshire and the Humber	8
England	59

Average price by property type for England

Property type	Feb 2025	Feb 2024	Difference %
Detached	£471,000	£447,000	5.3
Semi-detached	£286,000	£270,000	6.1
Terraced	£242,000	£228,000	6.1
Flat/maisonette	£226,000	£220,000	2.8
All	£292,000	£277,000	5.3

Funding and buyer status for England

Transaction type	Average price February 2025	Annual price change % since February 2024	Monthly price change % since January 2025
Cash	£278,000	4.8	0.4
Mortgage	£297,000	5.5	0.3
First-time buyer	£245,000	5.7	0.4
Former owner occupier	£353,000	4.9	0.2

Building status for England

Building status*	Average price December 2024	Annual price change % since December 2023	Monthly price change % since November 2024
New build	£447,000	30	6.9
Existing resold property	£285,000	3.1	-0.2

*Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

London

London shows, on average, house prices decreased by 1.1% since January 2025. House prices have shown an annual price increase of 1.7% meaning the average price of a property is £556,000.

Average price by property type for London

Property type	February 2025	February 2024	Difference %
Detached	£1,143,000	£1,099,000	3.9
Semi-detached	£705,000	£678,000	4
Terraced	£629,000	£608,000	3.4
Flat/maisonette	£442,000	£442,000	-0.1
All	£556,000	£546,000	1.7

Funding and buyer status for London

Transaction type	Average price February 2025	Annual price change % since February 2024	Monthly price change % since January 2025
Cash	£589,000	-0.4	-1.7
Mortgage	£549,000	2.4	-1
First-time buyer	£478,000	1.8	-1.1
Former owner occupier	£688,000	1.6	-1.2

Building status for London

Building status*	Average price December 2024	Annual price change % since December 2023	Monthly price change % since November 2024
New build	£598,000	22.6	4.7
Existing resold property	£552,000	0	-1.2

*Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

Wales

Wales shows, on average, house prices fell by 0.7% since January 2025. An annual price increase of 4.1% takes the average property value to £207,000.

There were 6 repossession sales for Wales in December 2024.

Average price by property type for Wales

Property type	February 2025	February 2024	Difference %
Detached	£324,000	£315,000	3.1
Semi-detached	£206,000	£197,000	4.5
Terraced	£165,000	£157,000	4.7
Flat/maisonette	£132,000	£127,000	3.3
All	£207,000	£199,000	4.1

Funding and buyer status for Wales

Transaction type	Average price February 2025%	Annual price change % since February 2024	Monthly price change % since January 2024
Cash	£207,000	3.3	-1.1
Mortgage	£208,000	4.4	-0.6
First-time buyer	£178,000	4.6	-0.9
Former owner occupier	£248,000	3.5	-0.9

Building status for Wales

Building status*	Average price December 2024	Annual price change % since December 2023	Monthly price change % since November 2024
New build	£381,000	27.8	9.4
Existing resold property	£204,000	1.8	0.6

*Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

UK house prices

UK house prices rose by 5.4% in the year to February 2025, up from the revised estimate of 4.8% in the 12 months to January 2025. On a non-seasonally adjusted basis, average house prices in the UK remain unchanged between January 2025 and February 2025, compared with a decrease of 0.5% from the same period 12 months ago (January 2024 and February 2024).

The UK Property Transactions Statistics showed that in February 2025, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 108,000. This is 28.1% higher than a year ago (February 2025). Between January 2025 and February 25, UK transactions increased by 13% on a seasonally adjusted basis.

House price monthly increase was highest in Yorkshire and the Humber where prices increased by 2.3% in the year to January 2025. The highest annual growth was in the North West, where prices increased by 8% in the year to February 2025.

See the economic statement..

The UK HPI is based on completed housing transactions. Typically, a house purchase can take 6 to 8 weeks to reach completion. As with other indicators in the housing market, which typically fluctuate from month to month, it is important not to put too much weight on one month’s set of house price data.

Access the full UK HPI

Background

We publish the UK House Price Index (HPI) on the second or third Wednesday of each month with Northern Ireland figures updated quarterly. We will publish the March 2025 UK HPI at 9:30am on Wednesday 21 May 2025. See calendar of release dates.
We have made some changes to improve the accuracy of the UK HPI. We are not publishing average price and percentage change for new builds and existing resold property as done previously because there are not currently enough new build transactions to provide a reliable result. This means that in this month’s UK HPI reports, new builds and existing resold property are reported in line with the sales volumes currently available.
The UK HPI revision period has been extended to 13 months, following a review of the revision policy (see calculating the UK HPI section 4.4). This ensures the data used is more comprehensive.
Sales volume data is available by property status (new build and existing property) and funding status (cash and mortgage) in our downloadable data tables. Transactions that require us to create a new register, such as new builds, are more complex and require more time to process. Read revisions to the UK HPI data.
Revision tables are available for England and Wales within the downloadable data in CSV format. See about the UK HPI for more information.
HM Land Registry, Registers of Scotland, Land & Property Services/Northern Ireland Statistics and Research Agency and the Valuation Office Agency supply data for the UK HPI.
The Office for National Statistics (ONS) and Land & Property Services/Northern Ireland Statistics and Research Agency calculate the UK HPI. It applies a hedonic regression model that uses the various sources of data on property price, including HM Land Registry’s Price Paid Dataset, and attributes to produce estimates of the change in house prices each month. Find out more about the methodology used from the ONS and Northern Ireland Statistics & Research Agency.
We take the UK Property Transaction statistics from the HM Revenue and Customs (HMRC) monthly estimates of the number of residential and non-residential property transactions in the UK and its constituent countries. The number of property transactions in the UK is highly seasonal, with more activity in the summer months and less in the winter. This regular annual pattern can sometimes mask the underlying movements and trends in the data series. HMRC presents the UK aggregate transaction figures on a seasonally adjusted basis. We make adjustments for both the time of year and the construction of the calendar, including corrections for the position of Easter and the number of trading days in a particular month.
UK HPI seasonally adjusted series are calculated at regional and national levels only. See data tables.
The first estimate for new build average price (April 2016 report) was based on a small sample which can cause volatility. A three-month moving average has been applied to the latest estimate to remove some of this volatility.
The UK HPI reflects the final transaction price for sales of residential property. Using the geometric mean, it covers purchases at market value for owner-occupation and buy-to-let, excluding those purchases not at market value (such as re-mortgages), where the ‘price’ represents a valuation.
HM Land Registry provides information on residential property transactions for England and Wales, collected as part of the official registration process for properties that are sold for full market value.
The HM Land Registry dataset contains the sale price of the property, the date when the sale was completed, full address details, the type of property (detached, semi-detached, terraced or flat), if it is a newly built property or an established residential building and a variable to indicate if the property has been purchased as a financed transaction (using a mortgage) or as a non-financed transaction (cash purchase).
Repossession sales data is based on the number of transactions lodged with HM Land Registry by lenders exercising their power of sale.
For England, we show repossession sales volume recorded by government office region. For Wales, we provide repossession sales volume for the number of repossession sales.
Repossession sales data is available from April 2016 in CSV format. Find out more information about repossession sales.
We publish CSV files of the raw and cleansed aggregated data every month for England, Scotland and Wales. We publish Northern Ireland data on a quarterly basis. They are available for free use and re-use under the Open Government Licence.
HM Land Registry is a government department created in 1862. Its vision is: “A world-leading property market as part of a thriving economy and a sustainable future.”
HM Land Registry’s purpose is: “We protect your land ownership and provide services and data that underpin an efficient and informed property market.”
HM Land Registry safeguards land and property ownership valued at £8 trillion, enabling over £1 trillion worth of personal and commercial lending to be secured against property across England and Wales. The Land Register contains more than 26.5 million titles showing evidence of ownership for more than 89% of the land mass of England and Wales.
For further information about HM Land Registry visit www.gov.uk/land-registry.
Follow us on @HMLandRegistry, our blog, LinkedIn and Facebook.

Contact

Press Office

Trafalgar House
1 Bedford Park
Croydon
CR0 2AQ

Email HMLRPressOffice@landregistry.gov.uk

Phone (Monday to Friday 8:30am to 5:30pm) 0300 006 3365

Mobile (5:30pm to 8:30am weekdays, all weekend and public holidays) 07864 689 344

Published 16 April 2025

MIL OSI United Kingdom –

April 16, 2025

MIL-Evening Report: We compared the Labor and Coalition’s income tax proposals to see who benefits most

Source: The Conversation (Au and NZ) – By John Hawkins, Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra

Shutterstock

We now have the competing bids for our votes by the alternative governments on income tax policy.

From Labor, future cuts to the lowest marginal tax rate and new standard deductions for work expenses. From the Coalition, a one-off return to a tax offset for low and middle income earners that was previously nicknamed the “lamington”.

Our modelling shows slightly higher benefits for low- and middle-income earners from the Coalition’s proposals compared to Labor’s.

Labor’s drip-fed tax policies

The Labor government announced its main tax proposal in the recent budget. It is a permanent cut in the lowest marginal tax rate.

Currently, the tax rate on income between A$18,201 and $45,000 is 16%. This will drop to 15% from July 2026 and then to 14% from July 2027.

This will reduce the tax paid by taxpayers in all income brackets, with most receiving $536 a year in relief. But it is proportionately larger for those on lower incomes.

Read more:
Tax cuts are coming, but not soon, in a cautious budget

At the weekend, the government announced an additional measure: allowing everyone to claim a standard tax deduction of $1,000 instead of claiming individual work-related expenses.

Those with expenses over $1,000 can continue to claim their deduction in the current way. The government estimates this measure will assist 39% of taxpayers. The average relief for those benefiting will be $205 per year.

Coalition’s revived tax offset

Also at the weekend, the Coalition released its tax policies. It is essentially proposing the reintroduction of the Low and Middle Income Tax Offset (“LMITO”, which led to the nickname the “lamington”), for one financial year only.

Read more:
The Low and Middle Income Tax Offset has been extended yet again. It delivers help neither when nor where it’s needed

The Morrison government introduced a low- and middle-income tax offset in the 2018-19 tax year. It was subsequently extended, but then abolished by the Labor government.

It is now called the Cost of Living Tax Offset. Those with taxable incomes between $48,000 and $104,000 will get a one-off rebate of $1,200. Other taxpayers with incomes below $144,000 will get smaller rebates.

Read more:
Dutton to offer targeted income tax offset of up to $1,200

Although Dutton was critical of Labor’s income tax cuts for not starting until 2026, the one-off rebate would also not be paid until mid-2026.

Dutton has not explained why he said three weeks ago that the budget position would not allow for income tax cuts but now he thinks it does.

Who benefits most from the competing proposals?

We have estimated the distribution of the benefits from Labor’s proposed tax cut (but not the instant tax deduction) and the Coalition’s one-year tax offset.

Given a federal election is held every three years, the estimates are provided up to mid-2028. This resulted in a slightly higher cumulative figure of around $10 billion for the Labor proposal (over two years) and $11 billion for the Coalition proposal (over one year). This is slightly higher than the Coalition’s own estimate.

The following charts show disposable household income deciles from the poorest 10% to the 10% with the highest incomes. This is household income that has been adjusted to allow comparison of income levels between households of differing size and composition.

The chart indicates slightly higher benefits from the Coalition for households in the lowest and second-lowest income groups. This may be an overestimate as it assumes those earning less than $37,000 get a $265 benefit. The policy is rather vague on this, saying only that they would get “up to” $265.

The Coalition proposal provides a somewhat higher benefit for middle income earners, but withdraws it for those on higher incomes.

All individual taxpayers earning above $45,000 will receive the same benefit from the Labor proposal. But differences in household composition mean that the benefit calculated by household continues to rise somewhat.

The Coalition proposal gives no benefits to individuals earning over $144,000. But even the households in the highest income groups have some members earning less than this, such as adult children living at home. So the average household with a high income will still get some benefit.

In terms of family type, the Coalition proposal will give less benefit than the Labor plan to couples with children but more to other groups, especially single parents.

From these distributions of both income level and family type, it seems that neither party has a clear plan to target their own traditional constituencies with these policies. The Coalition proposal may be targeting households in outer suburban marginal seats which tend to have more low and middle income households.

How much will they cost?

According to the budget papers, Labor’s cut to the lowest marginal rate will cost $3 billion in 2026-27, $6.7 billion in 2027-28 and $7.4 billion in 2028-29.

The cost of the instant tax deduction will be $2.4 billion over four years.

The Coalition has claimed its rebate would cost $10 billion in 2026-27.

This would of course increase if a Dutton government feels under pressure to extend the new rebate, as happened with the LMITO.

Disappointing for democratic decision-making

It is very disappointing that both major parties are releasing key policies on taxation and housing literally only days before people start voting.

Previous leaders like Robert Menzies (when opposition leader from 1943 to 1949) and Gough Whitlam (1967 to 1972) would spend years developing, then explaining and advocating for policies. This gave time for them to be scrutinised, and if necessary revised, before voters were asked to pass judgement.

The proposals are also disappointing for those arguing for substantial tax reform.

John Hawkins was formerly a senior economist in the Australian Treasury.

Yogi Vidyattama does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. We compared the Labor and Coalition’s income tax proposals to see who benefits most – https://theconversation.com/we-compared-the-labor-and-coalitions-income-tax-proposals-to-see-who-benefits-most-254576

MIL OSI Analysis – EveningReport.nz –

April 16, 2025
MIL-OSI: Proto Hologram Expands in India with Amitabh Bachchan & Sourav Ganguly

Source: GlobeNewswire (MIL-OSI)

Hyderabad, India, April 15, 2025 (GLOBE NEWSWIRE) — Proto Hologram has expanded rapidly across India, with the launch of AI Avatars of Amitabh Bachchan and Sourav “Dada” Ganguly. Based on IP deals created by Hyderbad-based company Ikonz, the Proto avatars are hyper-real, volumetric, digital twins of the icons, that are capable of fully interactive conversations.

The AI Proto Hologram of Mr. Bachchan, one of the biggest international film stars of all time, has already been helping visitors at six branches of IDFC FIRST Bank with information and transactions. It is among the first in the world to enable hologram banking transactions.

Mr. Ganguly’s Proto avatar debuted at an event in Kolkata on April 11th. The newly reappointed chairman of the ICC Men’s Cricket Committee became the first ever cricket star to become a Proto hologram, and was there in person to show, side-by-side, how real the hologram looks. Mr. Ganguly joins Dallas Cowboys owner Jerry Jones, UFC CEO Dana White, Formula One CEO Stefano Domenicali and other top sports execs and athletes to appear as an AI hologram via Proto.

“It’s an incredible honor to have the great Amitabh Bachchan and Sourav Ganguly appear in Proto hologram form,” said Proto Hologram Founder and Inventor David Nussbaum. “Proto’s AI Persona tools let them – and other spokesmen, experts, executives, doctors, or celebrities – have hyper-real, conversational interactions with customers and fans in any language. It’s perfect for India where there are 22 officially recognized languages — and in reality, over 100 more.”

Proto partner Ikonz is a specialist in licensing IP rights. Ikonz has secured exclusive global rights to Mr. Ganguly’s voice, likeness and mannerisms, enabling the creation of an avatar that authentically captures the charisma, energy, and unique presence of one of cricket’s most celebrated figures. Ikonz’ brands the Proto activations in India HXR.

Amitabh Bachchan said, “This initiative by IDFC FIRST Bank highlights the role of technology in creating immersive customer experiences. It is fascinating to see how innovation continues to redefine connections. I am pleased to see my digital avatar playing a part in this journey.”

See Amitabh Bachchan’s Proto AI Hologram in action at IDFC FIRST bank

Shreepad Shende, Head of Business Excellence and Corporate Strategy at IDFC FIRST Bank, said, “This technology makes banking simpler, faster, and more engaging.”

Mr. Ganguly said he is excited to see his digital avatar come to life via Proto Hologram and to explore the technology’s potential across sports, entertainment, education, and beyond. “Ikonz’s commitment to authenticity and respect for my personal brand gives me full confidence in this partnership,” said Sourav Ganguly.

“Dada has always been at the forefront of cricketing excellence and innovation. With this digital avatar, we’re thrilled to bring his spirit to new audiences and industries around the world. The avatar speaks, moves, and emotes exactly as Sourav Ganguly would,” said Abinav Varma Kalidindi, CEO of Ikonz.

See Sourav Ganguly’s Proto Hologram in action.

Proto also counts dozens of Fortune 500 companies as partners and clients, as well as dozens of major universities, major airports, museums, hospitals, retailers and more. Partners and clients include AARP, Accenture, Amazon AWS, CBS, Delta Airways, HPE, Intec, PwC, Siemens, Softbank, Walmart and Verizon.

The sports world includes over 65 active and retired professional athletes who have invested in Los Angeles-based Proto. The technology has been installed in over 50 major stadiums and arenas, been utilized by the NFL, NBA, WNBA, MLB, NHL, Major League Soccer, NCAA, UFC, WWE, PFL and at events such as the Woman’s World Cup. Most recently Tiger Woods appeared via Proto at his TGL Golf arena in Florida in a partnership with Best Buy. Other athletes who have used Proto include Usain Bolt, Lewis Hamilton, Mary Fowler, Nick Kyrgios, Francis Ngannou and Son Hueng-min.

Among other activations in India, Proto has been seen on the show Bigg Boss Telugu, featuring host Nagarjuna.

About its role managing Mr. Ganguly’s IP, Ikonz states, “By securing exclusive IP rights to Dada’s voice, likeness, and mannerisms, Ikonz ensures that any organisation or brand seeking to leverage the digital avatar will engage directly with Ikonz as the sole representative and licensor. This strategic approach safeguards the integrity of Sourav Ganguly’s personal brand while opening limitless possibilities.”

For more information contact hello@protohologram.com

About Proto Inc.: Proto Inc. is the patented leader in hologram technology and AI spatial computing. Proto devices and its platform are in use across enterprise, finance, healthcare, education, retail, hospitality, sports and entertainment. Invented in Los Angeles and with showrooms and distribution partners around the globe, Proto distributes the large Proto Epic and Proto Luma, the desktop-sized Proto M, and a suite of hologram AI and spatial computing services. Learn more at protohologram.com

The MIL Network –

April 16, 2025
MIL-OSI USA: Ernst, McClain Halt Tax Dollars to China

US Senate News:

Source: United States Senator Joni Ernst (R-IA)
WASHINGTON – As Americans fork over their hard-earned money to the government on Tax Day, U.S. Senator Joni Ernst (R-Iowa) and House Republican Conference Chairwoman Lisa McClain (R-Mich.) are introducing the Accountability in Foreign Animal Research Act (AFAR) Act to end the insane practice of funding sketchy animal experiments in China with American tax dollars.
The bill would ban the Department of Health and Human Services (HHS) from funding experiments similar to the gain-of-function research on bat coronaviruses at the Wuhan Institute of Virology that many experts believe led to the COVID-19 pandemic.
“We should have learned our lesson after COVID-19,” said Ernst. “Whether creating zombie cats in Russia, supporting risky research in Wuhan, or funding sketchy experiments on animals in foreign labs, I am cutting off the money for this madness and ensuring that taxpayers no longer foot the bill for crazy pseudoscience overseas.”
“American taxpayer dollars should never fund dangerous, cruel experiments in animal research labs – much less in China or other adversarial countries,” said McClain. “This common-sense legislation ensures taxpayer dollars are not wasted on reckless research.”
“White Coat Waste applauds Sen. Joni Ernst for reintroducing the AFAR Act just in time for Tax Day because Americans’ hard-earned money shouldn’t be wasted on funding foreign adversaries’ animal labs,” said Justin Goodman, Senior Vice President at government watchdog White Coat Waste. “As White Coat Waste first exposed in Wuhan five years ago, shipping taxpayer dollars to unaccountable animal testing labs in China and other adversarial nations is a recipe for disaster. Despite our progress since 2020 and in the first few months of the new Trump Administration, we’ve uncovered how twenty Chinese animal labs are still eligible to receive taxpayers’ money, including one that’s currently abusing 300 beagles a week in wasteful and cruel NIH-funded drug tests. Cutting cash for foreign enemies’ animal labs is common sense, consistent with Trump priorities, and backed by over 70 percent of taxpayers. Stop the money. Stop the madness!”
Background:
Ernst has long fought to stop tax dollars from being sent overseas for risky research.
An Ernst-requested investigation exposed how EcoHealth sent over $1 million U.S. taxpayer dollars to the Wuhan Institute of Virology for risky experiments on bat coronaviruses. She also secured an audit by the Department of Defense’s Inspector General of risky research in China paid for by the Pentagon and hidden from the public.
She led the charge to permanently debar the Wuhan Institute of Virology and defund EcoHealth Alliance from receiving U.S. taxpayer dollars.
Ernst efforts also led to the Department of Health and Human Services (HHS) defunding EcoHealth and promising to cut off any taxpayer dollars used for research of pandemic potential.
In her $2 trillion blueprint to slash waste in Washington, Ernst pointed to the millions being sent to China for secretive risky research.

MIL OSI USA News –

April 16, 2025
MIL-OSI USA: Murray, Colleagues Introduce Bill to Cut Taxes for Working Americans

US Senate News:

Source: United States Senator for Washington State Patty Murray

Washington, D.C. — Today, U.S. Senators Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, Catherine Cortez Masto (D-NV), and Michael Bennet (D-CO) led 42 of their Senate colleagues in introducing the Tax Cut for Workers Act to give millions of working Americans a much-needed tax break. The bill is part of Senate Democrats’ comprehensive plan to bring relief to the American people, and it is being introduced with the senators’ American Families Act to permanently expand the Child Tax Credit.

“Long term, sustainable economic growth is built from the middle out—not the top down,” said Senator Murray. “While Trump and Republicans are working overtime to pass more tax breaks for their billionaire friends, I will keep fighting tooth and nail to put more money back in the pockets of hardworking Americans. I am proud to join my colleagues in introducing the Tax Cut for Workers Act, and I’ll keep fighting to cut costs for Americans who are already facing rising prices because of Trump’s ham-fisted tariffs.”

“With costs skyrocketing right now thanks to the Trump administration, millions of hardworking Americans need expanded tax relief to keep a roof over their heads and food on the table for their families,” said Senator Cortez Masto. “This bill is focused on those who really need a tax cut – middle-class Americans who contribute to our economy – not Donald Trump’s billionaire friends.”

“Working people need relief more than ever. The Trump Administration’s reckless tariff policy will cost the average American family upwards of $3,800 annually,” said Senator Bennet. “These tariffs, coupled with an extension of Trump’s tax cuts for his billionaire friends, are an insult to hard working Americans. Senator Cortez Masto and I are committed to passing real tax relief for middle-class families through the Child Tax Credit and the Earned Income Tax Credit.”

The existing Earned Income Tax Credit (EITC) – the Worker Tax Cut – has been delivering tax relief for millions of workers for decades. The new legislation would cut taxes for working class Americans without children, who currently receive a much smaller EITC than workers with children, would nearly triple the average tax break many of these Americans receive from the existing EITC, and extend eligibility for the tax cut to workers under the age of 25 and over the age of 64.

The full text of the bill is here.

Additional cosponsors include Senators Angela Alsobrooks (D-MD), Tammy Baldwin (D-WI), Richard Blumenthal (D-CT), Lisa Blunt Rochester (D-DE.), Cory Booker (D-NJ), Maria Cantwell (D-WA), Chris Coons (D-DE), Tammy Duckworth (D-IL), Dick Durbin (D-IL), John Fetterman (D-PA), Ruben Gallego (D-AZ), Kirsten Gillibrand (D-NY), Martin Heinrich (D-NM), John Hickenlooper (D-CO), Mazie Hirono (D-HI), Tim Kaine (D-VA), Mark Kelly (D-AZ), Andy Kim (D-NJ), Angus King (I-ME), Amy Klobuchar (D-MN), Ben Ray Luján (D-NM), Ed Markey (D-MA), Jeff Merkley (D-OR), Chris Murphy (D-CT), Alex Padilla (D-CA), Gary Peters (D-MI), Jack Reed (D-RI), Jacky Rosen (D-NV), Bernie Sanders (I-VT), Brian Schatz (D-HI), Adam Schiff (D-CA), Chuck Schumer (D-NY), Jeanne Shaheen (D-NH), Elissa Slotkin (D-MI), Tina Smith (D-MN), Chris Van Hollen (D-MD), Mark Warner (D-VA), Raphael Warnock (D-GA), Elizabeth Warren (D-MA), Peter Welch (D-VT), Sheldon Whitehouse (D-RI), and Ron Wyden (D-OR).

MIL OSI USA News –

April 16, 2025
MIL-OSI USA: Leaders of La Nueva Familia Michoacana and Atlanta-Based Money Launderer Indicted

Source: US State of North Dakota

Siblings Johnny Hurtado Olascoaga — also known as El Pez, Pescado, and Mojarra — and Jose Alfredo Hurtado Olascoaga — also known as El Fresa, El Feyo, and La Fruta — both of Guerrero, Mexico, and co-leaders of the La Nueva Familia Michoacana (LNFM) drug cartel, were charged by a federal grand jury seated in the Northern District of Georgia with conspiracy to manufacture and distribute heroin, cocaine, methamphetamine, and fentanyl knowing those controlled substances would be imported into the United States, conspiracy to import those controlled substances into the United States, and conspiracy to possess with the intent to distribute those controlled substances.

The indictments were returned in September 2024 and recently unsealed. Prior to his indictment, Johnny Hurtado Olascoaga was designated as a Consolidated Priority Target (CPOT) by the Organized Crime Drug Enforcement Task Force (OCDETF) program. Both Hurtado Olascoaga brothers are fugitives believed to be residing in Mexico. In addition, today the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced new sanctions against Johnny and Jose Alfredo Hurtado Olascoaga and their siblings, LNFM members Ubaldo Hurtado Olascoaga and Adita Hurtado Olascoaga. On Feb. 20, the U.S. Department of State also announced the designation of LNFM as a Foreign Terrorist Organization (FTO) and Specially Designated Global Terrorist (SDGT). Additionally, the Department of State announced a Narcotics Rewards Program offer of up to $5 million and $3 million, respectively, for information leading to the arrests or convictions of Johnny and Jose Alfredo Hurtado Olascoaga.

Franco Tabares Martinez, 51, of Guerrero, Mexico, a high-ranking member of LNFM was charged by a federal grand jury seated in the Northern District of Georgia with conspiracy to possess methamphetamine with the intent to distribute and related substantive counts of drug trafficking. The indictment was unsealed against Franco Tabares Martinez on July 7, 2023, after which he was sanctioned by OFAC. On June 20, 2024, his brother Uriel Tabares-Martinez was also sanctioned by OFAC. Another brother, Pablo Tabares Martinez, pleaded guilty on Jan. 13 to conspiracy to possess methamphetamine with intent to distribute. Their sister, Guadalupe Tabares Martinez — also known as Yosel Medrano Hernandez and Lupe — of Mableton, Georgia, has now been charged by a federal grand jury seated in the Northern District of Georgia with conspiracy to commit international money laundering, conspiracy to operate an unlicensed money services business, and related substantive counts. The indictment was returned on April 8 and recently unsealed.

“Today’s indictments and OFAC sanctions against high-ranking LNFM cartel members sends a clear message: if you contribute to the death of Americans by peddling poison into our communities, we will work relentlessly to find you and bring you to justice,” said Attorney General Pamela Bondi.

“These cartel members are allegedly responsible for importing massive amounts of cocaine, methamphetamine, heroin and fentanyl from Mexico to the Atlanta area and across the United States, and then wiring hundreds of thousands of dollars in proceeds from distributing those drugs back to Mexico,” said Acting U.S. Attorney Richard S. Moultrie Jr. for the Northern District of Georgia. “These federal indictments, in conjunction with the imposition of OFAC sanctions, send a strong message that we will tirelessly investigate, prosecute, and defund individuals around the globe who choose to import deadly drugs into, and risk the lives of the members of, our communities.”

“Today’s action underscores our commitment to intensify the pressure on violent drug cartels like LNFM, who continue to traffic deadly fentanyl and other drugs, smuggle illegal aliens over our Southwest border, and attack law enforcement,” said Secretary of the Treasury Scott Bessent. “The Trump administration will continue to use all available tools to target the cartels and other violent organizations that attempt to exploit our communities and harm Americans.”

“President Trump has promised to crack down on the flow of deadly drugs into our country,” said Senior Bureau Official F. Cartwright Weiland of the Department of State’s Bureau of International Narcotics and Law Enforcement Affairs (INL). “And today, working with the DEA and Homeland Security Investigations, the Department of State is delivering on that promise by offering rewards totaling up to $8 million for information leading to the arrest and/or conviction of the Hurtado brothers.”

“Cases like this exemplify the value of partnerships,” said Acting Special Agent in Charge Jae W. Chung of the Drug Enforcement Administration (DEA) Atlanta Division. “The volume of dangerous drugs and violence impacts our communities beyond comprehension. This investigation and subsequent indictments demonstrate DEA’s commitment to protecting our community by destroying these drug trafficking organizations.”

“The indictment of senior leaders of this brutal Mexican cartel and subsequent OFAC sanctions makes one thing clear, we are coming after these criminal networks and utilizing every weapon in our arsenal,” said Special Agent in Charge Steven N. Schrank of Homeland Security Investigations (HSI) in Georgia and Alabama. “Through aggressive interagency coordination, HSI and our law enforcement partners are not only seizing their drugs and arresting their members, but we are also cutting off their money, dismantling their infrastructure, and bringing their leaders to justice. This operation underscores our unwavering commitment to protecting our communities and dismantling the criminal enterprises that profit from violence and addiction.”

According to Acting U.S. Attorney Moultrie for the Northern District of Georgia, the indictments, and other information presented in court: In 2021, agents of the DEA and HSI began an investigation of LNFM cartel members importing methamphetamine, heroin, cocaine, and fentanyl into the United States, including into the Northern District of Georgia. As part of the investigation, agents identified Franco Tabares Martinez as a then-high-ranking member of the LNFM cartel who allegedly distributed multi-kilogram quantities of methamphetamine in the metro Atlanta area.

In addition, agents identified Franco Tabares Martinez’s sister, Guadalupe Tabares Martinez, as an Atlanta-based money launderer allegedly helping her brother and other drug traffickers by picking up bulk currency and then using her money service business, Noyola Multiservice, to transmit those drug proceeds to drug trafficking associates in Mexico. Through the investigation, agents also identified Johnny Hurtado Olascoaga and Jose Alfredo Hurtado Olascoaga as the cartel’s co-founders and kingpins, who conspired with cartel members in Mexico and throughout the United States to import heroin, methamphetamine, cocaine, and fentanyl across the U.S.-Mexico border for distribution in various cities and states, including Atlanta.

This case is being investigated by the DEA and HSI.

Assistant U.S. Attorneys Laurel Milam and Bethany Rupert for the Northern District of Georgia are prosecuting the case against the Hurtado Olascoaga brothers, Franco Tabares Martinez and Guadalupe Tabares Martinez. Assistant U.S. Attorney Michael Morrison for the Middle District of Georgia provided valuable contributions to the investigation of Guadalupe Tabares Martinez.

This case is part of Operation Take Back America a nationwide initiative that marshals the full resources of the Justice Department to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

This prosecution is part of an OCDETF Strike Force Initiative, which provides for the establishment of permanent multi-agency task force teams that work side-by-side in the same location. This co-located model enables agents from different agencies to collaborate on intelligence-driven, multi¬ jurisdictional operations to disrupt and dismantle the most significant drug traffickers, money launderers, gangs, and transnational criminal organizations.

The specific mission of the David G. Wilhelm Atlanta OCDETF Strike Force (the Strike Force) is to degrade and dismantle major drug trafficking and money laundering organizations (DTMLOs) in the Atlanta metropolitan area and the Northern District of Georgia. To accomplish this mission, the Strike Force will target these organizations’ leaders, focusing on targets designated as Consolidated Priority Organization Targets (CPOTs), Regional Priority Organization Targets (RPOTs), and their associates. The Atlanta Strike Force is comprised of agents and officers from ATF, DEA, FBI, HSI, USMS, USPIS, and IRS; as well as numerous state and local agencies, and the prosecution is being led by the Office of the U.S. Attorney for the Northern District of Georgia.

An indictment is merely an accusation. All defendants are presumed innocent unless and until proven guilty.

MIL OSI USA News –

April 16, 2025
MIL-OSI USA: Members of a Massive International Drug Trafficking and Money Laundering Ring Indicted in Atlanta

Source: US Justice – Antitrust Division

Headline: Members of a Massive International Drug Trafficking and Money Laundering Ring Indicted in Atlanta

On April 1, seven individuals in Georgia and Mexico were indicted by a federal grand jury seated in the Northern District of Georgia related to a drug trafficking and money laundering ring tied to a Mexico-based trafficker. Five of these defendants, all of Norcross, Georgia — Sandra Beatriz Hernandez Chilel, 49; Karina Beatriz Perez Hernandez, 22; David Miranda Vinalay, 39; Jerome Lewis, 47; and Irving Joel Hernandez, 34 — were arrested earlier today in a coordinated effort by the Drug Enforcement Administration (DEA), IRS Criminal Investigation (IRS-CI), and local law enforcement. The defendants were arraigned before a U.S. Magistrate Judge following their arrests.

MIL OSI USA News –

April 16, 2025
MIL-OSI Security: Members of a Massive International Drug Trafficking and Money Laundering Ring Indicted in Atlanta

Source: United States Attorneys General

On April 1, seven individuals in Georgia and Mexico were indicted by a federal grand jury seated in the Northern District of Georgia related to a drug trafficking and money laundering ring tied to a Mexico-based trafficker. Five of these defendants, all of Norcross, Georgia — Sandra Beatriz Hernandez Chilel, 49; Karina Beatriz Perez Hernandez, 22; David Miranda Vinalay, 39; Jerome Lewis, 47; and Irving Joel Hernandez, 34 — were arrested earlier today in a coordinated effort by the Drug Enforcement Administration (DEA), IRS Criminal Investigation (IRS-CI), and local law enforcement. The defendants were arraigned before a U.S. Magistrate Judge following their arrests.

“Thanks to the great investigative work of our federal partners and local law enforcement, five individuals working on behalf of the violent Cartel de Jalisco Nueva Generación (CJNG) have been taken off our streets,” said Attorney General Pamela Bondi. “We will not allow these criminal enterprises to continue profiting off of the death and destruction of American lives.”

“The defendants allegedly trafficked high volumes of fentanyl and other deadly drugs into our community and then laundered the illicit proceeds of their activities as directed by a Mexico-based drug trafficker, including more than $1 million during a mere two-month period,” said Acting U.S. Attorney Richard S. Moultrie Jr. for the Northern District of Georgia. “Although these individuals took great measures to conceal their alleged criminal conduct, a determined and coordinated effort by our federal and local law enforcement partners helped to secure the federal charges in this case.”

“The deadly impact of fentanyl on our communities is devastating,” said Acting Special Agent in Charge Jae W. Chung of the DEA’s Atlanta Division. “These arrests should be a clear message to the traffickers that keeping our communities safe is our highest priority.”

“Using our expertise in financial investigations, IRS Criminal Investigation is following the money, despite attempts by criminals to cover their tracks,” said Special Agent in Charge Demetrius Hardeman of IRS-CI’s Atlanta Field Office. “IRS Criminal Investigation special agents in partnerships with the U.S. Attorney’s Office and other law enforcement agencies, will continue our work investigating and holding accountable those responsible for bringing dangerous drugs into our communities.”

According to Acting U.S. Attorney Moultrie for the Northern District of Georgia, the indictment, and other information presented in court: In September 2024, the DEA uncovered a scheme involving drug traffickers delivering bulk currency from drug sales to a middleman in Norcross. The middleman then allegedly delivered the drug proceeds to defendants Sandra Beatriz Hernandez Chilel (Chilel) and her daughter Karina Beatriz Perez Hernandez (Perez), who then laundered the proceeds as directed by a Mexico-based drug trafficker. Chilel and Perez allegedly operated a money service business (MSB) in Norcross called “La Pulga Esperenza.”

Between September and November 2024, DEA saw several traffickers deliver hundreds of thousands of dollars of suspected drug proceeds to the middleman in Norcross, who then transferred the cash to Chilel and Perez. Agents with IRS-CI analyzed the MSB’s transactions and determined that the cash was wired to Mexico but was transferred in small increments so as not to raise suspicion by federal regulators. During a period of approximately two months, this ring of individuals allegedly laundered over $1 million in drug proceeds smuggled to Mexico.

During the investigation, the DEA identified several alleged traffickers who transported the drug proceeds to Norcross, including defendants David Miranda Vinalay, Jerome Lewis, and Irving Joel Hernandez. DEA identified one of the primary traffickers as being a member or associate of the CJNG. Additionally, as alleged in the indictment, some of the traffickers also possessed methamphetamine and fentanyl that they intended to distribute on behalf of the drug trafficking ring.

Members of the public are reminded that the indictment only contains charges. The defendants are presumed innocent of the charges, and it will be the government’s burden to prove the defendants’ guilt beyond a reasonable doubt at trial.

This case is being investigated by the DEA and IRS-CI. Valuable assistance was also provided by the Georgia State Patrol, Dekalb County, Georgia, Police Department, Gwinnett County, Georgia, Police Department, and Gwinnett County Sheriff’s Office.

Assistant U.S. Attorneys Bethany L. Rupert and Dwayne A. Brown Jr. for the Northern District of Georgia are prosecuting the case.

This case is part of Operation Take Back America a nationwide initiative that marshals the full resources of the Justice Department to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

This effort is part of an OCDETF operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

An indictment is merely an accusation. All defendants are presumed innocent unless and until proven guilty.

MIL Security OSI –

April 16, 2025
MIL-OSI USA: Tillis, Warnock Introduce Bipartisan Legislation to Extend Tax Deadline for Natural Disaster Victims
US Senate News:
Source: United States Senator for North Carolina Thom Tillis

WASHINGTON, D.C. – Senators Thom Tillis (R-NC) and Reverend Raphael Warnock (D-GA) recently introduced the bipartisan Disaster Related Extension of Deadlines Act, legislation that provides an extension to ensure taxpayers impacted by recent natural disasters have more flexibility when claiming refunds or credits.

“Helene devastated communities across Western North Carolina, leaving many families struggling to recover,” said Senator Tillis. “North Carolinians affected by this disaster deserve the opportunity to claim the tax refunds they’re entitled to without facing unnecessary red tape. This commonsense legislation ensures disaster victims aren’t penalized for circumstances beyond their control and provides much-needed relief during the recovery process.”

Background:

Taxpayers usually have three years to file a claim for credit or refund of any overpayments of tax. However, when a filing deadline is postponed due to a federally declared disaster or similar reason, the three-year “lookback period” for paying refunds is not increased. As a result, some taxpayers who take advantage of a postponed filing deadline will not be able to obtain a refund.

Separately, the Internal Revenue Service (IRS) is required to demand payment within 60 days of an assessment, even if the payment deadline is postponed. As a result, the IRS may send letters demanding payments that have been postponed. This creates unnecessary confusion and stress for disaster victims.

To ensure that taxpayers impacted by disasters are treated like every other taxpayer when claiming their refunds, the Disaster Related Extension of Deadlines Act would:
- Extend the three-year period for receiving a refund or credit when the IRS extends a filing deadline due to a natural disaster, ensuring that a deadline extension does not give disaster impacted taxpayers a shorter lookback period for claiming a refund;
- Ensure that the automatic IRS payment deadline is extended to match any disaster-based filing deadline extension.
The American Institute of CPAs and the National Association of Realtors support the legislation.

Full text of the legislation is available HERE.

Senator Tillis has been pushing for federal assistance for Western North Carolina since the moment Helene made landfall.
- On October 1, 2024, Senator Tillis led a bipartisan letter to Senate Appropriations Chair Patty Murray (D-WA) and Vice Chair Susan Collins (R-ME) on the devastation caused by Hurricane Helene and the urgent need to pass an appropriations package to support the millions of Americans affected by the storm.
- On October 16, 2024, Senator Tillis led a bipartisan group of senators in urging the White House to rapidly submit a government funding request to Congress that will fully cover costs associated with clean-up and recovery following Hurricanes Helene and Milton so that affected communities could begin to heal. The Senators called for Congress to return to Washington from the October in-state work period to approve federal disaster relief legislation.
- On October 23, 2024, The Hill published an op-ed by Senator Tillis addressed to members of Congress to step up and be proactive with long-term disaster recovery assistance.
- On October 29, 2024, Senator Tillis and his colleagues announced plans to introduce legislation that would replenish the Small Business Administration (SBA) Disaster Loan Program with families and small businesses across WNC unable to get loans approved until then. The Senators outlined their plan to seek passage of the legislation when Congress returned to session.
- On November 14, 2024, Senator Tillis attempted to pass legislation to replenish the SBA Disaster Loan Program through a unanimous consent request on the Senate floor, but was blocked by another Senator.
- On November 15, 2024, Senator Tillis led a bipartisan letter to request that the Office of Management and Budget (OMB) immediately send a supplemental appropriation request to Congress to support the communities we represent, which were devastated after Hurricanes Helene and Milton. The OMB sent the request to Congress a few days later.
- On November 18, 2024, Senator Tillis introduced the standalone RELIEF Act to provide Hurricane relief to small businesses impacted by Hurricane Helene.
- On November 20, 2024, Senator Tillis called on Congress to quickly pass Hurricane Helene relief during his testimony to the Senate Appropriations Committee.
- On November 21, 2024, Senator Tillis met with Governor Cooper, Governor-Elect Stein, members of the North Carolina Congressional Delegation and the North Carolina General Assembly, and local leaders from Western North Carolina to discuss efforts to provide federal assistance to North Carolinians affected by the devastation caused by Hurricane Helene.
- On December 5, 2024, Senator Tillis joined Fox News’ Your World with Neil Cavuto where he discussed the urgent need for Congress to provide federal assistance to North Carolinians affected by the devastation caused by Hurricane Helene.
- On December 10, 2024, Senator Tillis hosted N.C. Senate President Pro Tempore Phil Berger, N.C. House of Representatives Speaker-elect Destin Hall, State Senators Bill Rabon and Ralph Hise, and State Representative Dudley Greene to discuss efforts to provide immediate assistance to North Carolinians affected by Hurricane Helene’s devastation.
- On December 18, 2024, Senator Tillis committed to filibustering any continuing resolution that did not include disaster aid for Western North Carolina.
- On December 21, 2024, Senator Tillis voted to pass a bipartisan government funding bill that included more than $100 billion in disaster relief for states and communities hit by natural disasters, including North Carolina during Hurricane Helene.
- On January 7, 2025 Senator Tillis announced $1.65 billion in Community Development Block Grant Disaster Recovery (CDBG-DR) funds to help rebuild communities devastated by Hurricane Helene.
- On January 24, 2025, Senator Tillis released a statement thanking President Trump for his visit to Western North Carolina to survey the devastation left behind by Helene.
- On January 31, 2025, Senator Tillis introduced the Disaster Mitigation and Tax Parity Act of 2025, legislation that excludes from gross income, for income tax purposes, any qualified catastrophe mitigation payment made under a state-based catastrophe loss mitigation program.
- On March 11, 2025, Senator Tillis reintroduced the Disaster Assistance Simplification Act, bipartisan legislation to simplify the application process for federal disaster recovery assistance.
- On April 1, 2025, Senator Tillis sent a letter urging U.S. Secretary of Agriculture Brooke Rollins to work with Congress to quickly distribute the more than $23 billion Congress passed in December to assist farmers, ranchers and rural Americans in responding to devastating natural disasters in 2023 and 2024.
- On April 3, 2025, Senator Tillis (R-NC) introduced the FEMA Independence Act, bipartisan legislation to restore the Federal Emergency Management Agency (FEMA) as an independent cabinet-level agency and improve efficiency in federal emergency response efforts.
In addition to Senator Tillis’ legislative efforts, he has met with local leaders, residents, and elected officials across Western North Carolina including in: Asheville, Black Mountain, Boone, Burnsville, Canton, Clyde, Fairview, Flat Rock, Hendersonville, Hot Springs, Marshall, Morganton, Spruce Pine, Swannanoa, Waynesville and Wilkesboro.
MIL OSI USA News –
April 16, 2025
MIL-OSI Security: Leaders of La Nueva Familia Michoacana and Atlanta-Based Money Launderer Indicted

Source: United States Attorneys General 1

Siblings Johnny Hurtado Olascoaga — also known as El Pez, Pescado, and Mojarra — and Jose Alfredo Hurtado Olascoaga — also known as El Fresa, El Feyo, and La Fruta — both of Guerrero, Mexico, and co-leaders of the La Nueva Familia Michoacana (LNFM) drug cartel, were charged by a federal grand jury seated in the Northern District of Georgia with conspiracy to manufacture and distribute heroin, cocaine, methamphetamine, and fentanyl knowing those controlled substances would be imported into the United States, conspiracy to import those controlled substances into the United States, and conspiracy to possess with the intent to distribute those controlled substances.

The indictments were returned in September 2024 and recently unsealed. Prior to his indictment, Johnny Hurtado Olascoaga was designated as a Consolidated Priority Target (CPOT) by the Organized Crime Drug Enforcement Task Force (OCDETF) program. Both Hurtado Olascoaga brothers are fugitives believed to be residing in Mexico. In addition, today the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced new sanctions against Johnny and Jose Alfredo Hurtado Olascoaga and their siblings, LNFM members Ubaldo Hurtado Olascoaga and Adita Hurtado Olascoaga. On Feb. 20, the U.S. Department of State also announced the designation of LNFM as a Foreign Terrorist Organization (FTO) and Specially Designated Global Terrorist (SDGT). Additionally, the Department of State announced a Narcotics Rewards Program offer of up to $5 million and $3 million, respectively, for information leading to the arrests or convictions of Johnny and Jose Alfredo Hurtado Olascoaga.

Franco Tabares Martinez, 51, of Guerrero, Mexico, a high-ranking member of LNFM was charged by a federal grand jury seated in the Northern District of Georgia with conspiracy to possess methamphetamine with the intent to distribute and related substantive counts of drug trafficking. The indictment was unsealed against Franco Tabares Martinez on July 7, 2023, after which he was sanctioned by OFAC. On June 20, 2024, his brother Uriel Tabares-Martinez was also sanctioned by OFAC. Another brother, Pablo Tabares Martinez, pleaded guilty on Jan. 13 to conspiracy to possess methamphetamine with intent to distribute. Their sister, Guadalupe Tabares Martinez — also known as Yosel Medrano Hernandez and Lupe — of Mableton, Georgia, has now been charged by a federal grand jury seated in the Northern District of Georgia with conspiracy to commit international money laundering, conspiracy to operate an unlicensed money services business, and related substantive counts. The indictment was returned on April 8 and recently unsealed.

“Today’s indictments and OFAC sanctions against high-ranking LNFM cartel members sends a clear message: if you contribute to the death of Americans by peddling poison into our communities, we will work relentlessly to find you and bring you to justice,” said Attorney General Pamela Bondi.

“These cartel members are allegedly responsible for importing massive amounts of cocaine, methamphetamine, heroin and fentanyl from Mexico to the Atlanta area and across the United States, and then wiring hundreds of thousands of dollars in proceeds from distributing those drugs back to Mexico,” said Acting U.S. Attorney Richard S. Moultrie Jr. for the Northern District of Georgia. “These federal indictments, in conjunction with the imposition of OFAC sanctions, send a strong message that we will tirelessly investigate, prosecute, and defund individuals around the globe who choose to import deadly drugs into, and risk the lives of the members of, our communities.”

“Today’s action underscores our commitment to intensify the pressure on violent drug cartels like LNFM, who continue to traffic deadly fentanyl and other drugs, smuggle illegal aliens over our Southwest border, and attack law enforcement,” said Secretary of the Treasury Scott Bessent. “The Trump administration will continue to use all available tools to target the cartels and other violent organizations that attempt to exploit our communities and harm Americans.”

“President Trump has promised to crack down on the flow of deadly drugs into our country,” said Senior Bureau Official F. Cartwright Weiland of the Department of State’s Bureau of International Narcotics and Law Enforcement Affairs (INL). “And today, working with the DEA and Homeland Security Investigations, the Department of State is delivering on that promise by offering rewards totaling up to $8 million for information leading to the arrest and/or conviction of the Hurtado brothers.”

“Cases like this exemplify the value of partnerships,” said Acting Special Agent in Charge Jae W. Chung of the Drug Enforcement Administration (DEA) Atlanta Division. “The volume of dangerous drugs and violence impacts our communities beyond comprehension. This investigation and subsequent indictments demonstrate DEA’s commitment to protecting our community by destroying these drug trafficking organizations.”

“The indictment of senior leaders of this brutal Mexican cartel and subsequent OFAC sanctions makes one thing clear, we are coming after these criminal networks and utilizing every weapon in our arsenal,” said Special Agent in Charge Steven N. Schrank of Homeland Security Investigations (HSI) in Georgia and Alabama. “Through aggressive interagency coordination, HSI and our law enforcement partners are not only seizing their drugs and arresting their members, but we are also cutting off their money, dismantling their infrastructure, and bringing their leaders to justice. This operation underscores our unwavering commitment to protecting our communities and dismantling the criminal enterprises that profit from violence and addiction.”

According to Acting U.S. Attorney Moultrie for the Northern District of Georgia, the indictments, and other information presented in court: In 2021, agents of the DEA and HSI began an investigation of LNFM cartel members importing methamphetamine, heroin, cocaine, and fentanyl into the United States, including into the Northern District of Georgia. As part of the investigation, agents identified Franco Tabares Martinez as a then-high-ranking member of the LNFM cartel who allegedly distributed multi-kilogram quantities of methamphetamine in the metro Atlanta area.

In addition, agents identified Franco Tabares Martinez’s sister, Guadalupe Tabares Martinez, as an Atlanta-based money launderer allegedly helping her brother and other drug traffickers by picking up bulk currency and then using her money service business, Noyola Multiservice, to transmit those drug proceeds to drug trafficking associates in Mexico. Through the investigation, agents also identified Johnny Hurtado Olascoaga and Jose Alfredo Hurtado Olascoaga as the cartel’s co-founders and kingpins, who conspired with cartel members in Mexico and throughout the United States to import heroin, methamphetamine, cocaine, and fentanyl across the U.S.-Mexico border for distribution in various cities and states, including Atlanta.

This case is being investigated by the DEA and HSI.

Assistant U.S. Attorneys Laurel Milam and Bethany Rupert for the Northern District of Georgia are prosecuting the case against the Hurtado Olascoaga brothers, Franco Tabares Martinez and Guadalupe Tabares Martinez. Assistant U.S. Attorney Michael Morrison for the Middle District of Georgia provided valuable contributions to the investigation of Guadalupe Tabares Martinez.

This case is part of Operation Take Back America a nationwide initiative that marshals the full resources of the Justice Department to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

This prosecution is part of an OCDETF Strike Force Initiative, which provides for the establishment of permanent multi-agency task force teams that work side-by-side in the same location. This co-located model enables agents from different agencies to collaborate on intelligence-driven, multi¬ jurisdictional operations to disrupt and dismantle the most significant drug traffickers, money launderers, gangs, and transnational criminal organizations.

The specific mission of the David G. Wilhelm Atlanta OCDETF Strike Force (the Strike Force) is to degrade and dismantle major drug trafficking and money laundering organizations (DTMLOs) in the Atlanta metropolitan area and the Northern District of Georgia. To accomplish this mission, the Strike Force will target these organizations’ leaders, focusing on targets designated as Consolidated Priority Organization Targets (CPOTs), Regional Priority Organization Targets (RPOTs), and their associates. The Atlanta Strike Force is comprised of agents and officers from ATF, DEA, FBI, HSI, USMS, USPIS, and IRS; as well as numerous state and local agencies, and the prosecution is being led by the Office of the U.S. Attorney for the Northern District of Georgia.

An indictment is merely an accusation. All defendants are presumed innocent unless and until proven guilty.

MIL Security OSI –

April 16, 2025
MIL-OSI USA News: Fact Sheet: President Donald J. Trump Announces Actions to Lower Prescription Drug Prices
Source: The White House
LOWERING PRESCRIPTION DRUG PRICES: Today, President Donald J. Trump signed an Executive Order to expand on the historic efforts of his first term to lower prescription drug prices.
- The Order directs the Department of Health and Human Services to take steps to significantly reduce drug prices for American patients.
- It delivers lower drug prices for Medicare and the seniors who rely on it by:
  
  Improving the Medicare Drug Pricing Negotiation Program in order to eclipse the 22% in savings achieved in the program’s first year.
  
  Aligning Medicare payment for certain prescription drugs with the cost by which hospitals actually acquire them, which can be 35% lower than what the government currently pays.
  
  Standardizing Medicare payments for prescription drugs, such as cancer treatments, regardless of where the patient receives care, which can lower prices by as much as 60%.
- It provides massive discounts to low-income patients for life-saving medications.
  
  Insulin prices for low-income patients and the uninsured will be lowered to as low as $0.03, plus a small administrative fee.
  
  Injectable epinephrine for low-income patients and the uninsured will be as low as $15, plus a small administrative fee.
- The Order helps states reduce drug prices by:
  
  Facilitating importation programs that could save states millions in prescription drug costs.
  
  Building off programs to help states get much better deals on expensive sickle-cell medications in Medicaid than the statutorily required 23.1% discount.
BRINGING RADICAL TRANSPARENCY AND COMPETITION TO PRESCRIPTION DRUG MARKETS: President Trump is dedicated to creating a transparent, competitive, and fair prescription drug market for American consumers.
- President Trump has already taken numerous actions to end the practice of large corporations profiting by keeping health care prices and business practices hidden from Americans.
- The Order increases the availability of generics and biosimilars, which can be as much as 80% cheaper than brand alternatives.
- The Order builds off that critical work and reevaluates the role of middlemen by:
  
  Improving disclosure of fees that pharmaceutical benefit managers (PBMs) pay to brokers for steering employers to utilize their services.
  
  Directing the administration to develop reforms to promote a more competitive, transparent, efficient, and resilient prescription drug value chain.
- By addressing the influence of middlemen and promoting open competition, President Trump’s actions aim to create a fairer prescription drug market that lowers costs and ensures accountability across the health care system.
PUTTING AMERICAN PATIENTS FIRST ONCE AGAIN: President Trump is delivering on his promise to once again put American patients first by building off of the historic efforts of his first term to lower prescription drug prices.
- In his first term, President Trump took numerous actions that delivered real results for patients:
  
  The Food and Drug Administration sped up development of lower-cost generic medicines and biosimilars as well as created a pathway for states to import lower cost drugs from Canada.
  
  Government-mandated discounts were passed through to patients instead of being retained by middlemen.
  
  Price transparency rules were developed to allow patients, doctors, and employers to see the actual cost of prescription drugs.
  
  Insulin copays were capped for Medicare beneficiaries.
- Unsurprisingly, the Biden-Harris Administration let many of these priorities languish while failing to even achieve the savings projected from the new Medicare Prescription Drug Negotiation Program.
- President Trump will not stand for inaction, and his Administration is working rapidly to lower the cost of prescription drugs for Americans.
MIL OSI USA News –
April 16, 2025
MIL-OSI USA: Today is Tax Day: File a return or extension by midnight
Source: US State of Oregon

idnight tonight, April 15, 2025, is the deadline to file tax year 2024 state and federal personal income tax returns and the Oregon Department of Revenue wants to remind taxpayers of the tools available to make the experience easier for both those who haven’t yet filed their 2024 return and those who have.

Through April 14, Revenue has processed 1.7 million of an expected 2.2 million returns and issued 1.1 million refunds.

Direct file

New this year, taxpayers can file their federal return directly with the IRS using IRS Direct File and their Oregon return directly with the state through Direct File Oregon for free. Videos are available to show how to use IRS Direct File and Direct File Oregon.

Taxpayers using the combination of IRS Direct File and Direct File Oregon have been completing their Oregon returns in about 17 minutes. Taxpayer response has been positive with survey feedback averaging 4.5 on a five-point scale.

IRS Direct File does not support all return types. Specifically, taxpayers with dividends reported on Form 1099-DIV and capital gains or losses are not supported.

More free filing options

Revenue reminds those who haven’t yet filed, that filing electronically is the fastest way for taxpayers to get their refund. Information about available free tax preparation tax preparation software is available on the Revenue website, along with a list of organizations providing free or reduced cost assistance.

Public computer kiosks for filing taxes with Direct File Oregon and free fillable forms are available in department regional offices in Bend, Eugene, Gresham, Medford, and Portland.

Where’s my refund? tool and video

Taxpayers who want to check the status of their Oregon state income tax refund will find more information available this year when they use the Department of Revenue’s Where’s My Refund? tool.

For the 2025 tax season, Where’s My Refund? has been upgraded to provide:
- Additional detail about refund status.
- Added functionality to see when the agency is requesting additional information to complete processing a return.
- Website enhancements for improved customer experience.
To have the benefit of the enhancements, however, taxpayers need to be signed into their Revenue Online account. Taxpayers who don’t already have a Revenue Online account can create one by following the Revenue Online link on the department’s website. Taxpayers can still use the Where’s My Refund? tool without being signed into Revenue Online account, but won’t be able to see the updated features.

A video outlining the refund process and timelines is also available to help taxpayers understand the process.

Filing a paper return

Taxpayers who haven’t yet filed their tax year 2024 return and file a paper return should make sure it’s post-marked by today or place it in one of the drop boxes available on both the east and west sides of the Department of Revenue Building in Salem, or outside the DOR offices in Portland, Eugene, Medford, and Bend. A drop box at DOR’s Gresham office is available during business hours.

DOR staff will be on hand in the atrium of the Salem headquarters building today until 5 p.m. to accept and stamp tax returns as having been filed timely.

Filing an extension.

Individuals who are not able to file by midnight can file an extension directly with the Oregon Department of Revenue or with the Internal Revenue Service (IRS). If the IRS extension is granted, the Oregon extension is automatically granted. A timely filed extension moves the federal tax filing deadline and the Oregon filing deadline to October 15, 2025.

Taxpayers should only request an Oregon extension if they:
- Don’t have a federal extension.
- Owe Oregon taxes.
- Can’t file your return by April 15, 2025.
Remember that an extension to file is not an extension to pay any tax owed. Taxpayers who can’t pay the full amount they owe, should pay what they can to avoid late payment penalties.

First quarter 2025 estimated payments due today

Today is also the due date for first quarter estimated payments. In most cases, taxpayers must make estimated tax payments for tax year 2025 if they estimate their tax after withholding and credits (including refundable credits) will be $1,000 or more when they file their 2025 Oregon return. Taxpayers can make their payments on Revenue Online or mail their payment with a voucher. Taxpayers mailing their payment should mail it separately from their return or other correspondence. Oregon Estimated Income Tax Instructions, Publication OR-ESTIMATE, can be found on the Revenue website.

Visit www.oregon.gov/dor to get tax forms, see a list of approved tax preparation software products, check the status of your refund, or make tax payments. For questions not answered on the Revenue website, call 800-356-4222 toll-free (English or Spanish) or 503-378-4988 or email questions.dor@oregon.gov. For TTY (hearing or speech impaired), we accept all relay calls. Due to the number of calls Revenue receives during tax season, you may experience extended wait times.

MIL OSI USA News –
April 16, 2025
MIL-OSI USA: 04.15.2025 WTAS: Sen. Cruz Leads the Fight for Cryptocurrency

US Senate News:

Source: United States Senator for Texas Ted Cruz
WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) continues to make news for his leadership in the cryptocurrency space. Last week, President Trump signed his resolution into law overturning a Biden-era rule that would have undermined American leadership in cryptocurrency. Significantly, this is also the first cryptocurrency bill to ever be signed into law.
Read more about Senator Cruz’s leadership and accomplishments for Bitcoin and cryptocurrency below.
THE DALLAS EXPRESS: Cruz Control: Celebrating Cryptocurrency Win After Trump Signs New Law
“Senator Ted Cruz declared a win for the cryptocurrency community when President Donald Trump signed his Congressional Review Act into law.
Cruz has emerged as one of crypto’s most vocal advocates in the Senate. The senator has introduced a series of bills aimed at boosting the industry, and fending off what he views as federal overreach into digital financial systems.”
CRYPTO IN AMERICA: Trump Makes History Signing First Crypto Bill into Law
“The bill, introduced under the Congressional Review Act by Republican Senator Ted Cruz (R-TX) to repeal the IRS’s so-called ‘DeFi broker rule,’ passed the Senate on March 26 with overwhelming bipartisan support in a 70–28 vote.
‘This rule would have undermined American leadership on cryptocurrency, and I am grateful to President Trump for signing my resolution into law,’ Cruz, who attended the signing ceremony Thursday afternoon, told Crypto In America. ‘The resolution is a victory for innovation, privacy, and economic freedom.’”
INSIGHTS: The First U.S. Crypto Law is Now in Effect! Trump Has Eliminated DeFi Regulations!
“The rules faced quick backlash. Critics argued they would hinder DeFi development. Republican Senator Ted Cruz pushed to repeal these rules, and now he has Trump’s support. Cruz attended the signing ceremony and stated, ‘This regulation will undermine America’s leadership in crypto. I thank President Trump for signing my resolution into law.’
Cruz added, ‘We are protecting developers building the future of cryptocurrency. We clearly state that America will not cede digital leadership to China. We will preserve the ability for Americans to trade without government interference.’”
DECRYPT: Ted Cruz Introduces FLARE Act to Repurpose Flared Gas for Bitcoin Mining
“U.S. Senator Ted Cruz (R-TX) has introduced a new bill aiming to turn waste energy into electricity for Bitcoin mining.
Cruz specifically pointed to crypto mining as a direct output of this extra energy. In a statement announcing the bill’s introduction, he said that it, ‘takes advantage of Texas’s vast energy potential, reinforces our position as the home of the Bitcoin industry, and is good for the environment.’”
THE STREET ROUNDTABLE: Senator Ted Cruz proposes bill to power Bitcoin mining with wasted gas
“With Bitcoin mining still at the center of the debate over cryptocurrency’s environmental footprint, U.S. Senator Ted Cruz has introduced legislation intended to change the narrative — and the power source.
Cruz emphasized the bill’s environmental and economic angles in a statement released when it was announced…Cruz’s measure could be considered part of a larger political drive to keep crypto innovation — and energy consumption — inside U.S. limits with a climate-conscious touch to mining.”
CRYPTO.NEWS: Ted Cruz introduces FLARE Act to incentivize Bitcoin mining with waste gas
“United States Senator Ted Cruz has introduced a new bill that offers tax incentives for cryptocurrency miners using flared natural gas to power mining operations.
By turning stranded gas into usable energy, Cruz and supporters argue the bill would not only cut emissions but also boost energy innovation and grid resilience, especially during periods of peak demand or extreme weather.”
CRYPTOSLATE: Senator Ted Cruz introduces FLARE Act to repurpose flared gas for Bitcoin mining
“Senator Ted Cruz introduced legislation on April 1 to repurpose flared gas and use it to generate ‘value-added products,’ like mining Bitcoin (BTC) and other digital assets.
According to Cruz, the bill simultaneously addresses two challenges: reducing oil and gas industry emissions and encouraging energy use innovation.”
BACKGROUND
Sen. Cruz introduced the Facilitate Lower Atmospheric Released Emissions (FLARE) Act, incentivizing entrepreneurs and crypto miners to use natural gas that would otherwise be stranded.
Sen. Cruz introduced the Anti-CBDC Surveillance State Act, legislation that prohibits the Federal Reserve from issuing a central bank digital currency (CBDC). This bill passed with an overwhelming bipartisan support.
Sen. Cruz passed a joint resolution of disapproval overturning the IRS’s Gross Proceeds Reporting rule for brokers handling digital asset sales.
Sen. Cruz authored the Adopting Cryptocurrency in Congress as an Exchange of Payment for Transactions Resolution, also known as the ACCEPT Resolution.
Sen. Cruz introduced an amendment to repeal a provision from the 2021 infrastructure package that created new reporting requirements for many cryptocurrency and blockchain companies in both the 117th and 118th Congresses.

MIL OSI USA News –

April 16, 2025

MIL-OSI: PrimeEnergy Resources Corporation (PNRG) Announces Yearend Production and Financial Results

Source: GlobeNewswire (MIL-OSI)

HOUSTON, April 15, 2025 (GLOBE NEWSWIRE) — The following table summarizes the primary components of production volumes and average sales prices realized for the years ended December 31, 2024 and 2023 (excluding realized gains and losses from derivatives).

	Years ended December 31,				Increase /			Increase /
	2024		2023		(Decrease)			(Decrease)
Barrels of Oil Produced		2,556,000		1,144,000		1,412,000			123.43		%
Average Price Received	$	75.80	$	76.84	$	(1.04	)		(1.35	)	%
Oil Revenue (In 000’s)	$	193,737	$	87,906	$	105,831			120.39		%
Mcf of Gas Sold		7,766,000		4,127,000		3,639,000			88.18		%
Average Price Received	$	0.43	$	1.92	$	(1.49	)		(77.60	)	%
Gas Revenue (In 000’s)	$	3,309	$	7,935	$	(4,626	)		(58.30	)	%
Barrels of Natural Gas Liquids Sold		1,284,000		606,000		678,000			111.88		%
Average Price Received	$	20.25	$	19.64	$	0.61			3.11		%
Natural Gas Liquids Revenue (In 000’s)	$	25,996	$	11,901	$	14,095			118.44		%
Total Oil & Gas Revenue (In 000’s)	$	223,042	$	107,742	$	115,300			107.01		%

Proved reserves at December 31, 2024, were 10,609 barrels of oil, 8,267 barrels of natural gas liquids, and 45,815 MMcf of natural gas.

	Year Ended December 31,
	2024		2023		Increase / (Decrease)

Revenues (In 000’s)	$	237,796	$	132,810	$	104,986
Net Income (In 000’s)	$	55,404	$	28,103	$	27,301
Earnings per Common Share:
Basic	$	31.43	$	15.19	$	16.24
Diluted	$	21.95	$	10.77	$	11.18
Shares Used in Calculation of:
Basic EPS	1,762,644		1,849,780
Diluted EPS	2,523,581		2,608,786

PrimeEnergy is an independent oil and natural gas company actively engaged in acquiring, developing and producing oil and natural gas, and providing oilfield services, primarily in Texas. The Company’s common stock is traded on the Nasdaq Stock Market under the symbol PNRG. If you have any questions on this release, please contact Connie Ng at (713) 735-0000 extension 6416.

Forward-Looking Statements
This Report contains forward-looking statements that are based on management’s current expectations, estimates and projections. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes”, “projects” and “estimates,” and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, and are subject to the safe harbors created thereby. These statements are not guarantees of future performance and involve risks and uncertainties and are based on a number of assumptions that could ultimately prove inaccurate and, therefore, there can be no assurance that they will prove to be accurate. Actual results and outcomes may vary materially from what is expressed or forecast in such statements due to various risks and uncertainties. These risks and uncertainties include, among other things, the possibility of drilling cost overruns and technical difficulties, volatility of oil and gas prices, competition, risks inherent in the Company’s oil and gas operations, the inexact nature of interpretation of seismic and other geological and geophysical data, imprecision of reserve estimates, and the Company’s ability to replace and expand oil and gas reserves. Accordingly, stockholders and potential investors are cautioned that certain events or circumstances could cause actual results to differ materially from those projected.

The MIL Network –

April 16, 2025

MIL-OSI USA: Congressman Dan Goldman Hosts Community Leaders and Constituents to Condemn Trump’s Attacks on Social Security Staff and Services

Source: US Congressman Dan Goldman (NY-10)

GOP Attacks on Social Security Administration Severely Harm Recipients’ Ability to Receive Benefits

Over 4 Million New Yorkers Rely on Social Security Benefits to Make Ends Meet

See Pictures and Video from Press Conference Here

New York, NY – Congressman Dan Goldman (NY-10) today joined Disability Advocate Michael Schweinsburg, senior services providers, and Social Security recipients to observe Save Social Security Day of Action and condemn Trump and the Republican Party’s attempts to dismantle the Social Security Administration and slash benefits that New Yorkers have worked their whole lives for.

“Social Security is a hard-earned benefit that millions of New Yorkers rely on to retire with dignity – Donald Trump and the Republican Party are trying to rip it away,” Congressman Dan Goldman said. “From closing Social Security field offices to gutting administration staff and forcing seniors to travel long distances to do routine paperwork in person, Donald Trump, Elon Musk, and their DOGE hatchet men are putting insurmountable obstacles between New York seniors and the benefits they’re entitled to. As this president wages war on the programs their constituents depend on, I call on my New York Republican colleagues to grow a spine and demand these cuts be reversed immediately.”

New York City Councilmember Carlina Rivera said, “It’s shameful that DOGE is threatening seniors, veterans, retirees and the disability community through its attacks on the Social Security Administration. New Yorkers and Americans across the country are afraid that Trump’s threats will result in drastic cuts to a system they have spent their whole lives paying into. This important agency is already seeing delays in service and technology outages and we cannot accept any more disruptions to a program that is a lifeline for so many. I’m thankful to Congressman Goldman and all of the advocates who keep fighting to ensure that all people continue receiving the benefits they’ve earned.”

Following the press conference, Congressman Goldman entered the Social Security field office in his district and spoke to the Social Security office manager about the new administration’s policies and how they are impacting the operations of the field office.

Since taking office, the Trump administration has severely weakened the Social Security Administration’s ability to efficiently administer benefits to the 73 million Americans who receive Social Security. In February, the Trump administration announced plans to slash Social Security staff by over 12 percent, with even deeper cuts proposed for departments responsible for protecting sensitive data, maintaining benefit claims processing systems, and managing the agency’s website and online portal. These cuts will likely lead to further website and benefit disruptions, as well as longer in-person lines and phone wait times, preventing tens of millions of Americans from accessing their benefits.

Congressman Goldman has worked tirelessly to protect Social Security from the Trump administration’s attacks and ensure every retiree receives the benefits they deserve.

Last month, Goldman urged the Acting Social Security Administration Commissioner to oppose the Trump-Musk plan to consolidate ten regional offices down to four and cut 7,000 workers for the Social Security Administration.

In February, Goldman cosponsored the Taxpayer Data Protection Act, which would prevent Musk and DOGE from accessing the payment systems at the Treasury Department. This system is responsible for delivering trillions in Social Security and Medicare benefits, tax refunds, and payments to government contractors.

Last Congress, Congressman Goldman cosponsored and voted to pass the Social Security Fairness Act. The now-enacted legislation restores full Social Security benefits for more than 3 million public service employees who receive other forms of retirement benefits. SSA is in the process of implementing the law.

###

MIL OSI USA News –

April 16, 2025
MIL-OSI: XWELL Reports Fiscal Year 2024 Results
Source: GlobeNewswire (MIL-OSI)

NEW YORK, April 15, 2025 (GLOBE NEWSWIRE) — XWELL, Inc. (Nasdaq: XWEL) (“XWELL” or the “Company”), a pioneer in democratizing wellness, today reported results for the year ended December 31, 2024.

Recent Highlights:
- XWELL delivered 2024 revenue growth of approximately 13% versus 2023.
- Gross margin more than doubled, increasing from 12.2% in 2023 to 26.3% in 2024.
- The Company reduced operating and overhead expenses in 2023 and 2024, while it continues to focus on returning to overall profitability. For the year ended December 31, 2024, the Company:
  - Reduced salaries and benefits by approximately 5% versus 2023.
  - Reduced general and administrative expenses by approximately 4% versus 2023.
  - Reduced total operating expenses by approximately 19% versus 2023, even with substantial non-recurring expenses incurred in 2024.
- XWELL announced a three-year extension of its Traveler-based Genomic Surveillance Program in partnership with the Centers for Disease Control and Prevention, reinforcing its critical role in national biosecurity.
- Accelerating its expansion outside of airport locations, XWELL launched a new Naples Wax Center in Estero, Florida in December 2024.
- Strengthening its capital structure, XWELL successfully closed a $4 million private placement in January 2025, comprising of convertible preferred stock and warrants.
- Leveraging its recent capital raise, XWELL announced plans to acquire select medical spas to expand into the high-growth wellness and beauty sector.
- As part of its brand evolution, XWELL announced that it plans to unite all of its wellness offerings under a single, cohesive XWELL brand identity.
“We believe that XWELL’s improved 2024 financial and operational performance reflects the successful execution of our growth and productivity initiatives,” said Ezra Ernst, CEO of XWELL. “We continue to capitalize on compelling growth opportunities across our brands and remain focused on achieving sustainable expansion alongside our relentless focus on wellness and our customers.”

“We’re also grateful and proud to continue the work we developed with our partners at the CDC and Ginkgo Bioworks for another three years. An early warning system for dangerous pathogens, the Traveler-based Genomic Surveillance Program plays a crucial role in protecting national security and public health.” Mr. Ernst added, “Looking ahead, I’m excited about the opportunities ahead for XWELL. By accelerating growth both in and out of the airport, unifying our offerings under the XWELL brand, and reinforcing our role in U.S. biosecurity and exploring biosecurity opportunities outside of the United States, I believe that we’re positioning XWELL for continued growth and long-term value creation.”

Bringing A Unified Wellness Brand to the Market
Committed to capitalizing on compelling growth opportunities in the wellness market, XWELL has developed and communicated a clear vision, mission, and purpose-driven forward-looking plan.
- Our vision is to liberate wellness, making it a mainstream category synonymous with health, balance, and self-care.
- Our mission is to create environments that inspire confidence, self-improvement, and wellness for everyone, everywhere.
- Our purpose is to reshape the way people think about wellness by showing how accessible and effortless it can be.
The Company’s forward-looking plan focuses on expanding and integrating offerings across its brands, with a key emphasis on unifying airport and off-airport locations under the XWELL brand. This strategic alignment will enable the development of membership and loyalty programs like Priority Pass that provide seamless access to XWELL locations, fostering deeper customer relationships and enhancing brand loyalty. Additionally, a strong customer community will support targeted marketing initiatives and cross-promotional opportunities, strengthened by advanced technology and customer relationship management capabilities from the HyperPointe unit.

At the same time, XWELL is actively broadening its retail product portfolio to feature a range of cutting-edge wellness offerings. These offerings include state-of-the-art wellness devices, nutritional supplements, and innovative wellness patches — each designed to support holistic health and cater to the evolving needs of today’s wellness-conscious consumers.

Planned Strategic Investment in Medical Spas
In March 2025, XWELL unveiled plans to acquire select medical spas during 2025, leveraging its recent $4 million private placement to expand into the high-growth wellness and beauty sector.

This strategy aligns with XWELL’s mission to liberate wellness by creating a seamless continuum of care, extending beyond airports and into metropolitan areas where demand for advanced beauty and wellness treatments is rising.

XWELL will initially focus on select metropolitan areas with strong demand for medspa services, including Orlando, Austin, Texas, and Salt Lake City.

Operating At the Intersection of Travel, Health and Wellness
Operating at the intersection of travel, health and wellness, the Company’s brands currently include XWELL™, XpresSpa®, Treat™, Naples Wax Center®, XpresCheck® and HyperPointe™. 

Travel Wellness Portfolio – XpresSpa®
XpresSpa is the leading airport retailer of wellness services and related retail offerings. As of December 31, 2024, there were 18 domestic XpresSpa locations in total, comprised of 17 Company-owned locations and one franchise. The Company also had 10 international locations operating as of December 31, 2024, including two XpresSpa locations in the Dubai International Airport in the United Arab Emirates, one XpresSpa location in the Zayad International Airport in Abu Dhabi, United Arab Emirates, three XpresSpa locations in the Schiphol Amsterdam Airport in the Netherlands and four XpresSpa locations in the Istanbul Airport in Turkey.

Out-of-Airport Wellness Portfolio – Naples Wax Center®
XWELL’s first off-airport brand, Naples Wax Center, is a group of upscale hair removal and aesthetic services boutiques. Acquired in mid-September 2023, Naples Wax Center provides core products and service including face and body waxing as well as a range of skincare and cosmetic products from its current three locations.

In December 2024, the Company announced the ongoing expansion of its out-of-airport spas with the opening of a new Naples Wax location in Estero, FL. This opening is the first in a series of strategic growth initiatives to expand the XWELL brand beyond airports. Looking ahead, in addition to its Estero location, XWELL has plans to open 6 additional locations across Florida during 2025.

New York City’s Penn Station XpresSpa®
Consistent with XWELL’s strategy to extend its footprint into transportation hubs, the Company is executing plans to open an XpresSpa location in New York City’s Penn Station in 2025. The tech-forward spa will serve commuters, neighborhood locals, and tourists with wellness-focused retail, autonomous massage, and nail care services, enabling seamless and efficient experiences for time-crunched New York City travelers.

Life Sciences & Biosurveillance — XpresCheck® and HyperPointe™
XpresCheck in collaboration with the Centers for Disease Control and Prevention (“CDC”) and Ginkgo Bioworks, currently operates biosurveillance stations in 8 of the nation’s busiest airports.

In March of 2025, XWELL announced that the CDC extended its Traveler-based Genomic Surveillance Program for three years. The contract has a total base value of $53.7 million over three years, with a maximum ceiling value of $85.7 million within the same timeframe. This program has been supported in whole or in part by the Centers for Disease Control & Prevention under contract number 75D30125C20439.

The TGS program functions as an early detection platform for emerging pathogens. By providing multimodal data, it enhances global biosecurity and illuminates migratory disease origin, to inform medical countermeasure research and development. The program utilizes wastewater samples from inbound international aircraft and airport triturators, along with nasal swab samples from volunteers arriving in the U.S. on select international flights.

Additionally, the Company began reporting operating results for HyperPointe within its XpresCheck business. Beginning in June 2020, and following its acquisition by XWELL in January 2022, HyperPointe’s management team and suite of services and technology have been utilized to develop and deploy the technological infrastructure necessary to scale the growth of the XpresCheck business. HyperPointe’s experience in this space continues to play a critical role in the expansion of ongoing biosurveillance efforts created in partnership with Ginkgo Bioworks and the CDC.

Liquidity and Financial Condition
As of December 31, 2024, the Company had approximately $4.6 million of cash and cash equivalents (excluding restricted cash), approximately $7.3 million in marketable securities, total current assets of approximately $15.3 million, and no long-term debt.

The Company significantly reduced operating and overhead expenses in the 2023 and 2024, while it continues to focus on returning to overall profitability.

In January 2025, the Company announced the closing of its private placement offering of $4.0 million of the Company’s newly designated Series G Convertible Preferred Stock. The Company also issued to the investors in the private placement Series A warrants and Series B warrants exercisable for the Company’s common stock. The gross proceeds of the private placement were approximately $4.0 million, before deducting other offering expenses payable by the Company.

Summary 2024 Financial Results

Total Revenue
Total revenue for the fiscal year ended December 31, 2024 was $33.9 million compared to $30.1 million in the prior year.

Revenue for 2024 primarily consisted of approximately $18.3 million from XpresSpa locations, $430,000 from Treat locations and approximately $13.1 million from XpresTest, which includes XWELL’s bio-surveillance partnership and its HyperPointe business. Naples Wax Center accounted for approximately $2.1 million.

Total Cost of Sales
Total cost of sales for the fiscal year ended December 31, 2024 were approximately $25.0 million compared to approximately $26.4 million in the prior year.

General and Administrative Expenses; Salaries and Benefits
General and administrative expenses for the fiscal year ended December 31, 2024 were approximately $12.5 million compared to approximately $13.0 million in the prior year.

Salaries and benefits for the fiscal year ended December 31, 2024 were approximately $7.5 million compared to approximately $8.0 million in the prior year.

Total Operating Expenses
Total operating expenses for the fiscal year ended December 31, 2024 were approximately $25.6 million compared to approximately $31.9 million in the prior year.

Operating Loss
The operating loss for the fiscal year ended December 31, 2024 totaled approximately ($16.7) million compared to approximately ($28.2) million in the prior year.

Net Loss Attributable to XWELL
Net loss attributable to XWELL for the fiscal year ended December 31, 2024 totaled approximately ($16.9) million compared to approximately ($27.7) million in the prior year.

About XWELL, Inc.  
XWELL, Inc. (Nasdaq: XWEL) is a leading global wellness holding company operating multiple brands: XWELL™, XpresSpa®, Treat™, Naples Wax Center®, XpresCheck® and HyperPointe™. 
- XpresSpa is a leading retailer of wellness services and related products.
- Naples Wax Center is a group of upscale skin care boutiques.
- XpresCheck, in partnership with the CDC and Ginkgo Biosecurity, conducts biosurveillance monitoring in its airport locations.
- HyperPointe is a leading digital healthcare and data analytics relationship company serving the global healthcare industry.
For more information on XWELL’s offerings, visit www.XWELL.com.

Forward-Looking Statements 
This press release may contain “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These include statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “should,” “seeks,” “future,” “continue,” or the negative of such terms, or other comparable terminology. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements. Forward-looking statements relating to expectations about future results or events are based upon information available to XWELL as of the date of this press release, and are not guarantees of the future performance of the Company, and actual results may vary materially from the results and expectations discussed. Additional information concerning these and other risks is contained in the Company’s Annual Report on Form 10-K, as amended, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and other Securities and Exchange Commission filings. All subsequent written and oral forward-looking statements concerning XWELL, or other matters and attributable to XWELL or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. XWELL does not undertake any obligation to publicly update any of these forward-looking statements to reflect events or circumstances that may arise after the date hereof.

Media
Heather Tidwell
MWW
htidwell@mww.com

The MIL Network –
April 16, 2025
MIL-OSI USA: Justice Department Continues Efforts to Stop Unlawful Tax Return Preparers
Source: US State of North Dakota

Today, the federal tax filing deadline, the Justice Department’s Tax Division acknowledges the majority of taxpayers and tax return preparers who voluntarily meet their yearly filing obligations. The Tax Division also cautions taxpayers to choose their return preparers carefully and to look out for unscrupulous preparers who make promises of tax reductions not based on legitimate positions and who include errors or false information on tax returns that could leave a taxpayer subject to liability for unpaid taxes, penalties, and interest.

Over the last year, the Tax Division has worked with U.S. Attorneys’ Offices around the country to bring civil and criminal actions against dishonest tax preparers. These actions include criminal indictments and prison sentences when appropriate as well as civil injunctions to stop ongoing fraud, civil penalties, and disgorgement of ill-gotten proceeds when appropriate. The Justice Department’s message has been clear: those who prepare fraudulent returns will face serious and lasting consequences.

Examples of civil injunctions obtained by the Tax Division over the last and current filing seasons include:
- On Oct. 28, 2024, a federal district court in the Southern District of Indiana permanently enjoined Juan Santiago and his tax preparation business, Madison Solutions LLC, from preparing tax returns for others or employing any person acting as a federal tax return preparer. The government’s complaint alleged that Santiago and his business engaged in fraudulent filing schemes by improperly claiming Head of Household filing status, the Child Tax Credit, and business deductions to which their clients were not entitled. The government estimated that these false returns cost the government over $1 million each filing season.
- On Oct. 3, 2024, a federal district court in the Southern District of Florida entered a permanent injunction against George and Luis Brito and their business, Brito and Brito Accounting USA Inc. The injunction prohibits them from preparing tax returns for others. The government’s complaint alleged that since 2019, the Britos had prepared thousands of tax returns annually, and that they prepared returns that understated their clients’ income by claiming false or inflated business expenses and fabricating residential energy credits.
- On March 29, 2024, following a 12-day trial, a federal district court in the Eastern District of Michigan permanently enjoined Annetta Powell and seven of her businesses from preparing tax returns for others. The court found that Powell and her businesses prepared returns that reported fake Schedule C businesses and business expenses, claimed household help income they knew the customers did not qualify for, and claimed head of household filing status without doing the required due diligence. The court also ordered Powell to disgorge $697,797 in ill-gotten profits.
The Tax Division has also sought to strip fraudulent preparers of ill-gotten gains and to hold in contempt those who attempt to flout court-ordered restraints on further fraudulent activity. Over the last year, the division has brought these cases to court, including:
- On Oct. 24, 2024, a federal district court in the Northern District of Texas held that Jennifer Murley violated a previous injunction against returning tax returns for others. The IRS had suspended Murley’s Electronic Filing Identification Number (EFIN), but she and her tax preparation firm misappropriated EFINs assigned to others. The court ordered Murley to disgorge over $700,000 in ill-gotten gains she received for preparing returns in violation of the previous court order.
- On Oct. 23, 2024, a federal district court in the Southern District of Florida found Gerald Vito and James Eleby in contempt for violating a previous injunction from 2021 that enjoined them from preparing tax returns for others. Vito and Eleby worked with Kwame Thomas to continue to file returns after being barred from doing so, and the court ordered them to disgorge a total of $988,789.56 in ill-gotten and to notify their clients of the injunction or face possible incarceration.
Criminal indictments and convictions against fraudulent preparers obtained by the Tax Division since the 2024 filing season include the following :
- Thierry Musese, who ran a return preparation business from his barbershop located in Auburn, Maine, was charged with preparing false returns and generating fraudulent refunds for clients by including bogus business losses, fuel and residential energy credits. Musese also allegedly defrauded his clients by diverting a portion of their tax refund to himself without their permission. If convicted Musese faces a maximum penalty of three years in prison for each count of preparing a false tax return and a maximum penalty of 20 years in prison for wire fraud.
- John Borgela, a Florida return preparer, was sentenced to 30 months in prison for conspiring to file hundreds of false tax returns for clients from his business, Empire Tax services. Borgela typically inflated tax withholdings and reported fictitious itemized deductions to reduce his clients’ tax liability or to generate refunds. He concealed his involvement in the fraud by not including his name as the person who prepared the return on his clients’ tax returns.
- Vervia Watts, a return preparer in Illinois, was sentenced to one year and a day in prison for preparing and filing false returns for clients. Watts prepared over 900 fraudulent income tax returns for her clients, reporting false education expenses and business income to obtain larger refunds from the IRS. She caused a tax loss to the United States of approximately $1.3 million.
- On April 17, 2024, Jonathan Barefoot, a Mississippi return preparer, was sentenced to 30 months in prison for preparing false tax returns for clients. Barefoot conspired with others to claim inflated tax refunds for clients by reporting false education credits, itemized deductions, and business losses. He and his co-conspirators caused a loss to the United States of approximately $3.5 million.
The Tax Division reminds taxpayers that the IRS has information, tips, and reminders on its site for choosing a tax preparer carefully (Choosing a Tax Professional and How to Choose a Tax Return Preparer) and has launched a free directory of credentialed federal tax preparers. The IRS also offers taxpayers tips to protect their identities and wallets when filing their taxes.

In addition, IRS Free File, a public-private partnership, offers free online tax preparation and filing options on IRS partner websites for individuals whose adjusted gross income is under $79,000. For individuals whose income is over that threshold, IRS Free File offers electronic federal tax forms that can be filled out and filed online for free. The IRS has tips on how seniors and individuals with low to moderate income can get other help or guidance on tax return preparation, too.

In the past decade, the Tax Division has obtained civil injunctions and criminal convictions against hundreds of unscrupulous tax preparers. Information about these cases is available on the Justice Department’s website. An alphabetical listing of persons enjoined from preparing returns and promoting tax schemes can be found on this page. If you believe that one of the enjoined persons or businesses may be violating an injunction, please contact the Tax Division with details.

MIL OSI USA News –
April 16, 2025
MIL-OSI USA: Rep. Barry Moore introduces Why Does the IRS Need Guns Act
Source: United States House of Representatives – Congressman Barry Moore

Washington D.C. – This week, U.S. Representative Barry Moore (AL-01) introduced the Why Does the IRS Need Guns Act. The Internal Revenue Service (IRS) has clearly been weaponized against the American people and their latest abuse is the use of taxpayer dollars to purchase firearms for agents. This legislation is cosponsored by Representatives Harriet Hageman (R-WY), Mary Miller (R-IL), and Clay Higgins (R-LA).

Since the start of 2020, the IRS has spent $10 million on weapons, ammo, and combat gear.

This legislation:
- Prohibits the IRS from purchasing, receiving, or storing firearms and ammo.
- Requires the IRS to transfer to the General Services Administration (GSA) any firearms or ammunition under IRS control.
- Compels GSA to initiate the sell and auction of the firearms to licensed dealers and the ammunition to the general public.
- Transfers the IRS Criminal Investigations Division to be folded into the Department of Justice’s jurisdiction.
“The IRS has consistently been weaponized against American citizens, targeted religious organizations, journalists, gun owners, and everyday Americans,” said Moore. “Arming these agents does not make the American public safer. My legislation, the Why Does the IRS Need Guns Act, would disarm these agents, auction off their guns to Federal Firearms License Owners, and sell their ammunition to the public. The only thing IRS agents should be armed with are calculators.”

“It is a shocking fact that the Biden administration spent over $10 million on firearms and ammunitions for IRS employees. This is especially troubling in light of the Select Subcommittee on the Weaponization of the Federal Government’s investigation into the IRS which exposed patterns of political targeting and harassment by agents. I am proud to support Congressman Moore’s bill which rightly strips the IRS of its arsenal and transfers the Criminal Investigations Division to the Department of Justice. The Why Does the IRS Need Guns Act will ensure the agency sticks to its mission of collecting revenue rather than moonlighting as a paramilitary law enforcement agency susceptible to politicization.” said Congresswoman Hageman.

“There is absolutely zero justification for wasting taxpayer dollars to arm a federal agency that was never meant to act as an enforcement arm of the government,” said Congresswoman Mary Miller. “The IRS doesn’t need a stockpile of guns and ammunition — it needs proper transparency, oversight, and accountability. I fully support Rep. Moore’s bill to disarm the IRS and end this dangerous power grab once and for all.”

“The weaponization of the IRS against working Americans is a threat to our Constitutional freedoms,” said Congressman Higgins. “IRS agents should not hit homes and businesses like SWAT teams, and they should not terrorize American families. This legislation disarms the IRS. I thank my colleague Congressman Moore for introducing this important legislation.”

###

MIL OSI USA News –
April 16, 2025
MIL-OSI USA: Ernst, Stefanik Expose Tax Dollars to China

US Senate News:

Source: United States Senator Joni Ernst (R-IA)

WASHINGTON – As hardworking Americans report and pay taxes on every dollar earned under the threat of an audit, this Tax Day, U.S. Senator Joni Ernst (R-Iowa) and Congresswoman Elise Stefanik (R-N.Y.) are forcing Washington to live by the same rules when sending tax dollars to China.
After exposing that the Biden administration sent more than $18 million to China for everything from a bakery roadshow to DEI trainings, the lawmakers are introducing a new bill to require every penny sent to foreign adversaries be publicly disclosed.
“Americans should never send a cent to China,” said Ernst. “But you cannot stop what you cannot see. I am exposing every single tax dollar sent overseas to scrutinize and halt all wasteful spending.”
“My legislation will ensure hardworking taxpayer dollars are not funding our adversaries including Communist China as they work against American interests,” said Stefanik. “The days of poor stewardship over American dollars under the Biden Administration are long gone as House Republicans join President Trump in his efforts of rooting out government waste, fraud, and abuse.”
While most of the $18 million sent to China was publicly disclosed, more than $4 million sent by the National Institutes of Health (NIH) was not, and a Government Accountability Office (GAO) audit confirmed that not all money being sent to China is being publicly disclosed.
To ensure that the American people know how their money is spent, Ernst and Stefanik are introducing the Tracking Receipts to Adversarial Countries for Knowledge of Spending (TRACKS) Act to require every penny sent to foreign adversaries or entities of particular concern, such as terrorist groups including the Taliban, to be accounted for and disclosed to the public for scrutiny.
Background:
Ernst has long fought to stop tax dollars from being sent overseas for risky research.
An Ernst-requested investigation exposed how EcoHealth sent over $1 million U.S. taxpayer dollars to the Wuhan Institute of Virology for risky experiments on bat coronaviruses. She also secured an audit by the Department of Defense’s Inspector General of risky research in China paid for by the Pentagon and hidden from the public.
She led the charge to permanently debar the Wuhan Institute of Virology and defund EcoHealth Alliance from receiving U.S. taxpayer dollars.
Ernst efforts also led to the Department of Health and Human Services (HHS) defunding EcoHealth and promising to cut off any taxpayer dollars used for research of pandemic potential.
In her $2 trillion blueprint to slash waste in Washington, Ernst pointed to the millions being sent to China for secretive risky research.

MIL OSI USA News –

April 16, 2025
MIL-OSI Security: Justice Department Continues Efforts to Stop Unlawful Tax Return Preparers
Source: United States Department of Justice

Today, the federal tax filing deadline, the Justice Department’s Tax Division acknowledges the majority of taxpayers and tax return preparers who voluntarily meet their yearly filing obligations. The Tax Division also cautions taxpayers to choose their return preparers carefully and to look out for unscrupulous preparers who make promises of tax reductions not based on legitimate positions and who include errors or false information on tax returns that could leave a taxpayer subject to liability for unpaid taxes, penalties, and interest.

Over the last year, the Tax Division has worked with U.S. Attorneys’ Offices around the country to bring civil and criminal actions against dishonest tax preparers. These actions include criminal indictments and prison sentences when appropriate as well as civil injunctions to stop ongoing fraud, civil penalties, and disgorgement of ill-gotten proceeds when appropriate. The Justice Department’s message has been clear: those who prepare fraudulent returns will face serious and lasting consequences.

Examples of civil injunctions obtained by the Tax Division over the last and current filing seasons include:
- On Oct. 28, 2024, a federal district court in the Southern District of Indiana permanently enjoined Juan Santiago and his tax preparation business, Madison Solutions LLC, from preparing tax returns for others or employing any person acting as a federal tax return preparer. The government’s complaint alleged that Santiago and his business engaged in fraudulent filing schemes by improperly claiming Head of Household filing status, the Child Tax Credit, and business deductions to which their clients were not entitled. The government estimated that these false returns cost the government over $1 million each filing season.
- On Oct. 3, 2024, a federal district court in the Southern District of Florida entered a permanent injunction against George and Luis Brito and their business, Brito and Brito Accounting USA Inc. The injunction prohibits them from preparing tax returns for others. The government’s complaint alleged that since 2019, the Britos had prepared thousands of tax returns annually, and that they prepared returns that understated their clients’ income by claiming false or inflated business expenses and fabricating residential energy credits.
- On March 29, 2024, following a 12-day trial, a federal district court in the Eastern District of Michigan permanently enjoined Annetta Powell and seven of her businesses from preparing tax returns for others. The court found that Powell and her businesses prepared returns that reported fake Schedule C businesses and business expenses, claimed household help income they knew the customers did not qualify for, and claimed head of household filing status without doing the required due diligence. The court also ordered Powell to disgorge $697,797 in ill-gotten profits.
The Tax Division has also sought to strip fraudulent preparers of ill-gotten gains and to hold in contempt those who attempt to flout court-ordered restraints on further fraudulent activity. Over the last year, the division has brought these cases to court, including:
- On Oct. 24, 2024, a federal district court in the Northern District of Texas held that Jennifer Murley violated a previous injunction against returning tax returns for others. The IRS had suspended Murley’s Electronic Filing Identification Number (EFIN), but she and her tax preparation firm misappropriated EFINs assigned to others. The court ordered Murley to disgorge over $700,000 in ill-gotten gains she received for preparing returns in violation of the previous court order.
- On Oct. 23, 2024, a federal district court in the Southern District of Florida found Gerald Vito and James Eleby in contempt for violating a previous injunction from 2021 that enjoined them from preparing tax returns for others. Vito and Eleby worked with Kwame Thomas to continue to file returns after being barred from doing so, and the court ordered them to disgorge a total of $988,789.56 in ill-gotten and to notify their clients of the injunction or face possible incarceration.
Criminal indictments and convictions against fraudulent preparers obtained by the Tax Division since the 2024 filing season include the following :
- Thierry Musese, who ran a return preparation business from his barbershop located in Auburn, Maine, was charged with preparing false returns and generating fraudulent refunds for clients by including bogus business losses, fuel and residential energy credits. Musese also allegedly defrauded his clients by diverting a portion of their tax refund to himself without their permission. If convicted Musese faces a maximum penalty of three years in prison for each count of preparing a false tax return and a maximum penalty of 20 years in prison for wire fraud.
- John Borgela, a Florida return preparer, was sentenced to 30 months in prison for conspiring to file hundreds of false tax returns for clients from his business, Empire Tax services. Borgela typically inflated tax withholdings and reported fictitious itemized deductions to reduce his clients’ tax liability or to generate refunds. He concealed his involvement in the fraud by not including his name as the person who prepared the return on his clients’ tax returns.
- Vervia Watts, a return preparer in Illinois, was sentenced to one year and a day in prison for preparing and filing false returns for clients. Watts prepared over 900 fraudulent income tax returns for her clients, reporting false education expenses and business income to obtain larger refunds from the IRS. She caused a tax loss to the United States of approximately $1.3 million.
- On April 17, 2024, Jonathan Barefoot, a Mississippi return preparer, was sentenced to 30 months in prison for preparing false tax returns for clients. Barefoot conspired with others to claim inflated tax refunds for clients by reporting false education credits, itemized deductions, and business losses. He and his co-conspirators caused a loss to the United States of approximately $3.5 million.
The Tax Division reminds taxpayers that the IRS has information, tips, and reminders on its site for choosing a tax preparer carefully (Choosing a Tax Professional and How to Choose a Tax Return Preparer) and has launched a free directory of credentialed federal tax preparers. The IRS also offers taxpayers tips to protect their identities and wallets when filing their taxes.

In addition, IRS Free File, a public-private partnership, offers free online tax preparation and filing options on IRS partner websites for individuals whose adjusted gross income is under $79,000. For individuals whose income is over that threshold, IRS Free File offers electronic federal tax forms that can be filled out and filed online for free. The IRS has tips on how seniors and individuals with low to moderate income can get other help or guidance on tax return preparation, too.

In the past decade, the Tax Division has obtained civil injunctions and criminal convictions against hundreds of unscrupulous tax preparers. Information about these cases is available on the Justice Department’s website. An alphabetical listing of persons enjoined from preparing returns and promoting tax schemes can be found on this page. If you believe that one of the enjoined persons or businesses may be violating an injunction, please contact the Tax Division with details.

MIL Security OSI –
April 16, 2025

Category: Taxation

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