Category: Taxation

  • MIL-OSI USA: Over 7,000 Join Congressman Brad Sherman’s Town Hall with Guests CA Attorney General & Democracy Forward Senior Advisor

    Source: United States House of Representatives – Congressman Brad Sherman (D-CA)

    Sherman Oaks, CA – On March 26th, over 7,000 residents joined Congressman Brad Sherman’s (CA-32) Telephone Town Hall to hear updates from Sherman and his key guests, California Attorney General Rob Bonta and Senior Advisor for Democracy Forward Nikki McKinney, on collective efforts to challenge the Trump-Musk dismantling of our government and critical services.

    “This is a distressing time for our country – but the overwhelming participation we saw in last night’s Town Hall is a testament to our community’s engagement and resilience,” said Congressman Sherman. “Together, we are standing up against actions that undermine our democracy.”

    In a detailed address to open the event, Congressman Sherman spoke on the community’s concerns regarding the brazen and destructive actions by Donald Trump and Elon Musk and highlighted the key legal battles and other substantial efforts that are being deployed to stop them.

    California Attorney General Rob Bonta detailed ongoing legal efforts against the current administration’s overreaches: “Our legal actions are not just about opposition; they’re about protection, defending our state’s values, rights, and freedoms under the law,” Bonta stated.

    Nikki McKinney from Democracy Forward, a nonprofit organization dedicated to advancing and protecting the fundamentals of democracy, discussed the organization’s role in challenging the Trump-Musk actions through strategic litigation. “We’re on the front lines in the courts, fighting to preserve the integrity of our democratic institutions against unprecedented challenges,” McKinney highlighted.

    As the Representative of Pacific Palisades, Congressman Sherman also provided updates on our recovery from the devastating Los Angeles wildfires. “As we navigate these challenging times, it’s crucial to address the immediate needs of our community, especially those affected by recent wildfires,” Sherman explained. He stressed the importance of applying for Federal wildfire disaster assistance before the upcoming deadline on March 31. “While I’ve fought and continue to push for more time, another extension is unlikely. Apply now to receive the assistance you need,” Sherman urged.

    During the Telephone Town Hall, Sherman requested input from residents by asking a series of survey questions about their thoughts and concerns. The results of the survey questions are as follows:
     

    Do you approve of President Trump’s performance as President so far?

    -Approve: 6%

    -Disapprove: 93%

    -Unsure: 1%


    The Trump tax law limited deduction of State and Local Taxes (“SALT”) like property taxes on federal income tax returns to $10,000 per filer. That provision is set to expire this year. As Congress considers revising our tax laws, do you support eliminating the SALT deduction, keeping it at $10,000, or removing the $10,000 limit on the deductibility as was the case before 2017?

    1.    SALT with no limit on deductibility of state and property taxes: 56%

    2.    SALT with $10,000 limit on deductibility of state and property taxes: 14%

    3.    Eliminate SALT deduction: 2%

    4.    Unsure: 27%


    Should your Member of Congress vote for legislation that he thinks is good for the county, or should he vote NO on everything that Republican Speaker Johnson is willing to propose, and President Trump is willing to sign?

    1.    Obstruction and Resistance: Vote NO on all of Speaker Johnson and President Trump’s legislation: 51%

    2.    Negotiate with Republicans but only vote for a bill Democrats think is good: 44%

    3.    Vote with the Republicans: 1%

    4.    Unsure: 3%

    ###

    MIL OSI USA News

  • MIL-OSI: NextNRG, Inc. Reports February 2025 Revenue Exceeding January’s Record, Driving Continued Momentum in Smart Fueling Operations

    Source: GlobeNewswire (MIL-OSI)

    February Revenue up 139% Year-over-Year from $2.1m to $5.9m

    With Second Consecutive Month of Record Performance, February Revenue Surpasses January Despite Fewer Operating Days

    MIAMI, March 28, 2025 (GLOBE NEWSWIRE) — NextNRG, Inc. (“NextNRG” or the “Company”) (Nasdaq: NXXT), a pioneer in AI-driven energy innovation—transforming how energy is produced, managed, and delivered through its advanced Utility Operating System, smart microgrid technology, wireless EV charging, and on-demand mobile fuel delivery solutions—today announced certain unaudited financial results for February 2025 from its EzFill, mobile fueling division.

    The Company delivered another month of record revenue and fuel volume, continuing the strong momentum established in the new year, despite fewer operational days in February.

    Company revenue for February 2025 reached a new high of more than $5.09 million from $2.1 million, representing a 139% increase over February 2024. Gallons delivered reached approximately 1.44 million from 543k, up 166% year-over-year. Both revenue and gallons delivered outperformed January 2025 results.

    NextNRG Executive Chairman and CEO Michael D. Farkas commented, “We believe our back-to-back record months underscore the power of our growing platform and the momentum we’ve built through strategic expansion. The successful integration of the Shell Oil fleet and our long-term agreement with a global e-commerce leader are now fueling real, measurable growth. As we scale with continued discipline, demand from fleet partners continues to rise, validating our model and vision for the future. With EzFill’s on-demand fueling operating efficiently and NextNRG’s smart energy infrastructure, we are positioned to lead the transformation of how energy is delivered in a connected, AI-driven world.”

    About NextNRG, Inc.
    NextNRG Inc. (NextNRG) is Powering What’s Next by implementing artificial intelligence (AI) and machine learning (ML) into renewable energy, next-generation energy infrastructure, battery storage, wireless electric vehicle (EV) charging and on-demand mobile fuel delivery to create an integrated ecosystem.

    At the core of NextNRG’s strategy is its Utility Operating System, which leverages AI and ML to help make existing utilities’ energy management as efficient as possible, and the deployment of NextNRG Smart Microgrids, which utilize AI-driven energy management alongside solar power and battery storage to enhance energy efficiency, reduce costs and improve grid resiliency. These microgrids are designed to serve commercial properties, schools, hospitals, nursing homes, parking garages, rural and tribal lands, recreational facilities and government properties, expanding energy accessibility while supporting decarbonization initiatives.

    NextNRG continues to expand its growing fleet of fuel delivery trucks and national footprint, including the acquisition of Yoshi Mobility’s fuel division and Shell Oil’s trucks, further solidifying its position as a leader in the on-demand fueling industry. NextNRG is also integrating sustainable energy solutions into its mobile fueling operations. The company hopes to be an integral part of assisting its fleet customers in their transition to EVs, supporting more efficient fuel delivery while advancing clean energy adoption. The transition process is expected to include the deployment of NextNRG’s innovative wireless EV charging solutions.

    To find out more visit: www.nextnrg.com

    Forward-Looking Statements
    This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Any statement describing NextNRG’s goals, expectations, financial or other projections, intentions, or beliefs is a forward-looking statement and should be considered an at-risk statement. Words such as “expect,” “intends,” “will,” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, including, but not limited to, those related to NextNRG’s business and macroeconomic and geopolitical events. These and other risks are described in NextNRG’s filings with the Securities and Exchange Commission from time to time. NextNRG’s forward-looking statements involve assumptions that, if they never materialize or prove correct, could cause its results to differ materially from those expressed or implied by such forward-looking statements. Although NextNRG’s forward-looking statements reflect the good faith judgment of its management, these statements are based only on facts and factors currently known by NextNRG. Except as required by law, NextNRG undertakes no obligation to update any forward-looking statements for any reason. As a result, you are cautioned not to rely on these forward-looking statements.

    Investor Relations Contact:
    NextNRG, Inc.
    Sharon Cohen
    SCohen@nextnrg.com

    The MIL Network

  • MIL-OSI Europe: Answer to a written question – Reconstruction fund for Gaza – E-000202/2025(ASW)

    Source: European Parliament

    The EU has put its effort first on scaling up humanitarian support in Gaza and stands ready to engage in the early recovery and reconstruction of Gaza. On 18 February 2025, the EU released the Gaza Interim Rapid Damage and Needs Assessment (IRDNA)[1], prepared jointly with the United Nations and the World Bank and in collaboration with the Palestinian Authority.

    The needs for recovery and reconstruction are estimated at EUR 49 billion. Given the magnitude of needs, it will require the mobilisation and coordination of all donors, including the Arab States.

    The IRDNA will be followed by a conflict recovery framework. It will set the priorities for scalable recovery and reconstruction. It will also inform about the relevant implementation channels and funding mechanisms, in close cooperation with a reformed Palestinian Authority.

    The conditions for scalable recovery and reconstruction are not yet in place, with protracted uncertainty on the security, governance and political arrangements that are to be determined.

    The Commissioner for the Mediterranean will lead the Commission’s work on developing, with international partners, a dedicated reconstruction plan for Gaza, in good cooperation with the High Representative/Vice-President and the Commissioner in charge of preparedness and crisis management.

    • [1] https://www.eeas.europa.eu/sites/default/files/documents/2025/Gaza%20RDNA_0.pdf
    Last updated: 28 March 2025

    MIL OSI Europe News

  • MIL-OSI: Prospect Capital’s Credit Ratings Reaffirmed Investment Grade by Morningstar DBRS with Stable Trend

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 28, 2025 (GLOBE NEWSWIRE) — Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”, “our”, or “we”) today announced that Morningstar DBRS (“DBRS”) has reaffirmed Prospect’s investment grade issuer and long term senior debt credit ratings at BBB(low), and assigned a revised trend of Stable.

    “We are very pleased that Morningstar DBRS, which has rated Prospect for many years, has reaffirmed our investment grade credit ratings,” said Grier Eliasek, President and Chief Operating Officer at Prospect.

    “Our strong business profile is supported by a multi-decade track record, over $21 billion invested across 400+ investments, $4.7 billion in cumulative principal bond repayments, diversified access to multiple capital markets including our $2.1 billion credit facility with 48 institutional banks, and disciplined deal execution with a less than 1% book to look ratio out of over 3,000 origination opportunities per annum,” said Mr. Eliasek.

    “With low 0.40x debt to equity leverage, high employee ownership, strong counterparty relationships, a majority senior secured loan book, low 0.4% nonaccruals, and a 13% unlevered investment level gross cash internal rate of return for exited investments as of our latest reporting period, we believe our platform is well-positioned for the future,” said Mr. Eliasek.

    “Prospect Capital was recently named ‘One of the Best Places to Work in the Private Capital Industry’ by Mergers & Acquisitions, with our world-class team deserving the credit for delivering these positive results over many years,” said Mr. Eliasek.

    About Prospect Capital Corporation
    Prospect is a business development company lending to and investing in private businesses. Prospect’s investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.

    Prospect has elected to be treated as a business development company under the Investment Company Act of 1940. Prospect has elected to be treated as a regulated investment company under the Internal Revenue Code of 1986.

    Caution Concerning Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and we undertake no obligation to update any such statement now or in the future.

    Internal Rate of Return (“IRR”) is the discount rate that makes the net present value of all cash flows related to a particular investment equal to zero. IRR is gross of general expenses not related to specific investments as these expenses are not allocable to specific investments. Investments are considered to be exited when the original investment objective has been achieved through the receipt of cash and/or non-cash consideration upon the repayment of a debt investment or sale of an investment or through the determination that no further consideration was collectible and, thus, a loss may have been realized. Prospect’s gross IRR calculations are unaudited. Information regarding internal rates of return are historical results relating to Prospect’s past performance and are not necessarily indicative of future results, the achievement of which cannot be assured.

    For further information, contact:
    Grier Eliasek, President and Chief Operating Officer
    grier@prospectcap.com
    Telephone (212) 448-0702

    The MIL Network

  • MIL-OSI United Kingdom: expert reaction to Myanmar earthquake

    Source: United Kingdom – Executive Government & Departments

    Scientists comment on a 7.7 magnitude earthquake that has hit central Myanmar.

    Prof Bill McGuire, Professor Emeritus of Geophysical & Climate Hazards, University College London (UCL), said:

    “Myanmar is one of the most seismically active countries in the world, so this quake is not a surprise. It looks to have occurred on the major Sagaing Fault, which marks the boundary between two tectonic plates, and which runs north – south close to a number of large population centres.

    “This is probably the biggest earthquake on the Myanmar mainland in three quarters of a century, and a combination of size and very shallow depth will maximise the chances of damage. It is highly likely that build quality will generally not be high enough to survive this level of shaking, and casualty numbers will almost certainly climb significantly as more becomes known of the scale of the disaster.

    “There has already been one sizeable aftershock and more can be expected. This will threaten the collapse of weakened buildings and make the jobs of rescue workers that much more challenging”

     

    Prof Joanna Faure Walker, Professor of Earthquake Geology and Disaster Risk Reduction, University College London (UCL), said:

    “Myanmar is no stranger to earthquakes. The plate boundary between the India Plate and Eurasia Plate runs approximately north-south, cutting through the middle of the country. These two plates move past each other as they are moving at different rates along a transform plate boundary (a bit like the San Andreas Fault in the south west of the United States). Although such strike slip earthquakes are of smaller magnitude than the largest earthquakes seen in subduction zones, like to the south in Sumatra, they can still reach magnitudes 7 to 8 and cause severe destruction, as we are seeing in the March 2025 earthquake.”

     

    Dr Roger Musson, Honorary Research Fellow, British Geological Survey (BGS), said:

    “Large earthquakes in this region are rare but not unknown, the last similar event being in 1956, more or less beyond living memory. This means that buildings are unlikely to be designed against seismic forces, and therefore are more vulnerable when an earthquake like this occurs, resulting in more damage and higher casualties. The ultimate cause of the earthquake is the northward movement of the Indian Plate, which produces a tearing effect along N-S trending vertical faults.”

     

    Prof Ilan Kelman, Professor of Disasters and Health, Institute for Risk and Disaster Reduction (IRDR), University College London (UCL), said:

    “Getting humanitarian relief into the worst-affected areas of Burma / Myanmar might not be politically easy. In 2008, Cyclone Nargis killed over 130,000 people in the country. The government took days to accept significant aid and then inhibited its delivery.

    “For ‘disaster diplomacy’ to work – supporting disaster-affected people in areas with violent or political conflict – the world and the disaster-struck authorities must cooperate. Many governments running Burma / Myanmar have been highly controlling, including since the February 2021 military coup. Helping people in need without helping an oppressive government is a tricky situation for aid donors to navigate, not helped by the reported damage to transportation and communication systems.

    “The usual mantra is that ‘Earthquakes don’t kill people; collapsing infrastructure does’. Governments are responsible for planning regulations and building codes. This disaster exposes what governments of Burma / Myanmar failed to do long before the earthquake which would have saved lives during the shaking.”

    Declared interests

    Prof Bill McGuire “No interests to declare”

    Prof Joanna Faure Walker “None to declare”

    Prof Ilan Kelman “Ilan has been researching disaster diplomacy since 1999.”

    For all other experts, no reply to our request for DOIs was received.

    MIL OSI United Kingdom

  • MIL-OSI: Katapult Delivers Double-Digit Gross Originations Growth in the Fourth Quarter, Above Outlook

    Source: GlobeNewswire (MIL-OSI)

    Strong Holiday Season Performance; Momentum Continuing into 2025
    Establishes 2025 Outlook; Expects Growth to Continue in Q1 2025

    PLANO, Texas, March 28, 2025 (GLOBE NEWSWIRE) — Katapult Holdings, Inc. (“Katapult” or the “Company”) (NASDAQ: KPLT), an e-commerce-focused financial technology company, today reported its financial results for the fourth quarter ended December 31, 2024.

    “We had a great fourth quarter, which included stronger-than-expected gross originations growth and 50% growth in application volume,” said Orlando Zayas, CEO of Katapult. “The fourth quarter holiday season is an incredibly important time for many of our merchant-partners and the Katapult marketplace delivered, including more than 100% year-over-year gross originations growth during the Cyber 5 period in 2024. This growth was driven by a number of initiatives including targeted and co-branded marketing campaigns and the launch of new app features that enhance the customer experience. Given our high repeat customer rate and the incremental sales we’re generating for our merchant-partners, we are confident that retailers, partners and consumers alike understand the value Katapult brings to the table.”

    “Prior to the launch of our app, we relied on direct and waterfall merchants to send us consumers and we developed a consistent track record for converting this traffic to the benefit of our merchant-partners. When we launched the Katapult app two years ago, we believed we could transform our operating model from a single-input driven business to a two-sided marketplace with a multidimensional growth engine. Our fourth quarter results demonstrated the progress we are making toward this goal. Customers are engaging more and more frequently with our marketplace, and during the fourth quarter, this led to approximately 61% of our gross originations starting in the Katapult app marketplace. The two-sided Katapult app marketplace, powered by KPay (Katapult Pay (R)), has become a reliable shopping destination for consumers across the US and a growth partner for durable goods merchants. We are excited about our potential and are looking forward to a great 2025.”

    Operating Progress: Recent Highlights

    • Successfully transitioning business model to two-sided marketplace and increasing platform velocity
      • ~61% of fourth quarter gross originations started in the Katapult app marketplace, making it the single largest customer referral source
      • Customer satisfaction remained high and Katapult had a Net Promoter Score of 58 as of December 31, 2024
      • 61.5% of gross originations for the fourth quarter of 2024 came from repeat customers1
    • Grew consumer engagement by adding app functionality and features and executing targeted marketing campaigns
      • Lease applications grew 50% year-over-year in the fourth quarter driven by new and existing customers
      • KPay gross originations grew approximately 52% year-over-year in the fourth quarter; 41% of total gross originations were transacted using KPay
      • Launched Metro by T-Mobile(R) (December 2024), Zales(R) (January 2025) and Rooms to Go(R) (February 2025) in the Katapult app marketplace, bringing the total number of merchants in our ecosystem to 33.
    • Strong progress against merchant engagement initiatives
      • Direct and waterfall gross originations, which represented 68% of total fourth quarter originations, grew approximately 44%, excluding the home furnishings and mattress category
      • Continued to expand our waterfall partnerships by onboarding 11 new merchants, including eight that are new to the Katapult app marketplace and three that already had a direct integration with Katapult
      • Together with several merchant-partners, we launched co-branded, co-promoted marketing campaigns that helped drive gross originations during the Cyber 5 period higher by more than 100% compared with the same period of last year
    • Entered new partnerships focused on expanding our applicant pool and providing consumers with more reasons to engage with the Katapult app marketplace

    Fourth Quarter 2024 Financial Highlights

    (All comparisons are year-over-year unless stated otherwise.)

    • Gross originations were $75.2 million, an increase of 11.3%. Excluding the home furnishings and mattress category within our direct/waterfall channel, gross originations grew 50% year-over-year.
    • Total revenue was $63.0 million, an increase of 9.4%
    • Total operating expenses in the fourth quarter decreased 37.4%. Our fixed cash operating expenses2, which exclude litigation settlement expenses, decreased approximately 7.1%.
    • Net loss was $9.6 million for the fourth quarter of 2024, an improvement compared with net loss of $14.6 million reported for the fourth quarter of 2023.
    • Adjusted net loss2 was $8.0 million for the fourth quarter of 2024 compared to an adjusted net loss of $6.3 million reported for the fourth quarter of 2023
    • Adjusted EBITDA2 loss was $1.1 million for the fourth quarter of 2024 compared to Adjusted EBITDA2 loss of $0.3 million in the fourth quarter of 2023. The year-over-year performance was driven largely by higher cost of sales related to rapid, faster-than-expected gross originations growth in the fourth quarter of 2024.
    • Katapult ended the quarter with total cash and cash equivalents of $16.6 million, which includes $13.1 million of restricted cash. The Company ended the quarter with $82.8 million of outstanding debt on its credit facility.
    • Write-offs as a percentage of revenue were 9.6% in the fourth quarter of 2024 and are within the Company’s 8% to 10% long-term target range. This compares with 8.7% in the fourth quarter of 2023.

    2024 Financial Highlights

    (All comparisons are year-over-year unless stated otherwise.)

    • Gross originations were $237 million, an increase of 4.7%
    • Total revenue was $247 million, an increase of 11.6%
    • Total operating expenses decreased 11.0%. Excluding litigation settlement expenses, total operating expenses decreased 17.0%. Our fixed cash operating expenses2, which exclude litigation settlement expenses, decreased approximately 7.1%.
    • Net loss was $26 million, an improvement compared with net loss of $37 million for 2023
    • Adjusted net loss2 was $17 million, an improvement compared to an adjusted net loss of $23 million for 2023
    • Adjusted EBITDA2 was $5 million compared to Adjusted EBITDA2 loss of $2 million in 2023
    • Write-offs as a percentage of revenue were 9.2% in 2024 and are within the Company’s 8% to 10% long-term target range. This compares with 9.2% in 2023.

    [1] Repeat customer rate is defined as the percentage of in-quarter originations from existing customers.
    [2] Please refer to the “Reconciliation of Non-GAAP Measure and Certain Other Data” section and the GAAP to non-GAAP reconciliation tables below for more information.  

    First Quarter and Full Year 2025 Business Outlook

    The Company is continuing to navigate a challenging macro environment particularly within the home furnishings category. Given the current breadth of our merchant selection as well as our plans to introduce new merchants to the Katapult App Marketplace during 2025, our strategic marketing and our strong consumer offering, we believe we are well positioned to deliver continued growth in 2025. We continue to believe that we have a large addressable market of underserved, non-prime consumers, and it’s important to note that lease-to-own solutions have historically benefited when prime credit options become less available.

    Given our quarter-to-date progress, Katapult expects the following results for the first quarter of 2025:

    • Approximately 11% year-over-year increase in gross originations
    • Approximately 10% year-over-year increase in revenue
    • Approximately $3 million of positive Adjusted EBITDA

    Based on the macroeconomic assumptions above and the operating plan in place for the full year 2025, Katapult expects to deliver the following results for full year 2025:

    • We expect gross originations to grow at least 20%

      This outlook does not include any material impact from prime creditors tightening or loosening above us and assumes that there are no significant changes to the macro environment.

      Both our first quarter and full year outlooks assume that the gross originations for the home furnishings and mattress category does not improve materially from our 2024 performance.

    • We also expect to maintain strong credit quality in our portfolio. This will be driven by ongoing enhancements to our risk modeling, onboarding high quality new merchants through integrations, and repeat customers engaging with Katapult Pay
    • Revenue growth is expected to be at least 20%
    • Finally with the continued execution of our disciplined expense management strategy combined with our growing top-line, we expect to deliver at least $10 million in positive Adjusted EBITDA

    “During 2024, we delivered strong top-line growth while continuing to lean into fiscal discipline and as a result, we were able to generate our first full year of Adjusted EBITDA profitability since 2021,” said Nancy Walsh, CFO of Katapult. “Since we have a two-sided marketplace business model, we can continue to scale our revenue without adding commensurate expenses. This means that in times of rapid revenue growth, as we are expecting in 2025, we can meaningfully accelerate our Adjusted EBITDA flow-through. We are executing well across the breadth of our two-sided marketplace and we expect to build on this momentum throughout 2025.”

    Conference Call and Webcast

    The Company will host a conference call and webcast at 8:00 AM ET on Friday, March 28, 2025, to discuss the Company’s financial results. Related presentation materials will be available before the call on the Company’s Investor Relations page at https://ir.katapultholdings.com. The conference call will be broadcast live in listen-only mode and an archive of the webcast will be available for one year.

    About Katapult

    Katapult is a technology driven lease-to-own platform that integrates with omnichannel retailers and e-commerce platforms to power the purchasing of everyday durable goods for underserved U.S. non-prime consumers. Through our point-of-sale (POS) integrations and innovative mobile app featuring Katapult Pay(R), consumers who may be unable to access traditional financing can shop a growing network of merchant partners. Our process is simple, fast, and transparent. We believe that seeing the good in people is good for business, humanizing the way underserved consumers get the things they need with payment solutions based on fairness and dignity.

    Contact

    Jennifer Kull
    VP of Investor Relations
    ir@katapult.com 

    Forward-Looking Statements

    Certain statements included in this Press Release and on our quarterly earnings call that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements may be identified by words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “predict,” “should,” “will,” “would,” or the negative of these terms or other similar expressions. These forward-looking statements include, but are not limited to: in this Press Release and on our associated earnings call, statements regarding our first quarter of 2025 and full year 2025 business outlook and underlying assumptions, the expectation that the home furnishings category will not materially improve in the first quarter or throughout 2025, statements regarding our expectations for 2025, the impact of KPay on customer acquisition and our relationship with existing customers, the durability and timing of macroeconomic headwinds, the impact of our integrations within third-party waterfalls and our relationships with new merchant-partners on gross originations and financial expectations beyond 2025. These statements are based on various assumptions, whether or not identified in this Press Release, and on the current expectations of our management and are not predictions of actual performance.

    These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, our ability to refinance our indebtedness and continue as a going concern, the execution of our business strategy and expanding information and technology capabilities; our market opportunity and our ability to acquire new customers and retain existing customers; adoption and success of our mobile application featuring Katapult Pay; the timing and impact of our growth initiatives on our future financial performance; anticipated occurrence and timing of prime lending tightening and impact on our results of operations; general economic conditions in the markets where we operate, the cyclical nature of customer spending, and seasonal sales and spending patterns of customers; risks relating to factors affecting consumer spending that are not under our control, including, among others, levels of employment, disposable consumer income, inflation, prevailing interest rates, consumer debt and availability of credit, consumer confidence in future economic conditions, political conditions, and consumer perceptions of personal well-being and security and willingness and ability of customers to pay for the goods they lease through us when due; risks relating to uncertainty of our estimates of market opportunity and forecasts of market growth; risks related to the concentration of a significant portion of our transaction volume with a single merchant partner, or type of merchant or industry; the effects of competition on our future business; meet future liquidity requirements and complying with restrictive covenants related to our long-term indebtedness; the impact of unstable market and economic conditions such as rising inflation and interest rates; reliability of our platform and effectiveness of our risk model; data security breaches or other information technology incidents or disruptions, including cyber-attacks, and the protection of confidential, proprietary, personal and other information, including personal data of customers; ability to attract and retain employees, executive officers or directors; effectively respond to general economic and business conditions; obtain additional capital, including equity or debt financing and servicing our indebtedness; enhance future operating and financial results; anticipate rapid technological changes, including generative artificial intelligence and other new technologies; comply with laws and regulations applicable to our business, including laws and regulations related to rental purchase transactions; stay abreast of modified or new laws and regulations applying to our business, including with respect to rental purchase transactions and privacy regulations; maintain and grow relationships with merchants and partners; respond to uncertainties associated with product and service developments and market acceptance; the impacts of new U.S. federal income tax laws; material weaknesses in our internal control over financial reporting which, if not identified and remediated, could affect the reliability of our financial statements; successfully defend litigation; litigation, regulatory matters, complaints, adverse publicity and/or misconduct by employees, vendors and/or service providers; and other events or factors, including those resulting from civil unrest, war, foreign invasions (including the conflict involving Russia and Ukraine and the Israel-Hamas conflict), terrorism, public health crises and pandemics (such as COVID-19), trade wars, or responses to such events; our ability to meet the minimum requirements for continued listing on the Nasdaq Global Market; and those factors discussed in greater detail in the section entitled “Risk Factors” in our periodic reports filed with the Securities and Exchange Commission (“SEC”), including the Annual Report on Form 10-K for the year ended December 31, 2024 that we filed with the SEC.

    If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Undue reliance should not be placed on the forward-looking statements in this Press Release or on our quarterly earnings call. All forward-looking statements contained herein or expressed on our quarterly earnings call are based on information available to us as of the date hereof, and we do not assume any obligation to update these statements as a result of new information or future events, except as required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements.

    Key Performance Metrics

    Katapult regularly reviews several metrics, including the following key metrics, to evaluate its business, measure its performance, identify trends affecting our business, formulate financial projections and make strategic decisions, which may also be useful to an investor: gross originations, total revenue, gross profit, adjusted gross profit and adjusted EBITDA.

    Gross originations are defined as the retail price of the merchandise associated with lease-purchase agreements entered into during the period through the Katapult platform. Gross originations do not represent revenue earned. However, we believe this is a useful operating metric for both Katapult’s management and investors to use in assessing the volume of transactions that take place on Katapult’s platform.

    Total revenue represents the summation of rental revenue and other revenue. Katapult measures this metric to assess the total view of pay through performance of its customers. Management believes looking at these components is useful to an investor as it helps to understand the total payment performance of customers.

    Gross profit represents total revenue less cost of revenue, and is a measure presented in accordance with generally accepted accounting principles in the United States (“GAAP”). See the “Non-GAAP Financial Measures” section below for a description and presentation of adjusted gross profit and adjusted EBITDA, which are non-GAAP measures utilized by management.

    Non-GAAP Financial Measures

    To supplement the financial measures presented in this press release and related conference call or webcast in accordance with GAAP, the Company also presents the following non-GAAP and other measures of financial performance: adjusted gross profit, adjusted EBITDA, adjusted net income/(loss) and fixed cash operating expenses. The Company believes that for management and investors to more effectively compare core performance from period to period, the non-GAAP measures should exclude items that are not indicative of our results from ongoing business operations. The Company urges investors to consider non-GAAP measures only in conjunction with its GAAP financials and to review the reconciliation of the Company’s non-GAAP financial measures to its comparable GAAP financial measures, which are included in this press release.

    Adjusted gross profit represents gross profit less variable operating expenses, which are servicing costs, and underwriting fees. Management believes that adjusted gross profit provides a meaningful understanding of one aspect of its performance specifically attributable to total revenue and the variable costs associated with total revenue.

    Adjusted EBITDA is a non-GAAP measure that is defined as net loss before interest expense and other fees, interest income, change in fair value of warrants and loss on issuance of shares, provision for income taxes, depreciation and amortization on property and equipment and capitalized software, provision of impairment of leased assets, loss on partial extinguishment of debt, stock-based compensation expense, and litigation settlement and other related expenses.

    Adjusted net loss is a non-GAAP measure that is defined as net loss before change in fair value of warrants and loss on issuance of shares, stock-based compensation expense, and litigation settlement and other related expenses.

    Fixed cash operating expenses is a non-GAAP measure that is defined as operating expenses less depreciation and amortization on property and equipment and capitalized software, stock-based compensation expense, litigation settlement and other related expenses, net and variable lease costs such as servicing costs and underwriting fees. Management believes that fixed cash operating expenses provides a meaningful understanding of non-variable ongoing expenses.

    Adjusted gross profit, adjusted EBITDA and adjusted net loss are useful to an investor in evaluating the Company’s performance because these measures:

    • Are widely used to measure a company’s operating performance;
    • Are financial measurements that are used by rating agencies, lenders and other parties to evaluate the Company’s credit worthiness; and
    • Are used by the Company’s management for various purposes, including as measures of performance and as a basis for strategic planning and forecasting.

    Management believes that the use of non-GAAP financial measures, as a supplement to GAAP measures, is useful to investors in that they eliminate items that are not part of our core operations, highly variable or do not require a cash outlay, such as stock-based compensation expense. Management uses these non-GAAP financial measures when evaluating operating performance and for internal planning and forecasting purposes. Management believes that these non-GAAP financial measures help indicate underlying trends in the business, are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing operating performance. However, these non-GAAP measures exclude items that are significant in understanding and assessing Katapult’s financial results. Therefore, these measures should not be considered in isolation or as alternatives to revenue, net loss, gross profit, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that Katapult’s presentation of these measures may not be comparable to similarly titled measures used by other companies.

    KATAPULT HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
    (amounts in thousands, except per share data)
           
      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
                   
    Revenue              
    Rental revenue $ 62,031     $ 56,735     $ 243,978     $ 218,347  
    Other revenue   932       823       3,216       3,241  
    Total revenue   62,963       57,558       247,194       221,588  
    Cost of revenue   55,557       48,657       201,423       179,881  
    Gross profit   7,406       8,901       45,771       41,707  
    Operating expenses:              
    Servicing costs   1,156       1,118       4,589       4,311  
    Underwriting fees   814       549       2,304       1,919  
    Professional and consulting fees   631       1,247       5,201       6,694  
    Technology and data analytics   1,740       1,642       7,170       6,905  
    Compensation costs   4,376       5,396       20,076       22,732  
    General and administrative   3,208       2,594       10,866       10,938  
    Litigation settlement, net   314       7,000       3,666       7,000  
    Total operating expenses   12,239       19,546       53,872       60,499  
    Loss from operations   (4,833 )     (10,645 )     (8,101 )     (18,792 )
    Loss on partial extinguishment of debt                     (2,391 )
    Interest expense and other fees   (4,849 )     (4,271 )     (18,851 )     (17,822 )
    Interest income   148       363       1,163       1,697  
    Change in fair value of warrant liability   (5 )     36       17       807  
    Loss before income taxes   (9,539 )     (14,517 )     (25,772 )     (36,501 )
    Provision for income taxes   (30 )     (112 )     (143 )     (165 )
    Net loss $ (9,569 )   $ (14,629 )   $ (25,915 )   $ (36,666 )
                   
    Weighted average common shares outstanding – basic and diluted   4,518       4,130       4,347       4,088  
                   
    Net loss per common share – basic and diluted $ (2.12 )   $ (3.54 )   $ (5.96 )   $ (8.97 )
                                   
    KATAPULT HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (dollars in thousands, except per share data)
       
      December 31,
        2024       2023  
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 3,465     $ 21,408  
    Restricted cash   13,087       7,403  
    Property held for lease, net of accumulated depreciation and impairment   67,085       59,335  
    Prepaid expenses and other current assets   6,731       4,491  
    Litigation insurance reimbursement receivable         5,000  
    Total current assets   90,368       97,637  
    Property and equipment, net   253       327  
    Security deposits   91       91  
    Capitalized software and intangible assets, net   2,076       1,919  
    Right-of-use assets, non-current   383       888  
    Total assets $ 93,171     $ 100,862  
    LIABILITIES AND STOCKHOLDERS’ DEFICIT      
    Current liabilities:      
    Accounts payable $ 1,491     $ 903  
    Accrued liabilities   17,372       24,146  
    Accrued litigation settlement   2,199       12,000  
    Unearned revenue   4,823       4,949  
    Revolving line of credit, net   82,582        
    Term loan, net, current   30,047        
    Lease liabilities   179       297  
    Total current liabilities   138,693       42,295  
    Revolving line of credit, net         60,347  
    Term loan, net, non-current         25,503  
    Other liabilities   828       95  
    Lease liabilities, non-current   444       614  
    Total liabilities   139,965       128,854  
    STOCKHOLDERS’ DEFICIT      
    Common stock, 0.0001 par value– 250,000,000 shares authorized; 4,446,540 and 4,072,713 shares issued and outstanding at December 31, 2024 and 2023, respectively          
    Additional paid-in capital   101,657       94,544  
    Accumulated deficit   (148,451 )     (122,536 )
    Total stockholders’ deficit   (46,794 )     (27,992 )
    Total liabilities and stockholders’ deficit $ 93,171     $ 100,862  
                   
    KATAPULT HOLDINGS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (dollars in thousands)
       
      Year Ended December 31,
        2024       2023  
    Cash flows from operating activities:      
    Net loss $ (25,915 )   $ (36,666 )
    Adjustments to reconcile net loss to net cash used in operating activities:      
    Depreciation and amortization   140,636       126,533  
    Depreciation for early lease purchase options (buyouts)   29,061       25,784  
    Depreciation for impaired leases   24,962       22,019  
    Change in fair value of warrants and other non-cash items   (256 )     (807 )
    Stock-based compensation   5,759       7,034  
    Loss on partial extinguishment of debt         2,391  
    Amortization of debt discount   3,104       2,760  
    Amortization of debt issuance costs, net   220       277  
    Accrued PIK interest expense   1,440       1,555  
    Amortization of right-of-use assets   318       355  
    Changes in operating assets and liabilities:      
    Property held for lease   (201,189 )     (183,695 )
    Prepaid expenses and other current assets   (2,053 )     3,610  
    Litigation insurance reimbursement receivable   5,000       (5,000 )
    Accounts payable   588       (361 )
    Accrued liabilities   (6,775 )     4,419  
    Accrued litigation settlement   (7,055 )     12,000  
    Lease liabilities   (288 )     (387 )
    Unearned revenues   (126 )     765  
      Net cash used in operating activities   (32,569 )     (17,414 )
    Cash flows from investing activities:      
    Purchases of property and equipment   (54 )     (20 )
    Additions to capitalized software   (1,249 )     (954 )
      Net cash used in investing activities   (1,303 )     (974 )
    Cash flows from financing activities:      
    Proceeds from revolving line of credit   34,421       14,297  
    Principal repayments on revolving line of credit   (12,406 )     (11,551 )
    Principal repayment on term loan         (25,000 )
    Payments of deferred financing costs         (34 )
    Repurchases of restricted stock   (613 )     (355 )
    Proceeds from exercise of stock options   211       1  
      Net cash provided by (used in) financing activities   21,613       (22,642 )
    Net (decrease) in cash, cash equivalents and restricted cash   (12,259 )     (41,030 )
    Cash and cash equivalents and restricted cash at beginning of period   28,811       69,841  
    Cash and cash equivalents and restricted cash at end of period $ 16,552     $ 28,811  
    Supplemental disclosure of cash flow information:      
    Cash paid for interest $ 13,709     $ 13,014  
    Cash paid for income taxes $ 270     $ 206  
    Deferred financing costs included in accrued liabilities $     $ 481  
    Issuance of warrants to purchase common stock in connection with debt refinancing $     $ 4,060  
    Issuance of common stock in connection with litigation settlements $ 1,756     $  
    Right-of-use assets obtained in exchange for operating lease liabilities $     $ 471  
    Cash paid for operating leases $ 359     $ 513  
                   

    KATAPULT HOLDINGS, INC.
    RECONCILIATION OF NON-GAAP MEASURES AND CERTAIN OTHER DATA (UNAUDITED)
    (amounts in thousands)

      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
                   
    Net loss $ (9,569 )   $ (14,629 )   $ (25,915 )   $ (36,666 )
    Add back:              
    Interest expense and other fees   4,849       4,271       18,851       17,822  
    Interest income   (148 )     (363 )     (1,163 )     (1,697 )
    Change in fair value of warrants   5       (36 )     (17 )     (807 )
    Provision for income taxes   30       112       143       165  
    Depreciation and amortization on property and equipment and capitalized software   287       454       1,219       1,133  
    Provision for impairment of leased assets   1,921       1,508       2,227       1,727  
    Loss on partial extinguishment of debt                     2,391  
    Stock-based compensation expense   1,331       1,356       5,759       7,034  
    Litigation settlement and other related expenses, net   226     $ 7,000       3,666       7,000  
    Adjusted EBITDA $ (1,068 )   $ (327 )   $ 4,770     $ (1,898 )
                                   
      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
                   
    Net loss $ (9,569 )   $ (14,629 )   $ (25,915 )   $ (36,666 )
    Add back:              
    Change in fair value of warrants   5       (36 )     (17 )     (807 )
    Stock-based compensation expense   1,331       1,356       5,759       7,034  
    Litigation settlement and other related expenses, net   226       7,000       3,666       7,000  
    Adjusted net loss $ (8,007 )   $ (6,309 )   $ (16,507 )   $ (23,439 )
                                   
      Three Months Ended December 31,   Year Ended December 31,
        2024     2023     2024     2023
                   
    Total operating expenses $ 12,239   $ 19,546   $ 53,872   $ 60,499
    Less:              
    Depreciation and amortization on property and equipment and capitalized software   287     454     1,219     1,133
    Stock-based compensation expense   1,331     1,356     5,759     7,034
    Servicing costs   1,156     1,118     4,589     4,311
    Underwriting fees   814     549     2,304     1,919
    Litigation settlement and other related expenses, net   226     7,000     3,666     7,000
    Fixed cash operating expenses $ 8,425   $ 9,069   $ 36,335   $ 39,102
                           
      Three Months Ended December 31,   Year Ended December 31,
        2024     2023     2024     2023
                   
    Total revenue $ 62,963   $ 57,558   $ 247,194   $ 221,588
    Cost of revenue   55,557     48,657     201,423     179,881
    Gross profit   7,406     8,901     45,771     41,707
    Less:              
    Servicing costs   1,156     1,118     4,589     4,311
    Underwriting fees   814     549     2,304     1,919
    Adjusted gross profit $ 5,436   $ 7,234   $ 38,878   $ 35,477
                           

    CERTAIN KEY PERFORMANCE METRICS

    (in thousands) Three Months Ended December 31,   Year Ended December 31,
        2024     2023     2024     2023
    Total revenue $ 62,963   $ 57,558   $ 247,194   $ 221,588
                           

    KATAPULT HOLDINGS, INC.
    GROSS ORIGINATIONS BY QUARTER

        Gross Originations by Quarter
    ($ millions)   Q1   Q2   Q3   Q4
    FY 2024   $ 55.6   $ 55.3   $ 51.2   $ 75.2
    FY 2023   $ 54.7   $ 54.7   $ 49.6   $ 67.5
    FY 2022   $ 46.7   $ 46.4   $ 44.1   $ 59.8
    FY 2021   $ 63.8   $ 64.4   $ 61.0   $ 58.9

    The MIL Network

  • MIL-Evening Report: Tobacco excise revenue has tanked amid a booming black market. That’s a diabolical problem for the government

    Source: The Conversation (Au and NZ) – By Fei Gao, Lecturer in Taxation, Discipline of Accounting, Governance & Regulation, The University of Sydney, University of Sydney

    Tuesday night’s federal budget revealed a sharp drop in what was once a major source of revenue for the government – the tobacco excise.

    This financial year, the government expects to earn revenue from the tobacco excise of A$7.4 billion. That’s down sharply from $12.6 billion in 2022–23, and an earlier peak of $16.3 billion in 2019–20.

    The government expects this downward trend to continue. Australia’s heavy tobacco taxation has driven many consumers towards illicit cigarettes.

    But this is more than just a problem for government coffers accustomed to revenue from the tobacco tax.

    It presents a major challenge for a public health policy that has long relied on increasing tobacco excise duty as its primary tool to reduce smoking.




    Read more:
    The 2025 budget has few savings and surprises but it also ignores climate change


    Climbing tax rates, falling revenue

    If government revenue from tobacco is falling, it isn’t because we aren’t trying to tax it. Cigarette prices in Australia are among the highest in the world, with taxes making up a substantial chunk of the price.

    About $1.40 of the cost of each cigarette represents excise duty. GST is payable on top of that.

    Australia’s tobacco excise is indexed every March and September, in line with average weekly ordinary-time earnings.

    On top of indexation, the excise rate is currently being increased by
    an additional 5% each year, for a period of three years that began in September 2023.

    This policy is grounded in the principle that higher costs deter smoking.
    And smoking rates have fallen in recent decades. About 8% of Australians aged 14 and over still smoke daily, down from almost 20% in 2001.

    Some of that fall has been offset by the rapid ascent of vaping. About 7% of Australians use e-cigarettes – about half of whom vape daily.

    But while legal cigarette prices are prohibitively high for some, illegal alternatives are widely available and significantly cheaper. That’s because these unregulated products bypass excise and GST entirely.

    Vaping has soared in popularity as an alternative to smoking.
    Natali Brillianata/Shutterstock

    Unintended consequences

    The estimated value of illicit tobacco entering the Australian market has soared, from $980 million in 2016–17 to more than $6 billion in 2022–23. Of this $6 billion, almost $3 billion entered the market undetected.

    The actual decline in tobacco excise revenue, as exposed in the latest budget papers, has been much more significant than previously forecast.

    To make things worse, the cost of enforcement is rising. The 2025–26 federal budget allocates an additional $156 million over the next two years to combat illicit tobacco — on top of the $188 million committed in the previous budget.

    There are other broader impacts on overall tax revenue. Convenience stores lose legitimate sales to illegal tobacco vendors, resulting in less corporate tax income.

    Holding back broader public health efforts

    On other measures, Australia has long been a global leader in tobacco control. The first health warnings on cigarette packets appeared in 1973.

    In 2006, graphic health warnings were introduced. And in 2011, Australia pioneered plain packaging laws.

    Such public health measures are set to get even stronger this year, with new requirements for every individual cigarette sold to have an “on-product” health warning such as “causes 16 cancers” or “shortens your life”.

    These new regulations come into effect on April 1 2025, but retailers will have a three-month transition period to phase out existing stock.

    The tight transition period may prove challenging for the legitimate cigarette trade.

    But it is unlikely those who ply the unlawful trade in illegal tobacco – or their customers – will be particularly bothered by this latest attempt to wean the public off the habit.

    No easy solution

    The increasing heavy tobacco excise and the new law requiring warning messages on individual cigarettes have the potential to reduce tobacco consumption among those who purchase the product legally.

    However, suppliers of black-market cigarettes – who now comprise an estimated 18% of market share – are unlikely to allow this initiative to affect their illegal trade.

    The widespread move to vaping, with poor regulation, has further fuelled the black market for both products.

    It is going too far to draw parallels with the prohibition era in the United States, when the manufacture, transportation and sale of alcohol was illegal. This was a brief but disastrous experiment in social engineering with unfortunate and, in retrospect, arguably predictable consequences.

    But there are some unfortunate similarities when it comes to Australia’s tobacco tax policy, which has inadvertently encouraged black markets, criminality and organised crime.

    Yet for the government, lowering the excise tax to encourage smokers back to legal cigarettes would be completely out of step with its public health objectives. Legal or illegal, black-market cigarettes and vapes still contribute to health risks, undermining the public health goals behind regulatory controls.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    ref. Tobacco excise revenue has tanked amid a booming black market. That’s a diabolical problem for the government – https://theconversation.com/tobacco-excise-revenue-has-tanked-amid-a-booming-black-market-thats-a-diabolical-problem-for-the-government-253329

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI USA: Congressman Scott to Host 2nd Annual Jobs Fair

    Source: United States House of Representatives – Congressman David Scott (GA-13)

    Congressman David Scott is proud to host the Second Annual Thirteenth District Jobs Fair in conjunction with Comcast Cable, UPN Atlanta, and CBS 46. The fair will bring together Georgia’s top employers from the public and private sector. This event will take place at the Georgia International Convention Center in College Park right off the I-85 and I-285 Camp Creek Parkway exits near the Hartsfield-Jackson International Airport. Please remember to dress for success and bring copies of your resume because job candidates will have the opportunity to be matched up for interviews right on the spot! Also, remember to bring $1 for parking or take MARTA to the COLLEGE PARK station and catch the #182 bus shuttle. Military officials will be on hand to provide special assistance for veterans who’ve separated from active service within the past 180 days. With proper ID, qualified veterans are eligible for special entry to Congressman Scott’s Jobs Fair.

    WHEN: Friday, May 12, 2006 WHERE: Georgia International Convention Center Exhibit Halls C & D 2000 Convention Center Concourse College Park, GA 30337 (770) 997-3566 TIME: 10:00 am – 4:00 pm CONFIRMED EMPLOYERS: A Perfect Resume Abundant Healing AEI International Affiliated Insurance Group AFLAC AFLAC- Global Market AGL Resources AIG AIG/American General AirTran Airways All (n) 1 Security Services AltaTelecom Ambassador Personnel American General Life and Accident American Heart Association American Intercontinental University – Dunwoody Campus American Red Cross Ameriplan Aramark Aviation Services Atlanta and North Georgia Building and Construction Trades Council Atlanta Job Corps Atlanta Journal Constitution Atlanta Police Department Atlanta Technical College Atlanta Workforce Development Agency Atlantic Southeast Airlines Avon District 1186 Avon Products BB&T Bank Bellsouth Blue Water Security II, Inc. Bobby Dodd Institute Brian Center Nursing Care- Austell Buyers Credit Coach Care Entree’ Central Michigan University Cherokee County Sheriff’s Office Chick-fil-A, Inc. City of Douglasville City of Forest Park City of Hapeville City of Smyrna Clayton Career Resource Center Clayton County DOT Clayton County Government- Personnel Department Clayton County Public Schools Transportation Department Clayton County Water Authority Clayton State University CLP Resources Cobb County Board of Commissioners Cobb County Police Department Cobb County School System CobbWorks Coca-Cola College Park Police Department Comcast Cable Computer Mainstream Corporation Concessions/Paschals Country Hearth Suites Cyberwize.com Davita Jonesboro Dialysis Center Dekalb County Sheriff’s Office Department of Aviation Devry University Douglas County Board of Commissioners Douglasville Police Department DreamSan Inc Employment Seeker Enterprise Rent-A-Car Exel Logistics Fayette County Board of Commissioners Fayette County Board of Education, Administration Services Department Fayette County Board of Education, Food Services Department Fayette County Board of Education, Transportation Department Federal Aviation Administration Federal Bureau of Prisons FedEx Ground First Transit Franklin and Wilson Airport Concessions From Concepts to Reality, Inc Fulton County Sheriff Office GA Department of Labor Vocational Rehabilitation Program GAT Airline Ground Support Gate Gourmet GC Services L.P. Georgia Air National Guard Georgia Army National Guard Georgia Department of Corrections Georgia Department of Human Resources Georgia Institute of Technology Georgia Military College Georgia Power Georgia State University Goodwill Industries of North Georgia Grady Health System Greystone Power Company Griffin Technical College Griffin-Spalding County School System Gwinnett County Department of Corrections Gwinnett County Fire and Emergency Services Hands on Atlanta Happiness Habit Harbor Management, Inc Hartsfield Area TMA Hennesy Mazda Pontiac Buick GMC Henry County Fire Department Henry County Government Henry County School System Hertz Rent-A-Car InMotion Entertainment Installation Technology Design Systems Interactive College of Technology/ Interactive Learning Systems Internal Revenue Service JPacker Systems Kodak Dental Systems Kool Smiles Lockheed Martin Loomis, Fargo, and Co Lowe’s Home Improvement Mackey & Associates/ MMG Marketing Group MARTA MBC Concessions, Inc. Mechanical Contractors Association of Georgia Melaleuca MetroPCS HIS Modern Woodmen of Atlanta Morehouse School of Medicine National Lending Corporation National Youth Apprenticeship Collaboration Options Unlimited Personal Touch Tours Travel Agency Popeyes Chicken & Checker Hamburger Prepaid Legal Services Primerica Financial Services Professional Career Development Institute Red Lobster Revelation Consulting Riverdale Police Department Robertson Sanitation/ United Waste Rockdale County Public Schools Rollins, Inc/ Orkin Pest Control Roswell Nursing and Rehab Center Saint Josephs Hospital Securitas Security Services Self Image Success Sheraton Gateway Hotel Shorter College Smyrna Police Department Social Security Administration Southern Regional Medical Center Southside Seafood Company Spherion Staffing Strayer University SunTrust Bank Talent Tree Crystal, Inc The Tensar Corporation, LLC The Wellness Company U.S. Air Force Reserve U.S. Customs and Border Protection U.S. Drug Enforcement Administration U.S. Food and Drug Administration U.S. Marine Corps U.S. Navy U.S. Office of Personnel Management U.S. Postal Service U.S. Small Business Administration United Association, Plumbers and Pipe Fitters, Local Union No.72 of Atlanta, Georgia Universal Forest Products University of Georgia Verizon Wireless Waffle House Inc. Wal-mart, Inc. Warm Spirit Wellness Resources International, Inc. Wellstar Health System Wilsons Leather Work-tec WVFJ J93.3 Radio

    MIL OSI USA News

  • MIL-OSI USA: Congressman Danny K. Davis Denounces Harmful Budget Cuts Favoring the Wealthy at the Expense of Essential Services

    Source: United States House of Representatives – Congressman Danny K Davis (7th District of Illinois)

    Washington, D.C. – Congressman Danny K. Davis (D-IL) today strongly condemned the passage of the House Republican budget, which enacts substantial tax cuts favoring the affluent while imposing severe reductions on critical programs. The budget, narrowly approved by a 217-215 vote, proposes $4.5 trillion in tax cuts over the next decade, disproportionately benefiting high-income individuals. To offset these cuts, the budget mandates at least $2 trillion in spending reductions, adversely affecting vulnerable populations, particularly in Illinois’s 7th Congressional District. In addition, these cuts target programs that support low and middle-income families, effectively redistributing resources from the most vulnerable to the most affluent.

    Favoring the Wealthy at the Expense of the Many

    “Budgets are moral documents, and this one makes it painfully clear that working families, seniors, and the most vulnerable members of our society are not a priority,” stated Congressman Danny K. Davis. “This budget not only strips away necessary resources but also exacerbates social and economic inequities by directly attacking the social determinants of health—factors like healthcare access, education, economic stability, housing, and community support that determine well-being.”

    Severe Impact on the 7th District and the Nation

    The budget proposes $880 billion in Medicaid cuts over the next decade, endangering healthcare access for nearly 80 million Americans, including thousands in Illinois’s 7th District. These cuts disproportionately impact low-income families, seniors, and individuals with disabilities, worsening health disparities and increasing preventable hospitalizations.

    Additionally, the budget:

    • Jeopardizes Education and Workforce Development: The House Committee on Education and the Workforce is directed to identify $330 billion in cuts, potentially affecting federal funding for public education, Pell Grants, and job training programs. These reductions could lead to larger class sizes, decreased access to higher education for low-income students, and diminished support for workforce development initiatives, hindering economic mobility and widening income inequality in Chicago and beyond.
    • Jeopardizes Nutrition and Food Security: Mandating the House Committee on Agriculture to find at least $230 billion in cuts, largely from the Supplemental Nutrition Assistance Program (SNAP), the budget increases food insecurity, particularly among children and seniors. In Illinois, nearly 1.8 million residents rely on SNAP benefits to meet their nutritional needs.
    • Reduces Housing Security: The budget includes significant cuts to affordable housing programs, with the Department of Housing and Urban Development (HUD) facing potential staff reductions of up to 50%, affecting critical services such as rental assistance and homelessness support. These cuts threaten housing stability for low-income families, potentially increasing homelessness and housing insecurity in the 7th District.
    • Weakens Community Safety: The House Republican budget proposes eliminating the Community Oriented Policing Services (COPS) program, which has provided $1.1 billion since 2016 to fund over 8,200 law enforcement positions. Additionally, the budget includes a $1.3 billion cut to the Department of Justice, potentially reducing federal agents, analysts, and prosecutors, weakening efforts to combat crime and national security threats. 
    • Undermines Public Health Efforts: Funding cuts to the Substance Abuse and Mental Health Services Administration (SAMHSA) threaten critical programs addressing mental health and addiction crises, disproportionately impacting communities of color. The budget’s exact figures for these reductions are unspecified, but the anticipated decrease in funding could severely limit access to essential mental health services.
    • Reduces IRS Funding: The House Republican budget includes $20 billion in IRS cuts, reducing tax enforcement against wealthy evaders and leading to an estimated $44 billion revenue loss, increasing the deficit by $24 billion. It also results in 7,000 IRS layoffs, weakening tax compliance.
    • Small businesses: The budget cuts SBA funding by 5%, eliminating vital technical-assistance grants. Additionally, if the 2017 tax cuts expire, 6 million jobs could be lost. 

    A Call for a Just and Equitable Budget

    Congressman Danny K. Davis urges the U. S. Senate to reject this inequitable budget and instead pass legislation that invests in health, education, housing, and economic opportunity rather than providing disproportionate benefits to the wealthy at the expense of essential services. “We must adopt a budget that reflects our collective values—one that uplifts all Americans and fosters equitable growth. I remain committed to advocating for policies that ensure no one is left behind,”Davis concluded.

    MIL OSI USA News

  • MIL-OSI USA: ICYMI: Pressley Joins Boston Globe for Fireside Chat in Cambridge

    Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

    Wide-Ranging Discussion Covered Future of Progressivism, Harm of Musk-Trump Agenda, and How Democrats Should Fight Back

    Video (YouTube)

    CAMBRIDGE – This week at the King Open School in Cambridge, Congresswoman Ayanna Pressley (MA-07) joined Joshua Miller of the Boston Globe for a live, fireside chat about the news of the day, the Trump administration’s latest actions, and the future of progressivism in the United States. In the wide-ranging discussion titled “What do we do now? A conversation with Congresswoman Ayanna Pressley,” Rep. Pressley discussed her personal journey in politics, the harm of the Musk-Trump agenda, and how Democrats can and must fight back.

    The full conversation can be watched here and highlights are available below (edited lightly for clarity).

    On Rep. Pressley’s parents and upbringing:

    REP. PRESSLEY: I grew up raised in a single parented household with the righteous role-modeling of a mother who was a proud Democrat, a super voter. Just to give you a little insight into my upbringing, my mother never read me stories about anyone coming to save me. She read me the speeches of Barbara Jordan and Shirley Chisholm. So, I get it honest. And she, you know, taught me early on that to be Black is something beautiful and to be proud of, but that I was being born into a struggle, and she had an expectation that I would do my part in that struggle, in the work of liberation for Black and all marginalized people.

    So two other quick things I would say that really informed the work that I do from my origin story.  I grew up on public transportation. It’s one of the reasons why I’m so passionate about transit justice. It truly is at the intersection of everything. My father is a brilliant man who battled substance use disorder and a heroin addiction and cycled in and out of the criminal legal system, and it was incredibly destabilizing, and there was great shame and stigma that I carried about that not understanding at the time that it was a disease. But my father, while incarcerated, attained two advanced degrees, came out, attained his PhD, and went on to become a college professor, a dean of a college, and a published author. And so, by my father’s example, that is why I’m so passionate about family reunification and those bonds and re-entry programs and Second Chance Pell Grants – recognizing that there are so many brilliant people whose gifts are dying on the vine that are unjustly incarcerated because my father should have been met with culturally competent on-demand care, not incarceration.

    And now as for my mother, in addition to the ways in which she poured into me – reading the speeches of Barbara Jordan and Shirley Chisholm, being a tenants rights organizer through the Urban League of Chicago – I also had an incredible education with a front row seat into the indignities and injustices that my mother experienced as a Black woman and because I’m an only child, and it was really just sort of me and my mom versus the world. You know, it takes a lot of children to grow up and become an adult to see the humanity in their parent. I was there for my mother’s heart breaks. I was there for her hardship. I was a latch key kid home alone as young as five years old, and she would say, “You cannot tell anyone you were here alone, because they will take you away from me.” But she couldn’t afford childcare, right? I was also there when my mother was battling uterine fibroids, and the healthcare system would delegitimize her pain. She was forced into a radical hysterectomy when she did not need it, and I also remember the day she collapsed on the street because she returned to work too early and had not fully recovered.

    And so, I saw the ways in which a broken government and broken systems and policy violence were showing up in my mother’s life every day. And so as far as my education, your parents are your first teacher. So, both through the consciousness of my parents and through the landscape that they navigated, I received an incredible education.

    On Rep. Pressley’s journey in politics:

    REP. PRESSLEY: I came here in 1992 to attend Boston University, so school is what brought me here. I like to say Chicago is the city that raised me, and Boston is the city that changed me. You know, it was in Boston that I sort of better crystallized my purpose, the contribution I wanted to make in the world.

    And I was very active on campus, Student Government President, President of my College. I was charged with organizing a Martin Luther King Day celebration at Boston University. It was called a day on, not off, because it always bothered me that people treated it as an extended weekend, and because I had seen how many people worked for so long to make that a holiday.

    So I said, I’m going to invite Congressman Joseph P. Kennedy II and Congressman Barney Frank to this event. And I said, I believe in the – I’m an Aquarius, so I’m really into manifestation. And I said, I am going to get an internship with one of them. So, they both came into the room, and I’m just going to tell the truth, because I’ve said it to his face: Barney Frank scared the shit out of me. He was a complete curmudgeon. And I just was like, he’s brilliant. I love everything he’s doing on banking. That’s a no go. Okay. And so, you know, Congressman Joseph P Kennedy II greeted me with a “Hiya, pal!” and I said, this is the way I’m going. And my mother, who was very politically astute, had taught me all the work that Congressman Kennedy was doing on redlining. And so I approached him, and I said, I’d like to intern in your office. I secured this internship in his Roxbury satellite office. I showed up with a briefcase from Goodwill that was permanently locked. I never figured out that – I never figured out that combination. But I thought it was important to look the part. Ladies, do y’all remember a store called Hit or Miss? Okay, so I went to Hit or Miss, got my first little work situation, walked in with that permanently locked attaché case, landed that internship, and that internship changed the trajectory of my life.

    Now, I should say, at that time, internships were unpaid, and most interns were the kids of donors. And so I’m so grateful that we have, now, through a lot of organizing, changed that to open it up so there’s no gate keeping, and all of our interns are paid a living wage.

    So I was a student at Boston University, started as an intern for Congressman Kennedy. Ultimately, I was hired, and I became a constituent services Social Security liaison, advocating for our most vulnerable, our seniors, our veterans. Then I went on to work for United States Senator John Kerry for 11 years, and then served on the Boston City Council for eight years.

    I’m not new to this, I’m true to this – and I’ve been doing this work of electoral politics and movement building, the work of freedom that my mother demanded of me for a very long time. So thank you to the Commonwealth of Massachusetts for changing my life. It is also here where I found the love of my life, who is from Cambridge. So thank you Cambridge for the gift of my fine ass husband. But it was, it was here that I found the love of my life, put down roots, grew a family as well. 

    On the Republican government budget bill:

    JOSHUA: I want to talk about Democrats who seem very split, speaking of fight like hell, who seem very split between the House and the Senate these days, between the vanguard and the old guard. Why is there this split, and which of these two constituencies do you think will win out? And the context for this is the Senate passed the government funding bill that every single Democratic Representative, but one, voted against in the House. And the Senate, Chuck Schumer – I’ll let you describe what happened and how you see it. 

    REP. PRESSLEY: Does anyone know what the word trifling means? It was trifling, it was outrageous, it was a betrayal. And this goes right back to the point I was making earlier, that when Democrats have the power, no matter how limiting your tools are in this moment, you have to leverage and exhaust every single one of them – because the American people are exhausted, and we need to be exhaustive.

    The reason why there isn’t a narrative that the Democrats are out there fighting like hell is exactly because of reasons like that. Chuck Schumer stood with me and others in front of the Department of Treasury for, for an agitation, a mobilization effort, and linked arms with us and said, “We will win.” Not like that, Chuck – no, we won’t. No, we won’t.

    So again, the other thing is that [Republicans] presented a false narrative that there were two options: this Republican manufactured shutdown, because that’s exactly what it was – they’re the reason we were on the brink of a shutdown which no one wanted – or this dangerous spending bill that is going to be a tsunami of hurt that everyone is going to feel. And that’s inaccurate. That was a false choice, because the Democrats had a 30-day stopgap spending bill that was on the table that we were ready to vote for.

    JOSHUA: So you think Democrats had leverage that they did not use?

    REP. PRESSLEY: Absolutely, and I don’t know how you win any fight when you started out by ceding ground. But I want you to know this is what I mean, because I hold myself accountable. When this vote was going down, or, you know, hours before it, and I was on the phone myself and my colleagues, we were calling Democratic senators and saying, “Hold the line.” I went on television and appealed to them as well. And I said, if you don’t want to listen to me, listen to your constituents. Listen to the appeals and cries of your constituents.

    Y’all, the Massachusetts 7th Congressional District is an incredible district and one of the most unequal in the country. I have 220,000 Medicaid recipients in my district. 30% of the people the Commonwealth of Massachusetts are Medicaid recipients. So this is a denial of health care. People will get sicker, and people will die. I’m not being hyperbolic. Those are the facts. So you’re supposed to do everything.

    The problem is that there was a false narrative that was presented that the choice was between this Republican rip off to cause harm to the people this country, to pat the pockets of billionaires, or this Republican manufactured shutdown. And that’s not true. So again, I’m very unhappy and very worried about the fallout of this.

    Now you asked about the generational divide and that kind of thing. So two things. Again, I worked for Senator John Kerry 11 years. John Kerry was best friends with John McCain. This is not your grandma’s Republican Party, and I think that there are some Democrats that are still stuck in an old frame of bipartisanship being the goal. And I’m not a dolt, I understand the legislative process and why we need some of them again, appealing to people of conscience. I will sit at the table and work with anyone who is serious about progress and about the safety, the preservation and the health of our shared constituents, but so far, they have proven that they are unserious.

    Bipartisanship is not the goal. The goal is justice. The goal is impact. And there are some people, again in their punditry and analysis of the election outcome, who have said the country sent a message that they want to see bipartisanship. Well, again, I reject that, but let’s say that were true, that was a partisan bad faith spending bill the Democrats had no input on that, and that’s exactly why it should have been stopped and rejected while we continued the work of negotiating for a bipartisan compromise.

    So I want to say that there’s some Democrats that are stuck in an old frame. And then secondly, I ran for Congress because – and was elected under Trump’s first occupancy – and I ran because I felt the time demanded activist leadership, that it was not going to be enough to just vote the right way, that we were going to have to agitate, we were going to have to organize, we were going to have to resist, and that’s the moment we find ourselves in now.

    How Democrats can fight the Musk-Trump agenda:

    JOSHUA: Just in the last few days, the administration seemingly defied a direct federal court order. President Trump called for the judge’s impeachment. He said he no longer considers some pardons issued by Joe Biden to be valid. Definitely pressure testing the system in a big way. And I’m wondering because your constituent asks – what can you substantively do as a Member of Congress in the minority party in a not seeming to be so co-equal branch of government. In the face of all of it, what can you do? And what are you doing?

    REP. PRESSLEY: Fight like hell.

    You know, I keep returning to the words of Cecile Richards – daughter of you know, the great Ann Richards, Governor of Texas – leader of Planned Parenthood. I co-chair the House’s Reproductive Freedom Caucus. And when she was in the throes of her cancer fight, she was still out there organizing and fighting, and people said, “What are you doing here?” And she said, “There will come a time where the question will be asked, ‘What did you do when everything was at stake for the country?’” And she said, “the only acceptable answer will be everything that I could.”

    And so I keep returning to that, because the strategy of this hostile White House administration in the midst of an active hostile government takeover is to overwhelm. It is to shock and awe. It is to get you to believe that these proposals, most of which are lawless, are inevitable, and in that overwhelm, that you will concede and that you will be resigned to a mindset of indifference and of inaction. That is the strategy. When we say that their strategy is to flood the zone, that is why these executive orders are coming out fast and furious. They mean to overwhelm us. They mean to suppress any organizing. They mean to suppress any outcry or resistance, which is why Donald Trump has now instructed them to not even do town halls.

    So as part of our strategy, what’s happening now? Democrats are doing town halls in Republican districts to say that I will come here and be accountable to you, be accessible to you.

    But the Republicans, it bothers me, because people keep asking me, do you see any opportunities for bipartisanship? Are we in the same reality? Where is there a party for bipartisanship? They are operating, Republicans in the House as cowards, complicit cowards, in wholesale harm to our shared constituents. They are operating as a cult. So no, I don’t see any opportunities. Because people that define government efficiency by making people hungrier, poor and sicker are not my kind of people.

    So the Democrats, our defensive strategy is litigation, and we are winning a number of court cases. The second is legislation. So you take, for example, Elon Musk, unelected billionaire, his little grubby hands all over our data. We introduce the Taxpayer Data Protection Act. We just need three Republicans, and we can move legislation. Their majority in the House is just [three] Republicans, so we’re just appealing to them as people of conscience, do the right thing by the people who elected you and not operate with this fealty and loyalty to Donald Trump and cowering under his politics of retribution.

    So our strategy is litigation, which again, we’re winning a number of the cases. Our defensive strategy – legislation and agitation and organizing. And as a member of the Committee on Oversight and Reform, I’ve been conducting real time oversight by showing up and resisting and agitating in the face of these dangerous and draconian proposals from dismantling our federal agencies to the unjust massive firing of our dedicated federal workers.

    Why Democrats lost the 2024 election:

    JOSHUA: You’ve been a Member of Congress now for six years, and this is not your first time as a progressive Democratic Representative during a Trump administration. But a lot more of the country voted for him this time around, and even in your district, one of the very most progressive, he did better last year than in 2020. Why do you think Donald Trump picked up more votes here and across the country in just about every group with voters knowing who he is?

    REP. PRESSLEY: The reason why this isn’t an easy question is because we don’t all agree about why we lost. So what I see happening in real time. And I worry about is that Democrats will reflexively say: you know what, we need to moderate our aspirations. They’ll buy into this shallow punditry that we lost on social issues. I reject that categorically.

    I believe we lost because it was more important to a lot of people to preserve white supremacy. And they were very skilled at advancing othering and a scarcity mindset. And so people knew that harm would come if they believed even a third of what was laid out in Project 2025, which was not a blueprint. It is a playbook which we see playing out in real time, but they just thought that they would be exempt from the harm.

    And then I imagine there are people who believed what he told them, that he was going to lower the cost of prescription drugs and groceries and housing. So for people who did vote for Trump, I know no one gave him a mandate to operate with what I would consider the godlessness, the lawlessness and the callousness that he is in this moment. No one gave him that mandate.

    And then I’m going to say another reason why I believe he won and we lost, Democrats, and we need to remedy this quickly. In my opinion, [Democrats] are afraid of power, and when you operate with scared power, it’s like having no power at all. We have had the House, we have had the Senate, we have had the White House, and we reserve the filibuster. We did not restore voting rights. We did not pass George Floyd Justice in Policing, and so many of the things that I could name. Donald Trump, even if he is just about moving fast and breaking things – he is transparent about the fact that he wants the power, he wants to amass the power, he wants to wield the power, he wants to manipulate, abuse, and exploit the power, but he wants the power – and in order for us to effectively rebuild this party and this coalition of voters, we have to also offer an affirmative – so that, I have to say, come back home and let’s, let’s rebuild this party. Because we need to get the gavel. We need to be back in power. Because when we have the power, we are going to do what, right?

    I know Democrats have always had the better policies. We know that we have a messaging problem. The Republicans have played the long game of building a mass communications ecosystem that they have put money behind. They had a long game of not just the Supreme Court that they’ve enlisted as co-conspirators in their extremist march, but they also went after federal judgeships, district judgeships. And so to quote my brilliant Chief of Staff, Sarah Groh – Democrats don’t need any more policies. We need more strategy.

    So yeah, I think we have to be unapologetic in the pursuit of power, and this is not the time to moderate our aspirations. This is not the time to play small. Democrats win when we deliver, when people feel the impact of our policies. Not because they read it in a press release, but because their life is improved by a permanent Child Tax Credit, by affordable and accessible child care, by access to fresh and healthy foods. Democrats win when you feel the impact of our policy.

    So in my mind, we should go as far and as deep as the hurt. This is not the time to moderate.

    And then finally, I’ll say, in this moment, as I try to distill a path forward, I find it helpful to look back and to look at movements and to look at earlier chapters in the Civil Rights Movement, which we are still very much in, to be clear. And what I have gleaned from studying those earlier chapters in the Civil Rights Movement is that every movement needs three things. You need imagination. So we’re doing radical work, but you have you need a radical dream. You need a North Star. Secondly, strategy. So you need imagination. You need strategy. And here’s the hard one, stamina. You need stamina. So those are just some of the things that I’ve been reflecting on.

    How everyday people can stay engaged:

    JOSHUA: We got 37 pages worth of constituent questions from your constituents. So I want to get to a few of them, and a big theme of them, of the hundreds of questions that came in was that people are scared and they’re angry and they’re looking to you, asking, what can they do to push back? What specifically can they do? People wrote in and said they used to feel like they could call their representative, they could call their senator, and it would make a difference. They don’t believe that anymore. What can they do to pushback? 

    REP. PRESSLEY: Yeah, okay. First, I never want to dissuade you from calling, because even when you feel that it’s not impactful – it is. And I think you should call in two ways. First, if you reject something that we’re doing, make it known. But this is the part that doesn’t always happen. If you agree with something we’re doing, affirm that, because when you do that, it fortifies that member to continue taking those stances and doing those things. And other colleagues take note. Okay, so I want to encourage you to both express what you disagree with, but also affirm what you do agree with.

    Then, educate yourself. There’s so much mis- and dis-information. Again, they’ve got an anti-freedom agenda. They want to control what you read, what media you access. They want to perpetuate lies and propaganda. So, educate yourself. That is huge, because the country is getting a civics lesson on steroids in real time. The fear that you talk about, the fear that I hear from constituents who are telling their child what to do if they come home and they’re not there whose house they should go to instead. Elders that are carrying all their medications around in case they are deported. People afraid to go to medical appointments, to work, their places of worship, children not going to school. The fear is palpable. It is real, and it is justifiable – and even when these lawless executive actions have been introduced and they’ve been beaten back, there’s still a chilling effect. So even if that executive action does not become law, people are moving as if it is. And that’s why educating yourself is so very important.

    The third thing is, I keep returning to the pandemic and the things that we stood up in that moment, infrastructure, mutual aid, rapid response. These are the sorts of things that we need to stand up in this time. Get to know your neighbors. Dr. King posed that urgent question in one of his final writings – Where do we go from here: Chaos or Community? Well, we’re in a moment of chaos, cruelty and callousness, and we have to choose community every single time to fortify ourselves, to strategize, to take care of one another, mutual aid. So those are some of the things I would offer sort of at a macro, but also at a micro. 

    How we can remain hopeful:

    JOSHUA: My final question for you tonight, Congresswoman, what gives you hope?

    REP. PRESSLEY: Okay, what gives me hope? There’s an affirmation that one of my siblings in the movement gifted me during Trump’s first occupancy. And I say it every single day, and I want to give it to you because it is in this room, it is in this movement, that I find hope. We have to continue to choose community. It’s how we fortify one another. And as I said, we need to keep the imagination so it’s not just about radical work. It’s about radical dreaming, and it is about radical love, and we’re going to need community in this room and our neighbors more than ever before.

    So the affirmation I want to leave with you is the following: “I choose the discipline of hope over the ease of cynicism. I choose the discipline of hope over the ease of cynicism. And I choose fortitude over fatalism.”

    So I leave that with you, and I will just say – in the midst of this constitutional crisis, this civil rights crisis, where they’re coming to roll back gains and progress, and they’re coming for every single one of our rights – my appeal to you, I beg of you, is to not give them your joy too.

    ###

    MIL OSI USA News

  • MIL-OSI USA: Committee on Oversight and Government Reform Advances Rep. Burlison’s Paycheck Protection Act

    Source: United States House of Representatives – Representative Eric Burlison (R-Missouri 7th District)

    WASHINGTON, D.C. — Yesterday, the Committee on Oversight and Government Reform reported favorably H.R. 2174, the Paycheck Protection Act, to ensure federal employees control their own money by ending automatic paycheck deductions for union dues, fees, and political contributions.

    The government takes money from federal workers’ paychecks for union dues, even if the workers disagree with how the money’s used, and the taxpayers are on the hook for the administrative costs,” said Rep. Burlison.If someone wants to pay union dues, they can do so directly.

    The bill amends Title 5 and Title 39 of the U.S. Code to prohibit federal agencies and the U.S. Postal Service from deducting labor union dues, fees, or political contributions from employees’ wages. Instead, federal workers would make those payments voluntarily.

    Key Provisions:  

    • Restores worker choice – Employees decide how they contribute to unions.
    • Ends taxpayer-funded union collection services – The government should not process union dues.
    • Promotes transparency – Workers have more control over their earnings.

    This is about protecting paychecks and ensuring that every dollar a worker earns is their decision to spend—not a decision made for them,” Burlison added.

    The bill now moves to the House floor for consideration.

    Co-Sponsors: Representatives Mary Miller, Nancy Mace

    Group Support: Institute for the American Worker, Heritage Action for America, American for Tax Reform, Americas for Prosperity, Freedom Foundation, Mackinac Center for Public Policy 

    MIL OSI USA News

  • MIL-Evening Report: Travelling overseas? You could be at risk of measles. Here’s how to ensure you’re protected

    Source: The Conversation (Au and NZ) – By Archana Koirala, Paediatrician and Infectious Diseases Specialist; Clinical Researcher, University of Sydney

    Julia Suhareva/Shutterstock

    On March 26 NSW Health issued an alert advising people to be vigilant for signs of measles after an infectious person visited Sydney Airport and two locations in western New South Wales.

    The person recently returned from Southeast Asia where there are active measles outbreaks in several countries including Vietnam, Thailand and Indonesia.

    The NSW alert follows a string of similar alerts issued around Australia in recent days and weeks.

    If you’re travelling overseas soon, you could be at risk of measles. Here’s what to know to ensure you’re protected.

    First, what is measles?

    Measles is one of the most contagious viral illnesses. It spreads through the air when a person breathes, coughs or sneezes. On average, one person can infect 12 to 18 others who are not immune.

    Initial symptoms include fever, a runny nose, cough and conjunctivitis. Then a non-itchy rash usually starts around the hairline before spreading around the body.

    Measles is most common in children, and they’re also most vulnerable to getting very sick with the virus. Measles is severe in around one in ten children. Complications can include ear infection, diarrhoea and pneumonia, and, more rarely, encephalitis (brain swelling).

    However, adults can also catch and spread the disease, making up 10–20% of measles cases during outbreaks.

    Vaccination has saved millions of lives

    The first measles vaccine was licensed for public use in 1963, and it changed the trajectory of this disease. In the 21st century alone, measles vaccination is thought to have saved more than 60 million lives globally.

    The measles vaccine is free through Australia’s National Immunisation Program. It’s routinely given at 12 and 18 months of age. The first dose is combined with mumps and rubella (the MMR vaccine) and the second adds protection against chickenpox, or varicella (MMRV).

    False suggestions the measles vaccination is linked with disorders such as autism have been thoroughly disproven. The vaccine is very safe and highly effective.

    Measles is one of the most contagious viruses there is.
    fotohay/Shutterstock

    However, because the vaccine is made from a live virus, people with weakened immune systems (for example, those receiving chemotherapy for cancer or pregnant women) cannot have the vaccine even though they’re at higher risk of severe measles. Their safety depends on high community immunisation rates to reduce the spread of the virus.

    Because measles is so infectious, at least 95% of the population needs to be immune to prevent its spread.

    Immunity occurs from either two doses of measles vaccine or past infection. Measles vaccination was introduced in Australia in 1968. Most adults born before the mid-1960s would still be immune from a past infection. But vaccination is recommended for everyone else who is not immune.

    Immunity gaps are opening up

    Gaps in immunity to measles have opened up around the world due to challenges in delivering routine immunisations during the COVID pandemic, and, in some cases, reduced acceptance of vaccination.

    In 2023 only 83% of the world’s children received at least one dose of measles vaccine by their first birthday, down from 86% in 2019. This is not enough to halt spread.

    The withdrawal of US government funding from many global health programs, including a measles surveillance network that supports testing and outbreak responses, is throwing fuel on the fire.

    In Australia, small but progressive declines in the uptake of childhood vaccines over the past five years and immunity gaps in other age groups means our risk of outbreaks in increasing.

    Rates of childhood vaccination coverage have been declining slightly.
    Inna photographer/Shutterstock

    For example, coverage of the MMR vaccine at 24 months declined 0.4 percentage points between 2022 and 2023 (from 95.3% to 94.9% in Indigenous children and 95.1% to 94.7% in children overall).

    On-time vaccination rates – within 30 days of the recommended age – are also falling. The proportion of children who had their MMR vaccine on time dropped from 75.3% to 67.2% for non-Indigenous children and 64.7% to 56% for Indigenous children between 2020 and 2023.

    Measles outbreaks are increasing in Australia and across the world

    Measles cases are rapidly rising across the globe and more cases are arriving from overseas into Australia. So far in 2025, 37 cases have been reported compared to 57 in all of 2024, 26 in 2023 and seven in 2022. Most cases have been imported from overseas, but we’ve ascertained eight cases so far in 2025 were locally acquired.

    Many of the countries experiencing the largest measles outbreaks are popular travel destinations for Australians, including India, Thailand, Indonesia and Vietnam.



    But few countries are free of measles. The United States, Canada, the United Kingdom and various countries in Europe are all tackling outbreaks.

    As the incubation period – the gap between exposure and symptoms – is around seven to ten days, travellers may enter the country without knowing they’re about to become ill and potentially spread the virus to others.

    Protecting yourself and your family

    Although the usual age for the first measles dose is 12 months, the MMR vaccine can be given to babies as young as six months who are travelling to measles hotspots or during outbreaks.

    This early measles vaccine dose does not replace those given at 12 and 18 months, but will help protect the infant in the interim.

    It’s important all adults, particularly those planning overseas travel, know their vaccination or infection history. If you don’t, talk to your health-care provider about being vaccinated.

    Everyone who doesn’t have immunity from an infection should have two lifetime doses. Some adults, including those who have migrated from overseas, may have had none or only one dose when they were younger. If you’re unsure, there’s no harm in receiving a vaccine if you’ve had measles or have been fully vaccinated already.

    If you come back from overseas and need medical care, inform your health-care provider about your symptoms and recent travel before attending a clinic in person.

    Archana Koirala has worked on projects funded by the Australian Department of Health and Aged Care and NSW Health. She is the chair of Vaccination Special Interest Group and a committee member of Australian and New Zealand Paediatric Infectious Diseases Group of the Australasian Society of Infectious Diseases.

    Kristine Macartney is the Director of the Australian National Centre for Immunisation Research and Surveillance (NCIRS). NCIRS receives funding from the Australian government Department of Health and Department of Foreign Affairs and Trade, NSW and other state and territory health departments, Gavi the Vaccine Alliance, the World Health Organization, the NHMRC, the MRFF and the Wellcome Trust.

    ref. Travelling overseas? You could be at risk of measles. Here’s how to ensure you’re protected – https://theconversation.com/travelling-overseas-you-could-be-at-risk-of-measles-heres-how-to-ensure-youre-protected-252802

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Security: Houston man guilty of trafficking minors in two cities

    Source: Office of United States Attorneys

    HOUSTON – A 22-year-old man residing in the Houston and Dallas areas has been convicted of two counts of sex trafficking and one count of enticement of a minor, announced U.S. Attorney Nicholas J. Ganjei.

    A federal jury deliberated for a day and a half before returning the guilty verdict against Cristian Morris following a three-day trial.

    From Jan. 1 – June 23, 2023, Morris recruited young teenage girls. He supplied them with drugs, posted sexually explicit advertisements for commercial sex online and forced them to engage in sex acts with clients for money in hotels around the “blade” in Houston and Dallas.

    The blade or “track” is an area near I-59 Southwest Freeway and Bissonnet Street in Houston and Harry Hines Boulevard in Dallas where pimps and traffickers commonly place their victims to engage in commercial sex.

    During trial, the jury heard from the three victims whom Morris trafficked over the course of several months. They testified he instructed them on how to walk the blade, how much to charge and provided them with condoms. The jury also heard that Morris would transport them between Houston and Dallas to engage in sex acts.

    Morris kept all the proceeds.

    “What this case demonstrates is that if you pimp, traffic, or exploit either women or children, you will be caught, and you shouldn’t expect anything other than the hardest charges that we can bring,” said Ganjei. “This is a great result for victims and will hopefully serve as a warning to other pimps that you’re not just risking state charges, you’ll also have the feds on you as well.”

    Morris was ultimately arrested June 23, 2023, after he had posted commercial sex ads for the youngest victim, a 15-year-old runaway. 

    The defense attempted to convince the jury that the victims were just a group of runaways and school drop-outs engaged in bad behavior. They did not believe those claims and found him guilty as charged.

    U.S. District Judge Alfred H. Bennett presided over the trial and set sentencing for July 10. At that time, Morris faces up to life in prison as well as a possible $250,000 maximum fine.

    He has been and will remain in custody until the sentencing.

    FBI and Houston Police Department (HPD) conducted the investigation as part of the Human Trafficking Rescue Alliance (HTRA). 

    HTRA law enforcement includes members of HPD, FBI, Immigration and Customs Enforcement’s Homeland Security Investigations, Texas Attorney General’s Office, IRS Criminal Investigation, Department of Labor (DOL), DOL – Wage and Hour Division, Department of State, Texas Alcoholic and Beverage Commission, Texas Department of Public Safety, Department of Homeland Security – Office of Inspector General (OIG), Social Security Administration – OIG and Sheriff’s Offices in Harris and Montgomery counties in coordination with District Attorney’s offices in Harris, Montgomery and Fort Bend Counties.

    Established in 2004, the U.S. Attorney’s office in Houston formed HTRA to combine resources with federal, state and local enforcement agencies and prosecutors, as well as non-governmental service organizations to target human traffickers while providing necessary services to those that the traffickers victimized. Since its inception, HTRA has been recognized as both a national and international model in identifying and assisting victims of human trafficking and prosecuting those engaged in trafficking offenses.

    Assistant U.S. Attorneys Lauren Valenti and Kimberly Leo prosecuted the case.

    MIL Security OSI

  • MIL-OSI USA: Risch, Issa, Hudson Introduce Bill to Prohibit State Excise Taxes on Firearms

    US Senate News:

    Source: United States Senator for Idaho James E Risch

    WASHINGTON – U.S. Senator Jim Risch (R-Idaho) and Representatives Darrell Issa (R-Calif.) and Richard Hudson (R-N.C.) today introduced the Freedom from Unfair Gun Taxes Act. This bill would prohibit states from implementing excise taxes on firearms and ammunition to fund gun control programs.

    “Blue states that implement an excessive excise tax to fund gun control initiatives are exploiting the Second Amendment,” said Risch. “The Freedom from Unfair Gun Taxes Act ensures states do not place a significant financial burden on law-abiding gun owners to advance their anti-Second Amendment agenda.”

    “For too many years, extreme state policies — including from my home state — have targeted our fundamental Second Amendment rights and the American citizens who exercise them,” said Issa. “The latest attack is California’s imposition of a ‘sin tax’ on firearms and ammunition. This outrageous and unfair burden on law-abiding citizens is why Sen. Risch, Rep. Hudson, and I are working to stop this and other attempts to penalize our people and put the price of self-defense out of reach of any American.”

    “Far-left politicians will stop at nothing to undermine the Second Amendment,” said Hudson. “Their latest scheme is an unconstitutional tax that seeks to price you out of your right to keep and bear arms, and this legislation will put a stop to it.”

    In 2024, California implemented a new 11% excise tax on firearms and ammunition to discourage the purchase of firearms and fund gun control programs. Colorado is set to implement a 6.5% excise tax in April 2025. Maryland, Vermont, New York, Massachusetts, Washington, and New Mexico have proposed similar taxes. 

    Risch, Issa, and Hudson are joined by U.S. Senators Mike Crapo (R-Idaho), Marsha Blackburn (R-Tenn.), Bill Cassidy (R-La.), Kevin Cramer (R-N.D.), Steve Daines (R-Mont.), Deb Fischer (R-Neb.), Lindsey Graham (R-S.C.), John Hoeven (R-Mont.), Cindy Hyde-Smith (R-Miss.), Jim Justice (R-W.Va.), James Lankford (R-Okla.), Pete Ricketts (R-Neb.), and Representative Doug LaMalfa (R-Calif.) in introducing the legislation.

    The Freedom from Unfair Gun Taxes Act has received support from the Congressional Sportsmen’s Foundation, National Shooting Sports Foundation (NSSF), and National Rifle Association (NRA).

    “There is a growing effort among states to levy excise taxes to discourage firearm ownership. California and Colorado have already implemented a gun tax to fund their gun control efforts and dismantle the Second Amendment,” said John Commerford, Executive Director of the NRA Institute for Legislative Action. “Senator Risch’s bill would prevent these blatant and egregious attacks on the rights of Americans, and the National Rifle Association is proud to support this legislation.”

    MIL OSI USA News

  • MIL-OSI Australia: Understanding the debt deduction creation rules (DDCR)

    Source:

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    MIL OSI News

  • MIL-OSI USA: Cantwell, Murkowski Propose New Tax Credit to Promote Hydropower Facility Upgrades & Keep Energy Costs Affordable

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    03.27.25

    Cantwell, Murkowski Propose New Tax Credit to Promote Hydropower Facility Upgrades & Keep Energy Costs Affordable

    Bipartisan legislation creates new federal incentive for dam safety and fish passage improvements, as well as help fund removal of obsolete river obstructions

    WASHINGTON, D.C. –  Today, U.S. Senators Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Finance Committee, and Lisa Murkowski (R-AK), joined Susan Collins (R-ME), Kristen Gillibrand (D-NY), Angus King (I-ME), Patty Murray (D-WA), Gary Peters (D-MI), Jeanne Shaheen (D-NH), Dan Sullivan (R-AK), in re-introducing bipartisan legislation to establish a new 30% federal tax incentive to encourage safety upgrades and improve fish passage at existing hydroelectric facilities, measures that will help ensure clean and affordable hydropower is able to continue power the Pacific Northwest economy. The bill would also create an additional complementary 30% tax credit to remove unused river barriers that do not produce electricity but are harming local ecosystems and outdoor recreation opportunities.

    “Clean and affordable hydropower is the backbone of Washington state’s economy and prosperity,” said Sen. Cantwell. “This measure will help ensure we can meet our urgent emission reduction goals while restoring miles of fish habitat.”

    “Hydropower provides clean, reliable, and affordable baseload energy around Alaska, but we’ve just begun to tap into our potential for this abundant resource,” Senator Murkowski said. “Our common sense legislation incentivizes hydropower along with innovation that will enhance grid resiliency, make our dams safer, and allow our fish habitats to thrive.”

    The Maintaining and Enhancing Hydroelectricity and River Restoration Act of 2025;

    • Establishes a 30% federal tax incentive to encourage upgrades to the safety and security of existing dams, investments that expand fish passage infrastructure, and improvements to water quality and recreational use opportunities at hydropower project sites. 
    • Establishes a first ever federal cost-share to encourage the removal of obsolete obstructions that harm river ecosystems and outdoor recreation opportunities.

    Both these tax incentives are available to be accessed by not-for-profit entities.

    The bipartisan Maintaining and Enhancing Hydroelectricity and River Restoration Act is widely supported by a number of key hydropower, utility, and conservation organizations — go HERE for a list of quotes from stakeholders

    Hydropower accounts for 5.7% of total U.S. utility-scale electricity generation in 2023, including approximately sixty percent of Washington state’s total and is a vital component of state and regional greenhouse gas emission reduction goals. Hydropower also has the unique ability to provide black start capabilities, grid voltage support, and integrate and balance increasing amounts of intermittent renewable energy sources.

    Many hydroelectric dams are decades old and face costly upgrades to keep them operational while providing affordable electricity. The current Investment Tax Credit (ITC) that covers hydropower only applies to investments that produce a marginal increase in power generation.

    This bipartisan legislation helps bridge the gap in current law by incentivizing upgrades that don’t result in power increases but are vitally important like adding fish-friendly turbines, fish ladders, and adding or replacing floodgates and spillways. Private, state, local, and non-profit groups can use the 30% federal tax incentive, with a direct pay option, to support efforts to demolish and remove unnecessary barriers with the owner’s consent.

    A joint proposal from the hydropower and river conservation community estimated that increased support for existing dam removal efforts could double the removal rate over the next ten years. That would result in the removal of 2,000 obsolete river obstructions and restore ecosystem functions essential for salmon recovery by opening up 20,000 miles of free-flowing river habitat.

    Sen. Cantwell has long been a consistent champion for hydropower production and pumped storage, including bipartisan legislation to reduce licensing barriers for small hydropower development, improve the FERC relicensing process to incentivize “early action” by utilities to make upgrades to dams that benefit ratepayers and the environment, maximize hydropower generation capacity where appropriate, and streamline pumped storage project approval.

    Last summer, Sen. Cantwell hosted a Pacific Northwest Energy Summit, to bring stakeholders together to discuss technological and policy solutions that will ensure NW ratepayers and our regional economy continue to benefit from abundant, affordable, and reliable clean energy. 



    MIL OSI USA News

  • MIL-OSI USA: Cortez Masto, Daines Introduce Bipartisan Bill to Support Low-Population and Rural Counties

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto
    Washington, D.C. – Today, U.S. Senators Catherine Cortez Masto (D-Nev.) and Steve Daines (R-Mont.) introduced a bill to support rural communities. The Small County PILT Parity Act would allow counties with populations under 5,000 to receive increased Payment In Lieu of Taxes (PILT) payments to create parity with larger counties where per capita funding increases as population decreases. In Nevada, five counties would qualify for increased funding under this bill: Esmeralda, Eureka, Lincoln, Mineral, and Storey.
    “This bipartisan bill ensures that our most rural counties are treated fairly when it comes to receiving PILT dollars,” said Senator Cortez Masto. “These counties rely on federal funding for critical projects and services, and I will always fight to ensure that communities in all 17 of Nevada’s counties have the resources they need to thrive.” 
    “PILT payments are essential for many of Montana’s rural counties, and they provide funding for essential services like emergency response and transportation,” said Senator Daines. “I’m proud to introduce this bipartisan bill to bring parity to the PILT program and ensure our rural and low-population counties are treated fairly.”
    “Over 1,900 counties across the United States utilize PILT funding to provide essential services for our residents, including emergency services, transportation infrastructure, law enforcement and healthcare,” said Matthew Chase, National Association of Counties Executive Director. “The Small County PILT Parity Act ensures that rural counties with significant tracts of federal land but limited populations have the resources necessary to deliver services to residents and visitors alike. Counties applaud the efforts of Senators Daines and Cortez Masto and urge swift passage of this bipartisan legislation.”
    PILT funds are payments from the federal government to county governments to offset the loss of property taxes from federally owned lands in that county. The Small County PILT Party Act would create four new tiers in the PILT Formula (1,000, 2,000, 3,000, and 4,000) to allow for higher payments for eligible counties.
    The full text of the bill can be found here.
    Senator Cortez Masto is a champion for Nevada’s rural communities, working across the aisle to deliver for families. She has led legislation to support key tourism and outdoor industries in every corner of Nevada through economic development, and she has introduced a bipartisan bill to cut red tape for small businesses—including those in rural areas. She also ensured rural Nevada communities have better access to federal funds and services through the Rural Partners Network. In the Bipartisan Infrastructure Law, she secured funding for rural schools and over $460 million for broadband. She also made sure the law included her legislation to help rural counties with internet access at local schools and streamline federal broadband funding to improve internet access for rural areas.

    MIL OSI USA News

  • MIL-OSI USA: Senator Murray Slams Trump Continuing to Block Funding for America, Defying Spending Laws

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    Murray: “All of us want a better working, more efficient government that delivers for people. But what Trump and Musk are doing has nothing to do with efficiency or with helping people. They are breaking the law, and ripping the rug out from underneath families and American businesses—all while working overtime to pass more tax breaks for billionaires like themselves.”
    *** WATCH: Senator Murray’s floor remarks***
    Washington, D.C. — Today, Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, spoke on the Senate floor about how President Trump continues to defy our nation’s spending laws and rob communities across America of the resources they are owed. She also spoke about the path forward to pass full-year funding bills for fiscal year 2026.
    Senator Murray’s remarks, as delivered, are below:
    “Thank you, M. President. Right now, we have a couple of billionaires running our country straight into the ground—who seem to have skipped American history because President Trump and Elon Musk don’t seem to care much about our Constitution.
    “Including the part that says quite clearly, ‘The Congress shall have Power to lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States.’
    “And it continues! ‘No money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law.’
    “But M. President, their lack of interest in that section of the Constitution doesn’t make it any less real at all! You don’t have to take my word for it—it’s right down the street at the National Archives. You can go read it yourself. And I’d invite our billionaire co-presidents to go take a look!
    “Stand in line with the school kids who are on trips, read up on the separation of powers, and you can even explain to the students there why you are gutting the Department of Education while you’re at it!
    “And, just in case Trump and Musk struggle as much with reading comprehension as history, let me translate for you what the Constitution says:
    “Congress, that is us, everyone elected here, has the power of the purse. Presidents don’t write laws—they execute them. That has been true for every spending bill this body has ever passed, including the House Republicans’ yearlong CR.
    “And the basic fact that Congress has the power of the purse is something Republicans and Democrats agree on. And it won’t change no matter what Trump, or Russ Vought, or Elon Musk claim. Their legal theories are plain outlandish and so are their facts.
    “If you listen to them, they argue that Presidents have been impounding funds routinely—that’s wrong! The opposite is true. Presidents have traditionally followed the law and followed the legal directives in spending bills.
    “And When Nixon tried to block just a fraction of the amount of funding Trump is now blocking, Congress passed the Impoundment Control Act on a truly overwhelming bipartisan basis. In fact, it cleared the Senate unanimously.
    “So, while the Constitution may be the first word on Congress’ power of the purse, this foundational principal has been affirmed time and again by the courts and by Congress.
    “The law affirms what we’ve long known: presidents cannot pick and choose which parts of the spending laws to follow. And it lays out a clear procedure for the President to propose to Congress either delaying or rescinding funding.
    “The Impoundment Control Act is still the law of the land. The Constitution is still the foundation of this democracy. Congress still has the power of the purse.
    “And, for some of the House Republicans who seem to have forgotten—that power is a critical part of how all of us, how we fight for our constituents.
    “As lawmakers, we allocate funding to solve problems, make lives better, and make our country safer—things like new bridges to safely get to work, or affordable health care and child care, clean drinking water, a strong national defense, personnel who keep planes flying safely overhead and keep toxins out of our food supply, and so much more.
    “And when Congress passes legislation to make all of those priorities real—and the president signs it into law, it needs to be followed. That’s how it works in a democracy like ours.
    “Don’t like the law? Come win the votes in Congress to change it.
    “But I am here today on the floor because as we know all too well, this President is not doing that. He and the richest man in the world are defying our laws, hurting our constituents, and their seeking to enrich themselves in the process.
    “For over two months now, President Trump has been illegally choking off huge chunks of funding. We are talking about hundreds of billions of dollars—holding up investments in everything from new roads and bridges, to cheaper energy, to stronger national security.
    “Back in my home state of Washington, the reports keep rolling in about how President Trump is causing havoc by illegally blocking funds. Last week, I heard from a lumber company struggling to cover a loan given its federal grant for solar power has now been frozen for months. Earlier this week, my office heard about a terminated Spokane project focused on environmental restoration, stormwater management, and millions of dollars being canceled for Tribal public health efforts in my state alone.
    “And I have no doubt the fallout will continue next week—because Trump keeps freezing more funding, ripping up more contracts, and ignoring our laws.
    “It has to end. All of us want a better working, more efficient government that delivers for people.
    “But what Trump and Musk are doing has nothing to do with efficiency or with helping people. They are breaking the law and ripping the rug out from underneath families and American businesses—all while working overtime to pass more tax breaks for billionaires like themselves.
    “This lawlessness has to end.
    “Now, I am hopeful in this chamber we get back to regular order and pass actual bipartisan full-year bills. We cannot let what happened with House Republicans’ awful CR happen ever again.
    “We’ve got to ensure our constituents, each and every one of us, have their voices heard by getting full-year spending bills reflecting current needs across the finish line. And those bills need to be bipartisan. That is the bare minimum, and it is not too much to ask.
    “I have worked with Republicans for years on bipartisan spending bills. During my time as Appropriations Chair, I worked with Senator Collins, from the other side of the aisle, and our colleagues on the Committee, from both sides of the aisle, to hammer out strong, bipartisan bills—two years in a row. Bills that passed out of our Committee in overwhelming bipartisan votes—many of them unanimously.
    “So, I know well, it is absolutely possible to work together, and it is worthwhile. Is it easy? Of course not!
    “But you look at the bills we wrote together, and you look at the disaster of a bill that House Republicans wrote all on their own, and the difference is night and day.
    “And I’m not just talking about the difference in huge, painful, cuts from the House Republican bill. I’m also talking about the huge incompetence House Republicans displayed. They wrote a bill that slashed DC’s own budget by a billion dollars for no reason!
    “The Senate has now passed a bill to fix the inexcusable cut to DC’s own funds. But if the House does not act quickly, now, to pass the Senate bill and fix that mistake, House Republicans will force DC to fire teachers, fire police officers, and more—by the way without saving taxpayers a dime.
    “And that’s just one, one, of the many glaring issues with House Republican’s partisan CR, which I spoke about at length when I cast my vote against it. And I stand proudly by that vote today.
    “Republicans should not write a bill without me and expect me just to vote for it.
    “That is not how this ever works. We should not accept a false choice of accepting House Republicans’ poison pills, or facing a shutdown—otherwise that poison is only going to get more bitter each time.
    “The choice we have to talk about instead is this: will we work together in a bipartisan way to fund the government and invest in the places we represent or will House Republicans cut us out, go on their own, and cause a shutdown.
    “We have to start looking ahead to fiscal year 2026, and working on bipartisan funding bills. And I am focused on making sure that what happened earlier this month absolutely does not happen again.
    “Because let me be absolutely clear: if Republicans draft another funding bill in September with zero Democratic input and that bill fails to pass the Senate because Democrats do not vote for it? That is on Republicans. That is Republicans forcing a shutdown. Period.
    “I represent nearly 8 million people in the state of Washington: I’m not offering up my vote up in exchange for nothing. And actually, in the case of House Republicans’ CR, worse than nothing, given how it will now be used against Democrats.
    “So, I am absolutely not going to stop making this point. Democrats should not offer up our votes in exchange for exactly nothing. I will be making that argument loud and clear for everyone to hear.
    “We need to be focused on negotiating bipartisan bills that give our communities strong investments instead of devastating cuts. We need to ensure our constituents have a voice in this process.
    “Colleagues, understand this: passing full year, bipartisan spending bills—that is my top priority. Those spending bills that carry the full authority of Congress on how we spend taxpayer dollars, that carry forward the priorities our constituents tell us about, that is my top priority.
    “That is the most important guardrail we can place on an administration that looks to punish people they disagree with, and strips funding from priorities like Army Corp dam repairs, or public transportation projects, or from public schools and universities.
    “Now as we write those bills, we need transparency. We need to understand the reality on the ground of what this administration and DOGE are actually doing. Who is even calling the shots over there? What programs are functional at this point? Where do we have enough staff to even carry out the mission of specific agencies, or to faithfully follow congressional intent?
    “We need a hearing with Elon Musk—and whoever else is running DOGE. We need hearings with the Department heads. Whatever form it takes—we need answers on what has been going on, we need an end to the lawlessness that is happening, and we need transparency that is sorely lacking. I don’t know when that became controversial? Isn’t DOGE supposed to be all about accountability? Isn’t it supposed to be all about transparency?
    “So, let’s get to it—let’s show the American people exactly what Trump is doing. What is the problem with that? After all, it’s not like it’s meant to be a secret. Project 2025 was a public playbook. And it’s clear they are following it to the letter.
    “Before he returned as OMB Director, Russ Vought made clear he wanted to ignore our laws and ‘Impound baby Impound.’ That’s a direct quote from the General Counsel by the way, he said it: ‘Impound baby impound.’
    “I even asked him about this directly—will you follow our laws or just toss them in the dumpster? And he wouldn’t give a straight yes. He wouldn’t—why?—because he already laid out his plans in black and white—break the law, block funds that Congress passed, and dare the courts to stop him.
    “And—shocker!—the guy who made clear he is willing to go break laws and block funding, is breaking laws and he is blocking funding.
    “And President Trump and Musk have made their intentions just as clear—not just ignoring our laws—but ignoring court orders to uphold our laws and attacking our judges and our judicial system every time they don’t get their way.
    “Just this week we saw new, blatantly illegal acts from the Trump Administration. First, OMB removed a website that provides transparency by displaying how it directs agencies to apportion—or spend—federal funding. M. President, that website is not optional—it’s in statute and OMB was complying with a requirement passed by Congress.
    “This is a cut and dry case. OMB must publish the agency’s legally-binding budget decisions. We passed that language on a bipartisan basis because our constituents deserve transparency, and they deserve accountability for how their money is being spent. But the only thing transparent about this Administration—is how transparently illegal their actions are.
    “Because the same day they illegally shut the American people out of seeing what they are doing, they also blocked funding that House Republicans continued in their own CR and that the President himself just signed into law.
    “Trump wants to illegally cherry pick what gets funding we passed and what gets left in the dust. For one thing—that is straight up against the law. Open and shut case.
    “For another—it fundamentally erodes our democracy, the trust people, businesses, and local and state governments across the country place in the federal government, and, of course, our ability to negotiate bipartisan deals here in Congress. And let’s not lose sight of the fact that it is bad for our country, and it is bad for our constituents.
    “There is a reason we passed the emergency funds. But President Trump is choking off critical investments to combat the flow of fentanyl, he is slashing support for U.S. national security initiatives, he is weakening the competitiveness of U.S. businesses, he is setting back next-generation weather forecasting, and more.
    “And that still is not all—because the very next day, we learned he wants to illegally freeze tens of millions of dollars in Title X funding—that is a program with a long bipartisan history that helps women get cancer screenings, get birth control, pregnancy tests, prevent and treat STIs.
    “Last time, President Trump tried to do this through rulemaking—but now that he is throwing the law out the window entirely, he thinks he can do it with the stroke of a pen.
    “And—I have to underscore these are just recent examples from just this week! This is the latest in a long trail of devastation they have left behind in this ongoing parade of lawbreaking. Because, as I mentioned, President Trump is still blocking hundreds of billions of dollars in investments we secured for our constituents.
    “President Trump and Musk illegally shuttered USAID. They are illegally gutting the Department of Education. They are trying to dramatically slash medical research funding with restrictions that are in direct defiance of bipartisan language that I actually worked to negotiate with my Republican colleagues.
    “I could go on all day describing the damage caused by these moves—and the many other funds that are now illegally being blocked. But I think the pattern is clear. They said they were going to cut funding regardless of the consequences, regardless of the laws, regardless of the constitution. And that is exactly what they are doing.
    “Well M. President, we here in Congress cannot bury our heads in the sand while Trump, Musk, and Vought try to snatch away our power, our power, Democrats and Republicans, of the purse.
    “I will continue to use every tool I have as a Senator—I will use my voice, I will use my vote, and more—to stop this lawlessness, stop the cuts that hurt my constituents, and write and pass bills that actually help people.
    “So, M. President I really hope that our Republican colleagues will work with us to craft bipartisan funding bills and to conduct basic oversight to provide accountability.
    “Because it absolutely matters that we not just pass strong, bipartisan funding laws, but that the laws we pass are actually followed, that our constituents, every one of our constituents, actually have a say in how their tax dollars are spent, that Congress maintains its power of the purse.
    “And I am going to continue pressing all of my colleagues to stand with me on this.”

    MIL OSI USA News

  • MIL-OSI Security: James Mailhiot, Jr. Sentenced for Tax Evasion

    Source: Office of United States Attorneys

    Rutland, Vermont – The United States Attorney’s Office for the District of Vermont announced that James Mailhiot, Jr., 56, of Rutland, was sentenced today in United States District Court in Rutland to four years of probation following his guilty plea to a charge of federal income tax evasion. U.S. District Judge Mary Kay Lanthier ordered that Mailhiot perform 200 hours of community service during his probationary term, pay restitution totaling $296,618, and an additional fine of $25,000. At today’s hearing, counsel represented to the court that Mailhiot was prepared to pay his restitution obligation in full immediately after sentencing.

    On November 14, 2024, the United States Attorney filed a one-count information charging Mailhiot with evading a significant portion of the income taxes he owed to the United States for Tax Years 2019 through 2022. Mailhiot pleaded guilty to that  information last December.

    According to the information, Mailhiot owned and operated a roofing business that generated approximately $1.6 million in gross revenues between 2019 and 2022. Mailhiot used an out-of-state accountant to prepare his federal income tax returns. To enable the accountant to prepare each return, Mailhiot sent the accountant records of revenues earned and expenses incurred on the various roofing jobs he completed that year. In fact, the records Mailhiot gave to the accountant were very incomplete, resulting in a very substantial understatement of the taxable income he earned each year, and very substantial underpayments of the taxes he owed to the Internal Revenue Service. According to the information, Mailhiot’s underpayments for years 2019-2022 totaled $296,000.

    This case was investigated by the Internal Revenue Service, Criminal Investigation.

    Mailhiot is represented by Mark Kaplan, Esq. The prosecutor is Assistant U.S. Attorney Gregory Waples.

    MIL Security OSI

  • MIL-OSI: Draganfly Reports Q4 and 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Saskatoon, SK., March 27, 2025 (GLOBE NEWSWIRE) — Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8) (“Draganfly” or the “Company”), an award-winning, industry-leading drone solutions and systems developer, is pleased to announce its fourth quarter and fiscal 2024 financial results. Revenue for the fourth quarter was up 76% year over year. Total 2024 revenue saw a modest increase as the Company’s capacity to meet demand in the Military and Public Safety sectors did not start to come on stream until late Q3.

    Key Financial Highlights for 2024:

    • ‎Total revenue for the year ended December 31, 2024, was $6,561,055, an increase of 0.1% from the prior year. Product sales increased $81,383 in 2024 as compared to 2023, while services revenue decreased $75,170. The Company continued its product line transition focus on preparation of public safety expansion and production capabilities.
    • Gross Profit was $1,398,204, a decrease of $665,910 or down 32.3% from the prior year. As a percentage of sales, gross margin decreased from 31.5% in 2023 to 21.3% in 2024. This year’s gross profit included a one-time non-cash write-down of inventory of $627,105 while last year’s gross profit included a non-cash downward adjustment of $331,671. Excluding these adjustments, gross profit decreased by $370,476 year over year. As a percentage of sales, adjusted gross margin decreased from 36.5% in 2023 to 30.9% in 2024.
    • The Company recorded a comprehensive loss including all non-cash items of $14,062,534 compared to a comprehensive loss of $23,709,851 in 2023. The comprehensive loss for the year ended December 31, 2024, includes non-cash changes comprised of a gain in fair value of derivative liability from warrants of $1,842,618, a recovery of impairment of notes receivable of $40,020, and a write down of inventory of $627,105 and would otherwise have been a comprehensive loss of $15,318,067 compared to a comprehensive loss of $23,400,524 excluding non-cash items in the same period last year.
    • Cash used in operating activities decreased by $6,939,383 or 37% year over year.
    • The Company’s cash balance on December 31, 2024, was $6,252,409.

    Key Financial and Operational Highlights for Q4 2024:

    • Fourth quarter revenue was $1,613,162 compared to $916,299 for Q4 2023 largely due to a year over year increase in product sales slightly offset by lower services sales.
    • Gross Profit was $215,740 for Q4 2024 compared to $258,879 for Q4 2023 representing a decrease of $43,139 year over year. Gross profit for Q4 2024 would have been $383,255 if it wasn’t for a non-cash write down of inventory of $167,515 while Q4 2023 would have been $382,303 if it wasn’t for a one time non-cash write down of inventory of $123,424. Gross profit as a percentage of sales for Q4 2024 was 13.4% but on an adjusted basis was 23.8%.
    • The Company recorded a comprehensive loss including non-cash items for Q4 2024 of $4,715,931 compared to a comprehensive loss of Q4 2023 of $4,191,796 for the same period in 2023, an increase of 12.5% over 2023. The comprehensive loss for the fourth quarter of 2024 includes non-cash changes comprised of a loss in fair value derivative liability of $946,116 as well as a one time write down of inventory of $167,515 and would otherwise be a comprehensive loss of $3,602,300 compared to a comprehensive loss of $4,222,170 excluding non-cash items in the same period last year. The decrease in loss was primarily due to lower professional fees, wages, and share based compensation charges.
    • The company successfully completed its First Proof-of-Concept Flights in Drone Delivery Research Project for Mass General Brigham. The project aims to enhance home hospital care by utilizing drones for efficient medical deliveries, potentially improving service times and patient outcomes.
    • The Company Announced Closing of US$3.76 Million registered direct offering. The funds are intended to support general corporate purposes, including scaling production capabilities and advancing growth initiatives.
    • The Company announced its participation in the Elevate UAV event, offering specialized training on advanced drone platforms. This initiative underscores Draganfly’s commitment to empowering operators with cutting-edge skills to advance UAV applications in critical sectors.
    • Draganfly showcased its latest drone innovations at multiple conferences and private demonstrations including the Wings of Saskatchewan event, aiming to foster cross-industry collaboration and highlight advancements in drone technology within the aviation industry.
    • The Company announced updates to its Board of Directors and Advisory Board, including the appointment of former White House Chief of Staff Andy Card to the Advisory Board, and the appointment of Kim Moody as Audit Chair, reflecting Draganfly’s commitment to strengthening its leadership team.

    Draganfly will hold a shareholder update call on March 27, 2025, at 2:30 p.m. PDT / 5:30 p.m. EDT. Registration for the call can be done here.

    Selected financial information is outlined below and should be read with Draganfly’s consolidated financial statements for the quarter ended December 31, 2024 and associated management discussion and analysis, which will be available under the Company’s profile on SEDAR+ at www.sedarplus.ca and filed on EDGAR.

    For the year ended December 31,   2024     2023     2022  
    Total revenues   $ 6,561,055     $ 6,554,842     $ 7,605,059  
    Gross Profit (as a % of revenues) (1)     21.3 %     31.5 %     10.4 %
    Net (loss) income     (13,877,473 )     (23,611,810 )     (27,654,364 )
    Net (loss) income per share ($)                        
    –          Basic     (4.40 )     (14.58 )     (20.60 )
    –          Diluted     (4.40 )     (14.58 )     (20.60 )
    Comprehensive (loss) income     (14,062,534 )     (23,709,851 )     (27,305,305 )
    Comprehensive (loss) income per share ($)                        
    –          Basic     (4.45 )     (14.64 )     (20.34 )
    –          Diluted     (4.45 )     (14.64 )     (20.34 )
    Change in cash and cash equivalents   $ 3,158,797     $ (5,437,697 )   $ (15,180,932 )

    (1)   Gross Profit (as a % of revenues) would have been 30.9% (2023 – 36.5%; 2022 – 36.4%) not including a non-cash write down of inventory for $627,105 (2023 – $331,671; 2022 – $1,976,514).

    As at   December 31,
    2024
        December 31, 2023  
    Total assets   $ 10,200,088     $ 8,330,292  
    Working capital     3,846,283       (717,017 )
    Total non-current liabilities     342,013       523,584  
    Shareholders’ equity   $ 4,621,783     $ 407,716  
                     
    Number of shares outstanding     5,427,795       34,270,579  

    Shareholders’ equity and working capital as at December 31, 2024, includes a fair value of derivative liability of $2,198,121 (2023 – $4,196,125) and would otherwise be $6,819,904 (2023 – $4,603,841) and $6,044,404 (2023 – $3,479,108) respectively.

        2024 Q4     2024 Q3     2023 Q4  
    Revenue   $ 1,613,162     $ 1,885,322     $ 916,299  
    Cost of goods sold(2)   $ (1,397,422 )   $ (1,444,542 )   $ (657,420 )
    Gross profit(3)   $ 215,740     $ 440,780     $ 258,879  
    Gross margin – percentage     13.4 %     23.4 %     28.3 %
    Operating expenses   $ (4,085,766 )   $ (4,125,078 )   $ (3,482,142 )
    Operating income (loss)   $ (3,870,026 )   $ (3,684,298 )   $ (3,223,263 )
    Operating loss per share – basic   $ (0.91 )   $ (1.10 )   $ (1.95 )
    Operating loss per share – diluted   $ (0.91 )   $ (1.10 )   $ (1.95 )
    Other income (expense)   $ (851,896 )   $ 3,484,104     $ (965,072 )
    Change in fair value of derivative liability (1)   $ (946,116 )   $ 3,575,559     $ 153,798  
    Other comprehensive income (loss)   $ 5,991     $ (164,355 )   $ (3,461 )
    Comprehensive income (loss)   $ (4,715,931 )   $ (364,549 )   $ (4,191,796 )
    Comprehensive income (loss) per share – basic   $ (1.11 )   $ (0.11 )   $ (2.41 )
    Comprehensive income (loss) per share – diluted   $ (1.11 )   $ (0.11 )   $ (2.41 )

    (1)   Included in other income (expense).
    (2)   Cost of goods sold includes non-cash inventory write downs of $176,422 in Q3 2024 and $167,515 in Q4 2024 and would have been $1,268,120 in Q3 and $1,229,907 in Q4 2024 before these write downs.
    (3)   Gross profit would have been $617,202 in Q3 2024 and $383,255 in Q4 2024 without the write downs in number 2 above.
    (4)   Cost of goods sold includes non-cash inventory write downs of $123,424 in Q4 2023 and would have been $533,996 in Q4 2023 before these write downs.
    (5)   Gross profit would have been $382,303 in Q4 2023 without the write downs in number 4 above.
    (6)   The other income (expense) and comprehensive loss for the fourth quarter of 2024 includes non-cash changes comprised of a fair value derivative liability loss $946,116 and would otherwise be an other income of $94,220 and comprehensive loss of $3,530,780, respectively

    About Draganfly

    Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8) is the creator of quality, cutting-edge drone solutions, software, and AI systems that revolutionize how organizations can do business and service their stakeholders. Recognized as being at the forefront of technology for over 25 years, Draganfly is an award-winning industry leader serving the public safety, agriculture, industrial inspections, security, mapping, and surveying markets. Draganfly is a company driven by passion, ingenuity, and the need to provide efficient solutions and first-class services to its customers around the world with the goal of saving time, money, and lives.

    For more information on Draganfly, please visit us at www.draganfly.com.

    For additional investor information, visit
    CSE
    NASDAQ
    FRANKFURT

    Company Contact
    info@draganfly.com

    Media Contact
    media@draganfly.com

    Note Regarding Non-GAAP Measures

    In this press release, we describe certain income and expense items that are unusual or non-recurring. There are terms not defined by International Financial Reporting Standards (IFRS). Our usage of these terms may vary from the usage adopted by other companies. Specifically, gross profit and gross margin are undefined terms by IFRS that may be referenced herein. We provide this detail so that readers have a better understanding of the significant events and transactions that have had an impact on our results.

    Throughout this release, reference is made to “gross profit,” and “gross margin,” which are non-IFRS measures. Management believes that gross profit, defined as revenue less operating expenses, is a useful supplemental measure of operations. Gross profit helps provide an understanding on the level of costs needed to create revenue. Gross margin illustrates the gross profit as a percentage of revenue. Readers are cautioned that these non-IFRS measures may not be comparable to similar measures used by other companies. Readers are also cautioned not to view these non-IFRS financial measures as an alternative to financial measures calculated in accordance with International Financial Reporting Standards (“IFRS”). For more information with respect to financial measures which have not been defined by GAAP, including reconciliations to the closest comparable GAAP measure, see the “Non-GAAP Measures and Additional GAAP Measures”‎ section of the Company’s most recent MD&A which is available on SEDAR.

    Forward-Looking Statements

    This release contains certain “forward-looking statements” and certain “forward-looking information” as ‎‎defined under applicable securities laws. Forward-looking statements and information can ‎generally be ‎identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, ‎‎“estimate”, ‎‎“anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements ‎and ‎information are based on forecasts of future results, estimates of amounts not yet determinable and ‎‎assumptions that, while believed by management to be reasonable, are inherently subject to significant ‎‎business, economic and competitive uncertainties and contingencies. These statements include, but may ‎‎not be limited to statements regarding‎; the intended use of proceeds from the Company’s US$3.76 million registered direct offering; the shareholder update call and timing thereof. Forward-looking statements and ‎information are subject to ‎various known and ‎‎unknown risks and uncertainties, many of which are beyond ‎the ability of the ‎Company to control or ‎‎predict, that may cause the Company’s actual results, ‎performance or ‎achievements to be materially ‎‎different from those expressed or implied thereby, and are ‎developed ‎based on assumptions about ‎‎such risks, uncertainties and other factors set out here-in, ‎including but not ‎limited to: the potential ‎‎impact of epidemics, pandemics or other public health crises on the Company’s ‎business, ‎operations and financial condition, the ‎‎successful integration of technology, the inherent risks ‎involved in ‎the general securities markets; ‎‎uncertainties relating to the availability and costs of financing ‎needed in ‎the future; the inherent ‎‎uncertainty of cost estimates and the potential for unexpected costs ‎and ‎expenses, currency ‎‎fluctuations; uncertainty regarding the Nasdaq hearing process, regulatory ‎restrictions, liability, competition, loss of key employees and ‎other related risks ‎‎and uncertainties ‎disclosed under the heading “Risk Factors“ in the Company’s most ‎recent filings filed ‎‎with securities ‎regulators in Canada on the SEDAR website at www.sedar.com and with the U.S. ‎‎Securities and ‎Exchange Commission on the EDGAR website at www.sec.gov. The ‎Company undertakes ‎‎no obligation ‎to update forward-looking information except as required by ‎applicable law. Such forward-‎‎looking ‎information represents management’s best judgment based on information currently available. ‎‎No ‎forward-looking statement can be guaranteed and actual future results ‎may vary materially. ‎‎Accordingly, ‎readers are advised not to place undue reliance on forward-looking ‎statements or ‎‎information.‎

    The MIL Network

  • MIL-OSI: YXT.com Reports Full Year 2024 Unaudited Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SUZHOU, China, March 28, 2025 (GLOBE NEWSWIRE) — YXT.com Group Holding Limited (NASDAQ: YXT) (“YXT.com” or the “Company”), a provider of AI-enabled enterprise productivity solutions, today announced its unaudited financial results for the full year ended December 31, 2024 and a US$10 million Share Repurchase Program.

    Financial Highlights for the Full Year of 2024

    • Total revenues were RMB331.2 million (US$45.4 million) for the full year of 2024, compared with RMB424.0 million in the prior year. On the pro forma basis as if the deconsolidation of CEIBS Publishing Group Limited (“CEIBS PG”) occurred as of the beginning of 2022, the pro forma revenues would have been RMB327.9 million (US$44.9 million) for the full year of 2024, compared with RMB324.6 million for the full year of 2023, representing an increase of 1.0%.
    • Gross margin was 61.8% for the full year of 2024, compared with 54.1% in the prior year, representing an increase of 7.7%.
    • Net loss was RMB92.1 million (US$12.6 million), compared with RMB229.8 million in the prior year, representing a decrease of 59.9%.
    • Number of subscription customers was 2,405 as of December 31, 2024, compared with 3,230 as of December 31, 2023. After adjusting for the deconsolidation of CEIBS PG, which accounted for 686 customers, the net change of 139 customers reflects the Company’s strategic shift toward large enterprise accounts with consistent demand for corporate learning solutions, and reflects a planned reduction of small and medium-sized customers from the Company’s portfolio.
    • Net revenue retention rates of subscription customers remained stable at 100.9%, compared with 101.4% in the prior year.

    Mr. Peter Lu, Director, Founder and Chairman of the Board of YXT.com, commented, “The rapid development of AI has created tremendous opportunities for our company, allowing us to successfully transform from digital learning to intelligent learning and expand our offerings into talent management. In 2024, our AI initiatives delivered tangible results in cost reduction and efficiency improvement, significantly narrowing our losses while enhancing value for both customers and shareholders. Our three new AI-powered business lines have already entered customer validation phase and will soon be brought to market, further expanding our business portfolio. As we execute our global expansion strategy this year, YXT.com is positioned at the forefront of the AI-driven industry transformation, ready to create sustainable value for our customers and investors alike.”

    Mr. Pun Leung Liu, Chief Financial Officer of YXT.com, added, “Our financial results for the full year of 2024 demonstrate the effectiveness of our operational optimization initiatives. Through strategic cost management and AI-enabled operational improvements across our business, we significantly narrowed our net loss to RMB92.1 million from RMB229.8 million. We remain committed to disciplined cost control while continuing to invest in strategic areas that drive long-term growth, particularly our technology capabilities and enterprise-focused solutions. With a healthy balance sheet and solid development strategy, we believe we are well-positioned to create long-term value for our shareholders.”

    Financial Results for the Full Year of 2024

    Revenues

    Revenues were RMB331.2 million (US$45.4 million), compared with RMB424.0 million in the prior year, representing a decrease of 21.9%. On the pro forma basis as if the deconsolidation of CEIBS PG occurred as of the beginning of 2022, the pro forma revenues would have been RMB327.9 million (US$44.9 million) for the full year of 2024, compared with RMB324.6 million for the full year of 2023, representing an increase of 1.0%.

    • Revenues from corporate learning solutions were RMB325.6 million (US$44.6 million), compared with RMB411.8 million in the prior year.
      • Revenues from subscription based corporate learning solutions were RMB301.8 million (US$41.3 million), compared with RMB347.8 million in the prior year. The change was primarily due to (i) the deconsolidation of CEIBS PG starting from January 15, 2024, resulting in a decrease of RMB64.9 million; and (ii) the strategic suspension of certain ancillary online teaching tools. This was partially offset by an RMB18.9 million increase driven by the Company’s updated business expansion strategy of focusing on large enterprise subscription customers with strong and steady demand for corporate learning solutions.
      • Revenues from non-subscription based corporate learning solutions were RMB23.8 million (US$3.3 million), compared with RMB64.0 million in the prior year. The change was primarily due to (i) the deconsolidation of CEIBS PG starting from January 15, 2024, resulting in a decrease of RMB31.2 million; and (ii) reduced offline activities reflecting the Company’s strategic shift towards subscription-based corporate learning solutions.
    • Revenues from others were RMB5.6 million (US$0.8 million), compared with RMB12.2 million in the prior year. The change primarily reflects fewer customized software projects completed in 2024, aligning with the Company’s new strategic focus.

    Cost of revenues

    Cost of revenues was RMB126.5 million (US$17.3 million), compared with RMB194.5 million in the prior year, representing a decrease of 34.9%. This was mainly due to (i) the deconsolidation of CEIBS PG starting from January 15, 2024, resulting in a decrease of RMB44.5 million; and (ii) cost reductions resulting from operational adjustments. Improved cost efficiencies were achieved through lower instructor compensation costs stemming from reduced offline activities, aligning with the Company’s strategic shift towards subscription-based corporate learning solutions, as well as through continuous efforts in optimizing human resources and effectively managing expenses.

    Gross margin

    Gross margin was 61.8%, compared with 54.1% in the prior year, representing an increase of 7.7%. This was mainly due to the Company’s new strategic focus on large enterprise subscription customers and ongoing cost optimization efforts.

    Sales and marketing expenses

    Sales and marketing expenses were RMB144.2 million (US$19.8 million), compared with RMB244.4 million in the prior year, representing a decrease of 41.0%. This was mainly due to (i) the deconsolidation of CEIBS PG starting from January 15, 2024, resulting in a decrease of RMB62.7 million; and (ii) decreases in compensation paid to sales and marketing staff due to the Company’s efforts in optimizing its human resources.

    Research and development expenses

    Research and development expenses were RMB116.1 million (US$15.9 million), compared with RMB176.5 million in the prior year, representing a decrease of 34.2%. This was mainly due to (i) the deconsolidation of CEIBS PG starting from January 15, 2024, resulting in a decrease of RMB22.5 million; and (ii) decreases in compensation paid to research and development staff due to the Company’s efforts in optimizing its human resources and increasing its research and development efficiency.

    General and administrative expenses

    General and administrative expenses were RMB138.4 million (US$19.0 million), compared with RMB142.9 million in the prior year, representing a decrease of 3.1%. This was mainly due to (i) the deconsolidation of CEIBS PG starting from January 15, 2024, resulting in a decrease of RMB17.3 million; and (ii) a decrease in share-based compensation paid to general and administrative staff due to the completion of the amortization of certain share-based incentives. The decrease was partially offset by one-time IPO-related professional fees and litigation costs occurring in 2024.

    Net loss and adjusted net loss

    Net loss was RMB92.1 million (US$12.6 million), compared with a net loss of RMB229.8 million in the prior year, representing a decrease of 59.9%. Adjusted net loss was RMB199.3 million (US$27.3 million), compared with an adjusted net loss of RMB277.6 million in the prior year, representing a decrease of 28.2%.

    Earnings/(loss) per share

    Basic net income per share was RMB2.90 (US$0.40) and diluted net loss per share was RMB0.55 (US$0.07), compared with basic and diluted net loss per share of RMB4.71 in the prior year. The improvement in basic earnings per share was primarily attributable to (i) the deemed contribution to ordinary shareholders due to modifications and extinguishment of the Company’s convertible redeemable preferred shares on July 1, 2024; and (ii) lower net loss in the full year of 2024 as compared with the prior year. The improvement was partially offset by net accretion on convertible redeemable preferred shares to redemption value in the full year of 2024.

    Recent Development

    On March 27, 2025, the Company has successfully completed a strategic rebranding initiative, adopting the “Radnova” name for its potential international operations. YXT.com operates its business in China through Jiangsu Radnova Intelligence Technology Co., Ltd. (formerly Jiangsu Yunxuetang Network Technology Co., Ltd.). As part of its global expansion, the Company has established a new entity in Singapore to serve as a headquarter for its overseas business to be conducted in the future. This strategic location will enable YXT.com to better serve and expand into international markets. The “Radnova” trademark will be used for the Company’s future international operations, symbolizing its transition from a China-focused e-learning company to a global AI-enabled enterprise productivity solutions provider.

    YXT.com today announced that its board of directors has authorized the Company to adopt a share repurchase program under which the Company may repurchase up to US$10 million of its ordinary shares in the form of American depositary shares (“ADSs”) during a two-year period (the “Share Repurchase Program”).

    The Company’s proposed repurchases, if adopted, may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in derivative transactions, and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The timing, structure and dollar amount of repurchase transactions will be subject to among others, the market conditions, terms to be agreed with the relevant repurchase agent, the trading prices of ADSs, and the Securities and Exchange Commission (the “SEC”) Rule 10b-18 and/or Rule 10b5-1 requirements. The Company’s board of directors will review the Share Repurchase Program periodically, and may authorize adjustment of its terms and size or suspend or discontinue the program. The Company plans to fund repurchases from its existing cash balance.

    Balance Sheet

    As of December 31, 2024, the Company had cash and cash equivalents and restricted cash, short-term investments and long-term bank deposits of RMB418.2 million (US$57.3 million), compared with RMB496.2 million as of December 31, 2023.

    Conference Call Information

    The Company’s management team will hold a conference call at 9:00 P.M. U.S. Eastern Time on Thursday, March 27, 2025 (or 9:00 A.M. Beijing Time on Friday, March 28, 2025) to discuss the financial results. Details for the conference call are as follows:

    All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers and a unique access PIN, which can be used to join the conference call.

    A live and archived webcast of the conference call will be available at the Company’s investor relations website at https://ir.yxt.com/.

    Non-GAAP Financial Measures

    In evaluating our business, we consider and use adjusted net loss as a supplemental non-GAAP measure to review and assess our operating performance. Adjusted net loss is net loss excluding amortization of incremental intangible assets resulting from business combination, gain on deconsolidation of CEIBS PG, share-based compensation, change in fair value of derivative liabilities, net of income taxes, to the extent applicable. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We present the non-GAAP financial measure because it is used by our management to evaluate our operating performance and formulate business plans. We also believe that the use of the non-GAAP measure facilitates investors’ assessment of our operating performance.

    The non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using the non-GAAP financial measure is that it does not reflect all items of income and expense that affect our operations. Further, the non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore its comparability may be limited. We compensate for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.

    Exchange Rate Information

    This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at the rate of RMB7.2993 to US$1.00, the exchange rate on December 31, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred to could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

    Safe Harbor Statements

    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.

    About YXT.com

    YXT.com (NASDAQ: YXT) is a technology company focusing on enterprise productivity solutions. With a mission to “Empower people and organization development through technology,” The Company strives to become the supreme provider in building and boosting enterprise productivity by combining over a decade of experience in tech-enabled talent learning and development and with AI-augmented task copilots and unleashing the power of knowledge and synergy. Since its inception, YXT.com has supported and received recognition from numerous Global and China Fortune 500 companies.

    YXT.com operates its business in China through “Jiangsu Radnova Intelligence Technology Co., Ltd.,” formerly known as “Jiangsu Yunxuetang Network Technology Co., Ltd.”. YXT.com has established an entity in Singapore to serve as a headquarter for its overseas business to be conducted in the future, with the “Radnova” trademark to serve international markets.

    Contact
    Robin Yang
    ICR, LLC
    YXT.IR@icrinc.com
    +1 (646) 405-4883

     
    YXT.COM GROUP HOLDING LIMITED

    UNAUDITED CONSOLIDATED BALANCE SHEETS
    (All amounts in thousands, except for share and per share data, unless otherwise noted)

     
        As of
    December 31,
      As of
    December 31,
        2023   2024
        RMB   RMB   US$
                 
    ASSETS            
    Current assets:            
    Cash and cash equivalents   320,489   417,920   57,255
    Restricted Cash     322   44
    Short-term investments   58,128    
    Accounts receivable, net   32,790   19,386   2,656
    Amounts due from related parties     2,000   274
    Prepaid expenses and other current assets, net   12,028   35,791   4,903
    Total current assets   423,435   475,419   65,132
                 
    Non-current assets:            
    Property, equipment and software, net   23,402   15,175   2,079
    Intangible assets, net   12,720   7,069   968
    Goodwill   164,113   163,837   22,446
    Long-term investments   126,341   114,432   15,677
    Operating lease right-of-use assets, net   34,997   25,655   3,515
    Other non-current assets   22,265   20,349   2,788
    Long-term bank deposits   117,573    
    Total non-current assets   501,411   346,517   47,473
    Total assets   924,846   821,936   112,605
                 
    LIABILITIES, MEZZANINE AND SHAREHOLDERS’ (DEFICIT)/EQUITY            
    Current liabilities            
    Accounts payable   17,855   7,389   1,013
    Amounts due to related parties     2,452   336
    Short-term borrowings   46,800   163,000   22,331
    Deferred revenue, current   188,485   125,428   17,184
    Acquisition consideration payable   14,775   14,775   2,024
    Other payable and accrued liabilities   89,937   72,028   9,867
    Derivative liabilities   100,279    
    Operating lease liabilities, current   15,818   8,966   1,228
    Total current liabilities   473,949   394,038   53,983
                 
    Non-current liabilities            
    Long-term borrowings   219,000   125,500   17,193
    Operating lease liabilities, non-current   20,257   17,458   2,392
    Deferred revenue, non-current   58,952   57,710   7,906
    Total non-current liabilities   298,209   200,668   27,491
    Total liabilities   772,158   594,706   81,474
     
    YXT.COM GROUP HOLDING LIMITED

    UNAUDITED CONSOLIDATED BALANCE SHEETS
    (All amounts in thousands, except for share and per share data, unless otherwise noted)

     
        As of
    December 31,
      As of
    December 31,
        2023   2024
        RMB   RMB   US$
                 
    Mezzanine equity            
    Series A convertible redeemable preferred shares (US$0.0001 par value, 15,040,570 and nil shares authorized, issued and outstanding as of December 31, 2023 and December 31, 2024, respectively)   408,139          
    Series B convertible redeemable preferred shares (US$0.0001 par value, 7,085,330 and nil shares authorized, issued and outstanding as of December 31, 2023 and December 31, 2024, respectively)   199,518          
    Series C convertible redeemable preferred shares (US$0.0001 par value, 23,786,590 and nil shares authorized, issued and outstanding as of December 31, 2023 and December 31, 2024, respectively)   493,788          
    Series D convertible redeemable preferred shares (US$0.0001 par value, 37,152,161 and nil shares authorized, issued and outstanding as of December 31, 2023 and December 31, 2024, respectively)   1,059,434          
    Series E convertible redeemable preferred shares (US$0.0001 par value, 26,417,318 and nil shares authorized, issued and outstanding as of December 31, 2023 and December 31, 2024, respectively)   1,402,802          
    Total mezzanine equity   3,563,681          
                 
    Shareholders’ (deficit)/equity            
    Ordinary shares (US$0.0001 par value 390,518,031 and 500,000,000 shares authorized as of December 31, 2023 and December 31, 2024, respectively; 48,253,425 and 180,226,597 shares issued and outstanding as of December 31, 2023 and December 31, 2024, respectively)   33     129     18  
    Additional paid-in capital   16,671     3,489,553     478,067  
    Statutory reserve   4,322          
    Accumulated other comprehensive income   23,775     25,096     3,438  
    Accumulated deficit   (3,490,681 )   (3,287,548 )   (450,392 )
    Total YXT.COM Group Holding Limited shareholders’ (deficit)/equity   (3,445,880 )   227,230     31,131  
    Non-controlling interests   34,887          
    Total shareholders’ (deficit)/equity   (3,410,993 )   227,230     31,131  
    Total liabilities, mezzanine equity and shareholders’ (deficit)/equity   924,846     821,936     112,605  
     
    YXT.COM GROUP HOLDING LIMITED

    UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
    (All amounts in thousands, except for share and per share data, unless otherwise noted)

     
        Year ended December 31,
        2023   2024
        RMB   RMB   US$
                 
    Revenues:            
    Corporate learning solutions   411,822     325,579     44,604  
    Others   12,194     5,611     769  
    Total revenues   424,016     331,190     45,373  
                 
    Cost of revenues   (194,474 )   (126,522 )   (17,333 )
    Sales and marketing expenses   (244,379 )   (144,217 )   (19,758 )
    Research and development expenses   (176,537 )   (116,105 )   (15,906 )
    General and administrative expenses   (142,852 )   (138,392 )   (18,960 )
    Other operating income   5,629     6,974     955  
    Loss from operations   (328,597 )   (187,072 )   (25,629 )
                 
    Interest and investment income   4,613     6,494     890  
    Interest expense   (4,650 )   (10,699 )   (1,466 )
    Impairment of available‑for‑sale debt securities   (13,144 )   (14,464 )   (1,981 )
    Gain on deconsolidation of CEIBS Publishing Group       78,760     10,790  
    Foreign exchange (loss)/gain, net   (350 )   550     75  
    Change in fair value of derivative liabilities   102,419     34,378     4,710  
    Loss before income tax expense   (239,709 )   (92,053 )   (12,611 )
    Income tax benefit   9,871          
    Net loss   (229,838 )   (92,053 )   (12,611 )
                 
    Net loss attributable to non-controlling interests shareholders   9,383     300     41  
                 
    Net loss attributable to YXT.COM Group Holding Limited   (220,455 )   (91,753 )   (12,570 )
                 
     
    YXT.COM GROUP HOLDING LIMITED

    UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
    (All amounts in thousands, except for share and per share data, unless otherwise noted)

     
        Year ended December 31,
        2023   2024
        RMB   RMB   US$
                 
    Net loss attributable to YXT.COM Group Holding Limited   (220,455 )   (91,753 )   (12,570 )
    Deemed contribution to ordinary shareholders due to modifications and extinguishment on convertible redeemable preferred shares       672,170     92,087  
    Deemed dividend to convertible redeemable preferred share shareholders due to modifications       (5,940 )   (814 )
    Net accretion on convertible redeemable preferred shares to redemption value   (9,452 )   (290,543 )   (39,804 )
    Net (loss)/income attributable to ordinary shareholders of YXT.COM Group Holding Limited   (229,907 )   283,934     38,899  
                 
    Net loss   (229,838 )   (92,053 )   (12,611 )
    Other comprehensive loss            
    Foreign currency translation adjustment, net of tax   2,385     3,742     513  
    Unrealized gain/(loss) on investments in available-for-sale debt securities, net of tax   6,988     (2,421 )   (332 )
                 
    Total comprehensive loss   (220,465 )   (90,732 )   (12,430 )
                 
    Total comprehensive loss attributable to non-controlling interests   9,383     300     41  
                 
    Total comprehensive loss attributable to YXT.COM Group Holding Limited   (211,082 )   (90,432 )   (12,389 )
                 
    Net (loss)/income attributable to ordinary shareholders of YXT.COM Group Holding Limited   (229,907 )   283,934     38,899  
    —Weighted average number of ordinary shares – basic   48,781,392     97,788,561     97,788,561  
    —Weighted average number of ordinary shares – diluted   48,781,392     168,152,425     168,152,425  
                 
    Net (loss)/income per share attributable to ordinary shareholders:            
    —Basic   (4.71 )   2.90     0.40  
    —Diluted   (4.71 )   (0.55 )   (0.07 )
     
    YXT.COM GROUP HOLDING LIMITED

    UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
    (All amounts in thousands, except for share and per share data, unless otherwise noted)

     
        Year ended December 31,
        2023   2024
        RMB   RMB   US$
                 
    Net loss   (229,838 )   (92,053 )   (12,611 )
    Adjustments:            
    Amortization of incremental intangible assets resulting from business combination   16,340          
    Impairment of intangible assets   21,660          
    Gain on deconsolidation of CEIBS Publishing Group       (78,760 )   (10,790 )
    Share-based compensation   26,123     5,879     805  
    Change in fair value of derivative liabilities   (102,419 )   (34,378 )   (4,710 )
    Adjusted loss before income taxes   (268,134 )   (199,312 )   (27,306 )
    Adjusted income taxes   (9,500 )        
    Adjusted net loss   (277,634 )   (199,312 )   (27,306 )

    The MIL Network

  • MIL-OSI: DLC Releases Annual 2024 Results; Achieves Annual Funded Volumes of $67.4 Billion (19% Increase over Prior Year)

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, March 27, 2025 (GLOBE NEWSWIRE) — Dominion Lending Centres Inc. (TSX:DLCG) (“DLCG” or the “Corporation”) is pleased to report its financial results for the three months (“Q4-2024”) and year ended December 31, 2024 (“annual”). For complete information, readers should refer to the annual audited consolidated financial statements and management discussion and analysis which are dated March 27, 2025 and are available on SEDAR+ at www.sedarplus.ca and on the Corporation’s website at www.dlcg.ca. All amounts are presented in Canadian dollars unless otherwise stated.

    DLCG includes the Corporation and its three main subsidiaries: MCC Mortgage Centres Canada Inc. (“MCC”), MA Mortgage Architects Inc. (“MA”), and Newton Connectivity Systems Inc. (“Newton”). The Corporation’s acquisition of all of the series I, class “B” preferred shares (the “Preferred Shares”) completed on December 17, 2024 is referred to herein as the “Preferred Share Acquisition”.

    Gary Mauris, Executive Chairman and CEO, commented, “We are pleased to report annual funded volume growth of 19% over the prior year which helped drive a 23% increase in revenues and a 47% increase in adjusted EBITDA. We are proud of our strong network of franchisees and mortgage professionals and would like to thank them for their continued hard work in 2024. The adoption of our technology connectivity platform ‘Velocity’ was a significant contributor to our success, as was our “Gold Rush” campaign which made it easier for brokers to stay connected with their clients. Looking ahead, we believe we are well-positioned to take advantage of favourable market conditions should interest rates further decline and as a significant number of mortgage renewals are on the horizon.” 

    Q4-2024 and Annual Summary:

    • Q4-2024 funded volumes of $19.6 billion and annual funded volume of $67.4, representing a 38% and 19% increase as compared to 2023, respectively;
    • Q4-2024 revenue of $22.3 million and annual revenue of $76.8 million, representing a 41% and 23% increase compared to 2023, respectively;
    • Q4-2024 adjusted EBITDA of $10.2 million and annual adjusted EBITDA of $36.0 million as compared to $6.5 million in Q4-2023 and $24.4 million in annual 2023.
    • The Corporation’s Q4-2024 net loss of $138.8 million and annual net loss of $126.8 million was primarily due to non-cash finance expense on the Preferred Share liability. The difference between the fair value of consideration granted for the Preferred Share Acquisition and the book value of the Preferred Shares (which were accounted for on an amortized cost basis) was recognized as a loss on acquisition within finance expense on the Preferred Share liability (refer to the Preferred Shares section of the accompanying MD&A); and
    • The Corporation declared a quarterly dividend of $0.03 per class A common share (“Common Share”), resulting in a dividend payment of $1.4 million in Q4-2024.

    Selected Consolidated Financial Summary:
    Below is a summary of our financial results for the three months and year ended December 31, 2024 and for the comparable periods in December 31, 2023.

    (in thousands, except per share and KPIs) Three months ended Dec. 31,
    Year ended Dec. 31,
      2024     2023   Change     2024     2023   Change  
    Revenues $ 22,256   $ 15,758   41 % $ 76,753   $ 62,517   23 %
    Income from operations   8,453     3,914   116 %   29,516     18,311   61 %
    Adjusted EBITDA(1)   10,248     6,507   57 %   35,994     24,420   47 %
    Adjusted EBITDA margin   46 %   41 % 5 %   47 %   39 % 8 %
    Free cash flow attributable to common shareholders(1)   4,354     2,035   114 %   14,884     7,459   100 %
                                     
                                     
    Net (loss) income(2)   (138,755 )   (2,003 ) NMF (5)   (126,768 )   64   NMF (5)
    Adjusted net income(1)   3,021     1,775   70 %   10,813     6,748   60 %
                                     
                                     
    Diluted loss per Common Share(2)   (2.63 )   (0.04 ) NMF (5)   (2.58 )     NMF (5)
    Adjusted diluted earnings per Common Share(1)   0.05     0.04   25 %   0.21     0.14   50 %
    Dividends declared per share $ 0.03   $ 0.03     $ 0.12   $ 0.12    
     
    Funded mortgage volumes(3)   19.6     14.2   38 %   67.4     56.5   19 %
    Number of franchises(4)   514     542   (5 %)   514     542   (5 %)
    Number of brokers(4)   8,663     8,192   6 %   8,663     8,192   6 %
    % of DLCG funded mortgage volumes submitted through Velocity   76 %   65 % 11 %   73 %   63 % 10 %

    (1) Please see the Non-IFRS Financial Performance Measures section of the accompanying MD&A for additional information.
    (2) Net income for the three months and year ended December 31, 2024 includes $144.5 million and $149.1 million of non-cash finance expense on the Preferred Share liability (December 31, 2023 – $1.9 million and $9.9 million expense). Refer to the Preferred Shares section of the accompanying MD&A.
    (3)  Funded mortgage volumes are presented in billions.
    (4)  The number of franchises and brokers are as at the respective period end date (not in thousands).
    (5)  The percentage change is not a meaningful figure.

    During the three months and year ended December 31, 2024, revenues increased over the three months and year ended December 31, 2023 from higher Newton revenues, primarily due to an increase in Velocity adoption and lender contract renewals. In addition, revenue increased from an increase in mortgage brokers under a DLC corporately-owned franchise and from acquired corporately-owned franchises, contributing to higher revenues from brokering of mortgages. Further, our funded mortgage volumes increased during the three months and year ended when compared to 2023’s equivalent periods, which contributed to increased revenues during those periods.

    Income from operations increased from higher revenues but were partly offset by an increase in operating expenses during the three months and year ended December 31, 2024 when compared to the three months and year ended December 31, 2023. The increase in operating expenses is primarily from an increase in general and administrative costs from technology support and licensing costs and from advertising expenses. In addition, direct costs increased from higher franchise recruiting and support costs and share-based payments expense increased from additional RSUs granted in 2024.

    The Corporation’s adjusted net income, adjusted EBITDA, and adjusted EBITDA margins increased during the three months and year ended December 31, 2024 when compared to the three months and year ended December 31, 2023 from an increase in revenue partly offset by an increase in operating expenses. As the Corporation’s operating expenses are largely fixed in nature and are not necessarily proportionate to changes in revenues, an increase in the Corporation’s revenues has a more pronounced impact on adjusted net income, adjusted EBITDA, and adjusted EBITDA margins.

    Net loss increased during the three months and year ended December 31, 2024, compared to the prior year periods. The increase in net loss during the three month and year ended is primarily from finance expense on the Preferred Share liability. The difference between the fair value of the consideration granted for the Preferred Share Acquisition and the book value of the Preferred Shares (which were accounted for on an amortized cost basis) was recognized as a loss on acquisition within finance expense on the Preferred Share liability (refer to the Preferred Shares section of the accompanying MD&A).

    On April 25, 2024, the Corporation disposed of its 52% interest in Cape Communications International Inc. (operating as “Impact”) for cash proceeds of $3.7 million. The proceeds from sale were used to fully repay the Junior Credit Facility. The $0.7 million gain on disposal of an equity-accounted investment for the year ended December 31, 2024 relates to cumulative amounts arising on foreign exchange translation of Impact that were previously recognized in other comprehensive income (loss) and were reclassified to income on the sale of Impact. Other income for the year ended December 31, 2024 includes $1.0 million related to reversal of the liquidation rights liability on the sale of Impact (refer to the Related Party Transactions section of the accompanying MD&A).

    Free cash flow increased during the three months and year ended December 31, 2024, primarily from higher adjusted cash flows from operations from higher income from operations and lower maintenance CAPEX.

    Non-IFRS Financial Performance Measures
    Management presents certain non-IFRS financial performance measures which we use as supplemental indicators of our operating performance. These non-IFRS measures do not have any standardized meaning, and therefore are unlikely to be comparable to the calculation of similar measures used by other companies and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Non-IFRS measures are defined and reconciled to the most directly-comparable IFRS measure. Non-IFRS financial performance measures include adjusted EBITDA, adjusted net income, adjusted earnings per share, and free cash flow. Please see the Non-IFRS Financial Performance Measures section of the Corporation’s MD&A dated March 27, 2025 for further information on key performance indicators. The Corporation’s MD&A is available on SEDAR+ at www.sedarplus.ca.

    The following table reconciles adjusted EBITDA from income before income tax, which is the most directly-comparable measure calculated in accordance with IFRS:

            Three months ended Dec. 31,
        Year ended Dec. 31,
     
    (in thousands)   2024     2023     2024     2023  
    (Loss) income before income tax $ (136,302 ) $ (846 ) $ (119,289 ) $ 4,187  
    Add back:                
    Depreciation and amortization   1,066     939     4,060     3,787  
    Finance expense   552     820     2,624     3,149  
    Finance expense on the Preferred Share liability   144,503     1,931     149,042     9,922  
        9,819     2,844     36,437     21,045  
    Adjustments:                
    Share-based payments expense (recovery)   276     263     807     (70 )
    Promissory note income   (16 )   (35 )   (94 )   (151 )
    Gain on disposal of equity-accounted investment   (16 )       (697 )    
    Non-cash impairment of equity-accounted investments       3,390     198     3,466  
    Other expense (income)(1)   185     45     (657 )   130  
    Adjusted EBITDA(2) $ 10,248   $ 6,507   $ 35,994   $ 24,420  

    (1) Other expense (income) for the three months and year ended December 31, 2024 relates to the reversal of the liquidation rights liability on the sale of Impact (see the Related Party Transactions section of this document), foreign exchange loss, loss on contract settlement, and costs associated with the Preferred Share Acquisition. Other (income) expense for the three months and year ended December 31, 2023 relates to a loss on the disposal of an intangible asset, foreign exchange loss and loss on contract settlement.
    (2) Amortization of franchise rights and relationships of $1.2 million and $5.1 million for the three months and year ended December 31, 2024, respectively (December 31, 2023 – $1.2 million and $4.9 million) is classified as a charge against revenue and has not been added back for adjusted EBITDA.

    The following table reconciles free cash flow from cash flow from operating activities, which is the most directly-comparable measure calculated in accordance with IFRS:

          Three months ended Dec. 31,
        Year ended Dec. 31,
     
    (in thousands)   2024     2023     2024     2023  
    Cash flow from operating activities $ 10,273   $ 3,433   $ 37,202   $ 17,086  
    Changes in non-cash working capital and other non-cash items   (2,000 )   1,426     (4,929 )   4,378  
    Cash provided from operations excluding changes in non-cash working capital and other non-cash items   8,273     4,859     32,273     21,464  
    Adjustments:                
    Distributions from equity-accounted investees       46     285     321  
    Maintenance CAPEX   (580 )   (680 )   (4,929 )   (6,719 )
    Lease payments   (40 )   (126 )   (382 )   (602 )
    Loss on contract settlement   11     9     47     67  
    NCI portion of cash provided from operations excluding changes in non-cash working capital   (285 )       (596 )    
    Other non-cash items(1)   343     (89 )   (545 )   (88 )
        7,722     4,019     26,153     14,443  
    Free cash flow attributable to Preferred Shareholders(2)   (3,368 )   (1,984 )   (11,269 )   (6,984 )
    Free cash flow attributable to common shareholders $ 4,354   $ 2,035   $ 14,884   $ 7,459  

    (1) Other non-cash items for the three months and year ended December 31, 2024 relates to the reversal of the liquidation rights liability on the sale of Impact (see the Related Party Transactions section of the accompanying MD&A), share-based payments on PSO plan and promissory note income. The three months and year ended December 31, 2023 includes losses on disposal of an intangible asset.
    (2) Free cash flow attributable to the Preferred Shareholders is determined based on free cash flow of the Core Business Operations (as defined in the Preferred Shares section of the accompanying MD&A).

    The following table reconciles adjusted net income from net income, which is the most directly-comparable measure calculated in accordance with IFRS:

            Three months ended Dec. 31,     Year ended Dec. 31,
     
    (in thousands)   2024     2023     2024     2023  
    Net (loss) income $ (138,755 ) $ (2,003 ) $ (126,768 ) $ 64  
    Adjustments:                
    Gain on sale of an equity-accounted investment   (16 )       (697 )    
    Non-cash impairment of equity-accounted investments       3,390     198     3,466  
    Finance expense on the Preferred Share liability(1)   144,503     1,931     149,042     9,922  
    Promissory note interest income   (16 )   (35 )   (94 )   (151 )
    Other expense (income)(2)   185     45     (657 )   130  
    Income tax effects of adjusting items   (43 )   (3 )   (72 )   (7 )
        5,858     3,325     20,952     13,424  
    Income attributable to Preferred Shareholders(3)   (2,837 )   (1,550 )   (10,139 )   (6,676 )
    Adjusted net income   3,021     1,775     10,813     6,748  
    Adjusted net income attributable to common shareholders   2,796     1,770     10,451     6,727  
    Adjusted net income attributable to non-controlling interest   225     5     362     21  
    Diluted adjusted earnings per Common Share $ 0.05   $ 0.04   $ 0.21   $ 0.14  

    (1) The Preferred Share liability is revalued at the end of each reporting period to reflect our most recent outlook and forecast. Refer to the Preferred Shares section of the accompanying MD&A.
    (2) Other expense (income) for the three months and year ended December 31, 2024 relates to the reversal of the liquidation rights liability on the sale of Impact (see the Related Party Transactions section of the accompanying MD&A), foreign exchange loss, loss on contract settlement and costs associated with the Preferred Share Acquisition. Other expense for the three months and year ended December 31, 2023 relates to a loss on the disposal of intangible assets.
    (3) Adjusted net income attributable to the Preferred Shareholders is determined based on adjusted net income of the Core Business Operations (as defined in the Preferred Shares section of the accompanying MD&A).

    Forward-Looking Information
    Certain statements in this document constitute forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as “anticipate,” “believe,” “estimate,” “will,” “expect,” “plan,” or similar words suggesting future outcomes or outlooks. Forward-looking information in this document includes, but is not limited to, our anticipation of further interest rate reductions and expected record amount of mortgage renewals.

    Such forward-looking information is based on many estimates and assumptions, including material estimates and assumptions, related to the following factors below that, while considered reasonable by the Corporation as at the date of this press release considering management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to:

    • Changes in interest rates;
    • The DLC Group’s ability to maintain its existing number of franchisees and add additional franchisees;
    • Changes in overall demand for Canadian real estate (via factors such as immigration);
    • Changes in overall supply for Canadian real estate (via factors such as new housing-start levels);
    • At what period in time the Canadian real estate market stabilizes;
    • Changes in Canadian mortgage lending and mortgage brokerage laws and regulations;
    • Changes in the Canadian mortgage lending marketplace;
    • Changes in the fees paid for mortgage brokerage services in Canada; and
    • Demand for the Corporation’s products remaining consistent with historical demand.

    Many of these uncertainties and contingencies may affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All forward-looking statements made in this document are qualified by these cautionary statements. The foregoing list of risks is not exhaustive. The forward-looking information contained in this document is made as of the date hereof and, except as required by applicable securities laws, we undertake no obligation to update publicly or revise any forward-looking statements or information, whether because of new information, future events or otherwise.

    About Dominion Lending Centres Inc.
    Dominion Lending Centres Inc. is Canada’s leading network of mortgage professionals. DLCG operates through Dominion Lending Centres Inc. and its three main subsidiaries, MCC Mortgage Centre Canada Inc., MA Mortgage Architects Inc. and Newton Connectivity Systems Inc., and has operations across Canada. DLCG extensive network includes over 8,500 agents and over 500 locations. Headquartered in British Columbia, DLC was founded in 2006 by Gary Mauris and Chris Kayat.

    DLCG can be found on X (Twitter), Facebook and Instagram and LinkedIn @DLCGmortgage and on the web at www.dlcg.ca

    Contact information for the Corporation is as follows:

    Eddy Cocciollo
    President
    647-403-7320
    eddy@dlc.ca
    James Bell
    EVP, Corporate and Chief Legal Officer
    403-560-0821
    jbell@dlcg.ca
     
         

    NEITHER THE TSX EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

    The MIL Network

  • MIL-OSI: Abacus Global Management Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    – Delivered Record Full Year Revenue and Growth While Executing on Strategic Acquisitions and Initiatives –

    – Fourth Quarter 2024 Total Revenue Grows 40% Year-over-Year to $33.2 Million –

    – Full-Year Policy Originations Grow 63% to 1,034 –

    Initiating Full Year 2025 Outlook for Adjusted Net Income Between $70 and $78 Million –

    ORLANDO, Fla., March 27, 2025 (GLOBE NEWSWIRE) — Abacus Global Management (“Abacus” or the “Company”) (NASDAQ: ABL), a leader in the alternative asset management space, today reported results for the fourth quarter ended December 31, 2024.

    “We concluded 2024 with another solid quarter of profitable growth and significant milestones, capping off a record year for Abacus. In addition to our strong financial results, we undertook meaningful strategic initiatives that have significantly expanded our business. Over the past 12 months, we strengthened our executive team through key hires, successfully raised substantial equity capital to fuel our growth initiatives, secured significant debt financing to optimize our capital structure, completed two strategic acquisitions that expanded our capabilities and market reach, and dramatically grew both the scope and scale of our operations across multiple business lines and geographies.”

    “Subsequent to year-end, in early March, we successfully rebranded to Abacus Global Management, which better reflects our evolution and global market presence. As we look ahead, we’re off to a strong start in 2025 – expecting to once again grow our adjusted net income for the full year by over 50%. We remain very excited about our vast market opportunity and are well positioned to capitalize on our momentum to drive long-term growth and create shareholder value.”

    Fourth Quarter 2024 Highlights

    • Total revenue for the fourth quarter of 2024 grew 40% to $33.2 million, compared to $23.6 million in the prior-year period. The increase was primarily driven by higher active management revenue, increased capital deployed and more policies sold directly to third parties.
    • Origination capital deployment for the fourth quarter of 2024 increased 41% to $96.6 million, compared to $68.3 million in the prior-year period; number of policy originations for the fourth quarter of 2024 was 214.
    • GAAP net loss attributable to shareholders for the fourth quarter of 2024 was $18.3 million, compared to net loss of $6.2 million in the prior-year period, primarily driven by an $18.6 million increase in non-cash expenses related to employee stock compensation, as well as non-recurring acquisition-related costs and higher interest expense.
    • Adjusted net income (a non-GAAP financial measure) for the fourth quarter of 2024 more than doubled to $13.4 million, compared to $5.9 million in the prior-year period.
    • Adjusted EBITDA (a non-GAAP financial measure) for the fourth quarter of 2024 grew 51% to $16.6 million, compared to $11.1 million in the prior-year period. Adjusted EBITDA margin (a non-GAAP financial measure) for the fourth quarter of 2024 was 50.0%, compared to 46.7% in the prior-year period.
    • Annualized return on invested capital (ROIC) (a non-GAAP financial measure) for the fourth quarter of 2024 was 11%.
    • Annualized Return on equity (ROE) (a non-GAAP financial measure) for the fourth quarter of 2024 was 13%.

    Full Year 2024 Results

    • Full year 2024 total revenues grew 69% to $111.9 million, compared to $66.4 million in the prior year, primarily driven by higher active management revenue, increased capital deployed and more policies sold directly to third parties.
    • Originations capital deployment for the full year 2024 was $327.8 million, an increase of 50% from the prior year; number of policy originations grew 63% to 1,034, compared to 633 in the prior year.
    • GAAP net loss attributable to shareholders for the full year 2024 was $24.0 million, compared to net GAAP income of $9.5 million in the prior year.
    • Adjusted net income (a non-GAAP financial measure) for the full year 2024 increased 58% to $46.5 million, compared to $29.4 million in the prior year, primarily due to increases in non-cash stock-based compensation and related tax effect, acquisition-related costs, and acquired intangible asset amortizations.
    • Adjusted EBITDA for the full year 2024 grew 57% to $61.6 million, compared to $39.3 million in the prior year. Adjusted EBITDA margin (a non-GAAP measure) for the full year 2024 was 55.0%, compared to 59.2% in the prior year.
    • Return on invested capital (ROIC) (a non-GAAP measure defined below) for the full year 2024 was 15%.
    • Return on equity (ROE) (a non-GAAP measure defined below) for the full year 2024 was 17%.

    Liquidity and Capital

    As of December 31, 2024, the Company had cash and cash equivalents of $128.8 million, balance sheet policy assets of $371.4 million and outstanding long-term debt of $342.4 million.

    2025 Outlook

    The company is initiating its full year 2025 outlook for Adjusted net income to be between $70 million and $78 million. The range implies growth of between 51% to 68% compared to full year 2024 Adjusted net income of $46.5 million.

    The Company is unable to provide a comparable outlook for, or a reconciliation to net income because it cannot provide a meaningful or accurate calculation or estimation of certain reconciling items without unreasonable effort. Its inability to do so is due to the inherent difficulty in forecasting the timing of items that have not yet occurred and quantifying certain amounts that are necessary for such reconciliation, including variations in effective tax rate, expenses to be incurred for acquisition activities, and other one-time or exceptional items.

    For a definition of Adjusted net income, see “Non-GAAP Financial Information” below.

    Webcast and Conference Call

    A webcast and conference call to discuss the Company’s results will be held today beginning at 5:00 p.m. (Eastern Time). A live webcast of the conference call will be available on Abacus’ investor relations website at ir.abacusgm.com. The dial-in number for the conference call is (877) 407-9716 (toll-free) or (201) 493-6779 (international). Please dial the number 10 minutes prior to the scheduled start time.

    A webcast replay of the call will be available at ir.abacusgm.com for one year following the call.

    Non-GAAP Financial Information

    Adjusted Net Income, a non-GAAP financial measure, is defined as net income (loss) attributable to Abacus adjusted for non-controlling interest income, amortization, change in fair value of warrants and non-cash stock-based compensation and the related tax effect of those adjustments. Management believes that Adjusted Net Income is an appropriate measure of operating performance because it eliminates the impact of expenses that do not relate to business performance. A reconciliation of Adjusted Net Income to Net income attributable to Abacus, the most directly comparable GAAP measure, appears below.

    Adjusted EBITDA, a non-GAAP financial measure, is defined as net income (loss) attributable to Abacus adjusted for depreciation expense, amortization, interest expense, income tax and other non-cash and certain non-recurring items that in our judgement significantly impact the period-over-period assessment of performance and operating results that do not directly relate to business performance within Abacus’ control. A reconciliation of Adjusted EBITDA to Net income attributable to Abacus Global Management, the most directly comparable GAAP measure, appears below.

    Adjusted EBITDA margin, a non-GAAP financial measure, is defined as Adjusted EBITDA divided by Total revenues. A reconciliation of Adjusted EBITDA margin to Net income margin, the most directly comparable GAAP measure, appears below.

    Annualized return on invested capital (ROIC), a non-GAAP financial measure, is defined as Adjusted net income for the quarter divided by the result of Total Assets less Intangible assets, net, Goodwill and Current Liabilities multiplied by four. ROIC is not a measure of financial performance under GAAP. We believe ROIC should be considered in addition to, not as a substitute for, operating income or loss, net income or loss, cash flows provided by or used in operating, investing and financing activities or other income statement or cash flow statement line items reported in accordance with GAAP.

    Annualized return on equity (ROE), a non-GAAP financial measure, is defined as Adjusted net income divided by total shareholder equity multiplied by four. ROE is not a measure of financial performance under GAAP. We believe ROE should be considered in addition to, not as a substitute for, operating income or loss, net income or loss, cash flows provided by or used in operating, investing and financing activities or other income statement or cash flow statement line items reported in accordance with GAAP. The below table presents our calculation of ROE.

    Forward-Looking Statements

    All statements in this press release (and oral statements made regarding the subjects of this press release) other than historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of Abacus. Forward-looking information includes but is not limited to statements regarding: Abacus’s financial and operational outlook; Abacus’s operational and financial strategies, including planned growth initiatives and the benefits thereof, Abacus’s ability to successfully effect those strategies, and the expected results therefrom. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “expect,” “intend,” “anticipate,” “goals,” “prospects,” “will,” “would,” “will continue,” “will likely result,” and similar expressions (including the negative versions of such words or expressions).

    While Abacus believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: the fact that Abacus’s loss reserves are bases on estimates and may be inadequate to cover its actual losses; the failure to properly price Abacus’s insurance policies; the geographic concentration of Abacus’s business; the cyclical nature of Abacus’s industry; the impact of regulation on Abacus’s business; the effects of competition on Abacus’s business; the failure of Abacus’s relationships with independent agencies; the failure to meet Abacus’s investment objectives; the inability to raise capital on favorable terms or at all; the effects of acts of terrorism; and the effectiveness of Abacus’s control environment, including the identification of control deficiencies.

    These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties set forth in documents filed by Abacus with the U.S. Securities and Exchange Commission from time to time, including the Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and subsequent periodic reports. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Abacus cautions you not to place undue reliance on the forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Abacus assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Abacus does not give any assurance that it will achieve its expectations.

    About Abacus Global Management

    Abacus Global Management (NASDAQ: ABL) is a leading financial services company specializing in alternative asset management, data-driven wealth solutions, technology innovations, and institutional services. With a focus on longevity-based assets and personalized financial planning, Abacus leverages proprietary data analytics and decades of industry expertise to deliver innovative solutions that optimize financial outcomes for individuals and institutions worldwide.

    Contacts :

    Investor Relations

    Robert F. Phillips – SVP Investor Relations and Corporate Affairs
    rob@abacusgm.com
    (321) 290-1198

    David Jackson – IR/Capital Markets Associate
    david@abacusgm.com
    (321) 299-0716

    Abacus Global Management Public Relations
    press@abacusgm.com

     
    ABACUS GLOBAL MANAGEMENT, INC. CONSOLIDATED BALANCE SHEET
         
      December 31, December 31,
        2024     2023  
    ASSETS    
    CURRENT ASSETS:    
    Cash and cash equivalents $ 131,944,282   $ 25,588,668  
    Equity securities, at fair value       2,252,891  
    Accounts receivable   15,785,531     2,149,111  
    Accounts receivable, related party   7,113,369     79,509  
    Due from affiliates   1,527,062     1,007,528  
    Other receivables        
    Income taxes receivable   2,099,673      
    Prepaid expenses and other current assets   1,094,729     699,127  
    Total current assets   159,564,646     31,776,834  
         
    Property and equipment, net   1,025,066     400,720  
    Intangible assets, net   79,786,793     29,623,130  
    Goodwill   238,296,200     140,287,000  
    Operating right-of-use assets   4,722,573     1,893,659  
    Life settlement policies, at cost   1,083,977     1,697,178  
    Life settlement policies, at fair value   370,398,447     122,296,559  
    Noncurrent management and performance fee receivable, related party   13,379,301      
    Available-for-sale securities, at fair value   2,205,904     1,105,935  
    Other investments, at cost   1,850,000     1,650,000  
    Other assets   1,851,845     998,945  
    Equity securities, at fair value       96,107  
    TOTAL ASSETS $ 874,164,752   $ 331,826,067  
         
    LIABILITIES AND STOCKHOLDERS’ EQUITY    
    CURRENT LIABILITIES:    
    Current portion of long-term debt, at fair value $ 37,430,336   $ 13,029,632  
    Current portion of long-term debt   1,000,000      
    Accrued expenses   6,139,472     4,354,225  
    Operating lease liabilities   515,597     118,058  
    Due to affiliates       5,236  
    Due to former members       1,159,712  
    Contract liabilities, deposits on pending settlements   2,473,543     507,000  
    Accrued transaction costs   483,206      
    Other current liabilities   14,423,925     3,400,734  
    Income taxes payable       751,734  
    Total current liabilities   62,466,079     23,326,331  
         
    Long-term debt, net   224,742,029     33,818,090  
    Long-term debt, at fair value, net   105,120,100     55,318,923  
    Long-term debt, related party   12,525,635     37,653,869  
    Noncurrent retrocession fee payables   5,312,214      
    Operating lease liabilities   4,580,158     1,796,727  
    Deferred tax liability   26,778,865     9,199,091  
    Warrant liability   9,345,000     6,642,960  
    TOTAL LIABILITIES   450,870,080     167,755,991  
         
    COMMITMENTS AND CONTINGENCIES    
    Preferred stock, $0.0001 par value; 1,000,000 authorized shares authorized; none issued or outstanding        
    Class A common stock, $0.0001 par value; 200,000,000 authorized shares; 96,731,194 and 63,388,823 shares issued at December 31, 2024 and 2023, respectively   10,133     6,339  
    Treasury stock – at cost; 1,048,226 and 146,650 shares repurchased at December 31, 2024 and 2023, respectively   (12,025,137 )   (1,283,062 )
    Additional paid-in capital   494,064,113     199,826,278  
    Accumulated deficit   (57,896,606 )   (34,726,135 )
    Accumulated other comprehensive income       108,373  
    Non-controlling interest   (857,831 )   138,283  
    Total stockholders’ equity   423,294,672     164,070,076  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 874,164,752   $ 331,826,067  
         
    ABACUS GLOBAL MANAGEMENT, INC. CONSOLIDATED STATEMENT OF OPERATIONS
               
      Three Months Ended December 31,   Years Ended December 31,
        2024     2023       2024     2023  
    REVENUES:          
    Active management $ 29,041,030   $ 21,274,316     $ 102,819,361   $ 61,195,377  
    Origination fees   1,062,910     2,233,683       5,457,147     4,203,900  
    Asset management fees   2,841,481           2,841,481      
    Portfolio servicing fees   232,960     187,548       772,169     1,002,174  
    Technology services   33,628           33,628      
    Total revenues   33,212,009     23,695,547       111,923,786     66,401,451  
    COST OF REVENUES (excluding depreciation and amortization stated below):        
    Cost of revenue (including stock-based compensation)   3,719,321     1,570,994       11,371,733     6,390,921  
    Related party cost of revenue       91,476           99,456  
    Cost of revenue (including stock-based compensation)   3,719,321     1,662,470       11,371,733     6,490,377  
    Gross Profit   29,492,688     22,033,077       100,552,053     59,911,074  
    OPERATING EXPENSES:          
    Sales and marketing   2,411,442     1,788,748       9,063,384     4,905,747  
    General and administrative (including stock-based compensation)   40,338,172     15,369,189       81,734,518     26,482,571  
    Loss on change in fair value of debt   799,024     2,046,193       4,835,351     2,356,058  
    Unrealized loss (gain) on investments   1,458,173     (877,754 )     238,012     (1,369,112 )
    Realized gain on investments   (1,484,322 )         (2,341,066 )    
    Depreciation and amortization expense   2,732,373     1,712,934       7,910,158     3,409,928  
    Total operating expenses   46,254,862     20,039,310       101,440,357     35,785,192  
    Operating (loss) income   (16,762,174 )   1,993,767       (888,304 )   24,125,882  
    OTHER INCOME (EXPENSE):          
    Loss on change in fair value of warrant liability   5,785,000     (3,260,960 )     (2,702,040 )   (4,204,360 )
    Interest (expense)   (5,861,740 )   (6,246,126 )     (18,279,686 )   (9,866,821 )
    Interest income   727,863     523,481       2,398,691     594,764  
    Other income (expense)   (94,570 )   (144,879 )     38,040     (146,443 )
    Total other income (expense)   556,553     (9,128,484 )     (18,544,995 )   (13,622,860 )
    Net (loss) income before provision for income taxes   (16,205,621 )   (7,134,717 )     (19,433,299 )   10,503,022  
    Income tax expense   2,803,883     (769,885 )     5,484,738     1,468,535  
    NET (LOSS) INCOME   (19,009,504 )   (6,364,832 )     (24,918,037 )   9,034,487  
    LESS: NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST   (752,271 )   (142,447 )     (956,987 )   (482,139 )
    NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (18,257,233 ) $ (6,222,385 )   $ (23,961,050 ) $ 9,516,626  
               
    (LOSS) EARNINGS PER SHARE:          
    (Loss) earnings per share—basic $ (0.22 ) $ (0.10 )   $ (0.34 ) $ 0.17  
    (Loss) earnings per share—diluted $ (0.22 ) $ (0.10 )   $ (0.34 ) $ 0.16  
               
    Weighted-average stock outstanding—basic [1]   81,784,013     63,352,743       70,761,830     56,951,414  
    Weighted-average stock outstanding—diluted [1]   81,784,013     64,169,227       70,761,830     57,767,898  
               
    [1] The 2023 number of shares outstanding and their par value have been retrospectively recast for all prior periods presented to reflect the par value of the outstanding stock of Abacus Life, Inc. as a result of the Business Combination.
               
    ABACUS GLOBAL MANAGEMENT, INC. ADJUSTED NET INCOME AND ADJUSTED EPS
               
        Full Year Full Year For the three months ended
          2024     2023   12/31/2024 12/31/2023
    Adjusted Net Income and Adjusted EPS          
    Net income attributable to Abacus Life, Inc.   $ (23,961,050 ) $ 9,516,626   $ (18,257,233 ) $ (6,222,383 )
    Net income attributable to non-controlling interests     (956,987 )   (482,139 )   (752,271 )   (142,447 )
    Depreciation and Amortization expense     7,748,269     3,364,167     2,676,144     1,682,084  
    Stock compensation expense     43,435,215     10,768,024     24,760,007     6,184,392  
    Business Acquisition Accounting expenses     8,403,065         5,129,947      
    Change in fair value of warrant liability     2,702,040     4,204,360     (5,785,000 )   3,260,960  
    Tax impact of executive RSUs     9,151,161     2,069,993     5,632,379     1,161,722  
    Adjusted Net Income   $ 46,521,713   $ 29,441,031   $ 13,403,973   $ 5,924,328  
               
    Weighted-average shares of Class A common stock outstanding     70,761,830     56,951,414     81,784,013     64,169,227  
    Adjusted EPS   $ 0.66   $ 0.52   $ 0.16   $ 0.09  
               
               
    ABACUS GLOBAL MANAGEMENT, INC. ADJUSTED EBITDA
               
        Full Year Full Year For the three months ended
    Adjusted EBITDA     2024     2023   12/31/2024 12/31/2023
    Net income   $ (24,918,037 ) $ 9,034,487   $ (19,009,504 ) $ (6,364,830 )
    Depreciation and Amortization     7,910,159     3,409,928     2,732,374     1,712,934  
    Interest expense     18,279,686     9,866,821     5,861,740     6,246,126  
    Interest income     (2,398,691 )   (594,764 )   (727,863 )   (523,481 )
    Income Tax     5,484,738     1,468,535     2,803,883     (769,884 )
    Stock compensation     43,435,215     10,768,024     24,760,007     6,184,392  
    Other (Income) / Expenses     (38,040 )   146,443     94,570     144,878  
    Change in fair value of warrant liability     2,702,040     4,204,360     (5,785,000 )   3,260,960  
    Business Acquisition expenses     8,403,065         5,129,947      
    Change in fair value of debt     4,835,351     2,356,058     799,024     2,046,193  
    Realized and Unrealized loss / (gain) on investments     (2,103,054 )   (1,369,112 )   (26,149 )   (877,756 )
    Adjusted EBITDA   $ 61,592,432   $ 39,290,780   $ 16,633,029   $ 11,059,532  
               
    Revenue   $ 111,923,786   $ 66,401,451   $ 33,212,009   $ 23,695,547  
               
    Adjusted EBITDA Margin     55 %   59 %   50 %   47 %
    Net (Loss) Income Margin     -22 %   14 %   -57 %   -27 %
               
    ABACUS GLOBAL MANAGEMENT, INC. ADJUSTED RETURN ON INVESTED CAPITAL (ROIC)  
                   
        For the 3 mo period
    ended
    YTD   For the 3 mo period
    ended
    YTD  
        9/30/2024 9/30/2024   12/31/2024 12/31/2024  
    Total Assets   $ 477,309,168   $ 477,309,168     $ 874,164,752   $ 553,012,056   (1)
    Less:              
    Intangible assets, net     (24,653,141 )   (24,653,141 )     (79,786,793 )   (39,710,021 ) (1)
    Goodwill     (139,930,190 )   (139,930,190 )     (238,296,200 )   (164,610,895 ) (1)
    Total current liabilities     (23,862,348 )   (23,862,348 )     (62,466,079 )   (41,386,709 ) (1)
    Total Invested Capital   $ 288,863,489   $ 288,863,489     $ 493,615,680   $ 307,304,431    
                   
    Adjusted Net Income   $ 14,879,252   $ 33,322,456     $ 13,403,973   $ 46,521,713    
    Adjusted Annualized ROIC     21 %   15 %     11 %   15 %  
                   
    Note:              
    (1) Weighted Average for the full year.              
                   
                   
    ABACUS GLOBAL MANAGEMENT, INC. ADJUSTED RETURN ON EQUITY (ROE)  
                   
        For the 3 mo period
    ended
    YTD   For the 3 mo period
    ended
    YTD  
        9/30/2024 9/30/2024   12/31/2024 12/31/2024  
    Total stockholders’ equity   $ 257,939,628   $ 257,939,628     $ 423,294,672   $ 275,856,140   (1)
                   
    Adjusted Net Income   $ 14,879,252   $ 33,322,456     $ 13,403,973   $ 46,521,713    
    Adjusted Annualized ROE     23 %   17 %     13 %   17 %  
                   
    Note:              
    (1) Weighted Average for the full year            

    The MIL Network

  • MIL-OSI: CEA Industries Inc. Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Louisville, Colorado, March 27, 2025 (GLOBE NEWSWIRE) — CEA Industries Inc. (NASDAQ: CEAD, CEADW) (“CEA Industries” or the “Company”), is reporting results for the three and twelve months ended December 31, 2024.

    Fourth Quarter 2024 Financial Summary (in $ thousands, excl. margin items):

        Q4 2024

    (unaudited)

        Q3 2024

    (unaudited)

        Q4 2023

    (unaudited)

     
    Revenue   $ 417     $ 391     $ 251  
    Gross Profit (Loss)   $ (175 )   $ (70 )   $ (286 )
    Operating Expenses   $ 850     $ 677     $ 709  
    Net Income/(Loss)   $ (1,019 )   $ (740 )   $ (988 )


    Full Year 2024 Financial Summary
    (in $ thousands, excl. margin items):

        FY 2024     FY 2023  
    Revenue   $ 2,803     $ 6,911  
    Gross Profit (Loss)   $ (220 )   $ 542  
    Operating Expenses   $ 2,952     $ 3,495  
    Net Income/(Loss)   $ (3,146 )   $ (2,912 )

    “We continue to maintain the lean cost structure we implemented last year, with a focus on expense reduction and capital preservation as we work through our remaining backlog of Controlled Environment Agriculture related work,” said Tony McDonald, Chairman and CEO of CEA Industries. “To demonstrate our commitment to shareholders, throughout 2024 we reduced headcount, eliminated product development costs, and brought down business development expenses to help preserve our balance sheet. These efforts enabled us to reduce operating expenses by approximately 16% in 2024 compared to the prior year.

    “As we announced last month, we recently signed an agreement to acquire Fat Panda, a Winnipeg, Canada based retailer and manufacturer of e-cigarettes, vape devices and e-liquids with a substantial market share in the mid-western province region. Fat Panda’s strong retail footprint, vertically integrated operations, and consistent profitability align well with our strategic objectives. By combining our expertise and resources, we aim to accelerate Fat Panda’s expansion, drive operational efficiencies, and enhance long-term value creation for our shareholders. We look forward to providing further updates following the prospective close of the transaction in the coming months.”

    Fourth Quarter 2024 Financial Results

    Revenue in the fourth quarter of 2024 increased to $0.4 million compared to $0.3 million for the same period in 2023. The increase was primarily attributed to greater revenue recognition as the Company worked through its backlog.

    Net bookings in the fourth quarter of 2024 increased to $0.5 million compared to $0.1 million in the year-ago period. The Company’s quarter-end backlog also increased to $0.5 million compared to $0.4 million for the same period in 2023. The increase in the Company’s net bookings and backlog was primarily attributed to an equipment order of approximately $400,000.

    Gross loss in the fourth quarter of 2024 reflected an improvement to $0.2 million compared to $0.3 million for the same period in 2023. The improvement in gross profit was primarily driven by a reduction in variable costs as a percentage of revenue. Variable costs include the cost of equipment, outside engineering, shipping and handling, travel and warranty.

    Operating expenses in the fourth quarter of 2024 were $0.8 million compared to $0.7 million for the same period in 2023. The increase in operating expenses was primarily due to acquisition-related expenses.

    Net loss in the fourth quarter of 2024 was $1.0 million or $(1.29) per share, compared to a net loss of $1.0 million or $(1.47) per share for the same period in 2023.

    Cash and cash equivalents were $9.5 million at December 31, 2024, compared to $12.5 million on December 31, 2023, while working capital decreased by $3.0 million during this period. At December 31, 2024, the Company remained debt free.

    About CEA Industries Inc.

    CEA Industries Inc. (www.ceaindustries.com) provides a suite of complementary and adjacent offerings to the controlled environment agriculture industry. The Company’s comprehensive solutions, when aligned with industry operators’ product and sales initiatives, support the development of the global ecosystem for indoor cultivation.

    Forward Looking Statements

    This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect our current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release, including the factors set forth in “Risk Factors” set forth in our annual and quarterly reports filed with the Securities and Exchange Commission (“SEC”), and subsequent filings with the SEC. Please refer to our SEC filings for a more detailed discussion of the risks and uncertainties associated with our business, including but not limited to the risks and uncertainties associated with our business prospects and the prospects of our existing and prospective customers; the inherent uncertainty of product development; regulatory, legislative and judicial developments, especially those related to changes in, and the enforcement of, cannabis laws; increasing competitive pressures in our industry; and relationships with our customers and suppliers. Except as required by the federal securities laws, we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. The reference to CEA’s website has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release.

    Non-GAAP Financial Measures

    To supplement our financial results on U.S. generally accepted accounting principles (“GAAP”) basis, we use non-GAAP measures including net bookings and backlog, as well as other significant non-cash expenses such as stock-based compensation and depreciation expenses. We believe these non-GAAP measures are helpful in understanding our past performance and are intended to aid in evaluating our potential future results. The presentation of these non-GAAP measures should be considered in addition to our GAAP results and are not intended to be considered in isolation or as a substitute for financial information prepared or presented in accordance with GAAP. We believe these non-GAAP financial measures reflect an additional way to view aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business.

    Investor Contact:

    Sean Mansouri, CFA
    Elevate IR
    info@ceaindustries.com
    (720) 330-2829

    CEA Industries Inc.
    Condensed Consolidated Balance Sheets
    (in US Dollars except share numbers) 

        December 31,     December 31,  
        2024     2023  
                 
    ASSETS                
    Current Assets                
    Cash and cash equivalents   $ 9,452,826     $ 12,508,251  
    Accounts receivable, net     13,041       18,655  
    Contract assets, net     234,328       224,414  
    Inventory, net     25,980       296,404  
    Prepaid expenses and other     368,068       313,115  
    Total Current Assets     10,094,243       13,360,839  
    Noncurrent Assets                
    Property and equipment, net     5,698       38,558  
    Intangible assets, net     1,830       1,830  
    Deposits     14,747       14,747  
    Operating lease right-of-use asset     245,270       356,109  
    Total Noncurrent Assets     267,545       411,244  
                     
    TOTAL ASSETS   $ 10,361,788     $ 13,772,083  
                     
    LIABILITIES AND SHAREHOLDERS’ EQUITY                
                     
    LIABILITIES                
    Current Liabilities                
    Accounts payable and accrued liabilities   $ 550,477     $ 624,724  
    Deferred revenue     343,790       499,800  
    Current portion of operating lease liability     135,651       126,724  
    Total Current Liabilities     1,029,918       1,251,248  
                     
    Noncurrent Liabilities                
    Operating lease liability, net of current portion     134,147       259,627  
    Total Noncurrent Liabilities     134,147       259,627  
                     
    TOTAL LIABILITIES     1,164,065       1,510,875  
                     
    Commitments and Contingencies (Note 9)            
                     
    SHAREHOLDERS’ EQUITY                
    Preferred stock, $0.00001 par value; 25,000,000 shares authorized; 0 shares issued and outstanding            
    Common stock, $0.00001 par value; 200,000,000 authorized; 793,109 and 673,090 shares issued and outstanding, respectively     8       7  
    Additional paid in capital     49,533,950       49,451,493  
    Accumulated deficit     (40,336,235 )     (37,190,292 )
    Total Shareholders’ Equity     9,197,723       12,261,208  
                     
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 10,361,788     $ 13,772,083  


    CEA Industries Inc.

    Condensed Consolidated Statements of Operations
    (in US Dollars except share numbers)
    (Unaudited) 

        For the Three Months Ended December 31,     For the Years Ended December 31,  
        2024     2023     2024     2023  
        (Unaudited)     (Unaudited)              
    Revenue   $ 417,447     $ 251,093     $ 2,803,470     $ 6,910,951  
                                     
    Cost of revenue     592,343       536,919       3,023,094       6,368,872  
                                     
    Gross (loss) profit     (174,896 )     (285,826 )     (219,624 )     542,079  
                                     
    Operating expenses:                                
    Advertising and marketing expenses     2,685       16,445       16,315       273,409  
    Product development costs                       76,487  
    Selling, general and administrative expenses     846,817       693,022       2,936,145       3,145,328  
    Total operating expenses     849,503       709,467       2,952,460       3,495,224  
                                     
    Operating loss     (1,024,399 )     (995,293 )     (3,172,084 )     (2,953,145 )
                                     
    Other income :                                
    Other income, net                       7,778  
    Interest income, net     5,761       7,774       26,141       33,816  
    Total other income     5,761       7,774       26,141       41,594  
                                     
    Loss before provision for income taxes     (1,018,638 )     (987,519 )     (3,145,943 )     (2,911,551 )
                                     
    Income taxes                        
                                     
    Net loss   $ (1,018,638 )   $ (987,519 )   $ (3,145,943 )   $ (2,911,551 )
                                     
                                     
    Loss per common share – basic and diluted   $ (1.29 )   $ (1.47 )   $ (4.22 )   $ (4.33 )
                                     
    Weighted average number of common shares outstanding, basic and diluted     791,813       673,031       745,038       672,936  


    CEA Industries Inc.

    Condensed Consolidated Statements of Cash Flows
    (in US Dollars except share numbers)
    (Unaudited)

        For the Twelve Months Ended         December 31,  
        2024     2023  
    Cash Flows From Operating Activities:                
    Net loss   $ (3,145,943 )   $ (2,911,551 )
    Adjustments to reconcile net loss to net cash used in operating activities:                
    Depreciation and intangible asset amortization expense     20,065       29,655  
    Share-based compensation     82,457       187,615  
    Provision for doubtful accounts (bad debt recovery)     (40,217 )     (2,056 )
    Provision for excess and obsolete inventory     26,989       121,791  
    Loss on disposal of assets     12,796       100  
    Operating lease expense     110,839       106,765  
                     
    Changes in operating assets and liabilities:                
    Accounts receivable     45,831       (13,950 )
    Contract assets     (9,914 )     (224,414 )
    Inventory     243,435       (69,784 )
    Prepaid expenses and other     (54,953 )     1,176,806  
    Accounts payable and accrued liabilities     (74,247 )     (582,534 )
    Deferred revenue     (156,010 )     (3,838,771 )
    Operating lease liability, net     (116,553 )     (108,735 )
    Net cash used in operating activities     (3,055,425 )     (6,129,063 )
                     
    Cash Flows From Investing Activities                
    Proceeds from the sale of property and equipment           200  
    Net cash provided by investing activities           200  
                     
    Cash Flows From Financing Activities                
    Net cash provided by financing activities            
                     
    Net change in cash and cash equivalents     (3,055,425 )     (6,128,863 )
    Cash and cash equivalents, beginning of period     12,508,251       18,637,114  
    Cash and cash equivalents, end of period   $ 9,452,826     $ 12,508,251  
                     
    Supplemental cash flow information:                
    Interest paid   $     $  
    Income taxes paid   $     $  
                     
    Non-cash investing and financing activities:                
                     
    Options issued for accrued equity compensation liability   $     $ 89,970  

    The MIL Network

  • MIL-OSI: NextNRG Reports Strong Fourth Quarter and Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Stronger Revenue, Improved Margins, and Expanded Volumes

    — FY 2024 Revenue Increased 20% to $27.8 Million from $23.2 Million in 2023 —
    — FY 2024 Gross Profit Grew 64% to $2.3 Million, Up from $1.4 Million in 2023 —

    — Q4 2024 Revenue Increased 21% to $6.9 Million from $5.7 Million in Q4 2023 —
    — Q4 2024 Gross Profit Grew 97% to $652 Thousand, Up from $330 Thousand in Q4 2023 —

    Conference Call Scheduled March 31stat 4:30 PM ET

    MIAMI, March 27, 2025 (GLOBE NEWSWIRE) — NextNRG, Inc. (NASDAQ: NXXT), a pioneer in AI-driven energy innovation—transforming how energy is produced, managed, and delivered through its advanced Utility Operating System, smart microgrid technology, wireless EV charging, and on-demand mobile fuel delivery solutions— today reported financial results for the fourth quarter and fiscal year ended December 31, 2024, and provided a strategic update on its key growth initiatives.

    The Company will hold a conference call to discuss its fourth quarter and full year 2024 financial results on March 31st at 4:30 pm ET. Dial in and webcast details are below.

     
    Selected Financial & Operational Highlights
     
    Metric Q4 2024
    (unaudited)
    Q4 2023
    (unaudited)
    FY 2024 FY 2023
    Revenue $6.9M $5.7M $27.8M $23.2M
    Gross Profit $652K $330K $2.3M $1.4M

    “We entered 2024 with the clear goal of laying the groundwork for long-term growth—and we believe we delivered on that vision,” said Michael D. Farkas, CEO of NextNRG. “Through enhanced operating efficiency and higher-margin fuel delivery, we increased revenues by 20%, expanded gross profit, while investing in transformative technologies. Our pipeline in microgrids and EV infrastructure is larger than ever, and we believe we are just beginning to unlock the full value of our platform. Additionally, our expanding footprint in mobile fueling is set to open significant opportunities to convert these fleets to electric, aligning with our commitment to sustainable energy solutions”

    Strategic and Operational Milestones

    • Corporate Rebranding: Completed transition from EzFill Holdings to NextNRG, Inc. in Q1 2025, aligning with the Company’s expanded clean energy vision.
    • Fueling Platform Growth: Delivered 7.2 million gallons in 2024 (+22% YOY), supported by 140 operational trucks across six states.
    • Smart Microgrid Pipeline: Company expects to put out guidance on expanded microgrid pipeline in the next quarter.
    • EV Innovation: Advanced static and dynamic wireless EV charging solutions (grid to vehicle and vehicle to grid capabilities) through exclusive technology licenses from Florida International University.
    • Capital Raise: Completed $15 million public offering in February 2025 to support scale and strengthen the balance sheet.

    Fiscal Year 2024 Financial Highlights

    • Revenue increased 20% year-over-year to $27.8 million, compared to $23.2 million in 2023, driven by volume growth and improved fuel margin.
    • Gross profit rose to approximately $2.3 million, a 44% increase from the prior year.
    • Cash balance at year-end was $438,299, up from $226,985 at the end of 2023.

    Fourth Quarter 2024 Performance

    • Revenue for Q4 2024 totaled $6.9 million, an increase of 21% compared to $5.7 million in Q4 2023, driven by higher fuel volumes and improved margin per gallon.
    • Gallons delivered during the quarter rose to 1.8 million, up from 1.5 million in the prior-year period, reflecting new fleet accounts and increased market penetration.
    • Average fuel margin per gallon expanded to $0.71, compared to $0.65 in Q4 2023, reflecting a continued focus on pricing optimization and operational discipline.
    • Gross profit for the quarter more than doubled year-over-year to $652,000, compared to $330,000 in Q4 2023.

    Looking Ahead

    NextNRG enters 2025 with a clear mandate: to scale its AI/ML-powered energy solutions through a combination of SaaS contracts, infrastructure deployment, and recurring mobile fueling revenue. The Company is targeting sustainable long-term growth across multiple verticals.

    “We believe NextNRG’s integrated platform—combining mobile fueling, wireless EV charging, and AI-optimized Utility Operating System and smart microgrids—is uniquely positioned to power the distributed energy future.”

    Teleconference and Webcast Information

    To participate, domestic callers may dial 1-866-524-3160 and international callers may dial 1-412-317-6760 at least 10 minutes prior to the start of the call and ask to join the NextNRG call.

    A simultaneous webcast of the call may be accessed here: https://event.choruscall.com/mediaframe/webcast.html?webcastid=YHcg0e4d

    A replay of the call will be available at 1-877-344-7529 or 1-412-317-0088, access code 1610449, through April 7, 2025. The call will also be available for replay on the Company’s website at www.nextnrg.com.

    About NextNRG, Inc.

    NextNRG Inc. (NextNRG) is Powering What’s Next by implementing artificial intelligence (AI) and machine learning (ML) into renewable energy, next-generation energy infrastructure, battery storage, wireless electric vehicle (EV) charging, and on-demand mobile fuel delivery to create an integrated ecosystem.

    At the core of NextNRG’s strategy is its Utility Operating System which leverages AI and ML to help make existing utilities’ energy management as efficient as possible; and the deployment of NextNRG Smart Microgrids, which utilize AI-driven energy management alongside solar power and battery storage to enhance energy efficiency, reduce costs, and improve grid resiliency. These microgrids are designed to serve commercial properties, schools, hospitals, nursing homes, parking garages, rural and tribal lands, recreational facilities, and government properties, expanding energy accessibility while supporting decarbonization initiatives.

    NextNRG continues to expand its growing fleet of fuel delivery trucks and national footprint, including the acquisition of Yoshi Mobility’s fuel division and Shell Oil’s trucks, further solidifying its position as a leader in the on-demand fueling industry. NextNRG is also integrating sustainable energy solutions into its mobile fueling operations. The company hopes to be an integral part of assisting its fleet customers in their transition to EV supporting more efficient fuel delivery while advancing clean energy adoption. The transition process is expected to include the deployment of NextNRG’s innovative wireless EV charging solutions.

    To find out more visit: www.nextnrg.com

    Forward-Looking Statements

    This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement describing NextNRG’s goals, expectations, financial or other projections, intentions, or beliefs is a forward-looking statement and should be considered an at-risk statement. Words such as “expect,” “intends,” “will,” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, including, but not limited to, those related to NextNRG’s business and macroeconomic and geopolitical events. These and other risks are described in NextNRG’s filings with the Securities and Exchange Commission from time to time. NextNRG’s forward-looking statements involve assumptions that, if they never materialize or prove correct, could cause its results to differ materially from those expressed or implied by such forward-looking statements. Although NextNRG’s forward-looking statements reflect the good faith judgment of its management, these statements are based only on facts and factors currently known by NextNRG. Except as required by law, NextNRG undertakes no obligation to update any forward-looking statements for any reason. As a result, you are cautioned not to rely on these forward-looking statements.

    Investor Relations Contact

    NextNRG, Inc.
    Sharon Cohen
    SCohen@nextnrg.com

    The MIL Network

  • MIL-OSI: Intermap Announces 2024 Results and 2025 Guidance

    Source: GlobeNewswire (MIL-OSI)

    Company reports 2024 revenue of $17.6 million, net income of $2.5 million

    Company projects 2025 revenue of $3035 million and an adjusted EBITDA margin of ~28%

    Conference call today at 5:00 pm ET to discuss results and guidance

    DENVER, March 27, 2025 (GLOBE NEWSWIRE) — Intermap Technologies (TSX: IMP; OTCQB: ITMSF) (“Intermap” or the “Company”), a global leader in 3D geospatial products and intelligence solutions, today announced 2024 results and 2025 guidance.

    For the full year ending December 31, 2024 (unaudited)

    • Revenue of $17.6 million, compared with $6.2 million in 2023
    • Acquisition Services revenue of $10.5 million versus nil in 2023
    • Value-added Data revenue of $3.1 million, compared with $1.9 million in 2023
    • Software and Solutions revenue of $4.0 million, compared with $4.3 million in 2023
    • 23% adjusted EBITDA margin
    • Net income of $2.5 million, compared with net loss of $3.7 million in 2023

    For the fourth quarter ending December 31, 2024 (unaudited)

    • Revenue of $7.4 million, compared with $1.2 million in the fourth quarter of 2023
    • Acquisition Services revenue of $5.5 million versus nil in the fourth quarter of 2023
    • Value-added Data revenue of $1.0 million versus $0.3 million in the fourth quarter of 2023
    • Software and Solutions revenue of $1.0 million, compared with $.9 million in the fourth quarter of 2023
    • 27% adjusted EBITDA margin
    • Net income of $1.5 million, compared with a net loss of $1.0 million in the fourth quarter of 2023

    “2024 reflects a significant inflection point for Intermap. We secured major contract wins and reported revenue and EBITDA at the high end of our guidance,” said Patrick A. Blott, Intermap Chairman and CEO. “Our 2025 guidance reinforces our commitment to sustainable growth and market leadership, and the C$12 million equity financing that we closed in February gives us the balance sheet to execute on our existing government contracts and advance new opportunities in our pipeline.”

    2024 government wins

    2024 commercial achievements

    Subsequent to December 31, 2024

    2025 Guidance

    • Revenue of $30 – 35 million
    • Adjusted EBITDA margin of ~28%

    Intermap experienced significant growth in 2024, including increasing its total assets by 2.6x to $12.0 million and expanding its shareholder base in Canada, the United States and internationally through the completion of various private placements and its Listed Issuer Financing offerings. The Company now has more than 2,000 shareholders and a market capitalization greater than U.S. $75 million. Due to this significant increase in assets and its number of shareholders, Intermap will register under and become subject to the reporting requirements of the U.S. Securities Exchange Act of 1934 (as amended, the Exchange Act). Because Intermap qualifies as a foreign private issuer under the Exchange Act, the Company will be subject to a lesser disclosure regime than domestic U.S. companies and will be filing its registration statement on Form 40-F. In the future, investors will be able to access Intermap’s securities filings on both EDGAR and SEDAR+.

    Intermap’s audited annual financial statements for the year ended December 31, 2024, the annual management discussion and analysis for the corresponding period, related management certifications of annual filings and its annual information form will be filed and available on SEDAR+ www.sedarplus.ca on March 31, 2025.

    Learn more about Intermap at intermap.com/investors.

    Conference Call Details
    Intermap’s CEO Patrick A. Blott, CFO Jennifer Bakken and COO Jack Schneider will host a live webinar today, at 5:00 pm ET to review the results, provide Company updates and answer investor questions following the presentation.

    Intermap invites shareholders, analysts, investors, media representatives and other stakeholders to attend the earnings webinar to discuss the fourth quarter and full year of 2024 results.

    DATE: Thursday, March 27, 2025
    TIME: 5:00 pm ET
    WEBCAST: Register

    Intermap Reader Advisory 
    Certain information provided in this news release, including reference to revenue growth, constitutes forward-looking statements. The words “anticipate”, “expect”, “project”, “estimate”, “forecast”, “will be”, “will consider”, “intends” and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. Intermap’s forward-looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, revenue fluctuations, nature of government contracts, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, as well as those risks and uncertainties discussed Intermap’s Annual Information Form and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.

    About Intermap Technologies
    Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP; OTCQB: ITMSF) is a global leader in geospatial intelligence solutions, focusing on the creation and analysis of 3D terrain data to produce high-resolution thematic models. Through scientific analysis of geospatial information and patented sensors and processing technology, the Company provisions diverse, complementary, multi-source datasets to enable customers to seamlessly integrate geospatial intelligence into their workflows. Intermap’s 3D elevation data and software analytic capabilities enable global geospatial analysis through artificial intelligence and machine learning, providing customers with critical information to understand their terrain environment. By leveraging its proprietary archive of the world’s largest collection of multi-sensor global elevation data, the Company’s collection and processing capabilities provide multi-source 3D datasets and analytics at mission speed, enabling governments and companies to build and integrate geospatial foundation data with actionable insights. Applications for Intermap’s products and solutions include defense, aviation and UAV flight planning, flood and wildfire insurance, disaster mitigation, base mapping, environmental and renewable energy planning, telecommunications, engineering, critical infrastructure monitoring, hydrology, land management, oil and gas and transportation. 

    For more information, please visit www.intermap.com or contact:
    Jennifer Bakken
    Executive Vice President and CFO
    CFO@intermap.com
    +1 (303) 708-0955

    Sean Peasgood
    Investor Relations
    Sean@SophicCapital.com
    +1 (647) 260-9266

    The MIL Network

  • MIL-OSI United Nations: SRSG Kamal Kishore’s speech at the High-Level Policy Forum on Accelerated Financing for Disaster Risk Reduction to Build Resilience in Oslo, Norway

    Source: UNISDR Disaster Risk Reduction

    Your Excellency, Åsmund Aukrust, Minister of International Development,

    Excellencies and Colleagues,

    It is a great honour for the UN Office for Disaster Risk Reduction to be organizing this high-level forum with the Kingdom of Norway. I would like to start by expressing my deep appreciation to Norway for hosting this forum and for its leadership on the topic of finance – both for disaster risk reduction and for sustainable development, especially in the context of the ongoing negotiations ahead of the 4th International Conference on Financing for Development. 

    I am also thankful to Norway for serving as co-chair of the Group of Friends for Disaster Risk Reduction, which is critical to supporting the work of UNDRR as we race towards the 2030 deadline of the Sendai Framework for Disaster Risk Reduction.

    Indeed, as we look around the world, it is clear that we must accelerate the implementation of the Sendai Framework to protect people and sustainable development from the growing impacts of disasters.

    Countries, rich and poor, are facing disasters that are larger and more destructive. This is partially driven by an increase in extreme weather events, but it is also driven by risk-blind investments, which increase the exposure and vulnerability of people and assets. The end result is more expensive disasters, which are a threat to economic prosperity and sustainable development.

    Over the last five years, global economic losses from disasters have increased on average by 25%. This increase represents tens of billions of additional losses each year.

    We have seen this manifest on one end of the spectrum with the recent California wildfires, which were reportedly the most expensive disaster in the history of the United States. 

    On the other end of the spectrum, we have seen war-ravaged Syria suffer approximately $5 billion US dollars in damages as a result of the 2023 earthquakes, and the Libyan city of Derna largely swept into the Mediterranean as a result of severe floods. This is on top of the loss of life, which was in the thousands, and continues to be felt most acutely by the Least Developed Countries. 

    When we add on top of these direct costs, the cost of slow-onset events and the indirect impacts of disasters, such as productivity losses, compromised health, and disrupted education, the total cost of disasters is likely in excess of a trillion US dollars a year.

    Moreover, as disaster costs increase, insurance companies are pulling out of high-risk markets, even in developed economies. For instance, “nonrenewal notices” of home insurance in the United States surged by nearly 30% from 2018 to 2022 to more than 600,000 a year.  And in developing countries, much of the losses, are not even covered by insurance, driving more people into poverty. 

    Even humanitarian assistance, which is a measure of last resort for many affected countries, is becoming scarcer. In 2024, only 43% of the budgeted needs were funded.  This year, the gap will likely be higher.

    Therefore, to reduce the burden of disasters, avoid a spiral of decreasing insurability, and limit humanitarian needs, it is essential that we invest in disaster risk reduction. 

    This means increasing dedicated funding to disaster risk reduction, while also ensuring that all other development investments are risk-informed. 

    At this Forum, we will dive into this issue in detail. And to help set the stage, I would like to briefly review where these investments could come from, starting first with domestic resources. 

    Domestic public funds are the primary source for investments in DRR. Early warning systems, resilient hospitals, and other DRR investments tend to have a public good nature, meaning that they benefit society but are difficult for investors to capture direct financial returns. 

    Yet, our research shows that only a limited share of the public budget, less than 1%, is allocated to DRR and that current spending only meets in most countries 10 to 25% of the needs, leaving a significant gap. 

    Although resources are limited, countries have an opportunity to make public spending more efficient and impactful by further integrating disaster risk reduction in public finance. This requires a conscious effort to create a ring-fenced budget allocation for DRR to empower responsible agencies, while also mainstreaming DRR in sectoral plans. To that end, we recommend the use of appropriate accountability mechanisms, including budget tagging and tracking of DRR-related expenditures. 

    We also need to reinforce synergies across government, for instance between the Ministries of Environment and National Disaster Management Authorities, to break silos and optimize the use of climate and DRR-related financing. Similarly, we need to ensure that finance is available both at the national and sub-national levels, as many investments happen locally.

    That said, it is important to consider that many developing countries face unique challenges that constrain their ability to scale up investment in DRR – and that is high levels of debt. 

    Since 2010, debt in developing countries has grown twice as fast as in developed countries, and they face much higher borrowing costs. 

    At the same time, disasters fuel debt in affected countries. For example, a recent study from the Inter-American Development Bank shows that debt levels in the Caribbean are 18% higher three years after a severe storm than normally expected. 

    These outcomes can be mitigated by pre-arranging financing mechanisms ahead of disasters, such as contingency credit lines, disaster-related clauses in sovereign debt instruments, and risk-transfer instruments. These mechanisms allow for a quicker recovery, thus limiting the impact on growth and the economy. 

    The second primary source of finance is the private sector. 

    On average, the private sector is responsible for about 75% of a country’s investment in assets, such as factories and real estate. If those investments are risk-blind, they will lead to the creation of new disaster risks and exacerbate existing ones. We see this, for instance, through the expansion of urban development into hazard-prone areas or the construction of infrastructure that is not disaster-resilient. 

    This can be avoided through regulatory frameworks, risk information, and financial incentives to make private investment risk-informed and to create markets for resilience-building solutions. 

    We should also better leverage the financial sector, which has played a limited role thus far in DRR financing. For example, the rapid rise in the green bond markets has only had a limited impact on driving investments into adaptation and resilience, in part due to the lack of market standards and taxonomies. These market standards are necessary for the emergence of financial instruments, such as resilience bonds, and to guide investor decisions. 

    Similarly, the local banking sector can play a role in supporting small and medium businesses to access finance for investment in resilience-building, including through blended finance mechanisms. 

    In this regard, I am happy to report that UNDRR has been pioneering some work in this area, including the development of a “Resilience Taxonomy,” in partnership with the Climate Bond Initiative, and the launch of a guide for adaptation and resilience finance, which we developed with Standard Chartered Bank and KPMG.

    The third and final major source of finance is the international community, specifically through the provision of Official Development Assistance. This is an area that is currently under stress but remains critical for many developing countries, and its promotion is one of the seven targets of the Sendai Framework.

    Looking at the data, we see that, between 2019 and 2023, only 2% of ODA projects had DRR as an objective. And within the humanitarian sector, we find that the amount of funding for disaster prevention and preparedness has actually gone down over the years – from an already low level of 3.6% between 2015 and 2018, to 3.3% between 2019 and 2023. 

    These trends show an imbalance between the increase in disaster risks around the world and the limited international funding being allocated to Disaster Risk Reduction.

    Such funding is critical to protecting development gains and reducing humanitarian needs, and for some of the most vulnerable countries, they are unable to invest in DRR without international assistance.

    With that overview, I believe we at this Forum have a unique opportunity to address some of the biggest challenges around DRR financing. And to help guide our discussions, I would like to suggest that we aim to make progress on three main objectives:

    First, the development of a national-level Roadmap for DRR financing systems to help countries raise the funds they need. 

    Some of the questions we would need to answer are: what key elements should be included in such a roadmap and what has worked, or not worked, in countries? 

    Second, explore international actions that we can commit to together. 

    For example, what initiatives or partnerships can emerge from this Forum on DRR Financing? How can we better leverage existing international cooperation to strengthen DRR? And how can we ensure the integration of DRR in the global discourse on financing, in particular, in the upcoming 4th International Conference on Financing for Development? 

    And third, what more can be done to ensure that all investments are risk-informed and do not lead to disasters

    For public sector investments, how can we encourage the alignment of economic development plans with DRR strategies to avoid the creation of new risks? And what reforms or changes are needed to encourage risk-informed investing in the private sector?

    I think it is fair to say that this is a lot to cover over two days. That said, given the calibre of the participants, and the leadership of our host, I am confident that we can achieve concrete outcomes. 

    In closing, I want to again thank Norway for making this Forum possible at a critical time when financing is the single challenge that unites the disaster, climate, development, and humanitarian domains. The unique advantage of disaster risk reduction is that it can simultaneously strengthen all the other domains because of its emphasis on reducing vulnerabilities and building resilience.

    I am grateful for your participation in this Forum, and I look forward to our discussions.

    Thank you.

    MIL OSI United Nations News

  • MIL-OSI USA: DCCA NEWS RELEASE: DCCA ISSUES CONSUMER ALERT ON 23ANDME BANKRUPTCY AND CONSUMER RIGHTS TO PROTECT GENETIC DATA

    Source: US State of Hawaii

    DCCA NEWS RELEASE: DCCA ISSUES CONSUMER ALERT ON 23ANDME BANKRUPTCY AND CONSUMER RIGHTS TO PROTECT GENETIC DATA

    Posted on Mar 27, 2025 in Latest Department News, Newsroom

     

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

     

    DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS

    KA ʻOIHANA PILI KĀLEPA

    OFFICE OF CONSUMER PROTECTION

     

    JOSH GREEN, M.D.

    GOVERNOR

    KE KIAʻĀINA

     

    NADINE Y. ANDO

    DIRECTOR

    KA LUNA HOʻOKELE

    MANA MORIARTY

    EXECUTIVE DIRECTOR    

         DCCA ISSUES CONSUMER ALERT ON 23ANDME BANKRUPTCY AND CONSUMER RIGHTS TO PROTECT GENETIC DATA

     

    FOR IMMEDIATE RELEASE

    March 27, 2025

    HONOLULU — The state of Hawai‘i Department of Commerce and Consumer Affairs (DCCA) is issuing a consumer alert regarding the recent bankruptcy filing of the company 23andMe. DCCA’s Office of Consumer Protection advises Hawai‘i consumers to manage their sensitive information carefully and offers guidance on how to delete or control access to their genetic information stored with the company.

     

    23andMe, a direct-to-consumer genetic testing company, announced its bankruptcy filing on March 23, 2025. In its press release, the company stated it intends to “commence a process to sell substantially all of its assets,” while continuing to operate “in the ordinary course throughout the sale process.” Currently, the company has stated there are no planned changes to how it stores, manages, or protects customer data. However, the bankruptcy raises the risk that 23andMe may attempt to sell customers’ genetic data and other private information as part of the bankruptcy proceedings.

    Hawai‘i consumers should be aware of the procedures to delete or withdraw consent for the use of their genetic data. Those who wish to delete their genetic data from 23andMe or revoke permission for their DNA samples to be used in research can follow these simple steps:

    How to Delete Genetic Data from 23andMe:

    1. Sign in to your 23andMe account at www.23andme.com.
    2. Navigate to the “Settings” section of your profile.
    3. Scroll down to the “23andMe Data” section at the bottom of the page.
    4. Click “View” next to the “23andMe Data” heading.
    5. If you would like to keep a copy of your genetic data, download your data before continuing.
    6. Locate the option to delete your data.
    7. Select “Permanently Delete Data.”
    8. Check your email for a confirmation link and follow the instructions to complete the deletion process.

     

    How to Destroy Your 23andMe Test Sample:

    If you allowed 23andMe to store your saliva sample and DNA but now wish to opt out, you can update your preferences on your account page under the “Preferences” section.

     

    How to Revoke Permission for Your Genetic Data to be Used in Research:

    If you previously consented to allowing 23andMe and third-party researchers to use your genetic data for research purposes, you can withdraw your consent by visiting the “Research and Product Consents” section of your account settings.

    “Consumers can demand the removal and destruction of their genetic data from 23andMe,” stated OCP Executive Director Mana Moriarty. “The Office of Consumer Protection encourages all 23andMe customers to take action to safeguard their sensitive data against misuse or unauthorized exposure, which can lead to severe consequences such as identity theft and compromised privacy.”

    By taking these actions, Hawai‘i consumers can take control of their genetic information and better protect their privacy. The DCCA is committed to ensuring the safety and privacy of Hawai‘i residents and will continue to monitor this issue.

    For more information on Hawai‘i consumer protection laws and issues, please visit the official DCCA website at https://hdcca.hawaii.gov/s/.

    ###

    Media Contact:

    Communications Office
    Department of Commerce and Consumer Affairs

    Phone: 808-586-2760
    Email: [email protected]

    MIL OSI USA News

  • MIL-Evening Report: 25 years into a new century and housing is less affordable than ever

    Source: The Conversation (Au and NZ) – By Brendan Coates, Program Director, Housing and Economic Security, Grattan Institute

    Of all the problems facing Australia today, few have worsened so rapidly in the past 25 years as housing affordability.

    Housing has become more and more expensive – to rent or buy – and home ownership continues to fall among poorer Australians of all ages.

    Housing makes up most of Australia’s wealth, so more expensive homes concentrated in fewer hands means growing wealth inequality, with a marked generational divide.

    To unwind inequality, we need to make housing cheaper, and that means building much more of it.

    Housing has become more expensive

    The price of the typical Australian home has grown much faster than incomes since the turn of the century: from about four times median incomes in the early 2000s, to more than eight times today, and nearly 10 times in Sydney.

    Housing has also become more expensive to rent, especially since the pandemic.

    Rental vacancy rates are at record lows and asking rents (that is for newly advertised properties) have risen fast – by roughly 20% in Sydney and Melbourne in the past four years, and by much more in Brisbane, Adelaide, and Perth.

    Home ownership is falling fast among the young

    Rising house prices are pushing home ownership out of reach for many younger Australians.

    In the early 1990s it took about six years to save a 20% deposit for a typical dwelling for an average household. It now takes more than 12 years.

    Unsurprisingly, home ownership rates are falling fastest for younger people. Whereas 57% of 30–34 year-olds owned their home in 2001, just 50% did so by 2021. And just 36% of 25–29 year olds own their home today, down from 43% in 2001.

    And home ownership is falling fastest among the poorest 40% of each age group.

    Fewer homeowners means more inequality

    People on low incomes, who are increasingly renters, are spending more of their incomes on housing.

    The real incomes of the lowest fifth of households increased by about 26% between 2003–04 and 2019–20. But more than half of this was chewed up by skyrocketing housing costs, with real incomes after housing costs increasing by only 12%.

    In contrast, the real incomes for the highest fifth of households increased by 47%, and their after-housing real incomes by almost as much: 43%.

    Wealth inequality in Australia is still around the OECD average but has been climbing for two decades, largely due to rising house prices.

    In 2019–20, one-quarter of homeowning households reported net wealth exceeding $1 million. By contrast, median net wealth for non-homeowning households was $60,000.

    Since 2003–04, the wealth of high-income households has grown by more than 50%, much of that due to increasing property values. By contrast, the wealth of low-income households – mostly non-homeowners – has grown by less than 10%.

    The growing divide between the housing “haves” and “have nots” is largely generational. Older Australians who bought their homes before prices really took off in the early 2000s have seen their share of the country’s wealth steadily climb.

    This inequality will get baked in as wealth is passed onto the next generation.

    Some Australians will be lucky enough to inherit one or more homes. Others – typically those on lower incomes – will receive none.

    To unwind inequality, we need to make housing less expensive

    We haven’t built enough

    Australians’ demand for housing since the turn of the decade is a story of historically low interest rates, increased access to finance, tax and welfare settings that favour investments in housing, and a booming population.

    But one widely-blamed villain – the introduction of the 50% capital gains tax discount in 1999, together with negative gearing – is likely to have played only a small part in rising house prices.

    That’s because the value of these tax advantages – about $10.9 billion a year – is tiny compared to Australia’s $11 trillion housing market.

    Instead, the biggest problem is that housing construction in recent years hasn’t kept up with increasing demand.

    Strong migration over the past two decades has seen Australia’s population rise much faster than most other wealthy countries in recent decades, boosting the number of homes we need. Rising incomes, and demographic trends such as rising rates of divorce and an ageing Australia, have further increased housing demand.

    Yet Australia has one of the lowest levels of housing per person of any OECD country, and is one of only four OECD countries where the amount of housing per person went backwards over the past two decades.

    This is largely a failure of housing policy. Australia’s land-use planning rules – the rules that dictate what can get built where – are highly restrictive and complex. Current rules and community opposition make it very difficult to build new homes, particularly in the places where people most want to live and work.

    More homes would mean less inequality

    Fixing this will allow mores home to get built, moderate house price growth, and reduce barriers to home ownership. In turn, this will reduce the inequalities created by our broken housing system.

    Easing planning restrictions is hard for governments, because many residents don’t want more homes near theirs.

    The good news is that the penny has started to drop and state governments – particularly in Victoria and New South Wales – are making meaningful progress towards allowing more homes in activity centres and on existing transport links.

    But now the real test begins: how will governments respond to the backlash from people who would prefer their communities to stay the same?

    How well governments hold the line against the so-called NIMBYs (Not In My Back Yard) will tell us a lot about what we can expect to happen to inequality in Australia in the future.

    Grattan Institute began with contributions to its endowment of $15 million from each of the federal and Victorian governments, $4 million from BHP Billiton, and $1 million from NAB. In order to safeguard its independence, Grattan Institute’s board controls this endowment. The funds are invested and contribute to funding Grattan Institute’s activities. Grattan Institute also receives funding from corporates, foundations, and individuals to support its general activities, as disclosed on its website.

    Joey Moloney and Matthew Bowes do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    ref. 25 years into a new century and housing is less affordable than ever – https://theconversation.com/25-years-into-a-new-century-and-housing-is-less-affordable-than-ever-250067

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Security: Sixth and Final Defendant Sentenced to 39 Years in Federal Prison in Louisville Case Involving String of Violent Crimes, Drug and Gun Offenses, and Money Laundering

    Source: Office of United States Attorneys

    Louisville, KY – The final defendant was sentenced this week to 39 years in federal prison for his role in numerous felony offenses, including kidnapping, robbery, drug trafficking, and firearm offenses. Several other defendants were previously sentenced on the charges.

    U.S. Attorney Michael A. Bennett of the Western District of Kentucky, Special Agent in Charge Michael E. Stansbury of the FBI Louisville Field Office, Chief Paul Humphrey of the Louisville Metro Police Department, Sheriff Walt Sholar of the Bullitt County Sheriff’s Office, and Sheriff John E. Aubrey of the Jefferson County Sheriff’s Office made the announcement.

    “This case is an example of the benefit of the strong working relationships that exist between federal, state, and local law enforcement agencies in the Western District of Kentucky,” said U.S. Attorney Bennett. “As a result of excellent collaboration and tireless work by our law enforcement agencies and federal prosecutors, violent offenders have been removed from our streets making our community safer for all who live, work, and visit here.”  

    “John E. Lohden, Jr. and his associates used law enforcement impersonation tactics to terrorize innocent individuals, ultimately undermining the public’s trust in legitimate police officers and creating a climate of fear and anxiety in our neighborhoods,” said Special Agent in Charge Stansbury. “Lohden, Jr.’s sentence of decades behind bars should serve as a clear message to violent offenders walking our streets. The FBI, working alongside our partners at all levels, will find you and ensure you face the full weight of the law.”

    According to court documents, John E. Lohden, Jr., 35, of Louisville, was sentenced on March 25, 2025, to 39 years in prison, followed by 5 years of supervised release, for two counts of kidnapping, two counts of impersonator making arrest or search, possession of a firearm by a convicted felon, two counts of possession of an unregistered firearm, robbery, using or carrying a firearm during and in relation to a crime of violence, conspiracy to possess with intent to distribute cocaine and heroin, possession with intent to distribute cocaine and heroin, and possession of a firearm in furtherance of a drug trafficking crime. John E. Lohden, Jr. was prohibited from possessing a firearm because he had previously been convicted of the following felony offenses.

    On November 16, 2021, in Jefferson Circuit Court, John E. Lohden, Jr. was convicted of receiving stolen property under $10,000.

    On November 28, 2007, in Jefferson Circuit Court, John E. Lohden, Jr. was convicted of tampering with physical evidence, escape in the second degree, and complicity to wanton endangerment in the first degree (3 counts).

    Dayton Peterson, 24, of Louisville, was sentenced on October 22, 2024, to 30 years in prison, followed by 5 years of supervised release, for kidnapping, impersonator making arrest or search, robbery, using or carrying a firearm during and in relation to a crime of violence, conspiracy to possess with intent to distribute cocaine and heroin, possession with intent to distribute cocaine and heroin, possession of a firearm in furtherance of a drug trafficking crime, and engaging in monetary transactions derived from a specified unlawful activity.

    Joshua Lohden, 26, of Louisville was sentenced on July 24, 2024, to 22 years in prison, followed by 5 years of supervised release, for kidnapping, impersonator making arrest or search, possession of a firearm in furtherance of a drug trafficking crime, and robbery.

    David Langdon, 39, of Louisville was sentenced on September 11, 2024, to 11 years and 5 months in prison, followed by 5 years of supervised release, for kidnapping, impersonator making arrest or search, robbery, possession with intent to distribute methamphetamine, cocaine, and fentanyl, possession of a firearm by a convicted felon, and possession of a firearm in furtherance of a drug trafficking crime. Langdon was prohibited from possessing a firearm because he had previously been convicted of the following felony offenses.

    On October 14, 2015, in Jefferson Circuit Court, Langdon was convicted of possession of a handgun by a convicted felon, trafficking in a controlled substance in the first degree, and possession of a controlled substance in the first degree.

    On October 15, 2015, in Jefferson Circuit Court, Langdon was convicted of trafficking in a controlled substance in the first degree greater than 2 grams of heroin.

    J. Louis Nance, 34, of Louisville was sentenced on July 24, 2024, to 6 years in prison, followed by 5 years of supervised release, for kidnapping and impersonator making arrest or search.

    Samantha Trummer, 30, of Louisville was sentenced on July 22, 2024, to 4 years of probation for engaging in monetary transactions derived from a specified unlawful activity.

    Defendants Dayton Peterson, John E. Lohden, Jr., and Samantha Trummer were found guilty after a 10-day jury trial in March of 2024. The remaining defendants pleaded guilty prior to trial.

    There is no parole in the federal system.

    The FBI, LMPD, Jefferson County Sheriff’s Office, and Bullitt County Sheriff’s Office investigated the case, with assistance from the ATF, IRS, DEA, and Kentucky State Police.

    Assistant U.S. Attorneys Alicia P. Gomez and Frank E. Dahl III prosecuted the case, with assistance from paralegal Adela Alic.

    Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN). Operation Take Back America is a nationwide initiative that marshals the full resources of the Department of Justice 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.

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    MIL Security OSI