NewzIntel.com

Category: Taxation

  • MIL-OSI Australia: Vacancy fee return for foreign owners

    Source: Australian Department of Revenue

    What is a vacancy fee return

    A vacancy fee return is an online form that you lodge using Online services for foreign investors once a year while you own the residential property.

    The information required includes how many days in a vacancy year your property was occupied, that is:

    • occupied by the owner living in the property
    • rented by a tenant
    • made genuinely available for rent.

    You or your representative must lodge the vacancy fee return within 30 days from the end of each vacancy year using Online services for foreign investors.

    How a vacancy fee applies to you

    A vacancy fee is a fee that you pay when your residential property is vacant for 183 days (6 months) or more in one vacancy year. By living in the dwelling or making it available for rent, you may not need to pay the fee.

    Note: Established dwellings purchased as a principal place of residence cannot be rented or leased. The property needs to be genuinely occupied by foreign owners or their family members.

    You may need to pay a vacancy fee if your residential dwelling is not:

    • residentially occupied
    • genuinely available on the rental market
    • rented out for 183 or more days (6 months) in a 12-month period.

    A vacancy fee may also apply if the vacancy fee return is not lodged by the due date.

    More information on residential land and the vacancy fee are available at the Foreign InvestmentExternal Link website.

    When do you pay the vacancy fee

    When you lodge your vacancy fee return, the confirmation page will tell you if you are liable to pay a vacancy fee and the amount you need to pay. You can pay the fee when lodging the return or within 30 days of lodging the vacancy fee return.

    The vacancy fee is based on the fee amount you paid when you submitted the foreign investment application.

    After you’ve lodged we will email you a notice of liability of the vacancy fee payable that includes the following:

    • information on the reason we are charging you this fee
    • the fee amount payable
    • payment details
    • the due date.

    It is important you use the correct payment reference number (PRN) when making a payment.

    Changes to legislation mean that for vacancy years that start from 9 April 2024, the vacancy fee will be double the foreign investment application fee. This applies for all residential properties that are within scope of vacancy fee.

    Example: calculating the vacancy fee

    Myeong purchased a newly developed townhouse for $850,000 as an investment property in Geelong. Myeong paid a foreign investment application fee $13,200 and settlement occurred on 1 August 2022. Each year in August, Myeong is required to lodge a vacancy fee return.

    If Myeong is liable for a vacancy fee, for:

    • the vacancy years 1 August 2022 to 31 July 2023 and 1 August 2023 to 31 July 2024, the fee would be the same as the foreign investment application fee of $13,200
    • the vacancy year 1 August 2024 to 31 July 2025, the vacancy fee will be double the foreign investment application fee. The vacancy fee will therefore be $26,400

    End of example

    If you acquired the dwelling under a New or near-new dwelling exemption certificate held by a developer, the vacancy fee payable will be based on what the foreign investment application fee would have been for the dwelling had the exemption certificate not been in place.

    If the application fee was waived, the vacancy fee is based on the lowest foreign investment application fee that would have been payable.

    In the case of joint tenants, only one vacancy fee will be payable. For tenants in common, the fee payable will be based on the foreign investment application fee that was payable by each individual tenant.

    For more information on fees, see Residential fees for a foreign person.

    Who must lodge a vacancy fee return

    You must lodge a vacancy fee return if you:

    The vacancy fee may also apply where a foreign person failed to submit a foreign investment application but purchased a residential property before 9 May 2017.

    Joint owners or multiple dwellings

    If the dwelling is owned by 2 or more people as joint tenants, you only need to lodge one vacancy fee return.

    If you own a share of a dwelling as a tenant in common, you must each lodge a vacancy fee return.

    When multiple dwellings are constructed on the land, you must lodge a vacancy fee return for each new dwelling constructed.

    When you are not required to lodge a vacancy fee return

    You are not required to lodge a vacancy fee return but are required to update your details if any of the following occur during a vacancy year:

    • the dwelling is sold or otherwise legally transferred (including if the owner dies)
    • you are no longer a foreign investor.

    You do not have to lodge a vacancy fee return if you own vacant land and a dwelling has not yet been constructed on the land. You must lodge a vacancy fee return once a dwelling has been constructed and for each new dwelling constructed.

    If any other changes occur, such as changes to your foreign person status or property, you can update your details.

    More information about conveyancers, real estate agents and other persons charging a fee for services is available the Tax Practitioners BoardExternal Link website.

    You should direct any questions relating to tax agent services to the Tax Practitioners BoardExternal Link.

    When to lodge a vacancy fee return

    Lodge your vacancy fee return within 30 days at the end of each vacancy year.

    The first day of the 30-day period is the day following the last day of the vacancy year.

    Email reminder to lodge

    We generally email you a reminder to lodge your vacancy fee return if your details are up to date on Online services for foreign investorsExternal Link.

    What is the vacancy year

    In applying the vacancy fee rules, a vacancy year is each successive period of 12 months starting on the occupation day for the dwelling during which you have continuously held an interest in the dwelling.

    A vacancy year is unique to each dwelling held by you. It is not a calendar year or a financial year.

    What is occupation day

    The occupation day is the first day you have the right to occupy the dwelling. This will typically be the:

    • settlement day for an established dwelling
    • day on which a fitness for occupancy certificate for a new dwelling was issued.

    When construction of a dwelling has been completed you will need to contact us with the occupancy date before you can lodge a vacancy fee return, see Troubleshooting Online services for foreign investors.

    Example: working out the vacancy year

    Edmond is a foreign person who purchased an apartment that settled on 5 October 2022. As this was the date the apartment could be lived in, the occupancy date for the apartment is 5 October 2022.

    As long as Edmond is the owner of the property and is a foreign person, he is required to lodge a vacancy fee return for each vacancy year.

    The vacancy year starts from the occupancy date for the apartment. For Edmond, the first vacancy year is 5 October 2022 to 4 October 2023.

    Edmond must lodge his first vacancy fee return by 3 November 2023. This is the date that is 30 days after his vacancy fee year ended on 4 October 2023.

    His vacancy year for each subsequent year is 5 October to 4 October.

    End of example

    When is a dwelling residentially occupied

    A dwelling is considered residentially occupied if any of these situations last for at least 183 days in a vacancy year:

    • The owner or a relative of the owner genuinely occupied the dwelling as a residence.
    • The dwelling was genuinely occupied as a residence subject to lease or license for minimum terms of 30 days.
    • The dwelling was made genuinely available as a residence on the rental market (with minimum terms of 30 days).

    Residential occupancy of at least 183 days does not need to be one continuous block of time. Residential occupancy can be made up of multiple continuous periods of at least 30 days throughout the vacancy year.

    If a dwelling is made available for a short-term lease of less than 30 days (including via web-based stay sites) it is not residentially occupied. These dwellings are liable for a vacancy fee.

    We consider a dwelling genuinely available for occupation as a residence (with a term of 30 days or more) if it is:

    • made available on the rental market
    • advertised publicly
    • available at a market rent.

    You may need to provide supporting evidence to prove a dwelling was residentially occupied during a vacancy year. For example, if you are requesting a fee waiver on the basis that the dwelling was occupied.

    How to lodge a vacancy fee return

    You should lodge a vacancy fee return using Online services for foreign investors. Select either:

    • Lodgments then Vacancy fee return
    • Lodge or pay vacancy fee return quick link.

    If the occupancy date is not listed on your asset in Online services for foreign investors, you will need to contact us with the date, see Troubleshooting Online services for foreign investors.

    For further details on how to lodge your return and pay the vacancy fee, see Lodge a vacancy fee return.

    Log in to Online services for foreign investors

    From July 2023 when you register a residential dwelling, you will receive an asset identification number (asset ID), previously known as a land registration number.

    If you:

    • received a vacancy fee reminder from us, the number will be in the email
    • have not received a vacancy fee reminder, you may need to register your asset first in Online services for foreign investors to receive an asset ID.

    Vacancy fee exemptions

    You do not pay a vacancy fee if you can show that your dwelling was incapable of being occupied as a residence for at least 183 days in a vacancy year. You must still lodge a vacancy fee return to claim this exemption.

    Your dwelling may be considered incapable of being occupied as a residence if any of the following apply:

    • The dwelling is damaged, unsafe or is otherwise unsuitable to be occupied as a residence.
    • The dwelling is undergoing substantial repairs or renovations.
    • Occupation of the dwelling as a residence is prohibited or legally restricted by an order of a court or tribunal or a law of the Commonwealth, state or territory.
    • A person (who may or may not be the foreign person) who ordinarily occupies the dwelling was absent from the dwelling due to receiving long-term, in-patient, medical or residential care.

    You may be required to provide acceptable supporting evidence to prove the dwelling was incapable of being occupied.

    Vacancy fee waivers

    We only waive or remit fees in limited circumstances.

    The vacancy fee waiver form is not available in Online services for foreign investors.

    For information on details we consider and how to make a request, see Request waiver of an application fee.

    Penalties that may apply if you do not lodge

    If you do not lodge your vacancy fee return by the due date, you may be liable to pay a vacancy fee. This is regardless of the number of days the dwelling was residentially occupied during the vacancy year.

    If you are directed to pay the vacancy fee for failing to lodge, you will receive an email from us. The email notice will provide the following information:

    • reason we are charging the fee
    • amount of the fee you have to pay
    • payment details
    • due date.

    You may be liable for an infringement notice or a civil penalty if you do not:

    • lodge a vacancy fee return on time
    • keep records that are relevant to your liability for vacancy fees.

    You are required to keep these records for at least 5 years after the end of each vacancy year.

    More information on compliance for residential land is available at the Foreign InvestmentExternal Link website.

    Update your details if your situation changes

    It is important to keep us up to date about your situation, so we can contact you about your property.

    If your situation changes, you must update your details in Online services for foreign investors or contact us.

    A change of situation may include where:

    • you are no longer considered a foreign person (foreign owner)
    • ownership of your property changes
    • the owner has died
    • the vacant land or redevelopment property does not have a dwelling on it, or construction is not complete
    • construction of a new dwelling has been completed and a certificate of occupancy was received.

    If your:

    How to report a breach of the foreign investment rules

    If you suspect you’ve breached your foreign investment conditions, contact us as soon as possible.

    If you know or suspect someone else has breached the foreign investment rules, you can confidentially report a breach to us.

    MIL OSI News –

  • MIL-OSI China: China’s commercial rocket sends 8 satellites

    Source: China State Council Information Office 2

    A CERES-1 carrier rocket carrying eight satellites blasts off from the Jiuquan Satellite Launch Center in northwest China on March 17, 2025. [Photo/Xinhua]
    China’s CERES-1 commercial rocket put eight satellites into the 535-kilometer sun-synchronous orbit on Monday.
    The carrier rocket, CERES-1 Y10, blasted off from the Jiuquan Satellite Launch Center in northwest China at 4:07 p.m. on March 17 on a mission dubbed “Auld Lang Syne.” It delivered five satellites, including the Yunyao-1 55-60 and the AIRSAT-06 and -07 satellites. 
    Equipped with Global Navigation Satellite System (GNSS) occultation detection payloads, the Yunyao-1 satellites are part of the commercial meteorological satellite constellation the Tianjin-based company Yunyao Aerospace is building, with plans for 90 in total. The payload enables satellites to collect atmospheric temperature, humidity, pressure and ionospheric electron density data. 
    The constellation aims to establish a real-time global atmospheric and ionospheric detection system for global weather forecasting and application in various industries. Specifically, it will provide meteorological forecast information with a real-time performance better than 20 minutes for countries along the Belt and Road partner countries, according to the company.
    Beijing-based rocket company Galactic Energy has completed 17 successful launches, with its most recent mission marking the first commercial launch of the year in China.

    MIL OSI China News –

  • MIL-OSI USA: Taxpayers filing their own returns can get free help using IRS Direct File and Direct File Oregon at Tualatin Public Library March 19

    Source: US State of Oregon

    ualatin taxpayers filing their own 2024 income tax returns can get free assistance using the new combination of IRS Direct File and Direct File Oregon when Oregon Department of Revenue volunteers visit the Tualatin Public Library March 19.

    The IRS estimates that 4,000 people in Tualatin are eligible to use IRS Direct File and Direct File Oregon. Filing with both IRS Direct File and Direct File Oregon is free and available as a combination for filing both federal and state taxes for the first time this year.

    Help will be available at the Tualatin Public Library, located at 18878 SW Martinazzi Avenue in Tualatin, 1 p.m. to 5 p.m., Wednesday, March 19.

    Before arriving at the library, taxpayers should:

    Videos are also available to show how to use IRS Direct File and Direct File Oregon and taxpayers can find more information on the department’s Free Direct File assistance at local libraries webpage.

    Taxpayers should bring the following information with them to the library.

    Identification documents

    • Social security card or ITIN for everyone on your tax return
    • Government picture ID for taxpayer and spouse if filing jointly (such as driver’s license or passport)

    Common income and tax documents

    • Forms W2 (wages from a job)
    • Forms 1099 (other kinds of income)
    • Form SSA-1099 (Social Security Benefits)

    Optional documents

    • Canceled check or bank routing and account numbers for direct deposit
    • Last year’s tax return

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

    Taxpayers who aren’t eligible to use IRS Direct File can find other free options and free assistances sites on the agency’s website. Those who can’t use IRS Direct File to file their federal return can still use Direct File Oregon to file their state return.

    The department believes that helping taxpayers file their own returns using direct file will help maximize the number of Oregonians who choose to use the new free option and make it possible for many who don’t have a filing requirement to file and claim significant federal and state tax credits for low-income families, such as the Earned Income Tax Credit, or EITC. The IRS estimates that nearly 25 percent of eligible Oregon taxpayers are not claiming the EITC. One Oregon organization says that added up to almost $100 million in unclaimed credits in 2020.

    Taxpayers can sign up for the new “Oregon Tax Tips” direct email newsletter to keep up with information about tax return filing and how to claim helpful tax credits.

    MIL OSI USA News –

  • MIL-OSI USA: Senator Scott Highlights Historic Ten-Week Voting Streak in Senate

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott

    The Senate concludes a historic commencement of the 119th Congress following ten consecutive weeks of voting, representing the longest continuous stretch in more than 15 years.

    WASHINGTON — Today, U.S. Senator Tim Scott (R-S.C.) marked the completion of the Senate’s historic ten-week voting streak, the longest continuous stretch in over 15 years. The productive and intense work period has set a tone for the 119th Congress, with Senate Republicans working hard to advance President Trump’s agenda. Senator Scott reaffirmed his commitment to building on this progress and continuing to advocate for South Carolinians and the American people.

    “This work period has been dynamic, exciting, and extremely productive. I have loved seeing so many South Carolinians in DC over the last three months,” said Senator Scott. “Senate Republicans have taken monumental steps in getting President Trump the cabinet he deserves, passing critical legislation and rolling back burdensome regulations. While the work is far from over, I remain committed to building on these efforts and delivering results for folks back home and across the country! America will be the shining city on a hill once again!”

    Since January, Senator Scott has introduced 16 pieces of legislation and resolutions including his Alan T. Shao II Fentanyl Public Health Emergency and Overdose Prevention Act, Antisemitism Awareness Act of 2025, Protect Small Businesses from Excessive Paperwork Act of 2025, Securing our Border Act, Unlocking Domestic LNG Potential Act, and the Families’ Rights and Responsibilities Act. 

    On the Senate’s duty of advice and consent…

    President Trump has selected various nominees to serve in critical positions throughout this new administration. Senator Scott has met with and voted to confirm the following nominees, now Cabinet-level positions, Treasury, Health and Human Services, Defense, Homeland Security, Education, Labor, Housing and Urban Development, SBA Administrator, and the Directors of the FBI, USTR, National Intelligence, and National Institutes of Health. Each cabinet appointee is critical to delivering on the promise to secure our borders, unleash American energy, and promote economic freedom. Senate Republicans are working hard to swiftly confirm President Trump’s nominees and bring safety and prosperity back to the American people! 

    On creating greater access to educational opportunities…

    Senator Scott celebrated the impact education freedom has on the lives of so many students and families during National School Choice Week. He also highlighted a quality education is still out of reach to countless children who desperately need it during Secretary McMahon’s confirmation hearing.

    As co-chair of the Congressional School Choice Caucus and member of the Senate Health, Education, Labor and Pensions (HELP) Committee, Senator Scott led his colleagues in introducing a Senate resolution recognizing January 26 – February 1 as National School Choice Week. The Senator continues to champion parental rights so families can choose the education that best fits their child’s individual talents and needs.

    On disaster recovery and SBA reform efforts…

    After hearing from hundreds of South Carolina businesses in the wake of Hurricane Helene, Senator Scott introduced the SBA Disaster Transparency Act, which requires the Small Business Administration to make its monthly reporting requirements for the Disaster Loan Account available to the public. During the 10-week work period, the bill successfully moved out of the Senate Small Business and Entrepreneurship Committee, marking a significant step forward in providing essential resources to communities in need. By introducing this legislation, Senator Scott is committed to ensuring that those affected by natural disasters have the tools they need to rebuild their lives.  

    On unlocking economic freedom…

    Senator Scott has been actively laying the groundwork to advance pro-growth tax policies that strengthen the economy and protect hard working Americans. That includes preventing a $5 trillion tax hike on the middle-class by pushing to extend theTax Cuts and Jobs Act that would ensure small businesses and families aren’t burdened with higher taxes.

    As the Chairman of the Senate Committee on Banking, Housing, and Urban Affairs and as a senior member of the Senate Finance Committee, Senator Scott is focused on advancing solutions to support pro-growth policies and economic opportunity across the country – with the goal of unlocking up to $1 trillion in investments for underserved communities. Senator Scott’s effort is about building a future where every American has access to the tools and resources they need to succeed. To that end, Senator Scott joined Walter Davis, founding member of Peachtree Providence partners, for an important conversation as part of Senator Scott’s Opportunity Summit series. The Opportunity Summit is designed to establish an ecosystem that drives economic growth in underserved communities, building on the success of his Opportunity Zones from the 2017 Tax Cuts and Jobs Act. Senator Scott’s goal is to create lasting economic opportunities that will continue to empower communities for generations to come, ensuring that all Americans have the chance to thrive and achieve their fullest potential.

    On the Senate Banking Committee, Senator Scott is leading Senate Republican efforts to address the un-American practice of debanking, holding hearings, meeting with industry leaders, and introducing legislation. In his committee’s first legislative markup of the 119th Congress, Senator Scott successfully advanced his debanking legislation, as well as a bipartisan bill that establishes a clear regulatory framework for payment stablecoins. Senator Scott will continue using his position as Chairman to prioritize serious solutions to support hardworking Americans and rein in burdensome regulations.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Universities – International tax rules are losing their grip – academic – UoA

    Source: University of Auckland (UoA)

    As the Trump administration prioritises domestic interests over multilateral agreements, a University of Auckland legal scholar warns of a “quiet evolution” reshaping international tax law.

    Professor Craig Elliffe’s research on this shift is in the running for the 2025 Frans Vanistendael Award for International Tax Law, one of the field’s most prestigious honours. Published in the World Tax Journal, his paper, one of just six shortlisted for the €10,000 prize, explores how governments are strengthening domestic tax laws to combat tax avoidance, sometimes at the cost of weakening international agreements.

    Elliffe looks at the relationship between international tax law, mainly tax treaties, and domestic tax law, examining how they interact and influence each other.

    For decades, tax treaties have been the backbone of cross-border taxation, designed primarily to prevent double taxation – where the same income is taxed in two different countries. Over time, tax treaties have also been used to prevent tax avoidance and evasion, especially by multinational companies and wealthy individuals.

    We’re already seeing this kind of shift with the trade tariffs being imposed by the US; there’s this sort of breakdown of the existing cooperative global world trade and tax systems.

    Professor Craig ElliffeUniversity of Auckland

    Elliffe argues that domestic law has prevailed against the more specialised law of tax treaties and at an increasing rate. This evolution has occurred in situations where the special law of treaties is “watered down” by the principle that treaties shouldn’t be allowed to be abused, or in situations where they facilitate tax avoidance.

    “There’s been a clear trend towards preserving and increasing the authority of certain domestic tax laws,” says Elliffe.

    “There are many reasons for this reassertion of sovereign taxing rights, but they’re mainly justified under the banner of preventing tax avoidance. Such domestic laws, however, can conflict with the reduction or elimination of double taxation and undermine the rationale for tax treaties.”

    Over the past decade, Elliffe says the pace of this trend has increased, suggesting more of a revolution than an evolution: a clear move towards preserving the authority of certain domestic tax laws.

    “This means there’s less certainty in law, which is a shame. It means countries can’t rely on the treaties to the same extent they previously had.

    “We’re already seeing this kind of shift with the trade tariffs being imposed by the US; there’s this sort of breakdown of the existing cooperative global world trade and tax systems.”

    His paper raises questions about the future of international tax cooperation. If countries continue to prioritise domestic tax sovereignty over treaty commitments, he says the result may be a more fragmented and unpredictable tax landscape.

    MIL OSI New Zealand News –

  • MIL-OSI USA: President Trump Signs Hoeven-Led Legislation to Block Biden Natural Gas Tax

    US Senate News:

    Source: United States Senator for North Dakota John Hoeven
    03.17.25
    Senator at White House for Signing Ceremony
    Click for video and audio.

    WASHINGTON – Senator John Hoeven (R-N.D.) issued the following statement after President Donald Trump signed into law the Congressional Review Act (CRA) resolution of disapproval he led in the Senate to block implementation of President Biden’s Natural Gas Tax. Hoeven was at the White House as the bill was signed into law.
    Hoeven’s CRA blocks implementation of a Natural Gas Tax passed in 2022 as part of the Democrats’ reckless tax-and-spend bill. Last month, Hoeven secured Senate approval of the resolution by a vote of 52 to 47, and Congressman August Pfluger (R-Texas) led and secured approval of the companion legislation in the House.
    “The Biden administration handcuffed our energy industry with unnecessary regulations and burdensome taxes, including a new tax on natural gas. Americans rely on natural gas as an affordable and reliable energy source for everything from heating and cooking to manufacturing. Our CRA blocks this natural gas tax, and is an important step as we work to roll back the Biden administration’s harmful Green New Deal policies,” said Senator Hoeven. “We appreciate President Trump signing our CRA into law as part of our broader effort to take the handcuffs off our producers to unleash more American energy, which will help reduce inflation and make our nation truly energy dominant.”
    “I was honored to witness President Trump sign our monumental legislation into law to deliver on the mandate to remove burdensome regulations in the energy industry and unleash American energy. Our CRA repeals the tax President Biden imposed on every single consumer in this country and protects the hardworking men and women in the Permian Basin who have delivered affordable, reliable energy every day despite being assaulted by the Biden administration for four years. We owed it to our constituents who elected us to fight for them and get this legislation across the finish line. This is only the beginning of our mission to restore American energy dominance, and I thank President Trump for his action on this,” said Rep. Pfluger.

    MIL OSI USA News –

  • MIL-OSI USA: Dusty Inferno Hits Oklahoma

    Source: NASA

    An area of low pressure over the U.S. Southwest began to collide with humid air flowing north on March 14, 2025. The combination powered a destructive weather front that unleashed a chaotic weekend of winds, thunderstorms, hail, dust, and wildfires as the front pushed east through several U.S. states.
    Dust streamed northeast across Texas and Oklahoma behind a line of thunderstorms when the VIIRS (Visible Infrared Imaging Radiometer Suite) on the NOAA-21 satellite captured this image on March 14, 2025. Amidst the blanket of dust, smoke plumes are visible streaming from wildland fires burning near several towns in Oklahoma, including Camargo, Iconium, Langston, Leedey, Maramec, Merrick, Orlando, Pawhuska, and Stillwater.
    In Oklahoma, hurricane-force winds gusted up to 85 miles (137 kilometers) per hour, triggering a massive dust storm and fanning fast-moving grass fires that caused the state’s governor to declare a state of emergency in 12 counties. The high winds and fires damaged more than 400 homes and structures, including at least 70 homes in Stillwater that were destroyed. The extreme weather also caused tens of thousands of power outages and triggered deadly traffic accidents.
    More than 170,000 acres of land burned, according to The Oklahoman. Many fires raged in parched grasslands that had been abnormally dry and drought-prone in recent weeks, according to the U.S. Drought Monitor.
    “Wildfires are really many hazards at once,” said Doug Morton, a remote sensing scientist at NASA’s Goddard Space Flight Center, citing dangers including the direct threat to life and property, health hazards posed by the smoke, and issues of visibility that make road and air travel dangerous. “In Oklahoma, the mixture of dust and smoke compounded the problem and led to treacherous conditions,” Morton said.
    The same storm system generated dozens of tornadoes, some of which touched down in Arkansas, Missouri, Illinois, Indiana, Mississippi, Alabama, and Georgia, taking dozens of lives and flattening homes in several communities.
    NASA Earth Observatory image by Lauren Dauphin, using VIIRS data from NASA EOSDIS LANCE, GIBS/Worldview, and the Joint Polar Satellite System (JPSS). Story by Adam Voiland.

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: Governor Lombardo Applauds FHLBank San Francisco’s $10 Million Affordable Housing Investment in the Silver State

    Source: US State of Nevada

    Carson City, NV March 17, 2025

    In case you missed it, the Federal Home Loan Bank of San Francisco announced a new $10 million investment in affordable housing in Nevada today.

    “Attainable homeownership for all Nevadans is one of my highest priorities and we can’t do this alone,” said Governor Lombardo. “The partnership and commitment of FHLBank San Francisco through this investment will give stability to many of Nevada’s essential workers.”

    The full press release from the Federal Home Loan Bank of San Francisco is below:

    The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) is deepening its commitment to increasing access to affordable housing and homeownership by investing in Nevada Housing Division Mortgage Revenue Bonds. Nevada Governor Joe Lombardo celebrates FHLBank San Francisco’s investment in the state. 

    “Attainable homeownership for all Nevadans is one of my highest priorities and we can’t do this alone,” said Governor Lombardo. “The partnership and commitment of FHLBank San Francisco through this investment will give stability to many of Nevada’s essential workers.” 

    This $10 million investment strengthens FHLBank San Francisco’s efforts to support low- and moderate-income homebuyers in the state of Nevada, which include down payment assistance grant programs to support homebuyers. 

    “Our investment in Nevada Housing Division Mortgage Revenue Bonds allows us to reinforce our commitment to safe, affordable homes in Nevada while also delivering on our mission to provide reliable, low-cost liquidity and community investment resources to our member financial institutions,” said Joe Amato, interim president and CEO of FHLBank San Francisco. “By working together with the Nevada Housing Division, we can strengthen communities in Nevada, foster economic growth and create a more vibrant and resilient future for all.” 

    Supporting Home Affordability in Nevada 

    Nevada has a severe shortage of affordable homes. The demand for more housing supply in the state has made it more difficult for Nevada residents to keep up with the housing market – both in buying and renting. The Nevada Housing Division Mortgage Revenue Bonds are highly rated investment securities (AA+ rating from S&P) backed by single-family mortgage-backed securities (MBS) that facilitate homeownership by supporting loans designed specifically for Nevada households aspiring to own a home. 

    “The Federal Home Loan Bank of San Francisco is uniquely positioned to address affordability issues for homebuyers in Nevada,” said Stephen Aichroth, Administrator of the Nevada Housing Division. “We thank the Bank for their confidence in the Nevada Housing Division and their commitment to affordable homeownership for Nevadans.” 

    FHLBank San Francisco is dedicated to supporting housing initiatives throughout its three-state region of Arizona, California, and Nevada. Since the Affordable Housing Program (AHP) was created in 1990, FHLBank San Francisco has awarded over $1.38 billion in affordable housing and community program grants to support the construction, rehabilitation, or purchase of over 155,000 homes affordable to lower-income households, including $61.8 million AHP grants in 2024 alone. Together, the 11 regional FHLBanks that make up the Federal Home Loan Bank System are one of the largest privately capitalized sources of grant funding for affordable housing in the United States. 

    About the Nevada Housing Division  

    The Nevada Housing Division, a division of the Department of Business and Industry, was created by the Nevada Legislature in 1975, with a mission to provide affordable housing opportunities and improve the quality of life for Nevada residents. They connect Nevadans with homes by providing financing to developers to build affordable housing, innovative mortgage solutions and down payment assistance programs and making homes more energy efficient, thereby lowering utility expenses. To learn more, visit http://housing.nv.gov. 

    ### 

    MIL OSI USA News –

  • MIL-OSI USA: Grassley Oversight Sweeps Nearly Every Corner of Taxpayer-Funded Government Agencies

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley
    BUTLER COUNTY, IOWA – Amid Sunshine Week, U.S. Sen. Chuck Grassley (R-Iowa), is highlighting the historic scale of his recent oversight work, which secured victories for national security, government transparency, health care and more.
    Grassley in the 118th Congress sent over 600 oversight letters to federal, state and private sector entities, as well as all 74 Offices of the Inspector General and the Office of Special Counsel – sending more oversight letters over the past two years than in any Congress prior. Grassley’s oversight – a hallmark of his time in public service – inspired bipartisan laws and prompted action from numerous federal agencies to address government waste, fraud and abuse. 
    “The Framers of our Constitution tasked Congress with conducting oversight as part of our system of checks and balances. I take this constitutional responsibility very seriously, and always have,” Grassley said. “My oversight and investigations help ensure the government is a service to the people of Iowa and the American taxpayer. I’m proud of the work I’ve done to safeguard our national security, improve health care outcomes, protect patriotic whistleblowers and hold agencies’ feet to the fire. I’m keeping my nose to the grindstone this Congress as I continue fighting for a more transparent and accountable government.”   
    Grassley gave an overview of his oversight achievements in a speech on the Senate floor. He noted: “We’re [now] in the 119th Congress. As this Congress gets underway, I have become Chairman of the Senate Judiciary Committee. My oversight is already full-speed-ahead, and I look forward to what the next couple of years produce.”
    Highlights of Grassley Oversight in the 118th Congress
    Digging into agency mismanagement | Grassley: 
    Unveiled the “most detailed picture” of the Secret Service’s communication failures leading up to the first assassination attempt against President Donald Trump in Butler, Pennsylvania. 
    The Department of Homeland Security Office of Inspector General opened a formal review into the Secret Service just hours after receiving a request from Grassley to do so. Grassley’s request ultimately resulted in five ongoing reviews into the Secret Service’s protection processes.

    Shone light on inappropriate expenditures billed to the Environmental Protection Agency under the guise of “environmental justice.” 
    Revealed the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) misclassified employees as law enforcement, an illegal practice that cost taxpayers billions.
    Demanded the Federal Bureau of Investigation (FBI) come clean on its failure to investigate child sex crimes and crack down on sexual misconduct among its workforce, including questionable disciplinary patterns allowing wrongdoers to evade accountability.
    Spearheaded efforts to root out partisan bias at the FBI, stop the weaponization of government against law-abiding Americans for their religious faith and expose bureaucratic sabotage of congressional oversight.
    Built on his yearslong oversight of the Pentagon by crafting a bipartisan measure to ensure the U.S. Armed Forces identify items the Defense Department (DOD) could produce itself through reverse engineering. Grassley’s bill, introduced with Sen. Elizabeth Warren (D-Mass.), was signed into law as part of the Fiscal Year 2025 National Defense Authorization Act. 
    Exposed U.S. Attorney David Weiss for lacking the authorities then-Attorney General Merrick Garland publicly asserted Weiss had to fully prosecute the Hunter Biden case. Grassley further exposed, through legally protected whistleblower disclosures, that the FBI had dozens of sources who provided potentially criminal information relating to the Biden family.
    Protecting whistleblowers | Grassley:
    Forced the ATF, Executive Office of Immigration Review and Internal Revenue Service to update its nondisclosure agreements with language informing whistleblowers of their rights.
    Demanded all Offices of Inspectors General review their parent agency’s whistleblower protection measures to ensure federal agencies maintain lawful anti-gag provisions. 
    Unanimously passed a resolution and delivered remarks celebrating National Whistleblower Appreciation Day. 
    Supporting crime victims | Grassley:
    Shone a light on Credit Suisse’s failure to disclose Nazi-linked accounts the bank historically serviced. Credit Suisse reinitiated an internal investigation of the accounts thanks to Grassley’s probing. 
    The Simon Wiesenthal Center, a global Jewish human rights organization, recognized Grassley for his work to right historic wrongs.
    At Grassley’s request, Argentinian President Javier Milei has agreed to cooperate with the investigation to provide Argentine-based records related to Credit Suisse’s use of Nazi “ratlines.” 

    Secured a Government Accountability Office study of the Justice Department (DOJ)’s Crime Victims Fund to ensure DOJ doesn’t squander money intended to support victims of crime. The DOJ Office of Inspector General opened its own audit following Grassley’s oversight.
    Cracking down on Biden border chaos | Grassley:  
    Spurred a federal investigation into potential trafficking of unaccompanied migrant children. Homeland Security Investigations followed up on 102 investigative targets Grassley identified. 
    Brought Health and Human Services (HHS) whistleblowers before a congressional panel to expose the abuse they witnessed in HHS’ Unaccompanied Children program. 
    Earned recognition as “the only person in a position of power” who exhibited consistent dedication to addressing government-funded migrant child trafficking.
    Called on dozens of federal contractors and grantees to account for what actions they’ve taken to safeguard unaccompanied migrant children in their care.
    Brought Customs and Border Protection whistleblowers before a congressional panel to discuss the government’s unlawful refusal to collect DNA from all individuals encountered at the border. 
    Advancing life-saving health care reforms | Grassley:  
    Championed a bipartisan law to reform the U.S. organ transplant system for the first time in four decades. The Securing the U.S. Organ Procurement and Transplantation Network Act ensures the best-qualified contractors manage and operate nationwide organ donations and placements, providing patients with the highest-quality care and ensuring generous donations are used to save lives.
    The nonpartisan Carl Levin Center for Oversight and Democracy recognized Grassley and his bipartisan colleagues for their work to “[achieve] the best outcome for the American people.” 

    Spearheaded a bipartisan investigation with then-Senate Budget Committee Chairman Sheldon Whitehouse (D-R.I.) into private equity ownership of hospital systems that operate across the country, including in Iowa. Grassley and Whitehouse pulled back the curtain on access and quality changes that had occurred at hospital systems purchased by private equity.
    Cutting off resources to Mexican drug cartels | Grassley:  
    Published a detailed report revealing federal agencies’ decades-long failure to conduct oversight of U.S. resources sent to Mexico, allowing taxpayer dollars to fall into the hands of cartels and fuel drug trafficking operations. 
    Informed by his report, Grassley authored bipartisan, bicameral legislation to improve intercountry drug destruction efforts. The bill passed the House of Representatives last Congress.

    Exposed how Federal Aviation Administration (FAA) loopholes enable drug cartels to transport illicit drugs on U.S. registered planes. Grassley’s bipartisan bill to close FAA’s loopholes was signed into law as part of the FAA Reauthorization Act of 2024.  
    -30-

    MIL OSI USA News –

  • MIL-OSI Security: Utah Man Admits to Defrauding his Employer of Approximately $1.7M

    Source: Office of United States Attorneys

    SALT LAKE CITY, Utah – A Davis County man pleaded guilty in court today to embezzling approximately $1.7 million from his employer for his own benefit.

    Timothy Sean Edgar, 44, of Farmington, Utah, was charged by felony information March 11, 2025, for wire fraud and money laundering.

    According to court documents and admissions made at the change of plea hearing, beginning in 2021 and continuing until October 2024, Edgar defrauded his employer to obtain money and property by stealing and lying. As part of Edgar’s scheme, he fraudulently opened a sales channel through a popular online marketplace and used his employment credentials to access the vendor portal and redirect Automated Clearing House payments to his personal bank account. Edgar then made payments back to his employer using his personal credit card.  Edgar embezzled approximately $1,778,251 from his employer.

    Edgar is scheduled to be sentenced August 7, 2025, at 1:30 p.m. before a U.S. District Court Judge at the Orrin G. Hatch United States District Courthouse in downtown Salt Lake City.

    Acting United States Attorney Felice John Viti of the District of Utah made the announcement.

    The case is being investigated jointly by the Internal Revenue Service, Criminal Investigation (IRS-CI), FBI Salt Lake City Field Office, and the North Salt Lake City Police Department.

    Assistant United States Attorneys Mark E. Woolf and Jacob J. Strain of the U.S. Attorney’s Office for the District of Utah are prosecuting the case.
     

    MIL Security OSI –

  • MIL-OSI Security: St. Louis Woman Accused of $177,000 Pandemic-Era Tax Credit Scheme

    Source: Office of United States Attorneys

    ST. LOUIS – A woman from St. Louis, Missouri has been accused of fraudulently obtaining $177,000 in pandemic-era tax refunds.

    Ayana J. Brown, 33, was indicted February 20 on two felony counts of theft of government property. She turned herself in Monday and pleaded not guilty in U.S. District Court in St. Louis.

    The indictment says that on Dec. 22, 2022, Brown filed two fraudulent quarterly employment tax returns (IRS Form 941s) with the IRS on behalf of Yaya Flowtiques LLC. Brown falsely claimed the company had five employees and paid approximately $177,321 in wages for the first quarter of 2021 and $145,098 in wages for the second quarter, the indictment says.  In fact, Yaya Flowtiques had no employees during this time, the indictment says.  Brown fraudulently claimed credits under the Employee Retention Tax Credit (ERC) program, resulting in two U.S. Treasury checks totaling $177,000 in refunds that were mailed to Brown, the indictment says.

    The ERC was a tax credit designed to encourage businesses to retain employees during the COVID-19 pandemic. Generally, businesses qualified for the ERC if they were shut down by a government order, experienced a 50% decline in gross receipts or qualified as a recovery startup business and if they paid qualified wages to employees during the pandemic.

    Each theft of government property charge is punishable by up to 10 years in prison, a $250,000 fine or both prison and fine

    Charges set forth in an indictment are merely an accusation and does not constitute proof of guilt.  Every defendant is presumed to be innocent unless and until proven guilty.

    The Treasury Inspector General for Tax Administration (TIGTA) investigated the case. Assistant U.S. Attorney Jonathan Clow is prosecuting the case.

    MIL Security OSI –

  • MIL-OSI Security: Justice Department Files Lawsuit Seeking Permanent Injunction Against Two Tax Preparers Based in Koreatown and Reseda

    Source: Office of United States Attorneys

    LOS ANGELES – The Justice Department filed a lawsuit today against two defendants who allegedly prepared false federal tax returns under the names of a business with storefronts in the San Fernando Valley and the Koreatown area of Los Angeles.

    Luis Alberto Mijangos and George Louis Montalvan are the defendants named in the lawsuit, which seeks to permanently stop them from preparing or filing federal tax returns.

    According to the lawsuit, Mijangos and Montalvan prepared false tax returns under several business names, including Luismi Services Inc., Luismi Services, Luismi Income Tax Services, and CYL Professional Services. Mijangos and Montalvan allegedly used that business, which has storefronts in Koreatown and Reseda, to perpetuate an unlawful tax scheme in which they filed fraudulent tax returns that reported deductions, credits, exemptions, or other tax items for which their customers were not qualified to receive. From 2019 to 2022, the defendants filed at least 1,800 federal income tax returns with the IRS.

    The IRS issued tax refunds based on the fabricated tax items, but customers did not receive the refunds. Instead, Mijangos and Montalvan allegedly diverted the refunds into bank accounts they owned or controlled.

    For example, one customer paid $300 to the defendants to prepare and file her 2019 federal income tax return. The defendants provided this customer with a copy of a federal income tax return that reported a balance due in the amount of $364. The defendants indicated that version of the return would be filed with the IRS.

    Instead, the defendants allegedly filed a tax return that reported a refund in the amount of $3,965. The claimed refund was based upon dependents and education credits that the defendants fabricated and falsely reported on the return. The customer never received the refund reported on the IRS version of her return. Instead, the defendants diverted the entire refund to a bank account owned or controlled by the defendants.

    The claims mentioned in the lawsuit are allegations only. There has been no determination of liability.

    Taxpayers seeking a return preparer should remain vigilant against unscrupulous tax preparers. The IRS has information on its website for choosing a tax return preparer and has launched a free directory of federal tax preparers. The IRS also offers guidance on the credentials and qualifications that taxpayers should seek from their return preparer.

    In addition, IRS Free File, a public-private partnership, offers free online tax preparation and filing options on IRS partner websites for individuals whose adjusted gross income is under $79,000. For individuals whose income is over that threshold, IRS Free File offers electronic federal tax forms that can be filled out and filed online for free.

    In the past decade, the Justice Department has obtained injunctions against hundreds of unscrupulous tax preparers. Information about these cases is available on the U.S. Attorney’s Office’s website and the Justice Department’s website. An alphabetical listing of persons enjoined from preparing returns and promoting tax schemes can be found on this page.

    Assistant United States Attorney John D. Ellis of the Civil Division’s Tax Section is representing the United States in this matter.

    MIL Security OSI –

  • MIL-OSI United Nations: Giving Women Jobs ‘Smartest, Fastest’ Way to Grow Economy, Commission Told

    Source: United Nations General Assembly and Security Council

    The Commission on the Status of Women entered its second week today with an interactive dialogue on inclusive development, shared prosperity and decent work.  Speakers emphasized the urgency of turning gender equality commitments into concrete, actionable policies to ensure women have equal opportunities to improve their employment prospects and livelihoods.

    The Commission’s two-week annual session focuses on accelerating the implementation of the Platform for Action adopted at the 1995 conference on women in Beijing, where world leaders pledged to achieve gender equality and uphold women’s rights.  Discussions also focus on contributing to the achievement of the Sustainable Development Goals (SDGs).

    Women Friendly Tax Administration

    Diane Elson, Emeritus Professor of Sociology at the University of Essex, England, said that systemic barriers to women’s enjoyment of decent work include discrimination in hiring, misogyny, sexual harassment, violence in the workplace and lack of investment to reduce and redistribute unpaid work.  “Unfortunately, some of these barriers are actually intensifying in some countries, where there are now attempts to wipe from the record the gains that women and ethnic minorities and other minorities have made,” she said.  However, there are many things that can be done.  While inclusive development policies tend to garner wide support, there are many forms of inclusion that are impoverishing and exploitative.  It is therefore important to focus on “rights at work as well as the right to work, and to understand that economic growth does not necessarily create more jobs,” she stressed.  To that end, it is critical to improve women friendly tax administration systems for filing taxes.  “We need the elimination of tax breaks that do not increase investment and productivity and serve only to reduce tax payments for well off people and businesses,” she said.

    Access to Technology Training Key to Empowering Women  

    Corina Rodriguez, researcher at the National Council of Research and the Interdisciplinary Centre for the Study of Public Policy in Buenos Aires, Argentina, said that artificial intelligence (AI) and digitalization presents many opportunities to reduce gender disparities but also creates challenges and presents risks.  Technology might lead to a displacement of the working population to get cheaper labour, particularly in certain sectors where women are overrepresented, and those perhaps where the qualifications are lower.  Technology creates new employment opportunity in design, in goods and services, technological services, logistics, customer care — opportunities that women can seize.  “But it depends, of course, on whether they’re able to first access training in these careers,” she said.  “Women are under much more time pressure, because in addition to work, they have to very often care for other members of the family,” she said.  It is essential to ensure that women do not “fall into the work trap” and take on additional hours without additional pay while also having to balance numerous other responsibilities. 

    Lekha S. Chakraborty, Professor at National Institute of Public Finance and Policy (NIPFP) in New Delhi, India, called on Governments to “move beyond the paradigm” of the gross domestic product (GDP).  “The fiscal policy space is shrinking,” she went on to underscore, noting that funds to women’s programmes have been substantially cut in the post-pandemic landscape.  However, it still remains true that the “smartest and fastest” way to increase GDP is to have women involved in economic growth through employment and empowerment.  “There are challenges with the care economy infrastructure,” she emphasized, spotlighting a sector of the economy where women are overrepresented.  In the post-pandemic paradigm “conscious public policy decisions are crucial”, she added.  Gender-responsive budgeting should not be confined solely to “what is specifically targeting women”.  She discussed the connection between gender bonds and fiscal policy, stating that in countries with high fiscal deficits, internal bond financing could be tied to gender equality outcomes.  However, she cautioned against linking bond financing to external funding, as it is subject to external factors, which carry inherent risks.  She emphasized that there are innovative approaches to addressing this issue.  “Public financial management reforms for climate change are currently under way without being tied to a job guarantee,” she added.

    Gender Mainstreaming

    Barbara Ky, director of gender at the West African Economic and Monetary Union, discussed how the Union is working to translate gender perspective and gender equality commitments into practical public policies that can be implemented by Governments and thereby enhance women’s employment prospects and livelihoods.  The Union has developed guidelines, digital tools and information technology procedures that are carried out by the sectoral ministry in each of the Union’s member country.  Public policy is based on goals that will integrate a gender perspective.  “This requires mainstreaming the gender perspective and integrating it into every stage of planning, programming, budgeting and implementation,” she said.  At the highest level all documents prepared by Government ministries should include a gender-related aspect “so that public policy is truly permeated by an awareness of these issues and gender has to be taken into account from the initiative of the process,” she said.  For example, to address the issue of women’s unpaid employment, the hours that women spend bringing water to the household, compared with men, has been assessed.  Planning programmes need to be aware of women’s contributions.

    Women Spend 4.5 Hours Daily on Unpaid Care Work

    Marija Babovic, a professor affiliated with the University of Belgrade, shared her perspective on the sustained negative impact that unpaid work has on women’s employment, income and economic security.  These negative impacts are increasing as more women work in unpaid care and in unprotected domestic work.  She noted that while in developed countries many women have entered the formal labour market since the 1970s, women and girls still provide more than three fourths of the unpaid care work around the world.  For example, women spend 4 hours and 25 minutes each day on these activities while men spend 1 hour and 23 minutes each day on the same type of activities.  More than 600 million women are working outside the paid labour force because of their care responsibilities, compared with 41 million men.  “Unpaid work lowers women access to the labour market and paid work and is a factor in their higher financial poverty and time poverty,” she said.  The paid care economy accounts for 11.5 per cent of the global economy, including jobs in such areas as childcare, disability care, aged care and paid domestic work.  However, “across the world, paid care work remains characterized by a lack of rights, benefits or protections, low wages or non-compensation,” she said, adding that some women are subject to physical, mental and even sexual harassment.

    The discussion was moderated by Anita Kemi DaSilva-Ibru, founder of the Women at Risk International Foundation (WARIF), a leading non-profit organization that addresses the prevalence of sexual violence in Nigeria and Africa.

    The Commission also held a second interactive dialogue this afternoon on poverty eradication, social protection, and social services.

    __________

    *     The 12th meeting was not covered.

    MIL OSI United Nations News –

  • MIL-OSI USA: Tuberville, Young Fight for Right-to-Work States, Promote Competition

    US Senate News:

    Source: United States Senator for Alabama Tommy Tuberville

    WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Todd Young (R-IN) in reintroducing the Fair and Open Competition Act (FOCA), which would prevent the federal government from mandating project labor agreements (PLAs) on federal projects funded by taxpayers. This legislation would provide more opportunities to bid on government work, increase workforce competition, lower government construction costs, and save taxpayer dollars.

    Sen. Tuberville cosponsored this legislation in the 118th Congress.

    “Alabama’s workers deserve an equal playing field,” said Sen. Tuberville. “Alabama is a Right-to-Work state, and that means we don’t force workers to unionize. Construction companies and workers should win bids based off of merit, not their unionization status. I am proud to work with my colleagues to protect workers, boost business, and lower costs.” 

    “The Fair and Open Competition Act is pro-worker legislation that will restore competition in the construction industry, protect Hoosier workers from discriminatory contracts, and lower costs for taxpayers,” said Sen. Young. “Growing up with a dad who ran a small business and around family members and close friends who were union members, I appreciate what everyone brings to the table. This bill strikes the right balance to ensure various contractors can bid on these projects on their own merits.”

    Sens. Tuberville and Young were joined by Sens. Marsha Blackburn (R-TN), Katie Britt (R-AL), Ted Budd (R-NC), John Cornyn (R-TX), Kevin Cramer (R-ND), Mike Crapo (R-ID), Ted Cruz (R-TX), Lindsey Graham (R-SC), Chuck Grassley (R-IA), Bill Hagerty (R-TN), James Lankford (R-OK), Cynthia Lummis (R-WY), Jim Risch (R-ID), Rick Scott (R-FL), and Thom Tillis (R-NC) in cosponsoring the legislation. 

    Congressman Clay Higgins (R-LA-3) led the effort in the U.S. House of Representatives.

    Read full text of the legislation here. 

    BACKGROUND:

    On February 4, 2022, President Biden issued Executive Order 14063, requiring federal contracting agencies to mandate Project Labor Agreements (PLAs) on federal construction projects valued at $35 million or more, with limited exceptions. This new mandate poses serious risks:

    • It effectively bars over 80% of the U.S. construction workforce—those who are non-union—from competing on these federal projects.
    • Taxpayers bear the cost, as various studies have shown that PLAs can increase construction costs by 12% to 20%.
    • Right-to-work states are especially harmed when local non-union workers are shut out of cooperative federal projects.

    Specifically, the FOCA would:

    • Prohibit federal agencies from requiring PLAs as a condition of winning a contract.
    • Permit contractors and subcontractors to decide if a PLA is suitable on a case-by-case basis—without government interference.
    • Direct the Federal Acquisition Regulation (FAR) to be updated within 60 days to remove or block any requirement that contractors enter into PLAs.

    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI: Natural Gas Services Group, Inc. Reports Fourth Quarter and Year-End 2024 Financial and Operating Results; Provides 2025 Guidance

    Source: GlobeNewswire (MIL-OSI)

    Midland, Texas, March 17, 2025 (GLOBE NEWSWIRE) — Natural Gas Services Group, Inc. (“NGS” or the “Company”) (NYSE:NGS), a leading provider of natural gas compression equipment, technology, and services to the energy industry, today announced financial results for the three months and year-ended December 31, 2024. The Company also provided guidance for its full year 2025, anticipating significant top- and bottom-line growth with strong momentum moving into 2026.

    Fourth Quarter and Full Year 2024 Highlights

    • Rental revenue of $38.2 million for the fourth quarter and $144.2 million for the full year 2024, representing increases of 21% and 36%, respectively, compared to the prior year comparable periods.
    • Net income of $2.9 million or $0.23 per diluted share for the fourth quarter and $17.2 million or $1.37 per diluted share for the full year 2024, representing increases of 68% and 263%, respectively, compared to the prior fourth quarter and full year 2023 periods.
    • Cash flow generated from operating activities of $9.4 million for the fourth quarter and $66.5 million for the full year 2024. This compares to net cash used in operating activities of $7.7 million for the fourth quarter and cash generated of $18.0 million for the full year 2023.
    • Adjusted EBITDA of $18.0 million for the fourth quarter and $69.5 million for the full year 2024; 2024 Adjusted EBITDA was 52% higher than 2023 and represented the highest level in the Company’s history. Please see Non-GAAP Financial Measures – Adjusted EBITDA, below.

    Management Commentary and Outlook

    “2024 was a transformational year for Natural Gas Services Group as we executed against our strategic objectives and significantly improved our market presence and financial performance,” stated Justin Jacobs, Chief Executive Officer. “During the year, we enhanced our team and infrastructure, further diversified and expanded our customer base, organically expanded into large horsepower electric units, maintained our industry-leading service levels, and materially increased the size of our overall fleet. I am quite proud of the NGS team as their unwavering dedication to our customers and their passion to excel are the driving forces of our results.”

     “2024 was also a record year for NGS as our utilized rental fleet approached 500,000 horsepower and our Adjusted EBITDA increased by over 50% compared to 2023. Equally important, our business became significantly more capital efficient: our total debt increased by only $6 million over the course of 2024 and our leverage declined from 2.53x at the end of 2023 to 2.36x at 2024 year-end. The reduction of working capital was a material driver in the improvement in capital efficiency, and we believe there is more opportunity to monetize non-cash assets in the near term.”

    “Looking forward, we see continued strength in the market. We believe our organic growth rate leads the industry and we are taking market share. This was made possible by the hard work of our service technicians and field service team, our leading compressor technology, and strong partnerships with our customers. We expect 2025 will be another year of significant growth in new large horsepower units and we have already signed material new unit contracts for 2026. We are excited for the future and believe we are well positioned to continue to increase shareholder value.”

    Corporate Guidance – 2025 Outlook

     In November 2024, the Company noted it expected 2024 Adjusted EBITDA to be in the range of $67 – $69 million, total growth capital expenditures for the year to be in the range of $65 – $75 million, and total maintenance expenditures for the year to be in the range of $8 – $11 million. For the full year 2024, the Company reported Adjusted EBITDA of $69.5 million, growth capital expenditures of $60.5 million and maintenance capital expenditures of $11.4 million. Additionally, as of December 31, 2024, rented horsepower stood at 491,756, representing year-over-year growth of 17%.

    The Company today provides the following commentary regarding its financial expectations for the 2025 Fiscal Year. For the year ending December 31, 2025, the Company expects growth capital expenditures, which are mostly comprised of new units (essentially all of which are under contract), to be in the range of $95 – $120 million. Once all these units are deployed with customers, which is expected by early 2026, the Company expects its rented horsepower to increase by approximately 90,000 horsepower, which represents an increase of approximately 18% versus year-end 2024. The timing of unit deployments is very heavily weighted to the second half of 2025 and early 2026. Accordingly, the majority of the impact of 2024 and 2025 growth capital expenditures will start to be reflected in Adjusted EBITDA in the second half of 2025 and the first quarter of 2026.

    Based on the timing of contractual orders and deployments in 2025, the Company expects 2025 Adjusted EBITDA to be in the range of $74 – $78 million, which at the mid-point of the range, represents a 9% increase over 2024. This range is reflective of the timing of anticipated unit deployments.

      Outlook
    FY 2025 Adjusted EBITDA $74 – $78 million
    FY 2025 Growth Capital Expenditures $95 – $120 million
    FY 2025 Maintenance Capital Expenditures $10 – $13 million
    Target Return on Invested Capital At least 20%

    The Company further notes that once all the 2025 growth capital expenditures are spent and the units are deployed, its “run rate” Adjusted EBITDA should increase at a rate (when compared to the fourth quarter of 2024) well in excess of the Company’s anticipated horsepower growth of 18% as noted above. The Company expects 2025 maintenance capital expenditures of $10 – $13 million and its targeted return on invested capital of at least 20% remains unchanged.

    2024 Fourth Quarter Financial Results

    Revenue: Total revenue for the three months ended December 31, 2024 increased 12% to $40.7 million from $36.2 million for the three months ended December 31, 2023. This increase was due primarily to an increase in rental revenues. Rental revenue increased 21% to $38.2 million in the fourth quarter of 2024 from $31.6 million in the fourth quarter of 2024 due to the addition of higher horsepower packages and pricing improvements. As of December 31, 2024, we had 491,756 horsepower (1,208 rented units) compared to 420,432 horsepower (1,247 rented units) as of December 31, 2023, reflecting a 17% increase in total utilized horsepower. Sequentially, total revenue was essentially flat for the comparable periods, primarily related to lower sales revenue offset by an increase in rental revenue.

    Gross Margins: Total gross margins, including depreciation expense increased to $14.6 million for the three months ended December 31, 2024, compared to $13.3 million for the same period in 2023 and decreased from $14.9 million for the three months ended September 30, 2024. Total adjusted gross margin, exclusive of depreciation expense, for the three months ended December 31, 2024, increased to $23.0 million compared to $20.3 million for the three months ended December 31, 2023, and $22.9 million for the three months ended September 30, 2024.  For a reconciliation of Gross Margin, see Non-GAAP Financial Measures – Adjusted Gross Margin, below.

    Operating Income: Operating income for the three months ended December 31, 2024 was $6.0 million compared to operating income of $4.4 million for the three months ended December 31, 2023 and operating income of $9.5 million, during the third quarter of 2024.

    Net Income: Net income for the three months ended December 31, 2024, was $2.9 million, or $0.23 per diluted share compared to net income of $1.7 million or $0.14 per diluted share for the fourth quarter of 2023, and $5.0 million or $0.40 per diluted share for the third quarter of 2024. The increase in net income year-over-year was primarily related to higher rental revenue and rental gross margin, while the sequential decline was primarily related to the inventory allowance and decrease in sales gross profit related to the closure of our Midland fabrication operations, the intangible asset impairment, an increase in stock-based compensation, and an increase in depreciation.

    Cash Flows: At December 31, 2024, cash and cash equivalents were approximately $2.1 million, while working capital was $30.8 million. For the twelve months of 2024, cash flows provided by operating activities were $66.5 million, while cash flows used in investing activities was $71.4 million. This compares to cash flows provided by operating activities of $18.0 million and cash flows used in investing activities of $153.9 million for the comparable twelve-month period in 2023. Cash flow used in investing activities during 2024 included $71.9 million in capital expenditures.

    Adjusted EBITDA: Adjusted EBITDA increased 11% to $18.0 million for the three months ended December 31, 2024, from $16.3 million for the same period in 2023. This increase was primarily attributable to higher rental revenue and rental adjusted gross margin. Sequentially, adjusted EBITDA declined by 1% when compared to $18.2 million for the three months ended September 30, 2024.

    Debt: Outstanding debt on our revolving credit facility as of December 31, 2024 was $170 million. Our leverage ratio at December 31, 2024 was 2.36x and our fixed charge coverage ratio was 2.44x. The Company is in compliance with all terms, conditions and covenants of the credit agreement.

    Selected data: The tables below show revenue by product line, gross margin and adjusted gross margin for the trailing five quarters. Adjusted gross margin is the difference between revenue and cost of sales, exclusive of depreciation.

      Revenues
      Three months ended
      December 31,   March 31,   June 30,   September 30,   December 31,
      2023   2024   2024   2024   2024
      (in thousands)
    Rental $             31,626   $             33,734   $             34,926   $             37,350   $             38,226
    Sales                   2,921                     2,503                     2,270                     1,843                        997
    Aftermarket services                   1,674                        670                     1,295                     1,493                     1,435
    Total $             36,221   $             36,907   $             38,491   $             40,686   $             40,658
      Gross Margin
      Three months ended
      December 31,   March 31,   June 30,   September 30,   December 31,
      2023   2024   2024   2024   2024
      (in thousands)
    Rental $              12,366   $             13,761   $             13,211   $             15,043   $             14,865
    Sales                       553                        253                         (50)                      (258)                      (531)
    Aftermarket services                       421                        163                        269                        151                        296
    Total $              13,340   $             14,177   $             13,430   $             14,936   $             14,630

               

      Adjusted Gross Margin (1)
      Three months ended
      December 31,   March 31,   June 30,   September 30,   December 31,
      2023   2024   2024   2024   2024
      (in thousands)
    Rental $              19,199   $             20,620   $             20,698   $             22,908   $             23,107
    Sales                       620                        323                           21                      (185)                      (449)
    Aftermarket services                       440                        170                        283                        169                        321
    Total $              20,259   $             21,113   $             21,002   $             22,892   $             22,979
      Adjusted Gross Margin %
      Three months ended
      December 31,   March 31,   June 30,   September 30,   December 31,
      2023   2024   2024   2024   2024
    Rental 60.7 %   61.1 %   59.3 %   61.3 %   60.4 %
    Sales 21.2 %   12.9 %   0.9 %   (10.0) %   (45.0) %
    Aftermarket services 26.3 %   25.4 %   21.9 %   11.3  %   22.4 %
    Total 55.9 %   57.2 %   54.6 %   56.3 %   56.5 %
      Compression Units (at end of period)
      Three months ended
      December 31,   March 31,   June 30,   September 30,   December 31,
      2023   2024   2024   2024   2024
    Rented horsepower            420,432                444,220                454,568                475,534                491,756   
    Fleet horsepower available            520,365                542,256                552,599                579,699                598,840   
    Horsepower utilization 80.8 %   81.9 %   82.3 %   82.0 %   82.1 %
                       
    Units utilized                1,247                     1,245                     1,242                     1,229                     1,208    
    Fleet units                1,876                     1,894                     1,899                     1,909                     1,912    
    Unit utilization 66.5 %   65.7 %   65.4 %   64.4 %   63.2 %

    (1) For a reconciliation of adjusted gross margin to its most directly comparable financial measure calculated and presented in accordance GAAP, please read “Non-GAAP Financial Measures – Adjusted Gross Margin” below.

    Non-GAAP Financial Measure – Adjusted Gross Margin: “Adjusted Gross Margin” is defined as total revenue less costs of revenues (excluding depreciation and amortization expense). Adjusted gross margin is included as a supplemental disclosure because it is a primary measure used by our management as it represents the results of revenue and costs (excluding depreciation and amortization expense), which are key components of our operations. Adjusted gross margin differs from gross margin, in that gross margin includes depreciation and amortization expense. We believe Adjusted gross margin is important because it focuses on the current operating performance of our operations and excludes the impact of the prior historical costs of the assets acquired or constructed that are utilized in those operations. Depreciation and amortization expense does not accurately reflect the costs required to maintain and replenish the operational usage of our assets and therefore may not portray the costs from current operating activity. Rather, depreciation and amortization expense reflect the systematic allocation of historical property and equipment costs over their estimated useful lives.

    Adjusted gross margin has certain material limitations associated with its use as compared to gross margin. These limitations are primarily due to the exclusion of depreciation and amortization expense, which is material to our results of operations. Because we use capital assets, depreciation and amortization expense is a necessary element of our costs and our ability to generate revenue. In order to compensate for these limitations, management uses this non-GAAP measure as a supplemental measure to other GAAP results to provide a more complete understanding of our performance. As an indicator of our operating performance, Adjusted gross margin should not be considered an alternative to, or more meaningful than, gross margin as determined in accordance with GAAP. Our Adjusted gross margin may not be comparable to a similarly titled measure of another company because other entities may not calculate Adjusted gross margin in the same manner.

    The following table calculates our gross margin, the most directly comparable GAAP financial measure, and reconciles it to Adjusted gross margin for the periods presented:

      Adjusted Gross Margin
      Three months ended
      December 31,   March 31,   June 30,   September 30,   December 31,
      2023   2024   2024   2024   2024
      (in thousands)
    Total revenue $              36,221   $             36,907   $             38,491   $             40,686   $             40,658
    Cost of revenue, exclusive of depreciation                (15,962)                 (15,794)                 (17,489)                 (17,794)                 (17,679)
    Depreciation allocable to costs of revenue                  (6,919)                   (6,936)                   (7,572)                   (7,956)                   (8,349)
    Gross margin                 13,340                   14,177                   13,430                   14,936                   14,630
    Depreciation allocable to costs of revenue                    6,919                     6,936                     7,572                     7,956                     8,349
    Adjusted gross margin $              20,259   $             21,113   $             21,002   $             22,892   $             22,979

    Non-GAAP Financial Measures – Adjusted EBITDA: “Adjusted EBITDA” reflects net income or loss before interest, taxes, depreciation and amortization, non-cash equity-classified stock-based compensation expense, non-recurring restructuring charges including severance expenses, impairments, increases in inventory allowance and retirement of rental equipment. Adjusted EBITDA is a measure used by management, analysts and investors as an indicator of operating cash flow since it excludes the impact of movements in working capital items, non-cash charges and financing costs. Therefore, Adjusted EBITDA gives the investor information as to the cash generated from the operations of a business. However, Adjusted EBITDA is not a measure of financial performance under accounting principles GAAP, and should not be considered a substitute for other financial measures of performance. Adjusted EBITDA as calculated by NGS may not be comparable to Adjusted EBITDA as calculated and reported by other companies. The most comparable GAAP measure to Adjusted EBITDA is net income (loss).

    The following tables reconciles our net income, the most directly comparable GAAP financial measure, to Adjusted EBITDA for the periods presented:

      Three months ended
      December 31,   March 31,   June 30,   September 30,   December 31,
      2023   2024   2024   2024   2024
      (in thousands)
    Net income $                1,702   $                5,098   $                4,250   $                5,014   $                2,865
    Interest expense                    2,297                     2,935                     2,932                     3,045                     3,015
    Income tax expense                       431                     1,479                     1,294                     1,383                        283
    Depreciation and amortization                    7,160                     7,087                     7,705                     8,086                     8,469
    Stock-based compensation expense                       228                        274                        242                        522                        783
    Severance and restructuring charges                         —                           —                           33                           —                           —
    Impairments                         —                           —                           —                        136                        705
    Inventory allowance                    3,965                           —                           —                           —                     1,863
    Retirement of rental equipment                       505                             5                           —                           —                           23
    Adjusted EBITDA $              16,288   $             16,878   $             16,456   $             18,186   $             18,006
      Year ended December 31,
      2023   2024  
      (in thousands)
    Net income $                4,747   $             17,227  
    Interest expense                    4,082                   11,927  
    Income tax expense                    1,873                     4,439  
    Depreciation and amortization                 26,550                   31,347  
    Stock-based compensation expense                    2,054                     1,821  
    Severance and restructuring charges                    1,224                           33  
    Impairments                       779                        841  
    Inventory allowance                    3,965                     1,863  
    Retirement of rental equipment                       505                           28  
    Adjusted EBITDA $              45,779   $             69,526  

    Conference Call Details: The Company will host a conference call to review its fourth-quarter and year-end financial results on Tuesday, March 18 at 8:30 a.m. (EST), 7:30 a.m. (CST). To join the conference call, kindly access the Investor Relations section of our website at www.ngsgi.com or dial in at (800) 550-9745 and enter conference ID 167298 at least five minutes prior to the scheduled start time. Please note that using the provided dial-in number is necessary for participation in the Q&A section of the call. A recording of the conference will be made available on our Company’s website following its conclusion. Thank you for your interest in our Company’s updates.

    About Natural Gas Services Group, Inc.
    Natural Gas Services Group is a leading provider of natural gas compression equipment, technology and services to the energy industry. The Company designs, rents, sells and maintains natural gas compressors for oil and natural gas production and plant facilities, primarily using equipment from third-party fabricators and OEM suppliers along with limited in-house assembly. The Company is headquartered in Midland, Texas, with a fabrication facility located in Tulsa, Oklahoma, and service facilities located in major oil and natural gas producing basins in the U.S. Additional information can be found at www.ngsgi.com.

    Forward-Looking Statements

    Certain statements herein (and oral statements made regarding the subjects of this release) constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions.

    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 the Company. Forward–looking information includes, but is not limited to statements regarding: guidance or estimates related to EBITDA growth, projected capital expenditures; returns on invested capital, fundamentals of the compression industry and related oil and gas industry, valuations, compressor demand assumptions and overall industry outlook, and the ability of the Company to capitalize on any potential opportunities.

    While the Company believes that the assumptions concerning future events are reasonable, investors are cautioned that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. Some of these factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to:

    • conditions in the oil and gas industry, including the supply and demand for oil and gas and volatility in the prices of oil and gas;
    • our reliance on major customers;
    • failure of projected organic growth due to adverse changes in the oil and gas industry, including depressed oil and gas prices, oppressive environmental regulations and competition;
    • our inability to achieve increased utilization of assets, including rental fleet utilization and monetizing other non-cash balance sheet assets;
    • failure of our customers to continue to rent equipment after expiration of the primary rental term;
    • our ability to economically develop and deploy new technologies and services, including technology to comply with health and environmental laws and regulations;
    • failure to achieve accretive financial results in connection with any acquisitions we may make;
    • fluctuations in interest rates;
    • regulation or prohibition of new well completion techniques;
    • competition among the various providers of compression services and products;
    • changes in safety, health and environmental regulations;
    • changes in economic or political conditions in the markets in which we operate;
    • the inherent risks associated with our operations, such as equipment defects, malfunctions, natural disasters and adverse changes in customer, employee and supplier relationships;
    • our inability to comply with covenants in our debt agreements and the decreased financial flexibility associated with our debt;
    • inability to finance our future capital requirements and availability of financing;
    • capacity availability, costs and performance of our outsourced compressor fabrication providers and overall inflationary pressures;
    • impacts of world events, such as acts of terrorism and significant economic disruptions and adverse consequences resulting from possible long-term effects of potential pandemics and other public health crises; and
    • general economic conditions.

    In addition, these forward-looking statements are subject to other various risks and uncertainties, including without limitation those set forth in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.

    For More Information, Contact:
    Anna Delgado, Investor Relations
    (432) 262-2700
    IR@ngsgi.com
    www.ngsgi.com

     NATURAL GAS SERVICES GROUP, INC.
    CONSOLIDATED BALANCE SHEETS
    (in thousands)
    (unaudited)
      December 31,
      2024   2023
    ASSETS      
    Current Assets:      
    Cash and cash equivalents $                2,142   $                2,746
    Trade accounts receivable, net of provision for credit losses                 15,626                   39,186
    Inventory, net of allowance for obsolescence                 18,051                   21,639
    Federal income tax receivable                 11,282                   11,538
    Prepaid expenses and other                   1,075                     1,162
    Total current assets                 48,176                   76,271
    Long-term inventory, net of allowance for obsolescence                         —                        701
    Rental equipment, net of accumulated depreciation               415,021                 373,649
    Property and equipment, net of accumulated depreciation                 22,989                   20,550
    Intangible assets, net of accumulated amortization                         —                        775
    Other assets                   6,342                     6,783
    Total assets $           492,528   $           478,729
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current Liabilities:      
    Accounts payable $                9,670   $             17,628
    Accrued liabilities                   7,688                   15,085
    Total current liabilities                 17,358                   32,713
    Credit facility               170,000                 164,000
    Deferred income taxes                 45,873                   41,636
    Other long-term liabilities                   4,240                     4,486
    Total liabilities               237,471                 242,835
    Commitments and contingencies      
    Stockholders’ Equity:      
    Preferred stock, 5,000 shares authorized, no shares issued or outstanding                         —                           —
    Common stock, 30,000 shares authorized, par value $0.01; 13,762 and 13,688 shares issued as of December 31, 2024 and 2023, respectively                      138                        137
    Additional paid-in capital               118,415                 116,480
    Retained earnings               151,508                 134,281
    Treasury shares, at cost, 1,310 shares for each of December 31, 2024 and 2023, respectively               (15,004)                 (15,004)
    Total stockholders’ equity               255,057                 235,894
    Total liabilities and stockholders’ equity $           492,528   $           478,729
     NATURAL GAS SERVICES GROUP, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except per share amounts)
    (unaudited)
      Three months ended   Year ended
      December 31,   December 31,
      2024   2023   2024   2023
    Revenue:              
    Rental $         38,226   $         31,626   $       144,236   $       106,159
    Sales                  997                 2,921                 7,613                 8,921
    Aftermarket services               1,435                 1,674                 4,893                 6,087
    Total revenue            40,658              36,221            156,742            121,167
    Cost of revenues (excluding depreciation and amortization)              
    Rental            15,119              12,427                 7,903                 8,919
    Sales               1,446                 2,301              56,903              48,877
    Aftermarket services               1,114                 1,234                 3,950                 4,658
    Total cost of revenues (excluding depreciation and amortization)            17,679              15,962              68,756              62,454
    Selling, general and administrative expenses               5,831                 4,390              21,012              16,938
    Depreciation and amortization               8,469                 7,160              31,347              26,550
    Impairments                  705                      —                    841                    779
    Inventory allowance               1,863                 3,965                 1,863                 3,965
    Retirement of rental equipment                    23                    505                      28                    505
    Loss (gain) on sale of property and equipment, net                    45                  (200)                  (430)                  (481)
    Total operating costs and expenses            34,615              31,782            123,417            110,710
    Operating income               6,043                 4,439              33,325              10,457
    Other income (expense):              
    Interest expense             (3,015)               (2,297)             (11,927)               (4,082)
    Other income (expense)                  120                       (9)                    268                    245
    Total other expense, net             (2,895)               (2,306)             (11,659)               (3,837)
    Income before income taxes               3,148                 2,133              21,666                 6,620
    Provision for income taxes                (283)                  (431)               (4,439)               (1,873)
    Net income $           2,865   $           1,702   $         17,227   $           4,747
    Earnings per share:              
    Basic $              0.23   $              0.14   $              1.39   $              0.39
    Diluted $              0.23   $              0.14   $              1.37   $              0.38
    Weighted average shares outstanding:              
    Basic            12,438              12,378              12,412              12,316
    Diluted            12,586              12,435              12,543              12,383
     NATURAL GAS SERVICES GROUP, INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands, except per share amounts)
    (unaudited)
      Three months ended   Year ended
      December 31,   December 31,
      2024   2023   2024   2023
    CASH FLOWS FROM OPERATING ACTIVITIES:              
    Net income $           2,865   $           1,702   $         17,227   $           4,747
    Adjustments to reconcile net income to net cash provided by operating activities:              
    Depreciation and amortization               8,469                 7,160              31,347              26,550
    Impairments                  705                      —                    841                    779
    Inventory allowance               1,863                 3,965                 1,863                 3,965
    Retirement of rental equipment                    23                    505                      28                    505
    (Gain) loss on sale of property and equipment                    45                  (200)                  (430)                  (481)
    Amortization of debt issuance costs                  216                    138                    746                    425
    Deferred income taxes                  182                    430                 4,237                 1,838
    Stock-based compensation                  783                    228                 1,821                 2,054
    Provision for credit losses                    —                    293                    433                    492
    (Gain) loss on company owned life insurance                     (4)                    186                  (156)                    235
    Changes in operating assets and liabilities:              
    Trade accounts receivables               9,183             (11,438)              23,127             (25,010)
    Inventory               1,355                 1,939                 2,477                  (669)
    Prepaid expenses and prepaid income taxes               1,177                    274                    152                       (7)
    Accounts payable and accrued liabilities           (18,580)             (12,478)             (17,727)                 2,436
    Other               1,144                  (369)                    477                    174
    NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES               9,426               (7,665)              66,463              18,033
    CASH FLOWS FROM INVESTING ACTIVITIES:              
    Purchase of rental equipment,  property and other equipment           (14,544)             (25,380)             (71,894)          (153,943)
    Purchase of company owned life insurance                (187)                    (44)                    (22)                  (422)
    Proceeds from sale of property and equipment                  (28)                    246                    476                    477
    NET CASH USED IN INVESTING ACTIVITIES           (14,759)             (25,178)             (71,440)          (153,888)
    CASH FLOWS FROM FINANCING ACTIVITIES:              
    Proceeds from credit facility borrowings            20,000              36,000              28,000            139,000
    Repayments of credit facility borrowings           (13,000)                      —             (22,000)                      —
    Payments of other long term liabilities                (158)                    (45)                  (780)                    (95)
    Payments of debt issuance costs                    —                  (562)                  (962)               (2,693)
    Proceeds from exercise of stock options                  223                      —                    293                      —
    Taxes paid related to net share settlement of equity awards                    —                       (1)                  (178)                  (983)
    NET CASH PROVIDED BY FINANCING ACTIVITIES               7,065              35,392                 4,373            135,229
    NET CHANGE IN CASH AND CASH EQUIVALENTS               1,732                 2,549                  (604)                  (626)
    CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                  410                    197                 2,746                 3,372
    CASH AND CASH EQUIVALENTS AT END OF PERIOD $           2,142   $           2,746   $           2,142   $           2,746

    The MIL Network –

  • MIL-OSI USA: Economic Forecast Shows Trump’s Tariffs Are Creating Uncertainty and Hurting Economy

    Source: US State of Colorado

    State forecast shows revenue still outpacing TABOR cap

    DENVER – Today, the Governor’s Office of State Planning and Budget released its March 2025 Economic Forecast.

    “Today’s forecast confirms what Coloradans are already experiencing. The President’s devastating tariffs are creating market chaos, hurting business investment, and damaging our economy, all while increasing fear over rising inflation and an economic recession. This economic forecast shows that Trump’s tariff tax is bad for Coloradans and businesses. Despite the expectation of a weaker economy due to tariffs, the projected General Fund balance is still good news in a difficult budget year,” said Governor Polis.

    Revenue subject to TABOR is expected to remain above the cap by $301.5 million in FY 2024-25, $642.7 million in FY 2025-26, and $775.8 million in FY 2026-27. Under this forecast, the General Fund balance is projected to be $1,122 million above the statutory reserve in FY 2023-24.

    View the forecast, slides, and supplemental materials.

    ###

     

    MIL OSI USA News –

  • MIL-OSI: Netcapital Announces Third Quarter Fiscal 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    • Management to Host Earnings Call on March 19, 2025 at 10:00 a.m. ET

    BOSTON, MA, March 17, 2025 (GLOBE NEWSWIRE) — Netcapital Inc. (Nasdaq: NCPL, NCPLW) (the “Company”), a digital private capital markets ecosystem, today announced financial results for the third quarter of fiscal year 2025 ended January 31, 2025.

    “During the fiscal year, management shifted its focus to establishing the company’s wholly-owned broker-dealer subsidiary, Netcapital Securities Inc., which was approved by FINRA in November. We believe this major milestone will provide additional sources of revenue going forward,” said Martin Kay, CEO of Netcapital Inc. “We did face a tough quarter during an uncertain market environment. Looking forward, however, we are pleased that Algernon NeuroScience Inc. recently engaged Netcapital Securities for a planned Regulation A (Reg A) offering and to provide broker-dealer and administrative services.”

    Third Quarter Fiscal 2025 Financial Results

    • Revenue decreased approximately 85% year-over-year to $152,682, compared to revenue of $1,042,793 million in the third quarter of fiscal year 2024
    • Operating loss was ($1,687,692) in the third quarter fiscal 2025, compared to ($1,205,157) for the third quarter fiscal 2024
    • Net loss was ($3,006,537) in the third quarter fiscal 2025, compared to net loss of ($2,227,542) for the same period in the prior year
    • Loss per share was ($1.57) in the third quarter fiscal 2025, compared to loss per share of ($13.60) for the same period in the prior year
    • As of January 31, 2025, the Company had cash and cash equivalents of $614,304

    Conference Call Information

    The Company will host an investor conference call on Wednesday, March 19, 2025, at 10 a.m. ET.

    Participant access: 844-985-2012 or 973-528-0138
    Conference entry code: 165756

    For additional disclosure regarding Netcapital’s operating results, please refer to the Quarterly Report on Form 10-Q for the three-month period ended January 31, 2025, which has been filed with the Securities and Exchange Commission.

    About Netcapital Inc.

    Netcapital Inc. is a fintech company with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors. The Company’s consulting group, Netcapital Advisors, provides marketing and strategic advice and takes equity positions in select companies. The Company’s funding portal, Netcapital Funding Portal, Inc. is registered with the U.S. Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities association. The Company’s broker-dealer, Netcapital Securities Inc., is also registered with the SEC and is a member of FINRA.

    Forward Looking Statements

    The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

    Investor Contact

    800-460-0815 
    ir@netcapital.com

    NETCAPITAL INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS

        January 31, 2025
    (Unaudited)    		     April 30, 2024
    (Audited)    		  
    Assets:                
    Cash and cash equivalents   $ 614,304     $ 863,182  
    Accounts receivable net     –       134,849  
    Other receivables     2,400       1,200  
    Note receivable     20,000       20,000  
    Prepaid expenses     36,115       23,304  
    Total current assets     672,819       1,042,535  
                     
    Deposits     6,300       6,300  
    Notes receivable – related parties     202,000       202,000  
    Purchased technology, net     14,706,398       14,733,005  
    Investment in affiliate     240,080       240,080  
    Equity securities     24,073,080       25,333,386  
    Total assets   $ 39,900,677     $ 41,557,306  
                     
    Liabilities and Stockholders’ Equity                
    Current liabilities:                
    Accounts payable   $ 2,160,727     $ 793,325  
    Accrued expenses     250,983       310,300  
    Deferred revenue     360       466  
    Interest payable     98,218       92,483  
    Current portion of SBA loans     1,885,800       1,885,800  
    Loan payable – bank     34,324       34,324  
    Total current liabilities     4,430,412       3,116,698  
                     
    Long-term liabilities:                
    Long-term SBA loans, less current portion     500,000       500,000  
    Total liabilities     4,930,412       3,616,698  
                     
    Commitments and contingencies     –       –  
                     
    Stockholders’ equity:                
    Common stock, $.001 par value; 900,000,000 shares authorized, 2,112,488 and 326,867 shares issued and outstanding     2,113       327  
    Shares to be issued     122,124       122,124  
    Capital in excess of par value     42,120,673       37,338,594  
    Retained earnings (deficit)     (7,274,645 )     479,563  
    Total stockholders’ equity     34,970,265       37,940,608  
    Total liabilities and stockholders’ equity   $ 39,900,677     $ 41,557,306  

    NETCAPITAL INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (UNAUDITED)
       

        Three Months Ended     Three Months Ended     Nine Months Ended     Nine Months Ended  
        January 31, 2025     January 31, 2024     January 31, 2025     January 31, 2024  
                             
    Revenues   $ 152,682     $ 1,042,793     $ 465,437     $ 4,604,260  
    Costs of services     7,155       58,875       37,156       97,062  
    Gross profit     145,527       983,918       428,281       4,507,198  
                                     
    Costs and expenses:                                
    Consulting expense     63,555       175,357       240,581       544,033  
    Marketing     12,887       32,198       31,993       320,817  
    Rent     20,178       19,544       58,736       57,533  
    Payroll and payroll related expenses     815,024       869,517       2,701,318       2,957,394  
    General and administrative costs     921,575       1,092,459       3,794,013       2,529,378  
    Total costs and expenses     1,833,219       2,189,075       6,826,641       6,409,155  
    Operating income (loss)     (1,687,692 )     (1,205,157 )     (6,398,360 )     (1,901,957 )
                                     
    Other income (expense):                                
    Interest expense     (10,376 )     (11,918 )     (30,441 )     (35,784 )
    Interest income     400       –       1,200       –  
    Impairment expense     (1,300,000 )     –       (1,300,000 )     –  
    Amortization of intangible assets     (8,869 )     (28,331 )     (26,607 )     (84,993 )
    Unrealized loss on equity securities     –       (2,696,135 )     –       (2,696,135 )
    Total other income (expense)     (1,318,845 )     (2,736,384 )     (1,355,848 )     (2,816,912 )
    Net income (loss) before taxes     (3,006,537 )     (3,941,541 )     (7,754,208 )     (4,718,869 )
    Income tax expense (benefit)     –       (1,713,999 )     –       (2,339,288 )
    Net income (loss)   $ (3,006,537 )   $ (2,227,542 )   $ (7,754,208 )   $ (2,379,581 )
                                     
    Basic earnings (loss) per share   $ (1.57 )   $ (13.60 )   $ (6.93 )   $ (17.61 )
    Diluted earnings (loss) per share   $ (1.57 )   $ (13.60 )   $ (6.93 )   $ (17.61 )
                                     
    Weighted average number of common shares outstanding:                                
    Basic     1,915,367       163,807       1,119,479       135,111  
    Diluted     1,915,367       163,807       1,119,479       135,111  

    The MIL Network –

  • MIL-OSI: Greystone Housing Impact Investors LP Announces Regular Quarterly Cash Distribution

    Source: GlobeNewswire (MIL-OSI)

    OMAHA, Neb., March 17, 2025 (GLOBE NEWSWIRE) — On March 17, 2025, Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced that the Board of Managers of Greystone AF Manager LLC (“Greystone Manager”) declared a cash distribution to the Partnership’s Beneficial Unit Certificate (“BUC”) holders of $0.37 per BUC.

    The cash distribution will be paid on April 30, 2025 to all BUC holders of record as of the close of trading on March 31, 2025. The BUCs will trade ex-distribution as of March 31, 2025.

    Greystone Manager is the general partner of America First Capital Associates Limited Partnership Two, the Partnership’s general partner. Distributions to the Partnership’s BUC holders, including regular and any supplemental distributions, are determined by Greystone Manager based on a disciplined evaluation of the Partnership’s current and anticipated operating results, financial condition and other factors it deems relevant. Greystone Manager continually evaluates the factors that go into BUC holder distribution decisions, consistent with the long-term best interests of the BUC holders and the Partnership.

    About Greystone Housing Impact Investors LP

    Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022, (the “Partnership Agreement”), taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at www.ghiinvestors.com.

    Safe Harbor Statement

    Certain statements in this press release are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of statements that include, but are not limited to, phrases such as “believe,” “expect,” “future,” “anticipate,” “intend,” “plan,” “foresee,” “may,” “should,” “will,” “estimates,” “potential,” “continue,” or other similar words or phrases. Similarly, statements that describe objectives, plans, or goals also are forward-looking statements. Such forward-looking statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Partnership. The Partnership cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, implied, or projected by such forward-looking statements. Risks and uncertainties include, but are not limited to: defaults on the mortgage loans securing our mortgage revenue bonds and governmental issuer loans; the competitive environment in which the Partnership operates; risks associated with investing in multifamily, student, senior citizen residential properties and commercial properties; general economic, geopolitical, and financial conditions, including the current and future impact of changing interest rates, inflation, and international conflicts (including the Russia-Ukraine war and the Israel-Hamas war) on business operations, employment, and financial conditions; uncertain conditions within the domestic and international macroeconomic environment, including monetary and fiscal policy and conditions in the investment, credit, interest rate, and derivatives markets; adverse reactions in U.S. financial markets related to actions of foreign central banks or the economic performance of foreign economies, including in particular China, Japan, the European Union, and the United Kingdom; the general condition of the real estate markets in the regions in which the Partnership operates, which may be unfavorably impacted by pressures in the commercial real estate sector, incrementally higher unemployment rates, persistent elevated inflation levels, and other factors; changes in interest rates and credit spreads, as well as the success of any hedging strategies the Partnership may undertake in relation to such changes, and the effect such changes may have on the relative spreads between the yield on investments and cost of financing; the aggregate effect of elevated inflation levels over the past several years, spurred by multiple factors including expansionary monetary and fiscal policy, higher commodity prices, a tight labor market, and low residential vacancy rates, which may result in continued elevated interest rate levels and increased market volatility; the Partnership’s ability to access debt and equity capital to finance its assets; current maturities of the Partnership’s financing arrangements and the Partnership’s ability to renew or refinance such financing arrangements; local, regional, national and international economic and credit market conditions; recapture of previously issued Low Income Housing Tax Credits in accordance with Section 42 of the Internal Revenue Code; geographic concentration of properties related to investments held by the Partnership; changes in the U.S. corporate tax code and other government regulations affecting the Partnership’s business; and the other risks detailed in the Partnership’s SEC filings (including but not limited to, the Partnership’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K). Readers are urged to consider these factors carefully in evaluating the forward-looking statements.

    If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, the developments and future events concerning the Partnership set forth in this press release may differ materially from those expressed or implied by these forward-looking statements. You are cautioned not to place undue reliance on these statements, which speak only as of the date of this document. We anticipate that subsequent events and developments will cause our expectations and beliefs to change. The Partnership assumes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, unless obligated to do so under the federal securities laws.

    MEDIA CONTACT:
    Karen Marotta
    Greystone
    212-896-9149
    Karen.Marotta@greyco.com
     
    INVESTOR CONTACT:
    Andy Grier
    Senior Vice President
    402-952-1235

    The MIL Network –

  • MIL-OSI Asia-Pac: Research Milestones: M.Sc. and M.Tech. Postgraduate Presentations at ICAR-IARI’s 63rd Convocation in New Delhi

    Source: Government of India (2)

    Research Milestones: M.Sc. and M.Tech. Postgraduate Presentations at ICAR-IARI’s 63rd Convocation in New Delhi

    63rd Convocation of Indian Agricultural Research Institute-ICAR, New Delhi starts today

    Posted On: 17 MAR 2025 6:00PM by PIB Delhi

    The 63rd Convocation of Indian Agricultural Research Institute-ICAR, New Delhi today started with academic fervor. Today, the presentations of the Post Graduate Students Research (M.Sc./M. Tech.) representing various discipline (Agricultural Chemicals, Agricultural Economics, Agricultural Engineering, Agricultural Extension, Agricultural Physics, Agronomy, Biochemistry, Bioinformatics, Entomology, Environmental Sciences, Floriculture & Landscaping, Fruit Science, Genetics and Plant Breeding, Microbiology, Molecular Biology and Biotechnology, Plant Genetic Resources, Plant Pathology, Plant Pathology, Plant Physiology, Seed Science & Technology, Soil Science and Vegetable Science) were held about the significant achievements for IARI Merit Medals and Best student of the year Award.

     In this session the shortlisted students presented the achievements and salient features of the research. The major thematic areas of the research includes status of glyphosate residues in waters of NCR region and its sorption behavior in soil; gender-based study on varietal adoption, trait preference and value addition by paddy farmers: A case of selected stress prone districts of Odisha; Ergonomic assessment of powered cylindrical lawn mower; Rural women leadership in climate change adaptation and sustainable livelihood; Drone-based water stress monitoring under different irrigation and nitrogen levels in wheat (Triticum aestivum L.); Analyzing the yield gap of rice in a hilly-ecosystem using bio-physical modelling for different nitrogen levels; Development and validation of glucose nano sensor for predicting inherent glycemic response; Integrating Genome Wide Association Studies-module with HtP-DAP for SNP-trait associations mining; Identification of agriculturally important insects associated with cruciferous crops (Brassicaceae) using artificial intelligence; Isolation, characterization of biosurfactant and their effect on hydrocarbons’ degradation in different soils; Screening of marigold genotypes (Tagetes spp.)  against Alternaria leaf spot under in vitro and in vivo conditions; Insights into the nut and food qualities of selected walnut (Juglans regia L.) genotypes; Genetic variability and molecular analysis of folate accumulation in maize kernels; Prospecting bacterial exopolysaccharides for plant growth stimulation; Exploring biocontrol potential by unraveling presence of chitinase genes and antifungal activity in Bacillus thuringiensis isolates representing diverse agroclimatic zones of India; Deciphering nutritional and molecular diversity in Luffa acutangula L. Roxb.; Characterization of virus associated with shoe-string disease affected tomato plant and management through exogenous application of dsRNA; Characterization of Tilletia indica, assessment of bioagents and identification of resistant sources for Karnal bunt of wheat; Physiological and biochemical characterization of common bean genotypes in reproductive stage under drought and heat stress; Prediction of seed vigour in rapeseed and mustard using near-infrared spectroscopy (NIRS); Impact of natural farming on carbon fractions and properties in an alfisol under rice-rabi maize system; Assessing genetic diversity in brinjal genotypes for resistance against Fusarium oxysporum f. sp. Melongenae.

    The Chairman and jury members complimented the quality of post-graduate research and motivated to generate quality information for the advancement of agricultural sciences.

    The sessions were convened by Dr. Anil Dahuja, Professor, Division of Biochemistry and the co-convener was Dr. Atul Kumar, Associate Dean (PG) ICAR-IARI.

    The session was Chaired by Dr. B.M. Prasanna, Distinguished Scientist, CIMMYT and Regional Director, CIMMYT-Asia, NASC Complex, New Delhi. The esteemed Jury Members includes Dr. J.P.  Sharma, Former Vice Chancellor, SKUAST-J, Jammu & Former Joint Director (Ext.), ICAR-IARI, New Delhi; Dr. R.K. Jain, Former Dean & Joint Director (Edn.), ICAR-IARI, New Delhi; Dr. Bimlesh Mann, ADG (EP & HS), ICAR, New Delhi; Dr. V.B. Patel, ADG (Fruits & Plantation Crops), ICAR, New Delhi; Dr. S.K. Sharma, ADG (HRM), ICAR, New Delhi.

    ******

    MG/RN/KSR

    (Release ID: 2111913) Visitor Counter : 56

    Read this release in: Hindi

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Students Dive Into Robotics at Competition Supported by NASA JPL

    Source: NASA

    Robots built by high schoolers vied for points in a fast-moving game inspired by complex ocean ecosystems at the FIRST Robotics Los Angeles regional competition.
    High school students who spent weeks designing, assembling, and testing 125-pound rolling robots put their fast-moving creations into the ring over the weekend, facing off at the annual Los Angeles regional FIRST Robotics Competition, an event supported by NASA’s Jet Propulsion Laboratory in Southern California.
    Four of the 43 participating teams earned a chance to compete in April at the FIRST international championship tournament in Houston, which draws winning teams from across the country.
    Held March 14 to 16 at the Da Vinci Schools campus in El Segundo, the event is one of many supported by the nonprofit FIRST (For Inspiration and Recognition of Science and Technology), which pairs students with STEM professionals. Teams receive the game rules, which change every year, in January and sprint toward competition, assembling their robot based on FIRST’s specifications. The global competition not only gives students engineering experience but also helps them develop business skills with a range of activities, from fundraising for their team to marketing.
    For this year’s game, called “Reefscape,” two alliances of three teams competed for points during each 2½-minute match. That meant six robots at a time sped across the floor, knocking into each other and angling to seed “coral” (pieces of PVC pipe) on “reefs” and harvesting “algae” (rubber balls). In the final seconds of each round, teams could earn extra points if their robots were able to hoist themselves into the air and dangle from hanging cages, as though they were ascending to the ocean surface.
    The action was set to a bouncy soundtrack that reverberated through the gym, while in the bleachers there were choreographed dancing, loud cheers, pom-poms, and even some tears.
    The winning alliance was composed of Warbots from Downey’s Warren High School, TorBots from Torrance’s South High School, and West Torrance Robotics from Torrance’s West High School. The Robo-Nerds of Benjamin Franklin High in Los Angeles’ Highland Park and Robo’Lyon from Notre Dame de Bellegarde outside Lyon, France, won awards that mean they’ll also get to compete in Houston, alongside the Warbots and the TorBots.
    NASA and its Robotics Alliance Project provide grants for high school teams across the country and support FIRST Robotics competitions to encourage students to pursue STEM careers in aerospace. For the L.A. regional competition, JPL has coordinated volunteers — and provided coaching and mentoring to teams, judges, and other competition support — for 25 years.
    For more information about the FIRST Los Angeles regional, visit:

    Los Angeles Regional

    News Media Contact
    Melissa PamerJet Propulsion Laboratory, Pasadena, Calif.626-314-4928melissa.pamer@jpl.nasa.gov
    2025-037

    MIL OSI USA News –

  • MIL-OSI: Hallador Energy Company Reports Fourth Quarter and Full Year 2024 Financial and Operating Results

    Source: GlobeNewswire (MIL-OSI)

    – Q4 2024 Total Revenue of $94.2 Million; FY’24 Total Revenue of $404.4 Million –
    – Q4 2024 Operating Cash Flow up Materially to $32.5 Million; FY’24 Operating Cash Flow of $65.9 Million –
    – Q4 2024 Adjusted EBITDA up ~3x YoY to $6.2 Million; FY’24 Adjusted EBITDA of $16.8 Million –

    TERRE HAUTE, Ind., March 17, 2025 (GLOBE NEWSWIRE) — Hallador Energy Company (Nasdaq: HNRG) (“Hallador” or the “Company”) today reported its financial results for the fourth quarter and full year ended December 31, 2024.

    “2024 was a transformative year for Hallador as we continued our evolution from a bituminous coal producer to a vertically integrated independent power producer (“IPP”), while also advancing our products and services up the energy value chain,” said Brent Bilsland, President and Chief Executive Officer. “This deliberate transition aligns with market trends and reflects our conviction in the superior economics of the IPP business model. In fall 2024, we reached an important milestone in our transformation by signing a non-binding term sheet with a leading global data center developer on a transaction that would, if completed, sell a majority of our power production and accredited capacity at enhanced margins for more than a decade to come. We are making meaningful progress toward finalizing definitive agreements for this transaction within the exclusivity period that runs from January through early June 2025, further strengthened by our partner’s commitment to pay up to $5 million during this period. While navigating these complex transactions requires coordination across multiple stakeholders and while there can be no assurance that definitive agreements will be entered into, we remain encouraged by our partner’s commitment and believe this strategic partnership will drive long-term value for our shareholders.”

    “The ongoing industry shift from dispatchable generators, such as coal and natural gas, to non-dispatchable resources like wind and solar, has increased the value of our Hallador Power subsidiary due to the enhanced reliability, resilience and consistency that we provide over the less predictable non-dispatchables. At the same time, the retirement of coal-based generation has reduced demand for coal supply, impacting the value of our Sunrise Coal subsidiary. In anticipation of these market dynamics, we proactively reduced production volume and shifted our focus away from the higher cost coal reserves, which lowered our operational cash costs in the fourth quarter. These strategic actions along with lower long-term coal price projections resulted in a fourth-quarter non-cash write-down of Sunrise Coal’s carrying value by approximately $215 million, which underscores the foresight of our transition to power generation in the coming years.”

    Bilsland continued, “Looking ahead, our focus remains on maximizing the value of our Merom Power Plant while actively pursuing opportunities to acquire additional dispatchable generators that can add durability, scale, and geographic expansion to our electric operations. Additionally, we are forging strong relationships with sophisticated counterparties to secure favorable collateral terms and effectively manage our forward power sales in 2025 and 2026, which we believe will enhance our financial flexibility in the short to medium term. During 2024, we also reduced our bank debt by more than 50% to $44 million at year-end. We are excited about our continued transformation from a commodity-focused coal producer to an IPP with a secure fuel supply, a strategy we believe will unlock expanding energy market margins, drive sustainable growth, and enhance cash flow generation for our shareholders.”

    Fourth Quarter 2024 Highlights

    • Hallador advanced its restructuring efforts for its subsidiary Sunrise Coal, focusing on production optimization and cost reductions to strengthen its operations.
      • During 2024, the Company reduced its coal production volume by approximately 40% and shifted its focus away from the higher cost portions of its coal reserves. This optimization of coal production reduced Hallador’s operational cash cost structure to better align its coal strategy to support its internal electric generation.
      • As a result of reducing coal production, optimizing its reserve base, and the declining price of contracted coal sales, Hallador realized an approximate $215 million non-cash write down in the fourth quarter associated with the carrying value of its Sunrise Coal subsidiary.
    • The Company continues to shift its revenue mix to prioritize electric sales as an independent power producer.
      • Fourth quarter electric sales were $69.7 million or 74% of total Q4 revenue, compared to $37.1 million or 31% of total Q4 revenue in the year-ago period.
      • Fourth quarter Coal sales were $23.4 million or 25% of total revenue, compared to $81.3 million or 68% of total revenue in the year-ago period.
    • Hallador continues to focus on forward sales to secure its energy position.
      • At year-end, Hallador had total forward energy, capacity and coal sales to 3rd party customers of $1.1 billion through 2029, up from $937.2 million at the end of the third quarter.
      • Subsequent to year end, Hallador signed an exclusive commitment agreement with a leading global data center developer, effective January 2, 2025. This agreement is in furtherance of the previously announced non-binding term sheet signed during the third quarter of 2024, reflecting an important milestone as both the Company and the developer seek to finalize a definitive transaction agreement to support the delivery of energy and capacity (through a utility partner) to a potential data center development within the State of Indiana. The completion of this proposed transaction is subject to, among other matters, the negotiation and execution of definitive agreements and there can be no assurance that definitive agreements will be entered into or that the proposed transaction will be consummated on the terms or timeframe currently contemplated, or at all.
    • The Company continues to strengthen its balance sheet.
      • Total bank debt was $44.0 million at December 31, 2024, compared to $70.0 million at September 30, 2024 and $91.5 million at December 31, 2023.
      • Total liquidity was $37.8 million at December 31, 2024 compared to $34.9 million at September 30, 2024 and $26.2 million at December 31, 2023.
     
    Financial Summary ($ in Millions and Unaudited)
                             
        Q1 2024   Q2 2024   Q3 2024   Q4 2024
    Electric Sales   $ 60.7     $ 59.4     $ 71.7     $ 69.7  
    Coal Sales– 3rd Party   $ 49.6     $ 32.8     $ 31.7     $ 23.3  
    Other Revenue   $ 1.3     $ 1.0     $ 1.4     $ 1.8  
    Total Operating Revenue   $ 111.6     $ 93.2     $ 104.8     $ 94.8  
    Net Income (Loss)   $ (1.7 )   $ (10.2 )   $ 1.6     $ (215.8 )
    Operating Cash Flow   $ 18.5     $ 26.1     $ (11.2 )   $ 32.5  
    Adjusted EBITDA*   $ 6.8     $ (5.8 )   $ 9.6     $ 6.2  

    _________________________________

    *   Non-GAAP financial measure, defined as operating cash flows less effects of certain subsidiary and equity method investment activity, plus bank interest, less effects of working capital period changes, plus other amortization

    Adjusted EBITDA should not be considered an alternative to net income, income from operations, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP. Our method of computing Adjusted EBITDA may not be the same method used to compute similar measures reported by other companies.

    Management believes the non-GAAP financial measure, Adjusted EBITDA, is an important measure in analyzing our liquidity and is a key component of certain material covenants contained within our Credit Agreement, specifically the minimum quarterly EBITDA. Noncompliance with the covenants could result in our lenders requiring the Company to immediately repay all amounts borrowed. If we cannot satisfy these financial covenants, we would be prohibited under our Credit Agreement from engaging in certain activities, such as incurring additional indebtedness, making certain payments, and acquiring and disposing of assets. Consequently, Adjusted EBITDA is critical to the assessment of our liquidity. The required amount of Adjusted EBITDA is a variable based on our debt outstanding and/or required debt payments at the time of the quarterly calculation based on a rolling prior 12-month period.

    Reconciliation of the non-GAAP financial measure, Adjusted EBITDA, to Income (Loss) before Income taxes, the most comparable GAAP measure, is as follows (in thousands) for the twelve months ended December 31, 2024 and 2023, respectively.

     
    Reconciliation of GAAP “Income (Loss) before Income Taxes” to non-GAAP “Adjusted EBITDA”
    (In $ Thousands and Unaudited)
                 
           Year Ended
           December 31, 
           2024       2023 
    NET INCOME (LOSS)   $ (226,138 )   $ 44,793  
    Interest expense     13,850       13,711  
    Income tax expense (benefit)     (9,404 )     4,465  
    Depreciation, depletion and amortization     65,626       67,211  
    EBITDA     (156,066 )     130,180  
    Other operating revenue     (275 )     10  
    Stock-based compensation     4,454       3,554  
    Asset impairment     215,136       —  
    Asset retirement obligations accretion     1,628       1,804  
    Other amortization     (46,310 )     (30,613 )
    (Gain) loss on disposal or abandonment of assets, net     (50 )     398  
    Loss on extinguishment of debt     2,790       1,491  
    Equity method investment (loss)     746       552  
    Settlement of litigation     2,750       —  
    Other reclassifications     (8,043 )     —  
    Adjusted EBITDA   $ 16,760     $ 107,376  
                     
     
    Solid Forward Sales Position – Segment Basis, Before Intercompany Eliminations (unaudited):
                                                     
        2025   2026   2027   2028   2029   Total
    Power                                                
    Energy                                                
    Contracted MWh (in millions)     4.25       3.36       1.78       1.09       0.27       10.75  
    Average contracted price per MWh   $ 37.24     $ 44.43     $ 54.66     $ 52.94     $ 51.33          
    Contracted revenue (in millions)   $ 158.27     $ 149.28     $ 97.29     $ 57.70     $ 13.86     $ 476.40  
                                                     
    Capacity                                                
    Average daily contracted capacity MWh     773       727       623       454       100          
    Average contracted capacity price per MWd   $ 201     $ 230     $ 226     $ 225     $ 230          
    Contracted capacity revenue (in millions)   $ 55.95     $ 61.12     $ 51.40     $ 37.33     $ 3.47     $ 209.27  
                                                     
    Total Energy & Capacity Revenue                                                
                                                     
    Contracted Power revenue (in millions)   $ 214.22     $ 210.40     $ 148.69     $ 95.03     $ 17.33     $ 685.67  
                                                     
    Coal                                                
    Priced tons – 3rd party (in millions)     2.95       2.50       2.50       0.50       —       8.45  
    Avg price per ton – 3rd party   $ 51.04     $ 55.49     $ 56.74     $ 59.00     $ —          
    Contracted coal revenue – 3rd party (in millions)   $ 150.57     $ 138.73     $ 141.85     $ 29.50     $ —     $ 460.65  
                                                     
    TOTAL CONTRACTED REVENUE (IN MILLIONS) – CONSOLIDATED   $ 364.79     $ 349.13     $ 290.54     $ 124.53     $ 17.33     $ 1,146.32  
                                                     
    Priced tons – Intercompany (in millions)     2.30       2.30       2.30       2.30       —       9.20  
    Avg price per ton – Intercompany   $ 51.00     $ 51.00     $ 51.00     $ 51.00     $ —          
    Contracted coal revenue – Intercompany (in millions)   $ 117.30     $ 117.30     $ 117.30     $ 117.30     $ —     $ 469.20  
                                                     
    TOTAL CONTRACTED REVENUE (IN MILLIONS) – SEGMENT   $ 482.09     $ 466.43     $ 407.84     $ 241.83     $ 17.33     $ 1,615.52  
                                                     

    Forward-Looking Statements
    This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act“), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act“). Statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as “expects,” “believes,” “intends,” “anticipates,” “plans,” “estimates,” “guidance,” “target,” “potential,” “possible,” or “probable” or statements that certain actions, events or results “may,” “will,” “should,” or “could” be taken, occur or be achieved. Forward-looking statements include, without limitation, those relating to our ability to execute definitive agreements with respect to the non-binding term sheet with a leading global data center developer.   Forward-looking statements are based on current expectations and assumptions and analyses made by Hallador and its management in light of experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances that involve various risks and uncertainties that could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to, those set forth in Hallador’s annual report on Form 10-K for the year ended December 31, 2024, and other Securities and Exchange Commission filings. Hallador undertakes no obligation to revise or update publicly any forward-looking statements except as required by law.

    Conference Call and Webcast

    Hallador management will host a conference call on Monday, March 17, 2025 at 5:30 p.m. Eastern time to discuss its financial and operational results, followed by a question-and-answer period.

    Date: Monday, March 17, 2025
    Time: 5:30 p.m. Eastern time
    Dial-in registration link: here
    Live webcast registration link: here

    The conference call will also be broadcast live and available for replay in the investor relations section of the Company’s website at www.halladorenergy.com.

     
    Hallador Energy Company
    Condensed Consolidated Balance Sheets
    As of December 31,
    (in thousands)
    (unaudited)
                 
        2024   2023
    ASSETS            
    Current assets:            
    Cash and cash equivalents   $ 7,232     $ 2,842  
    Restricted cash     4,921       4,281  
    Accounts receivable     15,438       19,937  
    Inventory     36,685       23,075  
    Parts and supplies     39,104       38,877  
    Prepaid expenses     1,478       2,262  
    Assets held-for-sale     —       1,540  
    Total current assets     104,858       92,814  
    Property, plant and equipment:            
    Land and mineral rights     70,307       115,486  
    Buildings and equipment     429,857       537,131  
    Mine development     92,458       158,642  
    Finance lease right-of-use assets     13,034       12,346  
    Total property, plant and equipment     605,656       823,605  
    Less – accumulated depreciation, depletion and amortization     (347,952 )     (334,971 )
    Total property, plant and equipment, net     257,704       488,634  
    Equity method investments     2,607       2,811  
    Other assets     3,951       5,521  
    Total assets   $ 369,120     $ 589,780  
                 
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Current liabilities:            
    Current portion of bank debt, net   $ 4,095     $ 24,438  
    Accounts payable and accrued liabilities     44,298       62,908  
    Current portion of lease financing     6,912       3,933  
    Contract liabilities – current     97,598       66,316  
    Total current liabilities     152,903       157,595  
    Long-term liabilities:            
    Bank debt, net     37,394       63,453  
    Convertible notes payable     —       10,000  
    Convertible notes payable – related party     —       9,000  
    Long-term lease financing     8,749       8,157  
    Deferred income taxes     —       9,235  
    Asset retirement obligations     14,957       14,538  
    Contract liabilities – long-term     49,121       47,425  
    Other     1,711       1,789  
    Total long-term liabilities     111,932       163,597  
    Total liabilities     264,835       321,192  
    Commitments and contingencies (Note 22)            
    Stockholders’ equity:            
    Preferred stock, $.10 par value, 10,000 shares authorized; none issued     —       —  
    Common stock, $.01 par value, 100,000 shares authorized; 42,621 and 34,052 issued and outstanding, as of December 31, 2024 and December 31, 2023, respectively     426       341  
    Additional paid-in capital     189,298       127,548  
    Retained earnings (deficit)     (85,439 )     140,699  
    Total stockholders’ equity     104,285       268,588  
    Total liabilities and stockholders’ equity   $ 369,120     $ 589,780  
                     
     
    Hallador Energy Company
    Condensed Consolidated Statements of Operations
    For the years ended December 31,
    (in thousands, except per share data)
    (unaudited)
                 
        2024   2023
    SALES AND OPERATING REVENUES:            
    Electric sales   $ 261,527     $ 267,927  
    Coal sales     137,448       361,926  
    Other revenues     5,419       5,025  
    Total sales and operating revenues     404,394       634,878  
    EXPENSES:            
    Fuel     49,343       103,388  
    Other operating and maintenance costs     118,364       199,855  
    Cost of purchased power     10,888       —  
    Utilities     15,914       17,730  
    Labor     116,164       152,417  
    Depreciation, depletion and amortization     65,626       67,211  
    Asset retirement obligations accretion     1,628       1,804  
    Exploration costs     260       904  
    General and administrative     26,527       26,159  
    Asset impairment     215,136       —  
    (Gain) loss on disposal or abandonment of assets, net     (50 )     398  
    Settlement of litigation     2,750       —  
    Total operating expenses     622,550       569,866  
                 
    INCOME (LOSS) FROM OPERATIONS     (218,156 )     65,012  
                 
    Interest expense (1)     (13,850 )     (13,711 )
    Loss on extinguishment of debt     (2,790 )     (1,491 )
    Equity method investment (loss)     (746 )     (552 )
    NET INCOME (LOSS) BEFORE INCOME TAXES     (235,542 )     49,258  
                 
    INCOME TAX EXPENSE (BENEFIT):            
    Current     (169 )     (164 )
    Deferred     (9,235 )     4,629  
    Total income tax expense (benefit)     (9,404 )     4,465  
                 
    NET INCOME (LOSS)   $ (226,138 )   $ 44,793  
                 
    NET INCOME (LOSS) PER SHARE:            
    Basic   $ (5.72 )   $ 1.35  
    Diluted   $ (5.72 )   $ 1.25  
                 
    WEIGHTED AVERAGE SHARES OUTSTANDING            
    Basic     39,504       33,133  
    Diluted     39,504       36,827  
                     
     
    Hallador Energy Company
    Condensed Consolidated Statements of Cash Flows
    For the years ended December 31,
    (in thousands)
    (unaudited)
                 
        2024   2023
    CASH FLOWS FROM OPERATING ACTIVITIES:            
    Net income (loss)   $ (226,138 )   $ 44,793  
    Adjustments to reconcile net income to net cash provided by operating activities:            
    Deferred income tax (benefit)     (9,235 )     4,629  
    Equity method investment (loss)     746       552  
    Cash distribution – equity method investment     —       625  
    Depreciation, depletion and amortization     65,626       67,211  
    Asset impairment     215,136       —  
    Loss on extinguishment of debt     2,790       1,491  
    (Gain) loss on disposal or abandonment of assets, net     (50 )     398  
    Amortization of debt issuance costs     1,747       3,233  
    Asset retirement obligations accretion     1,628       1,804  
    Cash paid on asset retirement obligation reclamation     (1,407 )     (3,384 )
    Stock-based compensation     4,454       3,554  
    Amortization of contract asset and contract liabilities     (70,203 )     (97,018 )
    Director fees paid in stock     150       —  
    Change in current assets and liabilities:            
    Accounts receivable     4,499       9,952  
    Inventory     (13,610 )     15,548  
    Parts and supplies     (227 )     (10,582 )
    Prepaid expenses     784       1,186  
    Accounts payable and accrued liabilities     (14,580 )     (18,992 )
    Contract liabilities     103,181       33,804  
    Other     643       610  
    Net cash provided by operating activities   $ 65,934     $ 59,414  
                     
     
    Hallador Energy Company
    Condensed Consolidated Statements of Cash Flows
    For the years ended December 31,
    (in thousands)
    (continued)
    (unaudited)
                 
        2024   2023
    CASH FLOWS FROM INVESTING ACTIVITIES:            
    Capital expenditures   $ (53,367 )   $ (75,352 )
    Proceeds from sale of equipment     4,239       62  
    Proceeds from held-for-sale assets     3,200       —  
    Investment in equity method investments     (542 )     —  
    Net cash used in investing activities     (46,470 )     (75,290 )
                 
    CASH FLOWS FROM FINANCING ACTIVITIES:            
    Payments on bank debt     (147,000 )     (59,713 )
    Borrowings of bank debt     99,500       66,000  
    Payments on lease financing     (5,633 )     —  
    Proceeds from sale and leaseback arrangement     5,134       11,082  
    Issuance of related party notes payable     5,000       —  
    Payments on related party notes payable     (5,000 )     —  
    Debt issuance costs     (673 )     (6,013 )
    ATM offering     34,515       7,318  
    Taxes paid on vesting of RSUs     (277 )     (2,101 )
    Net cash provided by (used in) financing activities     (14,434 )     16,573  
    Increase in cash, cash equivalents, and restricted cash     5,030       697  
    Cash, cash equivalents, and restricted cash, beginning of year     7,123       6,426  
    Cash, cash equivalents, and restricted cash, end of year   $ 12,153     $ 7,123  
                 
    CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:            
    Cash and cash equivalents   $ 7,232     $ 2,842  
    Restricted cash     4,921       4,281  
        $ 12,153     $ 7,123  
                 
    SUPPLEMENTAL CASH FLOW INFORMATION:            
    Cash paid for interest   $ 10,511     $ 9,966  
                 
    SUPPLEMENTAL NON-CASH FLOW INFORMATION:            
    Change in capital expenditures included in accounts payable and prepaid expense   $ 356     $ 1,882  
                     

    About Hallador Energy Company

    Hallador Energy Company (Nasdaq: HNRG) is a vertically-integrated Independent Power Producer (IPP) based in Terre Haute, Indiana. The Company has two core businesses: Hallador Power Company, LLC, which produces electricity and capacity at its one Gigawatt (GW) Merom Generating Station, and Sunrise Coal, LLC, which produces and supplies fuel to the Merom Generating Station and other companies. To learn more about Hallador, visit the Company’s website at http://www.halladorenergy.com/.

    Company Contact

    Marjorie Hargrave
    Chief Financial Officer
    (303) 917-0777
    MHargrave@halladorenergy.com

    Investor Relations Contact

    Sean Mansouri, CFA
    Elevate IR
    (720) 330-2829
    HNRG@elevate-ir.com

    The MIL Network –

  • MIL-OSI Security: Two Executives of Louisiana Compounding Pharmacy Convicted of Defrauding TRICARE and New Jersey State Health Benefits Programs, Identity Theft, and Money Laundering

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

    CAMDEN, N.J. – Two former executives of a Louisiana compounding pharmacy were found guilty of conspiring to use the pharmacy to defraud New Jersey and military health benefits programs of approximately $100 million, conspiring to commit identity theft in connection with the fraud, and conspiring to transact in the criminal proceeds, U.S. Attorney John Giordano announced.

    Christopher Kyle Johnston, 46, of Baton Rouge, Louisiana and Trent Brockmeier, 62, of The Villages, Florida, were convicted on March 10, 2025 of one count of conspiracy to commit wire fraud and health care fraud, one count of conspiring to commit identity theft by fraudulently using a means of identification, and one count of conspiracy to commit money laundering by transacting in criminal proceeds following a six-week trial before U.S. District Judge Edward S. Kiel.

    According to documents filed in this case and the evidence at trial:

    Central Rexall Drugs was a pharmacy in Louisiana that prepared compounded medications, which are specialty medications mixed by a pharmacist to meet the specific medical needs of an individual patient.  In 2013, Johnston and Brockmeier entered into an agreement to take over the management of the pharmacy and expand the compounding business in exchange for 90 percent of the profits.  Brockmeier became chief operating officer of Central Rexall and Johnston became general counsel. 

    Johnston and Brockmeier learned that certain insurance plans would reimburse thousands of dollars for a one-month supply of certain compounded medications – including pain, scar, and antifungal creams, as well as vitamin combinations.  The health plans for New Jersey state and local government and education employees, including teachers, firefighters, municipal police officers, and state troopers, covered these medications, as did TRICARE, which insures current and former members of the U.S. military and their families.

    Johnston and Brockmeier designed compounded medications and manipulated the ingredients in the medications in order to obtain high insurance reimbursements rather than serve the medical needs of patients.  To determine which ingredients and combinations resulted in high insurance reimbursements, Johnston and Brockmeier directed Central Rexall employees to submit false prescription claims to test out different combinations of ingredients, but they did not have a valid prescription signed by a doctor for these formulas.   Central Rexall submitted these false claims using, without their consent, individuals’ names, dates of birth, and identifying information (including insurance information) from pre-existing Central Rexall prescriptions.

    By use of these false claims, Johnston and Brockmeier designed compounded medications with combinations of ingredients that were chosen solely based on the amount of money that insurance would pay rather than on the medications’ ability to serve the medical needs of patients.

    Johnston and Brockmeier retained and directed an outside sales force that used various methods to get doctors to prescribe these medications and patients to accept them, including having prescriptions signed without the patient seeing a doctor or knowing about the medications, having medications or refills ordered without the patients’ knowledge, paying patients to accept the medications, and paying doctors to prescribe them.

    Johnston and Brockmeier caused approximately $100 million in fraudulent insurance claims for compounded medications that were not medically necessary.  Johnston received approximately $34 million and Brockmeier received approximately $5 million in illicit profits.

    50 people have been convicted or pled guilty in the overarching conspiracy.

    The health care fraud and wire fraud conspiracy count carries a maximum potential penalty of 20 years in prison and a $250,000 fine, or twice the gain or loss from the offense.  The conspiracy to commit identity theft count carries a maximum penalty of five years in prison and a $250,000 fine, or twice the gross gain or loss from the offense.  The conspiracy to commit money laundering charge carries a maximum term of imprisonment of 10 years and a fine of $250,000 or twice the gross gain or loss from the offense or not more than twice the amount of the criminally derived property involved in the transactions.  Sentencing is scheduled for July 21, 2025.

    U.S. Attorney John Giordano credited special agents of the FBI’s Atlantic City Resident Agency, under the direction of Acting Special Agent in Charge Terence G. Reilly in Newark; special agents of IRS – Criminal Investigation, under the direction of Special Agent in Charge Jenifer Piovesan  in Newark; and the U.S. Department of Labor, Office of Inspector General, Northeast Region, under the direction of Special Agent in Charge Jonathan Mellone, with the investigation leading to today’s conviction.

    The government is represented by Assistant U.S. Attorneys R. David Walk, Jr. and Daniel A. Friedman of the Criminal Division.

                                                                 ###

    Defense counsel:

    Johnston: Lawrence S. Lustberg, Anne Collart, and Andrew Marino, Esqs. (Newark, NJ)

    Brockmeier: Marc Agnifilo and David Gelfand, Esqs. (New York, NY)

    MIL Security OSI –

  • MIL-OSI Canada: New direction ensures affordable, stable electricity rates

    Source: Government of Canada regional news

    In response to the economic and trade uncertainty faced by people and businesses across British Columbia , the Province is taking action to provide stability in BC Hydro’s electricity rates during these unpredictable times, while keeping rate increases below cumulative inflation.

    “We must take urgent action to protect British Columbians from the uncertainty posed by rising costs while building a strong, robust and resilient electricity system for the benefit of B.C.’s long-term energy independence,” said Adrian Dix, Minister of Energy and Climate Solutions. “That is why we are submitting a rate stability direction to the B.C. Utilities Commission to set BC Hydro’s rate increases for the next two years. This move guarantees certainty and reaffirms our commitment to keeping electricity rates well below the North American average and cumulative inflation, while growing our clean-energy advantage.”

    BC Hydro has among the lowest electricity rates in North America. The rate stability direction to the B.C. Utilities Commission (BCUC) will help maintain that advantage by setting BC Hydro’s annual average rate increase at 3.75% for the next two years. For the average residential household, which currently pays approximately $100 a month, this equates to an additional $3.75 per month.

    BC Hydro rate changes are staying below cumulative inflation, keeping electricity costs near the lowest in North America and about half what Albertans pay. These rate changes ensure BC Hydro can continue to build the critical local and provincial renewable energy infrastructure and supply needed to bolster B.C.’s economy, while maintaining rate increases below cumulative inflation for seven consecutive years. BC Hydro’s cumulative rate increases between 2017-18 and 2026-27 will be 12.4% below cumulative inflation.

    “The rate stability direction from the Province will provide customers and growing industries with the certainty they need during these times, while ensuring our rates remain affordable,” said Chris O’Riley, president and CEO, BC Hydro. “The rate adjustment will go toward supporting critical investments in our system that will ensure we maintain our status as a leader in renewable energy, encouraging overall economic growth and job creation.”

    The rate adjustments for the upcoming two years reflect rising operating costs due to inflation, the needed Site C hydroelectric project coming into service, and the critical work required to significantly invest in B.C.’s energy supply and infrastructure to bolster B.C.’s economy and energy security.

    BC Hydro is taking a number of actions to meet the growing demand from population growth and housing construction, business and industrial development, and transportation. These actions will power more than one million new homes. This includes:

    • adding the Site C hydroelectric project, which will power 500,000 homes and boost supply by 8%;
    • adding 10 new renewable energy projects through the 2024 call for power, which will power 500,000 homes and increase supply by a further 8%; and
    • investing in energy efficiency, which is expected to result in 2,000 gigawatt hours per year of electricity savings or enough to power 200,000 homes.

    BC Hydro is also investing $36 billion through its 10-year capital plan to expand and strengthen community and regional electrical infrastructure, and to ensure power can be delivered to new homes, businesses and industries. These investments will create economic opportunities throughout the province, including approximately 10,000 jobs for skilled workers, and generate economic growth for First Nations and communities in B.C.

    In addition to the rate stability direction, government is providing support to people in British Columbia who are vulnerable or in crisis, a top priority during uncertain times. A key resource for supporting customers is BC Hydro’s Customer Crisis Fund, which offers grants for those in temporary financial crisis. Government has taken action to ensure an additional $1.9 million will be added to the fund, which is expected to help approximately 4,700 households between now and April 2026.

    For customers not eligible for the Customer Crisis Fund, BC Hydro offers equal payment plans that spread out the cost of winter bills, and flexible payment plans. Low-income conservation programs also offer income-qualified customers the opportunity to save energy and money. These programs have delivered approximately $6 million in annual electricity cost savings to customers over the past four fiscal years. BC Hydro has also expanded its rate options for residential customers, offering more billing choices and new opportunities to save money, including optional time-of-day pricing and an optional flat rate, which will be introduced on April 1, 2025.

    BC Hydro has filed the two-year rate adjustment publicly with the BCUC, along with supporting information. The rate increases will take effect April 1, 2025, and April 1, 2026.

    Through the rate stability direction and other actions, the  B.C. government is working to bring down costs for families, strengthen health care, make communities safer, help people find a home they can afford in a community they love, and grow a stronger economy that works for everyone.

    Quick Facts:

    • BC Hydro’s residential, commercial and industrial rates are the third lowest in North America (among 22 utilities surveyed in Hydro Quebec’s 2024 Rates Comparison Report).
    • Adjusting for inflation, electricity in B.C. costs the same today as it did more than 40 years ago.

    Learn More:

    For more information about BC Hydro’s electricity rates, visit: http://news.gov.bc.ca/files/BCHydroRates.pdf

    To access a multi-language page that helps British Columbians find out about tax benefits and credits, how to file, how to get free support with filing, and how to register for direct deposit to get their refund and benefits sooner, visit: gov.bc.ca/TaxBenefits

    To learn about other programs that are available to help with everyday costs, including a multi-language benefits connector to help find programs people may be eligible for, visit: gov.bc.ca/BCBenefitsConnector

    A backgrounder follows.

    MIL OSI Canada News –

  • MIL-OSI United Kingdom: Revised Council Tax Support Scheme introduced

    Source: City of Liverpool

    A simplified Council Tax Support Scheme for working age people is coming into operation in Liverpool next month.

    Council Tax Support is a discount which helps households on low incomes with their annual bill.

    Around a third of households in Liverpool are in receipt of the benefit.

    The changes, which begin in April, have been designed to support people on the lowest incomes, ensure they are easy to understand and provides incentives for people moving into work.

    Households will get a 12-month award so they know how much their Council Tax bill will be reduced by over a year, enabling them to budget.

    The changes also align with Universal Credit and provide some certainty for people moving into or out of work, whilst continuing to provide support to those that need it most.

    The new-look scheme is designed to be financially sustainable but is still one of the most generous among the UK’s big ‘core’ cities and in the Liverpool City Region.

    The upper and lower limits in net earning bands have been extended by £50 per week for couples, while for households with children they are increased by £25 per child per week.

    The maximum percentage of Council Tax discounted has changed from 91.5 per cent to 84 per cent, and awards are capped at the level of a Band B property, which has an annual bill of £1,980.57.

    More information is available at https://liverpool.gov.uk/counciltaxsupport.

    The new changes do not affect the Council Tax Support Scheme for pensioner households, the rules for which are controlled by central Government.

    Deputy Council Leader and Cabinet Member for Finance, Resources and Transformation, Cllr Ruth Bennett, said: “We are hugely proud of the range of support we offer to the most vulnerable residents in Liverpool and take our responsibility extremely seriously.

    “However, we need to make sure that the Council Tax Support Scheme is affordable and sustainable in the long-term.

    “The changes make the scheme simpler to understand, and also provide households with a level of certainty by enabling them to know how much they will receive over a 12-month period, and is focused on providing support for those who need it most.

    “Our Council Tax Support Scheme remains one of the most generous among the big cities and within the Liverpool City Region.”

    MIL OSI United Kingdom –

  • MIL-OSI USA: Federal Court Finds Louisiana Tax Return Preparer in Contempt and Orders Disgorgement of Ill-Gotten Fees and Litigation Costs as Sanctions

    Source: US State of North Dakota

    Note: View order here.

    Last week, a federal court in Baton Rouge, Louisiana, found Whylithia R. Robinson in contempt for violating a permanent injunction that prohibited her and her business AAA Tax Service LLC from preparing, filing, or assisting in the preparation or filing of federal tax returns for others.

    The United States filed a complaint against Robinson and AAA Tax Service on Jan. 23, 2023. According to the complaint, Robinson prepared and filed 2,629 federal income tax returns for customers though AAA Tax Service from 2019-2021. The complaint further alleged that Robinson displayed a pattern of filing tax returns during this period that understated the customer’s tax liabilities and overstated tax refunds by fabricating business losses, claiming false charitable donations, or falsely claiming education credits for customers who were not entitled to them. On April 23, 2023, the court issued a default judgment of permanent injunction that barred Robinson and AAA Tax Services from preparing tax returns for others.

    Following a hearing last week, the court found that the United States demonstrated that Robinson violated the permanent injunction by continuing to prepare 227 tax returns for others. For these violations, the court held Robinson in civil contempt and ordered as sanctions that she disgorge $68,100 in ill-gotten fees she earned in violation of the injunction and reimburse the United States its costs of litigation and travel expenses.

    Taxpayers seeking a return preparer should remain vigilant against unscrupulous tax preparers. The IRS has information on its website for choosing a tax return preparer and has launched a free directory of federal tax preparers. The IRS also offers 10 tips to avoid tax season fraud and ways to safeguard personal information.

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

    MIL OSI USA News –

  • MIL-OSI Security: Federal Court Finds Louisiana Tax Return Preparer in Contempt and Orders Disgorgement of Ill-Gotten Fees and Litigation Costs as Sanctions

    Source: United States Attorneys General

    Note: View order here.

    Last week, a federal court in Baton Rouge, Louisiana, found Whylithia R. Robinson in contempt for violating a permanent injunction that prohibited her and her business AAA Tax Service LLC from preparing, filing, or assisting in the preparation or filing of federal tax returns for others.

    The United States filed a complaint against Robinson and AAA Tax Service on Jan. 23, 2023. According to the complaint, Robinson prepared and filed 2,629 federal income tax returns for customers though AAA Tax Service from 2019-2021. The complaint further alleged that Robinson displayed a pattern of filing tax returns during this period that understated the customer’s tax liabilities and overstated tax refunds by fabricating business losses, claiming false charitable donations, or falsely claiming education credits for customers who were not entitled to them. On April 23, 2023, the court issued a default judgment of permanent injunction that barred Robinson and AAA Tax Services from preparing tax returns for others.

    Following a hearing last week, the court found that the United States demonstrated that Robinson violated the permanent injunction by continuing to prepare 227 tax returns for others. For these violations, the court held Robinson in civil contempt and ordered as sanctions that she disgorge $68,100 in ill-gotten fees she earned in violation of the injunction and reimburse the United States its costs of litigation and travel expenses.

    Taxpayers seeking a return preparer should remain vigilant against unscrupulous tax preparers. The IRS has information on its website for choosing a tax return preparer and has launched a free directory of federal tax preparers. The IRS also offers 10 tips to avoid tax season fraud and ways to safeguard personal information.

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

    MIL Security OSI –

  • MIL-OSI Security: Hot Springs Man Sentenced to More Than 4 Years in Prison for Money Laundering and Wire Fraud

    Source: Office of United States Attorneys

    HOT SPRINGS – An Arkansas man was sentenced on March 12, 2025, to 57 months in federal prison and ordered to pay $252,344.00 in restitution, followed by three years of supervised release following his guilty pleas to money laundering and wire fraud charges.  The Honorable Chief Judge Susan O. Hickey presided over the sentencing hearing, which took place in the United States District Court in Hot Springs, Arkansas.

    According to court documents, John Christopher Bates, 57, waived indictment by a grand jury and pleaded guilty to an information charging him with money laundering and wire fraud. The two counts related to separate schemes, one involving false applications for benefits to the Arkansas Department of Workforce Services, who administers the state’s distribution of Pandemic Unemployment Assistance.  The other related to Bates’s fraudulent applications for Economic Impact Disaster Loans, totaling more than $1 million. 

    U.S. Attorney David Clay Fowlkes of the Western District of Arkansas made the announcement.

    The Internal Revenue Service Criminal Investigation, the Treasury Inspector General for Tax Administration, and the Department of Labor Office of the Inspector General investigated the case.

    Assistant U.S. Attorneys Trent Daniels and Hunter Bridges prosecuted the case.

    Related court documents may be found on the Public Access to Electronic Records website at www.pacer.gov.

    MIL Security OSI –

  • MIL-OSI Security: Security News: Federal Court Finds Louisiana Tax Return Preparer in Contempt and Orders Disgorgement of Ill-Gotten Fees and Litigation Costs as Sanctions

    Source: United States Department of Justice 2

    Note: View order here.

    Last week, a federal court in Baton Rouge, Louisiana, found Whylithia R. Robinson in contempt for violating a permanent injunction that prohibited her and her business AAA Tax Service LLC from preparing, filing, or assisting in the preparation or filing of federal tax returns for others.

    The United States filed a complaint against Robinson and AAA Tax Service on Jan. 23, 2023. According to the complaint, Robinson prepared and filed 2,629 federal income tax returns for customers though AAA Tax Service from 2019-2021. The complaint further alleged that Robinson displayed a pattern of filing tax returns during this period that understated the customer’s tax liabilities and overstated tax refunds by fabricating business losses, claiming false charitable donations, or falsely claiming education credits for customers who were not entitled to them. On April 23, 2023, the court issued a default judgment of permanent injunction that barred Robinson and AAA Tax Services from preparing tax returns for others.

    Following a hearing last week, the court found that the United States demonstrated that Robinson violated the permanent injunction by continuing to prepare 227 tax returns for others. For these violations, the court held Robinson in civil contempt and ordered as sanctions that she disgorge $68,100 in ill-gotten fees she earned in violation of the injunction and reimburse the United States its costs of litigation and travel expenses.

    Taxpayers seeking a return preparer should remain vigilant against unscrupulous tax preparers. The IRS has information on its website for choosing a tax return preparer and has launched a free directory of federal tax preparers. The IRS also offers 10 tips to avoid tax season fraud and ways to safeguard personal information.

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

    MIL Security OSI –

  • MIL-OSI United Kingdom: Council’s digital helper Darcie gets an upgrade

    Source: City of Derby

    Residents are now able to interact with an improved and more inclusive online resource as Derby City Council launches an upgraded version of its digital helper, Darcie this week [17 March].

    Introduced to answer citizens’ queries more efficiently, Darcie has undergone significant behind-the-scenes improvements.

    The latest generative AI capabilities mean the digital helper now understands more complex questions and can respond with more detailed answers on a range of Council services, including Council Tax, bins, fostering and registration services.

    Darcie can also now answer queries about adult social care in more detail for the first time.

    In 2023, Derby City Council introduced two digital helpers, Darcie for the council’s customer service centre, and Ali for Derby Homes’ housing enquiries on their respective websites.

    Since their launch, Darcie and Ali have handled more than 1.8m million routine enquiries, resolving 44% of enquiries without input from staff – freeing them to focus on more complex cases.

    Darcie is like a super-smart robot that is trained in the Council’s services, information and advice, and continues to learn from experience. The more Darcie learns, the better they get at understanding and generating answers to queries that feel natural and helpful.

    Darcie now supports the 9 most common languages after English that are spoken by residents, based on Council data. These are:

    • Arabic
    • Czech
    • Pashto
    • Polish
    • Punjabi
    • Romanian
    • Slovak
    • Somali
    • Urdu

    A more advanced version of phone Darcie is set to follow in the coming weeks, and residents are encouraged to visit the Council’s website, try out Darcie, and provide feedback on their experiences, to help guide future improvements.

    Giving feedback is simple. Darcie has Thumbs Up/Thumbs Down buttons for residents to rate a translation or how well the digital helper answered a question. Pressing the Thumbs Down button will open up a text box for more detailed comments.

    The Council is also planning focused sessions with representatives from community, language, and disability groups to ensure Darcie meets diverse needs.

    Councillor Hardyal Dhindsa, Cabinet Member for Digital and Organisational Transformation at Derby City Council said:

    We want to use technology to make a positive difference, and our goal is to make things as easy and user-friendly as possible for residents. The feedback from the testing phase has been good, and now we want to hear more from residents about their experiences before we move forward with the next phase.

    Derby is at the forefront of this technology and, given the lack of precedents, we don’t expect perfection right away. It’s important that we take the time to learn and refine our approach.

    Darcie is an important part in helping us make sure all residents can easily get the information and support they need.   Remember, Darcie is available 24/7 on web and phone and can answer queries at evenings, weekends and holidays. There is always the option to talk to a human advisor if needed during normal office hours.

    I urge all citizens to try Darcie and let us know how we can improve this tool further.

    MIL OSI United Kingdom –

  • MIL-OSI: Kuaishou Kling AI Integrates DeepSeek, Lowering the Entry Barrier for AI-Powered Creative Content

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, March 17, 2025 (GLOBE NEWSWIRE) — Kuaishou Technology (“Kuaishou” or the “Company”; HKD Counter Stock Code: 01024 / RMB Counter Stock Code: 81024), a leading content community and social platform, recently announced the full integration of DeepSeek-R1 into its large video generation model, Kling AI. This integration enables users to effortlessly transform their creative ideas into professional prompts for video and image generation with DeepSeek’s assistance in generating or optimizing prompts, facilitating the creation of high-quality creative videos. In text-to-video scenarios, Kling AI DeepSeek Inspiration Version works seamlessly with the “Inspiration Word Bank” feature, providing users with granular control over scenes, lenses, shots, lighting, and atmosphere and thereby enhancing expressiveness.

    As a next-generation AI creative studio developed by Kuaishou, Kuaishou Kling AI has been continuously iterated and upgraded since its launch last year. While maintaining its lead in model capabilities and generation effects, Kuaishou Kling AI has unveiled an array of rich creation features and creative activities. The integration of DeepSeek will further lower the entry barrier for AI creative content and enhance creation efficiency.

    In December 2024, Kuaishou Kling AI officially launched the Kling AI 1.6 model, featuring upgraded video generation capabilities and significantly enhanced effects. Users can access the new features via the web portal (Chinese version: https://klingai.kuaishou.com; English version: https://klingai.com) or by searching for and downloading KLINGAI from the app store.

    About Kuaishou

    Kuaishou is a leading content community and social platform in China and globally, committed to becoming the most customer-obsessed company in the world. Kuaishou uses its technological backbone, powered by cutting-edge AI technology, to continuously drive innovation and product enhancements that enrich its service offerings and application scenarios, creating exceptional customer value. Through short videos and live streams on Kuaishou’s platform, users can share their lives, discover goods and services they need and showcase their talent. By partnering closely with content creators and businesses, Kuaishou provides technologies, products, and services that cater to diverse user needs across a broad spectrum of entertainment, online marketing services, e-commerce, local services, gaming, and much more.

    Forward-Looking Statements

    Certain statements included in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may”, “might”, “can”, “could”, “will”, “would”, “anticipate”, “believe”, “continue”, “estimate”, “expect”, “forecast”, “intend”, “plan”, “seek”, or “timetable”. These forward-looking statements, which are subject to risks, uncertainties, and assumptions, may include our business outlook, estimates of financial performance, forecast business plans, growth strategies and projections of anticipated trends in our industry. These forward-looking statements are based on information currently available to the Group and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, many of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realized in the future. Underlying these forward-looking statements are a large number of risks and uncertainties. In light of the risks and uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as representations by the Board or the Company that the plans and objectives will be achieved, and investors should not place undue reliance on such statements. Except as required by law, we are not obligated, and we undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstances occurring after the date of this press release or those that might reflect the occurrence of unanticipated events.

    For investor and media inquiries, please contact:
    Kuaishou Technology
    Investor Relations
    Email: ir@kuaishou.com

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/67878873-5371-4b09-b951-63f292978c1b

    https://www.globenewswire.com/NewsRoom/AttachmentNg/bbd00047-a6cb-4395-b015-4e93b651da10

    The MIL Network –