VANCOUVER, BC / ACCESSWIRE / April 29, 2020 / Experion Holdings Ltd. (the "Company" or "Experion") (TSXV:EXP)(OTCQB:EXPFF)(FRANKFURT:MB31) is providing an update on the Company's AGM and the status of the filing of its annual financial statements for the year ended November 30, 2019, and its first quarter 2020 financial statements for the period ended February 29, 2020.

Virtual AGM Access

To proactively deal with the unprecedented health impact of coronavirus disease, also known as COVID-19; to mitigate risks to the health and safety of our communities, shareholders, employees and other stakeholders; to comply with current government directives and advice to which we will continue to adhere, we will hold our Annual General Meeting on Wednesday, May 27, 2020 at 11:00AM Pacific Time in a virtual only format, via live audiocast.

Registered Shareholders and duly appointed proxyholders can attend the Meeting online where they can participate, vote, and submit limited questions during the Meeting's live webcast. Shareholders can find instructions on how to register on their voting instruction form found in the management information circular relating to the annual general meeting.

2019 Annual Report and Q1 2020 Filing Update

On March 18, 2020, the Canadian Securities Administrators (CSA) announced that they will provide issuers with a 45-day filing extension for filings required on or before June 1, 2020 to allow issuers the time needed to focus on the many other business and financial reporting implications of COVID-19. Experion will rely on this exemption with respect to the Annual Filings in accordance with BC Instrument 51-515, Temporary Exemption from Certain Corporate Finance Requirements.

The Company is continuing to work diligently and expeditiously with its auditors to file its financial statements, the accompanying management's discussion and analysis and the related CEO and CFO certifications, for both the full year 2019 and first quarter 2020 results on or around May 11, 2020 and by no later than May 14, 2020.

In the interim, management and other insiders of the Company are subject to a trading black-out policy that reflects the principles in section 9 of National Policy 11-207, Failure to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.

The Company confirms that since the filing of its interim consolidated financial statements for the three months ended August 31, 2019, there have been no material business developments other than those disclosed through news releases.

About Experion Holdings Ltd.

Experion Holdings Ltd. is the parent company of Experion Biotechnologies Inc., a Health Canada licensed cultivator and processor of Cannabis, based in Mission, BC.

Experion Holdings Ltd. is invested in a portfolio of products to address a wide spectrum of consumer needs' including Adult-use, Wellness and Therapeutic, and Medical products.

Experion trades on the TSX Venture Exchange as a Tier 1 issuer under the symbol "EXP" on the OTCQB Venture under the symbol "EXPFF" and on the Frankfurt Stock Exchange under the symbol "MB31"

For further information, please visit the Company's website www.experionwellness.com or contact Investor Relations, Email: IR@experionwellness.com

Disclosure

This press release contains forward-looking information within the meaning of Canadian securities laws. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.

Forward looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, forecast, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the state of the financial markets for the Company's equity securities; recent market volatility; the Company's ability to raise the necessary capital or to be fully able to implement its business strategies; the risks identified in the Filing Statement, and other risks and factors that the Company is unaware of at this time. The reader is referred to the Filing Statement dated September 25, 2017 and/or the most recent annual and interim Management's Discussion and Analysis for a more complete discussion of such risk factors and their potential effects, copies of which may be accessed through the Company page on SEDAR at www.sedar.com.

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

SOURCE: Experion Holdings Ltd.

ReleaseID: 587567

STROUDSBURG, PA / ACCESSWIRE / April 29, 2020 / ESSA Bancorp, Inc. (the "Company") (NASDAQ:ESSA), the holding company for ESSA Bank & Trust (the "Bank"), a $2.0 billion asset financial institution providing full service retail and commercial banking, financial, and investment services in eastern Pennsylvania, today announced financial results for the three and six months ended March 31, 2020.

Net income was $3.4 million, or $0.33 per diluted share, for the three months ended March 31, 2020, compared with $2.9 million, or $0.26 per diluted share, for the three months ended March 31, 2019. Net income was $6.8 million, or $0.65 per diluted share, for the six months ended March 31, 2020, compared with $5.9 million, or $0.54 per diluted share, for the six months ended March 31, 2019.

Gary S. Olson, President and CEO, commented: "As our nation and communities address the challenges and uncertainties presented by COVID-19, we have first and foremost focused on protecting the health and safety of our employees, customers and the community, positioning operations to respond to the needs of customers and the community, and ensuring ESSA Bank & Trust's financial safety and operational security.

"We implemented our comprehensive pandemic plan in early March that incorporated remote work procedures, staffing adjustments and emphasis on drive-up banking and ATMs to protect customers and employees. Electronic and mobile banking capabilities for individuals and businesses have supported necessary banking activities. Our banking team has maintained a high level of responsiveness, providing personalized attention and financial solutions to customers.

"Furthermore, we focused on three key risks to the balance sheet: liquidity, capital and credit. We took steps to enhance liquidity by building the Company's cash position using low cost funding, suspended our stock repurchasing activity while maintaining our dividend program and have been monitoring daily all customer credit positions. These initiatives are intended to mitigate the potential disruptions stemming from COVID-19.

"We are committed to helping our customers navigate challenging and changing economic and financial circumstances. We dedicated much of our human capital in April to helping our communities' small businesses through the funding of 296 loans for approximately $44.4 million under the Small Business Administration's Paycheck Protection Program (PPP), in the initial round of financing. We will continue to fund loans through this program's second round of financing.

"We are closely monitoring all customer credit positions, particularly loans requesting payment relief, which have amounted to approximately 12.3% of our total loans outstanding thus far, including $115.6 million in commercial real estate, $8.8 million in commercial, $39.2 million in mortgage, $3.5 million in auto and $1.4 million in home equity . As the economic slowdown continues to evolve due to COVID-19 restrictions, our customers may experience decreased cash flows, which may correlate to an inability to make timely loan payments. This, in turn may require further increases in our allowance for loan losses and increases in the level of charge-offs in our loan portfolio.

"We expect that our focus on efficient, responsive operations will enable ESSA to effectively respond to economic challenges, provide support for our customers, and preserve value for our shareholders. We are committed to maintaining ESSA's financial strength, while helping businesses continue their operations and providing employment plus providing guidance to those individuals who may be challenged meeting their mortgage obligations. We will also comply with guidelines for social distancing, safe operations, and returning to work in conjunction with Pennsylvania mandates."

SELECTED FINANCIAL HIGHLIGHTS

Net interest income after provision for loan losses was $22.7 million in the fiscal first half of 2020, up from $22.1 million for the same period a year earlier, primarily reflecting increased interest income from loans, lower interest expense, and a lower loss provision.
Total interest expense in the fiscal first half of 2020 declined to $9.3 million from $10.4 million during the same period in fiscal 2019, primarily reflecting less interest-bearing liabilities and lower overall interest rates.
Total net loans at March 31, 2020 were $1.36 billion compared with $1.33 billion at September 30, 2019, primarily reflecting growth in commercial loans, which was partially offset by a decline in indirect auto loan balances.
Core deposits (demand accounts, savings and money market) comprised 65% of total deposits at March 31, 2020.
Assets increased to $1.96 billion at March 31, 2020 from $1.80 billion at September 30, 2019, primarily reflecting increased cash and cash equivalents and total net loans.
Total stockholders' equity increased to $193.7 million at March 31, 2020 compared with $189.5 million at September 30, 2019.
The Company paid a cash dividend of $0.11 per share on March 30, 2020.

Fiscal Second Quarter, First Half 2020 Income Statement Review

Total interest income was $16.3 million for the three months ended March 31, 2020, down from $17.1 million for the three months ended March 31, 2019. A decline in average interest earning assets was compounded by declines in interest rates. Interest expense was $4.6 million for the quarter ended March 31, 2020 compared to $5.4 million for the same period in 2019. Declines in average interest-bearing liabilities and the cost of those liabilities were the reason for the decrease.

Total interest income was $32.9 million for the six months ended March 31, 2020, down from $34.0 million for the six months ended March 31, 2019. Interest expense was $9.3 million for the six months ended March 31, 2020 compared to $10.4 million for the same period in 2019.

Net interest income was $11.7 million for each of the three months ended March 31, 2020 and March 31, 2019, respectively. The net interest margin for the second quarter of fiscal 2020 was 2.76%, up from 2.71% for the second quarter of fiscal 2019. The net interest rate spread was 2.53% in second quarter of fiscal 2020, compared with 2.50% for the first quarter of fiscal 2019.

Net interest income was $23.6 million for each of the six months ended March 31, 2020 and March 31, 2019, respectively. The net interest margin for the first half of fiscal 2020 was 2.77%, up from 2.72% for the first half of fiscal 2019. The net interest rate spread was 2.54% in first half of fiscal 2020, compared with 2.51% for the first half of fiscal 2019.

The Company's provision for loan losses decreased to $500,000 for the three months ended March 31, 2020, compared with $600,000 for the three months ended March 31, 2019. The Company's provision for loan losses decreased to $875,000 for the six months ended March 31, 2020, compared with $1.5 million for the six months ended March 31, 2019. These decreases reflected provisioning primarily related to declining charge off activity and credit quality trends.

Noninterest income increased $637,000 or 31% to $2.7 million for the three months ended March 31, 2020, compared with $2.1 million for the three months ended March 31, 2019. Service charges and fees on loans were $700,000 in fiscal first quarter 2020, up from $276,000 in fiscal first quarter 2019, reflecting growth in fee income from accelerating production in commercial lending and income from commercial loan interest rate swaps. Gains on the sale of loans and investments contributed to increased noninterest income, and fee income from trust and investments increased year-over-year. Beginning the end of March 2020, the Bank waived various retail deposit fees for 60 days to aid customers who may be experiencing financial challenges related to the pandemic.

Noninterest income was $5.1 million for the six months ended March 31, 2020, compared with $4.2 million for the six months ended March 31, 2019. Service charges and fees on loans were $1.2 million in fiscal first half 2020, up from $606,000 in fiscal first half 2019, reflecting growth in fee income from accelerating production in commercial lending and income from commercial loan interest rate swaps. Gains on the sale of loans and investments contributed to increased noninterest income, and fee income from trust and investments increased year-over-year. Beginning the end of March 2020, the Bank waived various retail deposit fees for 60 days to aid customers who may be experiencing financial challenges related to the pandemic.

Noninterest expense was $9.8 million for the three months ended March 31, 2020 compared with $9.7 million for the comparable period a year earlier. Increases in personnel, data processing expenses and foreclosed real estate were partially offset by a decrease in expenses in most other categories.

Noninterest expense was $19.6 million for the six months ended March 31, 2020 compared with $19.4 million for the comparable period a year earlier.

Balance Sheet, Asset Quality and Capital Adequacy Review

Total assets increased $155.7 million to $1.96 billion at March 31, 2020, from $1.80 billion at September 30, 2019, primarily due to increases in cash and cash equivalents and loans receivable, offset in part by a decline in investment securities available for sale.

Cash and cash equivalents increased $121.3 million during the first six months of fiscal 2020 as a result of the previously discussed pandemic-oriented balance sheet adjustments made to mitigate related risks.

Total net loans increased to $1.36 billion at March 31, 2020 from $1.33 billion at September 30, 2019, reflecting growth in residential mortgages, construction loans and both commercial real estate and commercial and industrial loans. Residential real estate loans were $600.5 million at March 31, 2020, up $3.0 million from September 30, 2019. The Company also sold $4.0 million in residential mortgage loans to the Federal Home Loan Bank of Pittsburgh during the fiscal year which would have further enhanced loan growth. Indirect auto loans declined $23.5 million to $58.5 million at March 31, 2020 from $82.0 million at September 30, 2019, reflecting expected runoff of the portfolio following the Company's previously announced discontinuation of indirect auto lending in July 2018

Commercial real estate loans were $508.7 million at March 31, 2020, up from $480.6 million at September 30, 2019. Commercial loans (primarily commercial and industrial) increased to $70.6 million at March 31, 2020 from $55.6 million at September 30, 2019. Compared with a year earlier, commercial real estate loans grew 11% and commercial loans increased 20.3% at March 31, 2020.

Total deposits were $1.33 billion at March 31, 2020 compared with $1.34 billion at September 30, 2019 and were up 2.6% from $1.29 billion at March 31, 2019. Core deposits (demand accounts, savings and money market) were $865.2 million, or 65.0% of total deposits, at March 31, 2020 compared to $811.3 million, or 63.0% of total deposits, at March 31, 2019. Noninterest bearing demand accounts exhibited strong year-over-year growth, increasing 7.8% to $181.1 million, interest bearing demand accounts grew 9.3% to $195.2 million and money market accounts grew 5.8% to $347.0 million. Total borrowings increased $152.4 million to $400.7 million at March 31, 2020 from $248.3 million at September 30, 2019 as the Company borrowed additional funds from the FHLB Pittsburgh to increase cash reserves.

Nonperforming assets totaled $11.0 million, or 0.56% of total assets, at March 31, 2020, up from $10.3 million, or 0.57% of total assets, at September 30, 2019 and $10.3 million or 0.56% of total assets, at March 31, 2019. The allowance for loan losses was $13.2 million, or 0.96% of loans outstanding, at March 31, 2020, $12.6 million, or 0.94% of loans outstanding at September 30, 2019 and $12.4 million, or 0.92% of loans outstanding at March 31, 2019 primarily reflecting prudent reserving to match commercial loan growth, overall loan credit quality and decreasing charge-off trends.

For the three months ended March 31, 2020, the Company's return on average assets and return on average equity were 0.76% and 7.09%, compared with 0.63% and 6.26%, respectively, in the comparable period of fiscal 2019. For the six months ended March 31, 2020, the Company's return on average assets and return on average equity were 0.76% and 7.09%, compared with 0.64% and 6.42%, respectively, in the comparable period of fiscal 2019.

The Bank continued to demonstrate financial strength with a Tier 1 leverage ratio of 9.44% at March 31, 2020, exceeding regulatory standards for a well-capitalized institution. The Company maintained a tangible equity to tangible assets ratio of 9.83% at March 31, 2020.

Total stockholders' equity increased $4.2 million to $193.74 million at March 31, 2020, from $189.5 million at September 30, 2019, primarily reflecting increases from net income and comprehensive income which were offset in part by dividends paid to shareholders and changes in treasury stock. Tangible book value per share at March 31, 2020 was $16.11, compared with $15.43 at September 30, 2019.

About the Company: ESSA Bancorp, Inc. is the holding company for its wholly owned subsidiary, ESSA Bank & Trust, which was formed in 1916. Headquartered in Stroudsburg, Pennsylvania, the Company has total assets of $2.0 billion and has 22 community offices throughout the Greater Pocono, Lehigh Valley, Scranton/Wilkes-Barre, and suburban Philadelphia areas. ESSA Bank & Trust offers a full range of commercial and retail financial services, asset management and trust services, investment services through Ameriprise Financial Institutions Group and insurance benefit services through ESSA Advisory Services, LLC. ESSA Bancorp Inc. stock trades on the NASDAQ Global Market (SM) under the symbol "ESSA."

Forward-Looking Statements

Certain statements contained herein are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as "may," "will," "believe," "expect," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including compliance costs and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets and the availability of and costs associated with sources of liquidity, and the Risk Factors disclosed in our annual and quarterly reports. In addition, the COVID-19 pandemic is having an adverse impact on the Company, its customers and the communities it serves. The adverse effect of the COVID-19 pandemic on the Company, its customers and the communities where it operates will continue to adversely affect the Company's business, results of operations and financial condition for an indefinite period of time.

The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically declines any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

FINANCIAL TABLES FOLLOW

ESSA BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET
(UNAUDITED)

 
March 31,
 
 
September 30,
 

 
2020
 
 
2019
 

 
(dollars in thousands)
 

ASSETS

Cash and due from banks

 
$ 
117,122
 
 
$ 
48,426
 

Interest-bearing deposits with other institutions

 
 
56,397
 
 
 
3,816
 

     Total cash and cash equivalents

 
 
173,519
 
 
 
52,242
 

Investment securities available for sale, at fair value

 
 
306,407
 
 
 
313,393
 

Loans receivable (net of allowance for loan losses

  of $13,179 and $12,630)

 
 
1,358,167
 
 
 
1,328,653
 

Regulatory stock, at cost

 
 
17,284
 
 
 
11,579
 

Premises and equipment, net

 
 
14,397
 
 
 
14,335
 

Bank-owned life insurance

 
 
40,077
 
 
 
39,601
 

Foreclosed real estate

 
 
408
 
 
 
240
 

Intangible assets, net

 
 
926
 
 
 
1,066
 

Goodwill

 
 
13,801
 
 
 
13,801
 

Deferred income taxes

 
 
4,190
 
 
 
5,122
 

Other assets

 
 
26,000
 
 
 
19,395
 

TOTAL ASSETS

 
$ 
1,955,176
 
 
$ 
1,799,427
 

LIABILITIES

Deposits

 
$ 
1,327,613
 
 
$ 
1,342,830
 

Short-term borrowings

 
 
238,898
 
 
 
107,701
 

Other borrowings

 
 
161,762
 
 
 
140,581
 

Advances by borrowers for taxes and insurance

 
 
11,721
 
 
 
6,700
 

Other liabilities

 
 
21,516
 
 
 
12,107
 

TOTAL LIABILITIES

 
 
1,761,510
 
 
 
1,609,919
 

STOCKHOLDERS' EQUITY

Common stock

 
 
181
 
 
 
181
 

Additional paid-in capital

 
 
181,218
 
 
 
181,161
 

Unallocated common stock held by the

Employee Stock Ownership Plan ("ESOP")

 
 
(7,576
)
 
 
(7,803
)

Retained earnings

 
 
107,265
 
 
 
102,465
 

Treasury stock, at cost

 
 
(88,418
)
 
 
(85,216
)

Accumulated other comprehensive income (loss)

 
 
996
 
 
 
(1,280
)

TOTAL STOCKHOLDERS' EQUITY

 
 
193,666
 
 
 
189,508
 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 
$ 
1,955,176
 
 
$ 
1,799,427
 

ESSA BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)

 
Three months Ended March 31,
 
 
Six Months Ended March 31,
 

 
2020
 
 
2019
 
 
2020
 
 
2019
 

 
(dollars in thousands, except per share date)
 

INTEREST INCOME

Loans receivable, including fees

 
$ 
14,005
 
 
$ 
14,042
 
 
$ 
28,195
 
 
$ 
27,949
 

Investment securities:

Taxable

 
 
1,945
 
 
 
2,530
 
 
 
3,902
 
 
 
5,012
 

Exempt from federal income tax

 
 
48
 
 
 
94
 
 
 
96
 
 
 
230
 

Other investment income

 
 
346
 
 
 
462
 
 
 
664
 
 
 
806
 

    Total interest income

 
 
16,344
 
 
 
17,128
 
 
 
32,857
 
 
 
33,997
 

INTEREST EXPENSE

Deposits

 
 
3,228
 
 
 
3,555
 
 
 
6,561
 
 
 
6,943
 

Short-term borrowings

 
 
489
 
 
 
1,172
 
 
 
994
 
 
 
2,249
 

Other borrowings

 
 
895
 
 
 
669
 
 
 
1,744
 
 
 
1,188
 

   Total interest expense

 
 
4,612
 
 
 
5,396
 
 
 
9,299
 
 
 
10,380
 

NET INTEREST INCOME

 
 
11,732
 
 
 
11,732
 
 
 
23,558
 
 
 
23,617
 

Provision for loan losses

 
 
500
 
 
 
600
 
 
 
875
 
 
 
1,476
 

NET INTEREST INCOME AFTER PROVISION

FOR LOAN LOSSES

 
 
11,232
 
 
 
11,132
 
 
 
22,683
 
 
 
22,141
 

NONINTEREST INCOME

Service fees on deposit accounts

 
 
778
 
 
 
784
 
 
 
1,605
 
 
 
1,647
 

Services charges and fees on loans

 
 
700
 
 
 
276
 
 
 
1,233
 
 
 
606
 

Unrealized gains (losses) on equity securities

 
 
(6
)
 
 
3
 
 
 
(5
)
 
 
1
 

Trust and investment fees

 
 
429
 
 
 
235
 
 
 
747
 
 
 
474
 

Gain on sale of investments, net

 
 
160
 
 
 
39
 
 
 
381
 
 
 
43
 

Gain on sale of loans, net

 
 
115
 
 
 
–
 
 
 
144
 
 
 
–
 

Earnings on bank-owned life insurance

 
 
235
 
 
 
240
 
 
 
476
 
 
 
484
 

Insurance commissions

 
 
238
 
 
 
194
 
 
 
446
 
 
 
395
 

Other

 
 
56
 
 
 
297
 
 
 
104
 
 
 
544
 

   Total noninterest income

 
 
2,705
 
 
 
2,068
 
 
 
5,131
 
 
 
4,194
 

NONINTEREST EXPENSE

Compensation and employee benefits

 
 
6,077
 
 
 
6,035
 
 
 
12,315
 
 
 
12,159
 

Occupancy and equipment

 
 
1,069
 
 
 
1,112
 
 
 
2,136
 
 
 
2,138
 

Professional fees

 
 
533
 
 
 
646
 
 
 
992
 
 
 
1,170
 

Data processing

 
 
1,085
 
 
 
930
 
 
 
2,102
 
 
 
1,833
 

Advertising

 
 
118
 
 
 
204
 
 
 
234
 
 
 
359
 

Federal Deposit Insurance Corporation ("FDIC")

  premiums

 
 
205
 
 
 
182
 
 
 
338
 
 
 
369
 

Loss (gain) on foreclosed real estate

 
 
86
 
 
 
11
 
 
 
66
 
 
 
(104
)

Amortization of intangible assets

 
 
68
 
 
 
77
 
 
 
140
 
 
 
161
 

Other

 
 
583
 
 
 
514
 
 
 
1,264
 
 
 
1,278
 

   Total noninterest expense

 
 
9,824
 
 
 
9,711
 
 
 
19,587
 
 
 
19,363
 

Income before income taxes

 
 
4,113
 
 
 
3,489
 
 
 
8,227
 
 
 
6,972
 

Income taxes

 
 
706
 
 
 
630
 
 
 
1,410
 
 
 
1,104
 

NET INCOME

 
$ 
3,407
 
 
$ 
2,859
 
 
$ 
6,817
 
 
$ 
5,868
 

Earnings per share:

Basic

 
$ 
0.33
 
 
$ 
0.26
 
 
$ 
0.65
 
 
$ 
0.54
 

Diluted

 
$ 
0.33
 
 
$ 
0.26
 
 
$ 
0.65
 
 
$ 
0.54
 

Dividends per share

 
$ 
0.11
 
 
$ 
0.10
 
 
$ 
0.22
 
 
$ 
0.20
 

 
For the Three Months
 
 
For the Six Months
 

 
Ended March 31,
 
 
Ended March 31,
 

 
2020
 
 
2019
 
 
2020
 
 
2019
 

 
(dollars in thousands, except per share data)
 

CONSOLIDATED AVERAGE BALANCES:

Total assets

 
 
1,826,470
 
 
$ 
1,850,123
 
 
$ 
1,807,336
 
 
$ 
1,841,372
 

Total interest-earning assets

 
 
1,721,272
 
 
 
1,752,867
 
 
 
1,708,262
 
 
 
1,741,373
 

Total interest-bearing liabilities

 
 
1,420,734
 
 
 
1,484,379
 
 
 
1,409,772
 
 
 
1,479,834
 

Total stockholders' equity

 
 
194,135
 
 
 
185,360
 
 
 
192,696
 
 
 
183,264
 

PER COMMON SHARE DATA:

Average shares outstanding – basic

 
 
10,462,013
 
 
 
10,825,626
 
 
 
10,473,466
 
 
 
10,891,187
 

Average shares outstanding – diluted

 
 
10,462,013
 
 
 
10,825,626
 
 
 
10,473,466
 
 
 
10,891,187
 

Book value shares

 
 
11,105,887
 
 
 
11,408,935
 
 
 
11,105,887
 
 
 
11,408,935
 

Net interest rate spread:

 
 
2.53
%
 
 
2.50
%
 
 
2.54
%
 
 
2.51
%

Net interest margin:

 
 
2.76
%
 
 
2.71
%
 
 
2.77
%
 
 
2.72
%

Contact: Gary S. Olson, President & CEO
Corporate Office: 200 Palmer Street
Stroudsburg, Pennsylvania 18360
Telephone: (570) 421-0531

SOURCE: ESSA Bancorp, Inc.

ReleaseID: 587631

TORONTO, ON, CANADA / ACCESSWIRE / April 29, 2020 / Snipp Interactive Inc. ("Snipp" or the "Company") (TSXV:SPN)(OTC PINK:SNIPF), a global provider of digital marketing promotions, rebates and loyalty solutions, announces its financial results for Q4 2019 and the year ended December 31, 2019 ("Fiscal 2019"). All results are reported under International Financial Reporting Standards ("IFRS") and in US dollars. A copy of the complete audited financial statements and management's discussion and analysis are available on SEDAR (www.sedar.com).

Q4 2019 and Fiscal 2019 Highlights

(Refer to Non-GAAP Measures, Gross Margin, EBITDA and Bookings Backlog discussion below)

Revenue for Q4 2019 decreased by 59% compared to Q4 2018. Revenue for Q4 2019 was $1,349,685 compared to $3,315,196 for Q4 2018.

Revenue for the year ended December 31, 2019 decreased by 29% compared to the year ended December 31, 2018. Revenue for the year ended December 31, 2019 was $8,643,755 compared to revenue for the year ended December 31, 2018 of $12,151,286.

The Company has provided a detailed revenue analysis in its management's discussion and analysis available on SEDAR (www.sedar.com), describing the reasons behind the significant decreases in revenue for Q4 2019 and Fiscal 2019,

Gross margin in Q4 2019 was 60% compared to 69% in Q4 2018.

Gross margin in Fiscal 2019 was 73% compared to 65% in Fiscal 2018.

EBITDA in Q4 2019 decreased by 1179% compared to Q4 2018, an EBITDA deterioration of $1,108,682. Q4 2019 EBITDA loss was $1,014,667 vs Q4 2018 positive EBITDA of $94,015.

EBITDA in Fiscal 2019 decreased by 54% compared to Fiscal 2018, an EBITDA deterioration of $432,131. Fiscal 2019 EBITDA loss was $1,229,756 vs Fiscal 2018 EBITDA loss of $797,625.

Net loss in Q4 2019 was $5,011,293 compared to net loss in Q4 2018 of $503,508.

Net loss in Fiscal 2019 was $7,021,772 compared to net loss in Fiscal 2018 of $3,096,169.

The net loss in both Q4 2019 and Fiscal 2019 were significantly impacted by an impairment charge of $3,420,858.

Bookings Backlog (programs that have been sold, but whose revenues have not yet been recognized) stood at $4.5MM at December 31, 2019, a decrease of 44% compared to December 31, 2018 of $8.0MM.

The Company continued to focus on cost improvements from its integration efforts, resulting in the following Q4 2019 cost savings compared to Q4 2018:

Salaries and compensation expenses decreased by approximately US $286k or 17%;

General and administrative expenses decreased by approximately US $47k or 20%;

Marketing and investor relations decreased by approximately US $112k or 63%;

Travel decreased by approximately US $5k or 20%;

The following are cost savings recognized in the year ended December 31, 2019 compared to the year ended December 31, 2018:

Salaries and compensation expenses decreased by approximately US $1,120k or 16%;

General and administrative expenses decreased by approximately US $140k or 15%;

Marketing and investor relations decreased by approximately US $41k or 14%;

Travel decreased by approximately US $19k or 17%;

"2019 was a tale of two cities. The first half ended on a positive note with positive EBITDA across both Q1 and Q2 but the second half reversed this trend as the investments we made in selling longer term recurring contracts to new and existing clients necessitated putting short term deals on the back burner. Shorter term deals represent 50% of our book so any slow down in this type of deal flow will impact our revenue adversely. As previously explained we are in the throes of transitioning our revenue from shorter term (four to twelve weeks), low margin (50-60%) to longer term (twelve months to evergreen), higher margin deals (70-8-0%). This enables us to not only have greater future visibility and stickiness with our clientele but also support this same revenue with a lower cost base. This transition is well under way and we continue to grow our long term recurring revenue. It will however impact our future quarters negatively and this will unfortunately be amplified over the next few quarters given the impact of the pandemic on retail and on some of our clients businesses.

Non-GAAP Measures

Snipp uses certain performance measures throughout this document that are not recognizable under Canadian generally accepted accounting principles or IFRS ("GAAP"). These performance measures include Gross Margin and EBITDA. Management believes that these measures provide supplemental financial information that is useful in the evaluation of the Company's operations.

Investors should be cautioned, however, that these measures should not be construed as alternatives to measures determined in accordance with GAAP and IFRS as an indicator of Snipp's performance. The Company's method of calculating these measures may differ from that of other organizations, and accordingly, these may not be comparable.

EBITDA

Snipp defines earnings before interest, taxes, depreciation and amortization ("EBITDA") as revenue minus operating expenses excluding non-cash operating expenses of stock-based compensation, depreciation and amortization (interest and taxes are not included in the Company's operating expenses).

Gross Margin

Snipp defines Gross Margin as revenue less campaign infrastructure. The Company's calculation of Gross Margin is not a financial measure that is recognized under GAAP. Investors should be cautioned that the Company's defined Gross Margin should not be construed as an alternative measure to other measures determined in accordance with GAAP.

Bookings Backlog

Snipp defines Bookings Backlog as future revenue from existing customer contracts to be recognized in future quarters. Bookings get translated into revenues based on IFRS principles and the Bookings Backlog reflects how revenues in future quarters are steadily being booked today.

The Following are calculations of EBITDA:

 
Three
 
 
Three
 
 
Year
 
 
Year
 

 
Months Ended
 
 
Months Ended
 
 
Ended
 
 
Ended
 

 
December 31, 2019
 
 
December 31, 2018
 
 
December 31, 2019
 
 
December 31, 2018
 

 
USD
 
 
USD
 
 
USD
 
 
USD
 

Net loss before interest, foreign exchange, impairment and taxes

 
 
(1,594,836
)
 
 
(478,302
)
 
 
(3,568,909
)
 
 
(3,038,214
)

Amortization of intangibles

 
 
552,424
 
 
 
518,976
 
 
 
2,160,987
 
 
 
1,952,641
 

Depreciation of equipment

 
 
6,005
 
 
 
8,247
 
 
 
26,273
 
 
 
30,635
 

Stock-based compensation

 
 
21,740
 
 
 
45,094
 
 
 
151,893
 
 
 
257,313
 

EBITDA

 
 
(1,014,667
)
 
 
94,015
 
 
 
(1,229,756
)
 
 
(797,625
)

The Following are calculations of Gross Margin:

 
Three
 
 
Three
 
 
Year
 
 
Year
 

 
Months Ended
 
 
Months Ended
 
 
Ended
 
 
Ended
 

 
December 31, 2019
 
 
December 31, 2018
 
 
December 31, 2019
 
 
December 31, 2018
 

 
USD
 
 
USD
 
 
USD
 
 
USD
 

Revenue

 
 
1,349,685
 
 
 
3,315,196
 
 
 
8,643,755
 
 
 
12,151,286
 

Less:

Campaign infrastructure

 
 
544,286
 
 
 
1,029,736
 
 
 
2,292,970
 
 
 
4,240,261
 

Gross Margin

 
 
805,399
 
 
 
2,285,460
 
 
 
6,350,785
 
 
 
7,911,025
 

About Snipp:

Snipp is a global loyalty and promotions company with a singular focus: to develop disruptive engagement platforms that generate insights and drive sales. Our solutions include shopper marketing promotions, loyalty, rewards, rebates and data analytics, all of which are seamlessly integrated to provide a one-stop marketing technology platform. We also provide the services and expertise to design, execute and promote client programs. SnippCheck, our receipt processing engine, is the market leader for receipt-based purchase validation; SnippLoyalty is the only unified loyalty solution in the market for CPG brands. Snipp has powered hundreds of programs for Fortune 1000 brands and world-class agencies and partners.

Snipp is headquartered in Toronto, Canada with offices across the United States, Canada, Ireland, Europe, and India. The company is publicly listed on the Toronto Stock Venture Exchange (TSX-V) in Canada and is also quoted on the OTC Pink marketplace under the symbol SNIPF.

FOR FURTHER INFORMATION PLEASE CONTACT:

Snipp Interactive Inc.

Jaisun Garcha 

Chief Financial Officer

investors@snipp.com

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as changes in demand for and prices for the products of the company or the materials required to produce those products, labour relations problems, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. The reader is cautioned not to put undue reliance on such forward-looking statements.

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

Copyright Snipp Interactive Inc. All rights reserved. All other trademarks and trade names are the property of their respective owners.

SOURCE: Snipp Interactive Inc.

ReleaseID: 587640

NEW YORK, NY / ACCESSWIRE / April 29, 2020 / Pomerantz LLP announces that a class action lawsuit has been filed against iQIYI, Inc. ("iQIYI" or the "Company") (NASDAQ:IQ) and certain of its officers. The class action, filed in United States District Court for the Northern District of California, and indexed under 20-cv-02882, is on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise acquired: (a) iQIYI American Depository Shares ("ADSs") pursuant and/or traceable to the Company's initial public offering conducted on or about March 29, 2018 (the "IPO" or "Offering"); or (b) iQIYI securities between March 29, 2018, and April 7, 2020, both dates inclusive (the "Class Period"). The plaintiff pursues claims against the Defendants under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act").

If you are a shareholder who purchased iQIYI securities during the class period, you have until June 15, 2020, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

[Click here for information about joining the class action]

iQIYI, together with its subsidiaries, provides online entertainment services under the iQIYI brand in China. iQIYI's digital platform provides a collection of Internet video content, including professionally-produced content licensed from content providers and self-produced content. The Company also provides membership, content distribution, online advertising, live broadcasting, online gaming and literature, e-commerce, and talent agency services.

On February 27, 2018, iQIYI filed a registration statement on Form F‑1 with the SEC in connection with the IPO (Registration No. 333-223263), which, after several amendments, was declared effective by the SEC on March 28, 2018 (the "Registration Statement").

On March 29, 2018, iQIYI filed a prospectus on Form 424B4 with the SEC in connection with the IPO, which incorporated and formed part of the Registration Statement (collectively, the "Offering Documents"). That same day, iQIYI conducted the IPO pursuant to the Offering Documents and issued 125,000,000 ADSs to the public at the Offering price of $18.00 per share. iQIYI reaped approximately $2,182,500,000 in proceeds upon the IPO's completion, after underwriting discounts and commission.

The complaint alleges that the Offering Documents were negligently prepared and, as a result, contained untrue statements of a material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. Additionally, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational, and compliance policies. Specifically, the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that: (i) iQIYI inflated its number of users, total revenue, deferred revenue, barter transaction revenue, and barter sublicensing revenue; (ii) iQIYI masked these inflated metrics by inflating its expenses, the prices it pays for content, other assets, and acquisitions; (iii) iQIYI accomplished all the foregoing, in part, by improperly accounting for the number of users, revenues, and expenses attributable to its business partners; and (iv) as a result, the Offering Documents and the Company's public statements were materially false and/or misleading and failed to state information required to be stated therein.

On April 7, 2020, Wolfpack Research ("Wolfpack"), a global financial research and due diligence firm, published a report (the "Wolfpack Report") alleging that iQIYI "was committing fraud well before its IPO in 2018 and has continued to do so ever since." For example, Wolfpack estimated that iQIYI inflated its 2019 revenue by approximately RMB8 billion to RMB13 billion, or 27% to 44%, by overstating its number of users by approximately 42% to 60%. Wolfpack also alleged that the Company then "inflates its expenses, the prices it pays for content, other assets, and acquisitions in order to burn off fake cash to hide the fraud from its auditor and investors."

Following the publication of the Wolfpack Report, iQIYI's ADS price fell $0.79 per share, or 4.57%, to close at $16.51 per share on April 8, 2020.

As of the time, this Complaint was filed, iQIYI ADSs continue to trade below the IPO price of $18.00 per share.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

SOURCE: Pomerantz LLP

ReleaseID: 587642

Sales Momentum Drives Record Revenue of $689,000 and $1.4 Million Backlog

TEMPE, AZ / ACCESSWIRE / April 29, 2020 / Wrap Technologies, Inc. (the "Company" or "Wrap") (NASDAQ:WRTC), an innovator of modern policing solutions, reported results for the first quarter ended March 31, 2020.

First Quarter and Recent Operational Highlights:

In February, began field testing BolaWrap with hundreds of officers in the Los Angeles Police Department (LAPD), the third largest police department in the U.S. with more than 9,000 sworn officers
Received new orders for BolaWraps from police agencies in California, Missouri, Illinois, Virginia, Louisiana, Maryland, Minnesota, and Washington during March 2020
Shipped international purchase orders for 200 BolaWraps and 2,000 cartridges and accessories
Q1 international shipments raise the total countries receiving BolaWrap products to 19
Continued training momentum with 195 departments now trained and 720 instructors certified to teach their agencies
Appointed former police commissioners, Richard Ross Jr. and Edmund Hartnett, as well as law enforcement veteran, Chief Scott Knight, to lead public safety relations efforts
Strengthened competitive moat by receiving one U.S. and two foreign patent allowances, increasing the total number of patents to ten (eight U.S. patents, two foreign patents with multiple pending)
As of March 31, 2020, backlog totaled approximately $1.4 million, which the Company expects to recognize over the next twelve months

Management Commentary

"In the first quarter of 2020, we continued to accelerate the sales momentum we initiated in the second half of last year," said David Norris, CEO of Wrap Technologies. "Financially, the quarter was highlighted by a substantial year-over-year and sequential increase in revenues to $689,000, nearly equaling full year 2019 revenues. Additionally, we exited the quarter with a $1.4 million backlog, which indicates that we were able to successfully convert our pipeline into orders and continued adding new customers during a challenging period.

"Despite the global slowdown that began to materially impact the United States in March, we've seen portions of our sales channel become more active over the past few weeks. We have a fortified balance sheet with $15.5 million in cash and minimal debt, a nimble and flexible organization, and a product that we believe fills a void that exists independent of broader market trends. So, while we cannot predict how the world economy will evolve in the coming months, we remain optimistic about our prospects and our ability to execute against our long-term strategic initiatives."

First Quarter 2020 Financial Results

Total revenue for the first quarter of 2020 increased to $689,000 from $118,000 in the first quarter of 2019. The increase in total revenue was due to improvements in marketing and selling efforts as the Company has focused on working with established domestic and international distributors.

Gross profit margin for the first quarter of 2020 was 41.1% compared to 48.0% in the first quarter of 2019. The decrease in gross profit margin was primarily due to minimal revenue in the prior year quarter and changes to our product as we established volume manufacturing in our Tempe facility. Given the variability in margins from changes in sales channels, product mix and the volume of manufacturing, the Company does not believe historical gross profit margins should be relied upon as an indicator of future gross profit margins.

Total operating expense for the first quarter of 2020 increased to $2.7 million from $1.6 million in the first quarter of 2019. The increase in total operating expense was due to an increase in non-cash stock-based compensation expense as well as increased staffing and sales activities resulting from our scaling of operations for growth.

Net loss for the first quarter of 2020 totaled $2.3 million or $(0.08) per diluted share, compared to net loss of $1.5 million or $(0.05) per diluted share in the first quarter of 2019.

Cash and cash equivalents totaled $15.5 million at March 31, 2020, compared to $17.0 million at December 31, 2019.

Included in this press release are Non-GAAP operational metrics regarding agencies, training, backlog and amounts of non-cash stock-based compensation expense, which the Company believes provide helpful information to investors with respect to evaluating the Company's performance. The Company considers backlog as an indicator of future revenues and uses it to support production planning. Backlog is a measure of purchase orders received that have not been shipped, but which the Company expects to ship within the next 12 months. Distributor and customer orders for future deliveries are generally subject to modification, rescheduling or in some instances, cancellation in the normal course of business.

Conference Call

Wrap Technologies' management will hold a conference call today (April 29, 2020) at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results, followed by a question and answer period. Questions to management may be submitted before or during the call to ir@wraptechnologies.com.

Webcast: Wrap Q1 2020 Webcast Link
U.S. dial-in number: 866-360-5760
International number: 602-563-8606

Please join the webcast or call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 949-574-3860.

A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through May 7, 2020 here, via the investor relations section of the company's website, and at the numbers below.

Toll-free replay number: 855-859-2056
International replay number: 404-537-3406
Replay ID: 1058933

About Wrap Technologies (WRTC)

Wrap Technologies is an innovator of modern policing solutions. The Company's BolaWrap 100 product is a patented, hand-held remote restraint device that discharges an eight-foot bola style Kevlar® tether to entangle an individual at a range of 10-25 feet. Developed by award winning inventor Elwood Norris, the Company's Chief Technology Officer, the small but powerful BolaWrap 100 assists law enforcement to safely and effectively control encounters, especially those involving an individual experiencing a mental crisis. For information on the Company please visit www.wraptechnologies.com. Examples of recent media coverage are available as links under the "Media" tab of the website.

Trademark Information

BolaWrap and Wrap are trademarks of Wrap Technologies, Inc. All other trade names used herein are either trademarks or registered trademarks of the respective holders.

Cautionary Note on Forward-Looking Statements – Safe Harbor Statement

This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding the Company's overall business, total addressable market and expectations regarding future sales and expenses. Words such as "expect," "anticipate," "should," "believe," "target," "project," "goals," "estimate," "potential," "predict," "may," "will," "could," "intend," variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, including the consequences of the COVID-19 outbreak and other pandemics and other risks and uncertainties many of which involve factors or circumstances that are beyond the Company's control. The Company's actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the Company's ability to successful implement training programs for the use of its products; the Company's ability to manufacture and produce product for its customers; the Company's ability to develop sales for its product solution; the acceptance of existing and future products; the availability of funding to continue to finance operations; the complexity, expense and time associated with sales to law enforcement and government entities; the lengthy evaluation and sales cycle for the Company's product solution; product defects; litigation risks from alleged product-related injuries; risks of government regulations; the business impact of health crises or outbreaks of disease, such as epidemics or pandemics; the ability to obtain export licenses for counties outside of the US; the ability to obtain patents and defend IP against competitors; the impact of competitive products and solutions; and the Company's ability to maintain and enhance its brand, as well as other risk factors included in the Company's most recent reports on Form 10-Q, 10-K and other SEC filings. These forward-looking statements are made as of the date of this press release and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

Wrap Technologies, Inc.

Investor Relations
800-583-2652, Ext #515
IR@wraptechnologies.com

Wrap Technologies, Inc.
Condensed Balance Sheets
(In thousands)

 
March 31,
 
 
December 31,
 

 
2020
 
 
2019
 

ASSETS

Current assets:

Cash and cash equivalents

 
$
15,493
 
 
$
16,984
 

Accounts receivable

 
 
384
 
 
 
195
 

Inventories, net

 
 
2,288
 
 
 
2,245
 

Prepaid expenses and other current assets

 
 
345
 
 
 
251
 

Total current assets

 
 
18,510
 
 
 
19,675
 

Property and equipment, net

 
 
240
 
 
 
243
 

Operating lease right-of-use asset, net

 
 
231
 
 
 
261
 

Intangible assets, net

 
 
262
 
 
 
230
 

Other assets, net

 
 
13
 
 
 
13
 

Total assets

 
$
19,256
 
 
$
20,422
 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable and accrued liabilities

 
$
666
 
 
$
601
 

Customer deposits

 
 
222
 
 
 
344
 

Deferred revenue

 
 
2
 
 
 
3
 

Operating lease liability- short term

 
 
124
 
 
 
128
 

Total current liabilities

 
 
1,014
 
 
 
1,076
 

Operating Lease Liability – Long Term

 
 
124
 
 
 
150
 

Total liabilities

 
 
1,138
 
 
 
1,226
 

Stockholders' equity

 
 
18,118
 
 
 
19,196
 

Total liabilities and stockholders' equity

 
$
19,256
 
 
$
20,422
 

Wrap Technologies, Inc.
Condensed Statements of Operations
(In thousands, except share and per share data)
(unaudited)

 
For the Three Months
 

 
Ended March 31,
 

 
2020
 
 
2019
 

Revenues:

Product sales

 
$
675
 
 
$
114
 

Other revenue

 
 
15
 
 
 
4
 

Total revenues

 
 
690
 
 
 
118
 

Cost of revenues

 
 
406
 
 
 
61
 

Gross profit

 
 
284
 
 
 
57
 

Operating expenses (i):

Selling, general and administrative

 
 
2,140
 
 
 
1,188
 

Research and development

 
 
534
 
 
 
375
 

Total operating expenses

 
 
2,674
 
 
 
1,563
 

Loss from operations

 
 
(2,390
)
 
 
(1,506
)

Other income (expense):

Interest income

 
 
44
 
 
 
25
 

Other

 
 
–
 
 
 
–
 

 
 
44
 
 
 
25
 

Net loss

 
$
(2,346
)
 
$
(1,481
)

Net loss per basic common share

 
$
(0.08
)
 
$
(0.05
)

Weighted average common shares used to compute net loss per basic common share

 
 
29,976,825
 
 
 
27,364,607
 

(i) includes stock-based compensation expense as follows:

 
For the Three Months
 

 
Ended March 31,
 

 
2020
 
 
2019
 

Selling, general and administrative

 
$
429
 
 
$
203
 

Research and development

 
 
38
 
 
 
24
 

Total stock-based compensation expense

 
$
467
 
 
$
227
 

SOURCE: Wrap Technologies, Inc.

ReleaseID: 587593

NEW YORK, NY / ACCESSWIRE / April 29, 2020 / The Law Offices of Vincent Wong announce that class actions have commenced on behalf of certain shareholders in the following companies. If you suffered a loss you have until the lead plaintiff deadline to request that the court appoint you as lead plaintiff. There will be no obligation or cost to you.

Tilray, Inc. (NASDAQ:TLRY)

If you suffered a loss, contact us at: http://www.wongesq.com/pslra-1/tilray-inc-loss-submission-form?prid=6258&wire=1
Lead Plaintiff Deadline: May 5, 2020
Class Period: January 15, 2019 to March 2, 2020

Allegations against TLRY include that: (i) the purported advantages of the marketing and revenue sharing agreement with Authentic Brands Group (the "ABG Agreement")were significantly overstated; (ii) the under performance of the ABG Agreement would foreseeably have a significant impact on the Company's financial results; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times.

Inovio Pharmaceuticals, Inc. (NASDAQ:INO)

If you suffered a loss, contact us at: http://www.wongesq.com/pslra-1/inovio-pharmaceuticals-inc-loss-submission-form?prid=6258&wire=1
Lead Plaintiff Deadline: May 12, 2020
Class Period: February 14, 2020 to March 9, 2020

According to a filed complaint, throughout the class period, defendants made misleading statements about the company's development of a purported vaccine for the novel coronavirus, artificially inflating the company's share price and resulting in significant investor losses.

Phoenix Tree Holdings Limited (NYSE:DNK)

If you suffered a loss, contact us at: http://www.wongesq.com/pslra-1/phoenix-tree-holdings-limited-loss-submission-form?prid=6258&wire=1
Lead Plaintiff Deadline: June 26, 2020
Class Period: American Depositary Shares ("ADS") of Phoenix pursuant and/or traceable to prospectuses and registration statements issued in connection with the Company's January 2020 initial public offering.

According to the filed complaint, the documents Phoenix Tree issued in connection with its initial public offering ("IPO") omitted or otherwise misrepresented the nature and level of renter complaints the Company had received before and as of the IPO, as well as the demand in the Chinese residential rental market and the Company's exposure to significant adverse developments resulting from the onset of the coronavirus in China – particularly in Wuhan – at the time of the IPO. After the IPO, reports emerged indicating that Phoenix was experiencing ongoing problems due to the coronavirus, which was causing financial and other harm to tenants.

To learn more contact Vincent Wong, Esq. either via email vw@wongesq.com or by telephone at 212.425.1140.

Vincent Wong, Esq. is an experienced attorney who has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:

Vincent Wong, Esq.
39 East Broadway
Suite 304
New York, NY 10002
Tel. 212.425.1140
Fax. 866.699.3880
E-Mail: vw@wongesq.com

SOURCE: The Law Offices of Vincent Wong

ReleaseID: 587633

LOS ANGELES, CA / ACCESSWIRE / April 29, 2020 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Baidu, Inc. ("Baidu" or "the Company") (NASDAQ:BIDU) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Investors who purchased the Company's securities between March 16, 2019 and April 7, 2020, inclusive (the ''Class Period''), are encouraged to contact the firm before June 22, 2020.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at brian@schallfirm.com.

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

According to the Complaint, the Company made false and misleading statements to the market. Baidu failed to maintain compliance with Chinese laws and regulations with its feed services. The Company was at a heightened risk of enforcement action by the Chinese government based on the noncompliance. This threat meant that the Company's revenues derived from online marketing were likely not to be sustainable. Based on these facts, the Company's public statements were false and materially misleading. When the market learned the truth about Baidu, investors suffered damages.

Join the case to recover your losses.

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT:

The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com
Office: 310-301-3335
info@schallfirm.com

SOURCE: The Schall Law Firm

ReleaseID: 587628

LOS ANGELES, CA / ACCESSWIRE / April 29, 2020 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class-action lawsuit against Phoenix Tree Holdings Limited ("Phoenix Tree" or "the Company") (NYSE:DNK) for violations of the federal securities laws.

Investors who purchased the Company's American Depositary Shares ("ADSs") pursuant and/or traceable to prospectuses and registration statements issued in connection with the Company's January 22, 2020 initial public offering ("IPO"), are encouraged to contact the firm before June 26, 2020.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at brian@schallfirm.com.

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

According to the Complaint, the Company made false and misleading statements to the market. Phoenix Tree misrepresented the number and nature of renter complaints before its IPO. The Company also misrepresented its exposure to adverse effects on the rental market in China due to the Wuhan coronavirus. Following its IPO, reports exposed that Phoenix Tree experienced significant financial problems based on the coronavirus outbreak. Based on these facts, the Company's public statements and Registration Statements were false and materially misleading. When the market learned the truth about Phoenix Tree, investors suffered damages.

Join the case to recover your losses.

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT:

The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com
Office: 310-301-3335
info@schallfirm.com

SOURCE: The Schall Law Firm

ReleaseID: 587627

NEW YORK, NY / ACCESSWIRE / April 29, 2020 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Credit Acceptance Corporation ("Credit Acceptance" or "the Company") (NASDAQ:CACC). Investors who purchased Credit Acceptance securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/cacc.

The investigation concerns whether Credit Acceptance and certain of its officers and/or directors have violated federal securities laws.

On March 25, 2020, Citron Research published a report highlighting the steep upward trend in subprime auto loan delinquencies, observing that "[o]ver the years [Credit Acceptance] has been taking on riskier and lower return loans and hiding the true volatility of its earnings through aggressive accounting," and questioning the accuracy of the reported book value of Credit Acceptance's loans. Then, on April 20, 2020, post-market, Credit Acceptance announced that it would not timely file its quarterly report for the period ended March 31, 2020. On this news, Credit Acceptance's stock price fell $40.71 per share, or 13.81%, to close at $254.00 per share on April 21, 2020.

If you are aware of any facts relating to this investigation, or purchased Credit Acceptance shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/cacc. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact:

Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com

SOURCE: Bronstein, Gewirtz & Grossman, LLC

ReleaseID: 587619