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The best long-term penny stocks? Here are 5 to watch https://dinahsdoodles.com/the-best-long-term-penny-stocks-here-are-5-to-watch/ Wed, 23 Nov 2022 04:51:08 +0000 https://dinahsdoodles.com/the-best-long-term-penny-stocks-here-are-5-to-watch/

Penny stocks are a class of low-priced public companies. These low priced stocks offer the chance to double, triple or quadruple your money in the long run.

They can transform your 10,000 investments in tens of lakhs for the long term. That is, if you carefully select the fundamentally sound companies from the lot.

And who doesn’t like a bargain?

Unfortunately, penny stocks have a bad reputation for burning investors’ wealth. Most investors assume that these low-priced companies tend to have major fundamental flaws, faulty management teams, unfavorable competitive positions, and so on. In addition, the terrible price fluctuations scare them.

Penny stocks are known to erode wealth faster than any other group.

However, they also have the greatest upside potential of all equity groups. So if you do your due diligence and hold these stocks for the long term, you can make fantastic returns.

These cheap stocks may turn out to be the diamonds in the rough you’ve been looking for.

So with that in mind, we’re highlighting five long-term penny stocks that need to be on your watchlist.

#1 National Aluminum Company Ltd.

National Aluminum Company (NALCO) is a government entity that operates in the mining, metals and energy sectors. It is the largest integrated bauxite-alumina-aluminum-electricity complex in the country.

NALCO stock price has fallen 45% year-to-date (YTD).

According to documents filed in June 2022, the late Mr. Rakesh Junjhunwala sold his stake in the company. Although we don’t know the exact reason, fears of a recession leading to weak demand for resources and a stronger US dollar could be attributed to the same.

Aluminum prices have been volatile recently, due to geopolitical issues. Additionally, NALCO faced coal supply issues due to the disruption in global supply and demand, which further reduced profits.

All of this has caused the stock to be beaten in the past. However, none of this takes away from the fact that the company is a fundamentally sound stock.

Financial overview

m, consolidated FY20 FY21 EX22
Revenue

84,718

89,558

141,808

Growth (%)

-26%

6%

58%

net profit

1,382

12,995

29,520

Total debt

0

0

0

Debt to equity (x)

0

0

0

Source: Equitymaster

NALCO is one of the most effective players in the country. His performances bear witness to this. Sales increased at a 4-year CAGR of 10.8% and net profits at 21.8% over the same period.

This performance was reflected in the return on equity, which averaged 13.2% over 4 years. The company is a dividend payer with a 4-year average dividend yield of 7.2%.

Although the business has suffered in the short term, the company is well positioned to benefit from the growing demand for aluminum in the long term.

The strongest growth in terms of absolute demand will come from the transport sector. The shift from vehicles powered by traditional fossil fuels to electric vehicles (EVs) will increase from consuming 19.9 MT of aluminum in 2020 to 31.7 MT in 2030.

More than half of the growth in aluminum consumption comes from the transportation sector in Asia excluding China is expected to come from India (27%), Japan (17%) and the Middle East (12%).

In addition, the transition to green energies will strengthen the sector’s demand for aluminum, which will reach 15.6 MT in 2030 against 10.4 MT in 2020.

#2 Ircon International Ltd.

IRCON International, an entity of the Government of India, is a construction company involved in the construction of railways and highways, EHP (engineering and construction) substation and rapid transit system.

The largest source of revenue comes from the rail segment, which accounts for over 90% of business.

The company stands to benefit greatly from the government’s increased focus on infrastructure projects. He reported a large backlog over the next 1-2 years.

Moreover, IRCON has only one other government entity to compete with, Rail Vikas Nigam. However, there is talk of merging the two to form a giant monopoly. Not only will this boost capital allocation, but the business will greatly benefit from any synergies that may arise.

Financial overview

m, consolidated FY20 FY21 EX22
Revenue

53,911

53,498

73,797

Growth (%)

12%

-1%

38%

net profit

4,549

3,592

5,323

Total debt

0

3,121

13,044

Debt to equity (x)

0

0.1

0.3

Source: Equitymaster

The company’s leadership status allowed the company to grow. Revenue grew at a 4-year CAGR of 16.5% and net profit at 7.9%.

The average return on equity over 4 years is 10.5%. The balance sheet is strong, with negligible debt on its books. This allowed them to be generous to their shareholders with an average 4-year dividend yield of 2%.

#3 Genus Power Infrastructures Ltd.

Third on our list is Genus Power.

Genus Power offers end-to-end metering solutions to the power distribution industry. It is one of the largest players in the electricity metering solutions industry in India, with a 27% market share.

The company has developed “smart metering solutions” with the help of an in-house R&D center. Besides metering, Genus Power also engages in engineering, construction and contracting (ECC) for the power sector, which complements its existing business.

Smart energy meters are an essential part of advanced metering infrastructure. It is an essential part of the modern electricity infrastructure sector. The segment can strongly benefit from the ongoing power sector reform initiatives in the country, such as the reduction of high technical and commercial (AT&C) losses.

Furthermore, smart meters have the potential to make the electricity sector increasingly resilient, transparent, digitized and accountable, ensuring robust long-term demand.

Financial overview

m, consolidated FY20 FY21 EX22
Revenue

10,604

6,086

6,851

Growth (%)

0%

-43%

13%

net profit

735

697

584

Total debt

233

75

8

Debt to equity (x)

0

0

0

Source: Equitymaster

Genus Power’s business has been affected by the pandemic. However, total sales have increased by more than 12% over the past year.

The company is debt free. It reported a return on equity (ROE) of over 6% over the past year and a dividend yield of 0.4%.

#4 Grauer & Weil (India) Ltd.

Fourth on our list is Grauer & Weil (India) Ltd.

Grauer & Weil is the only company in India to offer comprehensive corrosion protection solutions on all types of substrates in various industry segments.

The surface finishing segment is the largest, accounting for over 88% of the company’s total revenue. The balance comes from engineering and commercial activity.

The company is doing well thanks to significant investments in the manufacturing sector and should benefit from it in the future.

Rising demand for automobiles bodes well for the company. In addition, growing demand from irrigation, water supply and sewerage sectors are also key growth drivers for the corrosion protection solutions segment.

Financial overview

m, consolidated FY20 FY21 EX22
Revenue

6,194

6,050

7,682

Growth (%)

3%

-2%

27%

net profit

758

688

788

Total debt

2

2

1

Debt to equity (x)

0

0

0

Source: Equitymaster

The company’s leadership provided a smooth road to profitability. Total sales and net profit increased at a 4-year CAGR of 12.1% and 5.4%, respectively.

Return on equity was strong, averaging 14.7% over three years. The company has rewarded its investors well, posting a three-year average dividend yield of 1.2%.

#5 Haldyn Glass Ltd.

Last on our list is Haldyn Glass.

The company has been active in the sector of soda-lime flints and amber glass containers for more than five decades. Simply put, the company manufactures glass bottles and containers for packaging fast moving consumer goods (FMCG), pharmaceutical, beverage, liquor and beer industries.

The vision of a plastic-free India has already ended the use of single-use plastic. Government efforts to limit the use of plastic in most forms of packaging are a major growth driver for the company.

The plastic ban has led to increased use of glass, and it continues to gain momentum as the preferred packaging option for environmental well-being.

The demand for glass containers and bottles is expected to grow well, driven by the world’s huge youth population and increasing urbanization. This bodes well for the company’s long-term business.

Financial overview

m, consolidated FY20 FY21 EX22
Revenue

2,294

1,779

2,128

Growth (%)

3%

-22%

20%

net profit

105

100

109

Total debt

0

0

0

Debt to equity (x)

0

0

0

Source: Equitymaster

Sales and profit grew at a 4-year CAGR of 6.9% and 13.8% respectively. However, returns have been low at an average of 7.2% over 4 years.

The company is debt free and has been generous to its shareholders, recording a 4-year average dividend yield of 1.9%.

In conclusion

Investors who are new to the market are generally attracted to investing in penny stocks.

Although they offer the potential for quick returns, you should remember that penny stocks can be very risky. They can fall as quickly as they can rise, eroding 50-70% of your investment’s value in a short time. This is why penny stocks are not for a low-risk investor.

Although you cannot eliminate these risks, you can certainly minimize them. A great way is to invest only 5-7% of your total stock portfolio in penny stocks. This will minimize your exposure, thereby reducing your risk.

In the end, it all comes down to one thing, research. If you do independent research and follow sound investment principles, you can spot the next multibagger stock (like Eicher Motors or Bharti Airtel) for your portfolio.

Disclaimer: This article is for information only. This is not a stock recommendation and should not be treated as such.

This article is syndicated from Equitymaster.com

Catch all the trade news, market news, breaking news and latest updates on Live Mint. Download the Mint News app to get daily market updates.

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Chicago is giving $500 cash to select residents in the new program. See if you’re eligible – NBC Chicago https://dinahsdoodles.com/chicago-is-giving-500-cash-to-select-residents-in-the-new-program-see-if-youre-eligible-nbc-chicago/ Tue, 22 Nov 2022 18:40:39 +0000 https://dinahsdoodles.com/chicago-is-giving-500-cash-to-select-residents-in-the-new-program-see-if-youre-eligible-nbc-chicago/

Chicago is offering $500 cash payments to eligible city residents under a new aid program and the deadline to apply for the current round of funding is fast approaching.

The one-time payments will be administered through a program called Chicago Resiliency Fund 2.0, which the city announced earlier this year and said “is intended to provide cash assistance to Chicagoans who may have been left out of the COVID-19 stimulus.” .

“The fund is intended to support residents who have had difficulty accessing and qualifying for federal relief payments in 2020, including COVID-19 relief funds,” the city’s website says.

The current round of payments is for residents with adult dependents or those caring for adults.

Two organizations were responsible for receiving applications: The Association House Chicago and the Chinese Mutual Aid Foundation.

Eligible residents will need to submit an online application and recipients will be selected via lottery. Winners will be required to show proof of eligibility. Only one request per household is allowed.

More than 4,000 winners are expected to be selected, according to the city.

Applications must be submitted by Dec. 9, but a second window will open in late December for undocumented residents and domestic workers, the city said.

So, are you eligible for the current aid round? Here are the requirements:

  • You reside in the city of Chicago AND
  • You are 18 or older AND
  • Your household income level is at or below 300% of the Federal Poverty Level (FPL)
  • You filed taxes in 2019 AND claimed a dependent 17 or older

To determine if your income meets the program threshold, here is an overview of how much you can earn based on the number of people in your household:

  1. $40,770
  2. $54,930
  3. $69,090
  4. $83,250
  5. $97,410
  6. $111,570
  7. $125,730
  8. $139,890

For those who have more than eight people in their home, add $4,720 for each person in the householdspecify the city.

Earlier this year, Chicago launched a monthly assistance program for low-income families, but this program is different from the current one-time payment option.

The series of anti-poverty initiatives were announced by the office of Chicago Mayor Lori Lightfoot in February. The mayor is seeking re-election next year.

More information and details on how to submit an online application can be found here.

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Oriental Bank branches closed for Thanksgiving, November 24 https://dinahsdoodles.com/oriental-bank-branches-closed-for-thanksgiving-november-24/ Tue, 22 Nov 2022 05:34:19 +0000 https://dinahsdoodles.com/oriental-bank-branches-closed-for-thanksgiving-november-24/
Oriental Bank. (Shutterstock)

Oriental Bank branches will be closed on Thursday, November 24 for the Thanksgiving holiday.

We remind customers that they can access their accounts and transact in several ways during the holidays and every day.

  • Online Banking and Mobile Banking – To check balances, make payments and transfer funds online 24 hours a day, 7 days a week. Mobile Banking customers can deposit checks using the device photo of their smartphone, check balances and transactions, make payments and transfers, and send money to other people.
  • Make Loan Payments Online – Customers can make payments through “My Payments” for Personal Loans, Auto Loans, and Rentals, even if they don’t have a deposit account with us. Customers can access it via www.orientalbank.com.
  • For balances, transfers, recent transactions and other services: Use our automated telephone service at 1-866-622-6800.
  • ATMs – Customers can make deposits at the branch’s ATM until 9 p.m. daily and receive the same benefits as depositing with a branch teller. They can also check account balances, make withdrawals, transfer funds between accounts and change your PIN. All Oriental off-branch ATMs allow customers to check balances, make withdrawals, and transfer funds between accounts.
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How BlackBerry went from iconic cellphones to cybersecurity https://dinahsdoodles.com/how-blackberry-went-from-iconic-cellphones-to-cybersecurity/ Sat, 19 Nov 2022 14:30:01 +0000 https://dinahsdoodles.com/how-blackberry-went-from-iconic-cellphones-to-cybersecurity/

Blackberry was once at the top of the US smartphone market In 2010, nearly half of US smartphone subscribers used BlackBerrys, according to Comscore.

The phones were well known for their touchscreen keyboards and BlackBerry’s advanced cybersecurity, often favored by businesses and governments.

But after its phones fell out of favor with users, BlackBerry changed course, taking some of the company’s cornerstones with it.

“After a few years, we realized that we would never increase volume – and that’s a volume game,” said John Chen, CEO of BlackBerry. “And so we made this major shift to a software-only business and focused on security, cybersecurity and things like that.”

Although he stopped making phones, he didn’t walk away from the industry.

“Currently, BlackBerry has two main business units, a cybersecurity business unit and an IoT business unit within the cybersecurity business unit,” said Charles Eagen, chief technology officer of BlackBerry.

Its cybersecurity unit focuses on securing things like smartphone apps and mobile banking websites. Its Internet of Things unit focuses on communicating technology in connected and self-driving cars.

“We now have the lion’s share of on-board software in most cars,” Chen said.

BlackBerry technology is present in about 215 million cars and this side of BlackBerry continues to grow, according to the company.

“If we look at the industry opportunity itself, we expect the automotive software industry to roughly triple from 2020 to 2030,” said Luke Junk, principal analyst at Baird.

However, BlackBerry faces competition in the cybersecurity industry, and in 2021, its cybersecurity revenue was $500 million.

“I think the company can probably achieve a lower peak than what we’ve seen in the past, but a more sustainable growth trajectory and a potentially more profitable future also on a margin percentage basis,” Junk said. .

CNBC visited BlackBerry’s Autonomous Vehicle Innovation Center and interviewed Chen to find out what’s next for the company.

Watch the video to learn more.

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More young people return to village amid rural revitalization campaign – Xinhua English.news.cn https://dinahsdoodles.com/more-young-people-return-to-village-amid-rural-revitalization-campaign-xinhua-english-news-cn/ Sat, 19 Nov 2022 05:26:15 +0000 https://dinahsdoodles.com/more-young-people-return-to-village-amid-rural-revitalization-campaign-xinhua-english-news-cn/

A staff member works at an agricultural demonstration park in Gengdian Village of Liaocheng City, east China’s Shandong Province, Oct. 19, 2022. (Xinhua/Yuan Min)

JINAN, Nov. 19 (Xinhua) — Cao Youzhong’s cellphone has been ringing constantly lately as customers seek to buy his pears. Cao told them that all the pears had been sold out this season and they could place pre-orders for next year.

Cao, 34, worked in big cities after graduating from college in 2010, before returning to his rural hometown in eastern China’s Shandong province more than four years ago.

He built his own brand of garden products and became famous for his e-commerce business in Gengdian Village in Liaocheng City, managing 3.3 hectares of pears, six vegetable greenhouses and 11 grape greenhouses.

He had a bumper pear harvest this year, with a net income of 75,000 yuan (about US$10,550) per hectare. Its total net income, including that generated from vegetables and grapes, is expected to reach 420,000 yuan this year.

“Before, I used to earn a maximum of 8,000 yuan a month when I worked in cities, but now I earn much more,” Cao said.

Twenty years ago, residents depended on growing wheat and corn for a living, and their annual net income per capita was less than 3,000 yuan. This prompted many young villagers to move to the cities as migrant workers, leaving behind those who were mostly born in the 1950s and 1960s to tend to the farmlands.

In recent years, as China strives to push forward rural revitalization, nearly 120 youths born in the 1980s and 1990s in Gengdian Village have returned there from cities and joined the new generation of farmers. They have often brought back funds, modern farming concepts and e-commerce business models to help transform the farming landscape.

The small village of just over 800 inhabitants has set up a smart seedling factory, a fruit and vegetable cooperative, a packaging and processing factory, as well as a wholesale market to boost sales.

This thriving greenhouse industry generates considerable income and a high quality of life, which makes the village more attractive to young people who want to start their own business.

Geng Fujian was one of the beneficiaries. He quit his job at an electronics factory in Shenzhen’s southern manufacturing hub and returned to the village in 2010. The village helped him secure land and bank loans to build greenhouses, while technicians farmers directly taught him agricultural techniques.

Geng, 34, earned more than 400,000 yuan from growing chili peppers last year. “I earn more growing vegetables in greenhouses than working in the factory. There is not too much difference between rural and urban life. Also, I can stay closer to my parents and children and take care of them,” he said. said. “I now have a sense of fulfillment and happiness.”

The village regularly trains young farmers at a local agricultural demonstration park, where modern agricultural practices such as soilless cultivation, fertigation and automatic temperature control are applied.

“With the availability of modern agricultural practices, agricultural equipment and machinery, and a better environment for agricultural entrepreneurship, young farmers no longer need to work as hard as their previous generations,” Cao said.

Gengdian Village is the epitome of the country’s rural revitalization dynamic. Spurred and encouraged by this momentum, many clusters of specialized industries and modern agricultural parks are springing up across the country, with many younger generations returning to their hometowns – often with capital, technology and new ideas.

Innovation and entrepreneurial activities are becoming increasingly visible in rural China. Over the past decade, some 11.2 million people have returned to China’s rural areas to set up their own businesses, with each entity creating an average of six to seven stable jobs, according to the Ministry of Agriculture and Rural Affairs.

Young farmers bring more dynamism to the village, Cao said. “I often chat with them about the ups and downs of the agricultural products market. I’m also looking for like-minded live-streaming teams to grow my e-commerce business,” he said.

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Wisconsin nursing homes get financial aid from DHS to cover more Medicaid costs https://dinahsdoodles.com/wisconsin-nursing-homes-get-financial-aid-from-dhs-to-cover-more-medicaid-costs/ Fri, 18 Nov 2022 11:00:00 +0000 https://dinahsdoodles.com/wisconsin-nursing-homes-get-financial-aid-from-dhs-to-cover-more-medicaid-costs/

The state Department of Health Services is releasing more money to cover Medicaid costs for Wisconsin nursing homes amid staffing shortages and demands for care for a rapidly growing aging population.

“This will be a very significant financial boost in the arm of nursing home organizations, and they desperately need this money to address workforce issues,” said John Sauer, president and chief executive officer. the leadership of LeadingAge Wisconsin, a nonprofit organization dedicated to serving seniors and people. disabled.

DHS will increase the reimbursement rate from 77% this year to 91% in 2023. On Wednesday, the department said it was following a recommendation from the governor’s caregiving task force, with most of the money backing better wages and benefits for social workers.

Since 2016, Wisconsin has lost 56 nursing homes, including 10 that closed this year, according to DHS data.

“We know there’s probably a handful of facilities that are probably considering whether or not to close right now,” Sauer said.

“So I guess we’re paying for the inadequacies of our payment system of the past, it’s caught up with us…and it’s been exacerbated and made more acute by the pandemic and kind of a general systemic crisis in the workforce” , He continued.

Increased funding will help recruitment and retention efforts

Nursing agency executives say the money is a boon for long-term care facilities to recruit and retain workers.

Rick Abrams is president and CEO of the Wisconsin Health Care Association and the Wisconsin Center for Assisted Living. He said the organizations hope to work with the state to create standards that allow establishments “to hire people at a higher salary because they know they will be reimbursed for it.”

DHS says funding is expected to reach nursing facilities within the next 60 days. But Sauer and Abrams say care facilities aren’t out of the woods yet. Research shows that wages paid to individual workers are historically slow to respond to inflation.

“The sad thing is that for some facilities it’s probably too late,” Sauer said, adding that some nursing homes haven’t been able to staff their beds. This has resulted in the loss of nearly 2,700 nursing home beds in Wisconsin since the pandemic began.

Since January, there have been more than 400 administrator and director of nursing job changes in the state, according to WHCA/WiCAL’s Abrams.

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“When you have that kind of turnover in your management, the processes that you absolutely need to deliver quality healthcare are compromised, and we can’t have that,” he said.

Proponents agree that the COVID-19 pandemic has exposed disruptions in the long-term care industry.

“If there’s a silver lining that can be drawn from this terrible pandemic, it’s the recognition that our long-term care infrastructure is in poor shape and needs much more attention,” Abrams said. .

Wisconsin’s demographics are also changing. By 2040, the aging population – those aged 65 and over – is expected to more than double. The projected growth rate for this group is 72 percent, compared to 12 percent for Wisconsin’s population as a whole, according to a report by the governor’s task force on caregiving.

Sauer said that doesn’t mean more nursing home beds will be built to match the growth rate.

“The needs of the people who reside in our nursing homes are going to increase. The level of services they need, the specialization of care they need, I think will increase over time. It’s already at a level historic, but I think that trend is going to continue,” Sauer said.

This view matches a DHS projection: “Demand for long-term care services will grow faster than the workforce will grow in the coming years,” DHS said in the release. Wednesday press release. According to the department, the state budget has allocated $500 million for nursing homes through 2023.

Sauer said the money was needed and warmly received.

“There’s pretty much universal recognition that nursing facilities have been underfunded,” Sauer said, adding that increasing the reimbursement rate has received broad support across the political spectrum.

“I think everyone really recognizes that these increases are long overdue, and they are certainly very much appreciated by those who live and work in nursing facilities,” he added.

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Freedom of Information Commissioner handpicked by Cash in final days of government https://dinahsdoodles.com/freedom-of-information-commissioner-handpicked-by-cash-in-final-days-of-government/ Thu, 17 Nov 2022 22:39:00 +0000 https://dinahsdoodles.com/freedom-of-information-commissioner-handpicked-by-cash-in-final-days-of-government/

Australia’s first Freedom of Information Commissioner in seven years has been appointed to the post despite not officially applying, after the previous coalition government bypassed its selection committee to appoint one of its legal advisers.

Australian Government Deputy Chief Solicitor General Solicitor Leo Hardiman was appointed Freedom of Information Commissioner in March this year by the Coalition Government, two months before the federal election.

Crikey can reveal that Hardiman was cast in the role by then-Attorney General Michaelia Cash after not applying for the role.

The Coalition had received 20 applications for the post and had appointed a panel, which included the Civil Service Commissioner, to sift through them and make a recommendation. But that process was circumvented with the nomination of Hardiman, who did not apply for the position, according to a response to a Senate question on notice provided by Attorney General Mark Dreyfus.

“Mr. Hardiman was not a candidate in the panel proceedings,” Dreyfus said in his response.
The 2021-2022 Federal Budget allocated $1 million per year for the appointment of an FOI Commissioner to serve in the Australian Information Commissioner’s Office, the first to fill this role individually since 2015.

A selection committee was established to provide a recommendation to the Attorney General for the position. The panel included then Secretary of the Attorney General’s Department Iain Anderson, Australian Civil Service Commissioner Peter Woolcott and Information Commissioner Angelene Falk.

The committee received 20 nominations and made a recommendation to the government. But Hardiman, who was ultimately selected by the coalition government, did not apply and was not recommended by the selection committee.

In his response, Dreyfus revealed that Hardiman had been appointed by the previous government using a clause in the merit and transparency policy, which allows a minister to appoint someone not recommended by the panel with the Prime’s permission. minister.

“The then-Attorney General wrote to the then-Prime Minister outlining the reasons for recommending Mr. Hardiman’s appointment,” Dreyfus said.

Under the APS Merit and Transparency Policy, a government minister may choose not to accept a selection committee’s endorsement for a role and may instead write to the Prime Minister requesting approval. another person’s approval.

The list of FOI commissioner positions was made public in June 2021, with Hardiman’s appointment announced at the end of March this year by Cash.

Hardiman has significant legal and public sector experience with the Australian Government Attorney, where he previously served as Deputy General Counsel and National Head of the Office of the General Counsel.

In 2020 he was awarded the Public Service Medal for “outstanding public service through the provision of legal services to the Commonwealth”.

Hardiman took on the role of FOI Commissioner at a time when the office had an unprecedented workload of freedom of information review requests.

While the Australian Information Commissioner’s Office increased the number of cases finalized by 35% in the past financial year, the number of reviews it received increased by 60%.

The office now has over 2,000 access to information cases on hand, and over 1,000 of them have been under review for over a year.

Addressing Senate estimates earlier this month, Hardiman said the office needs more funding to properly fulfill its role.

“In my view, given the current backlog and influx rate of IC review requests to the office … there are not enough resources,” Hardiman said.

Dreyfus and Cash have both been approached for comment.


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Pay-per-bank fintech Banked raises another $15 million in funding https://dinahsdoodles.com/pay-per-bank-fintech-banked-raises-another-15-million-in-funding/ Thu, 17 Nov 2022 10:30:00 +0000 https://dinahsdoodles.com/pay-per-bank-fintech-banked-raises-another-15-million-in-funding/

London-based fintech Banked, which lets people pay through their mobile banking app at checkout, has raised US$15m in an extension to its Series A funding round.

The round extension was led by Insight Partners and backed by Citi, National Australia Bank Ventures and Rapyd, which also recently became a business partner of the firm. Banked says the latest capital injection recognizes its “traction and distinct approach to building a global bank-based payments network”.

The extension comes on the heels of Banked’s oversubscribed Series A earlier this year, which was led by Bank of America. It brings the total amount raised by Banked to over $50 million to date, allowing the fintech to embark on an ambitious international expansion starting with the United States. It is targeting the international bank payment market, which is expected to be worth $46 billion in Europe alone by 2026. Banked has already grown into a team of 100 people in its efforts to capitalize on this opportunity.

At the time of the initial Series A raise, Banked CEO and co-founder Brad Goodall told FinTech Magazine that it was “a testament to the hard work and dedication of the team and what we have already been able to accomplish”.

Banked ‘couldn’t be happier’ to have new investors on board

Speaking of the US$15 million Series A extension, Brad Goodall continued, “Pay-by-bank is taking off globally. Major banks recognize the significant opportunity it presents to improve the end customer experience and market value proposition. This is supported by increasing merchant demand which is driving use cases for Pay by Bank in the enterprise B2B and B2C space. There’s a queue forming to be part of the new payment network and to help shape its future with a seat at the table.

“Banked has a unique partnership model that leverages global go-to-market partners in the form of banks, PSPs and technology platforms. This means we had to develop real depth and capabilities in areas such as risk and compliance, security, consumer protection, platform scalability, and most importantly, feature-rich user experiences. for our partners and their customers. Banked has been building products and partnerships for four years and it’s exciting to launch global markets at a pace now.

Byron Lichtenstein, Managing Director of Insight Partners, adds: “Banked have enormous ambition and we believe they have built the team and the product to tackle such an exciting opportunity in payments. There are many ways to approach the problem, and Banked’s unique strategy for partnering with commercial banks and payment service providers, as well as their product capabilities, stood out to us.

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TINGO, INC. MD&A and Analysis of Financial Condition and Results of Operations (Form 10-Q/A) https://dinahsdoodles.com/tingo-inc-mda-and-analysis-of-financial-condition-and-results-of-operations-form-10-q-a/ Wed, 16 Nov 2022 21:29:05 +0000 https://dinahsdoodles.com/tingo-inc-mda-and-analysis-of-financial-condition-and-results-of-operations-form-10-q-a/
Tingo, Inc. (collectively with our subsidiary, "we," "us," "our," "Tingo" or the
"Company"), a Nevada corporation, was formed on February 17, 2015. Our shares
trade on the OTC Markets trading platform under the symbol 'TMNA'. We acquired
our wholly-owned subsidiary, Tingo Mobile, PLC, a Nigerian public limited
company ("Tingo Mobile"), in a share exchange with its sole shareholder
effective August 15, 2021. The Company, including its subsidiary Tingo Mobile,
is an Agri-Fintech company offering a comprehensive platform service through use
of smartphones - 'device as a service' (using GSM technology) to empower a
marketplace to enable subscribers/farmers within and outside of the agricultural
sector to manage their commercial activities of growing and selling their
production to market participants both domestically and internationally. The
ecosystem provides a 'one stop shop' solution to enable such subscribers to
manage everything from airtime top ups, bill pay services for utilities and
other service providers, access to insurance services and micro finance to
support their value chain from 'seed to sale'.

As of June 30, 2022, Tingo had approximately 9.3 million leasing customers using
its mobile phones and who also use the Company's agri-fintech platform
(www.nwassa.com). Nwassa is considered to be Africa's leading digital
agriculture ecosystem that empowers rural farmers and agri-businesses by using
proprietary technology to enable access to markets in which they operate.
Farmers in Nigeria use the Nwassa agri-trading platform to support the supply
and purchase of a variety of agricultural inputs and produce. The system
provides real-time pricing, straight from the farms, eliminating middlemen. Our
users' customers pay for produce bought using available pricing on our platform.

The Nwassa platform has also created an escrow solution that secures the buyer,
inasmuch as funds are not released until fulfilment. The platform also
facilitates trade financing, ensuring that banks and other lenders compete to
provide credit to our members.

Although we have a large retail subscriber base, ours is essentially a
business-to-business-to-consumer ("B2B2C") business model. Each of our
subscribers is a member of one of two large farmers' cooperatives with whom we
have a contractual relationship and which relationship facilitates the
distribution of our branded smartphones into various rural communities of member
farmers. And it is through our phones and our proprietary applications imbedded
therein where we are able to distribute our wider array of agri-fintech services
and generate the diverse revenue streams as described in more detail in this
report.

Our principal office is located at 43 West 23rd Street, 2nd Floor, New York, NY
10010, and the telephone number is +1-646-847-0144. Our corporate website is
located at www.tingoinc.com, although it does not constitute a part of this
Quarterly Report. We make available free of charge on our website our annual
report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K
and all amendments to those reports as soon as reasonably practicable after such
material is electronically filed or furnished to the Securities and Exchange
Commission ("SEC"). Our shares are traded on OTC Markets under the ticker symbol
'TMNA'.

The information contained in this section should be read in conjunction with our
financial statements and notes thereto appearing elsewhere in this Quarterly
Report and in conjunction with the financial statements and notes thereto in the
Company's Annual Report on Form 10-K and any amendments thereto ("10-K"). In
addition, some of the statements in this report constitute forward-looking
statements. The matters discussed in this Quarterly Report, as well as in future
oral and written statements by management of Tingo, that are forward-looking
statements are based on current management expectations that involve substantial
risks and uncertainties which could cause actual results to differ materially
from the results expressed in, or implied by, these forward-looking statements.
Forward-looking statements relate to future events or our future financial
performance. We generally identify forward-looking statements by terminology
such as "may," "will," "should," "expects," "plans," "anticipates," "could,"
"intends," "target," "projects," "believes," "estimates," "predicts,"
"potential" or "continue" or the negative of these terms or other similar words.
Important assumptions include our ability to generate revenues, achieve certain
margins and levels of profitability, and the availability of additional capital.
In light of these and other uncertainties, the inclusion of a forward-looking
statement in this Quarterly Report should not be regarded as a representation by
us that our plans or objectives will be achieved. The forward-looking statements
contained in this Quarterly Report include statements as to:

? our future operating results;

? our business prospects;

? currency volatility, currency and inflation risks;

? our contractual agreements with our customers and other relationships with

some thirds ;

? the dependence of our future success on the general economy and its impact on

the industries in which we invest;


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? political instability in the countries in which we operate;

? uncertainty regarding certain legal systems in Africa;

? our dependence on external sources of capital;

? our expected financing and capital raisings;

? our regulatory structure and tax treatment;

? the adequacy of our liquidity and working capital;

? the timing of cash flows from our operations;

? the impact of interest rate fluctuations on our business;

? market conditions and our ability to access additional capital, if deemed

necessary;

? uncertainty about the timing, pace and depth of an economic recovery in

United States and elsewhere; and

? natural or man-made disasters and other external events that may disrupt our

operations.



There are a number of important risks and uncertainties that could cause our
actual results to differ materially from those indicated by such forward-looking
statements. For a discussion of factors that could cause our actual results to
differ from forward-looking statements contained in this Quarterly Report,
please see the discussion in "Item 1A. Risk Factors" in our 10-K. In particular,
you should carefully consider the risks we have described in the 10-K and
elsewhere in this Quarterly Report concerning the coronavirus pandemic and the
economic impact of the coronavirus on the Company and our operations. You should
not place undue reliance on these forward-looking statements. The
forward-looking statements made in this Quarterly Report relate only to events
as of the date on which the statements are made. We undertake no obligation to
update any forward-looking statement to reflect events or circumstances
occurring after the date this Quarterly Report is filed with the SEC.

Signature of a merger agreement with MICT, Inc.


On October 6, 2022, the Company, MICT, Inc. ("MICT"), and representatives of
each company's shareholders entered into a Second Amended and Restated Agreement
and Plan of Merger ("Restated Merger Agreement").  The common stock of MICT is
traded on the Nasdaq Capital Market under the symbol 'MICT'.  The Restated
Merger Agreement is the second restatement of the agreement and the result of
efforts of Tingo and MICT to restructure the transaction as a multi-phase
forward triangular merger ("Merger") instead of as a reverse triangular merger
as previously agreed.  Under the terms of the Restated Merger Agreement, Tingo
will create a newly-formed subsidiary incorporated in the British Virgin Islands
("Tingo BVI Sub") to facilitate the Merger and hold the Company's beneficial
ownership interest in Tingo Mobile.  MICT will also create a subsidiary
incorporated in the British Virgin Islands ("MICT BVI Sub"), which will be
merged with and into Tingo BVI Sub, with MICT BVI Sub as the surviving
corporation and a subsidiary of MICT.  The Merger will, therefore, result in
Tingo Mobile becoming an indirect wholly-owned subsidiary of MICT, and the
operations of Tingo Mobile, as an agri-fintech company, becoming the predominant
operations of MICT. The aggregate consideration tendered by MICT to Tingo, the
sole shareholder of Tingo Mobile, will consist of: (i) newly-issued common stock
of MICT equal to 19.9% of its outstanding shares, calculated immediately prior
to the closing date of the Merger; and (ii) two series of convertible preferred
shares - Series A Convertible Preferred Stock and Series B Convertible Preferred
Stock (collectively, the "MICT Preferred Shares").  The conversion of the MICT
Preferred Shares is subject to various conditions, including approval of MICT's
shareholders and, in the case of the MICT Series B Convertible Preferred Stock,
is also subject to Nasdaq approving a change of control of MICT.  If all of the
MICT Preferred Shares are converted into MICT common stock, Tingo will hold
75.0% of the outstanding shares of MICT.  A summary of the Restated Merger
Agreement and the actions taken by the Company and MICT in connection therewith
are included in our Current Report on Form 8-K/A filed with the U.S. Securities
and Exchange Commission on October 14, 2022.  On November 9, 2022, we filed a
definitive Information Statement to provide information to our shareholders
about the Merger, the Merger Agreement, and the transactions contemplated
thereby.

The acquisition of Tingo Mobile plc

On August 15, 2021, the Company acquired all of the share capital of Tingo
Mobile plc, a Nigerian corporation ("Tingo Mobile") from Tingo International
Holdings, Inc., a Delaware corporation ("TIH"), the sole shareholder of Tingo
Mobile. Pursuant to

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the Acquisition Agreement executed in connection with the transaction, as
subsequently amended, we issued TIH 1,028,000,000 shares of our Class A common
stock and 65,000,000 shares of our Class B common stock. We also paid various
fees and expenses in connection with the transaction, including 27,840,000
shares of our Class A common stock as a finder's fee.

Operating results

Three months completed June 30, 2022 Compared to the three months ended June 30, 2021

The Company’s consolidated results of operations for the three months ended
June 30, 2022 and June 30, 2021 are summarized as follows:

                                                                   Three Months Ended
                                                                    % of                          % of
(in Thousands)                                   June 30, 2022     Revenue     June 30, 2021     Revenue
Revenue                                         $       268,685          -    $       100,731          -
Operating Expense                                     (146,662)      54.58 %         (49,724)      49.36 %
Operating Income                                        122,023      45.42 %           51,007      50.64 %

Other Income, net                                           114          -                 80          -
Income before taxes                                     122,138      45.46 %           51,087      50.72 %
Income tax(1)                                          (49,584)                      (16,348)
Income from continuing operations                        72,553      27.00
%           34,739      34.49 %
Net Income                                      $        72,553      27.00 %  $        34,739      34.49 %

(1) Tax liability is based on Tingo Mobile’s pre-tax earnings on an individual basis for the period shown.


Tingo's operating income for the three months ended June 30, 2022 was $122.0
million as compared to $51.0 million during the three months ended June 30,
2021, an increase of $71.0 million, or 139.2%. The substantial increase as
compared to the second quarter of 2021 is largely due to renewal of the mobile
leasing activity that commenced in May 2021 and August 2021 with our two partner
cooperatives, as well as the revenue contribution made by our Nwassa
agri-fintech platform. We believe the increased adoption rates and growth in our
Nwassa user base are a clear demonstration of how rapidly the Nwassa
agri-fintech platform, powered through a smartphone, is providing value and
convenience to farming and rural communities. We earn up to a 4.0% commission on
Nwassa services, which have net margins of over 90.0%. As Nwassa becomes a
progressively larger component of our aggregate revenue, we expect overall gross
profit margins, as well as aggregate profit, to increase accordingly. This is
reflective in the growth of Tingo's Net Income of $72.5 million for the three
months ended June 30, 2022 compared to $34.7 million for the three months ended
June 30, 2021, an increase of $37.8 million, or 108.9%.

Semester completed June 30, 2022 Compared to the half-year ended June 30, 2021

The Company’s consolidated results of operations for the six months ended June 30, 2022 and June 30, 2021 are summarized as follows:


                                                                       Six Months Ended
                                                                       % of                          % of
(in Thousands)                                      June 30, 2022     Revenue     June 30, 2021     Revenue
Revenue                                            $       525,742          -    $       145,970          -
Operating Expense                                        (332,556)      63.25 %         (54,340)      37.23 %
Operating Income                                           193,186      36.74 %           91,630      62.77 %

Other Income, net                                              300          -                139          -
Income before taxes                                        193,468      36.80 %           91,769      62.87 %
Income tax (current period)(1)                            (88,283)                      (29,366)
Income from continuing operations                          105,203      20.01 %           62,403      42.75 %
Net Income                                         $       105,203      20.01 %  $        62,403      42.75 %

(1) Tax liability is based on Tingo Mobile’s pre-tax earnings on an individual basis for the period shown.


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Contents

Tingo's operating income for the six months ended June 30, 2022 was $193.2
million as compared to $91.6 million during the six months ended June 30, 2021,
an increase of $101.6 million, or 110.0%. As with the comparative three-month
results discussed above, the substantial increase is largely due to renewal of
the mobile leasing activity that commenced in May and August 2021, as well as
the significantly positive growth of revenue mix in the higher margin business
in Nwassa, where we earn up to a 4.0% commission on various agri-fintech
transactions and have relatively insignificant marginal costs as compared to our
sales and leasing business.

Revenue

Three months completed June 30, 2022 and 2021

                                          Three Months Ended
                                   June 30, 2022     June 30, 2021
Mobile Phone leasing               $  122,068,101    $   55,301,413
Services- Mobile calls & data          15,750,628        10,413,632

NWASSA revenue                        130,866,170        35,016,349
Airtime                                 3,626,243         2,103,211
Brokerage on loans                      6,025,477           485,053
Insurance                               6,626,878         2,058,221

Trade in agricultural products 65,437,480 16,599,033 Utilities

                                49,150,092        13,770,831
Total Revenue                      $  268,684,899    $  100,731,394


Semester completed June 30, 2022 and 2021


                                           Six Months Ended
                                   June 30, 2022     June 30, 2021
Mobile Phone leasing               $  243,841,958    $   55,301,413

Services – Mobile calls & data 29,477,240 23,990,510


NWASSA revenue                        252,423,220        66,677,596
Airtime                                 7,051,761         4,138,750
Brokerage on loans                     10,146,128         1,050,328
Insurance                              13,222,078         2,058,221

Trade in agricultural products 127,635,985 31,699,485 Utilities

                                94,367,268        27,730,812
Total Revenue                      $  525,742,418    $  145,969,519


Generally. We generated total revenue of $268.7 million during the quarter ended
June 30, 2022 compared to $100.7 million during the quarter ended June 30, 2021,
an increase of $168.0 million, or 167.8%. During the six months ended June 30,
2022, we generated revenue of $525.7 million as compared to $146.0 million
during the six months ended June 30, 2021, an increase of $379.7 million, or
260.0%. In addition to recognizing leasing and service revenue from our mobile
phones during the first half of 2022, we also experienced sharp growth in the
utilization of our Nwassa agri-fintech platform as compared to the first half of
2021. This platform delivered strong growth in revenue, increasing from $35.0
million and $66.7 million during the three and six months ended June 30, 2021,
respectively, to $130.9 million and $252.4 million during the three and six
months ended June 30, 2022, respectively. This represents growth of 274.0% and
278.4% for the respective comparative periods. Our Nwassa agri-fintech business
now represents approximately 48.0% of total revenue for the six months ended
June 30, 2022 as compared to approximately 45.7% of total revenue for the six
months ended June 30, 2021. The principal reasons for the increases during the
second quarter and first half of 2022 as compared to the second quarter and
first half of 2021 were as follows:

Our strategy to equip rural communities with an affordable smartphone

‘device as a service’ has proven effective in increasing the volume of

? trading of agricultural products taking place on the platform. Considering the fees we earn

through these services, we estimate that the Company processed slightly less $6.0

   billion in transaction volume for our subscribers during the first half of
   2022.


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Agricultural trade revenue for the second quarter and first half of 2022 was $65.5

million and $127.6 millionrespectively, compared to $16.6 million and

$31.7 million in the second quarter and first half, respectively, of 2021.

? The number of farmers trading products on our system has also increased by a

significant level compared to previous periods. We believe this is a

demonstration of the value that Nwassa offers to farmers as a platform of choice

market their products in the domestic market.

Utility refills on Nwassa saw revenue rise to $49.2 million and $94.4

million for the three and six months, respectively, ended June 30, 2022as

compared to $13.8 million and $27.7 million for the quarter and the six months,

? respectively, completed June 30, 2021. This represents a growth rate of 356.5% over a

quarter over quarter and a growth rate of 340.8% compared to the first

half of 2021. The level of activity is a strong indicator of the level of confidence

   and reliability that consumers place on our service, with virtually no
   resistance to the transaction fees we charge.

Nwassa’s significant revenue growth is in line with our strategy to

? grow our Agri-Fintech business as our primary focus with mobile access

devices as an enabler to ensure access and connectivity to our Nwassa platform.

The decline in the Naira-USD exchange rate of June 30, 2021 at June 30, 2022

? was mitigated by significant organic growth in volumes and margins

on our agro-fintech trading activity.

Mobile rental revenues continue to be in line with expectations from the one-year rental contract and were slightly impacted by the lower exchange rate.

Leasing revenue is recognized over 12 months in equal instalments from the date
of sign up of the contract. Inasmuch as our lease agreements did not commence
until later in the first half of 2021, wherein we had $55.3 million in leasing
revenue during the quarter and six months ended June 30, 2021 as compared to
$122.1 million and $243.8 million for the quarter and six months ended June 30,
2022, respectively.

Nwassa, our Agri-Fintech platform generated 48.7% and 48.0% of total Company
revenue during the three and six months ended June 30, 2022, respectively,
compared to 34.8% and 45.7% of total revenue for the three and six months ended
June 30, 2021, respectively.

Utility top-up activity levels more than tripled during the three and six months
ended June 30, 2022 as compared to the three and six months ended June 30, 2021.
We believe that the strong performance of the Agri-fintech side of our business
is a clear demonstration of the maturity and adoption of the Nwassa platform by
a higher percentage of our 'Device as a Service' customer base powered through
farmers' cooperatives. The level of loan brokerage, which was relatively
negligible in the first six months of 2021 increased to $10.1 million for the
six months ended June 30, 2022. Of note was the residual revenue stream in the
first half of 2022 resulting from the one-time sale of mobile phones in the
fourth quarter of 2021, where we estimate that at least 30% of the non-leasing
customer base who purchased these phones registered for access to the Nwassa
platform to manage airtime and utility payments during the first six months of
2022. This is significant, inasmuch as it is a demonstration of our successful
campaigns we ran to register customers who bought a phone via a third
non-agricultural cooperative with which we contracted in November 2021.

However, we believe that it is important to understand that the provision of
smartphones is the means to drive a higher level of access to our Agri-Fintech
platform Nwassa, to enable our customers to participate in our Agri-marketplace,
top up their airtime, pay for utilities, insure their mobile devices and access
credit services through partner institutions. Typical fees and commissions on
these services can be up to 4.0%. Insurance revenue is fixed at $0.24 per device
per month. Our focus on providing an affordable mobile device is core to the
delivery of our fintech services and we call that 'Device as a Service' model.
The richness of our Agri-Fintech service and related payment services deliver a
very unique model of social upliftment and financial inclusion to rural
communities. The agri-marketplace we have created provides our customers with an
opportunity to market their fresh produce to reduce the 'time to market' and
contribute towards our objectives to support the rural farming community with
products and services that enable reduction in 'post-harvest losses' - a key
area of focus for us as part of our investment to deliver services through use
of smartphones to drive tangible social upliftment through increased sales for
such farmers using the Nwassa platform.

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  Table of Contents

Cost of Sales

Three months completed June 30, 2022 and 2021


The following table sets forth the cost of sales for the three months ended June
30, 2022 and June 30, 2021:

                                                 Three Months Ended
                                          June 30, 2022      June 30, 2021

Commission to Cooperatives and Agents    $     2,992,488    $     2,046,256
Cost of Mobile Phones                            122,366         45,435,433

Total cost of sales                      $     3,114,854    $    47,481,689

Semester completed June 30, 2022 and 2021


The following table sets forth the cost of sales for the six months ended June
30, 2022 and June 30, 2021:

                                                  Six Months Ended
                                          June 30, 2022      June 30, 2021
Commission to Cooperatives and Agents    $     5,492,328    $     4,558,197
Cost of Resold Mobile Phones                     122,366         45,435,433

Total cost of sales                      $     5,614,694    $    49,993,630


The Company's cost of sales for the three and six months ended June 30, 2022 was
$3.1 million and $5.6 million, respectively, as compared to $47.5 million and
$50.0 million for the three and six months ended June 30, 2021, respectively.
The lower cost of sales in the first half of 2022 was due to no bulk sales of
mobile phones during those periods.

The cost of sales is made up of two key components:

Commissions to cooperatives and agents – the company has more than 17,000 agents

? who support the deployment of our services through Cooperatives and a

network of independent agencies of rural farmers and women.

Cost of resold mobile phones – from time to time we will sell our brand

? phones in one-time bundling transactions. In such cases, we allocate the costs

   of manufacture and delivery against the sales price of the phones.


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  Table of Contents

Selling, general and administrative expenses

Three months completed June 30, 2022 and 2021

The following table presents selling, general and administrative expenses for the three months ended June 30, 2022 and June 30, 2021:

                                                       Three Months Ended
                                                June 30, 2022      June 30, 2021

Payroll and related expenses                    $   20,329,684    $       773,918
Distribution expenses                                  288,774              6,245
Professional fees                                   12,821,414            307,681
Bank fees and charges                                  360,373            173,201
Depreciation and amortization                      106,876,493            721,339
General and administrative - other                   2,887,859            

260 346

Bad debt expenses                                           57             

Selling, general and administrative expenses $143,546,654 $2,242,730

Semester completed June 30, 2022 and 2021

The following table shows selling, general and administrative expenses for the six months ended June 30, 2022 and June 30, 2021:


                                                        Six Months Ended
                                                June 30, 2022      June 30, 

2021

Payroll and related expenses                    $   39,570,896    $     1,464,614
Distribution expenses                                  509,961            110,818
Professional fees                                   68,490,826            623,115
Bank fees and charges                                  996,420            236,025
Depreciation and amortization                      213,617,432          

1,461,955

General and administrative - other                   3,726,772            

449,513

Bad debt expenses                                       47,455             

Selling, general and administrative expenses $326,941,762 $4,346,040



Prior year expenses mainly relate to general and administrative expenses
relating of Tingo Mobile only. Our acquisition of Tingo Mobile and the attendant
expenses to maintain our status as a public reporting company has substantially
increased these costs. In addition, in the fourth quarter of 2021, we adopted
our 2021 Equity Incentive Plan which provided for, among other awards, shares of
restricted stock to Plan participants. This resulted in stock-based compensation
expense and professional fees of $101.2 million in the aggregate for the six
months ended June 30, 2022. A detailed breakdown of other costs included in
Selling General and Administrative Expenses are contained in the Consolidated
Profit and Loss Statement. A substantial part of these costs relate to Tingo
Mobile's operations in Nigeria and operational costs related to our parent
company, Tingo, Inc.

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2021 Equity Incentive Plan

On October 6, 2021, the Board adopted our 2021 Equity Incentive Plan ("Incentive
Plan"), the purpose of which was to promote the interests of the Company by
encouraging directors, officers, employees, and consultants of Tingo to develop
a long-term interest in the Company, align their interests with that of our
stockholders, and provide a means whereby they may develop a proprietary
interest in the development and financial success of the Company and its
stockholders. The Incentive Plan is also intended to enhance the ability of the
Company and its subsidiaries to attract and retain the services of individuals
who are essential for the growth and profitability of the Company. The Incentive
Plan permits the award of restricted stock, common stock purchase options,
restricted stock units, and stock appreciation awards. The maximum number of
shares of our Class A common stock that are subject to awards granted under the
Incentive Plan is 131,537,545 shares. The term of the Incentive Plan will expire
on October 6, 2031. On October 12, 2021, our stockholders approved our Incentive
Plan and, during the fourth quarter of 2021 and the first six months of 2022,
the Tingo Compensation Committee granted awards under the Plan to certain
directors, executive officers, employees, and consultants in the aggregate
amount of 131,370,000 shares. The majority of the awards so issued are each
subject to a vesting requirement over a 2-year period unless the recipient
thereof is terminated or removed from their position without "cause", or as a
result of constructive termination, as such terms are defined in the respective
award agreements entered into by each of the recipients and the Company. We
account for share-based compensation using the fair value method, as prescribed
by ASC 718, Compensation-Stock Compensation. Accordingly, for restricted stock
awards, we measure the grant date fair value based upon the market price of our
common stock on the date of the grant and amortize the fair value of the awards
as share-based compensation expense over the requisite service period, which is
generally the vesting term. For all stock awards under the Incentive Plan that
are not subject to vesting, we recognize expense associated with the award
during the period in which the award is granted, in an amount equal to the
number of shares granted, multiplied by the closing trading price of the shares
on the relevant grant date. In connection with these awards, we recorded
stock-based compensation expense and professional fees of $29.2 million and
$101.2 million for the three and six months ended June 30, 2022, respectively.
As of June 30, 2022, total compensation expense to be recognized in future
periods is $53.6 million. The weighted average period over which this expense is
expected to be recognized is 1.5 years.

The following table summarizes the activity related to granted, vested, and
unvested restricted stock awards under the Incentive Plan for the six months
ended June 30, 2022:

                                                                 Weighted
                                                Number of      Average Grant
                                                  Shares      Date Fair Value
Unvested shares outstanding, January 1, 2022    36,950,833    $           1.80
Shares Granted                                  22,500,000    $           3.93
Shares Vested                                   32,176,510    $           3.15
Shares Forfeited                                         -                   -

Unvested shares outstanding, June 30, 2022 27,274,322 $1.97

Cash and capital resources


Sources and Uses of Cash: Our principal sources of liquidity are our cash and
cash equivalents, and cash generated from operations. On September 24, 2021, we
filed a Form D with the Securities and Exchange Commission indicating the sale
of our securities in one or more private transactions (the "Private Offering").
We expect that, as a result of the Private Offering, we will also be able to
secure sufficient operating and working capital for our parent company
activities for the next twelve months.

Cash. From June 30, 2022our cash and cash equivalents totaled $104.1 million on a consolidated basis.

Indebtedness: The Company had $3.0 million and $0 investment debt at June 30, 2022 and December 31, 2021respectively.


We expect our cash on hand and proceeds received from our assets and operations
will be sufficient to meet our anticipated liquidity needs for business
operations for the next twelve months. There can be no assurance that we will
continue to generate cash flows at or above current levels or that we will be
able to raise additional financing to support our parent company's operating and
compliance expenditures.

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Our cash flows could be adversely affected by events outside our control,
including, without limitation, changes in overall economic conditions,
regulatory requirements, changes in technologies, demand for our products and
services, availability of labor resources and capital, natural disasters,
pandemics and outbreaks of contagious diseases and other adverse public health
developments, such as COVID-19, and other conditions. Our ability to attract and
maintain a sufficient customer base, particularly in our principal markets, is
critical to our ability to maintain a positive cash flow from operations. The
foregoing events individually or collectively could affect our results.

We are evaluating the impact of current market conditions on our Company and its
ability to generate dollar-denominated income. We believe that our operating
cash flow and cash on hand will be sufficient to meet operating requirements and
to finance routine capital expenditures through the next twelve months.

Off-balance sheet arrangements

None.

Dividends

On November 10, 2021, our Board adopted a Dividend Policy for the Company. The
Policy provides a process that the Board will undertake when approving
quarterly, annual, and special dividends for the Company including, but not
limited to, various financial criteria and macroeconomic factors, as well as
certain financial and economic factors specific to the Company. In the case of
quarterly dividends, within ninety (90) calendar days following the end of each
fiscal year, the Board will determine the dividend payment, if any, that will be
made to holders of the Company's capital stock. Such dividend will generally be
expressed as a cash amount equal to a percentage of the Company's consolidated
after-tax net income for such prior fiscal year, and will be divided into
fourths, with one-fourth of the amount payable each quarter.

Subsequent events

Management has made an assessment of the Company’s business up to the date of issue of the financial statements, noting the following subsequent event:

Entry into Second Amended and Restated Merger Agreement. As described above in
Note 2 - Entry Into Restated Merger Agreement with MICT, on October 6, 2022, the
Company, MICT, and representatives of each company's shareholders entered into
the Restated Merger Agreement.

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