
Israeli troops forcibly remove staff and patients from northern Gaza hospital, officials sayCitius Oncology, Inc. Reports Fiscal Full Year 2024 Financial Results and Provides Business Update
MEN'S COLLEGE BASKETBALL 11 a.m., Md.-Eastern Shore at Maryland;BTN 11 a.m., E. Kentucky at Louisville;CW 11 a.m., Coppin St. at Georgetown;FS1 1 p.m., Alabama A&M at Georgia Tech;ACCN 1 p.m., NC Central at NC ACBS 1 p.m., Bucknell at SyracuseCW 1 p.m., Mississippi at Memphis;ESPN2 1 p.m., Loyola (Md.) at DePaul;FS1 3 p.m., Fairleigh Dickinson at Boston College;ACCN 3 p.m., Howard at Hampton;CBS 3 p.m., UCLA vs. Gonzaga, Los Angeles;FOX 3 p.m., Abilene Christian at Texas ASECN 5 p.m., Utah St. at San Diego St.;FOX 5 p.m., Delaware at St. John’s;FS1 WOMEN'S COLLEGE BASKETBALL 12:30 p.m., Creighton at St. John’s;FOX 1 p.m., Wisconsin at Indiana;BTN 3 p.m., Penn St. at Minnesota;BTN 3 p.m., Oregon St. at Gonzaga;ESPN2 COLLEGE FOOTBALL 10 a.m., The Wasabi Fenway Bowl: UConn vs. North Carolina, Boston;ESPN 11 a.m., The Bad Boy Mowers Pinstripe Bowl: Boston College vs. Nebraska, New York;ABC 1:15 p.m., The Isleta New Mexico Bowl: Louisiana-Lafayette vs. TCU, Albuquerque, N.M.;ESPN 2:30 p.m., The Pop-Tarts Bowl: Iowa St. vs. Miami, Orlando, Fla.;ABC 3:15 p.m., The Snoop Dogg Arizona Bowl: Miami (Ohio) vs. Colorado St., Tucson, Ariz.;CW 4:45 p.m., The Go Bowling Military Bowl: East Carolina vs. NC State, Annapolis, Md.;ESPN 6:30 p.m., The Valero Alamo Bowl: BYU vs. Colorado, San Antonio;ABC 8:15 p.m., The Radiance Technologies Independence Bowl: Louisiana Tech vs. Army, Shreveport, La.;ESPN NBA 2 p.m., Miami at Atlanta;NBATV 5 p.m., Oklahoma City at Charlotte;NBATV 7 p.m., Milwaukee at Chicago;CHSN 7:30 p.m., Phoenix at Golden State;NBATV NFL Noon, L.A. Chargers at New England;NFLN 3:30 p.m., Denver at Cincinnati;NFLN 7 p.m., Arizona at L.A. Chargers;NFLN NHL 6 p.m., Washington at Toronto;NHLN SUNDAY MEN'S COLLEGE BASKETBALL 11 a.m., Indiana St. at Ohio St.;BTN Noon, Penn at Penn St.;PEACOCK 12:30 p.m., Northeastern at Northwestern;PEACOCK 1 p.m., Chicago St. at Illinois;BTN 1 p.m., Morgan St. at Minnesota;PEACOCK 2 p.m., Buffalo at Temple;ESPNU 2 p.m., NJIT at Washington;PEACOCK 3 p.m., Winthrop at Indiana;BTN 5 p.m., Toledo at Purdue;BTN 7 p.m., Campbell at North Carolina;ACCN 7 p.m., W. Kentucky at Michigan;BTN WOMEN'S COLLEGE BASKETBALL Noon, South Florida at Rice;ESPN2 1 p.m., Wofford at South Carolina;SECN 9 p.m., Michigan at Southern Cal;BTN NFL Noon, N.Y. Jets at Buffalo;CBS Noon, Dallas at Philadelphia;FOX 3:25 p.m., Green Bay at Minnesota;FOX 7:20 p.m., Atlanta at Washington;NBC, PEACOCK NHL 2 p.m., Buffalo at St. Louis;FDSMW 7:30 p.m., Dallas at Chicago;ESPN MEN'S SOCCER 9 a.m., Premier League: Nottingham Forest at Everton;USA 11:15 a.m., Premier League: Liverpool at West Ham United;USA MONDAY MEN'S COLLEGE BASKETBALL 2 p.m., W. Michigan at Michigan St.;BTN 4 p.m., Columbia at Rutgers;BTN 6 p.m., New Hampshire at Iowa;BTN 6 p.m., Cincinnati at Kansas St.;CBSSN 7 p.m., Oakland at Arkansas;ESPN2 8 p.m., Southern U. at Nebraska;BTN 8 p.m., Iowa St. at Colorado;CBSSN COLLEGE FOOTBALL 1:30 p.m., The TransPerfect Music City Bowl: Iowa vs. Missouri, Nashville, Tenn.;ESPN NBA 6 p.m., Chicago at Charlotte;CHSN 6 p.m., New York at Washington;NBATV 9 p.m., Dallas at Sacramento;NBATV NHL 6 p.m., N.Y. Rangers at Florida;NHLN MEN'S SOCCER 2 p.m., Premier League: Newcastle United at Manchester United;USA
Citius Pharmaceuticals, Inc. Reports Fiscal Full Year 2024 Financial Results and Provides Business UpdateAscom Holding AG ( OTCMKTS:ACMLF – Get Free Report ) saw a significant increase in short interest in the month of December. As of December 15th, there was short interest totalling 900 shares, an increase of 50.0% from the November 30th total of 600 shares. Based on an average trading volume of 0 shares, the days-to-cover ratio is presently ∞ days. Ascom Stock Performance Shares of OTCMKTS ACMLF opened at $6.50 on Friday. Ascom has a one year low of $6.34 and a one year high of $6.50. The company’s fifty day moving average is $6.50 and its two-hundred day moving average is $6.95. Ascom Company Profile ( Get Free Report ) Further Reading Receive News & Ratings for Ascom Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ascom and related companies with MarketBeat.com's FREE daily email newsletter .Trump reaches transition agreement with Biden White House after long delay
LONGMONT, Colo. , Nov. 26, 2024 /PRNewswire/ -- S&W Seed Company SANW today announced it has filed its 10-Q for the three months ended September 30, 2024 . S&W previously issued preliminary first quarter fiscal 2025 financial results on November 19, 2024 . The financial results filed in the 10-Q are in line with the preliminary financial results previously released. In addition to the filing of the 10-Q, the Company announced yesterday that it has finalized the voluntary plan of administration, or VA, process for its subsidiary, S&W Seed Company Australia Pty Ltd, or S&W Australia. In the announcement on November 19, 2024 , the Company also introduced new guidance for fiscal 2025, which includes adjusted EBITDA for the remaining three quarters of fiscal 2025 (period from October 1, 2024 to June 30, 2025 ) to be between approximately ($1.9) million and $0.1 million . The Company is maintaining that guidance as a result of the filing of the 10-Q and finalization of the VA process. "As a result of the VA process being completed, on a go forward basis S&W is exclusively focused on its core U.S.-based operations led by our high margin Double Team sorghum solutions as well as our biofuels joint venture with Shell," commented S&W Seed Company's CEO, Mark Herrmann . "As we announced during our preliminary earnings call on November 19, 2024 , we believe we have a robust commercial plan in place to drive continued adoption of Double Team and other high value sorghum trait solutions, including the planned launch of our Prussic Acid Free trait this fiscal year. We are similarly focused on driving efficiencies across our production and operating operations. Our guidance indicates continued strong improvement in gross margins, coupled with a reduction in operating expenses, which is paving the way for us to approach positive adjusted EBITDA performance. In fact, we are expecting the high end of our range to be at adjusted EBITDA breakeven for the rest of fiscal 2025. This would be a significant potential milestone if we can achieve our expectations." Financial Results Total revenue for the first quarter of fiscal 2025 was $8.3 million compared to total revenue for the first quarter of fiscal 2024 of $10.8 million . This decrease was driven by a $1.5 million decrease in non-dormant alfalfa sales in the Middle East and North Africa region driven by the import ban on alfalfa in Saudi Arabia , a $0.8 million decrease in sorghum sales in Mexico related to tightening of credit policies and carryover seed from the prior year in the market, a $0.5 million decrease in Double Team sorghum revenue, a $0.4 million decrease in sorghum sales to South Africa due to limited inventory supply of compatible hybrids, and a $0.3 million decrease in conventional sorghum sales due to an extended sales season in the prior year. This decrease was offset by a $0.5 million increase in non-dormant alfalfa sales in the United States , a $0.3 million increase in non-dormant alfalfa sales in Mexico , and a $0.3 million increase in dormant alfalfa sales in the United States . Gross profit margin for the first quarter of fiscal 2025 was 16.1% compared to gross profit margin for the first quarter of fiscal 2024 of 25.3%. The gross profit percentage decrease was primarily driven by an estimated 6.5 point decrease attributable to the Company's International segment, with an estimated 3.8 point decrease related to lower selling prices in the Middle East North Africa region due lower demand, and an estimated 2.7 point decrease in margin related to South Africa sorghum sales due to the available supply of reduced quality and low cost seed in the prior year. The net gross profit for the Americas segment decreased primarily due to inventory write-offs. GAAP operating expenses for the first quarter of fiscal 2025 were $5.6 million compared to GAAP operating expenses for the first quarter of fiscal 2024 of $5.7 million . This decrease was due to a $0.1 million decrease in selling, general, and administrative expenses. Adjusted operating expenses (see Table A1) for the first quarter of fiscal 2025 were $4.5 million compared to $4.8 million for the first quarter of fiscal 2024. The $0.3 million decrease in adjusted operating expenses for the first quarter of fiscal 2025 was largely attributed to a $0.2 million decrease in selling, general, and administrative expenses after excluding non-recurring transaction costs. Net loss from continuing operations for the first quarter of fiscal 2025 was ($6.2) million , or ($2.73) per basic and diluted share, compared to ($5.0) million , or ($2.22) per basic and diluted share for the first quarter of fiscal 2024. Net loss from discontinued operations for the first quarter of fiscal 2025 was ($10.0) million , or ($4.38) per basic and diluted share, compared to ($0.9) million , or ($0.41) per basic and diluted share, for the first quarter of fiscal 2024. GAAP net loss for the first quarter of fiscal 2025 was ($16.2) million , or ($7.11) per basic and diluted share, compared to ($6.0) million , or ($2.63) per basic and diluted share, for the first quarter of fiscal 2024. Adjusted net loss (see Table A2) for the first quarter of fiscal 2025 was ($4.9) million , or ($2.15) per basic and diluted share, excluding the loss from discontinued operations, interest expense - amortization of debt discount, non-recurring transaction costs, dividends accrued for participating securities and accretion, and equity in loss of equity method investee (Vision Bioenergy), net of tax. Adjusted net loss (see Table A2) for the first quarter of fiscal 2024 was ($3.8) million , or ($1.70) per basic and diluted share, excluding the loss from discontinued operations, interest expense - amortization of debt discount, non-recurring transaction costs, dividends accrued for participating securities and accretion, and equity in loss of equity method investee (Vision Bioenergy), net of tax. Adjusted EBITDA (see Table B) for the first quarter of fiscal 2025 was ($3.1) million compared to adjusted EBITDA for the first quarter of fiscal 2024 of ($1.7) million . S&W Australia As previously reported, S&W Australia adopted a voluntary plan of administration on July 24, 2024 , and on October 11, 2024 , creditors of S&W Australia approved a proposed Deed of Company Arrangement, or DOCA, pursuant to which, among other things, 100% of the shares in S&W Australia would be transferred to Avior Asset Management No. 3 Pty Ltd. The effective date of the DOCA was November 22 , 2024. In order to facilitate the satisfaction of certain conditions to the effectiveness of the DOCA, on November 22, 2024 , S&W entered into a settlement agreement in exchange for a release from the intercompany obligations owed to S&W Australia. S&W will transfer ownership of certain white clover and alfalfa (lucerne) intellectual property, provide the associated inventory, repay insurance proceeds received on behalf of S&W Australia, and provide transitional support to S&W Australia necessary to assist in the changeover of business operations to a standalone entity. S&W also entered into an agreement with National Australia Bank Limited that releases S&W from the AUD $15.0 million guarantee and obtained a release of certain applicable liens from CIBC Bank USA . Fiscal 2025 Guidance S&W expects fiscal 2025 revenue to be within a range of $34.5 to $38.0 million . This includes approximately $4.1 million of international sales in the just completed first quarter of fiscal 2025. Adjusted EBITDA is expected to be in the range of ($5.0) million to ($3.0) million for fiscal 2025. Adjusted EBITDA for the first quarter of fiscal 2025 was ($3.1) million indicating that the Company expects adjusted EBITDA for the remaining three quarters of the fiscal year to be in a range of ($1.9) to $0.1 million . Non-GAAP Financial Measures In addition to financial results reported in accordance with accounting principles generally accepted in the United States of America ("GAAP"), S&W has provided the following non-GAAP financial measures in this release and the accompanying tables: adjusted EBITDA; adjusted operating expenses; as well as adjusted net loss and adjusted net loss per share. S&W uses these non-GAAP financial measures internally to facilitate period-to-period comparisons and analysis of its operating performance and liquidity, and believes they are useful to investors as a supplement to GAAP measures in analyzing, trending and benchmarking the performance and value of its business. However, these measures are not intended to be a substitute for those reported in accordance with GAAP. These measures may be different from non-GAAP financial measures used by other companies, even when similar terms are used to identify such measures. For reconciliations of historical non-GAAP financial measures to the most comparable financial measures under GAAP, see Tables A1, A2, and B accompanying this release. In order to calculate these non-GAAP financial measures, S&W makes targeted adjustments to certain GAAP financial line items found on its condensed consolidated statement of operations, backing out non-recurring or unique items that we believe otherwise distort the underlying results and trends of the ongoing business. S&W has excluded the following items from one or more of its non-GAAP financial measures for the periods presented: Selling, general and administrative expenses; operating expenses. S&W excludes from operating expenses depreciation and amortization and a portion of SG&A expense related to non-recurring transaction costs and, for its adjusted EBITDA calculation, also non-cash stock-based compensation. S&W excludes non-recurring transaction costs from S&W's total operating expenses to provide investors a method to compare its operating results to prior periods and to peer companies, as such amounts can vary significantly based on the frequency of restructuring or acquisition events and the magnitude of restructuring or acquisition expenses. Net loss on discontinued operations : S&W excludes the net loss on discontinued operations, as this is outside of the scope of normal operations and is related to the disposal and operations of S&W Australia, which is no longer applicable. S&W believes it is important to exclude this amount in order to better understand its business performance. Foreign currency loss. The foreign currency loss represents fluctuations from changes in exchange rates that are uncertain or out of S&W's control and cannot be reasonably predicted. S&W believes it is useful to exclude this amount in order to better understand its business performance and allow investors to compare its results with peer companies. Interest expense – amortization of debt discount . Amortization of debt discount and debt issuance costs are primarily related to S&W's working capital lines of credit and term loans. These amounts are non-cash charges and are unrelated to its core performance during any particular period. S&W believes it is useful to exclude these amounts in order to better understand its business performance and allow investors to compare its results with peer companies. Interest expense, net . Interest expense, net primary consists of interest incurred on S&W's working capital credit facilities, the MFP Loan, the AgAmerica loan, and equipment capital leases. S&W believes it is useful to exclude these amounts in order to better understand its business performance and allow investors to compare its results with peer companies. Dividends accrued for participating securities and accretion . Dividends accrued for participating securities and accretion relates to dividends accrued for the Series B convertible preferred stock and the accretion for the discount related to the warrants issued in conjunction with the Series B convertible preferred stock. S&W believes it is useful to exclude these amounts in order to better understand its business performance and allow investors to compare its results with peer companies. Equity in loss of equity method investee (Vision Bioenergy), net of tax . This loss represents S&W's percentage of Vision Bioenergy's loss for the three months ended September 30, 2024 and 2023, as it has significant influence in Vision Bioenergy. S&W believes it is useful to exclude these amounts in order to better understand its business performance and allow investors to compare its results with peer companies. Descriptions of the non-GAAP financial measures included in this release and the accompanying tables are as follows: Adjusted Operating Expenses . S&W defines adjusted operating expenses as GAAP operating expenses adjusted to exclude depreciation and amortization, loss (gain) on disposal of property, plant and equipment, and non-recurring transaction costs. S&W believes that the use of adjusted operating expenses is useful to investors and other users of its financial statements in evaluating its operating performance because it provides a method to compare its operating results to prior periods and to peer companies after making adjustments for depreciation and amortization and amounts that are not expected to recur. Adjusted net loss and loss per share . S&W defines adjusted net loss as net loss attributable to S&W less interest expense – amortization of debt discount, non-recurring transaction costs, dividends accrued for participating securities and accretion, and equity in loss of equity method investee (Vision Bioenergy), net of tax. S&W believes that these non-GAAP financial measures provide useful supplemental information for evaluating its operating performance. Adjusted EBITDA. S&W defines adjusted EBITDA as net loss attributable to S&W adjusted to exclude the loss from discontinued operations, interest expense, net, interest expense – amortization of debt discount, provision for (benefit from) income taxes, depreciation and amortization, non-recurring transaction costs, non-cash stock-based compensation, foreign currency loss, equity in loss of equity method investee (Vision Bioenergy), net of tax, and dividends accrued for participating securities and accretion. S&W believes that the use of adjusted EBITDA is useful to investors and other users of its financial statements in evaluating its operating performance because it provides them with an additional tool to compare business performance across companies and across periods. S&W uses adjusted EBITDA in conjunction with traditional GAAP operating performance measures as part of its overall assessment of its performance, for planning purposes, including the preparation of its annual operating budget, to evaluate the effectiveness of its business strategies and to communicate with its Board concerning its financial performance. Management does not place undue reliance on adjusted EBITDA as its only measure of operating performance. Adjusted EBITDA should not be considered as a substitute for other measures of financial performance reported in accordance with GAAP. Financial Tables For a complete press release including financial tables, please view online at: https://swseedco.com/investors/press-releases/ . About S&W Seed Company Founded in 1980, S&W is a global multi-crop, middle-market agricultural company headquartered in Longmont, Colorado . S&W's vision is to be the world's preferred proprietary seed company which supplies a range of sorghum, forage and specialty crop products that supports the growing global demand for animal proteins and healthier consumer diets. S&W is a global leader in proprietary alfalfa and sorghum seeds with significant research and development, production and distribution capabilities. S&W also has a commercial presence in pasture and sunflower seeds, and through a partnership, is focused on sustainable biofuel feedstocks primarily within camelina. For more information, please visit www.swseedco.com . Safe Harbor Statement This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "ability," "believe," "may," "future," "plan," "intends" "should" or "expects." Forward-looking statements in this release include, but are not limited to: our success in growing and expanding our Double Team operations in the Americas and driving the continued adoption of Double Team Grain Sorghum; our expected timelines for the development and launch of our planned products and the anticipated commercial success of such products; the shift in revenue towards our higher margin products and the expected continued increase in profit margins; and the success of our cost-saving, production optimization and operational initiatives to reduce operating expenses and drive our business towards profitability. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including risks and uncertainties related to: market adoption of products designed to support the energy transition and customer demand for our partnership's products; the effects of unexpected weather and geopolitical and macroeconomic events, such as global inflation, bank failures, supply chain disruptions, uncertain market conditions, the armed conflict in Sudan , the ongoing military conflict between Russia and Ukraine and related sanctions and the conflict in the Middle East , on our business and operations as well as those of our partnership, and the extent to which they disrupt the local and global economies, as well as our business and the businesses of our partnership, our customers, distributors and suppliers; sufficiency of our partnership's cash and access to capital in order to develop its business; the sufficiency of our cash and access to capital in order to meet our liquidity needs, including our ability to pay our growers as our payment obligations come due; our need to comply with the financial covenants included in our loan agreements, refinance certain of our credit facilities and raise additional capital in the future and our ability to continue as a "going concern"; changes in market conditions, including any unexpected decline in commodity prices, may harm our results of operations and revenue outlook; our proprietary seed trait technology products, including Double Team, may not yield their anticipated benefits, including with respect to their impact on revenues and gross margins; changes in the competitive landscape and the introduction of competitive products may negatively impact our results of operations; demand for our Double Team sorghum solution may not be as strong as expected; our business strategic initiatives may not achieve the expected results; previously experienced logistical challenges in shipping and transportation of our products may become amplified, delaying our ability to recognize revenue and decreasing our gross margins; we may be unable to achieve our goals to drive growth, improve gross margins and reduce operating expenses; the inherent uncertainty and significant judgments and assumptions underlying our financial guidance; and the risks associated with our ability to successfully optimize and commercialize our business. These and other risks are identified in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the year ended June 30, 2024 and in other filings subsequently made by us with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management's assumptions and estimates as of such date. We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise. Company Contact: Mark Herrmann , Chief Executive Officer S&W Seed Company Phone: (720) 593-3570 www.swseedco.com Investor Contact: Robert Blum Lytham Partners, LLC Phone: (602) 889-9700 sanw@lythampartners.com www.lythampartners.com S & W SEED COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended September 30, 2024 2023 Revenue $ 8,309,476 $ 10,757,347 Cost of revenue 6,973,108 8,032,197 Gross profit 1,336,368 2,725,150 Operating expenses: Selling, general and administrative expenses 4,002,211 4,153,561 Research and development expenses 741,820 778,889 Depreciation and amortization 814,453 806,835 Gain on disposal of property, plant and equipment loss 11,462 (22,091) Total operating expenses 5,569,946 5,717,194 Loss from operations (4,233,578) (2,992,044) Other expense (income): Foreign currency loss 7,926 570 Interest expense - amortization of debt discount 361,138 356,567 Interest expense - convertible debt and other 761,879 948,728 Other expenses (income) 22,686 (37,560) Loss before income taxes (5,387,207) (4,260,349) Provision for (benefit from) income taxes 1,142 (12,292) Loss before equity in net earnings of affiliates (5,388,349) (4,248,057) Equity in loss of equity method investees, net of tax 846,878 776,973 Net loss from continuing operations (6,235,227) (5,025,030) Net loss from discontinued operations (9,994,499) (931,887) Net loss (16,229,726) (5,956,917) Loss attributable to noncontrolling interests — (7,288) Net loss attributable to S&W Seed Company $ (16,229,726) $ (5,949,629) Calculation of net loss per share: Net loss attributable to S&W Seed Company $ (16,229,726) $ (5,949,629) Dividends accrued for participating securities and accretion (127,892) (120,045) Net loss attributable to common shareholders $ (16,357,618) $ (6,069,674) Net loss per share from continuing operations, basic and diluted $ (2.73) $ (2.22) Net loss per share from discontinued operations, basic and diluted $ (4.38) $ (0.41) Net loss attributable to S&W Seed Company per common share, basic and diluted $ (7.11) $ (2.63) Net loss attributable to common shareholders per common share, basic and diluted $ (7.17) $ (2.68) Weighted average number of common shares outstanding, basic and diluted 2,282,780 2,263,643 S & W SEED COMPANY CONSOLIDATED BALANCE SHEETS (UNAUDITED) As of September 30, 2024 As of June 30, 2024 ASSETS CURRENT ASSETS Cash and cash equivalents $ 480,359 $ 286,508 Accounts receivable, net 16,588,371 14,636,722 Receivable from unconsolidated subsidiary 367,349 — Inventories, net 26,549,387 22,628,343 Prepaid expenses and other current assets 2,616,306 3,431,226 Current assets of discontinued operations — 22,391,691 TOTAL CURRENT ASSETS 46,601,772 63,374,490 Property, plant and equipment, net 5,980,625 6,127,198 Intellectual property, net 19,919,389 20,265,618 Other Intangibles, net 3,099,003 3,206,720 Right of use asset - operating leases 890,086 1,113,833 Equity method investments 18,847,331 19,694,209 Other assets 1,272,948 1,364,532 Non-current assets of discontinued operations — 5,578,941 TOTAL ASSETS $ 96,611,154 $ 120,725,541 LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 9,396,043 $ 3,255,928 Payable to unconsolidated subsidiary 16,214,514 - Deferred revenue 2,056,703 832,283 Accrued expenses and other current liabilities 5,814,941 3,770,773 Bank guarantee 5,000,000 - Current portion of working capital lines of credit, net 16,114,500 16,174,537 Current portion of long-term debt, net 284,239 315,304 Current liabilities of discontinued operations — 44,893,499 TOTAL CURRENT LIABILITIES 54,880,940 69,242,324 Long-term debt, net, less current portion 4,652,369 4,721,849 Other non-current liabilities 659,996 800,620 Non-current liabilities of discontinued operations — 929,623 TOTAL LIABILITIES 60,193,305 75,694,416 MEZZANINE EQUITY Preferred stock, $0.001 par value; 3,323 shares authorized; 1,695 issued and outstanding at September 30, 2024 and June 30, 2024 5,896,657 5,768,765 TOTAL MEZZANINE EQUITY 5,896,657 5,768,765 STOCKHOLDERS' EQUITY Common stock, $0.001 par value; 75,000,000 shares authorized; 2,284,096 issued and 2,282,780 outstanding at September 30, 2024; 2,282,574 issued and 2,281,258 outstanding at June 30, 2024 43,398 43,369 Treasury stock, at cost, 1,316 shares at September 30, 2024 and June 30, 2024 (134,196) (134,196) Additional paid-in capital 169,048,535 168,807,072 Accumulated deficit (138,448,097) (122,090,479) Accumulated other comprehensive loss (30,156) (7,405,114) Noncontrolling interests 41,708 41,708 TOTAL STOCKHOLDERS' EQUITY 30,521,192 39,262,360 TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY $ 96,611,154 $ 120,725,541 S & W SEED COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Three Months Ended September 30, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (16,229,726) $ (5,956,917) Loss from discontinued operations (9,994,499) (931,887) Loss from continuing operations (6,235,227) (5,025,030) Adjustments to reconcile net loss from operating activities to net loss cash used in operating activities: Stock-based compensation 243,908 402,641 Provision for credit losses — 165,342 Inventory write-down 298,127 350,000 Depreciation and amortization 814,453 806,835 Loss (gain) on disposal of property, plant and equipment 11,462 (22,091) Equity in loss of equity method investees, net of tax 846,878 776,973 Foreign currency transactions 7,926 570 Amortization of debt discount 361,138 356,567 Accretion of note receivable — (63,738) Changes in: Accounts receivable (1,947,797) (1,596,260) Receivable from unconsolidated subsidiary 113,383 — Inventories (4,219,171) (455,529) Prepaid expenses and other current assets 814,968 (503,941) Other non-current assets 1,089 35,834 Accounts payable 6,140,115 5,208,316 Payable to unconsolidated subsidiary 250,495 — Deferred revenue 1,224,420 (157,440) Accrued expenses and other current liabilities 2,055,445 1,761,480 Other non-current liabilities 3,050 21,984 Net cash provided by operating activities from continuing operations 784,662 2,062,514 Net cash used in operating activities from discontinuing operations (1,434,917) (1,267,836) Net cash (used in) provided by operating activities (650,255) 794,678 CASH FLOWS FROM INVESTING ACTIVITIES Additions to property, plant and equipment (138,041) (116,346) Proceeds from disposal of property, plant and equipment 25,700 74,657 Net cash used in investing activities from continuing operations (112,341) (41,689) Net cash provided by (used in) investing activities from discontinuing operations 25,079 (105,089) Net cash used in investing activities (87,262) (146,778) CASH FLOWS FROM FINANCING ACTIVITIES Borrowings and repayments on lines of credit, net (344,155) (4,306,362) Borrowings of long-term debt — 9,087 Repayments of long-term debt (81,847) (2,420) Payments of debt issuance costs (50,169) (41,322) Net proceeds from sale of common stock — (153,230) Taxes paid related to net share settlements of stock-based compensation awards (2,416) (15,176) Net cash used in financing activities from continuing operations (478,587) (4,509,423) Net cash provided by financing activities from discontinued operations 1,409,838 1,409,452 Net cash provided by (used in) financing activities 931,251 (3,099,971) EFFECT OF EXCHANGE RATE CHANGES ON CASH 117 40,700 NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS 193,851 (2,411,371) CASH AND CASH EQUIVALENTS, beginning of the period 286,508 3,398,793 CASH AND CASH EQUIVALENTS, end of period $ 480,359 $ 987,422 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid during the period for: Interest $ 831,003 $ 1,360,904 Income taxes 25 22,225 TABLE A1 S&W SEED COMPANY ITEMIZED RECONCILIATION BETWEEN OPERATING EXPENSES AND NON-GAAP ADJUSTED OPERATING EXPENSES (UNAUDITED) Three Months Ended September 30, 2024 2023 Operating expenses $ 5,569,946 $ 5,717,194 Less: Depreciation and amortization (814,453) (806,835) Non-recurring transaction costs (238,084) (162,232) Loss (gain) on disposal of property, plant and equipment (11,462) 22,091 Non-GAAP adjusted operating expenses $ 4,505,947 $ 4,770,218 TABLE A2 S&W SEED COMPANY ITEMIZED RECONCILIATION BETWEEN NET LOSS AND NON-GAAP ADJUSTED NET LOSS (UNAUDITED) Three Months Ended September 30, 2024 2023 Net loss attributable to S&W Seed Company $ (16,229,726) $ (5,949,629) Net loss from discontinued operations 9,994,499 931,887 Interest expense - amortization of debt discount 361,138 356,567 Non-recurring transaction costs 238,084 162,232 Dividends accrued for participating securities and accretion (127,892) (120,045) Equity in loss of equity method investee (Vision Bioenergy), net of tax 846,878 776,973 Non-GAAP adjusted net loss $ (4,917,019) $ (3,842,015) Non-GAAP adjusted net loss attributable to S&W Seed Company per common share, basic and diluted $ (2.15) $ (1.70) Weighted average number of common shares outstanding, basic and diluted 2,282,780 2,263,643 TABLE B S&W SEED COMPANY ITEMIZED RECONCILIATION BETWEEN NET LOSS AND NON-GAAP ADJUSTED EBITDA (UNAUDITED) Three Months Ended September 30, 2024 2023 Net loss attributable to S&W Seed Company $ (16,229,726) $ (5,949,629) Net loss from discontinued operations 9,994,499 931,887 Interest expense, net 761,879 948,728 Interest expense - amortization of debt discount 361,138 356,567 Provision for (benefit from) income taxes 1,142 (12,292) Depreciation and amortization 814,453 806,835 Non-recurring transaction costs 238,084 162,232 Non-cash stock-based compensation 243,908 402,641 Foreign currency loss 7,926 570 Equity in loss of equity method investee (Vision Bioenergy), net of tax 846,878 776,973 Dividends accrued for participating securities and accretion (127,892) (120,045) Non-GAAP adjusted EBITDA $ (3,087,711) $ (1,695,533) View original content to download multimedia: https://www.prnewswire.com/news-releases/sw-files-first-quarter-2025-10-q-302316985.html SOURCE S&W Seed Company © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
NoneWe may be a bit technology-obsessed here, but the Engadget team does occasionally get around to low-tech activities, like reading. Well, some of us read on ereaders or our smartphones, but you get the point — books are great, and we read some exceptional ones this year that each deserve a shoutout. These are some of the best books we read in 2024. Quick Overview After World $16 at Amazon I Was A Teenage Slasher $19 at Amazon Final Cut $24 at Amazon All Fours More options $20 at Amazon $26 at Macy's $29 at Books-A-Million (BAM!) James $18 at Amazon Housekeeping $16 at Amazon Beautyland $16 at Amazon Burn $21 at Amazon Burnout: The Secret to Unlocking the Stress Cycle $21 at Amazon See 4 more Simon & Schuster After World After World is the first novel by Debbie Urbanski and, boy oh boy, is it a doozy. I haven’t been able to get it out of my head since I read it back in January. Simply put? The book chronicles a climate-based apocalypse from the vantage point of a (potentially) sentient AI. It follows the last human on Earth, a young woman named Sen, whose final experiences are being catalogued as part of an archival project. The narrator is an AI who jumps around Sen’s life at will, often repeating anecdotes in slightly different ways as it re-examines its subject and humanity as a whole. Being as how archival practices are so integral to the story here, chapters also include made-up near-future news articles and essays that discuss the final decades of humankind. These are really well done and, unfortunately, all-too-plausible. I have just one warning to would-be readers. This was the most emotionally devastating book I read this year, even if there are little bits of levity here and there. I can almost guarantee, however, that it’ll get stuck in your craw. — Lawrence Bonk, Contributing Reporter $16 at Amazon S&S/Saga Press I Was A Teenage Slasher I did a lot of reading in 2024, and was pretty lucky to have (mostly) enjoyed all the books and comics I picked up. That could have made it difficult to choose favorites when it came time to reflect on the year, but there was no question in my mind about which book I loved most, because one in particular fully knocked me on my ass, ripped my heart out, made me laugh, made me cry, etc., etc., etc.: Stephen Graham Jones’ I Was A Teenage Slasher . Now, I Was A Teenage Slasher wouldn’t seem like the kind story that’d leave you weeping about love and the power of friendship if you’re, you know, judging a book by its cover. The slasher genre isn’t exactly known for emotional depth, so if you went into this thinking you were just in for a classic revenge-killing spree with some teenage antics mixed in, I wouldn’t blame you. And you wouldn’t be entirely wrong — this book indeed has those things. But the supernatural slasher element, while being a major part of the plot, feels secondary to the rollercoaster coming of age story that’s really at its heart. Tolly Driver doesn’t want to be a slasher, but he is. It’s in his blood, thanks to a string of freak incidents that aligned in just the right way to seal his fate. Amber, his best friend and truly a ride-or-die, has lots of knowledge on the subject and essentially becomes his trip guide on this bewildering journey. I Was A Teenage Slasher deals with a lot of difficult subjects, like the grief of losing a parent young, something I instantly related to, the pressure of trying to do right by the people you love, and the terrifying reality of growing up and growing into yourself. But it's also very often funny, which helped offset all the gore and tragedy. This is the second year in a row a Stephen Graham Jones book has landed at the top of my list, which isn’t surprising because I’m a big fan, but I Was A Teenage Slasher is really on another level. It isn’t just one of my favorite books of the year, it’s probably one of my favorite books ever. I wanted to start it over the second I finished reading it, but I couldn’t because I was crying too hard. — Cheyenne MacDonald, Weekend Editor $19 at Amazon Pantheon Final Cut Charles Burns’ Final Cut is less overtly bizarre than some of his other works, though still very much a surreal ride as we see the world through the awkward and often delusional lens of aspiring filmmaker, Brian. Brian is obsessed with classic sci-fi horror movies like Invasion of the Body Snatchers , and takes his own art extremely seriously. He’s also crushing hard on Laurie, the star of a film he's planning. When Brian and a small group of friends go on a weekend trip to a remote cabin to film the movie, his yearning seems to grow stronger than his grasp on reality. There are several moments in this book where the actions of these characters feels so real it was almost hard to read — I wanted to shake them, tell them to just stop talking. Those moments of realness are balanced with a morose dreaminess throughout the book that makes everything feel a little unsettling. Burns’ illustrations are breathtaking, and really give life to Brian’s mental state and the uncomfortable dynamics of the situation. It’s a beautiful, somber exploration of mental health and obsession that it’d be hard not to connect with on some level. — C.M. $24 at Amazon Riverhead Books All Fours I was confused when All Fours got so much acclaim, topping year-end lists everywhere. Not because it wasn’t good — it’s insightful and moving and hilarious, with turns of phrase that feel completely new yet ancient in their truth. I was confused because how could a book that was so obviously written for me become so widely popular? As a 45-year-old perimenopausal woman/wife/mom who overthinks everything and is currently navigating the “end” of her “utility” and the upheaval/hormonal instability that brings, reading a book about a 45-year-old perimenopausal woman/wife/mom analyzing her way through that same drama was a trip. Of course, the unnamed character in the book goes about understanding this transition with far more adventure and abandon than I could ever. She turns a solo cross-country road trip into a secret three-week stay just 20 minutes from her home in a nondescript motel room that she redecorates to resemble a Parisian hotel suite. This then becomes the base camp for an affair with no sex, as well as the stage for a methodical examination (which includes lots of sex) of what it means to crest the top of the hill — and whether what’s waiting on the other side is freedom and inspiration or a steadily accelerating skid towards death. — Amy Skorheim, Reporter, Buying Advice $20 at Amazon Explore More Buying Options $26 at Macy's $29 at Books-A-Million (BAM!) Doubleday James As an English major with a focus on American literature, I had multiple encounters with Mark Twain’s Adventures of Huckleberry Finn . High school teachers and university professors dove deep into the classic, hailing it as a reckoning with the country’s fucked up inception as a slavery-based society. I dutifully admired the book, but as time passed, couldn’t help but see it as a little problematic. What would Jim have to say about what was really his “adventure”? James elevates Huck’s travelling companion from sidekick (at best, and prop at worst) to a fully-formed human dealing with the unfathomable injustices and terrors his status as an enslaved person brings. It’s a retelling that reinstates the more important perspective to an American classic, but it’s no academic rectification. It’s a funny and horrifying page-turning epic that goes well beyond the boundaries of Twain’s story. Everett’s James is a code-switching philosopher who has extended conversations with Voltaire about slavery and we see his relationship with Huck is far more layered than we knew. The raft-borne journey down the Mississippi is both more thrilling and harrowing than we remember, now that there’s a proper accounting of what's really at stake. — A.S. $18 at Amazon St. Martin's Press Housekeeping Housekeeping is, to oversimplify, weird. The novel's center — a home, in a fictional and remote town in Idaho — is both pastoral and destitute. In and around the walls of this fragile domesticity, Housekeeping piles subtle meaning and generational trauma seemingly aimlessly, just the way clutter grows to fill any space. Admittedly I grew frustrated partway into its relatively lean 219 pages, wondering what all this detail and backstory did, what exactly it was for. The answer is nothing. That's not how life works. It's a story of orphans, and how we're all orphaned; transients, and temporariness in general. It all weaves together to form not the arc of a plot, but the threads of a unique and deeply affecting cosmology. — Avery Ellis, Deputy Editor, Reports $16 at Amazon Farrar, Straus and Giroux Beautyland Beautyland is an excellent example of light sci-fi: it starts on the day Voyager 1 is launched, aliens may or may not be communicating via fax and you're never really sure if the protagonist Adina Giorno is of the Earth or not. It almost doesn't matter, as the book is less about possible extraterrestrial origins and more a study of a person who doesn't quite feel at home in their skin. The writing fits the alienation of the main character perfectly; it's matter-of-fact, a little awkward but unflinchingly real. It's in the same vein of Emily St. John Mandel's Sea of Tranquility and Station Eleven, two other books that use some sci-fi/post-apocalyptic tropes to tell exceedingly human stories. — Nathan Ingraham, Deputy Editor, News $16 at Amazon Knopf Burn When I read Peter Heller's Burn, it was already a bit too real — and that was before the election. Reading it now, its story of two men out camping in the Maine wilderness who wake up to find the state in the middle of a violent secession crisis could just be too much to handle. But Heller is a great storyteller, and the combo of extreme tension, confusion, moments of levity and moments of action keep it a compelling page-turner despite the grim subject matter. It's not a book of concrete answers, as the reader is usually just as in the dark as Jess and Storey are, and I was a little bit disappointed to exit the world when the book ended without knowing more. But spilling all the beans wouldn't have been true to Heller's vision, and Burn is ultimately better for it. — N.I. $21 at Amazon Ballantine Books Burnout: The Secret to Unlocking the Stress Cycle There is some irony to be appreciated, I'm sure, about my being too busy to finish reading a book about the stress of being too busy. But even though I've yet to get to the end of Burnout , by sisters Emily and Amelia Nagoski, I already feel like I've benefitted. Around late summer and the beginning of fall, my anxiety grew relentless and I was struggling to breathe every day. I've had this anxiety symptom for years, so I knew it wasn't physiological. The anxiety was then joined by constant frustration and random bouts of crying, as work and life started to overwhelm me. I knew something was off, and was looking everywhere for help. Finally, in the first half of Burnout , I read about completing the stress cycle and separating the stress from the stressor. I took some of the advice that the Nagoskis recommended, and finally found what I needed: to turn my brain off for at least an hour a day. Emily Nagoski is probably best known for her book Come As You Are , which many people recommend for its scientific and straightforward approach to sex. I started reading that book first, finding Nagoski's style engaging, educational and entertaining. She wasn't just talking about sex and the (limited) science around it — she was also explaining psychological and behavioral concepts that play into all aspects of life, in or out of the bedroom. Burnout , which was originally published in 2019, is much the same. It provides clear, relatable descriptions of situations, followed by cogent explanations of what is happening on a physiological and mental level. Then, through examples and easy-to-follow lists of actions, the Nagoskis explain ways to alleviate burnout. I still feel burned out, of course, and look forward to being able to finish the book soon. But even having read only part of it, I know that Burnout is one of my favorite books I've read ever, not to mention in 2024. — Cherlynn Low, Deputy Editor, Reviews $21 at AmazonBy Byron Kaye Since Meta whistleblower Frances Haugen aired internal emails in 2021 showing the tech giant knew of social media’s mental health impacts on teenagers, world leaders have agonised over how to curb the technology’s addictive pull on young minds. Even a 2023 recommendation by the US surgeon general to put health warnings on social media, blaming it for what he called a teenage mental health crisis, could not help lawmakers from Florida to France navigate resistance on grounds of free speech, privacy and the limits of age-checking technology. The spark that ended the stalemate was when the wife of the leader of Australia’s second-smallest state read The Anxious Generation, a 2024 bestseller criticising social media by U.S. social psychologist Jonathan Haidt, and told her husband to take action. “I remember precisely the moment that she said to me ‘you’ve got to read this book and you’ve got to do something about it’,” South Australia Premier Peter Malinauskas told reporters in Adelaide on Friday, a day after the country’s federal parliament passed a nationwide social media ban for youths under 16. “I didn’t reasonably anticipate it would take on so quickly,” he added. Malinauskas’s personal quest to restrict youth access to social media in his state, which represents just 7% of Australia’s 27 million population, to the world’s first national ban took just six months. The speed underscores the depth of concern in the Australian electorate over the issue. Australian Prime Minister Anthony Albanese is due to hold an election in early 2025. An Australian government YouGov survey found that 77% of Australians back the under-16 social media ban, up from 61% in August prior to the government’s official announcement. Only 23% oppose the measure. “It all originated here,” said Rodrigo Praino, a professor of politics and public policy at South Australia’s Flinders University. “The federal government including the prime minister understood immediately that that was a problem that needed to be solved (and) best addressed if it’s done nationwide. Allowing kids to indiscriminately use social media has become an issue globally.” When the father of four answered the call from his wife in May, Facebook and Instagram owner Meta had two months earlier said it would stop paying content royalties to news outlets globally, potentially triggering an Australian online copyright law. Meta’s decision, in part, prompted the federal government to open a broad inquiry into societal impacts of social media, ranging from the merits of age-gating social media to the knock-on effects of Meta cancelling royalties. Opposition lawmakers meanwhile began calling for age restrictions on social media against the backdrop of a legal fight between X and Australia’s e-Safety regulator over the spread of false and graphic content related to two public knife attacks in Sydney in April. In May, Rupert Murdoch’s News Corp, the country’s biggest newspaper publisher, began an editorial campaign to ban children under 16 from social media, calling “Let Them Be Kids”. Through the middle of 2024, News Corp mastheads and the parliamentary inquiry aired emotional accounts from parents whose children had taken or lost their lives as a result of bullying and body image problems tied to social media. After Malinauskas unveiled his state policy banning under-14s in September, Albanese was in the media the next day saying his government would enact a federal version by the end of the year. “Parents want their kids off their phones and on the footy field,” said Albanese, who like Malinauskas is from the centre-left Labour party. “So do I.” The proposed South Australian ban was, however, largely in line with restrictions already legislated in countries including France and U.S. states like Florida, which held the door open for teens over 14 to keep using social media with parental permission. The federal model Albanese’s government introduced to parliament in November carried no parental discretion, with the explanation that it freed parents from the burden of playing a policing role. The ban was roundly attacked by social media companies which complained it gave them full responsibility – and the threat of a A$49.5 million fine – without telling them how it would work. A trial of age-verification technology begins next year. The left-leaning Greens rejected the law as rushed and unfair on young people, while some far-right lawmakers broke from their party’s support and voted against it on concerns of government overreach and potential surveillance. But with locked-in support from the government and most of the opposition, the law was passed just after 11pm on the last parliamentary day of the year. It takes effect one year later. “I’m pleased to see that it’s got as far as it has in Australia,” said Robert French, the former High Court judge commissioned by Malinauskas in May to report on whether a state-based age restriction would be possible. Some of French’s recommendations, including making the ban national and putting responsibility on platforms to take reasonable steps to keep minors out, are included in the final legislation. “The basic sensible model is in place,” French said by telephone.
Putin calls Azerbaijani president for second time in two days regarding plane crash
Mikaela Shiffrin suffers abrasion on hip during crash on final run of World Cup giant slalom