The U.S. Navy is transforming a costly flub into a potent weapon with the first shipborne hypersonic weapon, which is being retrofitted aboard the first of its three stealthy destroyers. The USS Zumwalt is at a Mississippi shipyard where workers have installed missile tubes that replace twin turrets from a gun system that was never activated because it was too expensive. Once the system is complete, the Zumwalt will provide a platform for conducting fast, precision strikes from greater distances, adding to the usefulness of the warship. The USS Zumwalt is seen at the Huntington Ingalls shipyard Nov. 21 in Pascagoula, Miss. “It was a costly blunder. But the Navy could take victory from the jaws of defeat here, and get some utility out of them by making them into a hypersonic platform,” said Bryan Clark, a defense analyst at the Hudson Institute. The U.S. has had several types of hypersonic weapons in development for the past two decades, but recent tests by both Russia and China have added pressure to the U.S. military to hasten their production. People are also reading... Hypersonic weapons travel beyond Mach 5, five times the speed of sound, with added maneuverability making them harder to shoot down. Last year, The Washington Post reported that among the documents leaked by former Massachusetts Air National Guard member Jack Teixeira was a defense department briefing that confirmed China had recently tested an intermediate-range hypersonic weapon called the DF-27. While the Pentagon previously acknowledged the weapon’s development, it had not recognized its testing. One of the U.S. programs in development and planned for the Zumwalt is the “Conventional Prompt Strike.” It would launch like a ballistic missile and then release a hypersonic glide vehicle that would travel at speeds seven to eight times faster than the speed of sound before hitting the target. The weapon system is being developed jointly by the Navy and Army. Each of the Zumwalt-class destroyers would be equipped with four missile tubes, each with three of the missiles for a total of 12 hypersonic weapons per ship. In choosing the Zumwalt, the Navy is attempting to add to the usefulness of a $7.5 billion warship that is considered by critics to be an expensive mistake despite serving as a test platform for multiple innovations. The USS Zumwalt is seen at the Huntington Ingalls shipyard Nov. 21 in Pascagoula, Miss. The Zumwalt was envisioned as providing land-attack capability with an Advanced Gun System with rocket-assisted projectiles to open the way for Marines to charge ashore. But the system featuring 155 mm guns hidden in stealthy turrets was canceled because each of the rocket-assisted projectiles cost between $800,000 and $1 million. Despite the stain on its reputation, the three Zumwalt-class destroyers remain the Navy’s most advanced surface warship in terms of new technologies. Those innovations include electric propulsion, an angular shape to minimize radar signature, an unconventional wave-piercing hull, automated fire and damage control and a composite deckhouse that hides radar and other sensors. The Zumwalt arrived at the Huntington Ingalls Industries shipyard in Pascagoula, Mississippi, in August 2023 and was removed from the water for the complex work of integrating the new weapon system. It is due to be undocked this week in preparation for the next round of tests and its return to the fleet, shipyard spokeswoman Kimberly Aguillard said. A U.S. hypersonic weapon was successfully tested over the summer and development of the missiles is continuing. The Navy wants to begin testing the system aboard the Zumwalt in 2027 or 2028, according to the Navy. The U.S. weapon system will come at a steep price. It would cost nearly $18 billion to buy 300 of the weapons and maintain them over 20 years, according to the Congressional Budget Office. Critics say there is too little bang for the buck. “This particular missile costs more than a dozen tanks. All it gets you is a precise non-nuclear explosion, some place far far away. Is it really worth the money? The answer is most of the time the missile costs much more than any target you can destroy with it,” said Loren Thompson, a longtime military analyst in Washington, D.C. US Navy intercepts Houthi missiles aimed at American ships in Gulf of Aden The U.S. Navy intercepted Houthi missiles and drones targeting two warships and three merchant vessels in the Gulf of Aden. But they provide the capability for Navy vessels to strike an enemy from a distance of thousands of kilometers — outside the range of most enemy weapons — and there is no effective defense against them, said retired Navy Rear Adm. Ray Spicer, CEO of the U.S. Naval Institute, an independent forum focusing on national security issues, and former commander of an aircraft carrier strike force. Conventional missiles that cost less aren’t much of a bargain if they are unable to reach their targets, Spicer said, adding the U.S. military really has no choice but to pursue them. “The adversary has them. We never want to be outdone,” he said. The U.S. is accelerating development because hypersonics have been identified as vital to U.S. national security with “survivable and lethal capabilities,” said James Weber, principal director for hypersonics in the Office of the Assistant Secretary of Defense for Critical Technologies. “Fielding new capabilities that are based on hypersonic technologies is a priority for the defense department to sustain and strengthen our integrated deterrence, and to build enduring advantages,” he said. Rising Costs Hit Military Families Hard: Here’s How You Can Help Rising Costs Hit Military Families Hard: Here’s How You Can Help Image Credit: Jacob Lund / Shutterstock The financial challenges facing U.S. military households are a significant concern throughout the year. Holidays such as Memorial Day, Armed Forces Day, or Veterans Day highlight the ongoing struggles that service members face, particularly amid rising costs for everyday essentials. Recent data from the U.S. Census Bureau’s Household Pulse Survey shows a troubling trend: Military personnel and their families are finding it more difficult to cover basic household expenses such as food, housing, and transportation than the average American. Our analysis examines how service members are faring in today’s economy compared to civilian households, highlighting the states where military families report the greatest challenges in managing their finances. As we enter Giving Season, we’ve also highlighted meaningful ways to support service members and their families through charitable contributions, offering an opportunity to make a direct impact on those who serve our nation. Financial Challenges Facing Service Members Service members are struggling more financially than the average American. Image Credit: Upgraded Points According to recent Household Pulse Survey data, members of the armed services are experiencing financial strain at higher rates than the general U.S. population. Over 40% of service members report difficulty covering their usual household expenses, compared to 36.6% of all U.S. adults. The data also shows heightened anxiety among service members regarding rising prices. Nearly 80% of military personnel express stress about recent price increases, significantly higher than the 71.8% of all U.S. adults who share similar feelings. Furthermore, 81.8% of service members are concerned about future price hikes, reflecting widespread uncertainty about inflation’s long-term impact on household budgets. States Where Service Members Struggle To Cover Costs More than half of service members in certain states have difficulty covering basic household expenses. Image Credit: Upgraded Points Across the U.S., the financial burden on service members varies significantly from state to state, primarily influenced by local economic conditions. According to the most recent data, Utah leads with 53.7% of service members reporting difficulty covering basic household expenses, closely followed by Louisiana (52.9%) and Alaska (52.8%). Other states where over half of service members are struggling include Indiana (52.0%), Tennessee (51.2%), New York (50.8%), and Florida (50.3%). A key issue service members frequently raise is that their Basic Allowance for Housing (BAH) has not kept pace with the rapidly rising cost of housing. In states where service members face the greatest financial difficulties, such as Utah, Indiana, Tennessee, and Florida, home price increases have far exceeded the national average, exacerbating the strain on household budgets. Another critical factor affecting military families is the employment challenges military spouses face. According to the Department of Defense, the military spouse unemployment rate was 21% in 2023, compared to a national rate of 3.6% that year. Many military bases are located in rural or remote areas, limiting job opportunities for spouses, particularly in specialized fields. Additionally, frequent relocations make it difficult for spouses to sustain long-term careers, especially for those in professions requiring state-specific occupational licenses that can be difficult to transfer. Service members are also more likely to report financial struggles in states with higher-than-average unemployment rates, such as Louisiana, Alaska, and New York. Conversely, the state unemployment rate is below average in 9 of the 10 states where service members report the least financial difficulty. This suggests that strong local employment opportunities, particularly for spouses, significantly ease the financial burden on military households. How You Can Help: Top Military and Veteran Charities Photo Credit: Bumble Dee / Shutterstock One of the most impactful ways to support service members, veterans, and their families who are facing financial hardships is through donations to reputable charities. These organizations are dedicated to addressing the unique challenges faced by military families and veterans, providing vital assistance in areas like housing, medical expenses, scholarships, and career training. To help guide your generosity, we’ve compiled a list of top-rated charities based on scores from Charity Navigator , CharityWatch , and GuideStar , which assess organizations on criteria such as impact, efficiency, accountability, and transparency. Here are some of the best charities supporting military families and veterans in need: 1. USO For over 80 years, the USO has provided crucial support to active-duty service members and their families. From financial assistance programs to community-building initiatives, the USO helps service members stay connected to loved ones while addressing their most pressing needs during deployments and transitions. 2. Homes For Our Troops This charity is focused on providing specially adapted homes for severely injured post-9/11 veterans. It helps veterans regain independence. Homes For Our Troops also provides financial planning and household budgeting to ensure long-term stability for the recipients. 3. Iraq and Afghanistan Veterans of America (IAVA) Dedicated to advocating for veterans of the Iraq and Afghanistan wars, IAVA works to improve government policies and programs that support military families. Its advocacy ensures veterans have access to financial resources, healthcare, and education opportunities. 4. Fisher House Foundation This foundation builds “comfort homes” near military and VA medical centers, allowing families to stay free of charge while a loved one is hospitalized. By reducing travel and lodging expenses, Fisher House eases financial stress during difficult times. 5. Hope For The Warriors Offering a range of programs focused on financial stability, wellness, social support, and education, Hope For The Warriors provides critical support to service members, veterans, and their families. Its services include direct financial assistance for transitioning service members and veterans in need, career training and job placement, and scholarships for spouses. 6. Semper Fi & America’s Fund Semper Fi & America’s Fund assists wounded, ill, and injured service members and their families through direct financial assistance and case management during hospitalization and recovery. The organization also provides educational support, career assistance, and health and wellness services. 7. Wounded Warriors Family Support (WWFS) WWFS supports families of those wounded or killed in combat through programs like medical travel grants, meal and housekeeping assistance, in-home care services, and family retreats. By addressing these families' immediate and ongoing needs, WWFS alleviates the financial burdens of those suffering from recent tragic events. For more information, a detailed methodology, and complete results, see Rising Costs Hit Military Families Hard: Here’s How You Can Help on Upgraded Points . Methodology Photo Credit: Jacob Lund / Shutterstock Upgraded Points conducted the analysis using the latest data from the U.S. Census Bureau Household Pulse Survey Phase 4.0–4.2 , covering the period from January 9, 2024, to September 16, 2024. Service members were defined as adults currently serving in the U.S. armed forces (Active Duty, Reserve, or National Guard) and their spouses. This analysis focuses on 3 key questions from the survey: Statistics with fewer than 50 survey responses were omitted from the analysis. Additional statistics on home prices were sourced from Zillow’s Home Value Index , and unemployment rates were sourced from the U.S. Census Bureau’s 2023 American Community Survey 1-Year Estimates . For complete results, see Rising Costs Hit Military Families Hard: Here’s How You Can Help on Upgraded Points. Get local news delivered to your inbox!
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SAN DIEGO, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Robbins LLP reminds investors that a class action was filed on behalf of all persons and entities that purchased or otherwise acquired Chipotle Mexican Grill, Inc. CMG common stock between February 8, 2024 and October 29, 2024, and those who purchased Chipotle call options or sold put options during this time. Chipotle "owns and operates Chipotle Mexican Grill restaurants, which feature a relevant menu of burritos, burrito bowls (a burrito without the tortilla), quesadillas, tacos, and salads." For more information, submit a form , email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003. The Allegations: Robbins LLP is Investigating Allegations that Chipotle Mexican Grill, Inc. (CMG) Misled Investors Regarding the Impact of Customer Dissatisfaction on its Business According to the complaint, during the class period, defendants failed to disclose that Chipotle's portion sizes were inconsistent and left many customers dissatisfied with the Company's offerings, and in order to address the issue and retain customer loyalty, the Company would have to ensure more generous portion sizes, which would increase cost of sales. The complaint alleges that on July 24, 2024, Chipotle conducted its Q2 2024 earnings call, acknowledging that portion inconsistency was an issue at Chipotle, and that it had caused customers to feel justifiably unhappy with the Company. To combat the issue, Chipotle said it was "committed to making this investment to reinforce that Chipotle stands for a generous amount of delicious, fresh food at fair prices for every customer, every visit." However, the Company would incur higher costs of sales in the third quarter of 2024, partially as a result of giving more generous portions. On October 29, 2024, Chipotle held its Q3 2024 earnings call, indicating that the cost of sales had increased from last year. What Now: You may be eligible to participate in the class action against Chipotle Mexican Grill, Inc. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by January 10, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here . All representation is on a contingency fee basis. Shareholders pay no fees or expenses. About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders. To be notified if a class action against Chipotle Mexican Grill, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today. Attorney Advertising. Past results do not guarantee a similar outcome. Contact: Aaron Dumas, Jr. Robbins LLP 5060 Shoreham Pl., Ste. 300 San Diego, CA 92122 adumas@robbinsllp.com (800) 350-6003 www.robbinsllp.com https://www.facebook.com/RobbinsLLP/ https://www.linkedin.com/company/robbins-llp/ A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/d2887717-75f6-4590-8162-03c334349574 © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
How to teach your kids right from wrong without laying the groundwork for them to become a complete pushover in later life? That’s the conundrum explored in Hsaio Ya-chuan’s Old Fox , the Taiwanese submission for the Best International Feature Oscar . Set in 1990, at the height of Taiwan ’s economic bubble, it concerns an 11-year-old boy named Liao Jie (Bai Run-yin), who lives with his widowed father Liao Tai-Lai (Liu Kuan-Ting). Liao Tai-Lai is a gifted musician who dreams of opening his own barber shop but cannot afford it. By chance, Liao Jie comes to befriend his neighborhood’s notorious landlord, Mr. Xie (Akio Chen), and the difference between the two men — one kind but poor, the other ruthless but rich — forces the youngster to wonder which might be the most effective role model. “The inspiration actually came from the questions that my kids asked me when they were about the same age as Liao Jie,” Hsaio at said Deadline’s Contenders International award-season event. “They asked me questions about whether there is fairness and justice in this world, and I couldn’t answer those questions easily. So I kept on asking myself, ‘Is there? And what should I teach my kids?’ Those questions just stayed with me, and that’s how I came to make this film, by trying to answer those questions.” RELATED: Best International Feature Film Oscar Winners Through The Years: Photo Gallery Significantly, the film takes place during a specific period in Taiwan’s recent history. “So, a little background about 1990 and Taiwan,” said Hsaio. “In 1987, martial law was finally lifted. After that, a lot of the regulation changed for the stock market, and the market started to boom drastically. ... That was when the gap between the poor and the rich started to change so much, and that’s why I chose that time period for the story. Back then, some people got super-rich because of the stock market. Back in my college days, the whole street [I lived on] belonged to one person — the same landlord.” Unusually for a film of this kind, Old Fox is subtle about the lessons that Liao Jie learns; Hsaio’s story is more concerned with the way the boy considers his options. “I think it’s about making a moral choice, which is really, really universal,” said Hsaio. “Even nowadays, in 2024, we still experience the same situation. The gap between the rich and the poor didn’t disappear. It actually became even more drastic. The rich are definitely way richer, and the poor are way poorer. So, we are still in this same situation.” RELATED: Contenders International — Deadline’s Complete Coverage The inequality between rich and poor won’t go away any time soon, and Hsaio is realistic about his film’s chances of changing the status quo. “I definitely think it’s hard to have an impact on a massive global impact in such a short time and just with a movie,” he said, “But what we can do is that we can start [the conversation] within ourselves. So that’s one reason also I’m making this film, to have this dialogue with my children about the choices you make, if you want to be more like Boss Xie or if you want to be more like Liao Tai-Lai or if you can find your own way, somewhere in the middle, to be a little selfish but also have a heart — to be able to care about others and not harm them in a very bad way. With this movie, I can plant some seeds in the audience’s head. Although they might not change overnight, they can definitely start to think about this topic.” Check back Monday for the panel video. RELATED: The 2025 Oscars: Everything We Know So Far About The Nominations, Ceremony, Date & HostOpinion: MAGA billionaires have captured the political systemGary O’Neil accepts criticism from Wolves fans after heavy defeat at Everton
SINGAPORE, Nov. 23, 2024 (GLOBE NEWSWIRE) -- Trident Digital Tech Holdings Ltd (("Trident" or the "Company, NASDAQ: TDTH ), a leading digital transformation facilitator in the e-commerce enablement and digital optimization services market for small and medium enterprise (SMEs) in Singapore, today announced its unaudited financial results for the six months ended June 30, 2024. Initial Public Offering On September 11, 2024, the Company closed the initial public offering of 1,800,000 American Depositary Shares ("ADSs") at a price to the public of US$5.00 per ADS. Each ADS represents eight Class B Ordinary Shares of the Company. Trident's ADSs began trading on the Nasdaq Capital Market on September 10, 2024, under the symbol "TDTH." First Half of 2024 Financial Highlights Total revenues were US$378,839, compared to US$481,165 for the six months ended June 30, 2023. Net loss was US$1,927,027, compared to US$1,861,412 for the six months ended June 30, 2023. Soon Huat Lim, Trident's Founder, Chairman, and Chief Executive Officer, commented, "Our recent performance comes as we continue our ongoing business transformation, marked by our successful listing on Nasdaq this September. While we're pleased with this important milestone in our corporate journey, we're equally encouraged by the growing momentum of Tridentity, our Web 3.0 e-commerce platform launched in December 2023. As we navigate our business transition, we're strategically investing in innovation and market expansion while maintaining disciplined resource allocation. The increasing adoption of our solutions across key verticals such as food and beverage, fintech, and retail validates our vision of bridging businesses to a secure and trusted digital commerce ecosystem. Looking ahead, we remain focused on leveraging our position as a U.S.-listed company to accelerate our growth and deliver long-term shareholder value." Haiyan Huang, Trident's Chief Financial Officer, added, "Our first half results reflect the ongoing transformation of our business model and the investments we are making to position ourselves for future growth. Our total revenues declined 21.3% year over year as we sought to prioritize the shift towards our Web 3.0 e-commerce platform. Our strategic investments in the business transformation, while impacting our near-term profitability, are essential to ensuring the security, functionality, and overall success of our platform. We remain focused on the disciplined execution of our transition strategy as we seek to become a leader in Web 3.0 enablement." Key Financial Results For the six months ended June 30 Change in % of 2024 2023 amount change Revenues $ 378,839 $ 481,165 $ (102,326 ) -21.27 % Cost of revenues (360,390 ) (389,569 ) 29,179 -7.49 % Gross profit 18,449 91,596 (73,147) -79.86 % Selling expenses (264,326 ) (253,343 ) (10,983 ) 4.34 % General and administrative expenses (1,528,022 ) (1,551,710 ) 23,688 -1.53 % Research and development expenses (172,519 ) (192,855 ) 20,336 -10.54 % Total operating expenses (1,964,867) (1,997,908) 33,041 -1.65 % Loss from operations (1,946,418) (1,906,312) (40,106) 2.10 % Total other income, net 19,391 44,900 (25,509 ) -56.81 % Loss before income tax expense (1,927,027) (1,861,412) (65,615) 3.53 % Income tax expense - - - N/A Net loss $ (1,927,027 ) $ (1,861,412 ) $ (65,615 ) 3.53 % Unaudited Financial Results for the Six Months Ended June 30, 2024 Revenues For the six months ended June 30, Variances 2024 2023 Amount % Business consulting $ 111,318 $ 113,764 $ (2,446 ) -2.15 % IT customization 265,649 367,401 (101,752 ) -27.70 % (i) IT consulting - 130,289 (130,289 ) -100.00 % (ii) Management software 265,649 237,112 28,537 12.04 % Others 1,872 - 1,872 N/A Total revenues $ 378,839 $ 481,165 $ (102,326 ) -21.27 % The Company's revenues decreased by 21.27% from US$481,165 for the six months ended June 30, 2023, to US$378,839 for the six months ended June 30, 2024. The decrease was primarily due to the Company's strategic shift towards prioritizing its Web 3.0 e-commerce platform, Tridentity, a core growth area for its long-term vision in the future. As a result, the Company allocated fewer resources to its consulting and IT customization business. This realignment allows the Company to concentrate on expanding its presence in Tridentity, positioning Trident to capture new opportunities in a rapidly advancing digital ecosystem. Tridentity, the Company's flagship product, is a cutting-edge identity app built on blockchain technology, designed to provide secure single sign-on capabilities to integrated third-party systems in various industries, which was launched in December 2023. Tridentity currently includes three primary business modules: Tri-event for NFT (Non-Fungible Token) event ticketing, Tri-food for block-chain powered food delivery, and Tri-verse for virtual community connecting its users. As the platform remains in the development, optimization, and gradual testing stages, the Company generated only US$1,872 in revenue from providing technical support for selling event tickets on behalf of merchants through Tridentity for the six months ended June 30, 2024. Cost of Revenues For the six months ended June 30, Variances 2024 2023 Amount % Service fees $ 358,534 $ 246,572 $ 111,962 45.41 % Direct labor costs - 122,142 (122,142 ) -100.00 % Miscellaneous cost 1,856 20,855 (18,999 ) -91.10 % Total cost of revenues $ 360,390 $ 389,569 $ (29,179 ) -7.49 % The Company's cost of revenues decreased by 7.49% from US$389,569 for the six months ended June 30, 2023 to US$360,390 for the six months ended June 30, 2024, primarily due to a decrease in direct labor cost and miscellaneous costs in total of US$141,141 as a result of a significant reduction in headcount in response to lower business volumes and cost controls, and partially offset by an increase of service fees in the amount of US$111,962 as a result of the fulfillment of slightly increased number of management software solutions projects since the second half of 2023. Gross profit and margin As a result of the factors described above, the Company recorded a gross profit of US$0.09 million and US$0.02 million for the six months ended June 30, 2023 and 2024, representing a gross profit margin of 19.0% and 4.9%, respectively. The decrease in gross profit margin was primarily due to the decrease in IT consulting services with relatively higher gross margin and high proportion of revenues in the first half of 2023, which had no revenue in the first half of 2024. Operating expenses Selling expenses The Company's selling and marketing expenses slightly increased from US$253,343 for the six months ended June 30, 2023 to US$264,326 for the six months ended June 30, 2024. The increase was primarily due to hiring of additional business development personnel to support the launch, operation and promotion of Tridentity since the second half of 2023, which was partially offset by the decrease in marketing and advertising expenses due to the Company's strict control over discretionary spending. General and administrative expenses The Company's general and administrative expenses decreased slightly from US$1,551,710 for the six months ended June 30, 2023 to US$1,528,022 for the six months ended June 30, 2024. The decrease was primarily due to a decrease in professional service fees and other overhead expenses, which was partially offset by an increase in payroll expenses due to additional headcount in management. Research and development expenses The Company's research and development expenses decreased from US$192,855 for the six months ended June 30, 2023 to US$172,519 for the six months ended June 30, 2024, primarily due to the decrease in system development expenses for which there will be no further related expenses in 2024. This decrease was partially offset by the increase in payroll expenses, outsource service fees and the technical support expenses for Tridentity. Other income, net The Company's other income, net decreased from US$44,900 for the six months ended June 30, 2023 to US$19,391 for the six months ended June 30, 2024. The decrease was primarily due to the decrease of interest income and the depreciation of the Singapore dollar against the U.S. dollar in the Company's reporting currency translation from S$1.3523 to US$1.00 for the six months ended June 30, 2023 to S$1.3552 to US$1.00 for the six months ended June 30, 2024, leading to a decrease in unrealized gain as the foreign currency exposures are liabilities. About Trident Trident is a leading digital transformation facilitator in the e-commerce enablement and digital optimization services market for SMEs in Singapore. The Company offers business and technology solutions that are designed to optimize clients' experiences with their customers by driving digital adoption and self-service. Tridentity, the Company's flagship product, is a cutting-edge identity app built on blockchain technology, designed to provide secure single sign-on capabilities to third-party integrated systems in industry verticals such as e-commerce, food and beverage, fintech, healthcare and health services, and wholesale and retail. Tridentity endeavors to offer unparalleled security features, ensuring the protection of sensitive information and safeguarding against potential threats, which promises a new and better age in the digital landscape. Orchestrating with and beyond Tridentity, Trident's mission is to be the leader in Web 3.0 enablement, bridging businesses to a trusted and secure e-commerce platform with curated customer experiences. Safe Harbor Statement This announcement contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in announcements and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's strategies, future business development, and financial condition and results of operations; the expected growth of the digital solutions market; the political, economic, social and legal developments in the jurisdictions that the Company operates in or in which the Company intends to expand its business and operations; the Company's ability to maintain and enhance its brand. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this announcement is as of the date of this announcement, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For Investor/Media Enquiries Investor Relations Robin Yang, Partner ICR, LLC Email: investor@tridentity.me Phone: +1 (212) 321-0602 TRIDENT DIGITAL TECH HOLDINGS LTD UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In U.S. dollars, except for share and per share data, or otherwise noted) As of June 30, As of December 31, 2024 2023 Assets Current assets: Cash $ 10,868 $ 1,808,603 Accounts receivable, net 2,140 2,198 Contract cost assets 194,417 341,808 Deferred offering costs 2,000,195 1,046,187 Amounts due from related parties 92,827 337,920 Prepaid expenses and other current assets 435,512 451,217 Total current assets 2,735,959 3,987,933 Non-current assets: Property and equipment, net 168,422 202,777 Operating lease right-of-use assets 1,119,503 1,639,233 Total non-current assets 1,287,925 1,842,010 TOTAL ASSETS 4,023,884 5,829,943 Liabilities Current liabilities: Current portion of long-term borrowings 58,885 68,987 Accounts payable 129,158 202,289 Deferred revenue 463,980 572,186 Amounts due to related parties, current 635,161 4,820 Accrued expenses and other liabilities 314,951 733,189 Operating lease liabilities, current 333,641 430,554 Total current liabilities 1,935,776 2,012,025 Non-current liabilities: Amounts due to related parties, non-current 723,140 - Long-term borrowings 126,963 176,589 Operating lease liabilities, non-current 785,863 1,208,679 Total non-current liabilities 1,635,966 1,385,268 TOTAL LIABILITIES 3,571,742 3,397,293 COMMITMENTS AND CONTINGENCIES Shareholders' equity Ordinary Shares (par value $0.00001 per share; 1,000,000,000 Class A ordinary shares authorized, 50,000,000 and 50,000,000 Class A ordinary shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively; 4,000,000,000 Class B ordinary shares authorized, 451,964,286 and 451,964,286 Class B ordinary shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively.)* 5,020 5,020 Additional paid-in capital 8,426,684 8,426,684 Accumulated deficit (8,110,572 ) (6,183,545 ) Accumulated other comprehensive income 131,010 184,491 Total shareholders' equity 452,142 2,432,650 TOTAL LIABILITIES AND EQUITY $ 4,023,884 $ 5,829,943 * The shares and per share information are presented on a retroactive basis to reflect the reorganization. TRIDENT DIGITAL TECH HOLDINGS LTD UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In U.S. dollars, except for share and per share data, or otherwise noted) For the six months ended June 30, 2024 2023 Net revenue $ 378,839 $ 481,165 Cost of revenue (360,390 ) (389,569 ) Gross profit 18,449 91,596 Operating expenses: Selling expenses (264,326 ) (253,343 ) General and administrative expenses (1,528,022 ) (1,551,710 ) Research and development expenses (172,519 ) (192,855 ) Total operating expenses (1,964,867 ) (1,997,908 ) Other income, net: Financial expenses, net (5,015 ) 23,742 Other income 24,406 21,158 Total other income, net 19,391 44,900 Loss before income tax expense (1,927,027 ) (1,861,412 ) Income tax expenses - - Net loss (1,927,027 ) (1,861,412 ) Other comprehensive (loss)/income: Foreign currency translation adjustment (53,481 ) 34,853 Total comprehensive loss (1,980,508 ) (1,826,559 ) Weighted average number of Ordinary Shares – basic and diluted* 501,964,286 410,205,000 Basic and diluted loss per ordinary share (0.00 ) (0.00 ) * The shares and per share information are presented on a retroactive basis to reflect the reorganization. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.26th Amendment disturbed judiciary’s position: Justice Mansoor Justice Mansoor stresses for framing well-thought-out rules for selection of best judges to constitutional courts ISLAMABAD: Senior pusine judge of the Supreme Court Justice Syed Mansoor Ali Shah has said that the judiciary had enjoyed primacy in the appointments process of the judges in Pakistan; however, this vital balance had been fundamentally disturbed under the 26th Constitutional Amendment which, now grants a majority to the executive in the Judicial Commission of Pakistan (JCP). “This unprecedented shift in the composition of the JCP poses grave risks, including the potential for political appointments and the packing of courts with judges lacking an ideological commitment to the rule of law,” Justice Mansoor wrote to Justice Jamal Khan Mandokhail, chairman of the JCP Rule-Making Committee for the appointment of judges. Justice Mansoor stressed for framing well-thought-out rules for selection of best judges to the constitutional courts of Pakistan, adding that any appointment made without a well-defined and transparent framework of rules would undermine public confidence in the judiciary, compromise its independence, and erode its ability to function as a neutral arbiter of justice. The senior judge urged the Rule Making Committee that to select the best judges that would promote the rule of law requires a focus on objective, fair and forward-looking criteria. He expressed grave concerns regarding the formulation of rules for the appointment of judges to the constitutional courts in Pakistan saying it is a matter of utmost significance to the independence of the judiciary, rule of law and democracy in our country. Justice Mansoor said that Clause 4 of Article 175A of the Constitution expressly mandates the Commission to make its rules of procedure, including the procedure and criteria for assessment, evaluation and fitness for appointment of judges. “In the absence of such rules, any proceedings undertaken by the Commission for appointment of Judges would be unconstitutional,” he wrote. The senior judge provided the Rule-Making Committee a list of key requirements for its consideration including integrity and ethical standards comprising unquestionable personal and professional integrity, demonstrated commitment to honesty, impartiality and rule or law as well as absence of corruption or any unethical conduct. The senior judge intimated the Rule-Making Committee that for newly appointed judges, consider a probationary period where performance is monitored before confirmation besides establishing mechanisms for evaluating judges’ performance post-appointment to ensure ongoing adherence to high standards. “By adopting this comprehensive approach, the JCP can ensure a fair, robust, and merit-based selection process that aligns with the principles of judicial independence and rule of law,” he wrote. He further said that the judiciary of Pakistan is passing through one of its weakest moments in our history, and the risks of executive overreach are higher than ever, adding that the absence of robust rules and criteria would allow outside influence to undermine the judiciary by facilitating appointments that serve partisan interests rather than upholding constitutional values. “Therefore, it is critical that no appointment to the constitutional courts proceeds until these rules are finalised and adopted by the JCP,” Justice Mansoor wrote, adding that this approach was essential not only for ensuring the independence of the judiciary but also for enhancing public trust in the courts as bastions of justice, the rule of law, and democratic accountability. He further said that any hurriedness in the matter by the JCP could seriously undermine and weaken the judiciary for years to come. The senior SC judge expected that the Rule-Making Committee would recognise the urgency and importance of the matter and act decisively to ensure that the process was both fair and resistant to outside influence. “Looking forward to the draft Rules in the next meeting of the JCP fixed on 21 December, 2024 and I understand that unless the Rules are finalised by the JCP we cannot initiate the process of appointment of judges”, Justice Mansoor concluded.
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