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What You Need To Know About Accounting for Non-Fungible Tokens—NFTs

Ledgible

TL;DR Best practices for NFT accounting vary with the underlying asset type Accurate accounting for NFTs is crucial to avoid noncompliance Companies can mitigate risk by getting professional help with NFT accounting Have you considered owning an NFT or adding NFTs to your inventory, but aren’t sure about the accounting? Procuring a non-fungible token (NFT) may feel daunting enough, and nobody likes complicated taxes. Getting the right guidance on accounting for NFTs is crucial before owning any of these digital assets. What questions do you have about NFT accounting? We’ve got seven best practices to get you seven notches closer to tracking your non-fungible tokens like a professional. 1. Determine Your NFT’s Asset Classification You may understand non-fungible tokens as digital coins that signify ownership of specific assets. NFTs can indicate ownership of a wide range of underlying assets, ranging from digital art and music to virtual real estate and domain names. Determining an NFT’s asset class for accounting purposes is frequently based on the specific nature of the underlying asset. NFT asset classification is necessary because asset classification plays a crucial role in accounting and financial reporting. An accurate classification can be essential to fairly valuing an NFT and understanding the potential implications of owning this type of digital asset. Check out these accounting best practices for classifying NFT assets: Understand the characteristics of the underlying asset Review regulatory guidance in the relevant jurisdictions Consider the purpose of holding the NFT—as inventory or an investment Continually reevaluate the NFT’s asset class designation 2. Assign a Value to Your NFTs What is an NFT worth? A key part of accounting for NFTs is using a valuation method to assign a dollar amount to each NFT. Here are three methods of NFT valuation: Cost-based valuation—valuing an NFT based on what it would cost to recreate the underlying asset Income-based valuation—valuing an NFT based on projected future cash flows associated with the underlying asset Comparable asset valuation—a valuation method based on sales prices of similar tokenized assets Many factors can impact the valuation of an NFT, such as: Rarity and scarcity of the underlying asset Ownership history of the NFT Privileges conferred by owning the NFT Quality and popularity of the underlying asset Market demand for tokenized assets Valuing NFTs can be particularly challenging due to the unique, non-fungible nature of the asset. Assessing the value of NFTs requires a tailored approach that is customized to individual NFTs. 3. Establish NFT Ownership and Control What does it mean—for accounting purposes—to own and control an NFT? A business that owns an NFT must report that token as an asset on its balance sheet. Clearly establishing ownership and control of an NFT is fundamental to accurate financial reporting. Let’s look more closely at NFT ownership and control in the context of accounting: Establishing NFT ownership can be crucial to ensure legal and tax compliance Not clearly establishing NFT control can result in incorrect revenue recognition or expense matching Clear ownership and control procedures for NFTs can ensure that only authorized individuals have access to an NFT Clear ownership and control also creates detailed audit trails that can be used to settle disputes 4. Consider the Tax Implications of Owning NFTs Accounting and taxation are generally inseparable—including for NFTs. Understanding the tax implications of owning NFTs is a major step toward becoming skilled with NFT accounting practices. Any income or gain derived from an NFT transaction is generally subject to tax, regardless of whether the transaction is a sale or trade. Here are some key best practices to remember, especially if you'd rather avoid a tax or accounting nightmare with NFTs: Document all NFT transactions, perhaps by using NFT accounting software from a platform like Ledgible Understand capital gains tax, including how it applies in your jurisdiction Consider the potential tax implications of NFT gifts or donations Pay attention to any tax code changes that may affect NFTs 5. Assess the NFT Regulatory Environment Another best accounting practice for NFTs is to continually assess the regulatory landscape. Regulations surrounding NFTs are indeed still evolving and may differ significantly across jurisdictions. Many aspects of the regulatory environment—involving intellectual property rights, taxation, consumer protection, and anti-money laundering rules—are perhaps subject to change. Individuals and organizations can benefit from routinely evaluating the regulatory environment for NFTs. Here are some useful tactics: Stay informed about regulatory developments pertinent to NFTs Determine what’s needed for your NFT to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations Understand the intellectual property (IP) rights associated with your NFT Consider engaging NFT legal experts to ensure ongoing compliance 6. Keep Accurate Records of NFT Transactions NFT accounting is only as accurate and compliant as the record-keeping that enables it. The importance of accurate accounting for NFTs probably can’t be understated. Why? That's because high-quality NFT accounting records can help with investment tracking, determining tax liability, and establishing proof of ownership. Credible NFT accounting records can also help to resolve conflicts, plus serve as documentation for audits or legal proceedings. What are some expert ways to record and manage your NFT transactions? Let’s take a look: Document all transactions Use only trustworthy NFT platforms Independently store your proof of ownership for NFTs Consider using a data storage back-up solution Regularly and promptly update your NFT records Consider leveraging professional record-keeping software 7. Know When to Get Help With NFT Accounting What’s your area of professional expertise? If it’s not NFT accounting, then a smart idea may be to get help with this potentially daunting task. You might be unsure of how to track, evaluate, or report NFT transactions—which is pretty understandable. When’s the right time to seek professional help with NFT accounting? Consider these potential indicators: The complexity and volume of your NFT transactions is high Keeping accurate records of your NFT transactions is difficult How to comply with applicable tax requirements is unclear Potential legal or regulatory consequences from your NFT activities are uncertain You’re spending too much time and effort on managing your NFT portfolio Even seasoned accounting professionals have options to get help with NFT accounting. They can leverage specialized software from crypto and NFT accounting platforms like Ledgible, plus access specialized consulting services. Finding an NFT accounting specialist or software solution can mean identifying a cost-effective solution that best meets your unique needs. Make sure to verify the credibility of the platform, understand the value proposition of the solution, and expect high-quality results from whichever NFT accounting solution you ultimately choose. The Ledgible Platform is a cryptocurrency tax & accounting solution designed for Institutions, Enterprises, and Professionals. Financial institutions, corporations, and accounting firms use the Ledgible platform globally for crypto tax, crypto accounting, and crypto audit for billions of dollars of crypto assets. For firms and enterprises seeking traditional financial verification, reporting, and assurance, Ledgible provides the tools they need to confidently embrace cryptocurrency in their work through a SOC 1 & 2 Type 2 Audited Solution. Contact Details Jan Jahosky jan@verady.com Company Website https://ledgible.io/

June 05, 2023 09:00 AM Eastern Daylight Time

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Avorak AI Detects Bizarre Ethereum Token Burn By KuCoin Exchange

Avorak AI Labs

In a recent turn of events, an AI Crypto protocol has detected a bizarre Ethereum token burn by the KuCoin exchange, raising questions and concerns about the reasons behind this occurrence. This comprehensive article will discuss the details of this extraordinary incident, examining its background, potential causes, and implications for the crypto community. Overview of the Incident The Ethereum null address, commonly called the burn address, is essentially a void within the blockchain cosmos. Any tokens transferred to this address become irrecoverable and are effectively taken out of circulation, leading to the term "burning." This process typically results in a decreased total supply and increased rarity of tokens, potentially causing their value to rise. KuCoin, a well-known cryptocurrency exchange, is vital in safeguarding substantial quantities of digital assets. The platform provides a broad selection of crypto services, such as trading, staking, and lending, making it a favored option for numerous investors and traders. Recently, Avorak AI, a cutting-edge artificial intelligence system, revealed a shocking occurrence on the KuCoin exchange that took place in September of the previous year. Over a three-day period beginning on September 7, 2021, the exchange accidentally transferred an immense amount of Ethereum (ETH) and Tether (USDT) tokens, valued at tens of millions of dollars, to the Ethereum burn address. This event remained largely undetected until Avorak AI’s recent discovery. The Sequence of Events The unexpected burns encompassed over 3,500 transactions involving USDT and ETH. The total value of the burned tokens amounted to tens of millions of dollars, making it one of the most significant burning incidents in the history of cryptocurrency. The series of transactions took place over three consecutive days. Avorak AI's analysis indicates that the first transaction occurred on September 7, 2021, followed by subsequent transactions on September 8 and 9. Avorak AI’s algorithmic capabilities allowed it to identify and analyze these unusual transactions, shedding light on a significant event that had gone under the radar for months. The Potential Causes A hypothesis regarding the Ethereum token burn speculates that a unique arrangement may have been made between KuCoin and Bitfinex, the entity responsible for issuing Tether (USDT). This deal would entail KuCoin exchanging USDT for Ethereum and then burning it. Nevertheless, this idea also needs to clarify why ETH is sent to the burn address. An alternative supposition indicates a possible system malfunction or a mistake in an automated procedure resulting in this atypical asset transfer. In the complex world of cryptocurrency exchanges, it is not entirely implausible for an error to occur, leading to such a massive and unintentional burn. A third possibility is that the token burn was intentional, although the motivation behind such a move remains unclear. Burning tokens can reduce their supply and potentially increase their value, but the sheer magnitude of the burned assets, in this case, raises questions about the rationale. Implications for the Crypto Community Burning such a substantial amount of Ethereum and Tether tokens could impact their overall supply. While the effect on the Ethereum supply may be relatively small compared to its total circulating supply, the impact on Tether's supply could be more significant, given its smaller market capitalization. The incident raises questions about the security and reliability of the KuCoin exchange. If the token burn was unintentional, it could indicate a vulnerability in the platform's systems or processes. On the other hand, if the burn was intentional, it could suggest an undisclosed motive that may concern users and regulators. The Role of Avorak AI Avorak AI's advanced analytics and detection capabilities allowed it to identify this unusual event, even several months after it transpired. The AI system's ability to analyze large volumes of data and identify anomalies demonstrates the potential for artificial intelligence in the field of cryptocurrency and blockchain. By detecting the incident and bringing it to the crypto community's attention, Avorak AI has showcased the importance of robust security and monitoring measures in the world of digital assets. The application of AI in detecting and preventing fraudulent activities, hacks, and other security breaches can significantly enhance the overall security of the cryptocurrency ecosystem. Conclusion The bizarre Ethereum token burn by the KuCoin exchange, detected by Avorak AI, has left the crypto community with more questions than answers. As the industry continues to mature and evolve, incidents like this emphasize the importance of transparency, robust security measures, and the role of AI in monitoring and enhancing the cryptocurrency ecosystem. Only time will tell if the reasons behind this extraordinary event will be revealed, but it remains a fascinating and mysterious chapter in the world of digital assets. Learn more here: Website | Buy AVRK Avorak is an AI-powered cryptocurrency built on the Binance Smart Chain, melding artificial intelligence, machine learning, and blockchain technology, creating a powerful and free-to-use platform with chatbots, trade indicators, generative content modules, and automated trading bots. This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice. Contact Details Adam Adam@avorak.ai Company Website https://avorak.ai/

June 05, 2023 09:00 AM Eastern Daylight Time

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Billy Markus Follows DOGE.Exchange on Twitter, Solidifies Its Position As A Key Player In The Dogecoin Community

DOGE.Exchange

In a significant development for the Dogecoin community, Billy Markus, the creator of Dogecoin, has recently started following @DOGE_Exchange on Twitter. This move has sparked enthusiasm among Dogecoin enthusiasts, highlighting the emergence of DOGE.Exchange as the leading Dogecoin-focused company dedicated to the popular cryptocurrency, DOGE. Markus' endorsement carries considerable weight, given his influential role in creating Dogecoin and ongoing involvement in crypto. DOGE.Exchange is the only Dogecoin-focused company that Markus is currently following on Twitter. Other companies like TheDogeCard and MyDogeWallet have yet to be followed by the Dogecoin creator, Billy Markus. DOGE.Exchange: An Overview DOGE.Exchange has swiftly established itself as a prominent player within the Dogecoin ecosystem. The platform aims to offer users a reliable and secure marketplace to trade Dogecoin and other cryptocurrencies by focusing exclusively on Dogecoin, and DOGE.Exchange is a specialized hub for enthusiasts and investors looking to engage with this unique digital currency. Billy Markus, alongside Jackson Palmer, created Dogecoin in 2013 as a lighthearted and fun cryptocurrency. Despite its humorous origins, Dogecoin has gained substantial popularity and a dedicated community. Markus played an instrumental role in designing the coin's technical framework and ensuring its early success. Markus has continued to support Dogecoin, actively participating in discussions surrounding the cryptocurrency's development and potential use cases—his decision to follow @DOGE_Exchange on Twitter signals his recognition of the company's commitment to promoting and fostering the growth of Dogecoin. Implications of Billy Markus' Endorsement Billy Markus' following of @DOGE_Exchange on Twitter carries significant weight within the Dogecoin community. As one of the original creators and an influential figure, his approval helps solidify DOGE.Exchange's position as the leading Dogecoin-focused company. This endorsement might attract attention to the platform, bringing in new users and further establishing its credibility. Furthermore, Markus' support serves as a testament to the legitimacy and potential of DOGE.Exchange as a possible cryptocurrency exchange. Despite its light-hearted beginnings, Dogecoin has garnered immense popularity and a passionate following—Markus’ recognition of DOGE.Exchange showcases the ongoing commitment of both the platform and the coin's community to advancing its adoption and utility. Conclusion The news of Billy Markus following The DOGE Exchange on Twitter marks a significant milestone for the DOGE.Exchange community. It highlights DOGE.Exchange's emergence as the primary company dedicated to promoting and fostering the growth of Dogecoin. Markus' endorsement validates the platform's commitment and underscores Dogecoin's potential as a profound and influential cryptocurrency. With the support of an influential figure like Billy Markus, The DOGE Exchange is poised to attract a more extensive user base, enhancing the platform's reach and impact. As the Dogecoin ecosystem continues to evolve, the collaboration between Markus and DOGE.Exchange signals a promising future for the cryptocurrency and its dedicated community. This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice. Cryptocurrency is a volatile market; do your independent research and only invest what you can afford to lose. Contact Details Alex A. info@doge.exchange Company Website https://www.doge.exchange/

June 05, 2023 09:00 AM Eastern Daylight Time

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DealMaker: Monogram Orthopaedics Listing Highlights the Power of the Crowd

DealMaker

DealMaker congratulates Monogram Orthopaedics Inc., (NASDAQ:MGRM) on listing on the Nasdaq Stock Market on May 18, 2023. Monogram is a medical technology company focused on reconstructive joint procedures and orthopedic implants. The company has a long-standing relationship with DealMaker and has raised over $44 million through online capital formation, including a significant amount under Regulation A. “It's incredible to see how Monogram harnessed the power of online capital formation to create a hugely supportive community of shareholders,” said Mat Goldstein, Co-Founder of DealMaker. “That community has powered Monogram’s capital markets strategy, from the seed stage through this public listing on NASDAQ.” The Monogram Orthopaedics listing is a significant milestone for equity crowdfunding and one of a handful of examples of issuers that start with online capital raising and move to a national stock exchange. “Many institutional investors and firms are reluctant to enter into the equity crowdfunding space and often assume there is no path to liquidity,” said Rebecca Kacaba, DealMaker Co-Founder and CEO. “We’ve seen issuers adopt another path to raising capital: Reg CF to Reg A then Reg A to public listing. It’s a great supplement to the traditional capital markets process.” Monogram has been an eye-catching story in the equity crowdfunding space. Monogram made history by completing the first fully-remote robotic orthopedic surgery in March 2023. In a live telecast, the Austin-based robot was controlled from New York City in real-time via an advanced user-operated foot pedal. “This was an incredible achievement for orthopedic robotics and medicine,” said founder Dr. Douglas Unis. “Despite being over 1,700 miles away, the real-time system was highly responsive with minimal latency. The applications for a robust system with these capabilities are tremendous. No system on the market today is capable of doing what Monogram just demonstrated.” DealMaker is on a mission to bring online capital formation into the mainstream. DealMaker offers a suite of primary issuance, shareholder management, and capital raising solutions that includes equity crowdfunding, investor ranking algorithms, and data/analytical tools to support all capital raise types and all securities. DealMaker’s innovative technology was designed to enable organizations to own and control exempt market raises to get the money they need, faster. DealMaker works for their issuers: putting brands and founders back in control to run streamlined, successful capital raises. The company’s offices are located in Toronto, Canada, Austin, Texas and Tampa, Florida. Visit DealMaker.tech for more information. Contact Details Natasha Jose natasha.jose@dealmaker.tech Company Website https://www.dealmaker.tech/

June 05, 2023 09:00 AM Eastern Daylight Time

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FCA grants agent EMI licence to PayFuture as it reaches major milestones

PayFuture

British fintech payments company PayFuture is today announcing it has been granted an agent Electronic Money Institution (EMI) licence by UK regulator, the Financial Conduct Authority (FCA). With this licence, PayFuture is poised to deliver a comprehensive suite of localised payment products and methods, designed to offer convenience and efficiency in an increasingly digital world. The company's advanced technology platform, combined with its deep understanding of online merchant’s needs, will enable businesses to access untapped markets effortlessly. The agent EMI licence positions PayFuture as a trusted and regulated entity, enabling the company to issue electronic money, facilitate digital payments, money disbursements and offer a range of other payment services, further enhancing its ability to meet the evolving needs of online businesses. Founded in 2019, PayFuture has grown from strength to strength every year. It has been a profitable business from the first year and has scaled organically without any external funding. Today, the company offers local payment services in over 40 countries and has helped hundreds of businesses around the world process over $2 billion of transactions. Businesses use PayFuture's proprietary system "Emerging Market Entry Methodology'' (EM 2 ) to accept and disperse payments quickly and seamlessly in emerging markets. The agent EMI licence represents a culmination of extensive efforts by PayFuture to adhere to the highest standards of compliance and risk management. The regulatory approval underscores the company's commitment to maintaining the utmost transparency and regulatory compliance while providing innovative payment solutions. The agent EMI licence achievement comes hot on the heels of PayFuture launching 11 direct solutions in new countries within just the past 6 months, as well as becoming PCI Level 1 compliant which is the highest level of compliance and payment security standards merchants can comply with to securely store, transmit, and process credit card information. This progress represents significant leaps in the company's mission to transform from being a payments technology platform to becoming the largest payments processor supporting businesses looking for local payment options across the world's emerging markets. "We are delighted to have been granted the agent EMI licence, a significant achievement that showcases our dedication to excellence in the payments industry," said Manpreet Haer, CEO and Co-Founder of PayFuture. "This milestone is a testament to our team's quality and hard work, as well as our unwavering commitment to providing solutions that have previously not been available to merchants, resulting in net new profits for them. We are excited to continue pushing boundaries and revolutionising the way people do business in underbanked emerging markets”. The agent EMI licence marks a pivotal moment in the company's growth trajectory, as it expands its reach and strengthens its position as the leader in payments within frontier markets. About PayFuture PayFuture was founded in 2019 by industry veterans experienced in the payments technology and cyber security space. They formed PayFuture as an alternative means to help businesses get paid and establish a market leading global payment technology. Today, PayFuture is a team of innovators, technologists and payments enthusiasts who are focused on their mission to bridge the gaps between technology, intelligence and payments. PayFuture’s mission is ensuring merchants, along with their customers, receive the best seamless customer experience that maximises sales, profits, and client retention. In doing so, PayFuture aims to become a global payment provider known for its diversity of localised payment options within emerging countries. With the recently acquired agent EMI licence, PayFuture is well-positioned to expand its capabilities and reach to deliver unparalleled value to its merchants around the world. For more information please visit https://www.payfuture.net Contact Details PayFuture Bilal Mahmood +44 7714 007257 b.mahmood@stockwoodstrategy.com Company Website https://www.payfuture.net/

June 05, 2023 07:00 AM Eastern Daylight Time

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HBRM CEO Discusses Future Opportunities in Tech-Driven Natural Wellness and Beauty Sectors (Corrected Version)

HBRM

Herborium Group, Inc. (OTC:HBRM) is a botanical therapeutics® company that addresses dermatological and other health and wellness concerns via its proprietary medicinal products that are supported by science-centered content. In an exclusive interview with the Capital Gains Report, HBRM CEO Dr. Agnes Olszewski discussed the company’s track to take advantage of promising opportunities arising in the natural segment of the wellness industry, particularly as it applies to skincare, and an important boost to this area of the market can get from the application of artificial intelligence. HBRM’s Approach of Integrating Medicine and Beauty The global natural cosmetics market is growing at a fast pace and is projected to reach $79.6 billion by 2033, with an annual growth rate of 5.1%. This rise is driven by the emergence of a new category of advanced, natural ingredient-based products available via conventional retail channels and online retailers, as well as the growing prominence of safer and more efficacious science-based beauty and wellness culture, which fuels the accelerated demand for natural beauty products. Dr. Olszewski said, “One of the most important trends in the healthcare and beauty sectors is the merger of clinical skincare with natural skincare to create safe and validated “hybrid” products that actually work while maintaining their natural ingredient profile.” Herborium’s acne treatment represents such a unique product. AcnEase is a systemic, all botanical ingredient-based, proprietary, clinically tested acne treatment for teen and adult acne, that also improves symptoms of an inflammatory skin condition called rosacea. Dr. Olszewski said, “We are presently working on the second generation of this clinically validated skincare solution that has better consumer characteristics -- broader application and simpler treatment routine -- and improved business profile, such as increased margins. The company is also approaching the most advanced science in clinical skincare - stem cell-based products. We are working to add two highly innovative products in this category to our 2023 and 2024 product portfolios.” The company pursues a cross-sectoral approach, aiming to use clinical testing in order to integrate pharmaceutical and nutraceutical market segments. Exploring the Power of Artificial Intelligence in Natural Skincare Sector Another strength of HBRM has to do with the use of pioneering technology as applied to the development of natural skincare products and a total solution that would address consumer concerns in the skincare sector. On May 11, 2023, the company announced signing a Letter of Intent with Adrecom, a US-based technology and e-commerce company with offices in North Carolina and California, to purchase and further advance AI technology that will power HBRM's natural skin health and wellness platform. It completed the first stage of designing this platform and is currently in the midst of testing and further advancing it. Dr. Olszewski says, “Herborium’s unique approach is the active use of technology in the natural segment of skincare and skin wellness.” The AI platform will deliver streamlined and more precise diagnosis, curated, personalized skincare counseling, products, and other related services such as nutrition and esthetician-provided recommendations. This step positions HBRM as a frontrunner in the novel skincare industry, opening up new ways for innovation and potential revenue streams. “Our AI-based platform offers an integrated, personalized approach to skincare and skin health,” says Dr. Olszewski. “At the moment, an integrated platform for natural skincare and skin wellness does not exist.” As medicine and wellness develop in parallel with advancements in using AI technology to support a personalized approach to treatments and more common wellness and beauty solutions, HBRM is a first mover in this space as it is capable of combining its natural ingredient-based products and relevant, cutting edge content with advanced AI technology. Growth through Partnerships HBRM is currently commercializing its products and has already established a strong presence in the United States, the United Kingdom, and continental Europe through a network of specialty retailers, distributors, and e-commerce platforms. With a well-established customer base and strong brand recognition, the company plans to establish new sales targets by building curated partnerships with other product originators. “We are presently in advanced talks with two companies—one from the US and a second from South Korea that are well known in the cosmetic and skin wellness industry for high-quality biotechnological applications in skincare,” says Dr. Olszewski. Conclusion Natural ingredients and the potential for an AI-driven personalized approach to skincare mean that Herborium’s products have the potential to gain popularity with consumers quickly. They are capable of connecting medical and beauty applications with a focus on natural ingredients, filling an important gap in the market. Disclaimers: CapitalGainsReport (CGR) is not operated by a licensed broker, a dealer, or a registered investment adviser. This content is for informational purposes only and is not intended to be investment advice. The Private Securities Litigation Reform Act of 1995 provides investors a safe harbor in regard to forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions, or future events or performance are not statements of historical fact may be forward looking statements. Forward looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements in this action may be identified through use of words such as projects, foresee, expects, will, anticipates, estimates, believes, understands, or that by statements indicating certain actions & quote; may, could, or might occur. Understand there is no guarantee past performance will be indicative of future results. Investing in micro-cap and growth securities is highly speculative and carries an extremely high degree of risk. It is possible that an investors investment may be lost or impaired due to the speculative nature of the companies profiled. CapitalGainsReport (CGR) has been retained by Herborium to assist in the production and distribution of content. 'CGR' is responsible for the production and distribution of this content. It should be expressly understood that under no circumstances does any information published herein represent a recommendation to buy or sell a security. This content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained in this article constitutes a solicitation, recommendation, endorsement, or offer by CapitalGainsReport or any third party service provider to buy or sell any securities or other financial instruments. All content in this article is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing in this article constitutes professional and/or financial advice, nor does any information in the article constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. CGR is not a fiduciary by virtue of any persons use of or access to this content. Contact Details Mark McKelvie +1 585-301-7700 markrmckelvie@gmail.com Company Website http://Capitalgainsreport.com

June 05, 2023 06:24 AM Eastern Daylight Time

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Luca Mining Announces Closing of CAD $20.76 Million Private Placement and Debt Settlements

Luca Mining Corp.

Luca Mining Corp. (“ Luca ” or the “ Company ”, formerly Altaley Mining Corporation.) (TSX-V: LUCA; OTCQX: LUCMF; Frankfurt: TSGA) is pleased to announce that it has closed the second tranche (the “ Second Tranche ”) of its previously announced non-brokered private placement (the “ Private Placement ”) for aggregate gross proceeds of $20,755,535.17 (see the Company’s news release dated March 31, 2023). Under the Second Tranche, the Company has sold 6,889,462 units of the Company (each, a “ Unit ”) at a price of CAD $0.35 per Unit for gross proceeds of CAD $2,411,312.20. On April 25, 2023, the Company closed the first tranche of the Private Placement for gross proceeds of CAD $18,344,222.97 (see the Company’s news release dated April 26, 2023). The aggregate gross proceeds are slightly higher than the original announced amount of $20,300,000 Each Unit consists of one common share of the Company (a “ Share ”) and one-half of one transferable share purchase warrant (each whole, a “ Warrant ”). Each Warrant entitles the holder thereof to acquire one additional Share (a “ Warrant Share ”) at a price of CAD $0.50 per Warrant Share until June 2, 2025 (the “ Expiry Date ”), subject to acceleration. If the closing price of the Shares on the TSX Venture Exchange or such other stock exchange as Luca is listed on exceeds CAD $0.90 for 15 consecutive trading days, the Company will earn the right, by providing notice (the " Acceleration Notice ") to the warrant holders via a news release or written notice, to accelerate the Expiry Date of the Warrants to 4:00 P.M. (Vancouver time) on the 30 th day from the date of the Acceleration Notice (the “ Accelerated Expiry Date ”). If the Company provides an Acceleration Notice, all Warrants that are not exercised by the Accelerated Expiry Date will expire. All securities issued in connection under the Second Tranche are subject to a four month plus one day hold period under applicable Canadian securities laws. Finder’s fees are to be paid in cash and securities (6% cash and 6% in warrants) in connection with the Private Placement to various finders. The Private Placement is subject to the receipt of final approval from the TSXV. As previously disclosed, the net proceeds from the Second Tranche will be used by the Company to complete construction of its phase one 500 tonnes per day (“tpd”) project at the Tahuehueto Gold Mine; to make substantial progress towards completing its nameplate 1,000 tpd project; and for general working capital. “We are very pleased to announce this closing of the Private Placement, building on our first tranche announced on April 26th. Securing this level of support from existing and new investors, at a very challenging time in the markets generally, is testament to the confidence investors have in our turnaround plans and the new team,” commented Mike Struthers, CEO. “I’m also very pleased to say we are on track to achieve our first key milestone of 500 tonnes per day at Tahuehueto by the end of the month, as previously announced. I look forward to providing more updates in the near future”. Debt Settlements Concurrently with closing the Second Tranche, the Company is pleased to advise that it has also closed two debt settlements (the “Debt Settlements”) as part of its financing package (see the Company’s news release dated March 31, 2023). Pursuant to the initial debt settlement, Calu Opportunity Fund, LP (“Calu”) settled a loan in the amount of $3,714,729.11 in consideration of the issuance of 8,254,954 Shares at a price of $0.45 per Share. Pursuant to the second debt settlement, Calu settled an advance in the amount of $4,900,000 made as a standby guarantee under the proposed rights offering of the Company (which did not proceed) in consideration of the issuance of 14,000,000 units, having the identical terms as the Private Placement Units. All securities issued in connection under the Debt Settlements are subject to a four month plus one day hold period under applicable Canadian securities laws. The Debt Settlements are subject to the receipt of final approval from the TSXV. New Control Person As a consequence of the closing of the Second Tranche and the Debt Settlements, Calu has been issued, in aggregate, 34,483,525 Shares and 13,114,285 Warrants, representing 26.55% of the issued and outstanding Shares of the Company on a post-closing basis. Accordingly, Calu has become the “Control Person” (as that term is defined under British Columbia securities laws and the policies of the TSXV) of the Company. The creation of Calu as a Control Person was approved by the Company’s shareholders at the Company Annual General Meeting held on March 14, 2023 (see the Company’s news release of March 17, 2023). "The completion of Luca Mining's private placement and the impending completion of construction at the Tahuehueto gold project marks a remarkable turning point for the company," explained Enrique Peralta. "We, at Calu Opportunity Fund, are truly excited about the potential and long-term value that Luca Mining brings to the table. This significant progress solidifies our confidence in the company's ability to deliver outstanding results and generate substantial returns for its shareholders." About Luca Mining Corp. Luca Mining Corp is a Canadian based mining company with two 100% owned Mexican gold, silver, and base metal mining projects. Luca's Tahuehueto mining project is in north-western Durango State, Mexico, where construction of an initial 500 tpd operation is well advanced. The second stage, the 1000 tpd project, will follow immediately after commissioning the initial stage. The operation is generating gold, silver, lead, and zinc in concentrates. Campo Morado is an operating polymetallic base metal mine in Guerrero, Mexico, currently producing at an average of approximately 2,400 tonnes per day, generating zinc and copper concentrates with significant precious metal credits. Visit: www.lucamining.com On Behalf of the Board of Directors (signed) “Mike Struthers” Mike Struthers CEO and Director Cautionary Note Regarding Production Decisions and Forward-Looking Statements Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. It should be noted that Luca declared commercial production at Campo Morado prior to completing a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, readers should be cautioned that Luca’s production decision has been made without a comprehensive feasibility study of established reserves such that there is greater risk and uncertainty as to future economic results from the Campo Morado mine and a higher technical risk of failure than would be the case if a feasibility study were completed and relied upon to make a production decision. Luca has completed a preliminary economic assessment (“PEA”) mining study on the Campo Morado mine that provides a conceptual life of mine plan and a preliminary economic analysis based on the previously identified mineral resources (see News Release dated November 8, 2017, and April 4, 2018). ). Furthermore, It should be noted that Luca intends to commence pre-production and ramp up to full commercial production at Tahuehueto prior to completing a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, readers should be cautioned that Luca’s pre-production and production decisions will be made without a comprehensive feasibility study of established reserves such that there is greater risk and uncertainty as to future economic results from the Tahuehueto mine and a higher technical risk of failure than would be the case if a feasibility study were completed and relied upon to make such production decisions. Luca has completed a positive pre-feasibility study (the “Pre-Feasibility Study”) and updated mineral reserves/resources estimates at its flagship Tahuehueto Mine that provides a conceptual life of mine plan and a preliminary economic analysis based on a 1,000 tonne per day operation (see News Release dated March 7, 2022) Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities laws. Forward-Looking Information includes but is not limited to conditions or financial performance that are based on assumptions about future economic conditions and courses of action; the timing and costs of future activities on the Company's properties, such as production rates and increases; success of exploration, development and bulk sample processing activities, and timing for processing at its own mineral processing facility on the Tahuehueto project site. In certain cases, Forward-Looking Information can be identified using words and phrases such as "plans," "expects," "scheduled," "estimates," "forecasts," "intends," "anticipates" or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that the current exploration, development, environmental and other objectives concerning the Campo Morado Mine and the Tahuehueto Project can be achieved; that commencement of pre-production mining and milling operations at Tahuehueto will proceed as planned; the continuity of the price of gold and other metals, economic and political conditions, and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Contact Details Glen Sandwell +1 604-684-8071 ir@lucamining.com Company Website https://www.lucamining.com/

June 05, 2023 03:00 AM Pacific Daylight Time

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Spheroid Universe Coin to be Listed on MEXC Exchange

Chainwire

Spheroid Universe, a futuristic Metaverse that augments the real world in every part of the Earth, is announcing that their token, SPH, will officially be listed on MEXC today, on June 5th. Founded in 2018, MEXC (also known as MEXC Global) is a rapidly-growing cryptocurrency exchange with more than 6 million users in over 200 countries, including the USA, UAE, Canada and Australia. MEXC is regularly featured as one the top exchanges globally for trading volume. The exchange offers one of the widest ranges of cryptocurrencies with over 1,500+ coins listed on the platform. It brings a wealth of experience listing top-performing tokens, with a reach that only a handful of exchanges in Crypto have, helping Spheroid Universe go global. The move follows the company’s recent launch of ChatGPT-powered artificial intelligence (AI) Avatars that will inhabit the world around us via augmented reality (AR). This ground-breaking development will deliver breakthrough opportunities across numerous business platforms – from e-commerce and retail to advertising, sales, general customer, and consumer interactions and more. Commenting on the announcement, Andrey Almiashev, CEO, of Spheroid Universe said: “Launching our token on MEXC will place SPH firmly on its trajectory towards growth as well as will bring the bandwidth that aligns with our aspirations for Spheroid Universe – putting Spheroid Universe as a leader in the metaverse projects, and the entire Extended and Augmented Reality industry.” Spheroid Universe aims to be the battle-tested AR/XR platform across the entire landscape of web3, XR/VR and metaverse industries, ultimately helping to define the internet experience of the future. Brands and organizations that are looking to create an immersive digital experience will make Spheroid Universe the place where they can truly demonstrate innovative experiences. About Spheroid Spheroid Universe (Spheroid), an Extended Reality Metaverse company. It’s a platform for developing Extended Reality projects. The technological basis of the platform is the Spheroid XR Cloud and the Spheroid Script programming language designed for AR/XR creation. SPH is the native token of the Spheroid ecosystem that fuels the activities of the platform. It can be exchanged for Spaces (virtual lands of the Spheroid Universe), used for advertising in AR/XR, placing content, and for various platform services. Among the products powered by SPH there is Spheroid Earth – an open global project for creating Earth 3D Digital Twin. For further details, please visit Spheroid Universe’s Official website or follow them on Twitter and Instagram Contact Details White Label Strategy Yousef Batter, Head of PR +971 55 935 6531 yousef.batter@whitelabelstrategy.io

June 05, 2023 05:45 AM Eastern Daylight Time

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Article thumbnail News Release

Opportunities and Potential in Chilean Lithium (LITH, ALB, SQM, LAC)

CapitalGainsReport

Lithium's crucial role in battery technology, which is quickly gaining importance across numerous industries, has been a major factor in the sector's impressive growth in recent years. As a result, the lithium market has been heating up and attracting significant attention. This surge in interest has transformed the sector into a hotbed of acquisition activity. Some recent activity includes: August 2021: Bacanora Lithium agreed to cash offer of £284.8m from Ganfeng Lithium September 2021: Sibanya Stillwater buy half of Ioneer’s lithium project in US$490m deal November 2021: In a bidding war, Lithium America acquired Millennial Lithium for $4.70/share December 2021: Rio Tinto buys Argentina lithium mine for $825m from private equity buyers January 2022: Neo Lithium completes acquisition with Chinese state-owned firm, Zijin Mining -Group LTD $6.50/share May 2022: Chengxin Lithium Group invested over $34m into Lithium Chile Inc. August 2022: China's Ganfeng Lithium offers $962m to buy Lithea Inc - Assets in Salta Province December 2022: Lithium America acquires Arena Minerals for US$227 million. One company that could potentially be the next acquisition that investors should pay close attention to is Lithium Chile Inc. (TSXV:LITH) (OTC:LTMCF). Lithium Chile is a junior mining company focused on advancing its extensive lithium property portfolio in Chile and Argentina. The company holds a total of 111,978 hectares in Chile and 20,800 hectares in Argentina, making it one of the largest landholders in the junior mining sector. Acquisition Potential In March, Lithium Chile announced it had attracted attention from an arm's-length third party expressing interest in the potential acquisition of certain South American assets. This expression of interest follows heightened market activity in Lithium Chile's shares. It is important to note that while Lithium Chile Inc. has not yet entered into any binding agreements or documents, the company is clearly getting noticed. Let's take a closer look at why. LITH Properties To start, when looking at junior mining companies, it's about the land and the quality and size of the land, and LITH has both. For example, one of the key projects in LITH’s portfolio is the Salar de Arizaro project in Argentina, which has a reported indicated and inferred resource of 2,587,000 metric tons of lithium carbonate equivalent, according to a NI 43-101 report. Last month, it was announced that Lithium Chile had finished drilling three more holes for its Salar de Arizaro development program. The fourth and fifth diamond drill holes, ARDDH-04 and ARDDH-05, encountered favorable lithium-bearing brine strata, and sampling and drilling activities are ongoing. The company also completed its third production well, ARGENTO-03, which established brine mineralization potential at depths of 350 to 470 meters. Additionally, Lithium Chile has acquired its own downhole pump and generator to enhance its operations in the Salar de Arizaro. The company is focused on unlocking significant value from the project and plans to release an updated 43-101 report incorporating the latest drilling data and a planned preliminary economic assessment (PEA) in early summer. In addition to its lithium assets, Lithium Chile also owns five properties totaling 21,329 hectares that have potential for gold, silver, and copper exploration. The company is actively conducting exploration efforts on its Carmona gold/silver/copper property, strategically located in the Chilean mega porphyry gold/silver/copper belt. Chile's Lithium Market On April 20, Chile's President Gabriel Boric announced his intention to nationalize the country's lithium industry, which is the world's second-largest producer of the essential metal used in electric vehicle batteries. The move aims to boost Chile's economy and protect its environment by transferring control of the vast lithium operations from industry giants SQM and Albemarle to a separate state-owned company. In response, Lithium Chile Inc. expressed support for President Boric's initiative and its potential benefits. According to Lithium Chile's announcement, the proposed public-private initiative offers a transparent way for private companies to explore and develop their lithium assets. The company's management team welcomed the decision, emphasizing its positive impact on their business and the opportunity it provides for advancing projects in Chile. Steve Cochrane, President and CEO of Lithium Chile, stated, "Contrary to nationalizing the Lithium industry in Chile, they have established a partnership between the public and private sectors that should allow for the rapid development of lithium projects in Chile." He further highlighted the removal of uncertainty and the potential for global interest in Chilean lithium projects. Lithium Chile is poised to capitalize on this decision with its large exploration portfolio and strategic positioning in the lithium-rich region. The company has expressed confidence in its planned drilling program for early summer 2023 on its Llamara Project. The supportive stance of the Chilean government towards private sector investment and involvement encourages LITH to explore additional avenues for investment, growth, technology, and partnerships. The Players While Chile is a leading lithium producer and holds one of the largest reserves on the planet, only two companies, Albemarle Corp. (NYSE:ALB) headquartered in North Carolina and recognized as the world's largest lithium producer, and SQM (NYSE:SQM) the second-largest producer based in Santiago, Chile, are licensed to produce lithium in the country. Albemarle Corporation (NYSE:ALB) is a global leader in the development, manufacturing, and marketing of engineered specialty chemicals. With a strong presence worldwide, the company operates through three key segments: Lithium, Bromine, and Catalysts. In the Lithium segment, ALB offers a comprehensive range of lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and lithium specialties and reagents. Earlier this year, when lithium nationalization talks were announced in chile, Albemarle told Reuters that the announcement would have "no material impact on our business" and that planning for further investment in Chile would continue. Sociedad Química y Minera de Chile (NYSE:SQM) is a prominent Chilean chemical company that serves as a leading supplier of plant nutrients, iodine, lithium, and industrial chemicals. With its significant presence in the global market, SQM holds the distinction of being the world's largest lithium producer. SQM showcased strong financial results in 2022, generating $10.7 billion in revenue, with a significant portion of $8.15 billion coming from its lithium operations. As SQM continues to navigate the Chilean market, it will be intriguing to observe how the company strategically manages challenges and capitalizes on opportunities to maintain its position as a leading player in the global lithium industry. Also In The Region While not operating in Chile, Lithium Americas Corp. (NYSE:LAC) is prominent resource company operating in both the United States and Argentina. The company specializes in the exploration of lithium deposits, with a focus on sustainable and responsible development. Lithium Americas owns interests in three key projects: the Cauchari-Olaroz project located in Jujuy province, Argentina; the Thacker Pass project situated in north-western Nevada, United States; and the Pastos Grandes project situated in the Salta province of Argentina. One of the highlights for Lithium Americas is its Thacker Pass asset, which has the potential to be a game changer. This asset boasts an impressive after-tax net present value of $5.7 billion and showcases an attractive internal rate of return (IRR) of 21.4%. The Thacker Pass project is expected to generate healthy cash flows once it becomes operational. Earlier this year, Lithium Americas secured a significant boost when General Motors (NYSE: GM) infused $650 million into the project for its development. This financing ensures smooth progress and sets the stage for first production to commence in 2026. In addition to the Thacker Pass project, Lithium Americas has a stake in the Cauchari-Olaroz asset located in Argentina. The company has already finalized the separation of its U.S. and Argentina assets for separate listing entities. With the Cauchari-Olaroz asset targeting its first production in 2023, it presents a potential catalyst for stock upside. This strategic move and the upcoming production milestone further enhance the growth prospects for Lithium Americas. With its strong project portfolio and the support of key partnerships, Lithium Americas Corp. is poised for success in the lithium market. The company's commitment to sustainable practices and its solid foothold in both the United States and Argentina make it an attractive choice for investors seeking exposure to the rapidly expanding lithium sector. Disclaimers: CapitalGainsReport (CGR) is not operated by a licensed broker, a dealer, or a registered investment adviser. This content is for informational purposes only and is not intended to be investment advice. The Private Securities Litigation Reform Act of 1995 provides investors a safe harbor in regard to forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions, or future events or performance are not statements of historical fact may be forward looking statements. Forward looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements in this action may be identified through use of words such as projects, foresee, expects, will, anticipates, estimates, believes, understands, or that by statements indicating certain actions & quote; may, could, or might occur. Understand there is no guarantee past performance will be indicative of future results. Investing in micro-cap and growth securities is highly speculative and carries an extremely high degree of risk. It is possible that an investors investment may be lost or impaired due to the speculative nature of the companies profiled. CapitalGainsReport has been retained by Lithium Chile Inc. to assist in the production and distribution of this content. CapitalGainsReport 'CGR' is responsible for the production and distribution of this content. It should be expressly understood that under no circumstances does any information published herein represent a recommendation to buy or sell a security. This content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained in this article constitutes a solicitation, recommendation, endorsement, or offer by CGR or any third party service provider to buy or sell any securities or other financial instruments. All content in this article is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing in this article constitutes professional and/or financial advice, nor does any information in the article constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. CapitalGainsReport is not a fiduciary by virtue of any persons use of or access to this content. CapitalGainsReport is a financial website for investors seeking nanocap and microcap opportunities. We cover macroeconomic news, sector plays, company news, technical analysis, market action alerts, and catalysts that drive price action. To join our newsletter, read the most current news and commentary, and review our disclaimer please visit our site at CapitalGainsReport.com Contact Details Mark McKelvie +1 585-301-7700 markrmckelvie@gmail.com Company Website http://CapitalGainsReport.com

June 05, 2023 05:00 AM Eastern Daylight Time

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