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Tight race for the North Carolina Supreme Court is heading to another recountWASHINGTON — H.W. Crocker III thinks Western civilization is in trouble. He supports conservative Christian moral values and has decried the rise of a new, secular America where a growing number of people answer “none” to surveys asking which religion they practice. He’s lauded the Confederacy and its soldiers and generals in books like the “Politically Incorrect Guide to the Civil War” and “Robert E. Lee on Leadership.” Javascript is required for you to be able to read premium content. Please enable it in your browser settings.
Tight race for the North Carolina Supreme Court is heading to another recountHONG KONG , Dec. 27, 2024 /PRNewswire/ -- CCSC Technology International Holdings Limited (the "Company" or "CCSC") (Nasdaq: CCTG ), a Hong Kong -based company that engages in the sale, design and manufacturing of interconnect products, including connectors, cables and wire harnesses, today announced its unaudited financial results for the first six months of fiscal year 2025 ended September 30, 2024 . Mr. Kung Lok Chiu , Chief Executive Officer and Director of the Company, commented, "The first six months of fiscal year 2025 has been a remarkable period of growth for our Company. We are proud to report a 22.9% increase in revenue compared to the same period last year, while our gross margin remained stable despite a net loss of $0 .74 million in a challenging environment. Furthermore, in January 2024 , we successfully completed our initial public offering (IPO) and got listed on the Nasdaq Capital Market under the ticker symbol "CCTG". Building on the momentum, we launched a plan in May 2024 to establish a new supply chain management center in Serbia, Central Europe . Once completed, this center will serve as the headquarter of our supply chain operations in Europe to support our operations across the region. As of the date of the report, we have acquired the land plot for our new center and expect to complete this project by the fourth quarter of 2025. Looking forward, we plan to strategically focus on further expanding into high-growth industries, such as new energy, robotics, and medical technologies. By continuing to invest in research and development, we aim to deliver innovative and cost-effective products that meet the evolving needs of our customers. We are committed to delivering high-quality products to our customers and generating long-term value for our shareholders." First Six Months of Fiscal Year 202 5 Financial Highlights Revenue increased by 22.9% to $9.2 million for the six months ended September 30, 2024 , from $7.5 million for the same period of last year. Gross profit increased by 20.5% to $2.7 million for the six months ended September 30, 2024 , from $2.3 million for the same period of last year. Gross profit margin was 29.8% for the six months ended September 30, 2024 , compared to 30.4% for the same period of last year. Net loss was $0.7 million for the six months ended September 30, 2024 , compared to net income of $0.4 million for the same period of last year. First Six Months of Fiscal Year 202 5 Financial Results Revenue Total revenue was $9.2 million for the six months ended September 30, 2024 , which increased by 22.9% from $7.5 million for the same period of last year. The following table sets forth revenue by interconnect products: Revenue generated from cables and wire harnesses increased by 24.9%, to $8 .6 million for the six months ended September 30, 2024 , from $6 .9 million for the same period of last year. Revenue generated from connectors remained essentially unchanged compared to the same period last year. The increase in revenue was primarily attributable to the increase in sales volume and partially offset by the decrease in the average selling price of products. The increase in demand was mainly due to that customers had utilized their inventories previously purchased and increased their orders accordingly. The following table sets forth the disaggregation of revenue by regions: Revenue generated from Europe increased by 29.7%, to $5 .6 million for the six months ended September 30, 2024 , from $4 .3 million for the same period of last year. The increase was primarily due to the increase of sales in Denmark of $1.0 million and Bulgaria of $0.2 million . Revenue generated from Asia increased by 14.6%, to $2 .7 million for the six months ended September 30, 2024 , from $2 .4 million for the same period of last year. The increase was primarily due to sales increases in Hong Kong, China of $0 .1 million, and sales increases in the Association of Southeast Asian Nations, or ASEAN, of $0 .2 million. Revenue generated from the Americas increased by 9.9%, to $0 .9 million for the six months ended September 30, 2024 , from $0 .8 million for the same period of last year. The increase was primarily due to sales increases in Northern America of $0.08 million . Revenue from other regions was mainly derived from Australia . Cost of Revenue Cost of revenue increased by 23.9%, to $6 .5 million for the six months ended September 30, 2024, from $5.2 million for the same period of last year, which was in line with the increase of the total revenue. Inventory costs amounted to $4 .4 million for the six months ended September 30, 2024, compared to $3 .5 million for the same period of last year. The increase of inventory costs was primarily due to a 47.5% increase in the total sales volume and a 13.6% decrease in the inventory cost per unit. Labor costs amounted to $1.5 million for the six months ended September 30, 2024 , compared to $1.2 million for the same period of last year. The increase of labor costs was primarily due to the increase in production volume as a result of an increase in sales volume. Gross Profit and Gross Margin Gross profit increased by 20.5%, to $2 .7 million for the six months ended September 30, 2024 , from $2 .3 million for the same period of last year. Gross profit margin was 29.8% for the six months ended September 30, 2024 , compared with 30.4% for the same period of last year. The gross profit margin was basically consistent with the same period of 2023. The Company recruited more workers to cope with the increased sales volume, and the increased labor costs eroded profits, resulting in a decrease in gross profit margin. Operating Expenses Operating expenses increased by 38.5%, to $3.6 million for the six months ended September 30, 2024 , from $2 .6 million for the same period of last year. The expense increase was mainly due to the increases in the selling expenses of $0.3 million , inclusive of $0 .2 million in costs relating to market development and expansion to ASEAN market, and general and administrative expenses of $0.7 million , inclusive of $0.6 million in agent and professional fees for expenses related to compliance requirements as a public company following the IPO in the U.S.. Other Income/(Expenses) Other income/(expenses) decreased by $0.8 million, to other expenses of $0 .1 million for the six months ended September 30, 2024 , from other income of $0.6 million for the same period of last year, primarily due to the decrease in foreign exchange gain. Income tax benefit Income tax benefit increased by 170.7%, to $0 .2 million for the six months ended September 30, 2024 , from $0.1 million for the same period of last year, which was due to the loss of CCSC Technology Group for the six months ended September 30, 2024 . Net (Loss)/Income Net income decreased by 280.0%, to net loss of $0.7 million for the six months ended September 30, 2024 , from net income of $0 .4 million for the same period of last year. Basic and Diluted (Loss)/ Earnings per Share Basic and diluted loss per share was $0 .06 for the six months ended September 30, 2024 , compared to basic and diluted earnings per share of $0.04 for the same period of last year. About CCSC Technology International Holdings Limited CCSC Technology International Holdings Limited, is a Hong Kong -based company that engages in the sale, design and manufacturing of interconnect products. The Company specializes in customized interconnect products, including connectors, cables and wire harnesses that are used for a range of applications in a diversified set of industries, including industrial, automotive, robotics, medical equipment, computer, network and telecommunication, and consumer products. The Company produces both OEM ("original equipment manufacturer") and ODM ("original design manufacture") interconnect products for manufacturing companies that produce end products, as well as electronic manufacturing services ("EMS") companies that procure and assemble products on behalf of such manufacturing companies. The Company has a diversified global customer base located in more than 25 countries throughout Asia , Europe and the Americas. For more information, please visit the Company's website: http://ir.ccsc-interconnect.com . Forward-Looking Statements Certain statements in this announcement are forward-looking statements, including, but not limited to, the Company's proposed Offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as "may," "will," "could," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "propose," "potential," "continue", or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the U.S. Securities and Exchange Commission. For more information, please contact: CCSC Technology International Holdings Limited Investor Relations Department Email: [email protected] Ascent Investor Relations LLC Tina Xiao Phone: +1-646-932-7242 Email: [email protected] *Retrospectively reflect the changes in class of shares effective on September 10, 2024 SOURCE CCSC Technology International Holdings Limited
(Bloomberg) — Canada is examining the use of export taxes on major commodities it exports to the US — including uranium, oil and potash — if incoming President Donald Trump carries out his threat to impose broad tariffs. Export levies would be a last resort for Canada, according to officials familiar with the discussions inside Prime Minister Justin Trudeau’s government. Retaliatory tariffs against US-made goods, and export controls on certain Canadian products, would be more likely to come first, said the people. But commodity export taxes — which would drive up costs for US consumers, farmers and businesses — are a real option if Trump decides to start a full-scale trade war, said the officials, speaking on condition they not be identified. Trudeau’s government may also propose giving itself expanded powers over export controls as part of a scheduled update on the country’s fiscal and economic situation to be released on Monday, they said. Canada is by far the largest external supplier of oil to the US; some refineries depend on buying cheaper Canadian heavy crude and have few alternatives to it. The US Midwest would be hit particularly hard by higher costs. Fuel makers in the region rely on Canada for almost half of the crude they turn into gasoline and diesel. Canadian uranium is also the biggest foreign source of fuel for US nuclear power plants, and potash from the country’s western provinces is a huge source of fertilizer for American farms. Meanwhile, the US Department of Defense has been investing in Canadian projects to secure sources of cobalt and graphite and reduce reliance on Chinese supply chains. For those reasons, some observers have said they expect Trump will exempt commodities from his threat to place 25% levies on goods from Mexico and Canada, and focus instead on using tariffs against their manufacturing industries. In Canada’s case, that includes the auto manufacturing, aerospace and aluminum sectors, which are centered in Ontario and Quebec, where about 60% of Canadians live. Trudeau’s government would have no choice but to respond if Trump simply exempted energy while hitting all other Canadian products, said the officials, adding that’s a scenario that could prompt the use of export taxes by Canada. ‘Terrible Idea’ But for the prime minister, going down this path would cause serious political divisions within Canada. Oil, uranium and potash production are concentrated in the western provinces of Alberta and Saskatchewan. Those provinces are the strongest voter base for Conservative Leader Pierre Poilievre, and their provincial governments are staunch right-wing opponents of Trudeau. “It’s a terrible idea,” Alberta Premier Danielle Smith said when asked about the possible use of export taxes. “I don’t support tariffs on Canadian goods and I don’t support tariffs on US goods because all it does is make life more expensive,” Smith said. “Instead, we’re taking a diplomatic approach and we’re meeting with our allies in the US.” Saskatchewan Premier Scott Moe said export taxes “are the wrong approach and Saskatchewan will vehemently oppose the federal government imposing export taxes on our potash, uranium or oil.” In an emailed statement via a spokesperson, Moe said Trudeau has not brought up export taxes during his phone calls with premiers, so “if they are under consideration, that would be a complete betrayal by the Trudeau government of the team approach they have been advocating and a complete betrayal of Canadians.” The Canadian dollar extended losses after the Bloomberg News report, falling as low as C$1.4212 per US dollar. Shares of some Canadian commodities producers, including uranium miner Cameco Corp. and potash producer Nutrien Ltd., intially dropped. A spokesperson for industry group Fertilizer Canada said export curbs are a bad idea. “Due to the significant role fertilizer plays in food security, we consider it a humanitarian product and as such should not be subject to trade restrictions,” spokesperson Kayla FitzPatrick said by email. High-Grade Uranium Although oil has received the most attention, uranium is also a critical source of imported energy for the US. Due to its civilian-military dual uses, the Canadian government can already apply export controls under existing authorities. Canada supplies the US with about a quarter of its uranium needs for nuclear reactors, with the bulk of the material coming from ultra-high-grade mines in Saskatchewan. Cameco, the world’s second-largest uranium producer, sells its uranium and fuel services directly to nuclear utilities predominantly in the Americas. US nuclear reactors rely heavily on uranium imports, as domestic production of the material is virtually non-existent. Trudeau has publicly said Canada’s economy would be devastated if Trump followed through with 25% tariffs on everything the US imports from Canada. An export tax on commodities is a risky proposition for the Canadian economy, too — energy products alone make up about 30% of its exports to the US. Steve Verheul, who was Canada’s chief trade negotiator during Trump’s first term and is now a private consultant, raised the prospect of export taxes as a tool Canada might need to use in a negotiation over tariffs. Trump may decide to exempt oil, gas and food from his tariff plan, Verheul said at a Bank of Montreal event last week. Canadian officials are well aware of this, he said, and there is a discussion that it could “make sense for Canada to apply export taxes to those products in order to try to negotiate a broader exemption across all the sectors,” he said. “I think this fight could escalate in certain ways if that kind of action is taken,” Verheul said. Chrystia Freeland, Canada’s finance minister and deputy prime minister, has also suggested retaliation involving commodities. After a meeting with provincial premiers on Wednesday, she said some of them had proactively listed items — including critical minerals and metals — that could be part of a response. Trudeau has experience battling Trump on tariffs during the renegotiation of the North American Free Trade Agreement in 2017 and 2018. Trudeau’s primary goal is still to avoid a trade war with its No. 1 trading partner, and his government is planning major announcements on border security to show they are responsive to Trump’s goal of stemming the flow of migrants and fentanyl into the US. Canada is a much smaller source of both compared with Mexico, according to US government data. —With assistance from Jacob Lorinc and Erik Hertzberg. (Updates with chart, market reaction, beginning after the fifth paragraph.)
CRANFORD, N.J. , Dec. 27, 2024 /PRNewswire/ -- Citius Oncology, Inc. ("Citius Oncology" or the "Company") (Nasdaq: CTOR), a specialty biopharmaceutical company focused on the development and commercialization of novel targeted oncology therapies, today reported business and financial results for the fiscal full year ended September 30, 2024 . Fiscal Full Year 2024 Business Highlights and Subsequent Developments Achieved U.S. Food and Drug Administration (FDA) approval of LYMPHIRTM (denileukin diftitox-cxdl), an immunotherapy for the treatment of adults with relapsed or refractory cutaneous T-cell lymphoma (CTCL); Began trading on the Nasdaq exchange under the ticker symbol CTOR on August 13, 2024 , following completion of the merger of Citius Pharma's oncology subsidiary with TenX Keane to form Citius Oncology, Inc., a standalone publicly traded company; Advanced manufacturing, marketing and sales activities in preparation for commercial launch of LYMPHIR in the first half of 2025; key activities included: Manufactured initial inventory for launch and finalized supply chain agreements, Initiated recruitment of targeted field force with contract sales organization, Launched a marketing awareness campaign and engaged with all leading CTCL prescribers, Applied for a unique J-code within the Healthcare Common Procedure Coding System (HCPCS) to facilitate accurate reimbursement, Secured inclusion of LYMPHIR in the National Comprehensive Cancer Network (NCCN) guidelines, critical to clinical decision-making in oncology and hematology, influencing treatment practices and payor reimbursement in the U.S., and Initiated development of the patient support center to help patients access LYMPHIR expeditiously; Supported two investigator-initiated trials to explore LYMPHIR's potential as an immuno-oncology combination therapy being conducted at the University of Pittsburgh Medical Center and the University of Minnesota ; and, Shared interim trial results with the clinical community at the Society for Immunotherapy of Cancer Conference (SITC) of University of Pittsburgh Medical Center's Phase I trial of LYMPHIR with checkpoint inhibitor pembrolizumab. The combination of these two immunomodulatory agents showed clinical benefit in relapsed or refractory gynecological neoplasms, resulting in: 27% objective response rate and 33% clinical benefit rate with median progression free survival of 57 weeks (range: 30-96 weeks), and A manageable safety profile whereby the regimen was well-tolerated with reversible treatment emergent adverse events and no definitive immune-related adverse events greater than or equal to grade 3 documented. Financial Highlights R&D expenses were $4.9 million for the full year ended September 30, 2024 , compared to $4.2 million for the full year ended September 30, 2023 ; G&A expenses were $8.1 million for the full year ended September 30, 2024 , compared to $5.9 million for the full year ended September 30, 2023 ; Stock-based compensation expense was $7.5 million for the full year ended September 30, 2024 , compared to $2.0 million for the full year ended September 30, 2023 ; and, Net loss was $21.1 million , or ($0.31) per share for the full year ended September 30, 2024 compared to a net loss of $12.7 million , or ($0.19) per share for the full year ended September 30, 2023 . "Reflecting on 2024, Citius Oncology has achieved pivotal milestones that underscore our commitment to advancing cancer therapeutics," stated Leonard Mazur , Chairman and CEO of Citius Oncology. "The FDA's approval of LYMPHIR for the treatment of cutaneous T-cell lymphoma marks a significant advancement in providing new options for patients battling this challenging disease. It is the only targeted systemic therapy approved for CTCL patients since 2018 and the only therapy with a mechanism of action that targets the IL-2 receptor. Additionally, the successful merger forming Citius Oncology, now trading on Nasdaq under the ticker CTOR, strengthens our position in the oncology sector. We expect it to facilitate greater access to capital to fund LYMPHIR's launch and the Company's future growth. With a Phase I investigator-initiated clinical trial combining LYMPHIR with pembrolizumab demonstrating promising preliminary results, indicating potential for enhanced treatment efficacy in recurrent solid tumors, and preliminary results expected from a second investigator trial with CAR-T therapies in 2025, we remain excited about the potential of LYMPHIR as a combination immunotherapy." "These accomplishments reflect the dedication of our team and the trust of our investors. As we look ahead, we remain steadfast in our mission to develop innovative therapies that improve the lives of cancer patients worldwide," added Mazur. FULL YEAR 2024 FINANCIAL RESULTS: Research and Development (R&D) Expenses R&D expenses were $4.9 million for the full year ended September 30, 2024 , compared to $4.2 million for the full year ended September 30, 2023 . The increase reflects development activities completed for the resubmission of the Biologics License Application of LYMPHIR in January 2024 , which were associated with the complete response letter remediation. General and Administrative (G&A) Expenses G&A expenses were $8.1 million for the full year ended September 30, 2024 , compared to $5.9 million for the full year ended September 30, 2023 . The increase was primarily due to costs associated with pre-commercial and commercial launch activities of LYMPHIR including market research, marketing, distribution and drug product reimbursement from health plans and payers. Stock-based Compensation Expense For the full year ended September 30, 2024 , stock-based compensation expense was $7.5 million as compared to $2.0 million for the prior year. The primary reason for the $5.5 million increase was due to the amounts being realized over 12 months in the year ended September 30, 2024 , as compared to three months post-plan adoption in the year ended September 30, 2023 . Net loss Net loss was $21.1 million , or ($0.31) per share for the year ended September 30, 2024 , compared to a net loss of $12.7 million , or ($0.19) per share for the year ended September 30, 2023 . The $8.5 million increase in net loss was primarily due to the increase in our operating expenses. About Citius Oncology, Inc. Citius Oncology specialty is a biopharmaceutical company focused on developing and commercializing novel targeted oncology therapies. In August 2024 , its primary asset, LYMPHIR, was approved by the FDA for the treatment of adults with relapsed or refractory CTCL who had had at least one prior systemic therapy. Management estimates the initial market for LYMPHIR currently exceeds $400 million , is growing, and is underserved by existing therapies. Robust intellectual property protections that span orphan drug designation, complex technology, trade secrets and pending patents for immuno-oncology use as a combination therapy with checkpoint inhibitors would further support Citius Oncology's competitive positioning. Citius Oncology is a publicly traded subsidiary of Citius Pharmaceuticals. For more information, please visit www.citiusonc.com Forward-Looking Statements This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are made based on our expectations and beliefs concerning future events impacting Citius Oncology. You can identify these statements by the fact that they use words such as "will," "anticipate," "estimate," "expect," "plan," "should," and "may" and other words and terms of similar meaning or use of future dates. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated, and, unless noted otherwise, that apply to Citius Oncology are: our ability to raise additional money to fund our operations for at least the next 12 months as a going concern; our ability to commercialize LYMPHIR and any of our other product candidates that may be approved by the FDA; the estimated markets for our product candidates and the acceptance thereof by any market; the ability of our product candidates to impact the quality of life of our target patient populations; our dependence on third-party suppliers; our ability to procure cGMP commercial-scale supply; risks related to research using our assets but conducted by third parties; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; uncertainties relating to preclinical and clinical testing; market and other conditions; risks related to our growth strategy; patent and intellectual property matters; our ability to identify, acquire, close and integrate product candidates and companies successfully and on a timely basis; government regulation; competition; as well as other risks described in our Securities and Exchange Commission ("SEC") filings. These risks have been and may be further impacted by any future public health risks. Accordingly, these forward-looking statements do not constitute guarantees of future performance, and you are cautioned not to place undue reliance on these forward-looking statements. Risks regarding our business are described in detail in our SEC filings which are available on the SEC's website at www.sec.gov , including in Citius Oncology's Annual Report on Form 10-K for the year ended September 30, 2024 , filed with the SEC on December 27, 2024 , as updated by our subsequent filings with the SEC. These forward-looking statements speak only as of the date hereof, and we expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law. Investor Contact: Ilanit Allen ir@citiuspharma.com 908-967-6677 x113 Media Contact: STiR-communications Greg Salsburg Greg@STiR-communications.com -- Financial Tables Follow – CITIUS ONCOLOGY, INC. CONSOLIDATED BALANCE SHEETS SEPTEMBER 30, 2024 AND 2023 2024 2023 Current Assets: Cash and cash equivalents $ 112 $ — Inventory 8,268,766 — Prepaid expenses 2,700,000 7,734,895 Total Current Assets 10,968,878 7,734,895 Other Assets: In-process research and development 73,400,000 40,000,000 Total Other Assets 73,400,000 40,000,000 Total Assets $ 84,368,878 $ 47,734,895 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 3,711,622 $ 1,289,045 License payable 28,400,000 — Accrued expenses — 259,071 Due to related party 588,806 19,499,119 Total Current Liabilities 32,700,429 21,047,235 Deferred tax liability 1,728,000 1,152,000 Note payable to related party 3,800,111 — Total Liabilities 38,228,540 22,199,235 Stockholders' Equity: Preferred stock - $0.0001 par value; 10,000,000 shares authorized: no shares issued and outstanding — — Common stock - $0.0001 par value; 100,000,000; 71,552,402 and 67,500,000 shares issued and outstanding at September 30, 2024 and 2023, respectively 7,155 6,750 Additional paid-in capital 85,411,771 43,658,750 Accumulated deficit (39,278,587) (18,129,840) Total Stockholders' Equity 46,140,339 25,535,660 Total Liabilities and Stockholders' Equity $ 84,368,878 $ 47,734,895 CITIUS ONCOLOGY, INC. CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED SEPTEMBER 30, 2024 AND 2023 2024 2023 Revenues $ — $ — Operating Expenses: Research and development 4,925,001 4,240,451 General and administrative 8,148,929 5,915,290 Stock-based compensation – general and administrative 7,498,817 1,965,500 Total Operating Expenses 20,572,747 12,121,241 Loss before Income Taxes (20,572,747) (12,121,241) Income tax expense 576,000 576,000 Net Loss $ (21,148,747) $ (12,697,241) Net Loss Per Share – Basic and Diluted $ (0.31) $ (0.19) Weighted Average Common Shares Outstanding – Basic and Diluted 68,053,607 67,500,000 CITIUS ONCOLOGY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED SEPTEMBER 30, 2024 AND 2023 2024 2023 Cash Flows From Operating Activities: Net loss $ (21,148,747) $ (12,697,241) Adjustments to reconcile net loss to net cash provided by operating activities: Stock-based compensation expense 7,498,817 1,965,500 Deferred income tax expense 576,000 576,000 Changes in operating assets and liabilities: Inventory (2,133,871) - Prepaid expenses (1,100,000) (5,044,713) Accounts payable 2,422,577 1,196,734 Accrued expenses (259,071) (801,754) Due to related party 14,270,648 14,805,474 Net Cash Provided By Operating Activities 126,353 - Cash Flows From Investing Activities: License payment (5,000,000) - Net Cash Used In Investing Activities (5,000,000) - Cash Flows From Financing Activities: Cash contributed by parent 3,827,944 - Merger, net (2,754,296) - Proceeds from issuance of note payable to related party 3,800,111 - Net Cash Provided By Financing Activities 4,873,759 - Net Change in Cash and Cash Equivalents 112 - Cash and Cash Equivalents – Beginning of Year - - Cash and Cash Equivalents – End of Year $ 112 $ - Supplemental Disclosures of Cash Flow Information and Non-cash Activities: IPR&D Milestones included in License Payable $ 28,400,000 $Upstart Holdings CEO Dave Girouard sells $305,248 in stock
Barnier was toppled in a historic no-confidence vote on December 4 and there had been expectations Macron would announce his successor in an address to the nation even a day later. But in a sign of the stalemate in French politics after inconclusive legislative elections this summer, he did not name his successor then and has now missed a 48-hour deadline he gave at a meeting meeting of party leaders on Tuesday. On Thursday, Macron left France on a day-long trip to key EU and NATO ally Poland but shortened the visit in an apparent bid to finalise the appointment. "The statement naming the prime minister will be published tomorrow (Friday) morning," said an aide to to the president, asking not to be named, late Thursday just after Macron touched down from the trip to Poland. "He is finishing his consultations," the aide added, without giving further details. Whoever is named will be the sixth prime minister of Macron's mandate after the toppling of Barnier, who lasted only three months, and faces an immediate challenge in thrashing out a budget to pass parliament. Each premier under Macron has served successively less time in office and there is no guarantee for the new premier that they will not follow this pattern. Macron remains confronted with the complex political equation that emerged from the snap parliamentary polls -- how to secure a government against a no-confidence vote in a bitterly divided lower house where no party or alliance has a majority. All the candidates widely floated so far have encountered objections from at least one side of the political spectrum. "They are stuck," said a person close to Macron, asking not to be named and lamenting that "each name gets blocked." "No one is in agreement around the president," added the source, expressing hope Macron will surprise everyone with an unexpected choice. Macron's rumoured top pick, veteran centrist Francois Bayrou, raises hackles on the left -- wary of continuing the president's policies -- and on the right, where he is disliked by influential former president Nicolas Sarkozy. Beyond Bayrou, prime ministerial contenders include former Socialist prime minister Bernard Cazeneuve, current Defence Minister Sebastien Lecornu, a Macron loyalist, and former foreign minister Jean-Yves Le Drian. Another name being discussed in the media is Roland Lescure, a former industry minister, but the nomination of the former Socialist risks inflaming the right. These "are names that have been around for years and haven't seduced the French. It's the past. I want us to look to the future," Greens leader Marine Tondelier said. "The French public want a bit of enthusiasm, momentum, fresh wind, something new," she told France 2 television. Polls indicate the public is fed up with the crisis. Just over two-thirds of respondents to one Elabe poll published on Wednesday said they want politicians to reach a deal not to overthrow a new government. But confidence is limited, with around the same number saying they did not believe the political class could reach agreement. In a separate IFOP poll, far-right National Rally (RN) figurehead Marine Le Pen was credited with 35 percent support in the first round of a future presidential election -- well ahead of any likely opponent. She has said she is "not unhappy" that her far-right party was left out of the horse-trading around the government, appearing for now to benefit from the chaos rather than suffer blame for bringing last week's no-confidence vote over the line. In a critical looming moment, Le Pen on March 31, 2025 faces the verdict in an embezzlement trial on charges she denies. If convicted, she could lose the chance of standing in the 2027 elections and with it her best chance yet of winning the Elysee. burs-tgb-sjw/rlpTrump Administration advisor Elon Musk angered MAGA supporters with his approval of a social media post sarcastically explaining that immigrants are needed for tech jobs because U.S. workers aren’t qualified enough. Using the X social media platform owned by Musk, an account called Autism Capital summed up the debate over H-1B visas allowing U.S. employers to hire foreign workers in specialized fields, saying traditional American conservatives want tech jobs but complain they aren’t getting adequate training to do them. According to Autism Capital, the viewpoint of tech-forward Republicans is that those people are too mentally impaired to be trained . “That pretty much sums it up,” Musk responded to the Thursday night post, which used a pejorative term for the mentally challenged. Musk himself was raised in South Africa and became a U.S. citizen in 2002. His response kicked off a spirited debate among critics including right-wing influencer Nick Fuentes , who’s spoken of losing support for Donald Trump because he believes the president-elect isn’t harsh enough on foreigners and immigrants. “The ‘Tech Bro’ donors are Left of Nikki Haley on immigration . Let that sink in,” Fuentes posted on Friday. Autism Capital’s post also claimed the immigrant debate — which was largely fueled by comments made by Musk collaborator Vivek Ramaswamy — proved “some people *really* don’t like Indians.” Ramaswamy , born to Indian immigrant parents, was appointed by Trump to help Musk run a department studying government spending. He wrote in a lengthy pro H-1B visa post Thursday morning that “the reason top tech companies often hire foreign-born and first-generation engineers over ‘native’ Americans [is because] American culture has venerated mediocrity over excellence for way too long .” “A culture that celebrates the prom queen over the math Olympiad champ, or the jock over the valedictorian, will not produce the best engineers,” he wrote, saying American children should be spending more time in math tutoring, science competitions and extracurriculars versus watching TV and “hanging out at the mall.” “If you grow up aspiring to normalcy, normalcy is what you will achieve,” he concluded. “Normalcy doesn’t cut it in a hyper-competitive global market for technical talent. And if we pretend like it does, we’ll have our a–es handed to us by China.” Ramaswamy’s comments attracted an online firestorm with racist overtures.
Macron to name new French PM Friday after days of deadlockLOS ANGELES, California — Nathan Hochman took office Tuesday as the new District Attorney of Los Angeles County, replacing George Soros-backed left-wing radical George Gascón. He was sworn in by Arnold Schwarzenegger, the Hollywood action movie star and anti-Trump Republican who is also the last member of the GOP to have been elected to major statewide office, leaving under a cloud of personal scandal and fiscal mismanagement in 2010. Hochman, a Republican-turned-independent who endorsed Kamala Harris in the 2024 presidential race and backed the prosecution of President-elect Donald Trump, took the oath of office at the Los Angeles Hall of Justice. He delivered a speech in which he thanked his family and his campaign staff. Unlike Gascón, who used his inaugural speech to launch radical “criminal justice reforms,” Hochman promised to support line prosecutors and police. He said that he opposed “extreme policies” on “both ends of the political pendulum,” including defunding police on the left, and “mass incarceration” on the right. He said that he would focus on deterrence, rather than incarceration. He announced the reversal of previous “blanket extreme policies” that prevented prosecutors from seeking sentence enhancements or accompanying victims of crime to parole board hearings, vowing a focus on the facts and the law. Hochman also said that he would form task forces to deal with specific areas of crime, such as home break-ins, and that he would form partnerships with community groups to enhance public safety and trust in law enforcement. Hochman’s victory was one of several in California and nationwide in which Soros-backed prosecutors were defeated or replaced by “tough on crime” prosecutors. There were 21 such replacements since 2022, according to one report . Soros was said to have backed 75 prosecutors, many of them defeating incumbent Democrats, over the past decade in an effort to back the Black Lives Matter movement and change criminal justice, leading to a nationwide crime wave. Joel B. Pollak is Senior Editor-at-Large at Breitbart News and the host of Breitbart News Sunday on Sirius XM Patriot on Sunday evenings from 7 p.m. to 10 p.m. ET (4 p.m. to 7 p.m. PT). He is the author of The Agenda: What Trump Should Do in His First 100 Days , available for pre-order on Amazon. He is also the author of The Trumpian Virtues: The Lessons and Legacy of Donald Trump’s Presidency , now available on Audible. He is a winner of the 2018 Robert Novak Journalism Alumni Fellowship. Follow him on Twitter at @joelpollak .Biden Commutes Sentences of Around 1,500 Americans: 5 Things to Know
President Emmanuel Macron is to name a new prime minister on Friday, aides said, after days of deadlock over finding a candidate to replace Michel Barnier whose ousting by parliament pushed France into a fresh crisis. Barnier was toppled in a historic no-confidence vote on December 4 and there had been expectations Macron would announce his successor in an address to the nation even a day later. But in a sign of the stalemate in French politics after inconclusive legislative elections this summer, he did not name his successor then and has now missed a 48-hour deadline he gave at a meeting meeting of party leaders on Tuesday. On Thursday, Macron left France on a day-long trip to key EU and NATO ally Poland but shortened the visit in an apparent bid to finalise the appointment. "The statement naming the prime minister will be published tomorrow (Friday) morning," said an aide to to the president, asking not to be named, late Thursday just after Macron touched down from the trip to Poland. "He is finishing his consultations," the aide added, without giving further details. Whoever is named will be the sixth prime minister of Macron's mandate after the toppling of Barnier, who lasted only three months, and faces an immediate challenge in thrashing out a budget to pass parliament. Each premier under Macron has served successively less time in office and there is no guarantee for the new premier that they will not follow this pattern. Macron remains confronted with the complex political equation that emerged from the snap parliamentary polls -- how to secure a government against a no-confidence vote in a bitterly divided lower house where no party or alliance has a majority. All the candidates widely floated so far have encountered objections from at least one side of the political spectrum. "They are stuck," said a person close to Macron, asking not to be named and lamenting that "each name gets blocked." "No one is in agreement around the president," added the source, expressing hope Macron will surprise everyone with an unexpected choice. Macron's rumoured top pick, veteran centrist Francois Bayrou, raises hackles on the left -- wary of continuing the president's policies -- and on the right, where he is disliked by influential former president Nicolas Sarkozy. Beyond Bayrou, prime ministerial contenders include former Socialist prime minister Bernard Cazeneuve, current Defence Minister Sebastien Lecornu, a Macron loyalist, and former foreign minister Jean-Yves Le Drian. Another name being discussed in the media is Roland Lescure, a former industry minister, but the nomination of the former Socialist risks inflaming the right. These "are names that have been around for years and haven't seduced the French. It's the past. I want us to look to the future," Greens leader Marine Tondelier said. "The French public want a bit of enthusiasm, momentum, fresh wind, something new," she told France 2 television. Polls indicate the public is fed up with the crisis. Just over two-thirds of respondents to one Elabe poll published on Wednesday said they want politicians to reach a deal not to overthrow a new government. But confidence is limited, with around the same number saying they did not believe the political class could reach agreement. In a separate IFOP poll, far-right National Rally (RN) figurehead Marine Le Pen was credited with 35 percent support in the first round of a future presidential election -- well ahead of any likely opponent. She has said she is "not unhappy" that her far-right party was left out of the horse-trading around the government, appearing for now to benefit from the chaos rather than suffer blame for bringing last week's no-confidence vote over the line. In a critical looming moment, Le Pen on March 31, 2025 faces the verdict in an embezzlement trial on charges she denies. If convicted, she could lose the chance of standing in the 2027 elections and with it her best chance yet of winning the Elysee. burs-tgb-sjw/rlp Get any of our free email newsletters — news headlines, sports, arts & entertainment, state legislature, CFD news, and more.Upstart Holdings CEO Dave Girouard sells $305,248 in stock