Tata Consultancy Services’ Future-Ready Platform has Helped the Housing Finance Company Simplify Processes, Increase Velocity, and Enhance Customer Experience
MUMBAI, June 22, 2022: Tata Consultancy Services (TCS), has helped Aadhar Housing Finance Ltd. digitally enhance its business operations using the TCS Lending and Securitization platform.
Aadhar Housing Finance Ltd., the largest affordable housing finance company focusing on the low-income housing segment in India (by AUM as of FY21), aims to make the process of buying a house seamless using digital technologies. Towards this vision, it partnered with TCS for its end-to-end business process transformation powered by the TCS Lending and Securitization platform. The integrated, collaborative, connected, blockchain-based cloud platform transforms the end-to-end lending and securitization value chain.
TCS consultants leveraged their deep contextual knowledge and industry expertise to help Aadhar reimagine its end-to-end business processes, taking a digital-first, customer-centric approach. The TCS platform’s flexible design enabled an easy and quick adoption of the digitally transformed process flows. It offers seamless customer relationship management features using AI and ML. It has made sales operations more convenient by introducing business-friendly tools such as calculators, diary, route mapping, and geotagging while eliminating physical documents and enabling automated and system-controlled documentation and approval.
The future-ready platform hosted on the TCS Enterprise Cloud, has powered Aadhar Housing Finance Ltd.’s shift to centralized processing and an analytics-based approach across the business, improving processes, and controls. Its open API architecture has enabled Aadhar to connect with third parties for lead sourcing, KYC validations, document management, payment gateways, fintech integrations, and rule-based decisioning.
The TCS Lending and Securitization platform has helped Aadhar simplify its processes, increase velocity, enhance customer experience while managing its risks better. Additionally, it has modernized and future-proofed the company’s technology stack, strengthened data security, and enhanced operational resilience.
Deo Shankar Tripathi, MD and CEO, Aadhar Housing Finance Ltd, said,“Our partnership with TCS is helping us realize our strategy of leveraging technology platforms to improve customer experience. Coupled with physical branch and location expansion as well as enabling third parties to source customers and external checks, we continue to leverage digitization while improving underwriting processes and efficiencies to expand the business.”
Ujjwal Mathur, Country Head, TCS India, said, “The TCS Lending and Securitization platform is helping Aadhar Housing Finance Ltd. harness the power of digital technologies to enhance customer experience and improve its market position. We look forward to strengthening our relationship with Aadhar Housing Finance Ltd to help them transform their business and accelerate the digital transformation journey.”
The TCS Lending and Securitization solution leverages next-gen technologies to transform the end-to-end lending lifecycle – from origination to loan servicing and collections to monetization of the loan asset through securitization – with consent-based, secure and timely sharing of data and analytics among stakeholders. It leverages AI and ML to enhance end-customer and stakeholder experience and improve speed and accuracy in decision-making.
About Tata Consultancy Services
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent Agile™ delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India’s largest multinational business group, TCS has over 592,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $25.7 billion in the fiscal year ended March 31, 2022, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS’ proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit www.tcs.com.
TCS media contacts:
Asia Pacific
Email: wenjian.lin@tcs.com
Phone: +65 9695 9948
Australia and New Zealand
Email: Kelly.ryan@tcs.com
Phone: +61 422 989 682
Canada
Email: tiffany.fisher@tcs.com
Phone: +1 416 456 7650
Europe
Email: joost.galema@tcs.com
Phone: +31 615 903387
India
Email: vanshika.sood@tcs.com
Phone: +91 22 67789098
Email: saxena.kritika@tcs.com
Phone: +91 22 6778 9999
Middle East & Africa
Email: s.hasneen@tcs.com
Phone: +00971567471988
Japan
Email: douglas.foote@tcs.com
Phone: +81 80 2115 0989
Latin America
Email: alma.leal@tcs.com
Phone: +521 55 2095 6098
UK
Email: peter.devery@tcs.com
Phone: +44 20 3155 2421
USA
Email: james.sciales@tcs.com
Phone: +1 917 981 7651
MT Newswires 2022

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Technical analysis trends BRT APARTMENTS CORP.
Short Term | Mid-Term | Long Term | |
Trends | Neutral | Neutral | Neutral |
Income Statement Evolution
Sell ![]() Buy |
|
Mean consensus | BUY |
Number of Analysts | 5 |
Last Close Price | 21,59 $ |
Average target price | 27,50 $ |
Spread / Average Target | 27,4% |
Tata Consultancy Services Will Design, Build and Manage a Future-Ready Digital Core to Enhance Collaboration Among Stakeholders and Improve Customer Experience.
TCS’ team of cloud solution experts will work closely with
‘
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TCS has been working closely with
TCS’ sustained investments in research and innovation have resulted in an industry leading portfolio of frameworks, accelerators, products, and platforms that can significantly speed up customers’ cloud transformation journeys.
Present in
TCS has been consistently ranked number one for customer satisfaction in an independent survey of CxOs at top IT spending European organizations by
About
A part of the Tata group,
About
TCS media contacts:
Email: wenjian.lin@tcs.com
Phone: +65 9695 9948
Email: Kelly.ryan@tcs.com
Phone: +61 422 989 682
Email: tiffany.fisher@tcs.com
Phone: +1 416 456 7650
Email: joost.galema@tcs.com
Phone: +31 615 903387
Email: vanshika.sood@tcs.com
Phone: +91 22 67789098
Email: saxena.kritika@tcs.com
Phone: +91 22 6778 9999
Email: s.hasneen@tcs.com
Phone: +00971567471988
Email: douglas.foote@tcs.com
Phone: +81 80 2115 0989
Email: alma.leal@tcs.com
Phone: +521 55 2095 6098
Email: peter.devery@tcs.com
Phone: +44 20 3155 2421
Email: james.sciales@tcs.com
Phone: +1 917 981 7651
Standard Life Investments Property Income Trust Limited
(an authorised closed-ended investment company incorporated in Guernsey with registration number 41352)
LEI Number: 549300HHFBWZRKC7RW84
16 JUNE 2022
CHANGE OF NAME – CORRECTION
The following amendment has been made to the “Change of Name” announcement released on 16 June 2022 at 12:35.
The Company’s identifier is also changing from ‘SLI’ to ‘API’ with effect from 8am on 17 June 2022 while its SEDOL and ISIN remain unaffected. (Previously announced, “the Company’s identifier is also changing from ‘SLI’ to ‘API’ with effect from 16 June 2022 while its SEDOL and ISIN remain unaffected.”)
All other details remain unchanged and the full amended text is shown below:
Standard Life Investments Property Income Trust Limited (the “Company”) announces that it is changing its name with effect from 16 June 2022 to abrdn Property Income Trust Limited.
Shareholders approved a special resolution to amend the Company’s name at the Annual General Meeting on 15 June 2022 and the Company has today received approval from the Guernsey Registry to effect the change.
The Company’s identifier is also changing from ‘SLI’ to ‘API’ with effect from 8am on 17 June 2022 while its SEDOL and ISIN remain unaffected.
Share certificates issued in the name of Standard Life Investments Property Income Trust Limited remain valid.
Enquiries:
Northern Trust International Fund Administration Services (Guernsey) Limited
The Company Secretary
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Tel: 01481 745001
END

The demand for consultancy services in digital transformation is strong in the long term, as an effect of both changed client behaviors and the fast technology development, creating possibilities to develop smarter, more sustainable solutions. Miracle will become part of the business area Knowit Solutions, which is already established in
“We are pleased to welcome all our new colleagues from Miracle to
Miracle will gradually be integrated into and become part of the operations in Knowit Solutions in
“We are very proud to get our new colleagues from Miracle onboard. Together, we will have the possibility to serve clients throughout
“Over the years, Miracle has created a unique position for itself on the Danish market for IT consultancy. We are now ready to take the next step and see a great potential in the merger with
The two companies will move into shared offices in
Financial information
- Consideration totals about
DKK 145 million (enterprise value), for a bit more than 90% of the shares in the company. - No form of additional consideration will be paid out. The remaining non-controlling interests are key personnel in Miracle.
For more information, please contact
Åsa Holmberg, Head of Knowit Solutions, +46(0)70 949 42 38 or asa.holmberg@knowit.se
Marie Björklund, CFO Knowit, +46(0)70 144 98 02 or marie.bjorklund@knowit.se
Jan Skelbæk, CEO Miracle, +45 53 74 71 70 or jsk@miracle.dk
About
We are digitalization consultants and a Nordic powerhouse for the digital business models of the future. Our vision is to create a sustainable and humane society through digitalization and innovation.
About Miracle
Every day, Miracle contributes to digitalization and the green transformation of
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(c) 2022 Cision. All rights reserved., source
Item 5.07 Submission of Matters to a Vote of Security Holders.
The Annual Meeting of Stockholders (the “Annual Meeting”) of
Real Estate Finance, Inc.
112,259,320 shares of the Company’s common stock were represented in person or
by proxy representing approximately 79.8% of the issued and outstanding shares
of the Company’s common stock entitled to vote.
At the Annual Meeting, the Company’s stockholders: (i) elected the ten directors
named below for a term expiring in 2023; (ii) ratified the appointment of
firm for the fiscal year ending
advisory basis, the compensation of the Company’s named executive officers. The
proposals are described in detail in the Company’s 2021 Proxy Statement. The
final results for the votes regarding each proposal are set forth below.
(i) The voting results with respect to the election of each director were as follows: Name Votes For Votes Withheld Broker Non-Votes Mark C. Biderman 85,121,838 1,711,576 25,425,906 Pamela G. Carlton 86,190,279 643,135 25,425,906 Brenna Haysom 85,769,728 1,063,686 25,425,906 Robert A. Kasdin 72,011,993 14,821,421 25,425,906 Katherine G. Newman 78,511,185 8,322,229 25,425,906 Eric L. Press 78,480,536 8,352,878 25,425,906 Scott S. Prince 85,403,178 1,430,236 25,425,906 Stuart A. Rothstein 84,274,341 2,559,073 25,425,906 Michael E. Salvati 67,048,063 19,785,351 25,425,906 Carmencita N.M. Whonder 74,684,386 12,149,028 25,425,906
(ii) The voting results with respect to the ratification of the appointment of
firm for the fiscal year ending
Votes For Votes Against Abstain Broker Non-Votes
110,496,831 931,682 830,807 –
(iii) The voting results with respect to the approval, on an advisory basis, of
the compensation of the Company’s named executive officers were as follows:
Votes For Votes Against Abstain Broker Non-Votes
80,499,867 5,678,267 664,359 25,416,827
——————————————————————————–
© Edgar Online, source
[Taiwan-Taipei] Elitegroup Computer Systems (ECS), the global leading motherboard, mini PC, notebook, mobile device, and smart solution provider, will physically and digitally participate the leading international faire for embedded technologies, Embedded World 2022 at Nuremberg, Germany from June 21 to 23 to showcasing the comprehensive LIVA Mini PC family and the latest commercial motherboards to apply in wide range applications.
LIVA Mini PC Applied for Various Smart Solutions
ECS presents the complete LIVA Mini PC family including compact-size Q series, multi-function Z series and high-performance One series and its wide range applications during the event.
Industrial Automation
LIVA Z2 Mini PC is an ultra-compact PC with fully functional features including extra HDD storage, 6-port for USB connections, Gigabit LAN port, wireless LAN, and dual HDMI ports for data computing and transmission to control center. Automated machines embedded in LIVA Z2 in production lines can offer upscale production rates and minimize product deficiency caused by human error. Besides, with the fanless design, LIVA Z2 Mini PC prevents the attraction of dust preventing overheating issues and also reducing malfunctions and extending the product life-cycle.
Self-service Kiosk
With the ultra small-sized design, LIVA Q series Mini PC is perfectly fit into the limited space of the kiosk. LIVA Q3 Plus Mini PC equipped with a powerful 15-watt AMD Ryzen™ V1605B or R1505G APU, HDMI 2.0 and mDP ports for dual displays on vivid 4K UHD video streaming, wired and wireless networking connection, and various ports to connect with different devices to apply with all kinds of kiosks such as ticket machine, self-order machine, vending machine, product information checking machine, self-checkout machine, and so on.
Thermal Image System
Featured high performance Intel® Core™ i processors and advanced technologies, LIVA One Series and Z3 Plus Mini PC can be applied for the thermal imaging system to efficiently process and analysis the latest surveillance video. LIVA One Series and Z3 Plus both support expandable memory and storage to assist thermal image system operation more efficient. LIVA One Series and Z3 Plus provides enough connections to draw all equipment together. Connected to a thermal imaging camera and monitors, the security staff can monitor all personal temperature while visitors entered the building naturally.
Banking System
To support a wide range of customers and their specific needs, banking devices not only do more than just dispense cash function, but also provide more convenient service. LIVA Z3E Plus Mini PC is built with Intel® 10th Gen Core™ i processors and multiple connectors including 6 USB ports, 2 Gigabyte LAN ports, and 2 COM ports to assist integrators to combine customized configuration software into the banking system and connect with different equipment together to make entire banking system operating perfectly.
ECS Commercial Motherboard
ECS showcases multiple commercial motherboards with Intel vPro® technologies, AMD DASH or TPM functions to make devices working more stable, secure, efficient, and easy-managed. ECS H610 and B660 motherboard support Intel® 12th Gen Core™ processors, up to two M.2 Gen4 slots, and dual DDR4 memory up to 64GB. For multiple displays, ECS H610 and B660 provide various interface to connect with such as HDMI, DisplayPort, VGA and LVDS. Besides, ECS also presents A520 motherboard supported AMD Ryzen™ 5000 Series/ 4000 G-Series/ 3000 Series desktop processors for Socket AM4, and dual DDR4 memory up to 64GB. For advanced features, ECS A520 is equipped with four SATA ports which support RAID 0, 1, 10 for better data backup and one Gigabit LAN port which supports DASH function for better data security management.
(Translation)
No. AIMRE 059/2022
10 June 2022
Subject Notification of the Capital Reduction of AIM Commercial Growth Freehold and Leasehold Real Estate Investment Trust (AIMCG)
Attention Director and Manager
The Stock Exchange of Thailand
Reference is made to the announcement by AIM Real Estate Management Company Limited (the “Company“) as the REIT Manager of AIM Commercial Growth Freehold and Leasehold Real Estate Investment Trust (“AIMCG“) regarding the notification of distribution payment in form of capital reduction of AIMCG at the rate of Baht 0.1000 per trust unit, and the payment was scheduled on 10 June 2022. The Company already distributed the proceeds from the capital reduction to the trust unitholders by decreasing the par value of trust unit from Baht 9.9300 per trust unit to Baht 9.8300 per trust unit, representing a capital reduction of Baht 28,800,000. The remaining paid-up capital is Baht 2,831,040,000.
In this regard, the Company has informed the capital reduction of AIMCG to the Office of the Securities and Exchange Commission (“SEC Office“) and SCB Asset Management Company Limited, as the Trustee (“Trustee“) of AIMCG on 10 June 2022. SEC Office and Trustee have acknowledged the capital reduction of AIMCG.
Please be informed accordingly.
Yours respectfully,
AIM Commercial Growth Freehold and Leasehold Real Estate Investment Trust
by AIM Real Estate Management Company Limited
(Mr. Amorn Chulaluksananukul)
Chief Executive Officer and Director
บริษัท เอไอเอ็มเรียลเอสเตท แมนเนจเม้นท์ จ ำกัดเลขที่93/1 อำคำรจีพีเอฟ วิทยุอำคำรบี ชั้น8 ห้อง803 ถนนวิทยุแขวงลุมพินี เขตปทุมวัน กรุงเทพมหำนคร10330 โทรศัพท์02-254-0441-2
AIM REAL ESTATE MANAGEMENT COMPANY LIMITED Unit 803, 8th floor, Tower B, GPF Witthayu Building, No. 93/1, Witthayu Road, Lumpini, Pathumwan, Bangkok 10330 Tel 02-254-0441-2
Forward-Looking Statements
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the financial statements and the related notes and other information that are included elsewhere in this Form 10-K. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including those set forth under the cautionary note regarding "Forward-Looking Statements" contained elsewhere in this Form 10-K. Additionally, you should read the "Risk Factors" section of this Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.
Our audited financial statements are stated in
prepared in accordance with
principles.
We assume no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.
Unless expressly indicated or the context requires otherwise, the terms
“Rasna,”,” the “Company,” “we,” “us,” and “our” refer to
Inc.
subsidiaries.
Company Background Overview
To date, we have devoted substantially all of our resources to research and development efforts relating to our therapeutic candidates, including conducting clinical trials and developing manufacturing capabilities, in-licensing related intellectual property, protecting our intellectual property and providing general and administrative support for these operations. Since our inception, we have funded our operations primarily through the issuance of equity securities.
We anticipate that our expenses will increase substantially if and as we:
? continue enrollment in our ongoing clinical trials; ? initiate new clinical trials;
? seek to identify, assess, acquire and develop other products, therapeutic
candidates and technologies;
? seek regulatory and marketing approvals in multiple jurisdictions for our
therapeutic candidates that successfully complete clinical studies; ? establish collaborations with third parties for the development and commercialization of our products and therapeutic candidates;
? make milestone or other payments under our agreements pursuant to which we
have licensed or acquired rights to intellectual property and technology
seek to maintain, protect, and expand our intellectual property portfolio;
? seek to attract and retain skilled personnel;
? incur the administrative costs associated with being a public company and
related costs of compliance;
? create additional infrastructure to support our operations as a commercial
stage public company and our planned future commercialization efforts; and
? experience any delays or encounter issues with any of the above. We expect to continue to incur significant expenses and increasing losses for at least the next several years. Accordingly, we anticipate that we will need to raise additional capital in addition to the net proceeds from this offering in order to obtain regulatory approval for, and the commercialization of our therapeutic candidates. Until such time that we can generate meaningful revenue from product sales, if ever, we expect to finance our operating activities through public or private equity or debt financings, government or other third-party funding, marketing and distribution arrangements and other collaborations, strategic alliances and licensing arrangements or a combination of these approaches. If we are unable to obtain funding on a timely basis, we may be required to significantly curtail, delay or discontinue one or more of our research or development programs or the commercialization of any approved therapies or products or be unable to expand our operations or otherwise capitalize on our business opportunities, as desired, which could materially adversely affect our business, financial condition and results of operations.
We only have one segment of activity which is that of a clinical stage
biotechnology company focused on targeted drugs to treat diseases in oncology
and immunology, mainly focusing on the treatment of leukemia.
48
Summary of significant accounting policies
This discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles inthe United States of America , or GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. In accordance with US GAAP, we base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. While our significant accounting policies are more fully described in Note 2 to our audited consolidated financial statements appearing elsewhere in this Annual Report, we believe the following accounting policies are critical to the process of making significant judgments and estimates in the preparation of our financial statements. Basis of preparation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted inthe United States of America ("US GAAP"). Any reference in these notes to applicable guidance is meant to refer to US GAAP as found in the Accounting Standards Codification ("ASC") and Accounting Standards Updates ("ASU") of theFinancial Accounting Standards Board ("FASB"). Principles of Consolidation In accordance with ASC 810, Consolidation, the Company consolidates any entity in which it has a controlling financial interest. Further, the Company consolidates any variable interest entity that it is deemed to be the primary beneficiary of, and have the power to direct its significant activities. Upon review of the relationship betweenRasna Therapeutics ("RasnaUK ") and the Company, Management determined that the equity investment in RasnaUK was not sufficient to fund its operations. Accordingly, the Company is considered to be the primary beneficiary of the assets held within RasnaUK , which primarily consist of cash received from the Company to fund its operations, and has power to direct its significant activities. As a result, the Company consolidates this variable interest entity, which has minimal activity and has been liquidated. The consolidated financial statements include the financial statements of the Company and its wholly owned subsidiary,Rasna Research Inc , andRasna Research Inc's subsidiary,Arna Therapeutics Limited . All significant intercompany accounts and transactions have been eliminated in the preparation of the accompanying consolidated financial statements. 49 Going Concern We are subject to a number of risks similar to those of other pre-commercial stage companies, including its dependence on key individuals, uncertainty of product development and generation of revenues, dependence on outside sources of capital, risks associated with research, development, testing, and obtaining related regulatory approvals of its pipeline products, suppliers and collaborators, successful protection of intellectual property, competition with larger, better-capitalized companies, successful completion of our development programs and, ultimately, the attainment of profitable operations are dependent on future events, including obtaining adequate financing to fulfill its development activities and generating a level of revenues adequate to support the Company's cost structure. We have experienced net losses and significant cash outflows from cash used in operating activities over the past two years, and as ofSeptember 30, 2021 , had an accumulated deficit of$23,534,479 , a net loss for the year endedSeptember 30, 2021 of$875,998 and net cash used in operating activities of$293,393 . These conditions indicate that there is substantial doubt about our ability to continue as a going concern within the next twelve months from the filing date of this annual report on Form 10-K. We expect to continue to incur net losses and have significant cash outflows for at least the next twelve months. We currently have sufficient funds to continue operating until the end ofJune 2022 , but will require significant additional cash resources to launch new development phases of existing products in its pipeline. Additional cash injections are expected from Panetta partners which is expected to enable the Company to continue our operations through at leastMarch 2023 , however in the event that we are unable to secure the necessary additional cash resources needed, we may need to slow current development phases or halt new development phases in order to mitigate the effects of the costs of development . The accompanying consolidated financial statements have been prepared assuming that we will continue as a going concern. This basis of accounting contemplates the recovery of our assets and the satisfaction of liabilities in the normal course of business. A successful transition to attaining profitable operations is dependent upon achieving a level of positive cash flows adequate to support our cost structure. Use of Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. We evaluate our estimates on an ongoing basis, including those related to the fair values of stock based compensation awards, the modification and extinguishment of debt, troubled debt restructuring, derivatives and valuations associated with derivatives, income taxes and contingent liabilities, among others. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities. Actual results could differ from those estimates and such differences could be material to our consolidated financial position and results of operations. 50
Intangible assets are made up of in-process research and development, ("IPR&D") and certain intellectual property ("IP"). The balance of IPR&D represents IPR&D acquired in 2013, which, at the time, was determined to have alternative future uses. IPR&D assets also represent the fair value assigned to acquired technologies in a business combination, which at the time of the business combination have not reached technological feasibility and have no alternative future use. IP assets represent the fair value assigned to technologies, which at the time of acquisition have reached technological feasibility, however, have not yet been put into service. Intangible assets are considered to have an indefinite useful life until the completion or abandonment of the associated research and development projects.Goodwill represents the premium paid over the fair value of the net tangible and intangible assets acquired in business combinations.Goodwill is not amortized; rather, it is subject to a periodic assessment for impairment by applying a fair value based test.Goodwill is assessed for impairment on an annual basis or more frequently if events or changes in circumstances indicate that the asset might be impaired. An impairment charge is recognized only when the implied fair value of our reporting unit's goodwill is less than its carrying amount. Management evaluates indefinite life intangible assets for impairment on an annual basis and on an interim basis if events or changes in circumstances between annual impairment tests indicate that the asset might be impaired. The ongoing evaluation for impairment of its indefinite life intangible assets requires significant management estimates and judgment. Management reviews definite life intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.Goodwill and intangible assets were fully impaired as ofSeptember 30, 2020 . Risks and Uncertainties
We intend to operate in an industry that is subject to rapid change. Our
operations will be subject to significant risk and uncertainties including
financial, operational, technological, regulatory, and other risks associated
with an early-stage company, including the potential risk of business failure.
Research and development Expenditure on research and development is charged to the statement of operations in the year in which it is incurred with the exception of expenditures incurred in respect of the development of major new products where the outcome of those projects is assessed as being reasonably certain in regard to viability and technical feasibility. Such expenditure is capitalized and amortized straight line over the estimated period of sale for each product, commencing in the year that sales of the product are first made. To date, we have not capitalized any such expenditures other than certain IPR&D & IP recorded in connection with certain acquisition or equity transactions. Income Taxes
We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Management considers many factors when assessing the likelihood of future realization of deferred tax assets, including recent earnings experience by jurisdiction, expectations of future taxable income, and the carryforward periods available for tax reporting purposes, as well as other relevant factors. A valuation allowance may be established to reduce deferred tax assets to the amount that management believes is more likely than not to be realized. Due to inherent complexities arising from the nature of the business, future changes in income tax law and variances between actual and anticipated operating results, management makes certain judgments and estimates. Therefore, actual income taxes could materially vary from these estimates. OnDecember 22, 2017 , The Tax Cuts and Jobs Act was signed into law and has resulted in significant change to theU.S corporate income tax system. These changes include a federal statutory rate reduction from 34% to 21%, a transition tax, which applies to the repatriation of foreign earnings and profits, the elimination or reduction of certain domestic deductions and credits and limitations on the deductibility of interest expense and executive compensation. 51
Changes in tax rates and tax laws are accounted for in the period of enactment.
We recognize in the financial statements the impact of a tax position, if that position is more likely than not to be sustained upon an examination, based on the technical merits of the position. We record a liability for the difference between the benefit recognized and measured and the tax position taken or expected to be taken on our tax return. To the extent that the assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made. To the extent interest and penalties are not assessed with respect to uncertain tax positions, amounts accrued will be reduced and reflected as a reduction of the overall income tax provision. We have incurred no liability and, therefore, did not need to record interest and penalties during the year endedSeptember 30, 2021 and 2020. Foreign Currency Items included in the financial statements are measured using their functional currency, which is the currency of the primary economic environment in which the company operates. The Company's consolidated financial statements are presented inUnited States Dollar ("USD"), which is the company's functional and presentational currency. Net Loss per Share Basic net loss per share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net loss per share includes potentially dilutive securities such as outstanding options and warrants, using various methods such as the treasury stock or modified treasury stock method in the determination of dilutive shares outstanding during each reporting period. The following table sets forth potential common shares issuable upon the exercise of outstanding options, the exercise of warrants and conversion of loan notes, all of which have been excluded from the computation of diluted weighted average shares outstanding as they would be anti-dilutive, including the impact on dilutive net loss per share of in-the-money warrants: September 30, September 30, 2021 2020 Stock options 3,648,675 3,210,050 Warrants 1,926,501 1,926,501 Convertible Notes 82,487,678 1,562,319 Total shares issuable upon exercise or conversion 88,062,854 6,698,870 Convertible Notes Debt Discount The Company issued certain convertible notes that have certain embedded derivatives and/or required bifurcation. In connection with these features, the Company has recorded a discount to the debt that will be accreted to the face value of the note under the effective interest method over the term of the
note. 52
Fair Value of Financial Instruments
Fair value is defined under FASB ASC Topic 820 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or the most advantageous market for an asset or liability in an orderly transaction between participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on the levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value. The levels are as follows:
? Level 1 – Quoted prices in active markets for identical assets or liabilities
? Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or corroborated by observable market data for substantially the full term of the assets or liabilities
? Level 3 – Unobservable inputs that are supported by little or no market
activity and that are significant to the value of the assets or liabilities.
The following is a listing of the Company's liabilities required to be measured at fair value on a recurring basis and where they are classified within the fair value hierarchy as ofSeptember 30, 2021 : Level 1 Level 2 Level 3 Total Derivative Liability $ - $ -$ 38,018 $ 38,018 Equity-Based Payments ASC Topic 718 "Compensation-Stock Compensation" requires companies to measure the cost of employee services received in exchange for the award of equity instruments based on the estimated fair value of the award at the date of grant. The expense is to be recognized over the period during which an employee is required to provide services in exchange for the award. We account for shares of common stock, stock options and warrants issued to employees based on the fair value of the stock, stock option or warrant, if that value is more reliably measurable than the fair value of the consideration or services received. We account for stock-based compensation awards issued to non-employees underFinancial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") No. 718-10, Compensation - Stock Compensation - Overall, and uses the Black-Scholes Merton option-pricing model to determine the fair value of such awards. The Company values awards issued to non-employees on the grant date and has elected to estimate forfeitures as they occur and uses the simplified method to estimate the term of such awards. The Company recognizes stock-based compensation expense related to non-employee awards on a straight-line basis over the service period. 53
Recent Accounting Pronouncements
InAugust 2020 , the FASB issued ASU 2020-06, which simplifies the guidance on the issuer's accounting for convertible debt instruments by removing the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. As a result, entities will not separately present in equity an embedded conversion feature in such debt and will account for a convertible debt instrument wholly as debt, unless certain other conditions are met. The elimination of these models will reduce reported interest expense and increase reported net income for entities that have issued a convertible instrument that is within the scope of ASU 2020-06. Also, ASU 2020-06 requires the application of the if-converted method for calculating diluted earnings per share and treasury stock method will be no longer available. ASU 2020-06 is applicable for fiscal years beginning afterDecember 15, 2021 , with early adoption permitted no earlier than fiscal years beginning afterDecember 15, 2020 . The Company does not intend to early adopt and continues to evaluate the impact of the provisions of ASU 2020-06 on its consolidated financial statements. InDecember 2019 , the FASB issued ASU 2019 -12, Income Taxes - Simplifying the Accounting for Income Taxes ("ASU 2019-12"). Among other items, the amendments in ASU 2019-12 simplify the accounting treatment of tax law changes and year-to-date losses in interim periods. An entity generally recognizes the effects of a change in tax law in the period of enactment; however, there is an exception for tax laws with delayed effective dates. Under current guidance, an entity may not adjust its annual effective tax rate for a tax law change until the period in which the law is effective. This exception was removed under ASU 2019-12, thereby providing that all effects of a tax law change are recognized in the period of enactment, including adjustment of the estimated annual effective tax rate. Regarding year-to-date losses in interim periods, an entity is required to estimate its annual effective tax rate for the full fiscal year at the end of each interim period and use that rate to calculate its income taxes on a year-to-date basis. However, current guidance provides an exception that when a loss in an interim period exceeds the anticipated loss for the year, the income tax benefit is limited to the amount that would be recognized if the year-to-date loss were the anticipated loss for the full year. ASU 2019-12 removes this exception and provides that, in this situation, an entity would compute its income tax benefit at each interim period based on its estimated annual effective tax rate. ASU 2019-12 is effective for fiscal years beginning afterDecember 15, 2020 , including interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the effect that this update will have on its financial statements and related disclosures.
The Company has determined that all other recently issued accounting
pronouncements will not have a material impact on its consolidated financial
position, results of operations and cash flows, or do not apply to its
operations.
Results of Operations
The following paragraphs set forth our results of operations for the periods
presented. The period-to-period comparison of financial results is not
necessarily indicative of future results.
Results of Operations for the years ended
Revenues
There were no revenues for the year ended
we do not have any commercial biopharmaceutical products.
Operating Expenses Operating expenses consisting of consultancy fees, legal and professional fees and general and administrative expenses for the year endedSeptember 30, 2021 decreased to$247,814 from$5,428,858 for the year endedSeptember 30, 2020 , a decrease of$5,181,044 . The decrease is primarily attributable to the impairment and write off of goodwill and intangible assets of$4,872,354 offset by the pace of development of the LSD1 and NPM1 projects which decreased while the direction of the programs were being evaluated based on results achieved so far, along with a decrease in general administrative costs driven by our decreased activity. Net Loss Net loss for the year endedSeptember 30, 2021 decreased to$875,998 from$5,346,672 for the year endedSeptember 30, 2020 , a decrease of$4,470,674 . The decrease was due to the impairment and write off of goodwill and intangible assets of$4,872,354 offset by increases in costs due to the accretion of debt discount and other promissory note costs, decreases in the pace of development of the LSD1 and NPM1 projects which decreased while the direction of the programs are being evaluated, along with a decrease in general administrative costs driven by our decreased activity. 54
Liquidity and Capital Resources
OnNovember 12, 2019 we entered into a 12% Convertible Promissory Note with a Holder pursuant to which we issued a Convertible Promissory Note to the Holder. The Holder provided us with$57,500 in cash, which we received inNovember 2019 . As at the date of filing this note is in default. The Company is currently negotiating an extension to the maturity date along with amended terms. OnFebruary 7, 2020 , we entered into a 12% Convertible Promissory Note with a Holder pursuant to which we issued a Convertible Promissory Note to the Holder. The Holder provided us with$31,000 in cash, which we received inFebruary 2020 .
On
Holder pursuant to which we issued a Convertible Promissory Note to the Holder.
The Holder provided us with
OnSeptember 22, 2020 , we entered into a 12% Convertible Promissory Note with a Holder pursuant to which we issued a Convertible Promissory Note to the Holder. The Holder provided us with$35,000 in cash, which we received inSeptember 2020 . OnOctober 21 2020 , we entered into a 12% Convertible Promissory Note with a Holder pursuant to which we issued a Convertible Promissory Note to the Holder. The Holder provided us with$40,000 in cash, which we received inJanuary 2021 . OnJanuary 12, 2021 , we entered into a 12% Convertible Promissory Note with a Holder pursuant to which we issued a Convertible Promissory Note to the Holder. The Holder provided us with$60,000 in cash, which we received inJanuary 2021 . OnFebruary 23, 2021 , we entered into a 12% Convertible Promissory Note with a Holder pursuant to which we issued a Convertible Promissory Note to the Holder. The Holder provided us with$90,000 in cash, which we received inFebruary 2021 . OnMay 25, 2021 , we entered into a 1% Convertible Promissory Note with a Holder pursuant to which we issued a Convertible Promissory Note to the Holder. The Holder provided us with$100,000 in cash, which we received inMay 2021 . We will be required to raise additional capital to continue the development and commercialization of current product candidates and to fund operations. We cannot be certain that additional funding will be available on acceptable terms, or at all. To the extent that we raise additional funds by issuing equity securities, our shareholders may experience significant dilution. Any debt financing, if available, may (i) involve restrictive covenants that impact our ability to conduct, delay, scale back or discontinue the development and/or commercialization of one or more product candidates; (ii) seek collaborators for product candidates at an earlier stage than otherwise would be desirable and on terms that are less favorable than might otherwise be available; or (iii) relinquish or otherwise dispose of rights to technologies, product candidates or products that we would otherwise seek to develop or commercialize its self on unfavorable terms. Capital Resources
The following table summarizes total current assets, liabilities and working
capital as of the periods indicated:
September 30, September 30, 2021 2020 Change Current assets$ 44,577 $ 32,630 $ 11,947 Current liabilities$ 2,798,389 $ 2,707,632 $ 91,207 Working capital deficiency$ (2,753,812 ) $ (2,675,002 ) $ (78,810 )
We had a cash balance of
55 Liquidity The following table sets forth a summary of our cash flows for the periods indicated: For the For the year ended year ended September 30, September 30, Increase/ 2021 2020 (Decrease)
Net cash used in operating activities$ (293,393 ) $ (251,327 ) $ (42,066 ) Net cash used in investing activities $ - $ - $ - Net cash provided by financing activities$ 290,000 $
215,500$ 74,500
Net cash used in operating activities was$293,393 for the year endedSeptember 30, 2021 compared to$251,327 for the year endedSeptember 30, 2020 . The change is principally attributable to net loss of$785,082 excluding non-cash items such as share based compensation of$42,673 , fee charges related to convertible notes of$123,718 , Tiziana loan interest of$5,760 , accretion of beneficial conversion feature and debt discount of$545,594 , a gain on troubled debt restructuring of$11,773 and changes in operating assets and liabilities of$32,765 for the year endedSeptember 30, 2021 as compared to a net loss of$5,346,672 excluding non-cash items such as share based compensation of$134,632 , an impairment of goodwill and intangible assets of$4,872,354 and changes in operating assets and liabilities of$48,320 for the year endedSeptember 30, 2020
Net Cash Provided by Financing Activities
Net cash provided by financing activities consists of proceeds from the issuance
of convertible notes of
compared to proceeds from the issuance of a convertible notes and a related
party loan payable of
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