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WiMi Develops Data Grading and Digital Fingerprint Encryption Technology.
Source
https://www.newstrail.com/wimi-develops-data-grading-and-digital-fingerprint-encryption-technology/
December 5, 2022
The Internet has now become an indispensable element in people’s daily life. Our life is firmly integrated with the Internet in the era of smartphones. Now, we have started to step into the age of Web 3.0. Web 3.0 is not merely the update and upgrade of business models, browsing habits, and experiences but also the continuous upgrade and evolution of underlying technologies. Presently, the data on the Internet has a high degree of dependency, relevance, diversity, and variability, and users often encounter problems, such as information redundancy and irrelevant content. To solve these problems in the future, developers should scale and optimize data requests according to the characteristics of Internet data and business needs, reduce the number of data requests in the network, improve system performance and enhance the effectiveness of recommendations by verifying the actual system.
WiMi Hologram Cloud, Inc. (NASDAQ:WIMI) released a method and system for the hierarchical expansion of data acquisition requests within the Internet. The system includes a mobile terminal sending a network connection request, a network address of a mobile terminal, and an identifier of a mobile terminal to an authentication server within the Internet.
The network connection request includes:
authentication data and a network connection duration; when the authentication server receives the network connection request, the network address of the mobile terminal and the identifier of the mobile terminal from the mobile terminal, it generates a random string based on the identifier of the mobile terminal without verifying the authentication data in the network connection request and generates a first combination based on the random string and the network address of the mobile terminal string; the mobile terminal sends the network connection request, the network address of the mobile terminal and the identifier of the mobile terminal to the authentication server in the Internet; the authentication server sends the random string and the first hash value to the content server in the Internet; the content server generates the second hash value and sends the metadata set to the mobile terminal when the second hash value is equal to the first hash value; the authentication server sends the the first attribute and the second attribute of the network connection request of the mobile terminal to the content server; the content server retrieves to obtain a plurality of data files based on the first attribute and the second attribute of the network connection request.
WiMi also applies hash value to the method and system of hierarchical expansion of data acquisition requests within the Internet for information encryption. Hash Function, also known as the hash algorithm, creates a digital “fingerprint” in data. A hash function compresses information or data into a summary, making the amount of data more minor and fixing the data format. The function breaks up the data and mixes it to create a new digital fingerprint called hash values. Hash values are represented by a short string of random letters and numbers, which can often be seen in distributed download calls and blockchain applications.
Random number generation is an integral part of many cryptographic operations. For example, the cryptographic key needs to be as random as possible in order to make the generated key hard to reproduce. Cryptographic random number generators must create outputs that cannot be computationally extrapolated (below a probability of p < .05); that is, any method of figuring the next output bit must not have a higher likelihood of success than a random guess.
WiMi’s system can be used for hierarchically scaling data acquisition requests within the Internet, generating a random string based on an identifier of a mobile terminal, which includes:
randomly transforming the position of each character (of a plurality of characters) included in the identifier of the mobile terminal to generate a random string. Alternatively, the identifier of the mobile terminal is input to a random string generator to generate a random string by the random string generator. Alternatively, at least one or two random characters are added between any two adjacent characters of the plurality of characters included in the identifier of the mobile terminal to generate the random string. Alternatively, at least five, ten, or fifteen random characters are added at the beginning or end of the identifier of the mobile terminal to generate the random string.
Generating the first combined string based on the random string and the network address of the mobile terminal includes:
character concatenating the random string and the network address of the mobile terminal to generate the first combined string. The mobile terminal receives the metadata set and stores the metadata set in the first memory, parses the metadata assigned to determine the metadata of each data file, determines the storage size of each data file based on the metadata of each data file, determines the total storage size of all data files associated with the search condition based on the storage size of each data file, and the mobile terminal determines the storage size in the second memory based on the total storage size and the expansion coefficient; when the mobile terminal determines that the remaining storage space in the second memory is greater than the reserved storage space, it sends a second response message to the authentication server for indicating that the storage space of the mobile terminal is available.
While the authentication server sends a random string and a first hash value to the content server within the Internet, the authentication server obtains the authentication data and the network connection duration in the network connection request, parses the authentication data to determine whether the authentication data includes the user-inputted fingerprint information of the mobile terminal. Suppose it is determined that the user-inputted fingerprint information is included in the authentication data. In that case, the first attribute of the network connection request of the mobile terminal is set to the personal level based on the identifier of the mobile terminal to obtain the user’s pre-stored fingerprint information from the authentication database in the authentication server. When the user-inputted fingerprint information and the user’s pre-stored fingerprint information are the same, the network connection request of the mobile terminal is set to the private level. When it is determined that the authentication data does not include the fingerprint information entered by the user or the fingerprint information entered by the user is not the same as the fingerprint information stored in advance by the user, the first attribute of the network connection request of the mobile terminal is set to public level.
When the first attribute of the network connection request is a public level, a network connection is established between the mobile terminal and the public content library in the content server. The content server obtains the second attribute of the network connection request of the mobile terminal. When the second attribute is a high expansion level, it performs high-level expansion for the retrieval conditions in the data acquisition request. It increases the network connection duration by a first-time length so that the mobile terminal can use the high-level expanded retrieval conditions through the established network connection within the network connection duration with the first-time size increased to data retrieval in the public content repository to obtain multiple data files.
When the second attribute is a medium expansion level, a medium expansion level is provided for the retrieval conditions in the data acquisition request, and the network connection duration is increased by a second time length so that the mobile terminal can retrieve multiple data files in the public content repository using the retrieval conditions expanded by the medium level within the network connection duration increased by the second time length through the established network connection.
When the third attribute is a low expansion level, a low-level expansion is performed for the retrieval conditions in the data acquisition request, and the network connection duration is increased by a third time length so that the mobile terminal can retrieve multiple data files in the public content library using the retrieval conditions expanded by the low level within the network connection duration increased by the third time length through the established network connection.
WiMi’s method and system for hierarchically scaling data access requests within the Internet is a crucial invention patent of the company, which serves to make servers more efficient in responding to link requests by issuing classified data through hierarchical scaling, and also establishes better digital encryption and fast matching through hash value digital fingerprinting. In the application of Web 3.0, it solves the demand for more efficient and timely response feedback and data security encryption required by users in the era of the increasing volume of data and more and more invalid and redundant data in Internet applications, and the method of graded expansion of data acquisition requests within the Internet in the future will also be a critical technical implementation path for Web 3.0 for the underlying data acquisition requests.
WiMi Hologram Cloud developed intelligent face detection recognition system.
Source
https://www.newstrail.com/wimi-hologram-cloud-developed-intelligent-face-detection-recognition-system/
December 5, 2022
With the development of artificial intelligence technology, face recognition technology has been more and more widely used in various fields. The advantage of face recognition is that each person’s face information can be accurately retrieved and recognized, and the purpose of crime prevention and personal identity confirmation can be achieved by comparing identity information. In the security industry, holographic face recognition systems can be used not only for monitoring and prevention measures and anti-theft alarm systems in densely populated places such as airports, stations, and hospitals but also for fraud prevention and security monitoring in the commercial field. According to the data of Markets and Markets, the global facial recognition market will be 3.8 billion dollars in 2020, expected to grow to 4.5 billion dollars in 2021, 8.5 billion dollars in 2025, and CAGR is about 17%.
Now, more and more face recognition functions have been added to holographic VR/AR applications. For this reason, WiMi Hologram Cloud, Inc. (NASDAQ: WIMI) developed a holographic intelligent face detection and database comparison recognition system. WIMI holographic intelligent face detection realizes human identification and identity authentication through the image’s distribution of facial feature points. The image processing technology is used to extract and analyze the features related to personal characteristics and convert them into digital forms. The computer is used for identification processing to complete the process of identity authentication or personal verification.
The camera is used to collect facial information, and feature extraction and comparison are performed after preprocessing, transcoding, 3D registration and reconstruction, face detection, region segmentation, and face tracking by filtering and RGB/RGB technology.
To provide the accuracy of detection information and recognition efficiency, the WIMI R&D team independently developed a facial detection algorithm, which realized real-time detection of facial features. It used real-time dynamic data enhancement technology to reduce false detection. This method improves the speed and accuracy of face recognition. WIMI holographic intelligent face detection and comparison system can be applied to various complex scenes. According to its characteristics in complex environments, we have developed face quality assessment, pose assessment, backlight detection, and other technologies and proposed a new method based on face priority.
Regarding facial attributes, the WIMI holographic intelligent face detection and comparison system adopts multiple points’ association method. The details with high correlation are used for sharing network characteristics, while the mutual exclusion is used for feature decoupling. The algorithm can predict a single model and multiple facial features online and in real-time through repeated iteration. The WIMI holographic intelligent face detection and comparison system adopt a non-matching dynamic scene recognition algorithm based on depth learning. This algorithm realizes accurate recognition by simplifying the network and combines WIMI’s self-developed facial posture and face correction technology to filter and reconstruct the side and part of the face that are not obvious in complex scenes to solve the problem of face occlusion.
With the continuous development of artificial intelligence and big data, face information has become an essential part of personal information. WIMI holographic intelligent face detection and comparison system ensure users’ information security through data desensitization, private computing, and decentralized storage. Under the condition of obtaining the full authorization of the user, the facial features of the user are identified, the label technology is used to identify them, and the non-reversible password technology is used to encrypt them, thus ensuring the security of data transmission and storage, and effectively protecting the facial features of the user.
By using the trusted Execution Environment (TEE), Secure Multiparty Computing (MPC), and other privacy computing technologies, without collecting and sharing the original data, we have realized the security processing of the facial features and only conducted desensitized computing on the outside, ensuring that there will be no leakage in the use, processing, and circulation, It effectively solves the contradiction between data confidentiality and efficient processing and circulation. The method of security isolation and decentralized storage is adopted to realize differential privacy, ensure that attackers can not infer other information from some data, and reduce the privacy leakage caused by the centralized storage of sensitive information.
The development of WIMI holographic face recognition technology will be widely used in public security, social management, and other aspects. WiMi Hologram Cloud (NASDAQ: WIMI) will also provide large-scale face recognition comparison service solutions on its holographic cloud platform to make intelligent life safer and better.
WiMi Developed Cloud Computing-Based Graphics Rendering Engine Optimization System.
Source
https://www.newstrail.com/wimi-developed-cloud-computing-based-graphics-rendering-engine-optimization-system/
December 2, 2022
With the development of information technology, the application of holographic, AR, and VR in games, communication, education, digital twin, etc., is gradually increasing, and the reliability requirements for graphics rendering are getting higher. Rendering processing directly determines VR and AR image quality. Compared with traditional image rendering, VR and AR have higher rendering burdens and lower latency requirements in intense interactive application scenes (such as games). In response to the needs of WiMi’s cloud development business division, the R&D team has developed a highly reliable Graphics Rendering Engine Optimization System based on cloud computing. WiMi Hologram Cloud, Inc. (NASDAQ:WIMI) combined cloud rendering, AI, and foveated rendering based on cloud computing to optimize the rendering engine in several aspects, such as rendering resources, API level, memory and operation, CPU’s arithmetic power, the liberation of GPU pressure at CPU, etc. The system utilizes AI’s deep learning capability to achieve image noise reduction, anti-aliasing and rendering load reduction, etc.
WiMi’s Cloud Computing-based, Highly Reliable Graphics Rendering Engine Optimization System allows different content applications to be more easily adapted to differentiated terminals and solves complex user experience problems.
- Cloud rendering focuses on collaborative rendering at the edge of the cloud network, importing the rendering capabilities required by applications into the cloud, which can effectively reduce terminal configuration costs and enable users to experience better rendering effects.
- Eye-tracking technology can ensure that the reduction of rendering arithmetic and the number of display pixels does not reduce the user experience resolution. The foveated rendering technology is selected as the industry standard, and the foveated rendering and foveated optics based on eye-tracking are the current research hot spots of the point technology architecture.
- Artificial intelligence is a booster of rendering quality and efficiency. Artificial intelligence can accelerate high-performance noise reduction processing and reduce high-fidelity image rendering time. Therefore, artificial intelligence will be a significant research direction for cloud dyeing configuration in different applications and network environments.
Foveated rendering is based on eye-tracking, which only renders the central area where the user looks with high precision and renders other areas within the field of view with low resolution, which can both reduce GPU shading load and ensure a high frame rate, thus better allocating the limited computing resources for a better user experience. Eye-tracking interaction has the advantages of low interaction cost and a short interaction path. With eye-tracking interaction, head movement only controls the field of view, and eye movement locks the target, making the user experience more relaxed and natural even in a more comfortable environment. User behavior analysis uses the information collected by eye-tracking manufacturers for developers, and they can then optimize and customize products, game production, etc.
With the development of cloud rendering, artificial intelligence, and foveated rendering, the balance between rendering quality optimization and efficiency will be further enhanced by researchers. WiMi has done a lot of research in this field, and the cloud-based graphics rendering engine optimization system will also provide users with better holographic rendering optimization cloud services.
WiMi’s Data Security Awareness System Protects Network Information Security.
Source
https://www.newstrail.com/wimis-data-security-awareness-system-protects-network-information-security/
December 1, 2022
While enterprises enjoy the development dividend brought by technological progress from big data, artificial intelligence, and other information technology, they also risk leaking essential data and personal information. The traditional technology, business, and enterprise architecture have the characteristics of fixed data flow boundary, a small number of digital assets, and low business complexity, and the data governance work such as data classification and grading, access rights management, and security audit can be completed by relying on the traffic collection on the gateway side and manual combing. However, with the digital transformation of enterprises, enterprises’ business data and production factors gradually become a massive number of digital assets because only mobile data has vitality and business value. The data boundary is also changing dynamically.
However, the high speed of data circulation has blurred the boundaries between information systems and network areas. In addition to the data generated in their own business, enterprises commonly collect or exchange data with external third parties to enrich their data resources. The flow and processing of data among different organizations and applications have become an inevitable trend. However, data flow is commonly associated with data security risks such as unauthorized service calls, excessive export of sensitive data, illegal use and illegal secondary proliferation of sensitive data, and use of user data without user authorization.
To improve data security and boost personal information protection, WiMi Hologram Cloud, Inc. (NASDAQ:WIMI) is developing its own Data Security Awareness System based on technologies such as holographic signature feature detection, historical data behavior baseline, multidimensional modeling, statistical analysis, holographic parallel cut, artificial intelligence, etc., to conduct complete data and scenario-based analysis of massive data, through data observation, data supervision, data privacy protection, and data due diligence audit to generate a holographic dynamic map of data.
WiMi’s Data Security Risk Awareness System is like a parallel space in a multidimensional space, intertwined with business mass data logic but independent of each other. It can defend throughout life and effectively control the entire system while not being bound by the business development cycle. WiMi’s Data Security Awareness System can integrate security capabilities with the infrastructure and applications while decoupling complex business logic in complex security risk scenarios. By combining users, devices, and applications, the system conducts multidimensional correlation analysis to the core network area, critical business applications of data assets, the transmission process, and behavior in the network for the whole process of monitoring and auditing. The system surpasses traditional security infrastructure in terms of accuracy, efficiency, and versatility. It can directly detect and block various complex attacks within the application, building a new holographic “boundary” for data security flow. It ensures that every data is under its supervision, thus shifting the focus from data inflow and outflow channel security to the whole life cycle of data security.
WiMi has also gained a number of practical invention patents, such as a Body Hologram Compression Storage System for digital data, a Body Hologram Image Storage System, and a Miniaturized Body Hologram Storage and Identification system. These patents apply digital holographic technology and consist of the system control module, the image receiving module, the image caching module, the compression module, and the transmission module.
The said hologram includes two input methods:
LVDS interface in the form of an image and BNC interface in analog video. After the original image is de-serialized at the back end of the LVDS interface, it enters the hologram caching module. Then it passes to the compression module for compression coding operation. It can be used to realize the “holographic flow image” of the data and quickly realize the entire spatial and temporal retracing of the data and multidimensional perception.
With years of deep plowing in technology, WiMi will continue to use holographic technology, artificial intelligence algorithms, and other technologies to innovate Internet data continuously. It will empower industrial development through information technology to provide value and help for the digital transformation of enterprises and to escort the stable operation of the Internet information infrastructure.
Leading by domestic innovation, Chinasoft International and Haoxiang Information jointly create the future of smart education.
Source
https://www.chinasofti.com/news/2517.htm
December 2, 2022
Recently, Chinasoft International and Guangzhou Haoxiang Information Technology Co., Ltd. signed a cooperation agreement to jointly promote the application of localized Zhilian education industry. Haoxiang Information, as a provider of cloud ecological IoT application solutions focusing on IoT technology, has provided Peking University, Sun Yat-Sen University, Jinan University, Guangzhou University and many other colleges and universities across the country, including IoT platform construction, smart classrooms, etc. The Internet of Things cloud intelligent management and control products and services in the company have accumulated rich experience in the education industry. According to the agreement, the two parties will take the adaptation of the electronic class card KaihongOS as the starting point, follow the trend of localization of educational equipment, and create a smarter education informatization scene through KaihongOS's distributed soft bus, atomized service, and card-style experience. On the track of localization of smart education, it provides more ubiquitous, smarter, more personalized, safer and more reliable education industry solutions.
China is moving from a "big education country" to a "powerful education country", and digital transformation and intelligent upgrading are imperative. "China's Education Modernization 2035" emphasizes "accelerating educational reform in the information age", "building an intelligent campus, and coordinating the construction of an integrated intelligent teaching, management and service platform". Goals, the informatization and digitalization of educational institutions, and the demand for localization of educational equipment and supporting facilities are ushering in rapid growth. At the same time, the education industry has been facing technical problems such as a large number of information devices, multiple application systems, and inconsistent access standards.
Because information devices are equipped with different operating systems, the platform data interconnection experience is poor, which brings a lot of inconvenience to education. Based on the rich experience and resources in their respective fields, the company and Haoxiang Information will work together to create an open source Hongmeng adaptation project for smart education electronic class cards based on the advantages of Chinasoft International in open source Hongmeng AIoT, and jointly promote the upgrading of educational information equipment and the process of localization replacement.
The new journey of education informatization 2.0 has already started, and the transformation from traditional schools to modern schools has only a starting point and no end point. Based on the open-source Hongmeng "root technology", Chinasoft International will empower with the domestic smart IoT platform, cooperate with Haoxiang Information and other smart education ecological partners to promote the localization and digitalization of a series of educational terminal equipment, and further strengthen in-depth cooperation in the field of new educational infrastructure. Create a full-scenario solution for the smart education industry, truly play the role of "high efficiency", "openness" and "connection" in education informatization, continue to innovate, and help schools truly realize "efficient work", "innovative teaching", and "smart education" .
China Software International (00354.HK) joins hands with the Wuxi Municipal People's Government to jointly create a new benchmark for the Xinchuang industry and build a new pattern of intelligent IoT.
Source
https://cj.sina.com.cn/articles/view/5115326071/130e5ae7702001tnta
December 1, 2022
China Software International (00354.HK) announced that the company recently signed a strategic cooperation agreement with the Wuxi Municipal People's Government. In this cooperation, the two parties will give full play to Wuxi's urban influence as "the capital of the Internet of Things" and "China's famous software city", and combine the advantages of the company's deep cultivation of the open source Hongmeng industry and the full-stack technology capabilities of domestic alternatives to jointly focus on software, the Internet of Things, In areas such as Xinchuang, build an independent innovation ecological chain with leading core technologies and strong industrial competitiveness, accelerate the development of Wuxi's digital economy, and promote Wuxi to become a demonstration zone for Xinchuang industry with leading competitive advantages.
In this strategic cooperation, the two parties will adhere to the principle of "complementary advantages, mutual benefit and win-win, and ecological co-construction", pool their respective advantages, and form a strong alliance. The two parties will build Chinasoft International-Wuxi Intelligent Networking Base, land in Honglian (Wuxi) Co-Creation Camp, carry intelligent networking innovation laboratory, KaihongOS innovation technology center, digital software factory and other businesses, play the leading role of leading enterprises, cultivate and attract intelligent networking Enterprises settled in Wuxi to promote the establishment of a smart networking ecosystem with leading technology and independent innovation.
The two parties will focus on Honglian Lianying as an innovative carrier for the integrated development of scenarios and industries, and jointly sort out the innovative application needs and scenarios of smart networking around smart connected cities, smart parks, smart education, smart transportation, smart health care, and smart manufacturing, break through a number of key technologies of intelligent networking based on domestic operating systems, and create a batch of innovative solutions and scenario demonstrations for intelligent networking that can be applied, promoted, and replicated.
The company will keep up with the development trend of national credit creation, focus on cultivating the independent innovation ecological chain around KaihongOS, realize the efficient deployment of regional technology, data, talents and other resource elements with the ecological service platform, and incubate with the smart network innovation laboratory based on domestic independent innovation. Control the application of innovative technology, use the KaihongOS Innovation Technology Center to build an industry hub for local advantageous industries, reduce the application cost of the Internet of Things with unified standards, and reduce the development cost of software and hardware for the Internet of Things with the software factory.
At the same time, based on the integration trend of the national digital economy and the real economy, the company will carry out digital transformation consulting services around leading enterprises and state-owned enterprises in Wuxi integrated circuit, military industry, automobile production, equipment manufacturing and other industries . Provide support for the localization of production and manufacturing, operation management, application software and other systems, assist in the construction of digital (smart) localization of enterprises, create a batch of solutions for the digital transformation of state-owned assets and enterprises based on the localized operating system of KaihongOS, and promote the optimization of traditional industries in Wuxi Resource allocation, adjustment of industrial structure, and help enterprises to comprehensively transform into digital intelligence.
The company's signing with Wuxi this time is another strategic achievement of the company in the field of open source Hongmeng and intelligent Internet of Things after building the "City of Open Harmony" with Shenzhen and Tianjin. It fully demonstrates that OpenHarmony is the core to cultivate safe and controllable digitalization. The development model of the industrial chain has been recognized by many governments. Looking forward to the future, the company will rely on the technical advantages of KaihongOS's independent innovation of intelligent connected perception, full-stack domestic alternative solutions and capabilities, deeply cultivate the big scene of the digital economy, build a solid foundation for digital security, and build a new pattern of safe, controllable and intelligent IoT.
WiMi Develops Real-Time AI Holographic Display With CGH Technology.
Source
https://www.newstrail.com/wimi-develops-real-time-ai-holographic-display-with-cgh-technology/
December 2, 2022
In recent years, WiMi Hologram Cloud, Inc. (NASDAQ: WIMI) has been exploring real-time holographic display technology and applying it to AR holographic entertainment. The WIMI MR system, independently developed by the WIMI R&D team, allows end users to edit and display holographic AR content and create customized visual effects. The WIMI MR system R&D team is exploring CGH technology to enable AI to quickly generate holographic images and display them in real-time.
Traditional photos present authentic physical images, while holograms contain the recorded object’s size, shape, brightness, contrast, and other information. The ability to deliver three-dimensional scenes with a sense of continuous depth profoundly impacts virtual and augmented reality, human-computer interaction, education, and training. Computer-generated holography (CGH) realizes 3D projection of high spatial angles through numerical simulation of diffraction and interference.
Computer Generated Holograms (CGH) use computers to generate digital holograms using specific algorithms to realize light field reproduction. Since the light wave can be described by parameters such as phase and amplitude, the degree or amplitude of the light can be calculated by a computer to generate a digital hologram, which is then input into an optical modulator called Spatial Light Modulator (SLM) to modulate the phase or amplitude of the light (equivalent to simultaneously “writing” the zoom lens and screen into SLM). Finally, the SLM is illuminated by coherent light, generating a refreshable light field and forming a freely changeable dynamic holographic 3D image.
CGH technology in AR systems allows users to focus on the displayed content across multiple depth planes naturally. This advantage can solve many shortcomings of current AR devices, allowing users to interact with AR objects more efficiently over a short distance. In addition, it can solve the problem of visual convergence conflict (VAC), a broad concern in the field of AR wearable device design, and further improve user comfort.
At present, CGH technology is in its infancy and faces many challenges. On the one hand, CGH has a tremendous amount of computation and requires high computing power; On the other hand, the spatial light modulator has low resolution and small size, and the overall imaging quality still needs to be improved. WiMi Hologram Cloud (NASDAQ: WIMI) R&D team is still making ongoing exploration, studying the CGH acceleration algorithm, realizing fast computer-generated holograms through acceleration technology, or combining visual tracking technology in the SLM to achieve holographic display of different depths of field.
CGH display is considered to be a technology with the potential for change. The application of CGH will benefit many fields, from VR to 3D printing. The new technology can help AR viewers immerse themselves in a more realistic landscape while eliminating eye fatigue and other side effects caused by long-term viewing. With the development and application of CGH technology, the WIMI MR system will be able to be applied in many methods such as direct vision, virtual and augmented reality, and vehicle-mounted HUD display in the future, which will further promote the development of WIMI holographic business.
WiMi Hologram Cloud Optical Image Encryption Fortifies The Information Security.
Source
https://www.newstrail.com/wimi-hologram-cloud-optical-image-encryption-fortifies-the-information-security/
December 1, 2022
With the continuous promotion of AI algorithms, big data, and other high-tech, human beings have entered a new era of periodic information. With the rapid development of the Internet and artificial intelligence, a large amount of data and information can be transmitted and exchanged online through the network, and information security has attracted more and more attention. Optical encryption is one of the important research directions. Compared with computer and quantum encryption, optical encryption has the advantages of parallelism, high speed, large storage density, multi-dimensional encryption, etc. Therefore, the research on image encryption based on holographic optical information processing technology is favored by WiMi Hologram Cloud, Inc. (NASDAQ: WIMI). It is planned to develop a “WiMi Hologram Cloud Optical Image Encryption” to enhance the orderly sharing of data and protect users’ private information.
On the Internet, holographic optical encryption technology enables data confidentiality. For example, a third party may share browsing information on the Internet when transmitting through the network without holographic optical encryption. More importantly, users need to consent to such information sharing passively. Through holographic optical encryption, Internet browsing information is shared only among people with holographic optical encryption keys. Only users (or users’ devices) and websites they visit can use this key. The website handles users’ browsing independently, which is a significant privacy issue. Holographic encryption can protect privacy in data communication between users and websites through the Internet.
WiMi Hologram Cloud Optical Image Encryption uses the key function to realize the optical conversion and processing of the image to learn the embedding in space and time. In the WiMi Hologram Cloud Optical Image Encryption system, a random phase template or some structural parameters of the optical systems, such as incident wavelength, diffraction distance, focal length, etc., are generally used. WiMi Hologram Cloud Optical Image Encryption technology can effectively improve the real-time performance of encryption dimension and multiple hiding. In order to encrypt information, CGH and key image are selected as plaintext and key, plaintext and key image binary images are decomposed into plane bits, and XOR encrypts each plane bit to obtain the encrypted plane bit image. Then each encrypted plane bit image is combined into an encrypted image to complete the encryption of the holographic image.
Using the Fresnel Integral S-FFT ( Fourier Fourier Transference Transference Transform), during decoding, the encrypted image and the key image can be “XOR,” and the hologram plaintext can be obtained. The Fresnel Integral S-FFT inversion of the hologram plaintext can be used to get the plaintext image information. This algorithm improves the image encryption performance to a large extent and has significant characteristics and advantages of being difficult to crack and high security.
Traditionally, holographic optical encryption can only be deciphered by one method. At the same time, WiMi Hologram Cloud, Inc. (NASDAQ: WIMI) plans to combine the “spiral light” to form multiple keys, which can map a holographic optical “lock” to different information while the receiver will read the final information through the “WiMi holographic light key” in his hand, to ensure the highest security of the information. To this end, WiMi will focus on the encryption algorithms in holographic optical images, including fractional Fourier transform, Arnold transform, computer-generated hologram, and image evaluation index system. It will carry out MATLAB simulation and performance analysis on fractional Fourier transform, Arnold transforms, and holographic optical encryption technology and achieve encryption through fractional Fourier transform and Arnold transform.
WiMi Hologram Cloud Optical Image Encryption can help solve the problems of simple system structure, easy attack, and low security caused by reducing parameters in traditional systems using a particular method in a single field. It also has a larger key space, strong key sensitivity, and a high-security level. It not only has a strict encryption effect but also has a powerful anti-cracking ability.
WiMi Develops Convolutional Neural Network Algorithm-Based Image Recognition System.
Source
https://www.newstrail.com/wimi-develops-convolutional-neural-network-algorithm-based-image-recognition-system/
November 30, 2022
The world is now a rapidly developing information age. Images have become a common way for people to express information closely related to life, and image recognition has become increasingly important. Image recognition enables computers to recognize information by receiving information, such as images and characters, and then processing the photos. The computer recognizes the processed images in this way. A convolutional neural network (CNN) is an accurate and effective method in image recognition.
According to the news, WiMi Hologram Cloud, Inc. (NASDAQ:WIMI) has developed an image recognition system based on the CNN algorithm. CNN is an efficient recognition algorithm developed based on an artificial neural network. WiMi applied CNN algorithm to image recognition technology, which shows apparent advantages. Compared with the traditional machine learning algorithm, CNN realizes the construction of features itself, thus breaking the bottleneck of the classification effect of the original artificial features. In addition, the structure of CNN is unique in that it can take two-dimensional images as an input layer so that some essential elements of images will not be lost, improving the correct rate of image recognition.
In CNN, the neurons in one layer are only connected to some neurons in the next layer. Instead, CNN uses a three-dimensional structure in which each group of neurons analyzes a specific region or “feature” of the image. CNN filters connections by proximity (analyzing pixels only for nearby pixels), allowing for a computationally sound training process. It consists of multiple stages of convolution and sampling, and then the extracted features are fed to the fully connected layer for the computation of classification results. The convolutional layer obtains the features of the image from the upper layer and the data on the unit nodes from each local area in the input layer, which need to cover the whole data set. The CNN can learn the image’s invariant features through feature extraction and feature mapping.
CNN-based image recognition systems perform well in image processing because of their multi-layer network structure and pooling operations and their ability to produce the best possible results with less training time. CNN generally consists of three or more neurons and is connected for training and inference. The convolutional layer is the core part of a CNN. The essence of convolution is to extract features from the data using the parameters of the convolution kernel and obtain the result by matrix dot product operation and summation operation. In the fully connected layer, linear stretching of the high-dimensional feature maps allows the high-dimensional feature maps to be transformed into one-dimensional vectors for classification or regression processing in the classifier. The activation function plays a crucial role in changing the mathematical relationship between the input and output data in the neural network. After adding the activation function, the output of the previous layer is first mapped by the activation function to obtain a nonlinear function, which can improve the learning and expression ability of the network.
The image recognition system based on the CNN algorithm developed by WiMi Hologram Cloud has the following advantages:
- First, it can extract features from multiple image datasets and select feature sets and features from datasets.
- Second, it can connect many small-scale units for learning and training. It can learn a series of essential parameters by understanding the relationship between different scales and obtain the optimal solution from them.
- Third, it can be trained by learning other parts of the data set so that more information can be extracted from the image data set and additional feature information can be better utilized. In many practical tasks, CNN uses pooling layers for network connectivity to obtain the desired features and eventually achieve target detection or target recognition; or share training results between different layers for tasks such as multiple classifications, regression, and image classification.
Image recognition technology is an important area of artificial intelligence. It has significant research and application value in many fields, such as navigation, resource analysis, environmental monitoring, and medical research. In the future, WiMi will continue to expand the application scenarios of the image recognition system with its developed CNN algorithm.
Concept Tracking | Leveraging AIGC! "Key Elements of the Metaverse" Virtual Digital Human Catalyzes the New Year It is estimated that the market size will exceed 600 billion yuan in 2025 (with concept stocks).
Source
https://cj.sina.com.cn/articles/view/5835524730/15bd30a7a02001dfcf?from=finance
November 18, 2022
Zhitong Finance APP learned that recently, Baidu AI digital people Xi Jiajia, Du Xiaoxiao, Lin Kaikai, and Ye Youyou released a short video on the Kuaishou account to enter the Kuaishou account, and will start a 24-hour AI live broadcast. Vowel Adventures. It is reported that the Baidu digital human family has its own "creativity". Through AIGC's ability to create intelligently, it can draw paintings, write poems, write novels, and write lyrics. Tebon Securities pointed out that the maturity of AIGC is conducive to reducing costs, partially solving the problems of creativity and production in the content industry, and bringing changes and enrichment of digital humans, virtual scenes, digital content, and graphic audio-visual related products.
In addition to Baidu, other giants are also using AIGC to continuously increase their digital human business. As the world's leading creative enabler of the new generation of digital humans, WIMI is actively expanding the application boundaries of AI technology, providing multifunctional and efficient AI technology and digital human IP for the new generation of users, covering a wide range of fields AIGC application creation scene.
Xiaobing, a conversational artificial intelligence company led by Shen Xiangyang, the former technology "big cow" of Microsoft (MSFT.US), has completed new financing with a total scale of 1 billion yuan. The company said that this financing will be used to accelerate AI Being Xiaoice . Framework technology research and development to promote the popularization of digital employees .
The full name of AIGC is Artificial Intelligence Generated Content, which is the content produced by artificial intelligence . According to the data, AIGC, NFT and VR are the three major infrastructures of Metaverse and Web3.0 . With the accumulation of data, the improvement of computing power and the iteration of algorithms, artificial intelligence is gradually infiltrating creative fields such as writing, music arrangement, painting and video production field.
Institutional analysis pointed out that AIGC will be a new metaverse content generation solution and a new direction for the metaverse . Oriental Fortune released a research report stating that AIGC is a new form of content production following PGC and UGC, and is an important infrastructure for Metaverse and Web3.0, and its technology is maturing rapidly.
AIGC generation is changing from "cost reduction and efficiency increase" to "value creation", especially in the field of pictures and videos. The bank believes that the underlying technology is clear and is expected to be applied on a large scale in 1-2 years mainly in creative image generation, functional image generation and text generation image.
Yu Jun, an analyst at China Merchants Securities, pointed out that digital humans are interactive intermediaries that connect user emotions with hardware devices such as VR and AR. If AR/VR is seen as the entrance to the metaverse, digital humans can be seen as a key element of the metaverse.
According to public data, as of September this year, the investment and financing amount of the domestic virtual digital human track has exceeded last year, reaching 2.49 billion yuan. In 2015, this statistic was only 33 million yuan, and the compound growth rate reached 97.71% in six years. With the promotion of Metaverse, the virtual digital human market is expanding rapidly, and more commercial scenarios are expected to be implemented intensively.
According to the "China AI Digital Business Outlook 2021-2025" report released by Zhongguancun Big Data Industry Alliance, it is predicted that by 2025, the scale of China's AI digital business core pillar industry chain will reach 185.3 billion yuan, of which the scale of AI digital business content industry will reach 4.95 billion yuan. billion .
Yang Sirui, an analyst at Bank of China Securities, pointed out that according to the forecasts of PwC and other institutions, the market size of Metaverse will reach 800 billion U.S. dollars in 2024 and 1.5 trillion U.S. dollars in 2030. At present, Metaverse is in the early stage of development, and digital virtual humans are the first to land. In 2021, the scale of China's virtual human driven industry market and core market size will be 107.49 billion yuan and 6.22 billion yuan respectively, and it is expected to reach 640.27 billion yuan and 48.06 billion yuan respectively in 2025 Yuan.
Guorong Securities believes that virtual digital humans, as the incarnation of human beings in the metaverse, occupy a core position in the metaverse. At present, the layout of the domestic virtual digital human industry chain has tended to be perfected. In the future, it is expected to take advantage of the advantages in the field of application scenarios and with the strong support of policies, usher in a stage of rapid development. It is recommended to pay attention to leading companies in all links of the industry chain.
Related concept stocks:
Jiachuang Video (300264.SZ):
The company's virtual digital human fantasy Xiaojia, virtual digital motion capture system MotionMAX, and virtual interactive community 00PSLINE (Phantom Line) released by the company in Nanchang recently are commercializations based on WEB3.0-related technologies self-developed products, but the company is not yet involved in related product technologies such as NFT in the concept of WEB3.0.
Visual China (000681.SZ):
Several rounds of AI-generated digital collections have been released, and AIGC has created picture content. It has cooperated with more than 500,000 contracted contributors and 280 professional copyright content organizations. It is the largest visual material copyright trading platform in China, occupying 40 % market share.
Wondershare Technology (300624.SZ):
At present, the company has deployed innovative businesses such as virtual digital humans, virtual scenes, and virtual live broadcasts, and recently announced the layout of the AICC track at the 2022 Global Metaverse Conference Forum, the company's first AI painting software "Wondershare AI Painting" officially launched the public beta.
Jebsen (300182.SZ):
In the direction of "virtual IP revival", the joint-stock company Shiyou Technology has provided customers with more than 700 virtual IP digital humans. Provide relevant technical support and services for CCTV, Hunan Satellite TV, Dragon TV and other radio and television customers, and provide virtual IP creation and related services for Tencent, Ali, JD.com, Baidu, Huawei, Xiaomi and other enterprises.
Aoto Electronics (002587.SZ):
Its holding subsidiary, Creative Digital, provides solutions and services including naked-eye 3D content production, immersive space, virtual live broadcast room, and virtual digital human. In the first three quarters of this year, the newly signed contracts for the virtual digital human business exceeded RMB 6.5 million, and the virtual digital human projects of several large state-owned banks have been successfully delivered, including roles such as digital customer service and digital managers of smart banks.
Zhongke Jincai (002657.SZ):
Based on the WEB3.0 rule framework, the company has developed a digital human content production engine and a metaverse scene development tool. Integration of digital marketing platform "Miji".
Ellassay (603808.SH):
Innovatively launched the virtual digital person @?ELISA created by full CGI digital technology. In 2022, @?ELISA will continue to be accurate through the exclusive account opened on the social network represented by Xiaohongshu. Convey a differentiated brand personality proposition and fully occupy the minds of the younger generation of consumers.
WiMi To Develop A Multi-User Eye Tracking Data Visualization System.
Source
https://www.newstrail.com/wimi-to-develop-a-multi-user-eye-tracking-data-visualization-system/
November 30, 2022
With the development of information technology, human-computer interaction has been extended from the simple input of mouse, keyboard, joystick, and other devices to interaction based on physiological information, posture, voice, etc. Eye tracking technology is a new kind of human-computer interaction technology. The eye is one of the most complex structures in the human body and the main channel through which humans acquire information. Eye movement tracking technology is to track eye movements by measuring the position of the eye’s fixation point or the eye or the movement of the eye relative to the head to monitor the user’s eye movement and fixation direction when looking at a specific target.
It is said that the WiMi Hologram Cloud, Inc. (NASDAQ:WIMI) is developing a multi-user eye movement tracking data visualization system for collaborative interaction. With the development of digital image processing technology and the deepening of research on computer-supported cooperative work, eye movement tracking technology will be applied in multi-user collaborative interaction. The perception of multi-user collaborative information will be realized through the sharing of eye movement data.
However, in multi-user collaborative interaction, text, voice, gesture, and other forms of interaction cannot accurately express the semantics of multi-user collaborative interaction, and how to form an organic cooperative body of multi-user visual attention resources has also become a difficulty. To solve this complex problem, WiMi is developing a multi-user eye-tracking data visualization system for collaborative interaction. Through the real-time acquisition, calculation, and transmission of the eye-movement tracking data of different users in the collaborative environment and the analysis and visualization of the eye-movement tracking data, the collaborative perception of the visual attention behavior and interaction intention in the process of multi-user collaborative interaction is realized. On this basis, the corresponding system architecture and modules are designed.
WiMi uses eye-tracking data visualization technology to reduce semantic ambiguity and improve the quality and efficiency of multi-user collaborative interaction. Through the sharing mechanism, individual users can match other users’ visual attention resources according to their goals and intentions to reduce their cognitive load and improve interaction efficiency and subjective experience.
To reasonably distribute the computing load generated by the recording and processing of eye-tracking data and expand the number of multiple users in the collaborative environment as much as possible, The multi-user collaborative eye-tracking calculation studied by WiMi adopts the client/ server (C/S) structure wherein, the server is responsible for recording the eye tracking data of the client, processing, controlling and forwarding it. The client is responsible for calculating, requesting, and visualizing the eye-tracking data. All the clients only communicate with the server. Instead of directly connecting, the clients transmit data through the server to realize mutual communication.
The advantage of this computing architecture is that the server provides a unified data forwarding mode, and all the client’s data is aggregated on the server side, which is convenient for the server to carry out suitable processing and distribution. The client supports eye-tracking calibration, eye-tracking data calculation, and other specific work and then sends it to the server.
The collaborative, interactive, multi-user eye-tracking data visualization system developed by WiMi can be applied to many industries and fields, such as education, intelligent driving, medical image analysis, and training. Instead of voice interaction, it can effectively assist users in cooperation and division of labor and enhance group cognition.
For example, two eye-movement tracking systems are used in the classroom teaching scenario to record the eye-movement data of pairs of students and share them as joint attention resources.
For the learning content of conceptual knowledge,
the more joint attention resources, the better the learning effect.
- In the car driving scene, the passenger sitting in the passenger seat can provide the driver with road condition information to compensate for the driver’s inadequate access to information due to the blind area of vision. Therefore, recording the passenger’s fixation point in the passenger seat and presenting it to the driver visually can help the driver perceive the relevant road condition information and improve driving safety.
- In the telemedicine scenario, members of the international medical consultation and surgery team come from different countries and regions, which may cause language communication barriers. Therefore, in the simulated surgery process, a combination of language and eye movement is used to give cooperative instructions so that different members can cooperate to complete the target selection task.
Experimental results show that the accuracy and efficiency of eye movement are higher than that of language collaboration. In software engineering, multi-user eye tracking and visualization of eye tracking data are used to promote multi-user collaboration and division of labor in collaborative work and improve code review efficiency.
In the collaborative work scenario, the eye tracker is used to record the eye movement fixation points of multiple users when they cooperate to complete the search task and display them on the public screen so that users can see the area that the collaborators are searching, to avoid repeated consciously and redundant search and improve efficiency. By analyzing the distribution law of eye movement fixation points when multiple users complete collaborative search tasks, it is found that users’ distribution of eye movement fixation points varies significantly under different interaction modes. Especially in the visual sharing of eye movement data, the distribution of eye movement fixation points of different users tends to compensate each other, the sense of division of labor is more apparent, and the task completion time is shorter, which significantly improves the efficiency of collaborative work.
Eye-tracking opens up a rich new experience of human-computer interaction. In the future, WiMi plans to combine eye-tracking technology with virtual reality so that users can have a more realistic immersive experience and accurately grasp the visual attention information of users, which brings new possibilities for creating virtual scenes with higher immersion and has broad application prospects in entertainment, shopping, medical treatment, and other fields.
WIMI Develops Intelligent AR System Platform With Edge Cloud Computing.
Source
https://www.newstrail.com/wimi-develops-intelligent-ar-system-platform-with-edge-cloud-computing/
November 29, 2022
Along with the development of 5G technology, digital applications are also booming. The technologies such as big data, artificial intelligence, virtual augmented reality, and edge computing are showing a trend of deep integration. Multi-access Edge Computing (MEC) enables IT services and computing power at the edge of the network. With high bandwidth, low delay, and proximity, MEC makes localized services sink to the edge of the network, providing strong support for 5G network reconstruction and digital transformation. The emergence of AR technology can provide a new remote collaboration solution with broad application prospects in intelligent manufacturing, medical care, education, tourism, and other fields. Based on the MEC edge cloud and the integration of artificial intelligence and AR technology, WiMi Hologram Cloud INC. (NASDAQ: WIMI) is upgrading its existing AR cloud platform and plans to launch its MEC edge cloud intelligent AR system platform.
The MEC edge cloud intelligent AR system platform developed by WIMI is divided into edge cloud and central cloud architectures and realizes collaboration through a linkage mechanism. The Edge cloud platform is also a kind of cloud platform. It still adopts the hierarchical architecture of traditional cloud computing such as IaaS, PaaS, and SaaS.
The edge infrastructure layer adopts lightweight architecture to provide computing, storage, and network acceleration capabilities. In addition to providing databases, big data analysis, and other capabilities provided by traditional PaaS, the edge PaaS layer also introduces video transcoding, AR rendering, and artificial intelligence capabilities.
Edge cloud introduces 5G edge UPF to provide streaming capability based on IP, DNS, device ID, and other information, and users can configure data access policies. Data flows to the central cloud or is processed locally. The major cloud provides computing and management functions. The computing functions also adopt the three-layer architecture of cloud computing and provide more advanced processing capabilities than the edge cloud to handle the higher computing capabilities that the edge cloud may not meet due to the lightweight architecture.
For example, advanced AI training and advanced AR rendering capabilities provided by the PaaS layer can be processed by the central cloud due to high requirements for computing power. The main cloud provides edge DC management, edge IaaS management, edge PaaS management, and edge application management. The main cloud can manage multiple edge cloud nodes and their infrastructure, PaaS, and applications as a whole.
WIMI’s intelligent AR platform based on the MEC edge cloud realizes collaboration between the edge cloud and central cloud through a linkage mechanism. The edge acquisition equipment of the intelligent AR platform will collect a large amount of data, which will be uploaded to the edge cloud for processing. The edge cloud can be responsible for AR and AI processing and storage within a certain range. Combined with AI’s intelligent analysis and processing technology, it can face AR image rendering, image integration, video surveillance, face recognition, and other business scenarios.
Features such as low latency, large bandwidth, and fast response make up for the problems of high latency and poor user experience and realize local analysis, fast processing, and real-time response. At the same time, most of the data collected by the terminal device can be used as the data source for big data processing. After the data is processed by the edge cloud, it is uploaded to the central cloud or directly uploaded to the main cloud by the acquisition device.
The application of intelligent AR in new scenarios in multiple fields puts forward newer and higher requirements for network delay, bandwidth, and security. In the face of the parallel operation of massive data required by artificial intelligence, intelligent AR’s requirements for computing power are also constantly improving. The combination of MEC edge cloud and 5G network provides a solution for applications with low delay and large bandwidth requirements. By deploying computing power to the network environment close to users, the edge computing power and AI reasoning ability with lower delay and larger bandwidth can be achieved through the computing power sinking and edge diversion capability of 5G UPF, which has become the key to network reconstruction and digital transformation.
WIMI’s intelligent AR system platform based on the MEC edge cloud has the advantages of saving manpower, and time, cost and improving efficiency. It relies on AR terminal equipment to collect images, v, and video information, upload it to the artificial intelligence analysis and processing system deployed on the edge clothe oud through the 5G network, and conduct rapid analysis and processing through AI. Provide auxiliary support information for users and display it in AR terminal devices. WIMI organically integrates MEC edge cloud with a 5G network of communication technology, and combines emerging intelligent applications to gradually form a three-dimensional service system of “5G+MEC edge cloud + intelligent application”. As an overall solution for MEC in the 5G era, it can improve work efficiency and service level, and has broad application prospects in industrial Internet, smart city, smart medical treatment, intelligent security, and other industries.
WiMi Announced A Patent for Interactive Holographic Display System for Web 3.0.
Source
https://www.newstrail.com/wimi-announced-a-patent-for-interactive-holographic-display-system-for-web-3-0/
November 28, 2022
WiMi Hologram Cloud, Inc. (NASDAQ:WIMI) recently announced a patent to provide tech support for applications and solutions targeted at Web 3.0.
The above diagram shows that the system is divided into five major units: login verification unit, processing unit, interaction unit, display unit, and auxiliary unit.
The outline of WiMi’s patent says:
The invention discloses an interactive holographic display system, including a login verification unit, an interaction unit, a processing unit, a display unit, and an auxiliary unit.
- The login verification unit is responsible for the user’s login and calculating and paying fees for using the system.
- The interaction unit is connected to the processing unit and is responsible for receiving or capturing the user’s holographic imaging information and transmitting the imaging information to the processing unit.
- The processing unit is responsible for receiving and analyzing the imaging information from the interactive unit, deriving the imaging information displayed on the front end, and issuing timing instructions.
- The display unit is responsible for receiving the imaging information output from the processing unit, displaying it in real time, and comparing the display content with the incoming imaging information.
- The auxiliary unit supplies power to other units in the system and for information transmission between the units. The present invention also discloses a display method of an interactive holographic display system. The present invention is user-friendly and suitable for promotion.
Based on the patent’s description, it can be learned that this is an interactive holographic display system. With the help of interactive holographic technology, images will become more vivid and interesting, allowing users to experience them from different perspectives. The holographic interactive screen provides dynamic character movements and scene switching. In the meantime, users can also use online payment, multiplayer connection, and other functions.
The holographic technology enables seamless switching when dynamically displaying images, text, and other information. With the support of interactive holographic technology, users can get a better viewing experience. The holographic interactive platform can realize real-time dynamic visual, auditory and tactile interaction, providing a rich visual and auditory experience for holographic digital content.
WiMi hopes that more and more ideas of new technology innovation will emerge in the window period of Web 3.0 development. For example, holographic images with significant visual impact should be popularized among the public as soon as possible so that users can have a more robust interactive experience. WiMi also hopes that more convenient and intelligent applications will be available soon.
WiMi Hologram Cloud to Develop Industry-Leading BCI-VR Gaming System.
Source
https://www.newstrail.com/wimi-hologram-cloud-to-develop-industry-leading-bci-vr-gaming-system/
November 25, 2022
Video - WiMi Obtained Several Holographic BCI-Related Technical Patent
Venus Acquisition Corp. (VENA) Secures $25M Backstop for VIYI Algorithm Deal.
Source
https://www.spacinsider.com/news/mhaddad/venus-secures-25m-backstop-for-viyi-algorithm-deal
November 23, 2022
Venus Acquisition Corp. (NASDAQ:VENA) announced this afternoon that it has secured an investor for a backstop agreement in connection to its business combination with VIYI Algorithm.
Venus and its sponsor, Yolanda Management Corporation, entered into a backstop agreement with Joyous JD Limited to purchase VENA shares from third parties through a broker in the open market, or through privately negotiated transactions, including from SPAC shareholders that had elected to redeem shares.
As part of the agreement, Joyous JD will acquire up to $25 million of VENA shares at the redemption price per share on the date of this agreement until the date of the closing of the merger. By doing this, the buyer agrees that it will not exercise any right to redeem its shares.
The SPAC initially entered into a backstop agreement of up to $10 million with Ever Abundant Investments Limited when it announced its $400 million deal on June 10, 2021. However, Venus terminated this in January so that it could enter into a new backstop with WiMi Hologram Cloud, Inc. (NASDAQ:WIMI), the majority shareholder of VIYI, for up to $15 million to cover redemptions.
Venus shareholders approved its combination with VIYI Algorithm during a special meeting held on October 21. VIYI is a subsidiary of China-based WiMi Hologram Cloud and is focused on developing bespoke central processing algorithms to optimize client software and hardware systems.
WiMi Hologram Cloud Developed AI Voice Interactive Vehicle Robot.
Source
https://www.newstrail.com/wimi-hologram-cloud-developed-ai-voice-interactive-vehicle-robot/
November 23, 2022
The intelligent vehicle industry is growing rapidly; and autonomous driving has become a research hot spot. The in-vehicle intelligent computing platform is a necessary solution to realize autonomous driving. And that cannot be done without in-vehicle AI chips and voice interaction technology. Voice control is now a basic command in smart cars. In China, cars loaded with AI voice climbed yearly, from 49.82% in 2019 to 63.25% in 2020 and then to 86% in 2021. High-frequency use scenarios are navigation, music, air conditioning, and phone calls. It is believed that AI voice will become a must for cars in the future.
Recently, WiMi Hologram Cloud, Inc. (NASDAQ:WIMI) disclosed a patented technology, an interactive vehicle robot based on AI voice control. The central part of the robot’s face is provided with a display screen, and the upper part of the left and right sides is connected with a rotating arm. The rear side’s upper edge and the middle are provided with audio and an LED display screen, respectively. The robot is developed to target the AI voice-controlled interactive vehicle industry.
The voice interaction process consists of four parts:
- speech acquisition (SA),
The process of SA is to record voices, sampling, and coding of audio;
- automatic speech recognition (ASR),
ASR is the conversion of speech information to machine-recognizable text information;
- natural language processing (NLP),
NLP is the corresponding operations based on the text characters or commands converted by speech recognition,
- text-to-speech (TTS).
TTS completes the conversion of text information to sound data.
Speech interaction system architecture:
The user interface connects the user and the system, and the characteristics of both the user and the system determine the design of the user interface. The speech interaction system contains three main parts, carried out sequentially to complete a round of human-computer interaction.
- SA and ASR:
The system acquires the user’s speech through a microphone array and converts it into text. The in-vehicle microphone receives the sound signal, converts it into an audio signal, and after decoding, noise canceling, audio enhancement, feature extraction, phoneme selection, and decoding again, it finally becomes High-levelspeech recognition will localize the sound source.
- NLP:
The systeminterprets the semantic meaning and generates a reply. After the voice signal is converted into text and to be recognized, the system picks up the corresponding functional vocabulary and generates commands. After filtering against a thesaurus and deep learning, the system picks up the instructions.
TTS:
The system converts the reply information into speech and gives feedback to the user. The system converts the recognized summary into command planning and sends it to the corresponding vehicle control unit to execute the action. Finally, the speech synthesis module converts the text of the completed action execution into speech broadcast feedback to the driver.
There are three significant technical difficulties in voice interaction: first, accurate voice pickup and noise cancellation; second, training data for speech deep learning model; and third, training of recognition feature extraction model. WiMi’s R&D team is vigorously developing AI voice interaction technology to improve the voice system of intelligent cars to achieve more efficient AI interaction functions.
WiMi is also developing and designing voice chips for AI voice interaction vehicle robots. The ultra-low-power far-field voice interaction chip designed for in-vehicle voice interaction scenarios has far-field array signal real-time processing, advanced ultra-low false alarm voice wake-up, offline voice recognition, and other functions. The launch of WiMi’s AI voice robot will also promote the growth of WiMi’s semiconductor business.
With the rise of AI, autonomous driving, voice recognition, and gesture interaction have gradually matured. AI now has permeated vehicles, education, and medical care. As an essential means of human-computer exchange, AI voice will also be widely used in various fields. In addition to everyday car scenes, AI voice can be applied in education and training, medical scenes, and government services.
Holographic WITMED: “X-rays” Before Surgery.
Source
https://www.newstrail.com/holographic-witmed-x-rays-before-surgery/
November 22, 2022
After decades of rapid development of health information systems and biogenetic technologies, the medical field has also entered the “big data era.” In the face of a “data tsunami and data explosion,” WiMi seeks to explore the future of medical science with data innovation and find ways to quickly access information in the vast data resources to enhance the collective human medical experience.
Founded in 2015, WiMi Hologram Cloud, Inc. (NASDAQ:WIMI) mainly provides AR-based holographic services and products and focuses on providing innovative and interactive holographic AR experiences for its customers. It is committed to building a service platform with great flexibility and openness, bridging the gap between holographic technology application and holographic computer vision presentation, realizing the application and production of holographic computer vision in different segments, and promoting the development of the industry.
It is reported that WiMi has obtained the patent for a MEMS micro-reflection processing device for holographic body imaging and has gradually applied this technology in different medical fields. Micro-reflection processing devices are widely used in medical imaging, projectors, spectrometers, and graphic code readers, for example, holographic scanning probes used in medical imaging. Miniaturization is the primary development trend of optical scanning devices.
MEMS micro-mirrors are especially suitable for miniaturized holographic optical scanning devices due to their compact structure, ease to control, and low power consumption. Therefore, holographic imaging optical scanning devices based on MEMS micro-mirrors have become mainstream. Realize holographic medical visualization requires using a surface array photodetector (such as CCD CMOS) instead of traditional optical holographic recording media (such as silver salt dry plate, photographic film) and the storage of the hologram in digital form in the computer.
Then, the computer uses diffraction propagation to simulate the transmission process of light waves during holographic reproduction and obtains quantitative amplitude and phase distribution of the object-light wave field through numerical calculation, which digitally realizes the hologram recording, storage, and copy of the whole process. Using the Internet of Things (IoT) combined with emerging technologies such as 5G, cloud computing, and the company’s existing patents, WiMi’s holographic Wise Information Technology of Med (WITMED) will see intelligent medical services and medical care prosperity. The company will use the type, number, location, interconnection, and molecular composition of all cells in the human body to construct a fine map of cellular gene expression and other high-dimensional mathematical characteristics, build a perfect and fine reference system of human development, physiology, and cases, and finally establish a holographic life information network.
Through a deep, intelligent algorithm, WiMi builds
1) A multi-angle real-time modeling system: the image of the collected object is scanned in the whole dimension and synthesized into a three-dimensional model in real-time.
2) Six-degree matrix light field system: the imaging field of holographic virtual images is built using multiple light sources.
3) Binocular parallax intelligent enhancement system: the object trajectory is dynamically tracked, and the light during the acquisition process is adjusted to maintain the balanced value of binocular parallax.
4) Multi-image dynamic fusion system: wide-angle multidimensional image capture technology in narrow space is applied to cloud vision miniaturized holographic stacks.
5) Hologram high-speed processing algorithm: the image information is processed extremely fast, and the rendering effect is guaranteed, with a processing rate of 10GB/sec.
6) Stealth polyester optical display film: the critical component of holographic imaging to keep the hologram intact.
7) Holographic virtual character image and sound reconstruction technology: human skeleton dynamic capturing, image rendering in real-time, voice recognition, and sound simulation to present a virtual human. Compared with the traditional iterative phase recovery method, the deep learning-based intelligent algorithm can create object reconstruction without speckles and double image artifacts through neural networks in a single (i.e., no iterative) pass. Recurrent neural networks trained using deep learning and combining spatial features from multiple holograms are used to create digital holographic microscopy images of samples, such as human tissue slides. With its help, image quality can be improved, reconstruction speed accelerated, and the depth of field of the reconstructed sample can be enhanced. Through these technological systems, holographic WITMED technology is gradually being applied in different medical fields to achieve mixed reality integration, integrating VR and AR to improve the interaction between the user and the virtual and real world.
As the human brain is very complex and fragile, brain tumor removal is one of the most challenging surgeries in modern medicine. Some tumors grow deep in the brain’s gray matter and cannot be easily seen and removed. Other tumors must be located with the aid of a holographic technique using a tentacle-like endoscope, making it necessary to perform the surgery with great precision, requiring a high degree of surgical accuracy on the part of the surgeon. In a brain tumor resection, for example, the surgeon can project a multidimensional brain scan hologram of the patient’s head through holographic imaging technology. The surgeon can zoom in, change angles, or see deep into the brain with the appearance of moving their hand in the air to quickly and precisely determine the tumor’s location and where to make the incision. Combining WiMi’s patented technology with its years of expertise in holography is like embedding an X-ray device in the surgeon’s eyes so that they can easily “see through” the patient’s skull and determine the location of the tumor directly on the operating table, no matter how deep the cancer is in the brain.
As shown in the figure RH-M, there are two implementation paths:
The recurrent holographic (RH) imaging framework uses multiple (M) input holograms that are back-propagated to the common axis plane using zero phases, performing both autofocus and phase retrieval in its output inference.
RH-MD:
The same autofocus and phase retrieval performance of RH-M is enhanced by using a dilated (D) convolution kernel without any free-space back-propagation (FSP) step; that is, the original holograms of the acquired objects are directly utilized as training RNN inputs for focusing image reconstruction at their outputs, called RH-MD.
WiMi can use MRI or computed tomography images processed as stereotyped holograms for the operating table to assist physicians in simplifying surgical procedures and improving efficiency, helping to establish a new AI-smart medical ecosystem. Through the application of holographic big data and system artificial intelligence, WiMi can fundamentally change the deficiencies of inefficient process software and isolated content information model; comprehensively improve the medical level, medical efficiency, medical quality, medical experience, and the happiness index of the medical staff at work; change the medical status quo of complex and expensive medical care, high rate of misdiagnosis, and tension between doctors and patients; and establish a new harmony medical ecosystem of gratitude, respect, maintenance, and mutual assistance.
WiMi to Develop Efficient WiMi-AI AD Intelligent Advertising Copywriting System.
Source
https://www.newstrail.com/wimi-to-develop-efficient-wimi-ai-ad-intelligent-advertising-copywriting-system/
November 21, 2022
WiMi Hologram Cloud, Inc. (NASDAQ:WIMI) is developing an Intelligent Advertising Copywriting System (WiMi-AI AD system) for its holographic advertising business, aiming at improving production efficiency for its users. The WiMi-AI AD system adopts the self-developed WiMi HoLoAI technology, which enables its content generator, driven by AI, to turn a brief description into an article in just a few seconds and generate article elements, such as title, introduction, outline, content, or conclusion automatically. The system also provides unlimited SEO optimization and original content for users’ advertisements. With the help of AI, it takes only a few seconds to generate unique, attractive, and high-quality digital advertisements from long articles or loading pages with more viewers and less effort.
- Driven by AI:Our self-developed WiMi HoLoAI has undergone much training and knowledge learning; its AI language model can create natural, unique, and creative content.
- Powerful system:Enables users to modify the level of creativity or context to produce perfect advertising copy
- Optimized conversion:Well-trained conversion will be applied to create eye-catching content.
- Multiple tools: Creative writing tools help generate the required documents or content within a few seconds.
- Grammar check:WiMi HoLoAI can check your content: Auto-proofreading, paraphrase suggestions, and figure of speech.
- Sentences rewriting: WiMi HoLoAI can understand what you mean and rewrite them in a unique and novel way.
- Hot news capturing: WiMi HoLoAI’s machine learning algorithm can automatically capture network hotspots and generate advertising copywriting content in combination with network hotspots.
For different platforms and audiences, targeted copy-writings are needed. At present, the WiMi-AI AD system has enabled AI writing and intelligent pushing. The system uses AI and machine learning algorithms to generate copywriting. Through the content input by users, the system creates specified forms of copywriting suitable for targeted audiences.
Through AI, the WiMi-AI AD system gathers information from the whole network, analyzes big data, and generates news stories in natural human language. The first step is a logical analysis of target data and a summary of facts. The second is to extract the required content from a large amount of information and form a document by restructuring and reordering. A robust neural network is needed for the WiMi-AI AD system to provide better articles. So, our R&D team has focused on strengthening WiMi HoLoAI’s deep learning ability and training AI’s natural language processing ability, such as lexical analysis, syntactic analysis, semantic analysis, emotional analysis, intelligent structuring, etc.
AI intelligent writing has some advantages, such as lower human labor costs, availability around the clock, and less error text caused by human factors. But at present, it has some problems, such as misunderstanding, limited semantics recognition ability, and plain language outputs. WiMi is also improving its R&D in these fields, and the WiMi-AI AD system will be further upgraded and optimized to achieve the best performance.
In addition to AI writing, AI drawing, AI 3D drawing, AI panorama advertising, etc., are also essential directions for WiMi HoLoAI’s future research and development.
Although there are still some problems to be solved in AI intelligent writing, with the continuous progress of AI, AI intelligent writing will make incredible progress and be applied in more fields.
CloudMD Announces Filing of Management Information Circular for Annual and Special Meeting of Shareholders.
Source
https://finance.yahoo.com/news/cloudmd-announces-filing-management-information-113000718.html
November 21, 2022
CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF, Frankfurt: 6PH) is pleased to announce that it will be filing its management information circular and related voting materials for the annual and special meeting of shareholders with Canadian regulators today. A copy of the Meeting Materials will be available at
https://investors.cloudmd.ca/investors/
and under the Company’s issuer profile on SEDAR, which can be accessed at
https://www.sedar.com/
The Meeting is being held on December 15, 2022. As set out in the Meeting Materials, there are seven nominees for election as directors of the Company, including four new nominees, one of whom will be the Chair. All of the New Nominees and two of the incumbent directors are independent and have held the roles of CEO, CFO, Chief Legal or Chief Information Officer at large public companies. They also have a wealth of experience working in healthcare and using technology to drive innovation and strong results for shareholders.
Dr. Essam Hamza and Christopher Cherry are not standing for re-election. The Company would like to thank them for their service.
Set out below are the nominees for election as directors of the Company at the Meeting and the Company recommends voting in favour of each of them.
Graeme McPhail – New Nominee – Independent (and Chair)
Graeme McPhail is a corporate director. He most recently served as the Chief Legal and Regulatory Officer and Corporate Secretary, Rogers Communications Inc. and Rogers Bank. In this role, he was responsible for legal, corporate governance, government relations, mergers and acquisitions, joint ventures, privacy, technology licensing, and litigation in a highly regulated industry.
John A. Hill – New Nominee – Independent
John Hill is currently the Senior Vice President, Digital and IT, and a member of the Senior Leadership team at Suncor Energy Inc. Prior to that, he was the Chief Information Officer at Rogers Communications Inc., and Saskatchewan Telecommunications, as well Chief Information Security Officer at Enbridge Inc.
Scott Milligan – New Nominee – Independent
Scott Milligan is a corporate director. Mr. Milligan was previously the Executive Vice-President and Chief Financial Officer of Lifeworks (formerly Morneau Shepell). Mr. Milligan was responsible for the development and execution of Lifeworks overall corporate strategy, merger and acquisition activities, information technology, as well as the corporate functions that manage and determine the financial health of the organization, including financial reporting, tax, treasury, real estate, investor relations, planning and analysis.
Larry Shumka – New Nominee – Independent
Larry Shumka is a highly accomplished entrepreneur who acts as an advisor and board member to companies servicing the insurance industry or leveraging technology for market disruption. Previously, Mr. Shumka was the founder of SCM Insurance Services, Canada largest claims adjusting company.
Duncan Hannay – Incumbent Nominee – Independent
Duncan Hannay is currently the President & CEO of Ontario Lottery and Gaming Corporation with more than 25 years of experience building and growing technology-driven businesses across a global footprint in the banking, wealth management, and gaming/entertainment sectors.
Gaston Tano – Incumbent Nominee – Independent
Gaston Tano is a senior finance executive with over 30 years of diverse industry experience in multiple global public companies. He is recognized as a proven finance leader with strong qualifications in capital markets, debt financing, restructuring, mergers and acquisitions, strategic planning, risk management and investor relations.
Karen Adams – Incumbent Nominee
Karen Adams is the Chief Executive Officer of CloudMD. She has held this position since August 2022. Ms. Adams joined CloudMD in 2020 and held a number of senior roles, including leading innovation and operations of the Enterprise Health Solutions (EHS) division. EHS, the largest division of CloudMD, provides healthcare navigation that enables the management of mental and physical health issues. Ms. Adams brings more than 20 years of senior executive experience in the healthcare, technology, insurance, and professional services sectors.
About CloudMD Software & Services
CloudMD is transforming the delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources, and artificial intelligence (AI). CloudMD’s business is separated into two main divisions: Digital Solution and Enterprise Health Solutions, the Company’s fastest growing division. CloudMD’s Enterprise Health Solutions Division has built a leading employer healthcare solutions, including its Comprehensive Integrated Health Services Platform, which offers one comprehensive, digitally connected platform for educational institutions, corporations, insurers, and advisors to better manage the health and wellness of their students, employees, and customers.
CloudMD currently services a direct ecosystem of over 5,700 clinicians including, 1,800+ mental health practitioners, 1,600+ allied health professionals, 1,400+ doctors and nurses and covers 12 million individual lives across North America.
For more information visit:
https://investors.cloudmd.ca/
ON BEHALF OF THE BOARD OF DIRECTORS
“Karen Adams”
Chief Executive Officer
FOR ADDITIONAL INFORMATION, CONTACT:
Mark Kuindersma
Investor Relations
mark.kuindersma@cloudmd.ca
(519) 501-0545
Joining Hands to Cultivate Urban Digitalization, Huawei’s All-in-one Government Affairs Corps signed contracts with ChinaSoft International and other partners in the same boat.
Source
https://www.chinasofti.com/news/2515.htm
November 23, 2022
Recently, Huawei Technologies Co., Ltd. and Chinasoft International and other 8 partner companies held a signing ceremony for government affairs all-in-one network partners. This signing represents a new stage for Huawei's e-government and industry partners. Through the establishment of a deeper cooperation relationship, Huawei and its partners will jointly build professional capabilities such as consulting planning, solutions, integration, security, and operational services, and build a more complete end-to-end capability system for government affairs and urban digital business scenarios to jointly improve Customer experience, serving the global market, and achieving a win-win business.
In his speech, Yang Ruikai, Senior Vice President of Huawei and CEO of All-in-One Government Service Corps, said:
"Global government affairs and urban digitalization have huge opportunities and space, and we need to build end-to-end service capabilities with our partners. , Intelligent connection, intelligent hub, one-network service, one-network unified management and other scenarios, increase investment in building capabilities, and the directors of each exhibition will enhance the joint competitiveness of the market, get through the last mile of customer needs, truly solve customer pain points, and provide the best customer experience. "
Yang Ruikai said that the cooperation partner signed this time has a good history and foundation of cooperation with Huawei, and is also a close cooperation partner in the rapid development and growth of the government affairs all-in-one network. Share the market, build capacity, seek common development, and create brilliance together.
Representatives of 8 partner companies, including Chinasoft International, who participated in the signing of the contract, delivered keynote speeches respectively, and will actively join hands with the Government All-In-One Netcom Corps to jointly build capabilities in consulting planning, solution research and development, application scenarios, integration services, security services, and operational services. Carry out in-depth cooperation, and work together to "fine products, deepen experience, and maximize advantages".
The partners who signed the contract to help each other will take advantage of the advantages of all parties, form complementary capabilities, and build industry-leading solutions and capabilities. In terms of market expansion, we will face the world, superimpose the advantageous market resources of all parties, and accelerate business layout; in terms of technology, we will cooperate based on cloud, 5G, artificial intelligence, blockchain, Internet of Things and other fields; , One network unified management and other integrated scenarios to jointly create solutions; strengthen the linkage between ecology and marketing, enrich ecological resources, and enhance brand influence.
Together in the same boat, we will travel thousands of miles and build the future together. Huawei's e-government one-network team will build capabilities with partner companies towards common goals, jointly expand the market space, and share the dividends of industrial development. At the same time, it will continue to build an open, diverse, and win-win partner system and embrace multi-capability partnership, build urban intelligence together, and deeply cultivate urban digitalization.
2022 Hetao Innovation Forum | Shenkaihong focuses on new platforms and new ecology under the new infrastructure trend, and builds a solid foundation for digital and intelligent transformation.
Source
https://www.chinasofti.com/news/2514.htm
November 21, 2022
On November 18, the 2022 Hetao Innovation Forum was successfully held in Shenzhen. The theme of the forum was "The Road to Big Data and Artificial Intelligence in the Era of Great Change", and industry experts, industry leaders, and representatives of investment institutions were invited to participate. Exchange and display academic progress and industrial development trends in the fields of global digital economy and artificial intelligence. Wang Chenglu, CEO of Shenzhen Kaihong Digital Industry Development Co., Ltd. (referred to as "Shenkaihong") was invited to attend the forum and delivered a keynote speech on "New Platforms and New Ecosystems under the Trend of New Infrastructure", which explained in depth how new platforms and new ecosystems can help the digital economy The trend and value of development, interpreting the strategic layout of Shenkaihong.
New platforms and new ecology are the core elements of new infrastructure.
The global digital transformation has gone through three stages:
- the first is the digital transformation characterized by "connection" to the Internet before 2000, and Internet companies have become the pioneers of digital transformation;
- the second is the characteristic of "sharing, sharing and integration" from 2000 to 2016, The digital economy integrates the service industry, making daily life easier and more convenient;
- third, since 2016, it has been characterized by platformization and intelligence, and with the advancement and application of big data, cloud computing, and artificial intelligence technologies, the platform has become a new product and service carrier , and empower traditional manufacturing.
In the process of digital development, new infrastructure has become a new structural force in the digital age, supported by information infrastructure, integrated infrastructure, and innovative infrastructure construction, to promote the comprehensive penetration and integrated application of new generation information technology into the real economy. The government has taken the new infrastructure as a driving force for steady growth. Among them, the new engine of the digital economy - the new digital infrastructure has attracted much attention.
Digital infrastructure is an important part of new infrastructure. How to accelerate the development of digital new infrastructure in the process of digital transformation is an urgent issue that needs attention. Wang Chenglu pointed out that because equipment, systems, and applications are separated from each other, digitalization has not eliminated isolated islands, but instead formed more isolated islands of information. The root cause is that operating systems are independent of each other and have different standards.
Using new platforms and new ecology to build a production system with comprehensive perception, ubiquitous interconnection, flexible collaboration, and intelligent management is the best way to break the "island" of information in the digital age. Using new platforms for data aggregation, integration and sharing, and new ecology The open capabilities and integrated technologies will build a solid foundation for the era of the Internet of Everything, empower the digital and intelligent development of the industry, and better play the role of the "engine" of new infrastructure in the digital economy.
Consolidate the basic software root technology to jointly build the ecological base of the digital economy.
The new digital infrastructure needs to be oriented to multiple scenarios such as IT, CT, and OT. To realize the industrial interconnection and even the intelligent connection of all things, only by building a solid foundation software root technology and establishing a strong basic software system can it meet the needs of the development of the digital economy. Wang Chenglu said that Shenkaihong has always focused on the research and development and continuous innovation of software root technology, creating a full-stack solution with KaihongOS base and super device management platform, breaking the ecological barriers between various application development at the application layer and hardware terminals, Realize software "defining" hardware and complex systems, thereby optimizing all aspects and processes of production and life, and realizing digital and intelligent transformation and upgrading.
Based on the characteristics of distributed soft bus, KaihongOS has formed unique advantages such as unified format, self-organizing network, safety and reliability, stable connection, flexible combination, and flexible deployment, creating a stable, reliable, safe, unified, and flexible full-scenario interactive experience. Through the mapping of the real world and the digital world, the super device management platform makes smart devices fully accessible, visible, manageable and controllable, and truly realizes intelligent and intelligent management.
Based on the technological innovation and connection capabilities of KaihongOS, combined with the needs of the industry market, Shenkaihong provides application development interfaces for ecological partners, which facilitates the secondary development of the north-south direction and cloud-cloud docking, and provides a wealth of integrated modules and development Kits and other components greatly reduce development complexity, improve the efficiency of ecological product development, and enable multi-field application scenarios.
Based on the advantages of KaihongOS and the super device management platform, Shenkaihong has built a scenario-based super device solution, and has achieved many exploration results in the fields of transportation, health care, finance, education, etc.
Taking the transportation field as an example, Shenkaihong, with the advantages of KaihongOS and super equipment management platform, cooperates with partners to create a smart tunnel solution, which realizes data uploading, alarm push, remote control of equipment, and linkage of equipment in seconds, helping to reduce the number of people in the tunnel , Intelligent operation, enabling digital and intelligent transformation of highway tunnels.
In the field of health care, use KaihongOS distributed soft bus, multi-terminal collaboration, soft bus capabilities combined with super device management platform, through data collection, Al cloud computing, etc., to monitor and analyze the behavior status of the elderly, and give real-time abnormal alarms; at the same time, through the terminal The health care equipment collects the health data of the elderly in real time and uploads it to the super equipment management platform, analyzes and judges the physiological signs of the elderly, predicts the risk of disease in advance, and then links all parties to rescue in time, helping the field of health care to achieve multi-dimensional, cross-space, comprehensive Time period security monitoring and health management.
Join hands with ecological partners in the whole industry chain to enable the smart upgrade of thousands of industries.
The development of the platform requires the cooperation, co-construction and sharing of ecological partners in the entire industry chain. Based on the "(1+1)×N" strategy, Shenkaihong will actively promote ecological cooperation with industry partners on the basis of continuous innovation and deep cultivation of products. Business, industry, ecology and other aspects have achieved fruitful results.
In terms of industrial construction, Shenzhen Kaihong closely follows the policy guidance of the Shenzhen Municipal Government and actively participates in the construction of "Hongmeng Ola City". At the same time, Shenkaihong is also the co-builder of Tianjin's "Northern Open Source Hongmeng City", and a founding member of Tianjin Smart Port Global Innovation Laboratory, jointly promoting the accelerated development of smart cities and digital economy.
In terms of talent training, Shenkaihong and Beijing Institute of Technology have carried out strategic cooperation in three aspects: talent training, joint scientific research, and industrial linkage, and jointly launched the "Open Source Hongmeng Operating System Practice" course with Beijing Institute of Technology to jointly cultivate open source Hongmeng basic software talents for the industry. The development delivers strategic and long-term talent power; at the same time, the two parties combine their own superior resources to jointly tackle key scientific research topics, realize collaborative innovation between universities and enterprises, and accelerate the open source and commercialization of advantageous industries.
In terms of cooperation with industry partners, Shenkaihong signed an OpenHarmony ecological enablement cooperation agreement with Huawei, explored the development of OpenHarmony releases, signed a partnership strategic cooperation agreement with Huawei Smart Highway Corps, and created OpenHarmony road industry software releases to jointly build a road of wisdom ; Cooperate with Uboxun and other manufacturers to create a new ecology and new model for the AIoT financial industry based on KaihongOS; Health and furniture industry associations work together to create smart health care solutions.
In the future, Shenkaihong will continue to build up the basic software root technology, create a "national important tool" in the era of the Internet of Everything, and continue to deepen cooperation with ecological partners to jointly promote key business scenarios and scenario-based solutions formed by combining technologies in thousands of years. It has been widely implemented in various industries, providing a solid platform and deep soil for industrial upgrading and digital transformation of industries, boosting digital transformation into deep-water areas, and creating a new benchmark and new model for my country's "new infrastructure" and digital economic development.
Capstone Companies, Inc. at Nitter...
Source
https://nitter.domain.glass/CAPC_Capstone/media
A potential replacement for James Gerry McClinton is Mouhaned Khoury...
Source
https://contracts.justia.com/companies/capstone-companies-inc-7264/contract/245782/
Working Capital Loan Agreement, dated May1, 2022, by Mouhaned Khoury and Capstone Companies, Inc.
James Gerry McClinton only owns 33.664 shares = 0.1 %
James Gerry McClinton - Chief Financial Officer and Director
gmcclinton@capstonecompaniesinc.com
Stock ownership after conversion of all options & warrants 33.664 shares = 0.1 %
Employment Agreement as of February 5, 2020:
https://contracts.justia.com/companies/capstone-companies-inc-7264/contract/100481/
- Insider Trading:
https://sec.report/CIK/0001398378/Insider-Trades
Capstone smart mirror at TikTok.....
Source
https://www.tiktok.com/discover/capstone-smart-mirror?lang=ceb-PH
F-1 Foreign Private Issuer Registration
Source
https://sec.report/Document/0001213900-22-074643/
Published: 2022-11-22 17:30:08-05:00
Submitted: 2022-11-22
Please read the FULL REPORT at:
https://sec.report/Document/0001213900-22-074643/
Push-To-Talk Over Cellular (PoC) / FirstNet / PTT Users by Network
Source
https://seekingalpha.com/article/4384032-boost-your-portfolio-siyata-mobile-on-way-from-17m-to-250m
Push-To-Talk Over Cellular (PoC)
Before we talk about PoC, let's talk about the legacy competing technology - Land Mobile Radio (LMR) - which provides low bandwidth 2 way communication. LMR is a decade old technology that is used by first responders, bus and truck drivers, oil and gas, logistics, hospital workers and many more. However, LMR is an inefficient solution that offers only limited capabilities.
Chief among its many shortcomings are:
- First, LMR hardware is expensive and its networks are expensive to build and maintain.
- Second, there are more than 10,000 LMR networks throughout the U.S. which are often incompatible thus creating communication barriers amongst users. Third, these networks suffer from limited range and poor coverage.
- Finally, LMR solves only one problem - radio connection to dispatch. Therefore, drivers have to use many other third party devices to deliver everything they need, thus compounding costs and complexity.
FirstNet
The aforementioned limitations of LMR spurred U.S. Congress to create FirstNet, an independent government authority which is being managed and built by AT&T. FirstNet addresses the 9/11 Commission recommendation calling for interoperable communications for all U.S. first responders.
FirstNet is encouraging the use of PoC technology which uses 4G cellular network connections which allows voice communication (instant one-to-one or one-to-many communications), broadband data, and the use of hundreds of different enterprise apps designed specifically for FirstNet (ex. fleet management, time logging, navigation tools etc.).
PTT Users by Network
PTT Users by Network
Both the LMR and PoC markets have been growing and are expected to keep growing in the coming years, albeit, PoC growth is expected to outstrip LMR growth. As is demonstrated below, from 2019 to 2023, the number of PoC users is expected to grow at a 13.6% compound annual growth (CAGR), almost double that of LMR at a 6.5% CAGR.
Choosing PoC over LMR lowers both capital expenditure (no need to apply for bandwidth, rent or buy expensive radio equipment and build a network, and expensive devices) and operating expenditure (no need to maintain radio network)
CloudMD to Present at Upcoming TD Technology Conference, November 21 – 23, 2022.
Source
https://finance.yahoo.com/news/cloudmd-present-upcoming-td-technology-113000036.html
Fri, November 18, 2022 at 12:30 PM
CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF, Frankfurt: 6PH), is pleased to announce that the Company has been invited to participate in the TD Securities Technology Conference taking place in Toronto from Monday, November 21st to Wednesday, November 23rd.
Senior members of management will be participating in 1:1 investor meetings on Monday, November 21st. Adam Kelly, Chief Commercial Officer will be presenting on Wednesday, November 23rd at 10:20 am ET.
To register for this conference, please contact your TD representative.
Exclusive pictures from the Capstone Connected Chef Smart Cutting Board.
Source
https://nitter.domain.glass/i/status/1565039066869075974
G Americas Securities LLC Buys New Stake in WiMi Hologram Cloud Inc. (NASDAQ:WIMI).
Source
https://www.etfdailynews.com/2022/11/17/sg-americas-securities-llc-buys-new-stake-in-wimi-hologram-cloud-inc-nasdaqwimi/
Posted by MarketBeat News on Nov 17th, 2022
SG Americas Securities LLC bought a new stake in WiMi Hologram Cloud Inc. (NASDAQ:WIMI) during the second quarter, HoldingsChannel reports.
https://www.holdingschannel.com/
The institutional investor bought 44,201 shares of the company’s stock, valued at approximately $96,000.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Jane Street Group LLC raised its holdings in WiMi Hologram Cloud by 5,719.1% in the 1st quarter. Jane Street Group LLC now owns 16,177 shares of the company’s stock valued at $43,000 after acquiring an additional 15,899 shares during the last quarter.
Vontobel Holding Ltd. acquired a new position in WiMi Hologram Cloud in the 2nd quarter valued at $38,000.
Invesco Ltd. raised its holdings in WiMi Hologram Cloud by 58.9% in the 1st quarter. Invesco Ltd. now owns 68,482 shares of the company’s stock valued at $183,000 after acquiring an additional 25,392 shares during the last quarter.
ProShare Advisors LLC acquired a new position in WiMi Hologram Cloud in the 1st quarter valued at $240,000.
Finally, Commonwealth Equity Services LLC raised its holdings in WiMi Hologram Cloud by 32.5% in the 1st quarter. Commonwealth Equity Services LLC now owns 93,550 shares of the company’s stock valued at $249,000 after acquiring an additional 22,950 shares during the last quarter. Hedge funds and other institutional investors own 1.26% of the company’s stock.
Chinasoft International Content Collaboration Platform is released, and the "Five Forces Model" activates the vitality of corporate content.
Source
https://www.chinasofti.com/news/2512.htm
November 17, 2022
On November 16, at the 2022 China International Digital Economy Expo Results Conference, Deng Nian, general manager of the digital office product line of Chinasoft International Cloud Intelligent Business Group, officially released the Chinasoft International Content Collaboration Platform CICCP, an enterprise built by Chinasoft International through years of application practice The content collaboration solution helps enterprises revive content vitality, improve organizational efficiency, and lay a solid foundation for the success of digital transformation.
The China International Digital Economy Expo (Digital Expo) is sponsored by the Ministry of Industry and Information Technology, the National Development and Reform Commission, and the Hebei Provincial People's Government. It is the only national-level exhibition named after the digital economy in the country. Focusing on the theme of "Integrated Innovation, Digital Empowerment", the 2022 Digital Expo will focus on displaying the latest products, technologies and achievements in the field of the global digital economy.
In the wave of digital economy, the management of data assets is more important than ever. Unstructured content data represented by documents, emails, images, videos, etc. has accounted for more than 80% of the total data of enterprises, and is growing at a rate of 55% every year. However, more than 90% of enterprise content data lack effective management, and enterprise content data faces difficulties such as decentralization, diversification, easy leakage, and difficulty in utilization. How to activate the value of enterprise content data has become the primary issue facing digital transformation.
ChinaSoft International Content Collaboration Platform CICCP is a content collaboration platform built on the basis of intelligent management of content throughout the life cycle. It aims at pain points such as difficulty in centralizing, difficult to use, and difficult management of enterprise content data, helping enterprises calmly deal with the content management of massive unstructured data, and comprehensively improve Data quality and data accessibility, unlocking the value of content data.
The content collaboration platform of Chinasoft International has brought three major upgrades and new experiences in terms of architecture, functions, and security..
- Architecture is more flexible
It supports minimum specification deployment to save costs, provides plug-in micro-services, open interface capability sharing, and has multi-site service management and remote dual-site disaster recovery, and builds a more intelligent content base with a more flexible architecture.
- More comprehensive functions
Enhanced file storage capabilities and team collaboration capabilities, and added functions such as virtual disk, sync disk, archive library, and document comments to improve user experience.
- Security upgrade
Construct 7 layers of security protection, upgrade the security system of the whole process of transmission, storage, use, access, etc., support custom watermark, cross-network file transfer and other capabilities, and enhance security by 100%.
"Five forces model" Activates the Vitality of Enterprise Content
The content collaboration platform of Chinasoft International integrates years of content collaborative management and multiple industry application practices, builds a five-force model of enterprise content vitality, and comprehensively helps enterprises activate content vitality and improve organizational efficiency.
- Memory
Unified content storage and standardized management, mobile office anytime, anywhere. A single node supports PB-level storage, billion-level files, and million-level users, realizing free content storage.
- Productive forces
Based on content services, it provides business applications for business scenarios; the system retrieval time is less than 0.5 seconds, and the transaction processing capacity is greater than 800TPS, stimulating productivity with the ultimate experience.
- Connection force
Provide efficient file circulation and online collaboration for organizations and teams, help enterprises break down data silos, and efficiently establish internal and external connections while ensuring security and compliance.
- Protection
Comprehensive file security management and background auditing ensure the security of documents throughout their life cycle. 7 layers of security protection, flexible combination of 23 kinds of permissions, more trustworthy.
- Creativity
Enterprises integrate open innovation, strong scalability, avoid redundant construction, grow together with enterprise IT systems, and carry out scenario-based joint innovation with customers.
Awaken the vitality of content and empower the digital transformation of the industry.
The content collaboration platform of Chinasoft International solves the problem of unstructured content data management, and provides personal enterprise content collaboration solutions for many industries:
CICCP X Government
Awaken content vitality, inject safety and efficiency.
? With 7 layers of security protection, government office documents can be safely managed under the environment of credit innovation, and the security is increased by 100%;
? Quickly collect field/law enforcement information through the mobile client's ability to shoot and transmit;
? Provide efficient collaboration methods, such as team collaboration space, multi-person collaborative editing, convenient internal sharing, external one-click external link sharing... to increase the efficiency of daily government affairs by 30%.
CICCP X Manufacturing
Awaken the vitality of content and inject next-generation digital power.
? Internally protect confidentiality and externally protect knowledge, so that R&D and production materials can be safely controlled;
? Build a cross-organizational and cross-regional document sharing space, assign permissions according to roles, and realize efficient and orderly distribution of technical, production and marketing materials;
? Support the API capability integration of various enterprise applications, build a unified digital workspace, realize scientific management, and double the production efficiency.
CICCP X Construction Real Estate
Awaken the vitality of content and inject the power of scientific management.
? File data according to organizational structure, store project data in a standardized manner, realize paperless office, save energy and reduce carbon;
? Online viewing of architectural CAD drawings, multi-person collaborative editing of documents, controllable sharing of data, orderly development of upstream and downstream collaboration, and improved efficiency;
? Transform design results, research materials, and project experience into corporate knowledge, and build a solid foundation for knowledge operations.
To succeed in the digital transformation of an enterprise, the premise is to stimulate the vitality of the enterprise's content, tap and release the value of content data. Chinasoft International adheres to technological innovation and works closely with partners to build a brand-new content collaboration management platform for enterprises, accelerate the pace of digital transformation of enterprises, and create a win-win situation with customers.
CloudMD Software & Services Inc. (DOCRF) Q3 2022 Earnings Call Transcript.
Source
https://seekingalpha.com/article/4558035-cloudmd-software-and-services-inc-docrf-q3-2022-earnings-call-transcript
Nov. 15, 2022 12:44 PM ET
Company Participants
Karen Adams - Chief Executive Officer
John Plunkett - Chief Financial Officer
Conference Call Participants
Scott Schoenhaus - KeyBank
Rob Goff - Echelon Partners
Gabriel Leung - Beacon Securities
Prasath Pandurangan - Bloom Burton
Operator
Good day and welcome to CloudMD Q3 2022 Earnings Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will a question-and-answer session. Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker [Mark Kuindersma] with Investor Relations. Please go ahead.
Unidentified Company Representative
Thank you and good morning everyone. Thank you for joining us for our third quarter 2022 conference call and webinar. We'll start the call with our CEO, Karen Adams, followed by CFO, John Plunkett, who will provide a recap of the Company's Q3 2022 financial results before opening up for a question-and-answer period with our covering analysts.
A friendly reminder, that today's discussion contains certain forward-looking information, which involves inherent risks and uncertainties and other factors that could cause actual results to differ materially from management's current expectations.
Forward-looking information should not be interpreted as assurances of future performance or results. The risks related to forward-looking information are described in the Company's MD&A, which is available on SEDAR. We encourage you to review our public disclosure in the context of all the forward-looking information that you may hear today during this earnings call.
Investors are cautioned not to place undue reliance on such forward-looking information, and that such information is considered reasonable based on information available to management as of today. However, the Company disclaims any intention or obligation to update or review any forward-looking information as a result of new information, future events, or for any other reason, except to the extent required by law.
With that, it is my pleasure to turn the call over to Karen Adams, CEO of CloudMD. Karen, the floor is yours.
Karen Adams
Thank you, Mark, and good morning everyone. Welcome to CloudMD Q3 2022 earnings call. We appreciate everyone being here today. In the last quarter, we focused on strengthening the business. We undertook a number of strategic priorities that are essential to execute. The execution is making us a stronger, more transparent organization. These priorities will improve the financial performance of the Company while creating sustainable growth.
Today, John and I will provide an update on the priorities of generating high quality organic growth, restructuring and cost efficiency, improved cash management, and our ability to surface value from the divestment of our clinics and pharmacies. This will enable us to focus on our employer Health Solutions Division and our Digital Health Solutions Division.
Collectively, we are making good progress. However, there is still a lot of work to be done in the next few quarters to see the results in top line revenue growth, margin improvement, EBITDA contribution and positive operating cash flow. The Company is in a stronger place today than it was six months ago from an operational financial and governance perspective.
As John will outline today, we have taken an analytical, disciplined approach to delivering organic growth and a path to profitability and resolving the identified challenges. Today, you will hear how the management team has worked hard to improve the balance sheet to reflect the current state of the Company. This is very important in order to be able to monitor our performance and deliver shareholder value.
This quarter, we announced $27.5 million in revenue, which does not include the revenue contributions from the entire clinics and pharmacy division or Cloud Practice which have either been sold or are in the process of being sold. The comparable revenue for last quarter would have been approximately 30 million.
The commercial team is replacing short-term non-recurring contracts with long-term recurring revenue base. While total revenue from continuing operation is down 2.5 million from Q2, this is due to two known factors. The first is the end of the ungated Ontario Health contract which ended in August and as we disclosed on our last conference call had a $1.5 million impact in the quarter.
The other declined was the loss of the COVID testing revenue, which had approximately a $900,000 impact in the third quarter compared to the second quarter of 2022. It is difficult to replace this large one-time revenue in a short period of time. These large one-time contracts ending overshadow the growth and momentum in recurring contracts being acquired in our other revenue streams. The sales closed year-to-date are indicative of an approximate 10% organic growth rate.
We have also executed on the previously identified 4 million of reductions and have identified a further 6 million to be fully executed by mid Q1, 2023. These reductions will be realized through integration of operations as we scale as well as costs associated with one-time mandate. John will go into more detail on the financial overview.
I do want to take a moment before discussing the commercial update to address the economic and social environment. I have received lots of questions about these conditions and the growth potential of the Company. The past two years have shown a light on the importance of health risk management. COVID has altered the distribution of health expenditures over the past two years. The pandemic has revealed a weakness in crisis preparedness and access to care.
In the United States and Canada, healthcare spending is rising on both a per person basis and as a share of the GDP. A global healthcare survey conducted by Willis Towers Watson reveals that employer healthcare costs globally are expected to rise by 10% in 2023 and by 6.3% in Canada. The study identified poor health habits as one of the top reasons for rising costs.
These statistics reinforce the need for mental and physical health coaching, if people are at work off work or returning to work, which is why we believe there will be continued momentum in the adoption of our services. This is also true in our EHS division where focus on accessible healthcare through health and productivity tools will continue to be required as the focus on accessed care continues to evolve.
Within the current economic conditions, the demand for healthcare services will continue to rise. Employers will continue to invest in healthcare for their employees and healthcare providers are dependent on tools to improve productivity and access to care. This is a strong tailwind for years to come and we are well positioned to take full advantage.
Looking at our employer healthcare offering, we are seeing strong momentum. Year-to-date through the third quarter, we have added $8.8 million in annual reoccurring revenue contracts across all our operating divisions. We continue to focus on winning business and executing on our strong and diversified pipeline and are confident in our team's ability to win new business.
We are expecting to realize the full revenue list from contract signed in 2022 into 2023. Contract wins in the quarter represented small, medium, and large organizations. They included multi-product, multi-year, iCBT, Medical Second Opinion, Mental Health Coach, and Employee and Family Assistance programs.
One of our key differentiators within the mental health support solutions is that we have fully integrated our proprietary mental health assessment tool Snapclarity, as well as iCBT, EFAP and Mental Health Coach into the offering. This will enable us to broaden the access to care while improving health outcomes.
The combined offering will result in a better cost per case and leading to a higher growth margin. Within the quarter there were notable contract wins across multiple geographies including large unions, government organizations, industrial companies, and financial services. Our commercial team secured a significant win with the teacher association for our second medical opinion product.
In the quarter, we saw a 33% increase in the number of opportunities in the pipeline. We believe that the current pipeline is aligned with our revenue expectations. Sun Life was the early adopter of our mental health navigation service. The Mental Health Coach product is proving its value in producing measurable health outcomes including an average of 2.8 week improvement in short term disability length, 21% fewer casual absence hours, and higher return to work.
This directly translates into lower disability costs, more productivity and employee engagement. This program has been rolling out in a phased approach to Sun Life customers and will now be available in January, 2023, as an add-on to an existing group benefit contract. We are also taking important steps to improve the quality of our revenue and prioritize generating more meaningful higher margin revenue versus just adding to the top line.
In the last two quarters, we have integrated our sales team and created a focus on national accounts. In the last two quarters, 50% of the new contracts were employer direct. These contracts have lower churn and multiple services therefore a higher lifetime value. We've also taken a critical eye to our contracts and started to engage in some purposeful churn from legacy low margin contracts that don't meet our margin expectations.
I would like to spend the last few minutes on our Digital Health Solutions division, which we refer to as the health and productivity tools for providers. This division's growth strategy is being developed by new leadership under Nathan Lane. Nathan is focused on extracting value and growth from our offering.
As an example, we have identified additional growth market segments with an idea for which offers consulting and creates access to healthcare through connecting systems. This division has started to see significant pipeline growth outside of government agencies to hospitals, clinics and care organizations. This is a large new addressable customer base beyond our traditional work with various federal and municipal governments.
VisionPros, we are expanding the offering to our employer customers and embedding it into other programs. We are reducing direct marketing spend and investing in ensuring a high reoccurring customer model and distribution partners. Our distribution partnership team recently signed a marketing partnership with Neo Financial to distribute VisionPros' products.
With the VisionPros product, we expect lower direct marketing expense by using these distributors to grow the pipeline. We will be launching an innovative prescription renewal products and glasses in Q1 2023. Benchmark continues its steady progress and is growing its revenue.
We are executing on our priorities and the results are starting to be realized through our financials. The management teams have developed KPIs that are evolving in order to deploy a continuous improvement approach to sales and profitability.
I'm going to pass it to John to discuss the other half of the equation, cost optimization and then our Q3 results. John?
John Plunkett
Thank you, Karen, and good morning everyone. We're taking a disciplined approach to profitability and taking meaningful action steps. Over the past quarter, we've been focused on moving the business towards profitability, prudent cash management and divestment of our non-core assets. We continue to work hard to identify cost savings and cost optimization opportunities within the business. Since the start of the third quarter, we identified and acted on 4 million in annualized cost savings.
During the third quarter we saw a 1.4 million decline in quarterly operational expenses compared to the second quarter of 2022. This is directly related to our actions in consolidating shared services, removing redundant costs and improving efficiencies since the start of the year. Despite the revenue decline from the conclusion of the COVID-19 testing contracts and the changes to the Ontario Health contract and their associated gross profit contributions. We were able to improve our adjusted EBITDA slightly this quarter.
We are expecting to see the final reduction in revenue in the fourth quarter from Ontario Health of approximately 1.5 million. However, believe this is the last material headwind facing the business as it relates to our client base. We're in the process of completing an additional 6 million in annualized cost reductions that we expect to see a portion of the benefit in our financials in the fourth quarter of 2022 with a full impact in Q1 2023.
These savings continue to be primarily driven by the work our team is doing integrating back end services. The pathway to profitability is becoming clear. However, we still have work to do. We are going to reach it by continued focused on cost efficiencies and success selling our integrated Health Solutions. The success against some of our larger sales opportunities will impact the timing of when we reach this important milestone.
During the quarter, our use of cash was 2.2 million and normalized for non-recurring expenditures and favorable changes in working capital it was 4.5 million. In the near-term, it's the most important measure of our operating performance. Improving cash flows along with the divestitures gives us the flexibility to grow our core business and reach profitability. Over the past two quarters, we've been very focused on improving the balance sheet and being prudent with cash management.
Subsequent to the quarter, we announced the sale of our BC clinics and Cloud Practice and our two BC pharmacies. In addition, we're also pursuing the sale of our Rxi business. The divestitures represent over $9 million in transaction value and provide non-dilutive capital without impacting our profitability, cash flow or the long-term potential of the Company. These divestitures enable us to invest in our core business. It reduces distraction for the management team, and it creates more of a pure play investable company. Overall, we are executing against the strategic priorities we identified as a company.
Turning to the financial performance in Q3. The results of our work and executing on our strategic priorities are starting to show up in lower cash used and a small improvement in adjusted EBITDA. However, we are still being impacted by headwinds such as the changes to the Ontario Health contract. We generated total revenue of 27.5 million compared to 28.9 million in Q3 of 2021, which represents a 5% year-over-year decline. Sequentially, revenue was down 2.5 million from the second quarter.
Enterprise Health Solutions contributed revenues of 21.8 million compared to 24.5 million in Q2. As expected during the quarter, there was an impact of 1.5 million lower revenue from the Ontario Health contract and 900,000 lower revenues from COVID-19 testing contracts, which concluded in the second quarter. The increase in revenues from new contracts sold in 2022 provides us a lift of approximately 600,000 in the third quarter in our employer Health Solutions Division. This was offset by some lower fee for service revenue and our disability management and assessment business in part due to the summer months.
Looking ahead to the fourth quarter, the full impact of the Ontario Health contract will be realized which will result in a reduction of 1.5 million in revenue. We expect that this will be offset by return to run rate in our disability management and assessment businesses and the contribution from new revenue sold in year. In 2023, we expect to see low double-digit growth based on current contract sales pipeline and projected churn. Digital Health Solutions generated revenue of 5.7 million in the quarter comparable with Q2. VisionPros continues to trail its historical performance; however, we remain focused on driving profitable revenue and expect to see gradual improvement in top line revenue.
Gross profit in the quarter was 34.5%. The increase in margin is a result of classifying our clinics and pharmacies division and Cloud Practice as held for sale. As our core business drives organic growth, we will see continued margin improvement. In the near-term, we are targeting mid 30% gross margin with expansion coming as more revenue shifts to our faster growing and more profitable parts of our EHS and DHS businesses and integration of our higher margin offerings. Adjusted EBITDA in the quarter was negative 3 million compared to negative 3.2 million in Q2. The improvement is directly related to our work on cost control offset by lower revenues.
We expect a modest improvement in the fourth quarter of 2022 as a result of continued cost saving efforts. As we see organic growth over the coming quarters and continued cost savings, we expect adjusted EBITA to improve. During the quarter, one-time costs were primarily related to severance, the sales process of the clinics and pharmacies division and some remaining integration costs from past acquisitions. We expect these costs to be similar in the fourth quarter, but continue a downward trend in early 2023.
This quarter, we recorded a substantial impairment charge to our goodwill and long-lived assets of 83.9 million. These are non-cash charges that reflect the value of assets today with current market conditions and interest rates and not the price paid at a time when industry-wide valuations were much higher. We had a sustained disconnect between our market capitalization and the caring value of our net assets, which triggered the impairment review. The impairment does not reflect a change in our positive outlook or expectations for CloudMD. The forecast used reflects a sustained low double-digit growth and our core business with improving operating margins.
We had approximately 27.5 million in cash on hand at the end of the third quarter. Cash from divestitures is not in this number. Combined with an improving cash use profile and a clear path to profitability, we are beginning to engage in determining the most effective capital deployment strategy for 2023.
With that, I'll pass the call back over to Karen.
Karen Adams
Thank you, John. We are creating a more fundamentally transparent, profitable, focused and ultimately investible company. I want to take a moment and thank the leadership team for all the efforts they are putting into transforming this company.
Our employees across North America are passionate about empowering healthier lives. These employees are focused on the ability to deliver excellence with accountability, collaboration, connected communication, and a lens on gross margin improvement, innovation, profitability, and increased revenue. Their commitment to our clients in shareholders to these initiatives is why we are seeing the improvement.
Our annual general meeting has been called and is scheduled for December 15, 2022. The circular for the meeting, which includes the nominees for election as directors will be mailed to shareholders and posted on SEDAR by November 24, 2022. The circular will profile the slate that we will be asking shareholders to elect. There will be a new Chair to be elected profiled in the circular.
Transformation of a company takes time, but we will continue to make significant improvements that are flowing through the financials. As a result, the quality of our revenue today is higher, our profitability forecasts and margins are improving, and our balance sheet gives us the flexibility to capitalize on our offerings within the employer healthcare segment and our health and productivity tool.
With that, we'll open up the floor to questions.
Question-and-Answer Session
Operator
And today's first question will come from Scott Schoenhaus with KeyBank. Please go ahead.
Scott Schoenhaus
I just wanted to get more color into your U.S. expansion. What you're seeing from the employer markets here in the states? And what EHS solutions are you seeing interest in the American market?
Karen Adams
Thanks Scott. Nice to hear your voice. So, on the U.S. side of our business, one of the main drivers for us in the MindBeacon acquisition was the ability to take the iCBT product offer and span it and create access to care. It is a large issue in the U.S. being able to get access to mental healthcare. So, the iCBT product launching at the end of this year will be instrumental in our ability to grow our health coaching product in the United States.
We have a business as you're aware of Harmony that does the mental health interventions in the U.S. that business is growing, we have a number of new contracts coming on board for 2023 that we are excited about. So, the employer Health Solutions division in the U.S. is primarily focused on the mental health and coaching product and the traditional counseling product.
Then from the DHS business, I would say the growth in the market segments there is a realization that the product specifically an idea for have an opportunity to be extended outside the traditional government contracts that they have secured and starting to look at ways of using the Connected Care, the interoperability process that we bought the patented interoperability process, we bought through idea for to sell to hospitals and other care organizations that even as a byproduct of COVID, the realization of this interconnectivity is important.
So, Nathan really has grabbed onto the product and started to help the team create a go-to-market strategy to expand outside of more, less traditional government contracts and into more direct organization. So I hope that answered your question.
Scott Schoenhaus
Can I just kind of squeeze in one follow-up? It's very clear, on the gross margin side, DHS and EHS will help expand as you move and grow that business. Just on the 6 million in cost savings you outlined on an annual run rate. Can you just help us walk through what you're targeting there on those cost savings exactly? Thanks.
Karen Adams
John will do that.
John Plunkett
No problem, Scott. So in terms of the cost savings, right, the majority have been identified at this point in time, and we're executing against the reductions and a good portion are already done at this point in time. We're looking at -- it's a broad category of costs, a good majority of them are in the SG&A. So, as you look at our shared services, infrastructure, some of our marketing spend, looking at real estate footprint, et cetera. So, it's across a broad bucket of costs within our indirect cost structure.
Operator
Thank you. One moment for our next question and that will come from the line of Rob Goff with Echelon Capital Markets. Please go ahead.
Rob Goff
Thank you very much and congratulations on the hard work behind the teams here. I know it's difficult.
Karen Adams
Thank you, Rob.
Rob Goff
And Karen, you had mentioned with respect to your sales pipeline, I believe that figure of 33% increase. Can you talk to that sales pipeline any particular areas of strength?
Karen Adams
Yes. So, I think the difference is, we have a commercial leader who has been in the sales realm for a long time and has developed a more disciplined approach to prospecting and to increasing the pipeline. Very fortunately that pipeline has some large initiatives in it. And it has some -- we call them more medium initiatives in it. So, it's well dispersed in that it's not heavily weighted in one direction. It does cover, I would say, multiple types of clients, and they are all the majority of the business in there is multi service business selling more than one product.
So that the two indicators we look at is pipeline and conversion. So we look at the pipeline and the conversion rate to be able to look at forecasting revenue. So is the pipeline sufficient enough to support the revenue expectations that we have for the coming quarters? And I can confidently say it, it does. And the second piece is the ability to continue to add to that pipeline. And that increase is a good indicator for us of productivity of the sales team. That's good thought to cover that.
Rob Goff
That's pretty good. And the natural offshoot of those. Could you then address how the pipeline gives you confidence in the double-digit growth expectation, and if you could talk there to with respect to headwind, tailwind that you were seeing within that organic growth profile?
Karen Adams
Sure, so I think, with the organic growth we're seeing from a momentum basis, a lot of in our mental health support solutions. I would say that the largest percentage of the pipeline and the new ad is in the combined mental health support solutions. And I think that that is indicative of the unique approach we have to the health coaching perspective prior to somebody going to counseling.
So not everybody's ready to go directly into counseling, and we call those, the utilization rate is sometimes impacted by people calling and then not showing up for an appointment. So, we're finding the Mental Health Coach that you will remember, was really adopted out of a relationship with Sun Life, where they were the first customer of the Mental Health Coach.
I think that unique approach to getting people support, whether they're at work or off work is starting to translate into the pipeline opportunity. And I would say, the Mental Health Coach is now being used in disability cases where an employee may be on disability relating to mental health concerns, and that Mental Health Coach's ability to engage the person on disability and convince them to go to treatment is resulting in people returning to work as part of the treatment plan. So, we're really seeing a lot of opportunity there.
I think, as I mentioned, in the scripts or in the narrative is that, the thing we're faced with is trying to overcome these large one-time mandates that, on the one hand, we're really proud of that when these customers were faced with COVID related issues, they turn to CloudMD or one of their subsidiaries to deliver the service during a time of health risk management. And those customers are customers of ours in other products. So you want to be there to serve them in these times.
But then those that large revenue coming to an end and a long time commitment with the customer, on the other product is overshadowing the growth perspective. So, that's why we're faced with constantly reviewing it. We do have some large sales opportunities in the pipeline, but as you can imagine they have a longer sales cycle to them. So one of the headwinds we've got is longer sales cycles on larger opportunities that take us longer to really recognize and convert.
Operator
Thank you. One moment for our next question and that will come from the line of Gabriel Leung with Beacon Securities. Please go ahead.
Gabriel Leung
I got a couple of questions to ask around the pipeline. Karen, are you able to disclose to us the size of the pipeline just in terms of from an ARR perspective, first off? And are you able to talk about whether or not some of these pipeline opportunities have risen from life work to directly as it relates to take up by its health?
Karen Adams
Okay, so let me answer your first question, which is our pipeline currently stands in and around just north of 50 million. I'm not sure that's meaningful in and of itself other than the fact for us it's a substantial number. And when we talk about pipeline, we talk about qualified pipeline, meaning that we are engaging with the customer in some sort of dialogue of moving them to our products and services. And that's important because the real -- the other pipeline is much larger in the prospects and the people that we're trying to engage.
I would say that we are seeing people convert from a number -- the market in the mental health support is made up of a handful of brand name providers. And given the fact that I think the number is just north of 90% of all employers have a group benefit around mental health. Everybody in the pipeline is probably with somebody now. I can't point to one specific competitor over another. What I can tell you is that the reasons customers are moving from one provider to another is access to care and the ability to see a counselor face-to-face is important for the employer. Not everybody wants to go the telemedicine virtual route.
And the second is this innovation and disruptiveness around the assessment Mental Health Coach and Physical Health Coach. And being able to not have a siloed program where the employer can confidently provide the program and know that we're going to take care of the individual regardless of what their issue is. They don't have to think. Do I call this for mental? Do I call this for physical? It's integrated. So, we're seeing it from a wide variety of competitors. Yes. I don't think it's -- I can't say definitively today it's from any one particular one, Gabriel.
Gabriel Leung
Got it. That's really helpful. And just a point of clarification, that $50 million pipeline number you quoted, is that an ARR figure or is that a total contract value figure?
Karen Adams
That's an ARR figure.
Gabriel Leung
Got it. Okay. That's helpful. And I'm also curious just in terms of metrics, you noted that year-to-date you're over $8 million in new bookings. Are you able to provide us with kind of a closed rate successful close rate figure on deals that you've bid on?
Karen Adams
So, that numbers across the whole organization unfortunately different revenue streams have different closing rates. So, as an example, the idea for pipeline can have a longer closing rate than some of the other revenue streams. But I think if you were to take it across the whole organization, I'd look at a closing rate somewhere between 30% to 40% depending, that's how I would look at it because it's the entire organization.
Gabriel Leung
Got it. No that's super helpful. One last question, I guess either for Karen or John, since John, you did mention as part of your preamble, obviously, as the improvements that continue, there's going to be a deeper dive look into capital allocation with the war chest. Just curious, if you guys had any initial thoughts on where you would prioritize, use a cash to help drive the best shareholder value to the Company? Is it share buyback? Is it payment, the debt, M&A? I'm just curious what the initial thoughts there.
John Plunkett
It's a great question Gabriel. And it's certainly something that we're engaging with at this point in time. What I'm going to do is I want to reserve providing comments at this point in time. I think we're going to have a much more meaningful update at the end of our Q4. We're obviously been very much focused on taking the cost out of the business, pushing towards profitability, divesting of our non-core assets.
I feel like we're turning the corner. Obviously, profitability is a key step for us. Stabilization from a cash flow perspective is a key step for us. Now, we're starting to look forward in terms of how we're going to deploy the capital that we have in the balance sheet. So, I'm going to reserve providing any sort of any guidance on that right now; however, I'm hopeful that we're going to have a more meaningful view to share at the end of Q4.
Operator
Thank you. One moment for our next question and that will come from the line of Prasath Pandurangan with Bloom Burton. Please go ahead.
Prasath Pandurangan
First, could you discuss the revenue profile of the EHS business in terms of the split between subscription case based revenues and their relative importance and driving your growth assumptions?
Karen Adams
Yes. So, Prasath, in terms of the split, I would say, approximately 50/50 between a subscription PEPM and a fee-for-service type offering.
Prasath Pandurangan
And when you look at your growth assumptions for the business, what are they based on, would it, again, I know this continue to be 50/50?
Karen Adams
No, I think that the revenue profile, you will see going forward will be a shift more towards the PEPM. I think that we have -- when we look at our business now, when you look at the Enterprise Health Solutions division, you look at the assessment business, which is independent medical, but on per case be the disability on health. The growing factor, I think, is going to be and it's just a relative size as well. It's going to be the health coaching, which consists of all of the mental health support services and all of the physical health support services.
And I think by the sheer nature of the newness as a percentage of shift, they will naturally start to grow. And in the PEPM, which is the beautiful thing for us is, the reoccurring revenue is builds a better revenue profile for the organization. But all of those customers have to buy the per case fee. So what we're going to be watching is the ability to secure the PEPM revenue, which has a longer lifetime client value even by the nature that they're multiyear, and then being able to add the per case fee on top is going to be the building the actual value of the customer should grow. So, I'm also watching value per customer grow, right? The total sense and then that gives us the lifetime value of the customer. Does that make sense?
Prasath Pandurangan
And then, I wanted to talk about the Sun Life contract itself and how has it changed recently, and it's changing in terms of the positioning of our client base?
Karen Adams
Yes. So, you may recall, there was a long period of time where we talked about a pilot, the pilot was the Sun Life employees. And I think Sun Life did it right. They piloted it with their employees, we got the results off the base business, which their employee base was a significant with north of 10,000 employees. So, it was a significant group as a control group to be able to prove out the theory. Then what they did is they rolled it out to a group of clients, not an insignificant group for us, over the subsequent periods.
And now, they're in a position with the data from the employee group and their client group to roll it out to their other client base on a -- it's not being embedded, it has to be sold by the Sun Life account executives, but now being rolled out in the context of lowering disability rates and improving employee engagement. So, there's a theory directly tied to the renewal process, where people may be worried about their disability premiums rising, let's face it, there continues to be an increase in disability cases. Especially, we will see this in tough economic times where people will go on disability, so it becomes a significant tool.
Prasath Pandurangan
And then finally, just to confirm the 8.8 million ARR when they're all within the continuing operations, right?
Karen Adams
Yes, that's correct.
Operator
Thank you. One moment for our next and we do have a follow-up question from Rob Goff with Echelon Capital Markets. Please go ahead.
Rob Goff
You mentioned a focus on quality revenues and you also mentioned with respect to VisionPro working with distribution partners. Can you talk to any changes or modifications in the VisionPro plan? And when headwinds become tailwinds?
Karen Adams
Yes. So, I'll start in and maybe John can jump in. But I think on the VisionPros contact lens business, it's a direct-to-consumer business. It's a highly competitive business. It's a very transactional business. And decisions to buy are based on product costs. Fastest way to grow top line revenue is to discount the product and grow your top line revenue. I think we can all agree there was a time where that was rewarded in the marketplace.
We do not feel it is right time for us to be using cash flow to buy revenue so significantly discounting the product. So, our preference is to focus on those who have purchased in the past, engaging them and getting them to be recurring clients. So the marketing spend is more towards that group. That's the first thing I would say.
The second thing is we are -- every group benefit provider offers vision care as part of their group benefit plan. And so people, people like to buy things, it's in our human nature to want to buy things. So by integrating key into our -- by integrating VisionPros into the key platform, we're confident that people are going to come there as employees, looking for their educational resources, perhaps their EAP and have the ability to buy contact lenses.
That opens up what we call -- we have a partnership team now, who is responsible for going out and looking at non-traditional partnerships to have the distribution of the contact lenses through those partnerships. So that they are properly distributing other products, it's the marketplace concept you're seeing in a lot of different avenues, and then affording us the opportunity to lower our CAC costs because we're picking back on another partnership.
So, they have a longer sales cycle time to them, obviously. But we are seeing some traction in the interest level from some non-traditional partnerships. So, stay tuned for more on that. I would say in Q4. With the quality of revenue comment, I think that we want to maintain a gross margin that we're comfortable with and we want to maintain a overall contribution to profit that we're comfortable with.
And so that means making some choices on the especially in the contact lens business, the price is the price that we get from the distributor and then we then we sell to the consumer. We want to make some really good choices here about that, the acquisition cost of that customer and how we go about doing it.
And we're going to trade right now quality of revenue to become cash flow neutral in that business so that we are preserving our capital allocation for things that have overall higher momentum growth in the organization and can grow our growth margin and frankly translates into shareholder value.
Because of the transactional nature of VisionPros and the up and down of the sales, like in that business, there's a lot of what they term one and done. People come, they buy based on price and they go away and they never come back again. That's not the business that CloudMD is looking to acquire.
We're looking to build a relationship with individuals who engage in our service and have an ongoing relationship with that individual. And that's the premise in VisionPros we want to have an ongoing relationship with that person for their contact lenses, for their mental health, for their physical health. And when they go on disability, we'll help them there too. So it's more of a holistic way of servicing that individual.
So Rob, I think that was very long answer to your question.
Operator
Thank you. I'm showing no further questions at this time. Thank you all for participating. This concludes today's conference call. You may disconnect.
CloudMD receives a target drop from Beacon Securities.
Source
https://www.cantechletter.com/2022/11/cloudmd-receives-a-target-drop-from-beacon-securities/#
Published on November 15, 2022
Beacon Securities analyst Gabriel Leung lowered his expectations on CloudMD Software & Services after the arrival of third quarter results. In an update to clients on Tuesday, Leung reiterated a “Buy” rating on the stock while trimming his target from $1.00 to $0.85 per share, still reflecting at press time a projected one-year return of 254 per cent.
Vancouver-based CloudMD, which has among its digital assets telemedicine, healthcare navigation and educational resources, has been busy of late with its restructuring efforts, selling off its BC-based primary care clinics and pharmacies in an effort to focus on higher profitability businesses. The result is a more streamlined outfit, said CEO Karen Adams in the company’s third quarter press release on Monday.
Adams said CloudMD’s Q3 performance was impacted by the end of one-time mandates and COVID-related government contracts.
“We are restructuring our business resulting in the ability to deliver prudent expense and cash management,” Adams said. “We are pleased with our increasing customer base, specifically in Mental Health Support Solutions. Our business model across [Enterprise Health Solutions (EHS)] and [Digital Health Solutions (DHS)] is focused on our ability to support individuals where they are on their health journey. Our continued organic growth in our mental and physical health services reinforces this model and the need for managing health through navigation and coaching.”
By the numbers, CloudMD’s quarter featured revenue from continuing operations of $27.5 million compared to $28.9 million a year earlier and an adjusted EBITDA loss of $3.0 million compared to a gain of $902,000 a year earlier.
Digging into the Q3 results, Leung noted the topline featured $5.7 million from DHS versus $21.8 million from EHS, with DHS showing a modest improvement in its VisionPros volumes following the resolution of supplier issues in the US in late Q2.
Leung said EHS revenues will likely be hit with a further $1.5 million reduction from its Ontario COVID program before stabilizing.
“Aside from the expected reduction in the Ontario Health COVID-19 iCBT program in Q4, we expect revenues to show gradual organic improvements thanks to recently signed contracts ($8.8 million YTD) and other deals (both mid-and-large sized) that are in the ($50+ ARR) pipeline,” Leung wrote.
Leung said his target is based on a lowered 2x 2023 EV/Sales versus 2.5x previously.
“Overall, we believe DOC is doing a good job in right-sizing its business tor the realities of the current business environment (which we believe should help to drive cash / EBITDA breakeven around H1 CY23). We believe the next catalyst will be an acceleration in new bookings, which should help to drive a further multiple expansion,” Leung wrote.
Top-line was $0.035876 millions at the Capstone Companies Inc in the third quarter of 2022 earnings season.
Source
https://csimarket.com/stocks/news.php?code=CAPC&date=2022-11-15232257&utm_source=dlvr.it&utm_medium=twitter
PUBLISHED 2022-11-15T23:22:57
CAPC announced third quarter of 2022 operating shortfall of $-0.522203 millions.
For the third quarter of 2022 earnings season CAPC reached break-even of $0.00 per share compare to $-0.01 a year before and from $0.00 per share from the previous financial reporting period.
Revenues declined widely by -19.633 % to $0.04 millions from $0.04 millions in the similar financial reporting period a year before and sequentially Revenues surged by 80.218 % from $0.02 millions.
In the third quarter of 2022 earnings season Capstone Companies Inc reported net deficit of $-0.380 million, instead of deficit of $-0.618 millions in the similar financial reporting period a year ago.
Siyata Mobile’s SD7 Device Launch on Bell Mobility Wireless Network Expands Next-Generation Push-to-Talk Over Cellular Services Across Canada.
Source
https://finance.yahoo.com/news/siyata-mobile-sd7-device-launch-130000675.html
Wed, November 16, 2022 at 2:00 PM
Bell Mobility, a division of Bell Canada, to commence selling the SD7 and related accessories to its broad base of enterprise and first responder customers.
Siyata Mobile Inc. (NASDAQ:SYTA), a global vendor of Push-to-Talk over Cellular ("PoC") devices and cellular signal booster systems, is pleased to announce that Bell Mobility Inc., a leading wireless operator in Canada with more than 10 million subscribers and a division of Bell Canada, will launch Siyata's rugged SD7 device onto their network in the fourth quarter 2022. The SD7 was developed to disrupt and replace the multi-billion-dollar Land Mobile Radio (LMR) industry.
"Our traction with major U.S. and international carriers continues to strengthen," commented Siyata CEO Marc Seelenfreund. "The addition of Bell Mobility further validates our belief that the SD7 is the ideal device for the rapidly growing PoC markets globally. The SD7 is the perfect upgrade from LMR devices, which often have limited coverage, restricted functionality and high startup costs. Our SD7 solves all those problems, delivering a far superior solution to a multi-billion industry."
The SD7 brings communications into the 21st century and enables first responder and enterprise clients a simple, easy-to-use, rugged Android based Push-To-Talk ("PTT") device with excellent sound quality that operates over the high bandwidth 4G LTE network, providing consistent connectivity. Its IP68 rating, resistance to water and dust, drop protection, and robust battery make it well suited for use in harsh environments. Importantly, there is no need to invest in infrastructure such as radio towers or repeaters to deploy the SD7.
o date, the SD7 has been certified and approved for use with several North American carriers including FirstNet® and AT&T Inc., Verizon Communications Inc. and United States Cellular Corporation (UScellular™).
About Siyata Mobile
Siyata Mobile Inc. is a B2B global vendor of next generation Push-To-Talk over Cellular devices and cellular booster systems. Its portfolio of in-vehicle and rugged devices enable first responders and enterprise workers to instantly communicate, over a nationwide cellular network of choice, to increase situational awareness and save lives.
Its portfolio of enterprise grade and consumer cellular booster systems enables first responders and enterprise workers to amplify cellular signal in remote areas, inside structural buildings where signals are weak and within vehicles for the maximum cellular signal strength possible.
Siyata's common shares trade on the Nasdaq under the symbol "SYTA" and its previously issued warrants trade on the Nasdaq under the symbol "SYTAW."
To learn more please visit:
https://www.siyatamobile.com/
Investor Relations (Canada):
Kin Communications
1-866-684-6730
SYTA@kincommunications.com
Investor Relations (United States):
Dave Gentry
RedChip Companies Inc.
SYTA@redchip.com
1-800 RED-CHIP (733-2447)
407-491-4499
Siyata Mobile Corporate:
Daniel Kim, VP of Corporate Development
Siyata Mobile Inc.
daniel@siyata.net
Investors Presentation Q3 2022 Siyata Mobile Inc. (SYTA)
Source
https://www.siyatamobile.com/investors-presentation/
Siyata Mobile Inc. (SYTA) Q3 2022 Earnings Call Transcript..
Source
https://seekingalpha.com/article/4556529-siyata-mobile-inc-syta-q3-2022-earnings-call-transcript
November 11, 2022 8:00 AM ET
Company Participants
Daniel Kim – Vice President-Corporate Development
Marc Seelenfreund – Chief Executive Officer
Glenn Kennedy – Vice President-International Sales
Conference Call Participants
Jack Vander Aarde – Maxim Group
Tom Kerr – Zacks Investment
Operator
Good morning, ladies and gentlemen, and welcome to the Siyata Mobile Q3 Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. This call is being recorded on Friday, November 11, 2022.
I would now like to turn the conference over to Daniel Kim, Vice President of Corporate Development. Please go ahead.
Daniel Kim
Thank you for joining the Siyata Mobile third quarter 2022 conference call. Today, I'm joined by our CEO, Marc Seelenfreund; and our VP of International Sales, Glenn Kennedy. We will all be available for questions at the end of the presentation. During the course of this call, management will make express and implied forward-looking statements within the Private Securities Litigation Reform Act of 1995 and other U.S. federal securities laws. These forward-looking statements include, but are not limited to, those statements regarding future product offerings, the belief that we are on the path for strong organic growth. The goal to deliver strong year-over-year revenue growth and reach profitability in the coming quarters. The belief that the worst of the pandemic is behind us and that we will continue to see strong sales in all of our product lines and across our various markets and the timing and sale of our rugged handsets to North American and international carriers.
Such forward-looking statements are based on the company's current expectations and assumptions regarding its business, the economy and other future conditions. Because forward-looking statements relate to the future, they are not statements of historical fact and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict.
The company's actual results may differ materially from those contemplated by the forward-looking statements. We caution you, therefore, against relying on any of these forward-looking statements. The company cannot guarantee future results, levels of activity, performance or achievements. The forward-looking statements contained in this presentation are subject to other risks and uncertainties, including those discussed in the Risk Factors section and elsewhere in the company's annual report on Form 20-F for the year ended December 31, 2021, filed with the Securities and Exchange Commission.
Now I'd like to turn the call over to Marc.
Marc Seelenfreund
Thank you, Daniel. Good morning and thank you for joining the call. We are very pleased to report strong year-over-year and sequential top line growth and declining losses for the third quarter of 2022. This improved fundamental performance was driven primarily by a number of customer trials of our SD7 rugged push-to-talk handset device, which began shipping in Q2 2022, many of which then converted into purchase orders with volumes in Q3 that increased over Q2. We hope to deliver continued sales growth from this current quarter, Q4 and onwards.
Now I will discuss our financial results for the third quarter ended September 30, 2022, and then we'll conclude my remarks with our outlook. Revenues for the three months ended September 30, 2022, were $2.6 million compared to $1.2 million for the three months ended September 30, 2021. This positive variance of $1.3 million or 111% was due mainly to the new revenue source earned from the SD7 and its related accessories in the quarter of $1.4 million, an increase in revenues from legacy rugged devices, offset by a decrease in sales of cellular boosters in the period.
Gross profit for the three months ended September 30, 2022, was $860,000 or 33% of sales compared to $430,000 or 35% of sales in the same period in 2021, a positive variance in gross profit of $430,000. This positive gross profit variance in the quarter was due to the additional sales in the period of SD7 and its related accessories, offset by the decreased sales of higher margin boosters.
Adjusted EBITDA was negative $1.6 million versus negative $4.9 million in the same period in the prior year, a positive variance of $3.3 million. This positive variance was due to increased revenue, increased gross profit and a decrease in operating expenses.
Turning over to significant business highlights.
We are pleased to report that Siyata has delivered on its plan to build and expand its potential customers for the SD7. We have previously announced the SD7 has certified and approved for use with many North American carrier customers, including FirstNet and AT&T, Verizon Communications, U.S. Cellular and international channel customers, including Logic Wireless Europe, a leading distributor of business critical communication solutions across the United Kingdom, Australia, New Zealand and the Pacific Islands and TASSTA, a global mission-critical push-to-talk software provider and ESChat, a leading U.S.-based push-to-talk software provider.
This foundation of increased distribution is directly leading to many potential significant volume opportunities, of which we have begun shipping products in an increasing number of verticals beyond our primary focus on first responders, including government, schools, utilities, security companies, defense contractors, amusement parks and hotel resorts to name but a few.
I’m pleased to report that the increase in number and signs of our aforementioned customer base translated into our much anticipated volume growth for our SD7, which was the primary growth driver of our rugged devices and related accessories which increased 588% year-over-year to $1.9 million in the third quarter. Having said that, let me be clear that this is a process, interest is very strong and demand is growing, but we believe that we are just hitting the tip of the iceberg in a multibillion dollar industry and larger volume should follow as end customers grow to appreciate our unique offering in this new product category.
Subsequent to the end of the third quarter, we announced that we successfully closed a registered direct offering with certain institutional investors to purchase approximately $4 million of our common shares or prefunded warrants and move thereof together with concurrent and private-placed warrants to purchase our common shares. The combined effective purchase price for one common share or one prefunded warrant in the private place warrant was $0.23.
We also announced an exciting new product, the SD7+, which features a wide-angle camera, coupled with 4G connectivity that will have traditional body camera functionality as well as real-time situational and traditional tracking capabilities. The SD7+ will be powered book with Visual Labs innovative body camera software. Visual Labs is a highly respected software company and developer of Android-based body cam and Dash cam software. The company provides that software to public safety, private security and other customers throughout the United States and internationally. It's public safety customers include Town Marshalls, City Police departments, county sheriff's officers and live like other state agencies and federal customers.
And finally, we recently announced the addition of telecom industry Veteran, Dan Leech, our sales team. Dan brings more than a decade of senior sales experience to his role at Siyata. Most recently, Dan, serves senior Account Manager for Motorola Solutions, the global leader of public safety and enterprise security solutions. Previously, Dan was in senior sales roles at FirstNet as well as Kyocera Corporation and Sonim Technologies.
Now I would like to pass the line back to Daniel, who will discuss some of the industry trends and market dynamics that are benefiting our business.
Daniel Kim
Thank you, Marc. North American wireless carriers have recently delivered mixed results with some carriers beating on sales and earnings and raising profit forecast to other carriers with in line or better than forecast postpaid net additions, while other carriers shifted to cost cutting to address rising corporate costs and rising interest rates.
Importantly, in October, FirstNet announced it supports more than 4 million connections to more than 23,000 public safety agencies, a gain of about 1,200 agencies from the 21,800 agencies cited in the second quarter. During the third quarter, FirstNet added 334,000 connections which represented a significant portion of AT&T's 708,000 postpaid net wireless phone additions.
To put these numbers into perspective, AT&T gained more than $2.2 million post-paid phone net additions through the first nine months of 2022, and FirstNet appears to have played a significant role with about one million connections being added for the same time period, reaching, as we said, 4 million connections in the third quarter after topping 3 million at the end of 2021, 2 million in early 2021 and 1 million in 2019.
With that, I'd like to pass the line back to Glenn.
Glenn Kennedy
Thank you, Daniel. Looking at our sales funnel, we continue to see strong opportunities in each of our three product categories. First, in our rugged handset product category, we have increased our shipments of the SD7 PTT handset that supports mission-critical, push-to-talk or MCPTT to North American wireless carriers. And we displayed this handset at several trade shows during and after the quarter, including just three weeks ago at the International Association of Chiefs of Police or the IACP show in Dallas, Texas.
The initial sales, the quantity of new customer trials, the customer feedback at the trade shows and the direct engagement from senior personnel within the wireless carriers have all been very strong as these wireless carriers aim to capture new customers who have been using traditional LMR or two-way radios. We’re also seeing strong customer interest in our VK7 vehicle kit that works with our SD7 PTT handset.
Today, we are active with AT&T, FirstNet, Verizon and U.S. Cellular in North America and our objective remains to expand our launch with additional North America and international carriers and with additional PTT application companies later this year. As a result of all SD7 market activity, we are confident that this will translate into multiple thousands of SD7 handsets sold throughout the balance of 2022.
Secondly, in our in-vehicle devices category. We continue to sell through our UV350 in-vehicle device with customers in North America and internationally. Just after the quarter, we have shipped UV350s into an existing large wireless carrier customer in the Middle East, which launched and ordered this device initially two years ago and has continued to order additional UV350 devices for its first responder customer vehicles.
And thirdly, in our cellular booster product category, we saw continued demand for cellular boosters. During Q3, we sold boosters through a federal contractor into the U.S. Navy to support one of their bases in the U.S. We believe that more business with the U.S. military in the future will come as a result of this deployment.
And I will now hand the line back to Marc for closing remarks.
Marc Seelenfreund
Thanks, Glenn. I would like to take this opportunity to thank our employees for their commitment. They’ve worked tirelessly to build the company we have today. I would also like to acknowledge and thank our investors, who stood by our company despite the turbulent environment. Overall, we are very pleased with the growing acceptance by our customers of our truly unique disruptive push-to-talk solutions. And we expect, based on what we are seeing today, growth in our various product categories, with especially strong growth coming from our rugged handset product category.
We are just beginning to see the rapid adoption of our disruptive solutions and as a displacement of land mobile radio by push-to-talk-over cellular continues to progress, this should drive meaningful growth for our innovative products. We stand by our previously stated goals of new customer wins, new and existing carrier launches, a continuous upgrade to our product portfolio and ultimately, strong organic growth with the goal to profitability. We will file our third quarter financial results with the SEC on a Form 6-K and urge our listeners to access them from the SEC’s website, search for Siyata Mobile.
That concludes our formal remarks. With that, operator, open the call to questions. Thank you.
Question-and-Answer Session
Operator
Thank you, sir. Your first question will come from Jack Vander Aarde of Maxim Group. Please go ahead.
Jack Vander Aarde
Okay. Great. Thank you. Good morning, guys. I appreciate the update and congrats on the solid growth acceleration. Really great to see things ramping up. Okay. So thanks for taking my questions as well. So Marc, I’ll just jump in on a question with the SD7 and the revenue opportunity. And then I also know separately, there’s the SD7+ now as well as the body chem, which is – which sounds like pretty innovative and another great addition to the product line.
So as we look at this quarter and then we look at the fourth quarter coming up, can you just describe again and walk us through kind of the tangible evidence you’re seeing with the SD7. You mentioned a lot of the volume upticks in the potential with some of the large carrier partners. Can you just help us understand just what were the unit sales or just roughly in this third quarter? Where are they headed for the fourth quarter? And then as you look at next year, do you kind of see a hockey stick inflection point? Thank you.
Marc Seelenfreund
Thank you very much, Jack. So we see a lot of very, very large-scale opportunities. And when I say large-scale opportunities that’s thousands of units, it’s not hundreds of units. The ASP for the SD7 is around $300. That’s about what we’re selling it for. So every 1,000 units is $300,000. And we get all kinds of orders. We’re getting orders now literally on a daily basis for many different types of customers. And as we had mentioned on the conference call, it’s coming from first responders and hospitality and casinos and hospitals and a defense contractor. Literally, this device is not limited to any specific entity, it can go to both the first responders and other enterprise customers.
And through the carriers that we’re working with we’re seeing very, very – a lot of interest and very promising numbers that came in, in this past quarter. And if you ask, I want to say that we sold between 4,000 to 5,000 units in this past quarter. I don’t know the exact number, but it’s around that number. And I think that we can continue to sell thousands of units and move up to 10,000 units or more per quarter. That is our goal is to get to at least 10,000 units per quarter so that we’re selling on an annual basis, tens of thousands of units. That’s the goal of the company.
And the market is not limited. In other words, it’s not that there’s some kind of a glass ceiling that you can only sell 50,000 units in that kit, absolutely not. We could sell 200,000 units a year and would just be scratching the surface because this is a potential of millions of units that can be sold. There are millions of land mobile radios that are out there, and we’re working with the cellular carriers to displace those land mobile radios with these devices.
And therefore, we think that the opportunity is tremendous and the upside is tremendous and we’re pushing very hard. That’s also the reason that we recently hired Dan Leech. He comes from Motorola. They are the global land mobile radio provider, they sell more radio than any other company. It’s a $40 billion company. And we think that he will be a very good addition to our sales team.
Again, we’re leveraging the cell operators to be able to get to the end customers. If we were to try to go to a hospital and sell direct, the hospital would not buy from us because we’re a small company. They’ve never heard of us. But when FirstNet comes to them or Verizon comes to them or U.S. Cellular comes to them, then they know that they’re going to be working with the cellular provider that they trust. It’s being put on their bill in any event. It’s partially subsidized sometimes by the carrier. So in that sense, it makes much more sense, it’s much easier sale for us to get out to all these various customers.
One more thing I just want to add. I think that one of the largest verticals for us is going to be the schools, the education market, and we recently put out a press release about a company that we’re working with CrisisGo and CrisisGo makes very, very innovative SOS functionality for this type of a device for the SD7 and as there are millions of teachers in the United States, there’s up over 100,000 schools in the United States, we think that, that’s going to be a great market for us. We’re already selling to multiple schools already in this quarter, we sold the schools. And in the coming quarter, we expect to sell to schools and we think that, that’s going to be a great, great opportunity for us.
Because just think about it, if there’s some kind of a storm or some kind of an incident in a school, now the teacher can also push the SOS button and inform whoever she has to inform that there’s a problem and she can also speak to staff, to the principal, or to first responders and they’re all on one network. So, we think that this is an ideal solution together with CrisisGo, we think that it’s a home run, and it’s something that we’re very focused on. We think that that’s going to be a very nice vertical for us. But again, that’s just one of many verticals that we’re going after. We just think that, that’s going to be a very large-scale vertical for us.
Jack Vander Aarde
Great. Marc, a lot of fantastic color there. I appreciate that. And I’ll follow up with one on the – just for comparison and context more so. How does the SD7+, which has yet to contribute to revenue, right, just to be clear. I think that’s going to be on track for fourth quarter or first quarter of next year for – in terms of revenue generation? But how does the SD7+ compare to the SD7, in terms of ASP costs, the overall revenue opportunity? And then maybe just can you touch on the recurring revenue aspects or opportunity of your business? Thanks.
Marc Seelenfreund
Okay. Great question. We expect to fully commercialize on the SD7+ somewhere between Q1 and Q2. So it’s still a little ways off. But the main difference between the devices is that it has a wide angle camera, which is run by a separate chipset within the device. And that wide-angle camera allows you to do exactly what police, security companies are doing with body cameras. Just to give you an idea of the size, the body camera market, just in the United States, is around 500,000 units a year. It’s controlled by two very large scale companies. One is Motorola, as we mentioned before. The other one is a company called Axon. Axon the guys that made the pager device. You can see Axon’s, they’re extremely profitable. They sell their package of a TASER device and a body camera together for $250 a month, okay, which is not cheap. But that’s one of their best-selling packages.
And we think that we have a real shot to come into the market as a newcomer, again, together with the cellular carriers. We’re not like Axon or like Motorola that sells to the end customer. We’re going to be doing this together in partnership with cellular carriers, selling our product, the ASP on that product is higher than the SD7 because there’s more features to this device. It’s about $150 more expensive than the SD7. And what is very interesting about this is that we’re partnering with companies like visual labs who make body camera software, and we’re going to be getting recurring revenue from that.
So, we’re not going to be selling just hardware. We also expect to get recurring revenue from sales of the device with the software. And in general, you should know, Jack, that we’re now working with software companies, life CrisisGo, like Visual Labs and other companies that we’re in discussions with that would like to be part of the offering of SD7, and if they want that, then we have to also get part of the recurring revenue. Because we believe that, that’s very important for the growth of the company, and I would love to have recurring revenues that when we wake up in the morning, we know that we’re getting recurring revenue and that is not just the hardware sale. We think that’s very important. The same way that Axon sells their body camera with a recurring revenue piece the same way that Motorola sells their body camera with a recurring revenue piece, we’re doing the same thing. And I think that that’s going to be very good for the company going forward.
Jack Vander Aarde
Excellent. I appreciate the color there. And then another category because it’s higher margin for you guys. I wanted to just touch on is cellular boosters because what’s really interesting it stands out to me is it seems like you got a contract win with the federal government or with the U.S. Navy at least. And I think that deployment was expected to lead to additional sales with the U.S. military. U.S. military could be a very – is a great customer to have if you can get in. So, can you just talk about how is your – what is that opportunity like for, I guess, is it just boosters? What do you think expectations wise in terms of the revenue opportunity within the military or whatever you’re able to provide, it just seems like that could be a big driver. And obviously, boosters are also a higher-margin product for you.
Marc Seelenfreund
Yes. Yes. So we love our boost of products. But for these types of situations, they’re long term, in other words, to get into the military, it took us a while. There was a tender that we filled out and it took almost a year to get that original contract. Now that we are approved to be able to sell to the U.S. military, we’re going after additional contracts. And we think that, that could be lucrative for the company. I still can’t say because we’ve both got one contract, I still can’t say how long the next ones are going to take or if we’ll get them. But the fact that we have a reference and the fact that they appreciated the devices that they understood that it works with all of their cellular equipment, right?
So these boosters work, whether you’re on AT&T, Verizon and T-Mobile, no matter, which carrier you’re using, it works well with all of them and they actually tested these products to make sure that it works well with all the carriers. So the fact that we have that sample of approval, we’re now trying to leverage that to get into additional military contracts. But that’s not the only place that we’re working on. We’re working on FirstNet and other cellular carriers that we want to launch these products with. So the military is definitely a large scale opportunity. It’s more long-term just in the sense of it takes a while to get these contracts. And in the meantime, we are working very aggressively to get into carrier sales and into enterprise sales, which are shorter term and quicker turnarounds. But it’s a good business. And like you said, the margins are great, and we’ll be continuing to focus on that.
Jack Vander Aarde
Excellent. And then maybe a question for Dan, for Daniel Kim. You mentioned AT&T FirstNet in the strong subscriber add data points that you walked us through earlier, can you maybe help us understand just how we should think about what the subscriber adds mean in terms of how – are they correlated with Siyata’s momentum or with Siyata’s future sales? Did it become – is it a direct apples-to-apples kind of comparison for, hey, AT&T, FirstNet keeps growing? What does this mean? How do we view this for actual Siyata’s revenue as it seems like the SD7 continues to ramp?
Daniel Kim
Yes, that’s a good question, Jack. The real ramp-up now for us is with the SD7, as you saw in the quarter. So there is a correlation between what our ramp-up with the SD7 to what we’re seeing with FirstNet’s continued growth. One thing I’d note about FirstNet is the original total addressable market when they first embarked on this was estimated to be only three million users and they up that to roughly 10 million users over the course of time as they continue to include other verticals such as schools and other enterprises that require critical communications. So, we are seeing the same thing. So the opportunity set that we have continues to grow as FirstNet continues to expand its market. So there is obviously as FirstNet continues to deploy, we would hope that we will continue to be able to participate in that growth.
Marc Seelenfreund
If I could just add to that, Jack. We’re now the lowest cost or one of the lowest-cost devices available on FirstNet, right? So AT&T is incentivized to get as many black SIMs or FirstNet SIMs into the hands of first responders because they actually have a quota that they have to meet every year with the FirstNet authority, and they have a certain amount of SIMs that actually have to get out. So for them to be able to give our device and partially subsidize the device and make sure that people are taking it, it’s actually the lowest cost solution for them, which they’re happy to get into the hands of the first responders because it’s much less expensive than, for example, giving them a rugged Samsung device, which cost them $700, right?
So not every single first responder needs a smartphone, a powerful smartphone from Samsung for $700, it would be enough to give a security guard, a yellow school bus driver, somebody working in the hospital, all they really need is a device like the SD7. So in cases like that, FirstNet are really looking to be able to put out our device and make sure that people are taking that because then they have to subsidize less. So in that sense, we think that it’s a very large opportunity for us.
Jack Vander Aarde
Okay. Great. I appreciate the color from Dan and Mark, it’s also helpful additions there. And – maybe just one more thing. As it relates to the SD7+ in just your comments about AT&T and FirstNet and how they’re incentivized and they have quotas to meet, to get the device into their customers. Is the SD7+, does that have a similar dynamic in terms of how AT&T and FirstNet would be incentivized to sell that device?
Marc Seelenfreund
So again, they’re incentivized because if they don’t – let’s if they have to sell 1 million SIM cards a year, Black SIMs, because they got a grant from the American government and in return, they actually have to put out a certain amount of SIMs every year and make sure that the network is growing and that it’s becoming a network that the American government invested in, okay, for first responders. So again, the fact that we have an effective low cost or a cost-effective device that does push the talk very well on the FirstNet network, that’s their main incentive besides the fact the sales people, of course, have an incentive to activate these SIMs and they need their quotas by activating new SIMs.
So in that sense, it’s good for AT&T as a corporate – as a company, but it’s also good for the salespeople. One of the things and we discussed this in the past, every single time on SD7 is given to – is lit up, okay? Basically, what they’re doing is they’re taking out the hands of that person a Land Mobile Radio device, okay? It’s very difficult for AT&T for a sales guy to take a customer away from Verizon and vice versa, right? It’s very difficult to take from one carrier to another carrier.
But when you’re going after a school or a hospital or a utility that are right now using radios, and you’re at AT&T and you’re saying, listen, forget your radios, we can do the exact same thing over a cellular network and you’re not getting it from a small radio provider, you’re getting it from AT&T, and it’s not going to cost you much, it’s only going to cost you $20 a month. That’s a much easier sale than trying to go to the same customer and say, here, take this smartphone, it’s nothing like your radio. It’s nothing that you’re used to has got a screen or whatnot, now you’d have to learn how to use it, it’s sort of – it’s a totally different sale.
So in that sense, all they’re doing is saying, give us your Land Mobile Radio and take this device, it feels the same, but looks the same, and you’ll be getting it from AT&T or you’ll be getting it from Verizon. So in that sense, it’s a pretty easy upsell and sale for the rep. And they get compensated because they got that new SIM activation, AT&T gets the Black SIM, which is lit up and everybody is happy. So in that sense, they’re incentivized to all the products.
Jack Vander Aarde
Okay, great. Well I really appreciate the update guys. I'll, that's it for me. Look forward to seeing how you guys execute.
Marc Seelenfreund
Thank you very much.
Operator
Your next question comes from Tom Kerr of Zacks Investment. Please go ahead.
Tom Kerr
Good morning guys. I think most of my questions were just answered. A couple of quick ones. You talked about the sale of rugged devices and accessories in the quarter were $1.9 million. And of that the SD7 was $1.4 million. Can you kind of clarify what else is in there? Or what’s left in the legacy products? And will those continue into the fourth quarter and next year?
Marc Seelenfreund
Hi, this is Marc. So some of those legacy products are still some of the devices that we were selling in the past, some of them are UV350. Some of them are other rugged products that we sold in the past that UR5 and UR7. So we do have other devices that we’re still selling. And yes, to your question, we’re still selling those products, and we’ll be selling them into 2022. The UV350 is a product that we think is going to be around with us for at least in 2023 and beyond, maybe even into 2024, something that’s not going away. We’re still getting orders for it. And we think that we’re going to get even larger scale orders for it going forward. The UR7 and UR5 are products that we launched many years ago. So we still have inventory and we’re selling through it. But we’ll be selling that this quarter and hopefully next quarter. So in general, those are the other products that we’re still selling.
Tom Kerr
Okay. Great. And on the financing, the $4 million operating, is that gross proceeds? Or can you come out on net proceeds? And then maybe also comment if you can on sort of pro forma cash positions currently and expected by the end of the year?
Marc Seelenfreund
So the cash that we have, you can see what our financials are, and that we raised money, that was the gross proceeds, maybe take off 6% or 7%, something like that, that was various commissions and legal fees and fees that we had to pay for the capital raise. We have a healthy balance sheet at this point. We have only a few $100,000 of debt left on our balance sheet. And we think that we’re in a good position going into the new year capital wise. So we feel very good.
Tom Kerr
Okay. Great. And then one on that I just – one last one that I just missed. I think you answered it, but on the SD7+ the come to market time frame for that.
Marc Seelenfreund
It will be sometime between Q1 and Q2. It all depends on carrier certifications. The reason that we call it the SD7+ is because we want to sort of allow ourselves not to have to do very long certifications with the carriers. It’s the same Qualcomm chipsets that we use in the SD7, and therefore, the certification should be much, much shorter if certifications took now anywhere between three to six months, we think that the certifications now will take anywhere between one to three months, something in that time frame.
So we’re working with the various carriers already now to work on the certification. So we believe that we’ll be able to launch it commercially some time in between Q1 and Q2. We displayed this product for the first time at the show that we had mentioned before, the International Chief of Police so about a month ago. And there were literally police chiefs that came and wanted to give us a credit card and buy five devices, 10 devices, like smaller police outfits that literally want to buy stock. And they said that's perfect, that's what we want.
We want a lower-cost device that all it does is push-to-talk and a body camera solution. And it’s all we want. We told them it’s still about commercial, and we don’t sell direct. We only sell through a carrier because we want the carriers to give them the data package and to give them the warranty and whatnot. So we’re happy to be working with the carriers to sell these products, and we think that it’s going to be a very strong addition to our product portfolio.
Tom Kerr
Great. I appreciate it. That's all I have for today. Thank you.
Marc Seelenfreund
Thank you.
Operator
There are no further questions at this time. I would like to turn the conference back to Marc Seelenfreund for any closing remarks.
Marc Seelenfreund
So again, I just want to thank our shareholders for staying with us during the turbulent times, if you’re on this call, then obviously, you’re still with us, which is wonderful. I think that there is a very bright future for the company. And I think that we’re now – we’ve moved from sort of $1 million quarters to growth. And I think that this growth is the beginning of additional growth going forward, and that’s our goal. And I think that the company has a lot of potential, and I appreciate that you’re still with us. And I think that you will be happy going forward because we’re working very hard to make that happen. If anybody has any questions, you can feel free to reach out to me at marc@siyata.net, and we appreciate you being on the call. Thank you.
Operator
Ladies and gentlemen, this does conclude your conference call for this morning. We would like to thank you all for participating and ask that you please disconnect your lines.
Siyata Mobile Announces Third Quarter 2022 Financial Results.
Source
https://finance.yahoo.com/news/siyata-mobile-announces-third-quarter-211500569.html
Thu, November 10, 2022 at 10:15 PM
- Q3 revenue up 111% year-over-year to ~$2.6M.
- Adjusted EBITDA loss declined 68% year-over-year to ~$1.6M.
- Purchase orders of the rugged SD7 push-to-talk device and related accessories accelerated in Q3 with revenues of ~$1.4M.
- Company to host conference call on Friday, November 11, at 8:00 a.m. EST.
Siyata Mobile Inc. (NASDAQ:SYTA)(NASDAQ:SYTAW), a global vendor of Push-to-Talk over Cellular (PoC) devices and cellular signal booster systems, announced its financial results for the three months ended September 30, 2022.
"We are very pleased to report strong year-over-year and sequential top-line growth and declining losses for the third quarter of 2022," said Marc Seelenfreund, Founder and CEO of Siyata. "Our improved financial performance was driven primarily by a number of customer trials of our SD7 rugged push-to-talk device, which began shipping in the second quarter, many of which then converted into purchase orders with volumes in Q3 that increased over Q2. Sales our rugged devices and related accessories were up 588% year-over-year to $1.9 million in Q3, driven primarily by volume growth for our SD7."
"We delivered on our plan to build and expand our potential customers for the SD7 during the third quarter, providing us with a foundation of increased distribution that is directly leading to many potential significant volume opportunities, of which we have begun shipping products in an increasing number of verticals beyond our primary focus on first responders, including:
government, schools, utilities, security companies, defense contractors, amusement parks, and hotel resorts, to name but a few," continued Seelenfreund. "We are just beginning to see the rapid adoption of our disruptive solutions and as the displacement of land mobile radio (LMR) by PoC continues to progress, this should drive meaningful growth for our innovative products, such as the newest addition to our lineup, the SD7+, which integrates body camera functionality with 4G cellular connectivity and PoC features in a single solution."
Third Quarter 2022 (Unaudited) Financial Highlights:
Revenues for the three months ended September 30, 2022, were $2,567,885 compared to $1,218,875 for the three months ended September 30, 2021. This increase of $1,349,010 or 111%[/b] was due mainly to the new revenue source earned from the SD7 and its related accessories in the quarter of $1.4M and an increase in revenues from legacy rugged devices, offset by a decrease in sales of cellular boosters in the period.
Gross profit for the three months ended September 30, 2022, was $856,103 or 33.3% of sales, compared to $429,513 or 35.2% of sales in the same period in 2021, a positive variance in gross profit of $426,590. This positive gross profit variance in the quarter was due to the additional sales in the period of the SD7 and its related accessories, offset by the decreased sales of higher margin boosters.
For the year three months ended September 30, 2022, adjusted EBITDA was negative $1,579,980 versus negative $4,869,303 in the same period in the prior year, a positive variance of $3,289,323. This positive variance was due to increased revenue, increased gross profit and a decrease in operating expenses.
The Company experienced a net loss for the three months ended September 30, 2022, of $499,991 as compared to a net loss of $5,667,937 in the same period in the prior year, a positive variance of $5,167,946. This positive variance was due to a decrease in operating expenses of $2,324,212, increased gross profit of $426,590 and an increase in other income of $2,417,144.
As at September 30, 2022 the Company had a cash balance $988,626 (Dec 31, 2021- $1,619,742) and working capital of $4,951,595 (December 31, 2021 - negative $688,973).
Subsequent Events
Subsequent to the end of the third quarter, Siyata announced that we successfully closed a registered direct offering with certain institutional investors to purchase approximately $4M of our common shares, or pre-funded warrants in lieu thereof, together with concurrently privately placed warrants to purchase our common shares. The combined effective purchase price for one common share or one pre-funded warrant and the privately placed warrant was $0.23.
We also announced an exciting new product, the SD7+ which features a wide-angle camera coupled with 4G cellular connectivity that will have traditional body camera functionality, as well as real-time situational and positional tracking capabilities. The SD7+ will be powered with Visual Labs' innovative body camera software. Visual Labs is a highly respected software company and developer of Android-based bodycam and dashcam software. Visual Labs provides its software to public safety, private security and other customers throughout the United States and internationally. Its public safety customers include town marshals, city police departments, county sheriff's offices, wildlife and other state agencies and federal customers.
And finally, we recently announced the addition of telecom industry veteran, Dan Leech to our sales team. Dan brings more than a decade of senior sales experience to his role at Siyata. Most recently, Dan served as Senior Account Manager for Motorola Solutions Inc., the global leader of public safety and enterprise security solutions. Previously, Dan was in senior sales roles at FirstNet as well as Kyocera Corporation and Sonim Technologies, Inc..
Outlook
Overall, we are very pleased with the growing acceptance by our customers of our truly unique disruptive push to talk solutions and we expect, based on what we are seeing today, growth in our various product categories, with especially strong growth coming from our Rugged Handset product category.
We are just beginning to see the rapid adoption of our disruptive solutions and as the displacement of land mobile radio by push-to-talk-over-cellular continues to progress, this should drive meaningful growth for our innovative products. We stand by our previously stated goals of: new customer wins, new and existing carrier launches, a continuous upgrade to our product portfolio and ultimately strong organic growth with a goal to profitability.
Rugged Handsets |
Siyata's rugged handsets are targeted to the approximately 47 million enterprise task and public sector workers across North America including construction, transport & logistics, manufacturing, energy & utility, public safety, and federal government. Siyata's launch of the SD7 device and related accessories in North America expanded the Company's footprint in this product category. The Company plans to expand this segment with additional North American and international carriers, as well as push-to-talk application companies. Siyata anticipates multiple thousands of SD7 handsets sold throughout the balance of 2022.
Uniden® UV350 |
Pent-up demand for this disruptive solution in the wake of pandemic-related delays has led to multiple active engagements with many customer trials resuming in 2022, which should translate into robust growth in this product line in the quarters ahead.
Cellular Boosters |
The Company saw continued demand for Cellular Boosters during Q3, with a purchase order through a federal contractor to supply the US Navy. This deployment is expected to lead to additional sales opportunities supplying the US military in the future.
Conference Call Details
Siyata management will also host a conference call at 8:00 a.m. ET on Friday, November 11th to review financial results and provide an update on corporate developments. Following management's formal remarks, there will be a question-and-answer session.
Date: Friday, November 11, 2022
Time: 8:00 a.m. Eastern Time/ 5:00 a.m. Pacific Time
North America toll free dial-in number: +1 (416) 764-8658
International dial-in number: +1 (888) 886-7786
Selected Financial Information
Please read the FULL REPORT at:
https://finance.yahoo.com/news/siyata-mobile-announces-third-quarter-211500569.html
Quarterly Report on Form 10-Q - Three and Nine Months Ended September 30, 2022 - CAPSTONE COMPANIES, INC.
Source
https://app.quotemedia.com/data/downloadFiling?webmasterId=102691&ref=117057054&type=HTML&symbol=CAPC&companyName=Capstone+Companies+Inc&formType=10-Q&formDescription=General+form+for+quarterly+reports+under+Section+13+or+15%28d%29&dateFiled=2022-11-14&CK=814926
November 14, 2022
Please read the FULL REPORT at:
https://app.quotemedia.com/data/downloadFiling?webmasterId=102691&ref=117057054&type=HTML&symbol=CAPC&companyName=Capstone+Companies+Inc&formType=10-Q&formDescription=General+form+for+quarterly+reports+under+Section+13+or+15%28d%29&dateFiled=2022-11-14&CK=814926
WiMi Hologram Cloud(NASDAQ: WIMI) Promotes Teleconferencing Through 5G Holographic Communication.
Source
https://www.einnews.com/pr_news/601363213/wimi-hologram-cloud-nasdaq-wimi-promotes-teleconferencing-through-5g-holographic-communication
NEWS PROVIDED BY
HONG KONG XM TECHNOLOGY RESEARCH CO.,LTD
November 15, 2022, 13:30 GMT
Recently, Google debuted Starline, its next-generation 3D video chat room, at I/O in 2021, and has been keeping the project under wraps since its launch a year ago. Recently, Google invited Jay Peters, a U.S. technology media reporter, to experience Starline, a 3D video chat room that uses 3D technology to create a real-life holographic projection that enables real face-to-face communication and is expected to replace traditional 2D video call conferences.
The Starline is a real-life holographic projection, like a face-to-face chat.
Andrew Nartker, director of product management at Google, said, "We think Starline is a breakthrough in communications technology that gives people the illusion of being real as if they were sitting face-to-face with someone in another place and could touch them." Jay Peters noted that Starline is more natural than Meta Zoom video calls, with no noticeable delays in the 3D character's movements throughout the video chat, and no strange sounds. The video works just as well as when people are communicating normally.
What makes Starline so compelling is that it's not just the screen that people see, but the array of lenses or lenticulars in front of it. Google researcher Jason Lawrence added that it is similar to 3D holographic cards, which can display different images or 3D effects when you shake them back and forth. Starline is more advanced, it can track your eyes to determine whether the image displayed is in line with your line of sight.
Industry insiders say that Starline has been a breakthrough in 3D video and is of great significance to virtual interaction, and Google has been moving forward with the project. With the development of the Internet and mobile terminals, even if people around the world can also have face-to-face communication, Starline shows us a new possibility for the future development of which video, may be able to bring up a new trend like the VR headset in general. With the passage of time and technological advances, ordinary consumers may also be able to use such devices widely, then we may be able to communicate with family and friends face to face.
It is not difficult to find, in recent years, with the development of technology, we often see the holographic projection. Holographic projection can also be called virtual imaging technology, through the projection technology, the use of optical interference and scattering, and even diffraction to achieve a three-dimensional image, holographic technology means, the pre-made image played out, in the 3D form in front of the viewer.
Nowadays, most of the world's technology companies are trying to improve virtual technology. Google is not the only company that has created a super cool real-life holographic projection, subverting the way of video calls. It is reported that WiMi Hologram Cloud (NASDAQ: WIMI), as the first stock of holographic AR, provides AR-based holographic services and products for the majority of corporate customers. For a long time, through the integration of holographic and AR technologies, WiMi allows viewers to watch holographic characters or scenes in reality with naked eyes, achieving the effect of an immersive entertainment experience. At present, holographic AR technology has been promoted and applied in professional fields such as home entertainment, light field theater, commercial release system, and advertising display system.
WiMi promotes teleconferencing with its advantages
In the 5G era, the communication network transmission performance has been greatly improved so that holographic technology and multi-modal interaction technology can be implemented. 5G technology links everything, which can improve the efficiency of the whole process of production and operation, and promote the transformation and upgrading of old and new industries. Teleconferencing is one case of 5G empowerment, which has become the consensus of the industry. WiMi Hologram Cloud Inc.(NASDAQ: WIMI) with its 5G and holographic technology, breaks the time and space restrictions. Users can switch to any scene they want, and start face-to-face dialogues and communications with colleagues or friends.
Empowered by 5G, this "regardless of time and space" holographic conference experience is gradually becoming popular among people. In addition, WiMi has further accelerated the layout of holographic interactive entertainment, holographic conference, holographic conference and other high-end applications gradually to holographic social, holographic communication, holographic family applications, and other directions to popularize, with a number of technological innovation systems to support its own 5G communication holographic applications.
WiMi’s 5G holographic communication promotes teleconferencing, creates a virtual meeting immersive visual experience, and achieves a keen sense of presence, thus making teleconferencing more realistic, and smoother. Its products trigger a huge market demand and prospects. With the application of holographic projection technology in the business sector, we can see the interactive visual experience in the form of holographic projection technology, and more and more companies are joining this track. So far, Microsoft and other technology giants have entered the track.
Conclusion
The future of technological progress, holographic technology has an extremely wide range of applications. The future potential of holographic projection technology market development will be immeasurable, holographic technology will completely change our daily work and life. Bold speculation, holographic technology can attract consumers to a large extent. The use of holographic projection technology in this area can gather people's eyes with a new perspective and arouse consumers' desire to consume. In the future, the use of holographic technology to show the integration of culture and technology will become a fashionable means of product display and marketing today.
About XM Research Co, Ltd.
Hong Kong XM Technology Research Co., Limited is an independent specialist in market research for the technology sector. Their reputation for robust and credible research-based analysis is founded upon rigorous research principles and their ability to seek the opinions of senior decision-makers across technical and business functions, in all business sectors and all major markets.
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Patrick Lin
HONG KONG XM TECHNOLOGY RESEARCH CO.,LTD