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May 3, 2022

Mayor Adams, SBS Commissioner Kim Kick Off National Small Business Week

Might 2, 2022

Online video offered at: https://youtu.be/GcUOoJ5FG4g

https://www.youtube.com/observe?v=GcUOoJ5FG4g

Mayor Signs Executive Get Establishing a Small Organization Advisory Commission

Five-Borough Celebration Tour Will Encourage New Yorkers to Store Regional, Raise Consciousness of Solutions to Help Small Businesses Get better and Grow

NEW YORK – New York Metropolis Mayor Eric Adams and New York Metropolis Division of Smaller Business enterprise Expert services (SBS) Commissioner Kevin D. Kim right now kicked off a grand celebration of Countrywide Smaller Enterprise Week with five days of events prepared in all five boroughs. The situations will raise consciousness of the numerous assets and services SBS offers to modest organizations, encourage New Yorkers to shop regional, and rejoice smaller firms that are at the heart of the city’s economic restoration and development. The 7 days-prolonged celebration will also acknowledge the city’s ethnically assorted neighborhoods and immigrant-owned companies.

Mayor Adams also currently signed Government Get 15 that establishes a Small Business Advisory Commission, a critical motivation in the “Rebuild, Renew, Reinvent, A Blueprint for New York Town Economic Recovery.” The commission, which is comprised of smaller company leaders throughout the five boroughs, will be tasked with aiding the city minimize purple tape, strengthening business enterprise providers and programming, and endorsing an equitable, broad-based restoration.

“New York is a large city of modest companies, which make our city vibrant, resilient, and reputable,” said Mayor Adams. “We are celebrating National Modest Organization Week by using the city’s modest enterprise services on tour in each and every borough. And by creating a Smaller Small business Advisory Fee, we are empowering small enterprise leaders to enable condition an inclusive financial restoration.”

“When the COVID-19 pandemic struck, it posed a historic challenge to New York City’s smaller corporations but in every borough, modest enterprise house owners and workers demonstrated impressive bravery and resilience and stepped up to serve their communities,” explained Deputy Mayor for Financial and Workforce Development Maria Torres-Springer. “That is why our ‘Renew, Rebuild, Reinvent’ report lays out a roadmap for a five-borough restoration, placing our smaller corporations entrance and centre. This administration will continue to equip them with the means they have to have to open, remain open up and flourish.”

“The finest way to assist New York City’s tiny companies is to satisfy them the place they are, and on their terms,” said SBS Commissioner Kim. “During National Compact Enterprise Week, we are bringing our mobile unit to each and every borough and celebrating our modest businesses with every thing from synchronized dance to food and giveaways. I hope just about every compact organization proprietor will take the time to join us at one particular of the activities so they can find out far more about our companies and sign up for the exciting.”

“Supporting modest companies is crucial for our economic restoration,” said Office of Client and Worker Security Commissioner Vilda Vera Mayuga. “I am proud to function with the mayor and the New York Town Section of Modest Company Companies every single working day to create a city where workers, buyers, and companies alike can thrive.”

The celebration in each borough will characteristic community-particular themes and leisure, starting off with a talking system, giveaways, and a useful resource truthful in which tiny businesses will understand about SBS services, which includes small business mentorship and financial and lawful help, as properly as give companies the option to fulfill with associates from a wide range of metropolis companies in addition to group associates. Based mostly on the certain neighborhood, supplies will be accessible in a wide variety of languages such as Spanish, Chinese, Arabic, Korean, Haitian Creole, and Bengali.

The SBS Mobile Device will also be current at every spot with SBS staff giving one particular-on-a single entry to companies for little companies and residents wanting for work. The Cell Device delivers direct products and services to New Yorkers in their communities, with a range of providers which includes link to organization technological help, workforce schooling possibilities, career matching, rewards screenings, and additional in tandem with agency associates. These products and services are an adjunct to the similar providers supplied by SBS’s 7 NYC Company Alternatives Centers and 18 Workforce1 Career Centers found in the course of the 5 boroughs.

Through the 7 days, SBS will be promoting its Store Your City campaign, which encourages New Yorkers to guidance regional tiny businesses. An updated edition of the Shop Your City web site includes a calendar of forthcoming functions, as very well as maps and lists of little companies grouped by site and operator demographic to assistance citizens and site visitors find out little companies to aid in New York Town. As component of the marketing campaign, SBS is working electronic and print adverts in neighborhood and ethnic media all through May possibly and June to increase recognition across the city’s assorted communities.

Schedule of Gatherings for Nationwide Modest Business 7 days:
Monday, May 2nd: Kick-off celebration at Marcy Plaza in Bed-Stuy, Brooklyn
2:45 PM – 3:15 PM – Speaking program and associates:

Bridge Street Progress Company
Bedford Stuyvesant Restoration Corporation
Bed-Stuy Gateway BID

2:00 PM – 4:00 PM: Resource fair

Tuesday, May perhaps 3rd: Celebrating with the Staten Island FerryHawks and Sri Lankan Dance Academy of NY at Staten Island Borough Hall in St. George
1:30 PM – 2:00 PM: Talking program and partners:

Staten Island Chamber of Commerce

2:00 PM – 4:00 PM: Source fair

Wednesday, May possibly 4th: Celebrating Little Small business Week and Asian American Pacific Islander (AAPI) Month with associates showcasing cultural performances of Chinese ribbon dancers and puppet theatre at Chinatown’s Chatham Square in Reduce Manhattan
1:30 PM – 2:00 PM – Talking system and associates:

Chinatown BID
Welcome to Chinatown

2:00 PM – 4:00 PM: Useful resource fair

Thursday, Might 5th: Cinco de Mayo celebration with mariachi band El Mariachi Tapatio de Alvaro Paulino at the Manuel de Dios Unanue Triangle in Jackson Heights
1:30 PM – 2:00 PM – Talking application and companions:

82nd Street Partnership
Queens Chamber of Commerce

2:00 PM – 4:00 PM: Source fair

Friday, Might 6th: Celebrating Bronx Week with Eid songs and festivities at the Triangle on Rhinelander and White Plains Highway in the Bronx
1:30 PM – 2:00 PM – Speaking program and associates:

Yemeni American Merchants Association
Morris Park BID
Bronx Overall Economic Progress Corporation
Bronx Chamber of Commerce

2:00 PM – 4:00 PM: Resource fair

“It is very important that we assistance the compact businesses of our neighborhood, specially as they battle to bounce again from the past two yrs through the pandemic,” said Staten Island Borough President Vito Fossella. “We are grateful to have Linda Baran as a husband or wife and advocate for the Staten Island tiny organization community. We would also like to thank SBS Commissioner Kim for visiting Staten Island and recognizing these homeowners as a basis of the borough’s economic climate.”

“Our mom-and-pop stores, dining establishments, community bars, bodegas, barbershops, hair salons, and other local institutions are the lifeline and neighborhood anchors that form the vibrant society and variety of our neighborhoods in the Bronx,” said Bronx Borough President Vanessa L. Gibson. “The pandemic had a devastating impact on our compact enterprise group, and while several of them struggled to keep afloat, they ongoing to provide and feed our communities. As we endeavor to get well economically from COVID-19, it is important that we not only aid our area enterprises, but also offer them with the vital applications to create economic advancement and wealth in our borough. I am energized this calendar year to join Mayor Adams and Commissioner Kim from the New York Town Office of Tiny Small business Expert services in celebration of Nationwide Modest Company Week and Bronx 7 days, to definitely spotlight and understand our small enterprise local community, their resiliency, and critical contributions to our metropolis.”

“We are grateful to the New York Town Section of Tiny Business Expert services for bringing a strategic vision for our compact company local community,” reported Dale Charles, govt director, Bed-Stuy Gateway BID. “Small organizations are the heartbeat of our communities, the spine of our neighborhood financial system, and when you assist a small enterprise, you guidance a family aspiration, specifically in a group like Bed-Stuy exactly where most nearby company entrepreneurs dwell proper listed here.”

“Small organizations will often be a essential component in the basis and development of a neighborhood,” said Oma Holloway, chief functioning officer, Bridge Avenue Improvement Corporation. “During this Compact Small business 7 days, we purpose not only to commemorate the resilience of little corporations in Central Brooklyn, but also to help them in their endeavors towards foreseeable future accomplishment.”

“Our tiny organizations are vital material in the vivid tapestry of Bronx neighborhoods and have earned unique acknowledgement this 7 days and every single week,” said Lisa Sorin, president, Bronx Chamber of Commerce. “We are pretty grateful for the ongoing support of New York City Compact Organization Products and services and our fellow small business-targeted husband or wife organizations to build a spot function that will equally spotlight neighborhood retailers and permit for wider sharing of critical tiny business enterprise means by our Bronx Chamber outreach staff and related networks.”

May 3, 2022

Education, Embedded Finance Among B2B Trends

Reducing out the paper chase is not adequate.

In the B2B realm, paper checks are even now stubbornly entrenched in the payments landscape.

As numerous as 24{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of B2B transactions are finished with checks — and that is from the premier corporates, with far more than $1 billion in major strains. About 50{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of general B2B payments appear through checks.

But the movement to modernize B2B ought to go perfectly past the confines of acquiring rid of the paper-centered payments (whilst that is indeed a big craze). Legitimate payments modernization in just B2B necessitates a holistic solution to workflows and interactions concerning consumers and suppliers — and finally, a spirit of collaboration that optimizes accounts payable (AP) and accounts receivable (AR).

PYMNTS personal details, trackers and studies underscore the lack of effectiveness. More than two-thirds of corporations generating involving $100 million to $500 million in annual product sales saw payments delayed. And 80{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of organizations that have once-a-year product sales of $25 million to $100 million lack the means desired to digitize their AR and AP devices. That lack of efficiency has main implications, offered the truth that B2B payments are estimated to be $1 trillion on a yearly basis.

Not shockingly, there are various traits converging to elevate B2B transactions additional fully into the digital age. The advantages are tangible, as much more than 60{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of firms have stated that digitizing AP/AR have served them slice costs.

Browse more: 62{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of Corporations Say Digitizing AR, AP Helped Reduce Prices

Banking on Electronic Optimization

Financial institutions, ever more, have been applying and supplying their corporate clients ways and means to streamline treasury and dollars move management. A PYMNTS’ study identified that 31{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of banks’ corporate shoppers cited a absence of payment solutions as a important issue for their organizations.

Roughly 50 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of banks are investing in software programming interfaces (APIs), which in flip can enable automate the procedures that have been manual in nature via the decades. Giving Banking-as-a-Provider (BaaS) offers business clients a plug-and-participate in technique to addressing at the very least some of the operational inefficiencies that exist throughout the company. In one particular noteworthy statistic, as a lot of as 73{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of wholesale trade businesses have been making use of automatic clearinghouse (ACH) payments.

See extra: APIs to Drive Banking-as-a-Support Development in 2022

Education Is Essential

But expense can’t acquire area — absolutely not on the element of the enterprises on their own — with out the awareness of what is on offer to make improvements to processes and how new technologies can be harnessed.

As a result, training is important. PYMNTS has famous that 3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of main economic officers (CFOs) mentioned that digitizing AP and AR operations would “introduce options for payment that have been not out there prior to.”

Read far more: Businesses Deficiency Information About Modernized Payments Selections and Developments

Acquiring there is another tale — but as suppliers proceed to attain out to company customers, they are helping steer the great digital change.

Digital Playing cards Are in the Cards — Preapprovals Much too

Upgrading the genuine give and just take amongst customers and suppliers can arrive via digital playing cards, complementing plastic types where ever important.

Dan DeVall, vice president of small business development at Airbase, advised PYMNTS that 80{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of customer-provider transactions could be accomplished electronically by 2025.

See more: Virtual Playing cards Come to be Swiss Army Knife of Expend Management in a Do the job-From-Home Environment

But B2B transactions them selves have grow to be commoditized, and the adoption of digital payments need to arrive with anything much more powerful than the reduction of the transactional price tag alone.

Corporate cards, specially digital corporate types, give staff members the correct resources to acquire what they will need to get their work opportunities accomplished — ideal at the time those people costs come to be important, DeVall mentioned.

For the workers themselves — the kinds out in the subject, so to discuss — preapprovals across platforms (with the advantage of commit administration program) are critical.

Embedded Finance

As software program and integrated payments come to be the norm in B2C, the apply is spilling in excess of in B2B.

PYMNTS data observed that 42{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of companies surveyed noted a lack of provider portals — commonly 3rd-bash platforms that allow them to join online with their suppliers or suppliers — as a pain issue in their B2B payment procedures, with 15{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} citing this gap as the most important disappointment they confronted. Employing embedded finance could allow corporations to offer you their suppliers less complicated accessibility to electronic payments.

Study more: How Embedded Finance Can Support Corporations Streamline Their B2B Payment Processes and Keep Competitive

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NEW PYMNTS Facts: THE Reality ABOUT BNPL AND Retail outlet Cards – APRIL 2022

About: Shoppers who have retail outlet playing cards use them for 87{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of all suitable buys — but this does not signify suppliers need to boot acquire now, spend afterwards (BNPL) solutions from checkout. The Truth About BNPL And Retail store Cards, a PYMNTS and PayPal collaboration, surveys 2,161 people to obtain out why delivering both of those BNPL and store cards are essential to encouraging retailers increase conversion.

May 2, 2022

Credit union provides financial literacy tools to students | Education

Nusenda Credit rating Union is encouraging to carry fiscal literacy education to about 2,660 college students and inhabitants in New Mexico, which includes college students in at the very least just one Taos County university district, according to a push launch from Banzai, an on the net program and content library that will allow consumers to observe genuine-environment finance from their households and classrooms.

At a time when a sound basis of practical economical awareness is progressively identified as a important piece of childhood schooling, these means will make a huge impact on consumers, educators mentioned.

“Thank you to Nusenda Credit Union for offering us with Banzai workbooks,” explained Tracy Galligan, laptop or computer science and company trainer at Taos Superior Faculty. “I have utilised this system for a several many years and it always engages pupils and would make them assume.”

Previously this calendar year, the New Mexico Public Education Section adopted new Social Studies Requirements that incorporate a money literacy component K-12 curriculums. The new benchmarks will commence to be carried out in the 2023-24 university yr.

“General public comments resulted in 3 significant variations to the criteria: the inclusion of personalized economic literacy language revision throughout to be far more concise, cohesive and well balanced and modifying throughout to guarantee the specifications describe significant-level expectations without suggesting curriculum,” the General public Training Department explained push launch announcing the variations in mid-February.

“New Mexico will now be a part of 45 states that have adopted strong individual finance requirements,” Abenicio Baldonado, instruction reform director for Assume New Mexico, explained in the launch. “Our students will not only gain from discovering how to handle their have funds, but will also bring these competencies home to their parents, grandparents and other loved ones users, serving to to fight intergenerational poverty.”

It continues to be to be viewed how integral the new money literacy element will be to students’ educations in different college districts. Taos Superior University trainer Mark Barela made the decision to talk to his learners how important monetary literacy is to them.

He has asked college students in his Economical Literacy Math class to develop an “editorial format” presentation that responses the issue, “Really should having a Monetary Literacy course in superior faculty be a New Mexico large school graduation requirement?”

“The concentrate on viewers is the New Mexico state Legislature, and learners are working with what they have figured out in class, their private working experience and their families’ knowledge to guidance their opinions,” Barela stated.

Peñasco Unbiased University District and Questa Independent School District did not answer to the Taos News’ inquiries pertaining to present or pending money literacy education and learning strategies in their colleges.

By way of the Banzai on the internet programs, pupils try managing a funds, saving toward a target and dealing with unpredicted economic pitfalls. Instructors are able to observe and quality college student progress remotely. Other assets, which includes informational article content like, “What is Inflation?,” calculators, and individualized mentor sessions describe anything from filing your taxes to how overall health insurance policy will work. These assets are offered at nusenda.teachbanzai.com/wellness.

“Thanks to Nusenda Credit score Union, region learners will now have accessibility to a large array of classes and sources built to assist prepare them for our progressively complicated entire world,” stated Morgan Vandagriff, co-founder of Banzai. “We wouldn’t be capable to supply these equipment without their assist.”

Nusenda Credit score Union is doing the job with Banzai to build financial literacy in the community by investing time, money, market experience and a wide variety of credit history union means. Through their enable, learners have access to Banzai discovering equipment, virtual or in-classroom shows from a Nusenda Credit score Union professional and class visits to a department to see it all in individual.

“Banzai means are applied by in excess of 80,000 lecturers throughout the U.S.,” according to a Banzai press launch. “These educational equipment align with New Mexico’s state curriculum specifications, making the software a entertaining way for learners to obtain vital competencies and an perfect way for any person in the group to raise their fiscal literacy. Right after ending the Banzai courses, users will know how to keep track of the place their income is and what it’s for, figure out financial trade-offs and system for a fiscally-sound long term.”

May 2, 2022

Those Who Paid Off Student Loans Should Support Debt Forgiveness

AOC mentioned pupil-personal loan forgiveness is superior, even for people who have already compensated off their financial loans.
Biden is getting nearer to acting on debt reduction, stating he’ll make a selection in the coming weeks.
He explained he’s not taking into consideration $50,000 in forgiveness, an amount progressives have pushed for.

Rep. Alexandria Ocasio-Cortez of New York states pupil-bank loan forgiveness is superior for everybody — even those who have previously paid out off their debt.

“Maybe student loan forgiveness isn’t going to influence you,” Ocasio-Cortez wrote in an Instagram tale, in reaction to a query on the rewards of personal debt cancellation for all those who presently paid out off their loans. “That will not make it negative. I am confident there are absolutely other issues that scholar loan borrowers’ taxes shell out for. We can do excellent factors and reject the scarcity frame of mind that states undertaking anything excellent for a person else will come at the charge of a little something for ourselves.”

AOC on student-loan forgiveness — AOC responds to a question on scholar-loan forgiveness on Instagram.

“It all will come around,” she extra. “It’s ok. We can help items we would not instantly advantage from.”

The scholar-financial loan-forgiveness discussion is finding up steam after President Joe Biden instructed reporters previous 7 days that he and lawmakers will come to a decision on aid “in the future couple of weeks.” Whilst he claimed he is not considering canceling $50,000 in university student debt for each federal borrower — an quantity lots of progressives have been pushing for — a selection of studies have proposed the president is thinking of at minimum $10,000 in aid that will possible be tied to money boundaries, and it will be carried out prior to the pause on payments expires soon after August 31.

When numerous Democrats would like to see wide bank loan-forgiveness laws, Ocasio-Cortez instructed The Washington Post she has considerations with subjecting the reduction to cash flow thresholds.

“I never imagine in a cutoff, particularly for so quite a few of the entrance-line personnel who are drowning in financial debt and would possible be excluded from aid,” Ocasio-Cortez explained. “Canceling $50,000 in financial debt is the place you actually make a dent in inequality and the racial prosperity gap. $10,000 is just not.”

Republican lawmakers feel in different ways. Considering that the news arrived out that the president is thinking of canceling some quantity of student financial debt this summer, numerous of them slammed the risk of broad reduction. Sen. Tom Cotton, of Arkansas, for example, wrote about the cost forgiving credit card debt would have on taxpayers on Twitter: “Why must those who didn’t go to higher education or responsibly paid out their loans be dependable for $13,000 in new financial debt?”

Utah Sen. Mitt Romney said wide aid would be a “bribe” to voters — an try by Democrats to get the midterm elections. Maine Sen. Susan Collins formerly told Insider scholar-financial loan forgiveness is “not fair” to people who have already repaid their credit card debt and argued people today with better incomes should not qualify for the wide aid Biden is thinking about.

But most Democrats want to see Biden enact wide student-bank loan relief for every person, free of charge of thresholds.

“Instead of consistently extending the pause beneath pressure he demands to terminate all student bank loan personal debt,” Rep. Jamaal Bowman, of New York, just lately tweeted.

May 2, 2022

SOS Limited Reports 2021 Full Year Financial Results

Revenue Jumps 612{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to $357.8 million

Gross Profit Improves 62.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to $21.1 million

Mining Operations Begin Transitioning to the U.S.

QINGDAO,China, May 2, 2022 /PRNewswire/ — SOS Limited (“SOS” or the “Company”) (NYSE: SOS) today reported its full year financial results for the twelve-months ended December 31, 2021.

Revenue was $357.8 million, 612{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} over the twelve-months ended December 31, 2020. Gross Profit increased to $21.1 million from $13.0 million, over the same period.

Results from Operations

Revenue

Net revenue was $357.8 million, up 612{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} over the prior period. The robust growth of revenue demonstrated the strong and effective execution of the Company’s strategy, mainly due to rapid market expansion and the addition of crypto-mining and commodity trading operations. Growth was driven by taking advantage of our block-chain expertise.

Audited condensed consolidated Statements of comprehensive of loss
(US$ thousands, except share data and per share data, or otherwise noted)
	Twelve months ended
	31-Dec-20	31-Dec-21
	$	$
Revenue	50,317	358,042
Business taxes and surcharges	(28)	(221)
Net revenue	50,289	357,821
Operating costs	(37,295)	(336,752)
Gross profit	12,994	21,070
Gross profit ratio	25.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}	5.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

As of December 31, 2021, SOS focused on six product lines including insurance marketing, telecom call centers, bank call center, SaaS services, cryptocurrency mining and commodity trading.

Revenue by products	FY2021		FY2020
Product lines	$”000″	Percentage	$”000″	Percentage
Commodity trading	275,363	77.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}	–	0.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Insurance marketing	65,880	18.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}	49,234	97.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Cryptocurrency mining	15,427	4.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}	–	0.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Telecom call center	338	0.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}	920	1.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Bank call center	–	0.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}	76	0.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
SaaS	813	0.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}	58	0.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}
Total net revenue	357,821	100.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}	50,289	100.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

Our traditional business of insurance marketing increased 34{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to $65.9 million year over year, as a result of rapid market expansion from regional to national customer base in China. We added commodity trading to our product mix during the year. We buy and sell commodity products such as sesame, sulfur, asphalt and circuit modular units. Our trading business recorded revenue of $275.4 million, which represents 77.0{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of total sales. We booked revenue of $15.4 million from our cryptocurrency mining business from a partial year of operation. We started generating revenue from our mining pools in February 2021 and mined 174.28 units of BTC and 2,770.09 units of ETH by the end of the second quarter. In July 2021, due to the Chinese government’s ban on certain types of cryptocurrency mining activities, we shut down our mining operations in China and began transitioning our crypto mining operations to the U.S. The Company launched its U.S. mining operations in Wisconsin this April.

Operating Costs

Operating costs increased to $336.8 million for the period ended December 31, 2021, compared to operating costs of $37.3 million for the period ended December 31, 2020. The increase in operating costs and expenses was driven primarily from the growth in our commodity trading inventory and data acquisition costs for our insurance marketing businesses and a share-based compensation plan. We also saw an increase from depreciation on cryptocurrency mining equipment, consulting and legal fees.

General and Administrative Expenses

General and administrative expenses were $62.4 million for the period ended December 31, 2021, representing an increase of approximately 21.5 times compared to general and administrative expenses of $2.9 million for the period ended December 31, 2020. The increase in general and administrative expenses was mainly associated with employee and management’s share-based compensation expenses of $33.5 million, professional and consultancy fee of $17.1 million, wages & salary expenses of $5.3 million, $1.2 million of bad debt expense and significant increases in legal expenses related to class action lawsuit against the Company and its management.

GAAP Operating Loss and EPS

Our net loss for the period ended December 31, 2021 was $43.9 million according to GAAP, compared to profit of $4.9 million for the period ended December 31, 2020. The loss resulted from increased expenses related to increased operating expenses, legal and consulting fees and share-based compensation expenses. Gross margin dropped to 6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in FY 2021 from 26{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in the prior year driven by the significant growth in the lower margin commodity trading business, increased operating expenses and the interruption of crypto-mining operations.

GAAP EPS Basic was $(0.020) per share for the period ended December 31, 2021, as compared to $0.0135 per share for the period ended December 31, 2020.

GAAP EPS Diluted was $(0.018) per share for the period ended December 31, 2021, as compared to $0.0090 per share for the period ended December 31, 2020.

Income Tax

The company incurred $0.74 million in corporate income tax for the current period.

Balance Sheet and Cash Flow

As of December 31, 2021, the Company had cash and cash equivalents of $338.0 million, compared to $3.7 million for the period ended December 31, 2020. The net increase in cash flow was mainly due to its financing activity through registered direct offerings. The Company believes that its cash resources are adequate to fund its current operations and short-term growth initiatives. The Company, through its subsidiary, SOS International Trading Co., Ltd. purchased commodity for trading inventory of $96.1 million.

Cash Flow Used For Investment Activities

The Company, through its subsidiaries, SOS Information Technology New York Inc. and China SOS Ltd., acquired BTC and ETH mining equipment for an aggregate cost of approximately $31 0 million

Financing Activities

The Company received aggregate net proceeds of US$585.8 million from registered direct offerings during the year.

Audited condensed consolidated statement of cash flow
(US$ thousands, except share data and per share data, or otherwise noted)
	31-Dec-20	31-Dec-21
Cash flows from operating activities:	US$”000″	US$”000″
Net (loss)	4,404	(49,251)
Adjustments:
Depreciation and amortization	2	5,203
Share-based compensation	506	33,537
Depreciation of ROU		843
Accretion of finance leases		152
Allowance for doubtful accounts-accounts receivable	1	963
Allowance for doubtful accounts-Other receivable	158	269
Impairment of cryptocurrencies		925
Loss on acquisition	5,679	–
Income from disposal of discountined operations	(63)
Inventory	–	(96,071)
Changes in operating assets and liabilities:
Accounts receivables	(2,065)	(15,894)
Ohter receivables	(36,019)	(125,861)
Amount due from related parties	(2,871)	(4,146)
crptocurrencies	–	(14,502)
Accrued liabilities	–	19,815
Accounts payable	(11,940)	28,409
Tax payable	292	(8,371)
Other payables	1,484	5,003
Amount due to related parties	(3,666)	868

Contract liability	546	(454)
Lease liabilities
Net cash （used in）in generating from operating activities:	(43,552)	(218,563)
Cash flows from investing activities:
Purchase of property, equipment and software	(501)	(33,034)
Investment in equity	–	0
Disposition of assets	3,500	–

Net cash (used in)generated from investing activities	2,999	(33,034)
Cash flows from financing activities:
Repayment of principle portion of lease liabilities		(1,764.00)
Proceeds from share issuance, net of issuance costs	3,578	585,839
Proceeds from private equity placement,net of issuance costs	39,973	–
Net cash generated from(used in) financing activities	43,551	584,075
Effect of exchange rates on cash	683	1,825
Net increase/(decrease), effect of exchange rate changes on cash and cash equivalent	3,680	334,303
Cash and cash equivalent at beginning of the period	42	3,722
Cash and cash equivalent at end of the period	3,722	338,026

Yandai Wang, the CEO comments that “In the past year, we have provided technical services through artificial intelligence and blockchain technologies by leveraging data-driven marketing, digital based commodity trading, digital supercomputer and emergency rescue technology. Through this we were able to realize revenue of $357.8 million as of December 31,2021, which represents 661{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} growth. over 2020.

In our data marketing business, we rely on artificial intelligence technology & comprehensive intelligent screening to acquire customers more effectively; we also utilize blockchain technology to solve the information security problems to provide customers with one-stop benchmark customer acquisition services; In our digital-based commodity trading segmentt, we make full use of the accurate traceability of blockchain technology, product quality assurance, smart contracts, Intelligent trading matching technology to provides a one-stop trust trading platform for customer trading; in emergency rescue, we team up with some industry experts to invest and design emergency rescue watches, Emergency rescue amphibious rescue boat.

We believe we are well-positioned to grow our business in all segments. Within China we are focused on data-driven insurance marketing, and commodity trading. In U.S. we have launched our supercomputing hosting center in Wisconsin.

Mainland China, as one of the world’s largest markets, demands huge amount of raw material products and food commodities to sustain its long -term growth. In 2020 we established our commodity trading business to bridge supply and demand by providing seamless trading exchange through our block-chain technology and plat-form. We started from green field and are proud to report that our commodity trading business generated revenue of $275million during the twelve -month period ended December 31,2021.

Our aspiration is to expand beyond China especially in North America. We are in the process of building a leading supercomputer center in North America which will provide customers with cryptocurrency mining capacity & hosting service.

One of the tools we used to accelerate this goal is the innovative mobile container data center. We believe it will improve user experience and be attractive to small to medium size customers. Our plans continue to proceed as we have secured a renewable energy supply of 25 MW at its facility in Price County Wisconsin, which is expected to be increased to 37MW.

We look forward to continued growth and expansion in both China and U.S.

About SOS Limited

SOS is an emerging blockchain-based and big data-driven marketing solution provider，SOS is also engaged in blockchain and cryptocurrency operations, which currently include cryptocurrency mining and maybe expand into cryptocurrency security and insurance in the future Since April 2021, we launched commodity trading via our subsidiary SOS International Trading Co. Ltd, The core infrastructure of SOS’ marketing data, technology and solutions to insurance and emergency rescue services is built on big data, blockchain-based technology, cloud computing, AI, satellite, and 5G network, etc. SOS has created a cloud “software as a service (SaaS)” platform for emergency rescue services, with three major product categories: basic cloud, cooperative cloud, and information cloud. This system provides innovative marketing solutions to clients such as insurance companies, financial institutions, medical institutions, healthcare providers, auto manufacturers, security providers, senior living assistance providers, and other service providers in the emergency rescue services industry. For more information, please visit: http://www.sosyun.com/ .

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws, including, but not limited to, our expectations for future financial performance, business strategies or expectations for our business. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. SOS cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Words such as “may,” “can,” “should,” “will,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “target,” “look” or similar expressions may identify forward-looking statements. Specifically, forward-looking statements may include statements relating to the Company’s:

ability to execute its business plan;
changes in the market for SOS’ products and services; and
expansion plans and opportunities.

These forward-looking statements are based on information available as of the date of this press release and our management’s current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.

These risks and uncertainties include, but not are limited to, the risk factors described by SOS in its filings with the Securities and Exchange Commission (“SEC”). These risk factors and those identified elsewhere in this press release, among others, could cause actual results to differ materially from historical performance and include, but are not limited to:

US government’s policies and regulatory oversight of crypto currency mining operation and our other operations;
SOS’s cryptocurrency mining, commodity trading and marketing solutions businesses are still under development, with many uncertainties in integration of these various business segments;
Failure to manage the newly launched commodities trading business effectively;
Loss of key customers in the commodity trading business;
failure to access a large quantity of power at reasonable costs could significantly increase SOS operating expenses and adversely affect our demand for SOS’s mining activities;
shortages in, or rises in the prices of mining machines may adversely affect the Company’s business;
any significant or prolonged failure in the data warehouse facilities and data mining facilities that SOS operates or services it provides, including events beyond its control, would lead to significant costs and disruptions and would reduce the attractiveness of its facilities, harm its business reputation and have a material adverse effect on its results of operation;
security breaches or alleged security breaches of our data warehouses could disrupt SOS operations and have a material adverse effect on its business, financial condition and results of operation; and
other risks and uncertainties indicated in SOS’s SEC reports or documents filed or to be filed with the SEC by SOS.

Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and you should not place undue reliance on these forward-looking statements in deciding whether to invest in our securities. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Cision

View original content:https://www.prnewswire.com/news-releases/sos-limited-reports-2021-full-year-financial-results-301537455.html

SOURCE SOS Limited

May 2, 2022

5 tips for small business to create a domino effect of productivity

Doing work smarter is significant to boost productivity | Graphic Credit score: Deposit Pics

Even so, this expansion arrives with issues like customer acquisition, model creating, advancement of new merchandise, and importantly, managing sources. In buy to get there, modest companies are embracing digital equipment that can assist with preserving time, building prospects, and improving associations with their clients. What about efficiency? Listed here are five guidelines from Salesforce productiveness tips e book that can help increase productivity throughout the firm.

Get the appropriate instruments

This is really a no-brainer. For decades, tiny and medium corporations have stayed very clear of embracing digitisation predominantly because of the price tag linked with it. Having said that, the pandemic showed them the will need to develop into digital and undertake technologies to do the work for you. For small corporations however, effectiveness is a higher-stakes match.

In get to remain productive, they need to get the appropriate instruments to succeed in the facial area of a altering organization local climate. The most essential point to know below is that smaller companies need to undertake a technological know-how stack that is responsible, successful, and consumer-pleasant. As the organization grows, the know-how stack you pick ought to be equipped to expand and scale with you.

A single this sort of software that tiny businesses really should equip themselves with is a shopper romantic relationship administration (CRM) device. A little enterprise can handle prospective buyers, shoppers, and provider instances applying an excel sheet or a ledger. With the progress of enterprise, there will be an enlargement in consumer base and abruptly prospects may possibly start off jumping ship for failure in conversation in the income workforce.

With CRM, small companies can regulate their customers properly and make sure a proper movement of communication in between the groups. If your small company lacks a solitary resource of data or has small visibility into workflow or is losing information, then CRM is the option you require to fix those people flaws.

In accordance to the fifth edition of Compact and Medium Small business Trends Report, CRM techniques are the major technology price range precedence for SMBs with 31 for each cent of SMB leaders listing the software among the their major 3 priorities.

Nonetheless, discovering the appropriate CRM alone can be a chore. For modest enterprises, the most crucial factor to know is they require to devote in a CRM program that is rapid, reputable, secure, and price tag powerful. Little businesses also want to make the final decision between likely for an on-premise CRM or a cloud-centered solution.

An on-premise CRM is a pricey remedy housed at the place of the organization making use of it and requires up-front invest in of servers or datacentre equipment. It also demands the set up of CRM application and middleware by IT employees. When an on-premise CRM system is established up, companies have no selection but to employ the service of IT staff members for typical routine maintenance and updates and may possibly even call for selecting industry experts who can construct application.

A cloud-centered CRM resolution, on the other hand, is intended to do the job any where and on any variety of unit. With the environment turning out to be hyper linked thanks to smartphones, a cloud-dependent CRM is effectively like acquiring a organization model of Instagram on your cellphone. It does not involve any up-front acquire of servers nor does it involve financial commitment in the kind of IT employees.

Teams can login to the program from a internet browser and get quick access to all the organization facts. They give wide access, are platform agnostic, do not demand any important investment decision in the sort of components or software, and are also cost effective. For a compact small business, it is thus the most helpful instrument for accomplishment.

Connecting all your data

small business — Modest organization requires to connect all of its details to improve | Graphic Credit: Deposit Images

In the rapid upcoming, the variation involving a thriving company and a stagnant or declining business will occur down to their use of facts. Hence, a tiny business requirements to be cognizant of connecting all their details from the commence. At the time a compact company has chosen a cloud-based CRM like the a person offered by Salesforce, the speedy purpose should be to make sure the CRM connects to all your business enterprise knowledge.

A person of the complications developing corporations facial area is the workflows acquiring complicated and the sheer sum of details produced by the business functions. In this kind of an too much to handle scenario associated to knowledge, a CRM can act as a 360-diploma view and turn out to be the central basis to the success of your small business.

Salesforce claims all of its cloud remedies integrate seamlessly with its main CRM to “build a finish check out of your shopper.” The achievement of a organization is now straight proportional to anticipating the demands of your consumer and providing them providers and alternatives even prior to they check with. With a CRM presenting 360 view, it is feasible to supply proactive shopper support as opposed to reactive purchaser service.

A CRM should really not be just a holistic perspective into your purchaser facts but instead a singular supply of reality. Hence, it ought to be equipped to join with your electronic mail service. Salesforce’s CRM resource integrates with most well-known e-mail companies and e-mail deployment companies, Gmail, Outlook, Apple Mail, or MailChimp.

It should really also be capable of integrating with Google’s suite of cloud apps allowing for buyers to sync their contacts and calendar, help Google Generate sharing and tracking Google Analytics information and Google Advertisements success. In addition to these services, a CRM computer software ought to be in a position to integrate with other cloud services like Box and Dropbox, be aware using equipment like Evernote or platforms like DocuSign for uncomplicated acceptance and indication-offs on the go.

Portugal-based roadside assistance enterprise TOOLTO is an innovative company using augmented actuality to decrease guide intervention. It employs Salesforce to deliver a slicing edge encounter with seamless, omnichannel purchaser guidance. The enterprise relies on Salesforce Assistance Cloud to supply a fast, reliable purchaser knowledge.

“Our team loves making use of Salesforce. It does not just assistance them to be additional successful, it is also protected enough that they can perform on their laptops from any place, so our business enterprise isn’t bound to an business,” says Nuno Sobral, CEO of TOOLTO.

Make operate smarter

The to start with two efficiency tips – picking the correct software and connecting all the info factors – will materialise only if companies use them effectively. Therefore, the most crucial productivity idea is to make get the job done smarter for all your company executives. In get to get the job done smarter, organizations must embrace automation and leverage the instruments at their disposal to drive efficiency modify.

After you have built-in your current information and methods of report into your CRM, you can start out leveraging the energy of the cloud. This can be done by automating some workflow primarily based on set requirements and steps. For illustration, you can automate CRM to remind you to call at the time the product sales crew gets a new direct.

Automation is supposed to remove mundane and repetitive steps from a workflow and CRM actually permits this motion. An additional way corporations can function smarter is by relying on e mail templates available with your CRM. These e-mail templates can “automatically import your prospect’s name” and assure particular connection with automated tasks tailored to each account.

“As we expanded, the sales admin was getting to be additional burdensome. The workforce necessary a far better way to assign and development qualified prospects somewhat than just firing off loads of emails,” Keith Plunkett, Supervisor of Income Operations, Analytics and Product sales Technique at Roomex.

Roomex drives effectiveness and productiveness across its profits workforce using Salesforce. Just after forming a partnership in 2018, Roomex can take gain of automated lead assignment characteristics of Revenue Cloud. Roomex states it has quadrupled the selection of potential customers generated each and every month to 500 and has also built-in DocuSign for signing new contracts.

Cell-to start with and function from any place

The fifth edition of Smaller and Medium Enterprise Traits Report also showed how organizations are embracing perform from everywhere and cell initially strategy in their energy to keep ahead in the article pandemic globe. Even so, producing the leap to a certainly cellular workforce is not an easy feat. In order to guarantee that your workforce is mobile very first and able to work from anywhere, firms first will need to assure they have centralised entry to facts.

Being cell lets staff members to update on a shopper conference instantly rather than waiting till they get back to the workplace. This also saves group customers time on entry to essential details so that one more member can adhere to up in the absence of a main individual. CRM facilitates this move of details by permitting group customers to continue to be connected and providing integration with other apps.

Simplified reporting

Firms ought to grow to be knowledge-driven by first being familiar with their purpose with the info they have. Ahead of obtaining immersed into the info, corporations ought to internally decide what is important to them and then try to glean that perception from details.

A person of the critical priorities for enterprises ought to be to continue to keep their information clean up and eliminate bad knowledge by periodical info scrubbing and getting rid of copy information. Enterprises can use automated info cleanup solutions to clean up up their information and boost it with supplemental insights. A further way corporations can get effective with reporting is by automating it.

A tiny business, according to the Salesforce e book on productiveness, must not think about alone to be going way too rapid and use features like generally-on monitoring and reporting. With a CRM method in tow, businesses can automate experiences and dashboards so that all stakeholders have entry to crucial achievements metrics. The Salesforce dashboard also lets enterprises to carry a separate report and get a holistic see of all the data.

5 techniques to improve tiny enterprise efficiency

Compact businesses are no more time that unique from a massive business enterprise. They definitely vary in terms of earnings generated or the area of procedure. Nevertheless, a small business enterprise wants to work with the exact same performance and use related instruments to keep competitive. In this article is a summary of 5 things they want to do to ace productivity in 2022.

Get the proper resources
Connect all your info
Operate smarter
Cellular first and perform from anywhere
Simplified reporting

As apparent, the journey to maximize your efficiency started out with investing in a appropriate tool like CRM, but from there, businesses need to plug their knowledge infrastructure, provide info from numerous resources with each other, and embrace cellular to start with solution. Small companies also will need to perform smarter by automating repetitive jobs and simplify reporting to remain forward of the curve in this ever evolving organization landscape. Obtain the Salesforce “5 Productiveness Strategies Each Compact Business Requires to Know” below.

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