killexams.com always suggest you to download CGAP exam Free PDF for trial, go through the questions and answers before you apply for full version. Killexams.com allows you 3 months free updates of CGAP Certified Government Auditing Professional (IIA-CGAP) exam questions. Our certification group is consistently working at back end and update the CGAP Free PDF as and when need.
CGAP Certified Government Auditing Professional (IIA-CGAP) test | http://babelouedstory.com/
CGAP test - Certified Government Auditing Professional (IIA-CGAP) Updated: 2023
Once you memorize these CGAP Q&A, you will get 100% marks.
CGAP Certified Government Auditing Professional (IIA-CGAP)
Certified Government Auditing Professional® (CGAP®) test Syllabus
The CGAP test includes 115 multiple-choice questions, covers four domains, and requires a completion time of two hours and fifty-five minutes. The test includes questions on International Organization of Supreme Audit Institutions (INTOSAI) Government Auditing Standards. Candidates who registered to take the test in the United States will receive a local version of the test with questions on U.S. Generally Accepted Government Auditing Standards (GAGAS/Yellow Book).
P = Candidates must exhibit proficiency (thorough understanding; ability to apply concepts) in these syllabu areas.
A = Candidates must exhibit awareness (knowledge of terminology and fundamentals) in these syllabu areas.
Standards tested on the CGAP exam:
The IIA's International Professional Practices Framework (IPPF) (P) (Includes the Code of Ethics, International Standards for the Professional Practice of Internal Auditing (Standards), Practice Advisories, and Development and Practice Aids)
INTOSAI Standards and Code of Ethics (A)
Additional standards tested on the CGAP test for candidates taking the test in the United States:
Generally Accepted Government Auditing Standards (GAGAS/Yellow Book) (P)
Exam Non-disclosure
The CGAP test is a non-disclosed examination, which means that current test Questions and Answers will not be published or divulged.
NOTE: test subjects and/or format are subject to change as approved by The IIA's Professional Certification Board (PCB).
CGAP test Domains
The CGAP test core content covers four domains:
Domain I: Standards, Governance, and Risk/Control Frameworks (10-20 percent)
Domain II: Government Auditing Practice (35-45 percent)
Domain III: Government Auditing Skills and Techniques (20-25 percent)
Domain IV: Government Auditing Environment (20-25 percent)
Certified Government Auditing Professional® (CGAP®) test Syllabus — Domain I
Standards, Governance, and Risk/Control Frameworks (10-20%)
(P) = Candidates must exhibit proficiency (thorough understanding; ability to apply concepts) in these syllabu areas.
(A) = Candidates must exhibit awareness (knowledge of terminology and fundamentals) in these syllabu areas.
A. Standards
Role of a comprehensive set of auditing/evaluation standards (A)
Application of appropriate standards in all assignments (P)
Role and impact of other auditing standards (standards of public accounting bodies, quality assurance bodies, etc.) and their relationship with the above standards (A)
B. Governance
Governance in the public sector (e.g., audit committee, code of conduct, open government, public scrutiny, equity, accountability) (P)
Role of audit within the governance structure (P)
C. Risk/Control Frameworks (e.g., COSO, CoCo)
Role of frameworks (A)
Elements of a risk/control framework (P)
Application of frameworks (P)
D. IIA Code of Ethics (P)
Certified Government Auditing Professional® (CGAP®) test Syllabus — Domain II
Government Auditing Practice (35-45%)
(P) = Candidates must exhibit proficiency (thorough understanding; ability to apply concepts) in these syllabu areas.
(A) = Candidates must exhibit awareness (knowledge of terminology and fundamentals) in these syllabu areas.
A. Management of the Audit Function
Need for a formal document of purpose, authority, and responsibility (P)
Policies and procedures (A)
Quality assurance (A)
Planning (A)
Staffing (A)
Marketing the audit function (A)
Mission/role/outcome of audit function within government (A)
B. Types of Audit Services
Audits of compliance (P)
Audits of performance/value-for-money/operations (e.g., economy, efficiency, effectiveness) (P)
D. Implications of Delivering Services to Citizens
Due process rights of clients/citizens (P)
Confidentiality/privacy/rights of clients/citizens (P)
Issues arising from the methods of funding/delivering services (condition that client receiving service may not be party paying for the services; ability-to-pay principle; user pay; eligibility requirements; limitations on services available; entitlements; etc.) (A)
Reality of conflicting missions (e.g., satisfy both developers and environmentalists, keep families together and kids safe) (A)
Issues associated with at-risk populations (e.g., multiple, interacting causes and conditions; difficulty of measuring prevention) (A)
E. Unique Characteristics of Human Resources Management (A)
F. Unique Purchasing and Procurement Requirements (P)
Certified Government Auditing Professional (IIA-CGAP) Financial Professional test
killexams.com test prep material gives you all that you need to pass CGAP exam. Our CGAP CGAP dumps come up with questions that are exactly same as real exam. High caliber and incentive for the CGAP Exam. We at killexams ensures your success in CGAP test with our braindumps.
Financial
CGAP
Certified Government Auditing Professional(R) (CGAP)
https://killexams.com/pass4sure/exam-detail/CGAP Answer: D Question: 321
_______ can be defined as Bids shall be evaluated without discussions. Evaluations should be
fairly apparent since price and price-related factors are the prevalent criteria. Where as________
can be defined as bidders must submit sealed bids to be opened at the time and place stated in the
solicitation for the public opening of bids:
A. Publicizing the invitation for bids, Preparation of invitations for bids.
B. Evaluation of bids, Submission of bids
C. Preparation of invitations for bids, Submission of bids
D. All of the above. Answer: B Question: 322
The _____ makes policies, procedures, and guidelines for procurement of necessary supplies and
services by __________ uniform and consistent among and within agencies in order to facilitate
participation in procurements, encourage competition, and ensure that procurements are
conducted in a fair and open manner:
A. Government Agencies, CPO
B. President, government agencies
C. CPO, government agencies
D. government agencies, CPO Answer: C Question: 323
Embedded controls over purchase cards can include all of the following EXCEPT:
A. Types of transactions (prohibiting cash advances, personal items, etc.).
B. Transaction limits per day/per month.
C. Monthly cardholder dollar limit.
D. Minimum dollars per transaction. Answer: D Question: 324
Following are the arenas of services into which a government might enter please choose the
correct option:
A. Architect-engineer services
B. Building service contract
C. Facilities contract
D. All of the above.
E. None of the above. Answer: D Question: 325
public building (i.e.
________ is a contract for recurring services related to the maintenance of a
janitorial, custodial, security, window washing, housekeeping).where as _________ is a contract
in which Government facilities are provided to a contractor or subcontractor by the government
for use in connection with performing one or more related contracts for supplies or services.
A. Facilities contract, Building service contract
B. Professional and consultant services, Transportation term contracts
C. Building service contract, Facilities contract
D. Professional and consultant services, Transportation term contracts Answer: C Question: 326
__________ are the Services rendered by persons who are members of a particular profession or
possess a special skill and who are not officers or employees of the contractor. Where as
_______ are indefinite delivery requirement contracts for transportation or for transportation-
related services.
A. Facilities contract, Building service contract
B. Professional and consultant services, Transportation term contracts
C. Building service contract, Facilities contract
D. Professional and consultant services, Transportation term contracts Answer: D Question: 327
A ________ is a contract or contractual action entered into by a prime contractor or
services of any kind
subcontractor for the purpose of obtaining supplies, materials, equipment, or
under a prime contract. Where as in ______________ multiple awards are given for certain
contracts to more than one responsible bid. Generally, the contracts are similar in conditions and
amounts.
A. subcontract, Multi-award contracts
B. Multi-award contracts, subcontract
C. Building service contract, Facilities contract
D. Professional and consultant services, Transportation term contracts Answer: A
For More exams visit https://killexams.com/vendors-exam-list
Kill your test at First Attempt....Guaranteed!
Financial Professional test - BingNews
https://killexams.com/pass4sure/exam-detail/CGAP
Search resultsFinancial Professional test - BingNews
https://killexams.com/pass4sure/exam-detail/CGAP
https://killexams.com/exam_list/FinancialBest Financial Certifications
As you begin a search for a financial professional, you will come across many different types of certifications. Each certification tells a story about the level of expertise and dedication an individual advisor has in different fields of finance. While it can be confusing, it is crucial to have an understanding of what an advisor specializes in before seeking their services. The best advisor for you will be one that can help you across the different areas where you need financial assistance.
What are Financial Certifications?
When a financial advisor wants to specialize in an area of the financial industry and become an expert, they usually need to earn a certification. Getting these designations often requires hours of coursework, exams and continuing education. Failure to meet any of these requirements can result in their certification being taken away. A financial certification is an advisor’s way of letting you know that they have experience and are held to professional standards. Not all financial advisors are the same though, and understanding the main certifications will let you know which advisor is best for your unique situation.
The Best Finance Certifications to Look for in a Financial Advisor
With over 200 different designations, it can be a bit overwhelming to know exactly what to look for. While there are so many to choose from, there are a few key certifications that are not only the most popular but are considered the best in terms of rigorous standards, oversight and expertise.
1. Certified Financial Planner (CFP®)
The CFP® is the most common designation you find when searching for an advisor. This certification denotes expertise for professionals in financial planning, taxes, insurance, estate planning and retirement. The certification is overseen by the Certified Financial Planner Board of Standards. Designation is determined by successfully completing the board’s test and continued ongoing education of at least 30 hours every two years.
To sit for the exam, individuals must have a Bachelor’s degree and complete a course approved by the board. The course can be waived if the person holds another designation, such as a CPA, CFA or a PhD in business or economics. Candidates also must have at least three years (or 6,000 hours) of full-time professional experience.
Why Use a CFP®?
CFP®’s are best for those looking for holistic financial planning. If you are looking for more than just investment management and need help with retirement plans, taxes, etc., a CFP® is your best bet.
2. Certified Public Accountant (CPA)
Becoming certified as a CPA is very difficult, with only a 50% pass rate. To become a certified accountant, individuals must have a bachelor’s degree in business administration, finance or accounting and complete an additional 150 hours of education regarding accounting standards and practices. They must also have 2 or more years of public accounting experience and pass the exam. Like the CFP®, those with a CPA must also continue to take courses to keep their certification.
Why Use a CPA?
CPAs are best used for tax issues. If your main financial situation revolves around tax help, and nothing much else, like retirement, then a CPA may be your best bet.
3. Chartered Financial Analyst (CFA)
The Chartered Financial Analyst designation is considered one of the hardest certificates for those in the financial sector and is also the gold standard for those who work in investing or managing portfolios. It’s globally recognized and is run by the CFA Institute. There are three levels of exams that cover everything from accounting, ethics, economics, security analysis and money management. In August 2023, the pass rate for levels 1 and 2 were at 37% and 44%, respectively, while level 3 had a pass rate of 47%.
Before sitting for the exam, the candidate must have 4 years of professional work experience, bachelor’s degree, or a combination of the two totaling 4 years. If the person can pass all 3 levels in sequential order, they become a member of the CFA Institute and abide by the Institute’s code of ethics. While the exams can be taken as many times as possible, candidates usually need to study at least 300 hours for each test, which means many do not continue after failing to pass one level.
Why Use a CFA?
Generally you won’t find someone just registered as a CFA working with individual clients. CFAs work for big corporations. If they do work with individuals, they will usually also have a CFP® certification. A CFA underscores their strong investment analytical skills.
4. Chartered Financial Consultant (ChFC)
Advisors with the Chartered Financial Consultant designation work with individuals on retirement savings and budget planning. It’s a designation that is granted by the American College and consists of individuals taking 7 required courses and 2 electives. The subjects covered include retirement and estate planning, insurance, investments and income tax.
While not compulsory, the college recommends that those who apply already have a degree related to business or finance. The candidate must also have a minimum of 3 years working in the industry and must maintain continuing education credits. While similar to the CPA, it differs in that it is a course and does not require candidates to pass one test but instead take a test after each course.
Why Use a ChFC?
The difference between a CFP® and ChFC does not affect how qualified they are to work with clients. If you see an advisor with either a CFP® or ChFC, as long as they are a fiduciary and don’t have a history of disclosures, you should be in good hands.
5. Chartered Life Underwriter (CLU)
A Chartered Life Underwriter (CLU) is geared toward insurance agents. A chartered life underwriter’s domains of expertise are primarily life insurance as they relate to estate planning and risk management. There is no test one has to pass, but candidates have to take eight courses administered by the American College of Financial Planning in order to become one.
Why Use a CLU?
CLUs are great if you are looking for life insurance and do not know how to navigate the complexity involved with buying a life insurance plan.
6. Chartered Investment Counselor (CIC)
A Chartered Investment Counselor recognizes experts with significant experience as portfolio and investment managers. It is a designation that must be applied for and is approved by the Investment Adviser Association. Candidates must work for an Investment Adviser Association member firm, adhere to a code of conduct and submit references. They are held to the standards set under the Investment Act of 1940, meaning they have a legal obligation to work in the best interest of the clients. They also must run large accounts and mutual funds and already have a CFA.
Why Use a CIC?
A CIC will be best for those looking for pure investment advice. A CIC won’t be able to help you with things like financial plans, estate planning or taxes.
7. Certified Private Wealth Advisor (CPWA)
A certified private wealth advisor is for professionals whose clients include high-net worth clients. They often deal with individuals who have a net worth of more than $5 million. This certification means advisors can help high earners with things like tax, growing their assets and wealth succession.
The designation is offered by the Investments and Wealth Institute and is obtained by taking a six-month course either through the institute, via the University of Chicago Booth School of Business or the Yale School of Management or an investment firm. To qualify, a candidate must have a bachelor’s degree or another certificate like the CFA, CFP® or CPA and five years of experience in the field.
Why Use a CPWA?
A CPWA is going to best serve wealthy individuals with a net worth over $5 million. It doesn’t mean high net worth individuals should only work with CPWAs, but they are a good option.
8. Certified Estate Planner (CEP)
This certification is designated by the National Institute of Certified Estate Planners and gives financial planners the knowledge to help people develop and plan their estate. It is a proctored exam. While there is a self-study manual of 770 pages, candidates can also opt for in-person study, which usually adds an additional 16 hours of class time.
To qualify, a professional must have a valid license in the financial, legal or tax profession or have special permission to enroll. Once the test is passed, they must complete 8 hours of continuing education every 2 years and follow NICEP’s code of ethics to remain certified.
Why Use a CEP?
A CEP is great if your main area of concern is estate planning. This can be useful for people with a high net worth and are unsure of how to pass down their estate.
9. Certified Personal Finance Counselor (CPFC)
This designation is for professionals who work with clients on a one-on-one basis. The certification is run by Fincert and ensures that the candidate is trained in counseling skills and personal finance management. It was designed to fulfill the requirement of the Uniform Debt Management Services Act. The certificate is issued by passing a test after the completion of a self-study course through Fincert which covers things like communication, money management and consumer protection. To qualify a candidate must have at least 6 months of relevant experience.
Why Use a CPFC?
A CPFC is best for people who are looking for ways to better manage their money, rather than planning complicated financial matters.
10. Financial Risk Manager (FRM)
A financial risk manager is someone who assess potential liabilities to the assets, capacity or success of a company. They work in financial services, banking, marketing or other services and often specialize in credit and market risk. Someone with an FRM designation is required to also be accredited with the Global Association of Risk Professionals. To get an FRM certificate, candidates need to pass a 2-part test and have 2 years of experience. There is also an optional 40 hours of coursework every 2 years. The test itself is not easy, with only an average 50% pass rate.
Why Use a FRM?
Like a CFA, most advisors certified with FRM will most likely not work solely with individual clients. FRMs will usually work for companies and corporations. If an advisor does work with individuals, they will likely have other credentials.
11. Retirement Manager Advisor (RMA)
Another certification offered by the Investments and Wealth Institute, a retirement manager advisor helps clients with retirement planning. To get the certificate, a candidate must complete an online course, take an in-person capstone class and pass an exam. In addition, they must have at least 3 years of experience or another designation like a CFA, CPA or CIMA. It’s one of the shortest designations to get, as it only takes 9 weeks of 2-3 hours per week and 2 days of in-person instruction to complete.
Why Use a RMA?
Retirement Manager Advisors specialize in retirement planning, so if that is your primary concern then an RMA will be great for you. RMAs will usually also have a CFP® certification. Choosing a CFP® with an RMA may be more advantageous than choosing a CFP® without one if you are panic about your retirement.
12. Certified Retirement Counselor (CRC)
There are several certificates for retirement planners. The CRC is overseen by the International Foundation for Retirement Education, a non-profit organization that advocates for high standards and ethics. Getting the designation consists of a certification exam, adhering to InFRE’s code of ethics and re-registering every year. Holders of the certificate must also complete at least 15 hours of ongoing education per year. To sit for the exam, a candidate must pass a background check and hold a bachelor’s degree and have 2 years of relevant experience or a high school diploma with 5 years of experience.
Why Use a CRC?
A CRC is similar to an RMA and will be useful for those whose primary concern is retirement planning. RMAs usually also need to have a CFP® or CPA, which may make them a little bit more qualified than those who just hold a CRC.
Why Should Financial Advisors Have Finance Certifications?
Although financial advisors are not required to have a certification, it signals that they adhere to specific ethical standards. If an advisor doesn’t have a certification, it can mean that they don’t have the necessary experience or education requirements. If they are not certified or registered with the SEC or FINRA, it could mean that they are not legally obligated to put your best interests first and are limited in some of the things they can do for you.
Who Regulates Finance Certifications?
Financial certifications are overseen by independent bodies that administer the tests and determine the certificate standards. There is no one body that oversees these certifications, although FINRA does keep track of the designations available. Most designations are overseen by private or non-profit institutions, so it’s important to make sure you know the qualifications of the certificates your financial planner holds.
Best Financial Advisors
Bonus Courses
Here are some certificate programs and courses to help you with the above financial certifications.
1. Financial Management: A Complete Study for CA/CMA/CS/CFA/ACCA by Udemy
Who it’s for: MBA students, finance students, finance professionals
The Udemy bestseller is ideal for MBA and finance students. Individuals who hold the CA, CMA, CS, CFA, CPA or CIMA credentials will also find this in-depth offering beneficial. There are lessons on financial analysis through ratios, financial statements, capital structure, working capital management and so much more.
Register today for full lifetime access to the course material. You will also receive a certificate of completion when you reach the finish line.
2. The Complete Financial Analyst Course 2023 by Udemy
Who it’s for: Aspiring finance professionals
The Complete Financial Analyst Course 2023 by 365Careers is another Udemy bestseller. It’s worth considering if you are pursuing a finance career and want to position yourself for lucrative employment opportunities. You’ll also develop practical financial analysis, business analysis and capital budgeting skills as you work through the lessons.
Join over 405,000 students who’ve taken this exceptional course by signing up right away. It only takes a few minutes, and you can get immediate access to 19.5 hours of on-demand video, 17 articles and 495 downloadable resources.
Have access to Microsoft Excel and Microsoft PowerPoint before you sign up.
3. test Prep: CFA® Level 1 Bootcamp 2023 Curriculum (Part 1/2) by Udemy
Who it’s for: Individuals preparing for the CFA Level 1 exam
The registration fee includes 373 lectures jam-packed into 26 hours of on-demand video. You will also receive 38 articles and 55 downloadable resources to help you get the most out of your online learning experience.
Facilitator Ivan Kitov is a chartered financial analyst. He also holds a Master’s degree in Finance from Erasmus University Rotterdam in the Netherlands.
4. test Prep: CFA® Level 1 Bootcamp 2023 Curriculum (Part 2/2) by Udemy
Who it’s for: Individuals preparing for the CFA Level 1 exam
This course is the 2nd component of the CFA Level 1 test prep boot camp from 365 Careers. It is also taught by Ivan Kitov and delves deeper into financial reporting, portfolio management, equity investments, fixed income and derivatives.
Similar to the Part 1 boot camp, the class also covers the following topics:
Ethics and Professional Standards
Quantitative Methods
Economics
Corporate Finance
Alternative Investments
When you enroll, you will unlock a vault of valuable resources. This includes 29.5 hours of on-demand video, 44 articles and 59 downloadable resources.
5. Financial Risk Manager (FRM) Certification: Level I by Udemy
Who it’s for: Bankers, IT professionals, analytics and financial professionals, business technology graduates, MBA degree holders, finance graduates
Offered by EduPristine Inc, this highly-rated course is ideal for recent graduates and financial professionals interested in pursuing a risk management career.
Introduction
Foundations of Risk
Quants
Financial Market and Products
Value at Risk Part – I
Value at Risk – Part II
Conclusion
The enrollment fee includes full lifetime access to 113 lectures condensed into 24 hours of on-demand video, 1 article and 111 downloadable resources. Plus, you can sign up with confidence knowing the class comes with a 30-day money-back ensure if it doesn’t quite meet your needs.
Frequently Asked Questions
A
Financial certifications show professionalism, knowledge and experience.
A
The various certifications include CFA, CPA, CFP, ChFC and CLU.
A
The easiest financial certification depends on an individual’s background, experience, and strengths. The Certified Financial Planner (CFP) and Chartered Financial Consultant (ChFC) certifications are often considered relatively easier to obtain. However, they still require education, passing an exam, and meeting experience requirements.Q
A
It depends on the field and the specific certifications or degree in question. In some industries, certifications may hold more value as they demonstrate specialized knowledge and skills. For example, in the IT industry, certifications such as Cisco Certified Network Associate (CCNA) or Microsoft Certified Solutions Expert (MCSE) can often hold more weight than a general computer science degree. On the other hand, certain professions may require a degree as a minimum qualification, such as medicine or law. Ultimately, both certifications and degrees can be valuable, and the worth of each depends on the specific context and requirements of the industry or profession.
Sat, 04 Nov 2023 11:55:00 -0500entext/htmlhttps://www.benzinga.com/money/top-financial-certificationsWhy Those Impressive Financial Credentials Aren't Always So Impressive
If you’ve been on the hunt for a financial professional who can give you good advice, you may have been impressed — or perhaps just confused — by all those letters you see attached to different people’s names. Do those impressive-sounding credentials really carry any weight, or are they as worthless as the paper they are written on?
Just a few of the designations you might encounter include CFP®, RICP®, BCM, CAC, CHFC, CLU, WMS, CFS and, well, the list goes on and on.
When you see all those certifications, you can’t help but think, “Those are some pretty impressive credentials. These people must know what they’re talking about.”
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Maybe so.
And maybe not.
A license vs. a designation vs. a certification
To begin with, let’s distinguish licenses from designations. Financial professionals obtain a license after they pass the test deemed necessary by the regulating authority, such as the state, FINRA or the SEC. A designation or certification is an additional credential that can be gained by those who already hold a license.
Some certifications require substantial effort and a comprehensive education. But plenty of others can be obtained by attending a daylong seminar.
We need to raise the bar on standards
Frankly, in my opinion, one of the significant faults in the financial advising industry is that the barriers of entry are low. Someone with limited education or experience can pick up a license of some sort after passing a test, hang out a sign and — voila! — he or she is advising people on their life’s savings.
So am I saying that, in a time when many people are calling for less regulation, I would like to see more of it in my profession?
Yes, that’s exactly what I’m saying.
And I think the profession may be moving in that direction. As far as I’m concerned, that’s a good thing.
Think of it this way: If you go to a doctor’s office, you want to consult about your health with someone who has Dr. in front of their name or M.D. after it. You’d be uncomfortable if you learned you had entrusted your physical health to a person whose training amounted to a couple of weekends spent in seminars.
Yet people do that often with their financial health, which I would argue is equally as important as your physical health. I’ve seen it time and time again: When someone loses their financial health, their physical health is often quick to follow suit.
Most other professions require some sort of formal education even beyond the professional licenses the practitioners must hold. Doctors, lawyers and CPAs all must have specific degrees relating to their business practices in addition to taking difficult board exams, for example.
But in the world of financial professionals, you could drop out of high school, pass the required test, and get a securities license, which enables you to call yourself a “financial adviser” and go to work.
In my opinion, it simply shouldn’t be that easy — too much is at stake.
Certified Financial Planners have extensive training
What kind of education, training, knowledge and experience do you expect your financial adviser to have? I personally hold the CFP® designation.
Among the requirements to become a CFP®: a bachelor’s degree from an accredited college; a 10-hour board test to demonstrate your financial-planning knowledge; 6,000 hours of financial planning experience; and a thorough background investigation that would review criminal history, civil complaints, job terminations, bankruptcies, customer complaints and other activities that might be of concern.
In my opinion the CFP® certification process shows that the right types of requirements and training for the profession already exist — it’s just a matter of requiring all who want to call themselves financial professionals to obtain those credentials.
I think we’re headed there, and it’s long overdue. More and more individuals are walking into my office seeking exactly that. Do yourself a favor and take the time to understand the letters after your financial professional’s name. You may be pleasantly surprised, or you may just find you don’t have what you had hoped for.
This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.
Sun, 12 Nov 2023 09:59:00 -0600entext/htmlhttps://www.kiplinger.com/article/investing/t023-c032-s014-don-t-be-fooled-by-impressive-financial-credential.htmlThe Ultimate Financial Stress Test for Hollywood
After the calamities of the dual strikes, industry heavyweights are adjusting to the new normal, which is anything but.
Says Abacus Financial Business Management’s Belva Anakwenze: “The strikes have taught our clients significantly more than the COVID pandemic … and have proved that there will not always be a safety net given. It is crucial to create and have your own net readily available.” David Livingston/Getty Images
When a major disruption hits the entertainment industry, Hollywood business managers often see themselves as canaries in the coal mine — moving at, or even before, the first sign of a threat to guard and grow their clients’ assets. Sounding the alarm without provoking panic has been no easy task in recent years as dual union strikes ground film and television production to a halt on the heels of the global COVID-19 pandemic.
The goal, of course, is to prepare the A-list stars and top creatives on their rosters to weather financial storms before they hit — though that’s often easier said than done.
“It’s one thing to say you want to save money,” says Robert Salzman of David Weise & Associates. “But it takes commitment and hard work. David Weise likes to use the analogy of our services to that of a personal trainer. It’s easier to work out when someone is there at your side motivating you to do that next rep. In our case, it means clients being open to meeting regularly to monitor finances and look at practical metrics.”
While it may seem safe to assume the COVID-19 pandemic shutdown in 2020 would have prompted people working in Hollywood to prioritize creating plans for any unforeseen events in the future, business managers say that hasn’t been the case for everyone.
Belva Anakwenze, a principal at Abacus Financial Business Management, says that government aid in the form of cash payments and forgivable PPP business loans offered a lifeline during the COVID-19 pandemic. Although there have been strike funds — and some stars and showrunners have kept their staff on the payroll amid the shutdown — there has been no equivalent to that federal aid during the labor actions.
“The strikes have taught our clients significantly more than the COVID-19 pandemic,” Anakwenze notes. “Even though we emphasize the importance of cash reserves, the aid during COVID-19 provided false comfort. The strikes have proved that there will not always be a safety net given, and it is crucial to create and have your own net readily available.” Again, she emphasizes that planning for a rainy day is about more than shoring up cash reserves: “It is essential to have assets available for sale and lines of credit open. We have been encouraging clients to leverage their assets to access cash for operations.”
For some, the dual strikes bringing the entertainment business to a standstill barely three years after the pandemic-era shutdowns came at a time when business managers and their clients were still on guard amid an evolving industry recovery.
“With COVID so recent in the rearview mirror, clients have become more adjusted to dealing with events impacting traditional income streams like the strikes, which has management teams proactively diversifying for sustained success and comfort despite the slowdowns,” notes Justin Sroka of Mann Gelon Glodney Gumerove Yee.
Even for those who were well prepared, the now-concluded WGA strike and the ongoing SAG-AFTRA labor action — which recently passed the 100-day mark — have made it difficult to stay afloat financially.
Freemark Financial co-founder Steves Rodriguez notes that step one was doing an active review of spending. “Eliminating discretionary spending as much as possible is typically first on the list,” he says. “One would also look at the largest expenditure buckets, which for many people is their home. So looking at creative solutions around housing is one of the more impactful changes one can make.”
Adds Howard Altman of Grant Tani Barash & Altman: “Identify essentials. Identify matters that need to be addressed immediately versus those that can wait. Create a specific plan and path forward. Everyone feels better and prepared when there is a specific plan — in all areas of life.”
For many, the path forward has required doing far more than cutting back on spending.
“Unfortunately, some clients have had to go into their pension accounts and either borrow or liquidate some of their assets,” says Carrie Malcolm of CRM Management. “And, in cases where mortgage rates have changed or people have needed to relocate, the banks have been feeling nervous about lending to out-of-work actors and writers.”
The situation has led to difficult actions and conversations — especially when hot real estate markets in pre-shutdown years resulted in some individuals upgrading to more expensive homes. Says Larry Witzer of Gettleson Witzer & O’Connor, “Telling a client they have to sell their home or lay off staff is never a comfortable conversation.”
This time around, it seems the collective industry trauma has forced showbiz creatives and talent to focus on what they really want out of life and set their financial priorities accordingly. “No matter how creative a person is, we can’t avoid the reality that bad things happen to good people,” says Steven Campeas of SJC. “There will always be an unexpected expense or circumstance that will require funds we had no intention of spending. I am not a cynic, but the ‘rainy day’ will always come, and sometimes it lasts for months. This strike brought that point home.”
The financial squeeze brought on by the dual strikes also has reignited debates and uncertainty over the future of content spending by major studios and streamers after the end of Peak TV, the ever-shifting economics of online video platforms, and the workplace implications of generative artificial intelligence.
Despite the challenging industry backdrop, Marie Ambrosino of Gursey | Schneider urges clients to keep their heads up: “Stay the course on what matters most in your life, keep your faith, make well-thought-out decisions.”
Generally, the business managers say this year has made clients more invested in their financial situation, more introspective and more willing to make changes moving forward.
“I hear, ‘After the strike I need to examine how much I spend,’ ” says Randy O’Connor of Gettleson Witzer & O’Connor. “Our clients now realize they have built up a big fixed spending base that needs to be challenged and reduced.”
Of course, there’s no telling when “after the strike” will be. The 2023 WGA strike ran for 148 days before the lengthy work stoppage ended with a new deal for screenwriters, and SAG-AFTRA is back at the bargaining table after so far failing to reach an agreement with the AMPTP — but, even when it does, the livelihoods of Hollywood workers could quite possibly be upended again next year as the industry looks ahead to the 2024 labor contract battles. The Hollywood Teamsters, IATSE and unions that are part of Hollywood Basic Crafts and include IBEW Local 40, LIUNA! Local 724, OPCMIA Local 755 and UA Local 78 also head to the bargaining table.
All of which emphasizes the need to continue being proactive for Altman: “This has underscored the importance of recognizing the volatility of the industry, the fact that nothing is guaranteed, and the reason for meaningful savings and reserves.”
This story first appeared in the Oct. 25 issue of The Hollywood Reporter magazine. Click here to subscribe.
Fri, 27 Oct 2023 05:18:00 -0500en-UStext/htmlhttps://www.hollywoodreporter.com/business/business-news/after-strikes-ultimate-financial-stress-test-hollywood-1235626607/?_escaped_fragment_=Wall Street can breathe easy. ChatGPT isn't smart enough to be a financial analyst yet.No result found, try new keyword!According to a study, ChatGPT couldn't pass the chartered financial analyst test ... The CFA is a rigorous three-part test, designed gauge knowledge of securities analysis and portfolio management. It ...Thu, 02 Nov 2023 15:18:00 -0500en-ustext/htmlhttps://www.msn.com/UK regulator to stress test financial resilience of insurers in 2025No result found, try new keyword!UK regulator to stress test financial resilience of insurers in ... implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining ...Wed, 04 Oct 2023 04:02:00 -0500en-ustext/htmlhttps://www.msn.com/Visa and local banks finish digital dollar test in Hong KongNo result found, try new keyword!In the world of security, the digital dollar transactions were fortified through encryption, rendering them visible yet indecipherable to non-banking entities, ...Thu, 02 Nov 2023 04:15:06 -0500en-ustext/htmlhttps://www.msn.com/The SEC’s Wrongheaded AI Crackdown
In August, the biotechnology company Tempus earned the Food and Drug Administration’s coveted “breakthrough device” designation. The company’s new “breakthrough” test measures heterozygosity loss within tumors and uses artificial intelligence to identify cancer patients who would benefit from targeted therapies. Tempus’s innovation allows health-care professionals to make more-precise treatment recommendations and shows AI’s potential to deliver customized, efficient, and effective services across a range of industries.
Even as the notoriously risk-averse Food and Drug Administration embraces artificial intelligence, however, another federal regulatory agency—the Securities Exchange Commission—has cracked down on AI. A set of pending SEC rules proposed in July jeopardizes financial firms’ use of the technology. Like Tempus, financial firms are using “machine learning,” a process by which computers find patterns in data, make predictions, and even execute tasks without explicit programing. Just as machine learning enhances medical-services delivery, it can help financial professionals see deeper into data than any human could. This process, called predictive data analytics, enables firms not only to enhance trading strategies but also to perform tasks such as underwriting and fraud detection. Adding AI models to financial professionals’ toolkits will make the industry more competitive and Excellerate investor outcomes.
But under the guise of minimizing conflicts of interest, the SEC now proposes requiring advisers and broker-dealers to write new internal procedures and to log all uses of technologies relating to predictive data analytics for agency review. If left unchallenged, the new rules would hamper the American financial industry’s world-beating innovation.
“Today’s predictive data analytics models provide an increasing ability to make predictions about each of us as individuals,” says SEC chairman Gary Gensler. This capability, he claims, “raises possibilities that conflicts may arise to the extent that advisers or brokers are optimizing to place their interests ahead of their investors’ interests.” While AI-assisted investing is novel, the SEC fails to explain why it runs afoul of age-old fiduciary-duty rules. Jack Inglis, chief executive of the Alternative Investment Management Association, argues that the SEC’s proposal “attempts to address a gap that does not exist.” As Tempus demonstrates in medicine, AI’s ability to enhance data analysis redounds to end users’ benefit, whether patients or investors. By demanding new forms of recordkeeping and manual oversight, the SEC guarantees that elevated compliance costs will eat into investors’ returns.
Those costs are almost certain to be substantial, given the proposal’s capacious definition of a covered technology—“an analytical, technological, or computational function, algorithm, model, correlation matrix, or similar method or process that optimizes for, predicts, guides, forecasts, or directs investment-related behaviors or outcomes in an investor interaction.” If computing power is involved, the proposal’s text suggests, the SEC would like to know about it. These overbearing rules will leave all but the most established, robustly resourced, and well-staffed advisers and broker-dealers at a clear disadvantage in competing for customers’ business, further entrenching the largest players and raising barriers to entry.
Gensler rightly fears the prospect of all advisers and dealer-brokers using the same small group of AI-driven predictive models. If all financial-market participants rely on the same AI models, those models’ flaws could cause system-wide vulnerabilities. The SEC’s desire to avoid that fate, however, does not justify its sloppy proposal. If adopted, the rules will smother what in 2020 Gensler himself described as AI’s potential “for efficiency, financial inclusion, and risk mitigation.”
AI and data analytics are force-multipliers across industries. In medicine, biotech firms like Tempus are showing the value of putting data and computing power to use. The same potential exists in finance, where creative firms can utilize data and AI to challenge industry incumbents and channel capital more efficiently than ever before. The SEC has the statutory authority to keep watch on AI risks, but if it wants to look out for investors’ interests, it should stand down from its destructive proposal.
City Journal is a publication of the Manhattan Institute for Policy Research (MI), a leading free-market think tank. Are you interested in supporting the magazine? As a 501(c)(3) nonprofit, donations in support of MI and City Journal are fully tax-deductible as provided by law (EIN #13-2912529).
Fri, 10 Nov 2023 04:23:00 -0600entext/htmlhttps://www.city-journal.org/article/the-secs-wrongheaded-ai-crackdownVersion 7 of Genesis Low-Code Platform Speeds Software Innovation in Financial Markets
Miami, Nov. 13, 2023 (GLOBE NEWSWIRE) -- Genesis Global, the low-code application development platform purpose-built for financial markets organizations, today announced the release of Genesis Platform version 7 (G7). It includes multiple enhancements that make it faster and easier for developers in financial services to build, test and deploy robust software applications.
Engineered for software developers in banks, asset managers and other types of financial firms, Genesis fuses the flexibility and power of professional development tools with the efficiency of low-code specially optimized for financial markets. The Genesis platform and its library of functional, technical and financial business components make it faster to develop full-stack applications requiring high-performance transaction processing, event-driven workflows, real-time data integrations and customized user experiences.
"Our technology and expertise in capital markets make Genesis a unique partner for banks, brokers, asset managers and other financial firms that want to drive performance and competitive advantage through technology innovation," said Tej Sidhu, Chief Technology Officer at Genesis Global. "Upgrades to our platform are driven by our core mission to supercharge software developers in financial markets and make it faster to build, test and deploy new applications."
Enhancements in G7 make it faster and easier for developers to build full-stack applications, design user interfaces, to operate Genesis applications within enterprise technology ecosystems and to access training tools and other assistance available in the platform.
Supercharging developer productivity
The financial markets-specific low-code framework and developer tools in the Genesis platform supercharge developer productivity. A new suite of specialized IDE plugins deliver AI-driven code automation and real-time code assistance, accelerating software development. New features include:
AI-Driven Code Automation: a Large Language Model enables developers to describe their intentions in plain text and receive full-stack code to actualize those needs. Translating developer intent into code in real-time speeds up builds and reduces code errors.
Expanded Front & Back-End Code Assistance: new IDE plugins deliver more extensive auto code completion, on the spot parameter prompts and dynamic programming options to boost speed and accuracy for server-side and interface development.
Enhanced UI design and customization
With Genesis, developers can easily create dynamic and tailored user interfaces to support the demands of financial markets applications and workflows. New tools in G7 for effortless design of customized UIs include:
Dynamic Layout Manager: facilitates full customization of screen layouts to ensure that interfaces align with users' unique workflow needs.
Design System Configurator: a visual tool that enables developers to create and update their application's design style.
Improved enterprise interoperability
Genesis applications are engineered to integrate and interoperate within enterprise ecosystems. Advances in G7 which streamline deployment and performance monitoring include:
OpenAPI Integration: new support for OpenAPI promotes efficient integration and interoperability of Genesis applications within wider enterprise solutions.
Enhanced Metrics & Monitoring: integration with Micrometer and support for OpenTelemetry observability standards facilitate instrumentation and health and performance monitoring.
Interactive developer assistance and training
Genesis continuously improves how it supports developers using the Platform. New tools to help developers quickly leverage the full capabilities of Genesis include:
AI-Powered Assistance: an AI chatbot embedded in Genesis documentation answers queries, including intricate technical requests, helping developers navigate the Genesis platform.
Learning Management System: a new LMS offers engaging and structured learning experiences, empowering developers to advance their use of Genesis.
"AI-driven automation and other tools in this release Excellerate the coding experience and help our developer community leverage the capabilities of the Genesis platform," continued Tej Sidhu. "With G7, we make the power of high-performance low-code even more accessible to our developer community."
Strategically backed by Bank of America, BNY Mellon and Citi, the Genesis platform is used by banks, asset managers, clearing houses, exchanges and other financial organizations to build new software applications, enhance legacy systems and replace spreadsheet computing and manual processes with enterprise-quality solutions.
# # #
About Genesis Global
Genesis Global enables financial markets organizations to innovate at speed through a software application development platform, prepackaged solutions and deep expertise in capital markets and financial services. In supercharging developers to rapidly deliver high-performance, resilient and secure applications, Genesis replaces the buy vs. build challenge with a buy-to-build solution.
The Genesis platform is designed with flexibility and performance at its core, providing developers with the frameworks, integrations and components required to automate manual workflows, enhance legacy systems and build entirely new applications. Featuring a resilient, real-time service-oriented architecture, Genesis excels across the performance envelope of low-latency, high-throughput and high-scalability, powering mission-critical applications at the world's leading financial institutions.
Alex Paidas
Genesis Global
6462464889
alex.paidas@genesis.global
Sun, 12 Nov 2023 22:13:00 -0600entext/htmlhttps://www.benzinga.com/pressreleases/23/11/g35747841/version-7-of-genesis-low-code-platform-speeds-software-innovation-in-financial-marketsFREENOW offers unique financial subsidy to help PHV drivers take on Knowledge of London taxi test
FREENOW UK has announced today that the 20,000+ London Private Hire Vehicle drivers on their app will have the chance to expand their careers by accessing a unique financial subsidy that will support them in completing the Knowledge of London and becoming black cab drivers.
The announcement comes as an internal FREENOW survey of all PHV drivers in London revealed that:
Over half (52%) have considered becoming a black cab driver
Nearly half (49%) think the Knowledge should be made simpler
40% think passing the Knowledge should take less time
34% stated they would consider doing the Knowledge if financial support was available.
This FREENOW initiative aims to help tackle the continuous drop in the number of black cab licence applications - licence applications dropped by almost 95% in the last decade - and while demand has bounced back, the number of licensed black cab drivers continues to fall putting this iconic and safe mode of transport and the industry at risk.
Introduced in 1865, the Knowledge requires taxi drivers to memorise thousands of roads and routes within a six-mile radius of Charing Cross, including a range of popular destinations, including hospitals, nightclubs, and theatres. The Knowledge takes an average of three to four years to complete, requiring a significant financial investment over this period of time, which, including all costs associated with it, can reach up to 10,000 pounds.
Mariusz Zabrocki, General Manager at FREENOW UK, said: “At FREENOW, our goal is to support our drivers to thrive within the industry. The applications for black cab licences have dropped from over 3,000 in 2011/12 to just 221 in 2022. We want to help reignite the industry by supporting experienced and knowledgeable private hire vehicle drivers to progress in their careers and help them complete their studies through financial aid and learning support.
"Increasing the number of black cab drivers in the city will benefit local businesses, including shops, restaurants, bars, theatres and the tourism industry, ultimately bolstering London’s economy."
Rafael C, who has been working as a private hire vehicle driver for over seven years, said: "I've always dreamed of joining the iconic London black cabs, but I've been put off by the time and money required to complete it. This FREENOW subsidy makes a big difference financially and gives me that much needed confidence boost to go for it."
Steve McNamara, General Secretary, The Licensed Taxi Drivers ‘ Association, said: “Any initiative which helps encourage more people to study the Knowledge and work towards joining our ranks as professional, highly trained, London licensed taxi drivers is very welcome. The Knowledge requires dedication and hard work, but the skills it develops remain as relevant today as they ever were, allowing drivers to take the quickest, most direct route, avoid road closures and traffic, and ensuring they can provide customers with a reliable, efficient service.
“It’s great to see FREENOW investing in safeguarding the future of London’s world-renowned licensed taxis. With an increasingly zero-emission capable fleet, a growing customer base and record demand, with the right support and initiatives like this, our trade has a bright future ahead of it. I would encourage anyone looking for a rewarding, flexible and dynamic job, who is willing to commit the time and energy required, to do the Knowledge and become a London cabbie.”
Dean Warrington, Founder at WizAnn Knowledge School, added: “We are delighted to be teaming up with FREENOW to encourage PHV drivers to study the Knowledge. This is an opportunity to develop their career further and take advantage of the many benefits of being a black cab driver in London. Black cabs are a special historical institution that must be preserved, and we are glad to see a company like FREENOW investing their time and money in doing just that.”
Wed, 15 Nov 2023 19:42:00 -0600entext/htmlhttps://www.taxi-point.co.uk/post/freenow-offers-unique-financial-subsidy-to-help-phv-drivers-take-on-the-knowledge-of-londonBluejay Diagnostics, Inc. Reports Third Quarter 2023 Financial Results
ACTON, Mass., Nov. 09, 2023 (GLOBE NEWSWIRE) -- Bluejay Diagnostics, Inc. (NASDAQ: BJDX) (“Bluejay” or the “Company”), a clinical-stage medical diagnostics company developing rapid, near-patient tests using whole blood on its Symphony platform to Excellerate patient outcomes in critical care settings, today reported its financial results for the quarter and nine months ended September 30, 2023.
“Based on FDA’s feedback from the August 11, 2023, meeting, the Company focused on implementing the modified clinical strategy that puts us on the most efficient pathway and believes that it would submit for regulatory approval for Symphony IL-6 during the first half of 2024 as planned. Furthermore, we have re-negotiated our licensing agreement with Toray Industries, Inc. to include a reduced royalty payment from 15% to 7.5% of net sales of certain cartridges for a term of 10 years. A 50% reduction in the royalty rate applies upon expiry of applicable Toray patents on a product-by-product and country-by-country basis. The new license agreement contemplates that applicable royalty payment obligations from the Company to Toray for other products will be determined separately by the parties in the future. Overall, the re-negotiated licensing agreement provides Bluejay with more freedom to operate, and better secures long-term licensing of Toray’s patents and know-how around the Symphony technology In addition, we have re-negotiated our supply agreement with Toray Industries, Inc. to ensure critical Symphony Cartridge component supply that will sustain us through clinical studies,” said Neil Dey, CEO of Bluejay Diagnostics.
Symphony IL-6 has the potential to be an influential tool for the prediction of clinical deterioration in sepsis patients. Symphony IL-6 testing, in conjunction with clinical and other diagnostic findings, may enable healthcare providers to better prioritize appropriate care to help Excellerate outcomes for those at high risk, and potentially avoid unnecessary investigations and treatments in those at low risk. IL-6 appears as a ‘first responder’ inflammatory biomarker in blood during inflammation, which is common in diseases and infections. A current unmet challenge for healthcare professionals is the amount of time it takes to identify sepsis in patients and to determine disease severity. Existing technologies typically take several hours to deliver IL-6 results, which can delay critical treatment decisions that could Excellerate patient outcomes.
“We are confident that our planned clinical and analytical studies may support a 510(k) FDA regulatory submission with an initial indication for risk stratification of hospitalized sepsis patients. In order for us to realize this, we have continued to limit our cash burn while executing our clinical and regulatory strategy for the Symphony IL-6 test,” said Neil Dey, CEO of Bluejay Diagnostics.
Financial Results for the Three Months Ended September 30, 2023
Cash and cash equivalents. Cash and cash equivalents on September 30, 2023 were $5.08 million, as compared to $10.1 million on December 31, 2022. The Company has maintained a slow cash burn during its FDA submission process. The Company estimates cash resources will be sufficient to fund its operations into the first quarter of 2024. The Company will need additional capital to fund its planned operations for the next 12 months. The Company expects that it will seek to raise such additional capital through public or private equity offerings, grant financing and support from governmental agencies, convertible debt, collaborations, strategic alliances and distribution arrangements.
Research and development expense. Research and development expenses for the three and nine months ended September 30, 2023 were $1.39 million and $4.42 million, respectively, as compared to $1.37 million and $2.83 million, respectively, for the comparable periods in 2022. The increase in research and development expenses is due to the expansion of our clinical program and to support scale-up manufacturing of the Symphony technology platform and IL-6 Test.
General and administrative expense. General and administrative expenses for the three and nine months ended September 2023 were $0.96 million and $3.21 million, respectively, as compared to $1.28 million and $3.8 million, respectively, for the comparable periods in 2022. The decrease in general and administrative expenses reflects the Company’s focus on clinical program and manufacturing scale-up.
Sales and marketing expense. Sales and marketing expenses for the three and nine months ended September 30, 2023 were $(19,619) and $282,756, respectively, as compared to $146,102 and $281,144, respectively, for the comparable periods in 2022. While these expenses have been limited to date, we expect to increase these efforts when appropriate to support our commercial growth.
Net loss/Net loss per share. The net loss for the three and nine months ended September 30, 2023 was $2.29 million and $7.65 million, or $2.08 and $7.30 per share, respectively, compared to $2.9 million and $6.9 million, or $2.94 and $6.86 per share, respectively, for the comparable periods in 2022.
About the SymphonyTMSystem:
Bluejay’s Symphony System (the “Symphony System”) is designed to address the need for simple, reliable, rapid, near-patient testing by providing quantitative measurements of specific biomarkers to determine the need for additional patient care and monitoring. The user-friendly Symphony System will not require any sample preparation or dedicated staff and was shown in published clinical studies to deliver results in approximately 20 minutes.
The Symphony IL-6 Test is a development stage product candidate for investigational use only. It is limited by United States law to investigational use.
About Bluejay Diagnostics:
Bluejay Diagnostics, Inc. is a medical diagnostics company focused on improving patient outcomes using its Symphony System, a cost-effective, rapid, near-patient testing system for triage and monitoring of disease progression. Bluejay’s first product candidate, an IL-6 Test for sepsis triage, is designed to provide accurate, reliable results in approximately 20 minutes from ‘sample-to-result’ to help medical professionals make earlier and better triage/treatment decisions. More information is available at www.bluejaydx.com.
Forward-Looking Statements:
This press release contains statements that the Company believes are “forward-looking statements” within the meaning of the Private Litigation Reform Act. Forward-looking statements in this press release include, without limitation, the ability of the Company to submit a marketing application with the FDA in the first-half of 2024 whether the Company’s cash position will be sufficient to fund operations beyond the date of its anticipated regulatory approval and initial commercialization of the Symphony IL-6 Test, and whether such anticipated regulatory approval will actually occur. Forward-looking statements may be identified by words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “suggest”, “will,” and similar expressions. The Company has based these forward-looking statements on its current expectations and projections about future events, nevertheless, actual results or events could differ materially from the plans, intentions and expectations disclosed in, or implied by, the forward-looking statements the Company makes. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including those discussed under item 1A. “Risk Factors” in our most recently filed Form 10-K filed with the Securities and Exchange Commission, as updated by the Company’s subsequent Quarterly Reports on Form 10-Q. You should not place undue reliance on these forward-looking statements, as they are subject to risks and uncertainties, and actual results and performance in future periods may be materially different from any future results or performance suggested by the forward-looking statements in this release. This press release speaks as of the date indicated above. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise. The Company expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any future changes in the Company’s expectations of results or any future change in events.
Investor Contact: Neil Dey Bluejay Diagnostics, Inc. Tel: 978-631-0310 Email: neil.dey@bluejaydx.com
Bluejay Diagnostics, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
September 30,
December 31,
2023
2022
ASSETS
Current assets:
Cash and cash equivalents
$
5,076,937
$
10,114,990
Prepaid expenses and other current assets
1,450,805
1,673,480
Total current assets
6,527,742
11,788,470
Property and equipment, net
1,321,711
1,232,070
Operating lease right-of-use assets
367,248
465,514
Other non-current assets
29,907
35,211
Total assets
$
8,246,608
$
13,521,265
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
755,949
$
635,818
Operating lease liability, current
168,716
168,706
Accrued expenses and other current liabilities
1,875,475
835,730
Total current liabilities
2,800,140
1,640,254
Operating lease liability, non-current
220,093
323,915
Other non-current liabilities
13,220
15,823
Total liabilities
3,033,453
1,979,992
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.0001 par value; 7,500,000 shares authorized; 1,239,140 and 1,010,560 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively
124
101
Additional paid-in capital
29,861,279
28,538,274
Accumulated deficit
(24,648,248
)
(16,997,102
)
Total stockholders’ equity
5,213,155
11,541,273
Total liabilities and stockholders’ equity
$
8,246,608
$
13,521,265
See notes to unaudited condensed consolidated financial statements.
Reflects a 1-for-20 reverse stock split effective July 24, 2023.
Bluejay Diagnostics, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
Three months ended September 30,
Nine months ended September 30,
2023
2022
2023
2022
Revenue
$
-
$
-
$
-
$
249,040
Cost of sales
-
-
-
200,129
Gross profit
-
-
-
48,911
Operating expenses:
Research and development
1,397,318
1,379,665
4,428,123
2,830,705
General and administrative
963,534
1,284,411
3,213,614
3,801,226
Sales and marketing
(19,619
)
146,102
282,756
281,144
Total operating expenses
2,341,233
2,810,178
7,924,493
6,913,075
Operating loss
(2,341,233
)
(2,810,178
)
(7,924,493
)
(6,864,164
)
Other income (expense):
Impairment of property and equipment
-
(210,117
)
-
(210,117
)
Other income, net
43,235
60,406
273,347
163,587
Total other income (expense), net
43,235
(149,711
)
273,347
(46,530
)
Net loss
$
(2,297,998
)
$
(2,959,889
)
$
(7,651,146
)
$
(6,910,694
)
Net loss per share - Basic and diluted
$
(2.08
)
$
(2.94
)
$
(7.30
)
$
(6.86
)
Weighted average common shares outstanding:
Basic and diluted
1,102,966
1,007,617
1,048,430
1,007,445
See notes to unaudited condensed consolidated financial statements.
Reflects a 1-for-20 reverse stock split effective July 24, 2023.
Thu, 09 Nov 2023 08:05:00 -0600entext/htmlhttps://markets.businessinsider.com/news/stocks/bluejay-diagnostics-inc-reports-third-quarter-2023-financial-results-1032802572