News
BEN Reports First Quarter 2024 Financial Results
JACKSON, Wyo., May 14, 2024–(BUSINESS WIRE)–Brand Engagement Network Inc. (“BEN”) (Nasdaq: BNAI), an emerging provider of personalized customer engagement AI, today announced its financial results and key business highlights for the first quarter ended March 31st, 2024.
“We are excited to announce our first set of results as a public company following our Nasdaq listing in March,” said Michael Zacharski, CEO of BEN. “We are making solid progress on our key strategic priorities, and believe we are well-positioned to accelerate growth and scale our differentiated AI platform.”
First Quarter 2024 Key Business Highlights
-
Closed business combination with DHC Acquisition Corp. and began trading on Nasdaq under symbol “BNAI”.
-
Strengthened Board of Directors with multiple appointments including the additions of Janine Grasso and Jon Liebowitz, with Chris Heller serving as Board Advisor.
-
Launched BENAuto in partnership with AFG Companies, delivering unique AI Assistants to support various automotive use cases.
-
Announced pilot partnership with MedAdvisor Solutions to bring BEN’s AI Assistant technology to certain pharmacies to help enhance patient outcomes.
Conference Call and Webcast Information
The Company will host a conference call and webcast today, Tuesday, May 14, 2024, at 5:00 p.m. Participants can register here to access the live webcast of the conference call. Alternatively, those who want to join the conference call via phone can register at this link to receive a dial-in number and unique PIN.
The webcast will be archived for one year following the conference call and can be accessed on BEN’s investor relations website at https://investors.beninc.ai.
About BEN
BEN (Brand Engagement Network) is a leading provider of conversational AI technology and human-like AI avatars headquartered in Jackson, WY. BEN delivers highly personalized, multi-modal (text, voice, and vision) AI engagement, with a focus on industries where there is a massive workforce gap and an opportunity to transform how consumers engage with networks, providers, and brands. The backbone of BEN’s success is a rich portfolio of conversational AI applications that drive better customer experience, increased automation and operational efficiencies. Powered by a proprietary large language model developed based on years of research and development from leading experts in AI and advanced security methodologies, BEN seeks to partner with companies with complementary capabilities and networks to enable meaningful business outcomes.
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Additional information about BEN can be found here: https://beninc.ai/.
Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are not historical facts, and involve risks and uncertainties that could cause actual results of DHC and BEN to differ materially from those expected and projected. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes,” “estimates,” “anticipates,” “expects,” “intends,” “plans,” “may,” “will,” “potential,” “projects,” “predicts,” “continue,” or “should,” or, in each case, their negative or other variations or comparable terminology.
These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside BEN’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: failure to realize the anticipated benefits of the Business Combination; risks relating to the uncertainty of the projected financial information with respect to BEN; the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive transaction agreement; BEN’s history of operating losses; BEN’s need for additional capital to support its present business plan and anticipated growth; technological changes in BEN’s market; the value and enforceability of BEN’s intellectual property protections; BEN’s ability to protect its intellectual property; BEN’s material weaknesses in financial reporting; and BEN’s ability to navigate complex regulatory requirements; the ability to maintain the listing of BEN’s securities on a national securities exchange; the ability to implement business plans, forecasts, and other expectations; the effects of competition on BEN’s business; the risks of operating and effectively managing growth in evolving and uncertain macroeconomic conditions, such as high inflation and recessionary environments; and continuing risks relating to the COVID 19 pandemic. The foregoing list of factors is not exhaustive.
BEN cautions that the foregoing list of factors is not exclusive. BEN cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. BEN does not undertake nor does it accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based and it does not intend to do so unless required by applicable law. Further information about factors that could materially affect BEN, including its results of operations and financial condition, is set forth under “Risk Factors” in BEN’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q subsequently filed with the Securities and Exchange Commission.
BRAND ENGAGEMENT NETWORK INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
|
 |
March 31, |
 |
December 31, |
||||
|
ASSETS |
 |
 |
 |
||||
|
Current assets: |
 |
 |
 |
||||
|
Cash and cash equivalents |
$ |
3,304,283 |
 |
 |
$ |
1,685,013 |
 |
|
Accounts receivable, net of allowance |
 |
7,500 |
 |
 |
 |
10,000 |
 |
|
Due from Sponsor |
 |
3,000 |
 |
 |
 |
— |
 |
|
Prepaid expenses and other current assets |
 |
1,038,993 |
 |
 |
 |
201,293 |
 |
|
Total current assets |
 |
4,353,776 |
 |
 |
 |
1,896,306 |
 |
|
Property and equipment, net |
 |
1,176,235 |
 |
 |
 |
802,557 |
 |
|
Intangible assets, net |
 |
17,847,086 |
 |
 |
 |
17,882,147 |
 |
|
Other assets |
 |
13,475,000 |
 |
 |
 |
1,427,729 |
 |
|
TOTAL ASSETS |
$ |
36,852,097 |
 |
 |
$ |
22,008,739 |
 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
 |
 |
 |
||||
|
Current liabilities: |
 |
 |
 |
||||
|
Accounts payable |
$ |
4,416,613 |
 |
 |
$ |
1,282,974 |
 |
|
Accrued expenses |
 |
7,773,389 |
 |
 |
 |
1,637,048 |
 |
|
Due to related parties |
 |
693,036 |
 |
 |
 |
— |
 |
|
Deferred revenue |
 |
— |
 |
 |
 |
2,290 |
 |
|
Short-term debt |
 |
223,300 |
 |
 |
 |
223,300 |
 |
|
Total current liabilities |
 |
13,106,338 |
 |
 |
 |
3,145,612 |
 |
|
Warrant liabilities |
 |
1,974,560 |
 |
 |
 |
— |
 |
|
Note payable – related party |
 |
500,000 |
 |
 |
 |
500,000 |
 |
|
Long-term debt |
 |
668,674 |
 |
 |
 |
668,674 |
 |
|
Total liabilities |
 |
16,249,572 |
 |
 |
 |
4,314,286 |
 |
|
Commitments and contingencies (Note M) |
 |
 |
 |
||||
|
Stockholders’ equity: |
 |
 |
 |
||||
|
Preferred stock par value $0.0001 per share, 10,000,000 shares authorized, none designated. There are no shares issued or outstanding as of March 31, 2024 or December 31, 2023 |
 |
— |
 |
 |
 |
— |
 |
|
Common stock par value of $0.0001 per share, 750,000,000 shares authorized. As of March 31, 2024 and December 31, 2023, respectively, 33,592,055 and 23,270,404 shares issued and outstanding |
 |
3,360 |
 |
 |
 |
2,327 |
 |
|
Additional paid-in capital |
 |
40,785,294 |
 |
 |
 |
30,993,846 |
 |
|
Accumulated deficit |
 |
(20,186,129 |
) |
 |
 |
(13,301,720 |
) |
|
Total stockholders’ equity |
 |
20,602,525 |
 |
 |
 |
17,694,453 |
 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ |
36,852,097 |
 |
 |
$ |
22,008,739 |
 |
BRAND ENGAGEMENT NETWORK INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
 |
Three Months Ended |
||||||
|
 |
2024 |
 |
2023 |
||||
|
Revenues |
$ |
49,790 |
 |
 |
$ |
— |
 |
|
Operating expenses: |
 |
 |
 |
||||
|
General and administrative |
 |
6,480,535 |
 |
 |
 |
2,616,724 |
 |
|
Depreciation and amortization |
 |
117,347 |
 |
 |
 |
19,232 |
 |
|
Research and development |
 |
250,671 |
 |
 |
 |
2,000 |
 |
|
Total operating expenses |
 |
6,848,553 |
 |
 |
 |
2,637,956 |
 |
|
Loss from operations |
 |
(6,798,763 |
) |
 |
 |
(2,637,956 |
) |
|
Other income (expenses): |
 |
 |
 |
||||
|
Interest expense |
 |
(25,050 |
) |
 |
 |
— |
 |
|
Interest income |
 |
3,118 |
 |
 |
 |
— |
 |
|
Change in fair value of warrant liabilities |
 |
(60,823 |
) |
 |
 |
— |
 |
|
Other |
 |
(2,891 |
) |
 |
 |
— |
 |
|
Other income (expenses), net |
 |
(85,646 |
) |
 |
 |
— |
 |
|
Net loss |
$ |
(6,884,409 |
) |
 |
$ |
(2,637,956 |
) |
|
Net loss per common share- basic and diluted |
$ |
(0.27 |
) |
 |
$ |
(0.15 |
) |
|
Weighted-average common shares – basic and diluted |
 |
25,233,890 |
 |
 |
 |
17,129,921 |
 |
BRAND ENGAGEMENT NETWORK INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
|
 |
Three Months Ended March |
||||||
|
 |
2024 |
 |
2023 |
||||
|
Cash flows from operating activities: |
 |
 |
 |
||||
|
Net loss |
$ |
(6,884,409 |
) |
 |
$ |
(2,637,956 |
) |
|
Adjustments to reconcile net loss to net cash provided by operating activities: |
 |
 |
 |
||||
|
Depreciation and amortization expense |
 |
117,347 |
 |
 |
 |
19,232 |
 |
|
Allowance for uncollected receivables |
 |
30,000 |
 |
 |
 |
— |
 |
|
Write off of deferred financing fees |
 |
1,427,729 |
 |
 |
 |
— |
 |
|
Change in fair value of warrant liabilities |
 |
60,823 |
 |
 |
 |
— |
 |
|
Stock based compensation |
 |
406,980 |
 |
 |
 |
2,442,701 |
 |
|
Changes in operating assets and liabilities: |
 |
 |
 |
||||
|
Prepaid expense and other current assets |
 |
(820,876 |
) |
 |
 |
(51,100 |
) |
|
Accounts receivable |
 |
(27,500 |
) |
 |
 |
500 |
 |
|
Accounts payable |
 |
783,637 |
 |
 |
 |
108,890 |
 |
|
Accrued expenses |
 |
358,630 |
 |
 |
 |
53,413 |
 |
|
Other assets |
 |
— |
 |
 |
 |
8,850 |
 |
|
Deferred revenue |
 |
(2,290 |
) |
 |
 |
— |
 |
|
Net cash used in operating activities |
 |
(4,549,929 |
) |
 |
 |
(55,470 |
) |
|
Cash flows from investing activities: |
 |
 |
 |
||||
|
Purchase of property and equipment |
 |
(13,037 |
) |
 |
 |
— |
 |
|
Capitalized internal-use software costs |
 |
(158,028 |
) |
 |
 |
— |
 |
|
Net cash used in investing activities |
 |
(171,065 |
) |
 |
 |
— |
 |
|
Cash flows from financing activities: |
 |
 |
 |
||||
|
Cash and cash equivalents acquired in connection with the reverse recapitalization |
 |
858,292 |
 |
 |
 |
— |
 |
|
Proceeds from the sale of common stock |
 |
6,325,000 |
 |
 |
 |
— |
 |
|
Proceeds received from warrant exercise |
 |
15,264 |
 |
 |
 |
— |
 |
|
Payment of deferred financing costs |
 |
(858,292 |
) |
 |
 |
— |
 |
|
Advances to related parties |
 |
— |
 |
 |
 |
(4,790 |
) |
|
Proceeds received from related party advance repayments |
 |
— |
 |
 |
 |
58,250 |
 |
|
Net cash provided by financing activities |
 |
6,340,264 |
 |
 |
 |
53,460 |
 |
|
Net increase (decrease) in cash and cash equivalents |
 |
1,619,270 |
 |
 |
 |
(2,010 |
) |
|
Cash and cash equivalents at the beginning of the period |
 |
1,685,013 |
 |
 |
 |
2,010 |
 |
|
Cash and cash equivalents at the end of the period |
$ |
3,304,283 |
 |
 |
$ |
— |
 |
|
Supplemental Cash Flow Information |
 |
 |
 |
||||
|
Cash paid for interest |
$ |
— |
 |
 |
$ |
— |
 |
|
Cash paid for income taxes |
$ |
— |
 |
 |
$ |
— |
 |
|
Supplemental Non-Cash Information |
 |
 |
 |
||||
|
Capitalized internal-use software costs in accrued expenses |
$ |
50,075 |
 |
 |
$ |
— |
 |
|
Stock-based compensation capitalized as part of capitalized software costs |
$ |
291,725 |
 |
 |
$ |
— |
 |
|
Conversion of accounts payable and short-term debt into common shares |
$ |
— |
 |
 |
$ |
50,000 |
 |
|
Warrants exercise through settlement of accounts payable |
$ |
— |
 |
 |
$ |
30,000 |
 |
|
Issuance of common stock pursuant to Reseller Agreement |
$ |
13,475,000 |
 |
 |
$ |
— |
 |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240514728662/en/
Contacts
Investors:
Ryan Flanagan, ICR
ryan.flanagan@icrinc.com
Media:
Dan Brennan, ICR
dan.brennan@icrinc.com
The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).
The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.
In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.
Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.
Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.
Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.
Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.
Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.
IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.
Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)
Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.
“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”
Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.
An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.
Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.
Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.
Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.
“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.
Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.
But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.
Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.
“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”
Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.
“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”
Follow us for stories on Bill Gates, Elon Musk, Mukesh Ambani, Gautam Adani as we bring you everything that’s happening in the business world. Follow the latest gold and silver prices here too. Stay in the know on all things business with us.
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News / Business / Latest Business News Live Updates Today, July 11, 2024
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Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?
Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.
Jio Financial Services News
Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”
“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.
Jio Financial Stock Target Price
Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”
On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above â‚ą260, one can buy this Reliance Group stock at the short term target of â‚ą295, keeping a stop loss of â‚ą240 apiece.”
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.
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