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News Release Digital Asset Direct

UA Multimedia Invests in Pascal Studio, Strengthening AI Enabled Supply Chain Management and Financial Software Services in Southeast Asia

UA Multimedia, Inc.

UA Multimedia, Inc. (OTC: UAMM), a technology holding company and solution provider specializing in the areas of information technology, blockchain and artificial intelligence, today announced its acquisition of a 12% equity stake in Pascal Studio, a leading provider of AI enabled supply chain and financial data platform. This investment aligns with the signed Letter of Intent between the two companies and enables UA Multimedia to enhance its software solutions portfolio by leveraging Pascal Studio's deep domain knowledge and technical expertise. This strategic partnership signifies a significant milestone in UAMM's commitment to the Information Technology industry. The acquisition of Pascal Studio showcases the perfect synergy between UAMM's technology investments and Pascal Studio's innovative software development capabilities. By joining forces, both companies are poised to deliver cutting-edge solutions and drive digital transformation across various sectors. Southeast Asia's software service industry has experienced remarkable growth in recent years, characterized by exceptional talent and a thriving entrepreneurial ecosystem. UAMM recognizes the immense potential of this market and believes that Pascal Studio, with its established presence and impressive track record, is an ideal partner for this strategic investment. "We are delighted to announce our investment in Pascal Studio, a major solution provider in Southeast Asia's software service industry," stated Huan Nguyen, CEO of UA Multimedia. "This strategic partnership perfectly aligns with our growth strategy and strengthens our ability to deliver innovative and transformative software solutions in the future. We are confident that our combined strengths will create significant value and drive market growth." The partnership is expected to facilitate knowledge exchange, collaboration, and the development of new technologies to address the evolving needs of customers across industries. “We at Pascal are excited to have UA Multimedia as our strategic investors to accelerate our growth in digital transformation for the Southeast Asia market,” stated Minh Chau, CEO of Pascal Studio. Pascal Studio's management team will continue to lead the company and drive its growth strategy while benefiting from UAMM's strategic guidance. Together, they will explore opportunities for mutual growth, capitalize on emerging market trends, and foster innovation in the software as a service landscape. The global supply chain management market was valued at $27.2 Billion in 2022 and is projected to reach $75.6 Billion by 2032, growing at a CAGR of 10.9% from 2023 to 2032 according to Valuates Reports. Pascal Studio currently serves a multi-billion dollar company as a major client and is in discussions to secure other large international companies as clients in the near future. This transaction represents the first tranche of investment and an initial effort to grow via acquisitions. Under the terms of the agreement, UA Multimedia has the option to acquire up to 30% of Pascal Common stock. About UA Multimedia, Inc. UA Multimedia, Inc. is a technology company and solution provider specializing in the areas of information technology, blockchain and artificial intelligence. It is also a holding company seeking to acquire domestic and foreign entities who are in the same space. Corporate Website: https://www.uammedia.com Facebook: https://www.facebook.com/uamultimedia Twitter: https://www.twitter.com/uamultimedia About Pascal Studio: Pascal Studio leverages the power of AI and advanced graph technologies with a unique user interface to provide fast time to value and unparalleled predictive insights. Its platform, with a current focus on supply chain management, integrates clients' data from within and across the supply chain and financial operations. At the core of the platform lies an advanced Machine Learning multi-models with a decision assistant, offering early warning and optimizing execution through exception-based management. Corporate Website: https://pascal.studio LinkedIn: https://www.linkedin.com/company/pascalsoftware/ Forward-Looking Statements: This release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended, and section 21e of the Securities and Exchange Act of 1934, as amended. These statements reflect the intent, belief, or current expectations of the Company and its management team. However, prospective investors should be aware that not all anticipated events or results may occur. The actual results may differ materially from those projected in the forward-looking statements due to various factors. Accomplishing the described strategy is significantly dependent upon numerous factors, many of which are beyond management's control. UA Multimedia, Inc. does not undertake any duty nor does it intend to update the results of these forward-looking statements. Contact UA Multimedia, Inc. Investor Relations 949.229.1208 ir@uammedia.com Contact Details Investor Relations +1 949-229-1208 ir@uammedia.com

June 06, 2023 10:00 AM Eastern Daylight Time

AmeriLife’s Saybrus Partners Agrees to Transfer Agreement with Prudential Financial to Expand Firm’s Industry-Leading Life Distribution

AmeriLife

Saybrus Partners (“Saybrus”), a market leader in life and annuity distribution and an affiliate of AmeriLife Group, LLC (“AmeriLife”), announced today that it has reached an agreement with Prudential Financial, Inc. (“Prudential”) to move the latter’s wholesale life insurance brokerage general agency known as Prudential Life Distributors to Saybrus, cementing the firm as a premier provider of life insurance point of sale consultation in the industry. Per the agreement, terms of the deal were not disclosed. “We’re thrilled to welcome our newest colleagues to Saybrus and are excited for the opportunities ahead,” said Edward W. Cassidy, managing principal of Saybrus Partners. “Today’s announcement represents a significant milestone for our company and highlights the strength of our best-in-class life insurance distribution model. We look forward to continuing to grow our business and accelerating the success of our partners’ advisors and their clients.” “We are thrilled to partner with Saybrus, who shares our deep commitment towards clients and the people who support them,” added Kevin Brayton, head of Individual Life Insurance Distribution and Sales for Prudential Financial. “I am confident that under Ed’s leadership, Saybrus will only continue to drive a much greater impact on key relationships and strengthen the value of those relationships over time.” Based in Hartford, Conn., Saybrus Partners was formed in 2009 to bring its boutique distribution model to financial institutions, delivering customized support, proactive consultation and transparent, centralized management for advisors and insurance agents. The company was acquired by AmeriLife in 2021 and operates as a standalone company. Since its inception, Saybrus, which has nearly 200 employees nationwide, has insured nearly half a million lives with more than $130 billion death benefit in force. “As AmeriLife Wealth sets out to redefine the agent and advisor experience, today’s announcement is a testament to the incredible impact that our distribution partners are making,” said Mike Vietri, Chief Distribution Officer of Wealth for AmeriLife. “We’re excited for this injection of talent into an already performative business, and look forward to continued expansion of our services and support for the institutional market.” ### About Saybrus Partners Saybrus Partners, LLC helps institutions and financial professionals address clients' needs with insurance and annuity solutions for basic protection as well as retirement, estate and business planning. Its partner firms include institutional financial advisories, insurance retailers, banks and broker/dealers. Customizing its services to best fit its partners' businesses, the company offers a complete set of distribution capabilities including assisted sales, traditional wholesaling, new business operations and custom product design. For more information, visit www.saybruspartners.com and follow Saybrus on LinkedIn. About AmeriLife AmeriLife’s strength is its mission: to provide insurance and retirement solutions to help people live longer, healthier lives. In doing so, AmeriLife has become recognized as the leader in developing, marketing, and distributing life and health insurance, annuities and retirement planning solutions to enhance the lives of pre-retirees and retirees across the United States. For more than 50 years, AmeriLife has partnered with top insurance carriers to provide value and quality to customers served through a distribution network of over 300,000 insurance agents and advisors and 120 marketing organizations and insurance agency locations nationwide. For more information, visit AmeriLife.com, and follow AmeriLife on Facebook and LinkedIn. Contact Details Media Jeff Maldonado +1 321-297-1112 jmaldonado@amerilife.com Partnership Inquiries Patrick Nichols +1 727-726-0726 pnichols@amerilife.com Distribution Inquiries Aziz Ali +1 806-490-9853 aali@saybruspartners.com Company Website https://amerilife.com/

June 06, 2023 10:00 AM Eastern Daylight Time

ARCHCARE SENIOR LIFE PACE PROGRAM PARTNERS WITH INTUS CARE TO DELIVER A DATA DRIVEN APPROACH TO EXCEPTIONAL ELDER CARE

Intus Care

ArchCare, the Archdiocese of New York’s healthcare system that every day cares for more than 10,000 seniors, the poor, and persons with special needs, in partnership with Intus Care, developer of innovative predictive software and services designed for geriatric health, has recently implemented data-driven software that more accurately identifies high-risk elders in its ArchCare Senior Life, Program of All-inclusive Care for the Elderly (PACE). ArchCare will utilize Intus Care’s Integrated Care Services and its software analytics platform to allow ArchCare caregivers to mount an immediate, aggressive response. ArchCare Senior Life, Program of All-inclusive Care for the Elderly (PACE), is a comprehensive and innovative model of care for people 55 years of age and older who qualify for nursing-home-level care. PACE is a government Medicare and Medicaid program designed to support older Americans who wish to remain living in their homes by providing comprehensive medical and social services, including medical management, transportation, and assistance with daily activities. ArchCare leverages advanced technologies to serve its population of residents and participants across its system of nursing homes and PACE centers. ArchCare will utilize Intus Care’s Integrated Care Services and its software analytics platform to optimize the care provided to adults enrolled in ArchCare Senior Life, which serves elders in Manhattan, The Bronx, Staten Island, and Westchester. Intus Care is a developer of innovative predictive software and services designed for geriatric health. “With this new technology, we can pinpoint who is at risk for a decline, fall or other adverse event, and focus care where it’s needed immediately," said Dr. Walid Michelen, Senior Vice President, Clinical Planning & Innovation and Chief Medical Officer, ArchCare. “Intus Care’s Integrated Care Services tool helps us ensure that ArchCare’s PACE participants are receiving the most effective care and support to enhance their quality of life." By utilizing comprehensive, duals-specific algorithms, Intus Care identifies participants at high risk for hospitalizations and chronic disease onset - allowing ArchCare’s PACE program to optimize care planning. Intus Care has a team of PACE experts committed to helping geriatric care programs grow and improve their operations. Working collaboratively with leadership teams and staff, the ICS process executes project work plans, creates a data-driven culture to improve clinical outcomes, ensures CMS compliance, manages utilization, and optimizes quality. Over the last year, Intus Care has increased its presence in NYC with an office on East 78th Street, a growing employee base in the area, and the relocation of several leadership team members. “ArchCare is a forward-thinking PACE program in Manhattan, New York, with a fantastic team, providing hundreds of participants high-quality, individualized care as they age in place,” said Laura Ferrara, Chief Strategy Officer at Intus Care. “We are proud to work with ArchCare, empowering their team through data-driven decisions, optimizing care outcomes, operational practices, and compliance alignment across the program.” About ArchCare ArchCare is the Continuing Care Community of the Archdiocese of New York, and one of the nation’s largest and most dynamic Catholic healthcare systems. ArchCare provides quality care to thousands of people of all faiths through its home and community-based and residential care programs, including health plans and nursing home alternatives, adult day care, long-term skilled nursing care, short-term rehabilitation, home care, assisted living, hospice, an acute care specialty hospital and services for people with Huntington’s disease, HIV/AIDS, developmental disabilities, and other specialized care needs. About Intus Care Intus Care leverages analytics and data-driven services to improve care for the healthcare system’s most socially vulnerable and clinically complex patients. By integrating disparate data sources, highlighting patient risk, and implementing innovative processes, Intus Care empowers managed care organizations, including PACE programs and Special Needs Plans (SNPs), to make informed decisions and drive outcomes. Contact Details SVM Public Relations Jordan Bouclin & Alison Matthiessen +1 401-490-9700 intuscare@svmpr.com ArchCare Sarah McAllister +1 212-576-2700 Goodman.ArchCare@goodmanmedia.com Company Website https://www.intuscare.com/

June 06, 2023 10:00 AM Eastern Daylight Time

Togai secures $3.1M seed funding to help B2B companies with lightning-fast pricing implementation

Togai

Togai, the B2B SaaS metering and pricing platform, announced it has raised $3.1 million in a seed round, led by Together Fund. The fund round also saw participation from other investors like BoldCap, Core91, and angel investors, including Prasanna Shankar, the Co-founder of Rippling. Founded by Abhishek Rajagopal, Aravind Sriraman, and Tholkappiyan Velavan, Togai takes an innovative approach to crafting monetization tools for today’s dynamic billing and pricing landscape. Their previous venture, Hypto, a payments API platform, processed over a staggering 100 million transactions within a span of 2 years. The journey with Hypto led to the identification of critical gaps in existing billing and monetization tools. Motivated by the challenge, the founders embarked on the creation of a cutting-edge monetization stack, Togai, designed for flexibility, scalability, and rapid implementation. According to a McKinsey study, pricing has a profound impact on a company's financial health - a 1% improvement in pricing can lead to over an 8% increase in profitability. Businesses in the B2B market are currently facing increasing churn rates, highlighting the need for tailor-made pricing models. Customers are now actively seeking pricing flexibility and customization options, which puts pressure on companies to have complete autonomy over their pricing strategies. Addressing this market gap, Togai’s plug-and-play model supports finance teams in deploying their pricing strategy while integrating seamlessly with their existing quote-to-cash systems for effortless, 'no-code' pricing alterations. Togai enables businesses to roll out pricing changes within a matter of hours, circumventing the need for time-consuming engineering efforts. The model seamlessly integrates with existing tools (CPQ, CRM, Billing, Usage analytics, Revenue recognition), providing total visibility and ensuring synchronization across all systems and processes throughout any pricing update cycle. Regarding the investment in Togai, Manav Garg, founding partner at Together Fund, mentioned, “As we navigate an AI-first world, 'subscribers' or 'users' are getting replaced by 'software' and 'workflows'. Simple pay-as-you-go models, while straightforward, are centered around a cost-plus pricing strategy, often overlooking the full value your product offers to customers. This evolution challenges the conventional subscription and seat-based pricing models and necessitates a comprehensive reimagining of them. Togai is addressing this need by helping SaaS companies reconstruct their pricing models from the ground up.” Togai launched its product in beta in April 2023 with customers across dev tools, fintech, and conversational AI verticals, and is now open for public access. Their no-code usage metering solution (metering.ai) achieved 2nd place for Product of the Day on Product Hunt, with over 300 users automating their metered billing operations. Togai’s monetization marketplace, currently in beta, hosts over 10 apps and integrations, empowering users to visualize the flow, pinpoint leakages, and bridge the gaps in their entire quote-to-cash process, any engineering effort. Commenting on Togai's product, Nikhil Nandagopal, Co-founder and CPO of Appsmith, an open-source dev tools company, said, "When we decided to launch usage-based pricing, we sought tools that provided flexibility to support different pricing models and the reliability of handling data at high volume. Togai's solution-first approach accommodated our various pricing & billing scenarios, not just for today but also for the future, fast-tracking our time-to-market from months to mere days." Speaking about Togai’s solutions, Abhishek Rajagopal, Co-founder and CEO of Togai stated, "With Togai, SaaS companies can rapidly test and implement their pricing strategies and can go live within days instead of months. We are poised to continue our journey in building end-to-end monetization solutions for this burgeoning segment and any B2B entity seeking to implement pricing changes to drive growth and profitability. Furthermore, we are excited to expand our reach to additional territories.” About Togai Togai is a metering and pricing platform for B2B companies. Its solution enables businesses to quickly implement any pricing change without engineering effort. With seamless integration into existing monetization and quote-to-cash tools, Togai can help companies communicate, implement and analyze pricing changes effectively without manual effort. To learn more about Togai, visit https://www.togai.com/ Contact Details Togai Bilal Mahmood +44 7714 007257 b.mahmood@stockwoodstrategy.com Company Website https://www.togai.com/

June 06, 2023 09:00 AM Eastern Daylight Time

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D.I.MAR Makes Waves with Supply Chain Digital Transformation, Powered by ToolsGroup Automation

ToolsGroup

ToolsGroup, a global leader in retail and supply chain planning and optimization software, is thrilled to announce it has been selected by D.I.MAR, an Italian leader in the frozen food industry, to heighten its supply chain performance, bolster supplier relationships, and drive enhanced business results. D.I.MAR produces, distributes, and sells frozen seafood and fish products. It is renowned in both the domestic and international markets for its quality and freshness, selling its products both directly and via an extensive network of franchises. It supplies various channels, including retail, supermarkets, wholesale, and HORECA, and it manages a substantial number of suppliers worldwide. “D.I.MAR holds itself to the highest standard when it comes to the quality of our products,” said Alessandro Evandri, Supply Chain Manager. “We want every node of our supply chain – from upstream suppliers to downstream franchisers – to be just as customer-focused. ToolsGroup provides the solution we need to make faster, more accurate decisions that deliver the best consumer experience, while achieving our business metrics and strengthening relationships network-wide. We’re excited to transform our business while continuing to provide customers with the best products the sea has to offer.” After a rigorous selection process, D.I.MAR chose ToolsGroup Service Optimizer 99+ (SO99+) to drive its digital transformation. With Demand Planning & Forecasting, Inventory Optimization, and Replenishment, the company is now equipped with an automated, AI-driven supply chain. Aided by ToolsGroup’s built-in probabilistic forecasting, D.I.MAR can anticipate market changes and adapt quickly to satisfy customer demand regardless of uncertainty. “Artificial intelligence is the guide that steers resilient, profitable, and customer-centric supply chains, even amid rapid market changes,” said ToolsGroup CEO, Inna Kuznetsova. “By applying automation and AI to complex networks, we help organizations navigate uncertainty with confidence and success. We’re delighted to partner with D.I.MAR and, together, implement the technology and strategies that will catalyze their supply chain evolution and help their business thrive.” Learn more about how probabilistic forecasting outperforms traditional methods and yields significant business benefits here. About D.I.MAR D.I.MAR is an Italian company leader in the industry of production, distribution, and sales of frozen seafood products and frozen fish products. The company develops and produces a very articulated typology of fish and seafood products specifically acknowledged in the national and international market for the quality, freshness, and delicacy as well as for the strict compliance with all the best applicable rules governing their traceability, preservation, and use. About ToolsGroup ToolsGroup’s innovative AI-powered solutions enable retailers, distributors, and manufacturers to navigate through supply chain uncertainty. Our retail and supply chain planning suites empower a new level of intelligent decision making and unlock powerful business improvements in forecast accuracy, service levels, and inventory - delighting customers and achieving financial and ESG KPIs. Stay in touch with ToolsGroup on LinkedIn, Twitter, YouTube, or visit www.toolsgroup.com. Contact Details Meir Kahtan +1 917-864-0800 mkahtan@rcn.com Company Website https://www.toolsgroup.com

June 06, 2023 08:00 AM Eastern Daylight Time

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Trilogy Networks and MLGC Launch World’s Largest Precision Ag Deployment with the ‘Dakota*ICP’

Trilogy Networks, Inc.

Multi-year phased rollout places North Dakota at forefront of precision ag innovation Trilogy’s FarmGrid precision ag infrastructure delivers private 5G networks and AI edge cloud computing leveraging big tech, global IT, & ag enterprises Trilogy opens Center for Agricultural Innovation in downtown Fargo Trilogy Networks, the leader in AI-powered precision agricultural infrastructure and data-driven farming solutions, and MLGC, an ultra-high-speed broadband and business services provider, today announced the Dakota Innovation Corridor Project (Dakota*ICP), a multimillion-dollar commitment to dramatically advance the adoption of data-driven farming practices across North Dakota. “This is the world’s largest deployment of precision agricultural infrastructure to enable data-driven farming,” said George Woodward, president and CEO of Trilogy Networks. “North Dakota delivers the perfect combination of innovation, scale, and some of the richest farmland in the world. We welcome MLGC as a strategic partner to co-market, sell, and support precision ag infrastructure solutions that will deliver timely and actionable information to sustainably increase yields, profitability, and efficiency.” Dakota*ICP spans 250 square miles that includes 25 large family-owned farms operating more than 150,000 acres. Every farm will have access to MLGC’s 10-gigabit ultra-high-speed broadband combined with Trilogy’s FarmGrid TM, the world's only cloud native AI-powered full-stack precision agriculture infrastructure solution. FarmGrid includes hyper-local soil and micro-local climate sensors that connect to the growers private 5G and AI-powered edge network. Each farm has a highly secure and fully integrated cloud connection that includes a farmer-controlled private data vault and marketplace that allows growers to monetize their business intelligence making data the new crop. FarmGrid provides ag-focused artificial intelligence, aerial imagery processing, advanced soil analytics, micro-climate monitoring, and autonomy, all designed to deliver automation and time-sensitive actionable information to the 2.1 million growers in the U.S. The Dakota*ICP relies on MLGC’s world-class telecommunications network in North Dakota. MLGC continues to invest with a $17 million expansion at the heart of the innovation corridor, on top of the tens of millions dollars invested over time by MLGC to build its network. “MLGC advanced from broadband connections to broadacre solutions; we’re moving beyond last mile connectivity to providing last acre coverage to every farm we serve,” said Tyler Kilde, MLGC’s president and CEO. “Our partnership with Trilogy Networks continues a long history of investing millions to deliver the industry’s most advanced solutions to our rural customers. Connected by our 10-gigabit network, Trilogy’s FarmGrid precision agriculture infrastructure and data-driven farming practices will deliver unimaginable gains to farmers in North Dakota and serve as an example for farmers around the world.” The project is engineered to enable, validate, and accelerate the adoption of data-driven farming practices to increase yields, lower costs, and improve profitability while lowering environmental impacts. In addition to benefiting farmers, the data will drive highly valued business intelligence that can be marketed to the multi-billion dollar seed, nutrient, and crop protection industries, in addition to large agricultural enterprises and the entire agri-food industry. The Agriculture Act of 2018 included the congressional declaration acknowledging forecasts that the world will be 50% short of food by the year 2050. Recent climate events combined with the Russian-Ukrainian war accelerated the potential for a food crisis on a global scale. National and international organizations are calling for technological solutions to be in place by the year 2030 if forecasted food shortages are to be prevented. “The Dakota*ICP is the realization of the congressional call to deploy technology to sustainably double America’s crop yields to prevent a potential global famine,” said Woodward. “Our FarmGrid precision ag infrastructure dramatically accelerates the digital transformation for American farmers. The cloud native AI powered full-stack architecture provides business intelligence and supply chain visibility required by the multitude of stakeholders in America’s $1.5 trillion agri-food industry.” To oversee the successful launch and growth of the Dakota*ICP, Trilogy Networks announced it will open its Center for Agricultural Innovation in Fargo, North Dakota. Led by Woodward, the center will focus on deploying and adopting data-driven farming practices in the Red River Valley and throughout the state. Trilogy plans to hire a full staff at the center to support the business development, engineering and customer support functions for the entire region. ### About Trilogy Networks, Inc. Trilogy is a cloud-centric, SaaS-based digital transformation company focused on agriculture, food security, and sustainability. Trilogy is on a mission to accelerate the digital transformation of rural America in partnership with rural telecom providers and the largest agri-food enterprises. Trilogy launched the Rural Cloud Initiative (RCI), a unique coalition of more than 75 members of big tech, telco, and advanced solution providers. RCI has propelled the creation of digital solutions like FarmGrid for the agri-food industry. www.trilogynet.com About MLGC MLGC is a 117-year-old, fourth-generation Family-owned Rural Local Exchange Carrier (RLEC) that delivers ultra-high-speed broadband services across southeast and southwest central North Dakota. What began with a single switchboard and a hand-cranked, wall-mounted telephone has evolved into a 100 percent fiber optic network powering some of the fastest speeds in the nation. MLGC has more than 1,200 miles of fiber in the ground, providing television, internet, and phone services to more than a dozen communities. Our existing service territory is covered by a seamless, 100 percent fiber-optic network, providing 10-gigabit service with the world’s most advanced solutions. www.mlgc.com Contact Details Hallway Communications John Hall +1 303-223-6965 john@hallwaycommunications.com Company Website https://trilogynet.com/

June 06, 2023 06:01 AM Central Daylight Time

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NetScientific changes "really paying off"

NetScientific PLC

NetScientific PLC (AIM:NSCI) CEO Dr Ilian Iliev speaks to Thomas Warner from Proactive following the release of preliminary results for the year ended 31 December 2022. Dr Iliev talks about the changes made to the business since he took over as CEO in 2020, saying that "we are now starting to see the changes really paying off." He specifies that NetScientific remains focused on long-term growth and delivering their strategy within the deeptech space, saying that the company is "very well positioned to be a leader on the back of the multifaceted and differentiated capabilities we have built over the last two years." Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com

June 06, 2023 03:30 AM Eastern Daylight Time

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What You Need To Know About Accounting for Non-Fungible Tokens—NFTs

Ledgible

TL;DR Best practices for NFT accounting vary with the underlying asset type Accurate accounting for NFTs is crucial to avoid noncompliance Companies can mitigate risk by getting professional help with NFT accounting Have you considered owning an NFT or adding NFTs to your inventory, but aren’t sure about the accounting? Procuring a non-fungible token (NFT) may feel daunting enough, and nobody likes complicated taxes. Getting the right guidance on accounting for NFTs is crucial before owning any of these digital assets. What questions do you have about NFT accounting? We’ve got seven best practices to get you seven notches closer to tracking your non-fungible tokens like a professional. 1. Determine Your NFT’s Asset Classification You may understand non-fungible tokens as digital coins that signify ownership of specific assets. NFTs can indicate ownership of a wide range of underlying assets, ranging from digital art and music to virtual real estate and domain names. Determining an NFT’s asset class for accounting purposes is frequently based on the specific nature of the underlying asset. NFT asset classification is necessary because asset classification plays a crucial role in accounting and financial reporting. An accurate classification can be essential to fairly valuing an NFT and understanding the potential implications of owning this type of digital asset. Check out these accounting best practices for classifying NFT assets: Understand the characteristics of the underlying asset Review regulatory guidance in the relevant jurisdictions Consider the purpose of holding the NFT—as inventory or an investment Continually reevaluate the NFT’s asset class designation 2. Assign a Value to Your NFTs What is an NFT worth? A key part of accounting for NFTs is using a valuation method to assign a dollar amount to each NFT. Here are three methods of NFT valuation: Cost-based valuation—valuing an NFT based on what it would cost to recreate the underlying asset Income-based valuation—valuing an NFT based on projected future cash flows associated with the underlying asset Comparable asset valuation—a valuation method based on sales prices of similar tokenized assets Many factors can impact the valuation of an NFT, such as: Rarity and scarcity of the underlying asset Ownership history of the NFT Privileges conferred by owning the NFT Quality and popularity of the underlying asset Market demand for tokenized assets Valuing NFTs can be particularly challenging due to the unique, non-fungible nature of the asset. Assessing the value of NFTs requires a tailored approach that is customized to individual NFTs. 3. Establish NFT Ownership and Control What does it mean—for accounting purposes—to own and control an NFT? A business that owns an NFT must report that token as an asset on its balance sheet. Clearly establishing ownership and control of an NFT is fundamental to accurate financial reporting. Let’s look more closely at NFT ownership and control in the context of accounting: Establishing NFT ownership can be crucial to ensure legal and tax compliance Not clearly establishing NFT control can result in incorrect revenue recognition or expense matching Clear ownership and control procedures for NFTs can ensure that only authorized individuals have access to an NFT Clear ownership and control also creates detailed audit trails that can be used to settle disputes 4. Consider the Tax Implications of Owning NFTs Accounting and taxation are generally inseparable—including for NFTs. Understanding the tax implications of owning NFTs is a major step toward becoming skilled with NFT accounting practices. Any income or gain derived from an NFT transaction is generally subject to tax, regardless of whether the transaction is a sale or trade. Here are some key best practices to remember, especially if you'd rather avoid a tax or accounting nightmare with NFTs: Document all NFT transactions, perhaps by using NFT accounting software from a platform like Ledgible Understand capital gains tax, including how it applies in your jurisdiction Consider the potential tax implications of NFT gifts or donations Pay attention to any tax code changes that may affect NFTs 5. Assess the NFT Regulatory Environment Another best accounting practice for NFTs is to continually assess the regulatory landscape. Regulations surrounding NFTs are indeed still evolving and may differ significantly across jurisdictions. Many aspects of the regulatory environment—involving intellectual property rights, taxation, consumer protection, and anti-money laundering rules—are perhaps subject to change. Individuals and organizations can benefit from routinely evaluating the regulatory environment for NFTs. Here are some useful tactics: Stay informed about regulatory developments pertinent to NFTs Determine what’s needed for your NFT to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations Understand the intellectual property (IP) rights associated with your NFT Consider engaging NFT legal experts to ensure ongoing compliance 6. Keep Accurate Records of NFT Transactions NFT accounting is only as accurate and compliant as the record-keeping that enables it. The importance of accurate accounting for NFTs probably can’t be understated. Why? That's because high-quality NFT accounting records can help with investment tracking, determining tax liability, and establishing proof of ownership. Credible NFT accounting records can also help to resolve conflicts, plus serve as documentation for audits or legal proceedings. What are some expert ways to record and manage your NFT transactions? Let’s take a look: Document all transactions Use only trustworthy NFT platforms Independently store your proof of ownership for NFTs Consider using a data storage back-up solution Regularly and promptly update your NFT records Consider leveraging professional record-keeping software 7. Know When to Get Help With NFT Accounting What’s your area of professional expertise? If it’s not NFT accounting, then a smart idea may be to get help with this potentially daunting task. You might be unsure of how to track, evaluate, or report NFT transactions—which is pretty understandable. When’s the right time to seek professional help with NFT accounting? Consider these potential indicators: The complexity and volume of your NFT transactions is high Keeping accurate records of your NFT transactions is difficult How to comply with applicable tax requirements is unclear Potential legal or regulatory consequences from your NFT activities are uncertain You’re spending too much time and effort on managing your NFT portfolio Even seasoned accounting professionals have options to get help with NFT accounting. They can leverage specialized software from crypto and NFT accounting platforms like Ledgible, plus access specialized consulting services. Finding an NFT accounting specialist or software solution can mean identifying a cost-effective solution that best meets your unique needs. Make sure to verify the credibility of the platform, understand the value proposition of the solution, and expect high-quality results from whichever NFT accounting solution you ultimately choose. The Ledgible Platform is a cryptocurrency tax & accounting solution designed for Institutions, Enterprises, and Professionals. Financial institutions, corporations, and accounting firms use the Ledgible platform globally for crypto tax, crypto accounting, and crypto audit for billions of dollars of crypto assets. For firms and enterprises seeking traditional financial verification, reporting, and assurance, Ledgible provides the tools they need to confidently embrace cryptocurrency in their work through a SOC 1 & 2 Type 2 Audited Solution. Contact Details Jan Jahosky jan@verady.com Company Website https://ledgible.io/

June 05, 2023 09:00 AM Eastern Daylight Time

DealMaker: Monogram Orthopaedics Listing Highlights the Power of the Crowd

DealMaker

DealMaker congratulates Monogram Orthopaedics Inc., (NASDAQ:MGRM) on listing on the Nasdaq Stock Market on May 18, 2023. Monogram is a medical technology company focused on reconstructive joint procedures and orthopedic implants. The company has a long-standing relationship with DealMaker and has raised over $44 million through online capital formation, including a significant amount under Regulation A. “It's incredible to see how Monogram harnessed the power of online capital formation to create a hugely supportive community of shareholders,” said Mat Goldstein, Co-Founder of DealMaker. “That community has powered Monogram’s capital markets strategy, from the seed stage through this public listing on NASDAQ.” The Monogram Orthopaedics listing is a significant milestone for equity crowdfunding and one of a handful of examples of issuers that start with online capital raising and move to a national stock exchange. “Many institutional investors and firms are reluctant to enter into the equity crowdfunding space and often assume there is no path to liquidity,” said Rebecca Kacaba, DealMaker Co-Founder and CEO. “We’ve seen issuers adopt another path to raising capital: Reg CF to Reg A then Reg A to public listing. It’s a great supplement to the traditional capital markets process.” Monogram has been an eye-catching story in the equity crowdfunding space. Monogram made history by completing the first fully-remote robotic orthopedic surgery in March 2023. In a live telecast, the Austin-based robot was controlled from New York City in real-time via an advanced user-operated foot pedal. “This was an incredible achievement for orthopedic robotics and medicine,” said founder Dr. Douglas Unis. “Despite being over 1,700 miles away, the real-time system was highly responsive with minimal latency. The applications for a robust system with these capabilities are tremendous. No system on the market today is capable of doing what Monogram just demonstrated.” DealMaker is on a mission to bring online capital formation into the mainstream. DealMaker offers a suite of primary issuance, shareholder management, and capital raising solutions that includes equity crowdfunding, investor ranking algorithms, and data/analytical tools to support all capital raise types and all securities. DealMaker’s innovative technology was designed to enable organizations to own and control exempt market raises to get the money they need, faster. DealMaker works for their issuers: putting brands and founders back in control to run streamlined, successful capital raises. The company’s offices are located in Toronto, Canada, Austin, Texas and Tampa, Florida. Visit DealMaker.tech for more information. Contact Details Natasha Jose natasha.jose@dealmaker.tech Company Website https://www.dealmaker.tech/

June 05, 2023 09:00 AM Eastern Daylight Time

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