Risk free rate – Freedominst http://freedominst.org/ Thu, 22 Jul 2021 17:41:24 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 http://freedominst.org/wp-content/uploads/2021/03/cropped-favicon-32x32.png Risk free rate – Freedominst http://freedominst.org/ 32 32 Smoke from wildfires pushes people indoors, increasing risk of COVID http://freedominst.org/smoke-from-wildfires-pushes-people-indoors-increasing-risk-of-covid/ http://freedominst.org/smoke-from-wildfires-pushes-people-indoors-increasing-risk-of-covid/#respond Thu, 22 Jul 2021 17:00:11 +0000 http://freedominst.org/smoke-from-wildfires-pushes-people-indoors-increasing-risk-of-covid/

MISSOULA, Mont. — The new library in downtown Missoula was full of people who could typically spend a Saturday afternoon hiking, biking, or making the most of Montana’s abundant outdoor recreation. One glance at the soft haze blanketing the city and the reason was clear.

“We’re really trying to stay out of the smoke,” Charlie Booher said as his kids picked books from the piles.

Smoke from wildfires burning through dry forests and western prairies has damaged air quality this week from California to the East Coast. The polluting smoke has been thickest in the northwest, including Montana, where over the past week Missoula, Helena, Great Falls and other cities have ranked among the 10 places with the worst quality of air, according to AirNow.

The smoke and relentless heat that hit the state has caused people to seek refuge in libraries, cinemas, museums and other indoor places. In areas with low covid-19 vaccination rates where people have largely given up on masks and physical distancing, health officials fear the result could be epidemics of covid.

Adding to this concern is the rise of the highly transmissible delta variant of the coronavirus, and research suggests that covid cases and deaths increase during periods of intense forest fire smoke.

Missoula County has the highest vaccination rate in Montana, at 60%, but Whitney Kors was always aware of the risks as she took her family to the library to get out of the smoke.

“My daughter and I are still masked because she is not vaccinated,” Kors said.

She said that until her daughter, who is under 12, becomes eligible for her vaccine, her family will continue to distance themselves from others when they are out. However, health officials fear that anyone looking for smoke-free activities indoors this summer will take the same precautions if they are not vaccinated.

North of Flathead County, Joe Russell, the county health worker, said he was tracking an around 50% increase in covid cases over the past two weeks, mostly in unvaccinated people catching the virus during events.

“These are activities that take place specific to events or settings, and they take place indoors,” he explained.

Russell said his team was investigating newer clusters more closely to see if people had entered inside to escape the heat and smoke. About 6 of the 10 county residents eligible for covid vaccines have not received them, and Russell fears those large groups will get worse if more people congregate inside.

The dangers of the pandemic appear to have diminished in people’s minds as they congregate in indoor public spaces, many of which abandoned masking and physical distancing requirements earlier this year.

In Yellowstone County and Billings, Montana’s largest city, the pandemic continues to be felt in hospitals treating younger and sicker patients than they saw earlier in the pandemic. Covid deaths there also increased in early July.

Yellowstone County health worker John Felton hoped the summer would give time to increase the county’s vaccination rate by 50% before the cold sends people inside and spikes the risk of unvaccinated people transmitting covid.

“But this year has been so hot, so dry and with so much smoke, we’re afraid we will have increases a little earlier,” he said.

Across Montana, about 48% of the eligible population is fully vaccinated, but Magdalena Scott of the state Department of Public Health and Human Services said the county rates ranged from about 23% to 60. %. She said that means the number of cases, hospitalizations and deaths are likely to vary more widely than they did last summer, when vaccines were not yet available. “We’re worried it’s going to be a long smoke season for sure,” Scott said.

There are also concerns that smoke from wildfires may increase the transmission of covid not only by leading people indoors, but also by making them more susceptible to the coronavirus.

The fine particles in forest fire smoke, known as PM 2.5, are so small that they bypass the body’s natural defenses, build up in the bloodstream, inflame the lungs, and weaken the immune system. , according to the Centers for Disease Control and Prevention.

PM 2.5 from urban air pollution and smoke from forest fires are increasingly associated with susceptibility to respiratory infections in general, but researchers rushed to investigate the same possible association with the coronavirus, a respiratory virus, since last summer.

Daniel Kiser is a researcher at the Desert Research Institute in Reno, Nevada. He worked on a recently published article on an increase in covid cases in Reno during wildfire season.

“What we found was that there was an approximately 18% increase in the rate of positive tests during the period most affected by wildfire smoke,” Kiser said.

Other studies have also shown a correlation between increased particle levels and deaths from covid. Sultan Ayoub Meo of King Saud University in Saudi Arabia led a team of researchers that studied 10 counties in California where fine particle levels increased an average of 220 times during the height of the wildfire season in state last year.

“We found that the cases and deaths of covid-19 increased by 57% and 148%” at the same time, Meo said.

Meo said his team is now studying infection rates in partially and fully vaccinated people during wildfire smoke events.

University of Montana researcher Erin Landguth also expands her previous study showing intense forest fire seasons in Montana were followed by poor flu seasons months later in the fall and winter.

“Comparing bad fire seasons to not bad fire seasons, one would expect to see flu seasons three to five times worse,” Landguth said.

Landguth is compiling particle readings in the western United States to examine whether the same association exists over a larger area not only for influenza, but also for covid and other respiratory illnesses.

As evidence showing that covid cases and deaths have increased in wildfires continues to emerge, more studies are needed. However, said Landguth, we know enough to worry and advise people to protect themselves.

Back in Missoula, Sarah Coefield, the county air quality specialist, said the best thing people can do is get vaccinated, especially if they plan to search for public spaces to escape the heat and smoke. They can also create a clean air space in the home.

With about 2.5 million acres already burned this year in the United States and the drought worsening in the West, Coefield said:. “

KHN (Kaiser Health News) is a non-profit news service covering health issues. This is an independent editorial program of KFF (Kaiser Family Foundation) which is not affiliated with Kaiser Permanente.

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Do investors undervalue Magnolia Oil & Gas Corporation (NYSE: MGY) by 39%? http://freedominst.org/do-investors-undervalue-magnolia-oil-gas-corporation-nyse-mgy-by-39/ http://freedominst.org/do-investors-undervalue-magnolia-oil-gas-corporation-nyse-mgy-by-39/#respond Wed, 21 Jul 2021 11:04:14 +0000 http://freedominst.org/do-investors-undervalue-magnolia-oil-gas-corporation-nyse-mgy-by-39/

In this article, we’ll estimate the intrinsic value of Magnolia Oil & Gas Corporation (NYSE: MGY) by taking expected future cash flows and discounting them to their present value. One way to do this is to use the Discounted Cash Flow (DCF) model. It may sound complicated, but it’s actually quite simple!

Keep in mind, however, that there are many ways to estimate the value of a business and that a DCF is just one method. If you still have burning questions about this type of valuation, take a look at the Simply Wall St.

Check out our latest review for Magnolia Oil & Gas

The model

We use the 2-step growth model, which simply means that we take into account two stages of business growth. In the initial period, the business can have a higher growth rate, and the second stage is usually assumed to have a stable growth rate. To begin with, we need to estimate the next ten years of cash flow. Where possible, we use analyst estimates, but when these are not available, we extrapolate the previous free cash flow (FCF) from the last estimate or stated value. We assume that companies with decreasing free cash flow will slow their rate of contraction, and companies with increasing free cash flow will see their growth rate slow during this period. We do this to reflect the fact that growth tends to slow down more in the early years than in subsequent years.

In general, we assume that a dollar today is worth more than a dollar in the future, so we discount the value of these future cash flows to their estimated value in today’s dollars:

10-year free cash flow (FCF) forecast

2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Leverage FCF ($, Millions) US $ 376.9 million US $ 349.3 million US $ 365.0 million US $ 361.3 million 360.8 million US dollars US $ 362.7 million US $ 366.1 million US $ 370.8 million US $ 376.3 million $ 382.4 million
Source of growth rate estimate Analyst x5 Analyst x3 Analyst x1 Is @ -1.02% East @ -0.12% Is @ 0.51% Est @ 0.96% Est @ 1.27% Is @ 1.48% East @ 1.64%
Present value (in millions of dollars) discounted at 8.0% US $ 349 US $ 299 US $ 289 US $ 265 US $ 245 $ 228 213 USD US $ 200 US $ 188 177 USD

(“East” = FCF growth rate estimated by Simply Wall St)
10-year present value of cash flows (PVCF) = US $ 2.5 billion

It is now a matter of calculating the Terminal Value, which takes into account all future cash flows after this ten-year period. The Gordon growth formula is used to calculate the terminal value at a future annual growth rate equal to the 5-year average of the 10-year government bond yield of 2.0%. We discount the terminal cash flows to their present value at a cost of equity of 8.0%.

Terminal value (TV)= FCF2031 × (1 + g) ÷ (r – g) = US $ 382 million × (1 + 2.0%) ÷ (8.0% – 2.0%) = US $ 6.4 billion

Present value of terminal value (PVTV)= TV / (1 + r)ten= US $ 6.4 billion ÷ (1 + 8.0%)ten= US $ 3.0 billion

Total value, or net worth, is then the sum of the present value of future cash flows, which in this case is $ 5.4 billion. The last step is then to divide the equity value by the number of shares outstanding. Compared to the current share price of US $ 13.7, the company looks fairly good value with a 39% discount from the current share price. The assumptions in any calculation have a big impact on the valuation, so it’s best to take this as a rough estimate, not precise down to the last penny.

NYSE: MGY Discounted Cash Flow July 21, 2021

Important assumptions

Now, the most important inputs to a discounted cash flow are the discount rate and, of course, the actual cash flow. Part of investing is coming up with your own assessment of a company’s future performance, so try the math yourself and check your own assumptions. The DCF also does not take into account the possible cyclicality of an industry or the future capital needs of a company, so it does not give a complete picture of a company’s potential performance. Since we consider Magnolia Oil & Gas as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which takes into account the debt. In this calculation, we used 8.0%, which is based on a leveraged beta of 1.281. Beta is a measure of the volatility of a stock relative to the market as a whole. We get our average beta from the industry beta of comparable companies globally, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable company.

Looking forward:

Valuation is only one side of the coin in terms of building your investment thesis, and it’s just one of the many factors you need to evaluate for a business. It is not possible to achieve a rock-solid valuation with a DCF model. Instead, the best use of a DCF model is to test certain assumptions and theories to see if they would lead to undervaluation or overvaluation of the company. If a business grows at a different rate, or if its cost of equity or risk-free rate changes sharply, output can be very different. Can we understand why the company trades at a discount to its intrinsic value? For Magnolia Oil & Gas, we’ve compiled three relevant things you should explore:

  1. Risks: Note that Magnolia Oil & Gas displays 2 warning signs in our investment analysis , and 1 of them should not be ignored …
  2. Future benefits: How does MGY’s growth rate compare to that of its peers and the broader market? Dig deeper into the analyst consensus count for years to come by interacting with our free analyst growth expectations chart.
  3. Other strong companies: Low debt, high returns on equity and good past performance are fundamental to a strong business. Why not explore our interactive list of stocks with solid trading fundamentals to see if there are other companies you might not have considered!

PS. Simply Wall St updates its DCF calculation for every US stock every day, so if you want to find the intrinsic value of any other stock just search here.

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This Simply Wall St article is general in nature. It does not constitute a recommendation to buy or sell shares and does not take into account your goals or your financial situation. Our aim is to bring you long-term, targeted analysis based on fundamental data. Note that our analysis may not take into account the latest announcements from price sensitive companies or qualitative material. Simply Wall St has no position in the mentioned stocks.
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Olaparib improves disease-free survival in early HER2-negative breast cancer http://freedominst.org/olaparib-improves-disease-free-survival-in-early-her2-negative-breast-cancer/ http://freedominst.org/olaparib-improves-disease-free-survival-in-early-her2-negative-breast-cancer/#respond Tue, 20 Jul 2021 21:35:47 +0000 http://freedominst.org/olaparib-improves-disease-free-survival-in-early-her2-negative-breast-cancer/

At a virtual press briefing ahead of the 2021 American Society of Clinical Oncology annual meeting, researchers reported clinically significant benefit 1 year after starting standard treatments, such as surgery, chemotherapy, hormone therapy or radiotherapy, in patients with early BRCA1 / 2 -mutant HER2-negative breast cancer at high risk of recurrence.

“The OlympiA study is the first to report the benefits of [an adjuvant] PARP inhibitor for early forms of germline cancer associated with the BRCA1 / 2 mutation, ”said study author Andrew Tutt, PhD, MB ChB, Head of Breast Cancer Research Division and Director from the Breast Cancer Now Toby Robins Research Center at the Institute of Cancer Research and Guy’s Hospital King’s College, London, UK, a Clinical Investigator in the Clinical and Laboratory Trials Program and a Consultant Clinical Oncologist. “Patients who received olaparib after surgery and chemotherapy were more likely to be alive without cancer,” [as well as] avoid metastasis, as patients who received placebo.

Patients with early HER2-negative breast cancer who carry a BRCA1 / 2 mutation, which is present in about 5% of all breast cancers, are at high risk of the disease coming back. Although the results have been positive for patients with these mutations who have received standard treatments such as surgery, radiation therapy and chemotherapy, the risk of recurrence remains high for some patients. As such, additional new targeted therapies are needed to reduce the risk of recurrence in this patient population.

Olaparib is a PARP inhibitor that targets DNA repair defects in certain mutant germline cancers and was previously approved by the FDA in January 2018 for the treatment of patients with BRCA- germline metastatic breast cancer. positive and HER2-negative. As such, the researchers sought to examine the agent in patients with early HER2-negative breast cancer with germline BRCA mutation.

The trial included 1,836 patients with HER2-negative breast cancer carrying a BRCA germline mutation who were randomized 1: 1 to receive either 300 mg of oral olaparib (n = 921) twice per day for 1 year, i.e. a placebo (n = 915). In addition, patients had to have been treated for early stage breast cancer (stage II-III) and have completed surgery and chemotherapy, with or without radiation therapy. The inclusion criteria also required that patients were at high risk of disease recurrence. Those who had received previous treatment with a PARP inhibitor were not eligible to enroll.

The primary endpoint of the study was iDFS; secondary endpoints included distant disease-free survival (DDFS), overall survival (OS), health-related quality of life and safety. “Strict criteria were applied for a planned interim analysis,” Tutt said. “During this analysis, OlympiA’s independent data monitoring committee found [that] these strict criteria were met for the first reports.

Additional results indicated that after a median follow-up of 2.5 years, patients treated with olaparib experienced a 43% reduction in DDFS, including metastatic disease, new cancer, and death in any case. or the cause (RR: 0.57; 99.5% CI, 0.39-0.83; P <0.0001). The difference in 3-year DDFS rate between olaparib and placebo was 7.1% (95% CI, 3.0% -11.1%; stratified RR, 0.57; 99.5%, 0.39-0.83; P <0.0001).

At the time of the first primary endpoint report, OS data were considered immature. However, although fewer deaths were reported in patients receiving olaparib compared to placebo, OS was not significantly different between the 2 study cohorts at a median follow-up of 2.5 years (RR: 0.68; 99% CI: 0.44-1.05; P = 0.024). In addition, the difference in OS rate at 3 years between the 2 arms was 3.7% (95% CI: 0.3% to 7.1%).

In terms of safety profile, the adverse reactions (AEs) reported in the olaparib group were consistent with what had previously been reported with the agent. In addition, olaparib did not increase serious side effects, including hospitalizations or the occurrence of other cancers such as leukemia. However, Grade 3 or greater AEs were reported more often in patients receiving olaparib therapy, and included anemia (9%), neutropenia (5%), leukopenia (3%), and fatigue ( 2%).

The most common AEs, regardless of grade, reported in patients who received olaparib included nausea (57%), fatigue (40%), anemia (23%), vomiting (23%) ) and headaches (20%). In addition, the most common adverse reactions of any grade in the placebo arm were fatigue (27%), nausea (23%), headache (17%), diarrhea (14%), and arthralgia. (12%).

REFERENCE
Tutt A, Garber J, Kaufman B, et al. OlympiA: A phase III, multicenter, randomized, placebo-controlled trial of adjuvant olaparib after (neo) adjuvant chemotherapy in patients with BRCA1 / 2 germline mutations and early high-risk HER2-negative breast cancer. Presented at the 2021 ASCO Annual Meeting; June 4-8, 2021; virtual. Summary LBA1. Accessed July 1, 2021. https://bit.ly/2TOpnux
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Coatings Raw Material Market Growth in Specialty Chemicals Industry | Emerging trends, business risks and key leaders http://freedominst.org/coatings-raw-material-market-growth-in-specialty-chemicals-industry-emerging-trends-business-risks-and-key-leaders/ http://freedominst.org/coatings-raw-material-market-growth-in-specialty-chemicals-industry-emerging-trends-business-risks-and-key-leaders/#respond Tue, 20 Jul 2021 09:30:00 +0000 http://freedominst.org/coatings-raw-material-market-growth-in-specialty-chemicals-industry-emerging-trends-business-risks-and-key-leaders/

NEW YORK, July 20, 2021 / PRNewswire / – Technavio is monitoring the coatings raw material market and is poised to grow by 9,808.00 thousand tonnes during the period 2021-2025. The report predicts that the market will grow at a CAGR of 4.64%. Further, the report offers a detailed analysis of the current market scenario, the impact of COVID-19, the latest trends and drivers, and the overall market environment.

Technavio announced its latest market research report titled Coating Raw Materials Market by Type and Geography – Forecast and Analysis 2021-2025

Make decisions with confidence using our references and analyzes.

Request a free sample report: https://www.technavio.com/talk-to-us?report=IRTNTR44096

Growing demand for alkyd resins in paints and coatings to drive the growth of the coatings raw materials market. According to Technavio, the increasing demand for coatings raw materials in the construction industry will also have a positive impact on the market and contribute significantly to its growth during the forecast period. This research report also analyzes other important trends and market drivers that will influence the growth of the market during the period 2021-2025.

More details: https://www.technavio.com/report/coatings-raw-materials-market-industry-analysis

Related material reports include:

Antifouling Coatings Market by Application and Geography – Forecast and Analysis 2021-2025

Automotive Electronics Compliant Coatings Market by Product and Geography – Forecast and Analysis 2021-2025

Coatings Raw Materials Market: Segmentation Analysis

This market research report segments the Coating Raw Materials market by Type (Resins, Pigments & Fillers, Solvents & Additives) and Geography (APAC, Europe, North America, South America, and MEA).

51% of the market growth will come from APAC during the forecast period. China is a key market for raw materials for APAC coatings. APAC has registered a significant growth rate and is expected to offer several business opportunities to the market vendors during the forecast period. One of the key factors for the growth in APAC is the increasing demand for raw materials for coatings in the construction industry.

Want to customize this report? We offer 1000 $ FREE personalization value at time of purchase

Talk to an analyst: https://www.technavio.com/talk-to-us?report=IRTNTR44096

Some of the main topics covered in the report include:

Market challenges

Market factors

Market trends

Supplier landscape

About Technavio

Technavio is one of the world’s leading technology research and consulting companies. Their research and analysis focuses on emerging market trends and provides actionable insights to help companies identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialist analysts, Technavio’s report library includes over 17,000+ reports, spanning 800 technologies, spanning 50 countries. Their customer base consists of companies of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s comprehensive coverage, in-depth research and actionable market intelligence to identify opportunities in existing markets. and potentials and assess their competitive positions in changing market scenarios.

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Communication and Marketing Officer
United States: +1 844 364 1100
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Report: https://www.technavio.com/talk-to-us?report=IRTNTR44096

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We think VF (NYSE: VFC) is taking risks with its debt http://freedominst.org/we-think-vf-nyse-vfc-is-taking-risks-with-its-debt/ http://freedominst.org/we-think-vf-nyse-vfc-is-taking-risks-with-its-debt/#respond Mon, 19 Jul 2021 14:45:30 +0000 http://freedominst.org/we-think-vf-nyse-vfc-is-taking-risks-with-its-debt/

Legendary fund manager Li Lu (whom Charlie Munger supported) once said, “The biggest risk in investing is not price volatility, but the possibility that you will suffer a permanent loss of capital. So it can be obvious that you need to consider debt, when you think about how risky a given stock is because too much debt can sink a business. We notice that Company VF (NYSE: VFC) has debt on its balance sheet. But does this debt worry shareholders?

What risk does debt entail?

Debt is a tool to help businesses grow, but if a business is unable to repay its lenders, then it exists at their mercy. In the worst case scenario, a business can go bankrupt if it cannot pay its creditors. However, a more common (but still costly) event is when a company has to issue stock at bargain prices, constantly diluting shareholders, just to strengthen its balance sheet. That said, the most common situation is where a business manages its debt reasonably well – and to its own advantage. When we look at debt levels, we first consider both liquidity and debt levels.

See our latest analysis for VF

How many debts does VF carry?

The image below, which you can click for more details, shows that in April 2021, VF was in debt of US $ 5.70 billion, up from US $ 3.81 billion in a year. However, he also had $ 1.41 billion in cash, so his net debt is $ 4.29 billion.

NYSE: VFC Debt to Equity History July 19, 2021

Is VF’s balance sheet healthy?

The latest balance sheet data shows that VF had liabilities of US $ 2.21 billion due within one year and liabilities of US $ 8.49 billion due after that. In return, he had $ 1.41 billion in cash and $ 1.30 billion in receivables due within 12 months. As a result, its liabilities exceed the sum of its cash and (short-term) receivables by $ 7.98 billion.

While that might sound like a lot, it’s not that bad since VF has a massive market cap of US $ 30.4 billion, and therefore could likely strengthen its balance sheet by raising capital if needed. However, it is always worth taking a close look at your ability to repay your debt.

We use two main ratios to inform us about the levels of debt compared to earnings. The first is net debt divided by earnings before interest, taxes, depreciation, and amortization (EBITDA), while the second is the number of times its profit before interest and taxes (EBIT) covers its interest expense (or its coverage of interest, for short). Thus, we consider debt versus earnings with and without amortization charges.

VF’s debt is 4.4 times its EBITDA and its EBIT covers its interest expense 5.6 times. This suggests that while debt levels are significant, we would stop calling them problematic. It is important to note that VF’s EBIT has fallen 44% over the past twelve months. If this decline continues, then it will be more difficult to pay off the debt than to sell foie gras at a vegan convention. When analyzing debt levels, the balance sheet is the obvious starting point. But ultimately, the company’s future profitability will decide whether VF can strengthen its balance sheet over time. So if you are focused on the future you can check this out free report showing analysts’ earnings forecasts.

Finally, while the IRS may love accounting profits, lenders only accept hard cash. We therefore always check how much of this EBIT is converted into free cash flow. Over the past three years, VF has generated free cash flow of a very solid 92% of its EBIT, more than we expected. This puts him in a very strong position to pay off the debt.

Our point of view

VF’s rate of growth in EBIT and net debt to EBITDA certainly weighs on this, in our view. But his conversion from EBIT to free cash tells a very different story and suggests some resilience. We think VF’s debt makes it a bit risky, after considering the aforementioned data points together. This isn’t necessarily a bad thing, as leverage can increase returns on equity, but it’s something to be aware of. There is no doubt that we learn the most about debt from the balance sheet. However, not all investment risks lie on the balance sheet – far from it. For example – VF a 4 warning signs we think you should be aware.

At the end of the day, it’s often best to focus on businesses with no net debt. You can access our special list of these companies (all with a history of profit growth). It’s free.

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This Simply Wall St article is general in nature. It does not constitute a recommendation to buy or sell shares and does not take into account your goals or your financial situation. Our aim is to bring you long-term, targeted analysis based on fundamental data. Note that our analysis may not take into account the latest announcements from price sensitive companies or qualitative documents. Simply Wall St has no position in any of the stocks mentioned.
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The Observer’s take on lifting Covid restrictions | Editorial observer http://freedominst.org/the-observers-take-on-lifting-covid-restrictions-editorial-observer/ http://freedominst.org/the-observers-take-on-lifting-covid-restrictions-editorial-observer/#respond Sun, 18 Jul 2021 13:43:00 +0000 http://freedominst.org/the-observers-take-on-lifting-covid-restrictions-editorial-observer/

This week marks the second anniversary of Boris Johnson’s tenure as Prime Minister. It has been two painful years for the country. Much of this is due to a pandemic that claimed the lives of more than 4 million people around the world. But Johnson’s incompetence, lack of integrity and the leadership vacuum at the heart of his government have all made the UK suffer more than necessary.

Johnson’s rank unfit for office is evident in his lack of a domestic policy agenda: his “UpgradeLast week’s speech was devoid of substance on how his government might seek to reverse the impact of a decade of spending cuts on poorer parts of the country, as well as the uneven impact Brexit is expected to have. have in the years to come. This is evident in the way Brexit has gone so far: the ideological drive for a hard Brexit regardless of the consequences for the stability of Northern Ireland or the damage caused by threatening close allies with ” violate international law. This is evident in the way the government tries to fuel divisive culture wars over whether footballers should take a stand against racism in order to distract from its own incompetence. Most importantly, this is evident in the higher-than-necessary death toll that has resulted from Johnson repeatedly acting too slowly to control the pandemic and taking unwarranted risks by relaxing social restrictions too quickly. Tens of thousands of people mourn the loss of relatives and friends.

Tomorrow’s easing of nearly all remaining social restrictions aimed at controlling the outbreak – from opening nightclubs to mandatory requirements to wear masks in indoor public spaces – is one of the most important moments of this pandemic . But this is happening as infection rates rise, many international scientists are warning the UK government is indeed embarking on a dangerous experiment and amid some of the most confusing and chaotic public health messages in the entire pandemic. .

The argument for removing remaining social restrictions is that the population has sufficient levels of immunity from vaccination and that waiting for more people to be fully vaccinated could risk a third wave hitting the NHS during the year. winter, when it is even more stretched. But the government’s previous efforts in March to let the virus spread when there was less pressure on the NHS have gone horribly wrong. It is true that more than half of the population has the protection of a vaccine, but the modeling of the scientific advisers of the government still predicts between 80,000 and 160,000 hospitalizations due to Covid by the end of the year and between 9,000 and 18,000 more deaths, assuming vaccine protection does not wane. Chief Medical Officer Chris Whitty has warned that with the doubling of hospital admissions every three weeks, the UK could find itself reimposing social restrictions in a few weeks. Countries that have relaxed restrictions, such as Netherlands and Israel, ended up reimposing them.

Additionally, the chaotic messages around July 19 make it difficult for the public to know what to do to keep themselves and others safe. At first, the lifting of the obligation to wear a mask was presented by ministers as a symbol of “freedom day”; now we are fed the contradictory message that we should wear them even though they are not mandatory. The emphasis on personal responsibility when much of the fight against the pandemic is about collective action to protect one another makes no sense. There is no consistency in the government’s approach, which seems to be driven by politics and symbolism rather than scientific evidence: why drop the requirement to wear masks, very low cost intervention, everything still requiring those who are doubly vaccinated and who have had a negative PCR test to self-isolate for 10 days if they have been in contact with a positive case? Why allow nightclubs to reopen while insisting that those who are fully vaccinated return from a country where infection rates are lower than UK quarantine for 10 days? If there is any logic or evidence behind these decisions, the government has not shared them, which risks undermining the public’s appetite to comply. The strategy is overseen by a new inexperienced health secretary, Sajid Javid, who himself has just tested positive for Covid.

The government’s decision to open up even further was clearly motivated by the belief that it would be better for the economy. Yet accelerating infection rates – one in 95 was infected with Covid last week, the highest infection rate since mid-January – means that while we can all do more in theory, the reality is that essential services such as the NHS, the police, food supply chains and schools are hampered by the large number of people being asked to self-isolate through tracking and traceability. Hotel businesses are also due to close in the short term due to staff shortages. Wouldn’t it be better to live with more restrictions, but with greater collective certainty about what we can and cannot do? The risk is that the cost of any future social restrictions that will need to be introduced due to the uncontrolled spread of the virus now will eclipse the cost of the additional government support that would have been needed to support hotel businesses through continued restrictions on the virus. summer.

There is no risk-free strategy left to deal with Covid. Yet the government’s decision to proceed with its so-called Freedom Day despite soaring infection rates driven by a more infectious and vaccine-resistant variant seems more misguided every day. One of the most important lessons from this pandemic is that the precautionary principle is essential in controlling a virus that is spreading exponentially: the costs of inaction can be well, much higher than the costs of action. . It’s a lesson Boris Johnson has repeatedly ignored and too many people have paid the price with their lives.

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4 best tax-saving fixed deposits to invest in 2021 http://freedominst.org/4-best-tax-saving-fixed-deposits-to-invest-in-2021/ http://freedominst.org/4-best-tax-saving-fixed-deposits-to-invest-in-2021/#respond Sat, 17 Jul 2021 07:21:49 +0000 http://freedominst.org/4-best-tax-saving-fixed-deposits-to-invest-in-2021/

5-year tax-saving fixed deposits from small corporate banks

Under the current low bank interest rate regime, smaller financial banks promise better interest rates than major private and public sector banks on short and long term deposits. By investing in a small finance bank term deposit system, one would not only get good returns, tax benefits, but his deposits would also benefit from insurance coverage up to Rs 5 lakhs by DICGC. Here are the top 5 small finance banks that currently promise the best interest rates on 5 year term deposits or tax saving deposits under Rs 2 Cr.

Banks Regular FD rates FD senior rates
Small Ujjivan Financial Bank 6.75% 7.25%
Jana Small Finance Bank 6.50% 7.00%
Small Equitas Corporate Bank 6.25% 6.75%
Suryoday Small Finance Bank 6.25% 6.50%
Utkarsh Small Financial Bank 6.00% 6.50%
Source: Bank websites

5-year tax saving fixed deposits from private sector banks

5-year tax saving fixed deposits from private sector banks

Here are the top 5 private sector banks promising better interest rates on term deposits to lower taxes by less than Rs 2 Cr.

Banks Regular FD rates FD senior rates
RBL Bank 6.50% 7.00%
DCB Bank 6.50% 7.00%
Yes Bank 6.25% 7.00%
IndusInd Bank 6.00% 6.50%
Karur Vysia Bank 6.00% 6.00%
Source: Bank websites

5-year tax-saving fixed deposits from public sector banks

5-year tax-saving fixed deposits from public sector banks

For a deposit amount of less than Rs 2 Cr, here are the top 5 commercial banks promising good yields on term deposits saving tax.

Banks Regular FD rates FD senior rates
Union Bank 5.50% 6.00%
Canara Bank 5.50% 6.00%
National Bank of India 5.30% 5.80%
Bank of Punjab and Sindh 5.30% 5.80%
Bank of India 5.15% 5.65%
Source: Bank websites

Term deposit at the post office

Term deposit at the post office

After term deposits from banks, small savings plans are the safest investment in the debt category. Of all the small savings plans, the post office term account works just like a bank term deposit where you can invest for a period of 1 to 5 years. You can open a term account at any post office by making an initial deposit of Rs 1000 / – and in multiples of 100 with no upper limit. Section 80C of the Income Tax Act 1961 refers to investments made under a 5-year TD.

The deposit amount as well as the interest rate accrued on this term account are payable after 1 year, 2 years, 3 years and 5 years from the date of opening of the account. The government recently announced that interest rates on small savings accounts would remain unchanged for the quarter ending September 30, 2021. According to the circular, post office term accounts would continue to pay 5.5% d ‘interest on deposits from one to three years, and 6.7% on deposits from five years.

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US STEM CELL: Management Discussion and Analysis of Financial Condition and Results of Operations (Form 10-K) http://freedominst.org/us-stem-cell-management-discussion-and-analysis-of-financial-condition-and-results-of-operations-form-10-k/ http://freedominst.org/us-stem-cell-management-discussion-and-analysis-of-financial-condition-and-results-of-operations-form-10-k/#respond Fri, 16 Jul 2021 10:05:59 +0000 http://freedominst.org/us-stem-cell-management-discussion-and-analysis-of-financial-condition-and-results-of-operations-form-10-k/
The following is management's discussion and analysis ("MD&A") of certain
significant factors that have affected our financial position and operating
results during the periods included in the accompanying financial statements, as
well as information relating to the plans of our current management. This report
includes forward-looking statements. Generally, the words "believes,"
"anticipates," "may," "will," "should," "expect," "intend," "estimate,"
"continue," and similar expressions or the negative thereof or comparable
terminology are intended to identify forward-looking statements. Such statements
are subject to certain risks and uncertainties, including the matters set forth
in this report or other reports or documents we file with the Securities and
Exchange Commission from time to time, which could cause actual results or
outcomes to differ materially from those projected. Undue reliance should not be
placed on these forward-looking statements which speak only as of the date
hereof. We undertake no obligation to update these forward-looking statements.



The following discussion and analysis should be read in conjunction with our financial statements and accompanying notes and other financial information contained elsewhere in this Form 10-K




The Company's MD&A is comprised of significant accounting estimates made in the
normal course of its operations, overview of the Company's business conditions,
results of operations, liquidity and capital resources and contractual
obligations. The Company did not have any off balance sheet arrangements as of
December 31, 2019 or 2018.



The discussion and analysis of the Company's financial condition and results of
operations is based upon its financial statements, which have been prepared in
accordance with generally accepted accounting principles generally accepted in
the United States (or "GAAP"). The preparation of those financial statements
requires us to make estimates and judgments that affect the reported amount of
assets and liabilities at the date of its financial statements. Actual results
may differ from these estimates under different assumptions or conditions.



Our ability to continue as a running business




The Company's management has evaluated whether there is substantial doubt about
the Company's ability to continue as a going concern and has determined that
substantial doubt existed as of the date of the end of the period covered by
this Yearly Report on Form 10-K (the "Form 10-K").This determination was based
on the following factors, as of December 31, 2019, the Company had a bank
overdraft of $1,520 and a working capital deficit (current liabilities in excess
of current assets) of $8,684,422. During the year ended December 31, 2019, the
net loss was $3,835,337 and net cash used in operating activities was
$1,210,994. In the opinion of management, these factors, among others, raise
substantial doubt about the ability of the Company to continue as
a going concern for a reasonable period of time.  As part of its long term goal,
management of the Company will refocus on its animal health division while it
evaluates its future opportunities for its human division and subsidiary.



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Overview



We are a biotechnology company focused on the discovery, development and,
subject to regulatory approval, commercialization of autologous cell therapies
for the treatment of chronic and acute heart damage. Our lead product candidates
are MyoCell™ and Adipocell. MyoCell™ is an innovative clinical therapy designed
to populate regions of scar tissue within a patient's heart with autologous
muscle cells, or cells from a patient's body, for the purpose of improving
cardiac function in chronic heart failure patients. Adipocell is an innovative
cell therapy kit with multiple possible treatment applications using autologous
adipose cells. We are presently investigating the use of adipose cells in a
variety of clinical applications.



Biotechnology product candidates




We are focused on the discovery, development and, subject to regulatory
approval, commercialization of autologous cell therapies for the treatment of
chronic and acute heart damage. In our pipeline, we have multiple product
Candidates for the treatment of heart damage, including MyoCell, MyoCell™ SDF-1
and Adipocell. MyoCell™ and MyoCell™ SDF-1 are clinical muscle-derived cell
therapies designed to populate regions of scar tissue within a patient's heart
with new living cells for the purpose of improving cardiac function in chronic
heart failure patients.



MyoCell™ SDF-1 is intended to be an improvement to MyoCell™. MyoCell™ SDF-1 is
similar to MyoCell™ except that the myoblast cells to be injected for use in
MyoCell™ SDF-1 will be modified prior to injection by an adenovirus vector or
non-viral vector so that they will release extra quantities of the SDF-1
protein, which expresses angiogenic factors. Adipocell is a kit to obtain
patient-derived cells proposed for various in clinic procedures. We hope to
demonstrate that these product candidates are safe and effective complements to
existing therapies for various indications.



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MyoCath Product Candidate



The MyoCath is a deflecting tip needle injection catheter that has a larger (25
gauge) needle to allow for better flow rates and less leakage than systems that
are 27 gauge. This larger needle allows for thicker compositions to be injected,
which helps with cell retention in the heart. Also, the MyoCath needle has more
fluoroscopic brightness than the normally used nitinol needle, enabling superior
visualization during the procedure. Seeing the needle well during injections
enables the physician who is operating the catheter to pinpoint targeted areas
more precisely.



The MyoCath is used to inject cells into cardiac tissue in therapeutic
procedures to treat chronic heart ischemia and congestive heart failure.
Investigators in our MARVEL Trial may use either our MyoCath catheters or
Biosense Webster's (a Johnson & Johnson company) NOGA® Cardiac Navigation System
along with the MyoStar™ injection catheter for the delivery of MyoCell™ to
patients enrolled in the trial. We are currently producing Myocath catheters
with a contract manufacturer on an as needed basis.



We conduct operations in one business segment. We may organize our business into
more discrete business units when and if we generate significant revenue from
the sale of our product candidates. Our revenue since inception has been
generated inside and outside the United States, and the majority of our
long-lived assets are located in the United States.



GENERAL AMERICAN CAPITAL PARTNERS




On March 3, 2017, we entered into an asset sale and lease agreement
(sale/leaseback transaction; "Asset Sale and Lease Agreement"), with GACP
(General American Capital Partners) Stem Cell Bank LLC, a Florida limited
liability company ("GACP) whereby we sold certain lab, medical and other
equipment relating to the cell banking business for $400,000 and leased back the
sold equipment over a three year term.  The lease includes a base monthly rental
payment of $20,000, due the first day of each calendar month.  In addition, we
are required to pay 2.3%, 22.5% and 31.6% of revenues collected on deposits
arising from cell banking business for years 1, 2 and 3, respectively.  At the
expiration of the lease, we are required to return all leased equipment and
along with any maintenance records, logs, etc. in our  possession to the lessor
with no right of repurchase. As a consequence of the Court Order dated June 4,
2019 (see Note 12 "Government Claim"), the Company resolved to terminate its
relationship with GACP and divest itself of certain equipment and other assets
(the "Equipment Assets") used in connection with the Company's human tissue
banking business, but consistent however with the requirements of the Court
Order, and to adjust the business plan and operations to accommodate this
potential divesture.



Subsequent events


During the year ended December 31, 2020, the Company issued a total of 10,354,560 common shares, with a fair value of $ 51,914, in settlement of unpaid accounts payable. As part of the issues, the Company has undertaken a $ 3,586 net gain on settlement.




During the year ended December 31, 2020, the Company issued 3,481,467 shares of
its common stock, having a fair value of $21,744, in lieu of payment in cash of
accrued and unpaid interest of $18,340, resulting in a loss on settlement of
$3,404.


At February 10, 2021, as part of a settlement agreement, the Company transferred all of its member interest in American Stem Cell, LLC To dr. Kristen comella as payment for $ 100,000 accrued interest due to Dr Comella.

Overview of the results of operations



Revenues



Our primary source of revenue is from the sale of test kits and equipment,
training services, patient treatments and laboratory services, and cell
banking. Our revenue may vary substantially from quarter to quarter and from
year to year. We believe that period-to-period comparisons of our results of
operations are not meaningful and should not be relied upon as indicative of our
future performance. We do not expect to generate substantial revenues until we
obtain regulatory approval for and commercialize our product candidates.



                                       20

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We recognized revenues of $3,072,293 in 2019 compared to revenues of $6,700,888
in 2018. Our revenue in 2019 was generated from the sale of test kits and
equipment, training services, patient treatments and laboratory services, and
cell banking. Our revenues for 2018 were generated from the sale, test kits and
equipment, training services, patient treatments and laboratory services, and
cell banking.



As a consequence of the Court Order (see Note 12) the Company resolved to divest
itself of certain equipment and other assets (the "Equipment Assets") used in
connection with the Company's human tissue banking business, but consistent
however with the requirements of the Court Order, and to adjust the business
plan and operations to accommodate this potential divesture.



Cost of Sales


Cost of sales includes costs associated with the production of MyoCath and test kits, product costs, labor for production and training, and laboratory and banking costs for the products and services provided.

The cost of sales was $ 1,335,237 in the year ended December 31, 2019 compared to
$ 2,110,532 in the year ended December 31, 2018. The decrease is due to the decrease in income.




Research and Development



Our research and development expenses consist of costs incurred in identifying,
developing and testing our product candidates. These expenses consist primarily
of costs related to our clinical trials, the acquisition of intellectual
property licenses and preclinical studies. We expense research and development
costs as incurred.


Marketing, general and administrative




Our marketing, general and administrative expenses primarily consist of the
costs associated with our general management and clinical marketing and trade
programs, including, but not limited to, salaries and related expenses for
executive, administrative and marketing personnel, rent, insurance, legal and
accounting fees, consulting fees, travel and entertainment expenses, conference
costs and other clinical marketing and trade program expenses.



Stock-Based Compensation



Stock-based compensation which is included in the Marketing, General and
Administrative above, reflects our recognition as an expense of the value of
stock options and other equity instruments issued to our employees and
non-employees over the vesting period of the options and other equity
instruments. We have granted to our employees options to purchase shares of
common stock at exercise prices as determined by our Board of Directors, with
input from management.


In valuing our common stocks, our board of directors considered a number of factors, including, but not limited to:



  ? our financial position and historical financial performance;
  ? the illiquidity of our capital stock;
  ? arm's length sales of our common stock;
  ? the development status of our product candidates;
  ? the business risks we face;
  ? vesting restrictions imposed upon the equity awards;
  ? an evaluation and benchmark of our competitors; and
  ? the prospects of a liquidity event.




On April 1, 2013, our Board of Directors approved, subject to subsequently
received shareholder approval, the establishment of the Bioheart 2013 Omnibus
Equity Compensation Plan, or the "2013 Omnibus Plan" (replacing the 1999
Officers and Employees Stock Option Plan, or the Employee Plan, and the 1999
Directors and Consultants Stock Option Plan). The 2013 Omnibus Plan initially
reserved up to fifty thousand (50,000) shares of common stock for issuance. On
August 4, 2014, the Board of Directors approved to set the reserve to one
hundred thousand (100,000) shares of common stock for issuance and to close the
1999 Officers and Employees Stock Option Plan. On February 2, 2015, at the
annual meeting of shareholders, the majority of shareholders approved the 2013
Omnibus Equity Compensation Plan. On November 2, 2015, the Board of Directors
approved the increase of the reserve under the 2013 Omnibus Plan to five hundred
million (500,000,000) shares of common stock for issuance, effective September
16, 2016, approved an addition of twenty five million (25,000,000) shares of
common stock to the reserve, effective April 21, 2017, approved an addition of
twenty five million (25,000,000) shares of common stock to the reserve,
effective August 7, 2017, approved an addition of thirty million (30,000,000)
shares of common stock to the reserve and effective May 7, 2018, approved an
addition of one hundred million (100,000,000) shares of common stock to reserve.



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A summary of options at December 31, 2019 and activity during the year then
ended is presented below:



                                                                                        Weighted-
                                                                                         Average
                                                                    Weighted-           Remaining
                                                                     Average           Contractual
                                                  Shares         Exercise Price      Term (in years)
Options outstanding at December 31, 2018         112,970,693     $        0.0329                  8.7
Granted                                           40,900,000     $        0.0055                 10.0
Exercised                                                  -
Forfeited/Expired                                (42,750,219 )   $        0.0280

Current options at December 31, 2019 111 120 474 $ 0.0247

                  8.3

Options exercisable at December 31, 2019 55 026 724 $ 0.0255

                  7.9

Available for grant at December 31, 2019 34 168 070





A summary of stock option activity for the year ended December 31, 2019 is as
follows:



                           Options Outstanding                                       Options Exercisable
                                           Weighted            Weighted                             Weighted
                      Outstanding          Average             Average          Exercisable         Average
    Exercise            Number          Remaining Life         Exercise           Number            Exercise
     Price            of Options           In Years             price           of Options           price
$0.000 to $0.010        41,900,000                  9.0     $       0.0051        13,050,000     $       0.0043
$0.011 to $0.020        16,300,000                  6.7             0.0196        13,800,000             0.0196
$0.021 to $0.030         9,710,000                  8.9             0.0253         8,052,500             0.0252
    $0.0363             22,735,000                  7.6             0.0363        14,680,000             0.0363
    $0.0536             20,000,000                  8.4             0.0536         5,000,000             0.0536
    $0.1540                475,474                  5.8             0.1540           444,224             0.1540
Total                  111,120,474                  8.3     $       0.0247        55,026,724     $       0.0255




On May 7, 2018, we granted an aggregate 30,000,000 options to purchase the
Company's common stock at $0.0536 per share to key employees, vesting over 4
years, at grant date anniversary and exercisable over 10 years. The aggregate
fair value of $1,438,473, determined using the Black Scholes option pricing
model with the following assumptions: Dividend yield: 0%; Volatility: 261.13%
and Risk free rate: 2.90%.



On August 8, 2018, we granted an aggregate 2,340,000 options to purchase our
company's common stock at $0.02576 per share to key employees, vesting over 4
years, at grant date anniversary and exercisable over 10 years. The aggregate
fair value of $91,988, determined using the Black Scholes option pricing model
with the following assumptions: Dividend yield: 0%; Volatility: 217.72% and Risk
free rate: 2.83%.



On December 3, 2018, we granted an aggregate 9,000,000 options to purchase our
company's common stock at $0.02511 per share to board members, vesting
immediately exercisable over 10 years. The aggregate fair value of $195,722,
determined using the Black Scholes option pricing model with the following
assumptions: Dividend yield: 0%; Volatility: 215.29% and Risk free rate: 2.83%.



On September 1, 2019, the Company granted an aggregate 33,400,000 options to
purchase the Company's common stock at $0.0056 per share to key employees,
vesting over 4 years, at grant date anniversary and exercisable over 10 years.
The aggregate fair value of $192,189, was determined using the Black Scholes
option pricing model with the following assumptions: Dividend yield: 0%;
Volatility: 215.10% and Risk-free rate: 1.45%.



On November 18, 2019, the Company granted to its directors an aggregate of
7,500,000 options to purchase the Company's common stock at $0.0049 per share
that vested immediately and are exercisable for 10 years. The aggregate fair
value of $34,477, was determined using the Black Scholes option pricing model
with the following assumptions: Dividend yield: 0%; Volatility: 213.97% and
Risk-free rate: 1.81%.



                                       22

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The aggregate intrinsic value of outstanding stock options was $0, based on
options with an exercise price less than the Company's stock price of $0.0035 as
of December 31, 2019, which would have been received by the option holders had
those option holders exercised their options as of that date.



The fair value of all options that vested during the years ended
December 31, 2019 and 2018 was $735,176 and $753,007, respectively. As of
December 31, 2019, the Company had $1,415,552 of total unrecognized compensation
cost related to non-vested awards granted under the 2013 Omnibus Plan, which the
Company expects to recognize over a weighted average period of 1.24 years.



Warrants



A summary of common stock purchase warrants for the year ended December 31, 2019
is presented below:



                                                                                     Weighted-Average
                                                Number of     

Weighted average remaining life

                                                Warrants        Exercise Price           in Years
Outstanding at December 31, 2018                 1,114,019     $         14.7350                   9.1
Issued                                                   -
Exercised                                                -
Expired                                             (3,551 )   $          607.31
Outstanding at December 31, 2019                 1,110,468     $           12.84                   8.2
Exercisable at December 31, 2019                 1,108,923     $            2.14                   8.2



The following information applies to ordinary share subscription warrants in circulation and exercisable at December 31, 2019:




                         Warrants Outstanding                                     Warrants Exercisable
                                         Weighted           Weighted                             Weighted
                   Outstanding           Average             Average         Exercisable          Average
  Exercise            Number            Remaining           Exercise            Number           Exercise
    Price          of Warrants        Life in Years           Price          of Warrants           Price
$0.01 -20.00           1,086,536                  8.2     $        1.27          1,086,536     $        1.27
$20.01 -30.00             19,543                  4.2     $       25.06             19,543     $       25.06
$40.01 -50.00              2,253                  2.8     $       48.83              2,253     $       48.83
$50.01 -60.00                543                  1.6     $       60.00                543     $       60.00
   > 60.00        $        1,593                  6.8     $    7,690.00                 48     $    7,690.00
                       1,110,468                  8.2     $       12.84     $    1,108,923     $        2.14




On August 27, 2018, we issued 1,000,000 warrants to purchase our company's
common stock at $0.02713 per share for services rendered, vesting 6 months from
issuance and exercisable over 10 years. The aggregate fair value of $24,986,
determined using the Black Scholes option pricing model with the following
assumptions: Dividend yield: 0%; Volatility: 217.01% and Risk free rate: 2.85%.



Interest Expense



Interest expense during the year ended December 31, 2019 was $981,001 compared
to $1,444,807 for the year ended December 31, 2018. Interest expense primarily
consists of interest incurred on the principal amount of the Northstar loan,
the Seaside National Bank loan, the Capital Lease with GACP, accrued fees and
interest payable to the Guarantors, imputed interest on non-interest bearing
debt, the amortization of debt discounts and non-cash interest incurred relating
to our issued convertible notes payable.



The debt discounts amortization and non-cash interest incurred during the year
ended December 31, 2019 and 2018 was $198,355 and $195,967, respectively. There
was nominal change in interest year over year.



On January 3, 2018, we  renewed the loan with Seaside National Bank and Trust
extend the maturity date to May 18, 2020 all other terms and conditions remain
unchanged. On May 18, 2020, the Seaside loan was turned into a Demand Note with
no fixed maturity date but with a redocumentation requirement every four years.
The new redocumentation deadline is May 2022.



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Critical Accounting Policies



Our discussion and analysis of our financial condition and results of operations
is based upon our financial statements, which have been prepared in accordance
with accounting principles generally accepted in the United States. The
preparation of these financial statements requires us to make estimates and
assumptions that affect the reported amounts of assets, liabilities, revenues
and expenses. We base our estimates on historical experience and on various
other assumptions that we believe to be reasonable under the circumstances, the
results of which form the basis for making judgments about the carrying values
of assets and liabilities that are not readily apparent from other sources.
Actual results may differ from these estimates under different assumptions or
conditions. While our critical accounting policies are described in Note 1 to
our financial statements appearing elsewhere in this report, we believe the
following policies are important to understanding and evaluating our reported
financial results:



Revenue Recognition



Effective January 1, 2018, we recognize revenue in accordance with Accounting
Standards Codification 2014-09, Revenue from Contracts with Customers (Topic
606), which supersedes the revenue recognition requirements in Topic 605,
Revenue Recognition, and most industry-specific revenue recognition guidance
throughout the Industry Topics of the Accounting Standards Codification. The
updated guidance states that an entity should recognize revenue to depict the
transfer of promised goods or services to customers in an amount that reflects
the consideration to which the entity expects to be entitled in exchange for
those goods or services. The guidance also provides for additional disclosures
with respect to revenues and cash flows arising from contracts with customers.



At the time of each transaction, management assesses whether the fee associated
with the transaction is fixed or determinable and whether or not collection is
reasonably assured. The assessment of whether the fee is fixed or determinable
is based upon the payment terms of the transaction. Collectability is assessed
based on a number of factors, including past transaction history with the client
and the creditworthiness of the client.



Our main sources of income come from the sale of test kits and equipment, training services, patient treatments, laboratory services and cell banks.




Revenues for kits and equipment sold are not recorded until kits and equipment
are received by the customer. Revenues from in-person trainings are recognized
when the training occurs and revenues from on demand online trainings are
recognized when the customer purchases the rights to the training course. Any
cash received as a deposit for trainings are recorded by the Company as a
liability.



Revenues from patient treatments and laboratory services are recognized when these services have been completed or satisfied.




Revenues for cell banking sales are accounted for as multiple performance
obligations as described in 606 and addresses accounting for arrangements that
may involve the delivery or performance of multiple products, services and/or
rights to use assets. Because the Company sells its services separately, on more
than a limited basis and at a price within a narrow range, our company was able
to allocate revenue based on stand-alone pricing. The multiple performance
obligations include stem cell banking, dose retrieval and yearly storage fees.
Revenues for stem cell banking and dose retrieval is recognized at the point of
service and revenues for the yearly storage fees is recognized over the term of
the banking contract, which is typically one year with annual renewals.



Stock-based compensation



We measure the cost of services received in exchange for an award of equity
instruments based on the fair value of the award. For employees and directors,
the fair value of the award is measured on the grant date and for non-employees,
the fair value of the award is generally re-measured on vesting dates and
interim financial reporting dates until the service period is complete. The fair
value amount is then recognized over the period during which services are
required to be provided in exchange for the award, usually the vesting period.
Stock-based compensation expense is recorded by our company in the same expense
classifications in the statements of operations, as if such amounts were paid in
cash.



                                       24

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  Index



Income taxes



Income taxes are accounted for under the asset and liability method.  Deferred
tax assets and liabilities are recognized for the future tax consequences
attributable to differences between the financial statement carrying amounts of
existing assets and liabilities and their respective tax bases and operating
loss carry forwards that are available to be carried forward to future years for
tax purposes.  Deferred tax assets and liabilities are measured using enacted
tax rates expected to apply to taxable income in the years in which those
temporary differences are expected to be recovered or settled.  The effect on
deferred tax assets and liabilities of a change in tax rates is recognized in
income in the period that includes the enactment date.  When it is not
considered to be more likely than not that a deferred tax asset will be
realized, a valuation allowance is provided for the excess.  Although we have
significant loss carry forwards available to reduce future income for tax
purposes, no amount has been reflected on the balance sheet for deferred income
taxes as any deferred tax asset has been fully offset by a valuation allowance.



Use of Estimates



The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Significant estimates include stock-based
compensation,  debt discounts and the valuation allowance related to deferred
tax assets. Actual results may differ from these estimates.



Research and development costs




We account for research and development costs in accordance with Accounting
Standards Codification subtopic 730-10, Research and Development ("ASC 730-10").
Under ASC 730-10, all research and development costs must be charged to expense
as incurred. Accordingly, internal research and development costs are expensed
as incurred. Third-party research and development costs are expensed when the
contracted work has been performed or as milestone results have been achieved as
defined under the applicable agreement. Company-sponsored research and
development costs related to both present and future products are expensed in
the period incurred.



Depreciation


Depreciation is calculated using the straight-line method over the expected useful life of the assets or over the term of the lease, for assets subject to capital leases.




Cash and Cash Equivalents



Cash and cash equivalents include cash on hand, bank deposits with maturities of three months or less, and all highly liquid investments which are not subject to any restrictions on withdrawal or use, and which have original maturities of three months or less.




Options and warrants issued



We allocate the proceeds received from the equity financing and the options and attached warrants issued, based on their relative fair values, at the time of issuance. The amount allocated to options and warrants is recorded in addition to paid-up capital.



Related Parties



For the purposes of these financial statements, parties are considered to be
related if one party has the ability, directly or indirectly, to control the
party or exercise significant influence over the party in making financial and
operating decisions, or vice versa, or where our company and the party are
subject to common control or common significant influence. Related parties may
be individuals or other entities.



                                       25

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  Index



Results of Operations



We are a research and development stage company and our MyoCell™ product
candidate has not received regulatory approval or generated any material
revenues and is not expected to until late 2019, if ever. We have generated
substantial net losses and negative cash flow from operations since inception
and anticipate incurring significant net losses and negative cash flows from
operations for the foreseeable future as we continue clinical trials, undertake
new clinical trials, apply for regulatory approvals, make capital expenditures,
add information systems and personnel, make payments pursuant to our license
agreements upon our achievement of certain milestones, continue development of
additional product candidates using our technology, establish sales and
marketing capabilities and incur the additional cost of operating as a public
company.


Comparison of completed years December 31, 2019 and December 31, 2018



Revenues



We recognized revenues of $3,072,093 in 2019, revenues generated from the sale
of, kits and equipment, services, and laboratory services.  In 2018, we
recognized revenues of $6,700,888, revenues generated from the sales of kits and
laboratory services. Variance year over year was due to increased competition
and saturated market.



Cost of Sales


The cost of sales was $ 1,335,237 in 2019 and $ 2,110,532 in 2018. The variance was due to the increased cost of service equipment for the tissue bank.



Research and Development



Research and development expenses were $263 in 2019, a decrease of $5,176 from
research and development expenses of $5,439in 2018. The decrease was primarily
attributable to a decrease in the amount of available funds.



The timing and amount of our planned research and development expenditures depend on our ability to secure additional funding.

Marketing, general and administrative




Marketing, general and administrative expenses were $4,454,711 in 2019, a
decrease of $1,227,585 from marketing, general and administrative expenses of
$5,682,296 in 2018. The decrease is due to reduced operations due to the Court
order.


Gain (loss) on debt settlement




During the year ended December 31, 2019, we recognized a net gain of $214,883
primarily related to the dissolved GACP transaction and divestiture of assets.
In 2018, we recognized a gain of $5,625 primarily related to the settlement of
accounts payable and accrued interest.



Gain on sale of equipment


In March 2017, we entered into a sale-leaseback transaction whereby we sold our laboratory and other medical equipment and re-leased the equipment for 36 months.

In

connection with the sale/leaseback, we realized a gain on sale of equipment of
$128,845 which is recognized as of the divestiture of the assets in October
2019. During the year ended December 31, 2019, we recognized $128,845 in current
period operations as compared to $107,371 for the previous year.



Equity investment income




Our investment of 33% member interest ownerships of U.S. Stem Cell Clinic, LLC
and Regenerative Wellness Clinic, LLC (subsequently increased after December 31,
2018) and well as our 49% member interest ownership in U.S. Stem Cell of the
Villages LLC are accounted for using the equity method of accounting.  As such,
we report our pro rata share of its income or loss for the period.  For the year
ended December 31, 2018 and 2017, our pro rata share of its income was $247,813
and $192,383, respectively.



                                       26

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  Index



Interest Expense



Interest expense was $981,001 in 2019 compared to interest expense of $1,444,807
in 2018. Non-cash interest comprised of amortization of debt discounts and
totaled $198,355 in 2019 as compared to $195,967 in 2018.  Variance in interest
due to amortization of capitalized expenses.



Inflation


Our opinion is that inflation has not and should not have had a material effect on our business.



Climate Change



Our opinion is that neither climate change, nor governmental regulations related
to climate change, have had, or are expected to have, any material effect on our
operations.


Liquidity and capital resources

In 2019, we continued to finance our operational cash flow needs with cash generated from financing activities.



Operating Activities



Net cash used in operating activities during the year ended December 31, 2019
was $1,210,994 and consisted primarily of a net loss of $3,835,337, a decrease
in deferred revenue of $272,865, gain on settlement of notes payable and accrued
interest of $214,883, gain on sale of equipment of $128,845 and income on equity
investments of $117,318, partially offset by related party notes payable issued
for services rendered of $978,077, stock-based compensation of $824,426, notes
payable issued in pre-trial settlements of $698,937, an increase in accounts
payable of $344,536, depreciation and amortization expense of $242,615 and
amortization of debt discount of $198,335.



Net provided by operating activities during the year ended December 31, 2018 was
$602,467 and consisted primarily of stock-based compensation of $1,227,924,
related party notes payable issued for services rendered of $800,000, an
increase in accounts payable of $426,263, an increase in accrued expenses of
$226,673, depreciation and amortization expense of $207,132 and amortization of
debt discount of $195,967, partially offset by a net loss of $2,160,427, income
on equity investments of $247,813 and gain on sale of equipment of $128,845.



Investing Activities


Net cash flow generated by investing activities for the year ended December 31, 2019
has been $ 166,834 and consisted of the proceeds of equity investments.

Net cash flow generated by investing activities for the year ended December 31, 2018
has been $ 311,700 and consisted of the proceeds of equity investments.



Financing Activities



Net cash used in financing activities for the year ended December 31, 2019 was
$312,986 and consisted primarily of repayments of notes payable of $512,486 and
repayments of related party notes of $321,607, partially offset by proceeds from
related party advances of $276,843 and proceeds from related party notes of
$107,868.



Net cash used in financing activities for the year ended December 31, 2018 was
$543,820 and consisted primarily of repayments of related party notes of
$708,422 and repayments of notes payable of $656,468, partially offset by
proceeds from sale of common stock of $367,700, proceeds from notes payable of
$220,211, proceeds from related party advances of $130,000 and equity
contribution by related party of $103,159.



                                       27

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Index

Existing capital resources and future capital needs




Our MyoCell™ product candidate has not received regulatory approval or generated
any material revenues. We do not expect to generate any material revenues or
cash from sales of our MyoCell™ product candidate until commercialization of
MyoCell, if ever. We have generated substantial net losses and negative cash
flow from operations since inception and anticipate incurring significant net
losses and negative cash flows from operations for the foreseeable future.
Historically, we have relied on proceeds from the sale of our common stock and
our incurrence of debt to provide the funds necessary to conduct our research
and development activities and to meet our other cash needs.



At December 31, 2019, we had cash and cash equivalents totaling $0; our working
capital deficit as of such date was $8,684,422. Our independent registered
public accounting firm has issued its report dated July 15th 2021 in connection
with the audit of our financial statements as of December 31, 2019 that included
an explanatory paragraph describing the existence of conditions that raise
substantial doubt about our ability to continue as a going concern.



From December 31, 2019, we have had $ 6,691,144 in outstanding debt, net of debt discount of $ 79,744.

Off-balance sheet provisions




We do not have any off-balance sheet arrangements that have or are reasonably
likely to have a current or future effect on our financial condition, changes in
financial condition, revenues or expenses, results of operations, liquidity,
capital expenditures or capital resources that are material to investors.



Recent accounting positions

Refer to Note 1. Organization and summary of significant accounting policies in the notes to our financial statements for a discussion of recent accounting pronouncements.

© Edgar online, source Previews

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How To Turn Dividend Growth Into Your “Free Day” http://freedominst.org/how-to-turn-dividend-growth-into-your-free-day/ http://freedominst.org/how-to-turn-dividend-growth-into-your-free-day/#respond Wed, 14 Jul 2021 15:53:04 +0000 http://freedominst.org/how-to-turn-dividend-growth-into-your-free-day/

At first, Ryan Krueger does not present himself as particularly revolutionary. The co-founder and CEO of Freedom Day Solutions, based in Houston, Texas, is so polite you hardly notice him when he says things like “the retirement planning business must be turned upside down.”

But that’s exactly the strategy behind his company’s new fund, the Freedom Day Dividend ETF (MBOX), tries to do it.

Traditional concepts of retirement planning focus on preparing clients for a certain age, after which they begin to withdraw a savings nest egg, typically at or around a 4% withdrawal rate.

Krueger’s actively managed dividend growth strategy, however, focuses on helping investors achieve their own “free day” – the day their cash flows exceed their outflows. In other words: the day the dividend checks that land in your mailbox earn you more money than the bills you pay. This “letterbox math” strategy is what has been built into MBOX.

Freedom Day is not about a specific age or asset level, explains Krueger, nor is it related to the FIRE (financial independence, early retirement) movement. It’s about generating income, plain and simple.

“Freedom Day is our mathematical version of something better than retirement,” he says. “It’s the day when you finally know for sure that ‘enough is enough’. “

Lara Crigger, editor-in-chief of ETF Trends, had the opportunity to sit down with Krueger to discuss the Freedom Day strategy.

Crigger: You say the current model of retirement planning no longer works. Why not? What changed ?

Krueger: Over the past 40 years, everyone’s been pretty much 60/40, and we’ve gotten this incredible tailwind of total return on the bond side of this allocation. As a result, a 4% [withdrawal rate]was never really contested. Of course it works, right? But if those tailwinds go away, what happens then? The math doesn’t work anymore.

In the old days, there was this idea that you could have $ 1 million and live on interest; or that you needed a fixed amount – $ 2 million, $ 4 million, $ 5 million – and you only took out 4%. But if you start with a risk-free rate of return of 1.5%, then what happens to you if the stock market does not increase every decade?

This ETF is the result of being asked to solve a problem, not launch a product. Personally, I think there is no need for ETF products anymore. But this problem of “how am I going to generate income growth?” ” It is all I have [focused on]in recent decades. So the idea of ​​sharing it with more people is exciting.

Crigger: What is the concept of a “Freedom Day”? And how is that different from the retirement age?

Krueger: In one sentence: Freedom Day is not about asset level to retire, but income level. Frankly, I don’t think retirement should be about age, anyway. Why not retire at 50 or if you really like what you do, why not 80 or 90?

Freedom Day is our mathematical version of something better than retirement. It is the day when your cash flow exceeds your income; when you finally know for sure enough is enough.

But it all comes down to income. The biggest challenge for advisors right now is figuring out how to generate growing income streams for their clients. As a result, investors are looking for return and taking risks that they may not be aware of, all in an attempt to catch up and get that 4-5% income stream.

But if you dig your well before you’re thirsty, if you build a growing income stream, you can have a 2% dividend yield now, and even with moderate growth, generate 5 or 6% in less than ten years. .

Crigger: It’s the eternal push-and-pull of dividend investing, isn’t it? Should I go for these juicy high yields? or should I opt for strategies that ensure sustained growth over time? Everyone has their own opinion. How should advisors think about this choice for their clients?

Krueger: I would say you have to think about your dividend yield, compared to the current dividend yield. Part of it is just patience and time. Over time, a 2% return that goes down to 5% is just better for me than a 4% return that doesn’t budge.

Should we seek growth or income? They say it’s both. It’s growth of income that matters.

Also, a dividend does not relate to when you bought or sold; it is not a question of speculating. It is real and tangible proof of what goes on in a business. And it’s clear from the data that companies that increase their dividends have a competitive advantage over those that don’t.

Crigger: How’s that?

Krueger: [Dividend growth] is the best indicator of improvement within a company. After analyzing every factor of investment over the past 25 years, the most telling clue of a company that can stand the test of time is the direction of its dividend.

So I’m looking for the smallest increasing dividend, versus a large dividend yield that everyone can already see. When you unravel those big returns, you might find more red flags [than you’d expect]. These big returns can hide other problems.

Crigger: What sets MBOX apart from all other active dividend growth strategies?

Krueger: It seems our biggest difference is the size of the moat we’re looking for. The divide is an advantage that is often discussed around large dividend paying stocks. It’s easy to see; it’s easy to quantify. But the unencumbered trader in me says it attracts competition. It attracts investors who will see them as very easy to see benefits.

We are therefore not looking for the advantage, but the direction of the benefit. A small margin or an accelerating ROIC is more attractive to me than a giant margin or a giant ROIC.

I also happen to be a big believer in the sales disciplines. Things don’t last forever. That’s the beauty of active management, in our opinion. When things change, you can sell them. When there are errors, we move on. That’s why we notice them every month. We let the math do the talking; we don’t fall in love with any of our positions.

Crigger: Your strategy is based on a very mathematical basis: “We let the math do the talking”, etc. But that’s not necessarily what many active managers do. Active management is all about making calls – and sometimes it’s math focused, but sometimes it’s also a qualitative process, or even a matter of instinct.

Krueger: Absolutely, but the beauty of math is also that it’s about humility. Math should have nothing to do with what we thought will happen, but to have deep respect for this is event.

Mathematics is changing. And when the inputs change, I think the output should change as well. We therefore set strict buying and selling disciplines that leave no room for our opinion. We have had the same sales disciplines for 25 years. It’s not a fun article, but as I’ve told people many times: trade all the best ideas you have for a set of sales disciplines, and then you’ll have a chance to outperform.

I think it goes to the heart of human nature. You might have a room full of investors with great ideas, but there are very few investors, hobbyists or experts, who have a strict set of sales disciplines.

Crigger: You’re that family counselor in Houston. You are very outside of traditional Wall Street circles. You have now launched an ETF. How did this decision come about?

Krueger: The boost came from a few advisers we worked with. We’ve had an SMA program for our entire career. But the only reason we did that was because the advisers would go through our process and say, “Why don’t you do this in an ETF, so we can tap into it?” This really moved me. It got me excited.

Crigger: It’s not an easy thing to start an ETF, though.

Krueger: No. It’s devilishly on wheels to get there. It’s expensive. It’s painful. But I think, mathematically, it’s a better solution than anything we could find out there.

For more news, information and strategy, visit Dividend Channel.

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Featured at GC Capital Ideas: Q2 2021 http://freedominst.org/featured-at-gc-capital-ideas-q2-2021/ http://freedominst.org/featured-at-gc-capital-ideas-q2-2021/#respond Tue, 13 Jul 2021 05:02:38 +0000 http://freedominst.org/featured-at-gc-capital-ideas-q2-2021/

1. April 2021 reinsurance renewals, Japan: During the April 1 reinsurance renewals, property catastrophe pricing increased for the third consecutive year. After the first year without a loss since 2018, there was some consolation for buyers as the average increase was the smallest in the past three years. Rates have increased on average by a small percentage for mutual buyers.

Read the article >>

2. Forecasts for the tropical season 2021:

  • Atlantic Active Planned: Across all forecasting entities spanning academia, government, and the private sector, there is unanimous consent for the Atlantic hurricane season 2021 to include storms, hurricanes, major hurricanes, and days of storms named medium to above average.
  • Factors behind the active forecast for the Atlantic include above average sea surface temperatures in the Atlantic and Western Pacific regions, as well as an expected transition from La Niña to ENSO conditions. neutral.
  • Ramifications for Atlantic Basin Landings: The relationship between hurricane landings and basin activity varies considerably from year to year and is highly dependent on direction currents. Weather forecasting for any event usually loses its competence beyond a 7-10 day lead time.
  • Western Pacific Typhoon Expectations: Thanks to the Guy Carpenter Asia-Pacific Climate Impact Center’s relationship with the City University of Hong Kong, the 2021 Western Pacific forecast indicates above-average activity. However, the number of landings in the region varies, with above-average activity most likely for southern mainland China and Vietnam.

Read the article >>

3. Chart: Guy Carpenter Global Property Catastrophe Rate-On-Line (ROL) Index – 1990 to 2021: The Guy Carpenter Global Property Catastrophe ROL Index increased 4.5% year-on-year, as of January 1. The index is a measure of the change in dollars paid for hedging based on a consistent program and reflects the impact on prices of an increasing (or decreasing) exposure base, changing methods of hedging. measurement of risk and changes in buying habits, as well as changes in market conditions.

See the graph >>

4. Guy Carpenter publishes the 2021 briefing on the tropical cyclone of the Pacific Northwest Basin: Guy Carpenter has published the annual briefing on the 2021 tropical cyclone season in the Pacific Northwest. According to the briefing, the number of tropical cyclones expected to form between April 1 and September 30 is above normal. Near to above normal activity is consistent with neutral El Niño – Southern Oscillation (ENSO) conditions following a weak to moderate La Niña year.

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5. OmniCAT® Risk Score: Severe Thunderstorm Risk Magnitude Index (SToRMi): Over the past decade, a noticeable increase in the frequency and severity of severe thunderstorm losses in the center and the Eastern United States has created a lack of profitability for carriers exposed to these perils. The impact has been magnified by outdated and archaic disaster models that lack the capacity to properly assess current risk. Guy Carpenter’s Severe Thunderstorm Risk Magnitude (SToRMi) Index provides a transparent approach to severe thunderstorm risk assessment to provide clients with an independent and current perspective on risk.

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6. Chart: Top 10 Largest Insured Claims Against Projections for COVID-19: Company-reported COVID-19 losses amount to nearly $ 30 billion. Added to the large losses in 2020, the total loss is around $ 110 billion. Using the midpoint of public estimates of COVID-19 losses, a number greater than $ 140 billion is generated.

See the graph >>

7. Solve ergonomic issues before remote working becomes an expensive risk: Last spring, workplaces around the world closed due to the spread of COVID-19. Millions of employees have made the night shift to work from home, some from their couches, kitchen tables or bedroom floors. Guy Carpenter, our clients and reinsurers were all up and running very quickly as we moved from our traditional office environments to remote work sites. We are proud of how the industry has responded to the unprecedented challenges we face.

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8. Narrow artificial intelligence is the latest disruptor in the insurance industry: society is entering the age of artificial intelligence. Important players from all industries are implementing narrow artificial intelligence (NAI) to improve their business processes. As a result, no part of the global insurance business model will be spared. According to Pete Thomas, president of GC Genesis, Guy Carpenter, and Samantha Busenhart, vice president, distribution and thought leadership, most insurance product lines will need to be redesigned to reflect the new risks arising from adoption and deployment. of the NAI. Carpenter.

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9. What if we applied the urgency of solving COVID to climate change? It is crucial that companies and the (re) insurance market integrate climate change into business considerations as investors, rating agencies and financial regulators put pressure on companies. Much has been written about what climate change and COVID-19 have in common. They both pose enormous risks to life on our planet and to our economic prosperity. They affect all countries, although to varying degrees, and they both cause the most harm to the poorest in society, who can least afford the additional suffering, according to David Knipe, partner at Oliver Wyman, a company of Marsh McLennan.

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10. Insurance prices rise, with cyber demanding sharp increases: Global commercial insurance prices rose 18% on average in the first quarter of 2021, although there are signs that increases may level off in some regions . The increase in the first quarter was lower than the 22 percent seen in the previous quarter. Cyber ​​insurance prices have diverged from the trend, with prices generally increasing – notably by 35% in the US and 29% in the UK – due to the frequency and severity of losses. The data comes from the Marsh Global Insurance Market Index.

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