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Daily Journal Corporation Provides Additional Public Access to its New Form 8-K

Daily Journal Corporation Provides Additional Public Access to its New Form 8-K

Business Upturn2 days ago
LOS ANGELES, Aug. 14, 2025 (GLOBE NEWSWIRE) — Daily Journal Corporation is issuing this press release to provide additional public access to the Form 8-K it filed earlier today with the Securities and Exchange Commission in response to the continued interest in our software accounting from Buxton Helmsley USA, Inc. and its Chairman and CEO, Alexander E. Parker. Below is the text of our Form 8-K.
Item 8.01 Other Events.
In July, the Company started receiving letters from an investment adviser called Buxton Helmsley USA, Inc. ('BuHeUI') alleging that the Company has been improperly expensing its software development costs and should be capitalizing them under the accounting requirements set forth in ASC 985-20, Costs of Software to be Sold, Leased or Marketed ('ASC 985-20'). According to BuHeUI and its Chairman and CEO, Alexander E. Parker, switching from expensing development costs to capitalizing them would unlock value for Company shareholders, and he demanded a 15% share in the appreciation of the Company's stock price as compensation for his idea. He pointed to Tyler Technologies and Galaxy Gaming as proof that other software companies 'properly comply' with ASC 985-20 by capitalizing their development costs.
Simply stated, Mr. Parker got it wrong. Following receipt of his initial letters, the Audit Committee of the Board re-reviewed the applicable accounting guidance and the Company's practices with its accountants and with third party experts. All agree that the Company has been correctly accounting for its software development costs in accordance with ASC 950-20.
To understand Mr. Parker's mistake requires a brief explanation of the relevant accounting standards. Historically, most software companies accounted for development costs under ASC 985-20, which establishes the requirements a company must meet to capitalize those costs when associated with software to be sold or licensed to a third party.
A company is only allowed to capitalize costs incurred during the period after the technological feasibility of the software has been established and prior to its general release. Ironically, one of the main accounting concerns in the past had been that companies would capitalize too much and too soon, because it helped improve their short-term earnings by reducing expenses and moving them to the balance sheet (or, as Mr. Parker might say, 'unlocking value').
Moreover, the process of software development has substantially evolved at many companies since the initial ASC 985-20 guidance was issued, with most companies now applying an agile software development methodology that emphasizes iterative development in a continually changing environment. This results in the capitalization window between technological feasibility and general release to be so short that few companies incur any material amount of costs that would qualify for capitalization. The Company's software products and our agile development efforts are in that camp.
In addition, with the growing popularity of software-as-a-service (or 'SaaS'), companies that make predominately SaaS software take the position that their software is being developed for 'internal use' because their customers are purchasing access to a hosted product, rather than actually receiving the software. This is important because 'internal use' software is accounted for under an entirely different accounting standard : ASC 350-40, Internal Use Software ('ASC 350-40'). You should expect to see more capitalized costs for a SaaS company taking this position because ASC 350-40 provides that eligible costs can be capitalized over a typically much longer development window compared to the short window for 'external use' software (like ours) under ASC 985-20.
Neither Galaxy Gaming nor Tyler Technologies expressly states in its public filings which accounting guidance it used to capitalize costs, and we suspect Mr. Parker simply assumed it was ASC 985-20. He appears to have been mistaken. Galaxy refers in its 10-K to ' internally developed software ' in its consolidated statements of cash flows, and Tyler refers in its 10-K to the 'amortization of software development for internal use ' in its G&A expenses. This means, in both cases, that they are likely capitalizing costs for 'internal use software' under ASC 350-40 – not ASC 985-20. And, yes, the Company does offer some SaaS enhancements to our eSeries products, but the Company would not qualify for ASC 350-40 treatment because the vast majority of our software continues to be licensed to customers (almost entirely courts and government agencies) to whom we deliver the software, with those customers arranging for hosting based on their own security and operational needs.
Lest there be any doubt, the Company has and will continue to expense development costs when that is the proper thing to do, and it will capitalize any such costs in the future when that is the proper thing to do. It will also disclose any specific R&D costs separate and apart from other expenses, if material.
Mr. Parker may never admit that he was wrong or that he simply misunderstood why other software companies are capitalizing development costs, given that they appear to be using a completely different accounting standard than the one cited in each of his nine letters so far. At a minimum, he should be embarrassed for demanding compensation from the Company, alleging securities law violations, calling for the resignations of the CEO and CFO, insisting on being given two Board seats, reporting the Company to the enforcement division of the SEC, referring the Company's auditor to the Public Company Accounting Oversight Board, alleging wild conflicts of interest by our directors, and falsely claiming defamation – all based on a mistake.
Mr. Munger once offered some sage advice that may be useful for Mr. Parker, who is currently advertising on his website for new investors to entrust their money with him and his approach:
'There's no way that you can live an adequate life without many mistakes. In fact, one trick in life is to get so you can handle mistakes. Failure to handle psychological denial is a common way for people to go broke.'
On behalf of its shareholders, the Company calls on Mr. Parker to do the right thing and end his misplaced, self-serving attacks on the Company and its people, so that they can focus their attention on unlocking actual business value.
#
Contact: Jessica Marshall (778) 716-6706
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.
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These skeptical perspectives do not dismiss the value of financing outright but highlight the need for transparency and education. Contractors who enter agreements without fully understanding repayment structures may face challenges later. This is why providers like ROK Financial emphasize upfront clarity, flexible terms, and straightforward documentation. By addressing these concerns directly, lenders aim to differentiate themselves from less transparent competitors. A third group in the debate is more neutral, observing the trend as a natural reflection of broader market forces. Analysts point out that small business lending has historically gone through cycles of tightening and loosening credit. In their view, the rise of alternative financing is not surprising given current conditions of inflation, high demand for trade services, and risk aversion from traditional banks. These observers frame the debate less in terms of good or bad, and more as a sign of where the lending market is headed in the long term. The conversation also highlights important signals behind the buzz. Contractors' willingness to discuss their financing experiences publicly shows a shift in attitudes. Financing is no longer a private subject but part of an open dialogue about running a competitive business. The frequency of keywords like 'best plumbing contractor loans' and 'no credit check financing' in online searches is a measurable indicator that demand is both broad and growing. For contractors considering their options, the debate itself is useful. Hearing both supportive and skeptical voices helps business owners make more informed decisions. Supporters highlight the growth opportunities, skeptics emphasize the need for caution, and neutral observers provide context about the larger market. Together, these perspectives form a complete picture that reflects the complexity of small business financing in 2025. Contractors ready to evaluate their options can review the official ROK Financial plumbing loan programs here and compare their features against broader industry coverage such as best no credit check financing programs expanding this year. About ROK Financial ROK Financial has built its reputation as a leading small business financing partner by focusing on accessibility, transparency, and long-term growth support. Founded with the mission of helping entrepreneurs overcome barriers in the traditional lending system, the company has consistently expanded its offerings to meet the evolving needs of contractors, service providers, and independent business owners across the United States. At its core, ROK emphasizes an education-first approach. Instead of presenting loans as one-size-fits-all products, the platform guides business owners through different financing options, explaining repayment structures, eligibility factors, and the potential impact on day-to-day operations. This emphasis on clarity is a key reason many contractors continue returning for new rounds of funding as their businesses scale. The company has also positioned itself as a trusted partner for industries often excluded from mainstream financing. Beyond plumbing, ROK has expanded into specialized programs for HVAC, roofing, cannabis, and other sectors where traditional banks remain hesitant. Coverage such as best HVAC business loans for contractors with bad credit and cannabis financing programs launched in 2025 reflects how the same commitment to flexibility applies across multiple markets. Plumbing contractors, in particular, benefit from this experience because ROK's frameworks are tested and proven in other complex industries. Another defining value is speed. In today's economy, waiting weeks or months for financing approval can mean losing critical contracts. ROK has invested in digital systems that shorten timelines without sacrificing due diligence. For contractors, this speed translates into the ability to act decisively — purchasing materials, hiring staff, or responding to emergencies without delay. Equally important is the company's focus on building sustainable relationships. ROK does not position itself as a short-term fix but as an ongoing partner in business growth. Contractors who start with small working capital loans often return for larger financing as their companies expand. This continuity builds trust and aligns with ROK's long-term vision of supporting businesses throughout their full growth cycle. Community impact is another central theme. By improving access to financing, ROK strengthens the contractors who maintain essential services for local economies. When plumbers have the resources to take on projects, communities benefit from faster repairs, improved infrastructure, and greater economic stability. This ripple effect underscores why inclusive financing models matter at both the business and societal levels. Today, ROK Financial stands as a recognized leader in alternative financing. Its expansion into plumbing contractor loans reflects not only a response to rising demand but also a continuation of its mission to support entrepreneurs in industries overlooked by traditional lenders. Contractors and business owners interested in exploring options can visit the official ROK Financial plumbing loan program page for details and review broader market reporting on contractor loans designed for credit-challenged businesses. Contact Final Disclaimer This press release is for informational purposes only. The content herein does not constitute financial, legal, or medical advice. Best Plumbing Contractor Business Loans is not intended to diagnose, treat, predict, or guarantee any result or outcome. Individual experiences may vary, and outcomes are not assured. Some links in this release may be promotional in nature and may lead to third-party websites. The publisher or author may receive compensation through affiliate commissions if a purchase is made through these links. This compensation does not affect the price you pay and helps support continued research and content publication. All statements made about product features, platform strategies, or financing programs reflect publicly available information, user discussions, or historical trends, and are not endorsed or validated by regulatory bodies. Please perform your own research before making financial, technological, or purchasing decisions. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash

ALGN Investors Have Opportunity to Join Align Technology, Inc. Fraud Investigation with the Schall Law Firm
ALGN Investors Have Opportunity to Join Align Technology, Inc. Fraud Investigation with the Schall Law Firm

Business Wire

time9 hours ago

  • Business Wire

ALGN Investors Have Opportunity to Join Align Technology, Inc. Fraud Investigation with the Schall Law Firm

LOS ANGELES--(BUSINESS WIRE)-- The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Align Technology, Inc. ('Align' or 'the Company') (NASDAQ: ALGN) for violations of the securities laws. The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Align announced its Q2 2025 financial results on July 30, 2025. The Company missed both analyst expectations and its own guidance on revenue. The Company lowered its Q3 revenue guidance and full year growth expectations. Based on these facts, the Company's shares dropped by almost 37% on the next day. If you are a shareholder who suffered a loss, click here to participate. We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at or by email at bschall@ The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

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