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Globe and Mail
23-07-2025
- Business
- Globe and Mail
Music Licensing, Inc. (OTC: SONG) Enters Retainer Agreement with PCAOB-Registered Audit Firm for Review of Semi-Annual 2025 Financial Statements
NAPLES, FL, July 23, 2025 (GLOBE NEWSWIRE) -- Music Licensing, Inc. (OTC: SONG), also known as Pro Music Rights, a diversified holding company and the fifth public performance rights organization (PRO) established in the United States, today announced that it has officially executed a retainer agreement with a Public Company Accounting Oversight Board (PCAOB)-registered audit firm. The agreement covers the review of the Company's semi-annual financial statements for the period ending June 30, 2025. This engagement represents a critical milestone in the Company's broader plan to adopt and maintain PCAOB-compliant financial reporting standards. It reflects a long-term commitment to enhancing transparency, supporting regulatory compliance, and upholding best practices in financial governance. The formal retention of a PCAOB-registered firm follows the Company's July 2, 2025 announcement regarding its intention to pursue annual audits and periodic reviews of financial statements. With the agreement now in place, the Company expects to proceed with the independent review process and release its semi-annual 2025 financials accordingly. The initiative is designed to strengthen the integrity of the Company's financial disclosures, build investor confidence, and support current and future capital markets activities. Music Licensing, Inc. licenses music to leading platforms and businesses globally, including TikTok, iHeartMedia, Triller, Napster, 7Digital, and Vevo. The Company holds an estimated 7.4% share of the U.S. public performance rights market and administers a catalog of over 2.5 million musical works. This includes works by high-profile recording artists as well as content generated through artificial intelligence (AI) platforms. The Company also maintains royalty interests in Listerine 'Mouthwash' Antiseptic and in a large portfolio of musical works performed by internationally recognized artists such as The Weeknd, Justin Bieber, Kanye West, Elton John, Rihanna, Lil Nas X, and others. This step positions the Company for continued operational growth, improved transparency, and future scalability in line with public company reporting standards. About Music Licensing, Inc. (OTC:SONG) ( Music Licensing, Inc. (OTC: SONG), also known as Pro Music Rights, is a diversified holding company and the fifth public performance rights organization (PRO) established in the United States. It is recognized under the federal registry of the United States government. The company licenses music to some of the most prominent platforms and businesses, including TikTok, iHeartMedia, Triller, Napster, 7Digital, Vevo, and many others. Pro Music Rights holds an estimated 7.4% market share in the United States, representing a catalog of more than 2.5 million works by notable artists such as A$AP Rocky, Wiz Khalifa, Pharrell, Young Jeezy, Juelz Santana, Lil Yachty, MoneyBagg Yo, Larry June, Trae Pound, Sauce Walka, Trae Tha Truth, Sosamann, Soulja Boy, Lex Luger, Trauma Tone, Lud Foe, SlowBucks, Gunplay, OG Maco, Rich The Kid, Fat Trel, Young Scooter, Nipsey Hussle, Famous Dex, Boosie Badazz, Shy Glizzy, 2 Chainz, Migos, Gucci Mane, Young Dolph, Trinidad James, Chingy, Lil Gnar, 3OhBlack, Curren$y, Fall Out Boy, Money Man, Dej Loaf, Lil Uzi Vert, and many others, including works generated by artificial intelligence (AI). Additionally, Music Licensing, Inc. (OTC: SONG) holds royalty interests in Listerine 'Mouthwash' Antiseptic and a vast portfolio of musical works by globally renowned artists, including The Weeknd, Justin Bieber, Kanye West, Elton John, Mike Posner, blackbear, Lil Nas X, Lil Yachty, DaBaby, Stunna 4 Vegas, Miley Cyrus, Lil Wayne, XXXTentacion, BlueFace, The Game, Jeremih, Ty Dolla $ign, Eric Bellinger, Ne-Yo, MoneyBagg Yo, Halsey, Desiigner, DaniLeigh, Rihanna, and many others. Forward-Looking Statements: This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Music Licensing, Inc. & Pro Music Rights, Inc. to accomplish its stated plan of business. Music Licensing, Inc. & Pro Music Rights, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Pro Music Rights, Inc., Music Licensing, Inc., or any other person. Non-Legal Advice Disclosure: This press release does not constitute legal advice, and readers are advised to seek legal counsel for any legal matters or questions related to the content herein. Non-Investment Advice Disclosure: This communication is intended solely for informational purposes and does not in any way imply or constitute a recommendation or solicitation for the purchase or sale of any securities, commodities, bonds, options, derivatives, or any other investment products. Any decisions related to investments should be made after thorough research and consultation with a qualified financial advisor or professional. We assume no liability for any actions taken or not taken based on the information provided in this communication
Yahoo
21-07-2025
- Business
- Yahoo
ICAEW endorses FRC call to reform UK SME audit practices
The Institute of Chartered Accountants in England and Wales (ICAEW) has endorsed the Financial Reporting Council's (FRC) decision to enhance the audit practices for small and medium-sized enterprises (SMEs) in the UK. Findings from an FRC study into the SME audit market have revealed widespread stakeholder concerns regarding the current auditing standards, which perceived as lacking the 'scalability and proportionality' to serve SMEs. The ICAEW has highlighted that the decline in the SME audit market has coincided with a decrease in the number of registered auditors since the introduction of audit regulation in the early 1990s. While some of this decline is attributed to raised audit exemption limits, the ICAEW suggests that the situation has been compounded by the 'disproportionate regulatory burdens' placed on auditors. FRC proposed a consultation on a Practice Note that provides guidance for auditors to enhance the delivery of audits and partnering with Recognised Supervisory Bodies (RSBs) to promote a for a regulatory approach. Despite welcoming the proposed measures, the body said it is 'disappointing' with the FRC's approach to public engagement on the issue, calling for a public debate on the applicability of the International Standard on Auditing for Less Complex Entities (ISA for LCE) within the UK. ICAEW chief policy and communications officer Iain Wright said: 'SMEs are crucial to the UK economy and local communities, and can be at the vanguard of addressing and solving the UK's productivity and growth challenges. 'We strongly support FRC's initiative to help SMEs access audit services and, in turn, help them secure the capital they need to innovate, scale and grow.' "ICAEW endorses FRC call to reform UK SME audit practices " was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Wamda
14-07-2025
- Business
- Wamda
MENA founders: stop obsessing over profit. start tracking cash
The income statement, often regarded as the pinnacle of financial reporting, may be deceiving you. Yes, it's one of the Big Three: the Income Statement, Balance Sheet, and Cash Flow Statement. And yes, it tells you how much "income" your company has made. However, most business owners overlook the fact that it doesn't provide a complete picture. Let me explain. Revenue is not always cash The income statement starts with revenue. That's the number everyone gets excited about. But revenue is not cash. Just because you've 'earned' income doesn't mean you've received it. In sectors like construction, SaaS, and wholesale, it's common to recognise revenue months before you get paid. That's where Accounts Receivable shows up, but not on the income statement. It's on the balance sheet. So, you could show strong revenue growth and still be cash-starved. This is not a theoretical risk. Many businesses end up raising funding just to survive the gap between delivering a project and actually getting paid. That's called a working capital crunch, and it can kill a growing business faster than lack of demand. The mismatch between revenue recognition and cash collection is one of the most dangerous traps for fast-growing businesses. You're scaling, taking on more clients, maybe even hiring, but the cash just isn't there yet. And by the time you realise it, you're deep in a liquidity problem. Not all expenses are cash Take depreciation. It's an expense that reduces your net profit, but it doesn't touch your cash that month. You're simply spreading out the cost of an asset over its useful life, an accounting trick that's important for reporting but not for managing your liquidity. So if your net income looks low, don't panic. Look deeper. You might be doing just fine on cash, which is what really keeps the business alive. Timing differences skew reality The income statement operates on the accrual basis of accounting. That means it matches revenues with related expenses, regardless of when the cash changes hands. That sounds appealing in theory, but it creates a disconnect. You might incur expenses in one period and get the revenue in the next. Alternatively, it could be the other way around. Either way, it distorts the picture, especially if you look at one period in isolation. For example, a large one-time expense can tank your profit this quarter even if your business is performing well over the year. Without context, you might make a hasty cut or pull back on investment unnecessarily. Should we consider moving away from using the income statement? The answer is no. The income statement is still a powerful tool — especially for comparisons. It allows you to benchmark your company against others in your industry using standard metrics. If I tell you my revenue grew by 15%, that might sound great. But if everyone else grew by 25%, now we're having a different conversation. It also gives you visibility into how you're spending. The split between COGS (direct costs) and operating expenses is vital. If your gross margin is healthy but your net margin is weak, you may be overspending on admin, marketing, or headcount — which are management decisions, not production issues. The structure of the income statement helps you understand profitability at different levels: gross profit, operating profit, and net profit. Each one tells you something different. Gross margin helps you assess your pricing strategy and production efficiency. Operating margin reveals how lean or bloated your operations are. Net margin wraps it all up, but again, keep in mind what's behind it. The real compass: The cash flow statement Are you a founder or CEO seeking to maintain control? Focus on cash. How much cash is coming in, where is it coming from, and how much is going out? That's what the cash flow statement tells you. And it's the most honest reflection of your company's health. Ultimately, profit is merely a theoretical concept whereas cash represents actuality. Your cash flow statement answers critical questions: Are we generating enough cash from operations to sustain ourselves? Are we relying too much on financing? Are we investing wisely? These answers don't show up in your income statement. Cash is also what investors care about, especially in tough markets. If you're not regularly monitoring your burn rate, cash runway, and operational cash flow, then you are not managing your finances; instead, you are gambling with them. Final thought Every financial statement matters. But don't fall in love with your income statement. It tells one part of the story, and sometimes, it's the most flattering part. The best CEOs I have worked with understand this very well. They employ all three statements and comprehend their interconnectedness. But they know that if you want to truly understand the strength of a business and make smart decisions, you start with cash flow. That's where the real story lives. So next time someone waves a profit figure at you, smile politely — and ask to see the cash.
Hamilton Spectator
13-05-2025
- Business
- Hamilton Spectator
Financial Results for the First Quarter of 2025
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES TORONTO, May 13, 2025 (GLOBE NEWSWIRE) — Helios Fairfax Partners Corporation (TSX: HFPC.U) today announced its financial results for the three months ended March 31, 2025. All dollar amounts in this news release are expressed in U.S. dollars except as otherwise noted. The financial results are derived from the interim consolidated financial statements prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ('IFRS Accounting Standards') applicable to the preparation of interim financial statements, including International Accounting Standard 34 Interim Financial Reporting, except as otherwise noted. Management Commentary 'The first quarter of 2025 has provided an encouraging outlook for our investment portfolio as we continue to position the company for long-term growth,' said Tope Lawani and Babatunde Soyoye, Co-CEOs of Helios Fairfax Partners. 'Our disciplined approach to capital allocation remains focused on sectors benefiting from long-term secular trends in demographics and urbanization, and technology and innovation. Building on our successful deployment of capital across high-growth sectors in recent years, we remain committed to identifying and nurturing Africa's most promising businesses. The progress we have made in rebalancing our portfolio toward core investments positions us well to capitalize on emerging opportunities, and we continue to build a foundation for generating value-enhancing income from management fees and carried interest. These initiatives are designed to deliver competitive returns through investments in profitable, value-creating, and socially responsible businesses that drive shareholder value and contribute to Africa's economic growth.' Highlights During the First Quarter of 2025 Financial Position and Results of Operations HFP reported net earnings of $0.9 million in the first quarter of 2025 compared to a net loss of $4.7 million in the comparable period of 2024. The net earnings include $13.2 million of net gains on its Helios Managed Investments, primarily driven by the strong performance of the underlying investments. The net earnings were partially offset by $3.2 million of net losses on its investment in TopCo LP, primarily driven by lower management fees for the Helios Strategies, which reduced the excess management fees to TopCo Class B, and a $2.3 million expense related to the initial startup costs of Seven Rivers. Also included in the net earnings are expenses of $6.5 million, partially offset by interest income of $1.3 million. The increase in expenses compared to expenses incurred in 2024 primarily reflects the company's business decision to pay the initial startup costs of Seven Rivers. The increase in book value per share to $3.85 as of March 31, 2025, compared to $3.84 as of December 31, 2024 was primarily from the unrealized gains on the company's investments in the Helios Managed Investments. Included in book value per share is $31.3 million of cash and cash equivalents as at March 31, 2025. At March 31, 2025 and December 31, 2024, HFP had 108,179,127 common shares outstanding. HFP's detailed first quarter report can be accessed at its website . About Helios Fairfax Partners Corporation Helios Fairfax Partners Corporation is an investment holding company whose investment objective is to achieve long term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in Africa and African businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, Africa. Contact Information Neil Weber LodeRock Advisors (647) 222-0574 This press release may contain forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements may relate to the company's or a Portfolio Investment's future outlook and anticipated events or results and may include statements regarding the financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, dividends, plans and objectives of the company. Particularly, statements regarding future results, performance, achievements, prospects or opportunities of the company, a Portfolio Investment, or the African market are forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate' or 'believes', or variations of such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'might', 'will' or 'will be taken', 'occur' or 'be achieved'. Forward-looking statements are based on our opinions and estimates as of the date of this press release and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the following factors: geopolitical risks; inflation and fluctuating interest rates; tariffs; financial market fluctuations; pace of completing investments; minority investments; reliance on key personnel and risks associated with the Investment Advisory Agreement; concentration risk in Portfolio Investments, including geographic concentration and with respect to Class A and Class B limited partnership interests in the Portfolio Advisor; operating and financial risks of Portfolio Investments; valuation methodologies involve subjective judgments; lawsuits; cybersecurity and technology; reliance on third parties; use of leverage; foreign currency fluctuation; investments may be made in foreign private businesses where information is unreliable or unavailable; significant ownership by Fairfax Financial Holdings Limited ('Fairfax') and HFP Investments Holdings SARL ('Principal Holdco') may adversely affect the market price of the subordinate voting shares; emerging markets; South African black economic empowerment; South Africa's grey-listing; economic risk; climate change, natural disaster, and weather risks; taxation risks; MLI; and trading price of subordinate voting shares relative to book value per share. Additional risks and uncertainties are described in the company's annual information form dated March 28, 2025 which is available on SEDAR+ at and on the company's website at . These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the company. These factors and assumptions, however, should be considered carefully. Although the company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The company does not undertake to update any forward-looking statements contained herein, except as required by applicable securities laws. GLOSSARY OF NON-GAAP AND OTHER FINANCIAL MEASURES Management analyzes and assesses the financial position of the consolidated company in various ways. The measure included in this news release, which has been used consistently and disclosed regularly in the company's Annual Reports and interim financial reporting, does not have a prescribed meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other companies. This measure is described below. Book value per share - The company considers book value per share a key performance measure in evaluating its objective of long-term capital appreciation, while preserving capital. Book value per share is a key performance measure of the company and is closely monitored. This measure is calculated by the company as common shareholders' equity divided by the number of common shares outstanding. Internal rate of return - The company uses this measure to assess the performance of its investments. This measure represents the annualized rate of return calculated for the company's portfolio investments, taking into account (i) the timing of cash flows (including cash consideration of purchases, cash proceeds on sales, cumulative interest and dividends received, and return of capital distributions) over the period of the company's investment, and (ii) the fair value at the end of the reporting period for existing investments.
Zawya
30-04-2025
- Business
- Zawya
AI Transforming Financial Reporting and Auditing in Qatar and beyond
Doha, Qatar – Artificial Intelligence (AI) is rapidly reshaping the landscape of financial reporting and auditing, with 72% of companies globally already piloting or using AI tools — a figure expected to reach 99% in the next three years, according to KPMG's latest report 'AI in Financial Reporting and Audit: Navigating the New Era.' This global shift mirrors developments in Qatar, where the Qatar Digital Agenda 2030 aims to accelerate digital transformation and drive innovation across all sectors, including financial services. With national investments in AI and advanced technologies, the integration of AI in audit and reporting is poised to enhance transparency, accuracy, and real-time insights. 'The AI age is here — and it's reshaping financial reporting as we know it.' said Gopal Balasubramaniam, Partner and Head of Audit at KPMG in Qatar. 'As auditors, our mission is clear: lead responsibly, innovate boldly, and help our clients unlock the full value of this transformation.' Companies are increasingly looking to auditors to lead this transformation. Over 80% of global respondents say their auditors are already ahead or on par with them in adopting AI for financial analysis. In Qatar, KPMG is embedding AI into audit methodologies and helping businesses move towards more proactive, predictive, and continuous audits. Key priorities companies want from their auditors include, Improved audit accuracy and efficiency, Real-time insights and faster reporting, and Predictive analysis and data-driven decision-making While traditional AI is already delivering productivity gains, Generative AI is emerging as a top priority for financial reporting leaders. Nearly half of the global 'Leader' organizations will prioritize GenAI in the coming year — a trend likely to influence firms across the Middle East. As adoption accelerates, so do concerns around data security, ethical use, and regulatory compliance. KPMG's Trusted AI Approach ensures AI tools are implemented responsibly, prioritizing transparency, fairness, and accountability — values that resonate strongly in regulated markets like Qatar.
