Latest news with #KevinMills
Yahoo
02-06-2025
- Business
- Yahoo
Socket Mobile Strengthens Balance Sheet with a Secured Subordinated Convertible Note Financing of $1.5 Million
FREMONT, Calif., June 2, 2025 /PRNewswire/ -- Socket Mobile, Inc. (NASDAQ: SCKT), a leading provider of data capture and delivery solutions for enhanced productivity, today announced completion of a secured subordinated convertible note financing of $1,500,000. The proceeds will be used to increase the Company's working capital balances. The notes have a three-year term and will mature on May 30, 2028. The interest rate on the notes is 10%, payable quarterly in cash. The holder of each note may require the Company to repay the principal amount of the note plus accrued interest at any time after May 30, 2026. The notes are secured by the assets of the Company and are subordinated to the Company's debts with Western Alliance Bank, its senior lender. The principal amount of each note is convertible at any time, at the option of the holder, into shares of the Company's common stock at a conversion price of $1.07 per share, the closing price of the common stock on the Nasdaq Capital Market on May 30, 2025, and the most recent closing price as of the closing of the financing. Participants in the financing include: Charlie Bass, Chairman of the Company's Board of Directors; Kevin Mills, the Company's Chief Executive Officer and Board Director; Lynn Zhao, the Company's Chief Financial Officer and Board Director; Bill Parnell, a Board Director; Jason Wu, the Company's Controller; Eric Glaenzer, the Company's Chief Technical Officer; and Enrico Mills, the adult son of Kevin Mills. Additional details regarding the financing will be provided in Form 8-K to be filed by the Company with the SEC. About Socket Mobile:Socket Mobile is a leading provider of data capture and delivery solutions for enhanced productivity in workforce mobilization. Socket Mobile's revenue is primarily driven by the deployment of third-party barcode-enabled mobile applications that integrate Socket Mobile's cordless barcode scanners and contactless readers/writers. Mobile Applications servicing the specialty retailer, field service, digital ID, transportation, and manufacturing markets are the primary revenue drivers. Socket Mobile has a network of thousands of developers who use its software developer tools to add sophisticated data capture to their mobile applications. Socket Mobile is headquartered in Fremont, Calif., and can be reached at +1-510-933-3000 or Follow Socket Mobile on LinkedIn, X, and keep up with our latest News and Updates. Socket Investor Contact:Lynn ZhaoChief Financial Officer510-933-3016lynn@ Socket is a registered trademark of Socket Mobile. All other trademarks and trade names contained herein may be those of their respective owners. © 2025, Socket Mobile, Inc. All rights reserved. View original content to download multimedia: SOURCE Socket Mobile, Inc.
Yahoo
03-05-2025
- Business
- Yahoo
Demolition of pool building could begin in summer
The demolition of part of a leisure centre in Kent will be considered in the coming weeks as plans for its replacement gather pace. Last July a £19m revamp of Tides Leisure Centre in Deal was approved by Dover District Council (DDC). The swimming pool, gym, indoor tennis centre and sports hall were all initially slated for temporary closure, however an interim operator has since been appointed to keep the tennis centre and sports hall open. DDC's cabinet is now set to consider a recommendation to demolish the pool building, which has been closed since 16 March. If the cabinet approves this recommendation on 12 May, demolition works for the pool and the adjacent former nursery building would start in the summer. The works are expected to cost up to £600,000. A full planning application for the new Deal Leisure Centre is expected in the next month. The new facility, which DDC hopes to open in the summer of 2027, is set to have a six-lane pool, gym, inflatable sessions, and a toddler splash pad. Kevin Mills, DDC's leader, said: "We are delighted to continue to move forward with this major investment and to be considering this demolition. "It has been a long journey, and we are thrilled to be so close to work beginning on the new leisure centre." A competitive tendering process to find an operator to begin from April 2026 for "dryside facilities", and from the summer of 2027 for the full operation, remains ongoing. Follow BBC Kent on Facebook, on X, and on Instagram. Send your story ideas to southeasttoday@ or WhatsApp us on 08081 002250. Facilities to stay open as centre operator agreed Concerns prompt review of leisure centre closure Leisure centre set to close for two years for revamp Dover District Council
Yahoo
24-04-2025
- Business
- Yahoo
Socket Mobile Reports First Quarter 2025 Results
FREMONT, Calif., April 24, 2025 /PRNewswire/ -- Socket Mobile, Inc. (NASDAQ: SCKT), a leading provider of data capture and delivery solutions for enhanced workplace productivity, today reported financial results that are determined in accordance with generally accepted accounting principles in the United States ("GAAP") for the three months ended March 31, 2025. First Quarter 2025 Financial Highlights: Revenue of $4.0 million, reflecting a 20% decrease compared to $5.0 million for the prior year's quarter, and an 18% sequential decrease compared to $4.8 million for the preceding quarter. Gross margin of 50.4% versus 50.3% in the prior year's quarter and 51% in the preceding quarter. Operating expenses were $2.9 million, compared to $3.0 million in the prior year period and $2.9 million in the preceding quarter. Operating loss amounted to $0.9 million, compared to $0.5 million loss in the prior year's quarter, and a loss of $0.4 million in the preceding quarter. Cash balances on March 31, 2025 were approximately $1.7 million, a decrease from $2.5 million as of December 31, 2024. "Our first quarter revenue came in lower than projected, primarily due to softer demand both domestically and internationally compared to Q1 of last year," said Kevin Mills, President, and Chief Executive Officer. "The encouraging news is that we began shipping our new XtremeScan products during the quarter. This marks a key milestone in our two-year effort to enter the industrial barcode market." "We also recently announced the launch of the XtremeScan iXG and iXS Series, powered by iOS 18.3 and featuring a fully integrated iPhone 16e," Mr. Mills continued. "These devices are designed to serve as full-featured handheld computers, combining high-performance long-range barcode scanning with the connectivity, app ecosystem, and user-friendly interface of the iOS platform. Together, these capabilities allow frontline workers to capture data more accurately, respond more decisively, and perform critical tasks with greater speed and confidence. These products put Socket Mobile into the $27 billion mobile handheld computing market. "We are closely monitoring the evolving tariff landscape and assessing its potential impact on our supply chain and cost structure," Mr. Mills added. "We are committed to working closely with our customers to manage these challenges through strategic sourcing, pricing adjustments, and supply planning." "We look forward to sharing more about our new products and strategies to drive sales growth during our upcoming conference call," concluded Mr. Mills. Conference Call Management of Socket Mobile will hold a conference call today at 2 P.M. Pacific (5 P.M. Eastern) to discuss the quarterly results and outlook for the future. To join the live conference, please use the conference link or dial (800) 237-1091 toll-free from within the U.S. or (848) 488-9280 (toll). About Socket Mobile, Inc. Socket Mobile is a leading provider of data capture and delivery solutions for enhanced productivity in workforce mobilization. Socket Mobile's revenue is primarily driven by the deployment of third-party barcode-enabled mobile applications that integrate Socket Mobile's cordless barcode scanners and contactless readers/writers. Mobile Applications servicing the specialty retailer, field service, digital ID, transportation, and manufacturing markets are the primary revenue drivers. Socket Mobile has a network of thousands of developers who use its software developer tools to add sophisticated data capture to their mobile applications. Socket Mobile is headquartered in Fremont, Calif., and can be reached at +1-510-933-3000 or Follow Socket Mobile on LinkedIn, X, and keep up with our latest News and Updates. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements regarding new mobile computer and data collection products, including details on the timing, distribution, and market acceptance of the products, and statements predicting trends, sales, market conditions, and opportunities in the markets in which we sell our products. Such statements involve risks and uncertainties, and actual results could differ materially from the results anticipated in such forward-looking statements as a result of a number of factors, including, but not limited to, the risk that our new products may be delayed or not rollout as predicted, if ever, due to technological, market, or financial factors, including the availability of necessary working capital, the risk that market acceptance and sales opportunities may not happen as anticipated, the risk that our application partners and current distribution channels may choose not to distribute the new products or may not be successful in doing so, the risk that acceptance of our new products in vertical application markets may not happen as anticipated, and other risks described in our most recent Form 10-K and 10-Q reports filed with the Securities and Exchange Commission. Socket Mobile Investor Contact:Lynn ZhaoChief Financial Officer510-933-3016lynn@ Socket Mobile is a registered trademark of Socket Mobile. All other trademarks and trade names contained herein may be those of their respective owners. © 2025, Socket Mobile, Inc. All rights reserved. – Financial tables to follow – Socket Mobile, Inc. Condensed Summary Statements of Operations (Unaudited) (Amounts in thousands except per share amounts) Three months ended March 31,2025 2024 Revenue $3,966 $4,978 Cost of revenue 1,968 2,473 Gross margin 1,998 2,505 Gross margin percent 50.4 % 50.3 % Research & development 1,132 1,208 Sales & marketing 1,107 1,031 General & administrative 653 751 Total operating expenses 2,892 2,990 Operating loss (894) (485) Interest expense, net (100) (72) Income tax expense -- -- Net loss $ (994) $ (557) Net loss per share: Basic $ (0.13) $ (0.07) Fully diluted $ (0.13) $ (0.07) Weighted average shares outstanding: Basic Fully diluted 7,829 7,829 7,442 7,442 Socket Mobile, Inc. Condensed Summary Balance Sheets (Amounts in Thousands) (Unaudited) March 31, 2025 December 31, 2024* Cash $ 1,707 $ 2,492 Accounts receivable 2,061 1,588 Inventories 5,281 4,942 Deferred costs on shipments to distributors Other current assets 155 619 143 431 Property and equipment, net 2,532 2,787 Deferred tax assets 10,663 10,663 Intangible assets, net 1,400 1,432 Operating leases right-of-use assets 2,477 2,604 Other long-term assets 264 264 Total assets $ 27,159 $ 27,346 Accounts payable and accrued liabilities $ 2,864 $ 1,977 Subordinated convertible notes payable, net of discount 150 150 Subordinated convertible notes payable, net of discount-related party 3,822 3,818 Deferred revenue on shipments to distributors 366 392 Deferred service revenue Operating lease liabilities 30 2,690 31 2,817 Total liabilities 9,922 9,185 Common stock 69,444 69,374 Accumulated deficit (51,169) (50,175) Treasury stock (1,038) (1,038) Total equity 17,237 18,161 Total liabilities and equity $ 27,159 $ 27,346 *Derived from audited financial statements. 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ITV News
22-04-2025
- General
- ITV News
Police investigation underway into Dover apartment block fire as donations flood in
Community donations have been flooding in for families evacuated during a large fire at a block of flats in Dover. Kent Fire and Rescue Service was called to Conqueror House in Crabble Hill just after 1am on Easter Sunday. Firefighting operations are now complete after crews spent the day yesterday making sure that there were no hotspots. Kent Police are now managing the building while further investigations into the cause take place. Jackie McGarry from the Dover Working Men's Club says they've been overwhelmed by the kindness of locals. "This is what Dover community has done. I said that I would be the hub for any donations, not expecting half as much as what we have. " "Sadly we've had to tell people that we are sorry but no more donations at the moment but we have toiletries, we have clothing, we have bedding, there's new duvets and everything." All residents were accounted for, and two people were checked over by SECAmb paramedics for smoke inhalation. Dover District Council has been working to offer support and provide emergency accommodation to those affected. Around thirty people are thought to be staying in nearby hotels. Leader of Dover District Council Kevin Mills said some families had sadly lost everything and would need lots of support. Cllr Kevin Mills, Leader of Dover District Council spoke to reporter Joe Coshan. The KFRS Volunteer Response Team also attended, providing welfare support for the crew and assistance to displaced residents. A fundraiser set up to help those affected is hoping to collect £3500. Meanwhile Maya's Community Support Centre is also offering those affected help with clothing and toiletries.
Yahoo
13-03-2025
- General
- Yahoo
Town hall restored ahead of historic opening
Restoration of a historic town hall in Kent has been completed as part of a £10.5m project which took two-and-a-half years. Coniston, the main contractor for the Maison Dieu project in Dover, has handed the site back to the council after completing the upgrades, restoration and conservation of the building. In May, the Maison Dieu will be permanently open to the public for the first time in its 800-year history. Kevin Mills, Dover District Council's (DDC) leader, said: "This is the council's biggest restoration project to date, and the amount of work by all those involved is quite simply staggering." The Maison Dieu was founded as a place for poor pilgrims to stay the night. It later became a victualling yard, making ship's biscuits and beer for the Royal Navy. Since the late 1830s it has been Dover's Town Hall. DDC said the project created a sustainable future for the Maison Dieu by bringing redundant spaces back into commercial use and creating a new cafe. The renovation of the Grade I Listed-site has also seen a new street-level visitor entrance to the Connaught Hall installed along with improved access throughout the building. Mills said: "Come May, the Maison Dieu will once again be the heartbeat of Dover, playing a central role in the future of the town as a leading heritage and cultural centre in Kent." The council said guided tours would be offered and events would be hosted in the site. The project has been funded by the National Lottery Heritage Fund along with DDC, Dover Town Council, The Dover Society and The Wolfson Foundation. Follow BBC Kent on Facebook, on X, and on Instagram. Send your story ideas to southeasttoday@ or WhatsApp us on 08081 002250. Town hall restoration aims to reawaken Gothic glory Dover to be illuminated for new community event Coniston Maison Dieu Dover District Council The National Lottery Dover Town Council The Dover Society The Wolfson Foundation
