The roller-coaster ride for Regencell Bioscience Holdings shares continued Monday. https://t.co/7nnroY1Cds ...

The stock market's newest stock-split stock doesn't pass the sniff test.Since the S&P 500's bull market began in October 2022, no trend has provided a bigger lift to equities than the evolution of artificial intelligence (AI). In Sizing the Prize, the analysts at PwC estimated AI would bolster the worldwide economy to the tune of $15.7 trillion come 2030.However, AI isn't the only reason Wall Street's major indexes keep climbing. In addition to the long-term potential AI brings to the table, investor euphor ...

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01 大盘 昨夜美股三大股指集体收跌。截至收盘，道指跌 0.7%，纳指跌 0.91%，标普跌 0.84%。恐慌指数VIX涨 13.13%至21.62。美元指数昨日涨 0.69%，报98.83。美国十年国债收益率跌1.237%，收报4.392%，相较 两年期国债收益率差43.6个基点。现货黄金昨日涨 0.09%，报3388.4美元/盎司。布伦特原油收涨5.4%至 76.92。 02 行业&个股 行业板块方面，除能源收涨0.93%外，标普其他9大板块悉数收跌：医疗、原料、通讯、日常消费、公 用事业、半导体、工业、科技和房地产分别收跌1.65%、0.98%、0.88%、0.85%、0.83%、0.79%、 0.75%、0.71%和0.41%。 中概股多数收跌，台积电跌 0.83%，阿里跌 0.8%，拼多多跌 1.12%，京东跌 0.93%，脑再生科技涨 30%，昨日一度暴涨4.3倍，年内累涨64208%。理想跌 4.47%，香港联交所权益披露资料显示，6月10日 至6月13日，王兴累计减持了573.7万股理想汽车，套现金额共超6亿港元。小鹏跌 0.43%， 富途跌 1.47%，蔚来跌 2.27%。 大型科技股多数收 ...

RGC Resources, Inc. (NASDAQ: RGCO ) is a regulated natural gas company serving the greater Roanoke Valley in Virginia. This actually makes the company one of the smallest publicly traded utilities around, as the population of Roanoke is only aboutAt Energy Profits in Dividends, we seek to generate a 7%+ income yield by investing in a portfolio of energy stocks while minimizing our risk of principal loss. By subscribing, you will get access to our best ideas earlier than they are released to the general publ ...

ROANOKE, Va., Nov. 25, 2024 (GLOBE NEWSWIRE) -- RGC Resources, Inc. (Nasdaq: RGCO) will host its quarterly conference call and webcast to review the results of its fiscal fourth quarter and 2024 fiscal year on Thursday, December 5, 2024 at 9:00 a.m. eastern time. Related presentation materials will be available before the call on the Company website on the Investor & Financial Information page at https://www.rgcresources.com/investor-financial-information/. Interested parties may access the conference call ...

ROANOKE, Va., Nov. 22, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of RGC Resources, Inc. (Nasdaq: RGCO), at its meeting on November 22, 2024, declared a quarterly dividend of $0.2075 per share on the Company’s common stock. The indicated annual dividend is $0.83 per share, a $0.03, or 3.8%, per share increase over the prior annual level. The Company has now increased the annual dividend 21 consecutive years. Paul Nester, CEO of RGC Resources, Inc., stated, “The Roanoke Gas utility continues to deliver ...

ROANOKE, Va., Nov. 13, 2024 (GLOBE NEWSWIRE) -- RGC Resources, Inc. (Nasdaq: RGCO) announced consolidated Company earnings of $11,760,896, or $1.16 per share, for the fiscal year ended September 30, 2024, compared to $11,299,282, or $1.14 per share, for the fiscal year ended September 30, 2023. The increase reflected higher levels of earnings from the Company’s investment in the Mountain Valley Pipeline (“MVP”) due to more AFUDC in fiscal 2024 prior to the pipeline being placed in service in June 2024. The ...

[Company Overview and Risk Factors](index=6&type=section&id=Part%20I) [Key Information](index=6&type=section&id=Item%203.%20KEY%20INFORMATION) The company faces significant risks from its early-stage operations, lack of revenue, financial control weaknesses, and adverse PFIC tax status [Financial and Capital Risks](index=6&type=section&id=Risks%20Related%20to%20Our%20Financial%20Position%20and%20Need%20for%20Capital) The company has a history of net losses, no revenue, and requires substantial future financing to sustain its operations - The company is an early-stage TCM bioscience company with a limited operating history and has incurred operating losses since its formation[11](index=11&type=chunk) Net Losses | Fiscal Year Ended June 30 | Net Loss (USD) | | :--- | :--- | | 2024 | $4.36 million | | 2023 | $6.06 million | - The company has **not generated any revenue** from its TCM formulae candidates, has not applied for regulatory approvals, and lacks distribution capabilities[13](index=13&type=chunk)[14](index=14&type=chunk) - The company has limited working capital and will need **substantial additional financing**, and failure to secure funds could curtail or cease operations[15](index=15&type=chunk)[16](index=16&type=chunk) [Product Development and Regulatory Risks](index=8&type=section&id=Risks%20Related%20to%20Our%20Product%20Development%2C%20Regulatory%20Approval%2C%20Manufacturing%20and%20Commercialization) The company's core products are in early-stage development, facing significant regulatory hurdles and commercialization uncertainties - The company's three standardized TCM formulae candidates for ADHD and ASD are still in development and the business is **materially dependent on their successful commercialization**[17](index=17&type=chunk)[18](index=18&type=chunk)[19](index=19&type=chunk) - The company's research is at an early stage, requires **significant investment**, and has no certainty of obtaining regulatory approval or achieving commercial success[22](index=22&type=chunk)[23](index=23&type=chunk)[24](index=24&type=chunk) - Efficacy trial data relies on assessments provided by parents and caregivers, which may be **subject to bias**, potentially affecting result accuracy[25](index=25&type=chunk)[27](index=27&type=chunk) - The company relies on **trade secrets** for its core formulae, which may not be adequately protected, despite holding several trademarks in Hong Kong[48](index=48&type=chunk)[51](index=51&type=chunk) [General Company Risks](index=19&type=section&id=General%20Company%20Related%20Risks) The company has a limited operating history, key person dependency, and has identified material weaknesses in its internal financial controls - The company has a **very limited operating history**, making it difficult to evaluate its future viability[67](index=67&type=chunk)[68](index=68&type=chunk) - The company's success is **wholly dependent on its founder and CEO**, Mr. Yat-Gai Au, and its strategic partner, Mr. Sik-Kee Au (the CEO's father)[76](index=76&type=chunk)[78](index=78&type=chunk) - **Three material weaknesses** in internal control over financial reporting have been identified, including lack of skilled staff and poor segregation of duties[80](index=80&type=chunk)[81](index=81&type=chunk) - The company believes it was a **Passive Foreign Investment Company (PFIC)** for FY2024, which could result in adverse U.S. tax consequences for shareholders[94](index=94&type=chunk)[96](index=96&type=chunk) - The founder and CEO, Mr. Yat-Gai Au, beneficially owns **81.2%** of the company, making it a "controlled company" under Nasdaq rules[112](index=112&type=chunk)[113](index=113&type=chunk) [Hong Kong Operational Risks](index=30&type=section&id=Risks%20Related%20to%20Doing%20Business%20in%20Hong%20Kong) The company's Hong Kong-based operations are exposed to regional political, economic, and regulatory uncertainties - The company's operations are based in Hong Kong and it states that **PRC laws do not currently have a material impact** on its business, but this could change[117](index=117&type=chunk)[130](index=130&type=chunk) - Political and legal developments in Hong Kong, including the **National Security Law**, create uncertainty and could adversely affect the business[118](index=118&type=chunk)[119](index=119&type=chunk)[140](index=140&type=chunk) - If the PCAOB's ability to inspect the company's Hong Kong-based auditor is hindered in the future, the company's shares could be **delisted under the HFCAA**[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk) [Company Information](index=36&type=section&id=Item%204.%20INFORMATION%20ON%20THE%20COMPANY) The company is an early-stage bioscience firm developing Traditional Chinese Medicine treatments for ADHD and ASD in Hong Kong - The company is an early-stage bioscience firm focused on R&D and commercialization of TCM for neurocognitive disorders like ADHD and ASD[150](index=150&type=chunk) - The company completed its IPO on July 20, 2021, raising net proceeds of approximately **$22.67 million**[158](index=158&type=chunk) - The business plan includes patenting its TCM formulae, scaling production, and commercializing first in Hong Kong before global expansion[161](index=161&type=chunk) - A second efficacy trial for its three standardized TCM formulae has shown **positive interim results** in reducing ADHD and ASD symptoms[174](index=174&type=chunk)[211](index=211&type=chunk) - The company's operations are subject to Hong Kong regulations, including the **Hong Kong Chinese Medicine Ordinance (HKCMO)**[243](index=243&type=chunk)[244](index=244&type=chunk)[247](index=247&type=chunk) [Financial and Corporate Information](index=60&type=section&id=Part%20I_Continued) [Operating and Financial Review and Prospects (MD&A)](index=60&type=section&id=Item%205.%20OPERATING%20AND%20FINANCIAL%20REVIEW%20AND%20PROSPECTS) The company has generated no revenue, reported a lower net loss in FY2024, and has sufficient liquidity for the next twelve months Results of Operations (FY2024 vs. FY2023) | Metric | FY 2024 (USD) | FY 2023 (USD) | Change | Change % | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **$0** | **$0** | **$0** | **N/A** | | Selling and marketing | $125,427 | $262,664 | ($137,237) | (52)% | | General and administrative | $3,545,066 | $4,429,379 | ($884,313) | (20)% | | Research and development | $1,066,233 | $1,581,628 | ($515,395) | (33)% | | **Total operating expenses** | **$4,736,726** | **$6,273,671** | **($1,536,945)** | **(24)%** | | **Net Loss** | **($4,363,221)** | **($6,062,329)** | **$1,699,108** | **(28)%** | | **Loss Per Share (Basic & Diluted)** | **($0.33)** | **($0.45)** | **$0.12** | **(27)%** | Cash Flow Summary (FY2024) | Cash Flow Activity | Amount (USD) | | :--- | :--- | | Net cash used in operating activities | ($4,001,687) | | Net cash provided by investing activities | $5,242,624 | | Net cash provided by financing activities | $102,282 | - As of June 30, 2024, the company had **$8.0 million in cash and short-term investments** and believes this is sufficient to fund operations for at least the next twelve months[310](index=310&type=chunk) - Critical accounting estimates include share-based compensation and deferred tax assets, for which a **full valuation allowance** has been provided[326](index=326&type=chunk)[327](index=327&type=chunk)[329](index=329&type=chunk) [Directors, Senior Management and Employees](index=71&type=section&id=Item%206.%20DIRECTORS%2C%20SENIOR%20MANAGEMENT%20AND%20EMPLOYEES) This section details the company's leadership, board composition, executive compensation, share option plan, and employee count - The executive team is led by Yat-Gai Au (Chairman & CEO) and James Wai Hong Chung (Director, COO & CSO), with a board including three independent directors[332](index=332&type=chunk) - For FY2024, aggregate cash compensation paid to directors and executive officers was **$0.78 million**, with the CEO's annual base salary set at $1[342](index=342&type=chunk)[343](index=343&type=chunk) - Under the 2021 Share Option Plan, **754,553 options are outstanding** as of the report date[347](index=347&type=chunk)[355](index=355&type=chunk) - As of June 30, 2024, the company had **12 full-time employees** in Hong Kong[377](index=377&type=chunk) [Major Shareholders and Related Party Transactions](index=81&type=section&id=Item%207.%20MAJOR%20SHAREHOLDERS%20AND%20RELATED%20PARTY%20TRANSACTIONS) The founder beneficially owns 81.2% of the company, and a key related party transaction involves exclusive rights to his father's TCM formulae Major Shareholder Ownership | Shareholder | Shares Beneficially Owned | Percentage | | :--- | :--- | :--- | | Yat-Gai Au (Founder, CEO) | 10,568,839 | 81.2% | - The company has a Strategic Partnership Agreement with the CEO's father, granting **exclusive rights to all his TCM formulae** in exchange for a 3% net revenue donation[390](index=390&type=chunk)[391](index=391&type=chunk) - The company's Audit Committee is responsible for reviewing and approving all related party transactions[395](index=395&type=chunk) [Financial Information](index=85&type=section&id=Item%208.%20FINANCIAL%20INFORMATION) The company is not involved in any material legal proceedings and does not plan to pay dividends in the foreseeable future - The company is **not currently involved in any material legal proceedings**[397](index=397&type=chunk) - The company **does not expect to declare or pay any dividends** in the foreseeable future, retaining earnings to finance business operations[398](index=398&type=chunk) [Additional Information](index=86&type=section&id=Item%2010.%20ADDITIONAL%20INFORMATION) This section covers taxation details and highlights the significant adverse PFIC tax risk for U.S. investors - The company is incorporated in the Cayman Islands and is **not subject to profits, income, or capital gains taxes there**[405](index=405&type=chunk) - In Hong Kong, subsidiaries are subject to a profits tax rate of **16.5%** on assessable profits over HK$2 million[307](index=307&type=chunk)[407](index=407&type=chunk) - The company believes it was a **PFIC for its taxable year ended June 30, 2024**, which can lead to adverse U.S. federal income tax consequences for U.S. Holders[416](index=416&type=chunk)[420](index=420&type=chunk)[428](index=428&type=chunk) - The company **does not intend to provide information for a QEF election**, limiting options for U.S. Holders to mitigate adverse PFIC tax treatment[424](index=424&type=chunk) [Market Risk Disclosures](index=94&type=section&id=Item%2011.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risks, including foreign exchange, credit, and interest rate risks, are considered minimal - **Foreign exchange risk is considered minimal** because most transactions are in HKD or USD, and the HKD is pegged to the USD[443](index=443&type=chunk) - **Credit risk is limited** by placing bank deposits with well-established, high-credit-rating financial institutions[444](index=444&type=chunk) [Controls, Procedures, and Corporate Governance](index=95&type=section&id=Part%20II) [Use of IPO Proceeds](index=95&type=section&id=Item%2014.%20MATERIAL%20MODIFICATIONS%20TO%20THE%20RIGHTS%20OF%20SECURITY%20HOLDERS%20AND%20USE%20OF%20PROCEEDS) The company has used approximately $14.7 million of its IPO proceeds, with $8.0 million remaining as of June 30, 2024 - The company received net proceeds of approximately **$22.67 million** from its IPO and over-allotment[451](index=451&type=chunk) - As of June 30, 2024, **$8.0 million** of the net IPO proceeds remained unused[453](index=453&type=chunk) [Controls and Procedures](index=95&type=section&id=Item%2015.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls were ineffective as of June 30, 2024, due to three identified material weaknesses - Management concluded that **disclosure controls and procedures were not effective** as of June 30, 2024[454](index=454&type=chunk) - **Three material weaknesses** were identified: (1) lack of staff with U.S. GAAP/SEC knowledge, (2) lack of an internal audit function, and (3) lack of segregation of duties[458](index=458&type=chunk) - Remediation efforts include recruiting experienced personnel and engaging external experts for complex transactions[459](index=459&type=chunk) - As an emerging growth company, an **attestation report on internal control is not required** from the independent auditor[462](index=462&type=chunk) [Corporate Governance and Other Matters](index=97&type=section&id=Item%2016.%20Corporate%20Governance%20and%20Other%20Matters) This section outlines corporate governance details, including the audit committee financial expert, accountant fees, and cybersecurity framework - The board has determined that Dr. Wing Yan (William) Lo qualifies as an "**audit committee financial expert**"[464](index=464&type=chunk) Principal Accountant Fees (USD) | Fee Type | FY 2024 | FY 2023 | | :--- | :--- | :--- | | Audit Fees | $120,000 | $120,000 | | Audit-Related Fees | $30,000 | $30,000 | | **Total Fees** | **$150,000** | **$150,000** | - The company has implemented a **cybersecurity risk management strategy**, with oversight from the board of directors[476](index=476&type=chunk)[477](index=477&type=chunk)[478](index=478&type=chunk) [Financial Statements](index=99&type=section&id=Part%20III) [Consolidated Financial Statements](index=100&type=section&id=Item%2018.%20FINANCIAL%20STATEMENTS) This section presents the U.S. GAAP consolidated financial statements for the three years ended June 30, 2024 Consolidated Balance Sheet Highlights (as of June 30) | Account | 2024 (USD) | 2023 (USD) | | :--- | :--- | :--- | | Cash | $2,961,235 | $1,564,795 | | Short-term investment | $5,000,000 | $10,000,000 | | **Total Assets** | **$8,438,211** | **$12,621,755** | | **Total Liabilities** | **$219,512** | **$632,320** | | **Total Shareholders' Equity** | **$8,218,699** | **$11,989,435** | Consolidated Statement of Operations Highlights (Year Ended June 30) | Account | 2024 (USD) | 2023 (USD) | 2022 (USD) | | :--- | :--- | :--- | :--- | | Total operating expenses | $4,736,726 | $6,273,671 | $7,617,770 | | **Net Loss** | **($4,363,221)** | **($6,062,329)** | **($7,594,555)** | | **Loss Per Share** | **($0.33)** | **($0.45)** | **($0.58)** | - The company's operations are primarily funded by proceeds from its IPO and it has **not generated revenue since inception**[504](index=504&type=chunk)[508](index=508&type=chunk) - As of June 30, 2024, the company had tax loss carry-forwards of approximately **$17 million**, against which a full valuation allowance has been recorded[554](index=554&type=chunk)

ROANOKE, Va., Sept. 30, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of RGC Resources, Inc. (NASDAQ: RGCO), at its meeting on September 30, 2024, declared a quarterly dividend of $0.20 per share on the Company’s common stock. The dividend will be paid on November 1, 2024 to shareholders of record on October 18, 2024. This is the Company’s 322nd consecutive quarterly cash dividend. RGC Resources, Inc. provides energy and related products and services to customers in Virginia through its operating subsidia ...