In the medium run, states will need to replace the signature-checking step with a digital-signature-checking step.In practice, that could be as simple as having Texas state incorporate Google/Apple-style auth, and then require digital actions on deeds to be authenticated via passkeys and/or Yubikeys.This can be generalized. The state becomes a digital platform and any updates to official registries require the equivalent of a passkey to make that update. Existing mechanisms for passport/ID issuance could be ...

Core Insights - United Bancshares, Inc. reported strong financial results for the first half of 2025, with a net income of $5.9 million, translating to $1.99 per share and a return on average tangible shareholder equity of 16.56% [2][3] - The company experienced significant loan growth of $22.3 million (5.82% annualized) and core deposit growth of $14.5 million (2.96% annualized) during the same period [2][3] - The net interest margin improved to 3.71%, up from 3.12% in the same period of 2024, indicating enhanced profitability from interest-earning assets [2][3] Financial Performance - For the second quarter of 2025, net income was $3.1 million or $1.05 per share, an increase from $1.8 million or $0.61 per share in the second quarter of 2024 [3][8] - Year-to-date net income for 2025 reached $5.9 million, a $0.77 per share increase from $3.7 million in the same period of 2024 [3][8] - The return on average assets for the second quarter was 1.04%, up from 0.68% in the comparable period of 2024 [3][8] Dividend and Shareholder Returns - The Board of Directors declared a quarterly cash dividend of $0.23 per share, representing 21.9% of the reported net income for the second quarter of 2025 [5][3] - The dividend yield based on the average closing price for the second quarter was 3.44% [3][8] Asset Quality and Growth - The company reported stable credit quality metrics, with non-performing and classified loans remaining stable and charge-offs at historically low levels [3][8] - Total assets increased to $1.198 billion as of June 30, 2025, compared to $1.189 billion at the end of 2024 [7][8] Share Repurchase Program - The company repurchased 20,145 shares during the second quarter, totaling 369,321 shares repurchased at an average price of $21.41 since June 2022 [4][3] Digital Initiatives - The implementation of a new digital platform for clients is expected to roll out in the first quarter of 2026, enhancing customer service capabilities [6]

Financial Data and Key Metrics Changes - The company achieved a 19% year-over-year growth in bookings, totaling 103,599 bookings for the quarter ended 12/31/2024 [18] - Revenue increased by 1% from $2,420,000 to approximately $2,450,000, while contribution profit rose significantly from $210,000 to about $1,280,000, marking the fifth consecutive quarter of positive contribution profit [19][20] - Adjusted EBITDA loss improved from $10,170,000 to a loss of $3,150,000, and loss from operations improved from $11,680,000 to a loss of $3,240,000 [20] Business Line Data and Key Metrics Changes - The number of active high-quality cars increased from 5,830 to 7,247, and the average guest trip rating improved from 4.16 to 4.7 [19] - The percentage of repeat users doubled from 6% to 12% during the quarter [13] Market Data and Key Metrics Changes - The company operates in a market where only one in ten households can afford vehicles, indicating a significant opportunity for growth in car sharing [11] - Digital penetration is high in India, with over 1 billion mobile phones connected to the Internet, which supports the potential for car sharing services [11] Company Strategy and Development Direction - The company is focused on enhancing customer experience for both guests and hosts, which is expected to drive growth and improve cash flows through cost optimization and debt restructuring [26][28] - Initiatives include increasing supply through partnerships and improving customer support capacity, which are critical for driving bookings and retention [13][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand for car sharing services in India and the company's ability to optimize costs while improving customer experience [4][10] - The company is committed to addressing compliance issues with Nasdaq and is making significant progress towards regaining compliance [25] Other Important Information - The company raised a total of $15 million in funding between November and December 2024, with an additional $3 million raised in January 2025 [15][22] - The company is exploring various options for debt restructuring to reduce the burden on its balance sheet and improve financial sustainability [23][16] Q&A Session Summary Question: Can you please provide more details about the fundraising process and debt restructuring? - The company raised $15 million in late 2024 and an additional $3 million in January 2025, with plans to continue raising funds to support growth initiatives and pay down restructured debt [22][23] Question: Please provide us with an update on your NASDAQ listing status. - The company is working to regain compliance with Nasdaq rules and has received notification to transition to Nasdaq Capital Markets by 02/19/2025 [25] Question: What are management's near-term priorities for the business? - Management is prioritizing growth by improving customer experience and increasing supply, which will drive bookings and revenue while optimizing costs [26][28]