Taoping Inc Stock Price, News & Analysis

Taoping (NASDAQ: TAOP) reported a 71.9% increase in revenue, reaching $6.4 million for the first half of 2021, compared to $3.7 million in the same period of 2020. This growth was fueled by higher sales of high-end data storage servers and new revenue streams from advertising and cryptocurrency mining. However, the net loss rose to $14.1 million, up from $7.7 million year-over-year, primarily driven by increased administrative expenses. Cash and cash equivalents stood at $0.8 million as of June 30, 2021, reflecting ongoing challenges in financial stability.

Taoping Inc. (NASDAQ: TAOP) has exercised a purchase option to acquire 100% of iASPEC Technology Group Co., Ltd. from its sole shareholder, Mr. Jianghuai Lin, for 612,245 unregistered ordinary shares valued at $1.8 million. This transaction will eliminate the variable interest entity (VIE) structure to enhance corporate governance. Additionally, TAOP has relocated its global corporate headquarters from Shenzhen to Hong Kong to support its international growth strategy. The transfer is pending relevant PRC government registrations.

Taoping Inc. (NASDAQ: TAOP) announced a purchase agreement to acquire 1,220 NVIDIA CMP 170HX mining cards for approximately $4 million. Deliveries will begin in September 2021, increasing TAOP's Ethereum mining capabilities. The company expects to boost its hash rate from 300GH/s to 500GH/s by the end of October, generating about 350 Ether monthly. By the end of 2021, TAOP aims for a hash rate of 1000GH/s, which could yield around 700 Ether per month. The CEO emphasized that this investment will enhance the company's value for shareholders.

Taoping Inc. (NASDAQ: TAOP) announced a memorandum of understanding with Aral Petroleum Capital LLP to establish a joint venture in Kazakhstan, with TDAA owning 51% and APC 49%. This venture aims to build cryptocurrency mining facilities with a capacity of 100MW, where the initial 30 MW phase is expected to be completed in 3-6 months. TDAA will provide mining machines and control operations. The joint venture is strategically positioned in Kazakhstan, which ranks as a leading crypto mining hub due to its climate and cost advantages.

Taoping Inc. (NASDAQ: TAOP) announced the signing of a non-binding Memorandum of Understanding (MoU) with Dennver Group Holdings Limited to purchase Ethereum mining machines totaling a hash rate of 500 GH/s. The purchase price will be determined post due diligence, paid through a mix of cash and restricted ordinary shares of TAOP. The share price will be based on the volume-weighted average closing price over the past five trading days prior to the MoU execution. TAOP aims to enhance its blockchain technology operations and increase its market value for customers and shareholders.

Taoping Inc. (NASDAQ: TAOP) has announced a letter of intent to acquire a majority stake in Yunnan Taoping IoT Limited, increasing its ownership from 40% to at least 51%. Yunnan Taoping, established in 2017, has become a key new media platform in Yunnan, providing intelligent marketing services. This acquisition aims to solidify TAOP's position in Southwest China’s new media industry and create new revenue streams. The deal's final terms will depend on due diligence and could be completed before March 31, 2022, although uncertainties remain regarding its consummation.

Taoping Inc. (NASDAQ: TAOP) has announced a strategic cooperation agreement with Shenzhen IntelStrat Technology Co., Ltd. The three-year agreement aims to enhance blockchain adoption and includes establishing a data service center, expanding market share in enterprise blockchain, and creating a blockchain industry fund. IntelStrat, established in 2016, has supported over 100 enterprises with blockchain solutions. TAOP's CEO emphasized the potential of blockchain technology to address real-world business challenges through this collaboration.

Taoping Inc. (NASDAQ: TAOP) has signed a letter of intent to acquire at least 51% of Zhenjiang Taoping IoT Technology Limited. This strategic move aims to enhance TAOP's East China expansion project, leveraging Zhenjiang Taoping's successful new media platform, which boasts over 250,000 daily viewers. The acquisition price will be determined post-due diligence and will be settled in ordinary shares of TAOP. The LOI will lapse if no definitive agreement is reached by December 31, 2021.

On July 12, 2021, Taoping Inc. (NASDAQ: TAOP) announced a securities purchase agreement with investors to sell 1.2 million ordinary shares at $4.15 per share, aiming for gross proceeds of $4.98 million. Additionally, the company will issue warrants for 360,000 shares at an exercise price of $4.56, valid for 36 months. The funds will be allocated for working capital and general corporate purposes. This transaction complies with the company's shelf registration statement effective since February 11, 2019.