Taoping Inc. reports developments in smart cloud platform services, smart city IoT technologies, and related products and services in China. Company news commonly covers AI-enabled platform services, smart elevator infrastructure, predictive diagnostics, automated rescue capabilities, and contracts handled through Skyladder businesses acquired by the company.
Updates also include operating and financial results, recurring revenue initiatives, smart agriculture cooperation and supply arrangements, material agreements, capital-structure matters, headquarters and operating footprint changes, and Nasdaq listing-compliance status for TAOP ordinary shares.
Taoping Inc. (NASDAQ: TAOP) announced a five-year strategic cooperation agreement with three companies to develop the naked-eye 3D iGallery and Smart Station projects. TAOP will lead market development through its Taoping Alliance network while the partners will contribute resources in technology and brand promotion. The iGallery is a digital art display solution, allowing audiences to enjoy 3D visuals without glasses. The Smart Station is a modular public toilet system that integrates multiple services. Projects have been implemented in cities across China, promising a new public experience.
Taoping Inc. (NASDAQ: TAOP) announced the acquisition of a 95.56% equity interest in Zhenjiang Taoping IoT Technology Limited to enhance its smart charging pile and digital media operations in East China. The deal entails issuing 201,552 restricted ordinary shares valued at $391,011 based on an average share price of $1.94. Share issuance is phased and contingent on Zhenjiang Taoping meeting revenue and income targets. The transaction aims to leverage regional strengths to drive growth in smart community services and digital media.
Taoping Inc. (NASDAQ: TAOP) has entered a three-year strategic cooperation agreement with Shenzhen Zhicheng Chuangtou New Energy to expand the smart charging pile market. TAOP will handle market development and installation, while Zhicheng provides charging equipment and management services. The partnership aims to enhance coverage to 50 cities by the end of 2022, responding to the growing demand for electric two-wheelers, which are expected to reach 350 million in China by 2022, amid only 9.7 million available charging ports.
Taoping Inc. (NASDAQ: TAOP) has announced the expansion of its Hong Kong Data Center, aiming to double its total hash rate to 700 GH/s. This project is expected to be completed by the end of January 2022, enhancing the Company’s ability to generate approximately 350 Ether per month. The site in Tsuen Wan will host more general-purpose servers, reinforcing Taoping’s commitment to developing its digital currency business in the region. The expansion follows strong progress in cloud computing resources since the Center's launch in May 2021.
Taoping Inc. (NASDAQ: TAOP) announced the establishment of its subsidiary, Kazakh Taoping Data Center Co. Ltd., to construct a cryptocurrency mining data center in Kazakhstan. The project will invest $3.2 million and aims to complete its first phase, featuring 40MW capacity, within six months. The facility will cover approximately 269,000 square feet and accommodate around 10,000 S19 Antminers. The move is viewed as a strategic expansion into the growing cryptocurrency sector, potentially generating significant value for shareholders.
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.