Several countries have had to put in place strict measures to curb the spread of COVID-19. Some of these measures include the restriction of movement and lockdowns. These measures have brought significant challenges to the less fortunate in most countries. Furthermore, several economies are crumbling, and some nations cannot comfortably feed their citizens.

Effects of COVID-19 on the Vulnerable

A group of experts are undertaking some surveys to determine the extremity of COVID-19 stay-at-home orders upon the vulnerable groups in society. The experts will use all the mechanisms, including artificial intelligence, to fully determine the effects of coronavirus on these groups. Some of the areas that they will be focusing on include loss of jobs, domestic violence, wage loss and the reduction in medical care services.

The survey is aiming at coming up with the necessary information on the effect of government policies on its citizens. Experts are claiming that a lot of misinformation has been peddled around, disregarding the facts of the real picture on the ground. The experts are further adding that they will consider the use of artificial intelligence as it has been successfully used by one organization in solving social problems.

Additionally, they also believe that artificial intelligence will be useful as it solves the people’s problems from down up. The organization has successfully used artificial intelligence in completing more than fourteen projects. Some of these projects are the solar installation and supply of electricity in Nigerian regions. The organization uses the knowledge of experts in various fields through Slack meetings and giving them instructions on how to implement those projects.

Using Artificial Intelligence to Solve COVID-19 Issues

The California-based project attracted over 150 fresh engineering graduates who are seeking to enhance their skills to help the vulnerable in society. Furthermore, a scientist from the Netherlands also joined the team to help understand and mitigate the effects of COVID-19. The initiative is to get more information about COVID-19 worldwide and find better solutions in dealing with the pandemic.

The initiative will also come up with precise data to understand the novel coronavirus since it is something that has not been experienced before. The team leader invited 73 members from 27 U.S. states to help the organization come up with better strategies. The group has been divided into four subsections, and each group has been given a different task to come up with data and policies from 15 countries. The information from these countries is to be used in determining the short-term effects of lockdowns on the vulnerable.

The project has started showing some promising results midway its establishment. The project manager insists on the need for the governments to give out the right information for the survey to be effective. Having correct and reliable data will help governments to effectively plan for their vulnerable citizens in case of a second wave. Furthermore, having a well-designed model will help the policymakers in coming up with informed and concrete decisions in helping the vulnerable.

Experts say this data-driven approach to finding solutions is exactly what biomed companies like DarioHealth Corp. (NASDAQ: DRIO) are based upon to develop solutions to some of the most pressing health challenges.

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• NETE releases Q2 2020 financial report
• CEO notes impact of COVID-19 on financial results, points to continued efforts to increase shareholder value as merger approaches
• Shareholder letter provides clarification on expected number of shares

Net Element (NASDAQ: NETE), a global financial technology and value-added solutions group, released its financial report for Q2 2020 (http://ibn.fm/d1h9G), the period ended June 30, 2020; NETE also provided more clarifying information about its pending merger with Mullen in an Aug. 19 shareholder letter (http://ibn.fm/W1ahe).

In its financial report, NETE noted that, during second quarter 2020, total transaction volume decreased to $717.9 million, as compared to $950.2 million for the same comparable period the year previous. In addition, net revenue decreased to $13.7 million, as compared to $16.5 million for Q2 2019. Operating expenses decreased to $2.2 million, as compared to $5.2 million for the same comparable period. Gross margin for the quarter decreased to $2.2 million compared to $2.6 million for Q2 2019.

“The COVID-19 pandemic continued to negatively impact our financial results during the second quarter of this year,” said Net Element CEO Oleg Firer. “Our ability to adapt quickly by implementing safety protocols to protect our employees has been successful so far, and we are happy to report we have had zero cases of COVID-19 among our employees. We also implemented cost-cutting initiatives while boosting support for our merchants through e-commerce solutions, contactless payment alternatives and online food ordering for restaurants. We continue working diligently to increase shareholder value as we continue to work toward the proposed merger with Mullen Technologies Inc.”

On August 5, 2020, Net Element announced the execution of a definitive agreement to merge with privately held Mullen Technologies Inc., a Southern California-based electric vehicle company, in a stock-for-stock reverse merger in which Mullen’s stockholders will receive a majority of the outstanding stock in the post-merger company (http://ibn.fm/zDnEP). The completion of the merger is subject to shareholder and NASDAQ approval, as well as other conditions referenced in the merger agreement.

Firer provided clarification regarding the upcoming merger in a recent shareholder letter. “Since announcing the contemplated merger, we have received a number of inquiries from shareholders requesting clarification regarding the expected number of shares that will be outstanding at closing if the pending merger with Mullen were to be approved,” the letter states. “The Merger Agreement provides for a cap of 75 million outstanding shares at the closing of the transaction which cannot be exceeded without both parties’ approval; however, this is a maximum number, and there is no way of knowing the actual number of shares that will be outstanding at that time.”

Firer notes that, if the share price on the transaction closing date is the same as the closing price on August 18, 2020 (the day before the letter was released), NETE anticipates that the number of shares outstanding at closing will be approximately 50 million. “If the share price on the transaction closing date is less than the closing price on August 18, 2020, the company anticipates that the number of shares outstanding at closing will be greater than 50 million but subject to the 75 million share cap,” the letter said.

Net Element Inc. is a global financial technology and value-added solutions group that supports electronic payments acceptance in an omni-channel environment spanning across point-of-sale, e-commerce and mobile devices. The company operates a payments-as-a-service transactional model and value-added services platform for small to medium enterprises in the U.S. and selected emerging markets.

For more information, visit the company’s website at www.NetElement.com.

NOTE TO INVESTORS: The latest news and updates relating to NETE are available in the company’s newsroom at http://ibn.fm/NETE

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