ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for discussion Register to chat with like-minded investors on our interactive forums.

SHFS SHF Holdings Inc

0.4155
0.0005 (0.12%)
Pre Market
Last Updated: 13:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type
SHF Holdings Inc NASDAQ:SHFS NASDAQ Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.0005 0.12% 0.4155 0.4088 0.4155 201 13:00:00

Safe Harbor Financial Reports Financial Results for Third Quarter and Nine Months Ended September 30, 2024

12/11/2024 9:10pm

GlobeNewswire Inc.


SHF (NASDAQ:SHFS)
Historical Stock Chart


From Oct 2024 to Dec 2024

Click Here for more SHF Charts.

SHF Holdings, Inc., d/b/a/ Safe Harbor Financial (“Safe Harbor” or the “Company”) (NASDAQ: SHFS), a leader in facilitating financial services and credit facilities to the regulated cannabis industry, announced today its financial results for the third quarter and nine months ended September 30, 2024.

Third Quarter 2024 Financial and Operational Summary

  • Net Income increased to approximately $0.4 million, compared to a net loss of approximately $750,000 in the same period of 2023;
  • Revenue was approximately $3.5 million, compared to approximately $4.3 million for the third quarter of 2023;
  • Operating Expenses decreased to $3.3 million, compared to $3.8 million in the third quarter of 2023;
  • Loan Interest Income increased 48.0% from approximately $900,000 in the third quarter of 2023 to approximately $1.3 million in the third quarter of 2024;
  • Adjusted EBITDA(1) decreased 27.4% to approximately $0.76 million, compared to approximately $1.1 million for the third quarter of 2023(1).

Nine-month 2024 Financial & Operational Summary

  • Net Income increased to approximately $3.3 million, compared to a net loss of approximately $19.8 million in the first nine months of 2023;
  • Revenue was approximately $11.6 million, compared to approximately $13.1 million for the first nine months of 2023;
  • Operating Expenses decreased to approximately $10.8 million, compared to approximately $32.1 million in the first nine months of 2023;
  • Loan Interest Income increased 143.5% from approximately $1.9 million in the first nine months of 2023 to approximately $4.8 million in the first nine months of 2024;
  • Adjusted EBITDA(1) increased 22.1% to approximately $2.8 million, compared to approximately $2.3 million for the first nine months of 2023(1).

(1) Adjusted EBITDA is a non-GAAP financial metric. A reconciliation of non-GAAP to GAAP measures is included below in this earnings release.

"Throughout the third quarter of 2024, Safe Harbor Financial continued to make meaningful progress on our strategic priorities focused on innovation, operational excellence, and client service," said Sundie Seefried, Chief Executive Officer of Safe Harbor Financial. “During the third quarter of 2024, we delivered strong loan interest income growth of 48% and improved net income by approximately 147%, year-over-year. We accomplished this while remaining intensely disciplined in expense management, resulting in a 12% decrease in operating expenses, compared to the same period last year.

“Subsequent to the quarter end, the Company originated an initial $1.07 million secured credit facility with a multi-state operator, representing the first tranche of a $5 million commitment, further solidifying our role as a trusted financial partner. Our recent executive team restructuring, contract extensions and ongoing expense management all underscore our commitment to long-term growth and shareholder value. While the current regulatory environment remains highly challenging for cannabis related business, we are confident that Safe Harbor is well-positioned to capitalize on the significant opportunities that lie ahead.”

Third Quarter 2024 Operational Highlights

  • On July 9, 2024, the Company announced it successfully exited a $3.1 million loan in default, collecting 100% of principal, as well as over $200,000 in accrued interest.
  • On July 25, 2024, Safe Harbor announced it was teaming up with BIPOCann to empower minority-owned cannabis businesses.
  • On September 4, 2024, the Company announced it had secured key executive team members with strategic contract extensions.

Subsequent Operational Highlights

  • On October 29, 2024, Safe Harbor announced it had originated a $1.07 million secured credit facility for a Missouri cannabis operator.

Third Quarter 2024 Financial Results

For the third quarter ended September 30, 2024, total revenue was $3.50 million, compared to $4.3 million in the prior year period. The decrease in revenue was due to a reduction in deposit, activity and onboarding income, which was primarily attributable to a decrease in the number of accounts related to the Abaca acquisition. In the three months ended September 30, 2024, PCCU accounted for $1,354,036 of the revenue generated from deposits, activities and client onboarding. Related to this revenue, the Company recognized $131,002 in account hosting expenses, in accordance with the PCCU CAA. In the three months ended September 30, 2023, PCCU contributed $1,287,669 to the revenue from similar sources, with account hosting expenses amounting to $54,729 as per the Loan Servicing Agreement provisions.

Operating expenses for the third quarter 2024 decreased to approximately $3.3 million, compared to approximately $3.8 million in the prior year period, which was comprised of the following:

  • Compensation and employee benefits decreased in the three months ended September 30, 2024, compared to the three months ended September 30, 2023, as a result of stock-based compensation and the decrease in the headcount.
  • Rent expenses decreased in the three months ended September 30, 2024, compared to the three months ended September 30, 2023, due to a reduction in the number of lease properties.
  • (Benefit)/ Provision for credit losses increased in the three months ended September 30, 2024, compared to the three months ended September 30, 2023, due to an increase in loan portfolio amount.
  • For the three months ended September 30, 2024, general and administrative expenses decreased across various categories including: i) approximately $177,069 in investment hosting fees due to a reduction in investment income, and (ii) approximately $128,014 in amortization and depreciation due to a reduction in the gross value of intangible assets from impairment recorded in 2023.

Third quarter 2024 net income was approximately $0.35 million, compared to a net loss of approximately $748,000 in the prior year period. The improvement in net income in the third quarter of 2024 was the result of lower expenses across the Company and a greater number of performing loans at better interest rates than the prior year period.

First Nine Months 2024 Financial Results

For the nine-months ended September 30, 2024, total revenue was $11.6 million, compared to approximately $13.1 million in the prior year period. The decrease in revenue for the first nine months of 2024 was due to a reduction in deposit activity and onboarding income and was primarily attributable to a decrease in the number of accounts related to the Abaca acquisition. In the nine months ended September 30, 2024, PCCU accounted for $3,778,633 of the revenue generated from deposits, activities and client onboarding. Related to this revenue, the Company recognized $356,369 in account hosting expenses, in accordance with the CAA. For the nine months ended September 30, 2023, PCCU contributed $4,051,353 to the revenue from similar sources, with account hosting expenses amounting to $170,987 as per the Loan Servicing Agreement provisions.

First nine-months of 2024 operating expenses decreased to $10.8 million, compared to $32.1 million in the prior year period, which was comprised of the following:

  • Compensation and employee benefits decreased in the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023, as a result of stock-based compensation and also related to a reduction in force.
  • Rent expenses decreased in the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, due to reduction in the number of lease properties.
  • (Benefit)/ Provision for credit losses increased in the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, due to an increase in loan portfolio amount.
  • For the nine months ended September 30, 2024, general and administrative expenses decreased across various categories including: i) approximately $ 604,080 in investment hosting fees due to a reduction in investment income, and ii) approximately $535,179 in amortization and depreciation due to the reduction in the gross value of intangible assets from impairment recorded in 2023.

Net income for the first nine-months of 2024 was approximately $3.3 million, compared to a net loss of approximately $19.8 million in the prior year period. The driver of net income produced in the first nine months of 2024 was lower expenses across the Company and a greater number of performing loans at better interest rates than the prior year period.

As of September 30, 2024, the Company had cash and cash equivalents of $5.9 million, compared to $4.9 million at December 31, 2023.

For more information on the Company’s third quarter 2024 financial results, please refer to our Form 10-Q for the quarter ended September 30, 2024 filed with the U.S. Securities & Exchange Commission (the “SEC”) and accessible at www.sec.gov.

 
 
SHF Holdings, Inc.CONDENSED CONSOLIDATED BALANCE SHEETS
 
 September 30, 2024(Unaudited)  December 31, 2023 
      
ASSETS       
Current Assets:       
Cash and cash equivalents$5,861,475  $4,888,769 
Accounts receivable – trade 237,757   121,875 
Accounts receivable – related party 966,643   2,095,320 
Prepaid expenses – current portion 492,375   546,437 
Accrued interest receivable 15,601   13,780 
Forward purchase receivable 4,584,221   - 
Short-term loans receivable, net 13,091   12,391 
Other current assets -   82,657 
Total Current Assets$12,171,163  $7,761,229 
Long-term loans receivable, net 374,429   381,463 
Property, plant and equipment, net 5,151   84,220 
Operating lease right to use assets 742,609   859,861 
Goodwill 6,058,000   6,058,000 
Intangible assets, net 3,249,459   3,721,745 
Deferred tax asset 43,802,927   43,829,019 
Prepaid expenses – long term position 450,000   562,500 
Forward purchase receivable -   4,584,221 
Security deposit 19,333   18,651 
Total Assets$66,873,071  $67,860,909 
LIABILITIES AND STOCKHOLDERS’ EQUITY       
Current Liabilities:       
Accounts payable$125,281  $217,392 
Accounts payable-related party 106,593   577,315 
Accrued expenses 788,052   1,008,987 
Contract liabilities 47,565   21,922 
Lease liabilities – current 159,408   132,546 
Senior secured promissory note – current portion 3,105,906   3,006,991 
Deferred consideration – current portion 2,984,533   2,889,792 
Forward purchase derivative liability 7,309,580   - 
Other current liabilities 64,686   41,639 
Total Current Liabilities$14,691,604  $7,896,584 
Warrant liabilities 1,408,084   4,164,129 
Deferred consideration – long term portion 388,000   810,000 
Forward purchase derivative liability -   7,309,580 
Senior secured promissory note—long term portion 8,662,724   11,004,175 
Net deferred indemnified loan origination fees 390,739   63,275 
Lease liabilities – long term 753,800   875,447 
Indemnity liability 1,225,660   1,382,408 
Total Liabilities$27,520,611  $33,505,598 
Commitment and Contingencies (Note 13)       
Stockholders’ Equity       
Convertible preferred stock, $.0001 par value, 1,250,000 shares authorized, 111 and 1,101 shares issued and outstanding on September 30, 2024, and December 31, 2023, respectively -   - 
Class A common stock, $.0001 par value, 130,000,000 shares authorized, 55,673,327 and 54,563,372 issued and outstanding on September 30, 2024, and December 31, 2023, respectively 5,569   5,458 
Additional paid in capital 108,437,941   105,919,674 
Retained deficit (69,091,050)  (71,569,821)
Total Stockholders’ Equity$39,352,460  $34,355,311 
Total Liabilities and Stockholders’ Equity$66,873,071  $67,860,909 

 
SHF Holdings, Inc.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)
            
 For the three months ended September 30,  For the nine months ended September 30, 
 2024  2023  2024  2023 
            
Revenue$3,482,630  $4,332,974  $11,570,964  $13,085,861 
                
Operating Expenses               
Compensation and employee benefits$1,839,244  $2,069,910  $6,384,213  $8,269,761 
General and administrative expenses 929,406   1,482,792   2,915,390   4,874,255 
Impairment of goodwill -   -   -   13,208,276 
Impairment of finite-lived intangible assets  -  -   -   3,680,463 
Professional services 463,452   361,804   1,428,129   1,431,785 
Rent expense 66,170   87,951   199,805   246,694 
Provision (benefit) for credit losses 7,449   (200,932)  (158,586)  377,614 
Total operating expenses$3,305,721  $3,801,525  $10,768,951  $32,088,848 
Operating income/ (loss)$176,909  $531,449  $802,013  $(19,002,987)
Other income /(expenses)               
Change in the fair value of deferred consideration (68,811)  (197,307)  327,259   (581,315)
Interest expense (161,716)  (159,533)  (484,718)  (963,464)
Change in fair value of warrant liabilities 414,272   (860,735)  2,756,045   (417,798)
Total other income/ (expenses)$183,745  $(1,217,575) $2,598,586  $(1,962,577)
Net income/ (loss) before income tax 360,654   (686,126)  3,400,599   (20,965,564)
Income tax benefit/ (expense), net (6,837)  (61,941)  (55,579)  1,199,483 
Net income/ (loss)$353,817  $(748,067) $3,345,020  $(19,766,081)
Weighted average shares outstanding, basic 55,501,354   49,257,988   55,382,066   38,725,273 
Basic net income/ (loss) per share$0.01  $(0.02) $0.06  $(0.51)
Weighted average shares outstanding, diluted 56,550,287   49,257,988   56,430,999   38,725,273 
Diluted income / (loss) per share$0.01  $(0.02) $0.06  $(0.51)

 
SHF Holdings, Inc.CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY(Unaudited)
 
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2024
                     
 Preferred Stock  Class ACommon Stock  AdditionalPaid-in  Retained  Total Shareholders’ 
 Shares  Amount  Shares  Amount  Capital  Deficit  Equity 
Balance, June 30, 2024 111   -   55,431,001  $5,545  $107,900,303  $(69,444,867) $38,460,981 
Issuance of equity for marketing services -   -   242,326   24   149,976   -   150,000 
Restricted stock units (net of tax) -   -   -   -   33,127   -   33,127 
Stock compensation cost -   -   -   -   354,535   -   354,535 
Net income -   -   -   -   -   353,817   353,817 
Balance, September 30, 2024 111   -   55,673,327  $5,569  $108,437,941  $(69,091,050) $39,352,460 

 
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023
 
 Preferred Stock  Class ACommon Stock  AdditionalPaid-in  Retained  Total Shareholders’ 
 Shares  Amount  Shares  Amount  Capital  Deficit  Equity 
Balance, June 30, 2023 4,221  $-   46,265,317  $4,627  $97,923,103  $(70,577,990) $27,349,740 
Conversion of PIPE shares (410)  -   328,000   33   358,717   (358,750)  - 
Stock option conversion -   -   -   -   388,559   -   388,559 
Restricted stock units -   -   -   -   33,735   -   33,735 
Net loss -   -   -   -   -   (748,067)  (748,067)
Balance, September 30, 2023 3,811  $-   46,593,317  $4,660  $98,704,114  $(71,684,807) $27,023,967 

 
SHF Holdings, Inc.CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY(Unaudited)
 
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024
 
 Preferred Stock  Class ACommon Stock  AdditionalPaid-in  Retained  Total Shareholders’ 
 Shares  Amount  Shares  Amount  Capital  Deficit  Equity 
Balance, December 31, 2023 1,101  $          -   54,563,372  $5,458  $105,919,674  $(71,569,821) $34,355,311 
Conversion of PIPE shares (990)  -   792,000   79   866,170   (866,249)  - 
Issuance of equity for marketing services -   -   242,326   24   149,976   -   150,000 
Restricted stock units (net of tax) -   -   75,629   8   54,280   -   54,288 
Stock compensation cost -   -   -   -   1,447,841   -   1,447,841 
Net Income -   -   -   -   -   3,345,020   3,345,020 
Balance, September 30, 2024 111   -   55,673,327   5,569   108,437,941   (69,091,050)  39,352,460 

 
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023
 
 Preferred Stock  Class ACommon Stock  AdditionalPaid-in  Retained  Total Shareholders’ 
 Shares  Amount  Shares  Amount  Capital  Deficit  Equity 
Balance, December 31, 2022 14,616  $1   23,732,889  $2,374  $44,806,031  $(39,695,281) $5,113,125 
                            
Cumulative effect from adoption of CECL -   -   -   -   -   (581,321)  (581,321)
Conversion of PIPE shares (10,805)  (1)  10,394,200   1,039   11,641,086   (11,642,124)  - 
Stock option conversion -   -   -   -   1,707,763   -   1,707,763 
Restricted stock units -   -   1,266,228   127   1,243,446   -   1,243,573 
Reversal of deferred underwriting cost -   -   -   -   900,500   -   900,500 
Issuance of shares to PCCU (net of tax) -   -   11,200,000   1,120   38,405,288   -   38,406,408 
Net loss -   -   -   -   -   (19,766,081)  (19,766,081)
                            
Balance, September 30, 2023 3,811  $-   46,593,317  $4,660  $98,704,114   (71,684,807) $27,023,967 

 
SHF Holdings, Inc.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)
      
 For the nine months endedSeptember 30, 
 2024  2023 
CASH FLOWS FROM OPERATING ACTIVITIES:       
Net income/ (loss)$3,345,020  $(19,766,081)
Adjustments to reconcile net income/ (loss) to net cash provided by/ (used in) operating activities:       
Depreciation and amortization expense 551,356   1,086,535 
Marketing expense settled via equity 25,000   - 
Stock compensation expense (net of RSU tax adjustment) 1,502,129   2,951,336 
Amortization of net deferred indemnified loan origination fees (75,135)  - 
Interest expense -   963,464 
(Benefit)/ provision for credit losses (158,586)  377,614 
Lease expense 22,467   110,273 
Impairment of goodwill -   13,208,276 
Impairment of finite-lived intangible assets -   3,680,463 
Deferred tax expense/(benefit), net 36,562   (1,199,483)
Change in the fair value of deferred consideration (327,259)  581,315 
Change in fair value of warrant (2,756,045)  417,798 
Changes in operating assets and liabilities:       
Accounts receivable – trade (115,882)  10,858 
Accounts receivable – related party 1,128,677   78,079 
Contract assets -   19,055 
Prepaid expenses 291,562   84,478 
Accrued interest receivable (1,824)  (83,017)
Deferred underwriting payable -   (550,000)
Other current assets 82,657   150,817 
Other current liabilities 12,574   61,621 
Accounts payable (92,114)  (1,874,633)
Accounts payable – related party (470,722)  (43,105)
Accrued expenses (220,930)  (552,395)
Contract liabilities 25,643   62,406 
Net deferred indemnified loan origination fees 402,601   - 
Security deposit (682)  (706)
Net cash provided by (used in) operating activities 3,207,069   (225,032)
CASH FLOWS PROVIDED BY INVESTING ACTIVITIES:       
Purchase of property and equipment -   (208,434)
Net repayment of loans 8,173   991,914 
Net cash provided by investing activities 8,173   783,480 
CASH FLOWS USED IN FINANCING ACTIVITIES:       
Repayment of senior secured promissory note (2,242,536)  - 
Net cash used in financing activities (2,242,536)  - 
        
Net increase in cash and cash equivalents 972,706   558,449 
Cash and cash equivalents – beginning of period 4,888,769   8,390,195 
Cash and cash equivalents – end of period$5,861,475  $8,948,644 
Supplemental disclosure of cash flow information       
Interest paid$416,852  $- 
Non-Cash transactions:       
Marketing expense settled via common stock$125,000  $- 
Shares issued for the settlement of PCCU debt obligation -   38,406,408 
Cumulative effect from adoption of CECL -   581,321 
Interest payment on senior secured promissory note -   260,007 
Reversal of deferred underwriting cost -   900,500 
 
 
Reconciliation of Net income (loss) to non-GAAP EBITDA and Adjusted EBITDA(Unaudited)

Safe Harbor Financial discloses EBITDA and Adjusted EBITDA, both of which are non-GAAP financial measures and are calculated as net income before taxes and depreciation and amortization expense in the case of EBITDA and further adjusted to exclude non-cash, unusual and/or infrequent costs in the case of Adjusted EBITDA. Management of the Company uses this information in evaluating period over period performance because it believes that EBITDA and Adjusted EBITDA present important metrics regarding the Company’s ongoing operating performance. Investors should consider non-GAAP financial measures only as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP.

A reconciliation of net income to non-GAAP EBITDA and Adjusted EBITDA is as follows:

 Three Months Ended September 30,  Nine Months Ended September 30, 
 2024  2023  2024  2023 
Net (loss)/income$353,817  $(748,067) $3,345,020  $(19,766,081)
Interest expense 161,716   159,533   484,718   950,179 
Depreciation and amortization 160,857   288,871   551,356   1,086,535 
Taxes 6,837   61,941   55,579   (1,199,483)
EBITDA$683,227  $(237,722) $4,436,673  $(18,915,565)
                
Other adjustments –               
(Benefit)/ Provision for credit losses 7,449   (200,932)  (158,586)  377,614 
Change in the fair value of warrants (414,272)  860,735   (2,756,045)  417,798 
Change in the fair value of deferred consideration 68,811   197,307   (327,259)  581,315 
Stock based compensation 387,662   422,294   1,551,923   2,951,336 
Impairment of goodwill and finite-lived intangible assets -   -   -   16,888,739 
Loan origination fees and costs 31,408   11,431   78,581   12,178 
Adjusted EBITDA$764,285  $1,053,113  $2,825,287  $2,313,415 

For the three and nine months ended September 30, 2024, our EBITDA income improved primarily as a result of decrease in General and Administrative expenses. This reduction was driven by lower investment hosting fees, decreased amortization and depreciation expenses, and reduced business insurance costs. Additionally, there were decreases in compensation, employee benefits, marketing expenses, and other insurance costs. These factors contributing to our financial performance are further discussed in the “Discussion of our Results of Operations” section below. Other adjustments include estimated future credit losses not yet realized, including amounts indemnified to PCCU for loans funded by them. The Company has entered into a Commercial Alliance Agreement with PCCU (referred to as “PCCU CAA”), pursuant to which the Company agreed to indemnify PCCU for claims associated with CRB activities including any loan default related losses for loans funded by PCCU. Deferred loan origination fees and costs represent the change in net deferred loan origination fees and costs. When included with a new loan origination, we receive an upfront loan origination fee in conjunction with new loans funded by our financial institution partners and incur costs associated with originating a specific loan. For accounting purposes, the cash received for loan origination fees and costs is initially deferred and recognized as interest income utilizing the interest method.

Conference Call Details:

The Company’s Chief Executive Officer, Sundie Seefried, and Chief Financial Officer, Jim Dennedy, will host a conference call and webcast at 4:30 pm ET / 1:30 pm PT on November 12, 2024, to discuss the Company's financial results and provide investors with key business highlights.

For those interested in listening in to the conference call, please dial in and ask to join the Safe Harbor Financial call.

 Date:Tuesday, November 12, 2024
 Time:4:30 p.m. ET / 1:30 p.m. PT
 Live webcast and replay:https://edge.media-server.com/mmc/p/e4nodwhb
 Participant Dial-In:646-307-1963 or 800-715-9871 (Toll Free)
 Passcode:1606405

About Safe HarborSafe Harbor is among the first service providers to offer compliance, monitoring and validation services to financial institutions, providing traditional banking services to cannabis, hemp, CBD, and ancillary operators, making communities safer, driving growth in local economies, and fostering long-term partnerships. Safe Harbor, through its financial institution clients, implements high standards of accountability, transparency, monitoring, reporting and risk mitigation measures while meeting Bank Secrecy Act obligations in line with FinCEN guidance on cannabis-related businesses. Over the past eight years, Safe Harbor has facilitated more than $23 billion in deposit transactions for businesses with operations spanning over 41 states and US territories with regulated cannabis markets. For more information, visit www.shfinancial.org.

Cautionary Statement Regarding Forward-Looking StatementsCertain information contained in this press release may contain “forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included herein may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Forward-looking statements may include, but are not limited to, statements with respect to trends in the cannabis industry, including proposed changes in U.S and state laws, rules, regulations and guidance relating to Safe Harbor’s services; Safe Harbor’s growth prospects and Safe Harbor’s market size; Safe Harbor’s projected financial and operational performance, including relative to its competitors and historical performance; new product and service offerings Safe Harbor may introduce in the future; the impact volatility in the capital markets, which may adversely affect the price of Safe Harbor’s securities; the outcome of any legal proceedings that may be instituted against Safe Harbor; and other statements regarding Safe Harbor’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject, are subject to risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Safe Harbor’s filings with the U.S. Securities and Exchange Commission. Safe Harbor undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

Contact InformationSafe Harbor MediaNick Callaio, Marketing Manager720.951.0619Nick@SHFinancial.org

Safe Harbor Investor Relationsir@SHFinancial.org

KCSA Strategic CommunicationsPhil Carlsonsafeharbor@kcsa.com

1 Year SHF Chart

1 Year SHF Chart

1 Month SHF Chart

1 Month SHF Chart

Your Recent History

Delayed Upgrade Clock