DSGT Global, Inc. Reports Year End 2020 Results
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SURREY, British Columbia, March 05, 2021 (GLOBE NEWSWIRE) -- DSG Global, Inc. (OTCQB: DSGT) ("DSGT" or the "Company") announces its financial results for Q4 and fiscal 2020.
2020 Financial Highlights:
- Cash grew to $1.4 million, up from $25,494 as of December 31, 2019. The cash position increased $1.3 million during Q4 2020.
- Total Assets increased to $2.1 million, up from $0.4 million at year-end 2019, primarily driven by increased cash, increased inventory and increased prepaid expenses. Total Assets grew $1.4 million during Q4 2020 when compared to Q3 2020 ending September 30, 2020.
- Total Liabilities decreased from $8.7 million at the end of 2019 to $2.9 million at year end 2020. Liabilities decreased by $7.5 million in Q4 2020. The primary reason for the decrease was extinguishment of convertible and non-convertible debt during fiscal 2020.
- Revenue of $900,482 achieved. This was a decrease from $1,399,420 during 2019. After many golf course closures during March – October 2020, revenue grew during the second half of the year. The Company anticipates the upward trend in golf revenue to continue for 2021 as more golf courses are opening each week through-out NA and abroad.
- Gross Profit Margins increased to 54.5% in 2020, up from 32.2% in 2019 due to decrease in cost of goods and less overhead in installations and recurring revenue starting up after closures stopped.
- Operating Losses were $5,069,696 for the year, compared to $2,426,543 in 2019, primarily driven by increased expenses related to launching the new automotive subsidiary, hiring new staff, opening the experience center and much more.
- Net losses were $6,177,099 in 2020 compared to a net loss of $3,078,120 in 2019, primarily driven by a $2,904,832 charge related to the extinguishment of debt in 2020.
- During 2020 the company experienced negative operating cash flow of $1,400,086, much of which was due to increased expenses related to expanding the Company’s product line to include next-generation Infinity Screens and electric vehicles (EVs).
“We are extremely pleased with the many milestones we achieved in 2020,” commented Robert Silzer, President and CEO of DSG Global. “The foundation we have built to date, and continue to build, should enable us to rapidly scale operations across all of our business units in 2021. Additional achievements in the first two months of 2021 further bolster our position, and we look forward to updating investors in the months ahead as we continue to execute on our robust, multi-faceted business strategy.”
Operational 2020 Highlights:
- Signed three partnership and distribution agreements with major automotive manufacturers (Skywell Automotive Group, Jonway Group and Rumble Motors)
- Received business license and first shipment of EVs.
- Appointed industry veteran Rick Curtis as President of Imperium Motors Corp. wholly owned subsidiary. Curtis brings 40 years of senior automotive industry experience, including extensive background in EVs.
- Appointed industry veteran William J. Rex as president of the EV bus and motor home division of Imperium Motors.
- Added Terra E-High Speed Truck from Jonway Group and ET5 SUV and several models of buses from Skywell Automotive Group to Electric Vehicle product line-up.
- Installed golf products at numerous new golf courses with 14 new orders being installed immediately upon new inventory arriving, alternative fleet management with installation of products for Peninsula Sanitation Services
- Started process (completed February 2021) to receive WMI number for self-manufacturing in the United States.
- Began negotiations to acquire a manufacturing facility in Washington state with Nisqually Indian Tribe Economic Development.
- Received the first 2 ET5 SUV’s at our Canadian facility and Fairfield CA Experience Center.
- Received the first 11 vehicles out of 21 ordered from Jonway at our Fairfield Experience Center.
About DSG Global
DSG Global is an emerging global technology company with an array of interconnecting businesses in some of the fastest growing market sectors. With roots in the golf industry in which it specializes in fleet management with patented analytics, mobile touch screen engagement and electric golf carts under the Vantage Tag Systems (VTS) brand, the company is moving quickly with road-ready electric vehicles for sale in the first quarter of 2021 through its Imperium Motor Company subsidiary.
About Vantage Tag Systems
Vantage Tag Systems (VTS) provides patented electronic tracking systems and fleet management solutions to golf courses and other avenues that allow for remote management of the course's fleet of golf carts, turf equipment and utility vehicles. Its clients use VTS's unique technology to significantly reduce operational costs, improve the efficiency plus profitability of their fleet operations, increase safety, and enhance customer satisfaction. VTS has grown to become a leader in the category of Fleet Management in the golf industry, with their technology installed in over vehicles worldwide. VTS is now branching into several new streams of revenue, through programmatic advertising, licensing, and distribution, as well as expanding into Commercial Fleet Management, PACER single rider golf carts, and Agricultural applications. Additional information is available at http://vantage-tag.com/
About Imperium Motor Company
Imperium Motor Company (IMC) is an EV sales and marketing company that offers a wide variety of affordable vehicles equipped for the North American market with emphasis on great design, a green mindset, performance, and functionality. Vehicles will include high speed, mid-speed, and low speed electric vehicles including cars, trucks, SUVs, vans, buses, and scooters. For additional information about Imperium Motors' product lines, please visit www.imperiummotorcompany.com.
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Safe Harbor for Forward-Looking Statements
This news release contains forward-looking information. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "anticipated", "proposed", "expects", "intends", "may", "will", and similar expressions. Forward-looking information contained or referred to in this news release includes but is not limited to the Company's ability to secure manufacturing facilities and supply chains, the benefits the Company expects to derive from existing and planned products, and the Company's ability to achieve production and sales targets, generally.
Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Factors which could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to: negative cash flow and future financing requirements to sustain operations, dilution, limited history of operations and revenues and no history of earnings or dividends, competition, economic changes, delays in the Company's expansion plans, regulatory changes, and the impact of and risks associated with the ongoing COVID-19 pandemic including the risk of disruption at the Company's facilities or in its supply and distribution channels. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company.
Additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are described under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year 2019 and our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all filed with the Securities and Exchange Commission. Forward-looking statements are made as of the date of this release, and we expressly disclaim any obligation or undertaking to update forward-looking statements. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
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