SURREY, British Columbia, Nov. 16, 2020 (GLOBE NEWSWIRE) -- DSG Global Inc. (OTC: DSGT), announced today financial results for the third quarter ending September 30, 2020.
Financial Highlights for the three months ended September 30, 2020:
- Revenue of $334, 151. This was an increase of 170% compared to the prior quarter. The majority of this revenue increase came from increased installations at numerous golf courses. This will result in a higher recurring revenue moving forward. The company anticipates the upward trend in golf revenue to continue for the fourth quarter.
- Gross Profit Margins remained relatively constant at 50%.
- Operating Losses were $391,882 or (.01) EPS for the quarter, consistent with the comparable quarter in 2019 and much improved from the $1,148,446 (.03) EPS loss during the prior quarter.
- Net Losses decreased from $5,555,832 in Q3 2019 to $3,159,242 or (.08) EPS. The majority of this, $2,577,704, was related to one-time costs of extinguishment of debt and the change in fair value of derivative instruments.
- Total Assets increased 76.1% from the prior quarter. This was primarily the result of increased inventory and fixed assets.
- Total liabilities decreased 11.6% from the prior quarter. Actual liabilities, not counting derivative liabilities decreased 30.3%. This is primarily the result of the payoff and removal of $1.95 million in convertible debt.
Release updates and Highlights:
- Set delivery volume target of 12800 vehicles, with 90% distributor sales and 10% direct sales, during 2021.
- Received orders for 1155 vehicles, a number increasing on a regular basis.
- Received first Shipment of cars from Jonway Group
- Anticipates additional vehicles arriving from Jonway and Skywell Automobile Group during the remainder of 2020
- Engaged GCN Media Group and Graj and Gustavsen, both well-respected New York based branding and digital marketing firms, to increase awareness and enhance consumer facing presence.
- Received Business License for Experience Center in Fairfield, California
- Received first shipment of single rider PACER golf carts
- 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 Lineup
- Paid off nearly $2 Million in Convertible Notes, thus significantly reducing future dilution
- Installed golf products at dozens of new golf courses and have multimillion-dollar Pipeline
- Expanded into Alternative Fleet Management beyond golf courses with installation of products for Peninsula Sanitation Services
Bob Silzer, CEO and President DSG Global, "We are pleased with the improvement in our third quarter, but are not satisfied with the results. We anticipate even larger growth in future quarters. We continue to install our products on numerous new golf courses each month. Our Electric Vehicles have begun arriving and we anticipate first delivery of products to end customers early in the first quarter. Next year, we anticipate over $40 million in sales from Electric Vehicles and over $20 million in sales from Fleet Management Software and Pacer Golf Carts with significant profitability."
DSG Global, Inc. will host a conference call for investors on Monday, November 16, 2020 at 4:15 ET.
The call will last approximately 45 minutes. Interested parties may dial 530-881-1212
Passcode: 615-253-385#
Bob Silzer, President and CEO DSG Global and Rick Curtis, President of Imperium Motors will discuss the significant corporate activity and its plans for the future.
Please dial in at least 5 minutes prior to the call to ensure timely participation.
For the full earnings report please view our entire filing at www.sec.gov.
For information on Imperium Motor’s Product line, please visit https://www.imperiummotorcompany.com/
About Imperium Motor Company
Imperium Motor Company is a new EV distribution 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.
About VANTAGE TAG SYSTEMS INC (VTS)
Vantage Tag Systems 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/
Safe Harbor for Forward-Looking Statements
Forward-looking statements in this press release include statements relating to, among other things, the Company's ability to open its new customer facility and its ability to close and deliver on various purchase orders from customers, and the Company's expansion into markets outside of the golf industry. Forward-looking statements are inherently subject to risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, including, without limitation, the following: the timing and nature of any capital raising transactions; our ability to offer products and services for use by customers in new markets outside of the golf industry; our ability to deliver in a timely fashion and to our customers’ satisfaction the products purchased; the risk of competition; our ability to find, recruit and retain personnel with knowledge and experience in selling products and services in existing and new markets; our ability to manage growth; and general market, economic and business conditions. Additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are 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 2018 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.
Brokers and Analysts:
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