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 $$$$$$$$$$$$$$$$$$$$
