Company's Revenue Surges to $3.8 Million, Reflecting Growth
DSG Global, Inc.(DSGT) a U.S.-based technolo gy solutions provider, has released its audited consolidated financial statements for the year ended December 31, 2022. The company experienced a significant increase in revenue, reaching $3.8 million, indicating strong growth in its operations. However, the company also reported a net loss of $7.5 million, reflecting various operating expenses and financial costs. The financial statements provide an overview of DSG Global's assets, liabilities, and stockholders' deficit, along with a breakdown of its revenue and expenses.**
DSG Global, Inc. disclosed a net loss of $7.5 million for the year ended December 31, 2022. This figure represents a significant increase compared to the net loss of $6.4 million reported in the previous year. The increase in net loss can be attributed to operating expenses and financial costs incurred during the year.
DSG Global's consolidated revenue surged to $3.8 million in 2022, demonstrating strong growth compared to the previous year's revenue of $2.1 million. The increase in revenue can be attributed to the company's continued focus on expanding its product offerings and capturing new market opportunities.
Consolidated Balance Sheets
As of December 31, 2022, DSG Global reported total assets of $2.2 million. The company's current assets stood at $2.2 million, driven by cash reserves of $48,713 and trade receivables of $711,028. Furthermore, the company's fixed assets, equipment on lease, and intangible assets contributed to the overall value of its assets.
DSG Global's total liabilities and stockholders' deficit amounted to $9.6 million as of December 31, 2022. The company's current liabilities totaled $9 million, including trade and other payables, deferred revenue, lease liability, loans payable, note payable, and convertible notes payable. Additionally, the company reported mezzanine equity of $2.6 million and a stockholders' deficit of $9.6 million.
Consolidated Statements of Operations*
For the year ended December 31, 2022, DSG Global reported a gross profit of $1.7 million, reflecting an increase compared to the previous year. However, the company's operating expenses, including compensation expense and general administration expense, totaled $7 million. These expenses, along with research and development costs, resulted in a loss from operations of $5.2 million.
DSG Global's consolidated statements of operations also indicate other income and expenses. Foreign currency exchange, gain on extinguishment of debt, and interest on preferred shares contributed to the overall financial results. However, finance costs had a significant impact, resulting in total other income and expenses of $2.3 million.
Consolidated Statements of Comprehensive Loss and Stockholders' Deficit*
The company's comprehensive loss for the year ended December 31, 2022, amounted to $7.5 million, including the net loss of $7.5 million and foreign currency translation adjustments.
DSG Global's stockholders' deficit as of December 31, 2022, reached $9.6 million. The deficit was primarily influenced by the accumulated deficit, additional paid-in capital, and other comprehensive income.
Consolidated Statements of Cash Flows*
During the year, DSG Global utilized cash for its operating activities, resulting in a net cash outflow of $3.6 million. Investing activities, including the purchase and disposal of equipment, had a minimal impact on the company's cash position. However, financing activities generated a net cash inflow of $3.3 million, primarily driven by proceeds from issuing preferred shares and loans payable.
DSG Global, Inc. has experienced significant growth in revenue, reaching $3.8 million in 2022. Despite this positive trend, the company reported a net loss of $7.5 million due to various operating expenses and financial costs. The audited financial statements provide insights into the company's financial performance, with a focus on its assets, liabilities, revenue, and expenses. As DSG Global continues to expand its product offerings and capture market opportunities, investors and stakeholders will closely monitor its financial progress.
