KUALA LUMPUR, Malaysia, Feb. 9, 2024 /PRNewswire/ — Starbox Group Holdings Ltd. (Nasdaq: STBX) ("Starbox" or the "Company"), a service provider of cash rebates, advertising, and payment solutions, has unveiled its financial results for the fiscal year ended September 30, 2023.
Mr. Lee Choon Wooi, Chief Executive Officer and Chairman of the Board of Directors at Starbox, remarked, "As we reflect on fiscal year 2023, it becomes apparent that Starbox Group has solidified its position as a key player in advertising, cash rebates, and payment solutions, and become a technology solutions provider in Southeast Asia. I am pleased to announce a remarkable 63.2% increase in our total revenue, reaching $11.7 million from $7.2 million in fiscal year 2022. This growth underscores our innovative strategies and diversified approach, particularly evident in technology-driven operations and our recent acquisitions, which have expanded our business. Despite challenges in digital advertising, our strategic acquisitions have significantly bolstered our competitiveness and market presence, contributing an additional $2.2 million in revenue from advertising design and consultation services. The consistent expansion of our member and merchant bases on the GETBATS platform reflects the progress in performance and market coverage. Looking forward, our focus remains on enhancing our comprehensive technology services and solutions and platform capabilities to deliver enduring value to our clients and shareholders."
Fiscal Year 2023 Financial Highlights
Total revenue was $11.7 million in fiscal year 2023, an increase of 63.2% from $7.2 million in fiscal year 2022. Income from operations was $4.6 million in fiscal year 2023, compared to $5.0 million in fiscal year 2022. Net income was $2.1 million in fiscal year 2023 compared to $3.6 million in fiscal year 2022.
Fiscal Year 2023 Operational Highlights
Number of advertisers was 31 as of September 30, 2023, compared to 63 as of September 30, 2022. Number of members on the GETBATS website and mobile app was 2,523,802 as of September 30, 2023, compared to 2,513,658 as of September 30, 2022. Number of merchants on the GETBATS website and mobile app was 841 as of September 30, 2023, compared to 820 as of September 30, 2022. Number of transactions facilitated through GETBATS website and mobile app was 264,600 as of September 30, 2023, compared to 338,940 as of September 30, 2022. Completed the acquisition of 51% equity interests in One Eighty Holdings Ltd on June 26, 2023.
About Starbox Group Holdings Ltd.
Headquartered in Malaysia, Starbox Group Holdings Ltd. is a technology-driven, rapidly growing company with innovation as its focus. Starbox is aiming to be a comprehensive technology solutions provider within Southeast Asia and also engages in building a cash rebate, advertising, and payment solution business ecosystem targeting micro, small, and medium enterprises that lack the bandwidth to develop an in-house data management system for effective marketing. The Company connects retail merchants with retail shoppers to facilitate transactions through cash rebates offered by retail merchants on its GETBATS website and mobile app. The Company provides digital advertising services to advertisers through its SEEBATS website and mobile app, GETBATS website and mobile app and social media. The Company also provides payment solution services to merchants. For more information, please visit the Company’s website: https://ir.starboxholdings.com.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "approximates," "assesses," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the U.S. Securities and Exchange Commission .
For more information, please contact:
Starbox Group Holdings Ltd.
Investor Relations Department
Email: [email protected]
Ascent Investors Relations LLC
Tina Xiao
Phone: +1 646-932-7242
Email: [email protected]
STARBOX GROUP HOLDINGS LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
As of
September 30, 2023
As of
September 30, 2022
ASSETS
CURRENT ASSETS
Cash and equivalents
$
2,524,957
$
17,778,895
Accounts receivable, net
9,405,155
2,032,717
Prepaid expenses and other current assets
16,067,467
4,269,611
Short-term deposits
125,298
–
Due from related parties
112,281
1,473
Total current assets
28,235,158
24,082,696
NON-CURRENT ASSETS
Property and equipment, net
2,523,181
13,380
Intangible assets, net
39,666,050
903,768
Right-of-use assets, net
144,901
42,574
Long-term deposits
213,047
–
Goodwill
82,244,248
–
Total non-current assets
124,791,427
959,722
TOTAL ASSETS
$
153,026,585
$
25,042,418
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable
$
1,088,982
$
–
Taxes payable
339,350
1,404,128
Deferred revenue
393,615
–
Accrued liabilities and other current liabilities
1,271,087
541,050
Operating lease liabilities, current
47,537
15,833
Due to related parties
246,836
7,361
Total current liabilities
3,387,407
1,968,372
NON-CURRENT LIABILITIES
Deferred tax liabilities, net
6,412,919
–
Operating lease liabilities, non-current
97,364
26,741
Loans payable
2,070,563
–
Total non-current liabilities
8,580,846
26,741
TOTAL LIABILITIES
11,968,253
1,995,113
COMMITMENT AND CONTINGENCY
SHAREHOLDERS’ EQUITY
Preferred shares, par value $0.001125, 5,000,000 shares
authorized, no shares issued and outstanding
–
–
Ordinary shares, par value $0.001125, 883,000,000
shares authorized, 71,885,000 shares and 45,375,000 shares
issued and outstanding as of September 30, 2023 and 2022,
respectively
80,871
51,047
Additional paid in capital
81,902,805
18,918,303
Accumulated other comprehensive loss
(1,061,958)
(607,052)
Retained earnings
8,872,207
4,685,007
Total shareholders’ equity attributable to the Company
89,793,925
23,047,305
Noncontrolling interest
51,264,407
–
TOTAL EQUITY
141,058,332
23,047,305
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
153,026,585
$
25,042,418
STARBOX GROUP HOLDINGS LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSHIVE INCOME
2023
2022
2021
FISCAL YEARS ENDED SEPTEMBER 30,
2023
2022
2021
Operating revenue
Advertising services
5,307,280
7,174,050
3,158,520
Cash rebate and payment solution services and
media booking
84,592
20,137
7,708
Software licensing
5,715,333
–
–
Production income
362,040
–
–
Marketing and promotional campaign service
271,607
–
–
Total operating revenue
11,740,852
7,194,187
3,166,228
Cost of revenue
834,614
6,383
19,874
Gross profit
10,906,238
7,187,804
3,146,354
Operating expenses
Selling expenses
376,899
97,939
120,515
General and administrative expenses
5,931,350
2,139,428
885,950
Total operating expenses
6,308,249
2,237,367
1,006,465
Income from operations
4,597,989
4,950,437
2,139,889
Other income, net
Interest income, net
750
–
–
Other income (expenses), net
(4,924)
59,377
166
Total other income (expenses), net
(4,174)
59,377
166
Income before income tax
4,593,815
5,009,814
2,140,055
Income tax expense
2,134,082
1,407,449
692,405
Income before noncontrolling interest
2,459,733
3,602,365
1,447,650
Less: Income attributable to noncontrolling interest
311,497
–
–
Net income attributable to the Company
$
2,148,236
$
3,602,365
$
1,447,650
Other Comprehensive income
Foreign currency translation loss attributable to the
Company
(223,726)
(585,619)
(19,063)
Foreign currency translation loss attributable to
noncontrolling interest
(21,790)
–
–
Comprehensive income attributable to the
Company
$
1,924,510
$
3,016,746
$
1,428,587
Comprehensive income attributable to
noncontrolling interest
$
289,707
$
–
$
–
Net income per share – basic and diluted
$
0.04
$
0.09
$
0.04
Weighted average number of ordinary shares
outstanding – basic and diluted
$
56,469,014
$
40,544,863
$
40,000,000
STARBOX GROUP HOLDINGS LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
2023
2022
2021
FISCAL YEARS ENDED SEPTEMBER 30,
2023
2022
2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
2,459,733
$
3,602,365
$
1,447,650
Adjustments to reconcile net income to net cash
used in operating activities:
Depreciation and amortization
1,840,302
161,267
2,568
Amortization of right-of-use assets
41,090
56,690
7,274
Changes in deferred tax
857,381
–
–
Changes in operating assets / liabilities:
Accounts receivable
(5,124,396)
(864,099)
(1,100,053)
Prepaid expenses and other current assets
(11,265,056)
(4,754,970)
(39,190)
Customer deposit
(217,878)
–
–
Deferred revenue
(217,533)
(778,701)
688,979
Taxes payable
(545,753)
661,359
870,528
Operating lease liabilities
(41,090)
(56,690)
(7,274)
Accrued expenses and other current liabilities
467,154
740,415
13,413
Net cash (used in) provided by operating
activities
(11,528,168)
(1,232,364)
1,883,895
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash acquired from acquisition of subsidiaries
932,893
–
–
Purchase of fixed assets
(14,864)
(6,669)
(5,203)
Purchase of intangible assets
(17,679,247)
(1,129,260)
–
Cash advances to a related party
–
–
(387,945)
Collection of cash advances from a related party
–
–
387,945
Net cash used in investing activities
(16,761,218)
(1,135,929)
(5,203)
CASH FLOWS FROM FINANCING ACTIVITIES:
Capital contribution by shareholders
–
–
200,000
Proceeds from equity financing
11,766,810
18,769,326
–
Increase in due from related parties
10,713
–
–
Repayment of loans
(32,331)
–
–
Borrowing from (repayment to) related parties
328,546
(729,521)
(125,875)
Net cash provided by financing activities
12,063,025
18,039,805
74,125
EFFECT OF EXCHANGE RATE CHANGES ON
CASH
972,423
(187,894)
(28,792)
NET INCREASE (DECREASE) IN CASH &
EQUIVALENTS
(15,253,938)
15,483,618
1,924,025
CASH & EQUIVALENTS, BEGINNING OF
FISCAL YEAR
17,778,895
2,295,277
371,252
CASH & EQUIVALENTS, END OF FISCAL
YEAR
2,524,957
17,778,895
2,295,277
Supplemental Cash Flow Data:
Income tax paid
$
2,382,705
$
934,910
$
15,747
Interest paid
$
26,454
$
–
$
–
Supplemental disclosure of non-cash investing and
financing activities
Right-of-use assets obtained in exchange for
operating lease liabilities
$
167,667
$
52,934
$
317,170
Shares issued for acquisition of One Eighty Ltd
$
53,055,300
$
–
$
–
Goodwill acquired in business acquisition
$
82,244,248
$
–
$
–
Identifiable intangible assets acquired in business
acquisition
$
23,500,000
$
–
$
–
Net assets acquired in business acquisition
$
21,785,752
$
–
$
–
Source : Starbox Group Holdings Ltd. Announces Financial Results for Fiscal Year 2023
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