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DGTL Holdings Inc. Reports Second Quarter Fiscal 2023 Financials
Initial Results from Ongoing Financial Restructuring Initiatives Produce Positive Developments in...
About this update from Dgtl Holdings, Inc.
[{"type":"text","content":"DGTL Holdings Inc. Reports Second Quarter Fiscal 2023 FinancialsInitial Results from Ongoing Financial Restructuring Initiatives Produce Positive Developments in Q2 FY 2023 Financial StatementsToronto, Ontario and New York, New York--(Newsfile Corp. - January 31, 2023) - DGTL Holdings Inc. (TSXV: DGTL) (OTC Pink: DGTHF) (FSE: D0G) (\"DGTL\" or the \"Company\"), a digital media technologies accelerator with flagship digital marketing content and data analytics brand TotalSocial®, announced the filing of its second quarter fiscal 2023 financial results for the three month period ending November 30th, 2022. As previously reported, the new DGTL management team initiated strategic financial restructuring initiatives during the first quarter of fiscal 2023. The core purpose of these ongoing initiatives was to reduce liabilities and operating expenses while increasing profitability in order to develop a solid financial position for sustainable revenue growth and portfolio enhancement via new prospective M&A activity. Initial results from these initiatives show positive developments in the Company's financial position evident in the second quarter fiscal 2023 filings. Highlights include a decrease in the total net loss (before income taxes) by 91%, a decrease in the total current liabilities by 49% and an increase in the gross profit margins by 60%. Second Quarter HighlightsNet Loss Before Income Taxes decreased by 91% (from $607,360 reported for the period ending November 30, 2021 to $58,399 reported for the period ending November 30, 2022)Gross Profit Margin increased by 60% ($174,076 reported for the three month period ending November 30, 2021, to $285,928 reported for the period ending November 30, 2022)Total Current Liabilities decreased by 49% ($3,175,279 reported for the period ending May 31, 2022 to $1,619,958 reported for the period ending November 30, 2022) Salaries, Fees and Benefits decreased by 36% ($227,131 reported for the three month period ending November 30, 2021 to $145,003 reported for the three month period ending November 30, 2022)Revenue increased by 20% (from $490,233 reported for the three month period ending August 30, 2022 to $607,541 reported for the three month period ending November 30, 2022)\"Management is confident that we are taking the appropriate actions to generate long-term shareholder value...