KUALA
LUMPUR, Malaysia, Feb. 8, 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: ir@starboxholdings.com
Ascent Investors Relations LLC
Tina Xiao
Phone: +1 646-932-7242
Email: investors@ascent-ir.com
|
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
|
|
|
$
|
-
|
|
|
$
|
-
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/starbox-group-holdings-ltd-announces-financial-results-for-fiscal-year-2023-302057991.html
SOURCE Starbox Group Holdings Ltd.