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Starbox Group Holdings Ltd. Announces Financial Results for Fiscal Year 2023

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: 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

$

$

 

 

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