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

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

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: [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.

Originally published at https://www.prnewswire.com/news-releases/starbox-group-holdings-ltd-announces-financial-results-for-fiscal-year-2023-302057991.html
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