Digital Shelf Space Corp. Announces Release of Audited Financial Statements for the Year-Ended December 31, 2013 & Stock Opti...
April 30 2014 - 4:37PM
Marketwired
Digital Shelf Space Corp. Announces Release of Audited Financial
Statements for the Year-Ended December 31, 2013 and Stock Option
Grants
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 30, 2014) -
Digital Shelf Space Corp. (the "Company" or "DSS")
(TSX-VENTURE:DSS)(PINKSHEETS:DTSRF) announced today the release of
its audited financial results for the year ending December 31,
2013.
Highlight
- The Company announced on April 23, 2014 its intentions to
complete a non-brokered private placement of up to CAD $3,000,000
in funds. Concurrent with this news release the Company will be
announcing the successful closing of the first tranche of the
private placement having raised gross proceeds of CAD
$2,636,000.
Revenue (USD)
The total revenue for the year of $958,656 (2012 - $1,637,218)
continued to be driven primarily by the Company's flagship product
GSP RUSHFIT an 8-week home-based DVD workout program starring MMA
World Welterweight Champion Georges St-Pierre. Sales of the
Company's second product TOURAcademy Home Edition comprehensive
8-week golf instruction DVD program completed its first full year
of release.
Expenses (USD)
For the year ending December 31, 2013, operating expenses were
$2,886,659 (2012 - $3,614,497).
Net Loss
Net loss after taxes for the year ended December 31, 2013 was
$1,905,114 (2012 - $1,977,278).
Selected Financial Highlights
Selected Period Information |
|
|
|
Year-ended Dec 31, 2013 (Audited) |
|
|
Year-ended Dec 31, 2012 (Audited) |
|
Gross
Revenue |
$ |
958,656 |
|
$ |
1,637,219 |
|
Net
loss |
$ |
(1,905,114 |
) |
$ |
(1,977,278 |
) |
Currency Translation Adj. |
$ |
81,451 |
|
$ |
(2,171 |
) |
Weighted average number of shares outstanding |
|
18,569,346 |
|
|
12,533,101 |
|
Net
loss per share (1) |
$ |
(0.10 |
) |
$ |
(0.16 |
) |
Total
assets |
$ |
2,658,187 |
|
$ |
2,404,893 |
|
Total
liabilities |
$ |
842,283 |
|
$ |
716,649 |
|
Shareholders' equity |
$ |
1,815,904 |
|
$ |
1,688,244 |
|
(1) Basic and fully diluted net loss |
Option Grants
On April 28, 2013, the Company granted, subject to shareholder's
approval, a total of 2,750,000 of incentive stock options to
directors, officers, management and employees. The stock options
vest immediately, are exercisable to acquire one common share at
CAD $0.12 and can be exercised until April 28, 2018.
About Digital Shelf Space Corp.
Digital Shelf Space is an independent creator, producer and
distributor of home entertainment content targeted at the fitness
and sports instruction market. Digital Shelf Space's overall
content partnership strategy is to align itself with world-class,
global brand partners. For more information please visit
www.digitalshelfspace.com and to view the Company's products please
visit www.gsprushfit.com and www.touracademydvds.com.
ON BEHALF OF THE BOARD
Jeffrey Sharpe, President & CEO
Forward Looking Statements
This news release contains "forward-looking information"
within the meaning of the Canadian securities laws. Forward-looking
information is generally identifiable by use of the words
"believes," "may," "plans," "will," "anticipates," "intends,"
"budgets", "could", "estimates", "expects", "forecasts", "projects"
and similar expressions, and the negative of such expressions.
Forward-looking information in this news release include statements
about the Company's revenue and flagship product GSP RUSHFIT; and
sales of the Company's TOURAcademy® Home Edition.
In connection with the forward-looking information contained
in this news release, the Company has made numerous assumptions,
regarding, among other things, the sufficiency of budgeted
expenditures in carrying out planned activities; and expected
growth of sales. While the Company considers these assumptions to
be reasonable, these assumptions are inherently subject to
significant uncertainties and contingencies.
Additionally, there are known and unknown risk factors which
could cause the Company's actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking information contained herein. Known risk factors
include, among others: anticipated sales and/or volumes of sales
for GSP RUSHFIT and TOURAcademy® Home Edition may not be realized;
the Company may never conclude an additional content production
deal; the Company may never launch a new direct-to-home DVD series
or product line featuring a celebrity, athlete, or global brand;
the Company may not be able to sustain or increase revenues
achieved during the current reporting period; the Company's
products may not achieve the brand recognition and increased
distribution as currently anticipated; the Company may never expand
its distribution channels domestically or internationally; the
Company may not adopt successful advertising strategies or
marketing methods; the substantial investment of capital required
to produce and market video and entertainment productions; the need
to obtain additional financing and uncertainty as to the
availability and terms of future financing; the Company may not
obtain or generate sufficient funds to continue as a going concern;
unpredictability of the commercial success of our programming;
difficulties in integrating technological changes and other trends
affecting the entertainment industry; significant competition in
the global economic market; the possibility the rate of growth of
the market for fitness media will slow; reliance on the health and
marketability of celebrity fitness talent in productions owned by
the Company; the possibility of competition from other ecommerce
and online marketing vendors; the continued strong growth in
adoption of digital media; the possibility of new fitness titles
from traditional large studios that target the male demographic;
large media production companies may move ecommerce operations
in-house rather than outsourcing; reliance on production studios
continuing to outsource ecommerce operations; reliance on a number
of key employees; limited operating history; the possibility of
claims against the intellectual property rights of the Company; the
possibility of infringements upon the intellectual property rights
of the Company; the Company may not have sufficiently budgeted for
expenditures necessary to carry out planned activities; future
operating results are uncertain and likely to fluctuate; the
Company may not have the ability to raise additional financing
required to carry out its business objectives on commercially
acceptable terms, or at all; and volatility of the market price of
the Company's shares.
A more complete discussion of the risks and uncertainties
facing the Company is disclosed in the Company's continuous
disclosure filings with Canadian securities regulatory authorities
at www.sedar.com. All forward-looking information herein is
qualified in its entirety by this cautionary statement, and the
Company disclaims any obligation to revise or update any such
forward-looking information or to publicly announce the result of
any revisions to any of the forward-looking information contained
herein to reflect future results, events or developments, except as
required by law.
Digital Shelf Space Corp.Jeff SharpePresident &
CEO604.736-7977
ext.111604.736-7944jeff@digitalshelfspace.comwww.digitalshelfspace.com
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