Mon, Jul 15, 8:32 PM (54 days ago)
Digital Brand Media & Marketing Group, Inc. (DBMM) reported a challenging quarter ending May 31, 2024, with notable declines in key financial metrics. Revenue dropped by 57% year-over-year to $42,335, and the company posted a net loss of $116,070 for the quarter. Gross profit turned negative, recording a loss of $30,131. Operating expenses decreased slightly by 4% to $102,360, but interest expenses surged by 131% to $158,283 due to increased debt considerations. The company’s working capital deficiency widened to $7.2 million, and cash reserves dwindled to $23,585. Financing activities provided $427,921, mainly through loans. DBMM continues to face uncertainties, including economic conditions and client budget constraints, but anticipates recovery as market conditions stabilize. Future growth strategies include expanding the U.S. footprint and leveraging B2B digital marketing opportunities.