|By Marketwired .||
|August 29, 2014 06:07 PM EDT||
VANCOUVER, BC--(Marketwired - August 29, 2014) - Digital Shelf Space Corp. (the "Company" or "DSS") (TSX VENTURE: DSS) (PINKSHEETS: DTSRF) announced today its unaudited financial results for the six month period ended June 30, 2014.
- Non-cash expenses for the period totaled $889,953.
- On August 7, 2014 the filming and production of the new instructional exercise series FLO FIT starring recording artist Tramar Dillard (FLO RIDA) commences.
- FLO Holdings, LLC invests $100,000 USD ($110,000 CAD) into the Company and receives 733,334 common shares at $0.15 CAD.
- On May 9, 2014 the Company closes a $3,000,000 private placement.
- Company hires former GAIAM executive to be President and COO.
- Company appoints former Herbal Magic and Hair Club CEO to board of directors.
- TOURAcademy short-form infomercials are test aired on Golf Channel in July.
- GSP RUSHFIT 30 minute long-form infomercial is test aired in August.
Total revenue for the period was $161,104 (2013 - $600,510).
Operating expenses for the six months ending June 30, 2014 were $1,787,070 (2013 - $1,450,182) however, excluding non-cash expenses reported for this period of $889,953 (2013 - $141,782), the adjusted total operating cash expenses were $897,117 (2013 - $1,308,400). Key non-cash expenses were the cost of the GSP RUSHFIT infomercial of $493,382 (required under IFRS IAS 38 to be fully expensed in the period the Company took possession of completed product) and stock-based compensation of $316,109.
Net loss for the six months ended June 30, 2014 was $1,625,966 (2013 - $849,672). Adjusted loss excluding non-cash expenses for the period was $736,013 (2013 - $707,890), marginally higher than 2013.
Selected Financial Highlights
Selected Period Information --------------------------------------------------------------------------- Six months Six months ended ended June 30, June 30, 2014 2013 ---------------------------------------------- ------------- ------------- Gross Revenue $ 161,104 $ 600,510 Net loss $ (1,625,966) $ (849,672) Currency Translation Adj. $ 367,673 $ (5,922) Weighted average number of shares outstanding 38,590,171 17,944,173 Net loss per share (1) $ (0.033) $ (0.010) Total assets $ 4,016,329 $ 2,616,617 Total liabilities $ 745,485 $ 954,330 Shareholders equity $ 3,270,844 $ 1,662,287 ---------------------------------------------- ------------- -------------
(1) Basic and diluted net loss
On June 5, 2014, the Company granted, subject to shareholder's approval, a total of 50,000 of incentive stock options to a consultant. The stock options will vest immediately and are exercisable to acquire one common share at CAD $0.13 and can be exercised until June 5, 2019.
About FLO RIDA
FLO RIDA is an international hip hop artist and businessman having sold over 80 million records around the world. He owns a music production company under the banner I.M.G. STRONGARM, and has a following around the globe with over 17 million Facebook fans and over 5 million followers on Twitter. He also supports the local community through his Football League (FYFL) and track club (StrongArm Elite Track Club). Information on FLO RIDA can be found at www.officialflo.com.
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
CEO & Director
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 filming and production of a new instructional exercise series starring FLO RIDA; the test airing of TOURAcademy short-form infomercials; shareholder approval of stock options granted; and the test airing of a GSP RUSHFIT long-form infomercial.
In connection with the forward-looking information contained in this news release, the Company has made numerous assumptions. 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 partnership with FLO FIT Holdings, LLC and FLO RIDA may not benefit the Company as currently anticipated, or at all; 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 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; unpredictability of the commercial success of our programming; 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 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
416 238 1414 ext. 233
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