Digital Shelf Space Corp. Announces Release of Audited Financial Statements for the Year-Ended December 31, 2013 and Stock Op...
01 May 2014 - 6:37AM
Marketwired Canada
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
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Year-ended Year-ended
Dec 31, 2013 Dec 31, 2012
(Audited) (Audited)
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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
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(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(R) 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(R) 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Digital Shelf Space Corp.
Jeff Sharpe
President & CEO
604.736-7977 ext.111
604.736-7944 (FAX)
jeff@digitalshelfspace.com
www.digitalshelfspace.com
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