Digital Brands Group Inc

NASDAQ:DBGIUnited States

Apr 15, 2024

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• Digital Brands Group Reports Fourth Quarter and Fiscal Year 2023 Financial Results, from 4:15PM ET on Monday Apr 15, 2024 by PR Newswire

  4:15PM ET on Monday Apr 15, 2024 by PR Newswire
  Companies Mentioned: DBGI

  Net income loss was only $0.6 million in the fourth quarter, excluding non-cash expenses

  Digital Brands Group, Inc. ("DBG") (NASDAQ: DBGI),a curated collection of luxury lifestyle, digital-first brands, today reported financial results for its fourth quarter and fiscal year ended December 31, 2023.

• Digital Brands Group Reports Fourth Quarter and Fiscal Year 2023 Financial Results, from 4:15PM ET on Monday Apr 15, 2024 by Dow Jones

  4:15PM ET on Monday Apr 15, 2024 by Dow Jones
  Companies Mentioned: DBGI
  Inventory 4,849,600 5,122,564 Prepaid expenses and other current assets 276,670 766,901 Assets per discontinued operations, current - 241,544 ------------------ Total current assets 5,559,687 8,829,393 Property, equipment and software, net 55,509 104,512 Goodwill 8,973,501 8,973,501 Intangible assets, net 9,982,217 12,906,238 Deposits 75,431 193,926 Right of use asset 689,688 102,349 Assets per discontinued operations - 2,628,136 Total assets $ 25,336,033 $ 33,738,055 ==================== ================== LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable $ 7,538,902 $ 8,016,173 Accrued expenses and other liabilities 4,758,492 3,936,920 Due to related parties 400,012 555,217 Contingent consideration liability - 12,098,475 Convertible note payable, net 100,000 2,721,800 Accrued interest payable 1,996,753 1,561,795 Loan payable, current 2,325,842 1,829,629 Promissory note payable, net 4,884,592 9,000,000 Right of use liability, current portion 1,210,814 102,349 Liabilities per discontinued operations, current - 1,071,433 Total current liabilities 23,215,407 40,893,791 Loan payable 150,000 150,000 Deferred tax liability 368,034 - Liabilities per discontinued operations - 147,438 Total liabilities 23,733,441 41,191,229 -------------------- ------------------ Commitments and contingencies Stockholders' equity (deficit): Undesignated preferred stock, $0.0001 par, 10,000,000 shares authorized, 0 shares issued and outstanding as of both December 31, 2023 and 2022 - - Series A convertible preferred stock, $0.0001 par, 6,300 shares designated, 6,300 shares issued and outstanding as of both December 31, 2023 and 2022, respectively 1 1 Series C convertible preferred stock, $0.0001 par, 4,786 and 0 shares outstanding as of December 31, 2023 and 2022, respectively 1 - Common stock, $0.0001 par, 1,000,000,000 shares authorized, 1,114,359 and 178,758 shares issued and outstanding as of December 31, 2023 and 2022, respectively 110 18 Additional paid-in capital 115,596,930 96,294,123 Accumulated deficit (113,994,449) (103,747,316) -------------------- ------------------ Total stockholders' equity (deficit) 1,602,592 (7,453,174) Total liabilities and stockholders' equity (deficit) $ 25,336,033 $ 33,738,055 ==================== ================== The accompanying notes are an integral part of these financial statements.
  

• Press Release: Digital Brands Group Reports Fourth Quarter and Fiscal Year 2023 Financial Results, from 4:15PM ET on Monday Apr 15, 2024 by Dow Jones

  4:15PM ET on Monday Apr 15, 2024 by Dow Jones
  Companies Mentioned: DBGI