STBX StarBox Group Holdings Ltd

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of February 2024

 

Commission File Number: 001-41480

 

Starbox Group Holdings Ltd.

 

VO2-03-07, Velocity Office 2, Lingkaran SV, Sunway Velocity, 55100

Kuala Lumpur, Malaysia

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

Form 20-F ☒ Form 40-F ☐

 

 

 

EXHIBIT INDEX

 

Number		Description of Exhibit
99.1		Press Release – Starbox Group Holdings Ltd. Announces Financial Results for Fiscal Year 2023

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

	Starbox Group Holdings Ltd.
Date: February 8, 2024	By:	/s/ Lee Choon Wooi
	Name:	Lee Choon Wooi
	Title:	Chief Executive Officer

 

 

 

 

 

 

Exhibit 99.1

 

Starbox Group Holdings Ltd. Announces Financial Results for Fiscal Year 2023

 

Kuala Lumpur, Malaysia, February 8, 2024 /PRNewswire/ — Starbox Group Holdings Ltd. (Nasdaq: STBX) (“Starbox” or the “Company”), a service provider of cash rebates, advertising, and payment solutions, has unveiled its financial results for the fiscal year ended September 30, 2023.

 

Mr. Lee Choon Wooi, Chief Executive Officer and Chairman of the Board of Directors at Starbox, remarked, “As we reflect on fiscal year 2023, it becomes apparent that Starbox Group has solidified its position as a key player in advertising, cash rebates, and payment solutions, and become a technology solutions provider in Southeast Asia. I am pleased to announce a remarkable 63.2% increase in our total revenue, reaching $11.7 million from $7.2 million in fiscal year 2022. This growth underscores our innovative strategies and diversified approach, particularly evident in technology-driven operations and our recent acquisitions, which have expanded our business. Despite challenges in digital advertising, our strategic acquisitions have significantly bolstered our competitiveness and market presence, contributing an additional $2.2 million in revenue from advertising design and consultation services. The consistent expansion of our member and merchant bases on the GETBATS platform reflects the progress in performance and market coverage. Looking forward, our focus remains on enhancing our comprehensive technology services and solutions and platform capabilities to deliver enduring value to our clients and shareholders.”

 

Fiscal Year 2023 Financial Highlights

 

●

Total revenue was $11.7 million in fiscal year 2023, an increase of 63.2% from $7.2 million in fiscal year 2022.

 

●

Income from operations was $4.6 million in fiscal year 2023, compared to $5.0 million in fiscal year 2022.

 

●

Net income was $2.1 million in fiscal year 2023 compared to $3.6 million in fiscal year 2022.

 

Fiscal Year 2023 Operational Highlights

 

●

Number of advertisers was 31 as of September 30, 2023, compared to 63 as of September 30, 2022.

 

●

Number of members on the GETBATS website and mobile app was 2,523,802 as of September 30, 2023, compared to 2,513,658 as of September 30, 2022.

 

●

Number of merchants on the GETBATS website and mobile app was 841 as of September 30, 2023, compared to 820 as of September 30, 2022.

 

●

Number of transactions facilitated through GETBATS website and mobile app was 264,600 as of September 30, 2023, compared to 338,940 as of September 30, 2022.

 

●

Completed the acquisition of 51% equity interests in One Eighty Holdings Ltd on June 26, 2023.

 

 

About Starbox Group Holdings Ltd.

 

Headquartered in Malaysia, Starbox Group Holdings Ltd. is a technology-driven, rapidly growing company with innovation as its focus. Starbox is aiming to be a comprehensive technology solutions provider within Southeast Asia and also engages in building a cash rebate, advertising, and payment solution business ecosystem targeting micro, small, and medium enterprises that lack the bandwidth to develop an in-house data management system for effective marketing. The Company connects retail merchants with retail shoppers to facilitate transactions through cash rebates offered by retail merchants on its GETBATS website and mobile app. The Company provides digital advertising services to advertisers through its SEEBATS website and mobile app, GETBATS website and mobile app and social media. The Company also provides payment solution services to merchants. For more information, please visit the Company’s website: https://ir.starboxholdings.com.

 

Forward-Looking Statements

 

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “assesses,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the U.S. Securities and Exchange Commission ..

 

For more information, please contact:

 

Starbox Group Holdings Ltd.

Investor Relations Department

Email: ir@starboxholdings.com

 

Ascent Investors Relations LLC

 

Tina Xiao

Phone: +1 646-932-7242

Email: investors@ascent-ir.com

 

 

STARBOX GROUP HOLDINGS LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

		As of September 30, 2023				As of September 30, 2022
ASSETS
CURRENT ASSETS
Cash and equivalents		$	2,524,957			$	17,778,895
Accounts receivable, net			9,405,155				2,032,717
Prepaid expenses and other current assets			16,067,467				4,269,611
Short-term deposits			125,298				-
Due from related parties			112,281				1,473
Total current assets			28,235,158				24,082,696
NON-CURRENT ASSETS
Property and equipment, net			2,523,181				13,380
Intangible assets, net			39,666,050				903,768
Right-of-use assets, net			144,901				42,574
Long-term deposits			213,047				-
Goodwill			82,244,248				-
Total non-current assets			124,791,427				959,722
TOTAL ASSETS		$	153,026,585			$	25,042,418
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable		$	1,088,982			$	-
Taxes payable			339,350				1,404,128
Deferred revenue			393,615				-
Accrued liabilities and other current liabilities			1,271,087				541,050
Operating lease liabilities, current			47,537				15,833
Due to related parties			246,836				7,361
Total current liabilities			3,387,407				1,968,372
NON-CURRENT LIABILITIES
Deferred tax liabilities, net			6,412,919				-
Operating lease liabilities, non-current			97,364				26,741
Loans payable			2,070,563				-
Total non-current liabilities			8,580,846				26,741
TOTAL LIABILITIES			11,968,253				1,995,113
COMMITMENT AND CONTINGENCY
SHAREHOLDERS’ EQUITY
Preferred shares, par value $0.001125, 5,000,000 shares authorized, no shares issued and outstanding			-				-
Ordinary shares, par value $0.001125, 883,000,000 shares authorized, 71,885,000 shares and 45,375,000 shares issued and outstanding as of September 30, 2023 and 2022, respectively			80,871				51,047
Additional paid in capital			81,902,805				18,918,303
Accumulated other comprehensive loss			(1,061,958	)			(607,052	)
Retained earnings			8,872,207				4,685,007
Total shareholders’ equity attributable to the Company			89,793,925				23,047,305
Noncontrolling interest			51,264,407				-
TOTAL EQUITY			141,058,332				23,047,305
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	153,026,585			$	25,042,418

 

 

STARBOX GROUP HOLDINGS LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSHIVE INCOME

 

		FISCAL YEARS ENDED SEPTEMBER 30,
		2023				2022				2021
Operating revenue
Advertising services			5,307,280				7,174,050				3,158,520
Cash rebate and payment solution services and media booking			84,592				20,137				7,708
Software licensing			5,715,333				-				-
Production income			362,040				-				-
Marketing and promotional campaign service			271,607				-				-
Total operating revenue			11,740,852				7,194,187				3,166,228
Cost of revenue			834,614				6,383				19,874
Gross profit			10,906,238				7,187,804				3,146,354
Operating expenses
Selling expenses			376,899				97,939				120,515
General and administrative expenses			5,931,350				2,139,428				885,950
Total operating expenses			6,308,249				2,237,367				1,006,465
Income from operations			4,597,989				4,950,437				2,139,889
Other income, net
Interest income, net			750				-				-
Other income (expenses), net			(4,924	)			59,377				166
Total other income (expenses), net			(4,174	)			59,377				166
Income before income tax			4,593,815				5,009,814				2,140,055
Income tax expense			2,134,082				1,407,449				692,405
Income before noncontrolling interest			2,459,733				3,602,365				1,447,650
Less: Income attributable to noncontrolling interest			311,497				-				-
Net income attributable to the Company		$	2,148,236			$	3,602,365			$	1,447,650
Other Comprehensive income
Foreign currency translation loss attributable to the Company			(223,726	)			(585,619	)			(19,063	)
Foreign currency translation loss attributable to noncontrolling interest			(21,790	)			-				-
Comprehensive income attributable to the Company		$	1,924,510			$	3,016,746			$	1,428,587
Comprehensive income attributable to noncontrolling interest		$	289,707			$	-			$	-
Net income per share - basic and diluted		$	0.04			$	0.09			$	0.04
Weighted average number of ordinary shares outstanding - basic and diluted		$	56,469,014			$	40,544,863			$	40,000,000

 

 

STARBOX GROUP HOLDINGS LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

		FISCAL YEARS ENDED SEPTEMBER 30,
		2023				2022				2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$	2,459,733			$	3,602,365			$	1,447,650
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization			1,840,302				161,267				2,568
Amortization of right-of-use assets			41,090				56,690				7,274
Changes in deferred tax			857,381				-				-
Changes in operating assets / liabilities:
Accounts receivable			(5,124,396	)			(864,099	)			(1,100,053	)
Prepaid expenses and other current assets			(11,265,056	)			(4,754,970	)			(39,190	)
Deferred revenue			(217,533	)			(778,701	)			688,979
Taxes payable			(545,753	)			661,359				870,528
Operating lease liabilities			(41,090	)			(56,690	)			(7,274	)
Accrued expenses and other current liabilities			467,154				740,415				13,413
Net cash (used in) provided by operating activities			(11,528,168	)			(1,232,364	)			1,883,895
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash acquired from acquisition of subsidiaries			932,893				-				-
Purchase of fixed assets			(14,864	)			(6,669	)			(5,203	)
Purchase of intangible assets			(17,679,247	)			(1,129,260	)			-
Cash advances to a related party			-				-				(387,945	)
Collection of cash advances from a related party			-				-				387,945
Net cash used in investing activities			(16,761,218	)			(1,135,929	)			(5,203	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Capital contribution by shareholders			-				-				200,000
Proceeds from equity financing			11,766,810				18,769,326				-
Repayment of loans			(32,331	)			-				-
Borrowing from (repayment to) related parties			328,546				(729,521	)			(125,875	)
Net cash provided by financing activities			12,063,025				18,039,805				74,125
EFFECT OF EXCHANGE RATE CHANGES ON CASH			972,423				(187,894	)			(28,792	)
NET INCREASE (DECREASE) IN CASH & EQUIVALENTS			(15,253,938	)			15,483,618				1,924,025
CASH & EQUIVALENTS, BEGINNING OF FISCAL YEAR			17,778,895				2,295,277				371,252
CASH & EQUIVALENTS, END OF FISCAL YEAR			2,524,957				17,778,895				2,295,277
Supplemental Cash Flow Data:
Income tax paid		$	2,382,705			$	934,910			$	15,747
Interest paid		$	26,454			$	-			$	-
Supplemental disclosure of non-cash investing and financing activities
Right-of-use assets obtained in exchange for operating lease liabilities		$	167,667			$	52,934			$	317,170
Shares issued for acquisition of One Eighty Ltd		$	53,055,300			$	-			$	-
Goodwill acquired in business acquisition		$	82,244,248			$	-			$	-
Identifiable intangible assets acquired in business acquisition		$	23,500,000			$	-			$	-
Net assets acquired in business acquisition		$	21,785,752			$	-			$	-

 

 

 

 

 

 

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