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Starbox Group | 6-K: Report of foreign private issuer (related to financial reporting)

SEC announcement ·  Jun 27 16:34
Summary by Moomoo AI
Starbox Group Holdings Ltd., a Cayman Islands company, has furnished its unaudited financial statements for the six months ended March 31, 2024. The financial statements, along with Management's Discussion and Analysis, have been incorporated into the Company's registration statements. Starbox Group, primarily operating in Malaysia, is building a business ecosystem encompassing cash rebate, advertising, payment solutions, and software licensing targeting small and medium enterprises. The GETBATS platform, central to the cash rebate business, has shown a slight increase in Members and Merchants. The Company has also engaged in several acquisitions and share sale agreements to expand its business offerings, including the acquisition of One Eighty Holdings Ltd. and the establishment of subsidiaries such as Benefit Pointer Limited and Irace Technology...Show More
Starbox Group Holdings Ltd., a Cayman Islands company, has furnished its unaudited financial statements for the six months ended March 31, 2024. The financial statements, along with Management's Discussion and Analysis, have been incorporated into the Company's registration statements. Starbox Group, primarily operating in Malaysia, is building a business ecosystem encompassing cash rebate, advertising, payment solutions, and software licensing targeting small and medium enterprises. The GETBATS platform, central to the cash rebate business, has shown a slight increase in Members and Merchants. The Company has also engaged in several acquisitions and share sale agreements to expand its business offerings, including the acquisition of One Eighty Holdings Ltd. and the establishment of subsidiaries such as Benefit Pointer Limited and Irace Technology Limited. Additionally, Starbox Group has entered into software licensing agreements with various companies and has issued ordinary shares as consideration for these agreements. The Company's total revenue for the six months ended March 31, 2024, was $4,448,521, an increase from the previous year, with software licensing and production services contributing significantly to the revenue. However, the Company also reported a net loss of $13,403,737 due to increased operating costs, particularly in research and development. The shareholders approved the creation of two new classes of ordinary shares at the annual general meeting. The Company's liquidity and capital resources section indicates that current cash and cash flows are expected to meet working capital needs for the next 12 months.

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