Digital Brands Group Reports Second Quarter 2024 Financial Results

GlobeNewswire08-20

Austin, TX, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Digital Brands Group, Inc. (“DBG”) (NASDAQ: DBGI), a curated collection of luxury lifestyle, digital-first brands, today reported financial results for ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2460061139?lang=en_US&edition=fundamental","thumbnail":"https://s.yimg.com/uu/api/res/1.2/QjT4m.jJ7URF_lg7rBOj3w--~B/aD0yMDAwO3c9MjAwMDthcHBpZD15dGFjaHlvbg--/https://media.zenfs.com/en/globenewswire.com/9a43933f1ca114af1b889b37f7e73836","is_english":true,"pubTime":"2024-08-20 04:30","share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","id":"2460061139","market":"us","top_or_hot":-1,"title":"Digital Brands Group Reports Second Quarter 2024 Financial Results","media":"GlobeNewswire","content":"<div>\n<p>Austin, TX, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Digital Brands Group, Inc. (“DBG”) (NASDAQ: DBGI), a curated collection of luxury lifestyle, digital-first brands, today reported financial results for ...</p>\n\n<a href=\"https://finance.yahoo.com/news/digital-brands-group-reports-second-203000776.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Digital Brands Group Reports Second Quarter 2024 Financial Results</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDigital Brands Group Reports Second Quarter 2024 Financial Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-08-20 04:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/digital-brands-group-reports-second-203000776.html><strong>GlobeNewswire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Austin, TX, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Digital Brands Group, Inc. (“DBG”) (NASDAQ: DBGI), a curated collection of luxury lifestyle, digital-first brands, today reported financial results for ...</p>\n\n<a href=\"https://finance.yahoo.com/news/digital-brands-group-reports-second-203000776.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"DBGI","symbol_name":"Digital Brands Group, Inc.","start_time":0,"source_url":"https://finance.yahoo.com/news/digital-brands-group-reports-second-203000776.html","article_id":"2460061139","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/QjT4m.jJ7URF_lg7rBOj3w--~B/aD0yMDAwO3c9MjAwMDthcHBpZD15dGFjaHlvbg--/https://media.zenfs.com/en/globenewswire.com/9a43933f1ca114af1b889b37f7e73836"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2460061139","pubTimestamp":1724099400,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Austin, TX, Aug. 19, 2024  -- Digital Brands Group, Inc.  , a curated collection of luxury lifestyle, digital-first brands, today reported financial results for its second quarter ended June 30, 2024.“The company paid off over $5.0 million in debt and other liabilities during the first half of this year. The Company also lowered its G&A expenses by $4.5 million during the same period. Based on conversations with strategic partners, we believe cleaning up the balance sheet creates more interest, especially coupled with significantly lower operating expenses,” said Hil Davis, CEO of Digital Brands Group.Davis continued, “We believe the softer consumer environment will improve. At that time, we believe the Company will be in a much better position to leverage any growth spend, especially given the lower operating expenses and significantly lower interest expense. To that point, we have recently turned back on digital advertising and are experiencing a 2.6x to 2.9x ROAS.”Net revenues were ","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"DBGI":"Digital Brands Group, Inc.","DBGIW":"DIGITAL BRANDS GROUP INC C/WTS CL A 18/05/2026 (TO PUR COM) (P/S)","BK4122":"互联网与直销零售","BK4094":"服装零售","BK4539":"次新股"},"translate_title":"Digital Brands Group报告2024年第二季度财务业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DBGI":1,"DBGIW":0.9},"content_text":"Austin, TX, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Digital Brands Group, Inc. (“DBG”) (NASDAQ: DBGI), a curated collection of luxury lifestyle, digital-first brands, today reported financial results for its second quarter ended June 30, 2024.\n“The company paid off over $5.0 million in debt and other liabilities during the first half of this year. The Company also lowered its G&A expenses by $4.5 million during the same period. Based on conversations with strategic partners, we believe cleaning up the balance sheet creates more interest, especially coupled with significantly lower operating expenses,” said Hil Davis, CEO of Digital Brands Group.\nDavis continued, “We believe the softer consumer environment will improve. At that time, we believe the Company will be in a much better position to leverage any growth spend, especially given the lower operating expenses and significantly lower interest expense. To that point, we have recently turned back on digital advertising and are experiencing a 2.6x to 2.9x ROAS.”\nResults for the First Quarter\n\nNet revenues were $3.4 million compared to $4.5 million a year ago \n  \nNet revenues were negatively impacted by no digital advertising spend, which resulted in limited e-commerce revenue\nThe Company prioritized paying off over $5.0 million in debt and other liabilities during the first half of 2024\n \nGross profit margins were 45.9% compared to 52.0% a year ago \n  \nGross profit margins were negatively impacted by lower digital revenue associated with no digital advertising revenue in the quarter\nGross profit was $1.6 million compared to $2.3 million a year ago\n \nG&A expenses decreased $1.1 million to $2.9 million compared to $4.1 million a year ago \n  \nG&A included $1.8 million in non-cash expenses primarily associated with D&A\n \nSales & Marketing expenses were $615,000 compared to $1.1 million a year ago \n  \nSales and marketing expenses ratio was 18.1% compared to 24.4% a year ago\nAs noted above, the Company dd not spend any capital on digital advertising\n \nNet loss was $3.5 million compared to a net loss of $5.7 million a year ago, which excludes a one-time non-cash benefit of $10.7 million a year ago \n  \nIncluding this benefit, net income was $5.0 million a year ago\n \nNet loss per diluted share was $2.08 per diluted share compared to a net income per diluted share of $0.31 a year ago, which included the $10.7 million benefit a year ago\n\nConference Call and Webcast Details Updated\nManagement will host a conference call on Monday, August 19, 2024 at 5:00 p.m. ET to discuss the results. The live conference call can be accessed by dialing 888-506-0062 from the U.S. or internationally. The conference I.D. code is 393166 or referencing Digital Brands or via the web by using the following link: https://www.webcaster4.com/Webcast/Page/3044/51112\nForward-looking Statements\nCertain statements included in this release are \"forward-looking statements\" within the meaning of the federal securities laws. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting DBG and therefore involve several risks and uncertainties. You can identify these statements by the fact that they use words such as “will,” “anticipate,” “estimate,” “expect,” “should,” and “may” and other words and terms of similar meaning or use of future dates, however, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements regarding DBG’s plans, objectives, projections and expectations relating to DBG’s operations or financial performance, and assumptions related thereto are forward-looking statements. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. DBG undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Potential risks and uncertainties that could cause the actual results of operations or financial condition of DBG to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: risks arising from the widespread outbreak of an illness or any other communicable disease, or any other public health crisis, including the coronavirus (COVID-19) global pandemic; the level of consumer demand for apparel and accessories; disruption to DBGs distribution system; the financial strength of DBG’s customers; fluctuations in the price, availability and quality of raw materials and contracted products; disruption and volatility in the global capital and credit markets; DBG’s response to changing fashion trends, evolving consumer preferences and changing patterns of consumer behavior; intense competition from online retailers; manufacturing and product innovation; increasing pressure on margins; DBG’s ability to implement its business strategy; DBG’s ability to grow its wholesale and direct-to-consumer businesses; retail industry changes and challenges; DBG’s and its vendors’ ability to maintain the strength and security of information technology systems; the risk that DBG’s facilities and systems and those of our third-party service providers may be vulnerable to and unable to anticipate or detect data security breaches and data or financial loss; DBG’s ability to properly collect, use, manage and secure consumer and employee data; stability of DBG’s manufacturing facilities and foreign suppliers; continued use by DBG’s suppliers of ethical business practices; DBG’s ability to accurately forecast demand for products; continuity of members of DBG’s management; DBG’s ability to protect trademarks and other intellectual property rights; possible goodwill and other asset impairment; DBG’s ability to execute and integrate acquisitions; changes in tax laws and liabilities; legal, regulatory, political and economic risks; adverse or unexpected weather conditions; DBG's indebtedness and its ability to obtain financing on favorable terms, if needed, could prevent DBG from fulfilling its financial obligations; and climate change and increased focus on sustainability issues. More information on potential factors that could affect DBG’s financial results is included from time to time in DBG’s public reports filed with the SEC, including DBG’s Annual Report on Form 10-K, and Quarterly Reports on Form 10-Q, and Forms 8-K filed or furnished with the SEC.\nDIGITAL BRANDS GROUP, INCSTATEMENT OF OPERATIONS\n\n\n\n \n \nThree Months Ended\n \n \nSix Month Ended\n \n\n\n \n \nJune, 30\n \n \nJune, 30\n \n\n\n \n \n2024\n \n \n2023\n \n \n2024\n \n \n2023\n \n\n\nNet revenues\n \n$\n3,396,069\n \n \n$\n4,493,424\n \n \n \n6,972,656\n \n \n$\n8,869,803\n \n\n\nCost of net revenues\n \n \n1,837,392\n \n \n \n2,157,349\n \n \n \n3,693,243\n \n \n \n4,540,488\n \n\n\nGross profit\n \n \n1,558,677\n \n \n \n2,336,075\n \n \n \n3,279,413\n \n \n \n4,329,315\n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\nOperating expenses:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\nGeneral and administrative\n \n \n2,946,688\n \n \n \n4,074,051\n \n \n \n3,918,420\n \n \n \n8,380,063\n \n\n\nSales and marketing\n \n \n615,190\n \n \n \n1,097,326\n \n \n \n1,323,340\n \n \n \n2,036,677\n \n\n\nDistribution\n \n \n299,034\n \n \n \n242,214\n \n \n \n564,533\n \n \n \n512,399\n \n\n\nChange in fair value of contingent considerartion\n \n \n-\n \n \n \n(10,698,475\n)\n \n \n-\n \n \n \n(10,698,475\n)\n\n\nTotal operating expenses\n \n \n3,860,912\n \n \n \n(5,284,884\n)\n \n \n5,806,293\n \n \n \n230,664\n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\nIncome (loss) from operations\n \n \n(2,302,235\n)\n \n \n7,620,959\n \n \n \n(2,526,880\n)\n \n \n4,098,651\n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\nOther income (expense):\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\nInterest expense\n \n \n(1,239,624\n)\n \n \n(1,086,888\n)\n \n \n(1,744,615\n)\n \n \n(2,951,487\n)\n\n\nOther non-operating income (expenses)\n \n \n31,379\n \n \n \n2,240\n \n \n \n77,280\n \n \n \n(676,749\n)\n\n\nTotal other income (expense), net\n \n \n(1,208,245\n)\n \n \n(1,084,648\n)\n \n \n(1,667,335\n)\n \n \n(3,628,236\n)\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\nIncome tax benefit (provision)\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n\n\nNet income (loss) from continuing operations\n \n \n(3,510,481\n)\n \n \n6,536,311\n \n \n \n(4,194,216\n)\n \n \n470,415\n \n\n\nIncome from discontinued operations, net of tax\n \n \n-\n \n \n \n(1,492,050\n)\n \n \n-\n \n \n \n(1,562,503\n)\n\n\nNet income (loss)\n \n$\n(3,510,481\n)\n \n$\n5,044,261\n \n \n \n(4,194,216\n)\n \n$\n(1,092,088\n)\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\nWeighted average common shares outstanding -\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\nBasic\n \n \n1,684,801\n \n \n \n6,170,227\n \n \n \n1,703,645\n \n \n \n5,920,596\n \n\n\nDilluted\n \n \n1,684,801\n \n \n \n20,865,111\n \n \n \n1,703,645\n \n \n \n20,615,480\n \n\n\nNet loss per common share - basic\n \n$\n(2.08\n)\n \n$\n1.06\n \n \n$\n(2.46\n)\n \n$\n0.08\n \n\n\nNet loss per common share -dilluted\n \n$\n(2.08\n)\n \n$\n0.31\n \n \n$\n(2.46\n)\n \n$\n0.02\n \n\n\n\nThe accompanying notes are an integral part of these financial statements.\nDIGITAL BRANDS GROUP, INCSTATEMENTS OF CASH FLOW\n\n\n\n \n \nSix Months Ended\n \n\n\n \n \nJune 30,\n \n\n\n \n \n2024\n \n \n2023\n \n\n\nCash flows from operating activities:\n \n \n \n \n \n \n \n \n\n\nNet loss\n \n$\n(4,194,216\n)\n \n$\n(1,092,088\n)\n\n\nAdjustments to reconcile net loss to net cash used in operating activities:\n \n \n \n \n \n \n \n \n\n\nDepreciation and amortization\n \n \n1,439,094\n \n \n \n1,765,619\n \n\n\nAmortization of loan discount and fees\n \n \n1,582,887\n \n \n \n1,611,433\n \n\n\nLoss on extinguishment of debt\n \n \n-\n \n \n \n689,100\n \n\n\nLoss on dsisposition of bussiness\n \n \n-\n \n \n \n1,523,940\n \n\n\nStock-based compensation\n \n \n168,200\n \n \n \n207,094\n \n\n\nShares issued for services\n \n \n224,265\n \n \n \n499,338\n \n\n\nChange in credit reserve\n \n \n(151,611\n)\n \n \n344,140\n \n\n\nChange in fair value of contigent consideration\n \n \n-\n \n \n \n(10,698,475\n)\n\n\nDiscontinued operation\n \n \n-\n \n \n \n7,666\n \n\n\nNon-cash lease expense\n \n \n530,312\n \n \n \n \n \n\n\nChanges in operating assets and liabilities:\n \n \n \n \n \n \n \n \n\n\nAccounts receivable, net\n \n \n(210,819\n)\n \n \n375,685\n \n\n\nDue from factor\n \n \n(253,342\n)\n \n \n(96,955\n)\n\n\nInventory\n \n \n(211,846\n)\n \n \n454,011\n \n\n\nPrepaid expenses and other current assets\n \n \n(101,289\n)\n \n \n(44,213\n)\n\n\nAccounts payable\n \n \n(1,419,297\n)\n \n \n92,494\n \n\n\nAccrued expenses and other liabilities\n \n \n-\n \n \n \n1,346,068\n \n\n\nDeferred revenue\n \n \n-\n \n \n \n(183,782\n)\n\n\nAccrued interest payable\n \n \n196,601\n \n \n \n217,479\n \n\n\nDue to RP\n \n \n26,909\n \n \n \n \n \n\n\nLease liabilities\n \n \n(377,500\n)\n \n \n-\n \n\n\nNet cash used in operating activities\n \n \n(2,751,651\n)\n \n \n(2,981,446\n)\n\n\nCash flows from investing activities:\n \n \n \n \n \n \n \n \n\n\nCash disposed\n \n \n-\n \n \n \n(18,192\n)\n\n\nPurchase of property, equipment and software\n \n \n(23,800\n)\n \n \n(27,855\n)\n\n\nDeposits\n \n \n(77,280\n)\n \n \n87,378\n \n\n\nNet cash provided by (used in) investing activities\n \n \n(101,080\n)\n \n \n41,331\n \n\n\nCash flows from financing activities:\n \n \n \n \n \n \n \n \n\n\nRepayments from related party advances\n \n \n \n \n \n \n(57,427\n)\n\n\nAdvances from factor\n \n \n-\n \n \n \n154,073\n \n\n\nIssuance of loans and note payable\n \n \n490,977\n \n \n \n4,194,799\n \n\n\nRepayments of convertible notes and loan payable\n \n \n(2,179,906\n)\n \n \n(6,604,552\n)\n\n\nInsurance for common stock for cash\n \n \n4,613,681\n \n \n \n \n \n\n\nIssuance of common stock in public offering\n \n \n-\n \n \n \n5,000,003\n \n\n\nOffering costs\n \n \n-\n \n \n \n(686,927\n)\n\n\nNet cash provided by financing activities\n \n \n2,924,752\n \n \n \n1,999,969\n \n\n\nNet change in cash and cash equivalents\n \n \n72,021\n \n \n \n(940,146\n)\n\n\nCash and cash equivalents at beginning of period\n \n \n20,773\n \n \n \n1,275,616\n \n\n\nCash and cash equivalents at end of period\n \n$\n92,794\n \n \n$\n335,470\n \n\n\n\nThe accompanying notes are an integral part of these financial statements.\nDIGITAL BRANDS GROUP, INCSTATEMENT OF BALANCE SHEETS\n\n\n\n \n \nJune 30,\n \n \nDecember 31,\n \n\n\n \n \n2024\n \n \n2023\n \n\n\nASSETS\n \n \n \n \n \n \n \n \n\n\nCurrent assets:\n \n \n \n \n \n \n \n \n\n\nCash and cash equivalents\n \n$\n92,794\n \n \n$\n20,773\n \n\n\nAccounts receivable, net\n \n \n285,652\n \n \n \n74,833\n \n\n\nDue from factor, net\n \n \n742,764\n \n \n \n337,811\n \n\n\nInventory\n \n \n5,061,446\n \n \n \n4,849,600\n \n\n\nPrepaid expenses and other current assets\n \n \n377,959\n \n \n \n276,670\n \n\n\nTotal current assets\n \n \n6,560,615\n \n \n \n5,559,687\n \n\n\nProperty, equipment and software, net\n \n \n79,309\n \n \n \n55,509\n \n\n\nGoodwill\n \n \n8,973,501\n \n \n \n8,973,501\n \n\n\nIntangible assets, net\n \n \n8,543,123\n \n \n \n9,982,217\n \n\n\nDeposits\n \n \n152,711\n \n \n \n75,431\n \n\n\nRight of use asset\n \n \n633,755\n \n \n \n689,688\n \n\n\nTotal assets\n \n$\n24,943,014\n \n \n$\n25,336,033\n \n\n\n \n \n \n \n \n \n \n \n \n\n\nLIABILITIES AND STOCKHOLDERS' EQUITY\n \n \n \n \n \n \n \n \n\n\nCurrent liabilities:\n \n \n \n \n \n \n \n \n\n\nAccounts payable\n \n$\n6,119,604\n \n \n$\n7,538,902\n \n\n\nAccrued expenses and other liabilities\n \n \n4,957,132\n \n \n \n4,758,492\n \n\n\nDue to related parties\n \n \n426,921\n \n \n \n400,012\n \n\n\nConvertible note payable, net\n \n \n100,000\n \n \n \n100,000\n \n\n\nAccrued interest payable\n \n \n1,944,362\n \n \n \n1,996,753\n \n\n\nLoan payable, current\n \n \n2,110,188\n \n \n \n2,325,842\n \n\n\nPromissory note payable, net\n \n \n4,730,740\n \n \n \n4,884,592\n \n\n\nRight of use liability, current portion\n \n \n1,031,261\n \n \n \n1,210,814\n \n\n\nTotal current liabilities\n \n \n21,420,208\n \n \n \n23,215,407\n \n\n\nLoan payable\n \n \n150,000\n \n \n \n150,000\n \n\n\nRight of use liability, non current portion\n \n \n276,432\n \n \n \n-\n \n\n\nDeferred tax liability\n \n \n368,034\n \n \n \n368,034\n \n\n\nTotal liabilities\n \n \n22,214,674\n \n \n \n23,733,441\n \n\n\n \n \n \n \n \n \n \n \n \n\n\nCommitments and contingencies\n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n\n\nStockholders' equity:\n \n \n \n \n \n \n \n \n\n\nUndesignated preferred stock, $0.0001 par, 10,000,000 shares authorized, 0 shares issued and outstanding as of both June 30, 2024 and December 31, 2023\n \n \n \n \n \n \n-\n \n\n\nSeries A convertible preferred stock, $0.0001 par, 6,300 shares designated, 6,300 shares issued and outstanding as of both June 30, 2024 and December 31, 2023\n \n \n1\n \n \n \n1\n \n\n\nSeries C convertible preferred stock, $0.0001 par, 1,744 and 4,786 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively\n \n \n1\n \n \n \n1\n \n\n\nCommon stock, $0.0001 par, 1,000,000,000 shares authorized, 2,282,332 and 1,114,359 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively\n \n \n226\n \n \n \n110\n \n\n\nAdditional paid-in capital\n \n \n120,916,777\n \n \n \n115,596,929\n \n\n\nAccumulated deficit\n \n \n(118,188,665\n)\n \n \n(113,994,449\n)\n\n\nTotal stockholders' equity\n \n \n2,728,340\n \n \n \n1,602,592\n \n\n\nTotal liabilities and stockholders' equity\n \n$\n24,943,014\n \n \n$\n25,336,033\n \n\n\n\nThe accompanying notes are an integral part of these financial statements.\nAbout Digital Brands Group\nWe offer a wide variety of apparel through numerous brands on a both direct-to-consumer and wholesale basis. We have created a business model derived from our founding as a digitally native-first vertical brand. We focus on owning the customer's \"closet share\" by leveraging their data and purchase history to create personalized targeted content and looks for that specific customer cohort.\nDigital Brands Group, Inc. Company ContactHil Davis, CEOEmail: invest@digitalbrandsgroup.coPhone: (800) 593-1047\nSOURCE Digital Brands Group, Inc.\nRelated Linkshttps://www.digitalbrandsgroup.cohttps://ir.digitalbrandsgroup.co","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.4","shortVersion":"4.29.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2460061139"}