DigitalAMN Provides Insights On Second Quarter Disclosures for 2021 And Operational Updates
NEW YORK, Aug. 25, 2021 (GLOBE NEWSWIRE) -- (“DigitalAMN”, “DAMN”, or the “Company”) (), a Public Accelerator-Incubator (“PAI”), today updates its shareholders on the Company’s recently filed 2nd QT Disclosures.
Management believes that the Disclosures filed for this past quarter, , reflect a continued effort to grow the Company at a steady pace.
- Revenues reported in the 2nd QT 2021 were $145,000. This is a $145,000 increase from the same period of 2020, where the Company reported no revenue. This increase is partly attributed to revenues derived from ‘Service Clients’—such as the bitcoin mining company, .
- Assets increased by 21.13% to $1,983,538 for the second quarter, as compared to $1,637,483, which was reported for the second quarter of 2020. This increase is partly attributed to continued investments into companies/partners such as the , which is a component of the PAI Ecosystem.
- Losses from operations decreased by approximately 72.27% to $213,194, as compared to $768,887 reported for the corresponding quarter last year. This was primarily the result of increased revenue and a significant decrease in professional services costs. It should be noted however, that administrative costs reported in the 2nd QT of 2021 were greater than that in the corresponding period of 2020, and there has recently been new professional engagements which may likely continually increase professional services costs by year-end 2021. These engagements include but are not limited to, the appointment of the PAI Program’s , an investor relations manager and an UX/Instructional Designer that has been commissioned to assist DigitalAMN with building an eLearning solution for the PAI Program.
- Total Current Liabilities were $1,712,060, a decrease of roughly 29.23% from $2,419,349 reported for the second quarter of 2020. This decrease in current liabilities was primarily derived from a decrease in the current notes payable, which reflected a reduction of approximately 55.51%; down from $2,834,882 reported for the second quarter in 2020 to $745,840 in this corresponding quarter of 2021. This is in part due to , as well as repaying debt holders with a combination of cash and/or converting long-term-held debt into common stock of the Company.
- The Company raised a total of $218,500 during the second quarter of 2021 in non-convertible debt—contributing to the Company’s 2021 capital needs of approximately $2,000,000.
The Company intends to continue with a slow and steady pace into 2022, raising capital along the way to meet its needs for the next 18 months. Management intends to leverage the JOBS Act as part of its fund-raising initiative and will continue to focus on non-convertible notes, or any fund-raising methods that adhere to the Company’s floor price.
Management will also pay close attention to the broader development of the PAI Ecosystem—remaining hyper focused on streamlining the onboarding process, building its eLearning solution and proving-out the market-acceleration services model. This will support management’s interest to continue aligning the PAI Ecosystem with other Entrepreneur Support Organizations (ESO’s), along with .
DigitalAMN will continue making incremental investments into those companies supporting the PAI Ecosystem (as well as eliminating laggards), while also looking at expanding the Company’s interest in the equity crowdfunding portal operator space. This, by aligning with other additional equity crowdfunding portals through either investment and/or collaboration. Lastly, during the remainder of 2021, contingent upon our diligence and adequate funding, management seeks to make additional acquisitions of various digital assets to help grow the DAMN portfolio—with several digital assets already targeted.
() uses the Public Accelerator-Incubator (PAI) model with the intention of following the global success of accelerators and incubators around the world, adding niche opportunities to both the microcap and startup communities. As a PAI, Digital Asset Monetary Network will develop and acquire innovations that solve problems through digital platforms and other electronic applications.
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Forward Looking Statements
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. No information in this press release should be construed as any indication whatsoever of our future revenues, stock price, or results of operations.
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