PRESS RELEASES

Toga Limited Reports 2019 and 2020 Unaudited Year End Financial Results

LOS ANGELES, Feb. 05, 2021 (GLOBE NEWSWIRE) — Toga Limited, a Nevada corporation (OTC: TOGL) today announces its unaudited financial results for fiscal years ended July 31, 2020 and 2019.

Year-End 2020 and 2019 Unaudited Financial Highlights

The Company is posting its unaudited financial results as of and for the year-ended July 31, 2020 along with its unaudited, as restated financial results as of and for the year-ended July 31, 2019.

Results of Operations

Fiscal Year Ended July 31, 2020 (Unaudited) Compared to Fiscal Year Ended July 31, 2019 (Unaudited) (As restated)

Year ended
July 31,
2020
(Unaudited)
2019
(Unaudited)
(As
restated)
Change %
Revenue $ 16,488,953 $ 5,888,234 $ 10,600,719 180.0 %
Cost of Goods Sold 10,347,848 1,729,748 8,618,100 498.2 %
Gross Profit (Loss) $ 6,141,105 $ 4,158,486 $ 1,982,619 47.7 %
Gross Margin 37.24 % 70.62 %

Gross Margin by product for the year ended July 31, 2020 (Unaudited)

Product Sales Advertising Royalty
Fee
Yippi TogaGo Total
Revenue $ 7,945,893 $ 801,034 $ 400,000 $ 6,353,451 $ 988,575 $ 16,488,953
Cost of Goods Sold 3,901,950 5,531,377 914,521 10,347,848
Gross Profit (Loss) $ 4,043,943 $ 801,034 $ 400,000 $ 822,074 $ 74,054 $ 6,141,105
Gross Margin 50.89 % 100.00 % 100.00 % 12.94 % 7.49 % 37.24 %

Gross Margin by product for the year ended July 31, 2019 (Unaudited) (as restated)

Software
Maintenance
Product Royalty Management &
Sales Advertising Fee Fee Yippi TogaGo Subscription Total
Revenue $ 4,273,252 $ 190,400 $ 240,000 $ 1,072,630 $ $ $ 111,952 $ 5,888,234
Cost of Goods Sold 379,237 1,337,477 13,034 1,729,748
Gross Profit (Loss) $ 3,894,015 $ 190,400 $ 240,000 $ 1,072,630 $ (1,337,477 ) $ (13,034 ) $ 111,952 $ 4,158,486
Gross Margin 91.13 % 100.00 % 100.00 % 100.00 % 100.00 % 70.62 %

Revenue increased by approximately $10.6 million in the year ended July 31, 2020, compared to the prior year period, driven by a $6.4 million increase in Yippi in-app purchases, a $989,000 increase in TogaGo platform sales, and a $3.7 million increase in direct marketing network revenue.

Gross profit also increased by approximately $2.0 million in the year ended July 31, 2020, compared to the prior year period, due to the new business lines. We invested significantly in staff and infrastructure, which was in the early implementation stage, but management expects reductions in our general and administrative expenses as a percentage of revenue going forward.

Year ended
July 31,
2020
(Unaudited)
2019
(Unaudited)
(As restated)
Change %
Operating expenses:
General and administrative expenses $ 6,748,888 3,183,220 3,565,668 112.0 %
Salaries and wages 6,515,159 13,074,717 (6,559,558 ) (50.2 )%
Professional fees 2,457,035 1,110,236 1,346,799 121.3 %
Depreciation 278,247 93,426 184,821 197.8 %
Total operating expenses 15,999,329 17,461,599 (1,462,270 ) (8.4 )%
Loss from Operations (9,858,224 ) (13,303,113 ) 3,444,889 (25.9 )%
Other Income (Expense) 560,044 3,246,419 (2,686,375 ) (82.7 )%
Net Loss $ (9,868,611 ) (10,212,214 ) 343,603 (3.4 )%

Net loss decreased by approximately $344,000, or 3.4%, in the year ended July 31, 2020, compared to the prior year period, due to an increase in gross profit offset by a decrease in other income of $2.7 million and a decrease in loss from operations primarily attributed to the decreases in salary and wages, including stock-based compensation, offset by an increase in general and administrative expenses of approximately $3.6 million.

Liquidity and Capital Resources

July 31,  July 31,
2020
(Unaudited)
2019
(Unaudited)
(As
restated)
Change %
Cash and cash equivalents $ 9,374,314 $ 14,916,556 $ (5,542,242 ) (37.2 %)
Total Assets $ 18,026,404 $ 23,554,425 $ (5,528,021 ) (23.5 %
Total Liabilities $ 10,269,467 $ 9,049,782 $ 1,219,685 13.5 %
Working Capital $ 3,270,210 $ 10,080,247 $ (6,810,037 ) (67.6 %)

As of July 31, 2020, our total assets were $18.0 million, and our total liabilities were $10.0 million. Liabilities were comprised primarily of current liabilities of $10.3 million, of which included accounts payable and accrued liabilities of $3.5 million and deferred revenue of $6.6 million.

Our stockholders’ equity decreased from $14.7 million as of July 31, 2019 to $7.8 million as of July 31, 2020.

We had $9.4 million in cash as of July 31, 2020, and we had assets to meet ongoing expenses or debts that may accumulate. Accumulated deficit was $34.5 million as of July 31, 2020, compared to accumulated deficit of approximately $24.6 million as of July 31, 2019.

Our working capital decreased by $6.8 million to $3.3 million at July 31, 2020, as compared to $10.1 million at July 31, 2019, due primarily to the decrease in our current assets, consisting of a decrease in cash and cash equivalents of $5.5 million and prepaid expense and other current assets of $2.8 million, and the increase in our current liabilities, consisting of an increase in and deferred revenue of $1.8 million.

Cash Flow

Year ended
July 31, Change
2020
(Unaudited)
2019
(Unaudited)
(As
restated)
Amount %
Cash Flows provided by (used in) operating activities $ (5,345,401 ) $ 2,729,719 $ (8,075,120 ) (295.8 %)
Cash Flows (used in) investing activities (351,600 ) (372,077 ) 20,477 (5.5 %)
Cash Flows provided by (used in) financing activities (36,616 ) 11,371,008 (11,407,624 ) (100.3 %)
Effects on changes in foreign exchange rate 191,375 123,234 68,141 55.3 %
Net change in cash and cash equivalents during period $ (5,542,242 ) $ 1,064,572 $ (6,606,814 ) (620.6 %)

Cash Flow from Operating Activities

As of July 31, 2020, we had not generated positive cash flow from operating activities. For the year ended July 31, 2020, net cash flows used in operating activities was $5.3 million compared to $2.7 provided by operating activities during the year ended July 31, 2019. Cash flows provided by operating activities for the year ended July 31, 2020 was comprised of a net loss of $9.9 million, which was offset by non-cash expenses of $4.2 million, of which $3.5 million for loss on for stock-based compensation, and a net change in working capital of $2.8 million. Cash flows provided by operating activities for the year ended July 31, 2019 was comprised of a net loss of $10.2 million, which was increased by non-cash income of $3.2 million for gain on sale of digital currency, and was offset by non-cash expenses of $93,000 for depreciation, $11.1 million for stock-based compensation, and a net change in working capital of $5.0 million.

Cash Flows from Investing Activities

During the year ended July 31, 2020, we used $351,000 for the purchase of property and equipment. During the year ended July 31, 2019, we used $372,000 in investing activities for the purchase of property and equipment.

Cash Flows from Financing Activities

We have financed our operations primarily from either advances and loans from related and third parties or the issuance of equity instruments. For the year ended July 31, 2020, net cash used in financing activities was $37,000, consisting of proceeds from subscription receivable and proceeds from related parties of $224,000, offset by repayment to related parties of $107,000 and redemption of stock options of $157,000. For the year ended July 31, 2019, net cash provided by financing activities was $11.4 million, consisting of proceeds from the sale of shares of our Common Stock of $2.1 million, and proceeds from sales of digital currency of $9.5 million, offset by repayment to related parties of $185,000.

Contact:

Alexander D. Henderson
TOGA LIMITED, 515 S. Flower Street, 18th Floor, Los Angeles, CA 90071
(949) 333-1603
[email protected]

Latest News

Informa Markets ขับเคลื่อนการฟื้นตัวทางเศรษฐกิจด้วยการกลับมาจัดงานจัดแสดงอย่างปลอดภัยและประสบความสำเร็จ

Informa Markets นำลูกค้ากลับสู่งานกิจกรรมสด ผลักดันการฟื้นตัวทางเศรษฐกิจ การเชื่อมต่อและนวัตกรรมผ่านแนวทางการทำงานร่วมกันและเป็นพื้นฐานเพื่อความปลอดภัย ออร์แลนโด, Fla., March 06, 2021 (GLOBE NEWSWIRE) — ในขณะที่อุตสาหกรรมและเศรษฐกิจทั่วโลกมองหาโอกาสในการฟื้นฟูธุรกิจใหม่หลังจากการระบาดของโควิด-19 Informa Markets ผู้จัดงานระดับโลกที่สร้างแพลตฟอร์มสำหรับอุตสาหกรรมที่หลากหลายเพื่อค้าขาย เชื่อมต่อและเติบโต ได้เปิดตัวงาน MAGIC Pop-Up Orlando ตั้งแต่วันที่ 9-11 กุมภาพันธ์ที่ Orange County Convention Center โดย ‘Pop-Up’ เป็นงานแฟชั่นระดับภูมิภาคที่มีขนาดเล็กกว่างานแฟชั่นที่สำคัญซึ่งโดยปกติจะจัดขึ้นปีละ 2 ครั้งในลาสเวกัส เนวาดา เป็นโอกาสสำหรับ ‘ร้านค้าครบวงจร’ ที่ครอบคลุมภาคส่วนต่างๆ ของอุตสาหกรรมแฟชั่น ซึ่งเป็นหนึ่งในหลายอุตสาหกรรมได้รับผลกระทบอย่างหนักจากผลกระทบทางเศรษฐกิจอันร้ายแรงจากการระบาด เพื่อค้นหาแบรนด์ใหม่ๆ สร้างเครือข่ายอย่างปลอดภัยกับผู้ค้าปลีกที่มีแนวทางเดียวกัน และสร้างรายได้ที่จำเป็นอย่างมาก Informa Markets Fashion ทำหน้าที่เป็นแพลตฟอร์มการจัดหาเสื้อผ้าบุรุษ เสื้อผ้าสตรี รองเท้าและเครื่องแต่งกายตามชื่อของมัน ได้ทำการสำรวจลูกค้าในช่วงปลายปี 2020 เพื่อระบุวิธีที่ดีที่สุดในการตอบสนองความต้องการของชุมชนแฟชั่น ซึ่งความต้องการที่จะกลับมาเพื่อจัดแสดงสินค้าในไตรมาสที่ 1 ปี […]

Amlan International Names Wade Robey as Vice President, Marketing and Product Development

Wade Robey CHICAGO, March 04, 2021 (GLOBE NEWSWIRE) — Amlan International, the animal health business of Oil-Dri Corporation of America and a global leader in mineral-based feed additives that improve the intestinal health and efficiency of poultry and livestock, has named Wade Robey as Vice President, Marketing and Product Development. Wade’s appointment as the global […]

Constellation Brands to Report Full Fiscal Year and Fourth Quarter 2021 Financial Results; Host Conference Call April 8, 2021

VICTOR, N.Y., March 04, 2021 (GLOBE NEWSWIRE) — Constellation Brands, Inc. (NYSE: STZ and STZ.B), a leading beverage alcohol company, announced today it will report financial results for its full fiscal year and fourth quarter ended February 28, 2021, on Thursday, April 8, 2021, before the open of the U.S. markets. A conference call to […]

Informa Markets Drives Economic Recovery with Safe and Successful Return to the Show Floor

Informa Markets makes a customer-driven return to live events, driving economic recovery, connection and innovation through a collaborative and foundational approach to safety ORLANDO, Fla., March 04, 2021 (GLOBE NEWSWIRE) — As industries and economies around the world look for opportunities to rebuild business in the wake of the COVID-19 pandemic, Informa Markets, a global […]