DSG Global Inc.

What they do

DSG Global designs, manufactures and markets fleet management solutions, principally GPS tracking devices and interfaces for golf vehicles, through its Vantage Tag Systems subsidiary. It also operates an electric vehicle importation and distribution business through Imperium Motor Company and Imperium Motor of Canada, and a golf cart division, AC Golf Carts, Inc., with worldwide rights to Shelby Cobra golf carts. The company reports in three segments: Golf Carts, TAG systems, and Electric Vehicles, with non-segment items reported as Head Office administrative activities.

Revenue drivers

• TAG systems (fleet management) — GPS tracking devices, interfaces and related support services for golf vehicles and commercial, government and military fleet applications; the company's original and longest-running business line.
• Electric Vehicles (Imperium) — Importation, marketing and distribution of low-speed and high-speed electric passenger vehicles for commuter, family, commercial and public use through Imperium USA and Imperium Canada, established in 2020 and 2021.
• Golf Carts — Sale and rental of golf carts, including VANTAGE golf carts and Shelby Cobra golf carts through AC Golf Carts, Inc., formed in 2021 with exclusive worldwide rights to the Shelby Cobra line.

Recent performance

Annual revenue grew from $900,482 in 2020 to $2.1 million in 2021 and $3.8 million in 2022. Net losses were $6.4 million in 2021 and $7.5 million in 2022, and operating cash flow was negative $5.6 million and negative $3.6 million in those years. Quarterly revenue was $1.4 million in the September 2022 quarter, $489,051 in the December 2022 quarter, $299,448 in the March 2023 quarter and $1.0 million in the June 2023 quarter. At June 30, 2023, the company reported total assets of $2.0 million, total liabilities of $11.1 million, shareholder equity of negative $12.3 million and cash of $19,546.

Strategy

Management's stated plan is to import and sell a range of electric vehicles, expand fleet management technology sales and service, and manufacture and sell a new line of VANTAGE golf carts. The company has been establishing a dealership network for its electric vehicles and has sought to assemble VANTAGE golf carts in North America. It reports three segments—Golf Carts, TAG systems and Electric Vehicles—and has said it will need significant additional equity financing to execute these plans. The 10-Q also references a proposed common stock and warrant offering and a concurrent Nasdaq listing, with an intended reverse stock split.

Risks

• Going concern and liquidity — The company reported a comprehensive loss of $7,655,826 for 2022, a working capital deficit of $6,956,175 at December 31, 2022, and cash of $19,546 at June 30, 2023, and states there is substantial doubt about its ability to continue as a going concern.
• Financing needs — Management states it will need significant additional equity financing to fund electric vehicle homologation, dealership network build-out and VANTAGE golf cart manufacturing, with no assurance such capital can be raised on reasonable terms.
• Restatement and reporting reliability — An 8-K filed July 13, 2023 reported that previously issued financials should no longer be relied upon, and an 8-K filed August 28, 2025 disclosed a bankruptcy or receivership event.
• Early-stage electric vehicle execution — The electric vehicle and golf cart lines are new, and management cites risks around homologation, manufacturing partner capacity, shipping availability and cost, dealership network establishment and consumer adoption.

Outlook

Management states that the company will require significant additional equity financing to execute its business plan and to continue as a going concern. It anticipates that gross profit from electric vehicle and golf cart sales will not cover operating expenses until it achieves a high volume of sales. The 10-Q also references a possible common stock and warrant offering, a concurrent Nasdaq listing, and an intended reverse stock split following the offering's effective date.