SAN DIEGO, October 14, 2021--(BUSINESS WIRE)--Dalrada Corporation (OTCQB: DFCO, "Dalrada") has reported financial results for the fiscal year 2021. Dalrada’s subsidiaries – Dalrada Precision, Dalrada Health, and Dalrada Technology – provide high-value, innovative, alternative solutions to institutions, businesses, and consumers worldwide. In fiscal year 2021, Dalrada reported revenues of $3,406,684 representing a 189% increase, compared to $1,178,154 in 2020 the year prior.
Brian Bonar, Chairman and CEO of Dalrada, states, "This is an indication of each business unit’s potential as we continue to execute and expand our business plans."
Dalrada is achieving the objectives set for each business segment, as its subsidiaries continue to provide value with timely product & service launches in health & wellness, information technology, industrial engineering & clean energy markets. The increase in 2021 performance at Dalrada resulted from the growth of all its subsidiaries. Highlights include:
DALRADA TECHNOLOGY - During fiscal 2021, as businesses continue to seek digital transformation of operations, Prakat Solutions, Inc ("Prakat") expanded its staff, industry alliances and procured three significant client engagements. Also, in support of digital accessibility and ADA compliance, Prakat sponsored and hosted Global Accessibility Awareness Day (GAAD) for the seventh consecutive year.
DALRADA HEALTH - Dalrada Health significantly expanded its capabilities in fiscal 2021 with the acquisition of IHG (International Health Group), Pacific Stem Cells, and with the launch of Empower Genomics. In addition, Dalrada’s GlanHealth™ non-toxic sanitizing solutions launched a white label program for its consumer products. During fiscal 2021, Dalrada Health completed patient studies for its CerVIA™ visual inspection with acetic acid (VIA) kits.
Dalrada Health’s Chief Medical Officer, Dr. Payal Keswarpu, presented Dalrada’s cerVIA™ clinical study results at the 17th World Congress for Cervical Pathology and Colposcopy.
DALRADA PRECISION - Dalrada Precision’s Likido® increased revenues during fiscal 2021, as it was primarily an R&D entity during fiscal 2020. During the year 2021, Likido® completed the development and testing of its flagship product LikidoONE and the LikidoCRYO. The Company is preparing for customer site installations and a ramp-up of manufacturing. Also, Dalrada Precision’s Ignite Industrial Technologies launched its Ignite and Extreme line of eco-friendly cleaning degreaser products for industrial and commercial applications along with a white labeling program.
Operating expenses for the year ended June 30, 2021, was $9,504,869 compared to operating expenses of $3,241,335 during the year ended June 30, 2020, an increase of $6,263,534. The increase in operating expenses was due to an increase in the operating activity as most of fiscal 2020 was spent on the continuing development of the Company's proposed business operations. The increase was also partially attributable to non-cash stock compensation, the continued development and commercialization of the Likido operation, and development of new business units.
Dalrada expanded operations throughout fiscal 2021. During the years ended June 30, 2021, and 2020, Dalrada recognized $670,272 and $768,361 in operating expenses, respectively, of penalties and interest within interest expense on the consolidated statements of operations. For years ended June 30, 2021, and 2020, the Company recognized $9,504,041 and $1,229,199, respectively, within "Gain on expiration of accrued payroll taxes" as a result of quarterly tax liabilities that expired during the fiscal years. Dalrada’s net income for the year ended June 30, 2021, was $1,221 compared to a net loss of $2,477,557 during the year ended June 30, 2020.
DALRADA BOARD OF DIRECTORS - Dalrada’s impressive Board of Directors continues to assemble world leaders with extensive backgrounds in science, healthcare, engineering, technology, sustainability, and clean energy. This group of proven industry leaders is collectively responsible for creating and implementing breakthrough health and wellness modalities, sustainable environmental initiatives, and significant business advances worldwide. Their collective guidance accelerates the speed of implementation of Dalrada’s mission to provide affordable alternative solutions to global problems.
Dalrada’s Board of Directors is now composed of:
Brian Bonar, Dalrada Founder & CEO – Technology & Engineering
Jose Arrieta – Technology & Automation
Dr. David Bacon - Science, Health, Research & Technology
Tom Giles – Technology & Clean Energy
Pauline Gourdie – Supply Chain & Recruitment
Harvey Herskowitz – Healthcare & Technology
Brian Kendrick – Aviation & Acquisitions
The Hon. Bijan R. Kian - Global Trade & International Security
Kyle McCollum – Domestic & International Finance
Fawad Nisar – Operations, Science & Engineering
Fletcher Robbe – Legal & Finance
Anthony Zolezzi – Sustainability & Technology
Dalrada continuously builds on its core practices of engineering, life sciences, and technology while operating under the tenet of bringing innovative products and services to a complex new world. As consumers, businesses, and governments look for some type of normalcy, Dalrada’s subsidiaries are responding with alternative solutions that are affordable, available, accessible, and impactful.
Bonar concludes, "Amid unprecedented business conditions, Dalrada finished its most successful year. The Company appreciates the ongoing support from Dalrada’s shareholders, investors, clients, industry alliances, and operations teams. Dalrada is continually innovating timely, affordable alternative solutions that benefit current and future generations and looks forward to sharing new industry advances soon."
For more information on Dalrada and its subsidiaries, visit www.dalrada.com.
About Dalrada (DFCO)
With perseverance, valor, dedication, and vision, Dalrada Corporation is dedicated to tackling worldwide challenges of today and tomorrow.
Dalrada is a global company that operates under the tenet of creating impactful innovations that matter for the world. The Company works continually to produce disruptive solutions that bridge the gap of accessibility and accelerate positive change for current and future generations.
Established in 1982, the Company has since grown its footprint to include the business divisions: Dalrada Health, Dalrada Precision, and Dalrada Technologies. Each of Dalrada’s subsidiaries actively produces affordable and accessible world-class solutions to global problems. For more information, please visit www.dalrada.com
Statements in this press release that are not historical facts, the statements are forward-looking, including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones, marketing arrangements and plans, and shipments to and regulatory approvals in international markets. Such statements reflect management's current views, are based on certain assumptions, and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors and will be dependent upon a variety of factors including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the U.S. Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211014006008/en/