BUSINESS: Dalrada Corporation Reports An 189% Increase In Revenues And A Net Operating Profit In The Audited Fiscal 2021 Financials

dWeb.News Article from Daniel Webster dWeb.News

dWeb.News Article from Daniel Webster dWeb.News

by Daniel Webster, dWeb.News Publisher

SAN DIEGO–(BUSINESS WIRE)–Dalrada Corporation (OTCQB: DFCO, “Dalrada”) has reported financial results for the fiscal year 2021. Dalrada Precision, Dalrada Health and Dalrada Technology are subsidiaries of Dalrada. They provide innovative and high-value solutions for businesses and consumers around the world. 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 has achieved the business segments’ objectives. Its subsidiaries are delivering value through timely product and service launches in healthcare, industrial engineering, and 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. Prakat hosted the 7th consecutive Global Accessibility Awareness Day (GAAD) to support digital accessibility and ADA compliance.

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. Dalrada’s GlanHealth ™, a non-toxic sanitizing solution, launched a white label program to promote its consumer products. During fiscal 2021, Dalrada Health completed patient studies for its CerVIA(tm) visual inspection with acetic acid (VIA) kits.

Dalrada Health’s Chief Medical Officer, Dr. Payal Keswarpu, presented Dalrada’s cerVIA(tm) clinical study results at the 17th World Congress for Cervical Pathology and Colposcopy.

DALRADA PRECISION – Dalrada Precision’s Likido(r) increased revenues during fiscal 2021, as it was primarily an R&D entity during fiscal 2020. During the year 2021, Likido(r) completed the development and testing of its flagship product LikidoONE and the LikidoCRYO. The Company is currently preparing for customer installations and ramp-up manufacturing. Dalrada Precision’s Ignite Industrial Technologies introduced its Ignite line of eco-friendly cleaning products for commercial and industrial applications.

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. Non-cash stock payments, continued development and commercialization for the Likido operation and the development of new business units were partly responsible for the increase in operating expenses.

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 continues to attract world-class leaders from science, engineering, technology and sustainability. These industry experts are responsible for creating and implementing innovative health and wellness modalities and sustainable environmental initiatives. They also have significant business advancements worldwide. The collective leadership of these industry leaders accelerates Dalrada’s ability to implement its mission to offer affordable alternatives 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. Dalrada’s subsidiaries offer alternative solutions that are cost-effective, accessible, impactful, and affordable to consumers, businesses, as well as governments.

Bonar concluded, “Dalrada had its most successful year in unprecedented business conditions. Dalrada appreciates the continued support of its shareholders, investors and clients. 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, a global company, is committed to creating innovative solutions that make a difference for all people. The Company is committed to creating disruptive solutions that improve accessibility and promote positive change for 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 subsidiary of Dalrada actively provides world-class solutions for global problems at a cost-effective and accessible price. For more information, please visit www.dalrada.com

Disclaimer

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. These statements are based upon certain assumptions and reflect management’s current views. They also involve risks and uncertainties. Due to many important factors, actual results, events or performance could differ materially to the forward-looking statements. These factors include, but are not limited to, whether we can obtain additional financing to allow us to continue current and future operations. We also need to consider whether there will be continued demand for our products in domestic and foreign markets. These forward-looking statements are not subject to revision. They may be updated to reflect changes in circumstances or events that occur after the date. 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.

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