Grom Social Enterprises Inc (OQ:GROM)
Business Focus: Social Media & Networking
| Sector: Technology | Industry: Internet Services |
| See Regulatory Filings on SEC | |
| Company Contact | |
| Address: | 2060 NW Boca Raton Blvd Ste 6 BOCA RATON FL 33431-7414 |
| Tel: | N/A |
| Website: | https://gromsocial.com/investors/index.php |
| IR: | See website |
| Key People | ||
| Darren M. Marks Chairman of the Board, President, Chief Executive Officer | Jason Williams Chief Financial Officer, Treasurer, Secretary | |
| Business Overview |
| Grom Social Enterprises, Inc. is a media, technology, and entertainment company. The Company focuses on delivering content to children under the age of 13 years in a safe, secure platform that can be monitored by parents or guardians. The Company conducts its business through subsidiaries, including Grom Social, Inc. (GSOC), TD Holdings Limited (TDH), Grom Educational Services, Inc. (GEDU), Grom Nutritional Services, Inc. (GNUT) and Curiosity Ink Media, LLC (CIM). GSOC operates its social media network designed for children under the age of 13 years. TDH operates through two subsidiaries: Top Draw Animation Hong Kong Limited and Top Draw Animation, Inc., which are engaged in the production of animated films and television series. GEDU operates its Web filtering services provided to schools and government agencies. CIM is a kids and family original content and media company that focuses on building and managing entertainment brands and franchises. |
| Financial Overview |
| For the fiscal year ended 31 December 2023, Grom Social Enterprises Inc revenues decreased 26% to $4M. Net loss applicable to common stockholders decreased 22% to $13.3M. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Lower net loss reflects Impairment of goodwill decrease of 57% to $4.9M (expense), Interest Exp-Net of Capitalized Interest decrease of 83% to $555K (expense). |
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