Digital Ally, Inc. DGLY announced its operating results Thursday for the third quarter of 2014. Revenue came in at $4.66 million, up from the $4.48 million reported in the year-ago period.
The net loss totaled $6.40 million, up from the $905,835 loss reported in the year-ago period.
The loss per share was $(2.32), up from the loss per share of $(0.42) reported in the year-ago period.
Non-cash charges of $4,904,406 were incurred in the three months ended September 30, 2014 to reflect changes in fair value of the note payable and derivatives associated with the conversion of a $2.0 million senior secured convertible note into common stock of the Company and the exercise of associated warrants, along with fair value of the note payable and derivatives related to the $4.0 million senior secured convertible note that was issued in August 2014. No such derivative charges were incurred in the third quarter of 2013.
"We are pleased to report that our new products, particularly the DVM-800 in-car video system, FirstVU HD body camera, and patented VuLink connectivity device, have continued to gain traction as law enforcement agencies recognize the value of synchronized incident recording from multiple perspectives when analyzing interactions between law enforcement officers and the public," stated Stanton Ross, Chief Executive Officer of Digital Ally, Inc.
Digital Ally traded at $10.60 in the premarket, down 19.8 percent.
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