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Global Diversified Marketing Group Inc. (GDMK) announced plans to up-list its stock to NASDAQ by forming an Independent Board of Directors. This initiative is a crucial step towards meeting NASDAQ's listing requirements. The new board includes experienced professionals such as James Donegan, Michael Cascione, Sr., Sandi Williams, and David Natan, who bring extensive backgrounds in sales, marketing, and finance. CEO Paul Adler expressed confidence that this move will enhance the company's profile and attract more institutional investors, aligning with the ongoing success in its snack food business.
Global Diversified Marketing Group Inc (OTC: GDMK) reported a 26.1% increase in revenue for the fiscal year ending December 31, 2020, totaling $1,660,726, up from $1,317,092 in 2019. Gross profit margin improved to 39.8% compared to 28.2% in the previous year. The reported net loss included a one-time, non-cash charge of $26,020,400 for stock-based compensation. Excluding this, the company achieved an adjusted net profit of $33,868, an improvement from a loss of ($150,984) in 2019. The company also secured new distribution and launched a new product line.