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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
| ☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended September 30, 2023
or
| ☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from ________ to ________
Commission
File No. 001-39274
GAN
Limited
(Exact
name of registrant as specified in its charter)
| Bermuda |
|
Not
Applicable |
(State
or other jurisdiction
of
incorporation or organization) |
|
(I.R.S.
Employer
Identification
No.) |
| 400
Spectrum Center Drive, Suite 1900, Irvine, California |
|
92618 |
| (Address
of principal executive offices) |
|
(Zip
Code) |
(833)
565-0550
(Registrant’s
telephone number, including area code)
Not
applicable
(Former
name, former address and former fiscal year, if changed since last report)
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
| Ordinary
shares, par value $0.01 |
|
GAN |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large
accelerated filer |
☐ |
|
Accelerated
filer |
☒ |
| Non-accelerated
filer |
☐ |
|
Smaller
reporting company |
☒ |
| |
|
|
Emerging
growth company |
☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
☒
At
November 6, 2023, there were 44,714,448 ordinary shares outstanding.
GAN
LIMITED
FORM
10-Q
INDEX
PART
I. FINANCIAL INFORMATION
Item
1. Financial Statements
GAN
LIMITED
CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in
thousands, except share and per share amounts)
| | |
September 30, | | |
December 31, | |
| | |
2023 | | |
2022 | |
| ASSETS | |
| | | |
| | |
| Current assets | |
| | | |
| | |
| Cash | |
$ | 39,212 | | |
$ | 45,920 | |
| Accounts receivable, net of allowance for doubtful accounts of $146 and $250 at September 30, 2023 and December 31, 2022, respectively | |
| 9,168 | | |
| 13,808 | |
| Prepaid expenses | |
| 3,302 | | |
| 4,861 | |
| Other current assets | |
| 4,086 | | |
| 3,041 | |
| Total current assets | |
| 55,768 | | |
| 67,630 | |
| | |
| | | |
| | |
| Capitalized software development costs, net | |
| 7,972 | | |
| 6,749 | |
| Intangible assets, net | |
| 15,293 | | |
| 24,955 | |
| Operating lease right-of-use assets | |
| 4,438 | | |
| 234 | |
| Other assets | |
| 5,189 | | |
| 3,512 | |
| Total assets | |
$ | 88,660 | | |
$ | 103,080 | |
| | |
| | | |
| | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
| Current liabilities | |
| | | |
| | |
| Accounts payable | |
$ | 5,449 | | |
$ | 6,437 | |
| Accrued compensation and benefits | |
| 9,570 | | |
| 8,750 | |
| Accrued content license fees | |
| 1,577 | | |
| 2,214 | |
| Liabilities to users | |
| 9,467 | | |
| 10,683 | |
| Current operating lease liabilities | |
| 751 | | |
| 195 | |
| Other current liabilities | |
| 5,659 | | |
| 4,253 | |
| Total current liabilities | |
| 32,473 | | |
| 32,532 | |
| | |
| | | |
| | |
| Deferred income taxes | |
| 4,073 | | |
| 4,218 | |
| Long-term debt | |
| 41,056 | | |
| 28,157 | |
| Content licensing liabilities | |
| 2,800 | | |
| 15,280 | |
| Non-current operating lease liabilities | |
| 3,730 | | |
| — | |
| Other liabilities | |
| 2,508 | | |
| 2,125 | |
| Total liabilities | |
| 86,640 | | |
| 82,312 | |
| Commitments and contingencies (Note 16) | |
| - | | |
| - | |
| Shareholders’ equity | |
| | | |
| | |
| Ordinary shares, $0.01 par value, 100,000,000 shares authorized, 44,698,931 and 42,894,211 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively | |
| 447 | | |
| 429 | |
| Additional paid-in capital | |
| 335,321 | | |
| 328,998 | |
| Accumulated deficit | |
| (299,929 | ) | |
| (274,861 | ) |
| Accumulated other comprehensive loss | |
| (33,819 | ) | |
| (33,798 | ) |
| Total shareholders’ equity | |
| 2,020 | | |
| 20,768 | |
| Total liabilities and shareholders’ equity | |
$ | 88,660 | | |
$ | 103,080 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
GAN
LIMITED
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in
thousands, except share and per share amounts)
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
| | |
| | |
| | |
| |
| Revenue | |
$ | 29,817 | | |
$ | 32,120 | | |
$ | 98,704 | | |
$ | 104,581 | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating costs and expenses | |
| | | |
| | | |
| | | |
| | |
| Cost of revenue (1) | |
| 9,242 | | |
| 9,435 | | |
| 28,888 | | |
| 31,598 | |
| Sales and marketing | |
| 7,196 | | |
| 6,781 | | |
| 21,704 | | |
| 20,292 | |
| Product and technology | |
| 9,150 | | |
| 7,571 | | |
| 29,966 | | |
| 24,928 | |
| General and administrative (1) | |
| 7,060 | | |
| 7,588 | | |
| 27,095 | | |
| 27,307 | |
| Impairment | |
| — | | |
| — | | |
| — | | |
| 28,861 | |
| Restructuring | |
| — | | |
| — | | |
| — | | |
| 1,771 | |
| Depreciation and amortization | |
| 4,339 | | |
| 5,893 | | |
| 12,783 | | |
| 16,862 | |
| Total operating costs and expenses | |
| 36,987 | | |
| 37,268 | | |
| 120,436 | | |
| 151,619 | |
| Operating loss | |
| (7,170 | ) | |
| (5,148 | ) | |
| (21,732 | ) | |
| (47,038 | ) |
| Interest expense | |
| 1,264 | | |
| 1,450 | | |
| 3,885 | | |
| 2,521 | |
| Other income, net | |
| — | | |
| (13 | ) | |
| (934 | ) | |
| (283 | ) |
| Income tax (benefit) expense | |
| (274 | ) | |
| 356 | | |
| 385 | | |
| 513 | |
| Net loss | |
$ | (8,160 | ) | |
$ | (6,941 | ) | |
$ | (25,068 | ) | |
$ | (49,789 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Loss per share, basic and diluted | |
$ | (0.18 | ) | |
$ | (0.16 | ) | |
$ | (0.57 | ) | |
$ | (1.18 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Weighted average ordinary shares outstanding, basic and diluted | |
| 44,699,951 | | |
| 42,237,226 | | |
| 43,949,594 | | |
| 42,263,462 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
GAN
LIMITED
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)
(in
thousands)
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
| | |
| | |
| | |
| |
| Net loss | |
$ | (8,160 | ) | |
$ | (6,941 | ) | |
$ | (25,068 | ) | |
$ | (49,789 | ) |
| Other comprehensive loss, net of tax | |
| | | |
| | | |
| | | |
| | |
| Foreign currency translation adjustments | |
| (1,142 | ) | |
| (12,201 | ) | |
| (21 | ) | |
| (28,661 | ) |
| Comprehensive loss | |
$ | (9,302 | ) | |
$ | (19,142 | ) | |
$ | (25,089 | ) | |
$ | (78,450 | ) |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
GAN
LIMITED
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
(in
thousands, except share amounts)
| | |
| | |
| | |
| | |
| | |
| | |
Accumulated | | |
| |
| | |
| | |
| | |
Additional | | |
| | |
| | |
Other | | |
Total | |
| | |
Ordinary Shares | | |
Paid-in | | |
Treasury | | |
Accumulated | | |
Comprehensive | | |
Shareholders’ | |
| | |
Shares | | |
Amount | | |
Capital | | |
Shares | | |
Deficit | | |
Loss | | |
Equity | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Balance at January 1, 2023 | |
| 42,894,211 | | |
$ | 429 | | |
$ | 328,998 | | |
$ | — | | |
$ | (274,861 | ) | |
$ | (33,798 | ) | |
$ | 20,768 | |
| Net income | |
| — | | |
| — | | |
| — | | |
| — | | |
| 1,501 | | |
| — | | |
| 1,501 | |
| Foreign currency translation adjustments | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 966 | | |
| 966 | |
| Share-based compensation | |
| — | | |
| — | | |
| 1,382 | | |
| — | | |
| — | | |
| — | | |
| 1,382 | |
| Restricted share activity | |
| 377,944 | | |
| 4 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 4 | |
| Repurchase of restricted shares to pay tax liability (Note 7) | |
| (49,157 | ) | |
| (1 | ) | |
| (78 | ) | |
| — | | |
| — | | |
| — | | |
| (79 | ) |
| Issuance of ordinary shares upon ESPP purchases | |
| 57,960 | | |
| 1 | | |
| 64 | | |
| — | | |
| — | | |
| — | | |
| 65 | |
| Balance at March 31, 2023 | |
| 43,280,958 | | |
$ | 433 | | |
$ | 330,366 | | |
$ | — | | |
$ | (273,360 | ) | |
$ | (32,832 | ) | |
$ | 24,607 | |
| Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| (18,409 | ) | |
| — | | |
| (18,409 | ) |
| Foreign currency translation adjustments | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 155 | | |
| 155 | |
| Share-based compensation | |
| — | | |
| — | | |
| 1,621 | | |
| — | | |
| — | | |
| — | | |
| 1,621 | |
| Restricted share activity | |
| 148,080 | | |
| 1 | | |
| 1 | | |
| — | | |
| — | | |
| — | | |
| 2 | |
| Repurchase of restricted shares to pay tax liability (Note 7) | |
| (952 | ) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
| Issuance of ordinary shares upon exercise of stock options | |
| 5,129 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
| Issuance of ordinary shares in connection with Content Provider Agreement | |
| 1,250,000 | | |
| 13 | | |
| 1,950 | | |
| — | | |
| — | | |
| — | | |
| 1,963 | |
| Balance at June 30, 2023 | |
| 44,683,215 | | |
| 447 | | |
| 333,938 | | |
| — | | |
| (291,769 | ) | |
| (32,677 | ) | |
$ | 9,939 | |
| Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| (8,160 | ) | |
| — | | |
| (8,160 | ) |
| Foreign currency translation adjustments | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (1,142 | ) | |
| (1,142 | ) |
| Share-based compensation | |
| — | | |
| — | | |
| 1,386 | | |
| — | | |
| — | | |
| — | | |
| 1,386 | |
| Restricted share activity | |
| 17,839 | | |
| — | | |
| (3 | ) | |
| — | | |
| — | | |
| — | | |
| (3 | ) |
| Repurchase of restricted shares to pay tax liability (Note 7) | |
| (2,123 | ) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
| Balance at September 30, 2023 | |
$ | 44,698,931 | | |
$ | 447 | | |
$ | 335,321 | | |
$ | — | | |
$ | (299,929 | ) | |
$ | (33,819 | ) | |
$ | 2,020 | |
| | |
| | |
| | |
| | |
| | |
| | |
Accumulated | | |
| |
| | |
| | |
| | |
Additional | | |
| | |
| | |
Other | | |
Total | |
| | |
Ordinary Shares | | |
Paid-in | | |
Treasury | | |
Accumulated | | |
Comprehensive | | |
Shareholders’ | |
| | |
Shares | | |
Amount | | |
Capital | | |
Shares | | |
Deficit | | |
Loss | | |
Equity | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Balance at January 1, 2022 | |
| 42,250,743 | | |
$ | 422 | | |
$ | 319,551 | | |
$ | — | | |
$ | (76,360 | ) | |
$ | (19,576 | ) | |
$ | 224,037 | |
| Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| (4,499 | ) | |
| — | | |
| (4,499 | ) |
| Foreign currency translation adjustments | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (4,264 | ) | |
| (4,264 | ) |
| Share-based compensation | |
| — | | |
| — | | |
| 1,316 | | |
| — | | |
| — | | |
| — | | |
| 1,316 | |
| Accrued liability settled through issuance of shares | |
| — | | |
| — | | |
| 444 | | |
| — | | |
| — | | |
| — | | |
| 444 | |
| Restricted share activity | |
| 2,365 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
| Balance at March 31, 2022 | |
| 42,253,108 | | |
$ | 422 | | |
$ | 321,311 | | |
$ | — | | |
$ | (80,859 | ) | |
$ | (23,840 | ) | |
$ | 217,034 | |
| Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| (38,349 | ) | |
| — | | |
| (38,349 | ) |
| Foreign currency translation adjustments | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (12,196 | ) | |
| (12,196 | ) |
| Share-based compensation | |
| — | | |
| — | | |
| 2,659 | | |
| — | | |
| — | | |
| — | | |
| 2,659 | |
| Accrued liability settled through issuance of shares | |
| — | | |
| — | | |
| 469 | | |
| — | | |
| — | | |
| — | | |
| 469 | |
| Repurchase of ordinary shares | |
| (303,113 | ) | |
| — | | |
| — | | |
| (1,006 | ) | |
| — | | |
| — | | |
| (1,006 | ) |
| Ordinary share retirement | |
| — | | |
| (3 | ) | |
| — | | |
| 1,006 | | |
| (1,003 | ) | |
| — | | |
| — | |
| Issuance of ordinary shares upon exercise of share options | |
| 125,416 | | |
| 1 | | |
| 394 | | |
| — | | |
| — | | |
| — | | |
| 395 | |
| Balance at June 30, 2022 | |
| 42,075,411 | | |
$ | 420 | | |
$ | 324,833 | | |
$ | — | | |
$ | (120,211 | ) | |
$ | (36,036 | ) | |
$ | 169,006 | |
| Balance | |
| 42,075,411 | | |
$ | 420 | | |
$ | 324,833 | | |
$ | — | | |
$ | (120,211 | ) | |
$ | (36,036 | ) | |
$ | 169,006 | |
| Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| (6,941 | ) | |
| — | | |
| (6,941 | ) |
| Net income (loss) | |
| — | | |
| — | | |
| — | | |
| — | | |
| (6,941 | ) | |
| — | | |
| (6,941 | ) |
| Foreign currency translation adjustments | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (12,201 | ) | |
| (12,201 | ) |
| Share-based compensation | |
| — | | |
| — | | |
| 2,140 | | |
| — | | |
| — | | |
| — | | |
| 2,140 | |
| Restricted share activity | |
| 159,859 | | |
| 2 | | |
| (137 | ) | |
| — | | |
| — | | |
| — | | |
| (135 | ) |
| Issuance of ordinary shares upon exercise of share options | |
| 250,000 | | |
| 2 | | |
| 323 | | |
| — | | |
| — | | |
| — | | |
| 325 | |
| Issuance of ordinary shares upon ESPP purchases | |
| 74,707 | | |
| 1 | | |
| 168 | | |
| — | | |
| — | | |
| — | | |
| 169 | |
| Balance at September 30, 2022 | |
| 42,559,977 | | |
$ | 425 | | |
$ | 327,327 | | |
$ | — | | |
$ | (127,152 | ) | |
$ | (48,237 | ) | |
$ | 152,363 | |
| Balance | |
| 42,559,977 | | |
$ | 425 | | |
$ | 327,327 | | |
$ | — | | |
$ | (127,152 | ) | |
$ | (48,237 | ) | |
$ | 152,363 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
GAN
LIMITED
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in
thousands)
| | |
2023 | | |
2022 | |
| | |
Nine Months Ended | |
| | |
September 30, | |
| | |
2023 | | |
2022 | |
| Cash Flows From Operating Activities | |
| | | |
| | |
| Net loss | |
$ | (25,068 | ) | |
$ | (49,789 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
| Amortization of software and intangible assets | |
| 11,594 | | |
| 15,837 | |
| Depreciation on property and equipment and finance lease right-of-use assets | |
| 1,188 | | |
| 1,025 | |
| Non-cash interest and amortization of debt discount and debt issuance costs | |
| 2,845 | | |
| 280 | |
| Share-based compensation expense | |
| 4,699 | | |
| 5,671 | |
| Gain on extinguishment of content liability | |
| (9,717 | ) | |
| — | |
| Loss on extinguishment of debt | |
| 8,784 | | |
| — | |
| Impairment of goodwill | |
| — | | |
| 28,861 | |
| Deferred income tax | |
| (117 | ) | |
| 541 | |
| Change in fair value of synthetic equity | |
| (288 | ) | |
| — | |
| Other | |
| (102 | ) | |
| (22 | ) |
| Changes in operating assets and liabilities, net of acquisition: | |
| | | |
| | |
| Accounts receivable | |
| 4,791 | | |
| (5,189 | ) |
| Prepaid expenses | |
| 1,560 | | |
| (1,226 | ) |
| Other current assets | |
| (1,053 | ) | |
| (265 | ) |
| Other assets | |
| (4,452 | ) | |
| 2,552 | |
| Accounts payable | |
| (996 | ) | |
| 1,730 | |
| Accrued compensation and benefits | |
| 859 | | |
| (4,174 | ) |
| Accrued content license fees | |
| (645 | ) | |
| (1,689 | ) |
| Liabilities to users | |
| (1,158 | ) | |
| 1,296 | |
| Other current liabilities | |
| 2,043 | | |
| (387 | ) |
| Other liabilities | |
| 1,593 | | |
| 1,389 | |
| Net cash used in operating activities | |
| (3,640 | ) | |
| (3,559 | ) |
| | |
| | | |
| | |
| Cash Flows From Investing Activities | |
| | | |
| | |
| Expenditures for capitalized software development costs | |
| (2,753 | ) | |
| (9,242 | ) |
| Payments for content licensing arrangements | |
| — | | |
| (5,500 | ) |
| Purchases of gaming licenses | |
| (412 | ) | |
| (1,115 | ) |
| Purchases of property and equipment | |
| (1,607 | ) | |
| (1,657 | ) |
| Net cash used in investing activities | |
| (4,772 | ) | |
| (17,514 | ) |
| | |
| | | |
| | |
| Cash Flows From Financing Activities | |
| | | |
| | |
| Proceeds from issuance of long-term debt | |
| — | | |
| 30,000 | |
| Proceeds from exercise of share options | |
| — | | |
| 720 | |
| Proceeds from issuance of ordinary shares under ESPP | |
| 66 | | |
| 169 | |
| Repurchase of restricted shares to pay tax liability | |
| (409 | ) | |
| — | |
| Repurchase of ordinary shares | |
| — | | |
| (1,006 | ) |
| Proceeds from issuance of long-term debt | |
| 4,733 | | |
| — | |
| Payment of debt issuance costs | |
| (3,137 | ) | |
| (2,425 | ) |
| Net cash provided by financing activities | |
| 1,253 | | |
| 27,458 | |
| | |
| | | |
| | |
| Effect of foreign exchange rates on cash | |
| 451 | | |
| (4,074 | ) |
| | |
| | | |
| | |
| Net (decrease) increase in cash | |
| (6,708 | ) | |
| 2,311 | |
| Cash, beginning of period | |
| 45,920 | | |
| 39,477 | |
| Cash, end of period | |
$ | 39,212 | | |
$ | 41,788 | |
| | |
| | | |
| | |
| Supplemental Cash Flow Information | |
| | | |
| | |
| Cash paid for: | |
| | | |
| | |
| Interest | |
$ | 1,068 | | |
$ | — | |
| Income taxes | |
| 184 | | |
| 690 | |
| Intangible assets acquired in business acquisition included in current and long-term liabilities | |
| — | | |
| 26,244 | |
| Right-of-use asset obtained in exchange for new operating lease liability | |
| 4,471 | | |
| — | |
| Contract asset and contingent liability related to synthetic equity | |
| 1,143 | | |
| — | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
NOTE
1 — NATURE OF OPERATIONS
GAN
Limited (the “Parent,” and with its subsidiaries, collectively the “Company”) is an exempted company limited
by shares, incorporated and registered in Bermuda.
The
Company is a business-to-business (“B2B”) supplier of a proprietary gaming system, GameSTACK™ (“GameSTACK”),
which is used predominately by the U.S. land-based casino industry. For its B2B customers, GameSTACK is a turnkey technology solution
for regulated real money internet gambling (“real money iGaming” or “RMiG”), online sports gaming, and virtual
simulated gaming (“SIM”). In addition, the Company’s B2B segment offers GAN Sports, an in-house online and retail sports
betting technology platform, through internet connected self-service kiosks deployed at casino properties and mobile solutions. The Company
is also a business-to-consumer (“B2C”) developer and operator of an online sports betting and casino platform under its “Coolbet”
brand, providing international users with access through www.coolbet.com to its sportsbook, casino games and poker products. The Company
operates its B2C segment in markets across Northern Europe, Latin America, and Canada.
NOTE
2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation and Principles of Consolidation
The
condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United
States of America (“U.S. GAAP”) and include the results of the Parent and its wholly-owned subsidiaries. All intercompany
accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements have been
prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, in the opinion of management,
of a normal recurring nature that are necessary for a fair presentation of the financial position, results of operations and cash flows
for the periods presented. The financial data and other financial information disclosed in these notes to the condensed consolidated
financial statements related to these periods are also unaudited. The results of operations for the three and nine months ended September
30, 2023 are not necessarily indicative of the results that may be expected for the year ended December 31, 2023 or for any future annual
or interim period. The condensed consolidated balance sheet as of December 31, 2022 included herein was derived from the audited consolidated
financial statements as of that date. The accompanying unaudited condensed consolidated financial statements and notes thereto should
be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report
on Form 10-K for the year ended December 31, 2022.
During
the second quarter of 2023, the Company completed a reorganization which resulted in the Company reclassifying its operating expenses
between the sales and marketing, product and technology and general and administrative.
The
following table provides the impact of operating expense reclassification for the three months ended September 30, 2022.
SCHEDULE OF IMPACT OF OPERATING EXPENSE RECLASSIFICATION
| | |
As previously | | |
Impact of operating expense | | |
As currently | |
| | |
Three Months Ended September 30, 2022 | |
| | |
As previously | | |
Impact of operating expense | | |
As currently | |
| | |
reported | | |
reclassification | | |
reported | |
| Operating expenses | |
| | | |
| | | |
| | |
| Sales and marketing | |
$ | 6,757 | | |
$ | 24 | | |
$ | 6,781 | |
| Product and technology | |
| 4,998 | | |
| 2,573 | | |
| 7,571 | |
| General and administrative (1) | |
| 10,185 | | |
| (2,597 | ) | |
| 7,588 | |
| Total operating expenses | |
$ | 21,940 | | |
$ | — | | |
$ | 21,940 | |
The
following table provides the impact of the reclassification of operating expenses for the nine months ended September 30, 2022.
| | |
As previously | | |
Impact of operating
expense | | |
As currently | |
| | |
Nine Months Ended September 30, 2022 | |
| | |
As previously | | |
Impact of operating
expense | | |
As currently | |
| | |
reported | | |
reclassification | | |
reported | |
| Operating expenses | |
| | | |
| | | |
| | |
| Sales and marketing | |
$ | 20,122 | | |
$ | 170 | | |
$ | 20,292 | |
| Product and technology | |
| 19,140 | | |
| 5,788 | | |
| 24,928 | |
| General and administrative (1) | |
| 33,265 | | |
| (5,958 | ) | |
| 27,307 | |
| Total operating expenses | |
$ | 72,527 | | |
$ | — | | |
$ | 72,527 | |
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
Liquidity
The
accompanying condensed consolidated financial statements have been prepared on a going concern basis. As of September 30, 2023, the Company
had an accumulated deficit of $299.9 million, with cash of $39.2 million and liabilities to users of $9.5 million. The Company has historically
operated with net losses and has not generated positive cash flows. Additionally, the Company’s current financial condition, liquidity
resources, and planned near-term cash flows from operations are sensitive to changes in macro-economic conditions and the substantial
variability inherent in the Company’s wager-based revenues streams. These factors indicate uncertainty related to the ability of
the Company to meet its current obligations as they come due.
In
the fourth quarter of 2022, the Company initiated plans to address its liquidity needs and improve its operations and cash position primarily
by (i) reducing and deferring personnel and operational costs for non-strategic initiatives, (ii) amending the Credit Facility to reduce
cash interest obligations and amend financial covenants, (iii) identifying sources of additional capital, (iv) continuing investment
in the growth areas of the Company’s consolidated operations, (v) continuing cost saving initiatives first implemented during the
year ended December 31, 2022, and (vi) initiating a strategic review process to assess a range of strategic alternatives.
On
April 13, 2023, a subsidiary of the Company executed agreements to amend its existing credit facility to waive all events of default,
amend certain financial covenants, assign the rights to the credit facility from its existing lender to a third party, and increase the
principal balance from $30.0 million to $42.0 million with accrued paid in-kind (“PIK”) interest of 8.0% per year (together,
forming the “Amended Credit Facility”). The Amended Credit Facility became effective upon cash settlement of payments completed
on April 14, 2023 and represented a cure of any events of default under the Credit Facility and thereby prevented any amounts from becoming
due and payable under the Credit Facility’s subjective acceleration clause. The Amended Credit Facility contains a financial covenant,
among other covenants, requiring minimum liquidity of $10.0 million. Refer to Note 6 – Debt for further detail. Management believes
the executed Amended Credit Facility and intent and ability to complete the remaining cost mitigation plans alleviate uncertainty regarding
the Company’s ability to meet its current obligations as they come due.
To
the extent that the Company’s current resources, including its ability to generate operating cash flows, are insufficient to satisfy
its cash requirements, the Company may seek additional equity or debt financing. The Company’s ability to do so depends on prevailing
economic conditions and other factors, many of which are beyond management’s control. The Company does not currently have any such
credit facilities or similar debt arrangements in place, outside of the Amended Credit Facility as described above, and cannot provide
any assurance as to the availability or terms of any future financing that it may require to support its operations. If the needed financing
is not available, or if the terms of financing are less desirable than expected, the Company may be forced to decrease its level of investment
in new products and technologies, discontinue further expansion of the business, scale back its existing operations, or divest of assets,
any of which could have an adverse impact on the Company and its financial prospects.
Use
of Estimates
The
preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date
of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Due
to the inherent uncertainties involved in making estimates, actual results could differ from the original estimates, and may require
significant adjustments to these reported balances in future periods.
Foreign
Currency Translation and Transactions
The
Company’s reporting currency is the U.S. Dollar while the Company’s foreign subsidiaries use their local currencies as their
functional currencies. The assets and liabilities of foreign subsidiaries are translated to U.S. Dollars based on the current exchange
rate prevailing at each reporting period. Revenue and expenses are translated into U.S. Dollars using the average exchange rates prevailing
for each period presented. Translation adjustments that arise from translating a foreign subsidiary’s financial statements from
their functional currency to U.S. Dollars are reported as a separate component of accumulated other comprehensive loss in shareholders’
equity.
Gains
and losses arising from transactions denominated in a currency other than the functional currency are included in general and
administrative expense in the condensed consolidated statements of operations as incurred. Foreign currency transaction and
remeasurement gains and losses were a net gain (loss) of $(155)
and $684
for the three months ended September 30, 2023 and 2022, respectively, and $(1,169)
and $(494)
for the nine months ended September 30, 2023 and 2022, respectively.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist primarily of its cash and trade receivables.
The Company holds cash deposits in foreign countries, primarily in Northern Europe and Latin America, of approximately $32.2 million,
which are subject to local banking laws and may bear higher or lower risk than cash deposited in the United States. Cash held in the
United States is maintained in a major financial institution in excess of federally insured limits. As part of our cash management processes,
the Company performs periodic evaluations of the credit standing of the financial institutions and we have not sustained any credit losses
from instruments held at these financial institutions. Additionally, the Company maintains an allowance for potential credit losses,
but historically has not experienced any significant losses related to individual customers or groups of customers in any particular
geographic area.
Risks
and Uncertainties
Macroeconomic
conditions can materially adversely affect the Company’s business, results of operations and financial condition. Recent adverse
macroeconomic conditions, including inflation, higher interest rates, slower growth or recession, the strengthening of the U.S. dollar,
and corresponding currency fluctuations can have an adverse material impact on the Company’s future results of operations, cash
flows, and financial condition, particularly with respect to foreign currency adjustments relating to our international operations. Such
conditions may also affect consumers’ willingness to make discretionary purchases, and therefore the Company, along with its casino
operator customers, may experience a decline in wagering. A downturn in the economic environment can also lead to increased credit and
collectibility risk on the Company’s trade receivables, limitations on the Company’s ability to issue new debt, and reduced
liquidity.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
Revenue
Recognition
Revenue
from B2B Operations
The
Company’s revenue from its B2B operations are primarily from its internet gaming Software-as-a-Service platform (“SaaS”),
GameSTACK, that its customers use to provide RMiG, online sports gaming and SIM services to its end users. The Company enters into contracts
with its customers that generally range from three to five years and include renewal provisions. These contracts generally include provision
of the internet gaming platform, content consisting of proprietary and third-party games, development services and support and marketing
services. In certain cases, the contract may include computer hardware to be procured on behalf of the customer. The customers cannot
take possession of the hosted GameSTACK software and the Company does not sell or license the GameSTACK software.
The
Company charges fees as consideration for use of its internet gaming system, game content, support and marketing services based on a
fixed percentage of the casino operator’s net gaming revenue or net sportsbook win, at the time of settlement of an event for RMiG
contracts, considered usage-based fees, or at the time of purchase for in-game virtual credit for SIM contracts. The determination of
the fee charged to its customers is negotiated and varies significantly. Certain of these RMiG contracts provide the Company with a minimum
monthly revenue guarantee in relation to the Company’s share of the casino operator’s net gaming revenue or net sportsbook
win. At September 30, 2023 the remaining unsatisfied performance obligations related to fixed minimum guaranteed revenue totaled $8.9
million.
The
Company’s promise to provide the RMiG SaaS platform and content licensing services on the hosted software is a single performance
obligation. This performance obligation is recognized over time, as the Company provides services to its customers in its delivery of
services to the player end user. The Company’s customers simultaneously receive and consume the benefits provided by the Company
as it delivers services to its customers. Usage based fees are considered variable consideration as the service is to provide unlimited
continuous access to its hosted application and usage of the hosted system is primarily controlled by the player end user. The transaction
price includes fixed and variable consideration and is billed monthly with the amount due generally thirty days from the date of the
invoice. Variable consideration is allocated entirely to the period in which consideration is earned as the variable amounts relate specifically
to the customer’s usage of the platform that day and allocating the usage-based fees to each day is consistent with the allocation
objective, primarily that the change in amounts reflect the changing value to the customer. The Company’s internet gaming system,
game content, support and marketing services are provided equally throughout the term of the contract. These services are made up of
a daily requirement to provide access and use of the internet gaming system and optional support and marketing services to the customer
over the same period of time, and not a specified amount of services. The series of distinct services represents a single performance
obligation that is satisfied over time.
Purchases
of virtual credits within a transaction period on the SIM platform, generally a monthly convention, are earned over time, and are typically
billed monthly upon the close of the respective period as the credit has no monetary value, cannot be redeemed, exchanged, transferred
or withdrawn, represents solely a device for tracking game play during the month, does not obligate the Company to provide future services
and the arrangements with the customer and player end user have no substantive termination penalty. In certain service agreements with
its SIM customers, the fees collected by the Company from third-party payment processors for the purchases of in-game virtual credits
made by end-users include the SIM customer’s portion. The Company records the SIM customer’s portion as a liability as cash
is collected and remits payment to the SIM customer for their share of the SIM revenues monthly. At September 30, 2023 and December 31,
2022, the Company has recorded a liability due to its customers for their share of the fees of $1,427 and $1,628, respectively, within
other current liabilities in the condensed consolidated balance sheets.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
The
Company uses third-party content providers in its performance of providing game content on its platform to
its customers. A customer has access to the Company’s propriety and licensed game content. Additionally, the customer can direct
the Company to procure third-party game content on its behalf. The Company has determined it acts as the principal for providing the
game content when the Company controls the game content, and therefore presents the revenue on a gross basis in the condensed consolidated
statements of operations. When the customer directs the Company to procure third-party game content, the Company determined it is deemed
an agent for providing such game content, and therefore, records the revenue, net of the costs of content license fees, in the condensed
consolidated statements of operations.
The
Company also provides ongoing development services involving updates to the RMiG platforms for enhanced functionality or customization.
Ongoing development services are typically billed monthly, at a daily rate, for services performed. Revenue from RMiG platform development
services that are identified as distinct performance obligations and enhance or create an asset the customer controls as the Company
performs the services are recognized over time as services are performed. This revenue is measured using an input method based on effort
expended, which uses direct labor hours incurred. These services have primarily related to post-launch development of third-party application
integration software in the customer’s environment. Separately, the revenue generated from customers for development services that
are distinct performance obligations and the customer benefits from the integrated SaaS offering are deferred over the license service
term. These services have primarily related to enhancements to the Company’s platforms that do not enhance or create an asset the
customer controls. In customer contracts that require a portion of the consideration to be received in advance or at the commencement
of the contract, such amounts are recorded as a contract liability.
Other
services include the resale of third-party computer hardware, such as servers and other related hardware devices, upon which the GameSTACK
software is installed for its customers. These products are not required to be purchased in order to access the GameSTACK platform but
are sold as a convenience to the customer. The Company procures the computer hardware on the customer’s behalf for a fee determined
based on the cost of the computer hardware plus a markup. The Company charges a hardware deployment fee which is a one-time fee for installation,
testing and certification of the computer hardware at the gaming hosting facility. Revenue is recognized at the point in time when control
of the hardware transfers to the customer. Control is transferred after the hardware has been procured, delivered, installed at the customer’s
premises and configured to allow for remote access.
The
Company has determined that it is acting as the principal in providing computer hardware and related services as it assumes responsibility
for procuring, delivering, installing and configuring the hardware at the customer’s location and takes control of the hardware,
prior to transfer. Revenue is presented at the gross amount of consideration to which it is entitled from the customer in exchange for
the computer hardware and related services.
The
Company generates revenue from time to time from the licensing of its U.S. patent, which governs the linkage of on-property reward cards
to their counterpart internet gaming accounts together with bilateral transmission of reward points between the internet gaming technology
system and the land-based casino management system present in all U.S. casino properties. The nature of the promise in transferring the
license is to provide a right to use the patent as it exists. The Company does not have to undertake activities to change the functionality
of the patent during the license period and the license has significant stand-alone functionality. Therefore, the Company recognizes
the revenue from the license of the patent at the point in time when control of the license is transferred to the customer. Control is
determined to transfer at the point in time the customer is able to use and benefit from the license.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
Contracts
with Multiple Performance Obligations
For
customer contracts that have more than one performance obligation, the transaction price is allocated to the performance obligations
in an amount that depicts the relative stand-alone selling prices of each performance obligation. Judgment is required in determining
the stand-alone selling price for each performance obligation. In determining the allocation of the transaction price, an entity is required
to maximize the use of observable inputs. When the stand-alone selling price of a good or service is not directly observable, an entity
is required to estimate the stand-alone selling price. Contracts with its customers may include platform and licensing of game content
services, as well as development services and computer hardware services. The variable consideration generated from the platform and
the licensing of game content is allocated entirely to the performance obligations for platform and licensing of game content services
and the remaining fixed fees for development services and computer hardware would be allocated to each of the remaining performance obligation
based on their relative stand-alone selling prices. The variable consideration relates entirely to the effort to satisfy the platform
and licensing game content services and the fixed consideration relates to the remaining performance obligations which is consistent
with the allocation objective.
Revenue
from Gaming Operations
The
Company operates the B2C gaming site www.coolbet.com outside of the U.S., which contains proprietary software and includes the following
product offerings: sportsbook, poker, casino, live casino and virtual sports.
The
Company manages an online sportsbook allowing users to place various types of wagers on the outcome of sporting events conducted around
the world. The Company operates as the bookmaker and offers fixed odds wagering on such events. When a user’s wager wins, the Company
pays the user a pre-determined amount known as fixed odds. Revenue from online sportsbook is reported net after deduction of player winnings
and bonuses. Revenue from wagers is recognized when the outcome of the event is known.
The
Company offers live casino through its digital online casino offering in select markets, allowing users to place a wager and play games
virtually at retail casinos. The Company offers users a catalog of over 5,700 third-party iGaming products such as digital slot machines
and table games such as blackjack and roulette. Revenue from casino games is reported net after deduction of winnings, jackpot contribution
and customer bonuses.
Peer-to-peer
poker offerings allow users to play poker against one another on the Company’s online poker platform for prize money. Revenue is
recognized as a percentage of the reported rake. Additionally, the Company offers tournament poker which allows users to buy-in for a
fixed price for prize money. For tournament play, revenue is recognized for the difference between the entry fees collected and the amounts
paid out to users as prizes and winnings.
In
each of the online gaming products, a single performance obligation exists at the time a wager is made to operate the games and award
prizes or payouts to users based on a particular outcome. Revenue is recognized at the conclusion of each contest, wager, or wagering
game hand. Additionally, certain incentives given to users, for example, that allow the user to make an additional wager at a reduced
price, may provide the user with a material right which gives rise to a separate performance obligation.
The
Company allocates a portion of the user’s wager to incentives that create material rights that are redeemed or expired in the future.
The allocated revenue for gaming wagers is primarily recognized when the wagers occur because all such wagers settle immediately.
The
Company applies a practical expedient by accounting for revenue from gaming on a portfolio basis because such wagers have similar characteristics,
and the Company reasonably expects the effects on the financial statements of applying the revenue recognition guidance to the portfolio
to not differ materially from that which would result if applying the guidance to an individual wagering contract.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
Cost
of Revenue
Cost
of revenue consists primarily of variable costs. These include mainly (i) content license fees, (ii) payment processing fees and chargebacks,
(iii) platform technology, software, and connectivity costs directly associated with revenue generating activities, (iv) gaming duties,
and (v) sportsbook feed / provider services. The Company incurs payment processing fees on B2C user deposits, withdrawals, and deposit
reversals from payment processors. Cost of revenue excludes depreciation of the servers on which the Company’s gaming platforms
reside as well as amortization of intangible assets including internally developed software.
Sales
and Marketing
Sales
and marketing expense primarily consists of general marketing and advertising costs, B2C user acquisition expenses and personnel costs
within our sales and marketing functions. Sales and marketing costs are expensed as incurred.
Product
and Technology
Product
and technology expense consists primarily of personnel costs associated with development and maintenance activities that are not capitalized.
These costs primarily represent employee expenses (including but not limited to, salaries, bonus, employee benefits, employer tax expenses,
and share-based compensation) for personnel and contractors involved in the design, development, and project management of our proprietary
technologies as well as developed and licensed content.
General
and Administrative
General
and administrative expense consists of costs, including gaming operations costs, not related to sales and marketing, product and technology
or revenue. General and administrative costs include professional services (including legal, regulatory and compliance, audit, and consulting
expenses), rent contingencies, insurance, allowance for credit losses, foreign currency transaction gains and losses, and costs related
to the compensation of executive and non-executive personnel, including share-based compensation.
Content
Licensing Fees
Content
licensing fees are paid to third parties for gaming content which are expensed as incurred. Content licensing fees are calculated as
a percentage of net gaming revenues in respect of the third-party games, as stipulated in the third-party agreements.
Share-based
Compensation
Share-based
compensation expense is recognized for share options and restricted shares issued to employees and non-employee members of the Company’s
Board of Directors. The Company’s issued share options and restricted shares, which are primarily considered equity awards and
include only service conditions, are valued based on the fair value of these awards on the date of grant. The fair value of the share
options is estimated using a Black-Scholes option pricing model and the fair value of the restricted shares (restricted share awards
and restricted share units) is based on the market price of the Company’s shares on the date of grant.
Certain
restricted share units awards issued to non-employee members of the Company’s Board of Directors permit shares upon vesting to
be withheld, as a means of meeting the non-employee director’s tax withholding requirements, and paid in cash to the non-employee
director. The Company additionally incurs share-based compensation expense under compensation arrangements with certain of its employees
under which the Company will settle bonuses for a fixed dollar amount by issuing a variable number of shares based on the Company’s
share price on the settlement date. These awards are classified as liability-based awards which are measured based on the fair value
of the award at the end of each reporting period until settled. Related compensation expense is recognized based on changes to the fair
value over the applicable service period.
Share-based
compensation is recorded over the requisite service period, generally defined as the vesting period. For awards with graded vesting and
only service conditions, compensation cost is recorded on a straight-line basis over the requisite service period of the entire award.
Forfeitures are recorded in the period in which they occur.
Earnings
Per Share, Basic and Diluted
Basic
earnings per share is calculated by dividing earnings by the weighted average number of ordinary shares outstanding during the year.
In periods of loss, basic and diluted per share information are the same.
Cash
Cash
is comprised of cash held at the bank and third-party service providers. The Company is required to maintain compensating cash balances
to satisfy its liabilities to users. Such balances are included within cash in the condensed consolidated balance sheets and are not
subject to creditor claims. At September 30, 2023 and December 31, 2022, the related liabilities to users were $9,467 and $10,683, respectively.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
Capitalized
Software Development Costs, net
The
Company capitalizes certain development costs related to its internet gaming platforms during the application development stage. Costs
associated with preliminary project activities, training, maintenance and all other post implementation stage activities are expensed
as incurred. Software development costs are capitalized when application development begins, it is probable that the project will be
completed, and the software will be used as intended. The Company capitalizes certain costs related to specific upgrades and enhancements
when it is probable that expenditures will result in additional functionality of the platform to its customers. The capitalization policy
provides for the capitalization of certain payroll and payroll related costs for employees who spent time directly associated with development
and enhancements of the platform.
Capitalized
software development costs are amortized on a straight-line basis over their estimated useful lives, which generally ranges from three
to five years, and are included within depreciation and amortization expense in the condensed consolidated statements of operations.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
Long-lived
Assets
Long-lived
assets, except goodwill, consist of property and equipment, and finite lived acquired intangible assets, such as developed software,
gaming licenses, trademarks, trade names and customer relationships. Intangible assets are amortized on a straight-line basis over their
estimated useful lives. The Company considers the period of expected cash flows and underlying data used to measure the fair value of
the intangible assets when selecting the estimated useful lives.
Gaming
licenses include license applications fees and market access payments in connection with agreements that the Company enters into with
strategic partners. The market access arrangements authorize the Company to offer online gaming and online sports betting in certain
regulated markets. These costs are capitalized and amortized on a straight-line basis over their estimated useful lives, beginning with
the commencement of operations.
The
fair value of acquired intangible assets is primarily determined using the income approach. In performing these valuations, the Company’s
key underlying assumptions used in the discounted cash flows were projected revenue, gross margin expectations and operating cost estimates.
There are inherent uncertainties and management judgment is required in these valuations.
Long-lived
assets, except goodwill, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of
an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the
Company compares the undiscounted cash flows expected to be generated by that asset or asset group to their carrying amount. If the carrying
amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment charge is recognized
to the extent that the carrying amount exceeds fair value. Fair value is determined through various techniques, such as discounted cash
flow models using probability weighted estimated future cash flows and the use of valuation specialists. During the three and nine months
ended September 30, 2023, there was no triggering event that would cause the Company to believe the value of its long-lived assets should
be impaired.
Liabilities
to Users
The
Company records liabilities for user account balances. User account balances consist of user deposits, promotional awards and user winnings
less user withdrawals and user losses.
Legal
Contingencies and Litigation Accruals
On
a quarterly basis, the Company assesses potential losses in relation to pending or threatened legal matters. If a loss is considered
probable and the amount can be reasonably estimated, the Company recognizes an expense for the estimated loss. Estimates of any such
loss are subjective in nature and require the evaluation of numerous facts and assumptions as to future events, including the application
of legal precedent which may be conflicting. To the extent these estimates are more or less than the actual liability resulting from
the resolution of these matters, the Company’s financial results will increase or decrease accordingly.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
Debt
Debt
issuance costs incurred in connection with the issuance of new debt are recorded as a reduction to the long-term debt balance on the
condensed consolidated balance sheets and amortized over the term of the loan commitment as interest expense in the accompanying condensed
consolidated statements of operations. The Company calculates amortization expense on capitalized debt issuance costs using the effective
interest method in accordance with Accounting Standards Codification (“ASC”) 470, Debt.
Leases
The
Company determines if an arrangement is a lease and classifies as operating or finance lease at the lease commencement date. A lease
is defined as a contract, or part of contract, that conveys the right to control the use of an asset for a time period in exchange for
consideration. In accordance with ASC 842, Leases, the Company recognizes for all leases, except short-term leases, at the commencement
date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted
basis; and (2) a right-of-use (“ROU”) asset, which is an asset that represents the lessee’s right to use, or control
the use of, a specified asset for the lease term. The Company accounts for the lease and non-lease components of its leases as a single
lease component. Operating leases are included in operating lease ROU assets and operating lease liabilities, current and noncurrent,
on the condensed consolidated balance sheets. Lease expense is recognized on a straight-line basis based on the total contractually required
lease payments, over the term of the lease.
Fair
Value of Financial Instruments
The
Company applies the provisions of ASC 820, Fair Value Measurements and Disclosures, which provides a single authoritative definition
of fair value, sets out a framework for measuring fair value and expands on required disclosures about fair value measurement. Fair value
represents the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous
market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company uses the
following hierarchy in measuring the fair value of the Company’s assets and liabilities, focusing on the most observable inputs
when available:
| |
● |
Level
1 Quoted prices in active markets for identical assets or liabilities. |
| |
|
|
| |
● |
Level
2 Observable inputs other than Level 1 quoted prices, such as quoted prices for similar assets and liabilities in active markets,
quoted prices in markets that are not active for identical or similar assets and liabilities, or other inputs that are observable
or can be corroborated by observable market data for substantially the full term of the assets or liabilities. |
| |
|
|
| |
● |
Level
3 Valuations are based on the inputs that are unobservable and significant to the overall fair value measurement of the assets or
liabilities. Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability
at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs
to the model. |
Valuation
techniques used to measure the fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.
The
Company does not hold any significant Level 2 financial instruments. Level 3 financial instruments held by the Company include the synthetic
equity liability due to a customer, refer to Note 16 — Commitments and Contingencies. The instrument includes level 3 inputs related
to the contractual forecasts, in addition to observable inputs such as the stock volatility of the company, which are utilized in the
Company’s Monte Carlo valuation. The valuation is not sensitive to significant movements in the forecast.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
Income
Taxes
The
Company is subject to income taxes in the United States, U.K., Bulgaria, Israel, Canada, Estonia, Malta, and Mexico. The Company records
an income tax expense for the anticipated tax consequences of the reported results of operations using the asset and liability method.
Under this method, deferred income tax assets and liabilities are recognized for the expected future tax consequences of temporary differences
between the financial reporting and tax bases of assets and liabilities, as well as for loss and tax credit carryforwards. Deferred tax
assets and liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax
assets and liabilities are expected to be realized or settled. The effect on deferred income tax of a change in tax rates are recorded
in the period of the enactment. Deferred tax assets are reduced, through a valuation allowance, if necessary, by the amount of such benefits
that are not expected to be realized based on current available evidence. In evaluating the Company’s ability to recover deferred
tax assets in the jurisdiction from which they arise, all available positive and negative evidence is considered, including results of
recent operations, scheduled reversals of deferred tax liabilities, projected future taxable income, and tax-planning strategies. The
Company records a valuation allowance to reduce its deferred tax assets to the net amount that it believes is more likely than not to
be realized.
The
Company recognizes tax benefits from uncertain tax positions only if management believes that it is more likely than not that the tax
position will be sustained on examination by the taxing authorities based on the technical merits of the position. Although the Company
believes that it has adequately provided for uncertain tax positions, no assurance can be given that the final tax outcome of these matters
would not be materially different. Adjustments are made when facts and circumstances change, such as the closing of a tax audit or the
refinement of an estimate. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences
would affect the provision for income taxes in the period in which such determination is made and could have a material impact on the
Company’s financial condition and operating results. The Company recognizes penalties and interest related to income tax matters
in income tax expense.
Segments
The
Company operates in two operating segments, B2B and B2C. Operating segments are defined as components of an enterprise where separate
financial information is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources
and assess the Company’s performance. The Company’s CODM is the Chief Executive Officer. The CODM allocates resources and
assesses performance based upon discrete financial information at the operating segment level.
Recently
Adopted Accounting Pronouncements
In
October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-08,
Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. ASU
2021-08 requires an acquirer to measure and recognize contract assets and contract liabilities acquired in a business combination in
accordance with ASC 606, Revenue from Contracts with Customers, rather than using fair value on the acquisition date. This amendment
is effective for fiscal years beginning after December 15, 2022, including interim periods within those annual periods, and should be
applied prospectively to business combinations occurring on or after the effective date. The Company adopted the amended guidance on
January 1, 2023, and such adoption did not materially impact the financial statements.
In
July 2023, the FASB issued ASU 2023-03, Presentation of Financial Statements (Topic 205), Income Statement - Reporting Comprehensive
Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation - Stock Compensation (Topic
718): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF
Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280 - General Revision of Regulation S-X: Income or Loss
Applicable to Common Stock, which amends or supersedes various SEC paragraphs within the Accounting Standards Codification to conform
to past SEC announcements and guidance issued by the SEC. The ASU does not provide any new guidance, and as such, there is no transition
effective date. ASU 2023-03 did not have a material impact on our condensed consolidated financial statements.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
NOTE
3 — PROPERTY AND EQUIPMENT, NET
Property
and equipment, net is recorded in other assets in the condensed consolidated balance sheets at September 30, 2023 and December 31, 2022
and consisted of the following:
SCHEDULE OF PROPERTY AND EQUIPMENT
| | |
Estimated Useful | |
September 30, | | |
December 31, | |
| | |
Life (in years) | |
2023 | | |
2022 | |
| Fixtures, fittings and equipment | |
3 - 5 | |
$ | 5,615 | | |
$ | 4,136 | |
| Platform hardware | |
5 | |
| 2,374 | | |
| 2,313 | |
| Total property and equipment, cost | |
| |
| 7,989 | | |
| 6,449 | |
| Less: accumulated depreciation | |
| |
| (4,972 | ) | |
| (3,599 | ) |
| Total | |
| |
$ | 3,017 | | |
$ | 2,850 | |
Depreciation
expense related to property and equipment was $453
and $312 for
the three months ended September 30, 2023 and 2022, respectively, and $1,188
and $1,025 for
the nine months ended September 30, 2023 and 2022, respectively.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
NOTE
4 — CAPITALIZED SOFTWARE DEVELOPMENT COSTS, NET
Capitalized
software development costs, net at September 30, 2023 and December 31, 2022 consisted of the following:
SCHEDULE OF CAPITALIZED COMPUTER SOFTWARE COSTS, NET
| | |
September 30, | | |
December 31, | |
| | |
2023 | | |
2022 | |
| Capitalized software development costs | |
$ | 8,345 | | |
$ | 6,857 | |
| Development in progress | |
| 1,885 | | |
| 732 | |
| Total capitalized software development, cost | |
| 10,230 | | |
| 7,589 | |
| Less: accumulated amortization | |
| (2,258 | ) | |
| (840 | ) |
| Total | |
$ | 7,972 | | |
$ | 6,749 | |
At
September 30, 2023, development in progress primarily represents costs associated with GAN Sports, costs associated with its newer GameSTACK
technology, and enhancements to the Company’s proprietary B2C software platform.
Amortization
expense related to capitalized software development costs was $485 and $1,438 for the three months ended September 30, 2023 and 2022,
respectively, and $1,461 and $4,552 for the nine months ended September 30, 2023 and 2022, respectively.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
NOTE
5 — INTANGIBLE ASSETS
Intangible
Assets
Definite-lived
intangible assets, net consisted of the following:
SCHEDULE OF FINITE -LIVED INTANGIBLE ASSETS
| | |
Period (in years) | | |
Amount | | |
Amortization | | |
Amount | |
| | |
Weighted | | |
September 30, 2023 | |
| | |
Average | | |
Gross | | |
| | |
| |
| | |
Amortization | | |
Carrying | | |
Accumulated | | |
Net Carrying | |
| | |
Period (in years) | | |
Amount | | |
Amortization | | |
Amount | |
| Developed technology | |
| 4.5 | | |
$ | 33,203 | | |
$ | (24,984 | ) | |
$ | 8,219 | |
| Customer relationships | |
| 3.2 | | |
| 6,751 | | |
| (5,057 | ) | |
| 1,694 | |
| Trade names and trademarks | |
| 10.0 | | |
| 5,315 | | |
| (1,685 | ) | |
| 3,630 | |
| Gaming licenses | |
| 5.6 | | |
| 3,577 | | |
| (1,827 | ) | |
| 1,750 | |
| | |
| | | |
$ | 48,846 | | |
$ | (33,553 | ) | |
$ | 15,293 | |
| | |
Period (in years) | | |
Amount | | |
Amortization | | |
Amount | |
| | |
Weighted | | |
December 31, 2022 | |
| | |
Average | | |
Gross | | |
| | |
| |
| | |
Amortization | | |
Carrying | | |
Accumulated | | |
Net Carrying | |
| | |
Period (in years) | | |
Amount | | |
Amortization | | |
Amount | |
| Developed technology | |
| 3.9 | | |
$ | 33,443 | | |
$ | (17,570 | ) | |
$ | 15,873 | |
| Customer relationships | |
| 3.1 | | |
| 6,788 | | |
| (3,426 | ) | |
| 3,362 | |
| Trade names and trademarks | |
| 10.0 | | |
| 5,347 | | |
| (1,312 | ) | |
| 4,035 | |
| Gaming licenses | |
| 6.7 | | |
| 3,149 | | |
| (1,464 | ) | |
| 1,685 | |
| | |
| | | |
$ | 48,727 | | |
$ | (23,772 | ) | |
$ | 24,955 | |
Amortization
expense related to intangible assets was $3,401 and $4,135 for the three months ended September 30, 2023 and 2022, respectively, and
$10,134 and $11,285 for the nine months ended September 30, 2023 and 2022, respectively.
Estimated
amortization expense for the next five years is as follows:
SCHEDULE OF FINITE -LIVED INTANGIBLE ASSETS, AMORTIZATION EXPENSE
| | |
Amount | |
| Remainder of 2023 | |
$ | 3,403 | |
| 2024 | |
| 2,989 | |
| 2025 | |
| 2,967 | |
| 2026 | |
| 2,512 | |
| 2027 | |
| 1,820 | |
| Thereafter | |
| 1,602 | |
| Total | |
$ | 15,293 | |
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
NOTE
6 — DEBT
Credit
Facility
On
April 26, 2022, a subsidiary of the Company entered into a fixed term credit facility (the “Credit Facility”) which provides
for $30.0 million in aggregate principal amount of secured term loans with a floating interest rate of 3-month SOFR (subject to a 1%
floor) + 9.5%.
During
the year ended December 31, 2022, the Company incurred $2.4 million in debt issuance costs in connection with the Credit Facility, which
have been recorded as a direct reduction against the debt and amortized over the life of the associated debt as a component of interest
expense using the effective interest method. The net funds received from the Credit Facility, after deducting debt issuance costs, was
$27.6 million. On April 13, 2023, the Credit Facility was extinguished in connection with executing the Amended Credit Facility with
a new lender. The Company incurred $7.3 in prepayment penalties and recorded a loss on extinguishment of $8.8 million in other loss,
net in the condensed consolidated statement of operations.
Subsequent
Amendments
On
April 13, 2023, a subsidiary of the Company executed agreements to amend the Credit Facility to waive all events of default, amend certain
financial covenants, assign the rights to the Credit Facility from its existing lender to a third party, and increase the principal balance
from $30.0 million to $42.0 million with accrued paid in-kind (“PIK”) interest of 8.0% per year (together, forming the “Amended
Credit Facility”). The Amended Credit Facility became effective upon cash settlement of payments completed on April 14, 2023, which
occur on April 14, 2023, and represented a cure of any events of default under the Credit Facility and thereby prevent any amounts from
becoming due and payable under the Credit Facility’s subjective acceleration clause.
The
Amended Credit Facility matures on the third anniversary of its effective date and is fully guaranteed by the Company. There are no scheduled
principal payments due under the Amended Credit Facility until maturity. The principal balance, accrued PIK interest, and an exit fee
of 2.5% are due at maturity. The Amended Credit Facility stipulates that outstanding amounts will mature and be due and payable on the
third anniversary of its effective date, or in the event of a change in control transaction. The Company incurred $3.1 million in debt
issuance costs in connection with the Amended Credit Facility. The Amended Credit Facility contains customary negative covenants, a financial
covenant requiring minimum liquidity of $10.0 million, as well as other financial covenants to be tested solely in the event the Company
raises junior debt during the term of the Amended Credit Facility.
Debt
Covenants
The
Credit Facility contained affirmative and negative covenants, including certain financial covenants associated with the Company’s
financial results. The negative covenants included restrictions regarding the incurrence of liens and indebtedness, certain merger and
acquisition transactions, asset sales and other dispositions, other investments, dividends, share purchases and payments affecting subsidiaries,
changes in nature of business, fiscal year or organizational documents, transactions with affiliates, and other matters.
The
Credit Facility contained customary events of default, including, among others: non-payments of principal and interest; breach of representations
and warranties; covenant defaults; the existence of bankruptcy or insolvency proceedings; certain events under ERISA; gaming license
revocations in material jurisdictions; material judgments; and a change of control. If an event of default occurred and was not cured
within any applicable grace period or was not waived, the administrative agent and the lender were entitled to take various actions,
including, without limitation, the acceleration of all amounts due and the termination of commitments under the Credit Facility.
The
carrying values of the Company’s long-term debt consist of the following:
SCHEDULE OF LONG TERM DEBT
| | |
Effective Interest Rate | | |
As of
September 30, 2023 | |
| Credit Facility | |
| | | |
| | |
| Principal | |
| 10.22 | % | |
$ | 43,754 | |
| Less unamortized debt issuance costs | |
| | | |
| (2,698 | ) |
| Long-term debt, net | |
| | | |
$ | 41,056 | |
The
Company incurred $1,281 and $1,071 of interest expense, of which $240 and $185 relates to the amortization of debt issuance costs during
the three months ended September 30, 2023 and 2022, respectively, and $3,587 and $1,735 in interest expense, of which $765 and $280 relates
to the amortization of debt issuance costs during the nine months ended September 30, 2023 and 2022, respectively.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
NOTE
7 — SHARE-BASED COMPENSATION
In
April 2020, the Board of Directors established the GAN Limited 2020 Equity Incentive Plan (“2020 Plan”) which has been approved
by the Company’s shareholders. The 2020 Plan initially provides for grants of up to 4,400,000 ordinary shares, which then increases
through 2029, by the lesser of 4% of the previous year’s total outstanding ordinary shares on December 31st or as determined
by the Board of Directors, for ordinary shares, incentive share options, nonqualified share options, share appreciation rights, restricted
share grants, share units, and other equity awards for issuance to employees, consultants or non-employee directors. At September 30,
2023, the 2020 Plan provided for grants of up to 9,275,342 ordinary shares and there were 796,689 ordinary shares available for future
issuance under the 2020 Plan.
Share
Options
A
summary of the share option activity as of and for the nine months ended September 30, 2023 is as follows:
SCHEDULE OF SHARE-BASED COMPENSATION, STOCK OPTION ACTIVITY
| | |
| | |
Weighted | | |
Weighted | | |
| |
| | |
| | |
Average | | |
Average | | |
Aggregate | |
| | |
Number of | | |
Exercise | | |
Contractual | | |
Intrinsic | |
| | |
Shares | | |
Price | | |
Term | | |
Value | |
| Outstanding at December 31, 2022 | |
| 3,447,155 | | |
$ | 9.12 | | |
| 6.59 | | |
$ | 1,139 | |
| Granted | |
| 612,081 | | |
| 0.01 | | |
| | | |
| | |
| Exercised | |
| (5,129 | ) | |
| 0.01 | | |
| | | |
| | |
| Forfeited/expired or cancelled | |
| (530,714 | ) | |
| 15.15 | | |
| | | |
| | |
| Outstanding at September 30, 2023 | |
| 3,523,393 | | |
$ | 6.65 | | |
| 5.37 | | |
$ | 1,414 | |
| Options exercisable at September 30, 2023 | |
| 2,471,947 | | |
$ | 8.05 | | |
| 3.86 | | |
$ | 414 | |
The
Company recorded share-based compensation expense related to share options of $614 and $948 for the three months ended September 30,
2023 and 2022, respectively and $2,149 and $2,596 for the nine months ended September 30, 2023 and 2022, respectively. Such share-based compensation expense
was recorded net of capitalized software development costs of $99 and $87 for the three months ended September 30, 2023 and 2022, respectively
and $157 and $226 for the nine months ended September 30, 2023 and 2022, respectively. At September 30,
2023, there was total unrecognized compensation cost of $3,736 related to nonvested share options. The unrecognized compensation cost is
expected to be recognized over a weighted-average period of 2.8 years.
Share
option awards generally vest 25% after
one year and then monthly over the next 36 months thereafter and have a maximum term of ten years.
During the nine months ended September 30, 2023, the Board of Directors approved the issuance of options to purchase 612,081 ordinary
shares to employees under the 2020 Plan, all of which were share options granted with an exercise price of $0.01 per
share to certain European-based employees in lieu of restricted share units. The value of these options are based on the market
value of the Company’s ordinary shares at the date of the grant. As all of these options are in-the-money, the Company
determined that utilizing an option pricing model to estimate the fair value of these options was not necessary. The weighted
average grant date fair value of options granted was $0.74
and $0.13 for the three months ended
September 30, 2023 and 2022, respectively and $1.76 and
$4.13 for
the nine months ended September 30, 2023 and 2022, respectively.
SCHEDULE OF SHARE-BASED COMPENSATION, FAIR VALUE ASSUMPTIONS
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| Expected share price volatility | |
| n.m. | % | |
| 0.70 | % | |
| n.m. | % | |
| 0.51 | % |
| Expected term (in years) | |
| n.m. | | |
| 5.00 | | |
| n.m. | | |
| 0.04 | |
| Risk-free interest rate | |
| n.m. | % | |
| 2.52 | % | |
| n.m. | % | |
| 1.49 | % |
| Dividend yield | |
| 0 | % | |
| 0 | % | |
| 0 | % | |
| 0 | % |
For
options granted during the nine months ended September 30, 2023, the fair value of each share option award is estimated on the date
of grant using the Black-Scholes option pricing model that uses the assumptions noted above. Estimating the grant date fair values
for employee share options requires management to make assumptions regarding expected volatility of the value of those underlying
shares, the risk-free rate of the expected life of the share options and the date on which share-based compensation is expected to
be settled. Expected volatility is determined by reference to volatility of certain identified peer group share trading information
and share prices on the Nasdaq stock exchange. The risk-free interest rate for the expected term of the option is based on the U.S.
Treasury yield curve in effect at the time of grant. The expected term of the options is based on historical data and represents the
period of time that options granted are expected to be outstanding. In the current year, volatility, term, and risk-free interest rate were not meaningful inputs as all options were
$0.01 per share for the Company’s European based employees.
Restricted
Share Units
Restricted
share units are issued to non-employee directors and employees. For equity-classified restricted share units, the fair value of restricted
share units is valued based on fair market value of the Company’s ordinary shares on the date of grant and is amortized on a straight-line
basis over the vesting period.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
In
March 2023, the Board of Directors approved the issuance of 1,009,086 restricted share units to its employees. The restricted share units
vest over four years from the date of grant. The terms of the awards stipulate that vesting of any outstanding restricted share units
will be pro-rated for employees if their employment terminates after the first anniversary of the grant date.
During
the second quarter of 2023, the Board of Directors approved the issuance of 296,307 restricted share units to its non-employee directors
and employees. The restricted share units vest over four years from the date of grant. The terms of the awards stipulate that vesting
of any outstanding restricted share units will be pro-rated for employees if their employment terminates after the first anniversary of
the grant date.
In
August 2023, the Board of Directors approved the issuance of 705,556 restricted share units to its non-employee directors and
employees. The restricted share units vest over four years from the date of grant. The terms of the awards stipulate that
vesting of any outstanding restricted share units will be pro-rated for employees if their employment terminates after the first
anniversary of the grant date.
The
Company withholds a portion of the restricted share units granted to its officers and non-employee directors upon vesting in order to
remit a cash payment to the officers and directors equal to their tax expense. The liabilities are recorded in accrued compensation and
benefits in the condensed consolidated balance sheets. During the nine months ended September 30, 2023, 50,104 restricted share units
held by the Company’s officers and non-employee directors vested and the Company repurchased 50,104 of the shares to cover the
tax expense incurred by the officers and non-employee directors.
The
Company recorded share-based compensation expense related to restricted share units of $994
and $958
for the three months ended September 30, 2023
and 2022, respectively, and $2,390
and $3,151
for
the nine months ended September 30, 2023 and 2022, respectively. At September 30, 2023, there was total unrecognized compensation cost
of $4,972
related
to non-vested restricted share units. The unrecognized compensation cost is expected to be recognized over a weighted-average period
of 2.95
years.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
A
summary of the restricted share unit activity as of and for the nine months ended September 30, 2023 is as follows:
SCHEDULE OF SHARE BASED COMPENSATION, RESTRICTED STOCK UNIT ACTIVITY
| | |
| | |
Weighted | |
| | |
| | |
Average | |
| | |
Number of | | |
Grant Date | |
| | |
Shares | | |
Fair Value | |
| Outstanding at December 31, 2022 | |
| 1,171,371 | | |
$ | 5.43 | |
| Granted | |
| 2,010,949 | | |
| 1.63 | |
| Vested | |
| (543,863 | ) | |
| 3.20 | |
| Forfeited/expired or cancelled | |
| (313,490 | ) | |
| 4.74 | |
| Outstanding at September 30, 2023 | |
| 2,324,967 | | |
| 2.75 | |
Restricted
Share Awards
Restricted
share awards are issued to non-employee directors and certain key employees. The value of a restricted stock award is based on the market
value of the Company’s ordinary shares at the date of the grant.
The
Company recorded share-based compensation expense related to the restricted share awards of $42 and $41 for the three months ended September
30, 2023 and 2022, respectively, and $125 and $125 for the nine months ended September 30, 2023 and 2022, respectively. At September
30, 2023, there was total unrecognized compensation cost of $28 related to the nonvested shares granted. The cost is expected to be recognized
over a weighted average period of 0.3 years. There were no restricted share awards that vested during the three months ended September
30, 2023.
2020
Employee Stock Purchase Plan
The
Board of Directors established the 2020 Employee Stock Purchase Plan, or the ESPP, which was approved by the Company’s shareholders
in July 2021. The ESPP is intended to qualify under Section 423 of the U.S. Internal Revenue Service Code of 1986, as amended. The ESPP
provides initially for 300,000 ordinary shares to be sold and increases on February 1, 2022 and on each subsequent February 1 through
and including February 1, 2030, equal to the lesser of (i) 0.25 percent of the number of ordinary shares issued and outstanding on the
immediately preceding December 31, or (ii) 100,000 ordinary shares, or (iii) such number of ordinary shares as determined by the Board
of Directors.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
The
ESPP is designed to allow eligible employees to purchase ordinary shares, at quarterly intervals, with their accumulated payroll deductions.
The participants are offered the option to purchase ordinary shares at a discount during a series of successive offering periods. The
option purchase price may be the lower of 85% of the closing trading price per share of the Company’s ordinary shares on the first
trading date of an offering period in which a participant is enrolled or 85% of the closing trading price per share on the purchase date,
which will occur on the last trading day of each offering period. An offering period is defined as a three-month duration commencing
on or about March, June, September and December of each year, and one purchase period is included within each offering period. The Company’s
first offering period commenced on June 1, 2022. The Company suspended its ESPP in February 2023. The Company issued 57,960 shares
under the ESPP during the nine months ended September 30, 2023. During the nine months ended September 30, 2023 the Company recognized
share-based compensation expense of $18 related to the ESPP.
Content
Provider Issuance
On
March 29, 2023, the Company amended and restated its commercial agreement with a content provider. In conjunction with this agreement,
the Company entered into a Subscription Agreement with the content provider, under which the content provider has subscribed to 1,250,000
of the Company’s ordinary shares. These shares were issued on April 25, 2023. On May 8, 2023, the Company registered the shares
in connection with an S-1 resale registration statement. Refer to Note 16 – Commitments and Contingencies for further details.
NOTE
8 — DEFINED CONTRIBUTION PLANS
U.S.
employees and non-U.S. employees are eligible to participate in defined contribution plans by contributing a portion of their compensation,
which provides for certain matching contributions by the Company. Matching contributions for the U.S. defined contribution plan are 50%
of up to 4% of an employee’s salary contribution. Most often, non-U.S. matching contributions are statutory amounts required by
law. The Company’s contributions to the retirement plans were $173 and $133 for the three months ended September 30, 2023 and 2022,
respectively, and $528 and $454 for the nine months ended September 30, 2023 and 2022, respectively.
NOTE
9 — OTHER LOSS (INCOME), NET
Other
loss (income), net consisted of the following:
SCHEDULE OF OTHER NON-OPERATING INCOME EXPENSE
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| Other income (1) | |
$ | — | | |
$ | (13 | ) | |
$ | (9,718 | ) | |
$ | (283 | ) |
| Other loss (2) | |
| — | | |
| — | | |
| 8,784 | | |
| — | |
| Other income, net | |
$ | — | | |
$ | (13 | ) | |
$ | (934 | ) | |
$ | (283 | ) |
| (1) |
|
9.7
million related to the Company amending its agreement
with a content provider in March 2023 to relieve $15.0
million in fixed payments. Refer to Note 16 –
Commitments and Contingencies for further details. |
| (2) |
|
|
NOTE
10 — LOSS PER SHARE
Loss
per ordinary share, basic and diluted, is computed by dividing net loss by the weighted average number of ordinary shares outstanding
during the period. Potentially dilutive securities consisting of certain share options, nonvested restricted shares and restricted share
units were excluded from the computation of diluted weighted average ordinary shares outstanding as inclusion would be anti-dilutive,
are summarized as follows:
SCHEDULE OF ANTI-DILUTIVE STOCK EXCLUDED FROM COMPUTATION OF DILUTED EARNINGS PER SHARE
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| Share options | |
| 3,523,393 | | |
| 3,710,859 | | |
| 3,523,393 | | |
| 3,710,859 | |
| Restricted shares | |
| 17,218 | | |
| 34,436 | | |
| 17,218 | | |
| 34,436 | |
| Restricted share units | |
| 2,324,967 | | |
| 1,495,606 | | |
| 2,324,967 | | |
| 1,495,606 | |
| Total | |
| 5,865,578 | | |
| 5,240,901 | | |
| 5,865,578 | | |
| 5,240,901 | |
NOTE
11 — REVENUE
The
following table reflects revenue recognized for the three and nine months ended September 30, 2023 and 2022 in line with the timing of
transfer of services:
SCHEDULE OF REVENUE RECOGNIZED IN LINE WITH THE TIMING OF TRANSFER OF SERVICES
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| Revenue from services delivered at a point in time | |
$ | 19,639 | | |
$ | 19,435 | | |
$ | 67,402 | | |
$ | 65,468 | |
| Revenue from services delivered over time | |
| 10,178 | | |
| 12,685 | | |
| 31,302 | | |
| 39,113 | |
| Total | |
$ | 29,817 | | |
$ | 32,120 | | |
$ | 98,704 | | |
$ | 104,581 | |
Contract
and Contract-Related Liabilities
The
Company has four types of liabilities related to contracts with customers: (i) cash consideration received in advance from customers
related to development services not yet performed or hardware deliveries not yet completed, (ii) incentive program obligations, which
represents the deferred allocation of revenue relating to incentives in the online gaming operations, (iii) user balances, which are
funds deposited by customers before gaming play occurs and (iv) unpaid winnings and wagers contributed to jackpots. Contract related
liabilities are expected to be recognized as revenue within one year of being purchased, earned or deposited. Such liabilities are recorded
in liabilities to users and other current liabilities in the condensed consolidated balance sheets.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
The
following table reflects contract liabilities arising from cash consideration received in advance from customers for the periods presented:
SCHEDULE OF CONTRACT WITH CUSTOMERS
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| Contract liabilities from advance customer payments, beginning of the period | |
$ | 2,607 | | |
$ | 459 | | |
$ | 2,117 | | |
$ | 1,874 | |
| Contract liabilities from advance customer payments, end of the period (1) | |
| 3,039 | | |
| 1,467 | | |
| 3,039 | | |
| 1,467 | |
| Revenue recognized from amounts included in contract liabilities from advance customer payments at the beginning of the period | |
| 301 | | |
| 250 | | |
| 686 | | |
| 775 | |
NOTE
12 — SEGMENT REPORTING
The
Company’s reportable segments are B2B and B2C. The B2B segment develops, markets and sells instances of GameSTACK, GAN Sports,
and iSight Back Office technology that incorporates comprehensive player registration, account funding and back-office accounting and
management tools that enable the casino operators to efficiently, confidently and effectively extend their presence online in places
that have permitted online real money gaming. The B2C segment, which includes the operations of Coolbet, develops and operates a B2C
online sports betting and casino platform that is accessible through its website in markets across Northern Europe, Latin America and
Canada.
Information
reported to the Company’s Chief Executive Officer, the CODM, for the purpose of resource allocation and assessment of the Company’s
segmental performance is primarily focused on the origination of the revenue streams. The CODM evaluates performance and allocates resources
based on the segment’s revenue and contribution. Segment contribution represents the amounts earned by each segment without allocation
of each segment’s share of depreciation and amortization expense, sales and marketing expense, product and technology expense,
general and administrative expense, interest costs and income taxes.
Summarized
financial information by reportable segments for the three months ended September 30, 2023 and 2022 is as follows:
SCHEDULE OF FINANCIAL INFORMATION FOR REPORTABLE SEGMENTS
| | |
B2B | | |
B2C | | |
Total | | |
B2B | | |
B2C | | |
Total | |
| | |
Three Months Ended
September 30, | |
| | |
2023 | | |
2022 | |
| | |
B2B | | |
B2C | | |
Total | | |
B2B | | |
B2C | | |
Total | |
| Revenue | |
$ | 10,178 | | |
$ | 19,639 | | |
$ | 29,817 | | |
$ | 12,685 | | |
$ | 19,435 | | |
$ | 32,120 | |
| Cost of revenue (1) | |
| 2,055 | | |
| 7,187 | | |
| 9,242 | | |
| 2,173 | | |
| 7,262 | | |
| 9,435 | |
| Segment contribution | |
$ | 8,123 | | |
$ | 12,452 | | |
$ | 20,575 | | |
$ | 10,512 | | |
$ | 12,173 | | |
$ | 22,685 | |
During
the three months ended September 30, 2023 and 2022, one customer in the B2B segment individually accounted for 16.4% and 22.5% of total
revenue, respectively.
Summarized
financial information by reportable segments for the nine months ended September 30, 2023 and 2022 is as follows:
| | |
B2B | | |
B2C | | |
Total | | |
B2B | | |
B2C | | |
Total | |
| | |
Nine Months Ended
September 30, | |
| | |
2023 | | |
2022 | |
| | |
B2B | | |
B2C | | |
Total | | |
B2B | | |
B2C | | |
Total | |
| Revenue | |
$ | 31,352 | | |
$ | 67,352 | | |
$ | 98,704 | | |
$ | 39,905 | | |
$ | 64,676 | | |
$ | 104,581 | |
| Cost of revenue (1) | |
| 6,129 | | |
| 22,759 | | |
| 28,888 | | |
| 9,015 | | |
| 22,583 | | |
| 31,598 | |
| Segment contribution | |
$ | 25,223 | | |
$ | 44,593 | | |
$ | 69,816 | | |
$ | 30,890 | | |
$ | 42,093 | | |
$ | 72,983 | |
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
During
the nine months ended September 30, 2023 and 2022, one customer in the B2B segment individually accounted for 15.3% and 20.2% of total
revenue, respectively.
The
following table presents a reconciliation of segment gross profit to the consolidated loss before income taxes for the three and nine
months ended September 30, 2023 and 2022:
SCHEDULE OF RECONCILIATION OF CONSOLIDATED SEGMENT CONTRIBUTION TO CONSOLIDATED INCOME (LOSS) BEFORE INCOME TAXES
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| Segment contribution (1) | |
$ | 20,575 | | |
$ | 22,685 | | |
$ | 69,816 | | |
$ | 72,983 | |
| Sales and marketing | |
| 7,196 | | |
| 6,781 | | |
| 21,704 | | |
| 20,292 | |
| Product and technology | |
| 9,150 | | |
| 7,571 | | |
| 29,966 | | |
| 24,928 | |
| General and administrative (1) | |
| 7,060 | | |
| 7,588 | | |
| 27,095 | | |
| 27,307 | |
| Impairment | |
| — | | |
| — | | |
| — | | |
| 28,861 | |
| Restructuring | |
| — | | |
| — | | |
| — | | |
| 1,771 | |
| Depreciation and amortization | |
| 4,339 | | |
| 5,893 | | |
| 12,783 | | |
| 16,862 | |
| Interest expense | |
| 1,264 | | |
| 1,450 | | |
| 3,885 | | |
| 2,521 | |
| Other income, net | |
| — | | |
| (13 | ) | |
| (934 | ) | |
| (283 | ) |
| Loss before income taxes | |
$ | (8,434 | ) | |
$ | (6,585 | ) | |
$ | (24,683 | ) | |
$ | (49,276 | ) |
Assets
and liabilities are not separately analyzed or reported to the CODM and are not used to assist in decisions surrounding resource allocation
and assessment of segment performance. As such, an analysis of segment assets and liabilities has not been included in this financial
information.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
The
following table disaggregates total revenue by product and services for each segment:
SCHEDULE OF DISAGGREGATION OF REVENUE BY PRODUCTS AND SERVICES FOR EACH SEGMENT
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| B2B: | |
| | |
| | |
| | |
| |
| Platform and content license fees | |
$ | 7,240 | | |
$ | 9,988 | | |
$ | 23,109 | | |
$ | 31,208 | |
| Development services and other | |
| 2,938 | | |
| 2,697 | | |
| 8,243 | | |
| 8,697 | |
| Total B2B revenue | |
| 10,178 | | |
| 12,685 | | |
| 31,352 | | |
| 39,905 | |
| | |
| | | |
| | | |
| | | |
| | |
| B2C: | |
| | | |
| | | |
| | | |
| | |
| Sportsbook | |
| 6,281 | | |
| 7,763 | | |
| 26,546 | | |
| 28,023 | |
| Casino | |
| 12,577 | | |
| 11,093 | | |
| 38,738 | | |
| 34,924 | |
| Poker | |
| 781 | | |
| 579 | | |
| 2,068 | | |
| 1,729 | |
| Total B2C revenue | |
| 19,639 | | |
| 19,435 | | |
| 67,352 | | |
| 64,676 | |
| Total revenue | |
$ | 29,817 | | |
$ | 32,120 | | |
$ | 98,704 | | |
$ | 104,581 | |
Revenue
by location of the customer for the three and nine months ended September 30, 2023 and 2022 is as follows:
SCHEDULE OF REVENUE BY LOCATION OF THE CUSTOMER
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| United States | |
$ | 7,459 | | |
$ | 10,320 | | |
$ | 23,271 | | |
$ | 33,531 | |
| Europe | |
| 10,890 | | |
| 10,574 | | |
| 35,674 | | |
| 33,343 | |
| Latin America | |
| 9,132 | | |
| 9,492 | | |
| 32,790 | | |
| 32,910 | |
| Rest of the world | |
| 2,336 | | |
| 1,734 | | |
| 6,969 | | |
| 4,797 | |
| |
$ | 29,817 | | |
$ | 32,120 | | |
$ | 98,704 | | |
$ | 104,581 | |
NOTE
13 — INCOME TAXES
The
Company’s effective income tax rate was 3.2%
and (5.4)%
for the three months ended September 30, 2023 and 2022, respectively, and (1.6)%
and (1.0)%
for the nine months ended September 30, 2023 and 2022, respectively.
Our
country of domicile is Bermuda, which effectively has a 0% statutory tax rate as it does not impose taxes on profits, income, dividends,
or capital gains. The difference between this 0% tax rate and the effective income tax rate for the three and nine months ended September
30, 2023 and 2022 was due primarily to a mix of earnings in foreign jurisdictions that are subject to current or deferred tax and loss
carryforwards in certain jurisdictions that are not expected to be realized.
NOTE
14 — RESTRUCTURING
In
January 2022, the Company implemented a strategic reduction of its existing worldwide global workforce to simplify and
streamline its organization and strengthen the overall competitiveness of its B2B segment. As a result of this initiative, the
Company incurred $1.8 million
in restructuring charges related to this plan during the nine months ended September 30, 2022, which were
primarily related to employee severance pay and related costs. The Company completed its restructuring plan in 2022 and there were
no unpaid restructuring charges.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
NOTE
15 — LEASES
The
Company determines if an arrangement is a lease and classifies as operating or finance lease at the lease commencement date. A lease
is defined as a contract, or part of contract, that conveys the right to control the use of an asset for a time period in exchange for
consideration. At September 30, 2023, the Company’s lease portfolio consists of operating leases related to office facilities in
Estonia and Bulgaria. The lease terms for both leases are five years. Options to extend or terminate a lease are included in the lease
term when it is reasonably certain that the Company will exercise such options. In some jurisdictions it is customary for lease contracts
to provide for payments to increase each year by inflation, or to be reset periodically to market rental rates or the periodic rent is
fixed over the lease term. Lease payments for operating leases, consisting of fixed payments for base rent, is recognized on a straight-line
basis over the lease term.
Operating
Leases - Lessee
The
following table discloses the operating asset and liability balances at September 30, 2023 and December 31, 2022:
SCHEDULE OF OPERATING AND FINANCE LEASE ASSET AND LIABILITY
| | |
| |
As of | |
| | |
| |
September 30, 2023 | | |
December 31, 2022 | |
| Leases | |
Classification | |
| | |
| |
| Assets | |
| |
| | | |
| | |
| Total operating leased assets, net | |
Operating lease right-of-use assets(1) | |
$ | 4,438 | | |
$ | 234 | |
| | |
| |
| | | |
| | |
| Liabilities | |
| |
| | | |
| | |
| Current | |
Operating lease liabilities | |
$ | 751 | | |
$ | 195 | |
| Non-current | |
Operating lease liabilities – non-current | |
| 3,730 | | |
| — | |
| Total lease liabilities | |
| |
$ | 4,481 | | |
$ | 195 | |
The
Company uses its incremental borrowing rate at lease commencement to calculate the present value of lease payments when the rate implicit
in a lease is not known. The incremental borrowing rate is based on the Company’s credit rating based on its market valuation metrics
and corporate yield curves observed for public companies with similar credit ratings.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
Operating
lease costs were $266 and $98 for the three months ended September 30, 2023 and 2022, respectively, and $523 and $360 for the nine
months ended September 30, 2023 and 2022, respectively.
Maturities
of lease liabilities, including reconciliation to the lease liabilities, based on required contractual payments, are as follows:
SCHEDULE OF FUTURE MINIMUM MATURITIES OF OPERATING LEASE LIABILITIES
| | |
Operating Leases | |
| | |
| |
| Remainder of 2023 | |
$ | 281 | |
| 2024 | |
| 1,134 | |
| 2025 | |
| 1,143 | |
| 2026 | |
| 1,154 | |
| 2027 | |
| 1,165 | |
| Thereafter | |
| 671 | |
| Total lease payments | |
| 5,548 | |
| Less: future interest costs | |
| 1,068 | |
| Present value of lease liabilities | |
$ | 4,481 | |
Other
information related to leases as of and for the nine months ended September 30, 2023 and 2022 was as follows:
SCHEDULE OF FINANCE AND OPERATING RELATED TO LEASES
| | |
Nine Months Ended | |
| | |
September 30, | |
| | |
2023 | | |
2022 | |
| Operating lease weighted-average remaining lease term (years) | |
| 4.8 | | |
| 0.8 | |
| Operating lease weighted-average discount rate | |
| 9.0 | % | |
| 4.8 | % |
| | |
| | | |
| | |
| Cash paid for the amounts included in the measurement of lease liabilities | |
| | | |
| | |
| Operating cash flows from operating leases | |
$ | 432 | | |
$ | 373 | |
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
NOTE
16 — COMMITMENTS AND CONTINGENCIES
Legal
Proceedings
The
Company may be subject to legal actions and claims arising from contracts or other matters from time to time in the ordinary course of
business. Management is not aware of any pending or threatened litigation, which are considered other than routine legal proceedings.
The Company believes the ultimate disposition or resolution of its routine legal proceedings will not have a material adverse effect
on its financial position, results of operations or liquidity.
Content
Licensing Agreements
In
the second quarter of 2021, the Company entered into Content Licensing Agreements (the “Agreements”) with two third-party
gaming content providers (“Content Providers”) specializing in developing and licensing interactive games. The Agreements
granted the Company exclusive rights to use and distribute the online gaming content in North America. Each of the Content Providers
is committed to developing a minimum number of games for the Company’s exclusive use over the five-year term, subject to extensions,
of the respective Agreement. In exchange, the Company was required to pay fixed fees, totaling $48.5 million, of which $8.5 million were
due upon execution of the Agreements, and the remaining fixed fees were to be paid systematically over the initial five-year terms. Additional
payments could have been required if the Company’s total revenue generated from the licensed content exceed certain stipulated
annual and cumulative thresholds during the contract terms. Under the terms of the Agreements, the Content Providers were to remit the
cash flows from the online gaming content with its existing customers to the Company during the exclusivity period.
On
January 27, 2022, the Company served a termination notice, for cause, to a Content Provider as certain conditions precedent associated
with the completion of contractual obligations had not been satisfied by the agreed upon period in 2021. In accordance with the agreement,
termination for cause results in a return of the initial payment of $3.5 million. In response to the Company’s termination notice,
the Content Provider responded by alleging the Content Provider had met its contractual obligations, thereby obligating the Company to
make the next scheduled $3.0 million payment. In March 2022, the Content Provider served the Company a notice of default letter notifying
the Company of its alleged material breach of the agreement and disputing the validity of the termination. On April 25, 2022, the Content
Provider attempted to serve formal notice of termination of the agreement, reaffirming the $3.0 million obligation. The Company continues
to assert that all contractual obligations to the Content Provider have been relieved as a result of the Company’s initial termination
notice and will vigorously defend any claims made by the Content Provider. The Company further recognized an impairment loss related
to the initial payment of $3.5 million in the condensed statement of operations for the year ended December 31, 2022.
On
April 5, 2022, the Agreement with the remaining Content Provider was amended and restated. Prior to the amendment, the Company accounted
for the hosting arrangement as a service contract and expensed service fees of $1.5 million to cost of revenue during the year ended
December 31, 2022. In accordance with the restated arrangement, the Company amended certain commercial terms, which included obtaining
the contractual right to lease the remote gaming servers, taking possession of the related software, and obtaining a service contract
from the Content Provider for the duration of the arrangement.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
The
amended and restated Agreement was accounted for as a business combination. The consideration transferred in exchange for the
identifiable intangible assets was comprised of the present value of the Company’s total expected fixed payments under the
Agreement, the net assets recognized under the original agreement, as well as a contingent consideration. The contingent
consideration represents additional amounts which the Company expected to pay to the Content Provider if the Company’s total
revenue generated from the arrangement exceeds certain stipulated annual and cumulative thresholds during the contract term. In
December 2022, the Company revised its 2023 budget and long-term plan as a result of material reductions in its expected future cash
flows from its B2B segment, which included a strategic decision not to pursue and invest further in its original content strategy.
Based on this update, as of December 31, 2022, the Company determined that the intangible assets associated with the Agreement with
a carrying amount of $18.4
million were no longer recoverable and wrote them off in full. Additionally, the Company determined that the related customer
relationships intangible assets with a carrying amount of $2.3
million were no longer recoverable and wrote them down to their estimated fair value of $1.6
million. Fair value was based on the expected future cash flows using Level 3 inputs under ASC 820 as well as expected contract
term. The cash flows are those expected to be generated by the market participants, discounted at the risk-free rate of interest.
Because negotiations have not yet concluded, it is reasonably possible that the estimate of the expected future cash flows may
change in the near term resulting in the need to adjust the determination of fair value.
On
March 29, 2023, the Company amended and restated its Content Licensing Agreement (the “Amended Agreement”) with the
other Content Provider which resulted in a reduced contract term ending March 31, 2024 and a reduction in the fixed fees payable
under the arrangement by $15.0
million. Under the Amended Agreement, the fixed fee payment schedule was adjusted such that the remaining $4.0
million payable is due in equal installments of $0.2
million per calendar month, with the first installment due in April 2023. The remaining $1.6
million outstanding at the expiration of the Amended Agreement will be reconciled against amounts payable by the Content Provider to
the Company for revenue generated from the Company’s distribution of the content. In consideration for the execution of the
Amended Agreement, in March 2023 the Company entered into a Subscription Agreement with the Content Provider, under which the
Content Provider subscribed to 1,250,000
of the Company’s ordinary shares. These shares were issued April 25, 2023. On May 8, 2023, the Company registered the
shares in connection with an S-1 resale registration statement. The Company recorded a gain of $9.7
million related to the extinguishment of the fixed fees recognized in other income, net during the nine months ended September 30,
2023, net of the value associated with the settlement of the stock subscription obligation.
Chile
VAT
Coolbet’s
B2C casino and sports-betting platform is accessible in Chile. Since June 1, 2020, foreign digital service suppliers that provide services
to individuals in Chile have been required to register for value-added tax (“VAT”) purposes. On September 20, 2021, the Company
submitted an inquiry to the Chilean Internal Revenue Service (“SII”) for clarification on the basis to apply VAT. In December
2021, the SII issued a general resolution as a response to another iGaming platform operator stating the Tax Administration’s position
that fees paid by users for entertainment services provided through online gaming and betting platforms are subject to VAT in Chile.
The SII clarified its interpretation that the VAT tax rate of 19% shall be applied to “fees paid by the users”, specifically
gross customer deposits on the iGaming platform. This was further reiterated by the CTA in June 2022 through a public response to an
unnamed ruling request on the matter.
On
May 13, 2022, the SII issued a resolution stating that unregistered foreign digital service providers will be subject to 19% withholding
on payments through enforcement to issuers of credit cards, debit cards, and other forms of payment, effective August 1, 2022. The SII
issued this noncompliant list of unregistered foreign digital service providers to enact enforcement of this withholding on a quarterly
basis, with the most recent list issued on December 28, 2022. As of September 30, 2023 and through the date of filing, the Company has
not registered for the Chilean VAT but has not been listed on the SII’s list for which this withholding should be applied, and
the Company has not received formal notification of any VAT liability due to the SII.
On
March 14, 2023, the SII issued a resolution stating that, although the SII lacks the power to qualify an activity as legal or illegal
(which had been noted in previous SII resolutions), the SII is not empowered to register taxpayers for the simplified VAT regime who
carry out activities that have been declared illegal by other State authorities that do have the power to qualify an activity as legal
or illegal. It then notes that the SII has been informed by the Superintendency of Gambling Casinos that the offering of games of chance
is only expressly authorized in certain instances under Chilean law, and thus taxpayers without domicile or residence in Chile that offer
them are doing so illegally. As a result, the SII has excluded these taxpayers from the simplified VAT regime, effectively contradicting
past guidance that stated the digital VAT law must be applied to online gaming and betting platforms.
On
September 12, 2023, the Supreme Court of Chile issued a ruling requiring one telecommunication company to block 23 iGaming websites.
The ruling relates specifically to one local internet service provider (“ISP”), and a state-owned land-based casino which holds the
rights to offer online sports betting (“the Local Provider”). The order to block the websites only applied to the 23 specific
URL addresses mentioned in the legal action. The Local Provider’s legal action was based on a “protection recourse”
filing, and asserted that the Local Provider’s constitutional right to maintain a legal monopoly over sports betting
was infringed upon. The Supreme Court of Chile’s ruling only affected
the named parties of the case, and did not establish legal precedent. In response to the ruling, the Company modified the URL and resumed
operations.
The
Company does not believe its activities in Chile are illegal based on external legal opinions obtained in previous years, and updated
external legal opinions supporting the Company’s assertions. The Company had previously not registered for the Chilean VAT on digital
service providers as the Company believed the application of VAT on gross customer deposits, as previously clarified by the SII, prior
to the March 2023 resolution, did not represent a reasonable application of the law to the economic substance of the Company’s
services; this previous application would have resulted in a material loss to the Company. The Company believes that Chilean tax laws
and regulations support that only the fees directly charged by the Company’s platform, primarily poker fees, should be the taxable
base for the Chilean digital VAT and has obtained an external legal opinion supporting this position, the application of which would
not have a material impact to the Company’s financial statements. However, as a result of the SII excluding the Company’s
activities from the digital VAT registration, we no longer believe a liability is probable for the past activities as of December 31,
2022 as the Company is now effectively prevented from complying with the digital VAT law. However, there is uncertainty as to the regulated
environment, what amounts may be ultimately due on our previous activities and the ability to operate in the jurisdiction until the
SII resolves the position. Resolution of this matter may result in fines, penalties, additional expenses or require us to exit the market.
Revenues from Chile represented 28.4% and 26.2% of total consolidated revenue for the three months ended September 30, 2023 and 2022,
respectively, and 30.2% and 28.6% for the nine months ended September 30, 2023 and 2022, respectively.
Synthetic
Equity
Pursuant
to the binding term sheet previously entered into with Red Rock Resorts, Inc., the Company entered into the Master Gaming Services
Agreement with Station Casinos LLC (“Station”) on March 30, 2023, to launch GameSTACK and GAN Sports RMiG and sportsbook
solutions at its properties through self-service kiosks as well as through on-premises and statewide mobile versions in Nevada,
subject to applicable licensure. As an additional incentive for Station to support the commercial success of the launch in Nevada,
the Master Gaming Services Agreement includes a Synthetic Equity Addendum which would require that the Company make a payment to
Station in the event of a change of control in the Company (the “Change of Control Payment”), subject to certain
conditions outlined in the Synthetic Equity Addendum. The Change of Control Payment is payable only in the event that a change of
control occurs during the period as specified by the Synthetic Equity Addendum and that the Company’s market capitalization
has increased during that time, calculated as proscribed by the Synthetic Equity Addendum, which the amount of such payment ranging
from 2.5%
to 5%
of such increase in market capitalization over approximately $2.00
per share, depending on whether certain minimum revenue conditions are met over the next five years. The payment represents an
equity-linked financial instrument containing service, performance and market conditions and is measured and classified in
accordance with stock-based compensation guidance. The initial grant-date fair value represents an upfront payment to a customer for
the maximum tranche which will be attributed as contra revenue over the estimated initial contract term as revenue is earned under
the arrangement such that the recognition of the constraint is not probable to result in a material reversal of revenue. The initial
grant date liability will be marked to market at each reporting period through operating income (loss). The Company valued the
liability utilizing a Monte Carlo simulation and determined the value to be approximately $1.1
million at grant-date and recorded within other assets and other liabilities in the condensed consolidated balance sheet. A Monte
Carlo simulation includes numerous scenarios, including assumptions of probability weighted likelihood of different outcomes. As facts
and circumstances become known or knowable at each reporting period, the probability of certain scenarios will change which will
increase or decrease the value. The classification of the liability will be reassessed when a change of control event is probable.
On September 30, 2023, the fair value was determined to be approximately $0.9
million. The change in value was charged as a reduction
to general and administrative expense. As of September 30, 2023, the underlying revenue arrangement has not commenced, and the asset
is probable of recovery.
NOTE
17 — SUBSEQUENT EVENTS
On
November 7, 2023, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with SEGA SAMMY CREATION
INC., a Japanese corporation (“Parent”), and Arc Bermuda Limited, a Bermuda exempted company limited by shares and a wholly-owned
subsidiary of Parent (“Merger Sub”), pursuant to which, subject to the satisfaction or waiver of the conditions set forth
therein, Merger Sub will be merged with and into the Company, with the Company surviving the merger as a wholly-owned subsidiary of Parent
(the “Merger”). Parent and Merger Sub are affiliates of SEGA SAMMY HOLDINGS, INC.
Pursuant
to the Merger Agreement, and upon the terms and subject to the conditions thereof, at the effective time of the Merger, and as a result
of the Merger (and without any action on the part of Parent, Merger Sub, the Company or any holder thereof):
| |
● |
each
of the Company’s ordinary shares issued immediately prior to the effective time of the Merger (other than shares held by Parent
or Merger Sub, by the Company as a treasury share or by any person who properly asserts dissenters’ rights under Bermuda
law) will be converted into the right to receive an amount in cash equal to $1.97 per share, without interest and subject to any
applicable tax withholding (the “Merger Consideration”); |
| |
● |
each of
the Company’s outstanding restricted shares (whether vested or unvested) at the effective time of the Merger will become vested
in full and non-forfeitable and will be converted into the right to receive the Merger Consideration; |
| |
● |
each of
the Company’s outstanding restricted share units (whether vested or unvested) at the effective time of the Merger will become
vested in full and will be automatically cancelled in exchange for the right to receive a single lump sum cash payment, without interest
and subject to any applicable tax withholding, equal to the product of (a) the Merger Consideration and (b) the number of Company
ordinary shares subject to such restricted share unit; and |
| |
● |
each of
the Company’s outstanding options to acquire the Company ordinary shares (whether vested or unvested) at the effective time
of the Merger will become vested in full and will be automatically cancelled in exchange for the right to receive a single lump sum
cash payment, without interest and subject to any applicable tax withholding, equal to the product of (a) the excess, if any, of
the Merger Consideration over the exercise price per share of the option and (b) the number of Company ordinary shares issuable upon
the exercise in full of such option. |
Consummation of the Merger is not subject
to a financing condition, but is subject to customary closing conditions, including (a) approval by the Company’s shareholders
of the Merger Agreement, the Merger and the Statutory Merger Agreement, (b) receipt of applicable antitrust and CFIUS approvals or the
expiration of applicable waiting periods, (c) absence of any order or injunction prohibiting the consummation of the Merger and (d) the
accuracy of the Company’s representations and warranties contained in the Merger Agreement (subject to certain customary qualifications)
and compliance by the Company with its agreements and covenants contained in the Merger Agreement. The closing of the Merger is also
predicated upon receipt of approval of the Merger and change in control of the Company by all relevant gaming authorities. The Company
anticipates that this will take some time, and that the closing of the Merger may not occur until late 2024 or early 2025.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The
following management’s discussion and analysis of financial condition and results of operations should be read in conjunction with
the unaudited condensed consolidated financial statements, related notes, and other financial information appearing elsewhere in this
Quarterly Report on Form 10-Q and the consolidated financial statements and related notes included in our 2022 Form 10-K.
Critical
Accounting Policies and Estimates
For
a discussion of our critical accounting policies and the means by which we develop estimates, refer to “Item 7. Management’s
Discussion and Analysis of Financial Conditions and Results of Operations” on our 2022 Annual Report on Form 10-K. There have been
no material changes during the periods covered by this Quarterly Report on Form 10-Q from the critical policies described in our Form
10-K.
Forward-Looking
Statements
This
section and other parts of this Quarterly Report on Form 10-Q contain forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements
reflect our current expectations and views of future events based on certain assumptions and include any statement that does not directly
relate to a historical fact. For example, statements in this Quarterly Report on Form 10-Q may include the potential impact of the expected
timing of government approvals or opening of new regulated markets for online gaming, our financial guidance and expectations or targets
for our operations, anticipated revenue growth or operating synergies related to our acquisition of Coolbet, the results of our restructuring
efforts, and expectations about our ability to effectively execute our business strategy and expansion goals. These forward-looking statements
can be identified by words or phrases such as “may,” “will,” “expect,” “should,” “anticipate,”
“aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,”
or other similar expressions.
Although
we believe that we have a reasonable basis for each forward-looking statement, forward-looking statements are not guarantees of future
performance and our actual results could differ significantly from the results discussed or implied in these forward-looking statements.
Factors that might cause such differences are described in “Item 1A. Risk Factors” in our 2022 Form 10-K and in this Quarterly
Report on Form 10-Q.
All
forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary
statements. These forward-looking statements speak only as of the date on which they are made. We do not assume any obligation to update
these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Overview
GAN
Limited is a Bermuda exempted holding company and through its subsidiaries, operates in two lines of business. We are a business-to-business
(“B2B”) supplier of enterprise Software-as-a-Service (“SaaS”) solutions for online casino gaming, commonly referred
to as iGaming, and online sports betting applications. Beginning with our January 2021 acquisition of Vincent Group p.l.c., a Malta public
limited company (“Coolbet”), we are also a business-to-consumer (“B2C”) developer and operator of an online sports
betting and casino platform, which offers consumers in select markets in Northern Europe, Latin America and Canada a digital portal for
engaging in sports betting, online casino games and poker. These two lines of business are also the Company’s reportable segments.
The
B2B segment develops, markets and sells instances of GameSTACK, GAN Sports, and iSight Back Office technology that incorporates comprehensive
player registration, account funding and back-office accounting and management tools that enable casino operators to efficiently, confidently
and effectively extend their online presence.
The
B2C segment includes the operations of Coolbet. Coolbet develops and operates an online sports betting and casino platform that is accessible
through its website in markets across Northern Europe, Latin America and Canada.
To
meet demand and serve our growing number of U.S. casino operator clients, we continue to invest in our software engineering capabilities
and expand our operational support. The most significant component of our operating costs generally relate to our employee salary and
benefits costs. Also, operating costs include technology and corporate infrastructure related-costs, as well as marketing expenditures
with a focus on increasing and retaining B2C end-users.
Our
net loss was $8.2 million and $6.9 million for the three months ended September 30, 2023 and 2022, respectively, and $25.1 million and
$49.8 million for the nine months ended September 30, 2023 and 2022, respectively.
We
believe that our current technology is highly scalable and can support the launch of our product offerings for new customers and in new
jurisdictions. We expect to achieve profitability through increased revenues from:
| |
● |
organic
growth of our existing casino operators, |
| |
● |
expansion
into newly regulated jurisdictions with existing and new customers, |
| |
● |
margin
expansion driven by the integration of Coolbet’s sports betting technology in our B2B product offerings, |
| |
● |
strategically
reducing our existing worldwide global workforce to simplify and streamline our organization and strengthen the overall competitiveness
of our B2B segment, |
| |
● |
revenue
expansion from the roll-out of our Super RGS content offering to B2C operators who are not already clients, and |
| |
● |
organic
growth of our B2C business in existing and new jurisdictions. |
We
hold a strategic U.S. patent, which governs the linkage of on-property reward cards to their counterpart internet gambling accounts together
with bilateral transmission of reward points between the internet gaming technology system and the land-based casino management system
present in all U.S. casino properties. In February 2021, we reached an agreement to license our U.S. patent to a second major U.S. casino
operator group and we may license our patent to other major U.S. internet gaming operators in the future.
Consolidated
Results of Operations
Three
Months Ended September 30, 2023 Compared to Three Months Ended September 30, 2022
The
following table sets forth our consolidated results of operations for the periods indicated:
| | |
Three Months Ended | | |
| | |
| |
| | |
September 30, | | |
Change | |
| | |
2023 | | |
2022 | | |
Amount | | |
Percent | |
| (dollars in thousands) | |
| | |
| | |
| | |
| |
| Revenue | |
$ | 29,817 | | |
$ | 32,120 | | |
$ | (2,303 | ) | |
| (7.2 | )% |
| Operating costs and expenses | |
| | | |
| | | |
| | | |
| | |
| Cost of revenue (1) | |
| 9,242 | | |
| 9,435 | | |
| (193 | ) | |
| (2.0 | )% |
| Sales and marketing | |
| 7,196 | | |
| 6,781 | | |
| 415 | | |
| 6.1 | % |
| Product and technology | |
| 9,150 | | |
| 7,571 | | |
| 1,579 | | |
| 20.9 | % |
| General and administrative (1) | |
| 7,060 | | |
| 7,588 | | |
| (528 | ) | |
| (7.0 | )% |
| Depreciation and amortization | |
| 4,339 | | |
| 5,893 | | |
| (1,554 | ) | |
| (26.4 | )% |
| Total operating costs and expenses | |
| 36,987 | | |
| 37,268 | | |
| (281 | ) | |
| (0.8 | )% |
| Operating loss | |
| (7,170 | ) | |
| (5,148 | ) | |
| (2,022 | ) | |
| 39.3 | % |
| Interest expense | |
| 1,264 | | |
| 1,450 | | |
| (186 | ) | |
| (12.8 | )% |
| Other income, net | |
| — | | |
| (13 | ) | |
| 13 | | |
| (100.0 | )% |
| Loss before income taxes | |
| (8,434 | ) | |
| (6,585 | ) | |
| (1,849 | ) | |
| 28.1 | % |
| Income tax (benefit) expense | |
| (274 | ) | |
| 356 | | |
| (630 | ) | |
| n.m. | |
| Net loss | |
$ | (8,160 | ) | |
$ | (6,941 | ) | |
$ | (1,219 | ) | |
| 17.6 | % |
(1)
Excludes depreciation and amortization expense.
n.m.
= not meaningful
Geographic
Information
The
following table sets forth our consolidated revenue by geographic region, for the periods indicated:
| | |
Three Months Ended | | |
| | |
| | |
| |
| | |
September 30, | | |
Percentage of Revenue | | |
Change | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | | |
Amount | | |
Percent | |
| (dollars in thousands) | |
| | |
| | |
| | |
| | |
| | |
| |
| United States | |
$ | 7,459 | | |
$ | 10,320 | | |
| 25.0 | % | |
| 32.1 | % | |
$ | (2,861 | ) | |
| (27.7 | )% |
| Europe | |
| 10,890 | | |
| 10,574 | | |
| 36.5 | % | |
| 32.9 | % | |
| 316 | | |
| 3.0 | % |
| Latin America | |
| 9,132 | | |
| 9,492 | | |
| 30.6 | % | |
| 29.6 | % | |
| (360 | ) | |
| (3.8 | )% |
| Rest of the world | |
| 2,336 | | |
| 1,734 | | |
| 7.9 | % | |
| 5.4 | % | |
| 602 | | |
| 34.7 | % |
| Total revenue | |
$ | 29,817 | | |
$ | 32,120 | | |
| 100.0 | % | |
| 100.0 | % | |
$ | (2,303 | ) | |
| (7.2 | )% |
Revenue
Revenue
was $29.8 million for the three months ended September 30, 2023, a decrease of $2.3 million from the comparable period in 2022. The
decrease was primarily attributable to a decrease in our contractual revenue rates pursuant to an agreement regarding the expiration
of an exclusivity period with a B2B customer.
Revenue
fluctuations in the United States are the result of decreased RMiG revenues in our B2B operations. The fluctuations in Europe and Latin
America were entirely attributable to our B2C operations. The increase in the rest of the world was driven primarily by growth in our
Ontario operations in the B2B segment.
Cost
of Revenue
Cost
of revenue was $9.2 million for the three months ended September 30, 2023, which was relatively consistent to the $9.4 million in the
comparable period in 2022.
Sales
and Marketing
Sales
and marketing expense was $7.2 million for the three months ended September 30, 2023, an increase of $0.4 million from the comparable
period in 2022. The increase was primarily attributable to increased sales and marketing activities within our B2C operations within
Latin America.
Product
and Technology
Product
and technology expense was $9.2 million for the three months ended September 30, 2023, an increase of $1.6 million from the
comparable period in 2022, primarily due to the decrease in capitalized development costs in our B2B segment. This increase was
partially offset by decreases in personnel costs included in Product and Technology as the Company continues to optimize its cost
structure.
General
and Administrative
General
and administrative expense was $7.1 million for the three months ended September 30, 2023, a decrease of $0.5 million from the comparable
period in 2022. This decrease is due primarily to a revaluation of the contingent liability related to the Company’s synthetic equity arrangement with a customer.
Depreciation
and Amortization
Depreciation
and amortization expense was $4.3 million for three months ended September 30, 2023, a decrease of $1.6 million from the comparable period
in 2022. The decrease was primarily due to the reduction of depreciable assets that were fully amortized or impaired compared to the
prior periods.
Income
Tax Expense
We
recorded income tax benefit of $0.3 million for the three months ended September 30, 2023, reflecting an effective tax rate of 3.2%,
compared to income tax expense of $0.4 million for the three months ended September 30, 2022, reflecting an effective tax rate of (5.4)%.
Our country of domicile is Bermuda, which effectively has a 0% statutory tax rate as it does not impose taxes on profits, income, dividends,
or capital gains. The difference between this 0% tax rate and the effective income tax rate for three months ended September 30, 2023
and 2022 was due primarily to a mix of earnings in foreign jurisdictions that are subject to current or deferred tax and loss carryforwards
in certain jurisdictions that are not expected to be realized.
Nine
Months Ended September 30, 2023 Compared to Nine Months Ended September 30, 2022
The
following table sets forth our consolidated results of operations for the periods indicated:
| | |
Nine Months Ended | | |
| | |
| |
| | |
September 30, | | |
Change | |
| | |
2023 | | |
2022 | | |
Amount | | |
Percent | |
| (dollars in thousands) | |
| | |
| | |
| | |
| |
| Revenue | |
$ | 98,704 | | |
$ | 104,581 | | |
$ | (5,877 | ) | |
| (5.6 | )% |
| Operating costs and expenses | |
| | | |
| | | |
| | | |
| | |
| Cost of revenue (1) | |
| 28,888 | | |
| 31,598 | | |
| (2,710 | ) | |
| (8.6 | )% |
| Sales and marketing | |
| 21,704 | | |
| 20,292 | | |
| 1,412 | | |
| 7.0 | % |
| Product and technology | |
| 29,966 | | |
| 24,928 | | |
| 5,038 | | |
| 20.2 | % |
| General and administrative (1) | |
| 27,095 | | |
| 27,307 | | |
| (212 | ) | |
| (0.8 | )% |
| Impairment | |
| — | | |
| 28,861 | | |
| (28,861 | ) | |
| (100.0 | )% |
| Restructuring | |
| — | | |
| 1,771 | | |
| (1,771 | ) | |
| (100.0 | )% |
| Depreciation and amortization | |
| 12,783 | | |
| 16,862 | | |
| (4,079 | ) | |
| (24.2 | )% |
| Total operating costs and expenses | |
| 120,436 | | |
| 151,619 | | |
| (31,183 | ) | |
| (20.6 | )% |
| Operating loss | |
| (21,732 | ) | |
| (47,038 | ) | |
| 25,306 | | |
| (53.8 | )% |
| Interest expense | |
| 3,885 | | |
| 2,521 | | |
| 1,364 | | |
| 54.1 | % |
| Other income | |
| (934 | ) | |
| (283 | ) | |
| (651 | ) | |
| n.m. | |
| Loss before income taxes | |
| (24,683 | ) | |
| (49,276 | ) | |
| 24,593 | | |
| (49.9 | )% |
| Income tax expense | |
| 385 | | |
| 513 | | |
| (128 | ) | |
| (25.0 | )% |
| Net loss | |
$ | (25,068 | ) | |
$ | (49,789 | ) | |
$ | 24,721 | | |
| (49.7 | )% |
(1)
Excludes depreciation and amortization expense.
n.m.
= not meaningful
Geographic
Information
The
following table sets forth our consolidated revenue by geographic region, for the periods indicated:
| | |
Nine Months Ended | | |
| | |
| | |
| | |
| |
| | |
September 30, | | |
Percentage of Revenue | | |
Change | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | | |
Amount | | |
Percent | |
| (dollars in thousands) | |
| | |
| | |
| | |
| | |
| | |
| |
| United States | |
$ | 23,271 | | |
$ | 33,531 | | |
| 23.6 | % | |
| 32.1 | % | |
$ | (10,260 | ) | |
| (30.6 | )% |
| Europe | |
| 35,674 | | |
| 33,343 | | |
| 36.1 | % | |
| 32.0 | % | |
| 2,331 | | |
| 7.0 | % |
| Latin America | |
| 32,790 | | |
| 32,910 | | |
| 33.2 | % | |
| 31.5 | % | |
| (120 | ) | |
| (0.4 | )% |
| Rest of the world | |
| 6,969 | | |
| 4,797 | | |
| 7.1 | % | |
| 4.6 | % | |
| 2,172 | | |
| 45.3 | % |
| Total revenue | |
$ | 98,704 | | |
$ | 104,581 | | |
| 100.0 | % | |
| 100.2 | % | |
$ | (5,877 | ) | |
| (5.6 | )% |
Revenue
Revenue
was $98.7 million for the nine months ended September 30, 2023, a decrease of $5.9 million from the comparable period in 2022. The
decrease was primarily attributable to a decrease in our contractual revenue rates pursuant to the agreement regarding the
expiration of an exclusivity period with a B2B customer. This decrease was partially offset by overall growth in the European market
within the B2C segment.
Revenue
fluctuations in the United States are the result of decreased RMiG revenues in our B2B operations. The increase in Europe was the result
of strong performance in our B2C segment. The increase in the rest of the world was driven primarily by growth in our Ontario operations
in the B2B segment.
Cost
of Revenue
Cost
of revenue was $28.9 million for the nine months ended September 30, 2023, a decrease of $2.7 million from the comparable period in 2022.
The decrease was primarily attributable to recognition of service expense related to our content licensing arrangements that was accounted
for as a service contract in the prior year, and decreased royalties resulting from declines in our SIM revenues.
Sales
and Marketing
Sales
and marketing expense was $21.7 million for the nine months ended September 30, 2023, an increase of $1.4 million from the comparable
period in 2022. The increase was primarily attributable to increased sales and marketing activities within our B2C operations within
Latin America.
Product
and Technology
Product
and technology expense was $30.0 million for the nine months ended September 30, 2023, an increase of $5.0 million from the comparable
period in 2022, primarily due to the decrease in capitalized development costs in our B2B segment.
General
and Administrative
General
and administrative expense was $27.1 million for the nine months ended September 30, 2023, a decrease of $0.2 million, which related
primarily to reductions in salaries and wages as the Company has continued to optimize its cost structure and revaluation of the contingent liability related to the Company’s synthetic equity arrangement with a customer.
Depreciation
and Amortization
Depreciation
and amortization expense was $12.8 million for the nine months ended September 30, 2023, a decrease of $4.1 million from the comparable
period in 2022. The decrease was primarily due to the reduction of depreciable assets through both fully amortized and impaired assets
compared to the prior period.
Income
Tax Expense
We
recorded income tax expense of $0.4 million for the nine months ended September 30, 2023, reflecting an effective tax rate of (1.6)%,
compared to income tax expense of $0.5 million for the nine months ended September 30, 2022, reflecting an effective tax rate of (1.0)%.
Our country of domicile is Bermuda, which effectively has a 0% statutory tax rate as it does not impose taxes on profits, income, dividends,
or capital gains. The difference between this 0% tax rate and the effective income tax rate for nine months ended September 30, 2023
and 2022 was due primarily to a mix of earnings in foreign jurisdictions that are subject to current or deferred tax and loss carryforwards
in certain jurisdictions that are not expected to be realized.
Segment
Operating Results
We
report our operating results by segment in accordance with the “management approach.” The management approach designates
the internal reporting used by our Chief Operating Decision Maker (“CODM”), who is our Chief Executive Officer, for making
decisions and assessing performance of our reportable segments.
Three
Months Ended September 30, 2023 Compared to Three Months Ended September 30, 2022
The
following table sets forth our segment results for the periods indicated:
| | |
Three Months Ended | | |
Percentage of Segment | | |
| | |
| |
| | |
September 30, | | |
Revenue | | |
Change | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | | |
Amount | | |
Percent | |
| (dollars in thousands) | |
| | |
| | |
| | |
| | |
| | |
| |
| B2B | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Revenue | |
$ | 10,178 | | |
$ | 12,685 | | |
| 100.0 | % | |
| 100.0 | % | |
$ | (2,507 | ) | |
| (19.8 | )% |
| Cost of revenue (1) | |
| 2,055 | | |
| 2,173 | | |
| 20.2 | % | |
| 17.1 | % | |
| (118 | ) | |
| (5.4 | )% |
| B2B segment contribution | |
$ | 8,123 | | |
$ | 10,512 | | |
| 79.8 | % | |
| 82.9 | % | |
$ | (2,389 | ) | |
| (22.7 | )% |
| B2C | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Revenue | |
$ | 19,639 | | |
$ | 19,435 | | |
| 100.0 | % | |
| 100.0 | % | |
$ | 204 | | |
| 1.0 | % |
| Cost of revenue (1) | |
| 7,187 | | |
| 7,262 | | |
| 36.6 | % | |
| 37.4 | % | |
| (75 | ) | |
| (1.0 | )% |
| B2C segment contribution | |
$ | 12,452 | | |
$ | 12,173 | | |
| 63.4 | % | |
| 62.6 | % | |
$ | 279 | | |
| 2.3 | % |
(1)
Excludes depreciation and amortization expense.
B2B
Segment
B2B
revenue decreased $2.5 million primarily due to a decrease in our contractual revenue rates pursuant to an agreement regarding the
expiration of an exclusivity period with a B2B customer. This decrease was partially offset by overall growth in gross operator
revenue in the B2B segment due to organic
growth and the strong performance of our B2B customers.
B2B
cost of revenue decreased $0.1 million primarily related to a decrease in royalties resulting from declines in our SIM revenues.
Segment
contribution for B2B, which excludes depreciation and amortization expense, decreased by 22.7% and was relatively consistent as the declines
in revenues described above were consistent with the decreases in cost of revenues.
B2C
Segment
B2C
revenue increased $0.2 million primarily due to higher sports and casino margins.
B2C
cost of revenue were relatively consistent with the prior comparable period.
Segment
contribution for B2C, which excludes depreciation and amortization expense, increased by 2.3%. This increase was primarily driven by
the increase in revenues as described above.
Nine
Months Ended September 30, 2023 Compared to Nine Months Ended September 30, 2022
The
following table sets forth our segment results for the periods indicated:
| | |
Nine Months Ended | | |
Percentage of Segment | | |
| | |
| |
| | |
September 30, | | |
Revenue | | |
Change | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | | |
Amount | | |
Percent | |
| (dollars in thousands) | |
| | |
| | |
| | |
| | |
| | |
| |
| B2B | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Revenue | |
$ | 31,352 | | |
$ | 39,905 | | |
| 100.0 | % | |
| 100.0 | % | |
$ | (8,553 | ) | |
| (21.4 | )% |
| Cost of revenue (1) | |
| 6,129 | | |
| 9,015 | | |
| 19.5 | % | |
| 22.6 | % | |
| (2,886 | ) | |
| (32.0 | )% |
| B2B segment contribution | |
$ | 25,223 | | |
$ | 30,890 | | |
| 80.5 | % | |
| 77.4 | % | |
$ | (5,667 | ) | |
| (18.3 | )% |
| B2C | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Revenue | |
$ | 67,352 | | |
$ | 64,676 | | |
| 100.0 | % | |
| 100.0 | % | |
$ | 2,676 | | |
| 4.1 | % |
| Cost of revenue (1) | |
| 22,759 | | |
| 22,583 | | |
| 33.8 | % | |
| 34.9 | % | |
| 176 | | |
| 0.8 | % |
| B2C segment contribution | |
$ | 44,593 | | |
$ | 42,093 | | |
| 66.2 | % | |
| 65.1 | % | |
$ | 2,500 | | |
| 5.9 | % |
(1)
Excludes depreciation and amortization expense.
B2B
Segment
B2B
revenue decreased $8.5 million primarily due to a decrease in our contractual revenue rates pursuant to an agreement regarding the
expiration of an exclusivity period with a B2B customer. This decrease was partially offset by overall growth in the B2B segment due
to organic growth in the B2B segment due to the strong performance of our B2B customers.
B2B
cost of revenue decreased $3.0 million primarily attributable to recognition of service expense of $1.5 million related to our content
licensing arrangements that was accounted for as a service contract in the prior year. The additional decrease was primarily related
to a decrease in royalties resulting from declines in our SIM and Italy revenues.
Segment
contribution for B2B, which excludes depreciation and amortization expense, decreased by 18.3% and was due to the declines in revenues
and cost of revenue described above.
B2C
Segment
B2C
revenue increased $2.7 million primarily due to higher sports and casino margins.
B2C
cost of revenue was relatively consistent with the prior period.
Segment
contribution for B2C, which excludes depreciation and amortization expense, increased by 5.9%. This increase was primarily driven by
the increase in revenues as described above.
Non-GAAP
Financial Measures
Adjusted
EBITDA
Management
uses the non-GAAP measure of Adjusted EBITDA to measure its financial performance. Specifically, it uses Adjusted EBITDA (i) as a measure
to compare our operating performance from period to period, as it removes the effect of items not directly resulting from our core operations,
and (ii) as a means of assessing our core business performance against others in the industry, because it eliminates some of the effects
that are generated by differences in capital structure, depreciation, tax effects and unusual and infrequent events.
We
define Adjusted EBITDA as net loss before interest expense (income), net, income tax expense (benefit), depreciation and amortization,
impairments, share-based compensation expense and related expense, restructuring costs and other items which our Board of Directors considers
to be infrequent or unusual in nature. The presentation of Adjusted EBITDA is not intended to be used in isolation or as a substitute
for any measure prepared in accordance with U.S. GAAP and Adjusted EBITDA may exclude financial information that some investors may consider
important in evaluating our performance. Because Adjusted EBITDA is not a U.S. GAAP measure, the way we define Adjusted EBITDA may not
be comparable to similarly titled measures used by other companies in the industry.
Below
is a reconciliation of Adjusted EBITDA to net loss, the most comparable U.S. GAAP measure, as presented in the condensed consolidated
statements of operations for the periods specified:
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| (in thousands) | |
| | |
| | |
| | |
| |
| Net loss | |
$ | (8,160 | ) | |
$ | (6,941 | ) | |
$ | (25,068 | ) | |
$ | (49,789 | ) |
| Income tax (benefit) expense | |
| (274 | ) | |
| 356 | | |
| 385 | | |
| 513 | |
| Interest expense | |
| 1,264 | | |
| 1,450 | | |
| 3,885 | | |
| 2,521 | |
| Gain on amendment of Content Licensing Agreement | |
| — | | |
| — | | |
| (9,718 | ) | |
| — | |
| Loss on debt extinguishment | |
| — | | |
| — | | |
| 8,784 | | |
| — | |
| Revaluation of contingent liability | |
| (509 | ) | |
| — | | |
| (288 | ) | |
| — | |
| Depreciation and amortization | |
| 4,339 | | |
| 5,893 | | |
| 12,783 | | |
| 16,862 | |
| Share-based compensation and related expense (1) | |
| 818 | | |
| 1,335 | | |
| 4,726 | | |
| 5,671 | |
| Impairment | |
| — | | |
| — | | |
| — | | |
| 28,861 | |
| Restructuring | |
| — | | |
| — | | |
| — | | |
| 1,771 | |
| Adjusted EBITDA | |
$ | (2,522 | ) | |
$ | 2,093 | | |
$ | (4,511 | ) | |
$ | 6,410 | |
(1)
Includes $1.5 million and $2.1 million in equity-classified expense for the three months ended September 30, 2023 and 2022,
respectively, and $4.5 million and $6.1 million for the nine months ended September 30, 2023 and 2022, respectively, and expense
(benefit) of $0.3 million and $(0.1) million from liability-classified awards for the three months ended September 30, 2023 and
2022 respectively, and $0.4 million and (0.2) million for the nine months ended September 30, 2023 and 2022, respectively.
Such amounts excluded capitalized amounts. Additionally, share-based compensation and related expense is offset by a release of $1.0
million in short term incentive compensation that was to be settled in equity for the three months ended September 30, 2023. Refer
to Note 7 Share-based Compensation for further details.
Key
Performance Indicators
Our
management uses the following key performance indicators (“KPIs”) as indicators of trends and results of the business. These
KPIs give our management an indication of the level of engagement between the player and the Company’s platforms. No estimation
is necessary in quantifying these KPIs, nor do they represent U.S. GAAP based measurements. These KPIs are subject to various risks such
as customer concentration, competition, licensing and regulation, and macroeconomic conditions. Refer to “Item 1A. Risk Factors”
for further risks associated with our business which would affect these KPIs.
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| B2B Gross Operator Revenue (in millions) | |
$ | 424.1 | | |
$ | 277.8 | | |
$ | 1,273.1 | | |
$ | 858.6 | |
| B2B Take Rate | |
| 2.4 | % | |
| 4.6 | % | |
| 2.5 | % | |
| 4.6 | % |
| B2C Active Customers (in thousands) | |
| 244 | | |
| 261 | | |
| 432 | | |
| 435 | |
| B2C Marketing Spend Ratio | |
| 26 | % | |
| 23 | % | |
| 22 | % | |
| 21 | % |
| B2C Sports Margin | |
| 6.0 | % | |
| 6.6 | % | |
| 7.2 | % | |
| 7.0 | % |
B2B
Gross Operator Revenue
We
define B2B Gross Operator Revenue as the sum of our B2B corporate customers’ gross revenue from SIM, gross gaming revenue from
RMiG, and gross sports wins from sportsbook offerings. B2B Gross Operator Revenue, which is not comparable to financial information presented
in conformity with U.S. GAAP, gives management and users of our financial statements an indication of the extent of transactions processed
through our B2B corporate customers’ platforms and allows management to understand the extent of activity that our platform is
processing.
The
increase in Gross Operator Revenue for the three and nine months ended September 30, 2023, as compared to the three and nine months ended
September 30, 2022, was driven primarily by organic growth in Pennsylvania, Michigan, New Jersey and Connecticut. Additionally, Ontario
supplemented the growth through the achievement of greater market share.
B2B
Take Rate
We
define B2B Take Rate as a quotient of B2B segment revenue retained by the Company over the total Gross Operator Revenue generated by
our B2B corporate customers. B2B Take Rate gives management and users of our financial statements an indication of the impact of the
statutory terms and the efficiency of the commercial terms on the business.
The
decrease in B2B Take Rate for the three months ended September 30, 2023 as compared to the three and nine months ended September 30,
2022 was primarily driven by a decrease in our contractual revenue rates pursuant to an agreement regarding the expiration of an
exclusivity period with a B2B customer.
B2C
Active Customers
We
define B2C Active Customers as a user that places a wager during the period. This metric allows management to monitor the customer segmentation,
growth drivers, and ultimately creates opportunities to identify and add value to the user experience. This metric allows management
and users of the financial statements to measure the platform traffic and track related trends.
The
decrease in B2C Active Customers for the three months ended September 30, 2023 was primarily driven by limited customer acquisition in
Latin America and the lower volume of sporting events. The decrease in the third quarter had a slight impact on the overall numbers for the nine months ended September 30, 2023.
B2C
Marketing Spend Ratio
We
define B2C Marketing Spend Ratio as the total B2C direct marketing expense for the period divided by the total B2C revenues. This metric
allows management to measure the success of marketing costs during a given period. Additionally, this metric allows management to compare
across jurisdictions and other subsets, as an additional indication of return on marketing investment.
The
increase in the B2C Marketing Spend Ratio for the three and nine months ended September 30,
2023 was primarily driven by limited customer acquisition in Latin America.
B2C
Sports Margin
We
define B2C Sports Margin as the ratio of wagers minus winnings to total amount wagered, adjusted for open wagers at period end. Sports
betting involves a user placing a bet on the outcome of a sporting event with the chance to win a pre-determined amount, often referred
to as fixed odds. Our B2C sportsbook revenue is generated by setting odds that are intended to provide a built-in theoretical margin
in each sports bet offered to our users. This metric allows management to measure sportsbook performance against its expected outcome.
The
fluctuations in the B2C Sports Margin for the three and nine months ended September 30, 2023 were primarily attributable to the
outcomes of individual sporting events.
Liquidity
and Capital Resources
Material
Cash Commitments
Our
primary uses of cash include funding our ongoing working capital needs, content licensing discussed below, and developing and maintaining
our proprietary software platforms. Such capital allocations are contemplated while considering other opportunities we may have to deploy
our capital.
During
the year ended December 31, 2021, we entered into a Content Licensing Agreement (the “Content Licensing Agreement”) with
a third-party gambling content provider specializing in developing and licensing interactive games which was amended and restated on
April 5, 2022. The Agreement grants us exclusive right to use and distribute the online gaming content in North America. The content
provider is committed to developing a minimum number of games for our exclusive use over the five-year term, subject to extensions. In
exchange, we are required to pay fixed fees, totaling $30.0 million, of which $5.0 million was due upon execution of the Agreement, and
the remaining fixed fees are paid systematically over the initial five-year term. Additional payments could be required if our total
revenue generated from the licensed content exceeds certain stipulated annual and cumulative thresholds during the contract term. In
March 2023, the Company amended and restated its Content Licensing Agreement with the Content Provider, which resulted in a reduced contract
term and a reduction in the fixed fees payable under the arrangement by $15 million.
The
execution of our growth strategy will require continued significant capital expenditures, and we expect to continue investing in our
products and technologies as we seek to scale our business.
We
utilized cash in investing activities of $4.8 million and $17.5 million for the nine months ended September 30, 2023 and 2022, respectively.
Of these activities, expenditures related to internally developed capitalized software represented $2.8 million and $9.2 million, respectively,
and property and equipment (including licenses for internal use software) represented $1.6 million and $1.7 million, respectively. Additionally,
the Company utilized $5.5 million to pay fees related to the Content Licensing Agreement in the prior year.
Sources
of Liquidity
Since
our inception, we have primarily funded our operations through cash generated from operations, cash generated from financing activities,
including our U.S. initial public offering and term credit facility, and cash on hand.
In
April 2022, we entered into a $30.0 million term credit facility with net proceeds of $27.6 million (the “Credit Facility”).
The Credit Facility contained affirmative and negative covenants, including certain financial covenants associated with our financial
results. The financial covenants test periods began on March 31, 2023. We obtained waivers for all financial covenants as of March 31,
2023, and were in compliance as of September 30, 2023.
On
April 13, 2023, we executed agreements to amend the Credit Facility to waive all events of default, amend certain financial covenants,
assign the rights to the Credit Facility from our existing lender to a third party, extinguish the Credit Facility and increase the principal
balance from $30.0 million to $42.0 million with accrued paid in-kind (“PIK”) interest of 8.0% per year with the new lenders
facility arrangement (together, forming the “Amended Credit Facility”). The Amended Credit Facility became effective upon
cash settlement of payments completed on April 14, 2023. The Amended Credit Facility contains a financial covenant, among other covenants,
requiring minimum liquidity of $10.0 million. Refer to Note 6 – Debt in the accompanying condensed consolidated financial statements
for further detail with respect to the Amended Credit Facility.
We
believe cash generated from operations and cash on hand will be sufficient to meet our working capital and capital expenditure requirements
for at least the next twelve months. We are actively addressing internal costs to conserve cash and executing these programs will be
critical to our ability to continue funding our operations for at least the next twelve months.
To
the extent that our current resources, including our ability to generate operating cash flows, are insufficient to satisfy our cash requirements,
we may seek additional equity or debt financing. Our ability to do so depends on prevailing economic conditions and other factors, many
of which are beyond our control.
We
do not currently have any such credit facilities or similar debt arrangements in place, outside of the Amended Credit Facility as described
above, and cannot provide any assurance as to the availability or terms of any additional future financing that we may require to support
our operations. If the needed financing is not available, or if the terms of financing are less desirable than we expect, we may be forced
to decrease our level of investment in new products and technologies, discontinue further expansion of our business, or scale back our
existing operations, any of which could have an adverse impact on our business and financial prospects.
Cash
Flow Analysis
A
summary of our operating, investing and financing activities is shown in the following table:
| | |
Nine Months Ended | | |
| | |
| |
| | |
September 30, | | |
Change | |
| (dollars in thousands) | |
2023 | | |
2022 | | |
Amount | | |
Percent | |
| Net cash used in operating activities | |
$ | (3,640 | ) | |
$ | (3,559 | ) | |
| (81 | ) | |
| 2.3 | % |
| Net cash used in investing activities | |
| (4,772 | ) | |
| (17,514 | ) | |
| 12,742 | | |
| (72.8 | )% |
| Net cash provided by financing activities | |
| 1,253 | | |
| 27,458 | | |
| (26,205 | ) | |
| (95.4 | )% |
| Effect of foreign exchange rates on cash | |
| 451 | | |
| (4,074 | ) | |
| 4,525 | | |
| n.m. | |
| Net (decrease) increase in cash | |
$ | (6,708 | ) | |
$ | 2,311 | | |
$ | (9,019 | ) | |
| n.m. | |
n.m.
= not meaningful
Operating
Activities
Net
cash used in operating activities was relatively consistent with the comparable prior period.
Investing
Activities
Net
cash used in investing activities decreased $12.7 million primarily due to a reduction of spend related to the Content Licensing Agreement
of $5.5 million, as well as a reduction of capitalized development of $6.5 million primarily related to the B2B segment.
Financing
Activities
Net
cash provided by financing activities decreased by $26.2 million primarily related to the $30.0 million credit facility obtained in the
prior year.
Item
3. Quantitative and Qualitative Disclosures about Market Risk
As
a smaller reporting company, we are not required to provide the information required by this Item.
Item
4. Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
Disclosure
controls and procedures are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed,
summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated
and communicated to management, including our chief executive officer and chief financial officer (together, the “Certifying Officers”),
as appropriate, to allow for timely decisions regarding required disclosure.
In
designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how
well designed and operated, can provide only reasonable assurance, not absolute assurance, of achieving the desired control objectives,
and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Because
of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements will
not occur or that all control issues, if any, have been detected. These inherent limitations include the realities that judgments in
decision-making can be faulty and that breakdowns can occur because of simple errors or mistakes. The design of any system of controls
is based, in part, upon certain assumptions about the likelihood of future events and there can be no assurance that any design will
succeed in achieving its stated goals under all potential future conditions.
As
required by SEC Rule 13a-15(b), we carried out an evaluation, under the supervision and with the participation of our management, including
the Certifying Officers, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of
the period covered by this report. Based on the foregoing, the Certifying Officers concluded that our disclosure controls and procedures
were not effective at the reasonable assurance level as of September 30, 2023. The Certifying Officers based their conclusion on the
fact that the Company has identified material weaknesses in controls over financial reporting, detailed below. In light of this fact,
our management has performed additional analyses, reconciliations, and other procedures and have concluded that, notwithstanding the
material weaknesses in our internal control over financial reporting, the condensed consolidated financial statements for the periods
covered by and included in this Form 10-Q fairly present, in all material respects, our financial position, results of operations and
cash flows for the periods presented in conformity with GAAP.
Material
Weakness in Internal Control Over Financial Reporting
As
previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022, material weaknesses were identified in the
Company’s internal control over financial reporting. A material weakness is a deficiency, or combination of deficiencies, in internal
control over financial reporting such that there is a reasonable possibility that a material misstatement of the Company’s interim
or annual condensed consolidated financial statements will not be prevented or detected on a timely basis.
During
the course of management’s prior year-end procedures, the Company’s management and audit committee of the board of directors
identified deficiencies in the design of the control environment whereby certain finance users were granted “super user”
access and security administration rights to the financial reporting systems, the activity of these users with elevated access were not
actively monitored, and no segregation of duties over journal entry preparation and approval within the B2C segment existed and determined
that these deficiencies constituted a material weakness. While the Company has actively begun to implement controls to remediate the
material weakness, this material weakness has not been resolved as of September 30, 2023.
Remediation
Plans
We
continue to evaluate measures to remediate the identified material weaknesses. These measures include implementing appropriate controls
to segregate journal entry preparation and approvals and to actively monitor finance users with elevated rights.
We
intend to continue to take steps to remediate the material weakness described above and further evolving our accounting processes, controls,
and reviews. The Company plans to continue to assess its internal controls and procedures and intends to take further action as necessary
or appropriate to address any other matters it identifies or are brought to its attention. We will not be able to fully remediate this
material weakness until these steps have been completed and have been operating effectively for a sufficient period of time.
The
actions that we are taking are subject to ongoing senior management review, as well as audit committee oversight. We will not be able
to conclude whether the steps we are taking will fully remediate the material weakness in our internal control over financial reporting
until we have completed our remediation efforts and subsequent evaluation of their effectiveness. We may also conclude that additional
measures may be required to remediate the material weakness in our internal control over financial reporting, which may necessitate further
action.
Changes
in Internal Controls Over Financial Reporting
Except
for the remediation efforts described above, there was no change in our internal control over financial reporting that occurred during
the quarter covered by this Form 10-Q that has materially affected, or is reasonably likely to materially affect, our internal control
over financial reporting.
PART
II. OTHER INFORMATION
Item
1. Legal Proceedings
We
are subject to legal proceedings that have not been fully resolved and that have arisen in the ordinary course of business. We are not
currently a party to any legal proceedings that, in the opinion of our management, are likely to have a material adverse effect on our
business.
The
outcome of litigation is inherently uncertain. If one or more matters were resolved against the Company in a reporting period for amounts
above management’s expectations, the Company’s financial condition and operating results for that reporting period could
be materially adversely affected. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement
costs, diversion of management resources and other factors.
Item
1A. Risk Factors
Our
business, financial condition and operating results can be affected by a number of factors, both known and unknown, including those described
below and in Part I, Item 1A of our 2022 Form 10-K under the heading “Risk Factors,” any of which, alone or in combination
with other, could cause our actual operating results and financial condition to vary materially from past, or from anticipated future
operating results or financial condition.
Our
B2C operations generate a significant portion of its revenues from “unregulated” markets and changes in regulation
in those markets could result in us losing business in those markets or incurring additional expenses in order to comply with any new
regulatory scheme.
Our
B2C operations currently generate a significant portion of its revenues in markets that currently do not have a local licensing scheme,
including Latin America and Northern Europe. Certain of those markets, or other markets where we may operate in the future, are in the
process of developing regulations that require registration and regulatory compliance or could do so in the near term. The adoption of
regulations and licensing requirements may increase costs, reduce net gaming revenue or require us to cease operations depending on the
range of unforeseen developments in proposed rules and regulations governing online gaming in the international markets in which we currently
operate.
Our
B2C operations generate a significant portion of our revenue in markets where tax regulations are evolving and could result in additional
tax liabilities that could materially affect our financial condition and results of operations.
Our
B2C operations currently generate a significant portion of its revenues in markets that have evolving tax legislation, including Latin
America and Canada. Those markets, or other markets where we may operate in the future are actively considering or could adopt regulations
that adversely affect our operations. The adoption of tax regulations may increase costs, reduce net gaming revenue or require us to
cease operations depending on the range of unforeseen possible changes to the statutes governing online gaming in the international markets
in which we currently operate.
Macroeconomic
conditions can materially adversely affect the Company’s business, results of operations and financial condition.
Recent
adverse macroeconomic conditions, including inflation, higher interest rates, slower growth or recession, the strengthening of the U.S.
dollar, and corresponding currency fluctuations can have an adverse material impact on the Company’s future results of operations,
cash flows, and financial condition, particularly with respect to foreign currency adjustments relating to our international operations.
Such conditions may also affect consumers’ willingness to make discretionary purchases, and therefore the Company, along with its
casino operator customers, may experience a decline in wagering. A downturn in the economic environment can also lead to increased credit
and collectibility risk on the Company’s trade receivables, limitations on the Company’s ability to issue new debt, and reduced
liquidity.
Item
6. Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
| |
GAN
Limited |
| |
|
|
| Date:
November 9, 2023 |
By: |
/s/
SEAMUS MCGILL |
| |
|
Seamus
McGill |
| |
|
Interim
Chief Executive Officer |
| |
|
(Principal
Executive Officer) |
| |
|
|
| |
|
/s/
BRIAN CHANG |
| |
|
Brian
Chang |
| |
|
Interim
Chief Financial Officer |
| |
|
(Principal
Financial and Accounting Officer) |
Exhibit
31.1
Certification
of Chief Executive Officer
Pursuant
to Rule 13a-14(a) of the Securities Exchange Act of 1934, as Amended,
Adopted
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I,
Seamus McGill, certify that:
| 1. |
I
have reviewed this quarterly report on Form 10-Q of GAN Limited; |
| |
|
| 2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
| |
|
| 3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
| |
|
| 4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| |
|
| |
a. |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
| |
|
|
| |
b. |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
| |
|
|
| |
c. |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
| |
|
|
| |
d. |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
| |
|
|
| 5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
similar functions): |
| |
|
| |
a. |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
| |
|
|
| |
b. |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
November 9, 2023
| |
/s/
SEAMUS MCGILL |
| |
Seamus McGill |
| |
Interim
Chief Executive Officer |
| |
(principal
executive officer) |
Exhibit
31.2
Certification
of Chief Financial Officer
Pursuant
to Rule 13a-14(a) of the Securities Exchange Act of 1934, as Amended,
Adopted
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I,
Brian Chang, certify that:
| 1. |
I
have reviewed this quarterly report on Form 10-Q of GAN Limited; |
| |
|
| 2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
| |
|
| 3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
| |
|
| 4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| |
|
|
| |
a. |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
| |
|
|
| |
b. |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
| |
|
|
| |
c. |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
| |
|
|
| |
d. |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
| |
|
|
| 5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
similar functions): |
| |
|
|
| |
a. |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
| |
|
|
| |
b. |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
November 9, 2023
| |
/s/
BRIAN CHANG |
| |
Brian
Chang |
| |
Interim
Chief Financial Officer |
| |
(principal
financial officer) |
Exhibit
32.1
Certification
of Chief Executive Officer
Pursuant
to 18 U.S.C. Section 1350, as Adopted Pursuant to
Section
906 of the Sarbanes-Oxley Act of 2002
I
hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
| |
● |
The
Quarterly Report on Form 10-Q of GAN Limited (the “Company”) for the quarter ended September 30, 2023 (the “Report”)
fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended;
and |
| |
|
|
| |
● |
The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
Date:
November 9, 2023
| |
/s/
SEAMUS MCGILL |
| |
Seamus McGill |
| |
Interim
Chief Executive Officer |
| |
(principal
executive officer) |
Exhibit
32.2
Certification
of Chief Financial Officer
Pursuant
to 18 U.S.C. Section 1350, as Adopted Pursuant to
Section
906 of the Sarbanes-Oxley Act of 2002
I
hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
| |
● |
The
Quarterly Report on Form 10-Q of GAN Limited (the “Company”) for the quarter ended September 30, 2023 (the “Report”)
fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended;
and |
| |
|
|
| |
● |
The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
Date:
November 9, 2023
| |
/s/
BRIAN CHANG |
| |
Brian
Chang |
| |
Interim
Chief Financial Officer |
| |
(principal
financial officer) |
v3.23.3
Cover - shares
|
9 Months Ended |
|
Sep. 30, 2023 |
Nov. 06, 2023 |
| Cover [Abstract] |
|
|
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10-Q
|
|
| Amendment Flag |
false
|
|
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true
|
|
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false
|
|
| Document Period End Date |
Sep. 30, 2023
|
|
| Document Fiscal Period Focus |
Q3
|
|
| Document Fiscal Year Focus |
2023
|
|
| Current Fiscal Year End Date |
--12-31
|
|
| Entity File Number |
001-39274
|
|
| Entity Registrant Name |
GAN
Limited
|
|
| Entity Central Index Key |
0001799332
|
|
| Entity Incorporation, State or Country Code |
D0
|
|
| Entity Address, Address Line One |
400
Spectrum Center Drive
|
|
| Entity Address, Address Line Two |
Suite 1900
|
|
| Entity Address, City or Town |
Irvine
|
|
| Entity Address, State or Province |
CA
|
|
| Entity Address, Postal Zip Code |
92618
|
|
| City Area Code |
(833)
|
|
| Local Phone Number |
565-0550
|
|
| Title of 12(b) Security |
Ordinary
shares, par value $0.01
|
|
| Trading Symbol |
GAN
|
|
| Security Exchange Name |
NASDAQ
|
|
| Entity Current Reporting Status |
Yes
|
|
| Entity Interactive Data Current |
Yes
|
|
| Entity Filer Category |
Accelerated Filer
|
|
| Entity Small Business |
true
|
|
| Entity Emerging Growth Company |
true
|
|
| Elected Not To Use the Extended Transition Period |
true
|
|
| Entity Shell Company |
false
|
|
| Entity Common Stock, Shares Outstanding |
|
44,714,448
|
| Entity Information, Former Legal or Registered Name |
Not
applicable
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v3.23.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Current assets |
|
|
|
| Cash |
|
$ 39,212
|
$ 45,920
|
| Accounts receivable, net of allowance for doubtful accounts of $146 and $250 at September 30, 2023 and December 31, 2022, respectively |
|
9,168
|
13,808
|
| Prepaid expenses |
|
3,302
|
4,861
|
| Other current assets |
|
4,086
|
3,041
|
| Total current assets |
|
55,768
|
67,630
|
| Capitalized software development costs, net |
|
7,972
|
6,749
|
| Intangible assets, net |
|
15,293
|
24,955
|
| Operating lease right-of-use assets |
[1] |
4,438
|
234
|
| Other assets |
|
5,189
|
3,512
|
| Total assets |
|
88,660
|
103,080
|
| Current liabilities |
|
|
|
| Accounts payable |
|
5,449
|
6,437
|
| Accrued compensation and benefits |
|
9,570
|
8,750
|
| Accrued content license fees |
|
1,577
|
2,214
|
| Liabilities to users |
|
9,467
|
10,683
|
| Current operating lease liabilities |
|
751
|
195
|
| Other current liabilities |
|
5,659
|
4,253
|
| Total current liabilities |
|
32,473
|
32,532
|
| Deferred income taxes |
|
4,073
|
4,218
|
| Long-term debt |
|
41,056
|
28,157
|
| Content licensing liabilities |
|
2,800
|
15,280
|
| Non-current operating lease liabilities |
|
3,730
|
|
| Other liabilities |
|
2,508
|
2,125
|
| Total liabilities |
|
86,640
|
82,312
|
| Commitments and contingencies (Note 16) |
|
|
|
| Shareholders’ equity |
|
|
|
| Ordinary shares, $0.01 par value, 100,000,000 shares authorized, 44,698,931 and 42,894,211 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively |
|
447
|
429
|
| Additional paid-in capital |
|
335,321
|
328,998
|
| Accumulated deficit |
|
(299,929)
|
(274,861)
|
| Accumulated other comprehensive loss |
|
(33,819)
|
(33,798)
|
| Total shareholders’ equity |
|
2,020
|
20,768
|
| Total liabilities and shareholders’ equity |
|
$ 88,660
|
$ 103,080
|
|
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.23.3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Statement of Financial Position [Abstract] |
|
|
| Accounts receivable allowance for credit loss, current |
$ 146
|
$ 250
|
| Common stock, par value |
$ 0.01
|
$ 0.01
|
| Common stock, shares authorized |
100,000,000
|
100,000,000
|
| Common stock, shares issued |
44,698,931
|
42,894,211
|
| Common stock, shares outstanding |
44,698,931
|
42,894,211
|
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
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-Section 45
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 946
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-Paragraph 3
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-Topic 210
-SubTopic 10
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-Section S99
-Paragraph 1
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-Publisher FASB
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v3.23.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Income Statement [Abstract] |
|
|
|
|
|
| Revenue |
|
$ 29,817
|
$ 32,120
|
$ 98,704
|
$ 104,581
|
| Operating costs and expenses |
|
|
|
|
|
| Cost of revenue |
[1] |
9,242
|
9,435
|
28,888
|
31,598
|
| Sales and marketing |
|
7,196
|
6,781
|
21,704
|
20,292
|
| Product and technology |
|
9,150
|
7,571
|
29,966
|
24,928
|
| General and administrative |
[1] |
7,060
|
7,588
|
27,095
|
27,307
|
| Impairment |
|
|
|
|
28,861
|
| Restructuring |
|
|
|
|
1,771
|
| Depreciation and amortization |
|
4,339
|
5,893
|
12,783
|
16,862
|
| Total operating costs and expenses |
|
36,987
|
37,268
|
120,436
|
151,619
|
| Operating loss |
|
(7,170)
|
(5,148)
|
(21,732)
|
(47,038)
|
| Interest expense |
|
1,264
|
1,450
|
3,885
|
2,521
|
| Other income, net |
|
|
(13)
|
(934)
|
(283)
|
| Loss before income taxes |
|
(8,434)
|
(6,585)
|
(24,683)
|
(49,276)
|
| Income tax (benefit) expense |
|
(274)
|
356
|
385
|
513
|
| Net loss |
|
$ (8,160)
|
$ (6,941)
|
$ (25,068)
|
$ (49,789)
|
| Loss per share, basic |
|
$ (0.18)
|
$ (0.16)
|
$ (0.57)
|
$ (1.18)
|
| Loss per share, diluted |
|
$ (0.18)
|
$ (0.16)
|
$ (0.57)
|
$ (1.18)
|
| Weighted average ordinary shares outstanding, basic |
|
44,699,951
|
42,237,226
|
43,949,594
|
42,263,462
|
| Weighted average ordinary shares outstanding, diluted |
|
44,699,951
|
42,237,226
|
43,949,594
|
42,263,462
|
|
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v3.23.3
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Income Statement [Abstract] |
|
|
|
|
| Net loss |
$ (8,160)
|
$ (6,941)
|
$ (25,068)
|
$ (49,789)
|
| Other comprehensive loss, net of tax |
|
|
|
|
| Foreign currency translation adjustments |
(1,142)
|
(12,201)
|
(21)
|
(28,661)
|
| Comprehensive loss |
$ (9,302)
|
$ (19,142)
|
$ (25,089)
|
$ (78,450)
|
| X |
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7
Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
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v3.23.3
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)
$ in Thousands |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Treasury Stock, Common [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Total |
| Balance at Dec. 31, 2021 |
$ 422
|
$ 319,551
|
|
$ (76,360)
|
$ (19,576)
|
$ 224,037
|
| Balance, shares at Dec. 31, 2021 |
42,250,743
|
|
|
|
|
|
| Net income (loss) |
|
|
|
(4,499)
|
|
(4,499)
|
| Foreign currency translation adjustments |
|
|
|
|
(4,264)
|
(4,264)
|
| Share-based compensation |
|
1,316
|
|
|
|
1,316
|
| Restricted share activity |
|
|
|
|
|
|
| Restricted share activity, shares |
2,365
|
|
|
|
|
|
| Accrued liability settled through issuance of shares |
|
444
|
|
|
|
444
|
| Balance at Mar. 31, 2022 |
$ 422
|
321,311
|
|
(80,859)
|
(23,840)
|
217,034
|
| Balance, shares at Mar. 31, 2022 |
42,253,108
|
|
|
|
|
|
| Balance at Dec. 31, 2021 |
$ 422
|
319,551
|
|
(76,360)
|
(19,576)
|
224,037
|
| Balance, shares at Dec. 31, 2021 |
42,250,743
|
|
|
|
|
|
| Net income (loss) |
|
|
|
|
|
(49,789)
|
| Foreign currency translation adjustments |
|
|
|
|
|
(28,661)
|
| Balance at Sep. 30, 2022 |
$ 425
|
327,327
|
|
(127,152)
|
(48,237)
|
152,363
|
| Balance, shares at Sep. 30, 2022 |
42,559,977
|
|
|
|
|
|
| Balance at Mar. 31, 2022 |
$ 422
|
321,311
|
|
(80,859)
|
(23,840)
|
217,034
|
| Balance, shares at Mar. 31, 2022 |
42,253,108
|
|
|
|
|
|
| Net income (loss) |
|
|
|
(38,349)
|
|
(38,349)
|
| Foreign currency translation adjustments |
|
|
|
|
(12,196)
|
(12,196)
|
| Share-based compensation |
|
2,659
|
|
|
|
2,659
|
| Issuance of ordinary shares upon exercise of share options |
$ 1
|
394
|
|
|
|
395
|
| Issuance of ordinary shares upon exercise of share options, shares |
125,416
|
|
|
|
|
|
| Accrued liability settled through issuance of shares |
|
469
|
|
|
|
469
|
| Repurchase of ordinary shares |
|
|
(1,006)
|
|
|
(1,006)
|
| Repurchase of ordinary shares, shares |
(303,113)
|
|
|
|
|
|
| Ordinary share retirement |
$ (3)
|
|
1,006
|
(1,003)
|
|
|
| Balance at Jun. 30, 2022 |
$ 420
|
324,833
|
|
(120,211)
|
(36,036)
|
169,006
|
| Balance, shares at Jun. 30, 2022 |
42,075,411
|
|
|
|
|
|
| Net income (loss) |
|
|
|
(6,941)
|
|
(6,941)
|
| Foreign currency translation adjustments |
|
|
|
|
(12,201)
|
(12,201)
|
| Share-based compensation |
|
2,140
|
|
|
|
2,140
|
| Restricted share activity |
$ 2
|
(137)
|
|
|
|
(135)
|
| Restricted share activity, shares |
159,859
|
|
|
|
|
|
| Issuance of ordinary shares upon ESPP purchases |
$ 1
|
168
|
|
|
|
169
|
| Issuance of ordinary shares upon ESPP purchases, shares |
74,707
|
|
|
|
|
|
| Issuance of ordinary shares upon exercise of share options |
$ 2
|
323
|
|
|
|
325
|
| Issuance of ordinary shares upon exercise of share options, shares |
250,000
|
|
|
|
|
|
| Balance at Sep. 30, 2022 |
$ 425
|
327,327
|
|
(127,152)
|
(48,237)
|
152,363
|
| Balance, shares at Sep. 30, 2022 |
42,559,977
|
|
|
|
|
|
| Balance at Dec. 31, 2022 |
$ 429
|
328,998
|
|
(274,861)
|
(33,798)
|
20,768
|
| Balance, shares at Dec. 31, 2022 |
42,894,211
|
|
|
|
|
|
| Net income (loss) |
|
|
|
1,501
|
|
1,501
|
| Foreign currency translation adjustments |
|
|
|
|
966
|
966
|
| Share-based compensation |
|
1,382
|
|
|
|
1,382
|
| Restricted share activity |
$ 4
|
|
|
|
|
4
|
| Restricted share activity, shares |
377,944
|
|
|
|
|
|
| Repurchase of restricted shares to pay tax liability (Note 7) |
$ (1)
|
(78)
|
|
|
|
(79)
|
| Repurchase of restricted shares to pay tax liability (Note 7), shares |
(49,157)
|
|
|
|
|
|
| Issuance of ordinary shares upon ESPP purchases |
$ 1
|
64
|
|
|
|
65
|
| Issuance of ordinary shares upon ESPP purchases, shares |
57,960
|
|
|
|
|
|
| Balance at Mar. 31, 2023 |
$ 433
|
330,366
|
|
(273,360)
|
(32,832)
|
24,607
|
| Balance, shares at Mar. 31, 2023 |
43,280,958
|
|
|
|
|
|
| Balance at Dec. 31, 2022 |
$ 429
|
328,998
|
|
(274,861)
|
(33,798)
|
20,768
|
| Balance, shares at Dec. 31, 2022 |
42,894,211
|
|
|
|
|
|
| Net income (loss) |
|
|
|
|
|
(25,068)
|
| Foreign currency translation adjustments |
|
|
|
|
|
$ (21)
|
| Issuance of ordinary shares upon exercise of share options, shares |
|
|
|
|
|
5,129
|
| Balance at Sep. 30, 2023 |
$ 447
|
335,321
|
|
(299,929)
|
(33,819)
|
$ 2,020
|
| Balance, shares at Sep. 30, 2023 |
44,698,931
|
|
|
|
|
|
| Balance at Mar. 31, 2023 |
$ 433
|
330,366
|
|
(273,360)
|
(32,832)
|
24,607
|
| Balance, shares at Mar. 31, 2023 |
43,280,958
|
|
|
|
|
|
| Net income (loss) |
|
|
|
(18,409)
|
|
(18,409)
|
| Foreign currency translation adjustments |
|
|
|
|
155
|
155
|
| Share-based compensation |
|
1,621
|
|
|
|
1,621
|
| Restricted share activity |
$ 1
|
1
|
|
|
|
2
|
| Restricted share activity, shares |
148,080
|
|
|
|
|
|
| Repurchase of restricted shares to pay tax liability (Note 7) |
|
|
|
|
|
|
| Repurchase of restricted shares to pay tax liability (Note 7), shares |
(952)
|
|
|
|
|
|
| Issuance of ordinary shares upon exercise of share options |
|
|
|
|
|
|
| Issuance of ordinary shares upon exercise of share options, shares |
5,129
|
|
|
|
|
|
| Issuance of ordinary shares in connection with Content Provider Agreement |
$ 13
|
1,950
|
|
|
|
1,963
|
| Issuance of ordinary shares in connection with Content Provider Agreement, shares |
1,250,000
|
|
|
|
|
|
| Balance at Jun. 30, 2023 |
$ 447
|
333,938
|
|
(291,769)
|
(32,677)
|
9,939
|
| Balance, shares at Jun. 30, 2023 |
44,683,215
|
|
|
|
|
|
| Net income (loss) |
|
|
|
(8,160)
|
|
(8,160)
|
| Foreign currency translation adjustments |
|
|
|
|
(1,142)
|
(1,142)
|
| Share-based compensation |
|
1,386
|
|
|
|
1,386
|
| Restricted share activity |
|
(3)
|
|
|
|
(3)
|
| Restricted share activity, shares |
17,839
|
|
|
|
|
|
| Repurchase of restricted shares to pay tax liability (Note 7) |
|
|
|
|
|
|
| Repurchase of restricted shares to pay tax liability (Note 7), shares |
(2,123)
|
|
|
|
|
|
| Balance at Sep. 30, 2023 |
$ 447
|
$ 335,321
|
|
$ (299,929)
|
$ (33,819)
|
$ 2,020
|
| Balance, shares at Sep. 30, 2023 |
44,698,931
|
|
|
|
|
|
| X |
- DefinitionAdjustments to additional paid in capital accrued liability settled through issuance of shares.
| Name: |
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| Namespace Prefix: |
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|
| X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 20
-Section 55
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481089/718-20-55-13
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 20
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481089/718-20-55-12
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|
| X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
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v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Cash Flows From Operating Activities |
|
|
| Net loss |
$ (25,068)
|
$ (49,789)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Amortization of software and intangible assets |
11,594
|
15,837
|
| Depreciation on property and equipment and finance lease right-of-use assets |
1,188
|
1,025
|
| Non-cash interest and amortization of debt discount and debt issuance costs |
2,845
|
280
|
| Share-based compensation expense |
4,699
|
5,671
|
| Gain on extinguishment of content liability |
(9,717)
|
|
| Loss on extinguishment of debt |
8,784
|
|
| Impairment of goodwill |
|
28,861
|
| Deferred income tax |
(117)
|
541
|
| Change in fair value of synthetic equity |
(288)
|
|
| Other |
(102)
|
(22)
|
| Changes in operating assets and liabilities, net of acquisition: |
|
|
| Accounts receivable |
4,791
|
(5,189)
|
| Prepaid expenses |
1,560
|
(1,226)
|
| Other current assets |
(1,053)
|
(265)
|
| Other assets |
(4,452)
|
2,552
|
| Accounts payable |
(996)
|
1,730
|
| Accrued compensation and benefits |
859
|
(4,174)
|
| Accrued content license fees |
(645)
|
(1,689)
|
| Liabilities to users |
(1,158)
|
1,296
|
| Other current liabilities |
2,043
|
(387)
|
| Other liabilities |
1,593
|
1,389
|
| Net cash used in operating activities |
(3,640)
|
(3,559)
|
| Cash Flows From Investing Activities |
|
|
| Expenditures for capitalized software development costs |
(2,753)
|
(9,242)
|
| Payments for content licensing arrangements |
|
(5,500)
|
| Purchases of gaming licenses |
(412)
|
(1,115)
|
| Purchases of property and equipment |
(1,607)
|
(1,657)
|
| Net cash used in investing activities |
(4,772)
|
(17,514)
|
| Cash Flows From Financing Activities |
|
|
| Proceeds from issuance of long-term debt |
|
30,000
|
| Proceeds from exercise of share options |
|
720
|
| Proceeds from issuance of ordinary shares under ESPP |
66
|
169
|
| Repurchase of restricted shares to pay tax liability |
(409)
|
|
| Repurchase of ordinary shares |
|
(1,006)
|
| Proceeds from issuance of long-term debt |
4,733
|
|
| Payment of debt issuance costs |
(3,137)
|
(2,425)
|
| Net cash provided by financing activities |
1,253
|
27,458
|
| Effect of foreign exchange rates on cash |
451
|
(4,074)
|
| Net (decrease) increase in cash |
(6,708)
|
2,311
|
| Cash, beginning of period |
45,920
|
39,477
|
| Cash, end of period |
39,212
|
41,788
|
| Supplemental Cash Flow Information |
|
|
| Interest |
1,068
|
|
| Income taxes |
184
|
690
|
| Intangible assets acquired in business acquisition included in current and long-term liabilities |
|
26,244
|
| Right-of-use asset obtained in exchange for new operating lease liability |
4,471
|
|
| Contract asset and contingent liability related to synthetic equity |
$ 1,143
|
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v3.23.3
NATURE OF OPERATIONS
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| NATURE OF OPERATIONS |
NOTE
1 — NATURE OF OPERATIONS
GAN
Limited (the “Parent,” and with its subsidiaries, collectively the “Company”) is an exempted company limited
by shares, incorporated and registered in Bermuda.
The
Company is a business-to-business (“B2B”) supplier of a proprietary gaming system, GameSTACK™ (“GameSTACK”),
which is used predominately by the U.S. land-based casino industry. For its B2B customers, GameSTACK is a turnkey technology solution
for regulated real money internet gambling (“real money iGaming” or “RMiG”), online sports gaming, and virtual
simulated gaming (“SIM”). In addition, the Company’s B2B segment offers GAN Sports, an in-house online and retail sports
betting technology platform, through internet connected self-service kiosks deployed at casino properties and mobile solutions. The Company
is also a business-to-consumer (“B2C”) developer and operator of an online sports betting and casino platform under its “Coolbet”
brand, providing international users with access through www.coolbet.com to its sportsbook, casino games and poker products. The Company
operates its B2C segment in markets across Northern Europe, Latin America, and Canada.
|
| X |
- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org//275/tableOfContent
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482861/275-10-50-1
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Accounting Policies [Abstract] |
|
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation and Principles of Consolidation
The
condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United
States of America (“U.S. GAAP”) and include the results of the Parent and its wholly-owned subsidiaries. All intercompany
accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements have been
prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, in the opinion of management,
of a normal recurring nature that are necessary for a fair presentation of the financial position, results of operations and cash flows
for the periods presented. The financial data and other financial information disclosed in these notes to the condensed consolidated
financial statements related to these periods are also unaudited. The results of operations for the three and nine months ended September
30, 2023 are not necessarily indicative of the results that may be expected for the year ended December 31, 2023 or for any future annual
or interim period. The condensed consolidated balance sheet as of December 31, 2022 included herein was derived from the audited consolidated
financial statements as of that date. The accompanying unaudited condensed consolidated financial statements and notes thereto should
be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report
on Form 10-K for the year ended December 31, 2022.
During
the second quarter of 2023, the Company completed a reorganization which resulted in the Company reclassifying its operating expenses
between the sales and marketing, product and technology and general and administrative.
The
following table provides the impact of operating expense reclassification for the three months ended September 30, 2022.
SCHEDULE OF IMPACT OF OPERATING EXPENSE RECLASSIFICATION
| | |
As previously | | |
Impact of operating expense | | |
As currently | |
| | |
Three Months Ended September 30, 2022 | |
| | |
As previously | | |
Impact of operating expense | | |
As currently | |
| | |
reported | | |
reclassification | | |
reported | |
| Operating expenses | |
| | | |
| | | |
| | |
| Sales and marketing | |
$ | 6,757 | | |
$ | 24 | | |
$ | 6,781 | |
| Product and technology | |
| 4,998 | | |
| 2,573 | | |
| 7,571 | |
| General and administrative (1) | |
| 10,185 | | |
| (2,597 | ) | |
| 7,588 | |
| Total operating expenses | |
$ | 21,940 | | |
$ | — | | |
$ | 21,940 | |
| (1) |
Excludes
depreciation and amortization expense. |
The
following table provides the impact of the reclassification of operating expenses for the nine months ended September 30, 2022.
| | |
As previously | | |
Impact of operating
expense | | |
As currently | |
| | |
Nine Months Ended September 30, 2022 | |
| | |
As previously | | |
Impact of operating
expense | | |
As currently | |
| | |
reported | | |
reclassification | | |
reported | |
| Operating expenses | |
| | | |
| | | |
| | |
| Sales and marketing | |
$ | 20,122 | | |
$ | 170 | | |
$ | 20,292 | |
| Product and technology | |
| 19,140 | | |
| 5,788 | | |
| 24,928 | |
| General and administrative (1) | |
| 33,265 | | |
| (5,958 | ) | |
| 27,307 | |
| Total operating expenses | |
$ | 72,527 | | |
$ | — | | |
$ | 72,527 | |
| (1) |
Excludes
depreciation and amortization expense. |
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
Liquidity
The
accompanying condensed consolidated financial statements have been prepared on a going concern basis. As of September 30, 2023, the Company
had an accumulated deficit of $299.9 million, with cash of $39.2 million and liabilities to users of $9.5 million. The Company has historically
operated with net losses and has not generated positive cash flows. Additionally, the Company’s current financial condition, liquidity
resources, and planned near-term cash flows from operations are sensitive to changes in macro-economic conditions and the substantial
variability inherent in the Company’s wager-based revenues streams. These factors indicate uncertainty related to the ability of
the Company to meet its current obligations as they come due.
In
the fourth quarter of 2022, the Company initiated plans to address its liquidity needs and improve its operations and cash position primarily
by (i) reducing and deferring personnel and operational costs for non-strategic initiatives, (ii) amending the Credit Facility to reduce
cash interest obligations and amend financial covenants, (iii) identifying sources of additional capital, (iv) continuing investment
in the growth areas of the Company’s consolidated operations, (v) continuing cost saving initiatives first implemented during the
year ended December 31, 2022, and (vi) initiating a strategic review process to assess a range of strategic alternatives.
On
April 13, 2023, a subsidiary of the Company executed agreements to amend its existing credit facility to waive all events of default,
amend certain financial covenants, assign the rights to the credit facility from its existing lender to a third party, and increase the
principal balance from $30.0 million to $42.0 million with accrued paid in-kind (“PIK”) interest of 8.0% per year (together,
forming the “Amended Credit Facility”). The Amended Credit Facility became effective upon cash settlement of payments completed
on April 14, 2023 and represented a cure of any events of default under the Credit Facility and thereby prevented any amounts from becoming
due and payable under the Credit Facility’s subjective acceleration clause. The Amended Credit Facility contains a financial covenant,
among other covenants, requiring minimum liquidity of $10.0 million. Refer to Note 6 – Debt for further detail. Management believes
the executed Amended Credit Facility and intent and ability to complete the remaining cost mitigation plans alleviate uncertainty regarding
the Company’s ability to meet its current obligations as they come due.
To
the extent that the Company’s current resources, including its ability to generate operating cash flows, are insufficient to satisfy
its cash requirements, the Company may seek additional equity or debt financing. The Company’s ability to do so depends on prevailing
economic conditions and other factors, many of which are beyond management’s control. The Company does not currently have any such
credit facilities or similar debt arrangements in place, outside of the Amended Credit Facility as described above, and cannot provide
any assurance as to the availability or terms of any future financing that it may require to support its operations. If the needed financing
is not available, or if the terms of financing are less desirable than expected, the Company may be forced to decrease its level of investment
in new products and technologies, discontinue further expansion of the business, scale back its existing operations, or divest of assets,
any of which could have an adverse impact on the Company and its financial prospects.
Use
of Estimates
The
preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date
of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Due
to the inherent uncertainties involved in making estimates, actual results could differ from the original estimates, and may require
significant adjustments to these reported balances in future periods.
Foreign
Currency Translation and Transactions
The
Company’s reporting currency is the U.S. Dollar while the Company’s foreign subsidiaries use their local currencies as their
functional currencies. The assets and liabilities of foreign subsidiaries are translated to U.S. Dollars based on the current exchange
rate prevailing at each reporting period. Revenue and expenses are translated into U.S. Dollars using the average exchange rates prevailing
for each period presented. Translation adjustments that arise from translating a foreign subsidiary’s financial statements from
their functional currency to U.S. Dollars are reported as a separate component of accumulated other comprehensive loss in shareholders’
equity.
Gains
and losses arising from transactions denominated in a currency other than the functional currency are included in general and
administrative expense in the condensed consolidated statements of operations as incurred. Foreign currency transaction and
remeasurement gains and losses were a net gain (loss) of $(155)
and $684
for the three months ended September 30, 2023 and 2022, respectively, and $(1,169)
and $(494)
for the nine months ended September 30, 2023 and 2022, respectively.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist primarily of its cash and trade receivables.
The Company holds cash deposits in foreign countries, primarily in Northern Europe and Latin America, of approximately $32.2 million,
which are subject to local banking laws and may bear higher or lower risk than cash deposited in the United States. Cash held in the
United States is maintained in a major financial institution in excess of federally insured limits. As part of our cash management processes,
the Company performs periodic evaluations of the credit standing of the financial institutions and we have not sustained any credit losses
from instruments held at these financial institutions. Additionally, the Company maintains an allowance for potential credit losses,
but historically has not experienced any significant losses related to individual customers or groups of customers in any particular
geographic area.
Risks
and Uncertainties
Macroeconomic
conditions can materially adversely affect the Company’s business, results of operations and financial condition. Recent adverse
macroeconomic conditions, including inflation, higher interest rates, slower growth or recession, the strengthening of the U.S. dollar,
and corresponding currency fluctuations can have an adverse material impact on the Company’s future results of operations, cash
flows, and financial condition, particularly with respect to foreign currency adjustments relating to our international operations. Such
conditions may also affect consumers’ willingness to make discretionary purchases, and therefore the Company, along with its casino
operator customers, may experience a decline in wagering. A downturn in the economic environment can also lead to increased credit and
collectibility risk on the Company’s trade receivables, limitations on the Company’s ability to issue new debt, and reduced
liquidity.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
Revenue
Recognition
Revenue
from B2B Operations
The
Company’s revenue from its B2B operations are primarily from its internet gaming Software-as-a-Service platform (“SaaS”),
GameSTACK, that its customers use to provide RMiG, online sports gaming and SIM services to its end users. The Company enters into contracts
with its customers that generally range from three to five years and include renewal provisions. These contracts generally include provision
of the internet gaming platform, content consisting of proprietary and third-party games, development services and support and marketing
services. In certain cases, the contract may include computer hardware to be procured on behalf of the customer. The customers cannot
take possession of the hosted GameSTACK software and the Company does not sell or license the GameSTACK software.
The
Company charges fees as consideration for use of its internet gaming system, game content, support and marketing services based on a
fixed percentage of the casino operator’s net gaming revenue or net sportsbook win, at the time of settlement of an event for RMiG
contracts, considered usage-based fees, or at the time of purchase for in-game virtual credit for SIM contracts. The determination of
the fee charged to its customers is negotiated and varies significantly. Certain of these RMiG contracts provide the Company with a minimum
monthly revenue guarantee in relation to the Company’s share of the casino operator’s net gaming revenue or net sportsbook
win. At September 30, 2023 the remaining unsatisfied performance obligations related to fixed minimum guaranteed revenue totaled $8.9
million.
The
Company’s promise to provide the RMiG SaaS platform and content licensing services on the hosted software is a single performance
obligation. This performance obligation is recognized over time, as the Company provides services to its customers in its delivery of
services to the player end user. The Company’s customers simultaneously receive and consume the benefits provided by the Company
as it delivers services to its customers. Usage based fees are considered variable consideration as the service is to provide unlimited
continuous access to its hosted application and usage of the hosted system is primarily controlled by the player end user. The transaction
price includes fixed and variable consideration and is billed monthly with the amount due generally thirty days from the date of the
invoice. Variable consideration is allocated entirely to the period in which consideration is earned as the variable amounts relate specifically
to the customer’s usage of the platform that day and allocating the usage-based fees to each day is consistent with the allocation
objective, primarily that the change in amounts reflect the changing value to the customer. The Company’s internet gaming system,
game content, support and marketing services are provided equally throughout the term of the contract. These services are made up of
a daily requirement to provide access and use of the internet gaming system and optional support and marketing services to the customer
over the same period of time, and not a specified amount of services. The series of distinct services represents a single performance
obligation that is satisfied over time.
Purchases
of virtual credits within a transaction period on the SIM platform, generally a monthly convention, are earned over time, and are typically
billed monthly upon the close of the respective period as the credit has no monetary value, cannot be redeemed, exchanged, transferred
or withdrawn, represents solely a device for tracking game play during the month, does not obligate the Company to provide future services
and the arrangements with the customer and player end user have no substantive termination penalty. In certain service agreements with
its SIM customers, the fees collected by the Company from third-party payment processors for the purchases of in-game virtual credits
made by end-users include the SIM customer’s portion. The Company records the SIM customer’s portion as a liability as cash
is collected and remits payment to the SIM customer for their share of the SIM revenues monthly. At September 30, 2023 and December 31,
2022, the Company has recorded a liability due to its customers for their share of the fees of $1,427 and $1,628, respectively, within
other current liabilities in the condensed consolidated balance sheets.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
The
Company uses third-party content providers in its performance of providing game content on its platform to
its customers. A customer has access to the Company’s propriety and licensed game content. Additionally, the customer can direct
the Company to procure third-party game content on its behalf. The Company has determined it acts as the principal for providing the
game content when the Company controls the game content, and therefore presents the revenue on a gross basis in the condensed consolidated
statements of operations. When the customer directs the Company to procure third-party game content, the Company determined it is deemed
an agent for providing such game content, and therefore, records the revenue, net of the costs of content license fees, in the condensed
consolidated statements of operations.
The
Company also provides ongoing development services involving updates to the RMiG platforms for enhanced functionality or customization.
Ongoing development services are typically billed monthly, at a daily rate, for services performed. Revenue from RMiG platform development
services that are identified as distinct performance obligations and enhance or create an asset the customer controls as the Company
performs the services are recognized over time as services are performed. This revenue is measured using an input method based on effort
expended, which uses direct labor hours incurred. These services have primarily related to post-launch development of third-party application
integration software in the customer’s environment. Separately, the revenue generated from customers for development services that
are distinct performance obligations and the customer benefits from the integrated SaaS offering are deferred over the license service
term. These services have primarily related to enhancements to the Company’s platforms that do not enhance or create an asset the
customer controls. In customer contracts that require a portion of the consideration to be received in advance or at the commencement
of the contract, such amounts are recorded as a contract liability.
Other
services include the resale of third-party computer hardware, such as servers and other related hardware devices, upon which the GameSTACK
software is installed for its customers. These products are not required to be purchased in order to access the GameSTACK platform but
are sold as a convenience to the customer. The Company procures the computer hardware on the customer’s behalf for a fee determined
based on the cost of the computer hardware plus a markup. The Company charges a hardware deployment fee which is a one-time fee for installation,
testing and certification of the computer hardware at the gaming hosting facility. Revenue is recognized at the point in time when control
of the hardware transfers to the customer. Control is transferred after the hardware has been procured, delivered, installed at the customer’s
premises and configured to allow for remote access.
The
Company has determined that it is acting as the principal in providing computer hardware and related services as it assumes responsibility
for procuring, delivering, installing and configuring the hardware at the customer’s location and takes control of the hardware,
prior to transfer. Revenue is presented at the gross amount of consideration to which it is entitled from the customer in exchange for
the computer hardware and related services.
The
Company generates revenue from time to time from the licensing of its U.S. patent, which governs the linkage of on-property reward cards
to their counterpart internet gaming accounts together with bilateral transmission of reward points between the internet gaming technology
system and the land-based casino management system present in all U.S. casino properties. The nature of the promise in transferring the
license is to provide a right to use the patent as it exists. The Company does not have to undertake activities to change the functionality
of the patent during the license period and the license has significant stand-alone functionality. Therefore, the Company recognizes
the revenue from the license of the patent at the point in time when control of the license is transferred to the customer. Control is
determined to transfer at the point in time the customer is able to use and benefit from the license.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
Contracts
with Multiple Performance Obligations
For
customer contracts that have more than one performance obligation, the transaction price is allocated to the performance obligations
in an amount that depicts the relative stand-alone selling prices of each performance obligation. Judgment is required in determining
the stand-alone selling price for each performance obligation. In determining the allocation of the transaction price, an entity is required
to maximize the use of observable inputs. When the stand-alone selling price of a good or service is not directly observable, an entity
is required to estimate the stand-alone selling price. Contracts with its customers may include platform and licensing of game content
services, as well as development services and computer hardware services. The variable consideration generated from the platform and
the licensing of game content is allocated entirely to the performance obligations for platform and licensing of game content services
and the remaining fixed fees for development services and computer hardware would be allocated to each of the remaining performance obligation
based on their relative stand-alone selling prices. The variable consideration relates entirely to the effort to satisfy the platform
and licensing game content services and the fixed consideration relates to the remaining performance obligations which is consistent
with the allocation objective.
Revenue
from Gaming Operations
The
Company operates the B2C gaming site www.coolbet.com outside of the U.S., which contains proprietary software and includes the following
product offerings: sportsbook, poker, casino, live casino and virtual sports.
The
Company manages an online sportsbook allowing users to place various types of wagers on the outcome of sporting events conducted around
the world. The Company operates as the bookmaker and offers fixed odds wagering on such events. When a user’s wager wins, the Company
pays the user a pre-determined amount known as fixed odds. Revenue from online sportsbook is reported net after deduction of player winnings
and bonuses. Revenue from wagers is recognized when the outcome of the event is known.
The
Company offers live casino through its digital online casino offering in select markets, allowing users to place a wager and play games
virtually at retail casinos. The Company offers users a catalog of over 5,700 third-party iGaming products such as digital slot machines
and table games such as blackjack and roulette. Revenue from casino games is reported net after deduction of winnings, jackpot contribution
and customer bonuses.
Peer-to-peer
poker offerings allow users to play poker against one another on the Company’s online poker platform for prize money. Revenue is
recognized as a percentage of the reported rake. Additionally, the Company offers tournament poker which allows users to buy-in for a
fixed price for prize money. For tournament play, revenue is recognized for the difference between the entry fees collected and the amounts
paid out to users as prizes and winnings.
In
each of the online gaming products, a single performance obligation exists at the time a wager is made to operate the games and award
prizes or payouts to users based on a particular outcome. Revenue is recognized at the conclusion of each contest, wager, or wagering
game hand. Additionally, certain incentives given to users, for example, that allow the user to make an additional wager at a reduced
price, may provide the user with a material right which gives rise to a separate performance obligation.
The
Company allocates a portion of the user’s wager to incentives that create material rights that are redeemed or expired in the future.
The allocated revenue for gaming wagers is primarily recognized when the wagers occur because all such wagers settle immediately.
The
Company applies a practical expedient by accounting for revenue from gaming on a portfolio basis because such wagers have similar characteristics,
and the Company reasonably expects the effects on the financial statements of applying the revenue recognition guidance to the portfolio
to not differ materially from that which would result if applying the guidance to an individual wagering contract.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
Cost
of Revenue
Cost
of revenue consists primarily of variable costs. These include mainly (i) content license fees, (ii) payment processing fees and chargebacks,
(iii) platform technology, software, and connectivity costs directly associated with revenue generating activities, (iv) gaming duties,
and (v) sportsbook feed / provider services. The Company incurs payment processing fees on B2C user deposits, withdrawals, and deposit
reversals from payment processors. Cost of revenue excludes depreciation of the servers on which the Company’s gaming platforms
reside as well as amortization of intangible assets including internally developed software.
Sales
and Marketing
Sales
and marketing expense primarily consists of general marketing and advertising costs, B2C user acquisition expenses and personnel costs
within our sales and marketing functions. Sales and marketing costs are expensed as incurred.
Product
and Technology
Product
and technology expense consists primarily of personnel costs associated with development and maintenance activities that are not capitalized.
These costs primarily represent employee expenses (including but not limited to, salaries, bonus, employee benefits, employer tax expenses,
and share-based compensation) for personnel and contractors involved in the design, development, and project management of our proprietary
technologies as well as developed and licensed content.
General
and Administrative
General
and administrative expense consists of costs, including gaming operations costs, not related to sales and marketing, product and technology
or revenue. General and administrative costs include professional services (including legal, regulatory and compliance, audit, and consulting
expenses), rent contingencies, insurance, allowance for credit losses, foreign currency transaction gains and losses, and costs related
to the compensation of executive and non-executive personnel, including share-based compensation.
Content
Licensing Fees
Content
licensing fees are paid to third parties for gaming content which are expensed as incurred. Content licensing fees are calculated as
a percentage of net gaming revenues in respect of the third-party games, as stipulated in the third-party agreements.
Share-based
Compensation
Share-based
compensation expense is recognized for share options and restricted shares issued to employees and non-employee members of the Company’s
Board of Directors. The Company’s issued share options and restricted shares, which are primarily considered equity awards and
include only service conditions, are valued based on the fair value of these awards on the date of grant. The fair value of the share
options is estimated using a Black-Scholes option pricing model and the fair value of the restricted shares (restricted share awards
and restricted share units) is based on the market price of the Company’s shares on the date of grant.
Certain
restricted share units awards issued to non-employee members of the Company’s Board of Directors permit shares upon vesting to
be withheld, as a means of meeting the non-employee director’s tax withholding requirements, and paid in cash to the non-employee
director. The Company additionally incurs share-based compensation expense under compensation arrangements with certain of its employees
under which the Company will settle bonuses for a fixed dollar amount by issuing a variable number of shares based on the Company’s
share price on the settlement date. These awards are classified as liability-based awards which are measured based on the fair value
of the award at the end of each reporting period until settled. Related compensation expense is recognized based on changes to the fair
value over the applicable service period.
Share-based
compensation is recorded over the requisite service period, generally defined as the vesting period. For awards with graded vesting and
only service conditions, compensation cost is recorded on a straight-line basis over the requisite service period of the entire award.
Forfeitures are recorded in the period in which they occur.
Earnings
Per Share, Basic and Diluted
Basic
earnings per share is calculated by dividing earnings by the weighted average number of ordinary shares outstanding during the year.
In periods of loss, basic and diluted per share information are the same.
Cash
Cash
is comprised of cash held at the bank and third-party service providers. The Company is required to maintain compensating cash balances
to satisfy its liabilities to users. Such balances are included within cash in the condensed consolidated balance sheets and are not
subject to creditor claims. At September 30, 2023 and December 31, 2022, the related liabilities to users were $9,467 and $10,683, respectively.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
Capitalized
Software Development Costs, net
The
Company capitalizes certain development costs related to its internet gaming platforms during the application development stage. Costs
associated with preliminary project activities, training, maintenance and all other post implementation stage activities are expensed
as incurred. Software development costs are capitalized when application development begins, it is probable that the project will be
completed, and the software will be used as intended. The Company capitalizes certain costs related to specific upgrades and enhancements
when it is probable that expenditures will result in additional functionality of the platform to its customers. The capitalization policy
provides for the capitalization of certain payroll and payroll related costs for employees who spent time directly associated with development
and enhancements of the platform.
Capitalized
software development costs are amortized on a straight-line basis over their estimated useful lives, which generally ranges from three
to five years, and are included within depreciation and amortization expense in the condensed consolidated statements of operations.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
Long-lived
Assets
Long-lived
assets, except goodwill, consist of property and equipment, and finite lived acquired intangible assets, such as developed software,
gaming licenses, trademarks, trade names and customer relationships. Intangible assets are amortized on a straight-line basis over their
estimated useful lives. The Company considers the period of expected cash flows and underlying data used to measure the fair value of
the intangible assets when selecting the estimated useful lives.
Gaming
licenses include license applications fees and market access payments in connection with agreements that the Company enters into with
strategic partners. The market access arrangements authorize the Company to offer online gaming and online sports betting in certain
regulated markets. These costs are capitalized and amortized on a straight-line basis over their estimated useful lives, beginning with
the commencement of operations.
The
fair value of acquired intangible assets is primarily determined using the income approach. In performing these valuations, the Company’s
key underlying assumptions used in the discounted cash flows were projected revenue, gross margin expectations and operating cost estimates.
There are inherent uncertainties and management judgment is required in these valuations.
Long-lived
assets, except goodwill, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of
an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the
Company compares the undiscounted cash flows expected to be generated by that asset or asset group to their carrying amount. If the carrying
amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment charge is recognized
to the extent that the carrying amount exceeds fair value. Fair value is determined through various techniques, such as discounted cash
flow models using probability weighted estimated future cash flows and the use of valuation specialists. During the three and nine months
ended September 30, 2023, there was no triggering event that would cause the Company to believe the value of its long-lived assets should
be impaired.
Liabilities
to Users
The
Company records liabilities for user account balances. User account balances consist of user deposits, promotional awards and user winnings
less user withdrawals and user losses.
Legal
Contingencies and Litigation Accruals
On
a quarterly basis, the Company assesses potential losses in relation to pending or threatened legal matters. If a loss is considered
probable and the amount can be reasonably estimated, the Company recognizes an expense for the estimated loss. Estimates of any such
loss are subjective in nature and require the evaluation of numerous facts and assumptions as to future events, including the application
of legal precedent which may be conflicting. To the extent these estimates are more or less than the actual liability resulting from
the resolution of these matters, the Company’s financial results will increase or decrease accordingly.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
Debt
Debt
issuance costs incurred in connection with the issuance of new debt are recorded as a reduction to the long-term debt balance on the
condensed consolidated balance sheets and amortized over the term of the loan commitment as interest expense in the accompanying condensed
consolidated statements of operations. The Company calculates amortization expense on capitalized debt issuance costs using the effective
interest method in accordance with Accounting Standards Codification (“ASC”) 470, Debt.
Leases
The
Company determines if an arrangement is a lease and classifies as operating or finance lease at the lease commencement date. A lease
is defined as a contract, or part of contract, that conveys the right to control the use of an asset for a time period in exchange for
consideration. In accordance with ASC 842, Leases, the Company recognizes for all leases, except short-term leases, at the commencement
date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted
basis; and (2) a right-of-use (“ROU”) asset, which is an asset that represents the lessee’s right to use, or control
the use of, a specified asset for the lease term. The Company accounts for the lease and non-lease components of its leases as a single
lease component. Operating leases are included in operating lease ROU assets and operating lease liabilities, current and noncurrent,
on the condensed consolidated balance sheets. Lease expense is recognized on a straight-line basis based on the total contractually required
lease payments, over the term of the lease.
Fair
Value of Financial Instruments
The
Company applies the provisions of ASC 820, Fair Value Measurements and Disclosures, which provides a single authoritative definition
of fair value, sets out a framework for measuring fair value and expands on required disclosures about fair value measurement. Fair value
represents the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous
market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company uses the
following hierarchy in measuring the fair value of the Company’s assets and liabilities, focusing on the most observable inputs
when available:
| |
● |
Level
1 Quoted prices in active markets for identical assets or liabilities. |
| |
|
|
| |
● |
Level
2 Observable inputs other than Level 1 quoted prices, such as quoted prices for similar assets and liabilities in active markets,
quoted prices in markets that are not active for identical or similar assets and liabilities, or other inputs that are observable
or can be corroborated by observable market data for substantially the full term of the assets or liabilities. |
| |
|
|
| |
● |
Level
3 Valuations are based on the inputs that are unobservable and significant to the overall fair value measurement of the assets or
liabilities. Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability
at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs
to the model. |
Valuation
techniques used to measure the fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.
The
Company does not hold any significant Level 2 financial instruments. Level 3 financial instruments held by the Company include the synthetic
equity liability due to a customer, refer to Note 16 — Commitments and Contingencies. The instrument includes level 3 inputs related
to the contractual forecasts, in addition to observable inputs such as the stock volatility of the company, which are utilized in the
Company’s Monte Carlo valuation. The valuation is not sensitive to significant movements in the forecast.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
Income
Taxes
The
Company is subject to income taxes in the United States, U.K., Bulgaria, Israel, Canada, Estonia, Malta, and Mexico. The Company records
an income tax expense for the anticipated tax consequences of the reported results of operations using the asset and liability method.
Under this method, deferred income tax assets and liabilities are recognized for the expected future tax consequences of temporary differences
between the financial reporting and tax bases of assets and liabilities, as well as for loss and tax credit carryforwards. Deferred tax
assets and liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax
assets and liabilities are expected to be realized or settled. The effect on deferred income tax of a change in tax rates are recorded
in the period of the enactment. Deferred tax assets are reduced, through a valuation allowance, if necessary, by the amount of such benefits
that are not expected to be realized based on current available evidence. In evaluating the Company’s ability to recover deferred
tax assets in the jurisdiction from which they arise, all available positive and negative evidence is considered, including results of
recent operations, scheduled reversals of deferred tax liabilities, projected future taxable income, and tax-planning strategies. The
Company records a valuation allowance to reduce its deferred tax assets to the net amount that it believes is more likely than not to
be realized.
The
Company recognizes tax benefits from uncertain tax positions only if management believes that it is more likely than not that the tax
position will be sustained on examination by the taxing authorities based on the technical merits of the position. Although the Company
believes that it has adequately provided for uncertain tax positions, no assurance can be given that the final tax outcome of these matters
would not be materially different. Adjustments are made when facts and circumstances change, such as the closing of a tax audit or the
refinement of an estimate. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences
would affect the provision for income taxes in the period in which such determination is made and could have a material impact on the
Company’s financial condition and operating results. The Company recognizes penalties and interest related to income tax matters
in income tax expense.
Segments
The
Company operates in two operating segments, B2B and B2C. Operating segments are defined as components of an enterprise where separate
financial information is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources
and assess the Company’s performance. The Company’s CODM is the Chief Executive Officer. The CODM allocates resources and
assesses performance based upon discrete financial information at the operating segment level.
Recently
Adopted Accounting Pronouncements
In
October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-08,
Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. ASU
2021-08 requires an acquirer to measure and recognize contract assets and contract liabilities acquired in a business combination in
accordance with ASC 606, Revenue from Contracts with Customers, rather than using fair value on the acquisition date. This amendment
is effective for fiscal years beginning after December 15, 2022, including interim periods within those annual periods, and should be
applied prospectively to business combinations occurring on or after the effective date. The Company adopted the amended guidance on
January 1, 2023, and such adoption did not materially impact the financial statements.
In
July 2023, the FASB issued ASU 2023-03, Presentation of Financial Statements (Topic 205), Income Statement - Reporting Comprehensive
Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation - Stock Compensation (Topic
718): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF
Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280 - General Revision of Regulation S-X: Income or Loss
Applicable to Common Stock, which amends or supersedes various SEC paragraphs within the Accounting Standards Codification to conform
to past SEC announcements and guidance issued by the SEC. The ASU does not provide any new guidance, and as such, there is no transition
effective date. ASU 2023-03 did not have a material impact on our condensed consolidated financial statements.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
|
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-Section 50
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v3.23.3
PROPERTY AND EQUIPMENT, NET
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Property, Plant and Equipment [Abstract] |
|
| PROPERTY AND EQUIPMENT, NET |
NOTE
3 — PROPERTY AND EQUIPMENT, NET
Property
and equipment, net is recorded in other assets in the condensed consolidated balance sheets at September 30, 2023 and December 31, 2022
and consisted of the following:
SCHEDULE OF PROPERTY AND EQUIPMENT
| | |
Estimated Useful | |
September 30, | | |
December 31, | |
| | |
Life (in years) | |
2023 | | |
2022 | |
| Fixtures, fittings and equipment | |
3 - 5 | |
$ | 5,615 | | |
$ | 4,136 | |
| Platform hardware | |
5 | |
| 2,374 | | |
| 2,313 | |
| Total property and equipment, cost | |
| |
| 7,989 | | |
| 6,449 | |
| Less: accumulated depreciation | |
| |
| (4,972 | ) | |
| (3,599 | ) |
| Total | |
| |
$ | 3,017 | | |
$ | 2,850 | |
Depreciation
expense related to property and equipment was $453
and $312 for
the three months ended September 30, 2023 and 2022, respectively, and $1,188
and $1,025 for
the nine months ended September 30, 2023 and 2022, respectively.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
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v3.23.3
CAPITALIZED SOFTWARE DEVELOPMENT COSTS, NET
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Research and Development [Abstract] |
|
| CAPITALIZED SOFTWARE DEVELOPMENT COSTS, NET |
NOTE
4 — CAPITALIZED SOFTWARE DEVELOPMENT COSTS, NET
Capitalized
software development costs, net at September 30, 2023 and December 31, 2022 consisted of the following:
SCHEDULE OF CAPITALIZED COMPUTER SOFTWARE COSTS, NET
| | |
September 30, | | |
December 31, | |
| | |
2023 | | |
2022 | |
| Capitalized software development costs | |
$ | 8,345 | | |
$ | 6,857 | |
| Development in progress | |
| 1,885 | | |
| 732 | |
| Total capitalized software development, cost | |
| 10,230 | | |
| 7,589 | |
| Less: accumulated amortization | |
| (2,258 | ) | |
| (840 | ) |
| Total | |
$ | 7,972 | | |
$ | 6,749 | |
At
September 30, 2023, development in progress primarily represents costs associated with GAN Sports, costs associated with its newer GameSTACK
technology, and enhancements to the Company’s proprietary B2C software platform.
Amortization
expense related to capitalized software development costs was $485 and $1,438 for the three months ended September 30, 2023 and 2022,
respectively, and $1,461 and $4,552 for the nine months ended September 30, 2023 and 2022, respectively.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
|
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- DefinitionThe entire disclosure for research, development, and computer software activities, including contracts and arrangements to be performed for others and with federal government. Includes costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility and in-process research and development acquired in a business combination consummated during the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
INTANGIBLE ASSETS
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| INTANGIBLE ASSETS |
NOTE
5 — INTANGIBLE ASSETS
Intangible
Assets
Definite-lived
intangible assets, net consisted of the following:
SCHEDULE OF FINITE -LIVED INTANGIBLE ASSETS
| | |
Period (in years) | | |
Amount | | |
Amortization | | |
Amount | |
| | |
Weighted | | |
September 30, 2023 | |
| | |
Average | | |
Gross | | |
| | |
| |
| | |
Amortization | | |
Carrying | | |
Accumulated | | |
Net Carrying | |
| | |
Period (in years) | | |
Amount | | |
Amortization | | |
Amount | |
| Developed technology | |
| 4.5 | | |
$ | 33,203 | | |
$ | (24,984 | ) | |
$ | 8,219 | |
| Customer relationships | |
| 3.2 | | |
| 6,751 | | |
| (5,057 | ) | |
| 1,694 | |
| Trade names and trademarks | |
| 10.0 | | |
| 5,315 | | |
| (1,685 | ) | |
| 3,630 | |
| Gaming licenses | |
| 5.6 | | |
| 3,577 | | |
| (1,827 | ) | |
| 1,750 | |
| | |
| | | |
$ | 48,846 | | |
$ | (33,553 | ) | |
$ | 15,293 | |
| | |
Period (in years) | | |
Amount | | |
Amortization | | |
Amount | |
| | |
Weighted | | |
December 31, 2022 | |
| | |
Average | | |
Gross | | |
| | |
| |
| | |
Amortization | | |
Carrying | | |
Accumulated | | |
Net Carrying | |
| | |
Period (in years) | | |
Amount | | |
Amortization | | |
Amount | |
| Developed technology | |
| 3.9 | | |
$ | 33,443 | | |
$ | (17,570 | ) | |
$ | 15,873 | |
| Customer relationships | |
| 3.1 | | |
| 6,788 | | |
| (3,426 | ) | |
| 3,362 | |
| Trade names and trademarks | |
| 10.0 | | |
| 5,347 | | |
| (1,312 | ) | |
| 4,035 | |
| Gaming licenses | |
| 6.7 | | |
| 3,149 | | |
| (1,464 | ) | |
| 1,685 | |
| | |
| | | |
$ | 48,727 | | |
$ | (23,772 | ) | |
$ | 24,955 | |
Amortization
expense related to intangible assets was $3,401 and $4,135 for the three months ended September 30, 2023 and 2022, respectively, and
$10,134 and $11,285 for the nine months ended September 30, 2023 and 2022, respectively.
Estimated
amortization expense for the next five years is as follows:
SCHEDULE OF FINITE -LIVED INTANGIBLE ASSETS, AMORTIZATION EXPENSE
| | |
Amount | |
| Remainder of 2023 | |
$ | 3,403 | |
| 2024 | |
| 2,989 | |
| 2025 | |
| 2,967 | |
| 2026 | |
| 2,512 | |
| 2027 | |
| 1,820 | |
| Thereafter | |
| 1,602 | |
| Total | |
$ | 15,293 | |
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
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v3.23.3
DEBT
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Debt Disclosure [Abstract] |
|
| DEBT |
NOTE
6 — DEBT
Credit
Facility
On
April 26, 2022, a subsidiary of the Company entered into a fixed term credit facility (the “Credit Facility”) which provides
for $30.0 million in aggregate principal amount of secured term loans with a floating interest rate of 3-month SOFR (subject to a 1%
floor) + 9.5%.
During
the year ended December 31, 2022, the Company incurred $2.4 million in debt issuance costs in connection with the Credit Facility, which
have been recorded as a direct reduction against the debt and amortized over the life of the associated debt as a component of interest
expense using the effective interest method. The net funds received from the Credit Facility, after deducting debt issuance costs, was
$27.6 million. On April 13, 2023, the Credit Facility was extinguished in connection with executing the Amended Credit Facility with
a new lender. The Company incurred $7.3 in prepayment penalties and recorded a loss on extinguishment of $8.8 million in other loss,
net in the condensed consolidated statement of operations.
Subsequent
Amendments
On
April 13, 2023, a subsidiary of the Company executed agreements to amend the Credit Facility to waive all events of default, amend certain
financial covenants, assign the rights to the Credit Facility from its existing lender to a third party, and increase the principal balance
from $30.0 million to $42.0 million with accrued paid in-kind (“PIK”) interest of 8.0% per year (together, forming the “Amended
Credit Facility”). The Amended Credit Facility became effective upon cash settlement of payments completed on April 14, 2023, which
occur on April 14, 2023, and represented a cure of any events of default under the Credit Facility and thereby prevent any amounts from
becoming due and payable under the Credit Facility’s subjective acceleration clause.
The
Amended Credit Facility matures on the third anniversary of its effective date and is fully guaranteed by the Company. There are no scheduled
principal payments due under the Amended Credit Facility until maturity. The principal balance, accrued PIK interest, and an exit fee
of 2.5% are due at maturity. The Amended Credit Facility stipulates that outstanding amounts will mature and be due and payable on the
third anniversary of its effective date, or in the event of a change in control transaction. The Company incurred $3.1 million in debt
issuance costs in connection with the Amended Credit Facility. The Amended Credit Facility contains customary negative covenants, a financial
covenant requiring minimum liquidity of $10.0 million, as well as other financial covenants to be tested solely in the event the Company
raises junior debt during the term of the Amended Credit Facility.
Debt
Covenants
The
Credit Facility contained affirmative and negative covenants, including certain financial covenants associated with the Company’s
financial results. The negative covenants included restrictions regarding the incurrence of liens and indebtedness, certain merger and
acquisition transactions, asset sales and other dispositions, other investments, dividends, share purchases and payments affecting subsidiaries,
changes in nature of business, fiscal year or organizational documents, transactions with affiliates, and other matters.
The
Credit Facility contained customary events of default, including, among others: non-payments of principal and interest; breach of representations
and warranties; covenant defaults; the existence of bankruptcy or insolvency proceedings; certain events under ERISA; gaming license
revocations in material jurisdictions; material judgments; and a change of control. If an event of default occurred and was not cured
within any applicable grace period or was not waived, the administrative agent and the lender were entitled to take various actions,
including, without limitation, the acceleration of all amounts due and the termination of commitments under the Credit Facility.
The
carrying values of the Company’s long-term debt consist of the following:
SCHEDULE OF LONG TERM DEBT
| | |
Effective Interest Rate | | |
As of
September 30, 2023 | |
| Credit Facility | |
| | | |
| | |
| Principal | |
| 10.22 | % | |
$ | 43,754 | |
| Less unamortized debt issuance costs | |
| | | |
| (2,698 | ) |
| Long-term debt, net | |
| | | |
$ | 41,056 | |
The
Company incurred $1,281 and $1,071 of interest expense, of which $240 and $185 relates to the amortization of debt issuance costs during
the three months ended September 30, 2023 and 2022, respectively, and $3,587 and $1,735 in interest expense, of which $765 and $280 relates
to the amortization of debt issuance costs during the nine months ended September 30, 2023 and 2022, respectively.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
|
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v3.23.3
SHARE-BASED COMPENSATION
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| SHARE-BASED COMPENSATION |
NOTE
7 — SHARE-BASED COMPENSATION
In
April 2020, the Board of Directors established the GAN Limited 2020 Equity Incentive Plan (“2020 Plan”) which has been approved
by the Company’s shareholders. The 2020 Plan initially provides for grants of up to 4,400,000 ordinary shares, which then increases
through 2029, by the lesser of 4% of the previous year’s total outstanding ordinary shares on December 31st or as determined
by the Board of Directors, for ordinary shares, incentive share options, nonqualified share options, share appreciation rights, restricted
share grants, share units, and other equity awards for issuance to employees, consultants or non-employee directors. At September 30,
2023, the 2020 Plan provided for grants of up to 9,275,342 ordinary shares and there were 796,689 ordinary shares available for future
issuance under the 2020 Plan.
Share
Options
A
summary of the share option activity as of and for the nine months ended September 30, 2023 is as follows:
SCHEDULE OF SHARE-BASED COMPENSATION, STOCK OPTION ACTIVITY
| | |
| | |
Weighted | | |
Weighted | | |
| |
| | |
| | |
Average | | |
Average | | |
Aggregate | |
| | |
Number of | | |
Exercise | | |
Contractual | | |
Intrinsic | |
| | |
Shares | | |
Price | | |
Term | | |
Value | |
| Outstanding at December 31, 2022 | |
| 3,447,155 | | |
$ | 9.12 | | |
| 6.59 | | |
$ | 1,139 | |
| Granted | |
| 612,081 | | |
| 0.01 | | |
| | | |
| | |
| Exercised | |
| (5,129 | ) | |
| 0.01 | | |
| | | |
| | |
| Forfeited/expired or cancelled | |
| (530,714 | ) | |
| 15.15 | | |
| | | |
| | |
| Outstanding at September 30, 2023 | |
| 3,523,393 | | |
$ | 6.65 | | |
| 5.37 | | |
$ | 1,414 | |
| Options exercisable at September 30, 2023 | |
| 2,471,947 | | |
$ | 8.05 | | |
| 3.86 | | |
$ | 414 | |
The
Company recorded share-based compensation expense related to share options of $614 and $948 for the three months ended September 30,
2023 and 2022, respectively and $2,149 and $2,596 for the nine months ended September 30, 2023 and 2022, respectively. Such share-based compensation expense
was recorded net of capitalized software development costs of $99 and $87 for the three months ended September 30, 2023 and 2022, respectively
and $157 and $226 for the nine months ended September 30, 2023 and 2022, respectively. At September 30,
2023, there was total unrecognized compensation cost of $3,736 related to nonvested share options. The unrecognized compensation cost is
expected to be recognized over a weighted-average period of 2.8 years.
Share
option awards generally vest 25% after
one year and then monthly over the next 36 months thereafter and have a maximum term of ten years.
During the nine months ended September 30, 2023, the Board of Directors approved the issuance of options to purchase 612,081 ordinary
shares to employees under the 2020 Plan, all of which were share options granted with an exercise price of $0.01 per
share to certain European-based employees in lieu of restricted share units. The value of these options are based on the market
value of the Company’s ordinary shares at the date of the grant. As all of these options are in-the-money, the Company
determined that utilizing an option pricing model to estimate the fair value of these options was not necessary. The weighted
average grant date fair value of options granted was $0.74
and $0.13 for the three months ended
September 30, 2023 and 2022, respectively and $1.76 and
$4.13 for
the nine months ended September 30, 2023 and 2022, respectively.
SCHEDULE OF SHARE-BASED COMPENSATION, FAIR VALUE ASSUMPTIONS
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| Expected share price volatility | |
| n.m. | % | |
| 0.70 | % | |
| n.m. | % | |
| 0.51 | % |
| Expected term (in years) | |
| n.m. | | |
| 5.00 | | |
| n.m. | | |
| 0.04 | |
| Risk-free interest rate | |
| n.m. | % | |
| 2.52 | % | |
| n.m. | % | |
| 1.49 | % |
| Dividend yield | |
| 0 | % | |
| 0 | % | |
| 0 | % | |
| 0 | % |
For
options granted during the nine months ended September 30, 2023, the fair value of each share option award is estimated on the date
of grant using the Black-Scholes option pricing model that uses the assumptions noted above. Estimating the grant date fair values
for employee share options requires management to make assumptions regarding expected volatility of the value of those underlying
shares, the risk-free rate of the expected life of the share options and the date on which share-based compensation is expected to
be settled. Expected volatility is determined by reference to volatility of certain identified peer group share trading information
and share prices on the Nasdaq stock exchange. The risk-free interest rate for the expected term of the option is based on the U.S.
Treasury yield curve in effect at the time of grant. The expected term of the options is based on historical data and represents the
period of time that options granted are expected to be outstanding. In the current year, volatility, term, and risk-free interest rate were not meaningful inputs as all options were
$0.01 per share for the Company’s European based employees.
Restricted
Share Units
Restricted
share units are issued to non-employee directors and employees. For equity-classified restricted share units, the fair value of restricted
share units is valued based on fair market value of the Company’s ordinary shares on the date of grant and is amortized on a straight-line
basis over the vesting period.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
In
March 2023, the Board of Directors approved the issuance of 1,009,086 restricted share units to its employees. The restricted share units
vest over four years from the date of grant. The terms of the awards stipulate that vesting of any outstanding restricted share units
will be pro-rated for employees if their employment terminates after the first anniversary of the grant date.
During
the second quarter of 2023, the Board of Directors approved the issuance of 296,307 restricted share units to its non-employee directors
and employees. The restricted share units vest over four years from the date of grant. The terms of the awards stipulate that vesting
of any outstanding restricted share units will be pro-rated for employees if their employment terminates after the first anniversary of
the grant date.
In
August 2023, the Board of Directors approved the issuance of 705,556 restricted share units to its non-employee directors and
employees. The restricted share units vest over four years from the date of grant. The terms of the awards stipulate that
vesting of any outstanding restricted share units will be pro-rated for employees if their employment terminates after the first
anniversary of the grant date.
The
Company withholds a portion of the restricted share units granted to its officers and non-employee directors upon vesting in order to
remit a cash payment to the officers and directors equal to their tax expense. The liabilities are recorded in accrued compensation and
benefits in the condensed consolidated balance sheets. During the nine months ended September 30, 2023, 50,104 restricted share units
held by the Company’s officers and non-employee directors vested and the Company repurchased 50,104 of the shares to cover the
tax expense incurred by the officers and non-employee directors.
The
Company recorded share-based compensation expense related to restricted share units of $994
and $958
for the three months ended September 30, 2023
and 2022, respectively, and $2,390
and $3,151
for
the nine months ended September 30, 2023 and 2022, respectively. At September 30, 2023, there was total unrecognized compensation cost
of $4,972
related
to non-vested restricted share units. The unrecognized compensation cost is expected to be recognized over a weighted-average period
of 2.95
years.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
A
summary of the restricted share unit activity as of and for the nine months ended September 30, 2023 is as follows:
SCHEDULE OF SHARE BASED COMPENSATION, RESTRICTED STOCK UNIT ACTIVITY
| | |
| | |
Weighted | |
| | |
| | |
Average | |
| | |
Number of | | |
Grant Date | |
| | |
Shares | | |
Fair Value | |
| Outstanding at December 31, 2022 | |
| 1,171,371 | | |
$ | 5.43 | |
| Granted | |
| 2,010,949 | | |
| 1.63 | |
| Vested | |
| (543,863 | ) | |
| 3.20 | |
| Forfeited/expired or cancelled | |
| (313,490 | ) | |
| 4.74 | |
| Outstanding at September 30, 2023 | |
| 2,324,967 | | |
| 2.75 | |
Restricted
Share Awards
Restricted
share awards are issued to non-employee directors and certain key employees. The value of a restricted stock award is based on the market
value of the Company’s ordinary shares at the date of the grant.
The
Company recorded share-based compensation expense related to the restricted share awards of $42 and $41 for the three months ended September
30, 2023 and 2022, respectively, and $125 and $125 for the nine months ended September 30, 2023 and 2022, respectively. At September
30, 2023, there was total unrecognized compensation cost of $28 related to the nonvested shares granted. The cost is expected to be recognized
over a weighted average period of 0.3 years. There were no restricted share awards that vested during the three months ended September
30, 2023.
2020
Employee Stock Purchase Plan
The
Board of Directors established the 2020 Employee Stock Purchase Plan, or the ESPP, which was approved by the Company’s shareholders
in July 2021. The ESPP is intended to qualify under Section 423 of the U.S. Internal Revenue Service Code of 1986, as amended. The ESPP
provides initially for 300,000 ordinary shares to be sold and increases on February 1, 2022 and on each subsequent February 1 through
and including February 1, 2030, equal to the lesser of (i) 0.25 percent of the number of ordinary shares issued and outstanding on the
immediately preceding December 31, or (ii) 100,000 ordinary shares, or (iii) such number of ordinary shares as determined by the Board
of Directors.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
The
ESPP is designed to allow eligible employees to purchase ordinary shares, at quarterly intervals, with their accumulated payroll deductions.
The participants are offered the option to purchase ordinary shares at a discount during a series of successive offering periods. The
option purchase price may be the lower of 85% of the closing trading price per share of the Company’s ordinary shares on the first
trading date of an offering period in which a participant is enrolled or 85% of the closing trading price per share on the purchase date,
which will occur on the last trading day of each offering period. An offering period is defined as a three-month duration commencing
on or about March, June, September and December of each year, and one purchase period is included within each offering period. The Company’s
first offering period commenced on June 1, 2022. The Company suspended its ESPP in February 2023. The Company issued 57,960 shares
under the ESPP during the nine months ended September 30, 2023. During the nine months ended September 30, 2023 the Company recognized
share-based compensation expense of $18 related to the ESPP.
Content
Provider Issuance
On
March 29, 2023, the Company amended and restated its commercial agreement with a content provider. In conjunction with this agreement,
the Company entered into a Subscription Agreement with the content provider, under which the content provider has subscribed to 1,250,000
of the Company’s ordinary shares. These shares were issued on April 25, 2023. On May 8, 2023, the Company registered the shares
in connection with an S-1 resale registration statement. Refer to Note 16 – Commitments and Contingencies for further details.
|
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v3.23.3
DEFINED CONTRIBUTION PLANS
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Retirement Benefits [Abstract] |
|
| DEFINED CONTRIBUTION PLANS |
NOTE
8 — DEFINED CONTRIBUTION PLANS
U.S.
employees and non-U.S. employees are eligible to participate in defined contribution plans by contributing a portion of their compensation,
which provides for certain matching contributions by the Company. Matching contributions for the U.S. defined contribution plan are 50%
of up to 4% of an employee’s salary contribution. Most often, non-U.S. matching contributions are statutory amounts required by
law. The Company’s contributions to the retirement plans were $173 and $133 for the three months ended September 30, 2023 and 2022,
respectively, and $528 and $454 for the nine months ended September 30, 2023 and 2022, respectively.
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v3.23.3
OTHER LOSS (INCOME), NET
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Other Income and Expenses [Abstract] |
|
| OTHER LOSS (INCOME), NET |
NOTE
9 — OTHER LOSS (INCOME), NET
Other
loss (income), net consisted of the following:
SCHEDULE OF OTHER NON-OPERATING INCOME EXPENSE
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| Other income (1) | |
$ | — | | |
$ | (13 | ) | |
$ | (9,718 | ) | |
$ | (283 | ) |
| Other loss (2) | |
| — | | |
| — | | |
| 8,784 | | |
| — | |
| Other income, net | |
$ | — | | |
$ | (13 | ) | |
$ | (934 | ) | |
$ | (283 | ) |
| (1) |
|
Includes
gain on extinguishment of $9.7
million related to the Company amending its agreement
with a content provider in March 2023 to relieve $15.0
million in fixed payments. Refer to Note 16 –
Commitments and Contingencies for further details. |
| (2) |
|
Includes
loss on debt extinguishment of $8.8 million recognized during the second quarter of 2023 as a result of the Company entering
into the Amended Credit Facility on April 13, 2023. Refer to Note 6 – Debt for further details. |
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-Section S99
-Paragraph 2
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v3.23.3
LOSS PER SHARE
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Earnings Per Share [Abstract] |
|
| LOSS PER SHARE |
NOTE
10 — LOSS PER SHARE
Loss
per ordinary share, basic and diluted, is computed by dividing net loss by the weighted average number of ordinary shares outstanding
during the period. Potentially dilutive securities consisting of certain share options, nonvested restricted shares and restricted share
units were excluded from the computation of diluted weighted average ordinary shares outstanding as inclusion would be anti-dilutive,
are summarized as follows:
SCHEDULE OF ANTI-DILUTIVE STOCK EXCLUDED FROM COMPUTATION OF DILUTED EARNINGS PER SHARE
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| Share options | |
| 3,523,393 | | |
| 3,710,859 | | |
| 3,523,393 | | |
| 3,710,859 | |
| Restricted shares | |
| 17,218 | | |
| 34,436 | | |
| 17,218 | | |
| 34,436 | |
| Restricted share units | |
| 2,324,967 | | |
| 1,495,606 | | |
| 2,324,967 | | |
| 1,495,606 | |
| Total | |
| 5,865,578 | | |
| 5,240,901 | | |
| 5,865,578 | | |
| 5,240,901 | |
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v3.23.3
REVENUE
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| REVENUE |
NOTE
11 — REVENUE
The
following table reflects revenue recognized for the three and nine months ended September 30, 2023 and 2022 in line with the timing of
transfer of services:
SCHEDULE OF REVENUE RECOGNIZED IN LINE WITH THE TIMING OF TRANSFER OF SERVICES
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| Revenue from services delivered at a point in time | |
$ | 19,639 | | |
$ | 19,435 | | |
$ | 67,402 | | |
$ | 65,468 | |
| Revenue from services delivered over time | |
| 10,178 | | |
| 12,685 | | |
| 31,302 | | |
| 39,113 | |
| Total | |
$ | 29,817 | | |
$ | 32,120 | | |
$ | 98,704 | | |
$ | 104,581 | |
Contract
and Contract-Related Liabilities
The
Company has four types of liabilities related to contracts with customers: (i) cash consideration received in advance from customers
related to development services not yet performed or hardware deliveries not yet completed, (ii) incentive program obligations, which
represents the deferred allocation of revenue relating to incentives in the online gaming operations, (iii) user balances, which are
funds deposited by customers before gaming play occurs and (iv) unpaid winnings and wagers contributed to jackpots. Contract related
liabilities are expected to be recognized as revenue within one year of being purchased, earned or deposited. Such liabilities are recorded
in liabilities to users and other current liabilities in the condensed consolidated balance sheets.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
The
following table reflects contract liabilities arising from cash consideration received in advance from customers for the periods presented:
SCHEDULE OF CONTRACT WITH CUSTOMERS
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| Contract liabilities from advance customer payments, beginning of the period | |
$ | 2,607 | | |
$ | 459 | | |
$ | 2,117 | | |
$ | 1,874 | |
| Contract liabilities from advance customer payments, end of the period (1) | |
| 3,039 | | |
| 1,467 | | |
| 3,039 | | |
| 1,467 | |
| Revenue recognized from amounts included in contract liabilities from advance customer payments at the beginning of the period | |
| 301 | | |
| 250 | | |
| 686 | | |
| 775 | |
| (1) |
|
Contract
liabilities from advance customer payments, end of period consisted of $2,476 and $478 recorded in other current liabilities in the
condensed consolidated balance sheets at September 30, 2023 and 2022, respectively and $563 and $988 recorded in other liabilities
in the condensed consolidated balance sheet at September 30, 2023 and 2022, respectively. |
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12
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-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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v3.23.3
SEGMENT REPORTING
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Segment Reporting [Abstract] |
|
| SEGMENT REPORTING |
NOTE
12 — SEGMENT REPORTING
The
Company’s reportable segments are B2B and B2C. The B2B segment develops, markets and sells instances of GameSTACK, GAN Sports,
and iSight Back Office technology that incorporates comprehensive player registration, account funding and back-office accounting and
management tools that enable the casino operators to efficiently, confidently and effectively extend their presence online in places
that have permitted online real money gaming. The B2C segment, which includes the operations of Coolbet, develops and operates a B2C
online sports betting and casino platform that is accessible through its website in markets across Northern Europe, Latin America and
Canada.
Information
reported to the Company’s Chief Executive Officer, the CODM, for the purpose of resource allocation and assessment of the Company’s
segmental performance is primarily focused on the origination of the revenue streams. The CODM evaluates performance and allocates resources
based on the segment’s revenue and contribution. Segment contribution represents the amounts earned by each segment without allocation
of each segment’s share of depreciation and amortization expense, sales and marketing expense, product and technology expense,
general and administrative expense, interest costs and income taxes.
Summarized
financial information by reportable segments for the three months ended September 30, 2023 and 2022 is as follows:
SCHEDULE OF FINANCIAL INFORMATION FOR REPORTABLE SEGMENTS
| | |
B2B | | |
B2C | | |
Total | | |
B2B | | |
B2C | | |
Total | |
| | |
Three Months Ended
September 30, | |
| | |
2023 | | |
2022 | |
| | |
B2B | | |
B2C | | |
Total | | |
B2B | | |
B2C | | |
Total | |
| Revenue | |
$ | 10,178 | | |
$ | 19,639 | | |
$ | 29,817 | | |
$ | 12,685 | | |
$ | 19,435 | | |
$ | 32,120 | |
| Cost of revenue (1) | |
| 2,055 | | |
| 7,187 | | |
| 9,242 | | |
| 2,173 | | |
| 7,262 | | |
| 9,435 | |
| Segment contribution | |
$ | 8,123 | | |
$ | 12,452 | | |
$ | 20,575 | | |
$ | 10,512 | | |
$ | 12,173 | | |
$ | 22,685 | |
| (1) |
|
Excludes
depreciation and amortization expense. |
During
the three months ended September 30, 2023 and 2022, one customer in the B2B segment individually accounted for 16.4% and 22.5% of total
revenue, respectively.
Summarized
financial information by reportable segments for the nine months ended September 30, 2023 and 2022 is as follows:
| | |
B2B | | |
B2C | | |
Total | | |
B2B | | |
B2C | | |
Total | |
| | |
Nine Months Ended
September 30, | |
| | |
2023 | | |
2022 | |
| | |
B2B | | |
B2C | | |
Total | | |
B2B | | |
B2C | | |
Total | |
| Revenue | |
$ | 31,352 | | |
$ | 67,352 | | |
$ | 98,704 | | |
$ | 39,905 | | |
$ | 64,676 | | |
$ | 104,581 | |
| Cost of revenue (1) | |
| 6,129 | | |
| 22,759 | | |
| 28,888 | | |
| 9,015 | | |
| 22,583 | | |
| 31,598 | |
| Segment contribution | |
$ | 25,223 | | |
$ | 44,593 | | |
$ | 69,816 | | |
$ | 30,890 | | |
$ | 42,093 | | |
$ | 72,983 | |
| (1) |
|
Excludes
depreciation and amortization expense. |
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
During
the nine months ended September 30, 2023 and 2022, one customer in the B2B segment individually accounted for 15.3% and 20.2% of total
revenue, respectively.
The
following table presents a reconciliation of segment gross profit to the consolidated loss before income taxes for the three and nine
months ended September 30, 2023 and 2022:
SCHEDULE OF RECONCILIATION OF CONSOLIDATED SEGMENT CONTRIBUTION TO CONSOLIDATED INCOME (LOSS) BEFORE INCOME TAXES
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| Segment contribution (1) | |
$ | 20,575 | | |
$ | 22,685 | | |
$ | 69,816 | | |
$ | 72,983 | |
| Sales and marketing | |
| 7,196 | | |
| 6,781 | | |
| 21,704 | | |
| 20,292 | |
| Product and technology | |
| 9,150 | | |
| 7,571 | | |
| 29,966 | | |
| 24,928 | |
| General and administrative (1) | |
| 7,060 | | |
| 7,588 | | |
| 27,095 | | |
| 27,307 | |
| Impairment | |
| — | | |
| — | | |
| — | | |
| 28,861 | |
| Restructuring | |
| — | | |
| — | | |
| — | | |
| 1,771 | |
| Depreciation and amortization | |
| 4,339 | | |
| 5,893 | | |
| 12,783 | | |
| 16,862 | |
| Interest expense | |
| 1,264 | | |
| 1,450 | | |
| 3,885 | | |
| 2,521 | |
| Other income, net | |
| — | | |
| (13 | ) | |
| (934 | ) | |
| (283 | ) |
| Loss before income taxes | |
$ | (8,434 | ) | |
$ | (6,585 | ) | |
$ | (24,683 | ) | |
$ | (49,276 | ) |
| (1) |
|
Excludes
depreciation and amortization expense. |
Assets
and liabilities are not separately analyzed or reported to the CODM and are not used to assist in decisions surrounding resource allocation
and assessment of segment performance. As such, an analysis of segment assets and liabilities has not been included in this financial
information.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
The
following table disaggregates total revenue by product and services for each segment:
SCHEDULE OF DISAGGREGATION OF REVENUE BY PRODUCTS AND SERVICES FOR EACH SEGMENT
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| B2B: | |
| | |
| | |
| | |
| |
| Platform and content license fees | |
$ | 7,240 | | |
$ | 9,988 | | |
$ | 23,109 | | |
$ | 31,208 | |
| Development services and other | |
| 2,938 | | |
| 2,697 | | |
| 8,243 | | |
| 8,697 | |
| Total B2B revenue | |
| 10,178 | | |
| 12,685 | | |
| 31,352 | | |
| 39,905 | |
| | |
| | | |
| | | |
| | | |
| | |
| B2C: | |
| | | |
| | | |
| | | |
| | |
| Sportsbook | |
| 6,281 | | |
| 7,763 | | |
| 26,546 | | |
| 28,023 | |
| Casino | |
| 12,577 | | |
| 11,093 | | |
| 38,738 | | |
| 34,924 | |
| Poker | |
| 781 | | |
| 579 | | |
| 2,068 | | |
| 1,729 | |
| Total B2C revenue | |
| 19,639 | | |
| 19,435 | | |
| 67,352 | | |
| 64,676 | |
| Total revenue | |
$ | 29,817 | | |
$ | 32,120 | | |
$ | 98,704 | | |
$ | 104,581 | |
Revenue
by location of the customer for the three and nine months ended September 30, 2023 and 2022 is as follows:
SCHEDULE OF REVENUE BY LOCATION OF THE CUSTOMER
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| United States | |
$ | 7,459 | | |
$ | 10,320 | | |
$ | 23,271 | | |
$ | 33,531 | |
| Europe | |
| 10,890 | | |
| 10,574 | | |
| 35,674 | | |
| 33,343 | |
| Latin America | |
| 9,132 | | |
| 9,492 | | |
| 32,790 | | |
| 32,910 | |
| Rest of the world | |
| 2,336 | | |
| 1,734 | | |
| 6,969 | | |
| 4,797 | |
| |
$ | 29,817 | | |
$ | 32,120 | | |
$ | 98,704 | | |
$ | 104,581 | |
|
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v3.23.3
INCOME TAXES
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Income Tax Disclosure [Abstract] |
|
| INCOME TAXES |
NOTE
13 — INCOME TAXES
The
Company’s effective income tax rate was 3.2%
and (5.4)%
for the three months ended September 30, 2023 and 2022, respectively, and (1.6)%
and (1.0)%
for the nine months ended September 30, 2023 and 2022, respectively.
Our
country of domicile is Bermuda, which effectively has a 0% statutory tax rate as it does not impose taxes on profits, income, dividends,
or capital gains. The difference between this 0% tax rate and the effective income tax rate for the three and nine months ended September
30, 2023 and 2022 was due primarily to a mix of earnings in foreign jurisdictions that are subject to current or deferred tax and loss
carryforwards in certain jurisdictions that are not expected to be realized.
|
| X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Publisher FASB
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-Paragraph 21
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-Topic 740
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-Section 50
-Paragraph 1
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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17
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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
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-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1
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-SubTopic 10
-Name Accounting Standards Codification
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-Section 50
-Paragraph 2
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v3.23.3
RESTRUCTURING
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Disclosure Restructuring Abstract |
|
| RESTRUCTURING |
NOTE
14 — RESTRUCTURING
In
January 2022, the Company implemented a strategic reduction of its existing worldwide global workforce to simplify and
streamline its organization and strengthen the overall competitiveness of its B2B segment. As a result of this initiative, the
Company incurred $1.8 million
in restructuring charges related to this plan during the nine months ended September 30, 2022, which were
primarily related to employee severance pay and related costs. The Company completed its restructuring plan in 2022 and there were
no unpaid restructuring charges.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
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v3.23.3
LEASES
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Leases |
|
| LEASES |
NOTE
15 — LEASES
The
Company determines if an arrangement is a lease and classifies as operating or finance lease at the lease commencement date. A lease
is defined as a contract, or part of contract, that conveys the right to control the use of an asset for a time period in exchange for
consideration. At September 30, 2023, the Company’s lease portfolio consists of operating leases related to office facilities in
Estonia and Bulgaria. The lease terms for both leases are five years. Options to extend or terminate a lease are included in the lease
term when it is reasonably certain that the Company will exercise such options. In some jurisdictions it is customary for lease contracts
to provide for payments to increase each year by inflation, or to be reset periodically to market rental rates or the periodic rent is
fixed over the lease term. Lease payments for operating leases, consisting of fixed payments for base rent, is recognized on a straight-line
basis over the lease term.
Operating
Leases - Lessee
The
following table discloses the operating asset and liability balances at September 30, 2023 and December 31, 2022:
SCHEDULE OF OPERATING AND FINANCE LEASE ASSET AND LIABILITY
| | |
| |
As of | |
| | |
| |
September 30, 2023 | | |
December 31, 2022 | |
| Leases | |
Classification | |
| | |
| |
| Assets | |
| |
| | | |
| | |
| Total operating leased assets, net | |
Operating lease right-of-use assets(1) | |
$ | 4,438 | | |
$ | 234 | |
| | |
| |
| | | |
| | |
| Liabilities | |
| |
| | | |
| | |
| Current | |
Operating lease liabilities | |
$ | 751 | | |
$ | 195 | |
| Non-current | |
Operating lease liabilities – non-current | |
| 3,730 | | |
| — | |
| Total lease liabilities | |
| |
$ | 4,481 | | |
$ | 195 | |
| (1) | | Operating lease
right-of-use assets are recorded, net of accumulated amortization of $909 and $1,033, at September 30, 2023 and December 31, 2022,
respectively. Balances do not include certain right-of-use or lease liabilities related to premises that have not yet been obtained by
the Company in accordance with its lease agreements. |
The
Company uses its incremental borrowing rate at lease commencement to calculate the present value of lease payments when the rate implicit
in a lease is not known. The incremental borrowing rate is based on the Company’s credit rating based on its market valuation metrics
and corporate yield curves observed for public companies with similar credit ratings.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
Operating
lease costs were $266 and $98 for the three months ended September 30, 2023 and 2022, respectively, and $523 and $360 for the nine
months ended September 30, 2023 and 2022, respectively.
Maturities
of lease liabilities, including reconciliation to the lease liabilities, based on required contractual payments, are as follows:
SCHEDULE OF FUTURE MINIMUM MATURITIES OF OPERATING LEASE LIABILITIES
| | |
Operating Leases | |
| | |
| |
| Remainder of 2023 | |
$ | 281 | |
| 2024 | |
| 1,134 | |
| 2025 | |
| 1,143 | |
| 2026 | |
| 1,154 | |
| 2027 | |
| 1,165 | |
| Thereafter | |
| 671 | |
| Total lease payments | |
| 5,548 | |
| Less: future interest costs | |
| 1,068 | |
| Present value of lease liabilities | |
$ | 4,481 | |
Other
information related to leases as of and for the nine months ended September 30, 2023 and 2022 was as follows:
SCHEDULE OF FINANCE AND OPERATING RELATED TO LEASES
| | |
Nine Months Ended | |
| | |
September 30, | |
| | |
2023 | | |
2022 | |
| Operating lease weighted-average remaining lease term (years) | |
| 4.8 | | |
| 0.8 | |
| Operating lease weighted-average discount rate | |
| 9.0 | % | |
| 4.8 | % |
| | |
| | | |
| | |
| Cash paid for the amounts included in the measurement of lease liabilities | |
| | | |
| | |
| Operating cash flows from operating leases | |
$ | 432 | | |
$ | 373 | |
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
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-Topic 842
-SubTopic 20
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-Publisher FASB
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v3.23.3
COMMITMENTS AND CONTINGENCIES
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| COMMITMENTS AND CONTINGENCIES |
NOTE
16 — COMMITMENTS AND CONTINGENCIES
Legal
Proceedings
The
Company may be subject to legal actions and claims arising from contracts or other matters from time to time in the ordinary course of
business. Management is not aware of any pending or threatened litigation, which are considered other than routine legal proceedings.
The Company believes the ultimate disposition or resolution of its routine legal proceedings will not have a material adverse effect
on its financial position, results of operations or liquidity.
Content
Licensing Agreements
In
the second quarter of 2021, the Company entered into Content Licensing Agreements (the “Agreements”) with two third-party
gaming content providers (“Content Providers”) specializing in developing and licensing interactive games. The Agreements
granted the Company exclusive rights to use and distribute the online gaming content in North America. Each of the Content Providers
is committed to developing a minimum number of games for the Company’s exclusive use over the five-year term, subject to extensions,
of the respective Agreement. In exchange, the Company was required to pay fixed fees, totaling $48.5 million, of which $8.5 million were
due upon execution of the Agreements, and the remaining fixed fees were to be paid systematically over the initial five-year terms. Additional
payments could have been required if the Company’s total revenue generated from the licensed content exceed certain stipulated
annual and cumulative thresholds during the contract terms. Under the terms of the Agreements, the Content Providers were to remit the
cash flows from the online gaming content with its existing customers to the Company during the exclusivity period.
On
January 27, 2022, the Company served a termination notice, for cause, to a Content Provider as certain conditions precedent associated
with the completion of contractual obligations had not been satisfied by the agreed upon period in 2021. In accordance with the agreement,
termination for cause results in a return of the initial payment of $3.5 million. In response to the Company’s termination notice,
the Content Provider responded by alleging the Content Provider had met its contractual obligations, thereby obligating the Company to
make the next scheduled $3.0 million payment. In March 2022, the Content Provider served the Company a notice of default letter notifying
the Company of its alleged material breach of the agreement and disputing the validity of the termination. On April 25, 2022, the Content
Provider attempted to serve formal notice of termination of the agreement, reaffirming the $3.0 million obligation. The Company continues
to assert that all contractual obligations to the Content Provider have been relieved as a result of the Company’s initial termination
notice and will vigorously defend any claims made by the Content Provider. The Company further recognized an impairment loss related
to the initial payment of $3.5 million in the condensed statement of operations for the year ended December 31, 2022.
On
April 5, 2022, the Agreement with the remaining Content Provider was amended and restated. Prior to the amendment, the Company accounted
for the hosting arrangement as a service contract and expensed service fees of $1.5 million to cost of revenue during the year ended
December 31, 2022. In accordance with the restated arrangement, the Company amended certain commercial terms, which included obtaining
the contractual right to lease the remote gaming servers, taking possession of the related software, and obtaining a service contract
from the Content Provider for the duration of the arrangement.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
The
amended and restated Agreement was accounted for as a business combination. The consideration transferred in exchange for the
identifiable intangible assets was comprised of the present value of the Company’s total expected fixed payments under the
Agreement, the net assets recognized under the original agreement, as well as a contingent consideration. The contingent
consideration represents additional amounts which the Company expected to pay to the Content Provider if the Company’s total
revenue generated from the arrangement exceeds certain stipulated annual and cumulative thresholds during the contract term. In
December 2022, the Company revised its 2023 budget and long-term plan as a result of material reductions in its expected future cash
flows from its B2B segment, which included a strategic decision not to pursue and invest further in its original content strategy.
Based on this update, as of December 31, 2022, the Company determined that the intangible assets associated with the Agreement with
a carrying amount of $18.4
million were no longer recoverable and wrote them off in full. Additionally, the Company determined that the related customer
relationships intangible assets with a carrying amount of $2.3
million were no longer recoverable and wrote them down to their estimated fair value of $1.6
million. Fair value was based on the expected future cash flows using Level 3 inputs under ASC 820 as well as expected contract
term. The cash flows are those expected to be generated by the market participants, discounted at the risk-free rate of interest.
Because negotiations have not yet concluded, it is reasonably possible that the estimate of the expected future cash flows may
change in the near term resulting in the need to adjust the determination of fair value.
On
March 29, 2023, the Company amended and restated its Content Licensing Agreement (the “Amended Agreement”) with the
other Content Provider which resulted in a reduced contract term ending March 31, 2024 and a reduction in the fixed fees payable
under the arrangement by $15.0
million. Under the Amended Agreement, the fixed fee payment schedule was adjusted such that the remaining $4.0
million payable is due in equal installments of $0.2
million per calendar month, with the first installment due in April 2023. The remaining $1.6
million outstanding at the expiration of the Amended Agreement will be reconciled against amounts payable by the Content Provider to
the Company for revenue generated from the Company’s distribution of the content. In consideration for the execution of the
Amended Agreement, in March 2023 the Company entered into a Subscription Agreement with the Content Provider, under which the
Content Provider subscribed to 1,250,000
of the Company’s ordinary shares. These shares were issued April 25, 2023. On May 8, 2023, the Company registered the
shares in connection with an S-1 resale registration statement. The Company recorded a gain of $9.7
million related to the extinguishment of the fixed fees recognized in other income, net during the nine months ended September 30,
2023, net of the value associated with the settlement of the stock subscription obligation.
Chile
VAT
Coolbet’s
B2C casino and sports-betting platform is accessible in Chile. Since June 1, 2020, foreign digital service suppliers that provide services
to individuals in Chile have been required to register for value-added tax (“VAT”) purposes. On September 20, 2021, the Company
submitted an inquiry to the Chilean Internal Revenue Service (“SII”) for clarification on the basis to apply VAT. In December
2021, the SII issued a general resolution as a response to another iGaming platform operator stating the Tax Administration’s position
that fees paid by users for entertainment services provided through online gaming and betting platforms are subject to VAT in Chile.
The SII clarified its interpretation that the VAT tax rate of 19% shall be applied to “fees paid by the users”, specifically
gross customer deposits on the iGaming platform. This was further reiterated by the CTA in June 2022 through a public response to an
unnamed ruling request on the matter.
On
May 13, 2022, the SII issued a resolution stating that unregistered foreign digital service providers will be subject to 19% withholding
on payments through enforcement to issuers of credit cards, debit cards, and other forms of payment, effective August 1, 2022. The SII
issued this noncompliant list of unregistered foreign digital service providers to enact enforcement of this withholding on a quarterly
basis, with the most recent list issued on December 28, 2022. As of September 30, 2023 and through the date of filing, the Company has
not registered for the Chilean VAT but has not been listed on the SII’s list for which this withholding should be applied, and
the Company has not received formal notification of any VAT liability due to the SII.
On
March 14, 2023, the SII issued a resolution stating that, although the SII lacks the power to qualify an activity as legal or illegal
(which had been noted in previous SII resolutions), the SII is not empowered to register taxpayers for the simplified VAT regime who
carry out activities that have been declared illegal by other State authorities that do have the power to qualify an activity as legal
or illegal. It then notes that the SII has been informed by the Superintendency of Gambling Casinos that the offering of games of chance
is only expressly authorized in certain instances under Chilean law, and thus taxpayers without domicile or residence in Chile that offer
them are doing so illegally. As a result, the SII has excluded these taxpayers from the simplified VAT regime, effectively contradicting
past guidance that stated the digital VAT law must be applied to online gaming and betting platforms.
On
September 12, 2023, the Supreme Court of Chile issued a ruling requiring one telecommunication company to block 23 iGaming websites.
The ruling relates specifically to one local internet service provider (“ISP”), and a state-owned land-based casino which holds the
rights to offer online sports betting (“the Local Provider”). The order to block the websites only applied to the 23 specific
URL addresses mentioned in the legal action. The Local Provider’s legal action was based on a “protection recourse”
filing, and asserted that the Local Provider’s constitutional right to maintain a legal monopoly over sports betting
was infringed upon. The Supreme Court of Chile’s ruling only affected
the named parties of the case, and did not establish legal precedent. In response to the ruling, the Company modified the URL and resumed
operations.
The
Company does not believe its activities in Chile are illegal based on external legal opinions obtained in previous years, and updated
external legal opinions supporting the Company’s assertions. The Company had previously not registered for the Chilean VAT on digital
service providers as the Company believed the application of VAT on gross customer deposits, as previously clarified by the SII, prior
to the March 2023 resolution, did not represent a reasonable application of the law to the economic substance of the Company’s
services; this previous application would have resulted in a material loss to the Company. The Company believes that Chilean tax laws
and regulations support that only the fees directly charged by the Company’s platform, primarily poker fees, should be the taxable
base for the Chilean digital VAT and has obtained an external legal opinion supporting this position, the application of which would
not have a material impact to the Company’s financial statements. However, as a result of the SII excluding the Company’s
activities from the digital VAT registration, we no longer believe a liability is probable for the past activities as of December 31,
2022 as the Company is now effectively prevented from complying with the digital VAT law. However, there is uncertainty as to the regulated
environment, what amounts may be ultimately due on our previous activities and the ability to operate in the jurisdiction until the
SII resolves the position. Resolution of this matter may result in fines, penalties, additional expenses or require us to exit the market.
Revenues from Chile represented 28.4% and 26.2% of total consolidated revenue for the three months ended September 30, 2023 and 2022,
respectively, and 30.2% and 28.6% for the nine months ended September 30, 2023 and 2022, respectively.
Synthetic
Equity
Pursuant
to the binding term sheet previously entered into with Red Rock Resorts, Inc., the Company entered into the Master Gaming Services
Agreement with Station Casinos LLC (“Station”) on March 30, 2023, to launch GameSTACK and GAN Sports RMiG and sportsbook
solutions at its properties through self-service kiosks as well as through on-premises and statewide mobile versions in Nevada,
subject to applicable licensure. As an additional incentive for Station to support the commercial success of the launch in Nevada,
the Master Gaming Services Agreement includes a Synthetic Equity Addendum which would require that the Company make a payment to
Station in the event of a change of control in the Company (the “Change of Control Payment”), subject to certain
conditions outlined in the Synthetic Equity Addendum. The Change of Control Payment is payable only in the event that a change of
control occurs during the period as specified by the Synthetic Equity Addendum and that the Company’s market capitalization
has increased during that time, calculated as proscribed by the Synthetic Equity Addendum, which the amount of such payment ranging
from 2.5%
to 5%
of such increase in market capitalization over approximately $2.00
per share, depending on whether certain minimum revenue conditions are met over the next five years. The payment represents an
equity-linked financial instrument containing service, performance and market conditions and is measured and classified in
accordance with stock-based compensation guidance. The initial grant-date fair value represents an upfront payment to a customer for
the maximum tranche which will be attributed as contra revenue over the estimated initial contract term as revenue is earned under
the arrangement such that the recognition of the constraint is not probable to result in a material reversal of revenue. The initial
grant date liability will be marked to market at each reporting period through operating income (loss). The Company valued the
liability utilizing a Monte Carlo simulation and determined the value to be approximately $1.1
million at grant-date and recorded within other assets and other liabilities in the condensed consolidated balance sheet. A Monte
Carlo simulation includes numerous scenarios, including assumptions of probability weighted likelihood of different outcomes. As facts
and circumstances become known or knowable at each reporting period, the probability of certain scenarios will change which will
increase or decrease the value. The classification of the liability will be reassessed when a change of control event is probable.
On September 30, 2023, the fair value was determined to be approximately $0.9
million. The change in value was charged as a reduction
to general and administrative expense. As of September 30, 2023, the underlying revenue arrangement has not commenced, and the asset
is probable of recovery.
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v3.23.3
SUBSEQUENT EVENTS
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Subsequent Events [Abstract] |
|
| SUBSEQUENT EVENTS |
NOTE
17 — SUBSEQUENT EVENTS
On
November 7, 2023, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with SEGA SAMMY CREATION
INC., a Japanese corporation (“Parent”), and Arc Bermuda Limited, a Bermuda exempted company limited by shares and a wholly-owned
subsidiary of Parent (“Merger Sub”), pursuant to which, subject to the satisfaction or waiver of the conditions set forth
therein, Merger Sub will be merged with and into the Company, with the Company surviving the merger as a wholly-owned subsidiary of Parent
(the “Merger”). Parent and Merger Sub are affiliates of SEGA SAMMY HOLDINGS, INC.
Pursuant
to the Merger Agreement, and upon the terms and subject to the conditions thereof, at the effective time of the Merger, and as a result
of the Merger (and without any action on the part of Parent, Merger Sub, the Company or any holder thereof):
| |
● |
each
of the Company’s ordinary shares issued immediately prior to the effective time of the Merger (other than shares held by Parent
or Merger Sub, by the Company as a treasury share or by any person who properly asserts dissenters’ rights under Bermuda
law) will be converted into the right to receive an amount in cash equal to $1.97 per share, without interest and subject to any
applicable tax withholding (the “Merger Consideration”); |
| |
● |
each of
the Company’s outstanding restricted shares (whether vested or unvested) at the effective time of the Merger will become vested
in full and non-forfeitable and will be converted into the right to receive the Merger Consideration; |
| |
● |
each of
the Company’s outstanding restricted share units (whether vested or unvested) at the effective time of the Merger will become
vested in full and will be automatically cancelled in exchange for the right to receive a single lump sum cash payment, without interest
and subject to any applicable tax withholding, equal to the product of (a) the Merger Consideration and (b) the number of Company
ordinary shares subject to such restricted share unit; and |
| |
● |
each of
the Company’s outstanding options to acquire the Company ordinary shares (whether vested or unvested) at the effective time
of the Merger will become vested in full and will be automatically cancelled in exchange for the right to receive a single lump sum
cash payment, without interest and subject to any applicable tax withholding, equal to the product of (a) the excess, if any, of
the Merger Consideration over the exercise price per share of the option and (b) the number of Company ordinary shares issuable upon
the exercise in full of such option. |
Consummation of the Merger is not subject
to a financing condition, but is subject to customary closing conditions, including (a) approval by the Company’s shareholders
of the Merger Agreement, the Merger and the Statutory Merger Agreement, (b) receipt of applicable antitrust and CFIUS approvals or the
expiration of applicable waiting periods, (c) absence of any order or injunction prohibiting the consummation of the Merger and (d) the
accuracy of the Company’s representations and warranties contained in the Merger Agreement (subject to certain customary qualifications)
and compliance by the Company with its agreements and covenants contained in the Merger Agreement. The closing of the Merger is also
predicated upon receipt of approval of the Merger and change in control of the Company by all relevant gaming authorities. The Company
anticipates that this will take some time, and that the closing of the Merger may not occur until late 2024 or early 2025.
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Accounting Policies [Abstract] |
|
| Basis of Presentation and Principles of Consolidation |
Basis
of Presentation and Principles of Consolidation
The
condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United
States of America (“U.S. GAAP”) and include the results of the Parent and its wholly-owned subsidiaries. All intercompany
accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements have been
prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, in the opinion of management,
of a normal recurring nature that are necessary for a fair presentation of the financial position, results of operations and cash flows
for the periods presented. The financial data and other financial information disclosed in these notes to the condensed consolidated
financial statements related to these periods are also unaudited. The results of operations for the three and nine months ended September
30, 2023 are not necessarily indicative of the results that may be expected for the year ended December 31, 2023 or for any future annual
or interim period. The condensed consolidated balance sheet as of December 31, 2022 included herein was derived from the audited consolidated
financial statements as of that date. The accompanying unaudited condensed consolidated financial statements and notes thereto should
be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report
on Form 10-K for the year ended December 31, 2022.
During
the second quarter of 2023, the Company completed a reorganization which resulted in the Company reclassifying its operating expenses
between the sales and marketing, product and technology and general and administrative.
The
following table provides the impact of operating expense reclassification for the three months ended September 30, 2022.
SCHEDULE OF IMPACT OF OPERATING EXPENSE RECLASSIFICATION
| | |
As previously | | |
Impact of operating expense | | |
As currently | |
| | |
Three Months Ended September 30, 2022 | |
| | |
As previously | | |
Impact of operating expense | | |
As currently | |
| | |
reported | | |
reclassification | | |
reported | |
| Operating expenses | |
| | | |
| | | |
| | |
| Sales and marketing | |
$ | 6,757 | | |
$ | 24 | | |
$ | 6,781 | |
| Product and technology | |
| 4,998 | | |
| 2,573 | | |
| 7,571 | |
| General and administrative (1) | |
| 10,185 | | |
| (2,597 | ) | |
| 7,588 | |
| Total operating expenses | |
$ | 21,940 | | |
$ | — | | |
$ | 21,940 | |
| (1) |
Excludes
depreciation and amortization expense. |
The
following table provides the impact of the reclassification of operating expenses for the nine months ended September 30, 2022.
| | |
As previously | | |
Impact of operating
expense | | |
As currently | |
| | |
Nine Months Ended September 30, 2022 | |
| | |
As previously | | |
Impact of operating
expense | | |
As currently | |
| | |
reported | | |
reclassification | | |
reported | |
| Operating expenses | |
| | | |
| | | |
| | |
| Sales and marketing | |
$ | 20,122 | | |
$ | 170 | | |
$ | 20,292 | |
| Product and technology | |
| 19,140 | | |
| 5,788 | | |
| 24,928 | |
| General and administrative (1) | |
| 33,265 | | |
| (5,958 | ) | |
| 27,307 | |
| Total operating expenses | |
$ | 72,527 | | |
$ | — | | |
$ | 72,527 | |
| (1) |
Excludes
depreciation and amortization expense. |
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
|
| Liquidity |
Liquidity
The
accompanying condensed consolidated financial statements have been prepared on a going concern basis. As of September 30, 2023, the Company
had an accumulated deficit of $299.9 million, with cash of $39.2 million and liabilities to users of $9.5 million. The Company has historically
operated with net losses and has not generated positive cash flows. Additionally, the Company’s current financial condition, liquidity
resources, and planned near-term cash flows from operations are sensitive to changes in macro-economic conditions and the substantial
variability inherent in the Company’s wager-based revenues streams. These factors indicate uncertainty related to the ability of
the Company to meet its current obligations as they come due.
In
the fourth quarter of 2022, the Company initiated plans to address its liquidity needs and improve its operations and cash position primarily
by (i) reducing and deferring personnel and operational costs for non-strategic initiatives, (ii) amending the Credit Facility to reduce
cash interest obligations and amend financial covenants, (iii) identifying sources of additional capital, (iv) continuing investment
in the growth areas of the Company’s consolidated operations, (v) continuing cost saving initiatives first implemented during the
year ended December 31, 2022, and (vi) initiating a strategic review process to assess a range of strategic alternatives.
On
April 13, 2023, a subsidiary of the Company executed agreements to amend its existing credit facility to waive all events of default,
amend certain financial covenants, assign the rights to the credit facility from its existing lender to a third party, and increase the
principal balance from $30.0 million to $42.0 million with accrued paid in-kind (“PIK”) interest of 8.0% per year (together,
forming the “Amended Credit Facility”). The Amended Credit Facility became effective upon cash settlement of payments completed
on April 14, 2023 and represented a cure of any events of default under the Credit Facility and thereby prevented any amounts from becoming
due and payable under the Credit Facility’s subjective acceleration clause. The Amended Credit Facility contains a financial covenant,
among other covenants, requiring minimum liquidity of $10.0 million. Refer to Note 6 – Debt for further detail. Management believes
the executed Amended Credit Facility and intent and ability to complete the remaining cost mitigation plans alleviate uncertainty regarding
the Company’s ability to meet its current obligations as they come due.
To
the extent that the Company’s current resources, including its ability to generate operating cash flows, are insufficient to satisfy
its cash requirements, the Company may seek additional equity or debt financing. The Company’s ability to do so depends on prevailing
economic conditions and other factors, many of which are beyond management’s control. The Company does not currently have any such
credit facilities or similar debt arrangements in place, outside of the Amended Credit Facility as described above, and cannot provide
any assurance as to the availability or terms of any future financing that it may require to support its operations. If the needed financing
is not available, or if the terms of financing are less desirable than expected, the Company may be forced to decrease its level of investment
in new products and technologies, discontinue further expansion of the business, scale back its existing operations, or divest of assets,
any of which could have an adverse impact on the Company and its financial prospects.
|
| Use of Estimates |
Use
of Estimates
The
preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date
of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Due
to the inherent uncertainties involved in making estimates, actual results could differ from the original estimates, and may require
significant adjustments to these reported balances in future periods.
|
| Foreign Currency Translation and Transactions |
Foreign
Currency Translation and Transactions
The
Company’s reporting currency is the U.S. Dollar while the Company’s foreign subsidiaries use their local currencies as their
functional currencies. The assets and liabilities of foreign subsidiaries are translated to U.S. Dollars based on the current exchange
rate prevailing at each reporting period. Revenue and expenses are translated into U.S. Dollars using the average exchange rates prevailing
for each period presented. Translation adjustments that arise from translating a foreign subsidiary’s financial statements from
their functional currency to U.S. Dollars are reported as a separate component of accumulated other comprehensive loss in shareholders’
equity.
Gains
and losses arising from transactions denominated in a currency other than the functional currency are included in general and
administrative expense in the condensed consolidated statements of operations as incurred. Foreign currency transaction and
remeasurement gains and losses were a net gain (loss) of $(155)
and $684
for the three months ended September 30, 2023 and 2022, respectively, and $(1,169)
and $(494)
for the nine months ended September 30, 2023 and 2022, respectively.
|
| Concentration of Credit Risk |
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist primarily of its cash and trade receivables.
The Company holds cash deposits in foreign countries, primarily in Northern Europe and Latin America, of approximately $32.2 million,
which are subject to local banking laws and may bear higher or lower risk than cash deposited in the United States. Cash held in the
United States is maintained in a major financial institution in excess of federally insured limits. As part of our cash management processes,
the Company performs periodic evaluations of the credit standing of the financial institutions and we have not sustained any credit losses
from instruments held at these financial institutions. Additionally, the Company maintains an allowance for potential credit losses,
but historically has not experienced any significant losses related to individual customers or groups of customers in any particular
geographic area.
|
| Risks and Uncertainties |
Risks
and Uncertainties
Macroeconomic
conditions can materially adversely affect the Company’s business, results of operations and financial condition. Recent adverse
macroeconomic conditions, including inflation, higher interest rates, slower growth or recession, the strengthening of the U.S. dollar,
and corresponding currency fluctuations can have an adverse material impact on the Company’s future results of operations, cash
flows, and financial condition, particularly with respect to foreign currency adjustments relating to our international operations. Such
conditions may also affect consumers’ willingness to make discretionary purchases, and therefore the Company, along with its casino
operator customers, may experience a decline in wagering. A downturn in the economic environment can also lead to increased credit and
collectibility risk on the Company’s trade receivables, limitations on the Company’s ability to issue new debt, and reduced
liquidity.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
|
| Revenue Recognition |
Revenue
Recognition
Revenue
from B2B Operations
The
Company’s revenue from its B2B operations are primarily from its internet gaming Software-as-a-Service platform (“SaaS”),
GameSTACK, that its customers use to provide RMiG, online sports gaming and SIM services to its end users. The Company enters into contracts
with its customers that generally range from three to five years and include renewal provisions. These contracts generally include provision
of the internet gaming platform, content consisting of proprietary and third-party games, development services and support and marketing
services. In certain cases, the contract may include computer hardware to be procured on behalf of the customer. The customers cannot
take possession of the hosted GameSTACK software and the Company does not sell or license the GameSTACK software.
The
Company charges fees as consideration for use of its internet gaming system, game content, support and marketing services based on a
fixed percentage of the casino operator’s net gaming revenue or net sportsbook win, at the time of settlement of an event for RMiG
contracts, considered usage-based fees, or at the time of purchase for in-game virtual credit for SIM contracts. The determination of
the fee charged to its customers is negotiated and varies significantly. Certain of these RMiG contracts provide the Company with a minimum
monthly revenue guarantee in relation to the Company’s share of the casino operator’s net gaming revenue or net sportsbook
win. At September 30, 2023 the remaining unsatisfied performance obligations related to fixed minimum guaranteed revenue totaled $8.9
million.
The
Company’s promise to provide the RMiG SaaS platform and content licensing services on the hosted software is a single performance
obligation. This performance obligation is recognized over time, as the Company provides services to its customers in its delivery of
services to the player end user. The Company’s customers simultaneously receive and consume the benefits provided by the Company
as it delivers services to its customers. Usage based fees are considered variable consideration as the service is to provide unlimited
continuous access to its hosted application and usage of the hosted system is primarily controlled by the player end user. The transaction
price includes fixed and variable consideration and is billed monthly with the amount due generally thirty days from the date of the
invoice. Variable consideration is allocated entirely to the period in which consideration is earned as the variable amounts relate specifically
to the customer’s usage of the platform that day and allocating the usage-based fees to each day is consistent with the allocation
objective, primarily that the change in amounts reflect the changing value to the customer. The Company’s internet gaming system,
game content, support and marketing services are provided equally throughout the term of the contract. These services are made up of
a daily requirement to provide access and use of the internet gaming system and optional support and marketing services to the customer
over the same period of time, and not a specified amount of services. The series of distinct services represents a single performance
obligation that is satisfied over time.
Purchases
of virtual credits within a transaction period on the SIM platform, generally a monthly convention, are earned over time, and are typically
billed monthly upon the close of the respective period as the credit has no monetary value, cannot be redeemed, exchanged, transferred
or withdrawn, represents solely a device for tracking game play during the month, does not obligate the Company to provide future services
and the arrangements with the customer and player end user have no substantive termination penalty. In certain service agreements with
its SIM customers, the fees collected by the Company from third-party payment processors for the purchases of in-game virtual credits
made by end-users include the SIM customer’s portion. The Company records the SIM customer’s portion as a liability as cash
is collected and remits payment to the SIM customer for their share of the SIM revenues monthly. At September 30, 2023 and December 31,
2022, the Company has recorded a liability due to its customers for their share of the fees of $1,427 and $1,628, respectively, within
other current liabilities in the condensed consolidated balance sheets.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
The
Company uses third-party content providers in its performance of providing game content on its platform to
its customers. A customer has access to the Company’s propriety and licensed game content. Additionally, the customer can direct
the Company to procure third-party game content on its behalf. The Company has determined it acts as the principal for providing the
game content when the Company controls the game content, and therefore presents the revenue on a gross basis in the condensed consolidated
statements of operations. When the customer directs the Company to procure third-party game content, the Company determined it is deemed
an agent for providing such game content, and therefore, records the revenue, net of the costs of content license fees, in the condensed
consolidated statements of operations.
The
Company also provides ongoing development services involving updates to the RMiG platforms for enhanced functionality or customization.
Ongoing development services are typically billed monthly, at a daily rate, for services performed. Revenue from RMiG platform development
services that are identified as distinct performance obligations and enhance or create an asset the customer controls as the Company
performs the services are recognized over time as services are performed. This revenue is measured using an input method based on effort
expended, which uses direct labor hours incurred. These services have primarily related to post-launch development of third-party application
integration software in the customer’s environment. Separately, the revenue generated from customers for development services that
are distinct performance obligations and the customer benefits from the integrated SaaS offering are deferred over the license service
term. These services have primarily related to enhancements to the Company’s platforms that do not enhance or create an asset the
customer controls. In customer contracts that require a portion of the consideration to be received in advance or at the commencement
of the contract, such amounts are recorded as a contract liability.
Other
services include the resale of third-party computer hardware, such as servers and other related hardware devices, upon which the GameSTACK
software is installed for its customers. These products are not required to be purchased in order to access the GameSTACK platform but
are sold as a convenience to the customer. The Company procures the computer hardware on the customer’s behalf for a fee determined
based on the cost of the computer hardware plus a markup. The Company charges a hardware deployment fee which is a one-time fee for installation,
testing and certification of the computer hardware at the gaming hosting facility. Revenue is recognized at the point in time when control
of the hardware transfers to the customer. Control is transferred after the hardware has been procured, delivered, installed at the customer’s
premises and configured to allow for remote access.
The
Company has determined that it is acting as the principal in providing computer hardware and related services as it assumes responsibility
for procuring, delivering, installing and configuring the hardware at the customer’s location and takes control of the hardware,
prior to transfer. Revenue is presented at the gross amount of consideration to which it is entitled from the customer in exchange for
the computer hardware and related services.
The
Company generates revenue from time to time from the licensing of its U.S. patent, which governs the linkage of on-property reward cards
to their counterpart internet gaming accounts together with bilateral transmission of reward points between the internet gaming technology
system and the land-based casino management system present in all U.S. casino properties. The nature of the promise in transferring the
license is to provide a right to use the patent as it exists. The Company does not have to undertake activities to change the functionality
of the patent during the license period and the license has significant stand-alone functionality. Therefore, the Company recognizes
the revenue from the license of the patent at the point in time when control of the license is transferred to the customer. Control is
determined to transfer at the point in time the customer is able to use and benefit from the license.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
Contracts
with Multiple Performance Obligations
For
customer contracts that have more than one performance obligation, the transaction price is allocated to the performance obligations
in an amount that depicts the relative stand-alone selling prices of each performance obligation. Judgment is required in determining
the stand-alone selling price for each performance obligation. In determining the allocation of the transaction price, an entity is required
to maximize the use of observable inputs. When the stand-alone selling price of a good or service is not directly observable, an entity
is required to estimate the stand-alone selling price. Contracts with its customers may include platform and licensing of game content
services, as well as development services and computer hardware services. The variable consideration generated from the platform and
the licensing of game content is allocated entirely to the performance obligations for platform and licensing of game content services
and the remaining fixed fees for development services and computer hardware would be allocated to each of the remaining performance obligation
based on their relative stand-alone selling prices. The variable consideration relates entirely to the effort to satisfy the platform
and licensing game content services and the fixed consideration relates to the remaining performance obligations which is consistent
with the allocation objective.
Revenue
from Gaming Operations
The
Company operates the B2C gaming site www.coolbet.com outside of the U.S., which contains proprietary software and includes the following
product offerings: sportsbook, poker, casino, live casino and virtual sports.
The
Company manages an online sportsbook allowing users to place various types of wagers on the outcome of sporting events conducted around
the world. The Company operates as the bookmaker and offers fixed odds wagering on such events. When a user’s wager wins, the Company
pays the user a pre-determined amount known as fixed odds. Revenue from online sportsbook is reported net after deduction of player winnings
and bonuses. Revenue from wagers is recognized when the outcome of the event is known.
The
Company offers live casino through its digital online casino offering in select markets, allowing users to place a wager and play games
virtually at retail casinos. The Company offers users a catalog of over 5,700 third-party iGaming products such as digital slot machines
and table games such as blackjack and roulette. Revenue from casino games is reported net after deduction of winnings, jackpot contribution
and customer bonuses.
Peer-to-peer
poker offerings allow users to play poker against one another on the Company’s online poker platform for prize money. Revenue is
recognized as a percentage of the reported rake. Additionally, the Company offers tournament poker which allows users to buy-in for a
fixed price for prize money. For tournament play, revenue is recognized for the difference between the entry fees collected and the amounts
paid out to users as prizes and winnings.
In
each of the online gaming products, a single performance obligation exists at the time a wager is made to operate the games and award
prizes or payouts to users based on a particular outcome. Revenue is recognized at the conclusion of each contest, wager, or wagering
game hand. Additionally, certain incentives given to users, for example, that allow the user to make an additional wager at a reduced
price, may provide the user with a material right which gives rise to a separate performance obligation.
The
Company allocates a portion of the user’s wager to incentives that create material rights that are redeemed or expired in the future.
The allocated revenue for gaming wagers is primarily recognized when the wagers occur because all such wagers settle immediately.
The
Company applies a practical expedient by accounting for revenue from gaming on a portfolio basis because such wagers have similar characteristics,
and the Company reasonably expects the effects on the financial statements of applying the revenue recognition guidance to the portfolio
to not differ materially from that which would result if applying the guidance to an individual wagering contract.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
|
| Cost of Revenue |
Cost
of Revenue
Cost
of revenue consists primarily of variable costs. These include mainly (i) content license fees, (ii) payment processing fees and chargebacks,
(iii) platform technology, software, and connectivity costs directly associated with revenue generating activities, (iv) gaming duties,
and (v) sportsbook feed / provider services. The Company incurs payment processing fees on B2C user deposits, withdrawals, and deposit
reversals from payment processors. Cost of revenue excludes depreciation of the servers on which the Company’s gaming platforms
reside as well as amortization of intangible assets including internally developed software.
|
| Sales and Marketing |
Sales
and Marketing
Sales
and marketing expense primarily consists of general marketing and advertising costs, B2C user acquisition expenses and personnel costs
within our sales and marketing functions. Sales and marketing costs are expensed as incurred.
|
| Product and Technology |
Product
and Technology
Product
and technology expense consists primarily of personnel costs associated with development and maintenance activities that are not capitalized.
These costs primarily represent employee expenses (including but not limited to, salaries, bonus, employee benefits, employer tax expenses,
and share-based compensation) for personnel and contractors involved in the design, development, and project management of our proprietary
technologies as well as developed and licensed content.
|
| General and Administrative |
General
and Administrative
General
and administrative expense consists of costs, including gaming operations costs, not related to sales and marketing, product and technology
or revenue. General and administrative costs include professional services (including legal, regulatory and compliance, audit, and consulting
expenses), rent contingencies, insurance, allowance for credit losses, foreign currency transaction gains and losses, and costs related
to the compensation of executive and non-executive personnel, including share-based compensation.
|
| Content Licensing Fees |
Content
Licensing Fees
Content
licensing fees are paid to third parties for gaming content which are expensed as incurred. Content licensing fees are calculated as
a percentage of net gaming revenues in respect of the third-party games, as stipulated in the third-party agreements.
|
| Share-based Compensation |
Share-based
Compensation
Share-based
compensation expense is recognized for share options and restricted shares issued to employees and non-employee members of the Company’s
Board of Directors. The Company’s issued share options and restricted shares, which are primarily considered equity awards and
include only service conditions, are valued based on the fair value of these awards on the date of grant. The fair value of the share
options is estimated using a Black-Scholes option pricing model and the fair value of the restricted shares (restricted share awards
and restricted share units) is based on the market price of the Company’s shares on the date of grant.
Certain
restricted share units awards issued to non-employee members of the Company’s Board of Directors permit shares upon vesting to
be withheld, as a means of meeting the non-employee director’s tax withholding requirements, and paid in cash to the non-employee
director. The Company additionally incurs share-based compensation expense under compensation arrangements with certain of its employees
under which the Company will settle bonuses for a fixed dollar amount by issuing a variable number of shares based on the Company’s
share price on the settlement date. These awards are classified as liability-based awards which are measured based on the fair value
of the award at the end of each reporting period until settled. Related compensation expense is recognized based on changes to the fair
value over the applicable service period.
Share-based
compensation is recorded over the requisite service period, generally defined as the vesting period. For awards with graded vesting and
only service conditions, compensation cost is recorded on a straight-line basis over the requisite service period of the entire award.
Forfeitures are recorded in the period in which they occur.
|
| Earnings Per Share, Basic and Diluted |
Earnings
Per Share, Basic and Diluted
Basic
earnings per share is calculated by dividing earnings by the weighted average number of ordinary shares outstanding during the year.
In periods of loss, basic and diluted per share information are the same.
|
| Cash |
Cash
Cash
is comprised of cash held at the bank and third-party service providers. The Company is required to maintain compensating cash balances
to satisfy its liabilities to users. Such balances are included within cash in the condensed consolidated balance sheets and are not
subject to creditor claims. At September 30, 2023 and December 31, 2022, the related liabilities to users were $9,467 and $10,683, respectively.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
|
| Capitalized Software Development Costs, net |
Capitalized
Software Development Costs, net
The
Company capitalizes certain development costs related to its internet gaming platforms during the application development stage. Costs
associated with preliminary project activities, training, maintenance and all other post implementation stage activities are expensed
as incurred. Software development costs are capitalized when application development begins, it is probable that the project will be
completed, and the software will be used as intended. The Company capitalizes certain costs related to specific upgrades and enhancements
when it is probable that expenditures will result in additional functionality of the platform to its customers. The capitalization policy
provides for the capitalization of certain payroll and payroll related costs for employees who spent time directly associated with development
and enhancements of the platform.
Capitalized
software development costs are amortized on a straight-line basis over their estimated useful lives, which generally ranges from three
to five years, and are included within depreciation and amortization expense in the condensed consolidated statements of operations.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
|
| Long-lived Assets |
Long-lived
Assets
Long-lived
assets, except goodwill, consist of property and equipment, and finite lived acquired intangible assets, such as developed software,
gaming licenses, trademarks, trade names and customer relationships. Intangible assets are amortized on a straight-line basis over their
estimated useful lives. The Company considers the period of expected cash flows and underlying data used to measure the fair value of
the intangible assets when selecting the estimated useful lives.
Gaming
licenses include license applications fees and market access payments in connection with agreements that the Company enters into with
strategic partners. The market access arrangements authorize the Company to offer online gaming and online sports betting in certain
regulated markets. These costs are capitalized and amortized on a straight-line basis over their estimated useful lives, beginning with
the commencement of operations.
The
fair value of acquired intangible assets is primarily determined using the income approach. In performing these valuations, the Company’s
key underlying assumptions used in the discounted cash flows were projected revenue, gross margin expectations and operating cost estimates.
There are inherent uncertainties and management judgment is required in these valuations.
Long-lived
assets, except goodwill, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of
an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the
Company compares the undiscounted cash flows expected to be generated by that asset or asset group to their carrying amount. If the carrying
amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment charge is recognized
to the extent that the carrying amount exceeds fair value. Fair value is determined through various techniques, such as discounted cash
flow models using probability weighted estimated future cash flows and the use of valuation specialists. During the three and nine months
ended September 30, 2023, there was no triggering event that would cause the Company to believe the value of its long-lived assets should
be impaired.
|
| Liabilities to Users |
Liabilities
to Users
The
Company records liabilities for user account balances. User account balances consist of user deposits, promotional awards and user winnings
less user withdrawals and user losses.
|
| Legal Contingencies and Litigation Accruals |
Legal
Contingencies and Litigation Accruals
On
a quarterly basis, the Company assesses potential losses in relation to pending or threatened legal matters. If a loss is considered
probable and the amount can be reasonably estimated, the Company recognizes an expense for the estimated loss. Estimates of any such
loss are subjective in nature and require the evaluation of numerous facts and assumptions as to future events, including the application
of legal precedent which may be conflicting. To the extent these estimates are more or less than the actual liability resulting from
the resolution of these matters, the Company’s financial results will increase or decrease accordingly.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
|
| Debt |
Debt
Debt
issuance costs incurred in connection with the issuance of new debt are recorded as a reduction to the long-term debt balance on the
condensed consolidated balance sheets and amortized over the term of the loan commitment as interest expense in the accompanying condensed
consolidated statements of operations. The Company calculates amortization expense on capitalized debt issuance costs using the effective
interest method in accordance with Accounting Standards Codification (“ASC”) 470, Debt.
|
| Leases |
Leases
The
Company determines if an arrangement is a lease and classifies as operating or finance lease at the lease commencement date. A lease
is defined as a contract, or part of contract, that conveys the right to control the use of an asset for a time period in exchange for
consideration. In accordance with ASC 842, Leases, the Company recognizes for all leases, except short-term leases, at the commencement
date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted
basis; and (2) a right-of-use (“ROU”) asset, which is an asset that represents the lessee’s right to use, or control
the use of, a specified asset for the lease term. The Company accounts for the lease and non-lease components of its leases as a single
lease component. Operating leases are included in operating lease ROU assets and operating lease liabilities, current and noncurrent,
on the condensed consolidated balance sheets. Lease expense is recognized on a straight-line basis based on the total contractually required
lease payments, over the term of the lease.
|
| Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
The
Company applies the provisions of ASC 820, Fair Value Measurements and Disclosures, which provides a single authoritative definition
of fair value, sets out a framework for measuring fair value and expands on required disclosures about fair value measurement. Fair value
represents the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous
market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company uses the
following hierarchy in measuring the fair value of the Company’s assets and liabilities, focusing on the most observable inputs
when available:
| |
● |
Level
1 Quoted prices in active markets for identical assets or liabilities. |
| |
|
|
| |
● |
Level
2 Observable inputs other than Level 1 quoted prices, such as quoted prices for similar assets and liabilities in active markets,
quoted prices in markets that are not active for identical or similar assets and liabilities, or other inputs that are observable
or can be corroborated by observable market data for substantially the full term of the assets or liabilities. |
| |
|
|
| |
● |
Level
3 Valuations are based on the inputs that are unobservable and significant to the overall fair value measurement of the assets or
liabilities. Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability
at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs
to the model. |
Valuation
techniques used to measure the fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.
The
Company does not hold any significant Level 2 financial instruments. Level 3 financial instruments held by the Company include the synthetic
equity liability due to a customer, refer to Note 16 — Commitments and Contingencies. The instrument includes level 3 inputs related
to the contractual forecasts, in addition to observable inputs such as the stock volatility of the company, which are utilized in the
Company’s Monte Carlo valuation. The valuation is not sensitive to significant movements in the forecast.
GAN
LIMITED
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in
thousands, except share and per share amounts)
|
| Income Taxes |
Income
Taxes
The
Company is subject to income taxes in the United States, U.K., Bulgaria, Israel, Canada, Estonia, Malta, and Mexico. The Company records
an income tax expense for the anticipated tax consequences of the reported results of operations using the asset and liability method.
Under this method, deferred income tax assets and liabilities are recognized for the expected future tax consequences of temporary differences
between the financial reporting and tax bases of assets and liabilities, as well as for loss and tax credit carryforwards. Deferred tax
assets and liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax
assets and liabilities are expected to be realized or settled. The effect on deferred income tax of a change in tax rates are recorded
in the period of the enactment. Deferred tax assets are reduced, through a valuation allowance, if necessary, by the amount of such benefits
that are not expected to be realized based on current available evidence. In evaluating the Company’s ability to recover deferred
tax assets in the jurisdiction from which they arise, all available positive and negative evidence is considered, including results of
recent operations, scheduled reversals of deferred tax liabilities, projected future taxable income, and tax-planning strategies. The
Company records a valuation allowance to reduce its deferred tax assets to the net amount that it believes is more likely than not to
be realized.
The
Company recognizes tax benefits from uncertain tax positions only if management believes that it is more likely than not that the tax
position will be sustained on examination by the taxing authorities based on the technical merits of the position. Although the Company
believes that it has adequately provided for uncertain tax positions, no assurance can be given that the final tax outcome of these matters
would not be materially different. Adjustments are made when facts and circumstances change, such as the closing of a tax audit or the
refinement of an estimate. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences
would affect the provision for income taxes in the period in which such determination is made and could have a material impact on the
Company’s financial condition and operating results. The Company recognizes penalties and interest related to income tax matters
in income tax expense.
|
| Segments |
Segments
The
Company operates in two operating segments, B2B and B2C. Operating segments are defined as components of an enterprise where separate
financial information is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources
and assess the Company’s performance. The Company’s CODM is the Chief Executive Officer. The CODM allocates resources and
assesses performance based upon discrete financial information at the operating segment level.
|
| Recently Adopted Accounting Pronouncements |
Recently
Adopted Accounting Pronouncements
In
October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-08,
Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. ASU
2021-08 requires an acquirer to measure and recognize contract assets and contract liabilities acquired in a business combination in
accordance with ASC 606, Revenue from Contracts with Customers, rather than using fair value on the acquisition date. This amendment
is effective for fiscal years beginning after December 15, 2022, including interim periods within those annual periods, and should be
applied prospectively to business combinations occurring on or after the effective date. The Company adopted the amended guidance on
January 1, 2023, and such adoption did not materially impact the financial statements.
In
July 2023, the FASB issued ASU 2023-03, Presentation of Financial Statements (Topic 205), Income Statement - Reporting Comprehensive
Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation - Stock Compensation (Topic
718): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF
Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280 - General Revision of Regulation S-X: Income or Loss
Applicable to Common Stock, which amends or supersedes various SEC paragraphs within the Accounting Standards Codification to conform
to past SEC announcements and guidance issued by the SEC. The ASU does not provide any new guidance, and as such, there is no transition
effective date. ASU 2023-03 did not have a material impact on our condensed consolidated financial statements.
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Accounting Policies [Abstract] |
|
| SCHEDULE OF IMPACT OF OPERATING EXPENSE RECLASSIFICATION |
The
following table provides the impact of operating expense reclassification for the three months ended September 30, 2022.
SCHEDULE OF IMPACT OF OPERATING EXPENSE RECLASSIFICATION
| | |
As previously | | |
Impact of operating expense | | |
As currently | |
| | |
Three Months Ended September 30, 2022 | |
| | |
As previously | | |
Impact of operating expense | | |
As currently | |
| | |
reported | | |
reclassification | | |
reported | |
| Operating expenses | |
| | | |
| | | |
| | |
| Sales and marketing | |
$ | 6,757 | | |
$ | 24 | | |
$ | 6,781 | |
| Product and technology | |
| 4,998 | | |
| 2,573 | | |
| 7,571 | |
| General and administrative (1) | |
| 10,185 | | |
| (2,597 | ) | |
| 7,588 | |
| Total operating expenses | |
$ | 21,940 | | |
$ | — | | |
$ | 21,940 | |
| (1) |
Excludes
depreciation and amortization expense. |
The
following table provides the impact of the reclassification of operating expenses for the nine months ended September 30, 2022.
| | |
As previously | | |
Impact of operating
expense | | |
As currently | |
| | |
Nine Months Ended September 30, 2022 | |
| | |
As previously | | |
Impact of operating
expense | | |
As currently | |
| | |
reported | | |
reclassification | | |
reported | |
| Operating expenses | |
| | | |
| | | |
| | |
| Sales and marketing | |
$ | 20,122 | | |
$ | 170 | | |
$ | 20,292 | |
| Product and technology | |
| 19,140 | | |
| 5,788 | | |
| 24,928 | |
| General and administrative (1) | |
| 33,265 | | |
| (5,958 | ) | |
| 27,307 | |
| Total operating expenses | |
$ | 72,527 | | |
$ | — | | |
$ | 72,527 | |
| (1) |
Excludes
depreciation and amortization expense. |
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v3.23.3
PROPERTY AND EQUIPMENT, NET (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Property, Plant and Equipment [Abstract] |
|
| SCHEDULE OF PROPERTY AND EQUIPMENT |
Property
and equipment, net is recorded in other assets in the condensed consolidated balance sheets at September 30, 2023 and December 31, 2022
and consisted of the following:
SCHEDULE OF PROPERTY AND EQUIPMENT
| | |
Estimated Useful | |
September 30, | | |
December 31, | |
| | |
Life (in years) | |
2023 | | |
2022 | |
| Fixtures, fittings and equipment | |
3 - 5 | |
$ | 5,615 | | |
$ | 4,136 | |
| Platform hardware | |
5 | |
| 2,374 | | |
| 2,313 | |
| Total property and equipment, cost | |
| |
| 7,989 | | |
| 6,449 | |
| Less: accumulated depreciation | |
| |
| (4,972 | ) | |
| (3,599 | ) |
| Total | |
| |
$ | 3,017 | | |
$ | 2,850 | |
|
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v3.23.3
CAPITALIZED SOFTWARE DEVELOPMENT COSTS, NET (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Research and Development [Abstract] |
|
| SCHEDULE OF CAPITALIZED COMPUTER SOFTWARE COSTS, NET |
Capitalized
software development costs, net at September 30, 2023 and December 31, 2022 consisted of the following:
SCHEDULE OF CAPITALIZED COMPUTER SOFTWARE COSTS, NET
| | |
September 30, | | |
December 31, | |
| | |
2023 | | |
2022 | |
| Capitalized software development costs | |
$ | 8,345 | | |
$ | 6,857 | |
| Development in progress | |
| 1,885 | | |
| 732 | |
| Total capitalized software development, cost | |
| 10,230 | | |
| 7,589 | |
| Less: accumulated amortization | |
| (2,258 | ) | |
| (840 | ) |
| Total | |
$ | 7,972 | | |
$ | 6,749 | |
|
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v3.23.3
INTANGIBLE ASSETS (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| SCHEDULE OF FINITE -LIVED INTANGIBLE ASSETS |
Definite-lived
intangible assets, net consisted of the following:
SCHEDULE OF FINITE -LIVED INTANGIBLE ASSETS
| | |
Period (in years) | | |
Amount | | |
Amortization | | |
Amount | |
| | |
Weighted | | |
September 30, 2023 | |
| | |
Average | | |
Gross | | |
| | |
| |
| | |
Amortization | | |
Carrying | | |
Accumulated | | |
Net Carrying | |
| | |
Period (in years) | | |
Amount | | |
Amortization | | |
Amount | |
| Developed technology | |
| 4.5 | | |
$ | 33,203 | | |
$ | (24,984 | ) | |
$ | 8,219 | |
| Customer relationships | |
| 3.2 | | |
| 6,751 | | |
| (5,057 | ) | |
| 1,694 | |
| Trade names and trademarks | |
| 10.0 | | |
| 5,315 | | |
| (1,685 | ) | |
| 3,630 | |
| Gaming licenses | |
| 5.6 | | |
| 3,577 | | |
| (1,827 | ) | |
| 1,750 | |
| | |
| | | |
$ | 48,846 | | |
$ | (33,553 | ) | |
$ | 15,293 | |
| | |
Period (in years) | | |
Amount | | |
Amortization | | |
Amount | |
| | |
Weighted | | |
December 31, 2022 | |
| | |
Average | | |
Gross | | |
| | |
| |
| | |
Amortization | | |
Carrying | | |
Accumulated | | |
Net Carrying | |
| | |
Period (in years) | | |
Amount | | |
Amortization | | |
Amount | |
| Developed technology | |
| 3.9 | | |
$ | 33,443 | | |
$ | (17,570 | ) | |
$ | 15,873 | |
| Customer relationships | |
| 3.1 | | |
| 6,788 | | |
| (3,426 | ) | |
| 3,362 | |
| Trade names and trademarks | |
| 10.0 | | |
| 5,347 | | |
| (1,312 | ) | |
| 4,035 | |
| Gaming licenses | |
| 6.7 | | |
| 3,149 | | |
| (1,464 | ) | |
| 1,685 | |
| | |
| | | |
$ | 48,727 | | |
$ | (23,772 | ) | |
$ | 24,955 | |
|
| SCHEDULE OF FINITE -LIVED INTANGIBLE ASSETS, AMORTIZATION EXPENSE |
Estimated
amortization expense for the next five years is as follows:
SCHEDULE OF FINITE -LIVED INTANGIBLE ASSETS, AMORTIZATION EXPENSE
| | |
Amount | |
| Remainder of 2023 | |
$ | 3,403 | |
| 2024 | |
| 2,989 | |
| 2025 | |
| 2,967 | |
| 2026 | |
| 2,512 | |
| 2027 | |
| 1,820 | |
| Thereafter | |
| 1,602 | |
| Total | |
$ | 15,293 | |
|
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v3.23.3
DEBT (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Debt Disclosure [Abstract] |
|
| SCHEDULE OF LONG TERM DEBT |
The
carrying values of the Company’s long-term debt consist of the following:
SCHEDULE OF LONG TERM DEBT
| | |
Effective Interest Rate | | |
As of
September 30, 2023 | |
| Credit Facility | |
| | | |
| | |
| Principal | |
| 10.22 | % | |
$ | 43,754 | |
| Less unamortized debt issuance costs | |
| | | |
| (2,698 | ) |
| Long-term debt, net | |
| | | |
$ | 41,056 | |
|
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-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8
Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3
Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8
Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6
Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
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v3.23.3
SHARE-BASED COMPENSATION (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| SCHEDULE OF SHARE-BASED COMPENSATION, STOCK OPTION ACTIVITY |
A
summary of the share option activity as of and for the nine months ended September 30, 2023 is as follows:
SCHEDULE OF SHARE-BASED COMPENSATION, STOCK OPTION ACTIVITY
| | |
| | |
Weighted | | |
Weighted | | |
| |
| | |
| | |
Average | | |
Average | | |
Aggregate | |
| | |
Number of | | |
Exercise | | |
Contractual | | |
Intrinsic | |
| | |
Shares | | |
Price | | |
Term | | |
Value | |
| Outstanding at December 31, 2022 | |
| 3,447,155 | | |
$ | 9.12 | | |
| 6.59 | | |
$ | 1,139 | |
| Granted | |
| 612,081 | | |
| 0.01 | | |
| | | |
| | |
| Exercised | |
| (5,129 | ) | |
| 0.01 | | |
| | | |
| | |
| Forfeited/expired or cancelled | |
| (530,714 | ) | |
| 15.15 | | |
| | | |
| | |
| Outstanding at September 30, 2023 | |
| 3,523,393 | | |
$ | 6.65 | | |
| 5.37 | | |
$ | 1,414 | |
| Options exercisable at September 30, 2023 | |
| 2,471,947 | | |
$ | 8.05 | | |
| 3.86 | | |
$ | 414 | |
|
| SCHEDULE OF SHARE-BASED COMPENSATION, FAIR VALUE ASSUMPTIONS |
SCHEDULE OF SHARE-BASED COMPENSATION, FAIR VALUE ASSUMPTIONS
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| Expected share price volatility | |
| n.m. | % | |
| 0.70 | % | |
| n.m. | % | |
| 0.51 | % |
| Expected term (in years) | |
| n.m. | | |
| 5.00 | | |
| n.m. | | |
| 0.04 | |
| Risk-free interest rate | |
| n.m. | % | |
| 2.52 | % | |
| n.m. | % | |
| 1.49 | % |
| Dividend yield | |
| 0 | % | |
| 0 | % | |
| 0 | % | |
| 0 | % |
|
| SCHEDULE OF SHARE BASED COMPENSATION, RESTRICTED STOCK UNIT ACTIVITY |
A
summary of the restricted share unit activity as of and for the nine months ended September 30, 2023 is as follows:
SCHEDULE OF SHARE BASED COMPENSATION, RESTRICTED STOCK UNIT ACTIVITY
| | |
| | |
Weighted | |
| | |
| | |
Average | |
| | |
Number of | | |
Grant Date | |
| | |
Shares | | |
Fair Value | |
| Outstanding at December 31, 2022 | |
| 1,171,371 | | |
$ | 5.43 | |
| Granted | |
| 2,010,949 | | |
| 1.63 | |
| Vested | |
| (543,863 | ) | |
| 3.20 | |
| Forfeited/expired or cancelled | |
| (313,490 | ) | |
| 4.74 | |
| Outstanding at September 30, 2023 | |
| 2,324,967 | | |
| 2.75 | |
|
| X |
- DefinitionTabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-SubTopic 10
-Topic 718
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-SubTopic 10
-Topic 718
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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- DefinitionTabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.23.3
OTHER LOSS (INCOME), NET (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Other Income and Expenses [Abstract] |
|
| SCHEDULE OF OTHER NON-OPERATING INCOME EXPENSE |
Other
loss (income), net consisted of the following:
SCHEDULE OF OTHER NON-OPERATING INCOME EXPENSE
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| Other income (1) | |
$ | — | | |
$ | (13 | ) | |
$ | (9,718 | ) | |
$ | (283 | ) |
| Other loss (2) | |
| — | | |
| — | | |
| 8,784 | | |
| — | |
| Other income, net | |
$ | — | | |
$ | (13 | ) | |
$ | (934 | ) | |
$ | (283 | ) |
| (1) |
|
Includes
gain on extinguishment of $9.7
million related to the Company amending its agreement
with a content provider in March 2023 to relieve $15.0
million in fixed payments. Refer to Note 16 –
Commitments and Contingencies for further details. |
| (2) |
|
Includes
loss on debt extinguishment of $8.8 million recognized during the second quarter of 2023 as a result of the Company entering
into the Amended Credit Facility on April 13, 2023. Refer to Note 6 – Debt for further details. |
|
| X |
- References
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| X |
- DefinitionTabular disclosure of the components of non-operating income or non-operating expense that may include amounts earned from dividends, interest on securities, gains (losses) on securities sold, equity earnings of unconsolidated affiliates, net gain (loss) on sales of business, interest expense and other miscellaneous income or expense items.
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v3.23.3
LOSS PER SHARE (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Earnings Per Share [Abstract] |
|
| SCHEDULE OF ANTI-DILUTIVE STOCK EXCLUDED FROM COMPUTATION OF DILUTED EARNINGS PER SHARE |
SCHEDULE OF ANTI-DILUTIVE STOCK EXCLUDED FROM COMPUTATION OF DILUTED EARNINGS PER SHARE
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| Share options | |
| 3,523,393 | | |
| 3,710,859 | | |
| 3,523,393 | | |
| 3,710,859 | |
| Restricted shares | |
| 17,218 | | |
| 34,436 | | |
| 17,218 | | |
| 34,436 | |
| Restricted share units | |
| 2,324,967 | | |
| 1,495,606 | | |
| 2,324,967 | | |
| 1,495,606 | |
| Total | |
| 5,865,578 | | |
| 5,240,901 | | |
| 5,865,578 | | |
| 5,240,901 | |
|
| X |
- References
+ Details
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- DefinitionTabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
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v3.23.3
REVENUE (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| SCHEDULE OF REVENUE RECOGNIZED IN LINE WITH THE TIMING OF TRANSFER OF SERVICES |
The
following table reflects revenue recognized for the three and nine months ended September 30, 2023 and 2022 in line with the timing of
transfer of services:
SCHEDULE OF REVENUE RECOGNIZED IN LINE WITH THE TIMING OF TRANSFER OF SERVICES
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| Revenue from services delivered at a point in time | |
$ | 19,639 | | |
$ | 19,435 | | |
$ | 67,402 | | |
$ | 65,468 | |
| Revenue from services delivered over time | |
| 10,178 | | |
| 12,685 | | |
| 31,302 | | |
| 39,113 | |
| Total | |
$ | 29,817 | | |
$ | 32,120 | | |
$ | 98,704 | | |
$ | 104,581 | |
|
| SCHEDULE OF CONTRACT WITH CUSTOMERS |
The
following table reflects contract liabilities arising from cash consideration received in advance from customers for the periods presented:
SCHEDULE OF CONTRACT WITH CUSTOMERS
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| Contract liabilities from advance customer payments, beginning of the period | |
$ | 2,607 | | |
$ | 459 | | |
$ | 2,117 | | |
$ | 1,874 | |
| Contract liabilities from advance customer payments, end of the period (1) | |
| 3,039 | | |
| 1,467 | | |
| 3,039 | | |
| 1,467 | |
| Revenue recognized from amounts included in contract liabilities from advance customer payments at the beginning of the period | |
| 301 | | |
| 250 | | |
| 686 | | |
| 775 | |
| (1) |
|
Contract
liabilities from advance customer payments, end of period consisted of $2,476 and $478 recorded in other current liabilities in the
condensed consolidated balance sheets at September 30, 2023 and 2022, respectively and $563 and $988 recorded in other liabilities
in the condensed consolidated balance sheet at September 30, 2023 and 2022, respectively. |
|
| X |
- DefinitionTabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10
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-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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v3.23.3
SEGMENT REPORTING (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Segment Reporting [Abstract] |
|
| SCHEDULE OF FINANCIAL INFORMATION FOR REPORTABLE SEGMENTS |
Summarized
financial information by reportable segments for the three months ended September 30, 2023 and 2022 is as follows:
SCHEDULE OF FINANCIAL INFORMATION FOR REPORTABLE SEGMENTS
| | |
B2B | | |
B2C | | |
Total | | |
B2B | | |
B2C | | |
Total | |
| | |
Three Months Ended
September 30, | |
| | |
2023 | | |
2022 | |
| | |
B2B | | |
B2C | | |
Total | | |
B2B | | |
B2C | | |
Total | |
| Revenue | |
$ | 10,178 | | |
$ | 19,639 | | |
$ | 29,817 | | |
$ | 12,685 | | |
$ | 19,435 | | |
$ | 32,120 | |
| Cost of revenue (1) | |
| 2,055 | | |
| 7,187 | | |
| 9,242 | | |
| 2,173 | | |
| 7,262 | | |
| 9,435 | |
| Segment contribution | |
$ | 8,123 | | |
$ | 12,452 | | |
$ | 20,575 | | |
$ | 10,512 | | |
$ | 12,173 | | |
$ | 22,685 | |
| (1) |
|
Excludes
depreciation and amortization expense. |
During
the three months ended September 30, 2023 and 2022, one customer in the B2B segment individually accounted for 16.4% and 22.5% of total
revenue, respectively.
Summarized
financial information by reportable segments for the nine months ended September 30, 2023 and 2022 is as follows:
| | |
B2B | | |
B2C | | |
Total | | |
B2B | | |
B2C | | |
Total | |
| | |
Nine Months Ended
September 30, | |
| | |
2023 | | |
2022 | |
| | |
B2B | | |
B2C | | |
Total | | |
B2B | | |
B2C | | |
Total | |
| Revenue | |
$ | 31,352 | | |
$ | 67,352 | | |
$ | 98,704 | | |
$ | 39,905 | | |
$ | 64,676 | | |
$ | 104,581 | |
| Cost of revenue (1) | |
| 6,129 | | |
| 22,759 | | |
| 28,888 | | |
| 9,015 | | |
| 22,583 | | |
| 31,598 | |
| Segment contribution | |
$ | 25,223 | | |
$ | 44,593 | | |
$ | 69,816 | | |
$ | 30,890 | | |
$ | 42,093 | | |
$ | 72,983 | |
| (1) |
|
Excludes
depreciation and amortization expense. |
|
| SCHEDULE OF RECONCILIATION OF CONSOLIDATED SEGMENT CONTRIBUTION TO CONSOLIDATED INCOME (LOSS) BEFORE INCOME TAXES |
The
following table presents a reconciliation of segment gross profit to the consolidated loss before income taxes for the three and nine
months ended September 30, 2023 and 2022:
SCHEDULE OF RECONCILIATION OF CONSOLIDATED SEGMENT CONTRIBUTION TO CONSOLIDATED INCOME (LOSS) BEFORE INCOME TAXES
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| Segment contribution (1) | |
$ | 20,575 | | |
$ | 22,685 | | |
$ | 69,816 | | |
$ | 72,983 | |
| Sales and marketing | |
| 7,196 | | |
| 6,781 | | |
| 21,704 | | |
| 20,292 | |
| Product and technology | |
| 9,150 | | |
| 7,571 | | |
| 29,966 | | |
| 24,928 | |
| General and administrative (1) | |
| 7,060 | | |
| 7,588 | | |
| 27,095 | | |
| 27,307 | |
| Impairment | |
| — | | |
| — | | |
| — | | |
| 28,861 | |
| Restructuring | |
| — | | |
| — | | |
| — | | |
| 1,771 | |
| Depreciation and amortization | |
| 4,339 | | |
| 5,893 | | |
| 12,783 | | |
| 16,862 | |
| Interest expense | |
| 1,264 | | |
| 1,450 | | |
| 3,885 | | |
| 2,521 | |
| Other income, net | |
| — | | |
| (13 | ) | |
| (934 | ) | |
| (283 | ) |
| Loss before income taxes | |
$ | (8,434 | ) | |
$ | (6,585 | ) | |
$ | (24,683 | ) | |
$ | (49,276 | ) |
| (1) |
|
Excludes
depreciation and amortization expense. |
|
| SCHEDULE OF DISAGGREGATION OF REVENUE BY PRODUCTS AND SERVICES FOR EACH SEGMENT |
The
following table disaggregates total revenue by product and services for each segment:
SCHEDULE OF DISAGGREGATION OF REVENUE BY PRODUCTS AND SERVICES FOR EACH SEGMENT
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| B2B: | |
| | |
| | |
| | |
| |
| Platform and content license fees | |
$ | 7,240 | | |
$ | 9,988 | | |
$ | 23,109 | | |
$ | 31,208 | |
| Development services and other | |
| 2,938 | | |
| 2,697 | | |
| 8,243 | | |
| 8,697 | |
| Total B2B revenue | |
| 10,178 | | |
| 12,685 | | |
| 31,352 | | |
| 39,905 | |
| | |
| | | |
| | | |
| | | |
| | |
| B2C: | |
| | | |
| | | |
| | | |
| | |
| Sportsbook | |
| 6,281 | | |
| 7,763 | | |
| 26,546 | | |
| 28,023 | |
| Casino | |
| 12,577 | | |
| 11,093 | | |
| 38,738 | | |
| 34,924 | |
| Poker | |
| 781 | | |
| 579 | | |
| 2,068 | | |
| 1,729 | |
| Total B2C revenue | |
| 19,639 | | |
| 19,435 | | |
| 67,352 | | |
| 64,676 | |
| Total revenue | |
$ | 29,817 | | |
$ | 32,120 | | |
$ | 98,704 | | |
$ | 104,581 | |
|
| SCHEDULE OF REVENUE BY LOCATION OF THE CUSTOMER |
Revenue
by location of the customer for the three and nine months ended September 30, 2023 and 2022 is as follows:
SCHEDULE OF REVENUE BY LOCATION OF THE CUSTOMER
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| United States | |
$ | 7,459 | | |
$ | 10,320 | | |
$ | 23,271 | | |
$ | 33,531 | |
| Europe | |
| 10,890 | | |
| 10,574 | | |
| 35,674 | | |
| 33,343 | |
| Latin America | |
| 9,132 | | |
| 9,492 | | |
| 32,790 | | |
| 32,910 | |
| Rest of the world | |
| 2,336 | | |
| 1,734 | | |
| 6,969 | | |
| 4,797 | |
| |
$ | 29,817 | | |
$ | 32,120 | | |
$ | 98,704 | | |
$ | 104,581 | |
|
| X |
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v3.23.3
LEASES (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Leases |
|
| SCHEDULE OF OPERATING AND FINANCE LEASE ASSET AND LIABILITY |
The
following table discloses the operating asset and liability balances at September 30, 2023 and December 31, 2022:
SCHEDULE OF OPERATING AND FINANCE LEASE ASSET AND LIABILITY
| | |
| |
As of | |
| | |
| |
September 30, 2023 | | |
December 31, 2022 | |
| Leases | |
Classification | |
| | |
| |
| Assets | |
| |
| | | |
| | |
| Total operating leased assets, net | |
Operating lease right-of-use assets(1) | |
$ | 4,438 | | |
$ | 234 | |
| | |
| |
| | | |
| | |
| Liabilities | |
| |
| | | |
| | |
| Current | |
Operating lease liabilities | |
$ | 751 | | |
$ | 195 | |
| Non-current | |
Operating lease liabilities – non-current | |
| 3,730 | | |
| — | |
| Total lease liabilities | |
| |
$ | 4,481 | | |
$ | 195 | |
| (1) | | Operating lease
right-of-use assets are recorded, net of accumulated amortization of $909 and $1,033, at September 30, 2023 and December 31, 2022,
respectively. Balances do not include certain right-of-use or lease liabilities related to premises that have not yet been obtained by
the Company in accordance with its lease agreements. |
|
| SCHEDULE OF FUTURE MINIMUM MATURITIES OF OPERATING LEASE LIABILITIES |
Maturities
of lease liabilities, including reconciliation to the lease liabilities, based on required contractual payments, are as follows:
SCHEDULE OF FUTURE MINIMUM MATURITIES OF OPERATING LEASE LIABILITIES
| | |
Operating Leases | |
| | |
| |
| Remainder of 2023 | |
$ | 281 | |
| 2024 | |
| 1,134 | |
| 2025 | |
| 1,143 | |
| 2026 | |
| 1,154 | |
| 2027 | |
| 1,165 | |
| Thereafter | |
| 671 | |
| Total lease payments | |
| 5,548 | |
| Less: future interest costs | |
| 1,068 | |
| Present value of lease liabilities | |
$ | 4,481 | |
|
| SCHEDULE OF FINANCE AND OPERATING RELATED TO LEASES |
Other
information related to leases as of and for the nine months ended September 30, 2023 and 2022 was as follows:
SCHEDULE OF FINANCE AND OPERATING RELATED TO LEASES
| | |
Nine Months Ended | |
| | |
September 30, | |
| | |
2023 | | |
2022 | |
| Operating lease weighted-average remaining lease term (years) | |
| 4.8 | | |
| 0.8 | |
| Operating lease weighted-average discount rate | |
| 9.0 | % | |
| 4.8 | % |
| | |
| | | |
| | |
| Cash paid for the amounts included in the measurement of lease liabilities | |
| | | |
| | |
| Operating cash flows from operating leases | |
$ | 432 | | |
$ | 373 | |
|
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v3.23.3
SCHEDULE OF IMPACT OF OPERATING EXPENSE RECLASSIFICATION (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Reclassification [Line Items] |
|
|
|
|
|
|
|
| Sales and marketing |
|
$ 7,196
|
$ 6,781
|
|
$ 21,704
|
$ 20,292
|
|
| Product and technology |
|
9,150
|
7,571
|
|
29,966
|
24,928
|
|
| General and administrative |
[1] |
7,060
|
7,588
|
|
27,095
|
27,307
|
|
| Total operating expenses |
|
$ 36,987
|
37,268
|
|
$ 120,436
|
151,619
|
|
| As Previously Reported [Member] |
|
|
|
|
|
|
|
| Reclassification [Line Items] |
|
|
|
|
|
|
|
| Sales and marketing |
|
|
6,757
|
|
|
20,122
|
|
| Product and technology |
|
|
4,998
|
|
|
19,140
|
|
| General and administrative |
|
|
10,185
|
[2] |
|
33,265
|
[3] |
| Total operating expenses |
|
|
21,940
|
|
|
72,527
|
|
| Impact Of Operating Expense Reclassification [Member] |
|
|
|
|
|
|
|
| Reclassification [Line Items] |
|
|
|
|
|
|
|
| Sales and marketing |
|
|
24
|
|
|
170
|
|
| Product and technology |
|
|
2,573
|
|
|
5,788
|
|
| General and administrative |
|
|
(2,597)
|
[2] |
|
(5,958)
|
[3] |
| Total operating expenses |
|
|
|
|
|
|
|
| As Currently Reported [Member] |
|
|
|
|
|
|
|
| Reclassification [Line Items] |
|
|
|
|
|
|
|
| Sales and marketing |
|
|
6,781
|
|
|
20,292
|
|
| Product and technology |
|
|
7,571
|
|
|
24,928
|
|
| General and administrative |
|
|
7,588
|
[2] |
|
27,307
|
[3] |
| Total operating expenses |
|
|
$ 21,940
|
|
|
$ 72,527
|
|
|
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-Topic 220
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-Paragraph 2
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-Section 50
-Paragraph 1
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|
v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)
$ in Thousands |
|
|
3 Months Ended |
9 Months Ended |
|
|
|
Apr. 14, 2023
USD ($)
|
Apr. 13, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
Integer
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
Integer
|
Sep. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
Apr. 26, 2022
USD ($)
|
| Accumulated deficit |
|
|
$ 299,929
|
|
$ 299,929
|
|
$ 274,861
|
|
| Cash |
|
|
39,212
|
|
39,212
|
|
45,920
|
|
| Liabilities to users |
|
|
9,467
|
|
9,467
|
|
10,683
|
|
| Debt principal amount |
$ 42,000
|
$ 30,000
|
43,754
|
|
43,754
|
|
|
$ 30,000
|
| Credit facility interest rate |
8.00%
|
8.00%
|
|
|
|
|
|
|
| Financial covenant requirement minimum liquidity |
|
$ 10,000
|
|
|
|
|
|
|
| Net gain loss foreign currency transaction |
|
|
155
|
$ 684
|
1,169
|
$ (494)
|
|
|
| Revenue remaining performance obligation |
|
|
8,900
|
|
8,900
|
|
|
|
| Amounts due to customers current |
|
|
$ 1,427
|
|
$ 1,427
|
|
$ 1,628
|
|
| Number of third party gaming products available | Integer |
|
|
5,700
|
|
5,700
|
|
|
|
| Northern Europe And Latin America [Member] |
|
|
|
|
|
|
|
|
| Cash deposits |
|
|
$ 32,200
|
|
$ 32,200
|
|
|
|
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-Section S99
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-Section S99
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v3.23.3
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Property, Plant and Equipment [Line Items] |
|
|
| Total property and equipment, cost |
$ 7,989
|
$ 6,449
|
| Less: accumulated depreciation |
(4,972)
|
(3,599)
|
| Total |
3,017
|
2,850
|
| Furniture and Fixtures [Member] |
|
|
| Property, Plant and Equipment [Line Items] |
|
|
| Total property and equipment, cost |
$ 5,615
|
4,136
|
| Furniture and Fixtures [Member] | Minimum [Member] |
|
|
| Property, Plant and Equipment [Line Items] |
|
|
| Property plant and equipment useful life |
3 years
|
|
| Furniture and Fixtures [Member] | Maximum [Member] |
|
|
| Property, Plant and Equipment [Line Items] |
|
|
| Property plant and equipment useful life |
5 years
|
|
| Platform Hardware [Member] |
|
|
| Property, Plant and Equipment [Line Items] |
|
|
| Total property and equipment, cost |
$ 2,374
|
$ 2,313
|
| Property plant and equipment useful life |
5 years
|
|
| X |
- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(8)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(14))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
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-Topic 944
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-Section S99
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-SubTopic 10
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-Section 50
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Section 50
-Paragraph 1
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-Subparagraph (a)
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v3.23.3
SCHEDULE OF CAPITALIZED COMPUTER SOFTWARE COSTS, NET (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Research and Development [Abstract] |
|
|
| Capitalized software development costs |
$ 8,345
|
$ 6,857
|
| Development in progress |
1,885
|
732
|
| Total capitalized software development, cost |
10,230
|
7,589
|
| Less: accumulated amortization |
(2,258)
|
(840)
|
| Total |
$ 7,972
|
$ 6,749
|
| X |
- DefinitionCapitalized Computer Software Gross, Excluding Development In Progress.
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
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| Data Type: |
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| X |
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-Topic 985
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| Namespace Prefix: |
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-Topic 985
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-Topic 985
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-Section 50
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-URI https://asc.fasb.org//1943274/2147481283/985-20-50-1
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-Topic 985
-SubTopic 20
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-Paragraph 2
-Publisher FASB
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-SubTopic 20
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v3.23.3
SCHEDULE OF FINITE -LIVED INTANGIBLE ASSETS (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Indefinite-Lived Intangible Assets [Line Items] |
|
|
| Gross Carrying Amount |
$ 48,846
|
$ 48,727
|
| Accumulated Amortization |
(33,553)
|
(23,772)
|
| Net Carrying Amount |
$ 15,293
|
$ 24,955
|
| Developed Technology Rights [Member] |
|
|
| Indefinite-Lived Intangible Assets [Line Items] |
|
|
| Weighted Average Amortization Period |
4 years 6 months
|
3 years 10 months 24 days
|
| Customer Relationships [Member] |
|
|
| Indefinite-Lived Intangible Assets [Line Items] |
|
|
| Weighted Average Amortization Period |
3 years 2 months 12 days
|
3 years 1 month 6 days
|
| Trademarks and Trade Names [Member] |
|
|
| Indefinite-Lived Intangible Assets [Line Items] |
|
|
| Weighted Average Amortization Period |
10 years
|
10 years
|
| License [Member] |
|
|
| Indefinite-Lived Intangible Assets [Line Items] |
|
|
| Weighted Average Amortization Period |
5 years 7 months 6 days
|
6 years 8 months 12 days
|
| Developed Technology Rights [Member] |
|
|
| Indefinite-Lived Intangible Assets [Line Items] |
|
|
| Gross Carrying Amount |
$ 33,203
|
$ 33,443
|
| Accumulated Amortization |
(24,984)
|
(17,570)
|
| Net Carrying Amount |
8,219
|
15,873
|
| Customer Relationships [Member] |
|
|
| Indefinite-Lived Intangible Assets [Line Items] |
|
|
| Gross Carrying Amount |
6,751
|
6,788
|
| Accumulated Amortization |
(5,057)
|
(3,426)
|
| Net Carrying Amount |
1,694
|
3,362
|
| Trademarks and Trade Names [Member] |
|
|
| Indefinite-Lived Intangible Assets [Line Items] |
|
|
| Gross Carrying Amount |
5,315
|
5,347
|
| Accumulated Amortization |
(1,685)
|
(1,312)
|
| Net Carrying Amount |
3,630
|
4,035
|
| License [Member] |
|
|
| Indefinite-Lived Intangible Assets [Line Items] |
|
|
| Gross Carrying Amount |
3,577
|
3,149
|
| Accumulated Amortization |
(1,827)
|
(1,464)
|
| Net Carrying Amount |
$ 1,750
|
$ 1,685
|
| X |
- DefinitionUseful life of finite-lived intangible assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
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-Topic 210
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(16))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
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-Section 50
-Paragraph 2
-Subparagraph (a)(1)
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-Topic 928
-SubTopic 340
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-Section 50
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-Publisher FASB
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-Topic 350
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-Topic 926
-SubTopic 20
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-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483154/926-20-50-5
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 350
-SubTopic 30
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-Section 50
-Paragraph 2
-Subparagraph (a)(1)
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v3.23.3
SCHEDULE OF FINITE -LIVED INTANGIBLE ASSETS, AMORTIZATION EXPENSE (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
| Remainder of 2023 |
$ 3,403
|
|
| 2024 |
2,989
|
|
| 2025 |
2,967
|
|
| 2026 |
2,512
|
|
| 2027 |
1,820
|
|
| Thereafter |
1,602
|
|
| Total |
$ 15,293
|
$ 24,955
|
| X |
- DefinitionAmount of amortization for asset, excluding financial asset and goodwill, lacking physical substance with finite life expected to be recognized after fifth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
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v3.23.3
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v3.23.3
SCHEDULE OF LONG TERM DEBT (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Apr. 14, 2023 |
Apr. 13, 2023 |
Dec. 31, 2022 |
Apr. 26, 2022 |
| Debt Disclosure [Abstract] |
|
|
|
|
|
| Principal |
$ 43,754
|
$ 42,000
|
$ 30,000
|
|
$ 30,000
|
| Effective interest rate |
10.22%
|
|
|
|
|
| Less unamortized debt issuance costs |
$ (2,698)
|
|
|
|
|
| Long-term debt, net |
$ 41,056
|
|
|
$ 28,157
|
|
| X |
- References
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-Topic 835
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
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-SubTopic 20
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v3.23.3
DEBT (Details Narrative) - USD ($)
$ in Thousands |
|
|
3 Months Ended |
9 Months Ended |
|
|
Apr. 14, 2023 |
Apr. 13, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Apr. 26, 2022 |
| Offsetting Assets [Line Items] |
|
|
|
|
|
|
|
|
| Debt principal amount |
$ 42,000
|
$ 30,000
|
$ 43,754
|
|
$ 43,754
|
|
|
$ 30,000
|
| Interest rate |
|
|
|
|
|
|
|
9.50%
|
| Debt issuance costs |
|
|
|
|
|
|
$ 2,400
|
|
| Credit facility amount |
|
|
|
|
|
|
$ 27,600
|
|
| Prepayment cost |
|
7,300
|
|
|
|
|
|
|
| Loss on extinguishment of debt |
|
$ 8,800
|
|
|
9,717
|
|
|
|
| Credit facility interest rate |
8.00%
|
8.00%
|
|
|
|
|
|
|
| Debt instrument interest rate for exit fee |
|
2.50%
|
|
|
|
|
|
|
| Debt Issuance Costs, Net |
|
$ 3,100
|
|
|
|
|
|
|
| Financial covenant requirement minimum liquidity |
|
$ 10,000
|
|
|
|
|
|
|
| Interest expense |
|
|
1,281
|
$ 1,071
|
3,587
|
1,735
|
|
|
| Amortization of debt issuance costs |
|
|
$ 240
|
$ 185
|
$ 765
|
$ 280
|
|
|
| Interest Rate Floor [Member] |
|
|
|
|
|
|
|
|
| Offsetting Assets [Line Items] |
|
|
|
|
|
|
|
|
| Interest rate |
|
|
|
|
|
|
|
1.00%
|
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v3.23.3
SCHEDULE OF SHARE-BASED COMPENSATION, STOCK OPTION ACTIVITY (Details)
$ / shares in Units, $ in Thousands |
9 Months Ended |
|
Sep. 30, 2023
USD ($)
$ / shares
shares
|
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Number of Shares, Outstanding, beginning balance | shares |
3,447,155
|
| Weighted Average Exercise Price, Outstanding, beginning balance | $ / shares |
$ 9.12
|
| Weighted average contractual term, outstanding beginning |
6 years 7 months 2 days
|
| Aggregate intrinsic value, outstanding | $ |
$ 1,139
|
| Number of Shares, Granted | shares |
612,081
|
| Weighted Average Exercise Price, Granted | $ / shares |
$ 0.01
|
| Number of Shares, Exercised | shares |
(5,129)
|
| Weighted Average Exercise Price, Exercised | $ / shares |
$ 0.01
|
| Number of Shares, Forfeited/expired or cancelled | shares |
(530,714)
|
| Weighted Average Exercise Price, Forfeited/expired or cancelled | $ / shares |
$ 15.15
|
| Number of Shares, Outstanding, ending balance | shares |
3,523,393
|
| Weighted Average Exercise Price, Outstanding, ending balance | $ / shares |
$ 6.65
|
| Weighted average contractual term, outstanding ending |
5 years 4 months 13 days
|
| Aggregate intrinsic value, outstanding | $ |
$ 1,414
|
| Number of Shares, Options, exercisable at end of period | shares |
2,471,947
|
| Weighted Average Exercise Price, Options, exercisable at end of period | $ / shares |
$ 8.05
|
| Weighted average contractual term, option exercisable |
3 years 10 months 9 days
|
| Aggregate intrinsic value, Options, exercisable at end of period | $ |
$ 414
|
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v3.23.3
| X |
- DefinitionThe estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
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| X |
- DefinitionThe estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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| X |
- DefinitionThe risk-free interest rate assumption that is used in valuing an option on its own shares. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
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- DefinitionExpected term of award under share-based payment arrangement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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|
v3.23.3
SCHEDULE OF SHARE BASED COMPENSATION, RESTRICTED STOCK UNIT ACTIVITY (Details) - Restricted Stock Units (RSUs) [Member]
|
9 Months Ended |
|
Sep. 30, 2023
$ / shares
shares
|
|---|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Number of Shares Outstanding, Beginning Balance | shares |
1,171,371
|
| Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares |
$ 5.43
|
| Number of Shares, Granted | shares |
2,010,949
|
| Weighted Average Grant Date Fair Value, Granted | $ / shares |
$ 1.63
|
| Number of Shares, Vested | shares |
(543,863)
|
| Weighted Average Grant Date Fair Value, Vested | $ / shares |
$ 3.20
|
| Number of Shares, Forfeited/expired or cancelled | shares |
(313,490)
|
| Weighted Average Grant Date Fair Value, Forfeited/expired or cancelled | $ / shares |
$ 4.74
|
| Number of Shares Outstanding, Ending Balance | shares |
2,324,967
|
| Weighted Average Grant Date Fair Value, Ending Balance | $ / shares |
$ 2.75
|
| X |
- DefinitionThe number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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| Period Type: |
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|
| X |
- DefinitionWeighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionThe number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
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| Period Type: |
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|
| X |
- DefinitionThe weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
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| Period Type: |
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|
| X |
- DefinitionThe number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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| Balance Type: |
na |
| Period Type: |
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|
| X |
- DefinitionPer share or unit weighted-average fair value of nonvested award under share-based payment arrangement. Excludes share and unit options. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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| Balance Type: |
na |
| Period Type: |
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|
| X |
- DefinitionThe number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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| Period Type: |
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|
| X |
- DefinitionThe weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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na |
| Period Type: |
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|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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-Section 50
-Paragraph 2
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-Publisher FASB
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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| Namespace Prefix: |
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| Period Type: |
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|
| X |
- Details
| Name: |
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| Namespace Prefix: |
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| Balance Type: |
|
| Period Type: |
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|
v3.23.3
SHARE-BASED COMPENSATION (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands |
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
Mar. 29, 2023 |
Aug. 31, 2023 |
Mar. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Apr. 30, 2020 |
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
| Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price |
|
|
|
|
|
|
$ 0.01
|
|
|
| Weighted average fair value options, grant |
|
|
|
$ 0.74
|
|
$ 0.13
|
1.76
|
$ 4.13
|
|
| Share price |
|
|
|
$ 0.01
|
|
|
$ 0.01
|
|
|
| Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
|
|
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
| Share based compensation expense |
|
|
|
$ 614
|
|
$ 948
|
$ 2,149
|
$ 2,596
|
|
| Unrecognized compensation cost |
|
|
|
3,736
|
|
|
$ 3,736
|
|
|
| Recognized compensation cost, period |
|
|
|
|
|
|
2 years 9 months 18 days
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage |
|
|
|
|
|
|
25.00%
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Terms of Award |
|
|
|
|
|
|
after
one year and then monthly over the next 36 months thereafter and have a maximum term of ten years
|
|
|
| Capitalized Software Development Costs [Member] |
|
|
|
|
|
|
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
| Share based compensation expense |
|
|
|
99
|
|
87
|
$ 157
|
226
|
|
| Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
| Share based compensation expense |
|
|
|
994
|
|
958
|
$ 2,390
|
3,151
|
|
| Recognized compensation cost, period |
|
|
|
|
|
|
2 years 11 months 12 days
|
|
|
| Restricted stock issued |
|
|
|
|
|
|
2,010,949
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period |
|
|
|
|
|
|
543,863
|
|
|
| Unrecognized compensation cost |
|
|
|
4,972
|
|
|
$ 4,972
|
|
|
| Restricted Stock Units (RSUs) [Member] | Employees [Member] |
|
|
|
|
|
|
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
| Restricted stock issued |
|
705,556
|
1,009,086
|
|
296,307
|
|
|
|
|
| Restricted vested units, term |
|
|
4 years
|
|
|
|
|
|
|
| Restricted Stock Units (RSUs) [Member] | Officers And Non Employee Directors [Member] |
|
|
|
|
|
|
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period |
|
|
|
|
|
|
50,104
|
|
|
| Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation |
|
|
|
|
|
|
50,104
|
|
|
| Restricted Stock [Member] |
|
|
|
|
|
|
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
| Share based compensation expense |
|
|
|
42
|
|
$ 41
|
$ 125
|
$ 125
|
|
| Recognized compensation cost, period |
|
|
|
|
|
|
3 months 18 days
|
|
|
| Unrecognized compensation cost |
|
|
|
28
|
|
|
$ 28
|
|
|
| Unrecognized compensation cost |
|
|
|
$ 0
|
|
|
|
|
|
| 2020 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
| Granted ordinary shares |
|
|
|
9,275,342
|
|
|
9,275,342
|
|
4,400,000
|
| Granted ordinary shares, increased percentage |
|
|
|
|
|
|
|
|
4.00%
|
| Granted ordinary shares, future issuance |
|
|
|
796,689
|
|
|
796,689
|
|
|
| 2020 Plan [Member] | Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
|
|
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Purchased for Award |
|
|
|
|
|
|
612,081
|
|
|
| 2020 Plan [Member] | Share-Based Payment Arrangement, Option [Member] | European Based Employees [Member] |
|
|
|
|
|
|
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
| Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price |
|
|
|
|
|
|
$ 0.01
|
|
|
| 2020 Employee Stock Purchase Plan [Member] |
|
|
|
|
|
|
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
| Employee stock purchase plan, description |
|
|
|
|
|
|
The ESPP
provides initially for 300,000 ordinary shares to be sold and increases on February 1, 2022 and on each subsequent February 1 through
and including February 1, 2030, equal to the lesser of (i) 0.25 percent of the number of ordinary shares issued and outstanding on the
immediately preceding December 31, or (ii) 100,000 ordinary shares, or (iii) such number of ordinary shares as determined by the Board
of Directors.
|
|
|
| Shares to be sold |
|
|
|
|
|
|
300,000
|
|
|
| Purchase price, rate |
|
|
|
|
|
|
85.00%
|
|
|
| Shares issued employee stock purchase plan |
|
|
|
|
|
|
57,960
|
|
|
| Share-based compensation expenses |
|
|
|
|
|
|
$ 18
|
|
|
| 2020 Employee Stock Purchase Plan [Member] | Subscription Agreement [Member] |
|
|
|
|
|
|
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
| Number of shares issued |
1,250,000
|
|
|
|
|
|
|
|
|
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|
| X |
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-Name Accounting Standards Codification
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| X |
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v3.23.3
DEFINED CONTRIBUTION PLANS (Details Narrative) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Retirement Benefits [Abstract] |
|
|
|
|
| Defined Contribution Plan, Employer Matching Contribution, Percent of Match |
|
|
50.00%
|
|
| Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent |
|
|
4.00%
|
|
| Defined Benefit Plan, Plan Assets, Contributions by Employer |
$ 173
|
$ 133
|
$ 528
|
$ 454
|
| X |
- References
+ Details
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| Namespace Prefix: |
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-Topic 715
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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v3.23.3
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v3.23.3
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v3.23.3
SCHEDULE OF ANTI-DILUTIVE STOCK EXCLUDED FROM COMPUTATION OF DILUTED EARNINGS PER SHARE (Details) - shares
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
| Total |
5,865,578
|
5,240,901
|
5,865,578
|
5,240,901
|
| Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
| Total |
3,523,393
|
3,710,859
|
3,523,393
|
3,710,859
|
| Restricted Stock [Member] |
|
|
|
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
| Total |
17,218
|
34,436
|
17,218
|
34,436
|
| Restricted Stock Units (RSUs) [Member] |
|
|
|
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
| Total |
2,324,967
|
1,495,606
|
2,324,967
|
1,495,606
|
| X |
- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
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v3.23.3
SCHEDULE OF REVENUE RECOGNIZED IN LINE WITH THE TIMING OF TRANSFER OF SERVICES (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Total |
$ 29,817
|
$ 32,120
|
$ 98,704
|
$ 104,581
|
| Transferred at Point in Time [Member] |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Total |
19,639
|
19,435
|
67,402
|
65,468
|
| Transferred over Time [Member] |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Total |
$ 10,178
|
$ 12,685
|
$ 31,302
|
$ 39,113
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Section 50
-Paragraph 5
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
SCHEDULE OF CONTRACT WITH CUSTOMERS (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Revenue from Contract with Customer [Abstract] |
|
|
|
|
|
| Contract liabilities from advance customer payments, beginning of the period |
|
$ 2,607
|
$ 459
|
$ 2,117
|
$ 1,874
|
| Contract liabilities from advance customer payments, end of the period |
[1] |
3,039
|
1,467
|
3,039
|
1,467
|
| Revenue recognized from amounts included in contract liabilities from advance customer payments at the beginning of the period |
|
$ 301
|
$ 250
|
$ 686
|
$ 775
|
|
|
| X |
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-Paragraph 1
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-Topic 606
-SubTopic 10
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-Section 50
-Paragraph 8
-Subparagraph (a)
-Publisher FASB
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-Topic 606
-SubTopic 10
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-Section 45
-Paragraph 2
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v3.23.3
SCHEDULE OF CONTRACT WITH CUSTOMERS (Details) (Parenthetical) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
| Contract with customer, liability |
$ 3,039
|
[1] |
$ 2,607
|
$ 2,117
|
$ 1,467
|
[1] |
$ 459
|
$ 1,874
|
| Other Current Liabilities [Member] |
|
|
|
|
|
|
|
|
| Contract with customer, liability |
2,476
|
|
|
|
478
|
|
|
|
| Other Liabilities [Member] |
|
|
|
|
|
|
|
|
| Contract with customer, liability |
$ 563
|
|
|
|
$ 988
|
|
|
|
|
|
| X |
- DefinitionAmount of obligation to transfer good or service to customer for which consideration has been received or is receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 1
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-8
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479837/606-10-45-2
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v3.23.3
SCHEDULE OF FINANCIAL INFORMATION FOR REPORTABLE SEGMENTS (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Segment Reporting Information [Line Items] |
|
|
|
|
|
|
|
|
|
| Revenue |
|
$ 29,817
|
|
$ 32,120
|
|
$ 98,704
|
|
$ 104,581
|
|
| Cost of revenue |
[1] |
9,242
|
|
9,435
|
|
28,888
|
|
31,598
|
|
| Segment contribution |
[2] |
20,575
|
|
22,685
|
|
69,816
|
|
72,983
|
|
| Business to Business (B2B) [Member] |
|
|
|
|
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
|
|
|
|
| Revenue |
|
10,178
|
|
12,685
|
|
31,352
|
|
39,905
|
|
| Cost of revenue |
|
2,055
|
[3] |
2,173
|
[3] |
6,129
|
[4] |
9,015
|
[4] |
| Segment contribution |
|
8,123
|
|
10,512
|
|
25,223
|
|
30,890
|
|
| Business to Consumer (B2C) [Member] |
|
|
|
|
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
|
|
|
|
| Revenue |
|
19,639
|
|
19,435
|
|
67,352
|
|
64,676
|
|
| Cost of revenue |
|
7,187
|
[3] |
7,262
|
[3] |
22,759
|
[4] |
22,583
|
[4] |
| Segment contribution |
|
$ 12,452
|
|
$ 12,173
|
|
$ 44,593
|
|
$ 42,093
|
|
|
|
| X |
- DefinitionCost of product sold and service rendered, excluding depreciation, depletion, and amortization. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(2)(a))
-SubTopic 10
-Topic 220
-Publisher FASB
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(2)(d))
-SubTopic 10
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-Section S99
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-Topic 606
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-Subparagraph (a)
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-Section 50
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-Subparagraph (a)
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-Topic 280
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-Section 50
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-Subparagraph (a)
-Publisher FASB
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-Topic 606
-SubTopic 10
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-Section 50
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-Subparagraph (a)
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v3.23.3
SCHEDULE OF RECONCILIATION OF CONSOLIDATED SEGMENT CONTRIBUTION TO CONSOLIDATED INCOME (LOSS) BEFORE INCOME TAXES (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Segment Reporting [Abstract] |
|
|
|
|
|
| Segment contribution |
[1] |
$ 20,575
|
$ 22,685
|
$ 69,816
|
$ 72,983
|
| Sales and marketing |
|
7,196
|
6,781
|
21,704
|
20,292
|
| Product and technology |
|
9,150
|
7,571
|
29,966
|
24,928
|
| General and administrative |
[2] |
7,060
|
7,588
|
27,095
|
27,307
|
| Impairment |
|
|
|
|
28,861
|
| Restructuring |
|
|
|
|
1,771
|
| Depreciation and amortization |
|
4,339
|
5,893
|
12,783
|
16,862
|
| Interest expense |
|
1,264
|
1,450
|
3,885
|
2,521
|
| Other income, net |
|
|
(13)
|
(934)
|
(283)
|
| Loss before income taxes |
|
$ (8,434)
|
$ (6,585)
|
$ (24,683)
|
$ (49,276)
|
|
|
| X |
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-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
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-SubTopic 10
-Section 45
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v3.23.3
SCHEDULE OF DISAGGREGATION OF REVENUE BY PRODUCTS AND SERVICES FOR EACH SEGMENT (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Revenue from External Customer [Line Items] |
|
|
|
|
| Total revenue |
$ 29,817
|
$ 32,120
|
$ 98,704
|
$ 104,581
|
| Business to Business (B2B) [Member] |
|
|
|
|
| Revenue from External Customer [Line Items] |
|
|
|
|
| Total revenue |
10,178
|
12,685
|
31,352
|
39,905
|
| Business to Consumer (B2C) [Member] |
|
|
|
|
| Revenue from External Customer [Line Items] |
|
|
|
|
| Total revenue |
19,639
|
19,435
|
67,352
|
64,676
|
| Platform And Content License Fees [Member] | Business to Business (B2B) [Member] |
|
|
|
|
| Revenue from External Customer [Line Items] |
|
|
|
|
| Total revenue |
7,240
|
9,988
|
23,109
|
31,208
|
| Development Services And Other [Member] | Business to Business (B2B) [Member] |
|
|
|
|
| Revenue from External Customer [Line Items] |
|
|
|
|
| Total revenue |
2,938
|
2,697
|
8,243
|
8,697
|
| Sportsbook [Member] | Business to Consumer (B2C) [Member] |
|
|
|
|
| Revenue from External Customer [Line Items] |
|
|
|
|
| Total revenue |
6,281
|
7,763
|
26,546
|
28,023
|
| Casino [Member] | Business to Consumer (B2C) [Member] |
|
|
|
|
| Revenue from External Customer [Line Items] |
|
|
|
|
| Total revenue |
12,577
|
11,093
|
38,738
|
34,924
|
| Poker [Member] | Business to Consumer (B2C) [Member] |
|
|
|
|
| Revenue from External Customer [Line Items] |
|
|
|
|
| Total revenue |
$ 781
|
$ 579
|
$ 2,068
|
$ 1,729
|
| X |
- DefinitionAmount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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-Section S99
-Paragraph 1
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v3.23.3
SCHEDULE OF REVENUE BY LOCATION OF THE CUSTOMER (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
| Revenue |
$ 29,817
|
$ 32,120
|
$ 98,704
|
$ 104,581
|
| UNITED STATES |
|
|
|
|
| Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
| Revenue |
7,459
|
10,320
|
23,271
|
33,531
|
| Europe [Member] |
|
|
|
|
| Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
| Revenue |
10,890
|
10,574
|
35,674
|
33,343
|
| Latin America [Member] |
|
|
|
|
| Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
| Revenue |
9,132
|
9,492
|
32,790
|
32,910
|
| Rest Of The World [Member] |
|
|
|
|
| Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
| Revenue |
$ 2,336
|
$ 1,734
|
$ 6,969
|
$ 4,797
|
| X |
- DefinitionAmount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
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v3.23.3
SCHEDULE OF OPERATING AND FINANCE LEASE ASSET AND LIABILITY (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Leases |
|
|
|
| Operating Lease, Right-of-Use Asset |
[1] |
$ 4,438
|
$ 234
|
| Operating Lease, Liability, Current |
|
751
|
195
|
| Operating Lease, Liability, Noncurrent |
|
3,730
|
|
| Operating Lease, Liability |
|
$ 4,481
|
$ 195
|
|
|
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|
| X |
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-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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|
v3.23.3
| X |
- References
+ Details
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| Namespace Prefix: |
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v3.23.3
| X |
- References
+ Details
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
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-Topic 842
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-Name Accounting Standards Codification
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-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147478964/842-20-50-6
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-Topic 842
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-Section 50
-Paragraph 6
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-URI https://asc.fasb.org//1943274/2147478964/842-20-50-6
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-Topic 842
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-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147478964/842-20-50-6
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| X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for operating lease to be paid in third fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147478964/842-20-50-6
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| X |
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-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147478964/842-20-50-6
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| X |
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-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147478964/842-20-50-6
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| X |
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-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147478964/842-20-50-6
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| X |
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-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479041/842-20-45-1
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| Balance Type: |
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| Period Type: |
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|
v3.23.3
| X |
- References
+ Details
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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| X |
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-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 5
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479041/842-20-45-5
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147478964/842-20-50-4
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-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 53
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 53
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
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-Section 50
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|
v3.23.3
LEASES (Details Narrative) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Leases |
|
|
|
|
| Operating lease cost |
$ 266
|
$ 98
|
$ 523
|
$ 360
|
| X |
- References
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-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 53
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
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-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147478964/842-20-50-4
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| Period Type: |
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|
v3.23.3
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands, shares in Millions |
|
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
|
|
|
|
Apr. 13, 2023 |
Mar. 29, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
May 13, 2022 |
Apr. 25, 2022 |
Jan. 27, 2022 |
Jun. 30, 2021 |
| Product Liability Contingency [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Finite-lived intangible assets, net |
|
|
$ 15,293
|
|
$ 15,293
|
|
$ 24,955
|
|
|
|
|
| Extinguishment of debt |
$ 8,800
|
|
|
|
$ 9,717
|
|
|
|
|
|
|
| Price per share |
|
|
$ 2.00
|
|
$ 2.00
|
|
|
|
|
|
|
| Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
| Product Liability Contingency [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Percentage of market capitalization |
|
|
2.50%
|
|
2.50%
|
|
|
|
|
|
|
| Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
| Product Liability Contingency [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Percentage of market capitalization |
|
|
5.00%
|
|
5.00%
|
|
|
|
|
|
|
| CHILE |
|
|
|
|
|
|
|
|
|
|
|
| Product Liability Contingency [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Percentage of revenue |
|
|
28.40%
|
26.20%
|
30.20%
|
28.60%
|
|
|
|
|
|
| Internal Revenue Service (IRS) [Member] |
|
|
|
|
|
|
|
|
|
|
|
| Product Liability Contingency [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Value added tax rate |
|
|
|
|
19.00%
|
|
|
|
|
|
|
| Witholding on payment rate |
|
|
|
|
|
|
|
19.00%
|
|
|
|
| Content Licensing Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
| Product Liability Contingency [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Fixed fees payable |
|
$ 15,000
|
|
|
$ 15,000
|
|
|
|
|
|
|
| Remaining payment |
|
4,000
|
|
|
|
|
|
|
|
|
|
| Content licensing liability periodical payment |
|
200
|
|
|
|
|
|
|
|
|
|
| Service Agreements [Member] |
|
|
|
|
|
|
|
|
|
|
|
| Product Liability Contingency [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Other liabilities |
|
|
$ 1,100
|
|
1,100
|
|
|
|
|
|
|
| Fair value |
|
|
$ 900
|
|
900
|
|
|
|
|
|
|
| Service [Member] |
|
|
|
|
|
|
|
|
|
|
|
| Product Liability Contingency [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Service fees |
|
|
|
|
|
|
1,500
|
|
|
|
|
| Licensing Agreements [Member] |
|
|
|
|
|
|
|
|
|
|
|
| Product Liability Contingency [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Contractual obligation |
|
|
|
|
|
|
|
|
$ 3,000
|
$ 3,000
|
$ 48,500
|
| Initial payment |
|
|
|
|
|
|
|
|
|
$ 3,500
|
|
| Impairment loss |
|
|
|
|
|
|
3,500
|
|
|
|
|
| Licensing Agreements [Member] | Execution [Member] |
|
|
|
|
|
|
|
|
|
|
|
| Product Liability Contingency [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Payment of contractual obligation |
|
|
|
|
|
|
|
|
|
|
$ 8,500
|
| Content Licenses [Member] | Content Licensing Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
| Product Liability Contingency [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Finite-lived intangible assets, net |
|
|
|
|
|
|
18,400
|
|
|
|
|
| Customer Relationships [Member] | Content Licensing Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
| Product Liability Contingency [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Finite-lived intangible assets, net |
|
|
|
|
|
|
2,300
|
|
|
|
|
| Fair value of intangible assets |
|
|
|
|
|
|
$ 1,600
|
|
|
|
|
| Licensing liability remaining outstanding |
|
$ 1,600
|
|
|
|
|
|
|
|
|
|
| Stock Issued During Period, Shares, New Issues |
|
1,250,000.0
|
|
|
|
|
|
|
|
|
|
| Extinguishment of debt |
|
|
|
|
$ 9,700
|
|
|
|
|
|
|
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|
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| Period Type: |
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|
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| Period Type: |
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|
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| Balance Type: |
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| Period Type: |
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|
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionPayment Of Contractual Obligation.
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| X |
- DefinitionAmount of contractual obligation, including, but not limited to, long-term debt, lease obligation, purchase obligation, and other commitments. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3
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|
| X |
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-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
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