Snail, Inc. Reports Third Quarter 2024 Financial Results
13 November 2024 - 10:01PM
Snail, Inc. (NASDAQ: SNAL) (“Snail” or “the Company”), a leading,
global independent developer and publisher of interactive digital
entertainment, today announced financial results for its third
quarter ended September 30, 2024.
Tony Tian, Co-Chief Executive Officer of Snail,
commented, “Since taking over as Co-CEO of Snail in April, we’ve
continued to see a transformation in the business, guided by the
extraordinary talent and vision of our dedicated team. Snail is
committed to pushing the boundaries of interactive entertainment,
and we are thrilled with the successes seen across our titles and
DLCs this quarter, including Aberration, part two of Bobs Tall
Tales and the Ark franchise. We remain focused on delivering
innovative gaming experiences that exceed our fans’ expectations
around the globe, staying true to the creative spirit that has
defined our company's remarkable journey.”
Third Quarter 2024 Operational
Highlights:
- ARK: Survival
Ascended and Ark: Survival
Evolved
- On October 25, 2023, the Company
launched its flagship remake of the ARK franchise leveraging Unreal
Engine 5's stunning graphics and introduced a game-altering
cross-platform modding system, ushering in a new era of
creativity.
- In the three and nine months ended
September 30, 2024, the Company sold 0.4 million units and 1.3
million units of ARK: Survival Ascended, respectively.
- In the three and nine months ended
September 30, 2024, ARK: Survival Evolved and ARK: Survival
Ascended combined for an average total of 210,000 and 212,000 daily
active users on the Steam and Epic platforms, respectively.
- Through September 30, 2024, the
Company’s ARK franchise game has been played for 3.8 billion hours
with an average playing time per user of 162 hours and with the top
21.2% of all players spending over 100 hours in the game, according
to data from the Steam platform.
- Product and Business
Updates:
- ARK: Ultimate Survivor
Edition. On July 16, 2024, the Company announced the
expansive adaptation of the acclaimed ARK franchise into iOS and
Android mobile devices.
- Wandering Wizard,
an indie branch of the Company, strategically acquired the
publishing rights to four new games since the second quarter of
2024. The games, The Cecil, Chasmal Fear, Castle of Secrets, and
Stoneguard, are still under development.
- For The Stars. On
August 15, 2024, the Company officially announced a new AAA title
For The Stars, a space-themed survival sandbox MMO game set to
launch on PC, PS5, and Xbox Series X|S.
- Honeycomb: The World
Beyond. Snail acquired the publishing rights to the
upcoming sci-fi survival adventure game in the third quarter of
2024, further enhancing our sandbox survival content
portfolio.
Third Quarter 2024 Financial
Highlights:
- Net revenue for
the three months ended September 30, 2024 was $22.5 million, an
increase of $13.5 million, or 150.9%, compared to $9.0 million in
the three months ended September 30, 2023. The increase in net
revenue was due to the recognition of $8.2 million in revenue from
the release of Aberration and part II of Bobs Tall Tales, an
increase in total Ark sales of $5.9 million, an increase in
Bellwright sales of $1.0 million, $1.2 million recognized for
meeting the performance obligations of releasing Genesis II and
Myth of Empires on certain platforms, partially offset by a
decrease in Ark Mobile sales of $0.3 million, and an increase in
deferred revenues of $2.6 million related to sales of ARK: Survival
Ascended and Bobs Tall Tales DLC’s which have not yet been
released.
- Net income for the
three months ended September 30, 2024 increased significantly to
$0.2 million versus a net loss of $4.4 million in the third quarter
of 2023 as a result of the increase in net revenue driven by the
release of new titles.
- Bookings for the
three months ended September 30, 2024 was $16.1 million as compared
to $10.5 million for the three months ended September 30, 2023, an
increase of $5.6 million, or 53.6%. The increase was primarily due
to the release of ARK: Survival Ascended in the fourth quarter of
2023, the releases of Bobs Tall Tales and Bellwright in the first
half of 2024, as well as the ARK: Survival Ascended DLC’s
Aberration and Scorched Earth in September and April of 2024,
respectively.
- Earnings before interest,
taxes, depreciation and amortization (“EBITDA”) for the
three months ended September 30, 2024 was $0.5 million compared to
an EBITDA loss of $5.1 million in the prior year period. The $5.6
million, or 109.7%, increase in EBITDA was due to an increase in
net income of $4.6 million and a decrease in the benefit from
income taxes of $1.4 million, that was partially offset by a
decrease in interest expenses of $0.3 million.
- As of September 30, 2024,
unrestricted cash was $10.6 million and the Company has repaid $3.0
million of its revolving loan, $2.3 million in notes payable, and
$0.8 million of its convertible notes that were outstanding as of
December 31, 2023.
Use of Non-GAAP Financial
Measures
In addition to the financial results determined
in accordance with U.S. generally accepted accounting principles,
or GAAP, Snail believes EBITDA, as non-GAAP measure, and Bookings,
as an operating metric, are useful in evaluating its operating
performance. EBITDA is a non-GAAP financial measure that is
presented as a supplemental disclosure to net income (loss) and
should not be construed as an alternative to net income (loss) or
as an alternative to cash flow provided by operating activities as
a measure of liquidity, as determined in accordance with GAAP.
Snail supplementally presents Bookings and EBITDA because they are
key operating measures used by management to assess financial
performance. Bookings adjusts for the impact of deferrals and,
Snail believes, provides a useful indicator of sales in a given
period. EBITDA adjusts for items that Snail believes do not reflect
the ongoing operating performance of its business, such as certain
non-cash items, unusual or infrequent items or items that change
from period to period without any material relevance to its
operating performance. Management believes Bookings and EBITDA are
useful to investors and analysts in highlighting trends in Snail’s
operating performance, while other measures can differ
significantly depending on long-term strategic decisions regarding
capital structure, the tax jurisdictions in which Snail operates
and capital investments.
Bookings is defined as the net amount of
products and services sold digitally or physically in the period.
Bookings is equal to revenues, excluding the impact from deferrals.
Below is a reconciliation of total net revenue to Bookings, the
closest GAAP financial measure.
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
(in millions) |
Total net revenue |
$ |
22.5 |
|
$ |
9.0 |
|
$ |
58.3 |
|
$ |
32.3 |
|
Change in deferred net revenue |
|
(6.4 |
) |
|
1.5 |
|
|
0.4 |
|
|
0.8 |
|
Bookings |
$ |
16.1 |
|
$ |
10.5 |
|
$ |
58.7 |
|
$ |
33.1 |
|
|
|
|
|
|
We define EBITDA as net income (loss) before
(i) interest expense, (ii) interest income,
(iii) income tax provision (benefit from) and
(iv) depreciation and amortization expense. The following
table provides a reconciliation from net income (loss) to
EBITDA:
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
(in millions) |
Net income (loss) |
$ |
0.2 |
|
$ |
(4.4 |
) |
$ |
0.7 |
|
$ |
(11.5 |
) |
Interest income and interest income – related parties |
|
(0.1 |
) |
|
- |
|
|
(0.2 |
) |
|
(0.1 |
) |
Interest expense and interest expense – related parties |
|
0.1 |
|
|
0.4 |
|
|
0.6 |
|
|
1.0 |
|
Provision for (benefit from) income taxes |
|
0.2 |
|
|
(1.2 |
) |
|
0.3 |
|
|
(3.0 |
) |
Depreciation and amortization expense |
|
0.1 |
|
|
0.1 |
|
|
0.2 |
|
|
0.3 |
|
EBITDA |
$ |
0.5 |
|
$ |
(5.1 |
) |
$ |
1.6 |
|
$ |
(13.3 |
) |
|
|
|
|
|
Webcast Details
The Company will host a webcast at 4:30 PM ET
today to discuss the third quarter 2024 financial results.
Participants may access the live webcast and replay on the
Company’s investor relations website
at https://investor.snail.com/.
Forward-Looking Statements
This press release contains statements that
constitute forward-looking statements. Many of the forward-looking
statements contained in this press release can be identified by the
use of forward-looking words such as “anticipate,” “believe,”
“could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,”
“continue,” “estimate” and “potential,” or the negative of these
terms or other similar expressions. Forward-looking statements
appear in a number of places in this press release and include, but
are not limited to, statements regarding Snail’s intent, belief or
current expectations. These forward-looking statements include
information about possible or assumed future results of Snail’s
business, financial condition, results of operations, liquidity,
plans and objectives. The statements Snail makes regarding the
following matters are forward-looking by their nature: growth
prospects and strategies; launching new games and additional
functionality to games that are commercially successful;
expectations regarding significant drivers of future growth; its
ability to retain and increase its player base and develop new
video games and enhance existing games; competition from companies
in a number of industries, including other casual game developers
and publishers and both large and small, public and private
Internet companies; its ability to attract and retain a qualified
management team and other team members while controlling its labor
costs; its relationships with third-party platforms such as Xbox
Live and Game Pass, PlayStation Network, Steam, Epic Games Store,
My Nintendo Store, the Apple App Store, the Google Play Store and
the Amazon Appstore; the size of addressable markets, market share
and market trends; its ability to successfully enter new markets
and manage international expansion; protecting and developing its
brand and intellectual property portfolio; costs associated with
defending intellectual property infringement and other claims;
future business development, results of operations and financial
condition; the ongoing conflicts involving Russia and Ukraine, and
Israel and Hamas, on its business and the global economy generally;
rulings by courts or other governmental authorities; the Company’s
current program to repurchase shares of its Class A common stock,
including expectations regarding the timing and manner of
repurchases made under this share repurchase program; its plans to
pursue and successfully integrate strategic acquisitions; and
assumptions underlying any of the foregoing.
Further information on risks, uncertainties and
other factors that could affect Snail’s financial results are
included in its filings with the Securities and Exchange Commission
(the “SEC”) from time to time, including its annual reports on Form
10-K and quarterly reports on Form 10-Q filed, or to be filed, with
the SEC. You should not rely on these forward-looking statements,
as actual outcomes and results may differ materially from those
expressed or implied in the forward-looking statements as a result
of such risks and uncertainties. All forward-looking statements in
this press release are based on management’s beliefs and
assumptions and on information currently available to Snail, and
Snail does not assume any obligation to update the forward-looking
statements provided to reflect events that occur or circumstances
that exist after the date on which they were made.
About Snail, Inc.
Snail is a leading, global independent developer
and publisher of interactive digital entertainment for consumers
around the world, with a premier portfolio of premium games
designed for use on a variety of platforms, including consoles, PCs
and mobile devices.
For additional information, please
contact: investors@snail.com
|
|
|
|
Snail, Inc. and SubsidiariesCondensed
Consolidated Balance Sheets (Unaudited) |
|
|
|
|
|
September 30, 2024 |
|
December 31, 2023 |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
Current
Assets: |
|
|
|
Cash and cash equivalents |
$ |
10,566,294 |
|
|
$ |
15,198,123 |
|
Accounts receivable, net of allowances for credit losses of
$523,500 as of September 30, 2024 and December 31, 2023 |
|
6,804,338 |
|
|
|
25,134,808 |
|
Accounts receivable - related party |
|
3,035,555 |
|
|
|
- |
|
Loan and interest receivable - related party |
|
105,255 |
|
|
|
103,753 |
|
Prepaid expenses - related party |
|
4,952,002 |
|
|
|
6,044,404 |
|
Prepaid expenses and other current assets |
|
1,336,744 |
|
|
|
639,693 |
|
Prepaid taxes |
|
9,713,430 |
|
|
|
9,529,755 |
|
Total current assets |
|
36,513,618 |
|
|
|
56,650,536 |
|
|
|
|
|
Restricted cash and cash
equivalents |
|
1,119,565 |
|
|
|
1,116,196 |
|
Accounts receivable - related
party, net of current portion |
|
3,000,592 |
|
|
|
7,500,592 |
|
Prepaid expenses - related
party |
|
8,994,630 |
|
|
|
7,784,062 |
|
Property, plant and equipment,
net |
|
4,446,772 |
|
|
|
4,682,066 |
|
Intangible assets, net -
other |
|
271,115 |
|
|
|
271,717 |
|
Deferred income taxes |
|
10,260,441 |
|
|
|
10,247,500 |
|
Other noncurrent assets |
|
571,711 |
|
|
|
164,170 |
|
Operating lease right-of-use
assets, net |
|
1,600,520 |
|
|
|
2,440,690 |
|
Total assets |
$ |
66,778,964 |
|
|
$ |
90,857,529 |
|
|
|
|
|
LIABILITIES,
NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
Current
Liabilities: |
|
|
|
Accounts payable |
$ |
3,948,039 |
|
|
$ |
12,102,929 |
|
Accounts payable - related parties |
|
15,689,072 |
|
|
|
23,094,436 |
|
Accrued expenses and other liabilities |
|
2,734,535 |
|
|
|
2,887,193 |
|
Interest payable - related parties |
|
527,770 |
|
|
|
527,770 |
|
Revolving loan |
|
3,000,000 |
|
|
|
6,000,000 |
|
Notes payable |
|
- |
|
|
|
2,333,333 |
|
Convertible notes, net of discount |
|
- |
|
|
|
797,361 |
|
Current portion of long-term promissory note |
|
2,743,378 |
|
|
|
2,811,923 |
|
Current portion of deferred revenue |
|
13,349,641 |
|
|
|
19,252,628 |
|
Current portion of operating lease liabilities |
|
1,629,835 |
|
|
|
1,505,034 |
|
Total current liabilities |
|
43,622,270 |
|
|
|
71,312,607 |
|
|
|
|
|
Accrued expenses |
|
254,731 |
|
|
|
254,731 |
|
Deferred revenue, net of
current portion |
|
19,940,995 |
|
|
|
15,064,078 |
|
Operating lease liabilities,
net of current portion |
|
266,397 |
|
|
|
1,425,494 |
|
Total liabilities |
|
64,084,393 |
|
|
|
88,056,910 |
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
Stockholders'
Equity: |
|
|
|
Class A common stock, $0.0001
par value, 500,000,000 shares authorized; 9,379,488 shares issued
and 8,029,213 shares outstanding as of September 30, 2024, and
9,275,420 shares issued and 7,925,145 shares outstanding as of
December 31, 2023 |
|
937 |
|
|
|
927 |
|
Class B common stock, $0.0001
par value, 100,000,000 shares authorized; 28,748,580 shares issued
and outstanding as of September 30, 2024 and December 31, 2023 |
|
2,875 |
|
|
|
2,875 |
|
Additional paid-in
capital |
|
25,334,672 |
|
|
|
26,171,575 |
|
Accumulated other
comprehensive loss |
|
(230,857 |
) |
|
|
(254,383 |
) |
Accumulated deficit |
|
(13,237,356 |
) |
|
|
(13,949,325 |
) |
Treasury stock at cost
(1,350,275 as of September 30, 2024 and December 31, 2023) |
|
(3,671,806 |
) |
|
|
(3,671,806 |
) |
Total Snail, Inc. equity |
|
8,198,465 |
|
|
|
8,299,863 |
|
Noncontrolling interests |
|
(5,503,894 |
) |
|
|
(5,499,244 |
) |
Total stockholders'
equity |
|
2,694,571 |
|
|
|
2,800,619 |
|
Total liabilities,
noncontrolling interests and stockholders' equity |
$ |
66,778,964 |
|
|
$ |
90,857,529 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Snail, Inc. and SubsidiariesCondensed
Consolidated Statements of Operations and Comprehensive Income
(Loss) (Unaudited) |
|
|
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
Revenues, net |
$ |
22,530,372 |
|
|
$ |
8,981,135 |
|
|
$ |
58,252,751 |
|
|
$ |
32,331,876 |
|
Cost of revenues |
|
13,823,944 |
|
|
|
9,463,086 |
|
|
|
39,369,816 |
|
|
|
29,659,788 |
|
|
|
|
|
|
|
|
|
Gross profit (loss) |
|
8,706,428 |
|
|
|
(481,951 |
) |
|
|
18,882,935 |
|
|
|
2,672,088 |
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
General and administrative |
|
3,845,301 |
|
|
|
3,452,141 |
|
|
|
8,923,225 |
|
|
|
11,915,126 |
|
Research and development |
|
3,885,926 |
|
|
|
1,317,400 |
|
|
|
7,523,329 |
|
|
|
3,892,039 |
|
Advertising and marketing |
|
495,938 |
|
|
|
215,477 |
|
|
|
1,331,163 |
|
|
|
488,318 |
|
Depreciation and amortization |
|
72,402 |
|
|
|
112,914 |
|
|
|
235,294 |
|
|
|
346,084 |
|
Total operating expenses |
|
8,299,567 |
|
|
|
5,097,932 |
|
|
|
18,013,011 |
|
|
|
16,641,567 |
|
|
|
|
|
|
|
|
|
Income (loss) from
operations |
|
406,861 |
|
|
|
(5,579,883 |
) |
|
|
869,924 |
|
|
|
(13,969,479 |
) |
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
|
Interest income |
|
60,675 |
|
|
|
47,147 |
|
|
|
225,227 |
|
|
|
98,411 |
|
Interest income - related parties |
|
504 |
|
|
|
504 |
|
|
|
1,501 |
|
|
|
1,496 |
|
Interest expense |
|
(95,997 |
) |
|
|
(370,376 |
) |
|
|
(634,262 |
) |
|
|
(961,196 |
) |
Other income |
|
74,891 |
|
|
|
313,156 |
|
|
|
546,484 |
|
|
|
321,331 |
|
Foreign currency transaction loss |
|
(55,835 |
) |
|
|
(1,394 |
) |
|
|
(32,055 |
) |
|
|
(25,606 |
) |
Total other income (expense),
net |
|
(15,762 |
) |
|
|
(10,963 |
) |
|
|
106,895 |
|
|
|
(565,564 |
) |
|
|
|
|
|
|
|
|
Income (loss) before provision
for (benefit from) income taxes |
|
391,099 |
|
|
|
(5,590,846 |
) |
|
|
976,819 |
|
|
|
(14,535,043 |
) |
|
|
|
|
|
|
|
|
Provision for (benefit from)
income taxes |
|
157,938 |
|
|
|
(1,156,675 |
) |
|
|
269,501 |
|
|
|
(3,044,380 |
) |
|
|
|
|
|
|
|
|
Net income (loss) |
|
233,161 |
|
|
|
(4,434,171 |
) |
|
|
707,318 |
|
|
|
(11,490,663 |
) |
|
|
|
|
|
|
|
|
Net loss attributable to
non-controlling interests |
|
(1,986 |
) |
|
|
(1,539 |
) |
|
|
(4,650 |
) |
|
|
(7,222 |
) |
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Snail, Inc. |
$ |
235,147 |
|
|
$ |
(4,432,632 |
) |
|
$ |
711,968 |
|
|
$ |
(11,483,441 |
) |
|
|
|
|
|
|
|
|
Comprehensive income
(loss) statement: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
233,161 |
|
|
$ |
(4,434,171 |
) |
|
$ |
707,318 |
|
|
$ |
(11,490,663 |
) |
|
|
|
|
|
|
|
|
Other comprehensive income
(loss) related to currency translation adjustments, net of tax |
|
52,116 |
|
|
|
(1,512 |
) |
|
|
23,526 |
|
|
|
19,515 |
|
|
|
|
|
|
|
|
|
Total comprehensive
income (loss) |
$ |
285,277 |
|
|
$ |
(4,435,683 |
) |
|
$ |
730,844 |
|
|
$ |
(11,471,148 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Class A common stockholders: |
|
|
|
|
|
|
|
Basic |
$ |
51,312 |
|
|
$ |
(955,763 |
) |
|
$ |
154,972 |
|
|
$ |
(2,477,768 |
) |
Diluted |
$ |
51,312 |
|
|
$ |
(955,763 |
) |
|
$ |
127,440 |
|
|
$ |
(2,477,768 |
) |
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Class B common stockholders: |
|
|
|
|
|
|
|
Basic |
$ |
183,835 |
|
|
$ |
(3,476,869 |
) |
|
$ |
556,996 |
|
|
$ |
(9,005,673 |
) |
Diluted |
$ |
183,835 |
|
|
$ |
(3,476,869 |
) |
|
$ |
458,041 |
|
|
$ |
(9,005,673 |
) |
|
|
|
|
|
|
|
|
Net income (loss) per
share attributable to Class A and B common
stockholders: |
|
|
|
|
|
|
|
Basic |
$ |
0.01 |
|
|
$ |
(0.12 |
) |
|
$ |
0.02 |
|
|
$ |
(0.31 |
) |
Diluted |
$ |
0.01 |
|
|
$ |
(0.12 |
) |
|
$ |
0.02 |
|
|
$ |
(0.31 |
) |
|
|
|
|
|
|
|
|
Weighted-average
shares used to compute income (loss) per share attributable to
Class A common stockholders: |
|
|
|
|
|
|
|
Basic |
|
8,024,369 |
|
|
|
7,901,145 |
|
|
|
7,998,686 |
|
|
|
7,909,715 |
|
Diluted |
|
8,024,369 |
|
|
|
7,901,145 |
|
|
|
8,148,133 |
|
|
|
7,909,715 |
|
|
|
|
|
|
|
|
|
Weighted-average
shares used to compute income (loss) per share attributable to
Class B common stockholders: |
|
|
|
|
|
|
|
Basic |
|
28,748,580 |
|
|
|
28,748,580 |
|
|
|
28,748,580 |
|
|
|
28,748,580 |
|
Diluted |
|
28,748,580 |
|
|
|
28,748,580 |
|
|
|
28,748,580 |
|
|
|
28,748,580 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Snail, Inc. and SubsidiariesCondensed
Consolidated Statements of Cash Flows (Unaudited) |
|
|
|
|
|
|
|
|
For the nine months ended September 30, |
|
2024 |
|
|
|
2023 |
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
Net income (loss) |
$ |
707,318 |
|
|
$ |
(11,490,663 |
) |
Adjustments to reconcile net
income (loss) to net cash provided by (used in) operating
activities: |
|
|
|
Amortization - intangible assets - license, related parties |
|
- |
|
|
|
1,253,623 |
|
Amortization - intangible assets - other |
|
603 |
|
|
|
603 |
|
Amortization - loan origination fees and debt discounts |
|
60,242 |
|
|
|
142,656 |
|
Accretion - convertible notes |
|
222,628 |
|
|
|
- |
|
Depreciation and amortization - property and equipment |
|
235,294 |
|
|
|
346,084 |
|
Stock-based compensation expense (income) |
|
(896,893 |
) |
|
|
622,007 |
|
Interest income from restricted escrow deposit |
|
- |
|
|
|
(33,935 |
) |
Deferred taxes, net |
|
(12,884 |
) |
|
|
(3,058,738 |
) |
|
|
|
|
Changes in assets and
liabilities: |
|
|
|
Accounts receivable |
|
18,330,470 |
|
|
|
2,674,655 |
|
Accounts receivable - related party |
|
1,464,445 |
|
|
|
(255,045 |
) |
Prepaid expenses - related party |
|
(118,167 |
) |
|
|
(2,500,000 |
) |
Prepaid expenses and other current assets |
|
(697,051 |
) |
|
|
156,450 |
|
Prepaid taxes |
|
(183,675 |
) |
|
|
- |
|
Other noncurrent assets |
|
(407,441 |
) |
|
|
(2,903 |
) |
Accounts payable |
|
(7,891,975 |
) |
|
|
846,553 |
|
Accounts payable - related parties |
|
(7,405,363 |
) |
|
|
(248,391 |
) |
Accrued expenses and other liabilities |
|
(152,658 |
) |
|
|
134,131 |
|
Interest receivable - related party |
|
(1,501 |
) |
|
|
(1,496 |
) |
Lease liabilities |
|
(194,125 |
) |
|
|
(148,233 |
) |
Deferred revenue |
|
(1,026,070 |
) |
|
|
767,883 |
|
Net cash provided by (used in)
operating activities |
|
2,033,197 |
|
|
|
(10,794,759 |
) |
|
|
|
|
Cash flows from
financing activities: |
|
|
|
Repayments on promissory note |
|
(68,545 |
) |
|
|
(59,589 |
) |
Repayments on notes payable |
|
(2,333,333 |
) |
|
|
(3,750,000 |
) |
Repayments on convertible notes |
|
(1,020,000 |
) |
|
|
- |
|
Repayments on revolving loan |
|
(3,000,000 |
) |
|
|
(3,000,000 |
) |
Borrowings on notes payable |
|
- |
|
|
|
2,275,000 |
|
Proceeds from issuance of convertible notes |
|
- |
|
|
|
847,500 |
|
Refund of dividend withholding tax overpayment |
|
- |
|
|
|
1,886,600 |
|
Purchase of treasury stock |
|
- |
|
|
|
(257,093 |
) |
Payments of capitalized offering costs |
|
- |
|
|
|
(342,318 |
) |
Payments of offering costs in accounts payable |
|
(262,914 |
) |
|
|
- |
|
Net cash used in financing
activities |
|
(6,684,792 |
) |
|
|
(2,399,900 |
) |
|
|
|
|
Effect of currency translation
on cash and cash equivalents |
|
23,135 |
|
|
|
20,390 |
|
|
|
|
|
Net decrease in cash and cash
equivalents, and restricted cash and cash equivalents |
|
(4,628,460 |
) |
|
|
(13,174,269 |
) |
|
|
|
|
Cash and cash equivalents, and
restricted cash and cash equivalents - beginning of period |
|
16,314,319 |
|
|
|
19,238,185 |
|
|
|
|
|
Cash and cash
equivalents, and restricted cash and cash equivalents – end of
period |
$ |
11,685,859 |
|
|
$ |
6,063,916 |
|
|
|
|
|
Supplemental
disclosures of cash flow information |
|
|
|
Cash paid during the period for: |
|
|
|
Interest |
$ |
421,986 |
|
|
$ |
725,885 |
|
Income taxes |
$ |
401,671 |
|
|
$ |
504,581 |
|
Noncash transactions during the period for: |
|
|
|
Issuance of warrants in connection with equity line of credit |
$ |
- |
|
|
$ |
(105,411 |
) |
Debt converted to equity |
$ |
(60,000 |
) |
|
$ |
- |
|
Right-of-use assets obtained in exchange for a lease liability |
$ |
(85,588 |
) |
|
$ |
- |
|
|
|
|
|
|
|
|
|
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