$MSGM
Motorsport Games Inc. Stock $msgm

$msgm Overview Financials Valuation SEC Filings Company Website

2023 Q2 Form 10-Q Financial Statement

#000149315223029615 Filed on August 21, 2023

Income Statement

Concept	2023 Q2	2022 Q2
Revenue	$1.739M	$2.009M
YoY Change	-13.43%	-10.27%
Cost Of Revenue	$866.2K	$856.2K
YoY Change	1.17%	-5.53%
Gross Profit	$873.0K	$1.153M
YoY Change	-24.28%	-13.49%
Gross Profit Margin	50.2%	57.38%
Selling, General & Admin	$3.589M	$4.890M
YoY Change	-26.6%	-9.81%
% of Gross Profit	411.13%	424.16%
Research & Development	$1.788M	$2.682M
YoY Change	-33.33%	47.49%
% of Gross Profit	204.79%	232.61%
Depreciation & Amortization	$508.9K	$493.7K
YoY Change	3.08%	-4.94%
% of Gross Profit	58.29%	42.82%
Operating Expenses	$9.486M	$7.838M
YoY Change	21.03%	7.28%
Operating Profit	-$8.613M	-$6.685M
YoY Change	28.84%	11.92%
Interest Expense	$244.8K	$191.7K
YoY Change	27.7%	500.84%
% of Operating Profit
Other Income/Expense, Net	$657.2K	-$610.6K
YoY Change	-207.63%	-1476.45%
Pretax Income	-$8.201M	-$7.488M
YoY Change	9.53%	25.61%
Income Tax
% Of Pretax Income
Net Earnings	-$8.171M	-$7.405M
YoY Change	10.34%	28.12%
Net Earnings / Revenue	-469.83%	-368.61%
Basic Earnings Per Share	-$3.02	-$0.63
Diluted Earnings Per Share	-$3.02	-$397.4K
COMMON SHARES
Basic Shares Outstanding	2.704M shares	1.167M shares
Diluted Shares Outstanding	2.704M shares	1.167M shares

Balance Sheet

Concept	2023 Q2	2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments	$1.967M	$5.223M
YoY Change	-62.35%	-81.55%
Cash & Equivalents	$2.000M	$5.223M
Short-Term Investments
Other Short-Term Assets	$1.043M	$1.712M
YoY Change	-39.06%	30.38%
Inventory
Prepaid Expenses
Receivables	$1.019M	$1.472M
Other Receivables	$68.43K	$35.50K
Total Short-Term Assets	$4.097M	$8.443M
YoY Change	-51.47%	-74.77%
LONG-TERM ASSETS
Property, Plant & Equipment	$394.6K	$723.8K
YoY Change	-45.48%	59.91%
Goodwill
YoY Change
Intangibles	$8.544M	$14.26M
YoY Change	-40.09%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets	$9.239M	$16.55M
YoY Change	-44.18%	-34.34%
TOTAL ASSETS
Total Short-Term Assets	$4.097M	$8.443M
Total Long-Term Assets	$9.239M	$16.55M
Total Assets	$13.34M	$25.00M
YoY Change	-46.65%	-57.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$876.2K	$314.3K
YoY Change	178.76%	16.86%
Accrued Expenses	$3.360M	$1.957M
YoY Change	71.69%	33.36%
Deferred Revenue
YoY Change
Short-Term Debt	$32.13K	$37.05K
YoY Change	-13.28%	-87.01%
Long-Term Debt Due	$190.6K	$390.0K
YoY Change	-51.13%
Total Short-Term Liabilities	$6.698M	$5.281M
YoY Change	26.83%	-8.87%
LONG-TERM LIABILITIES
Long-Term Debt	$112.9K	$0.00
YoY Change
Other Long-Term Liabilities	$3.105M	$3.521M
YoY Change	-11.82%	283.74%
Total Long-Term Liabilities	$3.105M	$3.521M
YoY Change	-11.82%	283.74%
TOTAL LIABILITIES
Total Short-Term Liabilities	$6.698M	$5.281M
Total Long-Term Liabilities	$3.105M	$3.521M
Total Liabilities	$9.916M	$9.982M
YoY Change	-0.66%	23.78%
SHAREHOLDERS EQUITY
Retained Earnings	-$87.30M	-$60.50M
YoY Change	44.3%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$3.277M	$14.78M
YoY Change
Total Liabilities & Shareholders Equity	$13.34M	$25.00M
YoY Change	-46.65%	-57.39%

Cashflow Statement

Concept	2023 Q2	2022 Q2
OPERATING ACTIVITIES
Net Income	-$8.171M	-$7.405M
YoY Change	10.34%	28.12%
Depreciation, Depletion And Amortization	$508.9K	$493.7K
YoY Change	3.08%	-4.94%
Cash From Operating Activities	-$3.166M	-$6.460M
YoY Change	-50.99%	45.68%
INVESTING ACTIVITIES
Capital Expenditures	$9.380K	-$95.35K
YoY Change	-109.84%	-64.15%
Acquisitions
YoY Change
Other Investing Activities		$0.00
YoY Change		-100.0%
Cash From Investing Activities	-$9.380K	-$95.35K
YoY Change	-90.16%	-99.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	-475.0K	-1.130M
YoY Change	-57.95%	-72.64%
NET CHANGE
Cash From Operating Activities	-3.166M	-6.460M
Cash From Investing Activities	-9.380K	-95.35K
Cash From Financing Activities	-475.0K	-1.130M
Net Change In Cash	-3.651M	-7.685M
YoY Change	-52.49%	-64.44%
FREE CASH FLOW
Cash From Operating Activities	-$3.166M	-$6.460M
Capital Expenditures	$9.380K	-$95.35K
Free Cash Flow	-$3.176M	-$6.365M
YoY Change	-50.1%	52.69%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
	dei	Amendment Flag AmendmentFlag	false
	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q2
	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
	us-gaap	Goodwill Impairment Loss GoodwillImpairmentLoss		usd
	dei	Entity Central Index Key EntityCentralIndexKey	0001821175
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	MSGM	Noncash Lease Expense NoncashLeaseExpense		usd
	MSGM	Purchase Commitment And License Liability Interest Accretion PurchaseCommitmentAndLicenseLiabilityInterestAccretion		usd
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	MSGM	Extinguishment Of Related Party Loan ExtinguishmentOfRelatedPartyLoan		usd
	MSGM	Issuance Of Warrants In Connection With Registered Direct Offerings IssuanceOfWarrantsInConnectionWithRegisteredDirectOfferings		usd
	MSGM	Purchase Commitments Liabilities PurchaseCommitmentsLiabilities		usd
	us-gaap	Acquired Finite Lived Intangible Assets Weighted Average Useful Life AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
	dei	Document Type DocumentType	10-Q
	dei	Document Quarterly Report DocumentQuarterlyReport	true
	dei	Document Period End Date DocumentPeriodEndDate	2023-06-30
	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2023
	dei	Document Transition Report DocumentTransitionReport	false
	dei	Entity File Number EntityFileNumber	001-39868
	dei	Entity Registrant Name EntityRegistrantName	Motorsport Games Inc.
	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	DE
	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	86-1791356
	dei	Entity Address Address Line1 EntityAddressAddressLine1	5972 NE 4th Avenue
	dei	Entity Address City Or Town EntityAddressCityOrTown	Miami
	dei	Entity Address State Or Province EntityAddressStateOrProvince	FL
	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	33137
	dei	City Area Code CityAreaCode	(305)
	dei	Local Phone Number LocalPhoneNumber	507-8799
	dei	Security12b Title Security12bTitle	Class A common stock, $0.0001 par
	dei	Trading Symbol TradingSymbol	MSGM
	dei	Security Exchange Name SecurityExchangeName	NASDAQ
	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
	dei	Entity Filer Category EntityFilerCategory	Non-accelerated Filer
	dei	Entity Small Business EntitySmallBusiness	true
	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	true
	dei	Entity Ex Transition Period EntityExTransitionPeriod	false
	dei	Entity Shell Company EntityShellCompany	false
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CY2023Q1	us-gaap	Profit Loss ProfitLoss	-5259192	usd
CY2023Q1	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	11298633	usd
CY2023Q2	us-gaap	Stock Issued During Period Value Share Based Compensation StockIssuedDuringPeriodValueShareBasedCompensation	521303	usd
CY2023Q2	us-gaap	Other Comprehensive Income Loss Net Of Tax OtherComprehensiveIncomeLossNetOfTax	-199102	usd
CY2023Q2	us-gaap	Profit Loss ProfitLoss	-8200882	usd
CY2023Q2	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	3419952	usd
CY2021Q4	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	37982003	usd
CY2022Q1	us-gaap	Stock Issued During Period Value Share Based Compensation StockIssuedDuringPeriodValueShareBasedCompensation	353030	usd
CY2022Q1	us-gaap	Other Comprehensive Income Loss Net Of Tax OtherComprehensiveIncomeLossNetOfTax	-184538	usd
CY2022Q1	us-gaap	Profit Loss ProfitLoss	-15967045	usd
CY2022Q1	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	22183450	usd
CY2022Q1	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	22183450	usd
CY2022Q2	us-gaap	Stock Issued During Period Value Share Based Compensation StockIssuedDuringPeriodValueShareBasedCompensation	238573	usd
CY2022Q2	us-gaap	Other Comprehensive Income Loss Net Of Tax OtherComprehensiveIncomeLossNetOfTax	79127	usd
CY2022Q2	us-gaap	Profit Loss ProfitLoss	-7487671	usd
CY2022Q2	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	15013479	usd
CY2022Q2	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	15013479	usd
	us-gaap	Profit Loss ProfitLoss	-13460074	usd
	us-gaap	Profit Loss ProfitLoss	-23454716	usd
	us-gaap	Impairment Of Intangible Assets Excluding Goodwill ImpairmentOfIntangibleAssetsExcludingGoodwill	4004627	usd
	us-gaap	Impairment Of Intangible Assets Excluding Goodwill ImpairmentOfIntangibleAssetsExcludingGoodwill	4640102	usd
	us-gaap	Goodwill Impairment Loss GoodwillImpairmentLoss	4788268	usd
	us-gaap	Impairment Of Long Lived Assets To Be Disposed Of ImpairmentOfLongLivedAssetsToBeDisposedOf	7661	usd
	us-gaap	Depreciation Depletion And Amortization DepreciationDepletionAndAmortization	1011231	usd
	us-gaap	Depreciation Depletion And Amortization DepreciationDepletionAndAmortization	1071172	usd
	MSGM	Noncash Lease Expense NoncashLeaseExpense	196938	usd
	MSGM	Purchase Commitment And License Liability Interest Accretion PurchaseCommitmentAndLicenseLiabilityInterestAccretion	-396547	usd
	us-gaap	Employee Benefits And Share Based Compensation EmployeeBenefitsAndShareBasedCompensation	770536	usd
	us-gaap	Employee Benefits And Share Based Compensation EmployeeBenefitsAndShareBasedCompensation	591603	usd
	us-gaap	Fair Value Adjustment Of Warrants FairValueAdjustmentOfWarrants	-423403	usd
	MSGM	Sales Return And Price Protection Reserves SalesReturnAndPriceProtectionReserves	280000	usd
	MSGM	Sales Return And Price Protection Reserves SalesReturnAndPriceProtectionReserves	1098397	usd
	us-gaap	Increase Decrease In Accounts Receivable IncreaseDecreaseInAccountsReceivable	-512452	usd
	us-gaap	Increase Decrease In Accounts Receivable IncreaseDecreaseInAccountsReceivable	-2877935	usd
	us-gaap	Increase Decrease In Due From Related Parties IncreaseDecreaseInDueFromRelatedParties	473136	usd
	us-gaap	Increase Decrease In Operating Lease Liability IncreaseDecreaseInOperatingLeaseLiability	-22723	usd
	us-gaap	Increase Decrease In Operating Lease Liability IncreaseDecreaseInOperatingLeaseLiability	-194117	usd
	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	-13772	usd
	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	572926	usd
	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	-1498530	usd
	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	-1455211	usd
	us-gaap	Increase Decrease In Due To Related Parties IncreaseDecreaseInDueToRelatedParties	2282	usd
	us-gaap	Increase Decrease In Other Noncurrent Liabilities IncreaseDecreaseInOtherNoncurrentLiabilities	-475927	usd
	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	28596	usd
	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	-1160816	usd
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-8850162	usd
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-12049298	usd
	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	24437	usd
	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	196346	usd
	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-24437	usd
	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-196346	usd
	us-gaap	Proceeds From Related Party Debt ProceedsFromRelatedPartyDebt	143517	usd
	us-gaap	Repayments Of Related Party Debt RepaymentsOfRelatedPartyDebt	24913	usd
	MSGM	Repayments Of Purchase Commitment Liabilities RepaymentsOfPurchaseCommitmentLiabilities	550000	usd
	MSGM	Repayments Of Purchase Commitment Liabilities RepaymentsOfPurchaseCommitmentLiabilities	1000000	usd
	MSGM	Payment Of License Liabilities PaymentOfLicenseLiabilities	262500	usd
	MSGM	Payment Of License Liabilities PaymentOfLicenseLiabilities	100000	usd
	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	644750	usd
	MSGM	Issuance Of Common Stock IssuanceOfCommonStock	10404784	usd
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	10237034	usd
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-981396	usd
	us-gaap	Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations	-375188	usd
	us-gaap	Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations	630451	usd
	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	987247	usd
	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-12596589	usd
CY2022Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations	979306	usd
CY2021Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations	17819640	usd
CY2023Q2	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations	1966553	usd
CY2022Q2	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations	5223051	usd
	us-gaap	Interest Paid Net InterestPaidNet	399231	usd
	MSGM	Shares Issued For Extinguishment Of Related Party Loan SharesIssuedForExtinguishmentOfRelatedPartyLoan	3948566	usd
	MSGM	Extinguishment Of Related Party Loan ExtinguishmentOfRelatedPartyLoan	-3948566	usd
	MSGM	Issuance Of Warrants In Connection With Registered Direct Offerings IssuanceOfWarrantsInConnectionWithRegisteredDirectOfferings	54597	usd
	MSGM	Purchase Commitments Liabilities PurchaseCommitmentsLiabilities	29681	usd
	us-gaap	Profit Loss ProfitLoss	-13500000	usd
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-8900000	usd
CY2023Q2	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-87300000	usd
CY2023Q2	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	2000000.0	usd
CY2023Q2	MSGM	Decrease In Average Net Cash DecreaseInAverageNetCash	1100000	usd
CY2022Q4	us-gaap	Finite Lived Intangible Assets Accumulated Amortization FiniteLivedIntangibleAssetsAccumulatedAmortization	5057048	usd
	us-gaap	Amortization Of Intangible Assets AmortizationOfIntangibleAssets	842350	usd
	MSGM	Amortization Of Intangible Assets Foreign Currency Translation Adjusments AmortizationOfIntangibleAssetsForeignCurrencyTranslationAdjusments	28890	usd
CY2023Q2	us-gaap	Finite Lived Intangible Assets Accumulated Amortization FiniteLivedIntangibleAssetsAccumulatedAmortization	5928288	usd
CY2023Q2	MSGM	Loss Contingency Reserves Accured LossContingencyReservesAccured	798268	usd
	us-gaap	Use Of Estimates UseOfEstimates	<p id="xdx_84E_eus-gaap--UseOfEstimates_zcfH35y0h3pg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><span id="xdx_863_z1XCf0xa3vK1">Use of Estimates</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of 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 disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s significant estimates used in these consolidated financial statements include, but are not limited to, revenue recognition criteria, including allowances for returns and price protection, as well as current expected credit losses, valuation allowance of deferred income taxes, valuation of acquired companies and equity method investments, the recognition and disclosure of contingent liabilities, goodwill and intangible assets impairment testing, and stock-based compensation valuation. Certain of the Company’s estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that these external factors could have an effect on the Company’s estimates and may cause actual results to differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>
CY2023Q2	us-gaap	Accrued Income Taxes Current AccruedIncomeTaxesCurrent	23213	usd
CY2022Q4	us-gaap	Accrued Income Taxes Current AccruedIncomeTaxesCurrent	149842	usd
CY2023Q2	MSGM	Accrued Payroll AccruedPayroll	703686	usd
CY2022Q4	MSGM	Accrued Payroll AccruedPayroll	372358	usd
CY2023Q2	MSGM	Deferred Revenue Accrued DeferredRevenueAccrued	136532	usd
CY2022Q4	MSGM	Deferred Revenue Accrued DeferredRevenueAccrued	311945	usd
	us-gaap	Revenue Recognition Sales Returns RevenueRecognitionSalesReturns	<p id="xdx_84A_eus-gaap--RevenueRecognitionSalesReturns_zN60ANbHglM8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_862_zedbwdSRCYm7">Allowances for Returns and Price Protection</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company may permit product returns from, or grant price protection to, its customers under certain conditions. Price protection represents the Company’s practice of providing channel partners with a credit allowance to lower their wholesale price on a particular game unit that they have not resold to customers. The amount of the price protection for permanent markdowns is the difference between the original wholesale price and the new reduced wholesale price. Credits are also given for short-term promotions that temporarily reduce the wholesale price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allowances for returns and price protection are considered variable consideration under ASC 606. The Company reduces revenue for estimated future returns and price protections that may occur with distributors and retailers (“channel partners”). See Note 2 – <i>Basis of Presentation and Summary of Significant Accounting Policies – Accounts Receivable</i> in the 2022 Form 10-K for additional details.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Motorsport Games Inc. and Subsidiaries<br/> Notes to Unaudited Condensed Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When evaluating the adequacy of allowances for returns and price protection, the Company analyzes the following: historical credit allowances, current sell-through of channel partners’ inventory of the Company’s products, current trends in retail and the video game industry, changes in customer demand, acceptance of products, and other related factors. In addition, the Company monitors the volume of sales to its channel partners and their inventories, as substantial overstocking in the distribution channel could result in higher-than-expected returns or higher price protection in subsequent periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recognized an expense of approximately $<span id="xdx_90B_ecustom--SalesReturnsAndPriceProtectionReserves_pn5n6_c20230401__20230630_zKPihURMHBDa" title="Sales return and price protection reserves">0.0</span> million and $<span id="xdx_901_ecustom--SalesReturnsAndPriceProtectionReserves_pn5n6_c20230101__20230630_z3L84DpnKMIj" title="Sales return and price protection reserves">0.3</span> million for sales returns and price protections as a reduction of revenues for the three and six months ended June 30, 2023, respectively. The Company recognized an expense of approximately $<span id="xdx_903_ecustom--SalesReturnsAndPriceProtectionReserves_pn5n6_c20220401__20220630_zMD6jh8VNEE4" title="Sales return and price protection reserves">0.9</span> million and $<span id="xdx_90F_ecustom--SalesReturnsAndPriceProtectionReserves_pn5n6_c20220101__20220630_zB0YJWTmucy4" title="Sales return and price protection reserves">1.1</span> million for sales returns and price protections as a reduction of revenues for the three and six months ended June 30, 2022, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q2	MSGM	Sales Returns And Price Protection Reserves SalesReturnsAndPriceProtectionReserves	0.0	usd
	MSGM	Sales Returns And Price Protection Reserves SalesReturnsAndPriceProtectionReserves	300000	usd
CY2022Q2	MSGM	Sales Returns And Price Protection Reserves SalesReturnsAndPriceProtectionReserves	900000	usd
	MSGM	Sales Returns And Price Protection Reserves SalesReturnsAndPriceProtectionReserves	1100000	usd
	us-gaap	Revenue Recognition Deferred Revenue RevenueRecognitionDeferredRevenue	<p id="xdx_849_eus-gaap--RevenueRecognitionDeferredRevenue_z5lKn4EAbsHk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_867_zC8N57DexAbk">Deferred Revenue</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s deferred revenue, or contract liability, is classified as current and is included within accrued expenses and other current liabilities on the unaudited condensed consolidated balance sheets (Also refer Note 4 – <i>Accrued Expenses and Other Current Liabilities</i>). Revenue collected in advance of the event is recorded as deferred revenue until the event occurs. Development and coding revenues are also recorded as deferred revenue until the Company’s performance obligation is performed.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue recognized in the period from amounts included in contract liability at the beginning of the period was approximately $<span id="xdx_90C_eus-gaap--DeferredRevenueRevenueRecognized1_pn5n6_c20230101__20230630__us-gaap--BalanceSheetLocationAxis__custom--ContractLiabilityMember_zrL0o0FLeGu2" title="Revenue recognized">0.4</span> million and $<span id="xdx_900_eus-gaap--DeferredRevenueRevenueRecognized1_pn5n6_c20220101__20220630__us-gaap--BalanceSheetLocationAxis__custom--ContractLiabilityMember_zzUS4Qq90Zyg" title="Revenue recognized">0.6</span> million for the six months ended June 30, 2023 and 2022, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	103566	shares
CY2023Q2	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	103566	shares
CY2022Q2	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	76167	shares
	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	76167	shares
CY2023Q2	us-gaap	Impairment Of Intangible Assets Excluding Goodwill ImpairmentOfIntangibleAssetsExcludingGoodwill	4000000.0	usd
CY2022Q4	us-gaap	Intangible Assets Current IntangibleAssetsCurrent	13360230	usd
	MSGM	Amortization Of Intangible Asset AmortizationOfIntangibleAsset	842350	usd
	us-gaap	Impairment Of Intangible Assets Excluding Goodwill ImpairmentOfIntangibleAssetsExcludingGoodwill	4004627	usd
	us-gaap	Finite Lived Intangible Assets Foreign Currency Translation Gain Loss FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss	31141	usd
CY2023Q2	us-gaap	Intangible Assets Current IntangibleAssetsCurrent	8544394	usd
CY2023Q2	us-gaap	Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear	767085	usd
CY2023Q2	us-gaap	Finite Lived Intangible Assets Amortization Expense Next Twelve Months FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths	1494431	usd
CY2023Q2	us-gaap	Finite Lived Intangible Assets Amortization Expense Year Two FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo	1356899	usd
CY2023Q2	us-gaap	Finite Lived Intangible Assets Amortization Expense Year Three FiniteLivedIntangibleAssetsAmortizationExpenseYearThree	1110113	usd
CY2023Q2	us-gaap	Finite Lived Intangible Assets Amortization Expense Year Four FiniteLivedIntangibleAssetsAmortizationExpenseYearFour	348055	usd
CY2023Q2	MSGM	Finite Lived Intangible Assets Amortization Expense After Year Four FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour	1692046	usd
CY2023Q2	us-gaap	Finite Lived Intangible Assets Net FiniteLivedIntangibleAssetsNet	6768629	usd
CY2023Q2	us-gaap	Amortization Of Intangible Assets AmortizationOfIntangibleAssets	400000	usd
CY2022Q2	us-gaap	Amortization Of Intangible Assets AmortizationOfIntangibleAssets	400000	usd
	us-gaap	Amortization Of Intangible Assets AmortizationOfIntangibleAssets	800000	usd
	us-gaap	Amortization Of Intangible Assets AmortizationOfIntangibleAssets	800000	usd
CY2023Q2	us-gaap	Accrued Royalties Current AccruedRoyaltiesCurrent	595472	usd
CY2022Q4	us-gaap	Accrued Royalties Current AccruedRoyaltiesCurrent	274085	usd
CY2023Q2	us-gaap	Accrued Professional Fees Current AccruedProfessionalFeesCurrent	732282	usd
CY2022Q4	us-gaap	Accrued Professional Fees Current AccruedProfessionalFeesCurrent	720470	usd
CY2023Q2	MSGM	Accrued Development Costs Current AccruedDevelopmentCostsCurrent	93134	usd
CY2022Q4	MSGM	Accrued Development Costs Current AccruedDevelopmentCostsCurrent	172164	usd
CY2022Q4	MSGM	Loss Contingency Reserves Accured LossContingencyReservesAccured	1100000	usd
CY2023Q2	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	277011	usd
CY2022Q4	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	315560	usd
CY2023Q2	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	3359598	usd
CY2022Q4	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	3416424	usd
CY2022Q3	us-gaap	Line Of Credit LineOfCredit	12000000	usd
CY2022Q3	us-gaap	Line Of Credit LineOfCredit	12000000	usd
CY2023Q1	us-gaap	Debt Instrument Periodic Payment DebtInstrumentPeriodicPayment	3900000	usd
CY2023Q1	us-gaap	Debt Instrument Periodic Payment DebtInstrumentPeriodicPayment	3900000	usd
CY2023Q2	us-gaap	Line Of Credit LineOfCredit	12000000	usd
CY2023Q2	us-gaap	Line Of Credit LineOfCredit	12000000	usd
CY2023Q2	us-gaap	Line Of Credit LineOfCredit	12000000	usd
CY2023Q2	us-gaap	Lines Of Credit Current LinesOfCreditCurrent	0	usd
CY2022Q4	us-gaap	Lines Of Credit Current LinesOfCreditCurrent	3670000	usd
CY2023Q2	us-gaap	Interest Payable Current InterestPayableCurrent	0	usd
CY2022Q4	us-gaap	Interest Payable Current InterestPayableCurrent	96667	usd
CY2023Q2	us-gaap	Line Of Credit LineOfCredit	12000000	usd
	MSGM	Payment To Related Parties PaymentToRelatedParties	1000000	usd
	MSGM	Payment To Related Parties PaymentToRelatedParties	100000	usd
CY2022	MSGM	Payment To Related Parties PaymentToRelatedParties	800000	usd
	us-gaap	Common Stock Voting Rights CommonStockVotingRights	Holders of Class A and Class B common stock are entitled to one-vote and ten-votes, respectively, for each share held on all matters submitted to a vote of stockholders
CY2022Q4	us-gaap	Stockholders Equity Reverse Stock Split StockholdersEquityReverseStockSplit	the Company amended its certificate of incorporation to effectuate a reverse split of the issued and outstanding shares of Class A common stock and Class B common stock at a ratio of 1-for-10.
	MSGM	Transaction Fee Percentage TransactionFeePercentage	0.070	pure
CY2022Q2	us-gaap	Operating Income Loss OperatingIncomeLoss	-6685415	usd
	us-gaap	Operating Income Loss OperatingIncomeLoss	-14024696	usd
	us-gaap	Operating Income Loss OperatingIncomeLoss	-22288765	usd
CY2023Q2	us-gaap	Depreciation And Amortization DepreciationAndAmortization	104854	usd
CY2022Q2	us-gaap	Depreciation And Amortization DepreciationAndAmortization	117725	usd
	us-gaap	Depreciation And Amortization DepreciationAndAmortization	202208	usd
CY2023Q2	us-gaap	Share Based Compensation ShareBasedCompensation	521303	usd
CY2022Q2	us-gaap	Share Based Compensation ShareBasedCompensation	238573	usd
	us-gaap	Share Based Compensation ShareBasedCompensation	770536	usd
	us-gaap	Share Based Compensation ShareBasedCompensation	591603	usd
CY2023Q2	us-gaap	Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions	300000	usd
	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1 ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1	P1Y9M18D
CY2023Q2	us-gaap	Other Receivables OtherReceivables	8000000	eur
CY2023Q2	us-gaap	Other Receivables OtherReceivables	8700000	usd
CY2023Q4	us-gaap	Purchase Commitment Remaining Minimum Amount Committed PurchaseCommitmentRemainingMinimumAmountCommitted	17400000	usd
CY2023Q2	us-gaap	Royalty Guarantees Commitments Amount RoyaltyGuaranteesCommitmentsAmount	400000	usd
CY2023Q2	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	1739130	usd
CY2022Q2	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	2008987	usd
	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	3468485	usd
	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	5330776	usd
CY2023Q2	us-gaap	Cost Of Revenue CostOfRevenue	866167	usd
CY2022Q2	us-gaap	Cost Of Revenue CostOfRevenue	856157	usd
	us-gaap	Cost Of Revenue CostOfRevenue	2114903	usd
	us-gaap	Cost Of Revenue CostOfRevenue	2869963	usd
CY2023Q2	us-gaap	Gross Profit GrossProfit	872963	usd
CY2022Q2	us-gaap	Gross Profit GrossProfit	1152830	usd
	us-gaap	Gross Profit GrossProfit	1353582	usd
	us-gaap	Gross Profit GrossProfit	2460813	usd
CY2023Q2	us-gaap	Operating Income Loss OperatingIncomeLoss	-8613307	usd
	us-gaap	Depreciation And Amortization DepreciationAndAmortization	233796	usd
CY2023Q2	us-gaap	Interest Income Expense Net InterestIncomeExpenseNet	-244750	usd
CY2022Q2	us-gaap	Interest Income Expense Net InterestIncomeExpenseNet	-191662	usd
	us-gaap	Interest Income Expense Net InterestIncomeExpenseNet	-443870	usd
	us-gaap	Interest Income Expense Net InterestIncomeExpenseNet	-393258	usd
CY2023Q2	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	657175	usd
CY2022Q2	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-610594	usd
	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	1008492	usd
	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-772693	usd
CY2023Q2	us-gaap	Profit Loss ProfitLoss	-8200882	usd
CY2022Q2	us-gaap	Profit Loss ProfitLoss	-7487671	usd
	us-gaap	Profit Loss ProfitLoss	-13460074	usd
	us-gaap	Profit Loss ProfitLoss	-23454716	usd
CY2023Q2	us-gaap	Assets Assets	13336239	usd
CY2022Q4	us-gaap	Assets Assets	18897792	usd

Files In Submission

Name	View Source	Status
0001493152-23-029615-index-headers.html	Edgar Link	pending
0001493152-23-029615-index.html	Edgar Link	pending
0001493152-23-029615.txt	Edgar Link	pending
0001493152-23-029615-xbrl.zip	Edgar Link	pending
ex31-1.htm	Edgar Link	pending
ex31-2.htm	Edgar Link	pending
ex32-1.htm	Edgar Link	pending
Financial_Report.xlsx	Edgar Link	pending
form10-q.htm	Edgar Link	pending
MetaLinks.json	Edgar Link	pending
msgm-20230630.xsd	Edgar Link	pending
msgm-20230630_pre.xml	Edgar Link	unprocessable
form10-q_htm.xml	Edgar Link	completed
R1.htm	Edgar Link	pending
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R9.htm	Edgar Link	pending
report.css	Edgar Link	pending
Show.js	Edgar Link	pending
FilingSummary.xml	Edgar Link	unprocessable
msgm-20230630_cal.xml	Edgar Link	unprocessable
msgm-20230630_def.xml	Edgar Link	unprocessable
msgm-20230630_lab.xml	Edgar Link	unprocessable

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$MSGM
Motorsport Games Inc. Stock $msgm

2023 Q2 Form 10-Q Financial Statement

#000149315223029615 Filed on August 21, 2023

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$MSGM Motorsport Games Inc. Stock $msgm

2023 Q2 Form 10-Q Financial Statement

#000149315223029615 Filed on August 21, 2023

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$MSGM
Motorsport Games Inc. Stock $msgm