$MSGM
Motorsport Games Inc.

2024 Q3 Form 10-Q Financial Statement

#000149315224045867 Filed on November 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q3
Revenue $1.803M
YoY Change 6.44%
Cost Of Revenue $716.7K
YoY Change -13.8%
Gross Profit $1.086M
YoY Change 25.95%
Gross Profit Margin 60.25%
Selling, General & Admin $2.122M
YoY Change 12.61%
% of Gross Profit 195.4%
Research & Development $848.5K
YoY Change -45.84%
% of Gross Profit 78.12%
Depreciation & Amortization $566.4K
YoY Change 13.28%
% of Gross Profit 52.14%
Operating Expenses $3.018M
YoY Change -14.43%
Operating Profit -$1.932M
YoY Change -27.5%
Interest Expense $29.85K
YoY Change -87.03%
% of Operating Profit
Other Income/Expense, Net $1.389M
YoY Change -317.28%
Pretax Income -$573.0K
YoY Change -83.77%
Income Tax
% Of Pretax Income
Net Earnings $9.827K
YoY Change -100.28%
Net Earnings / Revenue 0.55%
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.00
COMMON SHARES
Basic Shares Outstanding 3.024M shares
Diluted Shares Outstanding 3.024M shares

Balance Sheet

Concept 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $751.0K
YoY Change -36.36%
Cash & Equivalents $800.0K
Short-Term Investments
Other Short-Term Assets $712.5K
YoY Change -25.78%
Inventory
Prepaid Expenses
Receivables $893.9K
Other Receivables $0.00
Total Short-Term Assets $2.357M
YoY Change -17.28%
LONG-TERM ASSETS
Property, Plant & Equipment $94.35K
YoY Change -69.78%
Goodwill
YoY Change
Intangibles $4.460M
YoY Change -44.28%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $4.616M
YoY Change -46.1%
TOTAL ASSETS
Total Short-Term Assets $2.357M
Total Long-Term Assets $4.616M
Total Assets $6.973M
YoY Change -38.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.599M
YoY Change 96.76%
Accrued Expenses $1.229M
YoY Change -66.72%
Deferred Revenue
YoY Change
Short-Term Debt $13.94K
YoY Change -94.42%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.771M
YoY Change -40.09%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change -100.0%
Other Long-Term Liabilities $5.622K
YoY Change -99.81%
Total Long-Term Liabilities $5.622K
YoY Change -99.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.771M
Total Long-Term Liabilities $5.622K
Total Liabilities $4.802M
YoY Change -56.0%
SHAREHOLDERS EQUITY
Retained Earnings -$86.30M
YoY Change -4.85%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.093M
YoY Change
Total Liabilities & Shareholders Equity $6.973M
YoY Change -38.9%

Cashflow Statement

Concept 2024 Q3
OPERATING ACTIVITIES
Net Income $9.827K
YoY Change -100.28%
Depreciation, Depletion And Amortization $566.4K
YoY Change 13.28%
Cash From Operating Activities $671.8K
YoY Change -153.32%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 884.1K
YoY Change -689.37%
NET CHANGE
Cash From Operating Activities 671.8K
Cash From Investing Activities 0.000
Cash From Financing Activities 884.1K
Net Change In Cash 1.556M
YoY Change -209.57%
FREE CASH FLOW
Cash From Operating Activities $671.8K
Capital Expenditures $0.00
Free Cash Flow $671.8K
YoY Change -152.9%

Facts In Submission

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dei Entity Listing Par Value Per Share
EntityListingParValuePerShare
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dei Trading Symbol
TradingSymbol
MSGM
dei Security Exchange Name
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NASDAQ
dei Entity Shell Company
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CY2024Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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ProfitLoss
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us-gaap Profit Loss
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ProfitLoss
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us-gaap Impairment Of Intangible Assets Excluding Goodwill
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us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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MSGM Gain From Settlement Of License Liabilities
GainFromSettlementOfLicenseLiabilities
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us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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MSGM Purchase Commitment And License Liability Interest Accretion
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
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us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-438148 usd
MSGM Sales Return And Price Protection Reserves
SalesReturnAndPriceProtectionReserves
280000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
148163 usd
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IncreaseDecreaseInAccountsReceivable
-822477 usd
us-gaap Increase Decrease In Due From Related Parties
IncreaseDecreaseInDueFromRelatedParties
25 usd
us-gaap Increase Decrease In Due From Related Parties
IncreaseDecreaseInDueFromRelatedParties
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us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-4601 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-83338 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1839933 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1046204 usd
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
-65250 usd
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
2884 usd
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-65109 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-1149559 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
375436 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-697479 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
25145 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
26798 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-25145 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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MSGM Repayments Of Purchase Commitment Liabilities
RepaymentsOfPurchaseCommitmentLiabilities
50000 usd
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RepaymentsOfPurchaseCommitmentLiabilities
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MSGM Payment Of License Liabilities
PaymentOfLicenseLiabilities
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us-gaap Proceeds From Issuance Of Common Stock
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MSGM Proceeds From Issuance Of Common Stock From Registered Direct Offerings
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MSGM Proceeds From Issuance Of Common Stock From Registered Direct Offerings
ProceedsFromIssuanceOfCommonStockFromRegisteredDirectOfferings
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1182342 usd
us-gaap Interest Paid Net
InterestPaidNet
25371 usd
us-gaap Interest Paid Net
InterestPaidNet
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MSGM Shares Issued For Extinguishment Of Related Party Loan
SharesIssuedForExtinguishmentOfRelatedPartyLoan
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MSGM Extinguishment Of Related Party Loan
ExtinguishmentOfRelatedPartyLoan
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us-gaap Stock Issued1
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us-gaap Profit Loss
ProfitLoss
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-700000 usd
CY2024Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-86300000 usd
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
800000 usd
MSGM Decrease In Average Net Cash
DecreaseInAverageNetCash
100000 usd
CY2024Q3 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
1000000.0 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84A_eus-gaap--UseOfEstimates_zoBx38UlVTYg" 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_zFzOKKTB1YP">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 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 disclosures of contingent assets and liabilities at the date of the condensed 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: 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’s significant estimates used in these condensed consolidated financial statements include, but are not limited to, revenue recognition criteria, including allowances for returns and price protection, offering periods for deferred net revenue, valuation allowance of deferred income taxes, the recognition and disclosure of contingent liabilities, 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"> </span></p>
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
300000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
400000 usd
CY2024Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
131476 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
131476 shares
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2023Q4 MSGM Proceeds From Sale Of License
ProceedsFromSaleOfLicense
5000000.0 usd
CY2023Q4 us-gaap Notes Payable
NotesPayable
500000 usd
CY2023Q4 us-gaap Notes Payable
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119778 usd
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110008 usd
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36833 usd
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32214 usd
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68533 usd
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AccruedIncomeTaxesCurrent
40000 usd
CY2024Q3 MSGM Accrued Payroll And Severance
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313333 usd
CY2023Q4 MSGM Accrued Payroll And Severance
AccruedPayrollAndSeverance
500522 usd
CY2024Q3 MSGM Deferred Revenue Accrued
DeferredRevenueAccrued
278573 usd
CY2023Q4 MSGM Deferred Revenue Accrued
DeferredRevenueAccrued
270845 usd
CY2024Q3 MSGM Loss Contingency Reserves Accured
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167803 usd
CY2023Q4 MSGM Loss Contingency Reserves Accured
LossContingencyReservesAccured
545920 usd
CY2024Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
87534 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
173938 usd
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AccruedLiabilitiesCurrent
1228830 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1891315 usd
CY2022Q3 us-gaap Line Of Credit
LineOfCredit
12000000 usd
CY2022Q3 us-gaap Line Of Credit
LineOfCredit
12000000 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
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CY2024Q3 us-gaap Line Of Credit
LineOfCredit
12000000 usd
CY2024Q3 us-gaap Line Of Credit
LineOfCredit
12000000 usd
CY2024Q3 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
0 usd
CY2023Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
0 usd
CY2024Q3 us-gaap Line Of Credit
LineOfCredit
12000000 usd
CY2023Q4 us-gaap Line Of Credit
LineOfCredit
12000000 usd
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
200000 usd
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
200000 usd
CY2024Q3 us-gaap Area Of Land
AreaOfLand
2000 sqft
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
MSGM Transaction Fee Percentage
TransactionFeePercentage
0.070 pure
CY2024Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
2.17
CY2024Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.0001
CY2024Q3 us-gaap Sale Of Stock Percentage Of Ownership After Transaction
SaleOfStockPercentageOfOwnershipAfterTransaction
0.070 pure
CY2024Q3 us-gaap Share Based Compensation
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26889 usd
CY2023Q3 us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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105738 usd
us-gaap Share Based Compensation
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CY2024Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
11000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P1Y
CY2024Q3 us-gaap Other Commitment
OtherCommitment
8000000 eur
CY2024Q3 us-gaap Other Commitment
OtherCommitment
8952000 usd
CY2024Q3 us-gaap Royalty Guarantees Commitments Amount
RoyaltyGuaranteesCommitmentsAmount
19000 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2024Q3 us-gaap Cost Of Revenue
CostOfRevenue
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CY2023Q3 us-gaap Cost Of Revenue
CostOfRevenue
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us-gaap Cost Of Revenue
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us-gaap Cost Of Revenue
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CY2024Q3 us-gaap Gross Profit
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us-gaap Gross Profit
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us-gaap Gross Profit
GrossProfit
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CY2024Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
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OperatingIncomeLoss
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us-gaap Operating Income Loss
OperatingIncomeLoss
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us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2024Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
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CY2023Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
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us-gaap Depreciation And Amortization
DepreciationAndAmortization
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us-gaap Depreciation And Amortization
DepreciationAndAmortization
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CY2024Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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CY2023Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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CY2024Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
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CY2024Q3 us-gaap Profit Loss
ProfitLoss
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ProfitLoss
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us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
ProfitLoss
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CY2024Q3 us-gaap Assets
Assets
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CY2023Q4 us-gaap Assets
Assets
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CY2024Q3 ecd Rule10b51 Arr Adopted Flag
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Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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