Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games” or the
“Company”) today reported financial results for its fourth quarter
and fiscal year ended December 31, 2022. The Company has also
posted a 2022 Year End Review video and Q4 ‘22 and fiscal year-end
earnings slides highlighting key milestones that occurred in the
period, which are accessible on the Company’s investor relations
website.
Dmitry Kozko, Chief Executive Officer of
Motorsport Games, commented, “In the face of numerous challenges,
including the ongoing war in Ukraine and operational hurdles, I am
inspired by the incredible resilience and determination of our team
at Motorsport Games. As we continue to strive towards making the
thrill of motorsports accessible to everyone, we have made progress
in our 2022 product release schedule and remain committed to the
development of our future INDYCAR, NASCAR, Le Mans and BTCC gaming
experiences. Our commitment extends to having new high-quality
standards for future releases, which will require more time and
resources to complete. However, when we ultimately release these
games, we believe that they will be worth the wait.”
Kozko added, “Our recent capital raise transactions, as well as
our debt exchange with our majority shareholder, provide a
much-needed improvement on the balance sheet. Additionally, we
completed our 1-for-10 reverse stock split in November and brought
three new independent directors to our board helping us to regain
full compliance with the NASDAQ listing requirements in January
2023. I am especially excited to welcome Jason Potter as our new
CFO.”
Fourth Quarter 2022 Business
Update
● |
rFactor 2 Quarterly Content Update Released: In
November 2022, the Company released updates to rFactor 2 that
brought new cars and tracks to the rFactor platform marking the
first time the Thruxton, Croft and Bahrain circuits have been
laser-scanned into a commercial SIM racing product. Four new tracks
and two new cars, including one more BTCC car, were made available
in the Steam Store. |
|
|
● |
Released NASCAR Rivals on Nintendo Switch: NASCAR
Rivals, the official video game for the 2022 NASCAR Cup Series
Season, released on October 14, 2022. NASCAR Rivals brings the
excitement of the NASCAR Cup Series regular season and playoffs to
fans on the go with the Nintendo Switch’s easy, built-in mobility.
The game’s variety of race modes provide players the ability to
race and compete in different ways, emphasizing rivalry across the
sport itself and among teams in the NASCAR Cup Series, drivers and
the players, both locally and via multiplayer. |
|
|
● |
Released 2022 Season Expansion Update for NASCAR 21:
Ignition: On October 6, 2022, the Company officially
launched the 2022 Season Expansion Update for NASCAR 21: Ignition
2022 to reflect the 2022 NASCAR Cup Series season. Updates to the
title, available for free, will be seen across Race Now, Online
Multiplayer and the Paint Booth and are available for download for
Sony PlayStation 4 and 5, Xbox One, Series S and X and PC through
the Steam store. |
|
|
● |
Delivered the first 4 of 5 Rounds of the 2022-23 Le Mans
Virtual Series: The 2022-23 Le Mans Virtual Series, a
joint venture between Motorsport Games Inc. and the Automobile Club
de l’Ouest (ACO), returned for more of the elite, endurance esports
competition which has attracted world motor racing champions,
captured global attention, and received plaudits from teams,
drivers and fans alike. The lead up to the 24 Hours of Le Mans
Virtual, the first 4 rounds were: 8 hours of Bahrain (Sep 17,
2022), 4 Hours of Monza (Oct 8, 2022), 6 Hours of SPA (Nov 5, 2022)
and 500 Miles of Sebring (Dec 3, 2022). |
|
|
Financial Results for the Three Months Ended December
31, 2022
Revenue for the fourth quarter of 2022 was $3.8
million compared to $8.2 million for the same period in the prior
year, a reduction of $4.4 million, or 54%. Gross profit was $2.3
million compared to $3.3 million for the same period in the prior
year, a decrease of $1 million, while gross profit margin improved
to 60.6% from 40.5%.
Net loss for the fourth quarter of 2022 was $4.8
million, or $4.17 per share, compared to a net loss of $7 million,
or $6.16 per share, for the same period in the prior year, an
improvement of $2.2 million, or $1.99 per share. Lower sales and
marketing, development and cost of revenue expenses in the fourth
quarter of 2022 contributed to the reduction in net loss, partially
offset by a reduction in revenue, when compared to the same period
in the prior year.
Adjusted EBITDA loss(1) for the fourth quarter
of 2022 was $3.5 million, compared to an Adjusted EBITDA loss(1) of
$5.4 million for the same period in the prior year. The change in
Adjusted EBITDA loss(1) of $1.9 million was primarily due the same
factors driving the previously discussed change in net loss for the
fourth quarter of 2022 when compared to the same period in the
prior year.
The following table provides a reconciliation
from net loss to Adjusted EBITDA loss(1) for the fourth quarter of
2022 and 2021, respectively:
|
|
Three Months Ended December 31, 2022 |
|
|
Three Months Ended December 31, 2021 |
|
Net Loss |
|
$ |
(4,849,023 |
) |
|
$ |
(6,999,749 |
) |
Interest expense |
|
|
509,993 |
|
|
|
192,408 |
|
Depreciation and
Amortization |
|
|
486,549 |
|
|
|
567,840 |
|
EBITDA |
|
|
(3,852,481 |
) |
|
|
(6,239,501 |
) |
Acquisition-related
expenses |
|
|
161,010 |
|
|
|
248,584 |
|
Impairment of goodwill and
intangible assets |
|
|
188,378 |
|
|
|
317,113 |
|
Loss contingency expenses |
|
|
100,000 |
|
|
|
- |
|
Stock-based compensation |
|
|
(105,792 |
) |
|
|
241,300 |
|
Adjusted EBITDA |
|
$ |
(3,508,885 |
) |
|
$ |
(5,432,504 |
) |
Financial Results for the Twelve Months
Ended December 31, 2022
Revenue for the full year 2022 was $10.3 million
compared to $15.1 million for the same period in the prior year, a
reduction of $4.8 million, or 31.5%. Gaming segment revenues were
$9.2 million for the full year 2022, compared to $14.3 million for
the same period in the prior year, a reduction of $5.1 million, or
35.9%. Esports segment revenues were $1.2 million for the full year
2022 compared to $0.8 million for the same period in the prior
year, an improvement of $0.4 million, or 46.1%. Consolidated gross
profit was $5.4 million compared to $7.5 million for the same
period in the prior year, a decrease of $2.1 million, while gross
profit margin improved to 52.0% from 50.1%.
Net loss for the full year 2022 was $36.8
million, or $30.73 per share, compared to a net loss of $33.7
million, or $29.15 per share, for the same period in the prior
year, an increase of $3.1 million, or $1.58 per share. Lower
revenues, impairment losses relating to goodwill and intangible
assets and litigation expenses were key contributors to the
increase in net loss when compared to the same period in the prior
year, although they were partially offset by reductions in
stock-based compensation expense, general and administration
expenses and cost of revenues.
Adjusted EBITDA loss(1) was $21.2 million for
full year 2022, compared to Adjusted EBITDA loss(1) of $17.4
million for the same period in the prior year, an increase of $3.7
million, or 21.4%. The increase in Adjusted EBITDA loss(1) was
primarily driven by the same factors impacting the change in net
loss previously discussed.
The following table provides a reconciliation
from net loss to Adjusted EBITDA(1) for full year 2022 and full
year 2021:
|
|
Year EndedDecember 31,2022 |
|
|
Year EndedDecember 31,2021 |
|
Net Loss |
|
$ |
(36,840,454 |
) |
|
$ |
(33,704,745 |
) |
Interest expense |
|
|
1,148,204 |
|
|
|
504,156 |
|
Depreciation and
Amortization |
|
|
2,062,552 |
|
|
|
1,785,074 |
|
EBITDA |
|
|
(33,629,698 |
) |
|
|
(31,415,515 |
) |
IPO-related expenses |
|
|
- |
|
|
|
2,947,192 |
|
Acquisition-related
expenses |
|
|
718,610 |
|
|
|
2,372,248 |
|
Gain attributable to equity
method investment |
|
|
- |
|
|
|
(1,370,837 |
) |
Impairment of goodwill and
intangible assets |
|
|
9,616,748 |
|
|
|
317,113 |
|
Loss contingency expenses |
|
|
1,425,000 |
|
|
|
- |
|
Stock-based compensation |
|
|
714,523 |
|
|
|
9,726,738 |
|
Adjusted EBITDA |
|
$ |
(21,154,817 |
) |
|
$ |
(17,423,061 |
) |
Cash Flow and Liquidity
For full year 2022, the Company had negative
cash flows from operations of approximately $19.5 million,
representing an average monthly net cash burn from operations of
approximately $1.63 million. The Company expects to continue to
incur significant operating expenses as it develops its product
portfolio and, as a result, expects to have negative cash flows
from operations for the foreseeable future until its product base
is suitably established to create sufficient revenues and cash
inflows to support the Company’s operations.
As of March 22, 2023, the Company had cash and
cash equivalents of approximately $6.5 million. Based on this cash
and cash equivalents position, and the Company’s average cash burn,
we do not believe we have sufficient cash on hand to fund our
operations for the remainder of 2023 and that additional funding
will be required in order to continue operations. We will need to
supplement our available liquidity with additional debt and/or
equity financing, as well as ongoing cost control initiatives.
The Company’s future liquidity and capital
requirements include funds to support the planned costs to operate
its business, including amounts required to fund working capital,
support the development and introduction of new products, maintain
existing game titles and certain capital expenditures. The adequacy
of the Company’s available funds generally depends on many factors,
including its ability to successfully develop consumer-preferred
new products or enhancements to its existing products, continued
development and expansion of the Company’s esports platform and its
ability to collaborate with and/or acquire other companies or
technologies to enhance or complement the Company’s product and
service offerings.
The Company is currently seeking additional
funds through a variety of arrangements and through maintaining and
enhancing strong cost controls. There can be no assurances that the
sources of liquidity referred to above will provide the Company
with sufficient liquidity to meet its ongoing cash requirements as,
among other things, the Company’s liquidity can be impacted by a
number of factors, including the Company’s level of sales and
expenditures, as well as accounts receivable, sales allowances,
prepaid manufacturing expenses and accrued expenses.
2022 Restructuring Program
Update
As of December 31, 2022, the Company had
incurred restructuring costs of approximately $0.1 million in
connection with its previously announced 2022 Restructuring
Program, which primarily consist of severance payments, and expects
total restructuring costs to fall within the previously estimated
range of $0.1 million to $0.3 million. By implementing the 2022
Restructuring Program, the Company expects to eliminate
approximately 20% of its overhead costs worldwide and deliver
approximately $4 million of total annualized cost reductions by the
end of 2023. As a result of the restructuring efforts, the Company
has achieved annualized savings of approximately $2.5 million as of
December 31, 2022 and is continuing its efforts to achieve further
cost reductions.
(1)Use of Non-GAAP Financial
Measures
Adjusted EBITDA (the “Non-GAAP Measure”) is not
a financial measure defined by U.S. generally accepted accounting
principles (“U.S. GAAP”). See the reconciliations of the Non-GAAP
Measure to its most directly comparable U.S. GAAP measure in the
financial tables above.
Adjusted EBITDA, a measure used by management to
assess the Company’s operating performance, is defined as EBITDA,
which is net (loss) plus interest (income) expense, depreciation
and amortization, less income tax benefit (if any), adjusted to
exclude: (i) IPO-related expenses; (ii) acquisition related
expenses; (iii) gain attributable to equity method investment
resulting from the acquisition of additional equity interest in Le
Mans Esports Series Ltd.; (iv) stock-based compensation expenses;
(v) impairment of goodwill and intangible assets; (vi) loss
contingency expenses relating to legal proceedings; and (vii) other
charges or gains resulting from non-recurring events, if any.
The Company uses the Non-GAAP Measure to manage
its business and evaluate its financial performance, as Adjusted
EBITDA eliminates items that affect comparability between periods
that the Company believes are not representative of its core
ongoing operating business. Additionally, management believes that
using the Non-GAAP Measure is useful to its investors because it
enhances investors’ understanding and assessment of the Company’s
normalized operating performance and facilitates comparisons to
prior periods and its competitors’ results (who may define Adjusted
EBITDA differently).
The Non-GAAP Measure is not a recognized term
under U.S. GAAP and does not purport to be an alternative to
revenue, income/loss from operations, net (loss) income, or cash
flows from operations or as a measure of liquidity or any other
performance measure derived in accordance with U.S. GAAP.
Additionally, the Non-GAAP Measure is not intended to be a measure
of free cash flows available for management’s discretionary use, as
it does not consider certain cash requirements, such as interest
payments, tax payments, working capital requirements and debt
service requirements. The Non-GAAP Measure has limitations as an
analytical tool, and investors should not consider it in isolation
or as a substitute for the Company’s results as reported under U.S.
GAAP. Management compensates for the limitations of using the
Non-GAAP Measure by using it to supplement U.S. GAAP results to
provide a more complete understanding of the factors and trends
affecting the business than would be presented by using only
measures in accordance with U.S. GAAP. Because not all companies
use identical calculations, the Non-GAAP Measure may not be
comparable to other similarly titled measures of other companies.
Reconciliations of the Non-GAAP Measure to net loss, its most
directly comparable financial measure, calculated and presented in
accordance with U.S. GAAP, are presented in the tables above.
Conference Call and Webcast
Details
The Company will host a conference call and
webcast at 5:00 p.m. ET today, March 24, 2023, to discuss its
financial results. The live conference call can be accessed by
dialing 1-877-407-0784 from the U.S. or 1-201-689-8560.
Alternatively, participants may access the live webcast on the
Motorsport Games Investor Relations website at
https://ir.motorsportgames.com under “Events.”
About Motorsport Games
Motorsport Games, a Motorsport Network company,
is a leading racing game developer, publisher and esports ecosystem
provider of official motorsport racing series throughout the world.
Combining innovative and engaging video games with exciting esports
competitions and content for racing fans and gamers, Motorsport
Games strives to make the joy of racing accessible to everyone. The
Company is the officially licensed video game developer and
publisher for iconic motorsport racing series across PC,
PlayStation, Xbox, Nintendo Switch and mobile, including NASCAR,
INDYCAR, 24 Hours of Le Mans and the British Touring Car
Championship (“BTCC”), as well as the industry leading rFactor 2
and KartKraft simulations. rFactor 2 also serves as the official
sim racing platform of Formula E, while also powering F1 Arcade
through a partnership with Kindred Concepts. Motorsport Games is an
award-winning esports partner of choice for 24 Hours of Le Mans,
Formula E, BTCC, the FIA World Rallycross Championship and the
eNASCAR Heat Pro League, among others. Motorsport Games is building
a virtual racing ecosystem where each product drives excitement,
every esports event is an adventure and every story inspires.
Forward-Looking
Statements
Certain statements in this press release, the
related conference call and webcast which are not historical facts
are 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, and are provided
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Any statements in this press
release, the related conference call and webcast that are not
statements or information of historical fact may be deemed
forward-looking statements. Words such as “continue,” “will,”
“may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,”
“anticipate,” “believe,” “estimate,” “predict,” “potential,” and
similar expressions are intended to identify such forward-looking
statements. These forward-looking statements include, but are not
limited to, statements concerning: (i) the Company’s future
business, future results of operations and/or financial condition;
(ii) new or planned products, features, events or other offerings
and the anticipated timing of launching such products, features,
events and offerings, including the Company’s commitment to the
development of its future INDYCAR, NASCAR, Le Mans and BTCC gaming
experiences; (iii) the expected future impact of implementing
management strategies and the impact of other industry trends; (iv)
the Company’s expectation that it will continue to incur
significant operating expenses as it develops its product
portfolio; (v) the Company’s expectation that it will have negative
cash flows from operations for the foreseeable future until its
product base is suitably established to create sufficient revenues
and cash inflows to support the Company’s operations; (vi) the
Company’s liquidity and capital requirements, including, without
limitation, the Company’s ability to continue as a going concern,
the Company’s belief it will not have sufficient cash on hand to
fund its operations for the remainder of 2023 based on the cash and
cash equivalents available as of March 22, 2023 and the Company’s
average cash burn, the Company’s belief that additional funding
will be required in order to continue operations, and the Company’s
expectation to supplement liquidity with additional debt and/or
equity financing and cash generated by cost control initiatives, as
well as statements regarding the Company’s cash flows and
anticipated uses of cash; and (vii) the Company’s intentions and
expectations regarding the 2022 Restructuring Program, including
expectations that the program will eliminate approximately 20% of
the Company’s overhead costs worldwide and deliver approximately $4
million of total annualized cost reductions by the end of 2023. All
forward-looking statements involve significant risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in the forward-looking statements,
many of which are generally outside of the Company’s control and
are difficult to predict. Examples of such risks and uncertainties
include, but are not limited to: (i) difficulties, delays or less
than expected results in achieving the Company’s growth plans,
objectives and expectations, such as due to a slower than
anticipated economic recovery and/or the Company’s inability, in
whole or in part, to continue to execute its business strategies
and plans, such as due to less than anticipated customer acceptance
of its new game titles, the Company experiencing difficulties or
the inability to launch its games as planned, less than anticipated
performance of the games impacting customer acceptance and sales
and/or greater than anticipated costs and expenses to develop and
launch its games, including, without limitation, higher than
expected labor costs and, in addition to the factors set forth in
(ii) through (vi) below, the Company’s continuing financial
condition and ability to obtain additional debt and/or equity
financing to meet its liquidity requirements, such as the going
concern qualification on the Company’s annual audited financial
statements posing difficulties in obtaining new financing on terms
acceptable to the Company, or at all; (ii) difficulties, delays in
or unanticipated events that may impact the timing and scope of new
or planned products, features, events or other offerings, such as
due to difficulties and/or delays arising out of any resurgence of
the ongoing and prolonged COVID-19 pandemic; (iii) less than
expected benefits from implementing the Company’s management
strategies and/or adverse economic, market and geopolitical
conditions that negatively impact industry trends, such as
significant changes in the labor markets, an extended or higher
than expected inflationary environment (such as the impact on
consumer discretionary spending as a result of significant
increases in energy and gas prices which have been increasing since
early in 2020), a higher interest rate environment, tax increases
impacting consumer discretionary spending and/or quantitative
easing that results in higher interest rates that negatively impact
consumers’ discretionary spending, or adverse developments relating
to the ongoing war between Russia and Ukraine; (iv) greater than
anticipated negative operating cash flows such as due to higher
than expected development costs, higher interest rates and/or
higher inflation, or failure to achieve the expected savings under
the Company’s 2022 Restructuring Program; (v) difficulties and/or
delays in resolving the Company’s liquidity and capital
requirements, including, without limitation, difficulties in
securing funding that is on commercially acceptable terms to the
Company or at all, such as the Company’s inability to complete in
whole or in part any potential debt and/or equity financing
transactions or similar transactions, as well as any inability to
achieve cost reductions, including, without limitation, those which
the Company expects to achieve through the 2022 Restructuring
Program; and/or (vi) difficulties, delays or the Company’s
inability to successfully complete the 2022 Restructuring Program,
in whole or in part, which could result in less than expected
operating and financial benefits from such actions, as well as
delays in completing the 2022 Restructuring Program, which could
reduce the benefits realized from such activities; higher than
anticipated restructuring charges and/or payments and/or changes in
the expected timing of such charges and/or payments; and/or less
than anticipated annualized cost reductions from the 2022
Restructuring Program and/or changes in the timing of realizing
such cost reductions, such as due to less than anticipated
liquidity to fund such activities and/or more than expected costs
to achieve the expected cost reductions. Factors other than those
referred to above could also cause the Company’s results to differ
materially from expected results. Additional examples of such risks
and uncertainties include, but are not limited to: (i) delays and
higher than anticipated expenses related to the ongoing and
prolonged COVID-19 pandemic, any resurgence of COVID-19 and the
ongoing war between Russia and Ukraine; (ii) the Company’s ability
(or inability) to maintain existing, and to secure additional,
licenses and other agreements with various racing series; (iii) the
Company’s ability to successfully manage and integrate any joint
ventures, acquisitions of businesses, solutions or technologies;
(iv) unanticipated operating costs, transaction costs and actual or
contingent liabilities; (v) the ability to attract and retain
qualified employees and key personnel; (vi) adverse effects of
increased competition; (vii) changes in consumer behavior,
including as a result of general economic factors, such as
increased inflation, higher energy prices and higher interest
rates; (viii) the Company’s inability to protect its intellectual
property; and/or (ix) local, industry and general business and
economic conditions. Additional factors that could cause actual
results to differ materially from those expressed or implied in the
forward-looking statements can be found in the Company’s filings
with the SEC, including its Annual Report on Form 10-K for the
fiscal year ended December 31, 2022, as well as in its subsequent
filings with the SEC. The Company anticipates that subsequent
events and developments may cause its plans, intentions and
expectations to change. The Company assumes no obligation, and it
specifically disclaims any intention or obligation, to update any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as expressly required by law.
Forward-looking statements speak only as of the date they are made
and should not be relied upon as representing the Company’s plans
and expectations as of any subsequent date.
Website and Social Media
Disclosure
Investors and others should note that we announce material
financial information to our investors using our investor relations
website (ir.motorsportgames.com), SEC filings, press releases,
public conference calls and webcasts. We use these channels, as
well as social media and blogs, to communicate with our investors
and the public about our company and our products. It is possible
that the information we post on our websites, social media and
blogs could be deemed to be material information. Therefore, we
encourage investors, the media and others interested in our company
to review the information we post on the websites, social media
channels and blogs, including the following (which list we will
update from time to time on our investor relations website):
Websites |
Social Media |
motorsportgames.com |
Twitter:@msportgames& @traxiongg |
traxion.gg |
Instagram:msportgames&traxiongg |
motorsport.com |
Facebook:Motorsport Games&traxiongg |
|
LinkedIn:Motorsport Games |
|
Twitch:traxiongg |
|
Reddit:traxiongg |
The contents of these websites and social media
channels are not part of, nor will they be incorporated by
reference into, this press release.
Contacts:
Investors:Investors@motorsportgames.com
Media:PR@motorsportgames.com
Appendix:
The following table provide a comparative
summary of the Company’s financial results for the periods
presented:
MOTORSPORT GAMES INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
|
Three Months Ended December 31, |
|
For Year Ended December 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenues |
$ |
3,770,641 |
|
|
$ |
8,224,005 |
|
|
$ |
10,324,559 |
|
|
$ |
15,075,530 |
|
Cost of revenues [1] |
|
1,487,498 |
|
|
|
4,891,905 |
|
|
|
4,960,317 |
|
|
|
7,529,155 |
|
Gross profit |
|
2,283,143 |
|
|
|
3,332,100 |
|
|
|
5,364,242 |
|
|
|
7,546,375 |
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
Sales and marketing [2] |
|
1,502,996 |
|
|
|
3,398,654 |
|
|
|
6,172,324 |
|
|
|
6,475,867 |
|
Development [3] |
|
2,700,214 |
|
|
|
3,537,939 |
|
|
|
10,417,260 |
|
|
|
9,621,712 |
|
General and administrative [4] |
|
2,983,079 |
|
|
|
2,765,987 |
|
|
|
13,764,177 |
|
|
|
25,378,149 |
|
Impairment of goodwill |
|
0 |
|
|
|
- |
|
|
|
4,788,270 |
|
|
|
- |
|
Impairment of intangible assets |
|
188,378 |
|
|
|
317,113 |
|
|
|
4,828,478 |
|
|
|
317,113 |
|
Depreciation and amortization |
|
93,638 |
|
|
|
101,095 |
|
|
|
420,137 |
|
|
|
280,192 |
|
Total operating expenses |
|
7,468,305 |
|
|
|
10,120,788 |
|
|
|
40,390,646 |
|
|
|
42,073,033 |
|
Loss from operations |
|
(5,185,162 |
) |
|
|
(6,788,688 |
) |
|
|
(35,026,404 |
) |
|
|
(34,526,658 |
) |
Interest expense [5] |
|
(509,993 |
) |
|
|
(192,408 |
) |
|
|
(1,148,204 |
) |
|
|
(504,156 |
) |
Gain attributable to equity method investment |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,370,837 |
|
Other (loss) income, net |
|
846,132 |
|
|
|
(18,653 |
) |
|
|
(665,846 |
) |
|
|
(44,768 |
) |
Net loss |
|
(4,849,023 |
) |
|
|
(6,999,749 |
) |
|
|
(36,840,454 |
) |
|
|
(33,704,745 |
) |
Less: Net loss attributable to
non-controlling interest |
|
83,585 |
|
|
|
10,659 |
|
|
|
(849,649 |
) |
|
|
(542,754 |
) |
Net loss attributable to Motorsport Games
Inc. |
$ |
(4,932,608 |
) |
|
$ |
(7,010,408 |
) |
|
$ |
(35,990,805 |
) |
|
$ |
(33,161,991 |
) |
|
|
|
|
|
|
|
|
Net loss attributable to Class
A common stock per share: |
|
|
|
|
|
|
|
Basic and diluted |
$ |
(4.17 |
) |
|
$ |
(6.16 |
) |
|
$ |
(30.73 |
) |
|
$ |
(29.15 |
) |
|
|
|
|
|
|
|
|
Weighted-average shares of
Class A common stock outstanding: |
|
|
|
|
|
|
|
Basic and diluted |
|
1,183,760 |
|
|
|
1,137,675 |
|
|
|
1,171,323 |
|
|
|
1,137,675 |
|
NOTE: All share data and share-based
calculations set forth in this table have been adjusted to reflect
the company’s 1-for-10 reverse stock split completed on November
10, 2022 on a retroactive basis for the periods presented.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/24bf395d-52a8-4e4b-9e90-6be32172f1e0
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