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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
10-Q
(Mark
One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended September 30, 2023
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from _______ to ________
Commission
file number: 000-28950
SHARPLINK
GAMING LTD.
(Exact
name of registrant as specified in its charter)
Israel |
|
98-1657258 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(I.R.S.
Employer
Identification
No.) |
|
|
|
333
Washington Avenue North, Suite 104,
Minneapolis,
Minnesota |
|
55401 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (347) 913-3316
Securities
registered pursuant to Section 12(b) of the Act:
Title
of Each Class |
|
Trading
Symbol(s) |
|
Name
of Each Exchange on Which Registered |
Ordinary
Shares |
|
SBET |
|
The
Nasdaq Capital Market |
Securities
registered pursuant to Section 12(g) of the Act: None.
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes
☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
Yes
☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of “large accelerated filer,” “accelerated filer,” “emerging growth company”
and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
Non-accelerated
filer |
☒ |
Smaller
reporting company |
☒ |
|
|
Emerging
growth company |
☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
As
of November 13, 2023, there were 2,863,734 Ordinary Shares, nominal value NIS 0.60 per share, issued and outstanding.
TABLE
OF CONTENTS
PART
I – FINANCIAL INFORMATION
Item
1. Financial Statements.
SHARPLINK
GAMING LTD.
CONSOLIDATED
BALANCE SHEETS
(UNAUDITED)
| |
September 30,
2023 | | |
December 31,
2022 | |
| |
(unaudited) | | |
| |
Assets | |
| | | |
| | |
Current Assets | |
| | | |
| | |
Cash | |
$ | 49,309,668 | | |
$ | 39,324,529 | |
Restricted cash | |
| 14,874,585 | | |
| 11,132,957 | |
Accounts receivable | |
| 1,394,340 | | |
| 776,530 | |
Unbilled receivables | |
| 128,879 | | |
| 47,000 | |
Contract assets | |
| 99,410 | | |
| 219,116 | |
Deferred prize expense | |
| 5,349,300 | | |
| 356,158 | |
Prepaid expenses and other current assets | |
| 1,770,813 | | |
| 744,275 | |
Current assets from discontinued operations | |
| 389,000 | | |
| 1,310,000 | |
Total current assets | |
| 73,315,995 | | |
| 53,910,565 | |
| |
| | | |
| | |
Investment, cost | |
| 200,000 | | |
| 200,000 | |
Equipment, net | |
| 61,796 | | |
| 60,218 | |
Right-of-use asset - operating lease | |
| 264,381 | | |
| 230,680 | |
Intangibles | |
| | | |
| | |
Intangible assets, net | |
| 3,970,213 | | |
| 3,727,933 | |
Goodwill | |
| 6,916,095 | | |
| 6,916,095 | |
Total assets | |
$ | 84,728,480 | | |
$ | 65,045,491 | |
| |
| | | |
| | |
Liabilities and Stockholders’ Equity (Deficit) | |
| | | |
| | |
| |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 2,584,120 | | |
$ | 2,125,707 | |
Contract liabilities | |
| 8,448,201 | | |
| 2,166,451 | |
Prize liability | |
| 11,585,038 | | |
| 6,061,434 | |
Customer deposits | |
| 49,147,991 | | |
| 42,171,589 | |
Line of credit | |
| 8,745,034 | | |
| 4,120,651 | |
Current portion of long-term debt | |
| 1,054,954 | | |
| 1,018,918 | |
Current portion of convertible debt, net of discount | |
| 4,372,963 | | |
| - | |
Current portion of lease liability | |
| 56,369 | | |
| 31,070 | |
Current liabilities from discontinued operations | |
| 821,498 | | |
| 1,215,213 | |
Total current liabilities | |
| 86,816,168 | | |
| 58,911,033 | |
| |
| | | |
| | |
Long-Term Liabilities | |
| | | |
| | |
Deferred tax liability | |
| 24,689 | | |
| 6,206 | |
Debt, less current portion | |
| 2,142,338 | | |
| 2,931,698 | |
Lease liability, less current portion | |
| 209,202 | | |
| 210,037 | |
Total liabilities | |
| 89,192,397 | | |
| 62,058,974 | |
| |
| | | |
| | |
Commitments and Contingencies | |
| - | | |
| - | |
Stockholders’ Equity | |
| | | |
| | |
Series A-1 preferred stock, NIS 0.60 par value; authorized shares: 260,000; issued and outstanding shares: 7,202 and 6,630, respectively; liquidation preference: $117,009 and $138,414, respectively | |
| 1,440 | | |
| 1,326 | |
Series B preferred stock, NIS 0.60
par value; authorized shares: 370,000;
issued and outstanding shares: 12,481
liquidation preference: $529,122
and $595,245,
respectively | |
| 2,496 | | |
| 2,496 | |
Preferred
stock, value | |
| | | |
| | |
Ordinary shares, NIS 0.60 par value; authorized shares 9,290,000 issued and outstanding shares: 2,833,734 and 2,688,541, respectively | |
| 566,770 | | |
| 537,731 | |
Treasury stock, nine ordinary shares at cost | |
| (29,000 | ) | |
| (29,000 | ) |
Additional paid-in capital | |
| 77,723,094 | | |
| 76,039,604 | |
Accumulated deficit | |
| (82,728,717 | ) | |
| (73,565,641 | ) |
Total stockholders’ equity (deficit) | |
| (4,463,917 | ) | |
| 2,986,517 | |
Total liabilities and stockholders’ equity (deficit) | |
$ | 84,728,480 | | |
$ | 65,045,491 | |
See
accompanying notes to these condensed consolidated financial statements.
SHARPLINK
GAMING LTD.
CONSOLIDATED
STATEMENTS OF OPERATIONS
(UNAUDITED)
| |
September 30, 2023 | | |
September 30, 2022 | | |
September 30, 2023 | | |
September 30, 2022 | |
| |
For the Three Months Ended | | |
For the Nine Months Ended | |
| |
September 30, 2023 | | |
September 30, 2022 | | |
September 30, 2023 | | |
September 30, 2022 | |
| |
| | |
| | |
| | |
| |
Revenues | |
$ | 3,269,924 | | |
$ | 1,292,674 | | |
$ | 9,917,671 | | |
$ | 4,940,264 | |
Cost of revenues | |
| 2,133,604 | | |
| 1,104,695 | | |
| 6,472,399 | | |
| 4,034,837 | |
Gross profit | |
| 1,136,320 | | |
| 187,979 | | |
| 3,445,272 | | |
| 905,427 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Selling, general, and administrative expenses | |
| 3,595,072 | | |
| 2,105,178 | | |
| 11,014,991 | | |
| 8,664,818 | |
Goodwill and intangible asset impairment expenses | |
| - | | |
| - | | |
| - | | |
| 4,726,000 | |
Total operating expenses | |
| 3,595,072 | | |
| 2,105,178 | | |
| 11,014,991 | | |
| 13,390,818 | |
Operating loss | |
| (2,458,752 | ) | |
| (1,917,199 | ) | |
| (7,569,719 | ) | |
| (12,485,391 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income and expense | |
| | | |
| | | |
| | | |
| | |
Interest income | |
| 541,784 | | |
| 6,922 | | |
| 1,191,046 | | |
| 30,424 | |
Interest expense | |
| (450,577 | ) | |
| (32,397 | ) | |
| (1,167,940 | ) | |
| (86,815 | ) |
Other expense | |
| (5,347 | ) | |
| - | | |
| (81,990 | ) | |
| - | |
Change in fair value of convertible debenture | |
| (324,205 | ) | |
| - | | |
| (1,002,243 | ) | |
| - | |
Total other income and expense | |
| (238,345 | ) | |
| (25,475 | ) | |
| (1,061,127 | ) | |
| (56,391 | ) |
| |
| | | |
| | | |
| | | |
| | |
Provision for income tax expenses | |
| 4,450 | | |
| 300 | | |
| 41,600 | | |
| 1,000 | |
Net loss from continuing operations | |
| (2,701,547 | ) | |
| (1,942,974 | ) | |
| (8,672,446 | ) | |
| (12,542,782 | ) |
Net loss from discontinued operations, net of tax | |
| (148,000 | ) | |
| (104,633 | ) | |
| (441,997 | ) | |
| (1,360,286 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | (2,849,547 | ) | |
$ | (2,047,607 | ) | |
$ | (9,114,443 | ) | |
$ | (13,903,068 | ) |
| |
| | | |
| | | |
| | | |
| | |
Numerator for basic and diluted net loss per share: | |
| | | |
| | | |
| | | |
| | |
Net loss from continuing operations available to ordinary shareholders | |
$ | (2,701,760 | ) | |
$ | (1,945,221 | ) | |
$ | (8,722,940 | ) | |
$ | (12,550,870 | ) |
Net loss from discontinued operations available to ordinary shareholders | |
| (148,000 | ) | |
| (104,633 | ) | |
| (441,997 | ) | |
| (1,360,286 | ) |
Total Numerator for basic net loss per share | |
| (2,849,760 | ) | |
| (2,049,854 | ) | |
| (9,164,937 | ) | |
| (13,911,156 | ) |
| |
| | | |
| | | |
| | | |
| | |
Denominator for basic and diluted net loss per share: | |
| | | |
| | | |
| | | |
| | |
Weighted average shares outstanding | |
| 2,863,607 | | |
| 2,361,974 | | |
| 2,736,583 | | |
| 2,361,974 | |
| |
| | | |
| | | |
| | | |
| | |
Net loss per share - Basic and diluted | |
| | | |
| | | |
| | | |
| | |
Net loss from continuing operations per share | |
$ | (0.94 | ) | |
$ | (0.82 | ) | |
$ | (3.19 | ) | |
$ | (5.31 | ) |
Net loss from discontinued operations per share | |
| (0.05 | ) | |
| (0.04 | ) | |
| (0.16 | ) | |
| (0.58 | ) |
Net loss per share | |
$ | (0.99 | ) | |
$ | (0.86 | ) | |
$ | (3.35 | ) | |
$ | (5.89 | ) |
See
accompanying notes to these condensed consolidated financial statements.
SHARPLINK
GAMING LTD.
CONSOLIDATED
STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR
THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022
(UNAUDITED)
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
stock | | |
deficit | | |
equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
Additional | | |
| | |
| | |
Total | |
| |
Ordinary shares | | |
Series A-1 preferred stock | | |
Series B preferred stock | | |
Paid-In | | |
Treasury | | |
Accumulated | | |
shareholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
stock | | |
deficit | | |
equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance, December 31, 2021 | |
| 2,236,615 | | |
$ | 447,346 | | |
| 5,474 | | |
$ | 1,094 | | |
| 12,481 | | |
$ | 2,496 | | |
$ | 72,101,783 | | |
$ | (29,000 | ) | |
$ | (58,332,263 | ) | |
$ | 14,191,456 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (7,044,529 | ) | |
| (7,044,529 | ) |
Stock-based compensation expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 380,685 | | |
| - | | |
| - | | |
| 380,685 | |
Dividends on Series B preferred stock in Series A-1 preferred stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Balance, March 31, 2022 | |
| 2,236,615 | | |
| 447,346 | | |
| 5,474 | | |
| 1,094 | | |
| 12,481 | | |
| 2,496 | | |
| 72,482,468 | | |
| (29,000 | ) | |
| (65,376,792 | ) | |
| 7,527,612 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (4,810,932 | ) | |
| (4,810,932 | ) |
Stock-based compensation expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,864,841 | | |
| - | | |
| - | | |
| 1,864,841 | |
Dividends on Series B preferred stock in Series A-1 preferred stock | |
| - | | |
| - | | |
| 407 | | |
| 82 | | |
| - | | |
| - | | |
| (82 | ) | |
| - | | |
| - | | |
| - | |
Balance, June 30, 2022 | |
| 2,236,615 | | |
$ | 447,346 | | |
| 5,881 | | |
$ | 1,176 | | |
| 12,481 | | |
$ | 2,496 | | |
$ | 74,347,227 | | |
$ | (29,000 | ) | |
$ | (70,187,724 | ) | |
$ | 4,581,521 | |
Balance | |
| 2,236,615 | | |
$ | 447,346 | | |
| 5,881 | | |
$ | 1,176 | | |
| 12,481 | | |
$ | 2,496 | | |
$ | 74,347,227 | | |
$ | (29,000 | ) | |
$ | (70,187,724 | ) | |
$ | 4,581,521 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,047,607 | ) | |
| (2,047,607 | ) |
Stock-based compensation expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 108,333 | | |
| - | | |
| - | | |
| 108,333 | |
Dividends on Series B preferred stock in Series A-1 preferred stock | |
| - | | |
| - | | |
| 250 | | |
| 50 | | |
| - | | |
| - | | |
| (50 | ) | |
| - | | |
| - | | |
| - | |
Balance, September 30, 2022 | |
| 2,236,615 | | |
$ | 447,346 | | |
| 6,131 | | |
$ | 1,226 | | |
| 12,481 | | |
$ | 2,496 | | |
$ | 74,455,510 | | |
$ | (29,000 | ) | |
$ | (72,235,331 | ) | |
$ | 2,642,247 | |
Balance | |
| 2,236,615 | | |
$ | 447,346 | | |
| 6,131 | | |
$ | 1,226 | | |
| 12,481 | | |
$ | 2,496 | | |
$ | 74,455,510 | | |
$ | (29,000 | ) | |
$ | (72,235,331 | ) | |
$ | 2,642,247 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, December 31, 2022 | |
| 2,688,541 | | |
$ | 537,731 | | |
| 6,630 | | |
$ | 1,326 | | |
| 12,481 | | |
$ | 2,496 | | |
$ | 76,039,605 | | |
$ | (29,000 | ) | |
$ | (73,565,641 | ) | |
$ | 2,986,517 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,823,738 | ) | |
| (2,823,738 | ) |
Stock-based compensation expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 152,034 | | |
| - | | |
| - | | |
| 152,034 | |
Warrants issued in conjunction with convertible debenture | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,174,229 | | |
| - | | |
| - | | |
| 1,174,229 | |
Dividends on Series B preferred stock in Series A-1 preferred stock | |
| - | | |
| - | | |
| 250 | | |
| 50 | | |
| - | | |
| - | | |
| (50 | ) | |
| - | | |
| - | | |
| - | |
Balance, March 31, 2023 | |
| 2,688,541 | | |
| 537,731 | | |
| 6,880 | | |
| 1,376 | | |
| 12,481 | | |
$ | 2,496 | | |
| 77,365,818 | | |
| (29,000 | ) | |
| (76,389,379 | ) | |
| 1,489,042 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (3,441,158 | ) | |
| (3,441,158 | ) |
Stock-based compensation expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 167,630 | | |
| - | | |
| - | | |
| 167,630 | |
Deemed dividend on Series B preferred stock anti-dilutive provision | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 48,633 | | |
| - | | |
| (48,633 | ) | |
| - | |
Dividends on Series B preferred stock in Series A-1 preferred stock | |
| - | | |
| - | | |
| 250 | | |
| 50 | | |
| - | | |
| - | | |
| (50 | ) | |
| - | | |
| - | | |
| - | |
Balance, June 30, 2023 | |
| 2,688,541 | | |
$ | 537,731 | | |
| 7,130 | | |
$ | 1,426 | | |
| 12,481 | | |
$ | 2,496 | | |
$ | 77,582,031 | | |
$ | (29,000 | ) | |
$ | (79,879,170 | ) | |
$ | (1,784,486 | ) |
Balance | |
| 2,688,541 | | |
$ | 537,731 | | |
| 7,130 | | |
$ | 1,426 | | |
| 12,481 | | |
$ | 2,496 | | |
$ | 77,582,031 | | |
$ | (29,000 | ) | |
$ | (79,879,170 | ) | |
$ | (1,784,486 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,849,547 | ) | |
| (2,849,547 | ) |
Stock-based compensation expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 170,116 | | |
| - | | |
| - | | |
| 170,116 | |
Issuance of ordinary shares for cashless exercised warrants | |
| 121,479 | | |
| 24,296 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (24,296 | ) | |
| - | | |
| - | | |
| - | |
Issuance of ordinary shares to SportsHub shareholders which were previously reserved for future issuance | |
| 23,714 | | |
| 4,743 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (4,743 | ) | |
| - | | |
| - | | |
| - | |
Deemed dividend on Series B preferred stock anti-dilutive provision | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Dividends on Series B preferred stock in Series A-1 preferred stock | |
| - | | |
| - | | |
| 72 | | |
| 14 | | |
| - | | |
| - | | |
| (14 | ) | |
| - | | |
| - | | |
| - | |
Balance, September 30, 2023 | |
| 2,833,734 | | |
$ | 566,770 | | |
| 7,202 | | |
$ | 1,440 | | |
| 12,481 | | |
$ | 2,496 | | |
$ | 77,723,094 | | |
$ | (29,000 | ) | |
$ | (82,728,717 | ) | |
$ | (4,463,917 | ) |
Balance | |
| 2,833,734 | | |
$ | 566,770 | | |
| 7,202 | | |
$ | 1,440 | | |
| 12,481 | | |
$ | 2,496 | | |
$ | 77,723,094 | | |
$ | (29,000 | ) | |
$ | (82,728,717 | ) | |
$ | (4,463,917 | ) |
See
accompanying notes to these condensed consolidated financial statements.
SHARPLINK
GAMING LTD.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(UNAUDITED)
Includes cash flow activities from both continuing and discontinued operations | |
2023 | | |
2022 | |
| |
For the Nine Months Ended September 30, | |
Includes cash flow activities from both continuing and discontinued operations | |
2023 | | |
2022 | |
| |
| | |
| |
Operating activities | |
| | | |
| | |
Net loss from continuing operations | |
$ | (8,672,446 | ) | |
$ | (12,542,782 | ) |
Net loss from discontinued operations, net of tax | |
$ | (441,997 | ) | |
$ | (1,360,286 | ) |
Net loss | |
$ | (9,114,443 | ) | |
$ | (13,903,068 | ) |
Adjustments to reconcile net loss to net cash used for operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 600,492 | | |
| 866,204 | |
Amortization of loan costs | |
| 8,153 | | |
| - | |
Amortization of warrant and debt discount | |
| 327,962 | | |
| - | |
Amortization of prepaid stock issued for services | |
| 129,000 | | |
| - | |
Change in fair value of convertible debenture | |
| 1,002,243 | | |
| - | |
Accrued interest on convertible debenture | |
| 216,987 | | |
| - | |
Deferred tax expense | |
| 18,483 | | |
| 977 | |
Stock-based compensation expense | |
| 489,780 | | |
| 2,353,859 | |
Non-cash lease expense | |
| (9,237 | ) | |
| - | |
Write-off of amounts related to acquisition of FourCubed | |
| - | | |
| 4,726,000 | |
Gain on disposal of equipment | |
| - | | |
| (480 | ) |
Changes in assets and liabilities | |
| | | |
| | |
Accounts receivable | |
| (617,810 | ) | |
| 397,857 | |
Unbilled receivable | |
| (81,879 | ) | |
| (12,122 | ) |
Contract assets | |
| 119,706 | | |
| (182,383 | ) |
Deferred prize expense | |
| (4,993,142 | ) | |
| - | |
Prepaid expenses and other current assets | |
| (1,155,538 | ) | |
| (123,834 | ) |
Accounts payable and accrued expenses | |
| 458,414 | | |
| (485,741 | ) |
Contract liabilities | |
| 6,281,750 | | |
| (13,900 | ) |
Customer deposits and other current liabilities | |
| 12,585,290 | | |
| - | |
| |
| | | |
| | |
Net cash provided by (used for) operating activities – continuing operations | |
| 6,266,211 | | |
| (6,376,631 | ) |
Net cash provided by (used for) operating activities - discontinued operations | |
| (53,000 | ) | |
| 873,319 | |
Net cash used for operating activities | |
| 6,213,211 | | |
| (5,503,312 | ) |
| |
| | | |
| | |
Investing activities | |
| | | |
| | |
Proceeds from sale of equipment | |
| - | | |
| 4,993 | |
Payments relating to the acquisition of FourCubed | |
| - | | |
| (441,523 | ) |
Capital expenditures for equipment | |
| (25,850 | ) | |
| (21,406 | ) |
Capital expenditures for internally developed software | |
| (818,500 | ) | |
| (135,449 | ) |
| |
| | | |
| | |
Net cash used for investing activities | |
| (844,350 | ) | |
| (593,385 | ) |
Net cash used for investing activities – discontinued operations | |
| - | | |
| (10,443 | ) |
Net cash used for investing activities - continuing operations | |
| (844,350 | ) | |
| (603,828 | ) |
| |
| | | |
| | |
Financing activities | |
| | | |
| | |
Net advances to and proceeds from affiliate | |
| - | | |
| (61,079 | ) |
Proceeds from convertible debenture | |
| 4,000,000 | | |
| - | |
Proceeds from debt | |
| - | | |
| 3,250,000 | |
Proceeds from line of credit | |
| 4,629,349 | | |
| - | |
Repayments of debt | |
| (758,943 | ) | |
| (397,993 | ) |
Payments of debt issue costs | |
| (7,500 | ) | |
| (25,431 | ) |
Net cash generated by financing activities | |
| 7,862,906 | | |
| 2,765,497 | |
| |
| | | |
| | |
Net change in cash and restricted cash | |
| 13,231,767 | | |
| (3,341,643 | ) |
| |
| | | |
| | |
Cash and restricted cash, beginning of period | |
| 51,105,486 | | |
| 7,780,671 | |
Less cash from discontinued operations | |
| 153,000 | | |
| 1,441,873 | |
Cash and restricted cash, end of period | |
| 64,184,253 | | |
$ | 2,997,155 | |
| |
| | | |
| | |
Reconciliation of Cash and Restricted Cash | |
| | | |
| | |
Cash | |
$ | 49,309,668 | | |
$ | 2,997,115 | |
Restricted cash | |
| 14,874,585 | | |
| - | |
Total cash and restricted cash | |
$ | 64,184,253 | | |
$ | 2,997,155 | |
| |
| | | |
| | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |
| | | |
| | |
Cash paid for interest | |
| 485,531 | | |
| 80,848 | |
Cash paid for taxes | |
| 86,320 | | |
| 19,916 | |
| |
| | | |
| | |
Non-cash financing activities | |
| | | |
| | |
Deemed dividend on Series B preferred stock | |
| 48,633 | | |
| - | |
Discount on convertible debenture and purchase warrant | |
| 1,574,229 | | |
| - | |
Dividends on Series B preferred stock in Series A-1 preferred stock | |
| 1,861 | | |
| 8,088 | |
Extension of maturity of operating lease liability | |
| 77,742 | | |
| - | |
See
accompanying notes to these condensed consolidated financial statements.
SHARPLINK
GAMING LTD.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022
Note
1 - Basis of Presentation
The
accompanying unaudited condensed consolidated financial statements have been prepared by SharpLink Gaming Ltd. (the “Company,”
“SharpLink,” formerly Mer Telemanagement Services or “MTS”, “we,” or “our”), pursuant
to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of the Company, the foregoing
statements contain all adjustments, consisting only of normal recurring adjustments necessary to present fairly the financial position
of the Company as of September 30, 2023 and December 31, 2022, its results of operations and cash flows for the nine months ended September
30, 2023 and 2022. The condensed consolidated balance sheet as of December 31, 2022, has been derived from the audited consolidated financial
statements as of that date. The preparation of financial statements in conformity with accounting principles generally accepted in the
United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts
therein. Due to the inherent uncertainty involved in making estimates, actual results in future periods may differ from the estimates.
Certain
information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant
to rules and regulations of the SEC. Accordingly, the condensed consolidated financial statements do not include all information and
footnotes required by GAAP for complete financial statement presentation. These condensed consolidated financial statements should be
read in conjunction with the consolidated financial statements and the notes thereto for the year ended December 31, 2022, which are
included the Company’s Annual Report on Form 10-K filed with the SEC on April 5, 2023 and the Form 10-K/A filed with the SEC on
July 14, 2023.
Nature
of Business
The
Company is an Israeli-based corporation. SharpLink is a leading online technology company that connects sports fans, leagues and
sports websites to relevant and timely sports betting and iGaming content. SharpLink uses proprietary, intelligent, online
conversion technology and direct-to-player (“D2P”) performance marketing strategies to convert sports fans into sports
bettors and online casino game players for licensed, online sportsbook and casino operators. Further, SharpLink, through its
SportsHub Games Network Inc. (“SportsHub”) reporting unit, owns and operates an online gaming business that primarily
facilitates daily and seasonal peer-to-peer fantasy contests for its end users. The Company also operates a website that provides a
variety of services to private fantasy league commissioners, including secure online payment options, transparent tracking and
reporting of transactions, payment reminders, in-season security of league funds, and facilitation of prize payouts. SportsHub was
acquired by the Company on December 22, 2022.
On
July 26, 2021, SharpLink, Inc. completed its merger with Mer Telemanagement Solutions Ltd. (the “MTS Merger”), which changed
its name to SharpLink Gaming Ltd. and commenced trading on NASDAQ under the ticker symbol “SBET.” As a result of the MTS
Merger, SharpLink, Inc. shareholders owned 86% of the Company, on a fully diluted and as-converted basis, which represented a majority
of the voting shares. Additionally, immediately following the closing of the MTS Merger, legacy MTS directors and officers agreed to
resign, pursuant to an Agreement and Plan of Merger, dated as of July 26, 2021 (“MTS Merger Agreement”). SharpLink, Inc.’s
executives became officers of the Company and new members were appointed to the board of directors. The MTS Merger represented a reverse
acquisition in which SharpLink, Inc. was the accounting acquirer and legacy MTS was the accounting acquiree. The Company applied the
acquisition method of accounting to the identifiable assets and liabilities of legacy MTS, which were measured at estimated fair value
as of the date of the business combination.
Reverse
Share Split
On
April 23, 2023, the Company effected a one-for-ten (1:10) reverse share split of all the Company’s share capital and adopted amendments
to its Memorandum of Association and Second Amended and Restated Articles of Association (“M&AA”) whereby the Company
(i) decreased the number of issued and outstanding ordinary shares, nominal value NIS 0.60 per share, from 26,881,244 to 2,688,541;
(ii) reduced the total number of the Company’s authorized shares under its M&AA from 92,900,000 ordinary shares, nominal value
NIS 0.06 per share, to 9,290,000 ordinary shares, nominal value NIS 0.60 per share; and (ii) decreased by a ratio of one-for-ten (1:10)
the number of retrospectively issued and outstanding ordinary shares. Proportional adjustments for the reverse stock split were made
to the Company’s outstanding stock options, warrants and equity incentive plans. All share and per-share data and amounts have
been retrospectively adjusted as of the earliest period presented in the financial statements to reflect the reverse stock split.
Reclassifications
Certain
reclassifications were made to the balance sheet as of December 31, 2022 to conform to the September 30, 2023 method of presentation.
Certain reclassifications were made to the consolidated statements of operations for the nine months ended September 30, 2022 to conform
to the September 30, 2023 method of presentation. These reclassifications had no effect on reported total current assets, total assets,
total current liabilities, total liabilities, total stockholder’s equity, or revenues.
Note
2 - Going Concern
In
the pursuit of SharpLink’s long-term growth strategy and the development of its fan activation and conversion software and
related businesses, the Company has sustained continued operating losses. During the nine months ended September 30, 2023 and
September 30, 2022, the Company had a net loss from continuing operations of $8,672,446
and $12,542,782
respectively; and cash provided by operating activities from continuing operations of $6,266,211
and cash used for operating activities from continuing operations ($6,376,631),
respectively. To fund anticipated future planned losses from operations, on February 13, 2023, the Company entered into a Securities
Purchase Agreement (the “SPA”) with Alpha Capital Anstalt (“Alpha”), a current shareholder of the Company,
on February 14, 2023, pursuant to which the Company issued to Alpha an 8%
Interest Rate, 10%
Original Issue Discount, Senior Convertible Debenture (the “Debenture”) in the aggregate principal amount of $4,400,000
for a purchase price of $4,000,000.
In addition, on February 13, 2023, SharpLink, Inc., a Minnesota corporation and wholly owned subsidiary of the Company, entered into
a Revolving Credit Agreement with Platinum Bank, a Minnesota banking corporation and executed a revolving promissory note of $7,000,000.
The
Company is continually evaluating strategies to obtain the required additional funding for future operations. These strategies may include,
but are not limited to, equity financing, issuing, or restructuring debt, entering into other financing arrangements, and restructuring
operations to increase revenues and decrease expenses. The Company may be unable to access further equity or debt financing when needed
or obtain additional liquidity under acceptable terms, if at all. As such, these factors, among others, raise substantial doubt about
the ability of the Company to continue as a going concern for a reasonable period.
The
unaudited condensed consolidated financial statements do not include any adjustments to the carrying amounts and classification of assets,
liabilities, and reported expenses that may be necessary if the Company were unable to continue as a going concern.
Note
3 - New Accounting Pronouncements
Recently
Adopted Accounting Pronouncements
In
August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—
Contracts in Entity’s Own Equity (Subtopic 815-40). ASU 2020-06 simplifies the accounting for convertible debt and convertible
preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments
in the ASU also simplify the guidance in ASC 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity, by removing certain
criteria that must be satisfied in order to classify a contract as equity, which is expected to decrease the number of freestanding instruments
and embedded derivatives accounted for as assets or liabilities. Finally, the amendments revise the guidance on calculating earnings
per share, requiring use of the if-converted method for all convertible instruments and rescinding an entity’s ability to rebut
the presumption of share settlement for instruments that may be settled in cash or other assets. The Company adopted ASU 2020-06 on January
1, 2023 and was applied to the Company’s accounting for its convertible debenture and warrants (see Note 8).
In
June 2016 and subsequently amended in March 2022, the FASB issued ASC 326, Financial Instruments – Credit Losses (Topic 326): Measurements
of Credit Losses on Financial Instruments (“ASC 326”), which replaces the existing incurred loss model with a current expected
credit loss (“CECL”) model that requires consideration of a broader range of reasonable and supportable information to inform
credit loss estimates. The Company would be required to use a forward-looking CECL model for accounts receivables, guarantees and other
financial instruments. The Company adopted ASC 326 on January 1, 2023 and ASC 326 did not have a material impact on its consolidated
financial statements as the Company has not had any historical credit losses.
Note
4 - Additional Balance Sheet Information
Equipment,
net
Equipment
consists of computers, furniture and fixtures and is presented net of accumulated depreciation of $125,006 and $100,733 as of September
30, 2023 and December 31, 2022, respectively. Depreciation expense for the three months ended September 30, 2023 and 2022 was $8,858
and $5,454 respectively and $24,272 and $18,243 for the nine months ended September 30, 2023 and 2022, respectively.
Intangible
assets, net
Intangible
assets, net of accumulated amortization as of September 30, 2023 and December 31, 2022 consisted of the following:
Schedule of Intangible Assets
| |
Weighted-average | | |
| | |
| | |
| |
| |
amortization period | | |
Cost, Net of | | |
Accumulated | | |
| |
| |
(years) | | |
Impairment | | |
Amortization | | |
Net | |
Balance, September 30, 2023 | |
| | | |
| | | |
| | | |
| | |
Customer relationships | |
| 5 - 10 | | |
$ | 2,643,000 | | |
$ | 586,234 | | |
$ | 2,056,766 | |
Acquired technology | |
| 3 - 5 | | |
| 1,433,357 | | |
| 1,245,668 | | |
| 187,689 | |
Tradenames | |
| 6 | | |
| 640,000 | | |
| 83,407 | | |
| 556,593 | |
Internally developed software | |
| 5 | | |
| 1,145,902 | | |
| 435,221 | | |
| 710,681 | |
Software in development | |
| N/A | | |
| 458,484 | | |
| - | | |
| 458,484 | |
| |
| | | |
$ | 6,320,743 | | |
$ | 2,350,530 | | |
$ | 3,970,213 | |
| |
| | | |
| | | |
| | | |
| | |
Balance, December 31, 2022 | |
| | | |
| | | |
| | | |
| | |
Customer relationships | |
| 5 – 10 | | |
$ | 2,643,000 | | |
$ | 280,636 | | |
$ | 2,362,364 | |
Acquired technology | |
| 3 - 5 | | |
| 1,437,050 | | |
| 1,201,739 | | |
| 235,311 | |
Tradenames | |
| 6 | | |
| 640,000 | | |
| 3,405 | | |
| 636,595 | |
Internally developed software | |
| 5 | | |
| 749,147 | | |
| 288,530 | | |
| 460,617 | |
Software in development | |
| N/A | | |
| 33,046 | | |
| - | | |
| 33,046 | |
| |
| | | |
$ | 5,502,243 | | |
$ | 1,774,310 | | |
$ | 3,727,933 | |
Amortization
expense on intangible assets was $199,883 and $271,768 for the three months ended September 30, 2023 and 2022, respectively, and $576,220
and $841,983 for the nine months ended September 30, 2023 and 2022, respectively.
Goodwill
Goodwill
as of September 30, 2023 and December 31, 2022 consisted of the following:
Schedule of Goodwill
| |
Sports
Gaming
Client
Services | | |
Sports
Hub
Gaming | | |
Affiliate
Marketing
Services -
International | | |
Total | |
Balance as of December 31, 2022 | |
$ | 381,000 | | |
$ | 4,919,928 | | |
$ | 1,615,167 | | |
$ | 6,916,095 | |
Goodwill | |
| - | | |
| - | | |
| - | | |
| - | |
Less: Impairment charges | |
| - | | |
| - | | |
| - | | |
| - | |
Balance as of September 30, 2023 | |
$ | 381,000 | | |
$ | 4,919,928 | | |
$ | 1,615,167 | | |
$ | 6,916,095 | |
Note
5 - Acquisitions
SportsHub
Games Network, Inc. (“SportsHub”)
Description
of the Transaction
On
December 22, 2022, SharpLink, through its wholly owned subsidiary, SHGN Acquisition Corp (“Acquirer” or the “Merger
Subsidiary”) acquired all of the outstanding capital stock of SportsHub (the “SportsHub Acquisition”), via an Agreement
and Plan of Merger, dated as of September 6, 2022 (the “SportsHub Merger Agreement”). In accordance with the terms of the
SportsHub Merger Agreement between the Acquirer, SportsHub and an individual acting as the SportsHub stockholders’ representative
(the “Stockholder Representative”):
|
● |
SharpLink
issued an aggregate of 431,926 ordinary shares to the equity holders of SportsHub, on a fully diluted basis, including 377,985 ordinary
shares actually issued on December 22, 2022 and an additional aggregate of 53,941 shares being held in escrow as well as shares held
in escrow for indemnifiable losses and for the reimbursement of expenses incurred by the Stockholder Representative in performing
his duties pursuant to the SportsHub Merger Agreement. An additional aggregate of 40,585 ordinary shares were reserved for future
issuance, including 23,714 ordinary shares reserved for SportsHub shareholders who had yet to provide the applicable documentation
required in connection with the SportsHub Acquisition and were issued in June 2023 when the documentation was available. 13,975
ordinary shares underlying the options and 2,896 ordinary shares underlying the warrants remain unissued until the options and/or
warrants are exercised. |
|
|
|
|
●
|
SportsHub
merged with and into the Merger Subsidiary, with the Merger Subsidiary remaining as the surviving corporation and wholly owned subsidiary
of SharpLink. |
|
|
|
|
●
|
SportsHub,
which owned 889,380 ordinary shares of SharpLink prior to the SportsHub Acqusition, distributed those shares to its stockholders immediately prior
to the consummation of the SportsHub Acqusition. These shares were not part of the purchase consideration. |
|
|
|
|
●
|
SharpLink
assumed $5,387,850 of SportsHub’s debt as purchase consideration. |
Identification
of Accounting Acquirer
The
transaction was accomplished through a direct acquisition, whereby SHGN Acquisition Corp effectively acquired all of the outstanding
capital stock of SportsHub, as a result of which SHGN Acquisition Corp obtained control over SportsHub. Therefore, SHGN Acquisition Corp
has been determined to be the acquirer in the transaction, and SportsHub the acquiree.
Determining
the Acquisition Date
The
Acquirer obtained control of SportsHub following the exchange of consideration on December 22, 2022. Thus, the closing date of December
22, 2022 was the acquisition date.
Purchase
Price
The
purchase price is based on SharpLink’s closing share price of $2.90 on December 22, 2022 and 472,513 of ordinary shares as well
as the fair value of Seller’s term loan of $1,267,199 and line of credit of $4,120,651. The following table represents the purchase
consideration paid in the SportsHub Acquisition:
Schedule of Purchase Consideration
Description | |
Amount | |
Fair Value of Equity Consideration | |
$ | 1,370,287 | |
Fair Value of Seller Platinum Line of Credit and Loan | |
| 5,387,850 | |
Total Purchase Price | |
$ | 6,758,137 | |
Purchase
Price Allocation
The
SportsHub Acquisition assets and liabilities were measured at fair values as of December 22, 2022, primarily based on the valuation determined
by an independent valuation, which were based on income-based method and relief from royalty method. Estimates of fair value represent
management’s best estimate of assumptions about future events and uncertainties, including significant judgments related to future
cash flows, discount rates, competitive trends, margin and revenue growth assumptions, including royalty rates and customer attrition
rates and others. Inputs used were generally obtained from historical data supplemented by current and anticipated market conditions
and growth rates expected as of the acquisition date.
The
fair value of the assets acquired and liabilities assumed as of December 22, 2022 were as follows:
Schedule of Fair Value of Assets Acquired and Liabilities Assumed
| |
| | |
Assets: | |
| | |
Cash | |
$ | 38,255,266 | |
Restricted cash | |
| 10,604,004 | |
Accounts receivable | |
| 186,712 | |
Prepaid expenses and other current assets | |
| 1,916,932 | |
Equipment | |
| 11,953 | |
Other long-term assets | |
| 95,793 | |
Intangible assets | |
| 2,390,000 | |
Total Assets | |
$ | 53,460,660 | |
| |
| | |
Liabilities: | |
| | |
Accrued expenses | |
$ | 284,345 | |
Deferred tax liabilities | |
| 48,775 | |
Deferred revenue | |
| 3,574,285 | |
Other current liabilities | |
| 47,657,117 | |
Other long-term liabilities | |
| 106,705 | |
Total liabilities | |
$ | 51,671,227 | |
| |
| | |
Net assets acquired, excluding goodwill | |
$ | 1,789,433 | |
| |
| | |
Goodwill | |
| 4,968,703 | |
| |
| | |
Purchase consideration for accounting acquiree | |
$ | 6,758,137 | |
The
fair value, as determined by assumptions that market participants would use in pricing the assets, and weighted average useful life of
the identifiable intangible assets are as follows:
Schedule of Fair Value Assumption Asset
| |
| | |
Weighted
Average | |
| |
Fair Value | | |
Useful Life
(Years) | |
Customer relationships | |
$ | 1,550,000 | | |
| 5 | |
Trade names | |
| 640,000 | | |
| 6 | |
Acquired technology | |
| 200,000 | | |
| 5 | |
| |
$ | 2,390,000 | | |
| | |
The
excess of consideration for the acquisition over the fair value of net assets acquired was recorded as goodwill and derived from the
market price of the shares at the time of the SportsHub Acquisition. The goodwill created in the acquisition is not expected to be deductible
for tax purposes.
As
of September 30, 2023, the calculation and allocation of the purchase price to tangible and intangible assets and liabilities
are final as well as the recognition and disclosure over warrant and stock option equity awards, see Notes 11 and 12.
Transaction
Costs
SharpLink’s
transaction costs incurred in connection with the SportsHub Acquisition were $83,866 for the year ended December 31, 2022. These costs
were primarily comprised of professional fees, recorded in selling, general and administrative expenses in the consolidated statement
of operations. The transaction costs are not expected to be deductible for tax purposes.
Unaudited
Pro Forma Information
The
following unaudited supplemental pro forma financial information presents the financial results for the nine months ended September 30,
2022 as if the SportsHub Acquisition had occurred on January 1, 2022. The pro forma financial information includes, where applicable,
adjustments for: (i) a reduction in amortization expense of $574,343 would have been recognized related to the acquired intangible
assets in 2022 and (ii) transaction costs and other one-time non-recurring costs which increased expenses by $83,866 in 2022.
The
pro forma financial information excludes adjustments for estimated cost synergies or other effects of the integration of SportsHub:
Schedule of Business Acquisition Pro Forma Information
| |
September 30,
2022 | |
| |
| |
Revenues | |
$ | 8,379,821 | |
| |
| | |
Loss from continuing operations | |
| (13,873,171 | ) |
Less: dividends accrued on series B preferred stock | |
| (8,088 | ) |
Net loss from continuing operations available to ordinary shareholders | |
| (13,881,259 | ) |
| |
| | |
Net income (loss) from discontinued operations, net of tax, available to ordinary shareholders | |
| (1,360,286 | ) |
Net loss available to ordinary shareholders | |
| (15,241,545 | ) |
| |
| | |
Basic and diluted: | |
| | |
Net loss from continuing operations per share | |
$ | (5.88 | ) |
Net loss from discontinued operations per share | |
| (0.58 | ) |
Net loss per share | |
$ | (6.45 | ) |
The
pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the operating results
that would have been achieved had the SportsHub Acquisition been completed as of the date indicated or the results that may be obtained
in the future.
Note
6 – Line of Credit
The
Company, through the SportsHub Acquisition, has available a variable rate (9.0% as of September 30, 2023) bank line of credit for
$5,000,000, expiring June 15, 2025. There was $5,000,000 outstanding as of September 30, 2023.
On
February 13, 2023, the Company entered into a Revolving Credit Agreement with Platinum Bank (the “Lender”) and executed a
variable rate (9.0% as of September 30, 2023) revolving promissory note of $7,000,000, expiring January 26, 2025. As collateral, the
Company granted a security interest in and to all of the Company’s right, title and interest in certain assets on account at Platinum
Bank, together with all financial assets, security entitlements with respect to such financial assets, investment property, securities
and other property, to secure the payment and performance of the revolving credit agreement. There was $3,750,000 outstanding
as of as of September 30, 2023. The Company incurred $7,500 in debt issuance costs associated with the revolving note, which are presented
net within the line of credit on the balance sheet and amortized on a method which approximates the effective interest method to interest
expense on the consolidated statement of operations.
Note
7 - Debt
On
January 31, 2022, FourCubed Acquisition Company, LLC (“FCAC”), a wholly owned subsidiary of the Company, entered into a $3,250,000
term loan agreement with Platinum Bank. The agreement bears annual interest at a rate of 4% and requires a fixed monthly payment of $59,854,
consisting of principal and interest, through the term loan’s maturity, which is January 31, 2027. The Company capitalized $25,431
of loan initiation fees associated with the agreement which are presented net within debt on the consolidated balance sheet and amortized
on a method which approximates the effective interest method to interest expense on the consolidated statement of operations.
The
remaining principal balance outstanding on the term loan is $2,238,062 as of September 30, 2023, of which $639,567 is due within the
next year. In addition to customary non-financial covenants, the term loan requires FCAC to maintain a minimum quarterly debt service
coverage ratio, defined as adjusted EBITDA divided by debt service (interest expense and mandatory debt principal repayment) of 1.20.
The Company was in compliance with the debt service coverage ratio as of September 30, 2023.
Included
in the SportsHub Acquisition was a $2,000,000 term loan agreement with a financial institution. The agreement bears annual interest at
a rate of 5.50% percent and requires a fixed monthly payment of $38,202, consisting of principal and interest, through the term loan’s
maturity, which is December 9, 2025. Included in the term loan liability is $29,975 of loan initiation fees associated with the agreement
which are presented net within debt on the consolidated balance sheet and amortized on a method which approximates the effective interest
method to interest expense on the consolidated statement of operations. The remaining principal balance outstanding on the term loan
is $970,986 as of September 30, 2023, of which $415,387 is due within the next year.
A
summary of the debt agreements is noted below:
Schedule of Debt
| |
September 30,
2023 | |
| |
| |
Note Payable – Bank, $2,000,000 principle, secured by assets of SportsHub | |
$ | 970,986 | |
Note Payable – Bank, $3,250,000 principle, secured by assets of FCAC | |
| 2,238,062 | |
Total | |
| 3,209,048 | |
Less unamortized debt issuance costs | |
| 11,756 | |
Less current portion | |
| 1,054,954 | |
Long-term debt | |
$ | 2,142,338 | |
The
outstanding amount of debt as of September 30, 2023, matures by year as follows:
Schedule of Outstanding Amount of Debt
Year | |
Amount | |
For the remaining three months ended December 31, 2023 | |
$ | 259,181 | |
2024 | |
| 1,066,696 | |
2025 | |
| 1,120,612 | |
2026 | |
| 700,256 | |
2027 | |
| 62,303 | |
Total | |
$ | 3,209,048 | |
The
term loan contains a parent company guaranty, which states that the Company will enter into a guaranty agreement in favor of FCAC, pursuant
to which the Company will guarantee the repayment of the loan, not later than 30 days following the Company’s anticipated redomicile
to the United States, see Note 19.
Note
8 - Convertible Debenture and Warrant
Convertible
Debenture, at Fair Value
The
Company accounts for convertible debentures using an amortized cost model. The discount for warrants, the Original Issuance Discount
(“OID”) and the initial allocation of fair value of compound derivatives reduce the initial carrying amount of the convertible
notes. The carrying value is accreted to the stated principal amount at contractual maturity using the effective-interest method with
a corresponding charge to interest expense. Debt discounts are presented on the consolidated balance sheets as a direct deduction from
the carrying amount of that related debt.
The
Company made an irrevocable election at the time of issuance of the Debenture to record the Debenture at its fair value (the “Fair
Value Option”) with changes in fair value recorded through the Company’s consolidated statements of operations within other
income (expense) at each reporting period. The Fair Value Option provides the Company a measurement basis election for financial instruments
on an instrument-by-instrument basis.
On
February 14, 2023, the Company entered into the SPA with Alpha, a current shareholder of the Company, pursuant to which the Company issued
to Alpha, an 8% Interest Rate, 10% Original Issue Discount, Senior Convertible Debenture (the “Debenture”) in the aggregate
principal amount of $4,400,000 for a purchase price of $4,000,000 on February 15, 2023. The Debenture is convertible, at any time, and
from time to time, at Alpha’s option, into ordinary shares of the Company (the “Conversion Shares”), at an initial
conversion price equal to $7.00 per share, subject to adjustment as described below and in the Debenture (the “Conversion Price”).
In addition, the Conversion Price of the Debenture was subject to an initial reset immediately prior to the Company’s filing of
a registration statement covering the resale of the underlying shares to the lower of $7.00 and the average of the five Nasdaq Official
Closing Prices immediately preceding such date (the “Reset Price”). The registration statement on Form S-1 (file No.: 333-271396)
was filed on April 21, 2023, and as a result, the Reset Price is now $4.1772. The initial adjustment of the Conversion Price to the Reset
Price had a floor price of $3.00 (the “Floor Price”).
Commencing
November 1, 2023 and continuing on the first day of each month thereafter until the earlier of (i) February 15, 2026 (the “Maturity
Date”) and (ii) the full redemption of the Debenture (each such date, a “Monthly Redemption Date”), the Company will
redeem $209,524 plus accrued but unpaid interest, and any amounts then owing under the Debenture (the “Monthly Redemption Amount”).
The Monthly Redemption Amount will be paid in cash; provided, that the Company may elect to pay all or a portion of a Monthly
Redemption Amount in ordinary shares of the Company, based on a conversion price equal to the lesser of (i) the then Conversion Price
of the Debenture and (ii) 80% of the average of the VWAPs (as defined in the Debenture) for the five consecutive trading days ending
on the trading day that is immediately prior to the applicable Monthly Redemption Date. The Company may also redeem some or all of the
then outstanding principal amount of the Debenture at any time for cash in an amount equal to the then outstanding principal amount of
the Debenture being redeemed plus accrued but unpaid interest, liquidated damages and any amounts then owing under the Debenture. These
monthly redemption and optional redemptions are subject to the satisfaction of the Equity Conditions (as defined in the Debenture).
The
Debenture initially accrues interest at the rate of 8% per annum for the first 12 months from the February 15, 2023, at the rate of 10%
per annum for the ensuing 12 months, and thereafter until Maturity, at the rate of 12%, Interest may be paid in cash or ordinary shares
of the Company or a combination thereof at the option of the Company; provided that interest may only be paid in shares if the Equity
Conditions (as defined in the Debenture) have been satisfied, including Shareholder Approval. The Debenture includes a beneficial ownership
blocker of 9.99%. The Debenture provides for adjustments to the Conversion Price in connection with stock dividends and splits, subsequent
equity sales and rights offerings, pro rata distributions, and certain Fundamental Transactions. In the event the Company, at any time
while the Debentures is outstanding, issues or grants any right to re-price, ordinary shares or any type of securities giving rights
to obtain ordinary shares at a price below the Conversion Price, Alpha shall be extended full-ratchet anti-dilution protection (subject
to customary Exempt Transaction issuances), and such reset shall not be limited by the Floor Price.
At
the time of execution, on February 14, 2023, the Company recorded an initial debt discount of $383,333 based on the allocation of fair
value for the Debenture, which will be amortized into interest expense over term of the Debenture. For the period from February
14 through September 30, 2023, the Company recognized ($1,002,243) change in fair value of the convertible Debenture which is reflected
in Other income and expense in the condensed consolidated statement of operations and $83,333 for the amortization of the OID, which
is included in interest expense on the condensed consolidated statement of operations.
Purchase
Warrant
On
February 15, 2023, the Company also issued to Alpha a warrant (the “Warrant”) to purchase 880,000 ordinary shares of the
Company at an initial exercise price of $8.75 (the “Warrant Shares,” and, together with the Conversion Shares, and any other
ordinary shares of the Company that may otherwise become issuable pursuant to the terms of the Debenture and Warrant, the “Underlying
Shares”). The Warrant is exercisable in whole or in part, at any time on or after February 15, 2023 and before February 15, 2028.
The exercise price of the Warrant was subject to an initial reset immediately prior to the Company’s filing of a proxy statement
that included a shareholder proposal to approve the issuance of Underlying Share in excess of 19.99% of the issued and outstanding ordinary
shares on the Closing Date (the “Shareholder Proposal”) to the lower of $8.75 and the average of the five Nasdaq Official
Closing Prices immediately preceding such date the. As a result, the exercise price has been reset to $4.0704, the average of the five
Nasdaq Official Closing Prices immediately preceding April 14, 2023, the date the Company filed its preliminary proxy statement which
included the Shareholder Proposal. The Warrant includes a beneficial ownership blocker of 9.99%. The Warrant provides for adjustments
to the exercise price, in connection with stock dividends and splits, subsequent equity sales and rights offerings, pro rata distributions,
and certain Fundamental Transactions.
In
the event the Company, at any time while the Warrant is still outstanding, issues or grants any right to re-price, ordinary shares or
any type of securities giving rights to obtain ordinary shares at a price below exercise price, Alpha shall be extended full-ratchet
anti-dilution protection on the Warrant (reduction in price, only, no increase in number of Warrant Shares, and subject to customary
Exempt Transaction issuances), and such reset shall not be limited by the Floor Price.
At
the time of execution, the Company classified the Warrant as an equity contract and performed an initial fair value measurement. As the
Warrant was issued with the sale of the Debenture, the value assigned to the Warrant was based on an allocation of proceeds, subject
to the allocation to the Debenture. The Company recorded a debt discount for the Warrant of $1,174,229, based on the Black Scholes option-pricing
model which was calculated independently of the fair value of the Debenture, and recorded the Warrant as additional paid in capital in
the condensed consolidated balance sheet as of September 30, 2023. Amortization of the debt discount amounted to $244,631 for the period
ended September 30, 2023 and is included in interest expense on the condensed consolidated statements of operations.
The
following provides a summary of the Convertible Debenture recorded at fair value as of September 30, 2023:
Summary of Convertible Debenture Recorded at Fair value
| |
| | |
Principle amount of convertible debenture at issuance: | |
$ | 4,400,000 | |
Unamortized discount for warrants | |
| (929,598 | ) |
Unamortized discount for OID | |
| (316,669 | ) |
Accrued interest expense | |
| 216,987 | |
Change in fair value | |
| 1,002,243 | |
Balance of convertible debenture as of September 30, 2023: | |
| 4,372,963 | |
Note
9 - Fair Value
In
accordance with fair value accounting guidance, the Company determines fair value based on the exchange price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The inputs used to measure fair
value are classified into the following hierarchy:
| ● | Level
1: Unadjusted quoted prices in active markets for identical instruments that are accessible
as of the measurement date |
| | |
| ● | Level
2: Other significant pricing inputs that are either directly or indirectly observable |
| | |
| ● | Level
3: Significant unobservable pricing inputs, which result in the use of management’s
own assumptions |
As
disclosed in Note 8, the Debenture and the Warrant were reported at fair value at issuance. The Debenture is adjusted to
fair value on a recurring basis with changes in fair value recorded through the Company’s condensed consolidated statements of
operations as other income (expense) for the nine months ended September 30, 2023.
The
following table sets forth the Company’s consolidated financial assets and liabilities measured at fair value by level within the
fair value hierarchy on September 30, 2023:
Schedule of Consolidated Financial Assets and Liabilities Measured at Fair Value
| |
Convertible
Debenture | | |
Purchase Warrant | |
Level I | |
$ | - | | |
$ | - | |
Level II | |
$ | - | | |
$ | - | |
Level III | |
$ | 4,372,963 | | |
$ | 1,174,229 | |
Total | |
$ | 4,372,963 | | |
$ | 1,174,229 | |
The
following table presents a reconciliation of the beginning and ending balances of the Debenture measured at fair value on a recurring
basis that uses significant unobservable inputs (Level 3) and the related expenses and losses recorded in the consolidated statement
of operations during the nine months ended September 30, 2023.
Significant Unobservable Inputs (level 3) and Related Expenses and Losses
| |
| | |
Fair Value, December 31, 2022 | |
$ | - | |
Issuance of convertible debenture | |
| 2,825,771 | |
Accretion for discount for warrants | |
| 244,629 | |
Accretion for discount for OID | |
| 83,333 | |
Interest expense | |
| 216,987 | |
Change in fair value | |
| 1,002,243 | |
Fair Value, September 30, 2023 | |
$ | 4,372,963 | |
The
fair value of the Debenture was determined using a Monte Carlo Simulation (“MCS”) which incorporates the probability and
timing of the consummation of a Fundamental Transaction event and conversion of the Debenture as of the valuation date.
The
MCS implied a discount rate at issuance that resulted in a total value to the debenture and warrants that equated to the transaction
proceeds. This discount rate was 75.28% at issuance and was calibrated to the September 30, 2023 valuation date by comparing the B rated
commercial paper credit spread at both dates. B spreads as follows:
Schedule
of B Spreads
| |
| | |
Issuance February 14, 2023 | |
| 4.13 | % |
Fair Value September 30, 2023 | |
| 2.81 | % |
On
September 30, 2023, the Company valued the Debenture using a Monte Carlo Simulation model using the value of the underlying stock price
of $1.60, exercise price of $8.75, expected dividend rate of 0%, risk-free interest rate of 4.83% and volatility of 66.3%. The Company
estimated the term of the warrant to be 2.38 years.
Note
10 - Convertible Preferred Stock
On
July 26, 2021, the Company’s board authorized the establishment and designation of 52,502 shares of Series A-1 Preferred Stock
at $0.10 par value.
Terms
of the Series A-1 Preferred Stock are as follows:
Voting
– Series A-1 Preferred Stock has equal rights to vote on all matters submitted to a vote of the Ordinary Shares (on an as-converted
basis, but only up to the number of votes equal to the number of Ordinary Shares into which the Preferred Shares would be convertible
pursuant to the Beneficial Ownership Limitation), however, without the affirmative vote of the majority of the outstanding shares of
Series A-1 Preferred Stock, the Company cannot (a) alter or change adversely the powers, preferences or rights given to the Series A-1
Preferred Stock, authorize or create any class of stock ranking in priority to as to dividends, redemption or distribution of assets
upon a liquidation, (c) amend its articles of incorporation or other charter documents in any manner that adversely affects any rights
of the holders, (d) increase the number of authorized shares of Series A-1 Preferred Stock, or (e) enter into any agreement with respect
to any of the above.
Liquidation
– Upon any liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, Series A-1 Preferred Stock
holders shall be entitled to receive out of the assets an amount equal to the stated value of $16.246 per share, plus any accrued and
unpaid dividends thereon and any other fees or liquidated damages then due (the preferred liquidation preference), for each
share of Series A-1 Preferred Stock before any distribution or payment shall be made to the holders of any Junior Securities.
Conversion
– Each share of Series A-1 Preferred Stock shall be convertible, at any time and from time to time from and after the original
issue date at the option of the holder, into that number of shares of common stock determined by dividing the stated value of such share
of Series A-1 Preferred Stock by the conversion price, $16.246 per share. The conversion price would be reduced if the Company issues
common stock at a price lower than the conversion price or issues an instrument granting the holder rights to purchase common stock at
a price lower than the conversion price. Upon the closing of the Going Public Transaction all outstanding shares of Series A-1 preferred
stock shall automatically be converted into that number of shares of common stock, subject to a beneficial ownership limitation of 9.99%,
determined by dividing the stated value of such share of Series A-1 Preferred Stock by the conversion price.
On
July 26, 2021, the Company’s board authorized the establishment and designation of 276,582 shares of Series B Convertible Preferred
Stock (“Series B Preferred Stock”) at $0.10 par value.
Terms
of the Series B Preferred Stock are as follows:
Voting
– Series B Preferred Stock shall have no voting rights, however, without the affirmative vote of the majority of the outstanding
shares of Series B Preferred Stock, the Company cannot (a) alter or change adversely the powers, preferences or rights given to the Series
B preferred stock, (b) authorize or create any class of stock ranking in priority to as to dividends, redemption or distribution of assets
upon a liquidation, (c) amend its articles of incorporation or other charter documents in any manner that adversely affects any rights
of the holders, (d) increase the number of authorized shares of Series B Preferred Stock, or (e) enter into any agreement with respect
to any of the above.
Dividends
- Holders of each share of Series B preferred stock shall be entitled to receive cumulative dividends until the second anniversary
of the Original Issue date of July 26, 2021 at the rate per share (as a percentage of the stated value per share) of 8% per
annum, payable quarterly on January 1, April 1, July 1 and October 1, beginning on the first such date after the issuance of such share
of Series B preferred stock and on each conversion date in cash, or at the Company’s option, in duly authorized, validly issued,
fully paid and non-assessable shares of preferred A-1 shares, or a combination thereof. In accordance with the Series B preferred stock
terms, dividends of Series A-1 preferred stock are accrued on a quarterly basis, within additional paid in capital. A total of 7,202
shares at a value of $326,356 have been recorded in additional paid in capital as of the year ended September 30, 2023. The Company stopped
accruing dividends as of July 26, 2023.
Liquidation
– Upon any liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, Series B Preferred Stock
holders shall be entitled to receive out of the assets an amount equal to the stated value of $16.246 per share, plus any accrued and
unpaid dividends thereon and any other fees or liquidated damages then due (the preferred liquidation preference), for each share of
Series B Preferred Stock before any distribution or payment shall be made to the holders of any Junior Securities.
Conversion
– Each share of Series B Preferred Stock shall be convertible, at any time and from time to time from and after the original
issue date at the option of the holder, into that number of shares of common stock determined by dividing the stated value of such share
of Series B Preferred Stock by the conversion price, $16.246 per share. The conversion price would be reduced if the Company issues common
stock at a price lower than the conversion price or issues an instrument granting the holder rights to purchase common stock at a price
lower than the conversion price. Upon the closing of the Going Public Transaction all outstanding shares of Series B Preferred Stock
shall automatically be converted into that number of shares of common stock, subject to a beneficial ownership limitation of 9.99%, determined
by dividing the stated value of such share of Series B Preferred Stock by the conversion price.
Anti-Dilution
Adjustment – If and whenever the Company issues of sells ordinary shares for a consideration price that is less than the Series
B Preferred Shares Conversion Price, then immediately after such Dilutive Issuance, the Conversion Price of the Series B Preferred Shares
shall be reduced to equal the Discounted Per Share Ordinary Share Purchase Price and the holders are entitled to receive a number of
conversion shares, but in no event shall the Conversion Price become lower than the greater of (i) $2.00 or (ii) 20% of the closing
price on the Trading Day immediately prior to the Effective Date .
Deemed
Dividend – On February 14, 2023, the Company executed an SPA with a current shareholder of the Company (see Note 8) which triggered
the anti-dilution adjustment for Series B Preferred Shares. As such, the Company recognized a deemed dividend of $48,633 for an additional
16,486 shares in incremental share value as an adjustment to accumulated deficit and additional paid in capital for the period ended
September 30, 2023.
The
Company had total shares outstanding of no share of Preferred A outstanding as of September 30, 2023 and 2022. As of September 30, 2023
and 2022, the Company had 7,202 and 6,131 Preferred Series A-1 and 12,481 and 12,481 shares of Series B Preferred Stock
outstanding, respectively.
Note
11 - Warrants
In
conjunction with the Convertible Debenture and Warrant issuance on February 14, 2023, 266,667 warrants that were previously issued to
Alpha on November 19, 2021 were revalued on February 14, 2023, reducing the exercise price from $45.00 per warrant share to $0.60 per
warrant share. The Company performed a Black Scholes model for the re-pricing of the warrants using the value of the underlying stock
price of $5.10 stock price, exercise price of $0.60, expected dividend rate of 0%, risk-free interest rate of 4.04% and volatility of
52.57% and remaining term of 2.9 years. These same assumptions were applied to the Warrant as discussed in Note 8. The value allocated
to the warrants on November 19, 2021 was $11,435 and recorded in Additional Paid-In Capital. The fair value of the re-priced warrants
on February 15, 2023 was $1,218,205, an increase of $1,206,771. The incremental value of the warrants is also recorded in Additional
Paid-In Capital as of September 30, 2023 as a deemed dividend.
On
June 6, 2023, an investor exercised 125,359 warrants via a cashless exercise for 121,479 ordinary shares.
On
June 14, 2023, the Company filed a registration statement on Form S-1 (file number: 333-272652) with the SEC to register 266,667
ordinary shares issuable upon exercise of the purchase warrants issued to Alpha in November 2021. The registration statement on Form
S-1 was deemed effective on September 29, 2023.
During
the nine months ended September 30, 2023, the Company recognized 3,015 warrants acquired during the SportsHub Acquisition, see Note 5.
The warrants have an exercise price of $17.90 and expire October 29, 2028.
Following
is a summary of the Company’s warrant activity for the nine-month period ended September 30, 2023:
Schedule
of Warrant Activity
| |
Number of Shares | | |
Weighted Average Exercise Price per Share | | |
Weighted Average Remaining Life (Years) | |
Outstanding as of December 31, 2022 | |
| 400,359 | | |
$ | 0.82 | | |
| 2.83 | |
Previously issued regular warrants | |
| (266,667 | ) | |
| (45.00 | ) | |
| 0.49 | |
Revalued regular warrants | |
| 266,667 | | |
| 0.60 | | |
| 0.49 | |
Exercised | |
| (125,359 | ) | |
| (0.01 | ) | |
| - | |
Issued and vested | |
| 883,015 | | |
| 4.15 | | |
| 3.34 | |
Outstanding as of September 30, 2023 | |
| 1,158,015 | | |
$ | 3.43 | | |
| 3.84 | |
Note
12 - Stock Compensation
Option
awards are generally granted with an exercise price equal to the market price of the Company’s ordinary shares at the date of grant;
those options generally vest based on three years of continuous service and have ten-year contractual terms. Certain option and share
awards provide for accelerated vesting if there is a change in control, as defined in the plans.
The
fair value of each option award is estimated on the date of grant using a Black Scholes option-pricing model. The Company uses historical
option exercise and termination data to estimate the term the options are expected to be outstanding. The risk-free rate is based on
the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is calculated using historical dividend amounts
and the stock price at the option issue date. The expected volatility is determined using the volatility of peer companies. The Company’s
underlying stock has been publicly traded since the date of the MTS Merger. Subsequent to the MTS Merger, option grants made under the
SharpLink Inc. 2021 Plan utilized the publicly traded stock price of the Company on the day of the option award. All option grants made
under the SharpLink, Inc. 2020 Stock Incentive Plan were prior to the MTS Merger. The underlying SharpLink, Inc. stock under that plan
was not publicly traded but was estimated on the date of the grants using valuation methods that consider valuations from recent equity
financings as well as future planned transactions. All option grants made under the SportsHub Games Network Inc. 2018 Incentive Plan
were prior to the SportsHub Acquisition. The underlying SportsHub stock under that plan was not publicly traded but was estimated on
the date of the grants using valuation methods that consider valuations from recent equity financings as well as future planned transactions.
The
fair value of each stock option grant is estimated on the date of grant using the Black Scholes option pricing model with the following
assumptions:
Schedule of Fair Values of Stock Options Granted Using Black-scholes Valuation Model Assumptions
| |
September
30,
2023 | |
| |
| |
Expected
volatility | |
| 53.6-116.6
| % |
Expected
dividends | |
| 0.0 | % |
Expected
term (years) | |
| 5.7 | |
Risk-free
rate | |
| 3.4
– 4.3 | % |
Fair
value of ordinary shares on grant date | |
$ | 1.70
– $4.03 | |
The
summary of activity under the plans as of September 30, 2023, and change during the nine months ended September 30, 2023 is as follows:
Schedule of Stock Option Activity
| |
| | |
Weighted | | |
Weighted average | | |
| |
| |
| | |
average | | |
remaining | | |
Aggregate | |
Options | |
Shares | | |
exercise price | | |
contractual
term | | |
intrinsic value | |
Outstanding as of December 31, 2022 | |
| 288,914 | | |
| 11.40 | | |
| | | |
| 7,750 | |
Granted | |
| 155,755 | | |
| 4.46 | | |
| | | |
| | |
Exercised | |
| — | | |
| — | | |
| | | |
| | |
Acquired1 | |
| 14,552 | | |
| 14.16 | | |
| | | |
| | |
Forfeited | |
| (7,112 | ) | |
| 5.70 | | |
| | | |
| | |
Expired | |
| (1,413 | ) | |
| 8.84 | | |
| | | |
| | |
Outstanding as of September 30, 2023 | |
| 450,696 | | |
| 9.21 | | |
| 8.9 | | |
| 4,000 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable as of September 30, 2023 | |
| 211,949 | | |
| 11.47 | | |
| 8.5 | | |
| 4,000 | |
Unamortized
stock compensation expense of $894,970 as of September 30, 2023, will be amortized through 2026 and has a weighted average
recognition period of three years.
Note
13 - Operating Segments
The
Company has four operating segments: Affiliate Marketing Services – United States, Affiliate Marketing Services – International,
Sports Gaming Client Services and SportsHub Games Network. Each operating segment is also a reportable segment. The Enterprise Telecom
Expense Management (“Enterprise TEM”) business unit is reflected in discontinued operations (see Note 16). The Enterprise
TEM and Affiliate Marketing Services – International segments are a result of the MTS Merger and FourCubed acquisition, respectively,
in 2021. The Enterprise TEM segment will not be presented going forward due to its sale on December 31, 2022.
The
Affiliate Marketing Services – United States segment operates a performance marketing platform which owns and operates state-specific
web domains designed to attract, acquire and drive local sports betting and casino traffic directly to the Company’s sportsbook
and casino partners which are licensed to operate in each respective state. The Company earns a commission from sportsbooks and casino
operators on new depositors directed to them via our proprietary D2P websites in America. In addition, this segment provides sports betting
data (e.g., betting lines) to sports media publishers in exchange for a fixed fee.
The
Affiliate Marketing Services – International segment is an iGaming and affiliate marketing network, focused on delivering quality
traffic and player acquisitions, retention and conversions to global iGaming operator partners worldwide in exchange for a commission
(cost per acquisition or portion of net gaming revenues) paid to the Company by the partners for the new players referred to them.
The
Sports Gaming Client Services segment provides its clients with development, hosting, operations, maintenance, and service of free-to-play
games and contests. These relationships can be either software-as-service (“SaaS”) arrangements that are hosted by SharpLink
and accessed through its clients’ websites or other electronic media; or software licenses that allow the client to take the software
on premise.
The
SportsHub Games Network segment owns and operates a variety of real-money fantasy sports and sports simulation games and mobile apps
on its platform; and is licensed or authorized to operate in every state in the United States where fantasy sports play is legal and
in which SportsHub has elected to operate based on the financial viability of operating there.
The
Enterprise TEM segment is a global provider of solutions for telecommunications expense management, enterprise mobility management, call
usage and accounting software. The segment’s TEM solutions allow enterprises and organizations to make smarter choices with their
telecommunications spending at each stage of the service lifecycle, including allocation of cost, proactive budget control, fraud detection,
processing of payments and spending forecasting. The Enterprise TEM segment is reflected as discontinued operations in 2023 and 2022
and was sold on December 31, 2022. See Note 16.
Any
intercompany revenues or expenses are eliminated in consolidation.
A
measure of segment assets and liabilities has not been currently provided to the Company’s chief operating decision maker and is
therefore not presented below.
Summarized
financial information for the Company’s reportable segments for the three and nine months ended September 30, 2023 and 2022 are
shown below:
For
the three months ended September 30, 2023:
Schedule of Companies Reportable Segments
| |
Affiliate
Marketing
Services - United
States | | |
Affiliate
Marketing
Services - International | | |
Sports
Gaming
Client
Services | | |
SportsHub
Gaming
Network | | |
Enterprise
TEM | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Revenues | |
$ | 231,921 | | |
$ | 1,191,964 | | |
$ | 420,100 | | |
$ | 1,425,939 | | |
$ | - | | |
$ | 3,269,924 | |
Cost of revenues | |
| 167,109 | | |
| 840,308 | | |
| 628,499 | | |
| 497,688 | | |
| - | | |
| 2,133,604 | |
Loss from operations | |
| (1,741,432 | ) | |
| (114,696 | ) | |
| (274,914 | ) | |
| (327,710 | ) | |
| - | | |
| (2,458,752 | ) |
Loss from discontinued operations | |
| - | | |
| - | | |
| - | | |
| - | | |
| (148,000 | ) | |
| (148,000 | ) |
Net income (loss) | |
$ | (2,338,783 | ) | |
$ | (140,399 | ) | |
$ | (276,374 | ) | |
$ | 54,009 | | |
$ | (148,000 | ) | |
$ | (2,849,547 | ) |
For
the three months ended September 30, 2022:
| |
Affiliate
Marketing
Services - United
States | | |
Affiliate
Marketing
Services - International | | |
Sports
Gaming
Client
Services | | |
SportsHub
Gaming
Network | | |
Enterprise
TEM | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Revenues | |
$ | 114,972 | | |
$ | 760,585 | | |
$ | 417,117 | | |
$ | - | | |
$ | - | | |
$ | 1,292,674 | |
Cost of revenues | |
| 25,484 | | |
| 489,808 | | |
| 589,403 | | |
| - | | |
| - | | |
| 1,104,695 | |
Loss from operations | |
| (1,439,115 | ) | |
| (143,500 | ) | |
| (334,584 | ) | |
| - | | |
| - | | |
| (1,917,199 | ) |
Loss from discontinued operations | |
| - | | |
| - | | |
| - | | |
| - | | |
| (104,633 | ) | |
| (104,633 | ) |
Net income (loss) | |
$ | (1,432,493 | ) | |
$ | (175,897 | ) | |
$ | (334,584 | ) | |
$ | - | | |
$ | (104,633 | ) | |
$ | (2,047,607 | ) |
For
the nine months ended September 30, 2023:
| |
Affiliate Marketing Services - United States | | |
Affiliate Marketing Services - International | | |
Sports Gaming Client Services | | |
SportsHub Gaming Network | | |
Enterprise TEM | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Revenues | |
$ | 817,268 | | |
$ | 3,325,128 | | |
$ | 2,183,644 | | |
$ | 3,591,631 | | |
$ | - | | |
$ | 9,917,671 | |
Cost of revenues | |
| 574,841 | | |
| 2,300,084 | | |
| 2,325,107 | | |
| 1,272,367 | | |
| - | | |
| 6,472,399 | |
Loss from operations | |
| (5,834,870 | ) | |
| (312,551 | ) | |
| (366,747 | ) | |
| (1,055,551 | ) | |
| - | | |
| (7,569,719 | ) |
Loss from discontinued operations | |
| - | | |
| - | | |
| - | | |
| - | | |
| (441,997 | ) | |
| (441,997 | ) |
Net income (loss) | |
$ | (7,548,726 | ) | |
$ | (394,124 | ) | |
$ | (368,207 | ) | |
$ | (361,389 | ) | |
$ | (441,997 | ) | |
$ | (9,114,443 | ) |
For
the nine months ended September 30, 2022:
| |
Affiliate Marketing Services - United States | | |
Affiliate Marketing Services - International | | |
Sports Gaming Client Services | | |
SportsHub Gaming Network | | |
Enterprise TEM | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Revenues | |
$ | 285,004 | | |
$ | 2,524,547 | | |
$ | 2,130,713 | | |
$ | - | | |
$ | - | | |
$ | 4,940,264 | |
Cost of revenues | |
| 70,771 | | |
| 1,533,373 | | |
| 2,430,693 | | |
| - | | |
| - | | |
| 4,034,837 | |
Loss from operations | |
| (6,811,370 | ) | |
| (5,050,662 | ) | |
| (623,359 | ) | |
| - | | |
| - | | |
| (12,485,391 | ) |
Loss from discontinued operations | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,360,286 | ) | |
| (1,360,286 | ) |
Net income (loss) | |
$ | (6,781,946 | ) | |
$ | (5,137,477 | ) | |
$ | (623,359 | ) | |
$ | - | | |
$ | (1,255,654 | ) | |
$ | (13,903,068 | ) |
Summarized
revenues by country in which the Company operated for the three and nine months ended September 30, 2023 and 2022 are shown below:
Schedule of Revenues by Country
Three Months Ended September 30, 2023 | |
Affiliate Marketing Services - United States | | |
Affiliate Marketing Services - International | | |
Sports Gaming Client Services | | |
SportsHub Gaming Network | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
United States | |
$ | 231,921 | | |
$ | - | | |
$ | 420,100 | | |
$ | 1,425,939 | | |
$ | 2,077,960 | |
Rest of World | |
| - | | |
| 1,191,964 | | |
| - | | |
| - | | |
| 1,191,964 | |
Revenues | |
$ | 231,921 | | |
$ | 1,191,964 | | |
$ | 420,100 | | |
$ | 1,425,939 | | |
$ | 3,269,924 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Three Months Ended September 30, 2022 | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
United States | |
$ | 114,972 | | |
$ | - | | |
$ | 417,117 | | |
$ | - | | |
$ | 532,089 | |
Rest of World | |
| - | | |
| 760,585 | | |
| - | | |
| - | | |
| 760,585 | |
Revenues | |
$ | 114,972 | | |
$ | 760,585 | | |
$ | 417,117 | | |
$ | - | | |
$ | 1,292,674 | |
Nine Months Ended September 30, 2023 | |
Affiliate
Marketing
Services - United
States | | |
Affiliate
Marketing
Services - International | | |
Sports
Gaming
Client
Services | | |
SportsHub Gaming Network | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
United States | |
$ | 817,268 | | |
$ | - | | |
$ | 2,183,644 | | |
$ | 3,591,631 | | |
$ | 6,592,543 | |
Rest of World | |
| - | | |
| 3,325,128 | | |
| - | | |
| - | | |
| 3,325,128 | |
Revenues | |
$ | 817,268 | | |
$ | 3,325,128 | | |
$ | 2,183,644 | | |
$ | 3,591,631 | | |
$ | 9,917,671 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Nine Months Ended September 30, 2022 | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
United States | |
$ | 285,004 | | |
$ | - | | |
$ | 2,130,713 | | |
$ | - | | |
$ | 2,415,717 | |
Rest of World | |
| - | | |
| 2,524,547 | | |
| - | | |
| - | | |
| 2,524,547 | |
Revenues | |
$ | 285,004 | | |
$ | 2,524,547 | | |
$ | 2,130,713 | | |
$ | - | | |
$ | 4,940,264 | |
The
Company does not have material tangible long-lived assets in foreign jurisdictions.
The
Company’s Sports Gaming Client Services and Affiliate Marketing Services – International segments derive a significant portion
of their revenues from several large customers. The table below presents the percentage of consolidated revenues derived from large customers:
Schedule
of Percentage of Consolidated Revenues Derived from Large Customers
| |
September 30,
2023 | | |
September 30,
2022 | |
| |
| | |
| |
Customer A | |
| 15 | % | |
| 39 | % |
Customer B | |
| 14 | % | |
| 4 | % |
Customer C | |
| 7 | % | |
| 15 | % |
Customer | |
| 7 | % | |
| 15 | % |
Note
14 - Revenue Recognition
The
Company combines its revenue into the following categories:
Schedule
of Revenue Recognition
For the three months ended September 30, 2023 | |
Affiliate Marketing Services - U.S. | | |
Affiliate Marketing Services - International | | |
Sports Gaming Client Services | | |
SportsHub Gaming Network | | |
Total | |
Software-as-a-service | |
$ | 74,554 | | |
$ | - | | |
$ | 420,100 | | |
$ | - | | |
$ | 494,654 | |
Fee revenue | |
| - | | |
| - | | |
| - | | |
| 1,425,939 | | |
| 1,425,939 | |
Services and other | |
| 157,367 | | |
| 1,191,964 | | |
| - | | |
| - | | |
| 1,349,331 | |
Total | |
$ | 231,921 | | |
$ | 1,191,964 | | |
$ | 420,100 | | |
$ | 1,425,939 | | |
$ | 3,269,924 | |
For the three months ended September 30, 2022 | |
Affiliate Marketing Services - U.S. | | |
Affiliate Marketing Services - International | | |
Sports Gaming Client Services | | |
SportsHub Gaming Network | | |
Total | |
Software-as-a-service | |
$ | 111,227 | | |
$ | - | | |
$ | 417,117 | | |
$ | - | | |
$ | 528,344 | |
Fee revenue | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Services and other | |
| 3,745 | | |
| 760,585 | | |
| - | | |
| - | | |
| 764,330 | |
Total | |
$ | 114,972 | | |
$ | 760,585 | | |
$ | 417,117 | | |
$ | - | | |
$ | 1,292,674 | |
For the nine months ended September 30, 2023 | |
Affiliate Marketing Services - U.S. | | |
Affiliate Marketing Services - International | | |
Sports Gaming Client Services | | |
SportsHub Gaming Network | | |
Total | |
Software-as-a-service | |
$ | 216,778 | | |
$ | - | | |
$ | 2,183,644 | | |
$ | - | | |
$ | 2,400,422 | |
Fee revenue | |
| - | | |
| - | | |
| - | | |
| 3,591,631 | | |
| 3,591,631 | |
Services and other | |
| 600,490 | | |
| 3,325,128 | | |
| - | | |
| - | | |
| 3,925,618 | |
Total | |
$ | 817,268 | | |
$ | 3,325,128 | | |
$ | 2,183,644 | | |
$ | 3,591,631 | | |
$ | 9,917,671 | |
For the nine months ended September 30, 2022 | |
Affiliate Marketing Services - U.S. | | |
Affiliate Marketing Services - International | | |
Sports Gaming Client Services | | |
SportsHub Gaming Network | | |
Total | |
Software-as-a-service | |
$ | 281,259 | | |
$ | - | | |
$ | 2,130,713 | | |
$ | - | | |
$ | 2,411,972 | |
Fee revenue | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Services and other | |
| 3,745 | | |
| 2,524,547 | | |
| - | | |
| - | | |
| 2,528,292 | |
Total | |
$ | 285,004 | | |
$ | 2,524,547 | | |
$ | 2,130,713 | | |
$ | - | | |
$ | 4,940,264 | |
The
Company’s license contracts contain promises to transfer multiple products to the customer. Judgment is required to determine whether
each product is considered to be a distinct performance obligation that should be accounted for separately under the contract. We have
elected to utilize the “right to invoice” practical expedient under ASC 606 which allows us to recognize revenue for our
performance under the contract for the value which we have provided to the customer during a period of time in our contract with them.
Determining
whether licenses are distinct performance obligations that should be accounted for separately, or not distinct and thus accounted for
together, requires significant judgment. In some arrangements, such as the Company’s license arrangements, the Company has concluded
that the individual licenses are distinct from each other. In others, like the Company’s SaaS arrangements, the software development
and final product are not distinct from each other because they are highly integrated and therefore the Company has concluded that these
promised goods are a single, combined performance obligation.
The
Company is required to estimate the total consideration expected to be received from contracts with customers. In certain circumstances,
the consideration expected to be received is fixed based on the specific terms of the contract or based on the Company’s expectations
of the term of the contract. The Company has not experienced significant returns from or refunds to customers. These estimates require
significant judgment and the change in these estimates could have an effect on its results of operations during the periods involved.
The
Company follows a five-step model to assess each sale to a customer; identify the legally binding contract, identify the performance
obligations, determine the transaction price, allocate the transaction price, and determine whether revenue will be recognized at a point
in time or over time. Revenue recognized point in time and over time is presented by period below:
For the three months ended September 30, 2023:
Schedule
of Revenue Recognized Point in Time and Over Time
|
|
Affiliate Marketing Services - U.S. |
|
|
Affiliate Marketing Services - International |
|
|
Sports Gaming Client Services |
|
|
SportsHub
Gaming Network |
|
|
Total |
|
Point in time |
|
$ |
157,367 |
|
|
$ |
1,191,964 |
|
|
$ |
- |
|
|
$ |
360,088 |
|
|
$ |
1,709,419 |
|
Over time |
|
|
74,554 |
|
|
|
- |
|
|
|
420,100 |
|
|
|
1,065,851 |
|
|
|
1,560,505 |
|
Total |
|
$ |
231,921 |
|
|
$ |
1,191,964 |
|
|
$ |
420,100 |
|
|
$ |
1,425,939 |
|
|
$ |
3,269,924 |
|
For
the three months ended September 30, 2022:
| |
Affiliate Marketing Services - U.S. | | |
Affiliate Marketing Services - International | | |
Sports Gaming Client Services | | |
SportsHub Gaming Network | | |
Total | |
Point in time | |
$ | 3,745 | | |
$ | 760,585 | | |
$ | - | | |
$ | - | | |
$ | 764,330 | |
Over time | |
| 111,227 | | |
| - | | |
| 417,117 | | |
| - | | |
$ | 528,344 | |
Total | |
$ | 114,972 | | |
$ | 760,585 | | |
$ | 417,117 | | |
$ | - | | |
$ | 1,292,674 | |
For
the nine months ended September 30, 2023:
| |
Affiliate Marketing Services - U.S. | | |
Affiliate Marketing Services - International | | |
Sports Gaming Client Services | | |
SportsHub Gaming Network | | |
Total | |
Point in time | |
$ | 600,490 | | |
$ | 3,325,128 | | |
$ | - | | |
$ | 1,031,113 | | |
$ | 4,956,731 | |
Over time | |
| 216,778 | | |
| - | | |
| 2,183,644 | | |
| 2,560,518 | | |
| 4,960,940 | |
Total | |
$ | 817,268 | | |
$ | 3,325,128 | | |
$ | 2,183,644 | | |
$ | 3,591,631 | | |
$ | 9,917,671 | |
For
the nine months ended September 30, 2022:
| |
Affiliate Marketing Services - U.S. | | |
Affiliate Marketing Services - International | | |
Sports Gaming Client Services | | |
SportsHub Gaming Network | | |
Total | |
Point in time | |
$ | 3,745 | | |
$ | 2,524,547 | | |
$ | - | | |
$ | - | | |
$ | 2,528,292 | |
Over time | |
| 281,259 | | |
| - | | |
| 2,130,713 | | |
| - | | |
$ | 2,411,972 | |
Total | |
$ | 285,004 | | |
$ | 2,524,547 | | |
$ | 2,130,713 | | |
$ | - | | |
$ | 4,940,264 | |
The
Company’s assets and liabilities related to its contracts with customers were as follows:
Schedule
of Contract Assets and Liabilities
| |
September 30,
2023 | | |
December 31,
2022 | |
| |
| | |
| |
Accounts receivable | |
$ | 1,394,340 | | |
$ | 776,530 | |
Unbilled revenue | |
| 128,879 | | |
| 47,000 | |
Contract assets | |
| 99,410 | | |
| 219,116 | |
Contract liabilities | |
| (8,448,201 | ) | |
| (2,166,451 | ) |
The
timing of revenue recognition may differ from the timing of invoicing to customers and these timing differences result in contract advanced
billings on the Company’s consolidated balance sheet. The Company has an enforceable right to payment upon invoicing and records
contract liabilities when revenue is recognized subsequent to invoicing. The Company recognized unbilled revenue when revenue is recognized
prior to invoicing.
The
Company recognized contract assets related to direct costs incurred to fulfil the contracts. These costs are primarily labor costs
associated with the development of the software. The Company defers these costs and amortizes them into cost of revenues over the
period revenues are recognized.
The
activity in the contract assets for the nine months ended September 30, 2023 is as follows:
Schedule
of Contract Assets
| |
Amount | |
Balance as of December 31, 2022 | |
$ | 219,116 | |
Labor costs expensed | |
| (577,956 | ) |
Labor costs deferred | |
| 458,250 | |
Balance as of September 30, 2023 | |
$ | 99,410 | |
The
Company recognizes contract liabilities for cash received from its users prior to recognition of revenue to fulfil its contracts.
The payments received are primarily from the Company’s operation of its own online gaming business. The Company defers the
revenue and recognizes it throughout the online game’s respective season.
The
activity in the contract liabilities for the nine months ended September 30, 2023 is as follows:
Schedule
of Contract Liabilities
| |
Amount | |
Balance as of December 31, 2022 | |
$ | (2,166,451 | ) |
Revenue recognized or reclassified | |
| 10,374,078 | |
Deferred revenue | |
| (16,655,828 | ) |
Balance as of September 30, 2023 | |
$ | (8,448,201 | ) |
All
contract liabilities at September 30, 2023 and December 31, 2022 were recognized as revenue or expected to be recognized within the next
fiscal year. All other activity in contract liabilities is due to the timing of invoices in relation to the timing of revenue as described
above.
Contracted
but unsatisfied performance obligations were approximately $410,110 and $850,000 as of September 30, 2023 and December 31,
2022, respectively, of which the Company expects to recognize the entire amount in revenue over the next year.
Payment
terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 days. In instances where
the timing of revenue recognition differs from the timing of invoicing, the Company has determined that its contracts generally do not
include a significant financing component. The primary purpose of invoicing terms is to provide customers with simplified and predictable
ways of purchasing the Company’s products and services, and not to facilitate financing arrangements.
The
Company had three customers that accounted for approximately 36% of revenue for the nine months ended September 30, 2023. There was $451,035
due from these customers at September 30, 2023.
The
Company had three customers that accounted for approximately 59% of revenue for the nine months ended September 30, 2022. There was $322,085
due from these customers at September 30, 2022.
Note
15 – Income Taxes
On
a quarterly basis, we estimate our annual effective tax rate and record a quarterly income tax provision based on the anticipated rate.
As the year progresses, we refine our estimate based on the facts and circumstances, including discrete events, by each tax jurisdiction.
The effective tax rate for the nine-month period ended September 30, 2023 was (0.32%); and for the nine-month period ended September
30, 2022, it was (0.01)%.
Note
16 – Discontinued Operations
In
accordance with ASC 205-20 Presentation of Financial Statements: Discontinued Operations, a disposal of a component of an entity or a
group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that
has (or will have) a major impact on an entity’s operations and financial results when the components of an entity meets the criteria
in ASC paragraph 205-20-45-10. In the period in which the component meets the held for sale or discontinued operations criteria the major
assets, other assets, current liabilities and non-current liabilities shall be reported as a component of total assets and liabilities
separate from those balances of the continuing operations. At the same time, the results of all discontinued operations, less applicable
income taxes (benefit), shall be reported as components of net income (loss) separate from the income (loss) of continuing operations.
In
June 2022, the Company’s board of directors authorized management to enter into negotiations to sell MTS. The Company negotiated
a Share and Asset Purchase Agreement which was closed on December 31, 2022. The majority of the assets of the primary reporting unit
within MTS were sold. The assets and liabilities remaining post transaction are in the process of winding down subsequent to the year
ended December 31, 2022. Accordingly, the assets and liabilities of the MTS business are separately reported as assets and liabilities
from discontinued operations as of September 30, 2023 and December 31, 2022. The results of operations and cash flows of MTS for all
periods are separately reported as discontinued operations.
Prior
to the sale of MTS on December 31, 2022, the Enterprise TEM operating segment’s performance obligations are satisfied either overtime
(managed services and maintenance) or at a point in time (software licenses). Professional services rendered after implementation are
recognized as performed. Software license revenue is recognized when the customer has access to the license and the right to use and
benefit from the license. Many of the Enterprise TEM operating segment’s agreements include software license bundled with maintenance
and supports. The Company allocates the transaction price for each contract to each performance obligation identified in the contract
based on the relative standalone selling price (SSP). The Company determines SSP for the purposes of allocating the transaction price
to each performance obligation by considering several external and internal factors including, but not limited to, transactions where
the specific element sold separately, historical actual pricing practices in accordance with ASC 606, Revenues from Contracts with Customers.
The determination of SSP requires the exercise of judgement. For maintenance and support, the Company determines the SSP based on the
price at which the Company sells a renewal contract.
A
reconciliation of the major classes of line items constituting the loss from discontinued operations, net of income taxes as presented
in the condensed consolidated statements of operations for the nine months ended September 30, 2023 and 2022 (unaudited) is summarized
in the table below.
Summary
Reconciliation of Discontinued Operations
Summary
Reconciliation of Discontinued Operations
| |
Three months ended September 30,
2023 | | |
Three months ended September 30,
2022 | | |
Nine months ended September 30,
2023 | | |
Nine months ended September 30,
2022 | |
| |
| | |
| | |
| | |
| |
Revenues | |
$ | - | | |
$ | 862,239 | | |
$ | - | | |
$ | 2,732,069 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of Revenues | |
| 3,500 | | |
| 435,896 | | |
| 10,500 | | |
| 1,480,072 | |
| |
| | | |
| | | |
| | | |
| | |
Gross (Loss) Profit | |
| (3,500 | ) | |
| 426,343 | | |
| (10,500 | ) | |
| 1,251,997 | |
| |
| | | |
| | | |
| | | |
| | |
Operating Expenses | |
| | | |
| | | |
| | | |
| | |
Selling, general, and administrative expenses | |
| 139,000 | | |
| 548,435 | | |
| 416,997 | | |
| 1,391,726 | |
Goodwill and intangible asset impairment expense | |
| - | | |
| - | | |
| - | | |
| 1,224,671 | |
Total operating expenses | |
| 139,000 | | |
| 548,435 | | |
| 416,997 | | |
| 2,616,397 | |
| |
| | | |
| | | |
| | | |
| | |
Operating Loss | |
| (142,500 | ) | |
| (122,092 | ) | |
| (427,497 | ) | |
| (1,364,400 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other Income and Expense | |
| (3,500 | ) | |
| 20,459 | | |
| (10,500 | ) | |
| 8,114 | |
Total other income and expense | |
| (3,500 | ) | |
| 20,459 | | |
| (10,500 | ) | |
| 8,114 | |
| |
| | | |
| | | |
| | | |
| | |
Loss Before Income Taxes | |
| (146,000 | ) | |
| (101,633 | ) | |
| (437,997 | ) | |
| (1,356,286 | ) |
| |
| | | |
| | | |
| | | |
| | |
Provision for income tax expenses | |
| 2,000 | | |
| 3,000 | | |
| 4,000 | | |
| 4,000 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from discontinued operations | |
$ | (148,000 | ) | |
$ | (104,633 | ) | |
$ | (441,997 | ) | |
| (1,360,286 | ) |
The
following table presents a reconciliation of the carrying amounts of major classes of assets and liabilities of the Company classified
as discontinued operations as of September 30, 2023 (unaudited) and December 31, 2022:
Schedule of Major Classes of Assets and Liabilities
| |
September 30,
2023 | | |
December 31,
2022 | |
| |
(Unaudited) | | |
| |
Carrying amounts of major classes of assets included as part of discontinued operations: | |
| | | |
| | |
| |
| | | |
| | |
Current Assets | |
| | | |
| | |
Cash | |
$ | 153,000 | | |
$ | 648,000 | |
Accounts receivable, net of allowance | |
| 69,000 | | |
| 191,000 | |
Prepaid expenses and other current assets | |
| 164,000 | | |
| 187,000 | |
Equipment, net | |
| 3,000 | | |
| 5,000 | |
Other Assets | |
| - | | |
| 279,000 | |
Total current assets | |
$ | 389,000 | | |
$ | 1,310,000 | |
| |
September 30, 2023 | | |
December 31, 2022 | |
| |
(Unaudited) | | |
| |
Carrying amounts of major classes of liability included as part of discontinued operations: | |
| | | |
| | |
| |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accrued expenses | |
$ | 82,100 | | |
$ | 374,879 | |
Contract liabilities | |
| 3,000 | | |
| 2,000 | |
Other current liabilities | |
| 736,398 | | |
| 838,274 | |
Total current liabilities | |
$ | 821,498 | | |
$ | 1,215,153 | |
Note
17 – Net Loss Per Share
The
calculation of loss per share and weighted-average shares of the Company’s ordinary shares outstanding for the periods presented
are as follows:
Schedule of Loss Per Share and Weighted-average
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three months ended September 30 | | |
Nine months ended September 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net loss from continuing operations | |
$ | (2,701,547 | ) | |
$ | (1,942,974 | ) | |
$ | (8,672,446 | ) | |
$ | (12,542,782 | ) |
Less: deemed dividends on Series B preferred stock | |
| - | | |
| - | | |
| (48,633 | ) | |
| - | |
Less: dividends on series B preferred stock | |
| (213 | ) | |
| (2,247 | ) | |
| (1,861 | ) | |
| (8,088 | ) |
Net loss from continuing operations available to ordinary shareholders | |
| (2,701,760 | ) | |
| (1,945,221 | ) | |
| (8,722,940 | ) | |
| (12,550,870 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) from discontinued operations, net of tax, available to ordinary shareholders | |
| (148,000 | ) | |
| (104,633 | ) | |
| (441,997 | ) | |
| (1,360,286 | ) |
Net loss available to ordinary shareholders | |
$ | (2,849,760 | ) | |
$ | (2,049,854 | ) | |
$ | (9,164,937 | ) | |
$ | (13,911,156 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted weighted-average shares outstanding | |
| 2,863,607 | | |
| 2,361,974 | | |
| 2,736,583 | | |
| 2,361,974 | |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted: | |
| | | |
| | | |
| | | |
| | |
Net loss from continuing operations per share | |
$ | (0.94 | ) | |
$ | (0.82 | ) | |
$ | (3.19 | ) | |
$ | (5.31 | ) |
Net income (loss) from discontinued operations per share | |
| (0.05 | ) | |
| (0.04 | ) | |
| (0.16 | ) | |
| (0.58 | ) |
Net loss per share | |
$ | (0.99 | ) | |
$ | (0.86 | ) | |
$ | (3.35 | ) | |
$ | (5.89 | ) |
The
redeemable Series B convertible preferred stock is a participating security, whereby if a dividend is declared to the holders of ordinary
shares, the holders of preferred stock would participate to the same extent as if they had converted the preferred stock to ordinary
shares.
For
the periods presented, the following securities were not required to be included in the computation of diluted shares outstanding:
Schedule
of computation of diluted shares outstanding:
Schedule of Computation of Diluted Shares Outstanding
| |
September 30, 2023 | | |
September 30, 2022 | |
Stock options | |
| 450,696 | | |
| 258,412 | |
Series A-1 preferred stock | |
| 7,202 | | |
| 6,131 | |
Series B preferred stock | |
| 12,481 | | |
| 12,481 | |
SportsHub warrants | |
| 3,015 | | |
| - | |
Prefunded warrants | |
| - | | |
| 125,359 | |
MTS warrants | |
| 8,333 | | |
| 8,333 | |
Purchase warrants | |
| 880,000 | | |
| - | |
Regular warrants | |
| 266,667 | | |
| 266,667 | |
Total | |
| 1,628,394 | | |
| 677,383 | |
Note
18 – Related Party Transactions
The
Company uses Brown & Brown (“Brown”) as an insurance broker. Brown is considered a related party as an executive of Brown
serves on the board of directors for the Company. The Company paid $700,975 and $921,640 for the nine months ending September
30, 2023 and 2022, respectively for insurance coverage brokered by Brown. The Company’s director earned no commissions for the
placement of these policies.
The
Company leases office space in Canton, Connecticut from CJEM, LLC, which is owned by an officer and director of the Company. The Company
paid rent expense of $28,800 for the nine months ended September 30, 2023 and 2022 related to this lease.
Note
19 – Subsequent Events
The
Company performed an evaluation of subsequent events for potential recognition and disclosure past the date of the financial statements’
issuance.
Pending
Domestication Merger
On
June 14, 2023, the Company (or “SharpLink Israel”), SharpLink Gaming, Inc., a Delaware corporation and a wholly owned subsidiary of SharpLink Israel (“SharpLink
US”), and SharpLink Merger Sub Ltd., an Israeli company and a wholly owned subsidiary of SharpLink US (“Domestication Merger
Sub”), entered into an Agreement and Plan of Merger and Reorganization (as amended July 24, 2023, the “Domestication Merger
Agreement”), pursuant to which Domestication Merger Sub will be merged with and into SharpLink Israel, with SharpLink Israel being
the surviving entity and continuing as a wholly owned subsidiary of SharpLink US (the “Domestication Merger”).
Under
the Domestication Merger Agreement, SharpLink Israel will become a wholly owned subsidiary of a Delaware corporation by the
Domestication Merger Sub merging with and into SharpLink Israel, with SharpLink Israel surviving the Domestication Merger and
becoming a wholly owned subsidiary of SharpLink US. In connection with the Domestication Merger, all SharpLink Israel ordinary
shares, par value NIS 0.60 per
share (the “SharpLink Israel Shares”), outstanding immediately prior to the Domestication Merger will convert, on a
one-for-one basis, into the right to receive, and become exchangeable for, shares of common stock of SharpLink US, par value $0.0001 per
share (the “SharpLink US Common Stock”), and all preferred shares, options and warrants of SharpLink Israel outstanding
immediately prior to the Domestication Merger will be converted into or exchanged for equivalent securities of SharpLink US. The Debenture
issued to Alpha on February 15, 2023, convertible into SharpLink Israel Shares, will be convertible into shares of SharpLink US
Common Stock at the same price and on the same other terms and any interest paid thereunder in shares will be paid in SharpLink US
Common Stock. By virtue of the Domestication Merger, all of the SharpLink Israel Shares and SharpLink Israel Preferred Shares shall
represent the right to receive the applicable SharpLink US Common Stock and Preferred Stock, shall be deemed to have been
transferred to SharpLink US in exchange for the right to receive such applicable SharpLink US Common Stock and Preferred Stock, and
each holder of a certificate or of evidence of shares in book-entry account, representing any certificated or non-certificated
SharpLink Israel Shares or SharpLink Israel Preferred Shares, shall cease to have any rights with respect thereto, except the right
to receive the applicable SharpLink US Common Stock and Preferred Stock.
The
proxy statement/registration statement on Form S-4 (file number: 333-272655), as amended, was originally filed with the SEC by SharpLink Israel and SharpLink
US on June 15, 2023, and declared effective by the SEC on October 23, 2023. SharpLink Israel’s Board of Directors has set
October 30, 2023 as the record date for shareholders to vote, by proxy or in person, on approving and adopting the Domestication
Merger Agreement and the transactions contemplated therein at an Extraordinary General Meeting of Shareholders that will be held on
November 29, 2023 at 11:00 A.M. Central time at the Company’s corporate office located at 333 Washington Avenue North, Suite
104, Minneapolis, Minnesota 55401.
Change
in Share Capital
On
October 24, 2023, the Company held an Extraordinary General Meeting of Shareholders (the “Meeting”) at which shareholders
approved the adoption of an amendment to the Company’s amended and restated articles of association to increase authorized share
capital of the Company from 9,290,000
Ordinary Shares, nominal value NIS 0.60
per share, to 100,000,000
Ordinary Shares, nominal value NIS 0.60
per share and a corresponding amendment to the
Company’s memorandum of association.
ITEM
2. |
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
The
following discussion of SharpLink Gaming Ltd., an Israel corporation, and its wholly owned subsidiaries (collectively, “SharpLink
Gaming,” “SharpLink,” “our Company,” the “Company,” “we,” “our,” and
“us”), highlights the principal factors that have affected our financial condition and results of operations as well as our
liquidity and capital resources for the periods described. This discussion should be read in conjunction with our consolidated financial
statements and the related notes included in this Quarterly Report on Form 10-Q and with our audited consolidated financial statements
included in our 2022 Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission on April 5, 2023 and the related
Annual Report, as amended, filed with the SEC on July 14, 2023. As discussed in the section titled “Note Regarding Forward-Looking
Statements,” the following discussion and analysis contains forward-looking statements that involve risks and uncertainties, as
well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed
or implied by such forward-looking statements.
Overview
Founded
in 2019 and headquartered in Minneapolis, Minnesota, SharpLink Gaming Ltd. is a leading business-to-business provider of performance
marketing and advanced technology-enabled fan engagement and conversion solutions for the fast emerging U.S. sports betting and iGaming
industries. Our base of marquis customers and trusted business partners comprise many of the nation’s leading sports media publishers,
leagues, teams, sportsbook operators, casinos and sports technology companies, including Turner Sports, NASCAR, PGA TOUR, National Basketball
Association (“NBA”), National Collegiate Athletic Association (“NCAA”), NBC Sports, BetMGM, Party Poker, World
Poker Tour and Tipico, among numerous others.
We
continue to make deliberate and substantial investments in support of our long-term growth objectives. Our primary growth strategy is
centered on cost effectively monetizing our own and our customers’ respective online audiences of U.S. fantasy sports and casual
sports fans and casino gaming enthusiasts by converting them into loyal online sports and iGaming bettors. We are endeavoring to achieve
this through deployment of our proprietary conversion technologies, branded as our “C4” solutions, which are seamlessly integrated
with fun, highly engaging fan experiences. Purpose-built from the ground-up specifically for the U.S. market, SharpLink’s C4 innovations
are designed to help unlock the lifetime value of sports bettors and online casino players. More specifically, C4:
|
●
|
COLLECTS,
analyzes and leverages deep learning of behavioral data relating to individual fans; |
|
●
|
CONNECTS
and controls fan engagement with real-time, personalized betting offers sourced from U.S. sportsbooks and casinos in states where
online betting has been legalized; |
|
●
|
CONVERTS
passive fantasy sports and casual sports fans into sports bettors on a fully automated basis; and |
|
● |
readily
enables gaming operators and publishers to CAPITALIZE on acquiring and scaling sports betting and iGaming depositors, resulting
in higher revenue generation and greatly enhanced user experiences. |
We
reach fans and cultivate audience growth and activation through our four primary operating segments: 1) Sports Gaming Client Services;
2) SportsHub Games Network/Fantasy Sports; 3) Affiliate Marketing Services – International; and 4) Affiliate Marketing Services
– United States.
The
Company previously owned and operated an enterprise telecom expense management business (“Enterprise TEM”) acquired in July
2021 in connection with SharpLink’s go-public merger with Mer Telemanagement Solutions. Beginning in 2022, we discontinued operations
for this business unit and sought a buyer for the business. On December 31, 2022, we completed the sale of this business to Israel-based
Entrypoint South Ltd.
SharpLink
is guided by an accomplished, entrepreneurial leadership team of industry veterans and pioneers encompassing decades of experience in
delivering innovative sports solutions to partners that have included Turner Sports, Google, Facebook, the National Football League (“NFL”),
NCAA and NBA, among many other iconic organizations, with executive experience at companies which include ESPN, NBC, Sportradar, AOL,
Betfair and others.
As
of September 30, 2023, the Company’s state regulatory initiatives have resulted in SharpLink being licensed and/or authorized to
operate in 26 U.S. states, the District of Columbia, Puerto Rico and Ontario, Canada, which represents most of the legal online betting
market in North America.
By
leveraging our technology and building on our current client and industry relationships, SharpLink believes we are well positioned to
earn a leadership position in the rapidly evolving sports betting and iGaming markets by driving down customer acquisition costs, materially
increasing and enhancing player engagement and delivering users with high lifetime value to our proprietary web properties and to those
of our gaming partners.
Nasdaq
Notice
On
May 23, 2023, SharpLink received a notice (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market
(“Nasdaq”) stating that SharpLink is no longer in compliance with the equity standard for continued listing on The Nasdaq
Capital Market. Nasdaq Listing Rule 5550(b)(1) requires listed companies to maintain stockholders’ equity of at least $2,500,000
under the net equity standard. As of SharpLink Quarterly Report on Form 10-Q for the three and nine-month periods ended September 30,
2023, SharpLink reported an accumulated stockholders’ deficit of $82,728,717 and total stockholders’ deficit of $4,463,917
respectively. SharpLink currently does not meet the alternative standards for market value of listed securities or net income from continuing
operations, thus SharpLink is not in compliance with Nasdaq’s Listing Rule.
Nasdaq
provided the Company with 45 calendar days, or until July 7, 2023, to submit a plan to regain compliance. The Company timely submitted
its plan and relevant materials to Nasdaq and requested an extension through November 20, 2023 to evidence compliance with the Rule.
On August 3, 2023, the Company received a determination letter (the “Letter”) from Nasdaq advising it that Nasdaq determined
to grant the Company an extension to regain compliance with the Rule on or before November 20, 2023. The terms of the extension are as
follows: on or before November 20, 2023, the Company must take the actions set forth in the plan and opt for one of the two alternatives
to evidence compliance with the Rule.
Regardless
of which alternative the Company chooses, if the Company fails to evidence compliance upon filing its periodic report for the year ended
December 31, 2023, with the SEC and Nasdaq, the Company may receive a written notification from Staff that its securities will be delisted.
At that time, the Company may appeal Staff’s determination to a Hearings Panel.
Pending
Domestication Merger
On
June 14, 2023, the Company (or “SharpLink Israel”), SharpLink Gaming, Inc., a Delaware corporation and a wholly owned subsidiary of SharpLink Israel (“SharpLink
US”), and SharpLink Merger Sub Ltd., an Israeli company and a wholly owned subsidiary of SharpLink US (“Domestication Merger
Sub”), entered into an Agreement and Plan of Merger and Reorganization (as amended July 24, 2023, the “Domestication Merger
Agreement”), pursuant to which Domestication Merger Sub will be merged with and into SharpLink Israel, with SharpLink Israel being
the surviving entity and continuing a wholly owned subsidiary of SharpLink US (the “Domestication Merger”).
Under
the Domestication Merger Agreement, SharpLink Israel will become a wholly owned subsidiary of a Delaware corporation by the
Domestication Merger Sub merging with and into SharpLink Israel, with SharpLink Israel surviving the Domestication Merger and
becoming a wholly owned subsidiary of SharpLink US. In connection with the Domestication Merger, all SharpLink Israel ordinary
shares, par value NIS 0.60 per share (the “SharpLink Israel Shares”), outstanding immediately prior to the Domestication
Merger will convert, on a one-for-one basis, into the right to receive, and become exchangeable for, shares of common stock of
SharpLink US, par value $0.0001 per share (the “SharpLink US Common Stock”), and all preferred shares, options and
warrants of SharpLink Israel outstanding immediately prior to the Domestication Merger will be converted into or exchanged for
equivalent securities of SharpLink US. The 8% Interest Rate, 10% Original Issue Discount, Senior Convertible Debenture in the
aggregate principal amount of $4,400,000 (as amended, the “Debenture”) issued to Alpha Capital Anstalt
(“Alpha”) on February 15, 2023, convertible into SharpLink Israel Shares, will be convertible into shares of SharpLink
US Common Stock at the same price and on the same other terms and any interest paid thereunder in shares will be paid in SharpLink
US Common Stock. By virtue of the Domestication Merger, all of the SharpLink Israel Shares and SharpLink Israel Preferred Shares
shall represent the right to receive the applicable SharpLink US Common Stock and Preferred Stock, shall be deemed to have been
transferred to SharpLink US in exchange for the right to receive such applicable SharpLink US Common Stock and Preferred Stock, and
each holder of a certificate or of evidence of shares in book-entry account, representing any certificated or non-certificated
SharpLink Israel Shares or SharpLink Israel Preferred Shares, shall cease to have any rights with respect thereto, except the right
to receive the applicable SharpLink US Common Stock and Preferred Stock.
The
proxy statement/registration statement on Form S-4 (file number: 333-272655), as amended, was originally filed with the SEC by
SharpLink Israel and SharpLink US on June 15, 2023, and declared effective by the SEC on October 23, 2023. SharpLink Israel’s
Board of Directors has set October 30, 2023 as the record date for shareholders to vote, by proxy or in person, on approving and
adopting the Domestication Merger Agreement and the transactions contemplated therein at an Extraordinary General Meeting of
Shareholders that will be held on November 29, 2023 at 11:00 A.M. Central time at the Company’s corporate office located at
333 Washington Avenue North, Suite 104, Minneapolis, Minnesota 55401.
Change
in Share Capital
On
October 24, 2023, the Company held an Extraordinary General Meeting of Shareholders (the “Meeting”) at which shareholders
approved the adoption of an amendment to the Company’s amended and restated articles of association to increase authorized share
capital of the Company from 9,290,000 Ordinary Shares, nominal value NIS 0.60 per share, to 100,000,000 Ordinary Shares, nominal value
NIS 0.60 per share and a corresponding amendment to the Company’s memorandum of association.
Three
and Nine Months Ended September 30, 2023 Compared to Three Months Ended September 30, 2022
| |
Three Months Ended September 30, | | |
| | |
| |
| |
2023 | | |
2022 | | |
$ Change | | |
% Change | |
Revenues | |
$ | 3,269,924 | | |
$ | 1,292,674 | | |
$ | 1,977,250 | | |
| 153.0 | % |
Cost of Revenues | |
| 2,133,604 | | |
| 1,104,695 | | |
| 1,028,909 | | |
| 93.1 | % |
Gross profit | |
| 1,136,320 | | |
| 187,979 | | |
| 948,341 | | |
| 504.5 | % |
Gross profit percentage | |
| 34.8 | % | |
| 14.5 | % | |
| | | |
| | |
Total operating expenses | |
| 3,595,072 | | |
| 2,105,178 | | |
| 1,489,894 | | |
| 70.8 | % |
Operating loss from continuing operations | |
| (2,458,752 | ) | |
| (1,917,199 | ) | |
| (541,553 | ) | |
| 28.2 | % |
Total other income (expenses) | |
| (238,345 | ) | |
| (25,475 | ) | |
| (212,870 | ) | |
| 835.6 | % |
Net loss before income taxes | |
| (2,697,097 | ) | |
| (1,942,674 | ) | |
| (754,423 | ) | |
| 38.8 | % |
Provision for income taxes | |
| 4,450 | | |
| 300 | | |
| 4,150 | | |
| 1383.3 | % |
Net loss from continuing operations | |
| (2,701,547 | ) | |
| (1,942,974 | ) | |
| (758,573 | ) | |
| 39.0 | % |
Net income (loss) from discontinued ops, net of tax | |
| (148,000 | ) | |
| (104,633 | ) | |
| (43,367 | ) | |
| 41.49 | % |
Net loss | |
$ | (2,849,547 | ) | |
$ | (2,047,607 | ) | |
$ | (801,940 | ) | |
| 39.2 | % |
| |
Nine Months Ended September 30, | | |
| | |
| |
| |
2023 | | |
2022 | | |
$ Change | | |
% Change | |
Revenues | |
$ | 9,917,671 | | |
$ | 4,940,264 | | |
$ | 4,977,407 | | |
| 100.8 | % |
Cost of Revenues | |
| 6,472,399 | | |
| 4,034,837 | | |
| 2,437,562 | | |
| 60.4 | % |
Gross profit | |
| 3,445,272 | | |
| 905,427 | | |
| 2,539,845 | | |
| 280.5 | % |
Gross profit percentage | |
| 34.7 | % | |
| 18.3 | % | |
| | | |
| | |
Total operating expenses | |
| 11,014,991 | | |
| 13,390,818 | | |
| (2,375,827 | ) | |
| -17.7 | % |
Operating loss from continuing operations | |
| (7,569,719 | ) | |
| (12,485,391 | ) | |
| 4,915,672 | | |
| -39.4 | % |
Total other income (expenses) | |
| (1,061,127 | ) | |
| (56,391 | ) | |
| (1,004,736 | ) | |
| 1781.7 | % |
Net loss before income taxes | |
| (8,630,846 | ) | |
| (12,541,782 | ) | |
| 3,910,936 | | |
| -31.2 | % |
Provision for income taxes | |
| 41,600 | | |
| 1,000 | | |
| 40,600 | | |
| 4060.0 | % |
Net loss from continuing operations | |
| (8,672,446 | ) | |
| (12,542,782 | ) | |
| 3,870,336 | | |
| -30.9 | % |
Net income (loss) from discontinued ops, net of tax | |
| (441,997 | ) | |
| (1,360,286 | ) | |
| 918,289 | | |
| -67.5 | % |
Net loss | |
$ | (9,114,443 | ) | |
$ | (13,903,068 | ) | |
$ | 4,788,625 | | |
| -34.4 | % |
Revenues
For
the three-month periods ended September 30, 2023 and 2022, revenues climbed 153% to $3,269,924 from $1,292,674, respectively, due
primarily to revenue contribution from SportsHub Games Network Inc. (“SportsHub”), which was merged with SharpLink on December 22, 2022, coupled with
revenue growth in all other SharpLink’s business units. More specifically, revenues from our Affiliate Marketing Services
– United States business unit increased to $231,921 from $114,972 on a comparable quarter-over-quarter basis. Likewise,
revenue from our Affiliate Marketing Services – International business unit totaled $1,191,964 for the three months ended
September 30, 2023, which compared to $760,585 for the same three months in the prior year. Revenues from the development of
free-to-play games by our Sports Gaming Client Services saw a modest improvement, increasing to $420,100 from $417,117 for the three
months ended September 30, 2023 and 2022, respectively.
For
the same reasons mentioned above, total revenues for the nine months ended September 30 2023 and 2022 more than doubled, increasing
101% to $9,917,671 from $4,940,264, respectively. On a segmented basis, nine-month revenues from our Affiliate Marketing Services
– United States business unit totaled $817,268 in 2023 which compared to $285,004 for the same nine-month reporting period in
2022. Total revenues from our Affiliate Marketing Services – International business unit rose to $3,325,128 compared to
$2,524,547 for the nine months ended September 30, 2023 and 2022, respectively. Our Sports Gaming Client Services group contributed
$2,183,644 towards total revenues for the nine-months ended September 30, 2023, up from $2,130,713 reported for the nine months
ended September 30, 2022. Revenues from SportsHub totaled $3,591,631 for the first nine months of 2023, which
compared to $0 for the same period in 2022 due to the timing of the merger in December 2022.
Gross
Profit
Gross
profit for the three and nine months ended September 30, 2023 and 2022, improved significantly, rising to $1,136,320, increasing 505%
from $187,979 for the comparable three-month reporting periods, respectively; and increasing 281% to $3,445,272 compared to $905,427
for the nine months ended September 30, 2023 and 2022, respectively. Gross profit margin for the three months ended September 30, 2023
improved to 35%, which compared to 15% for the same three months in 2022; and gross profit margin increased to 35% from 18% for the nine
months ended September 30, 2023 and 2022, respectively.
Operating
Expenses
For
the three months ended September 30, 2023, total operating expenses increased 71% to $3,595,072, up from $2,105,178 for the three months
ended September 30, 2022. The increase was attributable solely to higher selling, general and administrative expenses attributable primarily
to our December 2022 merger with SportsHub as well as expansion initiatives associated with our Affiliate Marketing Services
business units. For the nine months ended September 30, 2023 and 2022, operating expenses declined 18% to $11,014,991 from
$13,390,818 due largely to a goodwill and intangible asset impairment expense of $4,726,000 recorded in the nine-month period ended September
30, 2022.
Operating
Loss from Continuing Operations
Operating
loss increased 28% to $2,458,752 for the three months ended September 30, 2023 compared to an operating loss of $1,917,199 for the
three-month period ended September 30, 2022. For the nine months ended September 30, 2023 and 2022, operating loss decreased 39% to
$7,569,719 from $12,485,391, respectively, due largely to a goodwill and intangible asset impairment expense of $4,726,000 booked in
the nine-month period ended September 30, 2022.
Net
Loss from Continuing Operations
For
the reasons detailed above and after factoring in an expense in total other income and expense of $238,345 and provision for income
taxes of $4,450, net loss from continuing operations for the three months ended September 30, 2023 totaled $2,701,547, a 39%
increase from $1,942,974 reported for the same three months in the prior year after factoring total other income and expense of
$25,475 and provision for income taxes of $300.
For
the nine months ended September 30, 2023, the Company’s net loss from continuing operations improved 31%, declining to $8,672,446
after factoring an expense of $1,061,127 in total other income and expense and provision for income taxes of $41,600. This compared to
a net loss from continuing operations of $12,542,782 for the nine months ended September 30, 2022 after factoring $56,391 in total other
expense and a provision for income taxes of $1,000.
During
the three- and nine-month reporting periods in 2023, total other income and expense was largely attributable to interest and other expenses
associated with the Company’s bank lines of credit, coupled with accounting for the change in fair value of its convertible debenture
offset by higher interest income earned on its cash on hand.
Net
Income (Loss) from Discontinued Operations
Net
loss from discontinued operations of SharpLink’s legacy MTS business increased to $148,000 for the three months ended September
30, 2023, which compared to a net loss from discontinued operations of $104,633 for the three months ended September 30, 2023. For the
nine months ended September 30, 2023, net loss from discontinued operations of the legacy MTS business totaled $441,997, down 68% from
$1,360,286 reported for the same nine months in 2022.
Net
Loss Available to Ordinary Shareholders
For
all of the aforementioned reasons, the total net loss available to ordinary shareholders increased 39% to $2,849,760, or
$0.99 loss per share, which compared to a net loss attributable to shareholders of $2,049,854 or $0.86 loss per share, for the same three
months in 2022. For the nine months ended September 30, 2023, the total net loss available to ordinary shareholders was $9,164,937, or
$3.35 loss per share, reflecting a 34% decline when compared to a total net loss attributable to shareholders of $13,911,156, or $5.89
loss per share, reported for the comparable nine-month period in the previous year.
Cash
Flows
As
of September 30, 2023, the Company had $49,309,668 in cash and $14,874,585 in restricted cash, as compared to cash of $39,324,529 and
restricted cash of $11,132,957 as of December 31, 2022. For the nine months ended September 30, 2023, cash provided by operations from
continuing activities was $6,266,211, which compared to cash used in operations from continuing activities of $6,376,631 for the first
nine months ended September 30, 2022. The increase in cash and in restricted cash was primarily attributable to fantasy sports league
entry fees collected for the 2023-2024 NFL season as well as entry fees for the 2023 MLB season, offset by payouts for fantasy sports
prizes following the end of the 2022-2023 NFL season that occurred in January in addition to normal working capital spend.
For
the nine months ended September 30, 2023, cash used in investing activities from continuing operations was $844,350, which compared
to $593,385 for the nine months ended September 30, 2022. The increase in cash used in investing activities was largely attributable
to an increase in capital expenditures associated with ongoing development of our C4 sports betting conversion technology and new
generative Artificial Intelligence solution, Betsense, in 2023, as well as payments related to the acquisition of FourCubed in
2022.
For
the nine months ended September 30, 2023, cash provided by financing activities was $7,862,906, as compared to cash provided by
financing activities of $2,765,497 recorded for the nine months ended September 30, 2022. In February 2023, a securities purchase
agreement entered into with a current shareholder of the Company, pursuant to which the Company issued the investor a convertible
debenture in the aggregate principal amount of $4,400,000 for proceeds of $4,000,000. The Company also drew down $4,629,349 from
its line of credit with Platinum Bank in the first nine months of 2023. The overall increase was offset by repayments of debt
totaling $758,943 and payments of debt issue costs totaling $7,500 in the 2023 nine-month reporting period.
Liquidity
and Capital Resources
We
will require additional capital to support our growth plans and such capital may not be available on reasonable terms or at all. There
is substantial doubt about our ability to continue as a going concern.
As
of September 30, 2023, we had negative working capital of $13,500,173. For the nine months ended September 30, 2023, we incurred a net
loss from continuing operations of $8,672,446 representing a 31% decrease from a loss from continuing operations of $12,542,782 for the
nine months ended September 30, 2022. In the pursuit of SharpLink’s long-term growth strategy and the development of its fan activation
and conversion software and related businesses, the Company has sustained continued operating losses. To fund anticipated future losses
from operations, the Company secured additional financing through a $3,250,000 term loan in January 2022, as described in Note 7 - Debt.
In addition, as described in Note 6, on February 13, 2023, the Company entered into a Revolving Credit Agreement with Platinum Bank and
executed a revolving promissory note of $7,000,000. Moreover, on February 14, 2023, the Company entered into the SPA with Alpha, a current
shareholder of the Company, pursuant to which the Company issued to Alpha a convertible debenture in the aggregate principal amount of
$4,400,000 for proceeds of $4,000,000.
Until
we can generate a sufficient amount of revenue to finance our capital needs, which we may never achieve, we expect to finance our cash
needs primarily through public or private equity financings or conventional debt financings. We cannot be certain that additional funding
will be available on acceptable terms or at all. If we are not able to secure additional funding when needed to support our business
growth and to respond to business challenges, track and comply with applicable laws and regulations, develop new technology and services
or enhance our existing offering, improve our operating infrastructure, enhance our information security systems to combat changing cyber
threats and expand personnel to support our business, we may have to delay or reduce the scope of planned strategic growth initiatives.
Moreover, any additional equity financing that we obtain may dilute the ownership held by our existing shareholders. The economic dilution
to our shareholders will be significant if our stock price does not materially increase, or if the effective price of any sale is below
the price paid by a particular shareholder. Any debt financing could involve substantial restrictions on activities and creditors could
seek additional pledges of some or all of our assets. If we fail to obtain additional funding as needed, we may be forced to cease or
scale back operations, and our results, financial conditions and stock price would be adversely affected. As such, these factors, among
others, raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period.
Off-Balance
Sheet Arrangements
On
September 30, 2023, we did not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future
effect on our financial condition, changes in financial condition, revenue or expenses, results of operations, liquidity, capital expenditures
or capital resources. Since our inception, except for standard operating leases accounted for prior to January 1, 2022, we have not engaged
in any off-balance sheet arrangements, including the use of structured finance, special purpose entities or variable interest entities.
We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition,
changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that
is material to stockholders.
Inflation
Our
opinion is that inflation did not have a material effect on our operations for the nine months ended September 30, 2023.
Climate
Change
Our
opinion is that neither climate change, nor governmental regulations related to climate change, have had, or are expected to have, any
material effect on our operations.
New
Accounting Pronouncements
There
were certain updates recently issued by the Financial Accounting Standards Board (“FASB”), most of which represented technical
corrections to the accounting literature or application to specific industries or situations and are not expected to a have a material
impact on the Company’s consolidated financial position, results of operations or cash flows.
ITEM
3. |
QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
As
a “smaller reporting company” as defined by Item 10 of Regulation S-K, we are not required to provide information required
by this Item.
ITEM
4. |
CONTROLS
AND PROCEDURES |
Evaluation
of Disclosure and Control Procedures
The
Company’s Chief Executive Officer and the Company’s Chief Financial Officer evaluated the effectiveness of the Company’s
disclosure controls and procedures as of September 30, 2023 and concluded that the Company’s disclosure controls and procedures
are effective. The term disclosure controls and procedures means controls and other procedures that are designed to ensure that information
required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), is accumulated, recorded, processed, summarized and communicated to the Company’s management,
including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow
timely decisions regarding required disclosure to be reported within the time periods specified in the SEC’s rules and forms.
Changes
in Internal Control over Financial Reporting
There
were no changes in our internal control over financial reporting, as defined in Rules 13a-15(t) and 15d-15(f) under the Exchange Act,
during the three and nine months ended September 30, 2023 that have materially affected, or are reasonably likely to materially affect,
our internal control over financial reporting.
PART
II. |
OTHER
INFORMATION |
ITEM
1. |
LEGAL
PROCEEDINGS |
Legal
Proceedings
None.
We
are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information under this
item.
ITEM
2. |
RECENT
SALES OF UNREGISTERED EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES |
None.
ITEM
3. |
DEFAULTS
UPON SENIOR SECURITIES |
None.
ITEM
4. |
MINE
SAFETY DISCLOSURES |
Not
applicable.
ITEM
5. |
OTHER
INFORMATION |
None.
SIGNATURES
In
accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
|
SharpLink
Gaming Ltd. |
|
|
|
Dated:
November 13, 2023 |
By: |
/s/
Rob Phythian |
|
|
Rob
Phythian |
|
|
Chief
Executive Officer |
|
|
|
Dated:
November 13, 2023 |
By: |
/s/
Robert DeLucia |
|
|
Robert
DeLucia |
|
|
Chief
Financial Officer |
Exhibit 31.1
CERTIFICATION
I, Rob Phythian, certify that:
1. I have reviewed this Quarterly
Report on Form 10-Q for the three and nine months ended September 30, 2023 of SharpLink Gaming Ltd. (the “registrant”);
2. Based on my knowledge, this
report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made,
in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the
financial statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other
certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange
Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the registrant and have:
a. Designed such disclosure controls
and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;
b. Designed such internal control
over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles;
c. Evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d. Disclosed in this report
any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most
recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has
materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;
and
5. The registrant’s other
certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s
auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a. All significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant’s ability to record, process, summarize and report financial information; and
b. Any fraud, whether or not
material, that involves management or other employees who have a significant role in the registrant’s internal control over financial
reporting.
Date: November 13, 2023 |
/s/ Rob Phythian |
|
Rob Phythian |
|
Chief Executive Officer (Principal Executive Officer) |
Exhibit 31.2
CERTIFICATION
I, Robert DeLucia, certify that:
1. I have reviewed this Quarterly
Report on Form 10-Q for the three and nine months ended September 30, 2023 of SharpLink Gaming Ltd. (the “registrant”);
2. Based on my knowledge, this
report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made,
in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the
financial statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other
certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange
Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the registrant and have:
a. Designed such disclosure controls
and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;
b. Designed such internal control
over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles;
c. Evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d. Disclosed in this report any
change in the registrant’s internal control over financial reporting that occurred during the registrant’s fourth fiscal quarter
that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;
and
5. The registrant’s other
certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s
auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a. All significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant’s ability to record, process, summarize and report financial information; and
b. Any fraud, whether or not
material, that involves management or other employees who have a significant role in the registrant’s internal control over financial
reporting.
Date: November 13, 2023 |
/s/ Robert DeLucia |
|
Robert DeLucia |
|
Chief Financial Officer (Principal Financial Officer) |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of SharpLink
Gaming Ltd. (the “Company”) on Form 10-Q for the three and nine months ended September 30, 2023, as filed with the Securities
and Exchange Commission on the date hereof (the “Report”), I, Rob Phythian, Chief Executive Officer (Principal Executive Officer)
of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained
in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: November 13, 2023
|
/s Rob Phythian |
|
Rob Phythian |
|
Chief Executive Officer (Principal Executive Officer) |
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of SharpLink
Gaming Ltd. (the “Company”) on Form 10-Q for the three and nine months ended September 30, 2023, as filed with the Securities
and Exchange Commission on the date hereof (the “Report”), I, Robert DeLucia, Chief Financial Officer (Principal Financial
Officer) of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, that:
(1) The Report fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained
in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: November 13, 2023
|
/s/ Robert DeLucia |
|
Robert DeLucia |
|
Chief Financial Officer (Principal Financial Officer) |
v3.23.3
Cover - shares
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Sep. 30, 2023 |
Nov. 13, 2023 |
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Entity File Number |
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Entity Registrant Name |
SHARPLINK
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v3.23.3
Consolidated Balance Sheets - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Current Assets |
|
|
Cash |
$ 49,309,668
|
$ 39,324,529
|
Restricted cash |
14,874,585
|
11,132,957
|
Accounts receivable |
1,394,340
|
776,530
|
Unbilled receivables |
128,879
|
47,000
|
Contract assets |
99,410
|
219,116
|
Deferred prize expense |
5,349,300
|
356,158
|
Prepaid expenses and other current assets |
1,770,813
|
744,275
|
Current assets from discontinued operations |
389,000
|
1,310,000
|
Total current assets |
73,315,995
|
53,910,565
|
Investment, cost |
200,000
|
200,000
|
Equipment, net |
61,796
|
60,218
|
Right-of-use asset - operating lease |
264,381
|
230,680
|
Intangibles |
|
|
Intangible assets, net |
3,970,213
|
3,727,933
|
Goodwill |
6,916,095
|
6,916,095
|
Total assets |
84,728,480
|
65,045,491
|
Current Liabilities |
|
|
Accounts payable and accrued expenses |
2,584,120
|
2,125,707
|
Contract liabilities |
8,448,201
|
2,166,451
|
Prize liability |
11,585,038
|
6,061,434
|
Customer deposits |
49,147,991
|
42,171,589
|
Line of credit |
8,745,034
|
4,120,651
|
Current portion of long-term debt |
1,054,954
|
1,018,918
|
Current portion of convertible debt, net of discount |
4,372,963
|
|
Current portion of lease liability |
56,369
|
31,070
|
Current liabilities from discontinued operations |
821,498
|
1,215,213
|
Total current liabilities |
86,816,168
|
58,911,033
|
Long-Term Liabilities |
|
|
Deferred tax liability |
24,689
|
6,206
|
Debt, less current portion |
2,142,338
|
2,931,698
|
Lease liability, less current portion |
209,202
|
210,037
|
Total liabilities |
89,192,397
|
62,058,974
|
Commitments and Contingencies |
|
|
Stockholders’ Equity |
|
|
Treasury stock, nine ordinary shares at cost |
(29,000)
|
(29,000)
|
Additional paid-in capital |
77,723,094
|
76,039,604
|
Accumulated deficit |
(82,728,717)
|
(73,565,641)
|
Total stockholders’ equity (deficit) |
(4,463,917)
|
2,986,517
|
Total liabilities and stockholders’ equity (deficit) |
84,728,480
|
65,045,491
|
Series A-1 Preferred Stock [Member] |
|
|
Stockholders’ Equity |
|
|
Preferred stock, value |
1,440
|
1,326
|
Ordinary shares, NIS 0.60 par value; authorized shares 9,290,000 issued and outstanding shares: 2,833,734 and 2,688,541, respectively |
566,770
|
537,731
|
Series B Preferred Stock [Member] |
|
|
Stockholders’ Equity |
|
|
Preferred stock, value |
$ 2,496
|
$ 2,496
|
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v3.23.3
Consolidated Balance Sheets (Parenthetical)
|
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Dec. 31, 2022
USD ($)
$ / shares
shares
|
Common stock par value | (per share) |
$ 0.60
|
$ 0.60
|
Common stock, shares authorized |
9,290,000
|
9,290,000
|
Common stock, shares issued |
2,833,734
|
2,688,541
|
Common stock, shares outstanding |
2,833,734
|
2,688,541
|
Series A-1 Preferred Stock [Member] |
|
|
Preferred stock, par authorized |
260,000
|
260,000
|
Preferred stock, shares issued |
7,202
|
6,630
|
Preferred stock, shares outstanding |
7,202
|
6,630
|
Liquidation preference, value | $ |
$ 117,009
|
$ 138,414
|
Series B Preferred Stock [Member] |
|
|
Preferred stock, par authorized |
370,000
|
370,000
|
Preferred stock, shares issued |
12,481
|
12,481
|
Preferred stock, shares outstanding |
12,481
|
12,481
|
Liquidation preference, value | $ |
$ 529,122
|
$ 595,245
|
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v3.23.3
Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Revenues |
$ 3,269,924
|
$ 1,292,674
|
$ 9,917,671
|
$ 4,940,264
|
Cost of revenues |
2,133,604
|
1,104,695
|
6,472,399
|
4,034,837
|
Gross profit |
1,136,320
|
187,979
|
3,445,272
|
905,427
|
Operating expenses |
|
|
|
|
Selling, general, and administrative expenses |
3,595,072
|
2,105,178
|
11,014,991
|
8,664,818
|
Goodwill and intangible asset impairment expenses |
|
|
|
4,726,000
|
Total operating expenses |
3,595,072
|
2,105,178
|
11,014,991
|
13,390,818
|
Operating loss |
(2,458,752)
|
(1,917,199)
|
(7,569,719)
|
(12,485,391)
|
Other income and expense |
|
|
|
|
Interest income |
541,784
|
6,922
|
1,191,046
|
30,424
|
Interest expense |
(450,577)
|
(32,397)
|
(1,167,940)
|
(86,815)
|
Other expense |
(5,347)
|
|
(81,990)
|
|
Change in fair value of convertible debenture |
(324,205)
|
|
(1,002,243)
|
|
Total other income and expense |
(238,345)
|
(25,475)
|
(1,061,127)
|
(56,391)
|
Net loss before income taxes |
(2,697,097)
|
(1,942,674)
|
(8,630,846)
|
(12,541,782)
|
Provision for income tax expenses |
4,450
|
300
|
41,600
|
1,000
|
Net loss from continuing operations |
(2,701,547)
|
(1,942,974)
|
(8,672,446)
|
(12,542,782)
|
Net loss from discontinued operations, net of tax |
(148,000)
|
(104,633)
|
(441,997)
|
(1,360,286)
|
Net loss |
(2,849,547)
|
(2,047,607)
|
(9,114,443)
|
(13,903,068)
|
Numerator for basic and diluted net loss per share: |
|
|
|
|
Net loss from continuing operations available to ordinary shareholders |
(2,701,760)
|
(1,945,221)
|
(8,722,940)
|
(12,550,870)
|
Net loss from continuing operations available to ordinary shareholders diluted |
(2,701,760)
|
(1,945,221)
|
(8,722,940)
|
(12,550,870)
|
Net loss from discontinued operations available to ordinary shareholders |
(148,000)
|
(104,633)
|
(441,997)
|
(1,360,286)
|
Net loss from discontinued operations available to ordinary shareholders diluted |
(148,000)
|
(104,633)
|
(441,997)
|
(1,360,286)
|
Total Numerator for basic net loss per share |
(2,849,760)
|
(2,049,854)
|
(9,164,937)
|
(13,911,156)
|
Total Numerator for diluted net loss per share |
$ (2,849,760)
|
$ (2,049,854)
|
$ (9,164,937)
|
$ (13,911,156)
|
Denominator for basic and diluted net loss per share: |
|
|
|
|
Weighted average shares outstanding, basic |
2,863,607
|
2,361,974
|
2,736,583
|
2,361,974
|
Weighted average shares outstanding, diluted |
2,863,607
|
2,361,974
|
2,736,583
|
2,361,974
|
Net loss from continuing operations per share, basic |
$ (0.94)
|
$ (0.82)
|
$ (3.19)
|
$ (5.31)
|
Net loss from continuing operations per share, diluted |
(0.94)
|
(0.82)
|
(3.19)
|
(5.31)
|
Net loss from discontinued operations per share, basic |
(0.05)
|
(0.04)
|
(0.16)
|
(0.58)
|
Net loss from discontinued operations per share, diluted |
(0.05)
|
(0.04)
|
(0.16)
|
(0.58)
|
Net loss per share, basic |
(0.99)
|
(0.86)
|
(3.35)
|
(5.89)
|
Net loss per share, diluted |
$ (0.99)
|
$ (0.86)
|
$ (3.35)
|
$ (5.89)
|
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v3.23.3
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)
|
Common Stock [Member] |
Preferred Stock [Member]
Series A-1 Preferred Stock [Member]
|
Preferred Stock [Member]
Series B Preferred Stock [Member]
|
Additional Paid-in Capital [Member] |
Treasury Stock, Common [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2021 |
$ 447,346
|
$ 1,094
|
$ 2,496
|
$ 72,101,783
|
$ (29,000)
|
$ (58,332,263)
|
$ 14,191,456
|
Balance, shares at Dec. 31, 2021 |
2,236,615
|
5,474
|
12,481
|
|
|
|
|
Net loss |
|
|
|
|
|
(7,044,529)
|
(7,044,529)
|
Stock-based compensation expense |
|
|
|
380,685
|
|
|
380,685
|
Dividends on Series B preferred stock in Series A-1 preferred stock |
|
|
|
|
|
|
|
Dividends on Series B preferred stock in Series A-1 preferred stock, shares |
|
|
|
|
|
|
|
Balance at Mar. 31, 2022 |
$ 447,346
|
$ 1,094
|
$ 2,496
|
72,482,468
|
(29,000)
|
(65,376,792)
|
7,527,612
|
Balance, shares at Mar. 31, 2022 |
2,236,615
|
5,474
|
12,481
|
|
|
|
|
Balance at Dec. 31, 2021 |
$ 447,346
|
$ 1,094
|
$ 2,496
|
72,101,783
|
(29,000)
|
(58,332,263)
|
14,191,456
|
Balance, shares at Dec. 31, 2021 |
2,236,615
|
5,474
|
12,481
|
|
|
|
|
Net loss |
|
|
|
|
|
|
(13,903,068)
|
Balance at Sep. 30, 2022 |
$ 447,346
|
$ 1,226
|
$ 2,496
|
74,455,510
|
(29,000)
|
(72,235,331)
|
2,642,247
|
Balance, shares at Sep. 30, 2022 |
2,236,615
|
6,131
|
12,481
|
|
|
|
|
Balance at Mar. 31, 2022 |
$ 447,346
|
$ 1,094
|
$ 2,496
|
72,482,468
|
(29,000)
|
(65,376,792)
|
7,527,612
|
Balance, shares at Mar. 31, 2022 |
2,236,615
|
5,474
|
12,481
|
|
|
|
|
Net loss |
|
|
|
|
|
(4,810,932)
|
(4,810,932)
|
Stock-based compensation expense |
|
|
|
1,864,841
|
|
|
1,864,841
|
Dividends on Series B preferred stock in Series A-1 preferred stock |
|
$ 82
|
|
(82)
|
|
|
|
Dividends on Series B preferred stock in Series A-1 preferred stock, shares |
|
407
|
|
|
|
|
|
Balance at Jun. 30, 2022 |
$ 447,346
|
$ 1,176
|
$ 2,496
|
74,347,227
|
(29,000)
|
(70,187,724)
|
4,581,521
|
Balance, shares at Jun. 30, 2022 |
2,236,615
|
5,881
|
12,481
|
|
|
|
|
Net loss |
|
|
|
|
|
(2,047,607)
|
(2,047,607)
|
Stock-based compensation expense |
|
|
|
108,333
|
|
|
108,333
|
Dividends on Series B preferred stock in Series A-1 preferred stock |
|
$ 50
|
|
(50)
|
|
|
|
Dividends on Series B preferred stock in Series A-1 preferred stock, shares |
|
250
|
|
|
|
|
|
Balance at Sep. 30, 2022 |
$ 447,346
|
$ 1,226
|
$ 2,496
|
74,455,510
|
(29,000)
|
(72,235,331)
|
2,642,247
|
Balance, shares at Sep. 30, 2022 |
2,236,615
|
6,131
|
12,481
|
|
|
|
|
Balance at Dec. 31, 2022 |
$ 537,731
|
$ 1,326
|
$ 2,496
|
76,039,605
|
(29,000)
|
(73,565,641)
|
2,986,517
|
Balance, shares at Dec. 31, 2022 |
2,688,541
|
6,630
|
12,481
|
|
|
|
|
Net loss |
|
|
|
|
|
(2,823,738)
|
(2,823,738)
|
Stock-based compensation expense |
|
|
|
152,034
|
|
|
152,034
|
Dividends on Series B preferred stock in Series A-1 preferred stock |
|
$ 50
|
|
(50)
|
|
|
|
Dividends on Series B preferred stock in Series A-1 preferred stock, shares |
|
250
|
|
|
|
|
|
Warrants issued in conjunction with convertible debenture |
|
|
|
1,174,229
|
|
|
1,174,229
|
Balance at Mar. 31, 2023 |
$ 537,731
|
$ 1,376
|
$ 2,496
|
77,365,818
|
(29,000)
|
(76,389,379)
|
1,489,042
|
Balance, shares at Mar. 31, 2023 |
2,688,541
|
6,880
|
12,481
|
|
|
|
|
Balance at Dec. 31, 2022 |
$ 537,731
|
$ 1,326
|
$ 2,496
|
76,039,605
|
(29,000)
|
(73,565,641)
|
2,986,517
|
Balance, shares at Dec. 31, 2022 |
2,688,541
|
6,630
|
12,481
|
|
|
|
|
Net loss |
|
|
|
|
|
|
(9,114,443)
|
Warrants issued in conjunction with convertible debenture |
|
|
|
|
|
|
1,174,229
|
Balance at Sep. 30, 2023 |
$ 566,770
|
$ 1,440
|
$ 2,496
|
77,723,094
|
(29,000)
|
(82,728,717)
|
(4,463,917)
|
Balance, shares at Sep. 30, 2023 |
2,833,734
|
7,202
|
12,481
|
|
|
|
|
Balance at Mar. 31, 2023 |
$ 537,731
|
$ 1,376
|
$ 2,496
|
77,365,818
|
(29,000)
|
(76,389,379)
|
1,489,042
|
Balance, shares at Mar. 31, 2023 |
2,688,541
|
6,880
|
12,481
|
|
|
|
|
Net loss |
|
|
|
|
|
(3,441,158)
|
(3,441,158)
|
Stock-based compensation expense |
|
|
|
167,630
|
|
|
167,630
|
Dividends on Series B preferred stock in Series A-1 preferred stock |
|
$ 50
|
|
(50)
|
|
|
|
Dividends on Series B preferred stock in Series A-1 preferred stock, shares |
|
250
|
|
|
|
|
|
Deemed dividend on Series B preferred stock anti-dilutive provision |
|
|
|
48,633
|
|
(48,633)
|
|
Balance at Jun. 30, 2023 |
$ 537,731
|
$ 1,426
|
$ 2,496
|
77,582,031
|
(29,000)
|
(79,879,170)
|
(1,784,486)
|
Balance, shares at Jun. 30, 2023 |
2,688,541
|
7,130
|
12,481
|
|
|
|
|
Net loss |
|
|
|
|
|
(2,849,547)
|
(2,849,547)
|
Stock-based compensation expense |
|
|
|
170,116
|
|
|
170,116
|
Dividends on Series B preferred stock in Series A-1 preferred stock |
|
$ 14
|
|
(14)
|
|
|
|
Dividends on Series B preferred stock in Series A-1 preferred stock, shares |
|
72
|
|
|
|
|
|
Deemed dividend on Series B preferred stock anti-dilutive provision |
|
|
|
|
|
|
|
Issuance of ordinary shares for cashless exercised warrants |
$ 24,296
|
|
|
(24,296)
|
|
|
|
Issuance of ordinary shares for cashless exercised warrants, shares |
121,479
|
|
|
|
|
|
|
Issuance of ordinary shares to SportsHub shareholders which were previously reserved for future issuance |
$ 4,743
|
|
|
(4,743)
|
|
|
|
Issuance of ordinary shares to SportsHub shareholders which were previously reserved for future issuance, shares |
23,714
|
|
|
|
|
|
|
Balance at Sep. 30, 2023 |
$ 566,770
|
$ 1,440
|
$ 2,496
|
$ 77,723,094
|
$ (29,000)
|
$ (82,728,717)
|
$ (4,463,917)
|
Balance, shares at Sep. 30, 2023 |
2,833,734
|
7,202
|
12,481
|
|
|
|
|
X |
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v3.23.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Operating activities |
|
|
Net loss from continuing operations |
$ (8,672,446)
|
$ (12,542,782)
|
Net loss from discontinued operations, net of tax |
(441,997)
|
(1,360,286)
|
Net loss |
(9,114,443)
|
(13,903,068)
|
Adjustments to reconcile net loss to net cash used for operating activities: |
|
|
Depreciation and amortization |
600,492
|
866,204
|
Amortization of loan costs |
8,153
|
|
Amortization of warrant and debt discount |
327,962
|
|
Amortization of prepaid stock issued for services |
129,000
|
|
Change in fair value of convertible debenture |
1,002,243
|
|
Accrued interest on convertible debenture |
216,987
|
|
Deferred tax expense |
18,483
|
977
|
Stock-based compensation expense |
489,780
|
2,353,859
|
Non-cash lease expense |
(9,237)
|
|
Write-off of amounts related to acquisition of FourCubed |
|
4,726,000
|
Gain on disposal of equipment |
|
(480)
|
Changes in assets and liabilities |
|
|
Accounts receivable |
(617,810)
|
397,857
|
Unbilled receivable |
(81,879)
|
(12,122)
|
Contract assets |
119,706
|
(182,383)
|
Deferred prize expense |
(4,993,142)
|
|
Prepaid expenses and other current assets |
(1,155,538)
|
(123,834)
|
Accounts payable and accrued expenses |
458,414
|
(485,741)
|
Contract liabilities |
6,281,750
|
(13,900)
|
Customer deposits and other current liabilities |
12,585,290
|
|
Net cash provided by (used for) operating activities – continuing operations |
6,266,211
|
(6,376,631)
|
Net cash provided by (used for) operating activities - discontinued operations |
(53,000)
|
873,319
|
Net cash used for operating activities |
6,213,211
|
(5,503,312)
|
Investing activities |
|
|
Proceeds from sale of equipment |
|
4,993
|
Payments relating to the acquisition of FourCubed |
|
(441,523)
|
Capital expenditures for equipment |
(25,850)
|
(21,406)
|
Capital expenditures for internally developed software |
(818,500)
|
(135,449)
|
Net cash used for investing activities |
(844,350)
|
(593,385)
|
Net cash used for investing activities – discontinued operations |
|
(10,443)
|
Net cash used for investing activities - continuing operations |
(844,350)
|
(603,828)
|
Financing activities |
|
|
Net advances to and proceeds from affiliate |
|
(61,079)
|
Proceeds from convertible debenture |
4,000,000
|
|
Proceeds from debt |
|
3,250,000
|
Proceeds from line of credit |
4,629,349
|
|
Repayments of debt |
(758,943)
|
(397,993)
|
Payments of debt issue costs |
(7,500)
|
(25,431)
|
Net cash generated by financing activities |
7,862,906
|
2,765,497
|
Net change in cash and restricted cash |
13,231,767
|
(3,341,643)
|
Cash and restricted cash, beginning of period |
51,105,486
|
7,780,671
|
Less cash from discontinued operations |
153,000
|
1,441,873
|
Cash and restricted cash, end of period |
64,184,253
|
2,997,155
|
Reconciliation of Cash and Restricted Cash |
|
|
Cash |
49,309,668
|
2,997,115
|
Restricted cash |
14,874,585
|
|
Total cash and restricted cash |
64,184,253
|
2,997,155
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |
|
|
Cash paid for interest |
485,531
|
80,848
|
Cash paid for taxes |
86,320
|
19,916
|
Non-cash financing activities |
|
|
Deemed dividend on Series B preferred stock |
48,633
|
|
Discount on convertible debenture and purchase warrant |
1,574,229
|
|
Dividends on Series B preferred stock in Series A-1 preferred stock |
1,861
|
8,088
|
Extension of maturity of operating lease liability |
$ 77,742
|
|
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v3.23.3
Basis of Presentation
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Note
1 - Basis of Presentation
The
accompanying unaudited condensed consolidated financial statements have been prepared by SharpLink Gaming Ltd. (the “Company,”
“SharpLink,” formerly Mer Telemanagement Services or “MTS”, “we,” or “our”), pursuant
to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of the Company, the foregoing
statements contain all adjustments, consisting only of normal recurring adjustments necessary to present fairly the financial position
of the Company as of September 30, 2023 and December 31, 2022, its results of operations and cash flows for the nine months ended September
30, 2023 and 2022. The condensed consolidated balance sheet as of December 31, 2022, has been derived from the audited consolidated financial
statements as of that date. The preparation of financial statements in conformity with accounting principles generally accepted in the
United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts
therein. Due to the inherent uncertainty involved in making estimates, actual results in future periods may differ from the estimates.
Certain
information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant
to rules and regulations of the SEC. Accordingly, the condensed consolidated financial statements do not include all information and
footnotes required by GAAP for complete financial statement presentation. These condensed consolidated financial statements should be
read in conjunction with the consolidated financial statements and the notes thereto for the year ended December 31, 2022, which are
included the Company’s Annual Report on Form 10-K filed with the SEC on April 5, 2023 and the Form 10-K/A filed with the SEC on
July 14, 2023.
Nature
of Business
The
Company is an Israeli-based corporation. SharpLink is a leading online technology company that connects sports fans, leagues and
sports websites to relevant and timely sports betting and iGaming content. SharpLink uses proprietary, intelligent, online
conversion technology and direct-to-player (“D2P”) performance marketing strategies to convert sports fans into sports
bettors and online casino game players for licensed, online sportsbook and casino operators. Further, SharpLink, through its
SportsHub Games Network Inc. (“SportsHub”) reporting unit, owns and operates an online gaming business that primarily
facilitates daily and seasonal peer-to-peer fantasy contests for its end users. The Company also operates a website that provides a
variety of services to private fantasy league commissioners, including secure online payment options, transparent tracking and
reporting of transactions, payment reminders, in-season security of league funds, and facilitation of prize payouts. SportsHub was
acquired by the Company on December 22, 2022.
On
July 26, 2021, SharpLink, Inc. completed its merger with Mer Telemanagement Solutions Ltd. (the “MTS Merger”), which changed
its name to SharpLink Gaming Ltd. and commenced trading on NASDAQ under the ticker symbol “SBET.” As a result of the MTS
Merger, SharpLink, Inc. shareholders owned 86% of the Company, on a fully diluted and as-converted basis, which represented a majority
of the voting shares. Additionally, immediately following the closing of the MTS Merger, legacy MTS directors and officers agreed to
resign, pursuant to an Agreement and Plan of Merger, dated as of July 26, 2021 (“MTS Merger Agreement”). SharpLink, Inc.’s
executives became officers of the Company and new members were appointed to the board of directors. The MTS Merger represented a reverse
acquisition in which SharpLink, Inc. was the accounting acquirer and legacy MTS was the accounting acquiree. The Company applied the
acquisition method of accounting to the identifiable assets and liabilities of legacy MTS, which were measured at estimated fair value
as of the date of the business combination.
Reverse
Share Split
On
April 23, 2023, the Company effected a one-for-ten (1:10) reverse share split of all the Company’s share capital and adopted amendments
to its Memorandum of Association and Second Amended and Restated Articles of Association (“M&AA”) whereby the Company
(i) decreased the number of issued and outstanding ordinary shares, nominal value NIS 0.60 per share, from 26,881,244 to 2,688,541;
(ii) reduced the total number of the Company’s authorized shares under its M&AA from 92,900,000 ordinary shares, nominal value
NIS 0.06 per share, to 9,290,000 ordinary shares, nominal value NIS 0.60 per share; and (ii) decreased by a ratio of one-for-ten (1:10)
the number of retrospectively issued and outstanding ordinary shares. Proportional adjustments for the reverse stock split were made
to the Company’s outstanding stock options, warrants and equity incentive plans. All share and per-share data and amounts have
been retrospectively adjusted as of the earliest period presented in the financial statements to reflect the reverse stock split.
Reclassifications
Certain
reclassifications were made to the balance sheet as of December 31, 2022 to conform to the September 30, 2023 method of presentation.
Certain reclassifications were made to the consolidated statements of operations for the nine months ended September 30, 2022 to conform
to the September 30, 2023 method of presentation. These reclassifications had no effect on reported total current assets, total assets,
total current liabilities, total liabilities, total stockholder’s equity, or revenues.
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v3.23.3
Going Concern
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Going Concern |
Note
2 - Going Concern
In
the pursuit of SharpLink’s long-term growth strategy and the development of its fan activation and conversion software and
related businesses, the Company has sustained continued operating losses. During the nine months ended September 30, 2023 and
September 30, 2022, the Company had a net loss from continuing operations of $8,672,446
and $12,542,782
respectively; and cash provided by operating activities from continuing operations of $6,266,211
and cash used for operating activities from continuing operations ($6,376,631),
respectively. To fund anticipated future planned losses from operations, on February 13, 2023, the Company entered into a Securities
Purchase Agreement (the “SPA”) with Alpha Capital Anstalt (“Alpha”), a current shareholder of the Company,
on February 14, 2023, pursuant to which the Company issued to Alpha an 8%
Interest Rate, 10%
Original Issue Discount, Senior Convertible Debenture (the “Debenture”) in the aggregate principal amount of $4,400,000
for a purchase price of $4,000,000.
In addition, on February 13, 2023, SharpLink, Inc., a Minnesota corporation and wholly owned subsidiary of the Company, entered into
a Revolving Credit Agreement with Platinum Bank, a Minnesota banking corporation and executed a revolving promissory note of $7,000,000.
The
Company is continually evaluating strategies to obtain the required additional funding for future operations. These strategies may include,
but are not limited to, equity financing, issuing, or restructuring debt, entering into other financing arrangements, and restructuring
operations to increase revenues and decrease expenses. The Company may be unable to access further equity or debt financing when needed
or obtain additional liquidity under acceptable terms, if at all. As such, these factors, among others, raise substantial doubt about
the ability of the Company to continue as a going concern for a reasonable period.
The
unaudited condensed consolidated financial statements do not include any adjustments to the carrying amounts and classification of assets,
liabilities, and reported expenses that may be necessary if the Company were unable to continue as a going concern.
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v3.23.3
New Accounting Pronouncements
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
New Accounting Pronouncements |
Note
3 - New Accounting Pronouncements
Recently
Adopted Accounting Pronouncements
In
August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—
Contracts in Entity’s Own Equity (Subtopic 815-40). ASU 2020-06 simplifies the accounting for convertible debt and convertible
preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments
in the ASU also simplify the guidance in ASC 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity, by removing certain
criteria that must be satisfied in order to classify a contract as equity, which is expected to decrease the number of freestanding instruments
and embedded derivatives accounted for as assets or liabilities. Finally, the amendments revise the guidance on calculating earnings
per share, requiring use of the if-converted method for all convertible instruments and rescinding an entity’s ability to rebut
the presumption of share settlement for instruments that may be settled in cash or other assets. The Company adopted ASU 2020-06 on January
1, 2023 and was applied to the Company’s accounting for its convertible debenture and warrants (see Note 8).
In
June 2016 and subsequently amended in March 2022, the FASB issued ASC 326, Financial Instruments – Credit Losses (Topic 326): Measurements
of Credit Losses on Financial Instruments (“ASC 326”), which replaces the existing incurred loss model with a current expected
credit loss (“CECL”) model that requires consideration of a broader range of reasonable and supportable information to inform
credit loss estimates. The Company would be required to use a forward-looking CECL model for accounts receivables, guarantees and other
financial instruments. The Company adopted ASC 326 on January 1, 2023 and ASC 326 did not have a material impact on its consolidated
financial statements as the Company has not had any historical credit losses.
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v3.23.3
Additional Balance Sheet Information
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Additional Balance Sheet Information |
Note
4 - Additional Balance Sheet Information
Equipment,
net
Equipment
consists of computers, furniture and fixtures and is presented net of accumulated depreciation of $125,006 and $100,733 as of September
30, 2023 and December 31, 2022, respectively. Depreciation expense for the three months ended September 30, 2023 and 2022 was $8,858
and $5,454 respectively and $24,272 and $18,243 for the nine months ended September 30, 2023 and 2022, respectively.
Intangible
assets, net
Intangible
assets, net of accumulated amortization as of September 30, 2023 and December 31, 2022 consisted of the following:
Schedule of Intangible Assets
| |
Weighted-average | | |
| | |
| | |
| |
| |
amortization period | | |
Cost, Net of | | |
Accumulated | | |
| |
| |
(years) | | |
Impairment | | |
Amortization | | |
Net | |
Balance, September 30, 2023 | |
| | | |
| | | |
| | | |
| | |
Customer relationships | |
| 5 - 10 | | |
$ | 2,643,000 | | |
$ | 586,234 | | |
$ | 2,056,766 | |
Acquired technology | |
| 3 - 5 | | |
| 1,433,357 | | |
| 1,245,668 | | |
| 187,689 | |
Tradenames | |
| 6 | | |
| 640,000 | | |
| 83,407 | | |
| 556,593 | |
Internally developed software | |
| 5 | | |
| 1,145,902 | | |
| 435,221 | | |
| 710,681 | |
Software in development | |
| N/A | | |
| 458,484 | | |
| - | | |
| 458,484 | |
| |
| | | |
$ | 6,320,743 | | |
$ | 2,350,530 | | |
$ | 3,970,213 | |
| |
| | | |
| | | |
| | | |
| | |
Balance, December 31, 2022 | |
| | | |
| | | |
| | | |
| | |
Customer relationships | |
| 5 – 10 | | |
$ | 2,643,000 | | |
$ | 280,636 | | |
$ | 2,362,364 | |
Acquired technology | |
| 3 - 5 | | |
| 1,437,050 | | |
| 1,201,739 | | |
| 235,311 | |
Tradenames | |
| 6 | | |
| 640,000 | | |
| 3,405 | | |
| 636,595 | |
Internally developed software | |
| 5 | | |
| 749,147 | | |
| 288,530 | | |
| 460,617 | |
Software in development | |
| N/A | | |
| 33,046 | | |
| - | | |
| 33,046 | |
| |
| | | |
$ | 5,502,243 | | |
$ | 1,774,310 | | |
$ | 3,727,933 | |
Amortization
expense on intangible assets was $199,883 and $271,768 for the three months ended September 30, 2023 and 2022, respectively, and $576,220
and $841,983 for the nine months ended September 30, 2023 and 2022, respectively.
Goodwill
Goodwill
as of September 30, 2023 and December 31, 2022 consisted of the following:
Schedule of Goodwill
| |
Sports
Gaming
Client
Services | | |
Sports
Hub
Gaming | | |
Affiliate
Marketing
Services -
International | | |
Total | |
Balance as of December 31, 2022 | |
$ | 381,000 | | |
$ | 4,919,928 | | |
$ | 1,615,167 | | |
$ | 6,916,095 | |
Goodwill | |
| - | | |
| - | | |
| - | | |
| - | |
Less: Impairment charges | |
| - | | |
| - | | |
| - | | |
| - | |
Balance as of September 30, 2023 | |
$ | 381,000 | | |
$ | 4,919,928 | | |
$ | 1,615,167 | | |
$ | 6,916,095 | |
|
X |
- DefinitionThe entire disclosures of supplemental information, including descriptions and amounts, related to the balance sheet, income statement, and/or cash flow statement.
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v3.23.3
Acquisitions
|
9 Months Ended |
Sep. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Acquisitions |
Note
5 - Acquisitions
SportsHub
Games Network, Inc. (“SportsHub”)
Description
of the Transaction
On
December 22, 2022, SharpLink, through its wholly owned subsidiary, SHGN Acquisition Corp (“Acquirer” or the “Merger
Subsidiary”) acquired all of the outstanding capital stock of SportsHub (the “SportsHub Acquisition”), via an Agreement
and Plan of Merger, dated as of September 6, 2022 (the “SportsHub Merger Agreement”). In accordance with the terms of the
SportsHub Merger Agreement between the Acquirer, SportsHub and an individual acting as the SportsHub stockholders’ representative
(the “Stockholder Representative”):
|
● |
SharpLink
issued an aggregate of 431,926 ordinary shares to the equity holders of SportsHub, on a fully diluted basis, including 377,985 ordinary
shares actually issued on December 22, 2022 and an additional aggregate of 53,941 shares being held in escrow as well as shares held
in escrow for indemnifiable losses and for the reimbursement of expenses incurred by the Stockholder Representative in performing
his duties pursuant to the SportsHub Merger Agreement. An additional aggregate of 40,585 ordinary shares were reserved for future
issuance, including 23,714 ordinary shares reserved for SportsHub shareholders who had yet to provide the applicable documentation
required in connection with the SportsHub Acquisition and were issued in June 2023 when the documentation was available. 13,975
ordinary shares underlying the options and 2,896 ordinary shares underlying the warrants remain unissued until the options and/or
warrants are exercised. |
|
|
|
|
●
|
SportsHub
merged with and into the Merger Subsidiary, with the Merger Subsidiary remaining as the surviving corporation and wholly owned subsidiary
of SharpLink. |
|
|
|
|
●
|
SportsHub,
which owned 889,380 ordinary shares of SharpLink prior to the SportsHub Acqusition, distributed those shares to its stockholders immediately prior
to the consummation of the SportsHub Acqusition. These shares were not part of the purchase consideration. |
|
|
|
|
●
|
SharpLink
assumed $5,387,850 of SportsHub’s debt as purchase consideration. |
Identification
of Accounting Acquirer
The
transaction was accomplished through a direct acquisition, whereby SHGN Acquisition Corp effectively acquired all of the outstanding
capital stock of SportsHub, as a result of which SHGN Acquisition Corp obtained control over SportsHub. Therefore, SHGN Acquisition Corp
has been determined to be the acquirer in the transaction, and SportsHub the acquiree.
Determining
the Acquisition Date
The
Acquirer obtained control of SportsHub following the exchange of consideration on December 22, 2022. Thus, the closing date of December
22, 2022 was the acquisition date.
Purchase
Price
The
purchase price is based on SharpLink’s closing share price of $2.90 on December 22, 2022 and 472,513 of ordinary shares as well
as the fair value of Seller’s term loan of $1,267,199 and line of credit of $4,120,651. The following table represents the purchase
consideration paid in the SportsHub Acquisition:
Schedule of Purchase Consideration
Description | |
Amount | |
Fair Value of Equity Consideration | |
$ | 1,370,287 | |
Fair Value of Seller Platinum Line of Credit and Loan | |
| 5,387,850 | |
Total Purchase Price | |
$ | 6,758,137 | |
Purchase
Price Allocation
The
SportsHub Acquisition assets and liabilities were measured at fair values as of December 22, 2022, primarily based on the valuation determined
by an independent valuation, which were based on income-based method and relief from royalty method. Estimates of fair value represent
management’s best estimate of assumptions about future events and uncertainties, including significant judgments related to future
cash flows, discount rates, competitive trends, margin and revenue growth assumptions, including royalty rates and customer attrition
rates and others. Inputs used were generally obtained from historical data supplemented by current and anticipated market conditions
and growth rates expected as of the acquisition date.
The
fair value of the assets acquired and liabilities assumed as of December 22, 2022 were as follows:
Schedule of Fair Value of Assets Acquired and Liabilities Assumed
| |
| | |
Assets: | |
| | |
Cash | |
$ | 38,255,266 | |
Restricted cash | |
| 10,604,004 | |
Accounts receivable | |
| 186,712 | |
Prepaid expenses and other current assets | |
| 1,916,932 | |
Equipment | |
| 11,953 | |
Other long-term assets | |
| 95,793 | |
Intangible assets | |
| 2,390,000 | |
Total Assets | |
$ | 53,460,660 | |
| |
| | |
Liabilities: | |
| | |
Accrued expenses | |
$ | 284,345 | |
Deferred tax liabilities | |
| 48,775 | |
Deferred revenue | |
| 3,574,285 | |
Other current liabilities | |
| 47,657,117 | |
Other long-term liabilities | |
| 106,705 | |
Total liabilities | |
$ | 51,671,227 | |
| |
| | |
Net assets acquired, excluding goodwill | |
$ | 1,789,433 | |
| |
| | |
Goodwill | |
| 4,968,703 | |
| |
| | |
Purchase consideration for accounting acquiree | |
$ | 6,758,137 | |
The
fair value, as determined by assumptions that market participants would use in pricing the assets, and weighted average useful life of
the identifiable intangible assets are as follows:
Schedule of Fair Value Assumption Asset
| |
| | |
Weighted
Average | |
| |
Fair Value | | |
Useful Life
(Years) | |
Customer relationships | |
$ | 1,550,000 | | |
| 5 | |
Trade names | |
| 640,000 | | |
| 6 | |
Acquired technology | |
| 200,000 | | |
| 5 | |
| |
$ | 2,390,000 | | |
| | |
The
excess of consideration for the acquisition over the fair value of net assets acquired was recorded as goodwill and derived from the
market price of the shares at the time of the SportsHub Acquisition. The goodwill created in the acquisition is not expected to be deductible
for tax purposes.
As
of September 30, 2023, the calculation and allocation of the purchase price to tangible and intangible assets and liabilities
are final as well as the recognition and disclosure over warrant and stock option equity awards, see Notes 11 and 12.
Transaction
Costs
SharpLink’s
transaction costs incurred in connection with the SportsHub Acquisition were $83,866 for the year ended December 31, 2022. These costs
were primarily comprised of professional fees, recorded in selling, general and administrative expenses in the consolidated statement
of operations. The transaction costs are not expected to be deductible for tax purposes.
Unaudited
Pro Forma Information
The
following unaudited supplemental pro forma financial information presents the financial results for the nine months ended September 30,
2022 as if the SportsHub Acquisition had occurred on January 1, 2022. The pro forma financial information includes, where applicable,
adjustments for: (i) a reduction in amortization expense of $574,343 would have been recognized related to the acquired intangible
assets in 2022 and (ii) transaction costs and other one-time non-recurring costs which increased expenses by $83,866 in 2022.
The
pro forma financial information excludes adjustments for estimated cost synergies or other effects of the integration of SportsHub:
Schedule of Business Acquisition Pro Forma Information
| |
September 30,
2022 | |
| |
| |
Revenues | |
$ | 8,379,821 | |
| |
| | |
Loss from continuing operations | |
| (13,873,171 | ) |
Less: dividends accrued on series B preferred stock | |
| (8,088 | ) |
Net loss from continuing operations available to ordinary shareholders | |
| (13,881,259 | ) |
| |
| | |
Net income (loss) from discontinued operations, net of tax, available to ordinary shareholders | |
| (1,360,286 | ) |
Net loss available to ordinary shareholders | |
| (15,241,545 | ) |
| |
| | |
Basic and diluted: | |
| | |
Net loss from continuing operations per share | |
$ | (5.88 | ) |
Net loss from discontinued operations per share | |
| (0.58 | ) |
Net loss per share | |
$ | (6.45 | ) |
The
pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the operating results
that would have been achieved had the SportsHub Acquisition been completed as of the date indicated or the results that may be obtained
in the future.
|
X |
- DefinitionThe entire disclosure for asset acquisition.
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v3.23.3
Line of Credit
|
9 Months Ended |
Sep. 30, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
Line of Credit |
Note
6 – Line of Credit
The
Company, through the SportsHub Acquisition, has available a variable rate (9.0% as of September 30, 2023) bank line of credit for
$5,000,000, expiring June 15, 2025. There was $5,000,000 outstanding as of September 30, 2023.
On
February 13, 2023, the Company entered into a Revolving Credit Agreement with Platinum Bank (the “Lender”) and executed a
variable rate (9.0% as of September 30, 2023) revolving promissory note of $7,000,000, expiring January 26, 2025. As collateral, the
Company granted a security interest in and to all of the Company’s right, title and interest in certain assets on account at Platinum
Bank, together with all financial assets, security entitlements with respect to such financial assets, investment property, securities
and other property, to secure the payment and performance of the revolving credit agreement. There was $3,750,000 outstanding
as of as of September 30, 2023. The Company incurred $7,500 in debt issuance costs associated with the revolving note, which are presented
net within the line of credit on the balance sheet and amortized on a method which approximates the effective interest method to interest
expense on the consolidated statement of operations.
|
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- DefinitionTabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note).
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v3.23.3
Debt
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
Debt |
Note
7 - Debt
On
January 31, 2022, FourCubed Acquisition Company, LLC (“FCAC”), a wholly owned subsidiary of the Company, entered into a $3,250,000
term loan agreement with Platinum Bank. The agreement bears annual interest at a rate of 4% and requires a fixed monthly payment of $59,854,
consisting of principal and interest, through the term loan’s maturity, which is January 31, 2027. The Company capitalized $25,431
of loan initiation fees associated with the agreement which are presented net within debt on the consolidated balance sheet and amortized
on a method which approximates the effective interest method to interest expense on the consolidated statement of operations.
The
remaining principal balance outstanding on the term loan is $2,238,062 as of September 30, 2023, of which $639,567 is due within the
next year. In addition to customary non-financial covenants, the term loan requires FCAC to maintain a minimum quarterly debt service
coverage ratio, defined as adjusted EBITDA divided by debt service (interest expense and mandatory debt principal repayment) of 1.20.
The Company was in compliance with the debt service coverage ratio as of September 30, 2023.
Included
in the SportsHub Acquisition was a $2,000,000 term loan agreement with a financial institution. The agreement bears annual interest at
a rate of 5.50% percent and requires a fixed monthly payment of $38,202, consisting of principal and interest, through the term loan’s
maturity, which is December 9, 2025. Included in the term loan liability is $29,975 of loan initiation fees associated with the agreement
which are presented net within debt on the consolidated balance sheet and amortized on a method which approximates the effective interest
method to interest expense on the consolidated statement of operations. The remaining principal balance outstanding on the term loan
is $970,986 as of September 30, 2023, of which $415,387 is due within the next year.
A
summary of the debt agreements is noted below:
Schedule of Debt
| |
September 30,
2023 | |
| |
| |
Note Payable – Bank, $2,000,000 principle, secured by assets of SportsHub | |
$ | 970,986 | |
Note Payable – Bank, $3,250,000 principle, secured by assets of FCAC | |
| 2,238,062 | |
Total | |
| 3,209,048 | |
Less unamortized debt issuance costs | |
| 11,756 | |
Less current portion | |
| 1,054,954 | |
Long-term debt | |
$ | 2,142,338 | |
The
outstanding amount of debt as of September 30, 2023, matures by year as follows:
Schedule of Outstanding Amount of Debt
Year | |
Amount | |
For the remaining three months ended December 31, 2023 | |
$ | 259,181 | |
2024 | |
| 1,066,696 | |
2025 | |
| 1,120,612 | |
2026 | |
| 700,256 | |
2027 | |
| 62,303 | |
Total | |
$ | 3,209,048 | |
The
term loan contains a parent company guaranty, which states that the Company will enter into a guaranty agreement in favor of FCAC, pursuant
to which the Company will guarantee the repayment of the loan, not later than 30 days following the Company’s anticipated redomicile
to the United States, see Note 19.
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v3.23.3
Convertible Debenture and Warrant
|
9 Months Ended |
Sep. 30, 2023 |
Convertible Debenture And Warrant |
|
Convertible Debenture and Warrant |
Note
8 - Convertible Debenture and Warrant
Convertible
Debenture, at Fair Value
The
Company accounts for convertible debentures using an amortized cost model. The discount for warrants, the Original Issuance Discount
(“OID”) and the initial allocation of fair value of compound derivatives reduce the initial carrying amount of the convertible
notes. The carrying value is accreted to the stated principal amount at contractual maturity using the effective-interest method with
a corresponding charge to interest expense. Debt discounts are presented on the consolidated balance sheets as a direct deduction from
the carrying amount of that related debt.
The
Company made an irrevocable election at the time of issuance of the Debenture to record the Debenture at its fair value (the “Fair
Value Option”) with changes in fair value recorded through the Company’s consolidated statements of operations within other
income (expense) at each reporting period. The Fair Value Option provides the Company a measurement basis election for financial instruments
on an instrument-by-instrument basis.
On
February 14, 2023, the Company entered into the SPA with Alpha, a current shareholder of the Company, pursuant to which the Company issued
to Alpha, an 8% Interest Rate, 10% Original Issue Discount, Senior Convertible Debenture (the “Debenture”) in the aggregate
principal amount of $4,400,000 for a purchase price of $4,000,000 on February 15, 2023. The Debenture is convertible, at any time, and
from time to time, at Alpha’s option, into ordinary shares of the Company (the “Conversion Shares”), at an initial
conversion price equal to $7.00 per share, subject to adjustment as described below and in the Debenture (the “Conversion Price”).
In addition, the Conversion Price of the Debenture was subject to an initial reset immediately prior to the Company’s filing of
a registration statement covering the resale of the underlying shares to the lower of $7.00 and the average of the five Nasdaq Official
Closing Prices immediately preceding such date (the “Reset Price”). The registration statement on Form S-1 (file No.: 333-271396)
was filed on April 21, 2023, and as a result, the Reset Price is now $4.1772. The initial adjustment of the Conversion Price to the Reset
Price had a floor price of $3.00 (the “Floor Price”).
Commencing
November 1, 2023 and continuing on the first day of each month thereafter until the earlier of (i) February 15, 2026 (the “Maturity
Date”) and (ii) the full redemption of the Debenture (each such date, a “Monthly Redemption Date”), the Company will
redeem $209,524 plus accrued but unpaid interest, and any amounts then owing under the Debenture (the “Monthly Redemption Amount”).
The Monthly Redemption Amount will be paid in cash; provided, that the Company may elect to pay all or a portion of a Monthly
Redemption Amount in ordinary shares of the Company, based on a conversion price equal to the lesser of (i) the then Conversion Price
of the Debenture and (ii) 80% of the average of the VWAPs (as defined in the Debenture) for the five consecutive trading days ending
on the trading day that is immediately prior to the applicable Monthly Redemption Date. The Company may also redeem some or all of the
then outstanding principal amount of the Debenture at any time for cash in an amount equal to the then outstanding principal amount of
the Debenture being redeemed plus accrued but unpaid interest, liquidated damages and any amounts then owing under the Debenture. These
monthly redemption and optional redemptions are subject to the satisfaction of the Equity Conditions (as defined in the Debenture).
The
Debenture initially accrues interest at the rate of 8% per annum for the first 12 months from the February 15, 2023, at the rate of 10%
per annum for the ensuing 12 months, and thereafter until Maturity, at the rate of 12%, Interest may be paid in cash or ordinary shares
of the Company or a combination thereof at the option of the Company; provided that interest may only be paid in shares if the Equity
Conditions (as defined in the Debenture) have been satisfied, including Shareholder Approval. The Debenture includes a beneficial ownership
blocker of 9.99%. The Debenture provides for adjustments to the Conversion Price in connection with stock dividends and splits, subsequent
equity sales and rights offerings, pro rata distributions, and certain Fundamental Transactions. In the event the Company, at any time
while the Debentures is outstanding, issues or grants any right to re-price, ordinary shares or any type of securities giving rights
to obtain ordinary shares at a price below the Conversion Price, Alpha shall be extended full-ratchet anti-dilution protection (subject
to customary Exempt Transaction issuances), and such reset shall not be limited by the Floor Price.
At
the time of execution, on February 14, 2023, the Company recorded an initial debt discount of $383,333 based on the allocation of fair
value for the Debenture, which will be amortized into interest expense over term of the Debenture. For the period from February
14 through September 30, 2023, the Company recognized ($1,002,243) change in fair value of the convertible Debenture which is reflected
in Other income and expense in the condensed consolidated statement of operations and $83,333 for the amortization of the OID, which
is included in interest expense on the condensed consolidated statement of operations.
Purchase
Warrant
On
February 15, 2023, the Company also issued to Alpha a warrant (the “Warrant”) to purchase 880,000 ordinary shares of the
Company at an initial exercise price of $8.75 (the “Warrant Shares,” and, together with the Conversion Shares, and any other
ordinary shares of the Company that may otherwise become issuable pursuant to the terms of the Debenture and Warrant, the “Underlying
Shares”). The Warrant is exercisable in whole or in part, at any time on or after February 15, 2023 and before February 15, 2028.
The exercise price of the Warrant was subject to an initial reset immediately prior to the Company’s filing of a proxy statement
that included a shareholder proposal to approve the issuance of Underlying Share in excess of 19.99% of the issued and outstanding ordinary
shares on the Closing Date (the “Shareholder Proposal”) to the lower of $8.75 and the average of the five Nasdaq Official
Closing Prices immediately preceding such date the. As a result, the exercise price has been reset to $4.0704, the average of the five
Nasdaq Official Closing Prices immediately preceding April 14, 2023, the date the Company filed its preliminary proxy statement which
included the Shareholder Proposal. The Warrant includes a beneficial ownership blocker of 9.99%. The Warrant provides for adjustments
to the exercise price, in connection with stock dividends and splits, subsequent equity sales and rights offerings, pro rata distributions,
and certain Fundamental Transactions.
In
the event the Company, at any time while the Warrant is still outstanding, issues or grants any right to re-price, ordinary shares or
any type of securities giving rights to obtain ordinary shares at a price below exercise price, Alpha shall be extended full-ratchet
anti-dilution protection on the Warrant (reduction in price, only, no increase in number of Warrant Shares, and subject to customary
Exempt Transaction issuances), and such reset shall not be limited by the Floor Price.
At
the time of execution, the Company classified the Warrant as an equity contract and performed an initial fair value measurement. As the
Warrant was issued with the sale of the Debenture, the value assigned to the Warrant was based on an allocation of proceeds, subject
to the allocation to the Debenture. The Company recorded a debt discount for the Warrant of $1,174,229, based on the Black Scholes option-pricing
model which was calculated independently of the fair value of the Debenture, and recorded the Warrant as additional paid in capital in
the condensed consolidated balance sheet as of September 30, 2023. Amortization of the debt discount amounted to $244,631 for the period
ended September 30, 2023 and is included in interest expense on the condensed consolidated statements of operations.
The
following provides a summary of the Convertible Debenture recorded at fair value as of September 30, 2023:
Summary of Convertible Debenture Recorded at Fair value
| |
| | |
Principle amount of convertible debenture at issuance: | |
$ | 4,400,000 | |
Unamortized discount for warrants | |
| (929,598 | ) |
Unamortized discount for OID | |
| (316,669 | ) |
Accrued interest expense | |
| 216,987 | |
Change in fair value | |
| 1,002,243 | |
Balance of convertible debenture as of September 30, 2023: | |
| 4,372,963 | |
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v3.23.3
Fair Value
|
9 Months Ended |
Sep. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Fair Value |
Note
9 - Fair Value
In
accordance with fair value accounting guidance, the Company determines fair value based on the exchange price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The inputs used to measure fair
value are classified into the following hierarchy:
| ● | Level
1: Unadjusted quoted prices in active markets for identical instruments that are accessible
as of the measurement date |
| | |
| ● | Level
2: Other significant pricing inputs that are either directly or indirectly observable |
| | |
| ● | Level
3: Significant unobservable pricing inputs, which result in the use of management’s
own assumptions |
As
disclosed in Note 8, the Debenture and the Warrant were reported at fair value at issuance. The Debenture is adjusted to
fair value on a recurring basis with changes in fair value recorded through the Company’s condensed consolidated statements of
operations as other income (expense) for the nine months ended September 30, 2023.
The
following table sets forth the Company’s consolidated financial assets and liabilities measured at fair value by level within the
fair value hierarchy on September 30, 2023:
Schedule of Consolidated Financial Assets and Liabilities Measured at Fair Value
| |
Convertible
Debenture | | |
Purchase Warrant | |
Level I | |
$ | - | | |
$ | - | |
Level II | |
$ | - | | |
$ | - | |
Level III | |
$ | 4,372,963 | | |
$ | 1,174,229 | |
Total | |
$ | 4,372,963 | | |
$ | 1,174,229 | |
The
following table presents a reconciliation of the beginning and ending balances of the Debenture measured at fair value on a recurring
basis that uses significant unobservable inputs (Level 3) and the related expenses and losses recorded in the consolidated statement
of operations during the nine months ended September 30, 2023.
Significant Unobservable Inputs (level 3) and Related Expenses and Losses
| |
| | |
Fair Value, December 31, 2022 | |
$ | - | |
Issuance of convertible debenture | |
| 2,825,771 | |
Accretion for discount for warrants | |
| 244,629 | |
Accretion for discount for OID | |
| 83,333 | |
Interest expense | |
| 216,987 | |
Change in fair value | |
| 1,002,243 | |
Fair Value, September 30, 2023 | |
$ | 4,372,963 | |
The
fair value of the Debenture was determined using a Monte Carlo Simulation (“MCS”) which incorporates the probability and
timing of the consummation of a Fundamental Transaction event and conversion of the Debenture as of the valuation date.
The
MCS implied a discount rate at issuance that resulted in a total value to the debenture and warrants that equated to the transaction
proceeds. This discount rate was 75.28% at issuance and was calibrated to the September 30, 2023 valuation date by comparing the B rated
commercial paper credit spread at both dates. B spreads as follows:
Schedule
of B Spreads
| |
| | |
Issuance February 14, 2023 | |
| 4.13 | % |
Fair Value September 30, 2023 | |
| 2.81 | % |
On
September 30, 2023, the Company valued the Debenture using a Monte Carlo Simulation model using the value of the underlying stock price
of $1.60, exercise price of $8.75, expected dividend rate of 0%, risk-free interest rate of 4.83% and volatility of 66.3%. The Company
estimated the term of the warrant to be 2.38 years.
|
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.23.3
Convertible Preferred Stock
|
9 Months Ended |
Sep. 30, 2023 |
Convertible Preferred Stock |
|
Convertible Preferred Stock |
Note
10 - Convertible Preferred Stock
On
July 26, 2021, the Company’s board authorized the establishment and designation of 52,502 shares of Series A-1 Preferred Stock
at $0.10 par value.
Terms
of the Series A-1 Preferred Stock are as follows:
Voting
– Series A-1 Preferred Stock has equal rights to vote on all matters submitted to a vote of the Ordinary Shares (on an as-converted
basis, but only up to the number of votes equal to the number of Ordinary Shares into which the Preferred Shares would be convertible
pursuant to the Beneficial Ownership Limitation), however, without the affirmative vote of the majority of the outstanding shares of
Series A-1 Preferred Stock, the Company cannot (a) alter or change adversely the powers, preferences or rights given to the Series A-1
Preferred Stock, authorize or create any class of stock ranking in priority to as to dividends, redemption or distribution of assets
upon a liquidation, (c) amend its articles of incorporation or other charter documents in any manner that adversely affects any rights
of the holders, (d) increase the number of authorized shares of Series A-1 Preferred Stock, or (e) enter into any agreement with respect
to any of the above.
Liquidation
– Upon any liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, Series A-1 Preferred Stock
holders shall be entitled to receive out of the assets an amount equal to the stated value of $16.246 per share, plus any accrued and
unpaid dividends thereon and any other fees or liquidated damages then due (the preferred liquidation preference), for each
share of Series A-1 Preferred Stock before any distribution or payment shall be made to the holders of any Junior Securities.
Conversion
– Each share of Series A-1 Preferred Stock shall be convertible, at any time and from time to time from and after the original
issue date at the option of the holder, into that number of shares of common stock determined by dividing the stated value of such share
of Series A-1 Preferred Stock by the conversion price, $16.246 per share. The conversion price would be reduced if the Company issues
common stock at a price lower than the conversion price or issues an instrument granting the holder rights to purchase common stock at
a price lower than the conversion price. Upon the closing of the Going Public Transaction all outstanding shares of Series A-1 preferred
stock shall automatically be converted into that number of shares of common stock, subject to a beneficial ownership limitation of 9.99%,
determined by dividing the stated value of such share of Series A-1 Preferred Stock by the conversion price.
On
July 26, 2021, the Company’s board authorized the establishment and designation of 276,582 shares of Series B Convertible Preferred
Stock (“Series B Preferred Stock”) at $0.10 par value.
Terms
of the Series B Preferred Stock are as follows:
Voting
– Series B Preferred Stock shall have no voting rights, however, without the affirmative vote of the majority of the outstanding
shares of Series B Preferred Stock, the Company cannot (a) alter or change adversely the powers, preferences or rights given to the Series
B preferred stock, (b) authorize or create any class of stock ranking in priority to as to dividends, redemption or distribution of assets
upon a liquidation, (c) amend its articles of incorporation or other charter documents in any manner that adversely affects any rights
of the holders, (d) increase the number of authorized shares of Series B Preferred Stock, or (e) enter into any agreement with respect
to any of the above.
Dividends
- Holders of each share of Series B preferred stock shall be entitled to receive cumulative dividends until the second anniversary
of the Original Issue date of July 26, 2021 at the rate per share (as a percentage of the stated value per share) of 8% per
annum, payable quarterly on January 1, April 1, July 1 and October 1, beginning on the first such date after the issuance of such share
of Series B preferred stock and on each conversion date in cash, or at the Company’s option, in duly authorized, validly issued,
fully paid and non-assessable shares of preferred A-1 shares, or a combination thereof. In accordance with the Series B preferred stock
terms, dividends of Series A-1 preferred stock are accrued on a quarterly basis, within additional paid in capital. A total of 7,202
shares at a value of $326,356 have been recorded in additional paid in capital as of the year ended September 30, 2023. The Company stopped
accruing dividends as of July 26, 2023.
Liquidation
– Upon any liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, Series B Preferred Stock
holders shall be entitled to receive out of the assets an amount equal to the stated value of $16.246 per share, plus any accrued and
unpaid dividends thereon and any other fees or liquidated damages then due (the preferred liquidation preference), for each share of
Series B Preferred Stock before any distribution or payment shall be made to the holders of any Junior Securities.
Conversion
– Each share of Series B Preferred Stock shall be convertible, at any time and from time to time from and after the original
issue date at the option of the holder, into that number of shares of common stock determined by dividing the stated value of such share
of Series B Preferred Stock by the conversion price, $16.246 per share. The conversion price would be reduced if the Company issues common
stock at a price lower than the conversion price or issues an instrument granting the holder rights to purchase common stock at a price
lower than the conversion price. Upon the closing of the Going Public Transaction all outstanding shares of Series B Preferred Stock
shall automatically be converted into that number of shares of common stock, subject to a beneficial ownership limitation of 9.99%, determined
by dividing the stated value of such share of Series B Preferred Stock by the conversion price.
Anti-Dilution
Adjustment – If and whenever the Company issues of sells ordinary shares for a consideration price that is less than the Series
B Preferred Shares Conversion Price, then immediately after such Dilutive Issuance, the Conversion Price of the Series B Preferred Shares
shall be reduced to equal the Discounted Per Share Ordinary Share Purchase Price and the holders are entitled to receive a number of
conversion shares, but in no event shall the Conversion Price become lower than the greater of (i) $2.00 or (ii) 20% of the closing
price on the Trading Day immediately prior to the Effective Date .
Deemed
Dividend – On February 14, 2023, the Company executed an SPA with a current shareholder of the Company (see Note 8) which triggered
the anti-dilution adjustment for Series B Preferred Shares. As such, the Company recognized a deemed dividend of $48,633 for an additional
16,486 shares in incremental share value as an adjustment to accumulated deficit and additional paid in capital for the period ended
September 30, 2023.
The
Company had total shares outstanding of no share of Preferred A outstanding as of September 30, 2023 and 2022. As of September 30, 2023
and 2022, the Company had 7,202 and 6,131 Preferred Series A-1 and 12,481 and 12,481 shares of Series B Preferred Stock
outstanding, respectively.
|
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v3.23.3
Warrants
|
9 Months Ended |
Sep. 30, 2023 |
Guarantees and Product Warranties [Abstract] |
|
Warrants |
Note
11 - Warrants
In
conjunction with the Convertible Debenture and Warrant issuance on February 14, 2023, 266,667 warrants that were previously issued to
Alpha on November 19, 2021 were revalued on February 14, 2023, reducing the exercise price from $45.00 per warrant share to $0.60 per
warrant share. The Company performed a Black Scholes model for the re-pricing of the warrants using the value of the underlying stock
price of $5.10 stock price, exercise price of $0.60, expected dividend rate of 0%, risk-free interest rate of 4.04% and volatility of
52.57% and remaining term of 2.9 years. These same assumptions were applied to the Warrant as discussed in Note 8. The value allocated
to the warrants on November 19, 2021 was $11,435 and recorded in Additional Paid-In Capital. The fair value of the re-priced warrants
on February 15, 2023 was $1,218,205, an increase of $1,206,771. The incremental value of the warrants is also recorded in Additional
Paid-In Capital as of September 30, 2023 as a deemed dividend.
On
June 6, 2023, an investor exercised 125,359 warrants via a cashless exercise for 121,479 ordinary shares.
On
June 14, 2023, the Company filed a registration statement on Form S-1 (file number: 333-272652) with the SEC to register 266,667
ordinary shares issuable upon exercise of the purchase warrants issued to Alpha in November 2021. The registration statement on Form
S-1 was deemed effective on September 29, 2023.
During
the nine months ended September 30, 2023, the Company recognized 3,015 warrants acquired during the SportsHub Acquisition, see Note 5.
The warrants have an exercise price of $17.90 and expire October 29, 2028.
Following
is a summary of the Company’s warrant activity for the nine-month period ended September 30, 2023:
Schedule
of Warrant Activity
| |
Number of Shares | | |
Weighted Average Exercise Price per Share | | |
Weighted Average Remaining Life (Years) | |
Outstanding as of December 31, 2022 | |
| 400,359 | | |
$ | 0.82 | | |
| 2.83 | |
Previously issued regular warrants | |
| (266,667 | ) | |
| (45.00 | ) | |
| 0.49 | |
Revalued regular warrants | |
| 266,667 | | |
| 0.60 | | |
| 0.49 | |
Exercised | |
| (125,359 | ) | |
| (0.01 | ) | |
| - | |
Issued and vested | |
| 883,015 | | |
| 4.15 | | |
| 3.34 | |
Outstanding as of September 30, 2023 | |
| 1,158,015 | | |
$ | 3.43 | | |
| 3.84 | |
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- DefinitionThe entire disclosure for standard and extended product warranties and other product guarantee contracts, including a tabular reconciliation of the changes in the guarantor's aggregate product warranty liability for the reporting period.
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v3.23.3
Stock Compensation
|
9 Months Ended |
Sep. 30, 2023 |
Retirement Benefits [Abstract] |
|
Stock Compensation |
Note
12 - Stock Compensation
Option
awards are generally granted with an exercise price equal to the market price of the Company’s ordinary shares at the date of grant;
those options generally vest based on three years of continuous service and have ten-year contractual terms. Certain option and share
awards provide for accelerated vesting if there is a change in control, as defined in the plans.
The
fair value of each option award is estimated on the date of grant using a Black Scholes option-pricing model. The Company uses historical
option exercise and termination data to estimate the term the options are expected to be outstanding. The risk-free rate is based on
the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is calculated using historical dividend amounts
and the stock price at the option issue date. The expected volatility is determined using the volatility of peer companies. The Company’s
underlying stock has been publicly traded since the date of the MTS Merger. Subsequent to the MTS Merger, option grants made under the
SharpLink Inc. 2021 Plan utilized the publicly traded stock price of the Company on the day of the option award. All option grants made
under the SharpLink, Inc. 2020 Stock Incentive Plan were prior to the MTS Merger. The underlying SharpLink, Inc. stock under that plan
was not publicly traded but was estimated on the date of the grants using valuation methods that consider valuations from recent equity
financings as well as future planned transactions. All option grants made under the SportsHub Games Network Inc. 2018 Incentive Plan
were prior to the SportsHub Acquisition. The underlying SportsHub stock under that plan was not publicly traded but was estimated on
the date of the grants using valuation methods that consider valuations from recent equity financings as well as future planned transactions.
The
fair value of each stock option grant is estimated on the date of grant using the Black Scholes option pricing model with the following
assumptions:
Schedule of Fair Values of Stock Options Granted Using Black-scholes Valuation Model Assumptions
| |
September
30,
2023 | |
| |
| |
Expected
volatility | |
| 53.6-116.6
| % |
Expected
dividends | |
| 0.0 | % |
Expected
term (years) | |
| 5.7 | |
Risk-free
rate | |
| 3.4
– 4.3 | % |
Fair
value of ordinary shares on grant date | |
$ | 1.70
– $4.03 | |
The
summary of activity under the plans as of September 30, 2023, and change during the nine months ended September 30, 2023 is as follows:
Schedule of Stock Option Activity
| |
| | |
Weighted | | |
Weighted average | | |
| |
| |
| | |
average | | |
remaining | | |
Aggregate | |
Options | |
Shares | | |
exercise price | | |
contractual
term | | |
intrinsic value | |
Outstanding as of December 31, 2022 | |
| 288,914 | | |
| 11.40 | | |
| | | |
| 7,750 | |
Granted | |
| 155,755 | | |
| 4.46 | | |
| | | |
| | |
Exercised | |
| — | | |
| — | | |
| | | |
| | |
Acquired1 | |
| 14,552 | | |
| 14.16 | | |
| | | |
| | |
Forfeited | |
| (7,112 | ) | |
| 5.70 | | |
| | | |
| | |
Expired | |
| (1,413 | ) | |
| 8.84 | | |
| | | |
| | |
Outstanding as of September 30, 2023 | |
| 450,696 | | |
| 9.21 | | |
| 8.9 | | |
| 4,000 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable as of September 30, 2023 | |
| 211,949 | | |
| 11.47 | | |
| 8.5 | | |
| 4,000 | |
1 | | During the nine
months ended September 30, 2023, the Company recognized 14,552 options that were acquired during the SportsHub Acquisition, see Note
5. The options have an exercise price of $14.16 and expire December 21, 2032. The options were fully vested upon the SportsHub acquisition. |
Unamortized
stock compensation expense of $894,970 as of September 30, 2023, will be amortized through 2026 and has a weighted average
recognition period of three years.
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v3.23.3
Operating Segments
|
9 Months Ended |
Sep. 30, 2023 |
Segment Reporting [Abstract] |
|
Operating Segments |
Note
13 - Operating Segments
The
Company has four operating segments: Affiliate Marketing Services – United States, Affiliate Marketing Services – International,
Sports Gaming Client Services and SportsHub Games Network. Each operating segment is also a reportable segment. The Enterprise Telecom
Expense Management (“Enterprise TEM”) business unit is reflected in discontinued operations (see Note 16). The Enterprise
TEM and Affiliate Marketing Services – International segments are a result of the MTS Merger and FourCubed acquisition, respectively,
in 2021. The Enterprise TEM segment will not be presented going forward due to its sale on December 31, 2022.
The
Affiliate Marketing Services – United States segment operates a performance marketing platform which owns and operates state-specific
web domains designed to attract, acquire and drive local sports betting and casino traffic directly to the Company’s sportsbook
and casino partners which are licensed to operate in each respective state. The Company earns a commission from sportsbooks and casino
operators on new depositors directed to them via our proprietary D2P websites in America. In addition, this segment provides sports betting
data (e.g., betting lines) to sports media publishers in exchange for a fixed fee.
The
Affiliate Marketing Services – International segment is an iGaming and affiliate marketing network, focused on delivering quality
traffic and player acquisitions, retention and conversions to global iGaming operator partners worldwide in exchange for a commission
(cost per acquisition or portion of net gaming revenues) paid to the Company by the partners for the new players referred to them.
The
Sports Gaming Client Services segment provides its clients with development, hosting, operations, maintenance, and service of free-to-play
games and contests. These relationships can be either software-as-service (“SaaS”) arrangements that are hosted by SharpLink
and accessed through its clients’ websites or other electronic media; or software licenses that allow the client to take the software
on premise.
The
SportsHub Games Network segment owns and operates a variety of real-money fantasy sports and sports simulation games and mobile apps
on its platform; and is licensed or authorized to operate in every state in the United States where fantasy sports play is legal and
in which SportsHub has elected to operate based on the financial viability of operating there.
The
Enterprise TEM segment is a global provider of solutions for telecommunications expense management, enterprise mobility management, call
usage and accounting software. The segment’s TEM solutions allow enterprises and organizations to make smarter choices with their
telecommunications spending at each stage of the service lifecycle, including allocation of cost, proactive budget control, fraud detection,
processing of payments and spending forecasting. The Enterprise TEM segment is reflected as discontinued operations in 2023 and 2022
and was sold on December 31, 2022. See Note 16.
Any
intercompany revenues or expenses are eliminated in consolidation.
A
measure of segment assets and liabilities has not been currently provided to the Company’s chief operating decision maker and is
therefore not presented below.
Summarized
financial information for the Company’s reportable segments for the three and nine months ended September 30, 2023 and 2022 are
shown below:
For
the three months ended September 30, 2023:
Schedule of Companies Reportable Segments
| |
Affiliate
Marketing
Services - United
States | | |
Affiliate
Marketing
Services - International | | |
Sports
Gaming
Client
Services | | |
SportsHub
Gaming
Network | | |
Enterprise
TEM | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Revenues | |
$ | 231,921 | | |
$ | 1,191,964 | | |
$ | 420,100 | | |
$ | 1,425,939 | | |
$ | - | | |
$ | 3,269,924 | |
Cost of revenues | |
| 167,109 | | |
| 840,308 | | |
| 628,499 | | |
| 497,688 | | |
| - | | |
| 2,133,604 | |
Loss from operations | |
| (1,741,432 | ) | |
| (114,696 | ) | |
| (274,914 | ) | |
| (327,710 | ) | |
| - | | |
| (2,458,752 | ) |
Loss from discontinued operations | |
| - | | |
| - | | |
| - | | |
| - | | |
| (148,000 | ) | |
| (148,000 | ) |
Net income (loss) | |
$ | (2,338,783 | ) | |
$ | (140,399 | ) | |
$ | (276,374 | ) | |
$ | 54,009 | | |
$ | (148,000 | ) | |
$ | (2,849,547 | ) |
For
the three months ended September 30, 2022:
| |
Affiliate
Marketing
Services - United
States | | |
Affiliate
Marketing
Services - International | | |
Sports
Gaming
Client
Services | | |
SportsHub
Gaming
Network | | |
Enterprise
TEM | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Revenues | |
$ | 114,972 | | |
$ | 760,585 | | |
$ | 417,117 | | |
$ | - | | |
$ | - | | |
$ | 1,292,674 | |
Cost of revenues | |
| 25,484 | | |
| 489,808 | | |
| 589,403 | | |
| - | | |
| - | | |
| 1,104,695 | |
Loss from operations | |
| (1,439,115 | ) | |
| (143,500 | ) | |
| (334,584 | ) | |
| - | | |
| - | | |
| (1,917,199 | ) |
Loss from discontinued operations | |
| - | | |
| - | | |
| - | | |
| - | | |
| (104,633 | ) | |
| (104,633 | ) |
Net income (loss) | |
$ | (1,432,493 | ) | |
$ | (175,897 | ) | |
$ | (334,584 | ) | |
$ | - | | |
$ | (104,633 | ) | |
$ | (2,047,607 | ) |
For
the nine months ended September 30, 2023:
| |
Affiliate Marketing Services - United States | | |
Affiliate Marketing Services - International | | |
Sports Gaming Client Services | | |
SportsHub Gaming Network | | |
Enterprise TEM | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Revenues | |
$ | 817,268 | | |
$ | 3,325,128 | | |
$ | 2,183,644 | | |
$ | 3,591,631 | | |
$ | - | | |
$ | 9,917,671 | |
Cost of revenues | |
| 574,841 | | |
| 2,300,084 | | |
| 2,325,107 | | |
| 1,272,367 | | |
| - | | |
| 6,472,399 | |
Loss from operations | |
| (5,834,870 | ) | |
| (312,551 | ) | |
| (366,747 | ) | |
| (1,055,551 | ) | |
| - | | |
| (7,569,719 | ) |
Loss from discontinued operations | |
| - | | |
| - | | |
| - | | |
| - | | |
| (441,997 | ) | |
| (441,997 | ) |
Net income (loss) | |
$ | (7,548,726 | ) | |
$ | (394,124 | ) | |
$ | (368,207 | ) | |
$ | (361,389 | ) | |
$ | (441,997 | ) | |
$ | (9,114,443 | ) |
For
the nine months ended September 30, 2022:
| |
Affiliate Marketing Services - United States | | |
Affiliate Marketing Services - International | | |
Sports Gaming Client Services | | |
SportsHub Gaming Network | | |
Enterprise TEM | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Revenues | |
$ | 285,004 | | |
$ | 2,524,547 | | |
$ | 2,130,713 | | |
$ | - | | |
$ | - | | |
$ | 4,940,264 | |
Cost of revenues | |
| 70,771 | | |
| 1,533,373 | | |
| 2,430,693 | | |
| - | | |
| - | | |
| 4,034,837 | |
Loss from operations | |
| (6,811,370 | ) | |
| (5,050,662 | ) | |
| (623,359 | ) | |
| - | | |
| - | | |
| (12,485,391 | ) |
Loss from discontinued operations | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,360,286 | ) | |
| (1,360,286 | ) |
Net income (loss) | |
$ | (6,781,946 | ) | |
$ | (5,137,477 | ) | |
$ | (623,359 | ) | |
$ | - | | |
$ | (1,255,654 | ) | |
$ | (13,903,068 | ) |
Summarized
revenues by country in which the Company operated for the three and nine months ended September 30, 2023 and 2022 are shown below:
Schedule of Revenues by Country
Three Months Ended September 30, 2023 | |
Affiliate Marketing Services - United States | | |
Affiliate Marketing Services - International | | |
Sports Gaming Client Services | | |
SportsHub Gaming Network | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
United States | |
$ | 231,921 | | |
$ | - | | |
$ | 420,100 | | |
$ | 1,425,939 | | |
$ | 2,077,960 | |
Rest of World | |
| - | | |
| 1,191,964 | | |
| - | | |
| - | | |
| 1,191,964 | |
Revenues | |
$ | 231,921 | | |
$ | 1,191,964 | | |
$ | 420,100 | | |
$ | 1,425,939 | | |
$ | 3,269,924 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Three Months Ended September 30, 2022 | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
United States | |
$ | 114,972 | | |
$ | - | | |
$ | 417,117 | | |
$ | - | | |
$ | 532,089 | |
Rest of World | |
| - | | |
| 760,585 | | |
| - | | |
| - | | |
| 760,585 | |
Revenues | |
$ | 114,972 | | |
$ | 760,585 | | |
$ | 417,117 | | |
$ | - | | |
$ | 1,292,674 | |
Nine Months Ended September 30, 2023 | |
Affiliate
Marketing
Services - United
States | | |
Affiliate
Marketing
Services - International | | |
Sports
Gaming
Client
Services | | |
SportsHub Gaming Network | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
United States | |
$ | 817,268 | | |
$ | - | | |
$ | 2,183,644 | | |
$ | 3,591,631 | | |
$ | 6,592,543 | |
Rest of World | |
| - | | |
| 3,325,128 | | |
| - | | |
| - | | |
| 3,325,128 | |
Revenues | |
$ | 817,268 | | |
$ | 3,325,128 | | |
$ | 2,183,644 | | |
$ | 3,591,631 | | |
$ | 9,917,671 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Nine Months Ended September 30, 2022 | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
United States | |
$ | 285,004 | | |
$ | - | | |
$ | 2,130,713 | | |
$ | - | | |
$ | 2,415,717 | |
Rest of World | |
| - | | |
| 2,524,547 | | |
| - | | |
| - | | |
| 2,524,547 | |
Revenues | |
$ | 285,004 | | |
$ | 2,524,547 | | |
$ | 2,130,713 | | |
$ | - | | |
$ | 4,940,264 | |
The
Company does not have material tangible long-lived assets in foreign jurisdictions.
The
Company’s Sports Gaming Client Services and Affiliate Marketing Services – International segments derive a significant portion
of their revenues from several large customers. The table below presents the percentage of consolidated revenues derived from large customers:
Schedule
of Percentage of Consolidated Revenues Derived from Large Customers
| |
September 30,
2023 | | |
September 30,
2022 | |
| |
| | |
| |
Customer A | |
| 15 | % | |
| 39 | % |
Customer B | |
| 14 | % | |
| 4 | % |
Customer C | |
| 7 | % | |
| 15 | % |
Customer | |
| 7 | % | |
| 15 | % |
|
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.23.3
Revenue Recognition
|
9 Months Ended |
Sep. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Revenue Recognition |
Note
14 - Revenue Recognition
The
Company combines its revenue into the following categories:
Schedule
of Revenue Recognition
For the three months ended September 30, 2023 | |
Affiliate Marketing Services - U.S. | | |
Affiliate Marketing Services - International | | |
Sports Gaming Client Services | | |
SportsHub Gaming Network | | |
Total | |
Software-as-a-service | |
$ | 74,554 | | |
$ | - | | |
$ | 420,100 | | |
$ | - | | |
$ | 494,654 | |
Fee revenue | |
| - | | |
| - | | |
| - | | |
| 1,425,939 | | |
| 1,425,939 | |
Services and other | |
| 157,367 | | |
| 1,191,964 | | |
| - | | |
| - | | |
| 1,349,331 | |
Total | |
$ | 231,921 | | |
$ | 1,191,964 | | |
$ | 420,100 | | |
$ | 1,425,939 | | |
$ | 3,269,924 | |
For the three months ended September 30, 2022 | |
Affiliate Marketing Services - U.S. | | |
Affiliate Marketing Services - International | | |
Sports Gaming Client Services | | |
SportsHub Gaming Network | | |
Total | |
Software-as-a-service | |
$ | 111,227 | | |
$ | - | | |
$ | 417,117 | | |
$ | - | | |
$ | 528,344 | |
Fee revenue | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Services and other | |
| 3,745 | | |
| 760,585 | | |
| - | | |
| - | | |
| 764,330 | |
Total | |
$ | 114,972 | | |
$ | 760,585 | | |
$ | 417,117 | | |
$ | - | | |
$ | 1,292,674 | |
For the nine months ended September 30, 2023 | |
Affiliate Marketing Services - U.S. | | |
Affiliate Marketing Services - International | | |
Sports Gaming Client Services | | |
SportsHub Gaming Network | | |
Total | |
Software-as-a-service | |
$ | 216,778 | | |
$ | - | | |
$ | 2,183,644 | | |
$ | - | | |
$ | 2,400,422 | |
Fee revenue | |
| - | | |
| - | | |
| - | | |
| 3,591,631 | | |
| 3,591,631 | |
Services and other | |
| 600,490 | | |
| 3,325,128 | | |
| - | | |
| - | | |
| 3,925,618 | |
Total | |
$ | 817,268 | | |
$ | 3,325,128 | | |
$ | 2,183,644 | | |
$ | 3,591,631 | | |
$ | 9,917,671 | |
For the nine months ended September 30, 2022 | |
Affiliate Marketing Services - U.S. | | |
Affiliate Marketing Services - International | | |
Sports Gaming Client Services | | |
SportsHub Gaming Network | | |
Total | |
Software-as-a-service | |
$ | 281,259 | | |
$ | - | | |
$ | 2,130,713 | | |
$ | - | | |
$ | 2,411,972 | |
Fee revenue | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Services and other | |
| 3,745 | | |
| 2,524,547 | | |
| - | | |
| - | | |
| 2,528,292 | |
Total | |
$ | 285,004 | | |
$ | 2,524,547 | | |
$ | 2,130,713 | | |
$ | - | | |
$ | 4,940,264 | |
The
Company’s license contracts contain promises to transfer multiple products to the customer. Judgment is required to determine whether
each product is considered to be a distinct performance obligation that should be accounted for separately under the contract. We have
elected to utilize the “right to invoice” practical expedient under ASC 606 which allows us to recognize revenue for our
performance under the contract for the value which we have provided to the customer during a period of time in our contract with them.
Determining
whether licenses are distinct performance obligations that should be accounted for separately, or not distinct and thus accounted for
together, requires significant judgment. In some arrangements, such as the Company’s license arrangements, the Company has concluded
that the individual licenses are distinct from each other. In others, like the Company’s SaaS arrangements, the software development
and final product are not distinct from each other because they are highly integrated and therefore the Company has concluded that these
promised goods are a single, combined performance obligation.
The
Company is required to estimate the total consideration expected to be received from contracts with customers. In certain circumstances,
the consideration expected to be received is fixed based on the specific terms of the contract or based on the Company’s expectations
of the term of the contract. The Company has not experienced significant returns from or refunds to customers. These estimates require
significant judgment and the change in these estimates could have an effect on its results of operations during the periods involved.
The
Company follows a five-step model to assess each sale to a customer; identify the legally binding contract, identify the performance
obligations, determine the transaction price, allocate the transaction price, and determine whether revenue will be recognized at a point
in time or over time. Revenue recognized point in time and over time is presented by period below:
For the three months ended September 30, 2023:
Schedule
of Revenue Recognized Point in Time and Over Time
|
|
Affiliate Marketing Services - U.S. |
|
|
Affiliate Marketing Services - International |
|
|
Sports Gaming Client Services |
|
|
SportsHub
Gaming Network |
|
|
Total |
|
Point in time |
|
$ |
157,367 |
|
|
$ |
1,191,964 |
|
|
$ |
- |
|
|
$ |
360,088 |
|
|
$ |
1,709,419 |
|
Over time |
|
|
74,554 |
|
|
|
- |
|
|
|
420,100 |
|
|
|
1,065,851 |
|
|
|
1,560,505 |
|
Total |
|
$ |
231,921 |
|
|
$ |
1,191,964 |
|
|
$ |
420,100 |
|
|
$ |
1,425,939 |
|
|
$ |
3,269,924 |
|
For
the three months ended September 30, 2022:
| |
Affiliate Marketing Services - U.S. | | |
Affiliate Marketing Services - International | | |
Sports Gaming Client Services | | |
SportsHub Gaming Network | | |
Total | |
Point in time | |
$ | 3,745 | | |
$ | 760,585 | | |
$ | - | | |
$ | - | | |
$ | 764,330 | |
Over time | |
| 111,227 | | |
| - | | |
| 417,117 | | |
| - | | |
$ | 528,344 | |
Total | |
$ | 114,972 | | |
$ | 760,585 | | |
$ | 417,117 | | |
$ | - | | |
$ | 1,292,674 | |
For
the nine months ended September 30, 2023:
| |
Affiliate Marketing Services - U.S. | | |
Affiliate Marketing Services - International | | |
Sports Gaming Client Services | | |
SportsHub Gaming Network | | |
Total | |
Point in time | |
$ | 600,490 | | |
$ | 3,325,128 | | |
$ | - | | |
$ | 1,031,113 | | |
$ | 4,956,731 | |
Over time | |
| 216,778 | | |
| - | | |
| 2,183,644 | | |
| 2,560,518 | | |
| 4,960,940 | |
Total | |
$ | 817,268 | | |
$ | 3,325,128 | | |
$ | 2,183,644 | | |
$ | 3,591,631 | | |
$ | 9,917,671 | |
For
the nine months ended September 30, 2022:
| |
Affiliate Marketing Services - U.S. | | |
Affiliate Marketing Services - International | | |
Sports Gaming Client Services | | |
SportsHub Gaming Network | | |
Total | |
Point in time | |
$ | 3,745 | | |
$ | 2,524,547 | | |
$ | - | | |
$ | - | | |
$ | 2,528,292 | |
Over time | |
| 281,259 | | |
| - | | |
| 2,130,713 | | |
| - | | |
$ | 2,411,972 | |
Total | |
$ | 285,004 | | |
$ | 2,524,547 | | |
$ | 2,130,713 | | |
$ | - | | |
$ | 4,940,264 | |
The
Company’s assets and liabilities related to its contracts with customers were as follows:
Schedule
of Contract Assets and Liabilities
| |
September 30,
2023 | | |
December 31,
2022 | |
| |
| | |
| |
Accounts receivable | |
$ | 1,394,340 | | |
$ | 776,530 | |
Unbilled revenue | |
| 128,879 | | |
| 47,000 | |
Contract assets | |
| 99,410 | | |
| 219,116 | |
Contract liabilities | |
| (8,448,201 | ) | |
| (2,166,451 | ) |
The
timing of revenue recognition may differ from the timing of invoicing to customers and these timing differences result in contract advanced
billings on the Company’s consolidated balance sheet. The Company has an enforceable right to payment upon invoicing and records
contract liabilities when revenue is recognized subsequent to invoicing. The Company recognized unbilled revenue when revenue is recognized
prior to invoicing.
The
Company recognized contract assets related to direct costs incurred to fulfil the contracts. These costs are primarily labor costs
associated with the development of the software. The Company defers these costs and amortizes them into cost of revenues over the
period revenues are recognized.
The
activity in the contract assets for the nine months ended September 30, 2023 is as follows:
Schedule
of Contract Assets
| |
Amount | |
Balance as of December 31, 2022 | |
$ | 219,116 | |
Labor costs expensed | |
| (577,956 | ) |
Labor costs deferred | |
| 458,250 | |
Balance as of September 30, 2023 | |
$ | 99,410 | |
The
Company recognizes contract liabilities for cash received from its users prior to recognition of revenue to fulfil its contracts.
The payments received are primarily from the Company’s operation of its own online gaming business. The Company defers the
revenue and recognizes it throughout the online game’s respective season.
The
activity in the contract liabilities for the nine months ended September 30, 2023 is as follows:
Schedule
of Contract Liabilities
| |
Amount | |
Balance as of December 31, 2022 | |
$ | (2,166,451 | ) |
Revenue recognized or reclassified | |
| 10,374,078 | |
Deferred revenue | |
| (16,655,828 | ) |
Balance as of September 30, 2023 | |
$ | (8,448,201 | ) |
All
contract liabilities at September 30, 2023 and December 31, 2022 were recognized as revenue or expected to be recognized within the next
fiscal year. All other activity in contract liabilities is due to the timing of invoices in relation to the timing of revenue as described
above.
Contracted
but unsatisfied performance obligations were approximately $410,110 and $850,000 as of September 30, 2023 and December 31,
2022, respectively, of which the Company expects to recognize the entire amount in revenue over the next year.
Payment
terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 days. In instances where
the timing of revenue recognition differs from the timing of invoicing, the Company has determined that its contracts generally do not
include a significant financing component. The primary purpose of invoicing terms is to provide customers with simplified and predictable
ways of purchasing the Company’s products and services, and not to facilitate financing arrangements.
The
Company had three customers that accounted for approximately 36% of revenue for the nine months ended September 30, 2023. There was $451,035
due from these customers at September 30, 2023.
The
Company had three customers that accounted for approximately 59% of revenue for the nine months ended September 30, 2022. There was $322,085
due from these customers at September 30, 2022.
|
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v3.23.3
Income Taxes
|
9 Months Ended |
Sep. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Note
15 – Income Taxes
On
a quarterly basis, we estimate our annual effective tax rate and record a quarterly income tax provision based on the anticipated rate.
As the year progresses, we refine our estimate based on the facts and circumstances, including discrete events, by each tax jurisdiction.
The effective tax rate for the nine-month period ended September 30, 2023 was (0.32%); and for the nine-month period ended September
30, 2022, it was (0.01)%.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.3
Discontinued Operations
|
9 Months Ended |
Sep. 30, 2023 |
Discontinued Operations and Disposal Groups [Abstract] |
|
Discontinued Operations |
Note
16 – Discontinued Operations
In
accordance with ASC 205-20 Presentation of Financial Statements: Discontinued Operations, a disposal of a component of an entity or a
group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that
has (or will have) a major impact on an entity’s operations and financial results when the components of an entity meets the criteria
in ASC paragraph 205-20-45-10. In the period in which the component meets the held for sale or discontinued operations criteria the major
assets, other assets, current liabilities and non-current liabilities shall be reported as a component of total assets and liabilities
separate from those balances of the continuing operations. At the same time, the results of all discontinued operations, less applicable
income taxes (benefit), shall be reported as components of net income (loss) separate from the income (loss) of continuing operations.
In
June 2022, the Company’s board of directors authorized management to enter into negotiations to sell MTS. The Company negotiated
a Share and Asset Purchase Agreement which was closed on December 31, 2022. The majority of the assets of the primary reporting unit
within MTS were sold. The assets and liabilities remaining post transaction are in the process of winding down subsequent to the year
ended December 31, 2022. Accordingly, the assets and liabilities of the MTS business are separately reported as assets and liabilities
from discontinued operations as of September 30, 2023 and December 31, 2022. The results of operations and cash flows of MTS for all
periods are separately reported as discontinued operations.
Prior
to the sale of MTS on December 31, 2022, the Enterprise TEM operating segment’s performance obligations are satisfied either overtime
(managed services and maintenance) or at a point in time (software licenses). Professional services rendered after implementation are
recognized as performed. Software license revenue is recognized when the customer has access to the license and the right to use and
benefit from the license. Many of the Enterprise TEM operating segment’s agreements include software license bundled with maintenance
and supports. The Company allocates the transaction price for each contract to each performance obligation identified in the contract
based on the relative standalone selling price (SSP). The Company determines SSP for the purposes of allocating the transaction price
to each performance obligation by considering several external and internal factors including, but not limited to, transactions where
the specific element sold separately, historical actual pricing practices in accordance with ASC 606, Revenues from Contracts with Customers.
The determination of SSP requires the exercise of judgement. For maintenance and support, the Company determines the SSP based on the
price at which the Company sells a renewal contract.
A
reconciliation of the major classes of line items constituting the loss from discontinued operations, net of income taxes as presented
in the condensed consolidated statements of operations for the nine months ended September 30, 2023 and 2022 (unaudited) is summarized
in the table below.
Summary
Reconciliation of Discontinued Operations
Summary
Reconciliation of Discontinued Operations
| |
Three months ended September 30,
2023 | | |
Three months ended September 30,
2022 | | |
Nine months ended September 30,
2023 | | |
Nine months ended September 30,
2022 | |
| |
| | |
| | |
| | |
| |
Revenues | |
$ | - | | |
$ | 862,239 | | |
$ | - | | |
$ | 2,732,069 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of Revenues | |
| 3,500 | | |
| 435,896 | | |
| 10,500 | | |
| 1,480,072 | |
| |
| | | |
| | | |
| | | |
| | |
Gross (Loss) Profit | |
| (3,500 | ) | |
| 426,343 | | |
| (10,500 | ) | |
| 1,251,997 | |
| |
| | | |
| | | |
| | | |
| | |
Operating Expenses | |
| | | |
| | | |
| | | |
| | |
Selling, general, and administrative expenses | |
| 139,000 | | |
| 548,435 | | |
| 416,997 | | |
| 1,391,726 | |
Goodwill and intangible asset impairment expense | |
| - | | |
| - | | |
| - | | |
| 1,224,671 | |
Total operating expenses | |
| 139,000 | | |
| 548,435 | | |
| 416,997 | | |
| 2,616,397 | |
| |
| | | |
| | | |
| | | |
| | |
Operating Loss | |
| (142,500 | ) | |
| (122,092 | ) | |
| (427,497 | ) | |
| (1,364,400 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other Income and Expense | |
| (3,500 | ) | |
| 20,459 | | |
| (10,500 | ) | |
| 8,114 | |
Total other income and expense | |
| (3,500 | ) | |
| 20,459 | | |
| (10,500 | ) | |
| 8,114 | |
| |
| | | |
| | | |
| | | |
| | |
Loss Before Income Taxes | |
| (146,000 | ) | |
| (101,633 | ) | |
| (437,997 | ) | |
| (1,356,286 | ) |
| |
| | | |
| | | |
| | | |
| | |
Provision for income tax expenses | |
| 2,000 | | |
| 3,000 | | |
| 4,000 | | |
| 4,000 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from discontinued operations | |
$ | (148,000 | ) | |
$ | (104,633 | ) | |
$ | (441,997 | ) | |
| (1,360,286 | ) |
The
following table presents a reconciliation of the carrying amounts of major classes of assets and liabilities of the Company classified
as discontinued operations as of September 30, 2023 (unaudited) and December 31, 2022:
Schedule of Major Classes of Assets and Liabilities
| |
September 30,
2023 | | |
December 31,
2022 | |
| |
(Unaudited) | | |
| |
Carrying amounts of major classes of assets included as part of discontinued operations: | |
| | | |
| | |
| |
| | | |
| | |
Current Assets | |
| | | |
| | |
Cash | |
$ | 153,000 | | |
$ | 648,000 | |
Accounts receivable, net of allowance | |
| 69,000 | | |
| 191,000 | |
Prepaid expenses and other current assets | |
| 164,000 | | |
| 187,000 | |
Equipment, net | |
| 3,000 | | |
| 5,000 | |
Other Assets | |
| - | | |
| 279,000 | |
Total current assets | |
$ | 389,000 | | |
$ | 1,310,000 | |
| |
September 30, 2023 | | |
December 31, 2022 | |
| |
(Unaudited) | | |
| |
Carrying amounts of major classes of liability included as part of discontinued operations: | |
| | | |
| | |
| |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accrued expenses | |
$ | 82,100 | | |
$ | 374,879 | |
Contract liabilities | |
| 3,000 | | |
| 2,000 | |
Other current liabilities | |
| 736,398 | | |
| 838,274 | |
Total current liabilities | |
$ | 821,498 | | |
$ | 1,215,153 | |
|
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v3.23.3
Net Loss Per Share
|
9 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
Net Loss Per Share |
Note
17 – Net Loss Per Share
The
calculation of loss per share and weighted-average shares of the Company’s ordinary shares outstanding for the periods presented
are as follows:
Schedule of Loss Per Share and Weighted-average
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three months ended September 30 | | |
Nine months ended September 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net loss from continuing operations | |
$ | (2,701,547 | ) | |
$ | (1,942,974 | ) | |
$ | (8,672,446 | ) | |
$ | (12,542,782 | ) |
Less: deemed dividends on Series B preferred stock | |
| - | | |
| - | | |
| (48,633 | ) | |
| - | |
Less: dividends on series B preferred stock | |
| (213 | ) | |
| (2,247 | ) | |
| (1,861 | ) | |
| (8,088 | ) |
Net loss from continuing operations available to ordinary shareholders | |
| (2,701,760 | ) | |
| (1,945,221 | ) | |
| (8,722,940 | ) | |
| (12,550,870 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) from discontinued operations, net of tax, available to ordinary shareholders | |
| (148,000 | ) | |
| (104,633 | ) | |
| (441,997 | ) | |
| (1,360,286 | ) |
Net loss available to ordinary shareholders | |
$ | (2,849,760 | ) | |
$ | (2,049,854 | ) | |
$ | (9,164,937 | ) | |
$ | (13,911,156 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted weighted-average shares outstanding | |
| 2,863,607 | | |
| 2,361,974 | | |
| 2,736,583 | | |
| 2,361,974 | |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted: | |
| | | |
| | | |
| | | |
| | |
Net loss from continuing operations per share | |
$ | (0.94 | ) | |
$ | (0.82 | ) | |
$ | (3.19 | ) | |
$ | (5.31 | ) |
Net income (loss) from discontinued operations per share | |
| (0.05 | ) | |
| (0.04 | ) | |
| (0.16 | ) | |
| (0.58 | ) |
Net loss per share | |
$ | (0.99 | ) | |
$ | (0.86 | ) | |
$ | (3.35 | ) | |
$ | (5.89 | ) |
The
redeemable Series B convertible preferred stock is a participating security, whereby if a dividend is declared to the holders of ordinary
shares, the holders of preferred stock would participate to the same extent as if they had converted the preferred stock to ordinary
shares.
For
the periods presented, the following securities were not required to be included in the computation of diluted shares outstanding:
Schedule
of computation of diluted shares outstanding:
Schedule of Computation of Diluted Shares Outstanding
| |
September 30, 2023 | | |
September 30, 2022 | |
Stock options | |
| 450,696 | | |
| 258,412 | |
Series A-1 preferred stock | |
| 7,202 | | |
| 6,131 | |
Series B preferred stock | |
| 12,481 | | |
| 12,481 | |
SportsHub warrants | |
| 3,015 | | |
| - | |
Prefunded warrants | |
| - | | |
| 125,359 | |
MTS warrants | |
| 8,333 | | |
| 8,333 | |
Purchase warrants | |
| 880,000 | | |
| - | |
Regular warrants | |
| 266,667 | | |
| 266,667 | |
Total | |
| 1,628,394 | | |
| 677,383 | |
|
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v3.23.3
Related Party Transactions
|
9 Months Ended |
Sep. 30, 2023 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
Note
18 – Related Party Transactions
The
Company uses Brown & Brown (“Brown”) as an insurance broker. Brown is considered a related party as an executive of Brown
serves on the board of directors for the Company. The Company paid $700,975 and $921,640 for the nine months ending September
30, 2023 and 2022, respectively for insurance coverage brokered by Brown. The Company’s director earned no commissions for the
placement of these policies.
The
Company leases office space in Canton, Connecticut from CJEM, LLC, which is owned by an officer and director of the Company. The Company
paid rent expense of $28,800 for the nine months ended September 30, 2023 and 2022 related to this lease.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.3
Subsequent Events
|
9 Months Ended |
Sep. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Note
19 – Subsequent Events
The
Company performed an evaluation of subsequent events for potential recognition and disclosure past the date of the financial statements’
issuance.
Pending
Domestication Merger
On
June 14, 2023, the Company (or “SharpLink Israel”), SharpLink Gaming, Inc., a Delaware corporation and a wholly owned subsidiary of SharpLink Israel (“SharpLink
US”), and SharpLink Merger Sub Ltd., an Israeli company and a wholly owned subsidiary of SharpLink US (“Domestication Merger
Sub”), entered into an Agreement and Plan of Merger and Reorganization (as amended July 24, 2023, the “Domestication Merger
Agreement”), pursuant to which Domestication Merger Sub will be merged with and into SharpLink Israel, with SharpLink Israel being
the surviving entity and continuing as a wholly owned subsidiary of SharpLink US (the “Domestication Merger”).
Under
the Domestication Merger Agreement, SharpLink Israel will become a wholly owned subsidiary of a Delaware corporation by the
Domestication Merger Sub merging with and into SharpLink Israel, with SharpLink Israel surviving the Domestication Merger and
becoming a wholly owned subsidiary of SharpLink US. In connection with the Domestication Merger, all SharpLink Israel ordinary
shares, par value NIS 0.60 per
share (the “SharpLink Israel Shares”), outstanding immediately prior to the Domestication Merger will convert, on a
one-for-one basis, into the right to receive, and become exchangeable for, shares of common stock of SharpLink US, par value $0.0001 per
share (the “SharpLink US Common Stock”), and all preferred shares, options and warrants of SharpLink Israel outstanding
immediately prior to the Domestication Merger will be converted into or exchanged for equivalent securities of SharpLink US. The Debenture
issued to Alpha on February 15, 2023, convertible into SharpLink Israel Shares, will be convertible into shares of SharpLink US
Common Stock at the same price and on the same other terms and any interest paid thereunder in shares will be paid in SharpLink US
Common Stock. By virtue of the Domestication Merger, all of the SharpLink Israel Shares and SharpLink Israel Preferred Shares shall
represent the right to receive the applicable SharpLink US Common Stock and Preferred Stock, shall be deemed to have been
transferred to SharpLink US in exchange for the right to receive such applicable SharpLink US Common Stock and Preferred Stock, and
each holder of a certificate or of evidence of shares in book-entry account, representing any certificated or non-certificated
SharpLink Israel Shares or SharpLink Israel Preferred Shares, shall cease to have any rights with respect thereto, except the right
to receive the applicable SharpLink US Common Stock and Preferred Stock.
The
proxy statement/registration statement on Form S-4 (file number: 333-272655), as amended, was originally filed with the SEC by SharpLink Israel and SharpLink
US on June 15, 2023, and declared effective by the SEC on October 23, 2023. SharpLink Israel’s Board of Directors has set
October 30, 2023 as the record date for shareholders to vote, by proxy or in person, on approving and adopting the Domestication
Merger Agreement and the transactions contemplated therein at an Extraordinary General Meeting of Shareholders that will be held on
November 29, 2023 at 11:00 A.M. Central time at the Company’s corporate office located at 333 Washington Avenue North, Suite
104, Minneapolis, Minnesota 55401.
Change
in Share Capital
On
October 24, 2023, the Company held an Extraordinary General Meeting of Shareholders (the “Meeting”) at which shareholders
approved the adoption of an amendment to the Company’s amended and restated articles of association to increase authorized share
capital of the Company from 9,290,000
Ordinary Shares, nominal value NIS 0.60
per share, to 100,000,000
Ordinary Shares, nominal value NIS 0.60
per share and a corresponding amendment to the
Company’s memorandum of association.
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v3.23.3
New Accounting Pronouncements (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Recently Adopted Accounting Pronouncements |
Recently
Adopted Accounting Pronouncements
In
August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—
Contracts in Entity’s Own Equity (Subtopic 815-40). ASU 2020-06 simplifies the accounting for convertible debt and convertible
preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments
in the ASU also simplify the guidance in ASC 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity, by removing certain
criteria that must be satisfied in order to classify a contract as equity, which is expected to decrease the number of freestanding instruments
and embedded derivatives accounted for as assets or liabilities. Finally, the amendments revise the guidance on calculating earnings
per share, requiring use of the if-converted method for all convertible instruments and rescinding an entity’s ability to rebut
the presumption of share settlement for instruments that may be settled in cash or other assets. The Company adopted ASU 2020-06 on January
1, 2023 and was applied to the Company’s accounting for its convertible debenture and warrants (see Note 8).
In
June 2016 and subsequently amended in March 2022, the FASB issued ASC 326, Financial Instruments – Credit Losses (Topic 326): Measurements
of Credit Losses on Financial Instruments (“ASC 326”), which replaces the existing incurred loss model with a current expected
credit loss (“CECL”) model that requires consideration of a broader range of reasonable and supportable information to inform
credit loss estimates. The Company would be required to use a forward-looking CECL model for accounts receivables, guarantees and other
financial instruments. The Company adopted ASC 326 on January 1, 2023 and ASC 326 did not have a material impact on its consolidated
financial statements as the Company has not had any historical credit losses.
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v3.23.3
Additional Balance Sheet Information (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Schedule of Intangible Assets |
Intangible
assets, net of accumulated amortization as of September 30, 2023 and December 31, 2022 consisted of the following:
Schedule of Intangible Assets
| |
Weighted-average | | |
| | |
| | |
| |
| |
amortization period | | |
Cost, Net of | | |
Accumulated | | |
| |
| |
(years) | | |
Impairment | | |
Amortization | | |
Net | |
Balance, September 30, 2023 | |
| | | |
| | | |
| | | |
| | |
Customer relationships | |
| 5 - 10 | | |
$ | 2,643,000 | | |
$ | 586,234 | | |
$ | 2,056,766 | |
Acquired technology | |
| 3 - 5 | | |
| 1,433,357 | | |
| 1,245,668 | | |
| 187,689 | |
Tradenames | |
| 6 | | |
| 640,000 | | |
| 83,407 | | |
| 556,593 | |
Internally developed software | |
| 5 | | |
| 1,145,902 | | |
| 435,221 | | |
| 710,681 | |
Software in development | |
| N/A | | |
| 458,484 | | |
| - | | |
| 458,484 | |
| |
| | | |
$ | 6,320,743 | | |
$ | 2,350,530 | | |
$ | 3,970,213 | |
| |
| | | |
| | | |
| | | |
| | |
Balance, December 31, 2022 | |
| | | |
| | | |
| | | |
| | |
Customer relationships | |
| 5 – 10 | | |
$ | 2,643,000 | | |
$ | 280,636 | | |
$ | 2,362,364 | |
Acquired technology | |
| 3 - 5 | | |
| 1,437,050 | | |
| 1,201,739 | | |
| 235,311 | |
Tradenames | |
| 6 | | |
| 640,000 | | |
| 3,405 | | |
| 636,595 | |
Internally developed software | |
| 5 | | |
| 749,147 | | |
| 288,530 | | |
| 460,617 | |
Software in development | |
| N/A | | |
| 33,046 | | |
| - | | |
| 33,046 | |
| |
| | | |
$ | 5,502,243 | | |
$ | 1,774,310 | | |
$ | 3,727,933 | |
|
Schedule of Goodwill |
Goodwill
as of September 30, 2023 and December 31, 2022 consisted of the following:
Schedule of Goodwill
| |
Sports
Gaming
Client
Services | | |
Sports
Hub
Gaming | | |
Affiliate
Marketing
Services -
International | | |
Total | |
Balance as of December 31, 2022 | |
$ | 381,000 | | |
$ | 4,919,928 | | |
$ | 1,615,167 | | |
$ | 6,916,095 | |
Goodwill | |
| - | | |
| - | | |
| - | | |
| - | |
Less: Impairment charges | |
| - | | |
| - | | |
| - | | |
| - | |
Balance as of September 30, 2023 | |
$ | 381,000 | | |
$ | 4,919,928 | | |
$ | 1,615,167 | | |
$ | 6,916,095 | |
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v3.23.3
Acquisitions (Tables) - Sports Hub Acquisition [Member]
|
9 Months Ended |
Sep. 30, 2023 |
Business Acquisition [Line Items] |
|
Schedule of Purchase Consideration |
Schedule of Purchase Consideration
Description | |
Amount | |
Fair Value of Equity Consideration | |
$ | 1,370,287 | |
Fair Value of Seller Platinum Line of Credit and Loan | |
| 5,387,850 | |
Total Purchase Price | |
$ | 6,758,137 | |
|
Schedule of Fair Value of Assets Acquired and Liabilities Assumed |
The
fair value of the assets acquired and liabilities assumed as of December 22, 2022 were as follows:
Schedule of Fair Value of Assets Acquired and Liabilities Assumed
| |
| | |
Assets: | |
| | |
Cash | |
$ | 38,255,266 | |
Restricted cash | |
| 10,604,004 | |
Accounts receivable | |
| 186,712 | |
Prepaid expenses and other current assets | |
| 1,916,932 | |
Equipment | |
| 11,953 | |
Other long-term assets | |
| 95,793 | |
Intangible assets | |
| 2,390,000 | |
Total Assets | |
$ | 53,460,660 | |
| |
| | |
Liabilities: | |
| | |
Accrued expenses | |
$ | 284,345 | |
Deferred tax liabilities | |
| 48,775 | |
Deferred revenue | |
| 3,574,285 | |
Other current liabilities | |
| 47,657,117 | |
Other long-term liabilities | |
| 106,705 | |
Total liabilities | |
$ | 51,671,227 | |
| |
| | |
Net assets acquired, excluding goodwill | |
$ | 1,789,433 | |
| |
| | |
Goodwill | |
| 4,968,703 | |
| |
| | |
Purchase consideration for accounting acquiree | |
$ | 6,758,137 | |
|
Schedule of Fair Value Assumption Asset |
The
fair value, as determined by assumptions that market participants would use in pricing the assets, and weighted average useful life of
the identifiable intangible assets are as follows:
Schedule of Fair Value Assumption Asset
| |
| | |
Weighted
Average | |
| |
Fair Value | | |
Useful Life
(Years) | |
Customer relationships | |
$ | 1,550,000 | | |
| 5 | |
Trade names | |
| 640,000 | | |
| 6 | |
Acquired technology | |
| 200,000 | | |
| 5 | |
| |
$ | 2,390,000 | | |
| | |
|
Schedule of Business Acquisition Pro Forma Information |
The
pro forma financial information excludes adjustments for estimated cost synergies or other effects of the integration of SportsHub:
Schedule of Business Acquisition Pro Forma Information
| |
September 30,
2022 | |
| |
| |
Revenues | |
$ | 8,379,821 | |
| |
| | |
Loss from continuing operations | |
| (13,873,171 | ) |
Less: dividends accrued on series B preferred stock | |
| (8,088 | ) |
Net loss from continuing operations available to ordinary shareholders | |
| (13,881,259 | ) |
| |
| | |
Net income (loss) from discontinued operations, net of tax, available to ordinary shareholders | |
| (1,360,286 | ) |
Net loss available to ordinary shareholders | |
| (15,241,545 | ) |
| |
| | |
Basic and diluted: | |
| | |
Net loss from continuing operations per share | |
$ | (5.88 | ) |
Net loss from discontinued operations per share | |
| (0.58 | ) |
Net loss per share | |
$ | (6.45 | ) |
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v3.23.3
Debt (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of Debt |
A
summary of the debt agreements is noted below:
Schedule of Debt
| |
September 30,
2023 | |
| |
| |
Note Payable – Bank, $2,000,000 principle, secured by assets of SportsHub | |
$ | 970,986 | |
Note Payable – Bank, $3,250,000 principle, secured by assets of FCAC | |
| 2,238,062 | |
Total | |
| 3,209,048 | |
Less unamortized debt issuance costs | |
| 11,756 | |
Less current portion | |
| 1,054,954 | |
Long-term debt | |
$ | 2,142,338 | |
|
Schedule of Outstanding Amount of Debt |
The
outstanding amount of debt as of September 30, 2023, matures by year as follows:
Schedule of Outstanding Amount of Debt
Year | |
Amount | |
For the remaining three months ended December 31, 2023 | |
$ | 259,181 | |
2024 | |
| 1,066,696 | |
2025 | |
| 1,120,612 | |
2026 | |
| 700,256 | |
2027 | |
| 62,303 | |
Total | |
$ | 3,209,048 | |
|
X |
- DefinitionTabular disclosure of contractual obligation by timing of payment due. Includes, but is not limited to, long-term debt obligation, lease obligation, and purchase obligation.
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v3.23.3
Convertible Debenture and Warrant (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Convertible Debenture And Warrant |
|
Summary of Convertible Debenture Recorded at Fair value |
The
following provides a summary of the Convertible Debenture recorded at fair value as of September 30, 2023:
Summary of Convertible Debenture Recorded at Fair value
| |
| | |
Principle amount of convertible debenture at issuance: | |
$ | 4,400,000 | |
Unamortized discount for warrants | |
| (929,598 | ) |
Unamortized discount for OID | |
| (316,669 | ) |
Accrued interest expense | |
| 216,987 | |
Change in fair value | |
| 1,002,243 | |
Balance of convertible debenture as of September 30, 2023: | |
| 4,372,963 | |
|
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v3.23.3
Fair Value (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Schedule of Consolidated Financial Assets and Liabilities Measured at Fair Value |
The
following table sets forth the Company’s consolidated financial assets and liabilities measured at fair value by level within the
fair value hierarchy on September 30, 2023:
Schedule of Consolidated Financial Assets and Liabilities Measured at Fair Value
| |
Convertible
Debenture | | |
Purchase Warrant | |
Level I | |
$ | - | | |
$ | - | |
Level II | |
$ | - | | |
$ | - | |
Level III | |
$ | 4,372,963 | | |
$ | 1,174,229 | |
Total | |
$ | 4,372,963 | | |
$ | 1,174,229 | |
|
Significant Unobservable Inputs (level 3) and Related Expenses and Losses |
Significant Unobservable Inputs (level 3) and Related Expenses and Losses
| |
| | |
Fair Value, December 31, 2022 | |
$ | - | |
Issuance of convertible debenture | |
| 2,825,771 | |
Accretion for discount for warrants | |
| 244,629 | |
Accretion for discount for OID | |
| 83,333 | |
Interest expense | |
| 216,987 | |
Change in fair value | |
| 1,002,243 | |
Fair Value, September 30, 2023 | |
$ | 4,372,963 | |
|
Schedule of B Spreads |
Schedule
of B Spreads
| |
| | |
Issuance February 14, 2023 | |
| 4.13 | % |
Fair Value September 30, 2023 | |
| 2.81 | % |
|
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v3.23.3
Warrants (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Guarantees and Product Warranties [Abstract] |
|
Schedule of Warrant Activity |
Following
is a summary of the Company’s warrant activity for the nine-month period ended September 30, 2023:
Schedule
of Warrant Activity
| |
Number of Shares | | |
Weighted Average Exercise Price per Share | | |
Weighted Average Remaining Life (Years) | |
Outstanding as of December 31, 2022 | |
| 400,359 | | |
$ | 0.82 | | |
| 2.83 | |
Previously issued regular warrants | |
| (266,667 | ) | |
| (45.00 | ) | |
| 0.49 | |
Revalued regular warrants | |
| 266,667 | | |
| 0.60 | | |
| 0.49 | |
Exercised | |
| (125,359 | ) | |
| (0.01 | ) | |
| - | |
Issued and vested | |
| 883,015 | | |
| 4.15 | | |
| 3.34 | |
Outstanding as of September 30, 2023 | |
| 1,158,015 | | |
$ | 3.43 | | |
| 3.84 | |
|
X |
- DefinitionTabular disclosure of share-based payment arrangement.
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v3.23.3
Stock Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Retirement Benefits [Abstract] |
|
Schedule of Fair Values of Stock Options Granted Using Black-scholes Valuation Model Assumptions |
The
fair value of each stock option grant is estimated on the date of grant using the Black Scholes option pricing model with the following
assumptions:
Schedule of Fair Values of Stock Options Granted Using Black-scholes Valuation Model Assumptions
| |
September
30,
2023 | |
| |
| |
Expected
volatility | |
| 53.6-116.6
| % |
Expected
dividends | |
| 0.0 | % |
Expected
term (years) | |
| 5.7 | |
Risk-free
rate | |
| 3.4
– 4.3 | % |
Fair
value of ordinary shares on grant date | |
$ | 1.70
– $4.03 | |
|
Schedule of Stock Option Activity |
The
summary of activity under the plans as of September 30, 2023, and change during the nine months ended September 30, 2023 is as follows:
Schedule of Stock Option Activity
| |
| | |
Weighted | | |
Weighted average | | |
| |
| |
| | |
average | | |
remaining | | |
Aggregate | |
Options | |
Shares | | |
exercise price | | |
contractual
term | | |
intrinsic value | |
Outstanding as of December 31, 2022 | |
| 288,914 | | |
| 11.40 | | |
| | | |
| 7,750 | |
Granted | |
| 155,755 | | |
| 4.46 | | |
| | | |
| | |
Exercised | |
| — | | |
| — | | |
| | | |
| | |
Acquired1 | |
| 14,552 | | |
| 14.16 | | |
| | | |
| | |
Forfeited | |
| (7,112 | ) | |
| 5.70 | | |
| | | |
| | |
Expired | |
| (1,413 | ) | |
| 8.84 | | |
| | | |
| | |
Outstanding as of September 30, 2023 | |
| 450,696 | | |
| 9.21 | | |
| 8.9 | | |
| 4,000 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable as of September 30, 2023 | |
| 211,949 | | |
| 11.47 | | |
| 8.5 | | |
| 4,000 | |
1 | | During the nine
months ended September 30, 2023, the Company recognized 14,552 options that were acquired during the SportsHub Acquisition, see Note
5. The options have an exercise price of $14.16 and expire December 21, 2032. The options were fully vested upon the SportsHub acquisition. |
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v3.23.3
Operating Segments (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Segment Reporting [Abstract] |
|
Schedule of Companies Reportable Segments |
Schedule of Companies Reportable Segments
| |
Affiliate
Marketing
Services - United
States | | |
Affiliate
Marketing
Services - International | | |
Sports
Gaming
Client
Services | | |
SportsHub
Gaming
Network | | |
Enterprise
TEM | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Revenues | |
$ | 231,921 | | |
$ | 1,191,964 | | |
$ | 420,100 | | |
$ | 1,425,939 | | |
$ | - | | |
$ | 3,269,924 | |
Cost of revenues | |
| 167,109 | | |
| 840,308 | | |
| 628,499 | | |
| 497,688 | | |
| - | | |
| 2,133,604 | |
Loss from operations | |
| (1,741,432 | ) | |
| (114,696 | ) | |
| (274,914 | ) | |
| (327,710 | ) | |
| - | | |
| (2,458,752 | ) |
Loss from discontinued operations | |
| - | | |
| - | | |
| - | | |
| - | | |
| (148,000 | ) | |
| (148,000 | ) |
Net income (loss) | |
$ | (2,338,783 | ) | |
$ | (140,399 | ) | |
$ | (276,374 | ) | |
$ | 54,009 | | |
$ | (148,000 | ) | |
$ | (2,849,547 | ) |
For
the three months ended September 30, 2022:
| |
Affiliate
Marketing
Services - United
States | | |
Affiliate
Marketing
Services - International | | |
Sports
Gaming
Client
Services | | |
SportsHub
Gaming
Network | | |
Enterprise
TEM | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Revenues | |
$ | 114,972 | | |
$ | 760,585 | | |
$ | 417,117 | | |
$ | - | | |
$ | - | | |
$ | 1,292,674 | |
Cost of revenues | |
| 25,484 | | |
| 489,808 | | |
| 589,403 | | |
| - | | |
| - | | |
| 1,104,695 | |
Loss from operations | |
| (1,439,115 | ) | |
| (143,500 | ) | |
| (334,584 | ) | |
| - | | |
| - | | |
| (1,917,199 | ) |
Loss from discontinued operations | |
| - | | |
| - | | |
| - | | |
| - | | |
| (104,633 | ) | |
| (104,633 | ) |
Net income (loss) | |
$ | (1,432,493 | ) | |
$ | (175,897 | ) | |
$ | (334,584 | ) | |
$ | - | | |
$ | (104,633 | ) | |
$ | (2,047,607 | ) |
For
the nine months ended September 30, 2023:
| |
Affiliate Marketing Services - United States | | |
Affiliate Marketing Services - International | | |
Sports Gaming Client Services | | |
SportsHub Gaming Network | | |
Enterprise TEM | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Revenues | |
$ | 817,268 | | |
$ | 3,325,128 | | |
$ | 2,183,644 | | |
$ | 3,591,631 | | |
$ | - | | |
$ | 9,917,671 | |
Cost of revenues | |
| 574,841 | | |
| 2,300,084 | | |
| 2,325,107 | | |
| 1,272,367 | | |
| - | | |
| 6,472,399 | |
Loss from operations | |
| (5,834,870 | ) | |
| (312,551 | ) | |
| (366,747 | ) | |
| (1,055,551 | ) | |
| - | | |
| (7,569,719 | ) |
Loss from discontinued operations | |
| - | | |
| - | | |
| - | | |
| - | | |
| (441,997 | ) | |
| (441,997 | ) |
Net income (loss) | |
$ | (7,548,726 | ) | |
$ | (394,124 | ) | |
$ | (368,207 | ) | |
$ | (361,389 | ) | |
$ | (441,997 | ) | |
$ | (9,114,443 | ) |
For
the nine months ended September 30, 2022:
| |
Affiliate Marketing Services - United States | | |
Affiliate Marketing Services - International | | |
Sports Gaming Client Services | | |
SportsHub Gaming Network | | |
Enterprise TEM | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
Revenues | |
$ | 285,004 | | |
$ | 2,524,547 | | |
$ | 2,130,713 | | |
$ | - | | |
$ | - | | |
$ | 4,940,264 | |
Cost of revenues | |
| 70,771 | | |
| 1,533,373 | | |
| 2,430,693 | | |
| - | | |
| - | | |
| 4,034,837 | |
Loss from operations | |
| (6,811,370 | ) | |
| (5,050,662 | ) | |
| (623,359 | ) | |
| - | | |
| - | | |
| (12,485,391 | ) |
Loss from discontinued operations | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,360,286 | ) | |
| (1,360,286 | ) |
Net income (loss) | |
$ | (6,781,946 | ) | |
$ | (5,137,477 | ) | |
$ | (623,359 | ) | |
$ | - | | |
$ | (1,255,654 | ) | |
$ | (13,903,068 | ) |
|
Schedule of Revenues by Country |
Summarized
revenues by country in which the Company operated for the three and nine months ended September 30, 2023 and 2022 are shown below:
Schedule of Revenues by Country
Three Months Ended September 30, 2023 | |
Affiliate Marketing Services - United States | | |
Affiliate Marketing Services - International | | |
Sports Gaming Client Services | | |
SportsHub Gaming Network | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
United States | |
$ | 231,921 | | |
$ | - | | |
$ | 420,100 | | |
$ | 1,425,939 | | |
$ | 2,077,960 | |
Rest of World | |
| - | | |
| 1,191,964 | | |
| - | | |
| - | | |
| 1,191,964 | |
Revenues | |
$ | 231,921 | | |
$ | 1,191,964 | | |
$ | 420,100 | | |
$ | 1,425,939 | | |
$ | 3,269,924 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Three Months Ended September 30, 2022 | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
United States | |
$ | 114,972 | | |
$ | - | | |
$ | 417,117 | | |
$ | - | | |
$ | 532,089 | |
Rest of World | |
| - | | |
| 760,585 | | |
| - | | |
| - | | |
| 760,585 | |
Revenues | |
$ | 114,972 | | |
$ | 760,585 | | |
$ | 417,117 | | |
$ | - | | |
$ | 1,292,674 | |
Nine Months Ended September 30, 2023 | |
Affiliate
Marketing
Services - United
States | | |
Affiliate
Marketing
Services - International | | |
Sports
Gaming
Client
Services | | |
SportsHub Gaming Network | | |
Total | |
| |
| | |
| | |
| | |
| | |
| |
United States | |
$ | 817,268 | | |
$ | - | | |
$ | 2,183,644 | | |
$ | 3,591,631 | | |
$ | 6,592,543 | |
Rest of World | |
| - | | |
| 3,325,128 | | |
| - | | |
| - | | |
| 3,325,128 | |
Revenues | |
$ | 817,268 | | |
$ | 3,325,128 | | |
$ | 2,183,644 | | |
$ | 3,591,631 | | |
$ | 9,917,671 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Nine Months Ended September 30, 2022 | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
United States | |
$ | 285,004 | | |
$ | - | | |
$ | 2,130,713 | | |
$ | - | | |
$ | 2,415,717 | |
Rest of World | |
| - | | |
| 2,524,547 | | |
| - | | |
| - | | |
| 2,524,547 | |
Revenues | |
$ | 285,004 | | |
$ | 2,524,547 | | |
$ | 2,130,713 | | |
$ | - | | |
$ | 4,940,264 | |
|
Schedule of Percentage of Consolidated Revenues Derived from Large Customers |
The
Company’s Sports Gaming Client Services and Affiliate Marketing Services – International segments derive a significant portion
of their revenues from several large customers. The table below presents the percentage of consolidated revenues derived from large customers:
Schedule
of Percentage of Consolidated Revenues Derived from Large Customers
| |
September 30,
2023 | | |
September 30,
2022 | |
| |
| | |
| |
Customer A | |
| 15 | % | |
| 39 | % |
Customer B | |
| 14 | % | |
| 4 | % |
Customer C | |
| 7 | % | |
| 15 | % |
Customer | |
| 7 | % | |
| 15 | % |
|
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v3.23.3
Revenue Recognition (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of Revenue Recognition |
The
Company combines its revenue into the following categories:
Schedule
of Revenue Recognition
For the three months ended September 30, 2023 | |
Affiliate Marketing Services - U.S. | | |
Affiliate Marketing Services - International | | |
Sports Gaming Client Services | | |
SportsHub Gaming Network | | |
Total | |
Software-as-a-service | |
$ | 74,554 | | |
$ | - | | |
$ | 420,100 | | |
$ | - | | |
$ | 494,654 | |
Fee revenue | |
| - | | |
| - | | |
| - | | |
| 1,425,939 | | |
| 1,425,939 | |
Services and other | |
| 157,367 | | |
| 1,191,964 | | |
| - | | |
| - | | |
| 1,349,331 | |
Total | |
$ | 231,921 | | |
$ | 1,191,964 | | |
$ | 420,100 | | |
$ | 1,425,939 | | |
$ | 3,269,924 | |
For the three months ended September 30, 2022 | |
Affiliate Marketing Services - U.S. | | |
Affiliate Marketing Services - International | | |
Sports Gaming Client Services | | |
SportsHub Gaming Network | | |
Total | |
Software-as-a-service | |
$ | 111,227 | | |
$ | - | | |
$ | 417,117 | | |
$ | - | | |
$ | 528,344 | |
Fee revenue | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Services and other | |
| 3,745 | | |
| 760,585 | | |
| - | | |
| - | | |
| 764,330 | |
Total | |
$ | 114,972 | | |
$ | 760,585 | | |
$ | 417,117 | | |
$ | - | | |
$ | 1,292,674 | |
For the nine months ended September 30, 2023 | |
Affiliate Marketing Services - U.S. | | |
Affiliate Marketing Services - International | | |
Sports Gaming Client Services | | |
SportsHub Gaming Network | | |
Total | |
Software-as-a-service | |
$ | 216,778 | | |
$ | - | | |
$ | 2,183,644 | | |
$ | - | | |
$ | 2,400,422 | |
Fee revenue | |
| - | | |
| - | | |
| - | | |
| 3,591,631 | | |
| 3,591,631 | |
Services and other | |
| 600,490 | | |
| 3,325,128 | | |
| - | | |
| - | | |
| 3,925,618 | |
Total | |
$ | 817,268 | | |
$ | 3,325,128 | | |
$ | 2,183,644 | | |
$ | 3,591,631 | | |
$ | 9,917,671 | |
For the nine months ended September 30, 2022 | |
Affiliate Marketing Services - U.S. | | |
Affiliate Marketing Services - International | | |
Sports Gaming Client Services | | |
SportsHub Gaming Network | | |
Total | |
Software-as-a-service | |
$ | 281,259 | | |
$ | - | | |
$ | 2,130,713 | | |
$ | - | | |
$ | 2,411,972 | |
Fee revenue | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Services and other | |
| 3,745 | | |
| 2,524,547 | | |
| - | | |
| - | | |
| 2,528,292 | |
Total | |
$ | 285,004 | | |
$ | 2,524,547 | | |
$ | 2,130,713 | | |
$ | - | | |
$ | 4,940,264 | |
|
Schedule of Revenue Recognized Point in Time and Over Time |
Schedule
of Revenue Recognized Point in Time and Over Time
|
|
Affiliate Marketing Services - U.S. |
|
|
Affiliate Marketing Services - International |
|
|
Sports Gaming Client Services |
|
|
SportsHub
Gaming Network |
|
|
Total |
|
Point in time |
|
$ |
157,367 |
|
|
$ |
1,191,964 |
|
|
$ |
- |
|
|
$ |
360,088 |
|
|
$ |
1,709,419 |
|
Over time |
|
|
74,554 |
|
|
|
- |
|
|
|
420,100 |
|
|
|
1,065,851 |
|
|
|
1,560,505 |
|
Total |
|
$ |
231,921 |
|
|
$ |
1,191,964 |
|
|
$ |
420,100 |
|
|
$ |
1,425,939 |
|
|
$ |
3,269,924 |
|
For
the three months ended September 30, 2022:
| |
Affiliate Marketing Services - U.S. | | |
Affiliate Marketing Services - International | | |
Sports Gaming Client Services | | |
SportsHub Gaming Network | | |
Total | |
Point in time | |
$ | 3,745 | | |
$ | 760,585 | | |
$ | - | | |
$ | - | | |
$ | 764,330 | |
Over time | |
| 111,227 | | |
| - | | |
| 417,117 | | |
| - | | |
$ | 528,344 | |
Total | |
$ | 114,972 | | |
$ | 760,585 | | |
$ | 417,117 | | |
$ | - | | |
$ | 1,292,674 | |
For
the nine months ended September 30, 2023:
| |
Affiliate Marketing Services - U.S. | | |
Affiliate Marketing Services - International | | |
Sports Gaming Client Services | | |
SportsHub Gaming Network | | |
Total | |
Point in time | |
$ | 600,490 | | |
$ | 3,325,128 | | |
$ | - | | |
$ | 1,031,113 | | |
$ | 4,956,731 | |
Over time | |
| 216,778 | | |
| - | | |
| 2,183,644 | | |
| 2,560,518 | | |
| 4,960,940 | |
Total | |
$ | 817,268 | | |
$ | 3,325,128 | | |
$ | 2,183,644 | | |
$ | 3,591,631 | | |
$ | 9,917,671 | |
For
the nine months ended September 30, 2022:
| |
Affiliate Marketing Services - U.S. | | |
Affiliate Marketing Services - International | | |
Sports Gaming Client Services | | |
SportsHub Gaming Network | | |
Total | |
Point in time | |
$ | 3,745 | | |
$ | 2,524,547 | | |
$ | - | | |
$ | - | | |
$ | 2,528,292 | |
Over time | |
| 281,259 | | |
| - | | |
| 2,130,713 | | |
| - | | |
$ | 2,411,972 | |
Total | |
$ | 285,004 | | |
$ | 2,524,547 | | |
$ | 2,130,713 | | |
$ | - | | |
$ | 4,940,264 | |
|
Schedule of Contract Assets and Liabilities |
The
Company’s assets and liabilities related to its contracts with customers were as follows:
Schedule
of Contract Assets and Liabilities
| |
September 30,
2023 | | |
December 31,
2022 | |
| |
| | |
| |
Accounts receivable | |
$ | 1,394,340 | | |
$ | 776,530 | |
Unbilled revenue | |
| 128,879 | | |
| 47,000 | |
Contract assets | |
| 99,410 | | |
| 219,116 | |
Contract liabilities | |
| (8,448,201 | ) | |
| (2,166,451 | ) |
|
Schedule of Contract Assets |
The
activity in the contract assets for the nine months ended September 30, 2023 is as follows:
Schedule
of Contract Assets
| |
Amount | |
Balance as of December 31, 2022 | |
$ | 219,116 | |
Labor costs expensed | |
| (577,956 | ) |
Labor costs deferred | |
| 458,250 | |
Balance as of September 30, 2023 | |
$ | 99,410 | |
|
Schedule of Contract Liabilities |
The
activity in the contract liabilities for the nine months ended September 30, 2023 is as follows:
Schedule
of Contract Liabilities
| |
Amount | |
Balance as of December 31, 2022 | |
$ | (2,166,451 | ) |
Revenue recognized or reclassified | |
| 10,374,078 | |
Deferred revenue | |
| (16,655,828 | ) |
Balance as of September 30, 2023 | |
$ | (8,448,201 | ) |
|
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v3.23.3
Discontinued Operations (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Discontinued Operations and Disposal Groups [Abstract] |
|
Summary Reconciliation of Discontinued Operations |
Summary
Reconciliation of Discontinued Operations
Summary
Reconciliation of Discontinued Operations
| |
Three months ended September 30,
2023 | | |
Three months ended September 30,
2022 | | |
Nine months ended September 30,
2023 | | |
Nine months ended September 30,
2022 | |
| |
| | |
| | |
| | |
| |
Revenues | |
$ | - | | |
$ | 862,239 | | |
$ | - | | |
$ | 2,732,069 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of Revenues | |
| 3,500 | | |
| 435,896 | | |
| 10,500 | | |
| 1,480,072 | |
| |
| | | |
| | | |
| | | |
| | |
Gross (Loss) Profit | |
| (3,500 | ) | |
| 426,343 | | |
| (10,500 | ) | |
| 1,251,997 | |
| |
| | | |
| | | |
| | | |
| | |
Operating Expenses | |
| | | |
| | | |
| | | |
| | |
Selling, general, and administrative expenses | |
| 139,000 | | |
| 548,435 | | |
| 416,997 | | |
| 1,391,726 | |
Goodwill and intangible asset impairment expense | |
| - | | |
| - | | |
| - | | |
| 1,224,671 | |
Total operating expenses | |
| 139,000 | | |
| 548,435 | | |
| 416,997 | | |
| 2,616,397 | |
| |
| | | |
| | | |
| | | |
| | |
Operating Loss | |
| (142,500 | ) | |
| (122,092 | ) | |
| (427,497 | ) | |
| (1,364,400 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other Income and Expense | |
| (3,500 | ) | |
| 20,459 | | |
| (10,500 | ) | |
| 8,114 | |
Total other income and expense | |
| (3,500 | ) | |
| 20,459 | | |
| (10,500 | ) | |
| 8,114 | |
| |
| | | |
| | | |
| | | |
| | |
Loss Before Income Taxes | |
| (146,000 | ) | |
| (101,633 | ) | |
| (437,997 | ) | |
| (1,356,286 | ) |
| |
| | | |
| | | |
| | | |
| | |
Provision for income tax expenses | |
| 2,000 | | |
| 3,000 | | |
| 4,000 | | |
| 4,000 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from discontinued operations | |
$ | (148,000 | ) | |
$ | (104,633 | ) | |
$ | (441,997 | ) | |
| (1,360,286 | ) |
|
Schedule of Major Classes of Assets and Liabilities |
The
following table presents a reconciliation of the carrying amounts of major classes of assets and liabilities of the Company classified
as discontinued operations as of September 30, 2023 (unaudited) and December 31, 2022:
Schedule of Major Classes of Assets and Liabilities
| |
September 30,
2023 | | |
December 31,
2022 | |
| |
(Unaudited) | | |
| |
Carrying amounts of major classes of assets included as part of discontinued operations: | |
| | | |
| | |
| |
| | | |
| | |
Current Assets | |
| | | |
| | |
Cash | |
$ | 153,000 | | |
$ | 648,000 | |
Accounts receivable, net of allowance | |
| 69,000 | | |
| 191,000 | |
Prepaid expenses and other current assets | |
| 164,000 | | |
| 187,000 | |
Equipment, net | |
| 3,000 | | |
| 5,000 | |
Other Assets | |
| - | | |
| 279,000 | |
Total current assets | |
$ | 389,000 | | |
$ | 1,310,000 | |
| |
September 30, 2023 | | |
December 31, 2022 | |
| |
(Unaudited) | | |
| |
Carrying amounts of major classes of liability included as part of discontinued operations: | |
| | | |
| | |
| |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accrued expenses | |
$ | 82,100 | | |
$ | 374,879 | |
Contract liabilities | |
| 3,000 | | |
| 2,000 | |
Other current liabilities | |
| 736,398 | | |
| 838,274 | |
Total current liabilities | |
$ | 821,498 | | |
$ | 1,215,153 | |
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v3.23.3
Net Loss Per Share (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
Schedule of Loss Per Share and Weighted-average |
The
calculation of loss per share and weighted-average shares of the Company’s ordinary shares outstanding for the periods presented
are as follows:
Schedule of Loss Per Share and Weighted-average
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three months ended September 30 | | |
Nine months ended September 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net loss from continuing operations | |
$ | (2,701,547 | ) | |
$ | (1,942,974 | ) | |
$ | (8,672,446 | ) | |
$ | (12,542,782 | ) |
Less: deemed dividends on Series B preferred stock | |
| - | | |
| - | | |
| (48,633 | ) | |
| - | |
Less: dividends on series B preferred stock | |
| (213 | ) | |
| (2,247 | ) | |
| (1,861 | ) | |
| (8,088 | ) |
Net loss from continuing operations available to ordinary shareholders | |
| (2,701,760 | ) | |
| (1,945,221 | ) | |
| (8,722,940 | ) | |
| (12,550,870 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) from discontinued operations, net of tax, available to ordinary shareholders | |
| (148,000 | ) | |
| (104,633 | ) | |
| (441,997 | ) | |
| (1,360,286 | ) |
Net loss available to ordinary shareholders | |
$ | (2,849,760 | ) | |
$ | (2,049,854 | ) | |
$ | (9,164,937 | ) | |
$ | (13,911,156 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted weighted-average shares outstanding | |
| 2,863,607 | | |
| 2,361,974 | | |
| 2,736,583 | | |
| 2,361,974 | |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted: | |
| | | |
| | | |
| | | |
| | |
Net loss from continuing operations per share | |
$ | (0.94 | ) | |
$ | (0.82 | ) | |
$ | (3.19 | ) | |
$ | (5.31 | ) |
Net income (loss) from discontinued operations per share | |
| (0.05 | ) | |
| (0.04 | ) | |
| (0.16 | ) | |
| (0.58 | ) |
Net loss per share | |
$ | (0.99 | ) | |
$ | (0.86 | ) | |
$ | (3.35 | ) | |
$ | (5.89 | ) |
|
Schedule of Computation of Diluted Shares Outstanding |
Schedule
of computation of diluted shares outstanding:
Schedule of Computation of Diluted Shares Outstanding
| |
September 30, 2023 | | |
September 30, 2022 | |
Stock options | |
| 450,696 | | |
| 258,412 | |
Series A-1 preferred stock | |
| 7,202 | | |
| 6,131 | |
Series B preferred stock | |
| 12,481 | | |
| 12,481 | |
SportsHub warrants | |
| 3,015 | | |
| - | |
Prefunded warrants | |
| - | | |
| 125,359 | |
MTS warrants | |
| 8,333 | | |
| 8,333 | |
Purchase warrants | |
| 880,000 | | |
| - | |
Regular warrants | |
| 266,667 | | |
| 266,667 | |
Total | |
| 1,628,394 | | |
| 677,383 | |
|
X |
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v3.23.3
Basis of Presentation (Details Narrative)
|
|
9 Months Ended |
|
|
|
Jul. 26, 2021 |
Sep. 30, 2023
$ / shares
shares
|
Apr. 23, 2023
₪ / shares
shares
|
Apr. 22, 2023
₪ / shares
shares
|
Dec. 31, 2022
$ / shares
shares
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
Variable interest rate |
|
9.00%
|
|
|
|
Common stock par value | (per share) |
|
$ 0.60
|
₪ 0.60
|
|
$ 0.60
|
Common stock, shares issued |
|
2,833,734
|
26,881,244
|
|
2,688,541
|
Common stock, shares outstanding |
|
2,833,734
|
26,881,244
|
|
2,688,541
|
Common Stock, Shares Authorized |
|
9,290,000
|
|
|
9,290,000
|
M And AA [Member] |
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
Common stock par value | ₪ / shares |
|
|
|
₪ 0.06
|
|
Common Stock, Shares Authorized |
|
|
9,290,000
|
92,900,000
|
|
Mer Telemanagement Solutions Ltd [Member] |
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
Variable interest rate |
86.00%
|
|
|
|
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
Going Concern (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Feb. 14, 2023 |
Feb. 13, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
|
|
Net loss from continuing operations |
$ 2,701,547
|
$ 1,942,974
|
$ 8,672,446
|
$ 12,542,782
|
|
|
Net cash used in operating activities |
|
|
6,266,211
|
(6,376,631)
|
|
|
Net cash used in operating activities |
|
|
(6,266,211)
|
$ 6,376,631
|
|
|
Debt interest rate |
|
|
|
|
8.00%
|
|
Debt discount rate |
|
|
|
|
10.00%
|
|
Principal amount |
$ 4,400,000
|
|
$ 4,400,000
|
|
$ 4,400,000
|
|
Purchase price |
|
|
|
|
$ 4,000,000
|
|
Revolving promissory note |
|
|
|
|
|
$ 7,000,000
|
X |
- DefinitionFace (par) amount of debt instrument at time of issuance.
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v3.23.3
Schedule of Intangible Assets (Details) - USD ($)
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Dec. 31, 2022 |
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Cost net of impairment |
$ 6,320,743
|
$ 5,502,243
|
Accumulated amortization |
2,350,530
|
1,774,310
|
Intangible assets net |
3,970,213
|
3,727,933
|
Customer Relationships [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Cost net of impairment |
2,643,000
|
2,643,000
|
Accumulated amortization |
586,234
|
280,636
|
Intangible assets net |
2,056,766
|
2,362,364
|
Technology-Based Intangible Assets [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Cost net of impairment |
1,433,357
|
1,437,050
|
Accumulated amortization |
1,245,668
|
1,201,739
|
Intangible assets net |
187,689
|
235,311
|
Trade Names [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Cost net of impairment |
640,000
|
640,000
|
Accumulated amortization |
83,407
|
3,405
|
Intangible assets net |
556,593
|
636,595
|
Software and Software Development Costs [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Cost net of impairment |
1,145,902
|
749,147
|
Accumulated amortization |
435,221
|
288,530
|
Intangible assets net |
710,681
|
460,617
|
Software Development [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Cost net of impairment |
458,484
|
33,046
|
Accumulated amortization |
|
|
Intangible assets net |
$ 458,484
|
$ 33,046
|
Customer Relationships [Member] | Minimum [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Weighted average amortization period |
5 years
|
5 years
|
Customer Relationships [Member] | Maximum [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Weighted average amortization period |
10 years
|
10 years
|
Technology-Based Intangible Assets [Member] | Minimum [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Weighted average amortization period |
3 years
|
3 years
|
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|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Weighted average amortization period |
5 years
|
5 years
|
Trade Names [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Weighted average amortization period |
6 years
|
6 years
|
Software and Software Development Costs [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Weighted average amortization period |
5 years
|
5 years
|
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v3.23.3
Schedule of Goodwill (Details)
|
9 Months Ended |
Sep. 30, 2023
USD ($)
|
Finite-Lived Intangible Assets [Line Items] |
|
Balance as of December 31, 2022 |
$ 6,916,095
|
Goodwill |
|
Less: Impairment charges |
|
Balance as of September 30, 2023 |
6,916,095
|
Sports Gaming Client Services [Member] |
|
Finite-Lived Intangible Assets [Line Items] |
|
Balance as of December 31, 2022 |
381,000
|
Goodwill |
|
Less: Impairment charges |
|
Balance as of September 30, 2023 |
381,000
|
Sports Hub Gaming {Member} |
|
Finite-Lived Intangible Assets [Line Items] |
|
Balance as of December 31, 2022 |
4,919,928
|
Goodwill |
|
Less: Impairment charges |
|
Balance as of September 30, 2023 |
4,919,928
|
Affiliate Marketing Services International [Member] |
|
Finite-Lived Intangible Assets [Line Items] |
|
Balance as of December 31, 2022 |
1,615,167
|
Goodwill |
|
Less: Impairment charges |
|
Balance as of September 30, 2023 |
$ 1,615,167
|
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v3.23.3
Additional Balance Sheet Information (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
|
Accumulated depreciation |
$ 125,006
|
|
$ 125,006
|
|
$ 100,733
|
Depreciation expense |
8,858
|
$ 5,454
|
24,272
|
$ 18,243
|
|
Amortization expense |
$ 199,883
|
$ 271,768
|
$ 576,220
|
$ 841,983
|
|
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v3.23.3
Schedule of Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($)
|
Dec. 22, 2022 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Business Acquisition [Line Items] |
|
|
|
Goodwill |
|
$ 6,916,095
|
$ 6,916,095
|
Sports Hub Acquisition [Member] |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Cash |
$ 38,255,266
|
|
|
Restricted cash |
10,604,004
|
|
|
Accounts receivable |
186,712
|
|
|
Prepaid expenses and other current assets |
1,916,932
|
|
|
Equipment |
11,953
|
|
|
Other long-term assets |
95,793
|
|
|
Intangible assets |
2,390,000
|
|
|
Total Assets |
53,460,660
|
|
|
Accrued expenses |
284,345
|
|
|
Deferred tax liabilities |
48,775
|
|
|
Deferred revenue |
3,574,285
|
|
|
Other current liabilities |
47,657,117
|
|
|
Other long-term liabilities |
106,705
|
|
|
Total liabilities |
51,671,227
|
|
|
Net assets acquired, excluding goodwill |
1,789,433
|
|
|
Goodwill |
4,968,703
|
|
|
Purchase consideration for accounting acquiree |
$ 6,758,137
|
|
|
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v3.23.3
Schedule of Business Acquisition Pro Forma Information (Details)
|
9 Months Ended |
Sep. 30, 2022
USD ($)
$ / shares
|
Business Combination and Asset Acquisition [Abstract] |
|
Revenues |
$ 8,379,821
|
Loss from continuing operations |
(13,873,171)
|
Less: dividends accrued on series B preferred stock |
(8,088)
|
Net loss from continuing operations available to ordinary shareholders |
(13,881,259)
|
Net income (loss) from discontinued operations, net of tax, available to ordinary shareholders |
(1,360,286)
|
Net loss available to ordinary shareholders |
$ (15,241,545)
|
Net loss from continuing operations per share | $ / shares |
$ (5.88)
|
Net loss from discontinued operations per share | $ / shares |
(0.58)
|
Net loss per share | $ / shares |
$ (6.45)
|
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v3.23.3
Acquisitions (Details Narrative) - USD ($)
|
|
3 Months Ended |
9 Months Ended |
|
Dec. 22, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Business Acquisition [Line Items] |
|
|
|
|
Stockholders equity other shares |
889,380
|
|
|
|
Debt purchase consideration |
$ 5,387,850
|
|
|
|
Share price |
$ 2.90
|
|
|
|
Term loan |
$ 1,267,199
|
$ 3,209,048
|
|
|
Line of credit |
$ 4,120,651
|
|
|
|
Transaction costs |
|
|
$ 83,866
|
|
Amortization expense |
|
|
$ 574,343
|
|
Sports Hub Acquisition [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Transaction costs |
|
|
|
$ 83,866
|
Sport Hub [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Stock Issued During Period, Shares, Acquisitions |
23,714
|
|
|
|
Common Stock [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Ordinary shares issued |
40,585
|
121,479
|
|
|
Stock Issued During Period, Shares, Acquisitions |
|
23,714
|
|
|
Common Stock [Member] | SportsHub [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Business acquisition, equity interest issued or issuable, number of shares |
472,513
|
|
|
|
Common Stock [Member] | Sport Hub [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Ordinary shares issued |
377,985
|
|
|
|
Shares held in escrow |
53,941
|
|
|
|
Stock Issued During Period, Shares, Acquisitions |
13,975
|
|
|
|
Common Stock [Member] | SportsHub [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Ordinary shares issued |
431,926
|
|
|
|
Warrant [Member] | Sport Hub [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Ordinary shares issued |
2,896
|
|
|
|
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v3.23.3
Line of Credit (Details Narrative) - USD ($)
|
|
9 Months Ended |
Feb. 13, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Variable rate |
|
9.00%
|
|
Line of credit |
|
$ 5,000,000
|
|
Outstanding amount |
|
5,000,000
|
|
Debt issuance costs |
|
$ 7,500
|
$ 25,431
|
Revolving Credit Agreement {Member} |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Variable rate |
|
9.00%
|
|
Outstanding amount |
|
$ 3,750,000
|
|
Convertible notes payable |
$ 7,000,000
|
|
|
Line of credit facility, maturity date |
Jan. 26, 2025
|
|
|
Debt issuance costs |
$ 7,500
|
|
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v3.23.3
Schedule of Debt (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Dec. 22, 2022 |
Total |
$ 3,209,048
|
|
$ 1,267,199
|
Less unamortized debt issuance costs |
11,756
|
|
|
Less current portion |
1,054,954
|
|
|
Long-term debt |
2,142,338
|
$ 2,931,698
|
|
Sports Hub Acquisition [Member] |
|
|
|
Total |
970,986
|
|
|
Four Cubed Acquisition Company LLC {Member} |
|
|
|
Total |
$ 2,238,062
|
|
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v3.23.3
Schedule of Outstanding Amount of Debt (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 22, 2022 |
Debt Disclosure [Abstract] |
|
|
For the remaining three months ended December 31, 2023 |
$ 259,181
|
|
2024 |
1,066,696
|
|
2025 |
1,120,612
|
|
2026 |
700,256
|
|
2027 |
62,303
|
|
Total |
$ 3,209,048
|
$ 1,267,199
|
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v3.23.3
Debt (Details Narrative) - USD ($)
|
|
9 Months Ended |
|
|
Jan. 31, 2022 |
Sep. 30, 2023 |
Feb. 14, 2023 |
Dec. 22, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Debt interest rate |
|
|
10.00%
|
|
Debt term loan amount |
|
$ 3,209,048
|
|
$ 1,267,199
|
Four Cubed Acquisition Company LLC {Member} |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Debt term loan amount |
|
2,238,062
|
|
|
Sports Hub Acquisition [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Debt term loan amount |
|
970,986
|
|
|
Term Loan Agreement {Member} | Four Cubed Acquisition Company LLC {Member} |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Payments for loans |
$ 3,250,000
|
|
|
|
Debt interest rate |
4.00%
|
|
|
|
Debt periodic payment |
$ 59,854
|
639,567
|
|
|
Loan initiation fees |
$ 25,431
|
|
|
|
Debt term loan |
|
$ 2,238,062
|
|
|
Debt instrument periodic payment, description |
|
In addition to customary non-financial covenants, the term loan requires FCAC to maintain a minimum quarterly debt service
coverage ratio, defined as adjusted EBITDA divided by debt service (interest expense and mandatory debt principal repayment) of 1.20
|
|
|
Term Loan Agreement {Member} | Sports Hub Acquisition [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Debt periodic payment |
|
$ 415,387
|
|
|
Loan initiation fees |
|
29,975
|
|
|
Debt term loan amount |
|
$ 2,000,000
|
|
|
Debt interest rate |
|
5.50%
|
|
|
Monthly payment |
|
$ 38,202
|
|
|
Debt instrument maturity date |
|
Dec. 09, 2025
|
|
|
Debt carry amount |
|
$ 970,986
|
|
|
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v3.23.3
Summary of Convertible Debenture Recorded at Fair value (Details) - USD ($)
|
Sep. 30, 2023 |
Feb. 14, 2023 |
Dec. 31, 2022 |
Short-Term Debt [Line Items] |
|
|
|
Principle amount of convertible debenture at issuance: |
$ 4,400,000
|
$ 4,400,000
|
|
Unamortized discount for warrants |
(929,598)
|
|
|
Unamortized discount for OID |
(316,669)
|
|
|
Accrued interest expense |
216,987
|
|
|
Balance of convertible debenture as of September 30, 2023: |
4,372,963
|
|
|
Changes Measurement [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Change in fair value |
$ 1,002,243
|
|
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v3.23.3
Convertible Debenture and Warrant (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
8 Months Ended |
9 Months Ended |
|
|
Nov. 01, 2023 |
Feb. 15, 2023 |
Sep. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Feb. 14, 2023 |
Dec. 22, 2022 |
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate stated percentage |
|
|
|
|
|
|
|
|
10.00%
|
|
Debt instrument interest rate effective percentage |
|
|
|
|
|
|
|
|
8.00%
|
|
Debt instrument face amount |
|
|
$ 4,400,000
|
|
|
$ 4,400,000
|
$ 4,400,000
|
|
$ 4,400,000
|
|
Term loan |
|
|
3,209,048
|
|
|
3,209,048
|
3,209,048
|
|
|
$ 1,267,199
|
Initial debt discount |
|
|
|
|
|
|
|
|
$ 383,333
|
|
Change in fair value of the convertible debenture |
|
|
$ (324,205)
|
|
|
1,002,243
|
(1,002,243)
|
|
|
|
Accretion for discount for OID |
|
|
|
|
|
$ 83,333
|
|
|
|
|
Class of warrant exercise price |
|
|
|
|
|
|
|
|
$ 45.00
|
|
Debt discount |
|
|
|
$ 1,174,229
|
|
|
1,174,229
|
|
|
|
Amortization of debt discount |
|
|
|
|
|
|
$ 244,631
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
Purchase of warrant |
|
$ 880,000
|
|
|
|
|
|
|
|
|
Warrant exercise price |
|
$ 8.75
|
|
|
|
|
|
|
|
|
Original issue underlying excess rate |
|
19.99%
|
|
|
|
|
|
|
|
|
Initial conversion price per share |
|
$ 8.75
|
|
|
|
|
|
|
|
|
Class of warrant exercise price |
|
$ 4.0704
|
|
|
|
|
|
|
|
|
Beneficial ownership percentage |
|
9.99%
|
|
|
|
|
|
|
|
|
Senior Convertible Debenture [Member] |
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate stated percentage |
|
|
|
|
|
|
|
|
8.00%
|
|
Debt instrument interest rate effective percentage |
|
|
|
|
|
|
|
|
10.00%
|
|
Debt instrument face amount |
|
$ 4,000,000
|
|
|
|
|
|
|
$ 4,400,000
|
|
Convertible conversion price1 |
|
|
|
|
|
|
|
|
$ 7.00
|
|
Term loan |
|
|
|
|
|
|
|
|
$ 7.00
|
|
Reset price |
|
|
|
|
|
|
|
|
$ 4.1772
|
|
Convertible conversion price1 |
|
|
|
|
|
|
|
|
$ 3.00
|
|
Senior Convertible Debenture [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
Debt instrument accrued interest |
$ 209,524
|
|
|
|
|
|
|
|
|
|
Debt conversion description |
The Monthly Redemption Amount will be paid in cash; provided, that the Company may elect to pay all or a portion of a Monthly
Redemption Amount in ordinary shares of the Company, based on a conversion price equal to the lesser of (i) the then Conversion Price
of the Debenture and (ii) 80% of the average of the VWAPs (as defined in the Debenture) for the five consecutive trading days ending
on the trading day that is immediately prior to the applicable Monthly Redemption Date
|
|
|
|
|
|
|
|
|
|
Debt instrument description |
The
Debenture initially accrues interest at the rate of 8% per annum for the first 12 months from the February 15, 2023, at the rate of 10%
per annum for the ensuing 12 months, and thereafter until Maturity, at the rate of 12%, Interest may be paid in cash or ordinary shares
of the Company or a combination thereof at the option of the Company; provided that interest may only be paid in shares if the Equity
Conditions (as defined in the Debenture) have been satisfied, including Shareholder Approval. The Debenture includes a beneficial ownership
blocker of 9.99%.
|
|
|
|
|
|
|
|
|
|
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v3.23.3
Schedule of Consolidated Financial Assets and Liabilities Measured at Fair Value (Details)
|
Sep. 30, 2023
USD ($)
|
Warrant [Member] |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
Total |
$ 1,174,229
|
Fair Value, Inputs, Level 1 [Member] | Warrant [Member] |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
Total |
|
Fair Value, Inputs, Level 2 [Member] | Warrant [Member] |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
Total |
|
Fair Value, Inputs, Level 3 [Member] | Warrant [Member] |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
Total |
1,174,229
|
Convertible Debt [Member] |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
Total |
4,372,963
|
Convertible Debt [Member] | Fair Value, Inputs, Level 1 [Member] |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
Total |
|
Convertible Debt [Member] | Fair Value, Inputs, Level 2 [Member] |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
Total |
|
Convertible Debt [Member] | Fair Value, Inputs, Level 3 [Member] |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
Total |
$ 4,372,963
|
X |
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v3.23.3
Significant Unobservable Inputs (level 3) and Related Expenses and Losses (Details) - USD ($)
|
8 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Fair Value, December 31, 2022 |
|
|
|
Issuance of convertible debenture |
|
|
$ 3,250,000
|
Accretion for discount for OID |
$ 83,333
|
|
|
Fair Value, September 30, 2023 |
4,372,963
|
4,372,963
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Fair Value, December 31, 2022 |
|
|
|
Issuance of convertible debenture |
|
2,825,771
|
|
Accretion for discount for warrants |
|
244,629
|
|
Accretion for discount for OID |
|
83,333
|
|
Interest expense |
|
216,987
|
|
Change in fair value |
|
1,002,243
|
|
Fair Value, September 30, 2023 |
$ 4,372,963
|
$ 4,372,963
|
|
X |
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v3.23.3
Convertible Preferred Stock (Details Narrative)
|
|
1 Months Ended |
9 Months Ended |
|
|
|
Jul. 26, 2021
$ / shares
shares
|
Jul. 26, 2021
$ / shares
shares
|
Sep. 30, 2023
USD ($)
shares
|
Sep. 30, 2023
₪ / shares
shares
|
Dec. 31, 2022
₪ / shares
shares
|
Sep. 30, 2022
shares
|
Adjustments to additional paid in capital | $ |
|
|
$ 48,633
|
|
|
|
Incremental share adjustments to accumulated deficit and additional paid in capital |
|
|
16,486
|
|
|
|
Series A-1 Preferred Stock [Member] |
|
|
|
|
|
|
Preferred stock, shares authorized |
52,502
|
52,502
|
|
260,000
|
260,000
|
|
Preferred stock par value | (per share) |
$ 0.10
|
$ 0.10
|
|
₪ 0.60
|
₪ 0.60
|
|
Temporary equity, par or stated value per share | $ / shares |
16.246
|
16.246
|
|
|
|
|
Debt instrument, convertible, conversion price | $ / shares |
$ 16.246
|
$ 16.246
|
|
|
|
|
Preferred stock, dividend rate, percentage |
|
9.99%
|
|
|
|
|
Preferred stock, shares outstanding |
|
|
|
7,202
|
6,630
|
6,131
|
SeriesB Convertible Preferred Stock [Member] |
|
|
|
|
|
|
Preferred stock, shares authorized |
276,582
|
276,582
|
|
|
|
|
Preferred stock par value | $ / shares |
$ 0.10
|
$ 0.10
|
|
|
|
|
Series B Preferred Stock [Member] |
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
370,000
|
370,000
|
|
Preferred stock par value | ₪ / shares |
|
|
|
₪ 0.60
|
₪ 0.60
|
|
Temporary equity, par or stated value per share | $ / shares |
16.246
|
16.246
|
|
|
|
|
Debt instrument, convertible, conversion price | $ / shares |
$ 16.246
|
16.246
|
|
|
|
|
Preferred stock, dividend rate, percentage |
9.99%
|
|
|
|
|
|
Shares issued |
|
|
|
7,202
|
|
|
Accrued in additional paid in capital | $ |
|
|
$ 326,356
|
|
|
|
Debt instrument, convertible, conversion ratio |
0.20
|
|
|
|
|
|
Preferred stock, shares outstanding |
|
|
|
12,481
|
12,481
|
12,481
|
Series B Preferred Stock [Member] | Minimum [Member] |
|
|
|
|
|
|
Debt instrument, convertible, conversion price | $ / shares |
$ 2.00
|
$ 2.00
|
|
|
|
|
Series B Preferred Stock [Member] | First Tranche [Member] |
|
|
|
|
|
|
Preferred stock, dividend rate, percentage |
8.00%
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v3.23.3
Schedule of Warrant Activity (Details) - $ / shares
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Dec. 31, 2022 |
Guarantees and Product Warranties [Abstract] |
|
|
Number of shares outstanding beginning |
400,359
|
|
Weighted average exercise price per share beginning |
$ 0.82
|
|
Weighted average Remaining life years |
3 years 10 months 2 days
|
2 years 9 months 29 days
|
Number of shares outstanding previously issued regular warrants |
(266,667)
|
|
Weighted average exercise price per share previously issued regular warrants |
$ (45.00)
|
|
Weighted average Remaining life years previously issued regular warrants |
5 months 26 days
|
|
Number of shares outstanding revalued regular warrants |
266,667
|
|
Weighted average exercise price per share revalued regular warrants |
$ 0.60
|
|
Weighted average Remaining life years revalued regular warrants |
5 months 26 days
|
|
Number of shares outstanding exercised |
(125,359)
|
|
Weighted average exercise price per share exercised |
$ (0.01)
|
|
Number of shares outstanding issued and vested |
883,015
|
|
Weighted average exercise price per share issued and vested |
$ 4.15
|
|
Weighted average Remaining life years issued and vested |
3 years 4 months 2 days
|
|
Number of shares outstanding ending |
1,158,015
|
400,359
|
Weighted average exercise price per share ending |
$ 3.43
|
$ 0.82
|
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v3.23.3
Warrants (Details Narrative)
|
|
|
|
9 Months Ended |
|
|
|
Jun. 08, 2023
shares
|
Feb. 15, 2023
USD ($)
$ / shares
|
Feb. 14, 2023
$ / shares
shares
|
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Jun. 14, 2023
shares
|
Dec. 31, 2022
USD ($)
|
Nov. 19, 2021
USD ($)
|
Class of warrant or right issued | shares |
|
|
266,667
|
|
266,667
|
|
|
Warrant exercise price |
|
|
$ 45.00
|
|
|
|
|
Dividend rate |
|
|
|
0.00%
|
|
|
|
Additional paid in capital | $ |
|
|
|
$ 77,723,094
|
|
$ 76,039,604
|
|
Warrants exercised | shares |
|
|
|
125,359
|
|
|
|
Sports Hub Acquisition [Member] |
|
|
|
|
|
|
|
Warrant exercise price |
|
|
|
$ 17.90
|
|
|
|
Warrants acquired | shares |
|
|
|
3,015
|
|
|
|
Measurement Input, Share Price [Member] |
|
|
|
|
|
|
|
Volatility |
|
|
|
1.60
|
|
|
|
Measurement Input, Exercise Price [Member] |
|
|
|
|
|
|
|
Volatility |
|
|
|
8.75
|
|
|
|
Measurement Input, Risk Free Interest Rate [Member] |
|
|
|
|
|
|
|
Volatility |
|
|
|
4.83
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
Warrant exercise price |
|
$ 4.0704
|
|
|
|
|
|
Additional paid in capital | $ |
|
|
|
|
|
|
$ 11,435
|
Fair value adjustment of warrants | $ |
|
$ 1,218,205
|
|
|
|
|
|
Increase (decrease) in fair value of hedged item in price risk fair value hedge | $ |
|
$ 1,206,771
|
|
|
|
|
|
Warrants exercised | shares |
125,359
|
|
|
|
|
|
|
Cashless warrants exercised | shares |
121,479
|
|
|
|
|
|
|
Warrant [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
|
|
|
|
|
Remaining term |
|
|
2 years 10 months 24 days
|
|
|
|
|
Warrant [Member] | Measurement Input, Share Price [Member] |
|
|
|
|
|
|
|
Volatility |
|
|
5.10
|
|
|
|
|
Warrant [Member] | Measurement Input, Exercise Price [Member] |
|
|
|
|
|
|
|
Volatility |
|
|
0.60
|
|
|
|
|
Warrant [Member] | Measurement Input Dividend Yield [Member] |
|
|
|
|
|
|
|
Dividend rate |
|
|
0.00%
|
|
|
|
|
Warrant [Member] | Measurement Input, Risk Free Interest Rate [Member] |
|
|
|
|
|
|
|
Volatility |
|
|
4.04
|
|
|
|
|
Warrant [Member] | Measurement Input, Price Volatility [Member] |
|
|
|
|
|
|
|
Volatility |
|
|
52.57
|
|
|
|
|
Warrant [Member] | Maximum [Member] |
|
|
|
|
|
|
|
Warrant exercise price |
|
|
$ 0.60
|
|
|
|
|
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v3.23.3
Schedule of Stock Option Activity (Details)
|
9 Months Ended |
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Retirement Benefits [Abstract] |
|
|
Number of shares, outstanding, beginning balance | shares |
288,914
|
|
Weighted average exercise price, outstanding, beginning balance | $ / shares |
$ 11.40
|
|
Aggregate intrinsic value, outstanding, beginning balance | $ |
$ 7,750
|
|
Number of shares, granted | shares |
155,755
|
|
Weighted average exercise price, granted | $ / shares |
$ 4.46
|
|
Number of shares, exercised | shares |
|
|
Weighted average exercise price, exercised | $ / shares |
|
|
Number of shares, acquired | shares |
14,552
|
[1] |
Weighted average exercise price, acquired | $ / shares |
$ 14.16
|
[1] |
Number of shares, forfeited | shares |
(7,112)
|
|
Weighted average exercise price, forfeited | $ / shares |
$ 5.70
|
|
Number of shares, expired | shares |
(1,413)
|
|
Weighted average exercise price, expired | $ / shares |
$ 8.84
|
|
Number of shares, outstanding, ending balance | shares |
450,696
|
|
Weighted average exercise price, outstanding, ending balance | $ / shares |
$ 9.21
|
|
Weighted average remaining contractual term, outstanding |
8 years 10 months 24 days
|
|
Aggregate intrinsic value, outstanding, ending balance | $ |
$ 4,000
|
|
Number of shares, exercisable, beginning balance | shares |
211,949
|
|
Weighted average exercise price, exercisable, beginning balance | $ / shares |
$ 11.47
|
|
Weighted average remaining contractual term, exercisable |
8 years 6 months
|
|
Aggregate intrinsic value, exercisable, ending balance | $ |
$ 4,000
|
|
|
|
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v3.23.3
Schedule of Companies Reportable Segments (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Revenue from External Customer [Line Items] |
|
|
|
|
Revenues |
$ 3,269,924
|
$ 1,292,674
|
$ 9,917,671
|
$ 4,940,264
|
Cost of revenues |
2,133,604
|
1,104,695
|
6,472,399
|
4,034,837
|
Loss from operations |
(2,458,752)
|
(1,917,199)
|
(7,569,719)
|
(12,485,391)
|
Loss from discontinued operations |
(148,000)
|
(104,633)
|
(441,997)
|
(1,360,286)
|
Net income (loss) |
(2,849,547)
|
(2,047,607)
|
(9,114,443)
|
(13,903,068)
|
Affiliate Marketing Services United States [Member] |
|
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
|
Revenues |
231,921
|
114,972
|
817,268
|
285,004
|
Cost of revenues |
167,109
|
25,484
|
574,841
|
70,771
|
Loss from operations |
(1,741,432)
|
(1,439,115)
|
(5,834,870)
|
(6,811,370)
|
Loss from discontinued operations |
|
|
|
|
Net income (loss) |
(2,338,783)
|
(1,432,493)
|
(7,548,726)
|
(6,781,946)
|
Affiliate Marketing Services International [Member] |
|
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
|
Revenues |
1,191,964
|
760,585
|
3,325,128
|
2,524,547
|
Cost of revenues |
840,308
|
489,808
|
2,300,084
|
1,533,373
|
Loss from operations |
(114,696)
|
(143,500)
|
(312,551)
|
(5,050,662)
|
Loss from discontinued operations |
|
|
|
|
Net income (loss) |
(140,399)
|
(175,897)
|
(394,124)
|
(5,137,477)
|
Sports Gaming Client Services [Member] |
|
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
|
Revenues |
420,100
|
417,117
|
2,183,644
|
2,130,713
|
Cost of revenues |
628,499
|
589,403
|
2,325,107
|
2,430,693
|
Loss from operations |
(274,914)
|
(334,584)
|
(366,747)
|
(623,359)
|
Loss from discontinued operations |
|
|
|
|
Net income (loss) |
(276,374)
|
(334,584)
|
(368,207)
|
(623,359)
|
Sports Hub Gaming Network [Member] |
|
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
|
Revenues |
1,425,939
|
|
3,591,631
|
|
Cost of revenues |
497,688
|
|
1,272,367
|
|
Loss from operations |
(327,710)
|
|
(1,055,551)
|
|
Loss from discontinued operations |
|
|
|
|
Net income (loss) |
54,009
|
|
(361,389)
|
|
Enterprise TEM [Member] |
|
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
|
Revenues |
|
|
|
|
Cost of revenues |
|
|
|
|
Loss from operations |
|
|
|
|
Loss from discontinued operations |
(148,000)
|
(104,633)
|
(441,997)
|
(1,360,286)
|
Net income (loss) |
$ (148,000)
|
$ (104,633)
|
$ (441,997)
|
$ (1,255,654)
|
X |
- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period.
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v3.23.3
Schedule of Revenues by Country (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Revenues |
$ 3,269,924
|
$ 1,292,674
|
$ 9,917,671
|
$ 4,940,264
|
Affiliate Marketing Services United States [Member] |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Revenues |
231,921
|
114,972
|
817,268
|
285,004
|
Affiliate Marketing Services International [Member] |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Revenues |
1,191,964
|
760,585
|
3,325,128
|
2,524,547
|
Sports Gaming Client Services [Member] |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Revenues |
420,100
|
417,117
|
2,183,644
|
2,130,713
|
Sports Hub Gaming Network [Member] |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Revenues |
1,425,939
|
|
3,591,631
|
|
UNITED STATES |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Revenues |
2,077,960
|
532,089
|
6,592,543
|
2,415,717
|
UNITED STATES | Affiliate Marketing Services United States [Member] |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Revenues |
231,921
|
114,972
|
817,268
|
285,004
|
UNITED STATES | Affiliate Marketing Services International [Member] |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Revenues |
|
|
|
|
UNITED STATES | Sports Gaming Client Services [Member] |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Revenues |
420,100
|
417,117
|
2,183,644
|
2,130,713
|
UNITED STATES | Sports Hub Gaming Network [Member] |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Revenues |
1,425,939
|
|
3,591,631
|
|
Rest Of World [Member] |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Revenues |
1,191,964
|
760,585
|
3,325,128
|
2,524,547
|
Rest Of World [Member] | Affiliate Marketing Services United States [Member] |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Revenues |
|
|
|
|
Rest Of World [Member] | Affiliate Marketing Services International [Member] |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Revenues |
1,191,964
|
760,585
|
3,325,128
|
2,524,547
|
Rest Of World [Member] | Sports Gaming Client Services [Member] |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Revenues |
|
|
|
|
Rest Of World [Member] | Sports Hub Gaming Network [Member] |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Revenues |
|
|
|
|
X |
- DefinitionAmount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).
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v3.23.3
Schedule of Revenue Recognition (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
$ 3,269,924
|
$ 1,292,674
|
$ 9,917,671
|
$ 4,940,264
|
Software Service [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
494,654
|
528,344
|
2,400,422
|
2,411,972
|
Fee Revenue [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
1,425,939
|
|
3,591,631
|
|
Services And Other [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
1,349,331
|
764,330
|
3,925,618
|
2,528,292
|
Affiliate Marketing Services US [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
231,921
|
114,972
|
817,268
|
285,004
|
Affiliate Marketing Services US [Member] | Software Service [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
74,554
|
111,227
|
216,778
|
281,259
|
Affiliate Marketing Services US [Member] | Fee Revenue [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
|
|
|
|
Affiliate Marketing Services US [Member] | Services And Other [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
157,367
|
3,745
|
600,490
|
3,745
|
Affiliate Marketing Services International [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
1,191,964
|
760,585
|
3,325,128
|
2,524,547
|
Affiliate Marketing Services International [Member] | Software Service [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
|
|
|
|
Affiliate Marketing Services International [Member] | Fee Revenue [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
|
|
|
|
Affiliate Marketing Services International [Member] | Services And Other [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
1,191,964
|
760,585
|
3,325,128
|
2,524,547
|
Sports Gaming Client Services [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
420,100
|
417,117
|
2,183,644
|
2,130,713
|
Sports Gaming Client Services [Member] | Software Service [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
420,100
|
417,117
|
2,183,644
|
2,130,713
|
Sports Gaming Client Services [Member] | Fee Revenue [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
|
|
|
|
Sports Gaming Client Services [Member] | Services And Other [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
|
|
|
|
Sports Hub Gaming Network [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
1,425,939
|
|
3,591,631
|
|
Sports Hub Gaming Network [Member] | Software Service [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
|
|
|
|
Sports Hub Gaming Network [Member] | Fee Revenue [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
1,425,939
|
|
3,591,631
|
|
Sports Hub Gaming Network [Member] | Services And Other [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
|
|
|
|
X |
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v3.23.3
Schedule of Revenue Recognized Point in Time and Over Time (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
$ 3,269,924
|
$ 1,292,674
|
$ 9,917,671
|
$ 4,940,264
|
Transferred at Point in Time [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
1,709,419
|
764,330
|
4,956,731
|
2,528,292
|
Transferred over Time [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
1,560,505
|
528,344
|
4,960,940
|
2,411,972
|
Affiliate Marketing Services US [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
231,921
|
114,972
|
817,268
|
285,004
|
Affiliate Marketing Services US [Member] | Transferred at Point in Time [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
157,367
|
3,745
|
600,490
|
3,745
|
Affiliate Marketing Services US [Member] | Transferred over Time [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
74,554
|
111,227
|
216,778
|
281,259
|
Affiliate Marketing Services International [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
1,191,964
|
760,585
|
3,325,128
|
2,524,547
|
Affiliate Marketing Services International [Member] | Transferred at Point in Time [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
1,191,964
|
760,585
|
3,325,128
|
2,524,547
|
Affiliate Marketing Services International [Member] | Transferred over Time [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
|
|
|
|
Sports Gaming Client Services [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
420,100
|
417,117
|
2,183,644
|
2,130,713
|
Sports Gaming Client Services [Member] | Transferred at Point in Time [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
|
|
|
|
Sports Gaming Client Services [Member] | Transferred over Time [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
420,100
|
417,117
|
2,183,644
|
2,130,713
|
Sports Hub Gaming Network [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
1,425,939
|
|
3,591,631
|
|
Sports Hub Gaming Network [Member] | Transferred at Point in Time [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
360,088
|
|
1,031,113
|
|
Sports Hub Gaming Network [Member] | Transferred over Time [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
$ 1,065,851
|
|
$ 2,560,518
|
|
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v3.23.3
Schedule of Contract Assets and Liabilities (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] |
|
|
Accounts receivable |
$ 1,394,340
|
$ 776,530
|
Unbilled revenue |
128,879
|
47,000
|
Contract assets |
99,410
|
219,116
|
Contract liabilities |
$ (8,448,201)
|
$ (2,166,451)
|
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|
9 Months Ended |
Sep. 30, 2023
USD ($)
|
Revenue from Contract with Customer [Abstract] |
|
Balance as of December 31, 2022 |
$ (2,166,451)
|
Revenue recognized or reclassified |
10,374,078
|
Deferred revenue |
(16,655,828)
|
Balance as of June 30, 2023 |
$ (8,448,201)
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Revenue Recognition (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
Contracted but unsatisfied performance obligations |
$ 410,110
|
|
$ 410,110
|
|
$ 850,000
|
Revenues |
$ 3,269,924
|
$ 1,292,674
|
$ 9,917,671
|
$ 4,940,264
|
|
Revenue Benchmark [Member] | Three Customer [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
|
36.00%
|
59.00%
|
|
Revenues |
|
|
$ 451,035
|
$ 322,085
|
|
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v3.23.3
v3.23.3
Summary Reconciliation of Discontinued Operations (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Discontinued Operations and Disposal Groups [Abstract] |
|
|
|
|
Revenues |
|
$ 862,239
|
|
$ 2,732,069
|
Cost of Revenues |
3,500
|
435,896
|
10,500
|
1,480,072
|
Gross (Loss) Profit |
(3,500)
|
426,343
|
(10,500)
|
1,251,997
|
Selling, general, and administrative expenses |
139,000
|
548,435
|
416,997
|
1,391,726
|
Goodwill and intangible asset impairment expense |
|
|
|
1,224,671
|
Total operating expenses |
139,000
|
548,435
|
416,997
|
2,616,397
|
Operating Loss |
(142,500)
|
(122,092)
|
(427,497)
|
(1,364,400)
|
Other Income and Expense |
(3,500)
|
20,459
|
(10,500)
|
8,114
|
Total other income and expense |
(3,500)
|
20,459
|
(10,500)
|
8,114
|
Loss Before Income Taxes |
(146,000)
|
(101,633)
|
(437,997)
|
(1,356,286)
|
Provision for income tax expenses |
2,000
|
3,000
|
4,000
|
4,000
|
Loss from discontinued operations |
$ (148,000)
|
$ (104,633)
|
$ (441,997)
|
$ (1,360,286)
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v3.23.3
Schedule of Major Classes of Assets and Liabilities (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Discontinued Operations and Disposal Groups [Abstract] |
|
|
Cash |
$ 153,000
|
$ 648,000
|
Accounts receivable, net of allowance |
69,000
|
191,000
|
Prepaid expenses and other current assets |
164,000
|
187,000
|
Equipment, net |
3,000
|
5,000
|
Other Assets |
|
279,000
|
Total current assets |
389,000
|
1,310,000
|
Accrued expenses |
82,100
|
374,879
|
Contract liabilities |
3,000
|
2,000
|
Other current liabilities |
736,398
|
838,274
|
Total current liabilities |
$ 821,498
|
$ 1,215,153
|
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v3.23.3
Schedule of Loss Per Share and Weighted-average (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Earnings Per Share [Abstract] |
|
|
|
|
Net loss from continuing operations |
$ (2,701,547)
|
$ (1,942,974)
|
$ (8,672,446)
|
$ (12,542,782)
|
Less: deemed dividends on Series B preferred stock |
|
|
(48,633)
|
|
Less: dividends on series B preferred stock |
(213)
|
(2,247)
|
(1,861)
|
(8,088)
|
Net loss from continuing operations available to ordinary shareholders |
(2,701,760)
|
(1,945,221)
|
(8,722,940)
|
(12,550,870)
|
Net income (loss) from discontinued operations, net of tax, available to ordinary shareholders |
(148,000)
|
(104,633)
|
(441,997)
|
(1,360,286)
|
Total Numerator for basic net loss per share |
$ (2,849,760)
|
$ (2,049,854)
|
$ (9,164,937)
|
$ (13,911,156)
|
Weighted average shares outstanding, Basic |
2,863,607
|
2,361,974
|
2,736,583
|
2,361,974
|
Weighted average shares outstanding, diluted |
2,863,607
|
2,361,974
|
2,736,583
|
2,361,974
|
Net loss from continuing operations per share, basic |
$ (0.94)
|
$ (0.82)
|
$ (3.19)
|
$ (5.31)
|
Net loss from continuing operations per share, diluted |
(0.94)
|
(0.82)
|
(3.19)
|
(5.31)
|
Net loss from discontinued operations per share, basic |
(0.05)
|
(0.04)
|
(0.16)
|
(0.58)
|
Net loss from discontinued operations per share, diluted |
(0.05)
|
(0.04)
|
(0.16)
|
(0.58)
|
Net loss per share, basic |
(0.99)
|
(0.86)
|
(3.35)
|
(5.89)
|
Net loss per share, diluted |
$ (0.99)
|
$ (0.86)
|
$ (3.35)
|
$ (5.89)
|
X |
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v3.23.3
Schedule of Computation of Diluted Shares Outstanding (Details) - shares
|
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
1,628,394
|
677,383
|
Equity Option [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
450,696
|
258,412
|
Series A-1 Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
7,202
|
6,131
|
Series B Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
12,481
|
12,481
|
SportsHub Warrants [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
3,015
|
|
Prefunded Warrants [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
|
125,359
|
MTS Warrants [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
8,333
|
8,333
|
Purchase Warrants [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
880,000
|
|
Regular Warrants [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
266,667
|
266,667
|
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v3.23.3
X |
- DefinitionCash payments to lessor's for use of assets under operating leases.
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v3.23.3
Subsequent Events (Details Narrative)
|
Oct. 24, 2023
₪ / shares
shares
|
Sep. 30, 2023
$ / shares
shares
|
Jul. 24, 2023
$ / shares
|
Apr. 23, 2023
₪ / shares
|
Feb. 14, 2023 |
Dec. 31, 2022
$ / shares
shares
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Common Stock, Par or Stated Value Per Share | (per share) |
|
$ 0.60
|
|
₪ 0.60
|
|
$ 0.60
|
Debt discount rate |
|
|
|
|
10.00%
|
|
Common Stock, Shares Authorized |
|
9,290,000
|
|
|
|
9,290,000
|
Subsequent Event [Member] | Minimum [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Common Stock, Shares Authorized |
9,290,000
|
|
|
|
|
|
Subsequent Event [Member] | Maximum [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Common Stock, Shares Authorized |
100,000,000
|
|
|
|
|
|
Domestication Merger Agreement [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Shares Issued, Price Per Share | $ / shares |
|
|
$ 0.60
|
|
|
|
Common Stock, Par or Stated Value Per Share | $ / shares |
|
|
$ 0.0001
|
|
|
|
Debt discount rate |
|
|
15.00%
|
|
|
|
Domestication Merger Agreement [Member] | Minimum [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Shares Issued, Price Per Share | ₪ / shares |
₪ 0.60
|
|
|
|
|
|
Domestication Merger Agreement [Member] | Maximum [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Shares Issued, Price Per Share | ₪ / shares |
₪ 0.60
|
|
|
|
|
|
X |
- DefinitionFace amount or stated value per share of common stock.
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- DefinitionContractual interest rate for funds borrowed, under the debt agreement.
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