Delaware
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001-38226
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82-1659427
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(State or other jurisdiction
of incorporation) |
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(Commission
File Number) |
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(IRS Employer
Identification No.) |
Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock |
AGAE |
NASDAQ |
Exhibit No.
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Description
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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ALLIED GAMING & ENTERTAINMENT, INC.
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Date: August 19, 2024
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By:
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/s/ Roy Anderson
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Roy Anderson
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Chief Financial Officer
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June 30,
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December 31,
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|||||||
2024
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2023
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|||||||
(unaudited)
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||||||||
Assets
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||||||||
Current Assets
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||||||||
Cash and cash equivalents
|
$
|
33,303,635
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$
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16,320,583
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||||
Short-term investments
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54,800,000
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56,500,000
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||||||
Interest receivable
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2,095,405
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792,223
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||||||
Accounts receivable
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377,589
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529,369
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||||||
Deposits, current portion
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3,700,000
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3,700,000
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||||||
Prepaid expenses and other current assets
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457,645
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498,886
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||||||
Total Current Assets
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94,734,274
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78,341,061
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||||||
Restricted cash
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5,000,000
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5,000,000
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||||||
Property and equipment, net
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3,378,118
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3,834,193
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||||||
Digital assets
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49,300
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49,300
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||||||
Intangible assets, net
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5,801,239
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6,254,731
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||||||
Deposits, non-current portion
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376,678
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392,668
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||||||
Operating lease right-of-use asset
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4,944,215
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5,415,678
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||||||
Goodwill
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12,413,826
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12,729,056
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||||||
Total Assets
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$
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126,697,650
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$
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112,016,687
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||||
Liabilities and Stockholders' Equity
|
||||||||
Current Liabilities
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||||||||
Accounts payable
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$
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1,138,571
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$
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371,830
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||||
Accrued expenses and other current liabilities
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857,175
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763,512
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||||||
Deferred revenue
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350,265
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103,748
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||||||
Operating lease liability, current portion
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1,545,350
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1,482,977
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||||||
Loans payable
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29,076,365
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9,230,168
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||||||
Total Current Liabilities
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32,967,726
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11,952,235
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||||||
Operating lease liability, non-current portion
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4,816,517
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5,560,251
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||||||
Deferred tax liability
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1,069,014
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1,096,160
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||||||
Total Liabilities
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38,853,257
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18,608,646
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||||||
Commitments and Contingencies (Note 9)
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||||||||
Stockholders' Equity
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||||||||
Preferred stock, $0.0001 par value, 1,000,000 shares authorized,
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||||||||
none issued and outstanding
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-
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-
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||||||
Series A Preferred stock, $0.0001 par value, 50,000 shares designated,
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||||||||
none issued and outstanding
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-
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-
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||||||
Common stock, $0.0001 par value; 100,000,000 shares authorized,
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||||||||
40,465,097 and 39,085,470 shares issued at June 30, 2024 and
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||||||||
December 31, 2023, and 38,185,313 and 36,805,686 shares outstanding at
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||||||||
June 30, 2024 and December 31, 2023, respectively
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4,047
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3,909
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||||||
Additional paid in capital
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199,266,718
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198,677,132
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||||||
Accumulated deficit
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(119,173,397
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)
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(113,671,029
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)
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||||
Accumulated other comprehensive income
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257,222
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433,565
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||||||
Treasury stock, at cost, 2,279,784 shares at June 30, 2024
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||||||||
and December 31, 2023
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(2,693,653
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)
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(2,693,653
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)
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||||
Total Allied Gaming & Entertainment Inc. Stockholders' Equity
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77,660,937
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82,749,924
|
||||||
Non-controlling interest
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10,183,456
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10,658,117
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||||||
Total Stockholders' Equity
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87,844,393
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93,408,041
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||||||
Total Liabilities and Stockholders' Equity
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$
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126,697,650
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$
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112,016,687
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For the Three Months Ended
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For the Six Months Ended
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|||||||||||||||
June 30,
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June 30,
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|||||||||||||||
2024
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2023
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2024
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2023
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|||||||||||||
Revenues:
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||||||||||||||||
In-person
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$
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917,362
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$
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1,267,773
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$
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2,172,560
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$
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2,461,103
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||||||||
Multiplatform content
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52
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2,000,322
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111
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2,000,424
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||||||||||||
Casual mobile gaming
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1,722,454
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-
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2,846,258
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-
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||||||||||||
Total Revenues
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2,639,868
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3,268,095
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5,018,929
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4,461,527
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||||||||||||
Costs and Expenses:
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||||||||||||||||
In-person (exclusive of depreciation and amortization)
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502,203
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643,831
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1,138,166
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1,316,053
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||||||||||||
Multiplatform content (exclusive of depreciation and amortization)
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-
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1,517,311
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-
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1,517,707
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||||||||||||
Casual mobile gaming (exclusive of depreciation and amortization)
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1,561,165
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-
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2,498,070
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-
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||||||||||||
Research and development expenses
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173,533
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-
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368,744
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-
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||||||||||||
Selling and marketing expenses
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54,361
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66,941
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108,049
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121,539
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||||||||||||
General and administrative expenses
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5,236,160
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2,223,025
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8,091,482
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4,766,372
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||||||||||||
Depreciation and amortization
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402,698
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212,218
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780,168
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790,778
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||||||||||||
Total Costs and Expenses
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7,930,120
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4,663,326
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12,984,679
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8,512,449
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||||||||||||
Loss From Operations
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(5,290,252
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)
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(1,395,231
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)
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(7,965,750
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)
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(4,050,922
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)
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||||||||
Other Income (Expense):
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||||||||||||||||
Other income (expense), net
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14,399
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(11,113
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)
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1,241
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16,342
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|||||||||||
Gain realized on foreign currency transactions
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351,434
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-
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351,434
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-
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||||||||||||
Interest income, net
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1,041,468
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715,126
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1,900,673
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1,449,575
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||||||||||||
Net Loss
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(3,882,951
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)
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(691,218
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)
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(5,712,402
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)
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(2,585,005
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)
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||||||||
Less: net loss attributable to non-controlling interest
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(79,693
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)
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-
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(210,034
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)
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-
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||||||||||
Net Loss Attributable to Common Stockholders
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$
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(3,803,258
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)
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$
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(691,218
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)
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$
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(5,502,368
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)
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$
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(2,585,005
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)
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||||
Net Loss per Common Share
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||||||||||||||||
Basic and Diluted
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$
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(0.09
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)
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$
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(0.02
|
)
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$
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(0.13
|
)
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$
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(0.07
|
)
|
||||
Weighted Average Number of Common Shares Outstanding:
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||||||||||||||||
Basic and Diluted
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43,212,071
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37,199,100
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41,034,900
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37,559,922
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Three Months Ended
June 30,
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Six Months Ended
June 30,
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|||||||||||||||
2024
|
2023
|
2024
|
2023
|
|||||||||||||
Net loss
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$
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(3,882,951
|
)
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$
|
(691,218
|
)
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$
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(5,712,402
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)
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$
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(2,585,005
|
)
|
||||
Interest income, net
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(1,041,468
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)
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(715,126
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)
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(1,900,673
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)
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(1,449,575
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)
|
||||||||
Depreciation and amortization
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402,698
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212,218
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780,168
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790,778
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||||||||||||
EBITDA
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(4,521,721
|
)
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(1,194,126
|
)
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(6,832,907
|
)
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(3,243,802
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)
|
||||||||
Non-recurring legal fees
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2,938,034
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-
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3,138,034
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-
|
||||||||||||
Stock compensation
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202,308
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66,856
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673,908
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71,982
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||||||||||||
Adjusted EBITDA
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$
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(1,381,379
|
)
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$
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(1,127,270
|
)
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$
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(3,020,965
|
)
|
$
|
(3,171,820
|
)
|