Quarterly report pursuant to Section 13 or 15(d)

19. Segmental Reporting (Tables)

v3.22.1
19. Segmental Reporting (Tables)
3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Segment Reporting
                                 
    March 31, 2022
    Betting establishments   Betting platform software and services   All other   Total
                 
Purchase of non-current assets   $ 76,620     $ 22,938     $ 5,571     $ 105,129  
Assets                                
Current assets   $ 7,839,520     $ 1,614,877     $ 562,008     $ 10,016,405  
Non-current assets     2,668,559       30,820,909       92,640       33,582,108  
Liabilities                                
Current liabilities     (6,729,694 )     (1,171,806 )     (1,495,238 )     (9,396,738 )
Non-current liabilities     (1,318,442 )     (16,697,219 )              (18,015,661 )
Intercompany balances     4,551,910       (2,114,610 )     (2,437,300 )         
Net asset position   $ 7,011,853     $ 12,452,151     $ (3,277,890 )   $ 16,186,114  

 

  

The segment operating results of the reportable segments are disclosed as follows:

 

                                         
    Three months ended March 31, 2022
    Betting establishments   Betting platform software and services   All other   Adjustments   Total
Revenue   $ 11,751,266     $ 484,720     $        $        $ 12,235,986  
Intercompany Service revenue     56,127       555,693                (611,820 )         
Total revenue     11,807,394       1,040,412                (611,820 )     12,235,986  
Operating expenses                                        
Intercompany service expense     555,693       56,127                (611,820 )         
Selling expenses     9,253,177       33,055                         9,286,232  
General and administrative expenses     1,461,691       1,894,829       1,652,864                5,009,384  
Total operating expenses     11,270,561       1,984,011       1,652,864       (611,820 )     14,295,616  
                                         
Income (Loss) from operations     536,833       (943,599 )     (1,652,864 )              (2,059,630 )
                                         
Other income (expense)                                        
Other income     39,749                                  39,749  
Other expense              (1,070 )                       (1,070 )
Interest expense, net     (1,212 )     (2,647 )                       (3,859 )
Amortization of debt discount                                        
Change in fair value of contingent purchase consideration              (450,013 )                       (450,013 )
Gain on marketable securities                       77,500                77,500  
Total other income (expense)     38,537       (453,730 )     77,500                (337,693 )
                                         
Income (Loss) before Income Taxes     575,370       (1,397,329 )     (1,575,364 )              (2,397,323 )
Income tax provision     (229,534 )     72,641                         (156,893 )
Net Income (Loss)   $ 345,836     $ (1,324,688 )   $ (1,575,364 )   $        $ (2,554,216 )

   

The operating assets and liabilities of the reportable segments are as follows:

 

                                 
    March 31, 2021
    Betting establishments   Betting platform software and services   All other   Total
                 
Purchase of non-current assets   $ 2,081     $ 44,157     $ 34,166     $ 80,404  
Assets                                
Current assets   $ 12,300,829     $ 822,379     $ 10,479,298     $ 23,602,506  
Non-current assets     7,081,460       6,169,034       1,658,077       14,908,571  
Liabilities                                
Current liabilities     (8,675,683 )     (698,241 )     (661,593 )     (10,035,517 )
Non-current liabilities     (1,055,027 )     (1,201,997 )              (2,257,024 )
Intercompany balances     4,273,141       (318,375 )     (3,954,766 )         
Net asset position   $ 13,924,720     $ 4,772,800     $ 7,521,016     $ 26,218,536  

 

 

The segment operating results of the reportable segments are disclosed as follows: 

 

 

                                         
    Three months ended March 31, 2021
    Betting establishments   Betting platform software and services   All other   Adjustments   Total
Net Gaming Revenue   $ 14,065,599     $ 91,729     $        $        $ 14,157,328  
Intercompany Service revenue     97,624       802,112                (899,736 )         
      14,163,223       893,841                (899,736 )     14,157,328  
                                         
Operating expenses                                        
Intercompany service expense     802,112       97,624                (899,736 )         
Selling expenses     10,657,764       4,051                         10,661,815  
General and administrative expenses     1,687,969       1,264,188       1,193,053                4,145,210  
      13,147,845       1,365,863       1,193,053       (899,736 )     14,807,025  
                                         
Income (Loss) from operations     1,015,378       (472,022 )     (1,193,053 )              (649,697 )
                                         
Other income(expense)                                        
Interest expense, net     (2,692 )     (3 )     (5,154 )              (7,849 )
Amortization of debt discount                       (12,833 )              (12,833 )
Other income     280,882       462                         281,344  
Other expense     (24,118 )     (2,812 )                       (26,930 )
Gain on marketable securities                       195,000                195,000  
Total other income(expenses)     254,072       (2,353 )     177,013                428,732  
                                         
Income(Loss) before Income Taxes     1,269,450       (474,375 )     (1,016,040 )              (220,965 )
Income tax provision     (393,410 )     4,796                         (388,614 )
Net Income (Loss)   $ 876,040     (469,579 )   $ (1,016,040 )   $        $ (609,579 )