Quarterly report pursuant to Section 13 or 15(d)

19. Segmental Reporting (Tables)

v3.23.2
19. Segmental Reporting (Tables)
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Segment Reporting
                                 
    June 30, 2023
    Betting establishments   Betting platform software and services   All other   Total
                 
Purchase of Non-Current assets   $ 534,401     $ 522,954     $ 18,971     $ 1,076,326  
Assets                                
Current assets   $ 3,398,577     $ 2,206,717     $ 513,449     $ 6,118,743  
Non-Current assets     3,035,571       13,420,262       62,811       16,518,644  
Liabilities                                
Current liabilities     (7,049,119 )     (3,140,448 )     (1,563,106 )     (11,752,673 )
Non-Current liabilities     (1,664,005 )     (1,889,747 )     (1,346,508 )     (4,900,260 )
Intercompany balances     6,759,095       (5,477,088 )     (1,282,007 )     —    
Net asset position   $ 4,480,119     $ 5,119,696     $ (3,615,361 )   $ 5,984,454  

 

 

                                 
    June 30, 2022
    Betting establishments   Betting platform software and services   All other   Total
                 
Purchase of Non-Current assets   $ 157,296     $ 66,208     $ 5,571     $ 229,075  
Assets                                
Current assets   $ 5,694,098     $ 2,286,286     $ 1,834,260     $ 9,814,644  
Non-Current assets     2,524,416       30,455,689       105,835       33,085,940  
Liabilities                                
Current liabilities     (5,289,319 )     (1,536,891 )     (1,498,586 )     (8,324,796 )
Non-Current liabilities     (1,197,653 )     (17,067,797 )     —         (18,265,450 )
Intercompany balances     5,098,265       (3,198,714 )     (1,899,551 )     —    
Net asset position   $ 6,829,807     $ 10,938,573     $ (1,458,042 )   $ 16,310,338  

 

 

 

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

 

                                         
    Six Months ended June 30, 2023
    Betting establishments   Betting platform software and services   All other   Adjustments   Total
                     
Net Gaming Revenue   $ 22,554,771     $ —       $ —       $ —       $ 22,554,771  
Betting platform and services revenue     —         1,214,016       —         —         1,214,016  
Intercompany Service revenue     54,080       1,976,065       —         (2,030,145 )     —    
      22,608,851       3,190,081       —         (2,030,145 )     23,768,787  
Operating expenses                                        
Intercompany service expense     1,976,065       —         54,080       (2,030,145 )     —    
Selling expenses     19,354,332       79,742       —         —         19,434,074  
General and administrative expenses     3,344,065       3,297,260       2,774,764       —         9,416,089  
Depreciation and amortization     126,487       552,083       12,754       —         691,324  
 Total operating expenses     24,800,949       3,929,085       2,841,598       (2,030,145 )     29,541,487  
                                         
Loss from operations     (2,192,098 )     (739,004 )     (2,841,598 )     —         (5,772,700 )
                                         
Other Income (expenses)                                        
Interest expense, net     (338 )     (38,156 )     (72,733 )     —         (111,227 )
Amortization of debt discount     —         —         (73,270 )     —         (73,270 )
Other income     12,444       1,000       —         —         13,444  
Other expense     (25 )     (14,581 )     (2,075 )     —         (16,681 )
Loss on marketable securities     —         —         (19,999 )     —         (19,999 )
Total other income (expenses)     12,081       (51,737 )     (168,077 )     —         (207,733 )
                                         
Loss before Income Taxes     (2,180,017 )     (790,741 )     (3,009,675 )             (5,980,433 )
Income tax provision     —         137,951       —         —         137,951  
Net Loss   $ (2,180,017 )   $ (652,790 )   $ (3,009,675 )   $ —       $ (5,842,482 )

 

 

 

 

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

 

                                         
    Six months ended June 30, 2022
    Betting establishments   Betting platform software and services   All other   Adjustments   Total
Revenue   $ 21,498,130     $ 1,085,591     $ —       $ —       $ 22,583,721  
Intercompany Service revenue     76,591       1,090,245       —         (1,166,836 )     —    
      21,574,721       2,175,836       —         (1,166,836 )     22,583,721  
Operating expenses                                        
Intercompany service expense     1,090,245       76,591       —         (1,166,836 )     —    
Selling expenses     16,991,805       163,146       —         —         17,154,951  
General and administrative expenses     2,941,303       3,943,324       2,896,015       —         9,780,642  
Restructuring and severance expenses     —         —         1,205,689       —         1,205,689  
 Total operating expenses     21,023,353       4,183,061       4,101,704       (1,166,836 )     28,141,282  
                                         
Income (Loss) from operations     551,368       (2,007,225 )     (4,101,704 )     —         (5,557,561 )
Other (expenses) Income                                        
Interest expense, net of interest income     (1,075 )     (12,462 )     —         —         (13,537 )
Other income     66,473       2,379       —         —         68,852  
Change in Fair value of contingent purchase consideration     —         (915,774 )     —         —         (915,774 )
Other expense     (7 )     (11,004 )     —         —         (11,011 )
Gain on marketable securities     —         —         92,500       —         92,500  
Total other income (expense)     65,391       (936,681 )     92,500       —         (778,970 )
                                         
Income (Loss) before Income Taxes     616,759       (2,944,086 )     (4,009,204 )     —         (6,336,531 )
Income tax provision     (192,021 )     159,077       —         —         (32,944 )
Net Income (Loss)   $ 424,738     $ (2,785,009 )   $ (4,009,204 )   $ —       $ (6,369,475 )