Elys Game Technology Reports Third Quarter 2023 Business and Financial Results
November 20 2023 - 4:05PM
Elys Game Technology, Corp. (“Elys” or the “Company”)
(OTC:ELYS) (BER:3UW), an interactive gaming and sports
betting technology company, today provided a business update and
reported financial results for the third quarter ended September
30, 2023.
Third Quarter and Recent Operational
Highlights
- Established a multiyear
market access agreement with Caesars Entertainment,
unlocking access to the Colorado sports betting market. The
strategic agreement signals Elys’ first entry into the North
American mobile sports betting landscape. Pending regulatory
approvals, the Company expects to launch its U.S. mobile sportsbook
operations in Colorado in 2024.
- Introduced
www.SportBet.com, the Company’s new online
and mobile sports betting brand for the United States
market. The “5D by Elys” mobile app is included under the
brand, forming a comprehensive sports betting platform with
cross-platform compatibility. This development positions Elys’
online sports betting launch under a highly recognizable,
consumer-friendly brand.
- Completed installation of
its North American hub infrastructure, successfully
establishing a robust technology footprint for the expansion of
Elys’ platform.
- Multigioco, an Elys
subsidiary, unveiled its enhanced offerings in Italy with
a revamped online casino, sports betting site, and mobile app. The
significant relaunch in the Italian market improves player
experience with optimized performance, speed, and a robust security
profile while also setting the stage for meaningful cost savings by
eliminating expenses associated with trading and risk management,
platform development, and iGaming aggregation.
- Secured a third sportsbook
location in Washington, D.C., expanding the Company’s
footprint in the city and building upon the success of its small
business sportsbook business model.
Third Quarter 2023 Financial
ResultsResults compare 2023 fiscal third quarter end
(September 30, 2023) to 2022 fiscal third quarter end (September
30, 2022) unless otherwise indicated.
- Total revenue
decreased 11.8% to $8.5 million from $9.6 million in the prior
year. The change is primarily attributable to higher payouts
benefiting Elys’ sportsbook customers as well as a decrease in
web-based turnover due to a reduction in online casino and poker
offerings during the third quarter, thereby reducing our blended
revenue conversion. At the end of September 2023, a historically
quiet period for sports betting, the Company underwent a platform
switchover that provides significantly enhanced online casino and
poker offerings for our Italian operations. The switchover had an
immaterial impact on online sportsbook revenue that was partially
offset by an increase in land-based sportsbook revenue due to the
activation of new physical locations. For the first nine months of
2023, total revenue increased by approximately $0.06 million.
- Total handle
(turnover) decreased 2.4% to $162.6 million from $166.5
million in the prior year period. The decrease in handle in the
third quarter was due to the reduction in web-based turnover caused
by the aforementioned online casino and poker reduction ahead of
the platform switchover. For the first nine months of 2023, the
total handle increased 2.4% to $585.8 million consistent with the
Company’s growth expectations.
- Operating expenses
decreased 10.2% to $11.4 million from $12.7 million in the prior
year period. The change is primarily attributable to decreases in
general and administrative costs as well as a reduction in
technology development costs. For the first nine months of 2023,
overall operating costs continued to downtrend, with a reduction of
$0.13 million, reflecting management’s commitment to profitability,
despite the additional expenses incurred for U.S. and Canadian
facing investments during the first nine months of 2023.
- Net loss from continuing
operations was $(3.2) million, or $(0.10) per share,
compared to $(3.8) million, or $(0.14) per share, in the prior year
period. The change is primarily attributable to the decrease in
loss from operations, despite lower revenues and a reduction in
other non-operating expenses of $0.3 million compared to the prior
year period. For the first nine months of 2023, net loss was $(9.1)
million, or $(0.27) per share, compared to $(11.1) million, or
$(0.41) per share, in the prior year period.
- Cash and cash
equivalents were $2.6 million at September 30, 2023,
compared to $3.4 million at December 31, 2022.
Management Commentary“In Q3, we
laid critical foundations for a large-scale expansion into the
rapidly growing online sports betting market in the United States
and Canada,” said Mike Ciavarella, Executive Chairman of Elys Game
Technology Corp. “Over the past few years, we have executed our
go-to-market strategy by making significant investments related to
our product platform and infrastructure development for our future
commercial operations in North America. Elys now stands at the
inflection point where these investments begin to convert into
revenues in 2024.
“Our www.SportBet.com website, complemented by
our advanced platform and recent market access partnership with
Caesars Entertainment, equips us to attract players nationwide over
the coming quarters. The impending launch in Colorado serves as our
initial online sports betting market entry point, and we regard our
partnership with Caesars as a gateway to future opportunities in
other states. At the same time, we are maintaining our solid and
stable operations in the Italian market, where we recently
introduced a revamped platform and all-new product lineup. This
platform not only enhances the overall player experience but also
incorporates changes that significantly reduce expenses and puts
our Multigioco subsidiary on track to meet the Company’s profit
goals through 2024.
“As we begin our strategic rollout into the vast
addressable online sports betting market in the United States, we
are confident in our ability to replicate our Italian success
story. The U.S. sports betting opportunity contains decades of
pent-up demand, and we expect to carve out significant market share
with our ‘best odds’ approach and user-friendly platform as our
experience in Italy demonstrates. Our measured and strategic
approach to this vast market sets us apart. Through meticulous
study of player behavior and regulatory dynamics, we aim to emerge
as a responsible and formidable operator in the budding U.S.
market, extracting long-term value for Elys shareholders.”
Update on the Listing of Common
SharesOn October 13, 2023, Elys Game Technology received
written notice from the Listing Qualifications Department of The
Nasdaq Stock Market LLC (“Nasdaq”) informing the Company that
trading of its common shares would be suspended as of the opening
of business on October 17, 2023. As a result, Elys’ common shares
began trading on the OTC markets in October, where they continue to
trade today.
To prioritize the value for its shareholders,
the Company will remain listed on the OTC Markets until further
analysis of the exchange listing of our common shares is completed.
Elys’ management team and board of directors are diligently
assessing various major listing venues to determine the most
strategic path forward, one that will ultimately offer the best
opportunity to maximize shareholder value in the long term.
About Elys Game Technology,
Corp.Elys Game Technology, Corp. is a global gaming
technology company operating in multiple countries worldwide. Elys
offers its clients a full suite of omnichannel leisure gaming
products and services, such as online sports betting, e-sports,
virtual sports, online casino, poker, bingo, interactive games, and
online slots on a B2C basis in Italy and has B2B operations in five
states as well as the District of Columbia in the U.S. market. The
Company provides sports betting software, online casino software,
services for commercial and tribal casinos, retail betting
establishments, and franchise distribution networks.
Elys’ vision is to become a global gaming
industry leader by developing pioneering and innovative online
casino software. Additional information is available on our
corporate website at www.elysgame.com.
Investors may also find us on Twitter @ELYS5D;
Instagram @elys5d; LinkedIn Elys America; YouTube @Elys5D; and on
Facebook @Elys5D.
Forward-Looking StatementsThis
press release contains certain forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These statements are identified by
the use of the words “could,” “believe,” “anticipate,” “intend,”
“estimate,” “expect,” “may,” “continue,” “predict,” “potential,”
“project,” and similar expressions that are intended to identify
forward-looking statements and include statements regarding Elys.
These forward-looking statements are based on management’s
expectations and assumptions as of the date of this press release
and are subject to a number of risks and uncertainties, many of
which are difficult to predict that could cause actual results to
differ materially from current expectations and assumptions from
those set forth or implied by any forward-looking statements.
Important factors that could cause actual results to differ
materially from current expectations include, among others, the
risk factors described in the Company’s Annual Report on Form 10-K
for the year ended December 31, 2022, and its subsequent filings
with the U.S. Securities and Exchange Commission, including
subsequent periodic reports on Form 10-Q and current reports on
Form 8-K. The information in this release is provided only as of
the date of this release. The Company undertakes no obligation to
update or revise publicly any forward-looking statements, whether
as a result of new information, future events, or otherwise, after
the date on which the statements are made or to reflect the
occurrence of unanticipated events, except as required by law.
Investor Contact:Tom Colton and Alec
WilsonGateway Group, Inc.949-574-3860ELYS@gateway-grp.com
-Financial Tables to Follow-
ELYS GAME TECHNOLOGY, CORP.Consolidated Balance
Sheets(Unaudited) |
|
|
|
September 30,2023 |
|
December 31,2022 |
Current Assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
2,551,000 |
|
|
$ |
3,400,166 |
|
Accounts receivable |
|
|
735,725 |
|
|
|
731,962 |
|
Gaming accounts receivable |
|
|
1,841,921 |
|
|
|
1,431,497 |
|
Prepaid expenses |
|
|
2,637,882 |
|
|
|
900,205 |
|
Related party receivable |
|
|
22,511 |
|
|
|
22,511 |
|
Other current assets |
|
|
379,781 |
|
|
|
338,871 |
|
Total Current Assets |
|
|
8,168,820 |
|
|
|
6,825,212 |
|
|
|
|
|
|
|
|
|
|
Non - Current
Assets |
|
|
|
|
|
|
|
|
Restricted cash |
|
|
— |
|
|
|
364,701 |
|
Property and equipment |
|
|
975,211 |
|
|
|
610,852 |
|
Right of use assets |
|
|
1,471,190 |
|
|
|
1,498,703 |
|
Intangible assets |
|
|
10,069,843 |
|
|
|
10,375,524 |
|
Goodwill |
|
|
1,662,016 |
|
|
|
1,662,278 |
|
Marketable securities |
|
|
— |
|
|
|
19,999 |
|
Total Non - Current Assets |
|
|
14,178,260 |
|
|
|
14,532,057 |
|
Total Assets |
|
$ |
22,347,080 |
|
|
$ |
21,357,269 |
|
|
|
|
|
|
|
|
|
|
Current
Liabilities |
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
8,917,952 |
|
|
|
6,790,523 |
|
Gaming accounts payable |
|
|
3,492,128 |
|
|
|
2,213,532 |
|
Taxes payable |
|
|
61,187 |
|
|
|
179,720 |
|
Related party payable |
|
|
46,916 |
|
|
|
422,129 |
|
Promissory notes payable - related parties |
|
|
411,939 |
|
|
|
752,000 |
|
Operating lease liability |
|
|
381,439 |
|
|
|
369,043 |
|
Financial lease liability |
|
|
1,895 |
|
|
|
6,831 |
|
Bank loan payable - current portion |
|
|
2,987 |
|
|
|
3,151 |
|
Total Current Liabilities |
|
|
13,316,443 |
|
|
|
10,736,929 |
|
|
|
|
|
|
|
|
|
|
Non-Current
Liabilities |
|
|
|
|
|
|
|
|
Deferred tax liability |
|
|
1,391,102 |
|
|
|
1,696,638 |
|
Operating lease liability |
|
|
1,059,970 |
|
|
|
1,157,979 |
|
Financial lease liability |
|
|
1,244 |
|
|
|
2,288 |
|
Bank loan payable |
|
|
152,643 |
|
|
|
148,169 |
|
Convertible notes payable, net of discount of $169,003 |
|
|
209,347 |
|
|
|
— |
|
Convertible notes payable – related parties, net of discount of
$2,039,673 |
|
|
2,936,049 |
|
|
|
— |
|
Other long-term liabilities |
|
|
577,725 |
|
|
|
464,851 |
|
Total Non – Current Liabilities |
|
|
6,328,080 |
|
|
|
3,469,925 |
|
Total Liabilities |
|
|
19,644,523 |
|
|
|
14,206,854 |
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity |
|
|
|
|
|
|
|
|
Common stock, $0.0001 par
value, 80,000,000 shares
authorized; 35,794,381 and 30,360,810 shares
issued and outstanding as of September 30, 2023 and December 31,
2022 |
|
|
3,579 |
|
|
|
3,036 |
|
Additional paid-in
capital |
|
|
78,952,510 |
|
|
|
74,249,244 |
|
Accumulated other
comprehensive loss |
|
|
(609,554 |
) |
|
|
(600,619 |
) |
Accumulated deficit |
|
|
(75,643,978 |
) |
|
|
(66,501,246 |
) |
Total Stockholders'
Equity |
|
|
2,702,557 |
|
|
|
7,150,415 |
|
Total Liabilities and
Stockholders’ Equity |
|
$ |
22,347,080 |
|
|
$ |
21,357,269 |
|
ELYS GAME TECHNOLOGY, CORP.Consolidated Statements
of Changes in Stockholders' EquityNine months ended
September 30, 2023 and September 30,
2022(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months EndedSeptember
30, |
|
For the Nine Months EndedSeptember
30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenue |
|
$ |
8,464,591 |
|
|
$ |
9,591,294 |
|
|
$ |
32,233,378 |
|
|
$ |
32,175,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling expenses |
|
|
6,724,275 |
|
|
|
6,874,581 |
|
|
|
26,158,349 |
|
|
|
24,029,532 |
|
General and administrative expenses |
|
|
4,318,720 |
|
|
|
5,385,407 |
|
|
|
13,498,145 |
|
|
|
14,273,817 |
|
Depreciation and amortization |
|
|
354,334 |
|
|
|
423,361 |
|
|
|
1,043,432 |
|
|
|
1,315,593 |
|
Restructuring and severance expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,205,689 |
|
Total Costs and
Expenses |
|
|
11,397,329 |
|
|
|
12,683,349 |
|
|
|
40,699,926 |
|
|
|
40,824,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
Operations |
|
|
(2,932,738 |
) |
|
|
(3,092,055 |
) |
|
|
(8,466,548 |
) |
|
|
(8,649,616 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (Expenses)
Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net of interest income |
|
|
(162,474 |
) |
|
|
(9,104 |
) |
|
|
(273,701 |
) |
|
|
(22,641 |
) |
Amortization of debt discount |
|
|
(142,381 |
) |
|
|
— |
|
|
|
(215,651 |
) |
|
|
— |
|
Other income |
|
|
9,994 |
|
|
|
21,931 |
|
|
|
13,521 |
|
|
|
90,783 |
|
Changes in fair value of contingent purchase consideration |
|
|
— |
|
|
|
(482,059 |
) |
|
|
— |
|
|
|
(1,397,833 |
) |
Other expense |
|
|
— |
|
|
|
(45,528 |
) |
|
|
(7,017 |
) |
|
|
(56,539 |
) |
Gain (loss) on marketable securities |
|
|
— |
|
|
|
(49,250 |
) |
|
|
(19,999 |
) |
|
|
43,250 |
|
Total Other (Expenses)
Income |
|
|
(294,861 |
) |
|
|
(564,010 |
) |
|
|
(502,847 |
) |
|
|
(1,342,980 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss Before Income
Taxes |
|
|
(3,227,599 |
) |
|
|
(3,656,065 |
) |
|
|
(8,969,395 |
) |
|
|
(9,992,596 |
) |
Income tax provision |
|
|
4,240 |
|
|
|
(167,574 |
) |
|
|
67,199 |
|
|
|
(200,518 |
) |
Net Loss from
continuing operations |
|
|
(3,223,359 |
) |
|
|
(3,823,639 |
) |
|
|
(8,902,196 |
) |
|
|
(10,193,114 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(34,690 |
) |
|
|
— |
|
|
|
(198,335 |
) |
|
|
— |
|
Loss on recission |
|
|
(42,201 |
) |
|
|
— |
|
|
|
(42,201 |
) |
|
|
— |
|
Net loss from
discontinued operations |
|
|
(76,891 |
) |
|
|
— |
|
|
|
(240,536 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(3,300,250 |
) |
|
$ |
(3,823,639 |
) |
|
$ |
(9,142,732 |
) |
|
$ |
(10,193,114 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Comprehensive
(Loss) Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
|
(102,111 |
) |
|
|
(367,765 |
) |
|
|
(8,935 |
) |
|
|
(877,996 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
Loss |
|
$ |
(3,402,361 |
) |
|
$ |
(4,191,404 |
) |
|
$ |
(9,151,667 |
) |
|
$ |
(11,071,110 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per common share
– basic and diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
(0.10 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.41 |
) |
Discontinued operations |
|
|
(0.00 |
) |
|
|
0.00 |
|
|
|
(0.00 |
) |
|
|
0.00 |
|
|
|
|
(0.10 |
) |
|
|
(0.14 |
) |
|
|
(0.27 |
) |
|
|
(0.41 |
) |
Weighted average number of
common shares outstanding – basic and diluted |
|
|
31,886,832 |
|
|
|
26,942,389 |
|
|
|
32,758,530 |
|
|
|
24,871,319 |
|
ELYS GAME TECHNOLOGY, CORP.Consolidated
Statements of Cash Flows(Unaudited) |
|
|
|
|
|
|
|
For the nine monthsended September
30, |
|
|
2023 |
|
2022 |
|
|
|
|
|
Net Loss |
|
$ |
(9,142,732 |
) |
|
$ |
(10,193,114 |
) |
Net loss from discontinued
operations |
|
|
240,536 |
|
|
|
— |
|
Net loss from continuing
operations |
|
|
(8,902,196 |
) |
|
|
(10,193,114 |
) |
Adjustments to
reconcile net loss to net cash used in operating
activities |
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
1,043,431 |
|
|
|
1,315,593 |
|
Gain on disposal of property
and equipment |
|
|
(5,136 |
) |
|
|
— |
|
Amortization of debt
discount |
|
|
215,651 |
|
|
|
— |
|
Restricted stock awards |
|
|
685,688 |
|
|
|
2,012,600 |
|
Stock-based compensation
expense |
|
|
1,611,635 |
|
|
|
2,381,974 |
|
Non-cash interest |
|
|
268,320 |
|
|
|
17,637 |
|
Loss on dissolution of
subsidiary |
|
|
325 |
|
|
|
— |
|
Change in fair value of
contingent purchase consideration |
|
|
— |
|
|
|
1,397,833 |
|
Unrealized loss (gain) on
marketable securities |
|
|
19,999 |
|
|
|
(43,250 |
) |
Movement in deferred
taxation |
|
|
(124,437 |
) |
|
|
(238,616 |
) |
Changes in Operating
Assets and Liabilities, net of assets acquired and liabilities
assumed |
|
|
|
|
|
|
|
|
Prepaid expenses |
|
|
(1,757,254 |
) |
|
|
(2,043,015 |
) |
Accounts payable and accrued
liabilities |
|
|
1,307,024 |
|
|
|
(1,013,194 |
) |
Accounts receivable |
|
|
1,957 |
|
|
|
(282,002 |
) |
Gaming accounts
receivable |
|
|
(440,090 |
) |
|
|
981,478 |
|
Gaming accounts
liabilities |
|
|
1,339,804 |
|
|
|
693,455 |
|
Taxes payable |
|
|
(122,333 |
) |
|
|
391,339 |
|
Due from related parties |
|
|
31,279 |
|
|
|
(8,026 |
) |
Other current assets |
|
|
(39,764 |
) |
|
|
(19,838 |
) |
Long term liability |
|
|
122,022 |
|
|
|
76,916 |
|
Net Cash Used in
Operating Activities – continuing operations |
|
|
(4,744,075 |
) |
|
|
(4,572,230 |
) |
Net Cash Used in
Operating Activities – discontinued operations |
|
|
(76,697 |
) |
|
|
— |
|
NET CASH USED IN
OPERATING ACTIVITIES |
|
|
(4,820,772 |
) |
|
|
(4,572,230 |
) |
|
|
|
|
|
|
|
|
|
Cash Flows from
Investing Activities |
|
|
|
|
|
|
|
|
Acquisition of property and
equipment and intangible assets |
|
|
(1,112,830 |
) |
|
|
(355,939 |
) |
Net Cash Used in
Investing Activities – continuing operations |
|
|
(1,112,830 |
) |
|
|
(355,939 |
) |
Net Cash Provided by
Investing Activities – discontinued operations |
|
|
76,459 |
|
|
|
— |
|
NET CASH USED IN
INVESTING ACTIVITIES |
|
|
(1,036,371 |
) |
|
|
(355,939 |
) |
|
|
|
|
|
|
|
|
|
Cash Flows from
Financing Activities |
|
|
|
|
|
|
|
|
Proceeds from convertible
notes |
|
|
350,000 |
|
|
|
— |
|
Proceeds from convertible
notes, related parties |
|
|
4,400,000 |
|
|
|
— |
|
Proceeds from Subscriptions –
Net of Fees |
|
|
— |
|
|
|
2,616,679 |
|
Proceeds from pre-funded
warrants |
|
|
— |
|
|
|
512,813 |
|
Proceeds from related party
promissory notes |
|
|
— |
|
|
|
665,000 |
|
Repayment of bank
overdraft |
|
|
— |
|
|
|
(7,043 |
) |
Repayment of bank loan |
|
|
— |
|
|
|
(33,041 |
) |
Repayment of financial
leases |
|
|
(5,996 |
) |
|
|
(5,926 |
) |
NET CASH PROVIDED BY
FINANCING ACTIVITIES |
|
|
4,744,004 |
|
|
|
3,748,482 |
|
|
|
|
|
|
|
|
|
|
Effect of change in exchange
rate |
|
|
(100,728 |
) |
|
|
(1,504,030 |
) |
|
|
|
|
|
|
|
|
|
Net decrease in cash |
|
|
(1,213,867 |
) |
|
|
(2,683,717 |
) |
Cash, cash equivalents and
restricted cash – beginning of the period |
|
|
3,764,867 |
|
|
|
7,706,357 |
|
CASH, CASH EQUIVALENTS
AND RESTRICTED CASH – END OF THE PERIOD |
|
$ |
2,551,000 |
|
|
$ |
5,022,640 |
|
|
|
|
|
|
|
|
|
|
ELYS GAME TECHNOLOGY, CORP.Consolidated
Statements of Cash Flows(Unaudited) |
|
|
|
|
|
|
|
|
|
Reconciliation of
cash, cash equivalents and restricted cash within the Balance
Sheets to the Statement of Cash Flows |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
2,551,000 |
|
|
$ |
4,690,034 |
|
Restricted cash included in
non-current assets |
|
|
— |
|
|
|
332,606 |
|
|
|
$ |
2,551,000 |
|
|
$ |
5,022,640 |
|
Supplemental
disclosure of cash flow information |
|
|
|
|
Cash paid during the period
for: |
|
|
|
|
Interest |
|
$ |
5,735 |
|
|
$ |
5,855 |
|
Income tax |
|
$ |
199,745 |
|
|
$ |
84,988 |
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow
disclosure for non-cash activities |
|
|
|
|
|
|
|
|
Fair value of common stock
issued on acquisition of Engage IT Services Srl |
|
$ |
1,735,615 |
|
|
$ |
— |
|
Fair value of common stock
returned on recission of acquisition of Engage IT Services Srl |
|
$ |
(1,938,456 |
) |
|
|
|
|
Fair value of warrant issued
with convertible debt |
|
$ |
2,424,327 |
|
|
$ |
— |
|
Fair value of restricted stock
issued to settle liabilities |
|
$ |
60,000 |
|
|
$ |
— |
|
Fair value of options issued
to settle liabilities |
|
$ |
125,000 |
|
|
$ |
— |
|
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