Snail Inc
For the period ended Dec 31, 2023. Filed Apr 1, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Apr 1, 2024
SNAL$2.15+3.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
| 2023 · 2022 | ||||
|---|---|---|---|---|
| Cash flows from operating activities: | ||||
| Net (loss) income | $(9,094,424) | $994,178 | ||
| Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||||
| Amortization - intangible assets - license | - | 250,000 | ||
| Amortization - intangible assets - license, related parties | 1,384,058 | 7,403,918 | ||
| Amortization - intangible assets - other | 804 | 3,751 | ||
| Amortization - loan origination fees and debt discounts | 124,595 | 26,514 | ||
| Accretion – convertible notes | 306,664 | - | ||
| Depreciation and amortization - property and equipment | 432,306 | 565,906 | ||
| Stock-based compensation expense | 848,035 | 223,250 | ||
| Gain on lease termination | - | (122,533) | ||
| Gain on paycheck protection program and economic injury disaster loan forgiveness | - | (174,436) | ||
| Loss (gain) on disposal of fixed assets | 427 | (17,067) | ||
| Interest income from shareholder loan | - | (580,878) | ||
| Interest income from restricted escrow deposit | - | (3,804) | ||
| Credit losses | 581,498 | - | ||
| Deferred taxes, net | (2,644,964) | 588,478 | ||
| Changes in assets and liabilities: | ||||
| Accounts receivable | (18,939,465) | 5,486,716 | ||
| Accounts receivable - related party | 3,824,775 | (2,908,361) | ||
| Prepaid expenses - related party | (8,245,966) | (2,437,500) | ||
| Prepaid expenses and other current assets | 501,104 | (1,875,919) | ||
| Other noncurrent assets | - | (26,052) | ||
| Accounts payable | 2,992,856 | 4,976,192 | ||
| Accounts payable - related parties | 3,176,177 | (3,815,313) | ||
| Accrued expenses and other liabilities | 659,647 | (1,039,927) | ||
| Interest receivable - related party | (2,000) | - | ||
| Interest payable - related parties | - | 986 | ||
| Lease liabilities | (205,520) | (145,949) | ||
| Deferred revenue | 24,765,261 | (10,729,488) | ||
| Net cash provided by (used in) operating activities | 465,868 | (3,357,338) | ||
| Cash flows from investing activities: | ||||
| Repayment on loan provided by related party | - | (300,000) | ||
| Purchases of property and equipment | - | (5,256) | ||
| Proceeds from sale of property and equipment | - | 19,500 | ||
| Repayment on Pound Sand note | - | 1,496,063 | ||
| Net cash provided by investing activities | - | 1,210,307 | ||
| Cash flows from financing activities: | ||||
| Repayments on promissory note | (79,897) | (70,961) | ||
| Repayments on notes payable | (6,500,000) | (4,166,667) | ||
| Repayments on revolving loan | (3,000,000) | - | ||
| Borrowings on notes payable | 3,000,000 | - | ||
| Borrowings on short-term note | - | 10,000,000 | ||
| Proceeds from issuance of convertible notes | 847,500 | - | ||
| Refund of dividend withholding tax overpayment | 1,886,600 | - | ||
| Payments on paycheck protection program and economic injury disaster loan | - | (90,198) | ||
| Refund of payments on paycheck protection program and economic injury disaster loan | - | 48,305 | ||
| Cash dividend declared and paid | - | (8,200,000) | ||
| Purchase of treasury stock | (257,093) | (3,414,713) | ||
| Proceeds from initial public offering, net of offering costs | - | 11,791,705 | ||
| Warrants issued to underwriters | - | 193,927 | ||
| Payments of capitalized offering costs | - | (1,247,567) | ||
| Payments of offering costs in accounts payable | (342,318) | - | ||
| Release of restricted escrow deposit | 1,003,804 | - | ||
| Net cash (used in) provided by financing activities | (3,441,404) | 4,843,831 | ||
| Effect of foreign currency translation on cash and cash equivalents | 51,670 | (12,730) | ||
| Net (decrease) increase in cash and cash equivalents, and restricted cash and cash equivalents | (2,923,866) | 2,684,070 | ||
| Cash and cash equivalents, and restricted cash and cash equivalents - beginning of the year | 19,238,185 | 16,554,115 | ||
| Cash and cash equivalents, and restricted cash and cash equivalents – end of the year | $16,314,319 | $19,238,185 | ||
| Supplemental disclosures of cash flow information | ||||
| Cash paid during the year for: | ||||
| Interest | $934,523 | $788,063 | ||
| Income taxes | $248,388 | $888,303 | ||
| Noncash transactions during the year for: | ||||
| Loan and interest payable - related parties | $ | - | $103,890 | |
| Loan and interest receivable - related parties | $ | - | $(103,890) | |
| Loan and interest from shareholder | $ | - | $94,934,400 | |
| Dividend distribution | $ | - | $(94,934,400) | |
| Noncash finance activity during the year for: | ||||
| Issuance of warrants in connection with the equity line of credit | $(105,411) | $ | - | |
| Gain on paycheck protection program and economic injury disaster loan forgiveness | $ | - | $(174,436) | |
| Snail Games USA common stock transferred due to reorganization | $ | - | $(5,000) | |
| Snail, Inc. common stock and additional paid-in capital transferred due to reorganization | $ | - | $5,000 | |
| Offering costs included in accounts payable | $ | - | $605,295 | |
| Funding of the escrow deposit | $ | - | $(1,000,000) | |
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