Motorsport Games Inc
For the period ended Jun 30, 2024. Filed Aug 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 9, 2024
MSGM$4.25-0.5%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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FINANCIAL INFORMATION
PART I: FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements (Unaudited)
MOTORSPORT GAMES INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| June 30, 2024 | December 31, 2023 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $529,438 | $1,675,210 |
| Accounts receivable, net of allowances of $450,000 as of June 30, 2024 and December 31, 2023 | 839,571 | 735,839 |
| Prepaid expenses and other current assets | 807,993 | 1,106,848 |
| Total Current Assets | 2,177,002 | 3,517,897 |
| Property and equipment, net | 136,997 | 247,693 |
| Operating lease right of use assets | 96,401 | 197,307 |
| Intangible assets, net | 4,798,011 | 5,795,807 |
| Total Assets | $7,208,411 | $9,758,704 |
| Liabilities and Stockholders’ Equity | ||
| Current liabilities: | ||
| Accounts payable | $1,764,650 | $813,659 |
| Accrued expenses and other current liabilities | 1,397,358 | 1,891,315 |
| Due to related parties | 29,881 | 77,716 |
| Purchase commitments | 875,096 | 4,656,538 |
| Operating lease liabilities (current) | 62,533 | 153,015 |
| Total Current Liabilities | 4,129,518 | 7,592,243 |
| Operating lease liabilities (non-current) | 32,242 | 45,659 |
| Other non-current liabilities | 17,571 | 31,098 |
| Total Liabilities | 4,179,331 | 7,669,000 |
| Commitments and contingencies (Note 9) | - | - |
| Stockholders’ Equity: | ||
| Preferred stock, $0.0001 par value; authorized 1,000,000 and 1,000,000 shares; and none issued and outstanding as of June 30, 2024 and December 31, 2023, respectively | - | - |
| Class A common stock, $0.0001 par value; authorized 100,000,000 and 100,000,000 shares; 2,722,728 and 2,722,728 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively | 269 | 269 |
| Class B common stock, $0.0001 par value; authorized 7,000,000 and 7,000,000 shares; 700,000 and 700,000 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively | 70 | 70 |
| Additional paid-in capital | 92,002,160 | 91,923,311 |
| Accumulated deficit | (86,350,189) | (87,441,805) |
| Accumulated other comprehensive loss | (1,350,288) | (1,850,216) |
| Total Stockholders’ Equity Attributable to Motorsport Games Inc. | 4,302,022 | 2,631,629 |
| Non-controlling interest | (1,272,942) | (541,925) |
| Total Stockholders’ Equity | 3,029,080 | 2,089,704 |
| Total Liabilities and Stockholders’ Equity | $7,208,411 | $9,758,704 |
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