Snail, Inc.
For the period ended Dec 31, 2025. Filed Mar 19, 2026.
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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.
FY2025 · Filed Mar 19, 2026
SNAL$2.15+3.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| 2025 | 2024 | |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income (loss) | $(27,237,732) | $1,827,075 |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
| Amortization – intangible assets, net | 311,129 | 7,804 |
| Amortization – intangible assets, net – related party | 83,333 | — |
| Amortization – film assets | 1,331,330 | — |
| Amortization – loan origination fees and debt discounts | 13,109 | 62,855 |
| Accretion – convertible notes | — | 222,628 |
| Loss on change in fair value of convertible notes | 504,658 | — |
| (Gain) loss on change in fair value of warrant liabilities | (719,925) | 1,332,815 |
| Depreciation – property and equipment | 247,976 | 303,714 |
| Impairment of film assets | 868,722 | — |
| Impairment of intangible assets | 667,460 | — |
| Gain on remeasurement of previously held equity interest | (7,857) | — |
| Stock-based compensation expense (income) | 371,496 | (890,208) |
| Deferred taxes, net | 10,817,741 | (569,601) |
| Changes in assets and liabilities, net of business acquisitions: | ||
| Accounts receivable | (2,678,525) | 15,319,987 |
| Accounts receivable – related party | 3,836,866 | 3,663,726 |
| Prepaid expenses – related party | (1,583,563) | 1,928,581 |
| Prepaid expenses and other current assets | (386,461) | (1,206,331) |
| Prepaid taxes | 2,584,417 | 2,211,331 |
| Other noncurrent assets | (1,265,874) | (1,523,065) |
| Accounts payable | 1,106,676 | (7,183,648) |
| Accounts payable – related parties | 3,473,842 | (8,001,265) |
| Accrued expenses and other liabilities | 110,762 | 46,542 |
| Loan and interest receivable – related party | (2,000) | (2,005) |
| Lease liabilities | (215,715) | (266,800) |
| Deferred revenue | 6,615,079 | (8,849,259) |
| Net cash used in operating activities | (1,153,056) | (1,565,124) |
| Cash flows from investing activities: | ||
| Acquisition of software | (290,000) | — |
| Acquisition of software licenses | (4,087,896) | — |
| Investments in software | (854,269) | — |
| Net cash paid for acquisition of Matrioshka | (9,719) | — |
| Acquisition of fixed assets | (15,798) | — |
| Net cash used in investing activities | (5,257,682) | — |
| Cash flows from financing activities: | ||
| Repayments on promissory note | — | (89,374) |
| Repayments on notes payable | (624,131) | (2,333,333) |
| Repayments on convertible notes | (2,303,527) | (1,020,000) |
| Repayments on revolving loan | — | (3,000,000) |
| Borrowings on revolving loan | 2,000,000 | — |
| Borrowings on term loan | 3,500,000 | — |
| Cash proceeds from exercise of warrants | 159,000 | 220,000 |
| Proceeds on issuance of convertible notes | 6,000,000 | — |
| Payments of loan origination fees | (25,750) | — |
| Payments of offering costs in accounts payable | — | (262,914) |
| Net cash provided by (used in) financing activities | 8,705,592 | (6,485,621) |
| Effect of foreign currency translation on cash and cash equivalents | (30,634) | (24,630) |
| Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents | 2,264,220 | (8,075,375) |
| Cash and cash equivalents, and restricted cash and cash equivalents – beginning of the year | 8,238,944 | 16,314,319 |
| Cash and cash equivalents, and restricted cash and cash equivalents – end of the year | $10,503,164 | $8,238,944 |
| Supplemental disclosures of cash flow information | ||
| Cash paid during the year for: | ||
| Interest | $617,246 | $467,188 |
| Income taxes | $(2,859,830) | $(1,100,302) |
| Noncash transactions during the year for: | ||
| Change in fair value of notes recorded in accumulated other comprehensive income | $21,297 | $— |
| Debt converted to equity | $(331,500) | $(60,000) |
| Right-of-use assets obtained in exchange for a lease liability | $(4,709,564) | $(85,588) |
| Liabilities converted to equity upon exercise of warrants | $323,113 | $176,750 |
| Acquisition of software in accounts payable – related parties | $— | $290,000 |
| Acquisition of software and software licenses in accounts payable and accrued expenses | $130,000 | $420,000 |
| Net assets acquired in a business combination | $5,461 | $— |
| Acquisition of software licenses in accounts payable – related parties | $1,500,000 | $— |
| Acquisition of software license paid in prior years | $2,500,000 | $— |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.