Snail, Inc.

For the period ended Dec 31, 2024. Filed Mar 26, 2025.

About 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.

FY2024 · Filed Mar 26, 2025

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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Contents

Item 8. Consolidated Statements of Cash Flows

2024 · 2023
Cash flows from operating activities:
Net income (loss)		$1,827,075		$(9,094,424)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization - intangible assets, net		7,804		1,384,862
Amortization - loan origination fees and debt discounts		62,855		124,595
Accretion – convertible notes		222,628		306,664
Loss on change in fair value of warrant liabilities		1,332,815		32,883
Depreciation - property and equipment		303,714		432,306
Stock-based compensation expense (income)		(890,208)		848,035
Loss on disposal of fixed assets		-		427
Credit losses		-		581,498
Deferred taxes, net		(569,601)		(2,644,964)
Changes in assets and liabilities:
Accounts receivable		15,319,987		(18,939,465)
Accounts receivable - related party		3,663,726		3,824,775
Prepaid expenses - related party		1,928,581		(8,245,966)
Prepaid expenses and other current assets		(1,206,331)		501,104
Prepaid taxes		2,211,331		-
Other noncurrent assets		(1,523,065)		-
Accounts payable		(7,183,648)		2,992,856
Accounts payable - related parties		(8,001,265)		3,176,177
Accrued expenses and other liabilities		46,542		626,764
Interest receivable - related parties		(2,005)		(2,000)
Lease liabilities		(266,800)		(205,520)
Deferred revenue		(8,849,259)		24,765,261
Net cash provided by (used in) operating activities		(1,565,124)		465,868
Cash flows from financing activities:
Repayments on promissory note		(89,374)		(79,897)
Repayments on notes payable		(2,333,333)		(6,500,000)
Repayments on convertible notes		(1,020,000)		-
Repayments on revolving loan		(3,000,000)		(3,000,000)
Borrowings on notes payable		-		3,000,000
Proceeds from issuance of convertible notes		-		847,500
Cash proceeds from exercise of warrants		220,000		-
Refund of dividend withholding tax overpayment		-		1,886,600
Purchase of treasury stock		-		(257,093)
Payments of offering costs in accounts payable		(262,914)		(342,318)
Release of escrow deposit		-		1,003,804
Net cash used in financing activities		(6,485,621)		(3,441,404)
Effect of foreign currency translation on cash and cash equivalents		(24,630)		51,670
Net decrease in cash and cash equivalents, and restricted cash and cash equivalents		(8,075,375)		(2,923,866)
Cash and cash equivalents, and restricted cash and cash equivalents - beginning of the period		16,314,319		19,238,185
Cash and cash equivalents, and restricted cash and cash equivalents – end of the period		$8,238,944		$16,314,319
Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest		$467,188		$934,523
Income taxes		$(1,100,302)		$248,388
Noncash transactions during the period for:
Issuance of warrants in connection with the equity line of credit	$	-		$(105,411)
Debt converted to equity		$(60,000)	$	-
Right-of-use assets obtained in exchange for a lease liability		$(85,588)	$	-
Liabilities converted to equity upon exercise of warrants		$176,750	$	-
Acquisition of software in accounts payable – related parties		$290,000		-
Acquisition of license rights in accrued expenses and other liabilities		$420,000

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.