marketing 495,938 215,477 1,331,163 488,318
Depreciation
and
amortization 72,402 112,914 235,294 346,084
Total operating
expenses 8,299,567 5,097,932 18,013,011 16,641,567
---------- ---------- ---------- -----------
Income (loss) from
operations 406,861 (5,579,883) 869,924 (13,969,479)
---------- ---------- ---------- -----------
Other income
(expense):
Interest income 60,675 47,147 225,227 98,411
Interest income
- related
parties 504 504 1,501 1,496
Interest
expense (95,997) (370,376) (634,262) (961,196)
Other income 74,891 313,156 546,484 321,331
Foreign
currency
transaction
loss (55,835) (1,394) (32,055) (25,606)
Total other income
(expense), net (15,762) (10,963) 106,895 (565,564)
---------- ---------- ---------- -----------
Income (loss)
before provision
for (benefit
from) income
taxes 391,099 (5,590,846) 976,819 (14,535,043)
Provision for
(benefit from)
income taxes 157,938 (1,156,675) 269,501 (3,044,380)
---------- ---------- ---------- -----------
Net income (loss) 233,161 (4,434,171) 707,318 (11,490,663)
Net loss
attributable to
non-controlling
interests (1,986) (1,539) (4,650) (7,222)
---------- ---------- ---------- -----------
Net income (loss)
attributable to
Snail, Inc. $ 235,147 $(4,432,632) $ 711,968 $(11,483,441)
========== ========== ========== ===========
Comprehensive
income (loss)
statement:
Net income (loss) $ 233,161 $(4,434,171) $ 707,318 $(11,490,663)
Other
comprehensive
income (loss)
related to
currency
translation
adjustments, net
of tax 52,116 (1,512) 23,526 19,515
Total
comprehensive
income (loss) $ 285,277 $(4,435,683) $ 730,844 $(11,471,148)
========== ========== ========== ===========
Net income (loss)
attributable to
Class A common
stockholders:
Basic $ 51,312 $ (955,763) $ 154,972 $ (2,477,768)
========== ========== ========== ===========
Diluted $ 51,312 $ (955,763) $ 127,440 $ (2,477,768)
========== ========== ========== ===========
Net income (loss)
attributable to
Class B common
stockholders:
Basic $ 183,835 $(3,476,869) $ 556,996 $ (9,005,673)
========== ========== ========== ===========
Diluted $ 183,835 $(3,476,869) $ 458,041 $ (9,005,673)
========== ========== ========== ===========
Net income (loss)
per share
attributable to
Class A and B
common
stockholders:
Basic $ 0.01 $ (0.12) $ 0.02 $ (0.31)
========== ========== ========== ===========
Diluted $ 0.01 $ (0.12) $ 0.02 $ (0.31)
========== ========== ========== ===========
Weighted-average
shares used to
compute income
(loss) per share
attributable to
Class A common
stockholders:
Basic 8,024,369 7,901,145 7,998,686 7,909,715
========== ========== ========== ===========
Diluted 8,024,369 7,901,145 8,148,133 7,909,715
========== ========== ========== ===========
Weighted-average
shares used to
compute income
(loss) per share
attributable to
Class B common
stockholders:
Basic 28,748,580 28,748,580 28,748,580 28,748,580
========== ========== ========== ===========
Diluted 28,748,580 28,748,580 28,748,580 28,748,580
========== ========== ========== ===========
Snail, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
For the nine months ended September 30, 2024 2023
--------------------------------------- ---------- -----------
Cash flows from operating activities:
Net income (loss) $ 707,318 $(11,490,663)
Adjustments to reconcile net income
(loss) to net cash provided by (used
in) operating activities:
Amortization - intangible assets -
license, related parties - 1,253,623
Amortization - intangible assets -
other 603 603
Amortization - loan origination
fees and debt discounts 60,242 142,656
Accretion - convertible notes 222,628 -
Depreciation and amortization -
property and equipment 235,294 346,084
Stock-based compensation expense
(income) (896,893) 622,007
Interest income from restricted
escrow deposit - (33,935)
Deferred taxes, net (12,884) (3,058,738)
Changes in assets and liabilities:
Accounts receivable 18,330,470 2,674,655
Accounts receivable - related party 1,464,445 (255,045)
Prepaid expenses - related party (118,167) (2,500,000)
Prepaid expenses and other current
assets (697,051) 156,450
Prepaid taxes (183,675) -
Other noncurrent assets (407,441) (2,903)
Accounts payable (7,891,975) 846,553
Accounts payable - related parties (7,405,363) (248,391)
Accrued expenses and other
liabilities (152,658) 134,131
Interest receivable - related party (1,501) (1,496)
Lease liabilities (194,125) (148,233)
Deferred revenue (1,026,070) 767,883
Net cash provided by (used in)
operating activities 2,033,197 (10,794,759)
---------- -----------
Cash flows from financing activities:
Repayments on promissory note (68,545) (59,589)
Repayments on notes payable (2,333,333) (3,750,000)
Repayments on convertible notes (1,020,000) -
Repayments on revolving loan (3,000,000) (3,000,000)
Borrowings on notes payable - 2,275,000
Proceeds from issuance of
convertible notes - 847,500
Refund of dividend withholding tax
overpayment - 1,886,600
Purchase of treasury stock - (257,093)
Payments of capitalized offering
costs - (342,318)
Payments of offering costs in
accounts payable (262,914) -
Net cash used in financing activities (6,684,792) (2,399,900)
Effect of currency translation on cash
and cash equivalents 23,135 20,390
---------- -----------
Net decrease in cash and cash
equivalents, and restricted cash and
cash equivalents (4,628,460) (13,174,269)
Cash and cash equivalents, and
restricted cash and cash equivalents -
beginning of period 16,314,319 19,238,185
---------- -----------
Cash and cash equivalents, and
restricted cash and cash equivalents
-- end of period $11,685,859 $ 6,063,916
========== ===========
Supplemental disclosures of cash flow
information
Cash paid during the period for:
Interest $ 421,986 $ 725,885
========== ===========
Income taxes $ 401,671 $ 504,581
========== ===========
Noncash transactions during the
period for:
Issuance of warrants in
connection with 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) $ -
========== ===========
(END) Dow Jones Newswires
November 13, 2024 16:01 ET (21:01 GMT)
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