the Company's position in talent management and served to expand its
digital entertainment ecosystem.
About NIP Group
NIP Group $(NIPG)$ is a digital entertainment company created for a growing global audience of gaming and esports fans. The business was formed in 2023 through a merger between legendary esports organization Ninjas in Pyjamas and digital sports group ESV5, which includes eStar Gaming, a world-leader in mobile esports. Building on the success of its competitive teams with an innovative mix of business ventures, including talent management, event production, hospitality and game publishing, NIP Group is developing transformational experiences that entertain, inspire and connect fans worldwide, to expand its global footprint and engage digital-first gamers where they are. NIP Group currently has operations in Sweden, China, Abu Dhabi and Brazil, and its esports rosters participate across multiple game titles at the biggest events around the world.
Safe Harbor Statements
This press release contains statements that constitute "forward-looking" statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to" or other similar expressions. Among other things, the business outlook and quotations from management in this press release, as well as NIP Group's strategic and operational plans, contain forward-looking statements. NIP Group may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about NIP Group's beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NIP Group's growth strategies; its future business development, results of operations and financial condition; its ability to maintain and enhance the recognition and reputation of its brand; developments in the relevant governmental laws, regulations, policies toward NIP Group's industry; and general economic and business conditions globally and in the countries or regions where NIP Group has operations; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in NIP Group's filings with the SEC. All information provided in this press release is as of the date of this press release, and NIP Group undertakes no obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
NIP Group Inc.
Investor Relations
Tel: +46 8133700
Email: IR@nipgroup.gg
NIP GROUP INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(In U.S. dollars, except for share and per share data,
or otherwise noted)
As of
--------------------------
December 31, June 30,
2023 2024
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $ 7,594,601 $ 6,762,378
Accounts receivable, net 18,995,477 20,708,803
Amounts due from related parties 269,817 227,278
Prepaid expenses and other current
assets, net 2,494,395 5,683,742
Total current assets 29,354,290 33,382,201
----------- -----------
Non-current assets:
Property and equipment, net 2,917,525 2,606,199
Intangible assets, net 133,969,114 126,471,993
Right-of-use assets 2,124,481 1,807,015
Goodwill 141,402,327 134,912,191
Deferred tax assets 550,794 1,065,535
Other non-current assets 3,521,024 5,100,847
Total non-current assets 284,485,265 271,963,780
----------- -----------
Total assets $313,839,555 $305,345,981
=========== ===========
LIABILITIES
Current liabilities:
Short-term borrowings $ 5,324,019 $ 10,870,762
Long-term borrowing, current portion 281,694 275,209
Accounts payable 12,728,929 12,632,333
Payable related to league tournaments
rights, current 1,921,518 1,906,028
Accrued expenses and other liabilities 6,106,258 10,169,603
Deferred revenue 500,785 333,972
Operating lease liabilities, current 644,858 688,065
Amount due to related parties, current 1,270,663 920,445
Total current liabilities 28,778,724 37,796,417
----------- -----------
Non-current liabilities:
Long-term borrowing, non-current 3,713,180 3,509,566
Amount due to related party,
non-current 131,017 131,017
Payable related to league tournaments
rights, non-current 2,342,940 2,365,306
Operating lease liabilities,
non-current 1,475,374 1,171,644
Deferred tax liabilities 24,659,215 23,254,194
-----------
Total non-current liabilities: 32,321,726 30,431,727
----------- -----------
Total liabilities $ 61,100,450 $ 68,228,144
=========== ===========
NIP GROUP INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(In U.S. dollars, except for share and per share data,
or otherwise noted)
As of
-------------------------------
December 31, June 30,
2023 2024
------------- ----------------
Commitments and contingencies
MEZZANINE EQUITY
Class A redeemable preferred
shares $114,893,066 $ 123,547,635
Class B redeemable preferred
shares 16,766,736 16,976,181
Class B-1 redeemable preferred
shares 190,882,461 215,222,620
Total mezzanine equity $322,542,263 $ 355,746,436
----------- ------------
DEFICIT:
Ordinary shares $ 3,716 $ 3,716
Subscription receivable (3,716) (3,716)
Additional paid-in capital - -
Statutory reserve 72,420 72,420
Accumulated deficit (80,300,893) (120,878,503)
Accumulated other comprehensive
income (loss) 5,425,370 (2,803,671)
-----------
Total deficit attributable to the
shareholders of NIP Group Inc. (74,803,103) (123,609,754)
Non-controlling interests 4,999,945 4,981,155
Total deficit (69,803,158) (118,628,599)
=========== ============
Total liabilities, mezzanine equity
and deficit $313,839,555 $ 305,345,981
=========== ============
NIP GROUP INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS
(In U.S. dollars, except for share and per share data,
or otherwise noted)
For the Six Months Ended June 30,
-----------------------------------------
2023 2024
---------------------- -----------------
Net revenue - third parties $ 38,006,519 $ 38,892,846
Net revenue - related parties 556,917 451,626
-------------- -------------
Total net revenue 38,563,436 39,344,472
-------------- -------------
Cost of revenue - third
parties (36,043,173) (36,816,220)
Cost of revenue - related
parties (226,751) (164,238)
-------------- -------------
Total cost of revenue (36,269,924) (36,980,458)
-------------- -------------
Gross profit 2,293,512 2,364,014
Operating expenses:
Selling and marketing
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November 25, 2024 04:10 ET (09:10 GMT)
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