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Document and Entity Information - shares | 3 Months Ended | |
---|---|---|
Sep. 30, 2020 | Nov. 11, 2020 | |
Cover [Abstract] | ||
Entity Registrant Name | ESPORTS ENTERTAINMENT GROUP, INC. | |
Entity Central Index Key | 0001451448 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 12,895,412 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 |
Please wait while we load the requested 10-Q report or click the link below:
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Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Esports Entertainment Group, Inc..
Esports Entertainment Group, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:
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The increase was primarily attributable increases of $865,148 directly related to the LHE Enterprises Limited general and administrative expenses, increases of $355,801 in wages and benefits, $121,718 in consulting and professional, $72,552 in investor relations, $854,431 in stock based compensation, $49,867 in insurance, $44,558 in information technology, and $24,838 in other general and administrative costs.
Net cash used in investing activities for the three months ended September 30, 2020 totaled $1,120,647 principally related to the final payment of $750,000 made in connection with the acquisition of LHE Enterprises Limited ("LHE"), and AHG Entertainment, LLC ("AHG") whereby upon closing on July 31, 2020 the Company acquired all of the outstanding capital stock of LHE and its subsidiaries, (i) Argyll Entertainment AG, (ii) Nevada Holdings Limited and (iii) Argyll Productions Limited (collectively the "Acquired Companies"), the payment of $100,000 made in connection with the Flip acquisitions, the $250,000 payment made in connection with loans receivables, the $98,136 purchase of intangible assets, offset by $80,009 cash received upon the acquisition of LHE Enterprises Limited.
Net cash used in operating activities for the three months ended September 30, 2020 was $3,263,843, which includes a net loss of $1,808,493, offset by non-cash adjustments of $826,833 principally related to income from the change in fair market value of warrant liability of $2,100,953, share based compensation expense of $1,007,672, and amortization and depreciation of $266,448; and cash used by the change in net working capital items of $628,517 related to the increase in receivables reserved for users of $195,213, the decrease in account payable and accrued expenses of $738,357, the decrease in taxes payable of $45,324 and decrease in due to officers of $21,658, offset by the increase in liabilities to customers of $381,325 and increase decrease in other receivables of $21,619.
Revenue for the three months ended September 30, 2020 totaled $222,392, an increase of $222,392 over the $0 recorded for the three months ended September 30, 2019.
In addition, the underwriters were granted a 45-day option to purchase up to an additional 297,000 shares of Common Stock, and/or 297,000 Unit A Warrants, and/or 297,000 Unit B Warrants, or any combination thereof, to cover over-allotments, if any (the "Over-Allotment Option").
24 iGaming and Traditional Sports...Read more
The Units were offered and...Read more
25 General and administrative expenses...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Esports Entertainment Group, Inc. provided additional information to their SEC Filing as exhibits
Ticker: GMBL
CIK: 1451448
Form Type: 10-Q Quarterly Report
Accession Number: 0001493152-20-021688
Submitted to the SEC: Mon Nov 16 2020 4:22:21 PM EST
Accepted by the SEC: Mon Nov 16 2020
Period: Wednesday, September 30, 2020
Industry: Amusement And Recreation Services