Enthusiast Gaming 
Holdings Inc. 
Condensed Consolidated Interim Statements of Loss 
 and Comprehensive Loss 
For the three and nine 
months ended September 
30, 2021 and 2020 
(Unaudited - Expressed in 
Canadian Dollars) 
                            For the three months ended     For the nine months ended 
                           September 30,   September    September 30,    September 30, 
                                2021        30, 2020         2021                 2020 
 Revenue 
  Revenue                  $ 43,341,907   $16,328,946   $110,421,843   $ 30,287,614 
  Gain on player buyout               -             -              -        204,764 
  -----------------------   -----------    ----------    -----------    ----------- 
 Total revenue               43,341,907    16,328,946    110,421,843     30,492,378 
 Cost of sales               33,216,294    12,268,906     86,345,922     19,917,990 
                            ----------- 
 Gross margin                10,125,613     4,060,040     24,075,921     10,574,388 
 ------------------------   -----------    ----------    -----------    ----------- 
 Operating expenses 
  Professional fees             434,862       549,942      2,385,837      1,463,887 
  Consulting fees               725,408     1,336,461      3,111,761      3,725,135 
  Advertising and 
   promotion                    609,587       215,410      2,465,529        701,901 
  Office and general          1,963,965       625,296      4,836,416      2,077,937 
  Salaries and wages          6,574,338     2,304,003     16,768,850      5,191,402 
  Technology support, web 
   development and 
   content                    3,146,453     1,163,126      7,239,996      3,397,877 
  Esports player, team 
   and game expenses          1,615,655       760,844      4,609,978      2,244,640 
  Foreign exchange gain      (1,060,724)      (23,125)    (2,136,979)       (71,394) 
  Share-based 
   compensation               4,971,949       203,963     14,690,294        873,211 
  Amortization and 
   depreciation               2,372,839     1,042,072      5,668,276      3,390,604 
 Total operating expenses    21,354,332     8,177,992     59,639,958     22,995,200 
 ------------------------   -----------    ----------    -----------    ----------- 
 Other expenses (income) 
  Transaction costs             301,343     1,621,775        510,472      1,621,775 
  Share of loss from 
  investment in 
  associates 
  and joint ventures            158,415       808,011        230,675      2,080,358 
  Interest and accretion        430,538     1,264,594      1,702,839      3,951,379 
  Change in fair value of 
   investment                   288,093      (374,065)       444,764       (211,050) 
  Loss on modification of 
   long-term debt                     -       806,879              -        806,879 
  Gain on repayment of 
   long-term debt                     -             -        (39,502)             - 
  Loss on settlement of 
   vendor-take-back loan              -             -        316,241              - 
  Loss on revaluation of 
   deferred payment 
   liability                     33,162             -        122,346              - 
  Interest income                (9,315)      (14,775)       (50,546)       (91,305) 
  -----------------------   -----------    ----------    -----------    ----------- 
 Net loss before income 
  taxes                     (12,430,955)   (8,230,371)   (38,801,326)   (20,578,848) 
 Income taxes 
  Current tax expense           127,101         9,139        161,138         20,520 
  Deferred tax recovery        (130,212)     (143,623)      (255,273)      (585,818) 
  -----------------------   -----------    ----------    -----------    ----------- 
 Net loss for the period    (12,427,844)   (8,095,887)   (38,707,191)   (20,013,550) 
 Other comprehensive 
 income (loss) 
 Items that may be 
 reclassified to profit 
 or loss 
  Foreign currency 
   translation 
   adjustment                   124,873        62,420          3,579         66,039 
                            ----------- 
 Net loss and 
  comprehensive loss for 
  the period               $(12,302,971)  $(8,033,467)  $(38,703,612)  $(19,947,511) 
 ------------------------   -----------    ----------    -----------    ----------- 
 Net loss and 
 comprehensive loss per 
 share, 
  basic and diluted        $      (0.10)  $     (0.10)  $      (0.33)  $      (0.26) 
  -----------------------   -----------    ----------    -----------    ----------- 
 Weighted average number 
 of common shares 
  outstanding, basic and 
   diluted                  126,395,192    83,147,816    118,514,822     76,651,219 
  -----------------------   -----------    ----------    -----------    ----------- 
Enthusiast Gaming Holdings 
Inc. 
Condensed Consolidated 
Interim Statements of Cash 
Flows 
For the nine months ended September 30, 2021 and 2020 
(Unaudited - Expressed in 
Canadian Dollars) 
                                     For the nine months ended 
                             September 30, 2021     September 30, 2020 
 -------------------------   ------------------   -------------------- 
 Cash flows from operating 
 activities 
 Net loss for the period    $      (38,707,191)  $      (20,013,550) 
 Items not affecting cash: 
     Amortization and 
      depreciation                   5,668,276            3,390,604 
     Share-based 
      compensation                  14,690,294              873,211 
     Interest and 
      accretion                        606,060            1,378,077 
     Deferred tax recovery            (255,273)            (585,818) 
     Gain on player buyout                   -             (204,764) 
     Foreign exchange gain            (101,302)              (7,050) 
     Gain on repayment of 
      long-term debt                   (39,502)                   - 
     Loss on settlement of 
      vendor-take-back 
      loan                             316,241                    - 
     Loss on revaluation 
      of deferred payment 
      liability                        122,346                    - 
     Capitalized interest 
      and success fee                        -            1,494,910 
     Shares for services               110,565              138,172 
     Loss on modification 
      of long-term debt                      -              806,879 
     Provisions                              -               90,366 
     Change in fair value 
      of investment                    444,764             (211,050) 
     Share of loss from 
      investment in 
      associates and joint 
      ventures                         230,675            2,080,358 
 Changes in working 
 capital: 
     Changes in trade and 
      other receivables             (3,896,016)          (1,916,067) 
     Changes in prepaid 
      expenses                      (2,584,504)              63,250 
     Changes in loans 
      receivable                        37,500                    - 
     Changes in accounts 
      payable and accrued 
      liabilities                    2,383,538            2,288,492 
     Changes in contract 
      liabilities                      881,756             (387,411) 
     Changes in income tax 
      receivable                      (149,468)            (285,480) 
 Net cash used in 
  operating activities             (20,241,241)         (11,006,871) 
 -------------------------   -----------------    ----------------- 
 Cash flows from investing 
 activities 
 Cash paid for mergers and 
  acquisitions                     (27,071,176)         (10,500,000) 
 Cash acquired from 
  mergers and 
  acquisitions                         489,107              281,125 
 Proceeds from disposal of 
  investment                                 -              680,000 
 Proceeds from disposal of 
  intangible assets                          -              204,764 
 Investment in associates 
  and a joint venture                 (125,000)          (2,169,750) 
 Acquisition of property 
  and equipment                         (3,398)              (4,871) 
 Net cash used in 
  investing activities             (26,710,467)         (11,508,732) 
 -------------------------   -----------------    ----------------- 
 Cash flows from financing 
 activities 
 Proceeds from the 
 issuance of shares for 
 offerings, net of 
 transaction costs                  95,150,810           15,609,257 
 Proceeds from long-term 
  debt                                 944,787                    - 
 Repayment of long-term 
  debt                             (14,023,470)                   - 
 Proceeds from exercise of 
  warrants                                   -            2,354,246 
 Proceeds from exercise of 
  options                              784,431               49,366 
 Repayment of 
  vendor-take-back loan             (6,158,329)                   - 
 Lease payments                       (531,085)            (221,764) 
 Net cash provided by 
  financing activities              76,167,144           17,791,105 
 -------------------------   -----------------    ----------------- 
 Foreign exchange effect 
  on cash                              (12,725)              39,176 
 Net change in cash                 29,202,711           (4,685,322) 
 Cash, beginning of period           4,323,823           13,211,722 
 ------------------------- 
 Cash, end of period        $       33,526,534   $        8,526,400 
 -------------------------   -----------------    ---------