CULVER CITY, Calif., April 01, 2024 (GLOBE NEWSWIRE) -- Snail, Inc. (NASDAQ: SNAL) ("Snail" or "the Company"), a leading, global independent developer and publisher of interactive digital entertainment, today announced financial results for its fourth quarter and full year ended December 31, 2023.
Jim Tsai, Chief Executive Officer commented, "This past year has been filled with exciting milestones for Snail. We launched ARK: Survival Ascended, which sold more than 600,000 units within the first two weeks and surpassed 1.5 million units in sales to date. We are pleased to see the continued engagement in the ARK series and plan to build on this momentum in 2024."
Fourth Quarter & Full Year 2023 Highlights
- ARK: Survival Ascended. On October 25, 2023, the Company launched its flagship remake of the ARK franchise leveraging Unreal Engine 5's stunning graphics and introduced a game-altering cross-platform modding system, ushering in a new era of creativity.
- ARK: Survival Ascended was ranked the top #1 selling game on Steam on launch day.
- Since its launch, ARK: Survival Ascended sold 1.6 million units and has an average of 182,000 daily active users ("DAUs") with a peak of 308,000 DAUs.
- ARK: Survival Evolved. In the three months and year ended December 31, 2023, ARK: Survival Evolved averaged a total of 192,000 DAUs and 235,000 DAUs, respectively.
- ARK: Survival Evolved units sold increased for the fourth quarter 2023 compared to the same period in 2022; approximately 0.7 million vs. 1.6 million, respectively.
- Units sold decreased for the year ended December 31, 2023 compared to the same period in 2022; approximately 4.4 million vs. 5.5 million, respectively.
Net revenues for the three months ended December 31, 2023 was $28.6 million as compared to $15.3 million in the three months ended December 31, 2022. The increase in net revenues was primarily due to the release of ARK: Survival Ascended.
Net revenues for the year ended December 31, 2023 decreased by $13.5 million to $60.9 million, or 18.2%, compared to $74.4 million in the prior year period. The decrease in net revenues was due to a decrease in Ark Mobile sales of $2.9 million, a decrease in one-time deferred revenue from contracts recognized in 2022 of $10.3 million, one-time payments in 2022 of $8.5 million related to free download promotions and DLC's, that did not occur in 2023 and an increase in deferred revenues of $25.2 million related to Ark; partially offset by an increase in Ark sales of $32.7 million.
Net income for the three months ended December 31, 2023 was $2.4 million compared to a net loss of $2.3 million for the three months ended December 31, 2022. The increase in net income is due to the release of ARK: Survival Ascended, reduced general and administrative expenses of $2.5 million and decreased professional expenses related to compliance with public company requirements and litigation related expenses, partially offset by increased advertising and marketing costs of $0.9 million related to the ARK: Survival Ascended release and a $3.9 million decrease in the income tax benefit for the period.
Net loss was $9.1 million for the year ended December 31, 2023 as compared to a net income of $1.0 million for the year ended December 31, 2022, representing a decrease of $10.1 million. The decrease was primarily due to decreased revenues of $13.5 million, increased research and development costs of $2.2 million, increased advertising and marketing costs of $0.9 million, increased interest expenses of $0.6 million, decreased interest income – related party of $0.6 million, partially offset by a decrease in cost of revenues of $4.8 million, and a decrease in general and administrative expenses of $2.9 million.
Bookings for the three months ended December 31, 2023 was $52.6 million as compared to $11.9 million for the three months ended December 31, 2022. The increase was due to the strong release of ARK: Survival Ascended on the Steam, PlayStation and Xbox platforms.
Bookings for the year ended December 31, 2023 was $85.7 million as compared to $63.7 million in the year ended December 31, 2022. The increase was due to the release of ARK: Survival Ascended in the fourth quarter of 2023. In addition to increased sales of ARK: Survival Ascended, the Company deferred approximately $22.0 million in revenues during the fourth quarter of 2023 for the ARK: Survival Ascended DLC's which have not yet released and had $10.3 million in one-time deferred contract revenues recognized in 2022 that did not occur in 2023.
Earnings before interest, taxes, depreciation and amortization ("EBITDA") for the three months ended December 31, 2023 increased by $8.8 million, or 169%, as compared to the three months ended December 31, 2022. The increase was primarily the result of an increase in net income of $4.7million, partially offset by an increase in provision for income taxes of $3.9 million.
EBITDA for the year ended December 31, 2023 decreased by $9.0 million, or 1,198.1%, compared to the year ended December 31, 2022, primarily as a result of a decrease in net income of $10.1 million, partially offset by a decrease in interest income of $0.7 million and an increase in interest expense of $0.6 million.
As of December 31, 2023, unrestricted cash was $15.2 million versus $12.9 million as of December 31, 2022.
Use of Non-GAAP Financial Measures
In addition to the financial results determined in accordance with U.S. generally accepted accounting principles, or GAAP, Snail believes Bookings and EBITDA, as non-GAAP measures, are useful in evaluating its operating performance. Bookings and EBITDA are non-GAAP financial measures that are presented as supplemental disclosures and should not be construed as alternatives to net income (loss) or revenue as indicators of operating performance, nor as alternatives to cash flow provided by operating activities as measures of liquidity, both as determined in accordance with GAAP. Snail supplementally presents Bookings and EBITDA because they are key operating measures used by management to assess financial performance. Bookings adjusts for the impact of deferrals and, Snail believes, provides a useful indicator of sales in a given period. EBITDA adjusts for items that Snail believes do not reflect the ongoing operating performance of its business, such as certain non-cash items, unusual or infrequent items or items that change from period to period without any material relevance to its operating performance. Management believes Bookings and EBITDA are useful to investors and analysts in highlighting trends in Snail's operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which Snail operates and capital investments.
Bookings is defined as the net amount of products and services sold digitally or physically in the period. Bookings is equal to revenues excluding the impact from deferrals. Below is a reconciliation of total net revenue to Bookings, the closest GAAP financial measure.
| Three Months ended December 31, | Years ended December 31, | |||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||
| (in millions) | (in millions) | |||||||||||||
| Total net revenue | $28.6 | $15.3 | $ | 60.9 | $74.4 | |||||||||
| Change in deferred net revenue | 24.0 | (3.4 | ) | 24.8 | (10.7 | ) | ||||||||
| Bookings | $52.6 | $11.9 | $ | 85.7 | $63.7 | |||||||||
We define EBITDA as net income (loss) before (i) interest expense, (ii) interest income, (iii) income tax provision (benefit from) and (iv) depreciation and amortization expense. The following table provides a reconciliation from net income (loss) to EBITDA:
| Three Months ended December 31, | Years ended December 31, | |||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||
| (in millions) | (in millions) | |||||||||||||
| Net (loss) income | $2.4 | $(2.3 | ) | $ | (9.1 | ) | $1.0 | |||||||
| Interest income and interest income - related parties | - | (0.2 | ) | (0.1 | ) | (0.8 | ) | |||||||
| Interest expense and interest expense - related parties | 0.5 | 0.3 | 1.5 | 0.9 | ||||||||||
| (Benefit from) provision for income taxes | 0.6 | (3.2 | ) | (2.4 | ) | (2.4 | ) | |||||||
| Depreciation and amortization expense, property and equipment | 0.1 | 0.2 | 0.4 | 0.6 | ||||||||||
| EBITDA | $3.6 | $(5.2 | ) | $ | (9.7 | ) | $(0.7 | ) | ||||||
Webcast Details
The Company will host a webcast at 4:30 PM ET today to discuss the fourth quarter and full year 2023 financial results. Participants may access the live webcast and replay on the Company's investor relations website at https://investor.snail.com/.
Forward-Looking Statements
This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "may," "predict," "continue," "estimate" and "potential," or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding Snail's intent, belief or current expectations. These forward-looking statements include information about possible or assumed future results of Snail's business, financial condition, results of operations, liquidity, plans and objectives. The statements Snail makes regarding the following matters are forward-looking by their nature: growth prospects and strategies; launching new games and additional functionality to games that are commercially successful; expectations regarding significant drivers of future growth; its ability to retain and increase its player base and develop new video games and enhance existing games; competition from companies in a number of industries, including other casual game developers and publishers and both large and small, public and private Internet companies; its ability to attract and retain a qualified management team and other team members while controlling its labor costs; its relationships with third-party platforms such as Xbox Live and Game Pass, PlayStation Network, Steam, Epic Games Store, My Nintendo Store, the Apple App Store, the Google Play Store and the Amazon Appstore; the size of addressable markets, market share and market trends; its ability to successfully enter new markets and manage international expansion; protecting and developing its brand and intellectual property portfolio; costs associated with defending intellectual property infringement and other claims; future business development, results of operations and financial condition; the ongoing conflicts involving Russia and Ukraine, and Israel and Hamas, on its business and the global economy generally; rulings by courts or other governmental authorities; the Share Repurchase Program, including expectations regarding the timing and manner of repurchases made under the program; its plans to pursue and successfully integrate strategic acquisitions; assumptions underlying any of the foregoing.
Further information on risks, uncertainties and other factors that could affect Snail's financial results are included in its filings with the Securities and Exchange Commission (the "SEC") from time to time, annual reports on Forms 10-K and quarterly reports on 10-Q filed, or to be filed, with the SEC. You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those expressed or implied in the forward-looking statements as a result of such risks and uncertainties. All forward-looking statements in this press release are based on management's beliefs and assumptions and on information currently available to Snail, and Snail does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
About Snail, Inc.
Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.
For additional information, please contact: investors@snail.com
| Snail, Inc. and SubsidiariesConsolidated Balance Sheets | |||||||||
| December 31, 2023 | December 31, 2022 | ||||||||
| ASSETS | |||||||||
| Current Assets: | |||||||||
| Cash and cash equivalents | $15,198,123 | $ | 12,863,817 | ||||||
| Restricted escrow deposit | - | 1,003,804 | |||||||
| Accounts receivable, net of allowances for credit losses of $523,500 and $19,929, respectively | 25,134,808 | 6,758,024 | |||||||
| Accounts receivable - related party | - | 11,344,184 | |||||||
| Loan and interest receivable - related party | 103,753 | 101,753 | |||||||
| Prepaid expenses - related party | 6,044,404 | - | |||||||
| Prepaid expenses and other current assets | 10,169,448 | 10,565,141 | |||||||
| Total current assets | 56,650,536 | 42,636,723 | |||||||
| Restricted cash and cash equivalents | 1,116,196 | 6,374,368 | |||||||
| Accounts receivable - related party, net of current portion | 7,500,592 | - | |||||||
| Prepaid expenses - related party | 7,784,062 | 5,582,500 | |||||||
| Property, plant and equipment, net | 4,682,066 | 5,114,799 | |||||||
| Intangible assets, net - license - related parties | - | 1,384,058 | |||||||
| Intangible assets, net - other | 271,717 | 272,521 | |||||||
| Deferred income taxes | 10,247,500 | 7,602,536 | |||||||
| Other noncurrent assets | 164,170 | 198,668 | |||||||
| Operating lease right-of-use assets, net | 2,440,690 | 3,606,398 | |||||||
| Total assets | $90,857,529 | $ | 72,772,571 | ||||||
| LIABILITIES, NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY | |||||||||
| Current Liabilities: | |||||||||
| Accounts payable | $12,102,929 | $ | 9,452,391 | ||||||
| Accounts payable - related parties | 23,094,436 | 19,918,259 | |||||||
| Accrued expenses and other liabilities | 2,887,193 | 1,474,088 | |||||||
| Interest payable - related parties | 527,770 | 527,770 | |||||||
| Revolving loan | 6,000,000 | 9,000,000 | |||||||
| Notes payable | 2,333,333 | 5,416,666 | |||||||
| Convertible notes, net of discount | 797,361 | - | |||||||
| Current portion of long-term promissory note | 2,811,923 | 86,524 | |||||||
| Current portion of deferred revenue | 19,252,628 | 4,335,404 | |||||||
| Current portion of operating lease liabilities | 1,505,034 | 1,371,227 | |||||||
| Total current liabilities | 71,312,607 | 51,582,329 | |||||||
| Accrued expenses | 254,731 | 457,024 | |||||||
| Promissory note, net of current portion | - | 3,221,963 | |||||||
| Deferred revenue, net of current portion | 15,064,078 | 5,216,042 | |||||||
| Operating lease liabilities, net of current portion | 1,425,494 | 2,930,529 | |||||||
| Total liabilities | 88,056,910 | 63,407,887 | |||||||
| Commitments and contingencies | |||||||||
| Stockholders' Equity: | |||||||||
| Class A common stock, $0.0001 par value, 500,000,000 shares authorized; 9,275,420 shares issued and 7,925,145 shares outstanding as of December 31, 2023, and 9,251,420 shares issued and 8,053,771 shares outstanding as of December 31, 2022 | 927 | 925 | |||||||
| Class B common stock, $0.0001 par value, 100,000,000 shares authorized; 28,748,580 shares issued and outstanding as of December 31, 2023 and 2022 | 2,875 | 2,875 | |||||||
| Additional paid-in capital | 26,171,575 | 23,436,942 | |||||||
| Accumulated other comprehensive loss | (254,383 | ) | (307,200 | ) | |||||
| Accumulated deficit | (13,949,325 | ) | (4,863,250 | ) | |||||
| 11,971,669 | 18,270,292 | ||||||||
| Treasury stock at cost (1,350,275 and 1,197,649 shares as of December 31, 2023 and 2022, respectively) | (3,671,806 | ) | (3,414,713 | ) | |||||
| Total Snail, Inc. equity | 8,299,863 | 14,855,579 | |||||||
| Noncontrolling interests | (5,499,244 | ) | (5,490,895 | ) | |||||
| Total stockholders' equity | 2,800,619 | 9,364,684 | |||||||
| Total liabilities, noncontrolling interests and stockholders' equity | $90,857,529 | $ | 72,772,571 | ||||||
| Snail, Inc. and SubsidiariesConsolidated Statements of Operations and Comprehensive Income (Loss) | ||||||||||||||||
| Three months ended December 31, | For the Years Ended December 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| (Unaudited) | ||||||||||||||||
| Revenues, net | $28,570,222 | $ | 15,311,857 | $ | 60,902,098 | $ | 74,444,141 | |||||||||
| Cost of revenues | 18,646,615 | 12,724,280 | 48,306,403 | 53,121,676 | ||||||||||||
| Gross profit | 9,923,607 | 2,587,577 | 12,595,695 | 21,322,465 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| General and administrative | 3,900,962 | 6,369,288 | 15,816,088 | 18,713,958 | ||||||||||||
| Research and development | 1,165,381 | 1,295,631 | 5,057,421 | 2,955,592 | ||||||||||||
| Advertising and marketing | 1,094,146 | 145,365 | 1,582,464 | 714,492 | ||||||||||||
| Depreciation and amortization | 86,222 | 130,262 | 432,306 | 565,906 | ||||||||||||
| Loss (gain) on disposal of fixed assets | 427 | (17,067 | ) | 427 | (17,067 | ) | ||||||||||
| Total operating expenses | 6,247,138 | 7,923,479 | 22,888,706 | 22,932,881 | ||||||||||||
| (Loss) income from operations | 3,676,469 | (5,335,902 | ) | (10,293,011 | ) | (1,610,416 | ) | |||||||||
| Other income (expense): | ||||||||||||||||
| Interest income | 31,443 | 155,124 | 129,854 | 200,913 | ||||||||||||
| Interest income - related parties | 504 | 504 | 2,000 | 582,632 | ||||||||||||
| Interest expense | (570,523 | ) | (308,955 | ) | (1,531,719 | ) | (922,293 | ) | ||||||||
| Interest expense - related parties | - | - | - | (3,222 | ) | |||||||||||
| Other income | (55,351 | ) | (17,068 | ) | 265,980 | 302,086 | ||||||||||
| Foreign currency transaction (loss) gain | (42,574 | ) | (23,623 | ) | (68,180 | ) | (1,945 | ) | ||||||||
| Total other income (expense), net | (636,501 | ) | (194,018 | ) | (1,202,065 | ) | 158,171 | |||||||||
| Income (loss) before (benefit from) provision for income taxes | 3,039,968 | (5,529,920 | ) | (11,495,076 | ) | (1,452,245 | ) | |||||||||
| Provision for (benefit from) income taxes | 643,728 | (3,249,728 | ) | (2,400,652 | ) | (2,446,423 | ) | |||||||||
| Net income (loss) | 2,396,240 | (2,280,192 | ) | (9,094,424 | ) | 994,178 | ||||||||||
| Net (loss) income attributable to non-controlling interests | (1,128 | ) | (9,977 | ) | (8,349 | ) | 46,371 | |||||||||
| Net income (loss) attributable to Snail, Inc. and Snail Games USA Inc. | $2,397,368 | $ | (2,270,215 | ) | $ | (9,086,075 | ) | $ | 947,807 | |||||||
| Comprehensive income statement: | ||||||||||||||||
| Net (loss) income | $2,396,240 | $ | (2,280,192 | ) | $ | (9,094,424 | ) | $ | 994,178 | |||||||
| Other comprehensive income (loss) related to currency translation adjustments, net of tax | 33,302 | 36,077 | 52,817 | (40,643 | ) | |||||||||||
| Total comprehensive income (loss) | $2,429,542 | $ | (2,244,115 | ) | $ | (9,041,607 | ) | $ | 953,535 | |||||||
| Net income (loss) attributable to Class A common stockholders: | ||||||||||||||||
| Basic | $516,955 | $ | (530,686 | ) | $ | (1,960,813 | ) | $ | 228,482 | |||||||
| Diluted | $516,955 | $ | (530,686 | ) | $ | (1,960,813 | ) | $ | 228,482 | |||||||
| Net income (loss) attributable to Class B common stockholders: | ||||||||||||||||
| Basic | $1,880,413 | $ | (1,739,529 | ) | $ | (7,125,262 | ) | $ | 719,325 | |||||||
| Diluted | $1,880,413 | $ | (1,739,529 | ) | $ | (7,125,262 | ) | $ | 719,325 | |||||||
| Income (loss) per share attributable to Class A common stockholders: | ||||||||||||||||
| Basic | $0.07 | $ | (0.06 | ) | $ | (0.25 | ) | $ | 0.03 | |||||||
| Diluted | $0.07 | $ | (0.06 | ) | $ | (0.25 | ) | $ | 0.03 | |||||||
| Income (loss) per share attributable to Class B common stockholders: | ||||||||||||||||
| Basic | $0.07 | $ | (0.06 | ) | $ | (0.25 | ) | $ | 0.03 | |||||||
| Diluted | $0.07 | $ | (0.06 | ) | $ | (0.25 | ) | $ | 0.03 | |||||||
| Weighted-average shares used to compute income per share attributable to Class A common stockholders: | ||||||||||||||||
| Basic | 7,914,564 | 8,770,468 | 7,911,369 | 9,131,512 | ||||||||||||
| Diluted | 7,914,564 | 8,770,468 | 7,911,369 | 9,131,512 | ||||||||||||
| Weighted-average shares used to compute income 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 SubsidiariesConsolidated Statements of Cash Flows | |||||||||
| For the years ended December 31, | 2023 | 2022 | |||||||
| Cash flows from operating activities: | |||||||||
| Net (loss) income | $(9,094,424 | ) | $ | 994,178 | |||||
| Adjustments to reconcile net (loss) income to net cash used in operating activities: | |||||||||
| Amortization - intangible assets - license | - | 250,000 | |||||||
| Amortization - intangible assets - license, related parties | 1,384,058 | 7,403,918 | |||||||
| Amortization - intangible assets - other | 804 | 3,751 | |||||||
| Amortization - loan origination fees and debt discounts | 124,595 | 26,514 | |||||||
| Accretion - convertible notes | 306,664 | - | |||||||
| Depreciation and amortization - property and equipment | 432,306 | 565,906 | |||||||
| Stock-based compensation expense | 848,035 | 223,250 | |||||||
| Gain on lease termination | - | (122,533 | ) | ||||||
| Gain on paycheck protection program and economic injury disaster loan forgiveness | - | (174,436 | ) | ||||||
| Loss (gain) on disposal of fixed assets | 427 | (17,067 | ) | ||||||
| Interest income from shareholder loan | - | (580,878 | ) | ||||||
| Interest income from restricted escrow deposit | - | (3,804 | ) | ||||||
| Credit losses | 581,498 | - | |||||||
| Deferred taxes, net | (2,644,964 | ) | 588,478 | ||||||
| Changes in assets and liabilities: | |||||||||
| Accounts receivable | (18,939,465 | ) | 5,486,716 | ||||||
| Accounts receivable - related party | 3,824,775 | (2,908,361 | ) | ||||||
| Prepaid expenses - related party | (8,245,966 | ) | (2,437,500 | ) | |||||
| Prepaid expenses and other current assets | 501,104 | (1,875,919 | ) | ||||||
| Other noncurrent assets | - | (26,052 | ) | ||||||
| Accounts payable | 2,992,856 | 4,976,192 | |||||||
| Accounts payable - related parties | 3,176,177 | (3,815,313 | ) | ||||||
| Accrued expenses and other liabilities | 659,647 | (1,039,927 | ) | ||||||
| Interest receivable - related party | (2,000 | ) | - | ||||||
| Interest payable - related parties | - | 986 | |||||||
| Lease liabilities | (205,520 | ) | (145,949 | ) | |||||
| Deferred revenue | 24,765,261 | (10,729,488 | ) | ||||||
| Net cash provided by (used in) operating activities | 465,868 | (3,357,338 | ) | ||||||
| Cash flows from investing activities: | |||||||||
| Repayment on loan provided by related party | - | (300,000 | ) | ||||||
| Purchases of property and equipment | - | (5,256 | ) | ||||||
| Proceeds from sale of property and equipment | - | 19,500 | |||||||
| Repayment on Pound Sand note | - | 1,496,063 | |||||||
| Net cash provided by investing activities | - | 1,210,307 | |||||||
| Cash flows from financing activities: | |||||||||
| Repayments on promissory note | (79,897 | ) | (70,961 | ) | |||||
| Repayments on notes payable | (6,500,000 | ) | (4,166,667 | ) | |||||
| Repayments on revolving loan | (3,000,000 | ) | - | ||||||
| Borrowings on notes payable | 3,000,000 | - | |||||||
| Borrowings on short-term note | - | 10,000,000 | |||||||
| Proceeds from issuance of convertible notes | 847,500 | - | |||||||
| Refund of dividend withholding tax overpayment | 1,886,600 | - | |||||||
| Payments on paycheck protection program and economic injury disaster loan | - | (90,198 | ) | ||||||
| Refund of payments on paycheck protection program and economic injury disaster loan | - | 48,305 | |||||||
| Cash dividend declared and paid | - | (8,200,000 | ) | ||||||
| Purchase of treasury stock | (257,093 | ) | (3,414,713 | ) | |||||
| Proceeds from initial public offering, net of offering costs | - | 11,791,705 | |||||||
| Warrants issued to underwriters | - | 193,927 | |||||||
| Payments of capitalized offering costs | - | (1,247,567 | ) | ||||||
| Payments of offering costs in accounts payable | (342,318 | ) | - | ||||||
| Release of restricted escrow deposit | 1,003,804 | - | |||||||
| Net cash (used in) provided by financing activities | (3,441,404 | ) | 4,843,831 | ||||||
| Effect of currency translation on cash and cash equivalents | 51,670 | (12,730 | ) | ||||||
| Net (decrease) increase in cash and cash equivalents, and restricted cash and cash equivalents | (2,923,866 | ) | 2,684,070 | ||||||
| Cash and cash equivalents, and restricted cash and cash equivalents - beginning of period | 19,238,185 | 16,554,115 | |||||||
| Cash and cash equivalents, and restricted cash and cash equivalents - end of period | $16,314,319 | $ | 19,238,185 | ||||||
| Supplemental disclosures of cash flow information | |||||||||
| Cash paid during the period for: | |||||||||
| Interest | $934,523 | $ | 788,063 | ||||||
| Income taxes | $248,388 | $ | 888,303 | ||||||
| Noncash transactions during the period for: | |||||||||
| Loan and interest payable - related parties | $- | $ | 103,890 | ||||||
| Loan and interest receivable - related parties | $- | $ | (103,890 | ) | |||||
| Loan and interest from shareholder | $- | $ | 94,934,400 | ||||||
| Dividend distribution | $- | $ | (94,934,400 | ) | |||||
| Noncash finance activity during the period for: | |||||||||
| Issuance of warrants in connection with equity line of credit | $(105,411 | ) | $ | - | |||||
| Gain on paycheck protection program and economic injury disaster loan forgiveness | $- | $ | (174,436 | ) | |||||
| Snail Games USA Common Stock transferred due to reorganization | $- | $ | (5,000 | ) | |||||
| Snail, Inc. Common Stock and additional paid-in capital transferred due to reorganization | $- | $ | 5,000 | ||||||
| Offering costs included in accounts payable | $- | $ | 605,295 | ||||||
| Funding of the escrow deposit | $- | $ | (1,000,000 | ) | |||||