Allied Gaming & Entertainment Files 10-Q

TL;DR

Allied Gaming & Entertainment filed its Q2 2024 10-Q. Check financials.

AI Summary

Allied Gaming & Entertainment Inc. filed its 10-Q for the quarterly period ended June 30, 2024. The company, formerly known as Allied Esports Entertainment, Inc. and Black Ridge Acquisition Corp., is incorporated in Delaware and operates in the amusement and recreation services sector. Its business address is in New York, NY.

Why It Matters

This filing provides an update on the company's financial performance and operational status for the specified quarter, which is crucial for investors to assess its current health and future prospects.

Risk Assessment

Risk Level: medium — As a publicly traded company filing quarterly reports, there are inherent risks associated with financial performance and market conditions.

Key Players & Entities

• Allied Gaming & Entertainment Inc. (company) — Registrant
• June 30, 2024 (date) — Quarterly period end date
• Allied Esports Entertainment, Inc. (company) — Former company name
• Black Ridge Acquisition Corp. (company) — Former company name
• Delaware (location) — State of incorporation
• 745 Fifth Ave, Suite 500 New York, NY 10151 (address) — Business and mailing address

FAQ

Key Financial Figures

• $0.0001 — 5,313 shares of common stock, par value $0.0001 per share, were outstanding. ALLIED GA

Filing Documents

• ea0210894-10q_allied.htm (10-Q) — 1170KB
• ea021089401ex31-1_allied.htm (EX-31.1) — 12KB
• ea021089401ex31-2_allied.htm (EX-31.2) — 12KB
• ea021089401ex32-1_allied.htm (EX-32.1) — 4KB
• ea021089401ex32-2_allied.htm (EX-32.2) — 4KB
• 0001213900-24-070775.txt ( ) — 7136KB
• agae-20240630.xsd (EX-101.SCH) — 67KB
• agae-20240630_cal.xml (EX-101.CAL) — 49KB
• agae-20240630_def.xml (EX-101.DEF) — 311KB
• agae-20240630_lab.xml (EX-101.LAB) — 589KB
• agae-20240630_pre.xml (EX-101.PRE) — 317KB
• ea0210894-10q_allied_htm.xml (XML) — 1105KB

Financial Statements

Financial Statements

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION 1 Item 1.

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 2 Unaudited Condensed Consolidated Statements of Comprehensive Loss for the Three and Six Months Ended June 30, 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 4 Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 5 Notes to Unaudited Condensed Consolidated Financial Statements 7 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 21 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 27 ITEM 4.

Controls and Procedures

Controls and Procedures. 27

- OTHER INFORMATION

PART II - OTHER INFORMATION 28 ITEM 1. Legal Proceedings. 28 ITEM 1A. Risk Factors. 28 ITEM 2. Unregistered Sales of Equity and Use of Proceeds. 28 ITEM 3. Defaults Upon Senior Securities. 28 ITEM 4. Mine Safety Disclosures. 28 ITEM 5. Other Information. 29 ITEM 6. Exhibits. 32

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements ALLIED GAMING & ENTERTAINMENT INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets June 30, December 31, 2024 2023 (unaudited) Assets Current Assets Cash and cash equivalents $ 33,303,635 $ 16,320,583 Short-term investments 54,800,000 56,500,000 Interest receivable 2,095,405 792,223 Accounts receivable 377,589 529,369 Deposits, current portion 3,700,000 3,700,000 Prepaid expenses and other current assets 457,645 498,886 Total Current Assets 94,734,274 78,341,061 Restricted cash 5,000,000 5,000,000 Property and equipment, net 3,378,118 3,834,193 Digital assets 49,300 49,300 Intangible assets, net 5,801,239 6,254,731 Deposits, non-current portion 376,678 392,668 Operating lease right-of-use asset 4,944,215 5,415,678 Goodwill 12,413,826 12,729,056 Total Assets $ 126,697,650 $ 112,016,687 Liabilities and Stockholders' Equity Current Liabilities Accounts payable $ 1,138,571 $ 371,830 Accrued expenses and other current liabilities 857,175 763,512 Deferred revenue 350,265 103,748 Operating lease liability, current portion 1,545,350 1,482,977 Loans payable 29,076,365 9,230,168 Total Current Liabilities 32,967,726 11,952,235 Operating lease liability, non-current portion 4,816,517 5,560,251 Deferred tax liability 1,069,014 1,096,160 Total Liabilities 38,853,257 18,608,646 Commitments and Contingencies (Note 9) Stockholders' Equity Preferred stock, $ 0.0001 par value, 1,000,000 shares authorized, none issued and outstanding - - Series A Preferred stock, $ 0.0001 par value, 50,000 shares designated, none issued and outstanding - - Common stock, $ 0.0001 par value; 100,000,000 shares authorized, 40,465,097 and 39,085,470 shares issued at June 30, 2024 and December 31, 2023, and 38,185,313 and 36,805,686 shares outstanding at June 30, 2024 and December 31, 2023, respectively 4,047 3,909 Additional paid in capital

View Full Filing

View this 10-Q filing on SEC EDGAR