Mobile Global Esports Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Mobile Global Esports Inc. has filed its 2023 annual report (10-K) with the SEC, detailing its financial and operational status.</b>

AI Summary

Mobile Global Esports, Inc. (MGAM) filed a Annual Report (10-K) with the SEC on April 15, 2024. Mobile Global Esports Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company is incorporated in Delaware and has its principal executive offices in Westport, Connecticut. Common stock of the company trades under the symbol MGAM on The Nasdaq Stock Market LLC. Mobile Global Esports Inc. is classified as a smaller reporting company and an emerging growth company. The filing indicates the company has met its reporting requirements for the preceding 12 months and the past 90 days.

Why It Matters

For investors and stakeholders tracking Mobile Global Esports, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's performance and financial health for the fiscal year 2023, which is crucial for investors to assess its current standing and future prospects. As a smaller reporting and emerging growth company, this filing is particularly important for understanding its regulatory status and potential growth trajectory within the esports industry.

Risk Assessment

Risk Level: low — Mobile Global Esports, Inc. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant new financial data or strategic shifts that would inherently increase risk.

Analyst Insight

Investors should review the full 10-K filing to understand Mobile Global Esports Inc.'s financial performance, operational details, and risk factors for the fiscal year 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (The period covered by the annual report.)
• 2024-04-15 — Filing Date (The date the 10-K was submitted to the SEC.)
• 001-41458 — Commission File Number (SEC identifier for the company.)
• 86-2684455 — IRS Number (Company's Employer Identification Number.)

Key Players & Entities

• Mobile Global Esports, Inc. (company) — Filer name
• MGAM (company) — Trading symbol
• The Nasdaq Stock Market LLC (company) — Exchange where common stock is registered
• 2023-12-31 (date) — Fiscal year end
• 2024-04-15 (date) — Filing date
• Delaware (jurisdiction) — State of incorporation
• Westport, Connecticut (location) — Principal executive offices

FAQ

Industry Context

Mobile Global Esports Inc. operates within the esports and online gaming sector, a rapidly growing but competitive industry.

Regulatory Implications

The company is subject to standard SEC reporting requirements for public companies, including the annual filing of Form 10-K.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-K for revenue, expenses, and profitability.
2. Review the 'Risk Factors' section (if available in the full document) for potential business and market challenges.
3. Assess management's discussion and analysis of the company's performance and outlook for fiscal year 2023.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-04-15: Filing Date — The date the annual report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the company's annual report for the fiscal year ended December 31, 2023, following its previous filings.

Key Financial Figures

• $0.001 — ange on which registered Common stock, $0.001 par value per share MGAM The Nasdaq Sto
• $0.49 — liates based on a closing sale price of $0.49 per share, which was the last sale pric
• $5,000,000 — ancings since its formation of at least $5,000,000, with respect to: (i) esports opportuni
• $3,500,000 — fter MOGO secures financing of at least $3,500,000 and thereafter for a period of at least

Filing Documents

• ea0203227-10k_mobile.htm (10-K) — 797KB
• ea020322701ex23-1_mobile.htm (EX-23.1) — 2KB
• ea020322701ex31-1_mobile.htm (EX-31.1) — 12KB
• ea020322701ex31-2_mobile.htm (EX-31.2) — 11KB
• ea020322701ex32-1_mobile.htm (EX-32.1) — 4KB
• ea020322701ex32-2_mobile.htm (EX-32.2) — 4KB
• ea020322701ex97-1_mobile.htm (EX-97.1) — 49KB
• image_001.jpg (GRAPHIC) — 8KB
• image_002.jpg (GRAPHIC) — 6KB
• 0001213900-24-032972.txt (&nbsp;) — 4539KB
• mgam-20231231.xsd (EX-101.SCH) — 50KB
• mgam-20231231_cal.xml (EX-101.CAL) — 44KB
• mgam-20231231_def.xml (EX-101.DEF) — 219KB
• mgam-20231231_lab.xml (EX-101.LAB) — 415KB
• mgam-20231231_pre.xml (EX-101.PRE) — 215KB
• ea0203227-10k_mobile_htm.xml (XML) — 311KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 24 Item 1C. Cybersecurity 24 Item 2.

Properties

Properties 24 Item 3.

Legal Proceedings

Legal Proceedings 24 Item 4. Mine Safety Disclosures 24 Part II 25 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25 Item 6. [Reserved] 25 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 31 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 32 Item 9A.

Controls and Procedures

Controls and Procedures 32 Item 9B. Other Information 33 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 33 Part III 34 Item 10. Directors, Executive Officers and Corporate Governance 34 Item 11.

Executive Compensation

Executive Compensation 39 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 39 Item 13. Certain Relationships and Related Transactions, and Director Independence 40 Item 14. Principal Accountant Fees and Services 41 Part IV 42 Item 15. Exhibits and Financial Statement Schedules 42 Item 16. Form 10-K Summary 43 i Part I

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K (this "Annual Report") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Annual Report may be forward-looking Discussion and Analysis of Financial Condition and Results of Operations", but are also contained elsewhere in this Annual Report. In some cases, you can identify forward-looking statements by terms such as "may," "might," "will," "should," "expects," "plans," "anticipates," "could," "would," "intends," "targets," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the

forward-looking statements

forward-looking statements. You should refer to the Item 1A. "Risk Factors" section of this Annual Report for a discussion of important factors that may cause our actual results to differ materially from those expressed or implied by our forward-looking statements. The forward-looking statements in this Annual Report are only predictions, and we may not actually achieve the plans, intentions or expectations included in our forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. These forward-looking statements speak only as of the date of this Annual Report. While we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should therefore not rely on these forward-looking

Business

Item 1. Business Mobile Global Esports Inc. ("MOGO" or "Mogo," or the "Company") was organized in March of 2021 to carry on and expand an esports business (the "Business") started by Sports Industry of India ("SII"), in 2016. Through a series of contracts, the rights to the Business were assigned to MOGO by SII and its affiliates beginning in October of 2021. MOGO is now building out and expanding the business created by SII, which is focused on the rapidly-growing esports industry, with special emphasis on India and other South Asian markets. The Indian market for esports, and particularly university esports events in India, represent, in management's opinion, one of the largest and fastest growing esports markets in the world. SII is an American branding, marketing and sports promotion company that, through subsidiaries and affiliates primarily in India and Pakistan, enters into exclusive long-term arrangements with universities for the purpose of promoting, expanding and commercializing university sports programs, creating professional opportunities for university athletes and alumni and developing and marketing university and event-branded merchandise. The SII esports business, which has now been transferred to and is operated by MOGO, is the only business in India to organize and sponsor an officially-sanctioned national championship for university esports. At December 31, 2023, SII holds a 12.5% minority common share interest in MOGO, and thus has no controlling interest in MOGO. 1 Esports are the competitive playing of video games by amateur and professional teams for cash and other prizes. Esports typically take the form of organized, multiplayer video games that include real-time strategy and competition, including virtual fights, first-person shooter and multiplayer online battle arena games. Esports are defined as competitive games of skill, timing, knowledge, experience, practice, attention and teamwork, but not games of chance or luck. Mobile espor

View Full Filing

View this 10-K filing on SEC EDGAR