Motorsport Games Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Motorsport Games Inc. filed its 2023 10-K, detailing financial performance and corporate structure.</b>

AI Summary

Motorsport Games Inc. (MSGM) filed a Annual Report (10-K) with the SEC on April 1, 2024. Motorsport Games Inc. reported its 2023 fiscal year-end results on April 1, 2024. The company is incorporated in Florida and operates in the prepackaged software industry. Key financial data for the fiscal years ending December 31, 2023, and December 31, 2022, are presented. The filing includes details on common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income. Information regarding related party transactions for the fiscal years 2023 and 2022 is also included.

Why It Matters

For investors and stakeholders tracking Motorsport Games Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Motorsport Games Inc.'s financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed financial statements and disclosures within this report are essential for understanding the company's revenue streams, expenses, and balance sheet, informing investment decisions and risk assessments.

Risk Assessment

Risk Level: medium — Motorsport Games Inc. shows moderate risk based on this filing. The company's financial statements are presented for the fiscal years ending December 31, 2023, and December 31, 2022, indicating a need to analyze year-over-year performance and trends, which can reveal potential financial risks.

Analyst Insight

Investors should carefully review the detailed financial statements and risk factors in the 10-K to understand the company's financial position and operational challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting Period)
• 2024-04-01 — Filing Date (Date of Report)
• 2022-12-31 — Prior Fiscal Year End (Comparative Period)

Key Players & Entities

• Motorsport Games Inc. (company) — Filer
• 2023 (date) — Fiscal Year End
• 2024-04-01 (date) — Filing Date
• FL (location) — State of Incorporation
• 7372 (industry) — Standard Industrial Classification
• 2022 (date) — Prior Fiscal Year End

FAQ

Industry Context

Motorsport Games Inc. operates within the prepackaged software industry, specifically focusing on gaming.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Review the detailed financial statements for the fiscal years ending 2023 and 2022.
2. Analyze any disclosed related party transactions and their potential impact.
3. Examine the company's balance sheet components, including common stock and retained earnings.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-04-01: Filing Date — Date the 10-K report was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K report for the fiscal year 2023, following previous filings which would include quarterly reports and potentially prior annual reports.

Key Financial Figures

• $0.0001 — hich registered Class A common stock, $0.0001 par value per share MSGM The Nasdaq
• $12 million — our future borrowing requests under the $12 million Line of Credit (as defined in this Repo

Filing Documents

• form10-k.htm (10-K) — 2601KB
• ex21-1.htm (EX-21.1) — 7KB
• ex23-1.htm (EX-23.1) — 3KB
• ex31-1.htm (EX-31.1) — 16KB
• ex31-2.htm (EX-31.2) — 17KB
• ex32-1.htm (EX-32.1) — 8KB
• ex97-1.htm (EX-97.1) — 4KB
• ex97-1_001.jpg (GRAPHIC) — 470KB
• ex97-1_002.jpg (GRAPHIC) — 460KB
• ex97-1_003.jpg (GRAPHIC) — 376KB
• ex97-1_004.jpg (GRAPHIC) — 81KB
• ex97-1_005.jpg (GRAPHIC) — 119KB
• form10-k_001.jpg (GRAPHIC) — 8KB
• form10-k_002.jpg (GRAPHIC) — 8KB
• form10-k_003.jpg (GRAPHIC) — 10KB
• form10-k_004.jpg (GRAPHIC) — 7KB
• form10-k_005.jpg (GRAPHIC) — 8KB
• form10-k_006.jpg (GRAPHIC) — 9KB
• form10-k_007.jpg (GRAPHIC) — 4KB
• form10-k_008.jpg (GRAPHIC) — 8KB
• form10-k_009.jpg (GRAPHIC) — 5KB
• form10-k_010.jpg (GRAPHIC) — 3KB
• 0001493152-24-012233.txt (&nbsp;) — 12512KB
• msgm-20231231.xsd (EX-101.SCH) — 60KB
• msgm-20231231_cal.xml (EX-101.CAL) — 82KB
• msgm-20231231_def.xml (EX-101.DEF) — 312KB
• msgm-20231231_lab.xml (EX-101.LAB) — 538KB
• msgm-20231231_pre.xml (EX-101.PRE) — 435KB
• form10-k_htm.xml (XML) — 1728KB

Business

Business 9 Item 1A Risk Factors 16 Item 1B Unresolved Staff Comments 47 Item 1C Cybersecurity 47 Item 2

Properties

Properties 48 Item 3 Legal Proceedings 48 Item 4 Mine Safety Disclosures 48 PART II Item 5 Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 49 Item 6 [Reserved] 49 Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations 49 Item 7A Quantitative and Qualitative Disclosures About Market Risk 65 Item 8 Financial 66 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 67 Item 9A Controls and Procedures 67 Item 9B Other Information 68 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 68 PART III Item 10 Directors, Executive Officers and Corporate Governance 69 Item 11 Executive Compensation 69 Item 12 Security 69 Item 13 Certain Relationships and Related Transactions, and Director Independence 69 Item 14 Principal Accountant Fees and Services 69 PART IV Item 15 Exhibits and Financial Statement Schedules 70 Item 16 Form 10-K Summary 76

Signatures

Signatures 77 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this "Report") of Motorsport Games Inc. (the "Company," "Motorsport Games," "we," "us" or "our") contains certain statements, which are not historical facts and are "forward-looking and uncertainties. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, strategies, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. We use words, such as "could," "would," "may," "might," "will," "expect," "likely," "believe," "continue," "anticipate," "estimate," "intend," "plan," "project" and other similar expressions to identify some forward-looking statements, but not all forward-looking statements include these words. For example, forward-looking statements include, but are not limited to, statements we make relating to: our liquidity and capital requirements, including, without limitation, as to our ability to continue as a going concern; our belief that we will not have sufficient cash on hand to fund our operations over the next year based on the cash and cash equivalents available and our average cash burn; our belief that additional funding will be required in order to continue operations; our expectation that we will continue to have a net cash outflow from operations for the foreseeable future as we continue to develop our product portfolio and invest in developing new video game titles; our expectation that we will continue to incur losses for the foreseeable future as we continue to incur significant expenses; our plans to address our liquidity short fall, including our exploration of several options, including, but not limited to: addi

View Full Filing

View this 10-K filing on SEC EDGAR