Motorsport Games Inc. Files 10-Q for Q1 2024

TL;DR

<b>Motorsport Games Inc. filed its Q1 2024 10-Q report, detailing financial performance and corporate information.</b>

AI Summary

Motorsport Games Inc. (MSGM) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Motorsport Games Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal executive offices are located in Miami, Florida. Motorsport Games Inc. is incorporated in Florida. The SIC code for the company is 7372 (Services-Prepackaged Software).

Why It Matters

For investors and stakeholders tracking Motorsport Games Inc., this filing contains several important signals. This filing provides investors with the latest financial snapshot of Motorsport Games Inc. for the first quarter of 2024, crucial for understanding the company's current operational and financial health. As a 10-Q filing, it contains unaudited financial statements and management's discussion and analysis, offering insights into recent business trends and potential future performance.

Risk Assessment

Risk Level: low — Motorsport Games Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediately alarming financial or operational disclosures that would suggest a high-risk profile based solely on this document's metadata.

Analyst Insight

Review the detailed financial statements and Management's Discussion and Analysis within the 10-Q to assess revenue trends, expense management, and any forward-looking statements.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-07 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (First quarter of fiscal year 2024)

Key Players & Entities

• Motorsport Games Inc. (company) — Filer of the 10-Q report
• Miami, Florida (location) — Business and mailing address
• 7372 (industry_code) — Standard Industrial Classification code

FAQ

Industry Context

Motorsport Games Inc. operates within the software industry, specifically focusing on prepackaged software, as indicated by its SIC code.

Regulatory Implications

The company is subject to the reporting requirements of the Securities Exchange Act of 1934, necessitating regular filings like the 10-Q with the SEC.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow for Q1 2024.
2. Review Management's Discussion and Analysis for insights into operational performance and future outlook.
3. Check for any new risk factors or updates to existing ones disclosed in the filing.

Key Dates

• 2024-03-31: Quarterly Period End — The end date for the financial reporting period covered by the 10-Q.
• 2024-05-07: Filing Date — The date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the first quarter of 2024, following the company's previous filings.

Key Financial Figures

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

Filing Documents

• form10-q.htm (10-Q) — 1047KB
• ex31-1.htm (EX-31.1) — 17KB
• ex31-2.htm (EX-31.2) — 18KB
• ex32-1.htm (EX-32.1) — 9KB
• 0001493152-24-018097.txt (&nbsp;) — 5638KB
• msgm-20240331.xsd (EX-101.SCH) — 44KB
• msgm-20240331_cal.xml (EX-101.CAL) — 57KB
• msgm-20240331_def.xml (EX-101.DEF) — 244KB
• msgm-20240331_lab.xml (EX-101.LAB) — 392KB
• msgm-20240331_pre.xml (EX-101.PRE) — 321KB
• form10-q_htm.xml (XML) — 741KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 Item 4.

Controls and Procedures

Controls and Procedures 37 Part II. OTHER INFORMATION 38 Item 1.

Legal Proceedings

Legal Proceedings 38 Item 1A.

Risk Factors

Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 5. Other Information 38 Item 6. Exhibits 39

Signatures

Signatures 40 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (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: a

View Full Filing

View this 10-Q filing on SEC EDGAR