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Allied Gaming & Entertainment Inc. (AGAE+4.04%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $2,163,541 from $1,119,959 in the same quarter the previous year. The increase is primarily due to the introduction of casual mobile gaming revenue.
In-person experience revenues increased by $225,000 to $1,345,484, driven by higher arena and truck event revenue.
Casual mobile gaming revenue amounted to $817,986, reflecting the impact of the business combination with ZTech.
Total costs and expenses rose to $3,344,114 from $1,760,218, with notable increases in casual mobile gaming costs and general and administrative expenses.
General and administrative expenses increased to $1,308,346 from $894,181, primarily due to higher payroll costs and stock-based compensation.
The company reported a loss from operations of $1,180,573, compared to a loss of $640,259 in the previous year.
A loss of $3,000,000 was recorded from an escrow settlement related to a previous agreement with Brookfield.
The company reported a net loss of $4,028,622 for the quarter, compared to net income of $75,246 in the previous year.
Interest income increased to $1,033,362 from $715,893, driven by earnings on certificates of deposit and equity linked notes.
Cash used in operating activities was $13,249,178, while cash provided by financing activities was $28,026,663, primarily from short-term loans.
Allied Gaming had a working capital of $62,767,000 as of September 30, 2024. The company anticipates using its current cash and short-term investments to meet future obligations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Allied Gaming & Entertainment Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.