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Mobile Global Esports Inc. (MGAM-6.67%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported a net loss of $2,328,295 for the year, compared to a net loss of $6,779,256 in the prior year. The decrease in net loss is attributed to a reduction in general and administrative expenses and impairment charges.
General and administrative expenses decreased to $2,272,929 from $4,320,090 in 2023, primarily due to reductions in accounting, consulting, and professional fees, as well as a decrease in U.S. payroll expenses.
Impairment expenses for 2024 were $79,566, a significant decrease from $1,817,739 in 2023. The 2024 impairment was related to the write-off of equipment and furniture no longer in use.
The company generated minimal revenue of $25,409 in 2024, primarily from prize money earned from sponsored esports competitions.
Cash and cash equivalents as of December 31, 2024, were $928,619, down from $3,174,703 at the end of 2023. The decrease in cash is mainly due to cash used in operating activities.
Mobile Global Esports Inc. highlighted its need for additional capital to continue operations for the next 12 months, raising substantial doubt about its ability to continue as a going concern.
The company has no long-term debt obligations and has significantly reduced its operations in India, including terminating its office leases.
Mobile Global Esports Inc. continues to focus on developing its esports business in India and other South Asian markets, despite the challenges of establishing a new business in these regions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mobile Global Esports Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.