Mobile Global Esports Inc. (MOGO) reported its financial results for the six months ended June 30, 2024, showing significant changes compared to the same period in 2023. The company experienced a net loss of $1,115,452, a reduction of 35% from the $1,703,845 loss reported in the prior year. This improvement was attributed to a decrease in general and administrative expenses, which fell to $1,114,199 from $1,732,102, reflecting a 36% reduction.
For the three months ended June 30, 2024, MOGO reported a net loss of $496,825, down 44% from $891,352 in the same quarter of 2023. General and administrative expenses for this quarter also decreased significantly to $496,585 from $915,962, marking a 46% decline.
The company's cash position as of June 30, 2024, was $2,033,488, down from $3,174,703 at the end of 2023. Total current assets also decreased to $2,089,070 from $3,267,830, while total assets fell to $2,277,851 from $3,421,344. Total liabilities decreased to $192,567 from $324,138, and total stockholders' equity dropped to $2,095,380 from $3,103,737.
MOGO's accumulated deficit reached $9,434,656 as of June 30, 2024. The company reported net cash used by operating activities of $1,034,531, an increase from $952,225 in the prior year. However, net cash used in investing activities decreased significantly to $40,574 from $429,490, primarily due to reduced payments for property, equipment, and software.
Strategically, MOGO acquired approximately 99% of MOGO Pvt Ltd in November 2022, which contributed to 12.1% of total assets and accounted for 26.6% of the company's net loss for the six months ended June 30, 2024. The company has faced substantial management turnover over the past year and has expressed concerns regarding its ability to continue as a going concern due to ongoing operating losses and the need for additional financing.
MOGO has also been classified as an "emerging growth company" under the JOBS Act, allowing it to delay compliance with certain accounting standards. However, the company has identified material weaknesses in its internal controls over financial reporting, including a lack of necessary corporate accounting resources and ineffective risk assessment processes. As of June 30, 2024, MOGO had not completed an effective assessment of its internal controls based on the 2013 COSO framework.
About Mobile Global Esports, Inc.
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