Core Insights - Snail Inc. has announced the launch of a new game titled "ARK Survival Ascended," which is expected to enhance its market presence in the gaming industry [1][3]. Company Overview - Snail Inc. is a gaming company that has introduced over 600 types of mods for its games, indicating a strong focus on community engagement and content creation [1][3]. - The company aims to expand its offerings and improve user experience through continuous updates and new game releases [4]. Industry Context - The gaming industry is witnessing a trend towards increased user-generated content, with companies like Snail Inc. leveraging mods to enhance gameplay and attract a broader audience [1][4]. - The competitive landscape includes major platforms such as Xbox Live, PlayStation Network, and Steam, which are critical for distribution and user engagement [4].

Core Viewpoint - Snail Inc. is set to release its new RPG game "Bellwright" on Steam in 2024, following a successful showcase at TGA and PC Gaming Show, with over 300,000 players already registered for the game [1]. Group 1: Game Development and Release - "Bellwright" is developed by Donkey Crew and is expected to be a significant addition to the RPG genre, emphasizing player engagement and immersive gameplay [1]. - The game has been highlighted for its unique narrative and gameplay mechanics, aiming to attract a diverse audience [1]. Group 2: Market Engagement - The game has already garnered attention with a substantial pre-registration of 300,000 players, indicating strong market interest and potential for high engagement upon release [1]. - Snail Inc. plans to leverage events like Steam Next Fest to further promote "Bellwright" and enhance its visibility in the gaming community [1].

Group 1 - Snail Inc. has announced the launch of its new game, which is available on PlayStation 5, Xbox Series X|S, and Windows PC, priced at $44.99 [1][3] - The game has already sold over 1 million copies across various platforms, including Steam and Xbox [1][2] - The company is also hosting a modding contest called "ARKathon Modding Contest" to engage the community and promote user-generated content [1][2] Group 2 - The game is designed to enhance user experience with features that allow for significant customization and interaction [2][3] - Snail Inc. aims to expand its market presence by leveraging platforms like Xbox Live, PlayStation Network, and Steam for distribution [3] - The company is focused on building a strong community around its games, encouraging players to participate in events and contests [1][2]

方舟： 生存飛升在 Steam 上的銷售里程碑表明，《方舟》系列的擴展前景廣闊加利福尼亞州卡爾弗城, Nov. 17, 2023 (GLOBE NEWSWIRE) -- 全球領先的互動數位娛樂獨立開發商和發行商蝸牛遊戲公司（納斯達克股票代碼：SNAL）（以下簡稱 “蝸牛”或“公司”）今天宣佈，新上市的《方舟： 生存飛升》在 Steam 推出的頭兩周內售出了 60 萬份。 方舟： 生存飛升ARK Survival Ascended在 Steam 平臺上的成功只是一個開始。 蝸牛預計將在 Xbox 和 PlayStation 平臺上發佈該遊戲，並期待獲取更大的銷售勢頭。 在YouTube等社交平臺上，《方舟： 生存飛升》獲得了極高的人氣，在發佈后的24小時內就成為了熱門直播遊戲;在 Twitch 直播平臺上，《方舟： 生存飛升》成為了六大最熱直播的遊戲之一，發佈當天的玩家觀看時間超過560萬分鐘。 “《方舟》社區可以期待更加身臨其境、更加直觀的遊戲體驗。 這都要歸功於我們在狂卡（Wildcard）工作室的專業開發團隊的不懈努力。 我們對未來的旅程充滿期待。 我們也迫不及待地想讓玩家體驗《方舟》宇宙中的下一階段冒險 ...

[FORM 10-Q Filing Information](index=1&type=section&id=FORM%2010-Q) [Filing Details](index=1&type=section&id=Filing%20Details) Snail, Inc. provides its Form 10-Q filing details, confirming its status as a non-accelerated, smaller reporting, and emerging growth company - Snail, Inc. filed its Quarterly Report on Form 10-Q for the period ended September 30, 2023[2](index=2&type=chunk) - The company is incorporated in Delaware with its principal executive offices in Culver City, CA[2](index=2&type=chunk)[3](index=3&type=chunk) Registrant Status | Status | Indication | | :---------------------- | :--------- | | Large accelerated filer | ☐ | | Accelerated filer | ☐ | | Non-accelerated filer | ☒ | | Smaller reporting company | ☒ | | Emerging growth company | ☒ | [Outstanding Shares](index=2&type=section&id=Outstanding%20Shares) As of November 13, 2023, Snail, Inc. reported 7,901,145 shares of Class A Common Stock and 28,748,580 shares of Class B Common Stock outstanding Outstanding Shares as of November 13, 2023 | Class of Common Stock | Outstanding Shares as of November 13, 2023 | | :-------------------- | :----------------------------------------- | | Class A Common Stock | 7,901,145 | | Class B Common Stock | 28,748,580 | [Table of Contents](index=3&type=section&id=Table%20of%20Contents) [Report Structure](index=3&type=section&id=Report%20Structure) The Table of Contents outlines the Form 10-Q's structure, dividing it into Part I (Financial Information) and Part II (Other Information) - The report is structured into two main parts: Part I. Financial Information and Part II. Other Information[8](index=8&type=chunk) - Part I includes Condensed Consolidated Financial Statements, Management's Discussion and Analysis of Results of Operations, Quantitative and Qualitative Disclosures about Market Risk, and Controls and Procedures[8](index=8&type=chunk) - Part II covers Legal Proceedings, Risk Factors, Unregistered Sales of Equity Securities and Use of Proceeds, Defaults Upon Senior Securities, Mine Safety Disclosures, Other Information, and Exhibits[8](index=8&type=chunk) [Cautionary Statement Regarding Forward-Looking Statements](index=4&type=section&id=Cautionary%20Statement) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This section warns that the report contains forward-looking statements based on management's beliefs, subject to risks and uncertainties that may cause actual results to differ materially - The report contains forward-looking statements identifiable by words like 'anticipate,' 'believe,' 'expect,' and 'plan'[9](index=9&type=chunk) - These statements are based on management's beliefs and assumptions and are subject to risks and uncertainties, which could cause actual results to differ materially[10](index=10&type=chunk) - Key forward-looking matters include profitability, capital raising, new game launches, user base growth, competition, third-party platform relationships, international expansion, intellectual property protection, and strategic acquisitions[12](index=12&type=chunk) [PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) This section presents Snail, Inc.'s unaudited condensed consolidated financial statements, including Balance Sheets, Statements of Operations, Equity, and Cash Flows, with accompanying notes [Condensed Consolidated Balance Sheets](index=5&type=section&id=Snail%2C%20Inc.%20and%20Subsidiaries%20Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased from **$72.8 million** at December 31, 2022, to **$61.4 million** at September 30, 2023, primarily due to reduced cash, while total stockholders' equity significantly declined Condensed Consolidated Balance Sheet Highlights | Metric | Sep 30, 2023 ($) | Dec 31, 2022 ($) | Change ($) | Change (%) | | :-------------------------------- | :--------------- | :--------------- | :--------- | :--------- | | Cash and cash equivalents | 4,948,832 | 12,863,817 | (7,914,985) | -61.53% | | Restricted cash and cash equivalents | 1,115,084 | 6,374,368 | (5,259,284) | -82.51% | | Total current assets | 35,754,721 | 42,636,723 | (6,882,002) | -16.14% | | Total assets | 61,435,942 | 72,772,571 | (11,336,629) | -15.58% | | Total current liabilities | 53,484,215 | 51,582,329 | 1,901,886 | 3.69% | | Total liabilities | 61,290,892 | 63,407,887 | (1,116,995) | -1.76% | | Total stockholders' equity | 145,050 | 9,364,684 | (9,219,634) | -98.45% | [Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)](index=7&type=section&id=Snail%2C%20Inc.%20and%20Subsidiaries%20Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20%28Loss%29) The statements show a **45.3% year-over-year decrease in net revenue** for the nine months ended September 30, 2023, resulting in a **net loss of $11.5 million** compared to a net income of $3.3 million in the prior year Condensed Consolidated Statements of Operations Highlights | Metric | 3 Months Ended Sep 30, 2023 ($) | 3 Months Ended Sep 30, 2022 ($) | 9 Months Ended Sep 30, 2023 ($) | 9 Months Ended Sep 30, 2022 ($) | | :------------------------------------ | :------------------------------ | :------------------------------ | :------------------------------ | :------------------------------ | | Revenues, net | 8,981,135 | 15,614,171 | 32,331,876 | 59,132,284 | | Cost of revenues | 9,463,086 | 12,424,067 | 29,659,788 | 40,397,396 | | Gross profit, (loss) | (481,951) | 3,190,104 | 2,672,088 | 18,734,888 | | Total operating expenses | 5,097,932 | 4,922,484 | 16,641,567 | 15,009,402 | | (Loss) income from operations | (5,579,883) | (1,732,380) | (13,969,479) | 3,725,486 | | Net (loss) income | (4,434,171) | (1,545,566) | (11,490,663) | 3,274,370 | | Basic (Loss) income per share (Class A and B) | (0.12) | (0.04) | (0.31) | 0.09 | - Net revenue decreased by **42.5%** for the three months and **45.3%** for the nine months ended September 30, 2023, compared to the same periods in 2022[18](index=18&type=chunk) - The company reported a **net loss of $11.5 million** for the nine months ended September 30, 2023, a significant decline from a net income of **$3.3 million** in the prior year[18](index=18&type=chunk) [Condensed Consolidated Statements of Equity](index=9&type=section&id=Snail%2C%20Inc.%20and%20Subsidiaries%20Condensed%20Consolidated%20Statements%20of%20Equity) Total stockholders' equity decreased substantially from **$9.4 million** at December 31, 2022, to **$0.1 million** at September 30, 2023, primarily due to accumulated deficit and treasury stock repurchases Condensed Consolidated Statements of Equity Highlights | Metric | Sep 30, 2023 ($) | Dec 31, 2022 ($) | | :-------------------------- | :--------------- | :--------------- | | Class A common stock | 925 | 925 | | Class B common stock | 2,875 | 2,875 | | Additional paid-in capital | 25,945,549 | 23,436,942 | | Accumulated deficit | (16,346,691) | (4,863,250) | | Treasury stock at cost | (3,671,806) | (3,414,713) | | Total Snail, Inc. equity | 5,643,167 | 14,855,579 | | Total stockholders' equity | 145,050 | 9,364,684 | - Accumulated deficit increased significantly from **$(4.86) million** at December 31, 2022, to **$(16.35) million** at September 30, 2023, reflecting the net losses incurred[15](index=15&type=chunk)[24](index=24&type=chunk) - The company repurchased **152,626 shares** of common stock for **$257,093** during the nine months ended September 30, 2023, increasing treasury stock[22](index=22&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Snail%2C%20Inc.%20and%20Subsidiaries%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash used in operating activities increased substantially from **$0.7 million** in 2022 to **$10.8 million** in 2023, leading to a **$13.2 million net decrease** in cash and equivalents for the nine months ended September 30, 2023 Condensed Consolidated Statements of Cash Flows Highlights | Cash Flow Activity | 9 Months Ended Sep 30, 2023 ($) | 9 Months Ended Sep 30, 2022 ($) | | :------------------------------------ | :------------------------------ | :------------------------------ | | Net cash used in operating activities | (10,794,759) | (665,737) | | Net cash provided by investing activities | - | 1,210,307 | | Net cash used in financing activities | (2,399,900) | (1,633,193) | | Net decrease in cash and cash equivalents, and restricted cash and cash equivalents | (13,174,269) | (1,141,433) | | Cash and cash equivalents, and restricted cash and cash equivalents – end of period | 6,063,916 | 15,412,682 | - The significant increase in cash used in operating activities is primarily due to the net loss incurred and changes in working capital[26](index=26&type=chunk) - Financing activities included repayments on promissory notes and revolving loans, partially offset by borrowings on notes payable and proceeds from convertible notes[26](index=26&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=Snail%2C%20Inc.%20and%20Subsidiaries%20Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed explanations and breakdowns of the condensed consolidated financial statements, covering operations, accounting policies, revenue, assets, liabilities, debt, equity, and contingencies [NOTE 1 – PRESENTATION AND NATURE OF OPERATIONS](index=13&type=section&id=NOTE%201%20%E2%80%93%20PRESENTATION%20AND%20NATURE%20OF%20OPERATIONS) This note describes Snail, Inc.'s business as an interactive entertainment developer and publisher, its IPO, and raises substantial doubt about its ability to continue as a going concern due to net losses and debt - Snail, Inc. was incorporated in January 2022, becoming the parent of Snail Games USA Inc. after an IPO in November 2022[30](index=30&type=chunk)[32](index=32&type=chunk) - The company is a global developer and publisher of interactive entertainment content for various platforms[30](index=30&type=chunk) - Management has identified substantial doubt about the company's ability to continue as a going concern due to a **net loss of $11.5 million** and **negative cash flows of $13.2 million** for the nine months ended September 30, 2023, and **$13.7 million** in current debt[43](index=43&type=chunk)[48](index=48&type=chunk) [NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](index=16&type=section&id=NOTE%202%20%E2%80%93%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) This note outlines the company's key accounting policies, including revenue recognition, cost of revenues, operating expenses, non-controlling interests, cash, receivables, fair value, intangible assets, income taxes, and the share repurchase program - Revenue is primarily derived from digital and physical game sales, including DLCs and mobile in-app purchases, recognized when control is transferred to customers[50](index=50&type=chunk) - The company acts as an agent for sales via Xbox Live, PlayStation Network, Steam, Epic Games Store, My Nintendo Store, and retail distributors (net revenue basis), and as a principal for Apple App Store and Google Play Store sales (gross revenue basis)[55](index=55&type=chunk) Cost of Revenues Components (9 Months Ended Sep 30) | Component | 2023 ($) | 2022 ($) | | :------------------------------------ | :------- | :------- | | Software license royalties – related parties | 6,878,563 | 13,314,258 | | License and amortization – related parties | 14,753,623 | 19,052,938 | | Internet, server and data center | 4,929,631 | 4,155,164 | | Total | 29,659,788 | 40,397,396 | - Stock-based compensation expense for the nine months ended September 30, 2023, was **$622,007**, with no such expense in the prior year[66](index=66&type=chunk)[68](index=68&type=chunk)[98](index=98&type=chunk)[189](index=189&type=chunk) - The company repurchased **1,350,275 shares** of Class A common stock for approximately **$3.7 million** under its Share Repurchase Program as of September 30, 2023[102](index=102&type=chunk) [NOTE 3 – REVENUE FROM CONTRACTS WITH CUSTOMERS](index=23&type=section&id=NOTE%203%20%E2%80%93%20REVENUE%20FROM%20CONTRACTS%20WITH%20CUSTOMERS) This note disaggregates revenue by geographic region, platform, and distribution channel, showing a significant decline in total net revenue for both the three and nine months ended September 30, 2023, compared to 2022 Net Revenue by Geographic Region (9 Months Ended Sep 30) | Geographic Region | 2023 ($) | 2022 ($) | | :---------------- | :------- | :------- | | United States | 28,757,507 | 55,025,810 | | International | 3,574,369 | 4,106,474 | | Total | 32,331,876 | 59,132,284 | Net Revenue by Platform (9 Months Ended Sep 30) | Platform | 2023 ($) | 2022 ($) | | :------- | :------- | :------- | | Console | 13,262,988 | 27,157,380 | | PC | 12,097,176 | 22,943,193 | | Mobile | 4,626,820 | 7,346,822 | | Other | 2,344,892 | 1,684,889 | | Total | 32,331,876 | 59,132,284 | Net Revenue by Distribution Channel (9 Months Ended Sep 30) | Distribution Channel | 2023 ($) | 2022 ($) | | :------------------- | :------- | :------- | | Digital | 25,360,164 | 50,100,573 | | Mobile | 4,626,820 | 7,346,822 | | Physical retail and other | 2,344,892 | 1,684,889 | | Total | 32,331,876 | 59,132,284 | - Deferred revenue balance as of September 30, 2023, was **$11.5 million**, with **$5.8 million** expected to be recognized as current revenue and **$5.7 million** as long-term revenue[110](index=110&type=chunk) [NOTE 4 – CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH AND CASH EQUIVALENTS](index=24&type=section&id=NOTE%204%20%E2%80%93%20CASH%20AND%20CASH%20EQUIVALENTS%2C%20AND%20RESTRICTED%20CASH%20AND%20CASH%20EQUIVALENTS) Total cash and equivalents decreased significantly from **$15.4 million** at September 30, 2022, to **$6.1 million** at September 30, 2023, primarily due to the release of restricted cash and overall cash burn Cash and Restricted Cash and Cash Equivalents | Category | Sep 30, 2023 ($) | Sep 30, 2022 ($) | | :-------------------------------------------------- | :--------------- | :--------------- | | Cash and cash equivalents | 4,948,832 | 9,044,666 | | Restricted cash and cash equivalents | 1,115,084 | 6,368,016 | | Total cash and cash equivalents, and restricted cash | 6,063,916 | 15,412,682 | - Restricted cash is held to secure standby letters of credit with landlords[71](index=71&type=chunk)[111](index=111&type=chunk) - On June 21, 2023, **$5,273,391** of restricted cash was released following an amendment to the revolving loan[111](index=111&type=chunk) [NOTE 5 – ACCOUNTS RECEIVABLE – RELATED PARTY](index=24&type=section&id=NOTE%205%20%E2%80%93%20ACCOUNTS%20RECEIVABLE%20%E2%80%93%20RELATED%20PARTY) Accounts receivable from related parties, primarily mobile game revenues collected by SDE Inc., increased slightly from **$11.3 million** at December 31, 2022, to **$11.6 million** at September 30, 2023 - Accounts receivable – related party represents mobile game revenues collected by SDE Inc., a related party, on behalf of the Company[112](index=112&type=chunk) Net Accounts Receivable – Related Party | Category | Sep 30, 2023 ($) | Dec 31, 2022 ($) | | :-------------------------------- | :--------------- | :--------------- | | Accounts receivable – related party | 13,578,520 | 13,519,409 | | Less: Accounts payable – related party | (1,979,291) | (2,175,225) | | Net accounts receivable – related party | 11,599,229 | 11,344,184 | - The related party is 100% owned and controlled by the wife of the Company's Founder, Chief Strategy Officer, and Chairman[112](index=112&type=chunk) [NOTE 6 – DUE FROM SHAREHOLDER](index=25&type=section&id=NOTE%206%20%E2%80%93%20DUE%20FROM%20SHAREHOLDER) A **$94.9 million** loan to the Company's Founder was assigned to Suzhou Snail and settled as an in-kind dividend in April 2022, resulting in no outstanding balance as of December 31, 2022 - A **$94.9 million** loan to the Company's Founder was assigned to Suzhou Snail and settled as an in-kind dividend on April 26, 2022[114](index=114&type=chunk)[115](index=115&type=chunk) - No outstanding balance for 'other receivable from related party' as of December 31, 2022, and no interest accrued in the nine months ended September 30, 2023[114](index=114&type=chunk) [NOTE 7 – DIVIDEND DISTRIBUTION](index=25&type=section&id=NOTE%207%20%E2%80%93%20DIVIDEND%20DISTRIBUTION) In April 2022, the Company declared an in-kind dividend of **$94.9 million** and a cash dividend of **$8.2 million**, with a **$1.9 million** withholding tax refund received in August 2023 - In April 2022, the Company declared an in-kind dividend of **$94.9 million** and a cash dividend of **$8.2 million**[115](index=115&type=chunk) - A refund of **$1,886,600** for dividend withholding taxes was recognized in April 2023 and received in August 2023[115](index=115&type=chunk) [NOTE 8 – PREPAID EXPENSES - RELATED PARTY](index=25&type=section&id=NOTE%208%20%E2%80%93%20PREPAID%20EXPENSES%20-%20RELATED%20PARTY) Prepaid expenses to related parties, primarily for ARK franchise license rights, increased from **$5.6 million** at December 31, 2022, to **$8.1 million** at September 30, 2023, due to a **$2.5 million** prepayment for an ARK 1 DLC - The Company amended its exclusive software license agreement with SDE for the ARK franchise in March 2023[116](index=116&type=chunk) - A **$2.5 million** prepayment was made for exclusive license rights for an ARK 1 DLC to SDE during the nine months ended September 30, 2023[117](index=117&type=chunk) Prepaid Expenses – Related Party | Category | Sep 30, 2023 ($) | Dec 31, 2022 ($) | | :--------------- | :--------------- | :--------------- | | Prepaid royalties | 582,500 | 582,500 | | Prepaid licenses | 7,500,000 | 5,000,000 | | Total | 8,082,500 | 5,582,500 | [NOTE 9 – PREPAID EXPENSES AND OTHER CURRENT ASSETS](index=25&type=section&id=NOTE%209%20%E2%80%93%20PREPAID%20EXPENSES%20AND%20OTHER%20CURRENT%20ASSETS) Prepaid expenses and other current assets increased from **$10.6 million** at December 31, 2022, to **$11.5 million** at September 30, 2023, driven by a new litigation receivable and deferred offering costs Prepaid Expenses and Other Current Assets | Category | Sep 30, 2023 ($) | Dec 31, 2022 ($) | | :-------------------------------- | :--------------- | :--------------- | | Prepaid income taxes | 9,655,160 | 9,822,603 | | Other receivable | 1,500,000 | — | | Deferred offering costs | 105,411 | — | | Total | 11,482,303 | 10,565,141 | - A new litigation receivable of **$1.5 million** was recorded as of September 30, 2023, which was received in October 2023[118](index=118&type=chunk) [NOTE 10 – PROPERTY, PLANT AND EQUIPMENT, NET](index=26&type=section&id=NOTE%2010%20%E2%80%93%20PROPERTY%2C%20PLANT%20AND%20EQUIPMENT%2C%20NET) Property, plant, and equipment, net, decreased from **$5.1 million** at December 31, 2022, to **$4.8 million** at September 30, 2023, primarily due to depreciation and amortization expense Property, Plant and Equipment, Net | Category | Sep 30, 2023 ($) | Dec 31, 2022 ($) | | :-------------------------- | :--------------- | :--------------- | | Total gross amount | 9,534,357 | 9,534,357 | | Accumulated depreciation | (4,765,642) | (4,419,558) | | Property, plant and equipment, net | 4,768,715 | 5,114,799 | - Depreciation and amortization expense was **$346,084** for the nine months ended September 30, 2023[120](index=120&type=chunk) [NOTE 11 – INTANGIBLE ASSETS](index=26&type=section&id=NOTE%2011%20%E2%80%93%20INTANGIBLE%20ASSETS) Net intangible assets decreased from **$1.38 million** at December 31, 2022, to **$0.13 million** at September 30, 2023, mainly due to amortization of license rights, with a weighted average remaining useful life of **0.3 years** Intangible Assets, Net | Category | Sep 30, 2023 ($) | Dec 31, 2022 ($) | | :-------------------------- | :--------------- | :--------------- | | License rights from related parties | 130,435 | 1,384,058 | | Intangible assets - other | 271,918 | 272,521 | | Total | 402,353 | 1,656,579 | - Amortization expense for intangible assets was **$1,254,226** for the nine months ended September 30, 2023, a significant decrease from **$5,803,610** in the prior year[123](index=123&type=chunk) - The weighted average remaining useful life for amortization of intangible assets is **0.3 years** as of September 30, 2023[123](index=123&type=chunk) [NOTE 12 – ACCOUNTS PAYABLE — RELATED PARTY](index=27&type=section&id=NOTE%2012%20%E2%80%93%20ACCOUNTS%20PAYABLE%20%E2%80%94%20RELATED%20PARTY) Accounts payable to related parties, primarily Suzhou Snail, decreased slightly from **$19.9 million** at December 31, 2022, to **$19.7 million** at September 30, 2023, with reduced license costs incurred - Accounts payable to related parties, mainly Suzhou Snail, totaled **$19,669,868** as of September 30, 2023[124](index=124&type=chunk) - License costs incurred from Suzhou Snail decreased from **$316,869** in the nine months ended September 30, 2022, to **$201,609** in the same period of 2023[124](index=124&type=chunk) [NOTE 13 – LOAN AND INTEREST RECEIVABLE — RELATED PARTY](index=27&type=section&id=NOTE%2013%20%E2%80%93%20LOAN%20AND%20INTEREST%20RECEIVABLE%20%E2%80%94%20RELATED%20PARTY) The outstanding balance of loan and interest receivable from related parties increased slightly from **$101,753** at December 31, 2022, to **$103,249** at September 30, 2023, with minimal interest income - A **$200,000** loan to a Suzhou Snail subsidiary was assumed by Suzhou Snail in February 2022[125](index=125&type=chunk) Loan and Interest Receivable – Related Party | Category | Sep 30, 2023 ($) | Dec 31, 2022 ($) | | :-------------------------------- | :--------------- | :--------------- | | Loan and interest receivable – related parties | 103,249 | 101,753 | - Interest earned on related party loans receivable was **$1,496** for the nine months ended September 30, 2023[125](index=125&type=chunk) [NOTE 14 – LOAN PAYABLE AND INTEREST PAYABLE — RELATED PARTIES](index=27&type=section&id=NOTE%2014%20%E2%80%93%20LOAN%20PAYABLE%20AND%20INTEREST%20PAYABLE%20%E2%80%94%20RELATED%20PARTIES) The Company's **$400,000** loan payable to related parties was fully paid off by July 2022, with **$527,770** in unpaid interest remaining as of September 30, 2023, and no interest expense incurred in 2023 - The Company's loan payable to related parties was fully paid off by July 2022[126](index=126&type=chunk) - Total unpaid interest amounted to **$527,770** as of September 30, 2023 and December 31, 2022[128](index=128&type=chunk) - No interest expense was incurred for loans payable to related parties during the three and nine months ended September 30, 2023[128](index=128&type=chunk) [NOTE 15 – REVOLVING LOAN, SHORT TERM NOTES AND LONG - TERM DEBT](index=28&type=section&id=NOTE%2015%20%E2%80%93%20REVOLVING%20LOAN%2C%20SHORT%20TERM%20NOTES%20AND%20LONG%20-%20TERM%20DEBT) Total debt, net of discount, decreased from **$17.7 million** at December 31, 2022, to **$13.7 million** at September 30, 2023, with the company receiving waivers for non-compliance with debt covenants Debt Balances (Sep 30, 2023 vs. Dec 31, 2022) | Debt Instrument | Sep 30, 2023 ($) | Dec 31, 2022 ($) | | :-------------------------------- | :--------------- | :--------------- | | 2021 Revolving Loan | 6,000,000 | 9,000,000 | | 2021 Promissory Note | 2,832,231 | 2,891,820 | | 2022 Short Term Note | 2,083,333 | 5,833,333 | | 2023 Convertible Notes | 515,217 | - | | 2023 Note Payable | 2,275,000 | - | | Total debt, net of discount | 13,705,781 | 17,725,153 | - The Company was not in compliance with debt service coverage ratios for the 2021 Revolving Loan and 2022 Short Term Note for the twelve months ended September 30, 2023, but received waivers from the lender[129](index=129&type=chunk) - Future minimum payments for long-term debt include **$9.97 million** for the remainder of 2023 and **$1.58 million** for 2024[132](index=132&type=chunk) [NOTE 16 – INCOME TAXES](index=30&type=section&id=NOTE%2016%20%E2%80%93%20INCOME%20TAXES) For the nine months ended September 30, 2023, the company recognized an income tax benefit of **$3.0 million** (effective tax rate of **21%**), compared to an expense of **$0.8 million** in 2022, with no additional valuation allowance against deferred tax assets - The Company recognized an income tax benefit of **$3,044,380** for the nine months ended September 30, 2023, compared to an income tax expense of **$803,305** in the prior year[133](index=133&type=chunk) - The effective tax rate was **21%** for the nine months ended September 30, 2023, consistent with the federal statutory rate[133](index=133&type=chunk) - No additional valuation allowance was recorded against deferred tax assets, contingent on future taxable income from new game releases[134](index=134&type=chunk) [NOTE 17 – OPERATING LEASE RIGHT-OF-USE ASSETS](index=31&type=section&id=NOTE%2017%20%E2%80%93%20OPERATING%20LEASE%20RIGHT-OF-USE%20ASSETS) Operating lease right-of-use assets decreased from **$3.6 million** at December 31, 2022, to **$2.7 million** at September 30, 2023, with **$1.2 million** in operating lease costs incurred and **$3.46 million** in future undiscounted lease payments Operating Lease Right-of-Use Assets, Net | Category | Sep 30, 2023 ($) | Dec 31, 2022 ($) | | :-------------------------------- | :--------------- | :--------------- | | Net operating lease right-of-use assets | 2,738,554 | 3,606,398 | - Operating lease costs were **$1,198,467** for the nine months ended September 30, 2023[138](index=138&type=chunk) Future Undiscounted Lease Payments | Years ending December 31, | Amount ($) | | :------------------------ | :--------- | | Remainder of 2023 | 393,129 | | 2024 | 1,610,844 | | 2025 | 1,453,785 | | Total | 3,457,758 | [NOTE 18 – COMMITMENTS AND CONTINGENCIES](index=31&type=section&id=NOTE%2018%20%E2%80%93%20COMMITMENTS%20AND%20CONTINGENCIES) This note discusses legal proceedings, including a settled copyright infringement lawsuit with an upfront payment and an ongoing breach of contract lawsuit for over **$3 million** where recovery is unlikely due to an affiliate's bankruptcy - The Company settled a copyright infringement lawsuit with Angela Game in September 2023, receiving an upfront payment recorded as deferred revenue and other income[143](index=143&type=chunk) - A lawsuit for breach of contract related to a commercial lease seeks damages exceeding **$3 million** against Snail Games USA Inc[144](index=144&type=chunk) - INDIEV, an affiliate responsible for the lease obligations, filed for bankruptcy in October 2023, making cost recovery unlikely for the Company[146](index=146&type=chunk) [NOTE 19 – EARNINGS (LOSS) PER SHARE](index=33&type=section&id=NOTE%2019%20%E2%80%93%20EARNINGS%20%28LOSS%29%20PER%20SHARE) For the nine months ended September 30, 2023, the company reported a basic and diluted **loss per share of $(0.31)**, a significant decline from an income per share of **$0.09** in the prior year - The Company uses the two-class method for EPS calculation, distinguishing between Class A and Class B common stock[149](index=149&type=chunk) Basic and Diluted EPS (9 Months Ended Sep 30) | Metric | 2023 ($) | 2022 ($) | | :------------------------------------ | :------- | :------- | | Net (loss) income attributable to Class A common stockholders | (2,477,768) | 3,218,022 | | Net (loss) attributable to Class B common stockholders | (9,005,673) | - | | Total net (loss) income attributable to Snail Inc and Snail Games USA Inc. | (11,483,441) | 3,218,022 | | Class A and B basic earnings per share | (0.31) | 0.09 | | Diluted (loss) earnings per Class A and B share | (0.31) | 0.09 | - Restricted stock units, underwriters warrants, and convertible debt warrants were excluded from diluted EPS calculation for 2023 due to their antidilutive effect[149](index=149&type=chunk) [NOTE 20 – EQUITY](index=33&type=section&id=NOTE%2020%20%E2%80%93%20EQUITY) This note details the company's equity structure, including Class A and Class B common stock, warrants, convertible debt, an equity line purchase agreement, and stock-based compensation for RSUs and PSUs - The Company has two classes of common stock: Class A (one vote per share) and Class B (ten votes per share), with Class B convertible to Class A[151](index=151&type=chunk) - In August 2023, the Company issued convertible notes with an aggregate principal of **$1,080,000** and warrants to purchase **714,285 Class A shares**[158](index=158&type=chunk) - The Company also entered into an Equity Line Purchase Agreement in August 2023, committing an investor to purchase up to **$5,000,000** in Class A common stock, and issued warrants for **367,647 shares** as a commitment fee[173](index=173&type=chunk)[176](index=176&type=chunk) - Stock-based compensation expense for RSUs and PSUs totaled **$622,007** for the nine months ended September 30, 2023[189](index=189&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.](index=38&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses the company's financial performance, condition, and liquidity, highlighting significant declines in revenue and net income, and ongoing liquidity challenges [Overview](index=38&type=section&id=Overview) Snail, Inc., a global interactive entertainment developer, experienced significant declines in net revenue and shifted to a net loss for the three and nine months ended September 30, 2023, with its ARK franchise generating most revenues - Snail, Inc. is a leading global independent developer and publisher of interactive digital entertainment, with ARK: Survival Evolved as its flagship franchise[193](index=193&type=chunk) - The ARK franchise contributed **86.4%** and **86.9%** of revenues for the three and nine months ended September 30, 2023, respectively[193](index=193&type=chunk) Financial Performance Overview (3 & 9 Months Ended Sep 30) | Metric | 3 Months Ended Sep 30, 2023 ($) | 3 Months Ended Sep 30, 2022 ($) | 9 Months Ended Sep 30, 2023 ($) | 9 Months Ended Sep 30, 2022 ($) | | :---------------- | :------------------------------ | :------------------------------ | :------------------------------ | :------------------------------ | | Net revenue | 9.0 million | 15.6 million | 32.3 million | 59.1 million | | Net (loss) income | (4.4) million | (1.5) million | (11.5) million | 3.3 million | [Key Factors Affecting Our Business](index=38&type=section&id=Key%20Factors%20Affecting%20Our%20Business) The company's business is influenced by content investment, user base growth, technology innovation, marketing, strategic relationships, reliance on third-party platforms, and seasonality - The company invests in content strategy to improve games, expand its gaming pipeline, and develop media/eSports content[195](index=195&type=chunk) - User base growth is crucial, with **42.8 million units sold** between January 2016 and September 2023, but overall growth rate is expected to fluctuate[197](index=197&type=chunk)[198](index=198&type=chunk) - Reliance on third-party distribution platforms (e.g., Xbox Live, PlayStation Network, Steam) means their policies and terms can significantly impact operations and financial performance[202](index=202&type=chunk) - Seasonality affects operating results, coinciding with new title introductions, DLC releases, and global holiday seasons[203](index=203&type=chunk) [Key Performance Metrics and Non-GAAP Measures](index=40&type=section&id=Key%20Performance%20Metrics%20and%20Non-GAAP%20Measures) Units Sold decreased by **6.9%** for the nine months ended September 30, 2023, while Bookings and EBITDA also saw significant declines, reflecting reduced sales and profitability Units Sold (in millions) | Period | 2023 | 2022 | Change | % Change | | :-------------------------- | :--- | :--- | :----- | :------- | | Three months ended Sep 30 | 1.2 | 1.2 | (0.0) | -0.1% | | Nine months ended Sep 30 | 3.9 | 4.2 | (0.3) | -6.9% | - Units Sold decreased by **0.3 million (6.9%)** for the nine months ended September 30, 2023, primarily due to the anticipated release of ARK: Survival Ascended[207](index=207&type=chunk) Bookings (in millions) | Period | 2023 | 2022 | $ Change | % Change | | :-------------------------- | :--- | :--- | :------- | :------- | | Three months ended Sep 30 | 10.5 | 11.3 | (0.8) | -7.3% | | Nine months ended Sep 30 | 33.1 | 51.8 | (18.7) | -36.1% | EBITDA (in millions) | Period | 2023 | 2022 | $ Change | % Change | | :-------------------------- | :--- | :--- | :------- | :------- | | Three months ended Sep 30 | (5.1) | (1.5) | (3.6) | -228.7% | | Nine months ended Sep 30 | (13.3) | 4.5 | (17.8) | -396.0% | [Components of Results of Operations](index=41&type=section&id=Components%20of%20Results%20of%20Operations) This section details revenue recognition, cost of revenues (royalties, merchant fees, server costs), and operating expenses (G&A, R&D, advertising), all of which fluctuate with business growth and public company operations - Revenue is primarily derived from game sales through various gaming platforms, with recognition based on the transfer of control[218](index=218&type=chunk) - Cost of revenues includes software license royalty fees, merchant fees, server and database costs, and amortization[221](index=221&type=chunk) - General and administrative expenses are expected to increase due to public company operating costs and headcount expansion[222](index=222&type=chunk) - Research and development costs are expensed as incurred and are expected to increase with new game and technology development[223](index=223&type=chunk) [Results of Operations](index=43&type=section&id=Results%20of%20Operations) Net revenues and gross profit significantly decreased for both the three and nine months ended September 30, 2023, driven by lower ARK sales, reduced ASPs, and non-recurring contract payments, while R&D expenses substantially increased Comparison of 3 Months Ended Sep 30, 2023 vs. 2022 (in millions) | Metric | 2023 | 2022 | $ Change | % Change | | :-------------------------- | :--- | :--- | :------- | :------- | | Revenues, net | 9.0 | 15.6 | (6.6) | (42.5)% | | Cost of revenues | 9.5 | 12.4 | (2.9) | (23.8)% | | Gross profit, (loss) | (0.5) | 3.2 | (3.7) | (115.1)% | | Research and development | 1.3 | 0.1 | 1.2 | 1,029.6% | | Loss from operations | (5.6) | (1.7) | (3.9) | (222.1)% | Comparison of 9 Months Ended Sep 30, 2023 vs. 2022 (in millions) | Metric | 2023 | 2022 | $ Change | % Change | | :-------------------------- | :--- | :--- | :------- | :------- | | Revenues, net | 32.3 | 59.1 | (26.8) | (45.3)% | | Cost of revenues | 29.7 | 40.4 | (10.7) | (26.6)% | | Gross profit | 2.6 | 18.7 | (16.1) | (85.7)% | | Research and development | 3.9 | 0.5 | 3.4 | 711.5% | | (Loss) income from operations | (14.0) | 3.7 | (17.7) | (475.0)% | - The decrease in net revenues for both periods was primarily due to a **$4.0 million** one-time contract revenue payment in Q3 2022 not recurring in 2023, lower ARK sales due to decreased ASPs, and reduced one-off payments and deferred revenue recognition[229](index=229&type=chunk)[240](index=240&type=chunk) - Research and development expenses increased significantly due to increased personnel and development efforts for titles like Atlas, Last Oasis, and Agartha[234](index=234&type=chunk)[244](index=244&type=chunk) [Liquidity and Capital Resources](index=46&type=section&id=Liquidity%20and%20Capital%20Resources) The company faces substantial doubt about its going concern ability due to net losses, negative cash flows, and significant debt maturities, relying on recent financing but needing to re-establish profitability or secure additional funds - Primary liquidity sources are cash flows from operations and increased financing activities[251](index=251&type=chunk) - Unrestricted cash decreased from **$12.9 million** at December 31, 2022, to **$4.9 million** at September 30, 2023[251](index=251&type=chunk) - The 2021 Revolving Loan (**$6.0 million**) and 2022 Short Term Note (**$2.1 million**) are due in December 2023 and January 2024, respectively, raising substantial doubt about going concern[253](index=253&type=chunk)[255](index=255&type=chunk) - Net cash used in operating activities increased significantly to **$10.8 million** for the nine months ended September 30, 2023, from **$0.7 million** in the prior year[257](index=257&type=chunk)[258](index=258&type=chunk) - Recent capital raises include convertible notes (**$1.08 million** principal) and an Equity Line Purchase Agreement for up to **$5.0 million** in Class A common stock[272](index=272&type=chunk)[273](index=273&type=chunk) [Critical Accounting Policies and Estimates](index=50&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) This section highlights critical accounting policies and estimates, including the valuation and impairment of intangible assets, deferred revenue recognition, and deferred income taxes, all requiring significant management judgment - Valuation and impairment of intangible assets rely on estimates of useful lives and future cash flows, which can vary with market factors[278](index=278&type=chunk) - Deferred revenue recognition and classification depend on estimated service periods for software products, which are subjective and can change based on user trends[280](index=280&type=chunk)[281](index=281&type=chunk)[282](index=282&type=chunk) - Deferred income taxes are based on estimates of future taxable income and tax loss carryforwards, with changes in tax laws or income levels potentially affecting realizability[283](index=283&type=chunk) - The company has elected to use the extended transition period for complying with new or revised accounting standards as an emerging growth company[286](index=286&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=52&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a smaller reporting company, Snail, Inc. is exempt from providing quantitative and qualitative disclosures about market risk - Snail, Inc. is exempt from providing quantitative and qualitative disclosures about market risk due to its status as a 'smaller reporting company'[290](index=290&type=chunk) [Item 4. Controls and Procedures](index=52&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were ineffective as of September 30, 2023, due to material weaknesses in accounting for income taxes, equity, cash flow, operating expenses, and related party transactions, with remediation efforts underway - Disclosure controls and procedures were deemed not effective as of September 30, 2023[292](index=292&type=chunk) - Material weaknesses identified include failures in controls related to accounting for income taxes and equity, disclosure controls for cash flow items, classification of operating expenses, and identification of related party transactions and significant unusual transactions[292](index=292&type=chunk) - Remediation plans involve enhancing financial reporting close control procedures, hiring additional accounting and finance personnel, and implementing quarterly inquiries for executive management and board members regarding contracts[292](index=292&type=chunk)[293](index=293&type=chunk) [PART II. OTHER INFORMATION](index=53&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=53&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 18 of the Condensed Consolidated Financial Statements for details on legal proceedings, including a settled copyright infringement lawsuit and an ongoing breach of contract claim - Legal proceedings are detailed in Note 18 of the financial statements[294](index=294&type=chunk) [Item 1A. Risk Factors](index=53&type=section&id=Item%201A.%20Risk%20Factors) This section updates risk factors, emphasizing substantial doubt about the company's going concern ability due to net losses, negative cash flows, and debt maturities, alongside dependence on the ARK franchise, third-party platforms, and new financing risks - Substantial doubt exists about the company's ability to continue as a going concern due to a **$11.5 million net loss**, **$10.8 million negative cash flow** from operations, and **$8.1 million** in debt maturing by January 2024[295](index=295&type=chunk)[298](index=298&type=chunk) - The company is highly dependent on the ARK franchise, which contributed **86.9%** of net revenue for the nine months ended September 30, 2023[300](index=300&type=chunk) - Reliance on third-party licenses (e.g., ARK franchise from SDE) and distribution platforms (e.g., Xbox Live, Steam) poses risks if agreements are not renewed or terms change[301](index=301&type=chunk)[303](index=303&type=chunk) - Identified material weaknesses in internal control over financial reporting could lead to inaccurate financial reporting[316](index=316&type=chunk)[317](index=317&type=chunk) - New risks are associated with convertible notes and equity line credit financing, including potential dilution and management's broad discretion over proceeds[321](index=321&type=chunk)[322](index=322&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=60&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) As of September 30, 2023, the company repurchased **1,350,275 shares** of Class A common stock for approximately **$3.7 million** under its **$5 million** share repurchase program, with **$1.3 million** remaining available Share Repurchase Activity (January-September 2023) | Period | Total Number of Shares Purchased (in thousands) | Average Price Paid per Share ($) | | :----------- | :-------------------------------------------- | :------------------------------- | | January 2023 | 153 | 1.68 | | Total | 153 | | - As of September 30, 2023, **1,350,275 shares** of Class A common stock were repurchased for approximately **$3.7 million** under the Share Repurchase Program[326](index=326&type=chunk) - Approximately **$1.3 million** remains available for repurchase under the program[326](index=326&type=chunk) [Item 3. Defaults Upon Senior Securities](index=61&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities during the period - No defaults upon senior securities were reported[328](index=328&type=chunk) [Item 4. Mine Safety Disclosures](index=61&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to Snail, Inc - Mine Safety Disclosures are not applicable to the company[329](index=329&type=chunk) [Item 5. Other Information.](index=61&type=section&id=Item%205.%20Other%20Information.) No director or officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter ended September 30, 2023 - No director or officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter[330](index=330&type=chunk) [Item 6. Exhibits](index=61&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including various forms of warrants, purchase agreements, registration rights agreements, and certifications from the CEO and CFO - Exhibits include forms of Warrant, Equity Line Warrant, Note, Purchase Agreement, Registration Rights Agreement, and Equity Line Purchase Agreement[332](index=332&type=chunk) - Certifications from the Chief Executive Officer and Principal Financial Officer are also included[332](index=332&type=chunk) [SIGNATURES](index=62&type=section&id=SIGNATURES) [Signatures](index=62&type=section&id=Signatures) The report was signed by Jim S. Tsai, Chief Executive Officer, and Heidy Chow, Chief Financial Officer, on November 14, 2023 - The report was signed by Jim S. Tsai, CEO, and Heidy Chow, CFO, on November 14, 2023[335](index=335&type=chunk)

《方舟：生存升級》現已躋身 Steam平臺上最受歡迎、玩家最多的排名前八名遊戲。 在推出後五天內，同時在線玩家人數達到 9.8 萬的歷史峰值。 加利福尼亞州卡爾弗城, Nov. 01, 2023 (GLOBE NEWSWIRE) -- 全球領先的互動數位娛樂獨立開發商和發行商蝸牛遊戲公司（納斯達克股票代碼：SNAL）（以下簡稱 “蝸牛”或“公司”）今天宣佈，新上市的《方舟：生存升級》 在遊戲銷售后的24小時內就成為Steam平臺上銷售量第一的遊戲。 《方舟》（ARK）系列的最新作品完全重構了方舟的美術和世界，通過利用最新的遊戲虛幻 5 引擎 Unreal Engine 5。 《方舟》（ARK）世界內，外的玩家們都在做什麼？ 在開始銷售的第一天，在最受歡迎的直播平臺Twitch 上，玩家們觀看了超過 560 萬分鐘的《方舟：生存升級》——這相當於近 3,910 天或 10.7 年。《方舟：生存升級》發佈當天在YouTube遊戲直播中排名第一。此外，該遊戲是 Twitch 上最受歡迎的 6 款遊戲之一，銷售上市第一天的同時觀看人數達到 12.9 萬。 “我代表蝸牛遊戲和長期的合作夥伴野卡工作室，感謝來自世界各地 ...

加州，卡爾弗城, Oct. 27, 2023 (GLOBE NEWSWIRE) -- 全球領先的互動數位娛樂獨立開發商和發行商蝸牛遊戲公司（納斯達克股票代碼：SNAL）（”蝸牛遊戲“或”公司“）很高興地宣布Steam發行商特惠活動將於2023年10月26日至2023年11月2日進行！在此促銷期間，玩家可以探索各種驚心動魄的遊戲冒險， 蝸牛最新推出的 ARK Survival Ascended 和ARK 的舊版DLC，以及Wandering Wizard 的最新遊戲成員《倖存者僱傭兵》（ Survivor Mercs），所有這些都提供高達80%的恐怖折扣。這還不是全部 - 隨著萬聖節季節的臨近，蝸牛還為玩家準備了令人「毛骨悚然」的驚喜。 蝸牛的獨立社交推理遊戲《西部狩獵》（West Hunt)即將經歷超自然轉變，成為「西部驚魂」。這個詭異的 DLC 承諾讓玩家沉浸在前所未有的、令人後背發涼的狂野西部冒險中！倒下的亡命之徒將有能力死而復生，困擾警長，分散他們尋找其他亡命之徒的注意力。借助全新的萬聖節包 2 DLC 讓一切更上一層樓，並為警長打造一個合適的死神造型。 作為本次促銷期間的額外優惠，《倖存者僱傭兵》 也 ...

重新構建方舟世界，使用虛幻 5引擎技術打造的新一代遊戲加利福尼亞州卡爾弗城, Oct. 26, 2023 (GLOBE NEWSWIRE) -- 全球領先的互動數位娛樂獨立開發商和發行商蝸牛公司（納斯達克股票代碼：SNAL）（以下簡稱 “蝸牛”或“公司”）今天與野卡工作室（Studio Wildcard）共同宣佈，備受期待的《方舟：生存升級》（ARK Survival Ascended）已於今天開始，可在Steam平臺上提供下載，主機版本將晚些時候推出。這款《方舟》（ARK）系列的里程碑式重製版使用了虛幻 5 引擎的視覺優勢，可實現跨平臺自主改裝，開創了創造力的新時代。主要特徵：《方舟：生存升級》完全重構了方舟的美術和世界：通過利用最新的遊戲技術引擎，使用工具中的視覺效果功能，例如完全動態的全球照明（Lumen），遊戲中的光源會進行自然的反射，模擬現實中的效果。 引擎也提供了數億個三角形的高級網格流（“納米網格”），呈現極致的細節。 新物理系統：例如流動的水源。 每一個在水中游動的生物都會自然地產生波浪，漣漪，飛濺和氣泡。 完全互動的物理樹葉，其中每一片草、灌木和樹木都會對角色、爆炸、射彈和物理物件做出反應。 ...

加州卡爾弗城, Oct. 19, 2023 (GLOBE NEWSWIRE) -- 蝸牛遊戲公司（納斯達克代碼：SNAL）（“蝸牛遊戲”或“公司”）是一家全球領先的獨立互動數字娛樂開發商和出版商. 公司今日宣布將與獨立發行子品牌流浪巫師(Wandering Wizard)推出最新遊戲《殭屍狼人殺》 (Zombie Within)。這款遊戲與NewGen Studio 合作開發，以先前的舊西部題材社交推理遊戲《西部對決》 (West Hunt) 為基礎而開發出來的一款將恐怖元素與策略性融為一體的1-6 人社交推理遊戲。 《殭屍狼人殺》 (Zombie Within) 的故事背景設定在末世後的倖存者營地，一群倖存者試圖透過阻止殭屍感染的蔓延來拯救無辜的人類。但在他們中間卻隱藏著只想要傳播病毒、毀滅人類的臥底殭屍。 身為倖存者，玩家的任務是保護居民、修理營地並抓到殭屍。同時，身為臥底殭屍，玩家的任務是將感染擴散到全鎮，破壞營地的發電機，並在黑暗中變形，殺死任何阻擋他們的倖存者。 "隨著技術的進步，社交演繹遊戲開始流行起來。這些遊戲讓玩家在家中就能與朋友和陌生人建立聯繫。蝸牛公司首席執行官Jim Tsai 表示："我 ...

For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Trading symbol | Name of each exchange on which registered | | --- | --- ...