Financial Performance - Total revenues for the year ended December 31, 2023, increased by approximately $1.3 million, or 20.5%, to $7.7 million compared to $6.4 million in 2022[158]. - Multiplatform content revenues rose by approximately $0.6 million, or 43%, to $2 million in 2023, driven by additional revenue from Season 2 of Elevated, which had 10 episodes compared to 4 in 2022[160]. - Casual mobile games revenue was $0.7 million for the year ended December 31, 2023, following the business combination with ZTech on October 31, 2023[161]. - Interest income increased by approximately $2.2 million, or 274%, to approximately $3 million for the year ended December 31, 2023, due to interest earned on short-term investments[171]. - Net loss for the year ended December 31, 2023, was approximately $3.6 million, a significant improvement compared to a net loss of $10.8 million in 2022[175]. Expenses and Cash Flow - General and administrative expenses decreased by approximately $3.2 million, or 30%, to $7.6 million in 2023, attributed to various cost reductions and an ERC credit recognized[166]. - Cash used in operating activities decreased by $2.8 million to approximately $8.1 million in 2023, reflecting improved operational efficiency[179]. - Net cash provided by financing activities for the year ended December 31, 2023 was approximately $7.1 million, compared to a net cash used of approximately $0.6 million in 2022[182]. Assets and Liabilities - Current assets as of December 31, 2023, were approximately $78.3 million, while current liabilities increased to approximately $12.0 million, resulting in a working capital surplus of approximately $66.4 million[174]. - The Company had no material commitments for capital expenditures as of December 31, 2023[184]. Stock and Repurchase Program - The total number of shares repurchased during the years ended December 31, 2023 and 2022 was 1,698,038 and 581,746, respectively, at an average price of $1.18 per share[185]. - As of December 31, 2023, the dollar value of shares available for repurchase under the stock repurchase program is $7,306,347[185]. - The stock repurchase program is authorized for up to $10 million through November 17, 2024, based on market conditions[185]. Tax and Compliance - The Company assesses uncertain tax positions based on ASC 740, which may impact financial statements due to potential future obligations[193]. - The effective income tax rate is influenced by the mix of income and losses in U.S. and non-U.S. entities[190]. - The Company does not engage in off-balance sheet financing activities[186]. Operations and Future Plans - The company expects to continue expanding its marketing efforts and operations in new geographies and vertical markets, which may require significant capital expenditures[156]. - The company operates a flagship gaming arena in Las Vegas and has a mobile esports arena, enhancing its ability to host diverse events and connect with gamers[157]. - The Company reviews long-lived assets for impairment whenever events indicate that the carrying amount may not be recoverable[197].
Allied Gaming & Entertainment (AGAE) - 2023 Q4 - Annual Report