
Financial Performance - Comprehensive loss for the year ended December 31, 2022, was approximately $1,286,000, compared to $262,000 for the period from Inception (March 11, 2021) to December 31, 2021[188]. - General and administrative expenses increased to $1,286,362 in 2022 from $262,360 in 2021, reflecting a rise of $1,024,002, primarily due to increased payroll and related expenses[193]. - As of December 31, 2022, the company had an accumulated deficit of approximately $1,549,000[188]. Cash Flow - Cash and restricted cash as of December 31, 2022, was $7,559,674, up from $238,202 as of December 31, 2021[194]. - Net cash used in operating activities for the year ended December 31, 2022, was $1,444,130, compared to $44,624 for the period from Inception to December 31, 2021, an increase of $1,399,506[202]. - Net cash provided by financing activities for the year ended December 31, 2022, was $9,810,709, compared to $282,826 for the period from Inception to December 31, 2021, an increase of $9,527,883[205]. Capital Raising and Investments - MOGO Inc. raised approximately $9,842,000 in net proceeds from its IPO and private equity placement in July and September 2022[188]. - The company intends to use net proceeds from the IPO and PIPE for operating expenses, marketing, event expenses, and potential acquisitions of game licenses and technology platform agreements[200]. - MOGO Inc. acquired a 99% ownership stake in MOGO Esports Private Limited during 2022, expanding its presence in the esports market[184]. Lease and Asset Management - The total fixed lease payments over three years for new office space in India is approximately $67,000[206]. - The Company has not recorded any impairment losses on long-lived assets to date[214]. Company Classification and Reporting - As an emerging growth company, the Company has opted out of extended transition periods for new accounting standards[215]. - The Company will cease to be an emerging growth company if total annual gross revenues exceed $1.07 billion or if it issues more than $1.0 billion in nonconvertible debt within three years[216]. - The Company is classified as a smaller reporting company, presenting only two years of audited financial statements[217]. - There are currently no off-balance sheet arrangements reported by the Company[218]. - The Company does not have any quantitative and qualitative disclosures about market risk applicable at this time[219].