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00016216722024-11-11
Table of Contents
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
For the quarterly period ended September 30, 2024
OR
☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934
From the transition period from to
Commission File Number 001-38819
SUPER LEAGUE ENTERPRISE, INC.
|
(Exact name of small business issuer as specified in its charter)
|
Delaware
|
|
47-1990734
|
(State or other jurisdiction of incorporation or
organization)
|
|
(IRS Employer Identification No.)
|
2856 Colorado Ave.,
Santa Monica, California 90404
(Address of principal executive offices)
Company: (213) 421-1920; Investor Relations: 203-741-8811
(Issuer’s telephone number)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically on its corporate web site, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Sec.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
|
Non-accelerated filer
|
☒
|
Smaller reporting company
|
☒
|
|
|
Emerging growth company
|
☒
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each class
|
|
Trading Symbol(s)
|
|
Name of each exchange on which
registered
|
|
|
Common Stock, par value $0.001 per share
|
|
SLE
|
|
NASDAQ Capital Market
|
|
As of November 11, 2024, there were 12,952,601 shares of the registrant’s common stock, $0.001 par value, issued and outstanding.
PART I
FINANCIAL INFORMATION
ITEM 1.
|
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
SUPER LEAGUE ENTERPRISE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Rounded to the nearest thousands, except share and per share data)
|
|
September 30,
|
|
|
December 31,
|
|
|
|
2024
|
|
|
2023
|
|
|
|
(Unaudited)
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ |
289,000 |
|
|
$ |
7,609,000 |
|
Accounts receivable
|
|
|
4,515,000 |
|
|
|
8,287,000 |
|
Prepaid expense and other current assets
|
|
|
782,000 |
|
|
|
862,000 |
|
Total current assets
|
|
|
5,586,000 |
|
|
|
16,758,000 |
|
Property and equipment, net
|
|
|
37,000 |
|
|
|
70,000 |
|
Intangible assets, net
|
|
|
4,698,000 |
|
|
|
6,636,000 |
|
Goodwill
|
|
|
1,864,000 |
|
|
|
1,864,000 |
|
Other receivable – noncurrent
|
|
|
395,000 |
|
|
|
- |
|
Total assets
|
|
$ |
12,580,000 |
|
|
$ |
25,328,000 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses
|
|
$ |
5,927,000 |
|
|
$ |
10,420,000 |
|
Accrued contingent consideration
|
|
|
268,000 |
|
|
|
1,812,000 |
|
Promissory note - contingent consideration
|
|
|
1,765,000 |
|
|
|
- |
|
Contract liabilities
|
|
|
154,000 |
|
|
|
339,000 |
|
Secured loan – SLR Facility
|
|
|
- |
|
|
|
800,000 |
|
Total current liabilities
|
|
|
8,114,000 |
|
|
|
13,371,000 |
|
Accrued contingent consideration – noncurrent
|
|
|
- |
|
|
|
396,000 |
|
Warrant liability
|
|
|
947,000 |
|
|
|
1,571,000 |
|
Total liabilities
|
|
|
9,061,000 |
|
|
|
15,338,000 |
|
|
|
|
|
|
|
|
|
|
Commitments and Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity
|
|
|
|
|
|
|
|
|
Preferred stock, par value $0.001 per share; 10,000,000 shares authorized; 20,592 and 23,656 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively.
|
|
|
- |
|
|
|
- |
|
Common stock, par value $0.001 per share; 400,000,000 shares authorized; 11,714,087 and 4,774,116 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively.
|
|
|
89,000 |
|
|
|
81,000 |
|
Additional paid-in capital
|
|
|
267,081,000 |
|
|
|
258,923,000 |
|
Accumulated deficit
|
|
|
(263,651,000 |
)
|
|
|
(249,014,000 |
)
|
Total stockholders’ equity
|
|
|
3,519,000 |
|
|
|
9,990,000 |
|
Total liabilities and stockholders’ equity
|
|
$ |
12,580,000 |
|
|
$ |
25,328,000 |
|
See accompanying notes to condensed consolidated financial statements
SUPER LEAGUE ENTERPRISE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Rounded to the nearest thousands, except share and per share data)
(Unaudited)
|
|
Three Months
|
|
|
Nine Months
|
|
|
|
Ended September 30,
|
|
|
Ended September 30,
|
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUE
|
|
$ |
4,431,000 |
|
|
$ |
7,195,000 |
|
|
$ |
12,756,000 |
|
|
$ |
15,569,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COST OF REVENUE
|
|
|
2,706,000 |
|
|
|
4,655,000 |
|
|
|
7,653,000 |
|
|
|
9,512,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT
|
|
|
1,725,000 |
|
|
|
2,540,000 |
|
|
|
5,103,000 |
|
|
|
6,057,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, marketing and advertising
|
|
|
2,397,000 |
|
|
|
3,161,000 |
|
|
|
7,306,000 |
|
|
|
8,767,000 |
|
Engineering, technology and development
|
|
|
914,000 |
|
|
|
2,066,000 |
|
|
|
3,405,000 |
|
|
|
7,268,000 |
|
General and administrative
|
|
|
1,935,000 |
|
|
|
2,271,000 |
|
|
|
6,558,000 |
|
|
|
7,094,000 |
|
Contingent consideration
|
|
|
(68,000 |
) |
|
|
(462,000 |
) |
|
|
(15,000 |
) |
|
|
546,000 |
|
Loss on intangible asset disposal
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,284,000 |
|
Total operating expense
|
|
|
5,178,000 |
|
|
|
7,036,000 |
|
|
|
17,254,000 |
|
|
|
25,959,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET OPERATING LOSS
|
|
|
(3,453,000 |
)
|
|
|
(4,496,000 |
)
|
|
|
(12,151,000 |
) |
|
|
(19,902,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of intangible assets
|
|
|
- |
|
|
|
- |
|
|
|
144,000 |
|
|
|
- |
|
Change in fair value of warrant liability
|
|
|
198,000 |
|
|
|
1,512,000 |
|
|
|
1,104,000 |
|
|
|
2,552,000 |
|
Loss on extinguishment of liability
|
|
|
(336,000 |
) |
|
|
- |
|
|
|
(336,000 |
) |
|
|
- |
|
Interest expense
|
|
|
(45,000 |
) |
|
|
- |
|
|
|
(78,000 |
) |
|
|
(43,000 |
) |
Other
|
|
|
4,000 |
|
|
|
- |
|
|
|
(30,000 |
) |
|
|
24,000 |
|
Total other income (expense)
|
|
|
(179,000 |
) |
|
|
1,512,000 |
|
|
|
804,000 |
|
|
|
2,533,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before benefit from income taxes
|
|
|
(3,632,000 |
)
|
|
|
(2,984,000 |
)
|
|
|
(11,347,000 |
) |
|
|
(17,369,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit from income taxes
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
313,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS
|
|
$ |
(3,632,000 |
)
|
|
$ |
(2,984,000 |
)
|
|
$ |
(11,347,000 |
) |
|
$ |
(17,056,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to common stockholders - basic and diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net loss per common share
|
|
$ |
(0.54 |
)
|
|
$ |
(3.19 |
)
|
|
$ |
(2.00 |
) |
|
$ |
(10.25 |
) |
Weighted-average number of common shares outstanding, basic and diluted
|
|
|
9,920,278 |
|
|
|
2,957,271 |
|
|
|
7,309,509 |
|
|
|
2,293,191 |
|
See accompanying notes to condensed consolidated financial statements
SUPER LEAGUE ENTERPRISE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Rounded to the nearest thousands, except share and per share data)
(Unaudited)
|
|
Three Months
|
|
|
Nine Months
|
|
|
|
Ended September 30,
|
|
|
Ended September 30,
|
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
Preferred stock (Shares):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period
|
|
|
22,858 |
|
|
|
19,892 |
|
|
|
23,656 |
|
|
|
10,323 |
|
Issuance of Series A-5 preferred stock at $1,000 per share
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,299 |
|
Issuance of Series AA preferred stock at $1,000 per share
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7,680 |
|
Issuance of Series AA-2 preferred stock at $1,000 per share
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,500 |
|
Issuance of Series AA-3 preferred stock at $1,000 per share
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,025 |
|
Issuance of Series AA-4 preferred stock at $1,000 per share
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,026 |
|
Issuance of Series AA-5 preferred stock at $1,000 per share
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
550 |
|
Issuance of Series AAA Junior preferred stock at $1,000 per share
|
|
|
- |
|
|
|
- |
|
|
|
1,210 |
|
|
|
- |
|
Issuance of Series AAA-2 Junior preferred stock at $1,000 per share
|
|
|
551 |
|
|
|
- |
|
|
|
551 |
|
|
|
- |
|
Issuance of Series AAA-3 Junior preferred stock at $1,000 per share
|
|
|
697 |
|
|
|
- |
|
|
|
697 |
|
|
|
- |
|
Issuance of Series AAA-4 Junior preferred stock at $1,000 per share
|
|
|
399 |
|
|
|
- |
|
|
|
399 |
|
|
|
- |
|
Conversion of Series A preferred stock to common stock
|
|
|
(96 |
) |
|
|
(1,218 |
) |
|
|
(571 |
) |
|
|
(5,729 |
) |
Conversion of Series AA preferred stock to common stock
|
|
|
(1,573 |
) |
|
|
(2,797 |
) |
|
|
(1,936 |
) |
|
|
(2,797 |
) |
Conversion of Series AAA preferred stock to common stock
|
|
|
(2,244 |
) |
|
|
- |
|
|
|
(3,414 |
) |
|
|
- |
|
Balance, end of period
|
|
|
20,592 |
|
|
|
15,877 |
|
|
|
20,592 |
|
|
|
15,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock (Amount, at Par Value):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Issuance of Series A-5 preferred stock, $0.001 par value, at $1,000 per share
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Issuance of Series AA preferred stock, $0.001 par value, at $1,000 per share
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Issuance of Series AA-2 preferred stock, $0.001 par value, at $1,000 per share
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Issuance of Series AA-3 preferred stock, $0.001 par value, at $1,000 per share
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Issuance of Series AA-4 preferred stock, $0.001 par value, at $1,000 per share
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Issuance of Series AA-5 preferred stock, $0.001 par value, at $1,000 per share
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Issuance of Series AAA Junior preferred stock at $1,000 per share
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Issuance of Series AAA-2 Junior preferred stock at $1,000 per share
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Issuance of Series AAA-3 Junior preferred stock at $1,000 per share
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Issuance of Series AAA-4 Junior preferred stock at $1,000 per share
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Conversion of Series A preferred stock to common stock
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Conversion of Series AA preferred stock to common stock
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Conversion of Series AAA preferred stock to common stock
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Balance, end of period
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock (Shares):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period
|
|
|
7,242,978 |
|
|
|
2,416,741 |
|
|
|
4,774,116 |
|
|
|
1,880,299 |
|
Issuance of common stock at $2.60 per share, net of issuance costs
|
|
|
- |
|
|
|
811,269 |
|
|
|
- |
|
|
|
811,269 |
|
Exercise of prefunded common stock warrants at $2.60 per share, net of issuance costs
|
|
|
- |
|
|
|
67,500 |
|
|
|
- |
|
|
|
67,500 |
|
Common stock issued for Melon Acquisition
|
|
|
- |
|
|
|
- |
|
|
|
72,118 |
|
|
|
77,833 |
|
Common stock issued for Bannerfy Acquisition
|
|
|
- |
|
|
|
8,984 |
|
|
|
- |
|
|
|
8,984 |
|
Common stock issued for Super Biz Acquisition |
|
|
- |
|
|
|
- |
|
|
|
30,662 |
|
|
|
49,398 |
|
Preferred stock dividends paid – common stock
|
|
|
1,925,613 |
|
|
|
- |
|
|
|
2,552,593 |
|
|
|
- |
|
Conversion of Series A preferred stock
|
|
|
12,628 |
|
|
|
99,463 |
|
|
|
58,215 |
|
|
|
499,216 |
|
Conversion of Series AA preferred stock
|
|
|
803,482 |
|
|
|
766,128 |
|
|
|
995,958 |
|
|
|
766,128 |
|
Conversion of Series AAA preferred stock
|
|
|
1,312,743 |
|
|
|
- |
|
|
|
2,010,674 |
|
|
|
- |
|
Stock-based compensation
|
|
|
416,643 |
|
|
|
- |
|
|
|
444,751 |
|
|
|
9,458 |
|
Issuance of common stock in settlement of legal matter
|
|
|
- |
|
|
|
- |
|
|
|
775,000 |
|
|
|
- |
|
Balance, end of period
|
|
|
11,714,087 |
|
|
|
4,170,085 |
|
|
|
11,714,087 |
|
|
|
4,170,085 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock (Amount):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period
|
|
$ |
85,000 |
|
|
$ |
57,000 |
|
|
$ |
81,000 |
|
|
$ |
47,000 |
|
Issuance of common stock at $2.60 per share, net of issuance costs
|
|
|
- |
|
|
|
16,000 |
|
|
|
- |
|
|
|
16,000 |
|
Exercise of prefunded common stock warrants at $2.60 per share, net of issuance costs
|
|
|
- |
|
|
|
1,000 |
|
|
|
- |
|
|
|
1,000 |
|
Conversion of Series A, AA and AAA preferred stock
|
|
|
2,000 |
|
|
|
7,000 |
|
|
|
4,000 |
|
|
|
15,000 |
|
Preferred stock dividends paid – common stock
|
|
|
2,000 |
|
|
|
- |
|
|
|
3,000 |
|
|
|
- |
|
Common stock issued for Melon Acquisition
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,000 |
|
Common stock issued for Super Biz Acquisition
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,000 |
|
Issuance of common stock in settlement of legal matter
|
|
|
- |
|
|
|
- |
|
|
|
1,000 |
|
|
|
- |
|
Balance, end of period
|
|
$ |
89,000 |
|
|
$ |
81,000 |
|
|
$ |
89,000 |
|
|
$ |
81,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional paid-in-capital:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period |
|
$ |
263,296,000 |
|
|
$ |
241,833,000 |
|
|
$ |
258,923,000 |
|
|
$ |
229,900,000 |
|
Issuance of Series A-5 preferred stock at $1,000 per share, net of issuance costs
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,919,000 |
|
Issuance of Series AA preferred stock at $1,000 per share, net of issuance costs
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,330,000 |
|
Issuance of Series AA-2 preferred stock at $1,000 per share, net of issuance costs
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,278,000 |
|
Issuance of Series AA-3 preferred stock at $1,000 per share, net of issuance costs
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
690,000 |
|
Issuance of Series AA-4 preferred stock at $1,000 per share, net of issuance costs
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
681,000 |
|
Issuance of Series AA-5 preferred stock at $1,000 per share, net of issuance costs
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
379,000 |
|
Series AA Preferred additional investment rights |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,794,000 |
|
Issuance of common stock at $2.60 per share, net of issuance costs
|
|
|
- |
|
|
|
1,710,000 |
|
|
|
- |
|
|
|
1,710,000 |
|
Exercise of prefunded common stock warrants at $2.60 per share, net of issuance costs
|
|
|
- |
|
|
|
158,000 |
|
|
|
- |
|
|
|
158,000 |
|
Issuance of Series AAA Junior preferred stock at $1,000 per share, net of cash and noncash issuance costs
|
|
|
- |
|
|
|
- |
|
|
|
751,000 |
|
|
|
- |
|
Issuance of Series AAA-2 Junior preferred stock at $1,000 per share, net of cash and noncash issuance costs
|
|
|
453,000 |
|
|
|
- |
|
|
|
453,000 |
|
|
|
- |
|
Issuance of Series AAA-3 Junior preferred stock at $1,000 per share, net of issuance costs
|
|
|
529,000 |
|
|
|
- |
|
|
|
529,000 |
|
|
|
- |
|
Issuance of Series AAA-4 Junior preferred stock at $1,000 per share, net of issuance costs, net of receivable from investor
|
|
|
102,000 |
|
|
|
- |
|
|
|
102,000 |
|
|
|
- |
|
Common stock purchase warrants issued – Series AAA-3 and Series AAA-4 Junior preferred stock
|
|
|
(134,000 |
) |
|
|
- |
|
|
|
(134,000 |
) |
|
|
- |
|
Series AAA Junior preferred stock noncash issuance costs – incremental fair value in connection with modifications to certain existing AIRs
|
|
|
- |
|
|
|
- |
|
|
|
294,000 |
|
|
|
- |
|
Preferred stock dividends paid – common stock
|
|
|
2,421,000 |
|
|
|
- |
|
|
|
3,287,000 |
|
|
|
- |
|
Deemed dividend on Series AA Preferred Stock
|
|
|
- |
|
|
|
6,446,000 |
|
|
|
- |
|
|
|
6,446,000 |
|
Preferred stock conversions
|
|
|
(2,000 |
) |
|
|
- |
|
|
|
(2,000 |
) |
|
|
- |
|
Common stock purchase warrants issued to placement agent
|
|
|
(346,000 |
) |
|
|
- |
|
|
|
(346,000 |
) |
|
|
(2,804,000 |
) |
Common stock issued for Melon Acquisition
|
|
|
- |
|
|
|
- |
|
|
|
90,000 |
|
|
|
721,000 |
|
Common stock issued for Super Biz Acquisition
|
|
|
- |
|
|
|
- |
|
|
|
38,000 |
|
|
|
547,000 |
|
Common stock issued for Bannerfy Acquisition
|
|
|
- |
|
|
|
70,000 |
|
|
|
- |
|
|
|
70,000 |
|
Stock-based compensation
|
|
|
356,000 |
|
|
|
580,000 |
|
|
|
986,000 |
|
|
|
1,986,000 |
|
Issuance of common stock and incremental fair value in connection with modifications to certain existing AIRs in settlement of legal matters
|
|
|
70,000 |
|
|
|
- |
|
|
|
1,553,000 |
|
|
|
- |
|
Other
|
|
|
336,000 |
|
|
|
(18,000 |
) |
|
|
557,000 |
|
|
|
(26,000 |
) |
Balance, end of period
|
|
$ |
267,081,000 |
|
|
$ |
250,779,000 |
|
|
$ |
267,081,000 |
|
|
$ |
250,779,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Deficit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period
|
|
$ |
(258,325,000 |
) |
|
$ |
(224,815,000 |
) |
|
$ |
(249,014,000 |
) |
|
$ |
(210,743,000 |
) |
Preferred stock dividends – common stock (Note 2)
|
|
|
(1,694,000 |
) |
|
|
(6,446,000 |
) |
|
|
(3,290,000 |
) |
|
|
(6,446,000 |
) |
Net Loss
|
|
|
(3,632,000 |
) |
|
|
(2,984,000 |
) |
|
|
(11,347,000 |
) |
|
|
(17,056,000 |
) |
Balance, end of period
|
|
$ |
(263,651,000 |
) |
|
$ |
(234,245,000 |
) |
|
$ |
(263,651,000 |
) |
|
$ |
(234,245,000 |
) |
Total stockholders’ equity
|
|
$ |
3,519,000 |
|
|
$ |
16,615,000 |
|
|
$ |
3,519,000 |
|
|
$ |
16,615,000 |
|
See accompanying notes to condensed consolidated financial statements
SUPER LEAGUE ENTERPRISE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Rounded to the nearest thousands)
(Unaudited)
|
|
Nine Months
Ended September 30,
|
|
|
|
2024
|
|
|
2023
|
|
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
Net loss
|
|
$ |
(11,347,000 |
)
|
|
$ |
(17,056,000 |
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
1,953,000 |
|
|
|
3,929,000 |
|
Stock-based compensation
|
|
|
986,000 |
|
|
|
2,175,000 |
|
Change in fair value of warrant liability
|
|
|
(1,104,000 |
) |
|
|
(2,552,000 |
) |
Change in fair value of contingent consideration
|
|
|
(158,000 |
) |
|
|
(527,000 |
) |
Amortization of convertible notes discount
|
|
|
- |
|
|
|
40,000 |
|
Gain on sale of intangible assets
|
|
|
(144,000 |
) |
|
|
- |
|
Loss on intangible asset disposal
|
|
|
- |
|
|
|
2,284,000 |
|
Fair value of noncash legal settlement and other noncash charges
|
|
|
794,000 |
|
|
|
- |
|
Loss on extinguishment of liability – contingent consideration
|
|
|
336,000 |
|
|
|
- |
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
3,772,000 |
|
|
|
(1,661,000 |
) |
Prepaid expense and other current assets
|
|
|
263,000 |
|
|
|
(194,000 |
) |
Accounts payable and accrued expense
|
|
|
(3,309,000 |
) |
|
|
1,542,000 |
|
Accrued contingent consideration
|
|
|
(17,000 |
) |
|
|
(1,802,000 |
) |
Contract liabilities
|
|
|
(185,000 |
) |
|
|
225,000 |
|
Deferred taxes
|
|
|
- |
|
|
|
(313,000 |
) |
Accrued interest on note payable
|
|
|
- |
|
|
|
(180,000 |
) |
Net cash used in operating activities
|
|
|
(8,160,000 |
)
|
|
|
(14,090,000 |
)
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
Cash paid in connection with Melon Acquisition
|
|
|
- |
|
|
|
(150,000 |
) |
Purchase of property and equipment
|
|
|
(23,000 |
) |
|
|
(8,000 |
) |
Capitalization of software development costs
|
|
|
(434,000 |
) |
|
|
(483,000 |
) |
Acquisition of other intangible assets
|
|
|
- |
|
|
|
(17,000 |
) |
Net cash used in investing activities
|
|
|
(457,000 |
) |
|
|
(658,000 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
Proceeds from issuance of preferred stock, net of issuance costs
|
|
|
2,129,000 |
|
|
|
12,060,000 |
|
Proceeds from issuance of common stock, net of issuance costs
|
|
|
- |
|
|
|
1,885,000 |
|
Payments on convertible notes
|
|
|
- |
|
|
|
(539,000 |
) |
Accounts receivable facility advances
|
|
|
1,033,000 |
|
|
|
- |
|
Payments on accounts receivable facility
|
|
|
(1,833,000 |
)
|
|
|
- |
|
Contingent consideration payments – Melon Acquisition
|
|
|
(32,000 |
) |
|
|
- |
|
Net cash provided by financing activities
|
|
|
1,297,000 |
|
|
|
13,406,000 |
|
|
|
|
|
|
|
|
|
|
(DECREASE) INCREASE IN CASH
|
|
|
(7,320,000 |
)
|
|
|
(1,342,000 |
) |
Cash and Cash Equivalents – beginning of period
|
|
|
7,609,000 |
|
|
|
2,482,000 |
|
Cash and Cash Equivalents – end of period
|
|
$ |
289,000 |
|
|
$ |
1,140,000 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL NONCASH OPERATING, INVESTING AND FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
Issuance of common stock in connection with legal settlement
|
|
$ |
1,270,000 |
|
|
$ |
- |
|
Issuance of common stock in connection with Melon Acquisition
|
|
|
90,000 |
|
|
|
722,000 |
|
Issuance of common stock in connection with the payment of Super Biz Contingent Consideration
|
|
|
38,000 |
|
|
|
548,000 |
|
Series AAA Junior preferred stock noncash issuance costs – incremental fair value in connection with modifications to certain AIRs
|
|
|
294,000 |
|
|
|
- |
|
Issuance of common stock in connection with Bannerfy Acquisition
|
|
|
- |
|
|
|
70,000 |
|
Issuance of Super biz Note in connection with extinguishment of accrued contingent consideration liability
|
|
|
1,765,000 |
|
|
|
- |
|
See accompanying notes to condensed consolidated financial statements
SUPER LEAGUE ENTERPRISE, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1.
|
DESCRIPTION OF BUSINESS
|
Super League Enterprise, Inc. (Nasdaq: SLE), (“Super League,” the “Company,” “we,” “us” or “our”) is redefining the gaming industry as a media channel for global brands. As a leading end-to-end immersive content partner, Super League enables marketers, advertisers, and IP owners to reach massive audiences through creativity, innovation, and gameplay within the world’s largest immersive platforms. Boasting an award-winning development studio, a vast community of native creators, and a proprietary suite of tools that maximize user engagement, Super League is a one-of-a-kind holistic solutions provider. Whether a partner is focused on building a world-class creative experience, achieving lift in brand awareness, inspiring deeper customer loyalty, or finding new sources of revenue, Super League is at the forefront - always pioneering within immersive worlds.
Super League was incorporated on October 1, 2014 as Nth Games, Inc. under the laws of the State of Delaware and changed its name to Super League Gaming, Inc. on June 15, 2015, and to Super League Enterprise, Inc. on September 11, 2023. We are an “emerging growth company” as defined by the Jumpstart Our Business Startups Act of 2012, as amended.
On September 7, 2023, the Company filed a Certificate of Amendment (the “2023 Second Amendment”) to the Charter, which Second Amendment became effective as of September 11, 2023, to change the name of the Company from Super League Gaming, Inc. to Super League Enterprise, Inc. (the “Name Change”) and to effect a reverse stock split of the Company’s issued and outstanding shares of common stock at a ratio of 1-for-20 (the “Reverse Split”). The Name Change and the Reverse Split were approved by the Company’s Board on July 5, 2023, and approved by the stockholders of the Company on September 7, 2023. Refer to Note 6 below for additional information regarding the Reverse Split. In connection with the Name Change, the Company also changed its Nasdaq ticker symbol to “SLE” from “SLGG.”
All references to common stock, warrants to purchase common stock and other rights, options to purchase common stock, restricted stock, share data, per share data and related information contained in the condensed consolidated financial statements (hereinafter, “consolidated financial statements”) have been retroactively adjusted to reflect the effect of the Reverse Split for all periods presented.
All references to “Note,” followed by a number reference herein, refer to the applicable corresponding numbered footnotes to these consolidated financial statements.
Infinite Reality Transaction
On September 30, 2024, the Company entered into a binding term sheet (the “iR Term Sheet”) with Infinite Reality, Inc. (“Infinite Reality”), whereby, subject to the satisfaction of certain conditions as more specifically set forth in the iR Term Sheet (including receipt of the approval of the Company’s stockholders), and the entry into definitive documentation, the Company will:
(i)
|
acquire from Infinite Reality, (a) a perpetual, royalty free license to name and to create and host events for Drone Racing League, Inc., (b) to be determined esports assets and all related intellectual property, (c) cash in the amount of up to $20 million to come from divestiture of certain assets to be determined and/or other sources of capital, (d) TalentX and all related intellectual property, (e) Fearless Media and all related intellectual property, and (f) Thunder Studios and all related intellectual property (each an “Asset” and, collectively, the “Purchased Assets”)(the “Asset Acquisition”), in exchange for the Company issuing that number of shares of a to-be designated class of its preferred stock equal in priority to existing Series A, AA and AAA preferred shares (the “Consideration Shares”), which Consideration Shares will be convertible into 75% of the then issued and outstanding shares of Super League’s common stock, par value $0.001 per share (“Common Stock”), calculated at the time of the consummation of the Asset Acquisition;
|
(ii)
|
issue to Infinite Reality 2,499,090 shares of the Company’s Common Stock, in exchange for 139,592 shares of Infinite Reality’s common stock (the “Share Exchange”), pursuant to an Equity Exchange Agreement, and to appoint a designee of Infinite Reality to the Company’s Board of Directors (the “Board”) upon the consummation of the Share Exchange (the “Closing”); and
|
(iii)
|
receive a credit facility in the amount of $30,000,000 from Infinite Reality, to be established in January 2025 (the “Credit Facility”, and the Asset Acquisition, Share Exchange, and Credit Facility are collectively, the “iR Transaction”).
|
The Term Sheet contemplates that, subject to the satisfaction of the conditions contained therein (including approval of the iR Transaction by the Company’s stockholders), upon the consummation of the iR Transaction, Infinite Reality will beneficially own 84.9% of the issued and outstanding shares of the Company as of the Closing.
Equity Exchange Agreement. On September 30, 2024, in connection with the Term Sheet and the Share Exchange, the Company entered into an Equity Exchange Agreement with Infinite Reality (the “Exchange Agreement”), pursuant to which the Company agreed, subject to the receipt of the approval of the Company’s stockholders and other customary closing conditions, to issue 2,499,090 shares of Common Stock (the “Exchange Shares”) in exchange for 139,592 shares of Infinite Reality common stock of equal value, based on the Company’s Common Stock being valued at $1.30 per share. The Exchange Agreement contains representations, warranties, and covenants of the Company and Infinite Reality that are customary for a transaction of this nature. Refer to Note 8 for information on the Amended and Restated Equity Exchange Agreement.
Sale of Minehut
On February 29, 2024, the Company sold its Minehut related assets (“Minehut Assets”) to GamerSafer, Inc. (“GamerSafer”), in a transaction approved by the Board of Directors of the Company. Pursuant to the Asset Purchase Agreement entered into by and between GamerSafer and the Company on February 26, 2024 (the “GS Agreement”), the Company will receive $1.0 million of purchase consideration (“Purchase Consideration”) for the Minehut Assets, which amount will be paid by GamerSafer in revenue and royalty sharing over a multiple year period, as described in the GS Agreement (the “Minehut Sale”). Other than with respect to the GS Agreement, there is no relationship between the Company or its affiliates with GamerSafer or its affiliates.
The transaction allows Super League to streamline its position in partnering with major brands to build, market, and operate 3D experiences across multiple immersive platforms, including open gaming powerhouses like Minecraft, and aligns with the Company’s cost improvement initiatives. Super League and GamerSafer will maintain a commercial relationship which ensures that Minehut can remain an ongoing destination available to Super League’s partners.
Bylaw Amendment
On June 4, 2024, the Board of Directors (the “Board”) of the Company approved an amendment (the “Amendment”) to the Company’s Second Amended and Restated Bylaws, effective June 4, 2024, to reduce the number of shares that are required to be present at a meeting of the Company’s stockholders (a “Meeting”) for purposes of establishing a quorum. Prior to the Amendment, the presence, in person or by proxy duly authorized, of the holders of a majority of the outstanding shares of stock was required to establish a quorum for the transaction of business at a Meeting. As approved in the Amendment, the presence, in person or by proxy duly authorized, of the holders of not less than one-third (1/3) of the outstanding shares of stock entitled to vote will constitute a quorum for the transaction of business at a Meeting.
The Board adopted the Amendment to more practically obtain a quorum and conduct business at a Meeting. The Board based its decision on the increasing prevalence of brokerage firms opting to forgo discretionary or proportionate voting of the shares held by them in street name, which is making it increasingly difficult for companies with a large retail stockholder base to obtain a quorum of the majority. The change to the quorum requirement was made to improve the Company’s ability to hold Meetings when called.
2.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
Basis of Presentation
The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, certain information and footnotes required by U.S. GAAP in annual financial statements have been omitted or condensed in accordance with quarterly reporting requirements of the Securities and Exchange Commission (“SEC”). These interim condensed consolidated financial statements should be read in conjunction with our audited financial statements for the year ended December 31, 2023 included in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on April 15, 2024.
The December 31, 2023 condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The condensed consolidated interim financial statements of Super League include all adjustments of a normal recurring nature which, in the opinion of management, are necessary for a fair statement of Super League’s financial position as of September 30, 2024, and results of its operations and its cash flows for the interim periods presented. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the entire fiscal year, or any future period.
Principles of Consolidation
The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Reclassifications
Certain reclassifications to operating expense line items and revenue detail line items have been made to prior year amounts for consistency and comparability with the current year’s condensed consolidated financial statement presentation. These reclassifications had no effect on the reported total revenue, operating expense, total assets, total liabilities, total stockholders' equity, or net loss for the prior periods presented.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from these estimates. The Company believes that, of the significant accounting policies described herein, the accounting policies associated with revenue recognition, impairment of intangibles, stock-based compensation expense, capitalized internal-use-software costs, accounting for business combinations and related contingent consideration, derecognition of assets, accounting for convertible debt, including estimates and assumptions used to calculate the fair value of debt instruments, accounting for convertible preferred stock, including modifications and exchanges of equity and equity-linked instruments, accounting for warrant liabilities and accounting for income taxes and valuation allowances against net deferred tax assets, require its most difficult, subjective, or complex judgments.
Going Concern
The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company incurred net losses for the periods presented herein as reflected in the accompanying condensed consolidated statement of operations, and had an accumulated deficit of $263.7 million as of September 30, 2024. For the nine months ended September 30, 2024 and 2023, net cash used in operating activities totaled $8.2 million and $14.1 million, respectively.
The Company had cash and cash equivalents of $0.3 million and $7.6 million as of September 30, 2024 and December 31, 2023, respectively. To date, our principal sources of capital used to fund our operations and growth have been the net proceeds received from equity and debt financings. We have and will continue to use significant capital for the growth and development of our business, and, as such, we expect to seek additional capital either from operations, or that may be available from future issuance(s) of common stock, preferred stock and / or debt financings, to fund our planned operations. Accordingly, our results of operations and the implementati