DESCRIPTION OF BUSINESS
|6 Months Ended|
Jun. 30, 2019
|Organization, Consolidation and Presentation of Financial Statements [Abstract]|
|DESCRIPTION OF BUSINESS||
Super League Gaming, Inc. (“Super League,” the “Company,” “we” or “our”) is a leading esports community and content platform for gamers, competitors, fans and friends of all ages and skill levels. Through our proprietary, cloud-based technology platform, we connect our network of gamers, venues and brand partners to enable local, social and competitive esports that can be uniquely broadcast through our platform. Utilizing our proprietary technology platform, Super League operates physical and digital experiences in partnership with publishers of top-tier game titles. Local movie theaters, PC cafes and restaurant and retail venues are transformed into esports arenas where players compete, socialize and spectate while also developing sportsmanship, communication and team-building skills. Super League's primary programs consist of: (i) the first and only city-vs-city amateur esports competition; (ii) monthly tournaments throughout the year playable both online and from a multitude of physical locations across the U.S.; and (iii) special events produced in partnership with consumer brands, entertainment companies and game publishers, all powered by the Super League platform. In addition, SuperLeagueTV supports all Super League experiences with live streams of the competitions and original video-on-demand content on Twitch and YouTube.
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. We are an “emerging growth company” as defined by the Jumpstart Our Business Startups Act of 2012, as amended.
Initial Public Offering
On February 27, 2019, Super League completed its initial public offering (“IPO”) of shares of its common stock, pursuant to which an aggregate of 2,272,727 shares were offered and sold at a public offering price of $11.00 per share, resulting in net proceeds of $22,458,000 after deducting underwriting discounts, commissions and offering costs of $2,542,000. Concurrent with the closing of the IPO on February 27, 2019 (the “IPO Closing Date”), in accordance with the related agreements, all outstanding principal and interest of the 9.00% convertible notes outstanding, totaling $13,793,000, was automatically converted into 1,475,164 shares of the Company’s common stock at a conversion price of $9.35.
The entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef