Enthusiast Gaming Holdings Inc

OTC Pink - Current Information:EGLXFUnited StatesView on Canadian Exchange

Nov 14, 2024

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• *DJ Enthusiast Gaming 3Q Loss/Shr C$0.04 >EGLX.T, from 4:39PM ET on Thursday Nov 14, 2024 by Dow Jones

  4:39PM ET on Thursday Nov 14, 2024 by Dow Jones
  Companies Mentioned: EGLX

• -- Enthusiast Gaming Posts Q3 Revenue of $16.8 Million, Down From $45.6 Million in 2023, from 4:32PM ET on Thursday Nov 14, 2024 by MT Newswires

  4:32PM ET on Thursday Nov 14, 2024 by MT Newswires
  Companies Mentioned: EGLX
  04:32 PM EST, 11/14/2024 (MT Newswires) -- ...

• -- Enthusiast Gaming Brief: Q3 Revenue of $16.8 million, compared to $45.6 million in Q3 2023, from 4:30PM ET on Thursday Nov 14, 2024 by MT Newswires

  4:30PM ET on Thursday Nov 14, 2024 by MT Newswires
  Companies Mentioned: EGLX
  04:30 PM EST, 11/14/2024 (MT Newswires) -- ...

• Enthusiast Gaming Achieves Profitability, Reports Q3 2024 Financial Results, from 4:30PM ET on Thursday Nov 14, 2024 by Dow Jones

  4:30PM ET on Thursday Nov 14, 2024 by Dow Jones
  Companies Mentioned: EGLX
  Position As of September 30, 2024 and December 31, 2023 (Unaudited - Expressed in Canadian Dollars) September 30, 2024 December 31, 2023 ------------------ ------------------ ----------------- ASSETS Current Cash $ 6,879,121 $ 6,851,966 Trade and other receivables 11,020,303 31,502,732 Income tax receivable 42,714 31,251 Prepaid expenses 2,683,169 1,820,144 Total current assets 20,625,307 40,206,093 Non-current Property and equipment 197,707 124,640 Right-of-use assets 891,108 1,441,149 Investment in associates and joint ventures - 2,888,730 Long-term portion of prepaid expenses 139,358 182,108 Intangible assets 80,714,656 85,421,227 Goodwill 106,658,256 105,868,081 Total assets $ 209,226,392 $ 236,132,028 ------------------- ------------------ ----------------- LIABILITIES AND SHAREHOLDERS' EQUITY Current Accounts payable and accrued liabilities $ 14,674,198 $ 47,101,272 Contract liabilities 4,950,661 6,078,950 Income tax payable 11,036 274,924 Current portion of long-term debt 19,711,993 21,888,597 Current portion of deferred payment liability 2,247,287 82,231 Current portion of lease liabilities 679,698 740,212 Current portion of other long-term debt - 9,668 Total current liabilities 42,274,873 76,175,854 Non-current Long-term debt 19,933,000 - Long-term portion of deferred payment liability - 2,083,262 Long-term portion of lease liabilities 455,289 938,845 Other long-term debt - 140,613 Deferred tax liability 13,917,182 14,076,780 Total liabilities $ 76,580,344 $ 93,415,354 ------------------- ------------------ ----------------- Shareholders' Equity Share capital 453,201,338 444,474,076 Warrants reserve 3,054,467 - Contributed surplus 25,609,531 35,877,189 Accumulated other comprehensive income 8,028,066 7,201,976 Deficit (357,247,354) (344,836,567) ------------------ ----------------- Total shareholders' equity 132,646,048 142,716,674 ------------------- ------------------ ----------------- Total liabilities and shareholders' equity $ 209,226,392 $ 236,132,028 ------------------- ------------------ ----------------- Enthusiast Gaming Holdings Inc. Condensed Consolidated Interim Statements of Cash Flows For the nine months ended September 30, 2024 and 2023 (Unaudited - Expressed in Canadian Dollars) September 30, 2024 September 30, 2023 -------------------- ------------------ ------------------ Cash flows from operating activities Net loss for the period $ (12,410,787) $ (78,017,648) Items not affecting cash: Goodwill impairment - 44,822,575 Intangible asset impairment - 6,838,060 Investment in associates impairment 26,497 - Other long-term asset impairment 1,098,506 - Amortization and depreciation 2,111,568 8,786,327 Share-based compensation (1,540,396) 4,282,880 Accretion (74,639) 179,452 Deferred tax expense (recovery) (208,820) (2,703,623) Share of net income from investment in associates and joint ventures (18,627) (72,169) Gain on sale of assets held for sale (344,852) - (Gain) loss on revaluation of deferred payment liability (23,486) 615,121 Foreign exchange gain (585,334) (115,291) Loss on disposal of property and equipment 25,997 - Gain on settlement of accounts payable (622,413) - Loss on modification of long-term debt 401,951 - Loss on revaluation of long-term debt 3,385,798 - Transaction costs 1,908,963 - Provisions 18,212 139,856 Changes in working capital: Changes in trade and other receivables 21,441,444 7,048,454 Changes in prepaid expenses (663,169) 23,820 Changes in accounts payable and accrued liabilities (31,604,393) 7,743,519 Changes in contract liabilities (639,078) (561,322) Changes in income tax receivable and payable 207,083 755,959 Income tax paid (482,434) (112,887) Net cash used in operating activities (18,592,409) (346,917) --------------------- ------------------ ------------------ Cash flows from investing activities Proceeds from sale of assets held for sale 2,693,339 - Distribution from investment in associates, net of adjustments 1,416,830 - Proceeds from redemption of investments - 75,000 Repayment of deferred payment liability (85,700) (844,350) Acquisition of intangible assets - (27,488) Acquisition of property and equipment (182,259) (20,430) Net cash from (used in) investing activities 3,842,210 (817,268) --------------------- ------------------ ------------------ Cash flows from financing activities Proceeds from long-term debt, net of transaction costs 20,143,122 539,329 Repayment of long-term debt (4,716,851) (3,264,705) Repayment of other long-term debt (173,858) (9,883) Lease payments (622,748) (722,139) Net cash from (used in) financing activities 14,629,665 (3,457,398) --------------------- ------------------ ------------------ Foreign exchange effect on cash 147,689 13,580 Net change in cash 27,155 (4,608,003) Cash, beginning of period 6,851,966 7,415,516 --------------------- Cash, end of period $ 6,879,121 $ 2,807,513 --------------------- ------------------ ------------------ Enthusiast Gaming Holdings Inc. EBITDA and Adjusted EBITDA For the three and nine months ended September 30, 2024 and 2023 (Unaudited - Expressed in Canadian Dollars) For the three months ended For the nine months ended ------------- --------------------------- ----------------------------- September September September September 30, 2024 30, 2023 30, 2024 30, 2023 Gross margin $ 11,794,885 $ 16,736,521 $ 35,601,580 $ 48,484,771 Operating expenses (12,703,409) (25,017,247) (39,823,157) (74,835,256) Share-based compensation 80,084 1,364,059 (1,540,396) 4,282,880 Amortization and depreciation 680,107 2,562,229 2,111,568 8,786,327 EBITDA (148,333) (4,354,438) (3,650,405) (13,281,278) -------------- ----------- ----------- ----------- ----------- Severance 20,928 375,445 726,556 1,431,993 Listing fees & D&O insurance specific to the Company's Nasdaq listing 201,478 429,797 821,448 1,841,152 Adjusted EBITDA $ 74,073 $ (3,549,196) $ (2,102,401) $(10,008,133) -------------- ----------- ----------- ----------- -