- Esports Mogul (ESH) finishes the quarter with $5.13 million in cash and ash equivalents to fund its buy and build strategy
- The company said one of its goals for the quarter was to reduce its operating costs
- It recorded cash outflows of $643,000, down from the $720,000 recorded in the previous quarter
- The company raised $1.6 million during the quarter but has said it will not be seeking additional funding from equity markets for the foreseeable future
- Shares closed 9.09 per cent lower today at 0.5 cents each.
Esports Mogul (ESH) has finished the quarter with $5.13 million in cash and cash equivalents to fund its buy and build strategy.
The company said one of its goals for the quarter was to reduce its operating costs.
It recorded cash outflows of $643,000, down from the $720,000 recorded in the previous quarter.
Its highest expense was $410,000 in administrative and corporate costs, followed by $272,000 in employee costs. Customers’ receipts totalled $74,000.
A total of $199,000 was used for investing activities, including $175,000 spent on intellectual property.
Going forward, Esports Mogul will be moving its attention towards its buy and build strategy.
This strategy includes an initial focus on small to midsize games companies with strong founder lead teams, great IP, and engaged audiences to ensure future scalability and continuous growth. These companies may be Mobile or PC games and include existing or new business models – including play-to-earn.
The company raised $1.6 million through a private placement for this strategy during the quarter. However, it said it will not be seeking additional funding from equity markets for the foreseeable future.
ESH believes it is significantly funded for its current operations until 2023.
Shares closed 9.09 per cent lower today at 0.5 cents each.