Snail, Inc. Reports First Quarter 2026 Financial Results
Rhea-AI Summary
Snail (Nasdaq:SNAL) reported strong Q1 2026 results, with net revenue up 35.7% to $27.3 million and total units sold up 42.6% to 2.2 million. Net income was $2.1 million versus a $1.9 million loss, and EBITDA reached $2.4 million versus $(3.2) million.
Bookings rose 21.1% to $26.9 million, supported by ARK: Survival Ascended and Bellwright. Management targets year-over-year Q2 growth, expects about $11 million deferred revenue recognition on Genesis Part 1, and highlighted a robust ARK and diversified game pipeline through 2027.
AI-generated analysis. Not financial advice.
Positive
- Net revenue increased 35.7% year-over-year to $27.3 million
- Total units sold grew 42.6% year-over-year to 2.2 million units
- Net income reached $2.1 million versus a $1.9 million net loss
- EBITDA improved to $2.4 million versus $(3.2) million year-over-year
- Bookings rose 21.1% year-over-year to $26.9 million
- Approximately $11 million deferred revenue expected upon Genesis Part 1 release
Negative
- Revenue from ARK Mobile and ASE declined by $1.6 million year-over-year
- Cost of revenues increased by $1.4 million year-over-year
- Provision for income taxes increased by $1.6 million year-over-year
- Total other income, net, decreased by $0.5 million year-over-year
Key Figures
Market Reality Check
Peers on Argus
SNAL gained 8.53% while key peers were mixed: TBH appeared in momentum scans moving up, MSGM dipped slightly, BHAT fell sharply, and GIGM/GXAI were flat-to-down. This points to a stock-specific reaction to earnings rather than a broad gaming-sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 19 | Q4/FY 2025 earnings | Negative | -15.1% | Mixed 2025 results with widened full-year net loss and weaker revenues. |
| Nov 12 | Q3 2025 earnings | Negative | -5.3% | Sharp revenue and profitability decline with a swing to net loss. |
| Aug 19 | Q2 2025 earnings | Negative | +0.7% | Revenue and bookings growth but large net loss driven by higher costs. |
| May 14 | Q1 2025 earnings | Neutral | -9.3% | Strong revenue growth and bookings with continued modest net loss. |
| Mar 26 | Q4/FY 2024 earnings | Positive | -25.3% | FY2024 revenue and EBITDA growth with net income returning positive. |
Earnings releases have historically seen weak reactions, with an average move of about -10.87% and several selloffs even when fundamentals or outlook improved.
Over the last five earnings reports from March 2025 through March 2026, Snail has repeatedly highlighted ARK franchise strength, growing Bookings, and a heavier tilt toward new titles and diversification. However, results often included sizable net losses or mixed signals, and the stock typically traded down after these updates. The latest quarter contrasts with that pattern by showing net income and stronger growth metrics, aligning more positively with today’s earnings-focused announcement.
Historical Comparison
Past earnings headlines averaged a -10.87% move, so the current +8.53% gain marks an unusually strong upside response.
Earnings history shows a shift from FY2024 profitability to deeper 2025 losses and now a return to quarterly net income, alongside continued ARK-driven growth and portfolio diversification.
Market Pulse Summary
This announcement details Q1 2026 results with net revenues of $27.3M, Bookings of $26.9M, and a shift to net income of $2.1M. It highlights continued ARK franchise strength, expanding DAU metrics, and an upcoming ARK and diversified title pipeline, including AAA projects. Historically, earnings days averaged moves around -10.87%, so investors may track whether improving profitability, execution on new titles, and upcoming deferred revenue recognition help reshape sentiment over subsequent quarters.
Key Terms
deferred revenue financial
bookings financial
ebitda financial
non-gaap financial
daily active users technical
AI-generated analysis. Not financial advice.
CULVER CITY, Calif., May 13, 2026 (GLOBE NEWSWIRE) -- Snail, Inc. (Nasdaq: SNAL) (“Snail Games” or the “Company”), a leading global independent developer and publisher of interactive digital entertainment, today announced financial results for the first quarter ended March 31, 2026.
First Quarter 2026 and Recent Operational Highlights
ARK Franchise Updates:
- ARK: Survival Evolved (“ASE”):
- Units sold were approximately 573,000 for the first quarter of 2026
- During the first quarter of 2026, average daily active users (“DAU”) was 117,000 and peak DAU was 143,000
- ARK: Survival Ascended (“ASA”):
- Units sold were approximately 1.4 million for the first quarter of 2026
- During the first quarter of 2026, average DAU was 127,000 and peak DAU was 188,000
- ARK: Ultimate Mobile Edition (“ARK Mobile”):
- 11.9 million downloads as of March 31, 2026
- During the first quarter of 2026, average DAU was 141,000
Game Portfolio and Business Updates:
- For The Stars
- Released new developer diary, offering an in-depth look at the upcoming AAA title’s current development progress, including new pre-alpha footage and previously unreleased concept art
- Revealed event-exclusive trailer during 2026 Games Developers Conference (“GDC”)
- Introduced PixARK Worlds, a new title in development that features revolutionary user-generated content designed to further expand the ARK universe on Steam, Xbox, PlayStation, and the Nintendo Switch 2
- Bellwright
- Surpassed 1 million downloads on Steam Early Access, announced console port plans to Xbox and PlayStation, and launched the Maiden Voyage update.
- Launched Echoes of Elysium on Steam Early Access in partnership with Loric Games
- Launched Survivor Merc’s 1.0 version across Steam, Xbox, and PlayStation
- Launched Above the Snow on Steam
- Announced publishing agreement for co-op party action title Dead Party
- Unveiled new upcoming indie title, Gobby Gang, at 2026 GDC
- As of March 31, 2026, SaltyTV released 250+ short film dramas
ARK Content Pipeline
| Title | Platforms | Type | Release Schedule |
| ARK Fantastic Tames Season 1 Pack | Steam, Xbox, PlayStation | DLC Creatures | May 2026 |
| ARK Tides of Fortune | Steam, Xbox, PlayStation | ASA DLC | June 2026 |
| ARK Genesis Part 1 (ASA Remake) | Steam, Xbox, PlayStation | ASA DLC Remake | June 2026 |
| ARK Dragontopia | Steam, Xbox, PlayStation | ASA DLC | December 2026 |
| ARK World Creators | Steam, Xbox, PlayStation | ASA Content Creation Tool | 2026 |
| ARK Survival of the Fittest | Steam, Xbox, PlayStation | ASA Game Mode | 2026 |
| PixARK Worlds | Steam, Xbox, PlayStation, Nintendo Switch 2 | New Title | 2026/2027 |
| ARK Atlantis | Steam, Xbox, PlayStation | ASA DLC | 2027 |
| ARK Galaxy Wars | Steam, Xbox, PlayStation | ASA DLC | 2027 |
| ARK Legacy of Santiago | Steam, Xbox, PlayStation | ASA DLC | 2027 |
Diversified Content Pipeline
| Title | Platforms | Type | Release Schedule |
| Bellwright | Steam, Xbox, PlayStation | 1.0 Launch | 2026 |
| Dead Party | Steam | Indie Title | 2026 |
| Gobby Gang | Steam | Indie Title | 2026 |
| Stoneguard | Steam | Indie Title | 2026 |
| For The Stars | Steam | AAA Title | TBD |
| Nine Yin Sutra: Immortal | Steam | AAA Title | TBD |
| Nine Yin Sutra: Wushu | Steam | AAA Title | TBD |
Management Commentary
“We exited 2025 with tailwinds that positioned Snail for stronger and more stable growth and results,” said Company CEO Hai Shi. “Momentum from the ASA pipeline we announced in December, the launch of ARK Lost Colony DLC, and the subsequent Steam Winter Sale event supported net revenue growth and a return to net income positive. Looking ahead, we aim to deliver year-over-year growth in Q2, driven by several upcoming ARK content releases. We have a Fantastic Tames Season 1 Expansion Pack coming in May 2026, and ARK Tides of Fortune to launch alongside the remake of Genesis Part 1 coming to ASA in June 2026 to provide a foundation for the quarter to build on. Approximately
“Beyond ARK, Snail Games continues to execute on its strategy to eventually become a fully integrated game developer and publisher. Our upcoming AAA titles represent an important step toward building new franchises with the potential for multi-year to multi-decade game lifespans that can complement the scale of ASE and ASA. As previously disclosed, these projects have entered their final phases of development, and the eventual launch of these games position us to meaningfully diversify our revenue mix beyond ARK. With multiple gaming events and planned updates throughout the year, we look forward to sharing additional information on For the Stars, Nine Yin Sutra: Immortal, and Nine Yin Sutra: Wushu.
“The next 12-18 months will serve as an inflection period for Snail Games as we work to advance our ARK pipeline and deliver on the investments we have made across our broader pipeline. Over time, our ambition is for Snail Games to be recognized not only for ARK, but as a developer and publisher of multiple renown IPs and titles. We remain focused on unlocking the value of our pipeline and delivering results.”
First Quarter 2026 Financial Highlights
Net revenues increased
Total units sold increased
Net income increased
Bookings increased
EBITDA increased
As of December 31, 2025, unrestricted cash was
Use of Non-GAAP Financial Measures
In addition to the financial results determined in accordance with U.S. generally accepted accounting principles, or GAAP, Snail believes Bookings and EBITDA, as non-GAAP measures, are useful in evaluating its operating performance. Bookings and EBITDA are non-GAAP financial measures that are presented as supplemental disclosures and should not be construed as alternatives to net income (loss) or revenue as indicators of operating performance, nor as alternatives to cash flow provided by operating activities as measures of liquidity, both as determined in accordance with GAAP. Snail supplementally presents Bookings and EBITDA because they are key operating measures used by management to assess financial performance. Bookings adjusts for the impact of deferrals and, Snail believes, provides a useful indicator of sales in a given period. Management believes Bookings and EBITDA are useful to investors and analysts in highlighting trends in Snail’s operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which Snail operates and capital investments.
Bookings is defined as the net amount of products and services sold digitally or physically in the period. Bookings is equal to revenues, excluding the impact from deferrals. Below is a reconciliation of total net revenue to Bookings, the closest GAAP financial measure.
| Three months ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| (in millions) | ||||||||
| Total net revenue | $ | 27.3 | $ | 20.1 | ||||
| Change in deferred net revenue | (0.4 | ) | 2.1 | |||||
| Bookings | $ | 26.9 | $ | 22.2 | ||||
We define EBITDA as net income (loss) before (i) interest expense, (ii) interest income, (iii) provision for (benefit from) income taxes and (iv) depreciation expense. The following table provides a reconciliation from net income (loss) to EBITDA:
| Three months ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| (in millions) | ||||||||
| Net income (loss) | $ | 2.1 | $ | (1.9 | ) | |||
| Interest expense | 0.2 | 0.1 | ||||||
| Income tax (benefit) provision | 0.1 | (1.5 | ) | |||||
| Depreciation expense | — | 0.1 | ||||||
| EBITDA | $ | 2.4 | $ | (3.2 | ) | |||
Webcast Details
The Company will host a webcast at 4:30 PM ET today to discuss its first quarter 2026 financial and operational results. Participants may access the live webcast and replay via the link here or on the Company’s investor relations website at https://investor.snail.com/.
About Snail, Inc.
Snail, Inc. (Nasdaq: SNAL) is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs, and mobile devices. For more information, please visit: https://snail.com/.
Forward-Looking Statements
This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding Snail’s intent, belief or current expectations. These forward-looking statements include information about possible or assumed future results of Snail’s business, financial condition, results of operations, liquidity, plans and objectives. The statements Snail makes regarding the following matters are forward-looking by their nature: exiting 2025 with tailwinds that position the Company for stronger and more stable growth and results; delivering year-over-year growth in Q2 driven by several upcoming ARK content releases; releasing Fantastic Tames Season 1 Expansion Pack in May 2026 and ARK Tides of Fortune alongside the remake of Genesis Part 1 coming to ASA in June 2026 providing a foundation for the quarter to build on; recognizing approximately
Any forward-looking statements included herein reflect our current views, and they involve certain risks and uncertainties, including, among others, acceptance of our titles in the marketplace and the successful development, marketing or sale of our titles and our ability to retain our key employees or maintain our Nasdaq listing. These risks should not be construed as exhaustive and should be read together with the other cautionary statement included in our Annual Report on Form 10-K for the year ended December 31, 2025, subsequent Quarterly Reports on Form 10-Q and current reports on Form 8-K filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it was initially made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.
Investor Contact:
John Yi and Steven Shinmachi
Gateway Group, Inc.
949-574-3860
SNAL@gateway-grp.com
| Snail, Inc. and Subsidiaries Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 (Unaudited) | ||||||||
| March 31, 2026 | December 31, 2025 | |||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 14,259,168 | $ | 8,568,164 | ||||
| Restricted cash and cash equivalents | 187,000 | 187,000 | ||||||
| Accounts receivable, net of allowances for credit losses of | 9,206,357 | 12,528,347 | ||||||
| Loan and interest receivable – related party | 108,252 | 107,759 | ||||||
| Prepaid expenses – related party | 2,647,267 | 2,700,474 | ||||||
| Prepaid expenses and other current assets | 1,485,655 | 2,232,485 | ||||||
| Prepaid taxes | 904,099 | 4,734,007 | ||||||
| Total current assets | 28,797,798 | 31,058,236 | ||||||
| Restricted cash and cash equivalents, net of current portion | 1,748,000 | 1,748,000 | ||||||
| Prepaid expenses – related party, net of current portion | 8,229,767 | 8,282,974 | ||||||
| Property and equipment, net | 4,133,441 | 4,146,175 | ||||||
| Intangible assets, net | 3,848,124 | 3,827,927 | ||||||
| Intangible assets, net – related party | 4,666,667 | 4,916,667 | ||||||
| Other noncurrent assets, net | 836,060 | 604,793 | ||||||
| Operating lease right-of-use assets, net | 4,581,907 | 4,722,366 | ||||||
| Total assets | $ | 56,841,764 | $ | 59,307,138 | ||||
| LIABILITIES, NONCONTROLLING INTERESTS AND STOCKHOLDERS’ DEFICIT | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 3,907,540 | $ | 5,506,332 | ||||
| Accounts payable – related parties | 21,648,949 | 20,067,013 | ||||||
| Accrued expenses and other liabilities | 3,267,643 | 3,364,150 | ||||||
| Interest payable – related parties | 527,770 | 527,770 | ||||||
| Convertible notes at fair value | 2,382,255 | 3,842,189 | ||||||
| Current portion of long-term debt | 1,329,123 | 1,305,880 | ||||||
| Current portion of deferred revenue | 14,533,507 | 14,799,840 | ||||||
| Current portion of operating lease liabilities | 441,316 | 393,448 | ||||||
| Total current liabilities | 48,038,103 | 49,806,622 | ||||||
| Accrued expenses | 625,354 | 468,106 | ||||||
| Revolving loan | 2,500,000 | 5,000,000 | ||||||
| Long-term debt, net of current portion | 3,974,176 | 4,292,538 | ||||||
| Deferred revenue, net of current portion | 17,190,514 | 17,282,685 | ||||||
| Operating lease liabilities, net of current portion | 4,234,747 | 4,336,240 | ||||||
| Total liabilities | 76,562,894 | 81,186,191 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ Deficit: | ||||||||
| Class A common stock, | 1,041 | 1,038 | ||||||
| Class B common stock, | 2,875 | 2,875 | ||||||
| Additional paid-in capital | 26,967,992 | 26,923,115 | ||||||
| Accumulated other comprehensive loss | (296,562 | ) | (275,049 | ) | ||||
| Accumulated deficit | (37,217,804 | ) | (39,352,510 | ) | ||||
| Treasury stock at cost (1,350,275 shares as of March 31, 2026 and December 31, 2025) | (3,671,806 | ) | (3,671,806 | ) | ||||
| Total Snail, Inc. deficit | (14,214,264 | ) | (16,372,337 | ) | ||||
| Noncontrolling interests | (5,506,866 | ) | (5,506,716 | ) | ||||
| Total stockholders’ deficit | (19,721,130 | ) | (21,879,053 | ) | ||||
| Total liabilities, noncontrolling interests and stockholders’ deficit | $ | 56,841,764 | $ | 59,307,138 | ||||
| Snail, Inc. and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three months Ended March 31, 2026 and 2025 (Unaudited) | ||||||||
| Three months ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Revenues, net | $ | 27,294,654 | $ | 20,110,872 | ||||
| Cost of revenues | 15,638,213 | 14,263,345 | ||||||
| Gross profit | 11,656,441 | 5,847,527 | ||||||
| Operating expenses: | ||||||||
| General and administrative | 4,650,757 | 4,964,351 | ||||||
| Research and development | 4,014,669 | 3,609,745 | ||||||
| Advertising and marketing | 868,789 | 1,306,365 | ||||||
| Depreciation | 12,734 | 67,904 | ||||||
| Impairment expenses | 69,149 | — | ||||||
| Total operating expenses | 9,616,098 | 9,948,365 | ||||||
| Income (loss) from operations | 2,040,343 | (4,100,838 | ) | |||||
| Other income (expense): | ||||||||
| Interest income | 41,847 | 29,906 | ||||||
| Interest income – related parties | 493 | 493 | ||||||
| Interest expense | (206,046 | ) | (80,828 | ) | ||||
| Other income | 355,051 | 769,762 | ||||||
| Foreign currency transaction gain (loss) | 9,692 | (36,288 | ) | |||||
| Total other income, net | 201,037 | 683,045 | ||||||
| Income (loss) before provision for (benefit from) income taxes | 2,241,380 | (3,417,793 | ) | |||||
| Provision for (benefit from) income taxes | 106,824 | (1,470,830 | ) | |||||
| Net income (loss) | 2,134,556 | (1,946,963 | ) | |||||
| Net loss attributable to non-controlling interests | (150 | ) | (956 | ) | ||||
| Net income (loss) attributable to Snail, Inc. | $ | 2,134,706 | $ | (1,946,007 | ) | |||
| Comprehensive income (loss) statement: | ||||||||
| Net income (loss) | $ | 2,134,556 | $ | (1,946,963 | ) | |||
| Other comprehensive income (loss) related to foreign currency translation adjustments, net of tax | (26,823 | ) | 33,232 | |||||
| Other comprehensive income related to credit adjustments, net of tax | 5,310 | 22,023 | ||||||
| Total comprehensive income (loss) | $ | 2,113,043 | $ | (1,891,708 | ) | |||
| Net income (loss) attributable to Class A common stockholders: | ||||||||
| Basic | $ | 510,510 | $ | (441,731 | ) | |||
| Diluted | $ | 510,843 | $ | (521,393 | ) | |||
| Net income (loss) attributable to Class B common stockholders: | ||||||||
| Basic | $ | 1,624,196 | $ | (1,504,276 | ) | |||
| Diluted | $ | 1,624,196 | $ | (1,775,558 | ) | |||
| Income (loss) per share attributable to Class A common stockholders: | ||||||||
| Basic | $ | 0.06 | $ | (0.05 | ) | |||
| Diluted | $ | 0.05 | $ | (0.06 | ) | |||
| Income (loss) per share attributable to Class B common stockholders: | ||||||||
| Basic | $ | 0.06 | $ | (0.05 | ) | |||
| Diluted | $ | 0.06 | $ | (0.06 | ) | |||
| Weighted-average shares used to compute income (loss) per share attributable to Class A common stockholders: | ||||||||
| Basic | 9,036,135 | 8,442,025 | ||||||
| Diluted | 9,529,396 | 9,241,822 | ||||||
| Weighted-average shares used to compute income (loss) per share attributable to Class B common stockholders: | ||||||||
| Basic | 28,748,580 | 28,748,580 | ||||||
| Diluted | 28,748,580 | 28,748,580 | ||||||
| Snail, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 (Unaudited) | ||||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | 2,134,556 | $ | (1,946,963 | ) | |||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||
| Amortization – intangible assets, net | 150,442 | 35,516 | ||||||
| Amortization – intangible assets, net – related party | 250,000 | — | ||||||
| Amortization – film assets | 140,709 | 212,709 | ||||||
| Amortization – loan origination fees and debt discounts | 2,949 | (1,889 | ) | |||||
| (Gain) loss on change in fair value of convertible notes | 70,760 | (117,105 | ) | |||||
| Gain on change in fair value of warrant liabilities | (410,658 | ) | (639,518 | ) | ||||
| Depreciation – property and equipment | 12,734 | 67,904 | ||||||
| Impairment of film assets | 69,149 | — | ||||||
| Stock-based compensation expenses | 44,880 | 843,619 | ||||||
| Deferred taxes, net | — | (2,041,515 | ) | |||||
| Changes in assets and liabilities: | ||||||||
| Accounts receivable | 3,321,990 | 696,553 | ||||||
| Accounts receivable – related party | — | 2,503,407 | ||||||
| Prepaid expenses – related party | 106,414 | (544,532 | ) | |||||
| Prepaid expenses and other current assets | 746,830 | 377,962 | ||||||
| Prepaid taxes | 3,829,908 | 143,451 | ||||||
| Other noncurrent assets | (422,573 | ) | (656,562 | ) | ||||
| Accounts payable | (1,621,431 | ) | (198,705 | ) | ||||
| Accounts payable – related parties | 1,581,936 | 623,430 | ) | |||||
| Accrued expenses and other liabilities | 471,399 | (650,236 | ) | |||||
| Loan and interest receivable – related party | (493 | ) | (493 | ) | ||||
| Lease liabilities | 86,834 | (80,510 | ) | |||||
| Deferred revenue | (358,504 | ) | 2,138,026 | |||||
| Net cash provided by operating activities | 10,207,831 | 764,549 | ||||||
| Cash flows from investing activities: | ||||||||
| Acquisition of software | — | (290,000 | ) | |||||
| Acquisition of software licenses | (162,000 | ) | (1,412,000 | ) | ||||
| Investments in software | — | (177,002 | ) | |||||
| Net cash used in investing activities | (162,000 | ) | (1,879,002 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Repayments on promissory note | — | (21,546 | ) | |||||
| Repayments on notes payable | (295,119 | ) | — | |||||
| Repayments on convertible notes | (1,525,384 | ) | — | |||||
| Repayments on revolving loan | (2,500,000 | ) | — | |||||
| Cash proceeds from exercise of warrants | — | 159,000 | ||||||
| Proceeds from issuance of convertible notes | — | 3,000,000 | ||||||
| Payments of loan origination fees | (7,500 | ) | — | |||||
| Net cash provided by (used in) financing activities | (4,328,003 | ) | 3,137,454 | |||||
| Effect of foreign currency translation on cash and cash equivalents | (26,824 | ) | 32,171 | |||||
| Net increase in cash and cash equivalents, and restricted cash and cash equivalents | 5,691,004 | 2,055,172 | ||||||
| Cash and cash equivalents, and restricted cash and cash equivalents – beginning of the period | 10,503,164 | 8,238,944 | ||||||
| Cash and cash equivalents, and restricted cash and cash equivalents – end of the period | $ | 16,194,168 | $ | 10,294,116 | ||||
| Supplemental disclosures of cash flow information | ||||||||
| Cash paid during the period for: | ||||||||
| Interest | $ | 228,053 | $ | 97,260 | ||||
| Income taxes | $ | — | $ | 184,707 | ||||
| Noncash transactions during the period for: | ||||||||
| Liabilities converted to equity upon exercise of warrants | $ | — | $ | 323,113 | ||||
| Acquisition of film licenses in accounts payable | $ | 14,000 | $ | 152,000 | ||||
| Acquisition of software and software licenses in accounts payable and accrued expenses | $ | (8,639 | ) | $ | 51,741 | |||
| Change in fair value of notes recorded in accumulated other comprehensive income | $ | 5,310 | $ | 22,023 | ||||
