TORONTO, Nov. 14, 2024 (GLOBE NEWSWIRE) — Enthusiast Gaming Holdings Inc. (“Enthusiast Gaming” or the “Company”) (TSX: EGLX), a leading gaming media and entertainment company, today announced financial results for the three months ended September 30, 2024 (“Q3 2024”).
“This quarter marks a transformative milestone for the Company, achieving our first profitable quarter on an Adjusted EBITDA basis,” said Adrian Montgomery, Interim CEO of Enthusiast Gaming. “This accomplishment is a direct result of the strategic refocusing efforts we began in Q1 and our relentless pursuit of operational efficiencies—all achieved without compromising the growth of our communities or the quality of our content. By optimizing our operations, streamlining costs, and prioritizing high-margin areas, we have positioned Enthusiast Gaming for a future of sustainable growth on a solid foundation, evolving into a more efficient and higher-margin company, and, most importantly, a consistently and increasingly profitable business. This optimized structure means that as our reach expands, our profitability grows right alongside it, allowing us to turn each interaction into meaningful value. We’re no longer just capturing attention; we’re transforming it into tangible returns that fuel our long-term success.”
Felicia DellaFortuna, CFO of Enthusiast Gaming, added, “This quarter we saw significant improvements across core financial and operational metrics, reaching profitability on an Adjusted EBITDA basis and advancing our balance sheet. With over $20 million in cost savings year-to-date and gross margin expansion to 70.3%, we’re positioned for scalable profitability and growth.”
Financial Highlights for Q3 2024
- Revenue of $16.8 million, compared to $45.6 million in Q3 2023, with the vast majority of the decline being attributable to the strategic deprioritization of the low margin video platform revenue.
- Gross profit of $11.8 million, compared to $16.7 million in Q3 2023, with gross margin expanding to 70.3% from 36.7% in the year ago period.
- Operating expenses of $12.7 million, a $12.3 million year-over-year decrease from $25.0 million in Q3 2023 as a result of strategic initiatives taken to establish an efficient and scalable operating model in March 2024.
- Adjusted EBITDA profit of $0.1 million, a $3.6 million improvement compared to an Adjusted EBITDA loss of $3.5 million in Q3 2023
- Net loss and comprehensive loss of $7.3 million in Q3 2024 compared to $57.2 million in Q3 2023.
Business Highlights for Q3 2024
- Financing: On July 12, 2024, the Company secured $20 million of funding by way of a four-year non-revolving term loan, strengthening its balance sheet and providing significant growth capital.
- Platform Engagement and Subscriber Growth: The Company’s key owned and operated properties saw sustained engagement and growth. Overall web pageviews across all web properties increased to 1.9 billion in Q3 2024 from 1.8 billion in Q2 2024. The web platform also saw increases in both unique visitors and time spent on site, reflecting the ability to grow and engage the Company’s audience. The Sims Resource (TSR) has seen continuous subscriber growth, with this month marking the sixth consecutive month of increases after a period of stagnation, reaffirming TSR’s role as a strong driver of recurring revenue. Icy Veins also performed well, benefiting from the launch of Blizzard’s World of Warcraft expansion: The War Within, which helped drive record user activity on the site and further cemented Icy Veins as the go-to destination for Blizzard game enthusiasts.
- Strategic Partnerships with NFL and NHL: The Company’s partnership with the NFL continued to exceed expectations, with six episodes of NFL Tuesday Night Gaming airing in Q3 under a new program format. These episodes generated a 467% year-over-year increase in impressions, reaching 92.7 million impressions in Q3 2024 compared to 16.4 million in Q3 2023, demonstrating the resonance of the new content format with its target audiences. Building on this success, the Company is preparing to launch NHL Puck ‘N Play in Q1 2025, allowing it to engage the NHL’s loyal fanbase and expand its presence in professional sports partnerships.
- Direct Sales: The direct sales team underwent a major rebuilding effort this year, and is now beginning to see promising indicators of growth. Amazon, the Company’s largest direct sales client this year, increased its spend by 107% over Q2. The media mix has shifted back to core strengths, with custom sponsorships making up 56% of direct sales in Q3, up from 28% in Q2. This shift to high-value campaigns underscores the positive impact of the direct sales restructuring and reflects the strength of the Company’s relationships with top-tier advertisers.
- Event Growth and Engagement: PocketGamer Connects (PGC) continued to establish itself as a leading industry event. The Mobile Games Awards, held in Germany in Q3, drew record attendance, celebrating the best in mobile gaming. The Company’s PGC Helsinki event, which moved from Q3 to Q4 in 2024, showed strong pre-sales during Q3 and is expected to boost event-driven revenue further in Q4.
- Luminosity Gaming’s Event Success: Luminosity Gaming’s live events also performed well, with its second invitational Super Smash Bros. Ultimate event of the year drawing over 600,000 hours watched and peaking at 60,000 concurrent viewers during the grand finals, demonstrating Luminosity’s strength as a leading esports brand that can deliver high-engagement content for fans and valuable exposure for sponsors.
- Fantasy Football Scout Expands Offerings: The Company announced that Fantasy Football Scout, the UK’s leading fantasy football advice service and a subsidiary of the Company, entered into a partnership with the English Football League (the “EFL”) to promote and support Fantasy EFL, a new fantasy game mode launched by the EFL for the 2024/2025 season.
Third Quarter 2024 Results Comparison
Revenue was $16.8 million in Q3 2024, a 63% decrease compared to $45.6 million in Q3 2023. Media and Content revenue was $11.9 million in Q3 2024, a 70% decrease from $39.8 million in Q3 2023. The Company’s strategic decision to de-prioritize the lower margin video platform revenue accounted for $21.3 million of the $28.0 million reduction. Direct Sales (the majority of which is included in media and content revenue) decreased from $9.8 million in Q3 2023 to $4.8 million in Q3 2024 mainly due to a lower number of ramped sellers than the year ago period, contributing $5.0 million to the decline in revenue. Esports and Entertainment revenue remained flat year-over-year at $1.9 million. Subscription revenue decreased from $3.7 million in Q3 2023 to $2.8 million in Q3 2024 in part due to change in mix of subscribers and lower subscriber count year-over-year on The Sims Resource and in part due to the sale of certain non-core, non-profitable assets in April 2024.
Gross profit was $11.8 million in Q3 2024, a 30% decrease compared to $16.7 million in Q3 2023. Gross margin increased to 70.3% in Q3 2024 from 36.6% in Q3 2023.
Adjusted EBITDA profit was $0.1 million in Q3 2024 compared to an Adjusted EBITDA loss of $3.5 million in Q3 2023.
Net loss $6.7 million, or $(0.04) per share, in Q3 2024, compared to $59.1 million, or $(0.38) per share, in Q3 2023.
Organizational Updates
The Company is pleased to announce that Mr. Scott O’Neil has been appointed as Chair of the Board of Directors of the Company. Mr. O’Neil is currently the CEO of Merlin Entertainment, a global leader in branded entertainment destinations, servicing over 60 million guests every year, and has also led some of the top athletic brands in the world, including New York Knicks – NBA, New York Rangers – NHL, Philadelphia Eagles – NFL and the Philadelphia 76ers – NBA. He has served on the Board of Directors of the Company since 2022.
Investor Conference Call
Management will host a conference call and webcast on Thursday, November 14, 2024, at 5 p.m. ET to review and discuss its Q3 2024 results. Conference call details:
A replay will be available on Enthusiast Gaming’s website at enthusiastgaming.com/investors.
Supplemental Information
Enthusiast Gaming’s financial statements and management discussion and analysis (“MD&A”) are available at www.sedarplus.ca and enthusiastgaming.com/investors. All amounts are in Canadian dollars.
About Enthusiast Gaming
Enthusiast Gaming is a leading gaming media and entertainment company, building the largest platform for video game enthusiasts and esports fans to connect and compete worldwide. Combining the elements of its five core pillars: creators, content, communities, games, and experiences, Enthusiast Gaming provides a unique opportunity for marketers to create integrated brand solutions to connect with coveted Gen Z and Millennial audiences. Through its proprietary mix of digital media, content and gaming assets, Enthusiast Gaming continues to grow its network of communities, reflecting the scale and diversity of gaming enthusiasts today.
Contacts
Enthusiast Gaming: Felicia DellaFortuna, Chief Financial Officer
Investors: investor@enthusiastgaming.com
Media: press@enthusiastgaming.com
Forward-Looking Statements
This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that Enthusiast Gaming anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking statements in this news release include, but are not limited to, statements regarding trends in certain financial and operating metrics of the Company, and expectations relating to the financial performance and the financial results of future periods.
Forward-looking statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, including, but not limited to, expectations and assumptions concerning: interest and foreign exchange rates; capital efficiencies, cost saving and synergies; growth and growth rates; the success in the esports and gaming media industry; the Company’s growth plan, and judgment applied in the application of the Company’s accounting policies and in the preparation of financial statements in accordance with applicable financial reporting standards. While Enthusiast Gaming considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; and future legislative, tax and regulatory developments. Readers are cautioned that the foregoing list is not exhaustive. For more information on the risks, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to the public filings of Enthusiast Gaming which are available on SEDAR+ at www.sedarplus.ca. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. Enthusiast Gaming disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Non-GAAP Measures
This press release references certain non-GAAP measures, including Adjusted EBITDA, as described below. These non-GAAP measures are not recognized measures under GAAP and do not have a standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those GAAP measures by providing further understanding of the Company’s results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS.
The Company uses non-GAAP measures including:
“EBITDA”, which is defined as earnings before interest, taxes, depreciation and amortization. Enthusiast Gaming calculates EBITDA using gross margin less total operating expenses plus share-based compensation, amortization and depreciation and annual general meeting legal and advisory costs; and,
“Adjusted EBITDA”, which is defined as EBITDA plus severance and other non-recurring public costs. Non-recurring costs include items such as annual Nasdaq listing fees and directors and officers (“D&O”) liability insurance specific to the Company’s former listing on Nasdaq.
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the exchange) accepts responsibility for the adequacy or accuracy of this release.
| Enthusiast Gaming Holdings Inc. | |||||||||||||||
| Condensed Consolidated Interim Statements of Loss and Comprehensive Loss | |||||||||||||||
| 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 30, 2024 |
September 30, 2023 |
September 30, 2024 |
September 30, 2023 |
||||||||||||
| Revenue | $ | 16,778,275 | $ | 45,558,271 | $ | 54,811,148 | $ | 131,037,006 | |||||||
| Cost of sales | 4,983,390 | 28,821,750 | 19,209,568 | 82,552,235 | |||||||||||
| Gross margin | 11,794,885 | 16,736,521 | 35,601,580 | 48,484,771 | |||||||||||
| Operating expenses | |||||||||||||||
| Professional fees | 293,141 | 674,299 | 1,191,229 | 1,817,698 | |||||||||||
| Consulting fees | 170,000 | 1,679,734 | 2,099,345 | 4,583,686 | |||||||||||
| Advertising and promotion | 218,340 | 554,247 | 941,700 | 2,948,971 | |||||||||||
| Office and general | 1,071,754 | 2,068,666 | 2,646,833 | 6,290,787 | |||||||||||
| Annual general meeting legal and advisory costs | – | – | – | – | |||||||||||
| Salaries and wages | 5,760,452 | 8,814,047 | 19,519,959 | 27,953,381 | |||||||||||
| Technology support, web development and content | 4,031,457 | 6,662,381 | 11,136,148 | 16,115,371 | |||||||||||
| Esports player, team and game expenses | 464,723 | 680,637 | 1,641,886 | 1,961,799 | |||||||||||
| Foreign exchange (gain) loss | (66,649 | ) | (43,052 | ) | 74,885 | 94,356 | |||||||||
| 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 | |||||||||||
| Total operating expenses | 12,703,409 | 25,017,247 | 39,823,157 | 74,835,256 | |||||||||||
| Other expenses (income) | |||||||||||||||
| Goodwill impairment | – | 44,822,575 | – | 44,822,575 | |||||||||||
| Intangible asset impairment | – | 6,838,060 | – | 6,838,060 | |||||||||||
| Investment in associates impairment | – | – | 26,497 | – | |||||||||||
| Other long-term asset impairment | – | – | 1,098,506 | – | |||||||||||
| Transaction costs | 1,908,963 | – | 1,908,963 | – | |||||||||||
| Share of net loss (income) from investment in associates and joint ventures | 278 | (138,339 | ) | (18,627 | ) | (72,169 | ) | ||||||||
| Interest and accretion | 573,960 | 617,653 | 1,760,484 | 1,833,378 | |||||||||||
| Loss (gain) on revaluation of deferred payment liability | 39,882 | 413,044 | (23,486 | ) | 615,121 | ||||||||||
| Gain on sale of assets held for sale | – | – | (344,852 | ) | – | ||||||||||
| Loss on disposal of property and equipment | – | – | 25,997 | – | |||||||||||
| Loss on revaluation of long-term debt | 3,385,798 | – | 3,385,798 | – | |||||||||||
| Loss on modification of long-term debt | 4,893 | – | 401,951 | – | |||||||||||
| Interest income | (281 | ) | (575 | ) | (5,730 | ) | (63,296 | ) | |||||||
| Net loss before income taxes | (6,822,017 | ) | (60,833,144 | ) | (12,437,078 | ) | (80,324,154 | ) | |||||||
| Income taxes | |||||||||||||||
| Current tax expense | 55,392 | 171,346 | 182,529 | 397,117 | |||||||||||
| Deferred tax expense (recovery) | (181,647 | ) | (1,940,134 | ) | (208,820 | ) | (2,703,623 | ) | |||||||
| Net loss for the period | (6,695,762 | ) | (59,064,356 | ) | (12,410,787 | ) | (78,017,648 | ) | |||||||
| Other comprehensive (loss) income | |||||||||||||||
| Items that may be reclassified to profit or loss | |||||||||||||||
| Foreign currency translation adjustment | (639,611 | ) | 1,815,312 | 826,090 | (319,937 | ) | |||||||||
| Net loss and comprehensive loss for the period | $ | (7,335,373 | ) | $ | (57,249,044 | ) | $ | (11,584,697 | ) | $ | (78,337,585 | ) | |||
| Net loss per share, basic and diluted | $ | (0.04 | ) | $ | (0.38 | ) | $ | (0.08 | ) | $ | (0.51 | ) | |||
| Weighted average number of common shares | |||||||||||||||
| outstanding, basic and diluted | 155,759,149 | 154,393,280 | 155,719,820 | 152,786,876 | |||||||||||
| Enthusiast Gaming Holdings Inc. | |||||||||
| Condensed Consolidated Interim Statements of Financial 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 30, 2024 | September 30, 2023 | September 30, 2024 | September 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 | ) | |||
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