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Berlin:3UW

Elys Game Technology Announces Partnership to Provide Sportsbook Services at Top Hat Sports Bar & Grill in Maryland

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NEW YORK, NY, Oct. 10, 2022 (GLOBE NEWSWIRE) — Elys Game Technology, Corp. (“Elys” or the Company”) (Nasdaq: ELYS), an interactive gaming and sports betting technology company, today announced a partnership with Bookmakers, LLC to provide land-based sportsbook services within the Top Hat Sports Bar & Grill, located in Parkville, Maryland. Under the agreement, Elys will receive a percentage of all sports betting revenue generated pending final regulatory approval of the Maryland Lottery and Gaming Control Commission.

Karen Senac, owner of Bookmakers, LLC commented, “We are delighted to partner with Elys to provide sportsbook services within the Top Hat Sports Bar & Grill located in Parkville, Maryland. Elys’ experience in the market, ease of use for players and reporting for regulatory compliance is what drove Bookmakers to select and sign with Elys. We expect that their “Build-A-Bet” feature will be especially attractive to our customers. We are excited about the prospect of offering yet another layer of entertainment to the customers of this already busy establishment. I am truly excited at the prospect of being part of this progressive program in the state of Maryland and appreciate the support of the Maryland Lottery and Gaming Control Commission in driving new revenue streams to support locally owned businesses.”

Michele Ciavarella, Executive Chairman of Elys Game Technology, stated, “We are pleased to enter this partnership with Bookmakers, LLC to provide them with an end-to-end, best-in-class sportsbook solution for their customers. Top Hat Sports Bar & Grill, Parkville’s premier pool hall for over three decades, includes a sports bar and lounge area with multiple flat screen TVs for viewing your favorite sports, making it an ideal location to include our sportsbook solution for their customers. We look forward to working with Karen Senac and the Bookmakers team to fulfil their inaugural sportsbook goals.”

“This partnership is a further example of both our growing traction within the state of Maryland, as well as the eagerness of local business operators to provide their customers with sports betting as an ancillary product in their establishments. The Maryland Lottery and Gaming Control Agency recently approved new rules for Maryland sports betting. This agreement follows a similar agreement in the state of Maryland with the Rod ‘N’ Reel Resort, which is one of just seven named ‘class B’ entities in the state of Maryland guaranteed a sportsbook license. Adding a sportsbook to a local business operator, such as the Top Hat Sports Bar & Grill, is expected to be a win-win for the establishment, as it could generate a new stream of revenue and provide an engaging product and service for their current guests, as well as potentially allowing establishments to build their businesses by drawing new customers interested in the sportsbook solution to their venues. We plan to continue to aggressively develop our sales pipeline with additional bars, restaurants and other retail establishments to implement our sportsbook solution throughout the nation,” concluded Mr. Ciavarella.

About Elys Game Technology, Corp.

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Elys Game Technology, Corp., is a B2B global gaming technology company operating in multiple countries worldwide, with B2C online and land-based gaming operations in Italy. Elys offers its clients a full suite of leisure gaming products and services, such as sports betting, e-sports, virtual sports, online casino, poker, bingo, interactive games, and slots in Italy and has operations in five states as well as the District of Columbia in the U.S. market. Elys’ vision is to become a global leader in the gaming industry through the development of pioneering and innovative technology.

The Company provides wagering solutions, services online operators, casinos, retail betting establishments and franchise distribution networks. Additional information is available on our corporate website at www.elysgame.com.

Investors may also find us on Twitter @ELYS_gaming.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements and include statements regarding the Company’s plans to provide land-based sportsbook services within the Top Hat Sports Bar & Grill, in Parkville, Maryland, Top Hat Sports Bar & Grill commencing land-based sportsbook betting upon regulatory approval, “Build-A-Bet” being especially attractive to customers, Top Hat Sports Bar & Grill being an ideal location to include the Company’s sportsbook solution for their customers, working with Karen Senac and the Bookmakers team to fulfil their inaugural sportsbook goals, adding a sportsbook to a local business operator being a win-win for the establishment, generating a new stream of revenue and providing an engaging product and service, establishments building their businesses by drawing new customers interested in the sportsbook solution to their venues and the Company‘s plans to continue to aggressively develop its sales pipeline with additional bars, restaurants and other retail establishments to implement its sportsbook solution throughout the nation. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to provide land-based sportsbook services within the Top Hat Sports Bar & Grill, in Parkville, Maryland upon regulatory approval as planned, the ability to make “Build-A-Bet”, especially attractive to customers, the ability to generating a new stream of revenue and draw new customers interested in the sportsbook solution to venues, the Company‘s ability to continue to aggressively develop its sales pipeline with additional bars, restaurants and other retail establishments to implement its sportsbook solution throughout the nation, the duration and scope of the COVID-19 outbreak worldwide, including the impact to state and local economies, and the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and its subsequent filings with the U.S. Securities and Exchange Commission, including subsequent periodic reports on Form 10-Q and current reports on Form 8-K. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.

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Contact:
Crescendo Communications, LLC
Tel: (212) 671-1020
Email: [email protected]

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Berlin:3UW

Elys BMG Group Announces Grand Opening Event For Grand Central’s H Street Sportsbook in Washington, DC.

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NEW YORK, March 20, 2024 (GLOBE NEWSWIRE) — Elys BMG Group, Inc. (“Elys” or the “Company”) (OTC: ELYS), an interactive gaming and sports betting technology company, today announces that the Grand Central H-Street Sportsbook (“Grand Central”) will host its grand opening at 625-D H Street NE in Washington, D.C., on March 21, 2024. The grand opening begins at 10 A.M. EST with an invitational event with media and government officials, followed by the general opening of wagering windows and kiosks at 11:30 A.M. EST.

“Grand Central is proud to partner with Elys on our second location together,” said Brian Vasile, owner of Grand Central. “We are grateful to the OLG, District Council, and Mayor’s Office for their visionary leadership in creating room for small businesses to thrive in the dynamic sports betting market.”

“We are excited to extend our collaboration with Grand Central to launch their second joint venture site,” said Mike Ciavarella, CEO of Elys. “This is more than just a business expansion; it’s a testament to our commitment to providing exceptional services and creating unforgettable experiences for our patrons and partners. We are eager to immerse ourselves in the rich tapestry of the D.C. community and to have a positive impact on the evolution of the District’s sports betting landscape while fostering initiatives of small and local business builders like Brian.”

Alongside its sportsbook, Grand Central H-Street offers patrons fresh desserts by Tissy Sweets Bakery & Cafe, assorted snacks, and non-alcoholic beverages.

About Elys BMG Group, Inc.
Elys BMG Group, Inc. is a global gaming technology company operating in multiple countries worldwide. Elys offers its clients a full suite of omnichannel leisure gaming products and services, such as online sports betting, e-sports, virtual sports, online casino, poker, bingo, interactive games, and online slots on a B2C basis in Italy and has B2B operations in three states as well as the District of Columbia in the U.S. market. The Company provides sports betting software, online casino software, services for commercial and tribal casinos, retail betting establishments, and franchise distribution networks.

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Elys’ vision is to become a global leader in the gaming industry through the development of pioneering and innovative online casino and sportsbook software. Additional information is available on our corporate website at www.elysgame.com.

Investors may also find us on Twitter @ELYS_BMG; Instagram @elys_BMG; LinkedIn Elys_BMG; YouTube @Elys_BMG; and on Facebook @ElysBMG.

Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project,” and similar expressions that are intended to identify forward-looking statements and include statements regarding Elys. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and its subsequent filings with the U.S. Securities and Exchange Commission, including subsequent periodic reports on Form 10-Q and current reports on Form 8-K. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.

Investor Contact:
Beatriz Oni
Account Communications Manager
561-838-3325
[email protected]

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Berlin:3UW

Elys BMG Group Announces Approval For Grand Central’s H Street Sportsbook in Washington, DC.

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elys-bmg-group-announces-approval-for-grand-central’s-h-street-sportsbook-in-washington,-dc.

NEW YORK, March 07, 2024 (GLOBE NEWSWIRE) — Elys BMG Group, Inc. (“Elys” or the “Company”) (OTC: ELYS), an interactive gaming and sports betting technology company, today announces that Grand Central Sportsbook in Washington D.C. (“Grand Central”) has been granted provisional approval to open its H Street sportsbook by the DC Office of Lottery and Gaming, Regulation and Oversight Division. As previously announced, this represents the third independently owned sportsbook venue in Washington, D.C. powered by Elys’ Gameboard betting technology.

The grand opening of Grand Central H Street, located at 625-D H Street NE in Washington, D.C., is expected to take place ahead of the 2024 March Madness tournament and which will be announced along with planned promotions and events within the coming days.

The Company is preparing to sequentially open multiple new retail sportsbook operations in Washington D.C. and other states throughout 2024 and looks forward to launching its online sportsbook in Colorado on a B2C basis through the Market Access Agreement with Caesars Entertainment.

About Elys BMG Group, Inc.
Elys BMG Group, Inc. is a global gaming technology company operating in multiple countries worldwide. Elys offers its clients a full suite of omnichannel leisure gaming products and services, such as online sports betting, e-sports, virtual sports, online casino, poker, bingo, interactive games, and online slots on a B2C basis in Italy and has B2B operations in three states as well as the District of Columbia in the U.S. market. The Company provides sports betting software, online casino software, services for commercial and tribal casinos, retail betting establishments, and franchise distribution networks.

Elys’ vision is to become a global leader in the gaming industry through the development of pioneering and innovative online casino and sportsbook software. Additional information is available on our corporate website at www.elysgame.com.

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Investors may also find us on Twitter @ELYS_BMG; Instagram @elys_BMG; LinkedIn Elys_BMG; YouTube @Elys_BMG; and on Facebook @ElysBMG.

Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project,” and similar expressions that are intended to identify forward-looking statements and include statements regarding Elys. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and its subsequent filings with the U.S. Securities and Exchange Commission, including subsequent periodic reports on Form 10-Q and current reports on Form 8-K. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.

Investor Contact:
Beatriz Oni
Account Communications Manager
561-838-3325
[email protected]

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Berlin:3UW

Elys Game Technology Reports Third Quarter 2023 Business and Financial Results

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NEW YORK, Nov. 20, 2023 (GLOBE NEWSWIRE) — Elys Game Technology, Corp. (“Elys” or the “Company”) (OTC:ELYS) (BER:3UW), an interactive gaming and sports betting technology company, today provided a business update and reported financial results for the third quarter ended September 30, 2023.

Third Quarter and Recent Operational Highlights

  • Established a multiyear market access agreement with Caesars Entertainment, unlocking access to the Colorado sports betting market. The strategic agreement signals Elys’ first entry into the North American mobile sports betting landscape. Pending regulatory approvals, the Company expects to launch its U.S. mobile sportsbook operations in Colorado in 2024.
  • Introduced www.SportBet.com, the Company’s new online and mobile sports betting brand for the United States market. The “5D by Elys” mobile app is included under the brand, forming a comprehensive sports betting platform with cross-platform compatibility. This development positions Elys’ online sports betting launch under a highly recognizable, consumer-friendly brand.
  • Completed installation of its North American hub infrastructure, successfully establishing a robust technology footprint for the expansion of Elys’ platform.
  • Multigioco, an Elys subsidiary, unveiled its enhanced offerings in Italy with a revamped online casino, sports betting site, and mobile app. The significant relaunch in the Italian market improves player experience with optimized performance, speed, and a robust security profile while also setting the stage for meaningful cost savings by eliminating expenses associated with trading and risk management, platform development, and iGaming aggregation.
  • Secured a third sportsbook location in Washington, D.C., expanding the Company’s footprint in the city and building upon the success of its small business sportsbook business model.

Third Quarter 2023 Financial Results
Results compare 2023 fiscal third quarter end (September 30, 2023) to 2022 fiscal third quarter end (September 30, 2022) unless otherwise indicated.

  • Total revenue decreased 11.8% to $8.5 million from $9.6 million in the prior year. The change is primarily attributable to higher payouts benefiting Elys’ sportsbook customers as well as a decrease in web-based turnover due to a reduction in online casino and poker offerings during the third quarter, thereby reducing our blended revenue conversion. At the end of September 2023, a historically quiet period for sports betting, the Company underwent a platform switchover that provides significantly enhanced online casino and poker offerings for our Italian operations. The switchover had an immaterial impact on online sportsbook revenue that was partially offset by an increase in land-based sportsbook revenue due to the activation of new physical locations. For the first nine months of 2023, total revenue increased by approximately $0.06 million.
  • Total handle (turnover) decreased 2.4% to $162.6 million from $166.5 million in the prior year period. The decrease in handle in the third quarter was due to the reduction in web-based turnover caused by the aforementioned online casino and poker reduction ahead of the platform switchover. For the first nine months of 2023, the total handle increased 2.4% to $585.8 million consistent with the Company’s growth expectations.
  • Operating expenses decreased 10.2% to $11.4 million from $12.7 million in the prior year period. The change is primarily attributable to decreases in general and administrative costs as well as a reduction in technology development costs. For the first nine months of 2023, overall operating costs continued to downtrend, with a reduction of $0.13 million, reflecting management’s commitment to profitability, despite the additional expenses incurred for U.S. and Canadian facing investments during the first nine months of 2023.
  • Net loss from continuing operations was $(3.2) million, or $(0.10) per share, compared to $(3.8) million, or $(0.14) per share, in the prior year period. The change is primarily attributable to the decrease in loss from operations, despite lower revenues and a reduction in other non-operating expenses of $0.3 million compared to the prior year period. For the first nine months of 2023, net loss was $(9.1) million, or $(0.27) per share, compared to $(11.1) million, or $(0.41) per share, in the prior year period.
  • Cash and cash equivalents were $2.6 million at September 30, 2023, compared to $3.4 million at December 31, 2022.

Management Commentary
“In Q3, we laid critical foundations for a large-scale expansion into the rapidly growing online sports betting market in the United States and Canada,” said Mike Ciavarella, Executive Chairman of Elys Game Technology Corp. “Over the past few years, we have executed our go-to-market strategy by making significant investments related to our product platform and infrastructure development for our future commercial operations in North America. Elys now stands at the inflection point where these investments begin to convert into revenues in 2024.

“Our www.SportBet.com website, complemented by our advanced platform and recent market access partnership with Caesars Entertainment, equips us to attract players nationwide over the coming quarters. The impending launch in Colorado serves as our initial online sports betting market entry point, and we regard our partnership with Caesars as a gateway to future opportunities in other states. At the same time, we are maintaining our solid and stable operations in the Italian market, where we recently introduced a revamped platform and all-new product lineup. This platform not only enhances the overall player experience but also incorporates changes that significantly reduce expenses and puts our Multigioco subsidiary on track to meet the Company’s profit goals through 2024.

“As we begin our strategic rollout into the vast addressable online sports betting market in the United States, we are confident in our ability to replicate our Italian success story. The U.S. sports betting opportunity contains decades of pent-up demand, and we expect to carve out significant market share with our ‘best odds’ approach and user-friendly platform as our experience in Italy demonstrates. Our measured and strategic approach to this vast market sets us apart. Through meticulous study of player behavior and regulatory dynamics, we aim to emerge as a responsible and formidable operator in the budding U.S. market, extracting long-term value for Elys shareholders.”

Update on the Listing of Common Shares
On October 13, 2023, Elys Game Technology received written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) informing the Company that trading of its common shares would be suspended as of the opening of business on October 17, 2023. As a result, Elys’ common shares began trading on the OTC markets in October, where they continue to trade today.

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To prioritize the value for its shareholders, the Company will remain listed on the OTC Markets until further analysis of the exchange listing of our common shares is completed. Elys’ management team and board of directors are diligently assessing various major listing venues to determine the most strategic path forward, one that will ultimately offer the best opportunity to maximize shareholder value in the long term.

About Elys Game Technology, Corp.
Elys Game Technology, Corp. is a global gaming technology company operating in multiple countries worldwide. Elys offers its clients a full suite of omnichannel leisure gaming products and services, such as online sports betting, e-sports, virtual sports, online casino, poker, bingo, interactive games, and online slots on a B2C basis in Italy and has B2B operations in five states as well as the District of Columbia in the U.S. market. The Company provides sports betting software, online casino software, services for commercial and tribal casinos, retail betting establishments, and franchise distribution networks.

Elys’ vision is to become a global gaming industry leader by developing pioneering and innovative online casino software. Additional information is available on our corporate website at www.elysgame.com.

Investors may also find us on Twitter @ELYS5D; Instagram @elys5d; LinkedIn Elys America; YouTube @Elys5D; and on Facebook @Elys5D.

Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project,” and similar expressions that are intended to identify forward-looking statements and include statements regarding Elys. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and its subsequent filings with the U.S. Securities and Exchange Commission, including subsequent periodic reports on Form 10-Q and current reports on Form 8-K. The information in this release is provided only as of the date of this release. The Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.

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Investor Contact:
Tom Colton and Alec Wilson
Gateway Group, Inc.
949-574-3860
[email protected]

-Financial Tables to Follow-

ELYS GAME TECHNOLOGY, CORP.
Consolidated Balance Sheets
(Unaudited)
 
    September 30,
2023
  December 31,
2022
Current Assets                
Cash and cash equivalents   $ 2,551,000     $ 3,400,166  
Accounts receivable     735,725       731,962  
Gaming accounts receivable     1,841,921       1,431,497  
Prepaid expenses     2,637,882       900,205  
Related party receivable     22,511       22,511  
Other current assets     379,781       338,871  
Total Current Assets     8,168,820       6,825,212  
                 
Non – Current Assets                
Restricted cash           364,701  
Property and equipment     975,211       610,852  
Right of use assets     1,471,190       1,498,703  
Intangible assets     10,069,843       10,375,524  
Goodwill     1,662,016       1,662,278  
Marketable securities           19,999  
Total Non – Current Assets     14,178,260       14,532,057  
Total Assets   $ 22,347,080     $ 21,357,269  
                 
Current Liabilities                
Accounts payable and accrued liabilities   $ 8,917,952       6,790,523  
Gaming accounts payable     3,492,128       2,213,532  
Taxes payable     61,187       179,720  
Related party payable     46,916       422,129  
Promissory notes payable – related parties     411,939       752,000  
Operating lease liability     381,439       369,043  
Financial lease liability     1,895       6,831  
Bank loan payable – current portion     2,987       3,151  
Total Current Liabilities     13,316,443       10,736,929  
                 
Non-Current Liabilities                
Deferred tax liability     1,391,102       1,696,638  
Operating lease liability     1,059,970       1,157,979  
Financial lease liability     1,244       2,288  
Bank loan payable     152,643       148,169  
Convertible notes payable, net of discount of $169,003     209,347        
Convertible notes payable – related parties, net of discount of $2,039,673     2,936,049        
Other long-term liabilities     577,725       464,851  
Total Non – Current Liabilities     6,328,080       3,469,925  
Total Liabilities     19,644,523       14,206,854  
                 
Stockholders’ Equity                
Common stock, $0.0001 par value, 80,000,000 shares authorized; 35,794,381 and 30,360,810 shares issued and outstanding as of September 30, 2023 and December 31, 2022     3,579       3,036  
Additional paid-in capital     78,952,510       74,249,244  
Accumulated other comprehensive loss     (609,554 )     (600,619 )
Accumulated deficit     (75,643,978 )     (66,501,246 )
Total Stockholders’ Equity     2,702,557       7,150,415  
Total Liabilities and Stockholders’ Equity   $ 22,347,080     $ 21,357,269  

 

ELYS GAME TECHNOLOGY, CORP.
Consolidated Statements of Changes in Stockholders’ Equity
Nine months ended September 30, 2023 and September 30, 2022
(Unaudited) 
                                 
    For the Three Months Ended
September 30,
  For the Nine Months Ended
September 30,
    2023   2022   2023   2022
Revenue   $ 8,464,591     $ 9,591,294     $ 32,233,378     $ 32,175,015  
                                 
Costs and Expenses                                
Selling expenses     6,724,275       6,874,581       26,158,349       24,029,532  
General and administrative expenses     4,318,720       5,385,407       13,498,145       14,273,817  
Depreciation and amortization     354,334       423,361       1,043,432       1,315,593  
Restructuring and severance expenses                       1,205,689  
Total Costs and Expenses     11,397,329       12,683,349       40,699,926       40,824,631  
                                 
Loss from Operations     (2,932,738 )     (3,092,055 )     (8,466,548 )     (8,649,616 )
                                 
Other (Expenses) Income                                
Interest expense, net of interest income     (162,474 )     (9,104 )     (273,701 )     (22,641 )
Amortization of debt discount     (142,381 )           (215,651 )      
Other income     9,994       21,931       13,521       90,783  
Changes in fair value of contingent purchase consideration           (482,059 )           (1,397,833 )
Other expense           (45,528 )     (7,017 )     (56,539 )
Gain (loss) on marketable securities           (49,250 )     (19,999 )     43,250  
Total Other (Expenses) Income     (294,861 )     (564,010 )     (502,847 )     (1,342,980 )
                                 
Loss Before Income Taxes     (3,227,599 )     (3,656,065 )     (8,969,395 )     (9,992,596 )
Income tax provision     4,240       (167,574 )     67,199       (200,518 )
Net Loss from continuing operations     (3,223,359 )     (3,823,639 )     (8,902,196 )     (10,193,114 )
                                 
Discontinued operations                                
Operating loss     (34,690 )           (198,335 )      
Loss on recission     (42,201 )           (42,201 )      
Net loss from discontinued operations     (76,891 )           (240,536 )      
                                 
Net loss   $ (3,300,250 )   $ (3,823,639 )   $ (9,142,732 )   $ (10,193,114 )
                                 
Other Comprehensive (Loss) Income                                
Foreign currency translation adjustment     (102,111 )     (367,765 )     (8,935 )     (877,996 )
                                 
Comprehensive Loss   $ (3,402,361 )   $ (4,191,404 )   $ (9,151,667 )   $ (11,071,110 )
                                 
Loss per common share – basic and diluted                                
Continuing operations   $ (0.10 )   $ (0.14 )   $ (0.27 )   $ (0.41 )
Discontinued operations     (0.00 )     0.00       (0.00 )     0.00  
      (0.10 )     (0.14 )     (0.27 )     (0.41 )
Weighted average number of common shares outstanding – basic and diluted     31,886,832       26,942,389       32,758,530       24,871,319  

 ELYS GAME TECHNOLOGY, CORP.
Consolidated Statements of Cash Flows
(Unaudited)
         
    For the nine months
ended September 30,
    2023   2022
         
Net Loss   $ (9,142,732 )   $ (10,193,114 )
Net loss from discontinued operations     240,536        
Net loss from continuing operations     (8,902,196 )     (10,193,114 )
Adjustments to reconcile net loss to net cash used in operating activities                
Depreciation and amortization     1,043,431       1,315,593  
Gain on disposal of property and equipment     (5,136 )      
Amortization of debt discount     215,651        
Restricted stock awards     685,688       2,012,600  
Stock-based compensation expense     1,611,635       2,381,974  
Non-cash interest     268,320       17,637  
Loss on dissolution of subsidiary     325        
Change in fair value of contingent purchase consideration           1,397,833  
Unrealized loss (gain) on marketable securities     19,999       (43,250 )
Movement in deferred taxation     (124,437 )     (238,616 )
Changes in Operating Assets and Liabilities, net of assets acquired and liabilities assumed                
Prepaid expenses     (1,757,254 )     (2,043,015 )
Accounts payable and accrued liabilities     1,307,024       (1,013,194 )
Accounts receivable     1,957       (282,002 )
Gaming accounts receivable     (440,090 )     981,478  
Gaming accounts liabilities     1,339,804       693,455  
Taxes payable     (122,333 )     391,339  
Due from related parties     31,279       (8,026 )
Other current assets     (39,764 )     (19,838 )
Long term liability     122,022       76,916  
Net Cash Used in Operating Activities – continuing operations     (4,744,075 )     (4,572,230 )
Net Cash Used in Operating Activities – discontinued operations     (76,697 )      
NET CASH USED IN OPERATING ACTIVITIES     (4,820,772 )     (4,572,230 )
                 
Cash Flows from Investing Activities                
Acquisition of property and equipment and intangible assets     (1,112,830 )     (355,939 )
Net Cash Used in Investing Activities – continuing operations     (1,112,830 )     (355,939 )
Net Cash Provided by Investing Activities – discontinued operations     76,459        
NET CASH USED IN INVESTING ACTIVITIES     (1,036,371 )     (355,939 )
                 
Cash Flows from Financing Activities                
Proceeds from convertible notes     350,000        
Proceeds from convertible notes, related parties     4,400,000        
Proceeds from Subscriptions – Net of Fees           2,616,679  
Proceeds from pre-funded warrants           512,813  
Proceeds from related party promissory notes           665,000  
Repayment of bank overdraft           (7,043 )
Repayment of bank loan           (33,041 )
Repayment of financial leases     (5,996 )     (5,926 )
NET CASH PROVIDED BY FINANCING ACTIVITIES     4,744,004       3,748,482  
                 
Effect of change in exchange rate     (100,728 )     (1,504,030 )
                 
Net decrease in cash     (1,213,867 )     (2,683,717 )
Cash, cash equivalents and restricted cash – beginning of the period     3,764,867       7,706,357  
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – END OF THE PERIOD   $ 2,551,000     $ 5,022,640  
                 

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Consolidated Statements of Cash Flows
(Unaudited)

                 
Reconciliation of cash, cash equivalents and restricted cash within the Balance Sheets to the Statement of Cash Flows                
Cash and cash equivalents   $ 2,551,000     $ 4,690,034  
Restricted cash included in non-current assets           332,606  
    $ 2,551,000     $ 5,022,640  

Supplemental disclosure of cash flow information        
Cash paid during the period for:        
Interest   $ 5,735     $ 5,855  
Income tax   $ 199,745     $ 84,988  
                 
Supplemental cash flow disclosure for non-cash activities                
Fair value of common stock issued on acquisition of Engage IT Services Srl   $ 1,735,615     $  
Fair value of common stock returned on recission of acquisition of Engage IT Services Srl   $ (1,938,456 )        
Fair value of warrant issued with convertible debt   $ 2,424,327     $  
Fair value of restricted stock issued to settle liabilities   $ 60,000     $  
Fair value of options issued to settle liabilities   $ 125,000     $  

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