Summary by Moomoo AI
Esports Entertainment Group, Inc. has filed a Form 12b-25 with the SEC, notifying of a late filing for its Quarterly Report on Form 10-Q for the period ended March 31, 2024. The company was unable to file the report by the May 15, 2024 deadline due to challenges following its delisting from Nasdaq. These challenges include completing unaudited condensed consolidated financial statements and assessing the effects of amendments to its preferred stock. Preliminary financial data indicates a significant decrease in net revenue and operating expenses compared to the same period in the previous year, due to the sale of certain business units and cost reductions. The company also reported an accumulated deficit, recurring losses, and insufficient cash to fund operations without additional financing, raising substantial doubt about its ability to continue as a going concern.
