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Segment Reporting | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Reporting | Note 14 – Segment Reporting Each of the Company’s business segments offer different, but synergistic products and services. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The chief operating decision maker is our Chief Executive Officer. The Chief Executive Officer assesses performance for the segments and decides how to allocate resources based on segment profit or loss. The Company does not have any intra-entity sales or transfers. Further, unallocated corporate assets not directly attributable to any one of the business segments and unallocated corporate operating losses resulting from general corporate overhead expenses not directly attributable to any one of the business segments are reported separate from the Company’s identified segments and included under Corporate in the tables presented below. The Company’s business consists of three reportable business segments:
| ● | Esports, provided through Allied Esports, including video game events and tournaments.
| ● | Casual mobile gaming, provided through ZTech.
| ● | Live concert promotion and events organizing, provided through Skyline.
The Company’s significant segment revenues and expenses for the three and nine months ended September 30, 2025 and 2024 are as follows:
|  | For the Three Months Ended |
|  | September 30, |
|  | 2025 |  |  | 2024 |
|  | E-sports |  |  | Casual Mobile Gaming |  |  | Concerts |  |  | Corporate |  |  | Total |  |  | E-sports |  |  | Casual Mobile Gaming |  |  | Concerts |  |  | Corporate |  |  | Total |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
In-person |  | $ | 1,008,983 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 1,008,983 |  |  | $ | 1,345,484 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 1,345,484 |
Multiplatform content |  |  | 67 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 67 |  |  |  | 71 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 71 |
Casual mobile gaming |  |  | - |  |  |  | 837,862 |  |  |  | - |  |  |  | - |  |  |  | 837,862 |  |  |  | - |  |  |  | 817,986 |  |  |  | - |  |  |  | - |  |  |  | 817,986 |
Total Revenue |  |  | 1,009,050 |  |  |  | 837,862 |  |  |  | - |  |  |  | - |  |  |  | 1,846,912 |  |  |  | 1,345,555 |  |  |  | 817,986 |  |  |  | - |  |  |  | - |  |  |  | 2,163,541 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
In-person (excludes depreciation) |  |  | 613,711 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 613,711 |  |  |  | 682,652 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 682,652 |
Casual mobile gaming (excludes depreciation) |  |  | - |  |  |  | 732,802 |  |  |  | - |  |  |  | - |  |  |  | 732,802 |  |  |  | - |  |  |  | 700,918 |  |  |  | - |  |  |  | - |  |  |  | 700,918 |
Professional fees |  |  | 15,677 |  |  |  | 23,508 |  |  |  | - |  |  |  | 4,523,671 |  |  |  | 4,562,856 |  |  |  | 61,180 |  |  |  | 144,236 |  |  |  | 15,176 |  |  |  | (522,228 | ) |  |  | (301,636 | )
Salaries and benefits |  |  | 703,347 |  |  |  | 98,486 |  |  |  | 14,812 |  |  |  | 434,699 |  |  |  | 1,251,344 |  |  |  | 588,620 |  |  |  | - |  |  |  | - |  |  |  | 393,395 |  |  |  | 982,015 |
Selling and marketing expense |  |  | 7,916 |  |  |  | - |  |  |  | - |  |  |  | 71,073 |  |  |  | 78,989 |  |  |  | 6,544 |  |  |  | - |  |  |  | - |  |  |  | 83,968 |  |  |  | 90,512 |
Other expenses [1] |  |  | 232,321 |  |  |  | 54,820 |  |  |  | 2,045 |  |  |  | 1,016,513 |  |  |  | 1,305,699 |  |  |  | 264,392 |  |  |  | 17,400 |  |  |  | 1,637 |  |  |  | 120,619 |  |  |  | 404,048 |
Depreciation and amortization |  |  | 220,139 |  |  |  | 144,938 |  |  |  | - |  |  |  | 35,475 |  |  |  | 400,552 |  |  |  | 223,370 |  |  |  | 149,478 |  |  |  | - |  |  |  | 30,676 |  |  |  | 403,524 |
Stock based compensation |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 115,228 |  |  |  | 115,228 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 237,147 |  |  |  | 237,147 |
Research and development expense |  |  | - |  |  |  | 13,261 |  |  |  | - |  |  |  | 106,888 |  |  |  | 120,149 |  |  |  | (13,228 | ) |  |  | 158,162 |  |  |  | - |  |  |  | - |  |  |  | 144,934 |
Total Expense |  |  | 1,793,111 |  |  |  | 1,067,815 |  |  |  | 16,587 |  |  |  | 6,303,547 |  |  |  | 9,181,330 |  |  |  | 1,813,530 |  |  |  | 1,170,194 |  |  |  | 16,813 |  |  |  | 343,577 |  |  |  | 3,344,114 |
Segment loss |  |  | (784,061 | ) |  |  | (229,953 | ) |  |  | (16,857 | ) |  |  | (6,303,547 | ) |  |  | (7,334,418 | ) |  |  | (467,975 | ) |  |  | (352,208 | ) |  |  | (16,813 | ) |  |  | (343,577 | ) |  |  | (1,180,573 | )
All other segment items (2) |  |  | 52,510 |  |  |  | 89 |  |  |  | 27 |  |  |  | 1,882,808 |  |  |  | 1,935,434 |  |  |  | (590 | ) |  |  | 1,152,812 |  |  |  | 19,092 |  |  |  | (4,352,225 | ) |  |  | (3,180,911 | )
Consolidated pre-tax net loss |  | $ | (731,551 | ) |  | $ | (229,864 | ) |  | $ | (16,830 | ) |  | $ | (4,420,739 | ) |  | $ | (5,398,984 | ) |  | $ | (468,565 | ) |  | $ | 800,604 |  |  | $ | 2,279 |  |  | $ | (4,695,802 | ) |  | $ | (4,361,484 | )
|  | For the Nine Months Ended |
|  | September 30, |
|  | 2025 |  |  | 2024 |
|  | E-sports |  |  | Casual Mobile Gaming |  |  | Concerts |  |  | Corporate |  |  | Total |  |  | E-sports |  |  | Casual Mobile Gaming |  |  | Concerts |  |  | Corporate |  |  | Total |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
In-person |  | $ | 3,826,733 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 3,826,733 |  |  | $ | 3,518,044 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 3,518,044 |
Multiplatform content |  |  | 204 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 204 |  |  |  | 182 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 182 |
Casual mobile gaming |  |  | - |  |  |  | 2,214,593 |  |  |  | - |  |  |  | - |  |  |  | 2,214,593 |  |  |  | - |  |  |  | 3,664,244 |  |  |  | - |  |  |  | - |  |  |  | 3,664,244 |
Total Revenue |  |  | 3,826,937 |  |  |  | 2,214,593 |  |  |  | - |  |  |  | - |  |  |  | 6,041,530 |  |  |  | 3,518,226 |  |  |  | 3,664,244 |  |  |  | - |  |  |  | - |  |  |  | 7,182,470 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
In-person (excludes depreciation) |  |  | 2,091,982 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,091,982 |  |  |  | 1,820,818 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,820,818 |
Casual mobile gaming (excludes depreciation) |  |  | - |  |  |  | 2,051,374 |  |  |  | - |  |  |  | - |  |  |  | 2,051,374 |  |  |  | - |  |  |  | 3,198,988 |  |  |  | - |  |  |  | - |  |  |  | 3,198,988 |
Professional fees |  |  | 195,437 |  |  |  | 89,942 |  |  |  | - |  |  |  | 12,268,146 |  |  |  | 12,553,525 |  |  |  | 220,665 |  |  |  | 332,259 |  |  |  | 81,267 |  |  |  | 3,897,691 |  |  |  | 4,531,882 |
Salaries and benefits |  |  | 1,901,893 |  |  |  | 274,886 |  |  |  | 27,792 |  |  |  | 1,147,751 |  |  |  | 3,352,322 |  |  |  | 1,784,245 |  |  |  | - |  |  |  | - |  |  |  | 862,675 |  |  |  | 2,646,920 |
Selling and marketing expense |  |  | 24,479 |  |  |  | - |  |  |  | 2,500 |  |  |  | 173,668 |  |  |  | 200,647 |  |  |  | 10,755 |  |  |  | - |  |  |  | - |  |  |  | 187,806 |  |  |  | 198,561 |
Other expenses [1] |  |  | 745,055 |  |  |  | 61,187 |  |  |  | 6,410 |  |  |  | 1,591,691 |  |  |  | 2,404,343 |  |  |  | 726,156 |  |  |  | 37,502 |  |  |  | 71,965 |  |  |  | 487,576 |  |  |  | 1,323,199 |
Depreciation and amortization |  |  | 659,923 |  |  |  | 443,571 |  |  |  | - |  |  |  | 73,518 |  |  |  | 1,177,012 |  |  |  | 689,509 |  |  |  | 402,052 |  |  |  | - |  |  |  | 92,131 |  |  |  | 1,183,692 |
Stock based compensation |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 494,426 |  |  |  | 494,426 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 897,827 |  |  |  | 897,827 |
Research and development expense |  |  | - |  |  |  | 71,837 |  |  |  | - |  |  |  | 322,081 |  |  |  | 393,918 |  |  |  | - |  |  |  | 526,906 |  |  |  | - |  |  |  | - |  |  |  | 526,906 |
Total Expense |  |  | 5,618,769 |  |  |  | 2,992,797 |  |  |  | 36,702 |  |  |  | 16,071,281 |  |  |  | 24,719,549 |  |  |  | 5,252,148 |  |  |  | 4,497,707 |  |  |  | 153,232 |  |  |  | 6,425,706 |  |  |  | 16,328,793 |
Segment loss |  |  | (1,791,832 | ) |  |  | (778,204 | ) |  |  | (36,702 | ) |  |  | (16,071,281 | ) |  |  | (18,678,019 | ) |  |  | (1,733,922 | ) |  |  | (833,463 | ) |  |  | (153,232 | ) |  |  | (6,425,706 | ) |  |  | (9,146,323 | )
All other segment items (2) |  |  | 16,746 |  |  |  | 14,900 |  |  |  | (121,710 | ) |  |  | 3,635,245 |  |  |  | 3,545,181 |  |  |  | 1,172 |  |  |  | 1,505,487 |  |  |  | 74,578 |  |  |  | (2,508,800 | ) |  |  | (927,563 | )
Consolidated pre-tax net loss |  | $ | (1,775,086 | ) |  | $ | (763,304 | ) |  | $ | (158,412 | ) |  | $ | (12,436,036 | ) |  | $ | (15,132,838 | ) |  | $ | (1,732,750 | ) |  | $ | 672,024 |  |  | $ | (78,654 | ) |  | $ | (8,934,506 | ) |  | $ | (10,073,886 | )
[1] | Other expense includes insurance, utilities, repair and maintenance, office supplies, travel and entertainment, rent, and property tax expenses.
[2] | All other items include investments in money market funds and marketable securities, foreign currency transactions, fair value adjustment for digital assets, and other income and expenses including interest.
The Company’s significant segment assets as of September 30, 2025 and December 31, 2024 are as follows:
|  | As of September 30, 2025 |  |  | As of December 31, 2024 |
|  | E-sports |  |  | Casual Mobile Gaming |  |  | Concerts |  |  | Corporate |  |  | Total |  |  | E-sports |  |  | Casual Mobile Gaming |  |  | Concerts |  |  | Corporate |  |  | Total |
Total assets for reportable segments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill and intangible assets, net |  | $ | - |  |  | $ | 7,470,460 |  |  | $ | - |  |  | $ | 166,358 |  |  | $ | 7,636,818 |  |  | $ | 17,807 |  |  | $ | 7,697,633 |  |  | $ | - |  |  | $ | 196,625 |  |  | $ | 7,912,065 |
Property and equipment, net |  |  | 2,377,005 |  |  |  | 14,084 |  |  |  | - |  |  |  | 53,665 |  |  |  | 2,444,754 |  |  |  | 2,970,762 |  |  |  | 20,232 |  |  |  | - |  |  |  | 9,088 |  |  |  | 3,000,082 |
Other segment assets (1) |  |  | 7,295,639 |  |  |  | 326,904 |  |  |  | 71,754 |  |  |  | 88,991,714 |  |  |  | 96,686,011 |  |  |  | 5,930,764 |  |  |  | 425,660 |  |  |  | 7,373,683 |  |  |  | 88,045,005 |  |  |  | 101,775,112 |
Total consolidated assets |  | $ | 9,672,644 |  |  | $ | 7,811,448 |  |  | $ | 71,754 |  |  | $ | 89,211,737 |  |  | $ | 106,767,583 |  |  | $ | 8,919,333 |  |  | $ | 8,143,525 |  |  | $ | 7,373,683 |  |  | $ | 88,250,718 |  |  | $ | 112,687,259 |
The Company’s assets by geographic location are as follows:
|  | As of |
|  | September 30, 2025 |  |  | December 31, 2024 |
Total assets by geographic location: |  |  |  |  |  |
United States |  | $ | 11,528,294 |  |  | $ | 25,191,733 |
China |  |  | 95,239,289 |  |  |  | 87,495,526 |
Total consolidated assets |  | $ | 106,767,583 |  |  | $ | 112,687,259 |
The Company’s disaggregated revenues by geographic location for the three and nine months ended September 30, 2025 and 2024 are as follows:
|  | For the Three months Ended |  |  | For the Nine months Ended |
|  | September 30, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Total revenues by geographic location: |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 1,009,050 |  |  | $ | 1,345,555 |  |  | $ | 3,826,937 |  |  | $ | 3,518,226 |
China |  |  | 837,862 |  |  |  | 817,986 |  |  |  | 2,214,593 |  |  |  | 3,664,244 |
Total consolidated revenues |  | $ | 1,846,912 |  |  | $ | 2,163,541 |  |  | $ | 6,041,530 |  |  | $ | 7,182,470 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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