Quarterly report pursuant to Section 13 or 15(d)

Non-Controlling Interest In Versus LLC

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Non-Controlling Interest In Versus LLC
9 Months Ended
Sep. 30, 2024
Non-Controlling Interest In Versus LLC [Abstract]  
NON-CONTROLLING INTEREST IN VERSUS LLC
4. NON-CONTROLLING INTEREST IN VERSUS LLC

 

The Company holds a 81.9% ownership interest in Versus LLC, a privately held limited liability company organized under the laws of the state of Nevada. The Company consolidates Versus LLC as a result of having full control over the voting shares. Versus LLC is a technology company that is developing a business-to-business software platform that allows video game publishers and developers to offer prize-based matches of their games to their players.

 

The net loss for Versus, LLC for the three month and nine month periods ended September 30, 2024 was $543,107 and $3,448,893, respectively. The net loss for Versus, LLC for the three month and nine month periods ended September 30, 2023 was $2,363,489 and $4,995,685, respectively. The net income (loss) attributable to the non-controlling interest for the three month and nine month periods ended September 30, 2024 was $(31,920) and $297,569, respectively The net income (loss) attributable to the non-controlling interest for the three month and nine month periods ended September 30, 2023 was $215,958 and $603,271, respectively The following table presents summarized financial information before intragroup eliminations for the non-wholly owned subsidiary as of September 30, 2024 and 2023.

 

    September 30,
2024
    December 31,
2023
 
Non-controlling interest percentage   18.1%     18.1%  
    ($)     ($)  
Assets            
Current     676,300       2,996,250  
Non-current    
-
      1,935  
      676,300       2,998,185  
                 
Liabilities                
Current     19,853       175,051  
Non-current     45,997,362       45,960,372  
      46,017,215       46,135,423  
Net liabilities     (45,340,915 )     (43,137,328 )
Non-controlling interest     (7,685,116 )     (7,387,547 )