Quarterly report [Sections 13 or 15(d)]

Non-Controlling Interest in Versus LLC

v3.26.1
Non-Controlling Interest in Versus LLC
3 Months Ended
Mar. 31, 2026
Non-Controlling Interest In Versus LLC [Abstract]  
NON-CONTROLLING INTEREST IN VERSUS LLC
4. NON-CONTROLLING INTEREST IN VERSUS LLC

 

The Company holds an 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 periods ended March 31, 2026 and 2025 was $748,594 and $1,075,861, respectively. The net loss attributable to the non-controlling interest for the three-month periods ended March 31, 2026 and 2025 was $135,495 and $194,731, respectively

 

The following table presents summarized financial information before intragroup eliminations for the non-wholly owned subsidiary as of March 31, 2026 and December 31, 2025, respectively.

 

    March 31,
2026
    December 31,
2025
 
    ($)     ($)  
Assets            
Current     722,953       1,381,959  
Non-current(1)     936,000       609,000  
      1,658,953       1,990,959  
                 
Liabilities                
Current     459,340       101,758  
Non-current(2)     45,777,715       45,877,726  
      46,237,055       45,979,484  
Net liabilities     (44,578,102 )     (43,988,525 )
Non-controlling interest     (8,408,114 )     (8,272,619 )

 

(1) The Company reclassed $609,000 into long-term for the year ended December 31, 2025 attributable to intangible assets.
(2) Non-current liabilities primarily relate to intercompany balances within the consolidated group.