Motorsport Games Inc (MSGM) 2023 Q3 法說會逐字稿

Good day and welcome to the Motorsport Games Inc. Q3 2023 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Ben Rossiter-Turner, Vice President. Please go ahead.

美好的一天，歡迎參加 Motorsport Games Inc. 2023 年第三季財報電話會議。 （操作員說明）請注意此事件正在被記錄。現在我想將會議交給副總統本·羅西特-特納。請繼續。

Thank you, and welcome to the Motorsport Games Third Quarter 2023 Earnings Conference Call and Webcast. On today's call is Motorsport Games' Chief Executive Officer, Stephen Hood, and Chief Financial Officer, Jason Potter.

謝謝，歡迎參加 Motorsport Games 2023 年第三季財報電話會議和網路廣播。出席今天電話會議的是 Motorsport Games 執行長 Stephen Hood 和財務長 Jason Potter。

By now everyone should have access to the company's third quarter 2023 earnings press release filed today after market close. This is available on the Investor Relations section of multiple games, its website at www.motorsportgames.com.

到目前為止，每個人都應該可以訪問該公司今天收盤後提交的 2023 年第三季財報新聞稿。您可以在多個遊戲的投資者關係部分找到該信息，其網站為 www.motorsportgames.com。

During the course of this call, management may make forward-looking statements within the meaning of US federal securities laws. These statements are based on management's current expectations and beliefs and involve risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. Except as required by law, the company undertakes no obligation to update any forward-looking statements made on this call or to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. Please refer to today's press release and the company's filings with the SEC, including its most recent quarterly report on Form 10-Q for the quarter ended September 30, 2023, for a detailed discussion of certain risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today.

在本次電話會議期間，管理階層可能會做出美國聯邦證券法意義內的前瞻性陳述。這些陳述是基於管理階層目前的預期和信念，涉及可能導致實際結果與這些前瞻性陳述中描述的結果有重大差異的風險和不確定性。除法律要求外，本公司不承擔更新本次電話會議中所做的任何前瞻性陳述或更新或更改其前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因。請參閱今天的新聞稿和該公司向SEC 提交的文件，包括截至2023 年9 月30 日的季度的最新10-Q 季度報告，詳細討論了可能導致實際結果與實際結果存在重大差異的某些風險。今天發表的任何前瞻性陳述中明示或暗示的內容。

In today's conference call, we will refer to certain non-GAAP financial measures such as adjusted EBITDA. As we discuss the third quarter 2023 financial results, you will find a reconciliation of these non-GAAP measures to their most directly comparable GAAP measures, as well as other related disclosures in the press release issued earlier today.

在今天的電話會議中，我們將提及某些非公認會計準則財務指標，例如調整後的 EBITDA。當我們討論 2023 年第三季財務業績時，您會發現這些非 GAAP 衡量標準與其最直接可比較的 GAAP 衡量標準以及今天早些時候發布的新聞稿中的其他相關披露進行了調整。

And now I'd like to turn over the call, Stephen Hood, Chief Executive Officer of Motorsport Games. Stephen.

現在我想轉接電話，Motorsport Games 執行長 Stephen Hood。史蒂芬.

Thank you to all participants joining this conference call today. This past quarter has been a continuation of the incredible efforts to steer our business to future success. This work undertaken by the Board and senior leadership team has started to deliver recognizable tangible results, and I'm very happy to walk you through the positive achievements we have accomplished thus far.

感謝今天參加本次電話會議的所有參與者。上個季度是我們為引導我們的業務走向未來成功而做出的令人難以置信的努力的延續。董事會和高階領導團隊所進行的這項工作已經開始取得明顯的實際成果，我很高興向您介紹我們迄今為止所取得的正面成就。

I would first like to announce Stanley Beckley as our Interim Chief Financial Officer, effective November 8, 2023. Stanley will pick up the reins from Jason Potter to continue the exemplary work to drive positive change to our business. Stanley is an incredibly detailed orientated individual with unflinching financial discipline that aligns perfectly with our need to leave no stone unturned in building this business into something we know it can become. Stanley is a fantastic addition to our team and his energy and enthusiasm will maintain our momentum.

我首先要宣布 Stanley Beckley 擔任我們的臨時首席財務官，自 2023 年 11 月 8 日起生效。Stanley 將從 Jason Potter 手中接過領導權，繼續模範工作，推動我們業務的積極變革。史丹利是個極度注重細節的人，有著堅定不移的財務紀律，這完全符合我們不遺餘力地將這項業務打造成我們所知道的目標的需要。史丹利是我們團隊的絕佳補充，他的活力和熱情將保持我們的動力。

My sincere thanks to Jason who is alongside me today on this call for his expertise, guidance, and support through the restructuring period of the last several months. Jason has committed to assisting the leadership team as when needed, accelerating the on-boarding of Stanley and providing valuable knowledge over the next few weeks and months. I'm very excited about this next phase and we are adjacent to the effort in providing this launch path.

我衷心感謝傑森今天與我一起參加這次電話會議，感謝他在過去幾個月的重組期間提供的專業知識、指導和支持。 Jason 致力於在需要時協助領導團隊，加快 Stanley 的入職速度，並在接下來的幾週和幾個月內提供寶貴的知識。我對下一階段感到非常興奮，我們正在努力提供這條啟動路徑。

Now please allow me to bring you up to speed on the results of a priorly announced comprehensive assessment of the company's position and projects. The sign of the NASCAR license in early October, generated net cash proceeds of 3.7 million to the company at closing, plus an additional 1 million in deferred consideration that will for payable over the next 15 months, subject to the satisfaction of certain conditions.

現在請容許我向大家介紹一下先前公佈的對公司地位和專案的全面評估結果。 10 月初簽署NASCAR 許可證後，公司在交易結束時獲得了370 萬美元的淨現金收益，另外還有100 萬美元的遞延對價，將在滿足某些條件的情況下在未來15 個月內支付。

This sale significantly reduces our financial obligations associated with the NASCAR license and allows us to focus both financial and development resources on near-term projects that are anticipated to come to market. Additionally, the company executed a limited license, which affords the company the ability to continue selling our NASCAR gain back catalog through to the end of 2024. This means we have another five quarters of revenue from this Mac catalog.

此次出售大大減少了我們與 NASCAR 許可證相關的財務義務，使我們能夠將財務和開發資源集中在預計將上市的近期項目上。此外，該公司還執行了有限許可，這使該公司能夠在 2024 年底之前繼續銷售我們的 NASCAR 收益產品目錄。這意味著我們還有另外五個季度的收入來自該 Mac 產品目錄。

We believe this will provide some stability to our operational cash cycles over the next 15 months. Although we anticipate the amount of revenue to be generated by our existing NASCAR products to decline over time. A key principle of our assessment was the need to streamline our operations, reducing satellite studios while simplifying our structure.

我們相信這將為我們未來 15 個月的營運現金週期提供一定的穩定性。儘管我們預計現有 NASCAR 產品產生的收入會隨著時間的推移而下降。我們評估的一個關鍵原則是需要簡化我們的運營，減少衛星工作室，同時簡化我們的結構。

What was built during the COVID period is less-efficient today. This streamlining initially began to the previously announced 2022 restructuring program. The 2022 restructuring program was originally estimated to deliver approximately $4 million of total annualized cost reductions by the end of 2023. But to further action, this is now estimated to be significantly higher at approximately 6.7 million as of September 30, 2023.

新冠疫情期間建造的建築如今效率較低。此次精簡最初始於先前公佈的2022年重整計畫。 2022 年重組計畫最初預計到 2023 年底將實現約 400 萬美元的年化成本削減總額。但為了進一步採取行動，目前預計截至 2023 年 9 月 30 日這一數字將大幅提高至約 670 萬美元。

In the last week, we've taken further cost reduction and restructuring initiatives, closing our Australian studio, which was slated to produce our planned IndyCar title. We retained all technology and assets for future utilization, and we are currently identifying opportunities to resume development of the title elsewhere within the business, with group oversight and chassis control.

上週，我們採取了進一步的成本削減和重組舉措，關閉了我們的澳洲工作室，該工作室原計劃製作我們計劃中的印地賽車遊戲。我們保留了所有技術和資產以供將來使用，目前我們正在尋找機會在業務範圍內的其他地方恢復該遊戲的開發，並進行集團監督和底盤控制。

Additionally, our media website, traxion.gg has been similarly close to underperforming revenues versus cost. We retain the site audience and highly respected brand and have a plan of action for use alongside elements of the business already indicating growth prospects.

此外，我們的媒體網站 traxion.gg 的收入與成本同樣接近表現不佳。我們留住了網站受眾和備受推崇的品牌，並製定了一項行動計劃，與已經表明成長前景的業務要素一起使用。

Additionally, we recently announced that the licensor of our BTCC license has terminated our BTCC license effective as of November 3, 2023. As such we will continue to evaluate our corporate structure for the ongoing and changing landscape as that business is in the process of being pivoted.

此外，我們最近宣布，我們的BTCC 許可證的授權人已終止我們的BTCC 許可證，該許可證自2023 年11 月3 日起生效。因此，我們將繼續評估我們的公司結構，以適應持續變化的形勢，因為該業務正在發展中。旋轉。

In October, we released the first version of race control is what's publicly available opt-in detail. This technology previously referred to under the code name competition system is powering an improved multi-play service today for our recent game off after two, and tomorrow in our plant, Le Mans Ultimate game. We had considered saving this service to launch alongside our Le Man Ultimate title for opted to soft launch now for our factor to and benefit from their learnings ahead of a major push with the arrival of Le Man.

十月份，我們發布了第一個版本的競賽控制，這是公開的選擇加入細節。先前在代號競賽系統下提到的這項技術正在為我們最近的兩場比賽以及明天在我們工廠的勒芒終極比賽提供改進的多人遊戲服務。我們曾考慮保留這項服務，與我們的勒芒終極冠軍一起推出，但現在選擇軟啟動，以便我們的因素能夠在勒芒到來之前從他們的經驗中受益。

Feedback has been overwhelmingly positive, beating all expectations and is expected to continue going from strength to strength as the beta program becomes available to all plays later this week. Within a short period of limited release, rates controlled quickly post our early registration projections, reaching 10,000 registered users in the same month.

反饋非常積極，超出了所有人的預期，隨著測試計劃在本週晚些時候向所有遊戲開放，預計反饋將繼續不斷增強。在有限發布的短時間內，控制率很快就達到了我們早期註冊預測，當月註冊用戶達到 10,000 名。

Today, we have almost 15,000 users and expect closer to 25,000 by the end of 2023. We know this number compares favorably to somewhat similar services, beating them outright in growth. Account registrations mean little unless we can derive value.

如今，我們擁有近 15,000 名用戶，預計到 2023 年底將接近 25,000 名。我們知道這個數字與類似的服務相比毫不遜色，在增長方面完全擊敗了它們。除非我們能夠獲得價值，否則帳戶註冊就毫無意義。

I'm happy to say that we are already witnessing additional content sales for our factor to reaching over 50% compared to the month prior. Although still early, we are optimistic in believing that our approach to providing accessible high-quality, interconnected services and entertainment within this segment will pay dividends.

我很高興地說，與上個月相比，我們的內容銷售額已經增加了 50% 以上。儘管還處於早期階段，但我們樂觀地相信，我們在這一領域提供可訪問的高品質、互聯服務和娛樂的方法將會帶來回報。

We are building for the players first, not the candidates. We are making something that can sustain itself and growth. From the subject of them and ultimately our next planned product release. I'm pleased today that we can confirm the updated release date of this highly anticipated racer from studio 397, our veteran racing team.

我們首先是為球員而不是候選人而建設。我們正在製造能夠自我維持和成長的東西。從它們的主題到最終我們計劃的下一個產品發布。我很高興今天我們可以確認這款來自我們資深賽車團隊 397 工作室的備受期待的賽車的更新發布日期。

We anticipate releasing the game on February 20, 2024, with further details are available in due course. We are pleased to see the positive retention and appetite for 20 trials in the Le Mans World Endurance Championship game, utilizing the state-of-the-art, highly regarded physics engine behind our altitudes simulation for some of the most recognizable vehicles in sports car, mainly for the plethora of fidelity upgrades racing gamers are in for a real treat.

我們預計遊戲將於 2024 年 2 月 20 日發布，更多詳細資訊將在適當的時候提供。我們很高興看到勒芒世界耐力錦標賽比賽中20 次試驗的積極保​​留和興趣，我們在高度模擬中使用了最先進的、備受推崇的物理引擎，對一些跑車中最知名的車輛進行了高度模擬，主要是為了賽車遊戲玩家真正享受過多的保真度升級。

The Passion going into the project is second to none and we look forward to releasing the product in an ideal window in the run-up to the new season. With the World Endurance Championship heading into a wonderful period, which is many grades of the automotive world returning to compete from Ferrari to Porsche, Lamborghini, Cadillac and BMW.

該項目的熱情是首屈一指的，我們期待在新季節到來之前的一個理想窗口發布該產品。隨著世界耐力錦標賽進入美好時期，從法拉利到保時捷、蘭博基尼、凱迪拉克、寶馬，汽車界多個級別的車隊紛紛回歸參賽。

We're on the wave of an exciting season and believe this will serve our move into the segments particularly well. Focused in making headway in our planning for how we take this collaborative team-based concept not usually founding racing games through a much wider mainstream audience. Players will be able to enjoy the story of endurance racing as more convenient to them.

我們正處於一個激動人心的賽季的浪潮中，相信這將特別有利於我們進入細分市場。重點是在我們的規劃中取得進展，以了解如何採用這種基於協作團隊的概念，而不是通常透過更廣泛的主流受眾來創建賽車遊戲。玩家將能夠更方便地享受耐力賽車的故事。

Additionally, I am pleased to say our continued partnership with Kindred Concepts and the F1A project that utilizes the offer to technology is continuing to grow. They will shortly open the second venue in the United Kingdom with Boston in the United States expected to come online in 2024.

此外，我很高興地說，我們與 Kindred Concepts 的持續合作關係以及利用該技術的 F1A 專案正在不斷發展。他們很快就會在英國開設第二個場館，美國波士頓預計將於 2024 年上線。

Being the chosen platform to demonstrate the high-tech entertainment to be found within Formula One is a testament to our ongoing investment in studio 397, the home of rFactor 2, and the planned Le Mans ultimate title.

被選為展示一級方程式賽車高科技娛樂的平台，證明了我們對 397 工作室的持續投資，工作室是 rFactor 2 的所在地，也是計劃中的勒芒終極冠軍的所在地。

This period of reorganization since my return earlier in the year is starting to demonstrate positive results. Our focus is to deliver sustainable, profitable, high-growth business. As underperforming business units and projects have been closed and new sense of optimism continues to emerge as we continue to foster a heightened sense of purpose throughout the organization.

自從我今年早些時候回國以來，這段重整時期已開始顯現出積極的成果。我們的重點是提供可持續、獲利、高成長的業務。隨著表現不佳的業務部門和專案被關閉，隨著我們繼續在整個組織中培養更高的使命感，新的樂觀情緒不斷出現。

Since joining the company as CEO, we've been able to significantly reduce costs, executed the sale of the NASCAR license, offloading a significant portion of our NASCAR financial obligations. The retaining of our NASCAR back catalog through 2024 more than doubling our projections, the users of our new online service race control and today announcing an updated release date for our planned Le Mans ultimate product.

自從加入公司擔任執行長以來，我們已經能夠大幅降低成本，執行 NASCAR 許可證的出售，減輕我們 NASCAR 財務義務的很大一部分。到 2024 年，我們的 NASCAR 過往目錄的保留量將比我們的預測增加一倍以上，我們新的在線服務競賽控制的用戶，今天還宣布了我們計劃的勒芒終極產品的更新發布日期。

We are pleased with the progress and continue to work diligently to drive the business forward.

我們對進展感到滿意，並將繼續努力推動業務向前發展。

Now I'll invite Jason Potter, Chief Financial Officer of Motorsport Games to speak on the financial results for the third quarter 2023.

現在我將邀請 Motorsport Games 財務長 Jason Potter 就 2023 年第三季的財務表現發表演說。

Thank you, Stephen, and good evening, everyone. As with previous earnings calls, I won't be offering any forward-looking guidance today. Instead, our focus on providing an update on our financial results and highlights from the third quarter 2023.

謝謝你，史蒂芬，大家晚上好。與之前的財報電話會議一樣，我今天不會提供任何前瞻性指導。相反，我們的重點是提供 2023 年第三季財務業績和亮點的最新資訊。

Revenues were 1.7 million, up by 0.5 million or 38.5% when compared to the same period in the prior year. Higher digital game, deals, and sales were the primary drivers for the increase. Driven in part by the reduced since last [cotton five] next-gen cost update TOC in June 2023, which were partially offset by reduction in e-sports revenue due to the timing of the commencement of the '23-'24 Le Mans factual series season compared to '22-'23 seasons, which commenced in September 2022.

營收170萬，較上年同期增加50萬，成長38.5%。更高的數位遊戲、交易和銷售是成長的主要驅動力。部分原因是自 2023 年 6 月上次[棉花五]下一代成本更新 TOC 以來減少，但由於“23-”24 勒芒事實賽開始時間導致電子競技收入減少，部分抵消了這一影響系列賽季與2022 年9 月開始的「22-23 賽季」相比。

Net loss for the quarter was 3.5 million, a decrease of 5 million when compared to the same period in the prior year. The change in net loss was primarily driven by 4.6 million reduction in marketing development and general and administrative expenses, as well as the 0.5 million increase in revenue previously discussed.

該季度淨虧損為350萬美元，較上年同期減少500萬美元。淨虧損的變化主要是由於行銷開發和一般及管理費用減少了 460 萬美元，以及先前討論的收入增加了 50 萬美元。

Consequently, EPS for the quarter was negative $1.28 compared to negative $7.29 in the same period in the prior year.

因此，本季每股收益為負 1.28 美元，而去年同期為負 7.29 美元。

The reduction in overhead spend was in part driven by actions taken under the company's 2022 restructuring program, which has helped us lower our overhead costs by approximately 6.7 million on an annualized basis as of September 30, 2023, exceeding our target of 4 million in annualized savings by the end of 2023.

管理費用的減少在一定程度上是由於公司2022 年重組計劃所採取的行動推動的，截至2023 年9 月30 日，該計劃幫助我們將管理費用按年化計算降低了約670 萬美元，超過了我們年化400 萬美元的目標。到 2023 年底節省開支。

This year's savings were achieved through changes in global headcount, reducing certain overhead expenditures, and improvements in our internal processes.

今年的節省是透過全球員工人數的變化、減少某些間接費用以及改善我們的內部流程來實現的。

We are reporting an adjusted EBITDA loss of 2.4 million for the third quarter of 2023 compared to an adjusted EBITDA loss of 6.5 million for the same period in the prior year. The improvements in adjusted EBITDA loss and the same as those discussed in respect of the changes in net loss for the period and comparative quarter.

我們報告 2023 年第三季調整後 EBITDA 損失為 240 萬美元，而去年同期調整後 EBITDA 損失為 650 萬美元。調整後 EBITDA 虧損的改善與本期和比較季度淨虧損變化的討論相同。

On a year-to-date basis, revenues were 5.2 million, down 1.4 million when compared to the same period in the prior year, primarily due to lower digital, mobile, and retail game sales, driven by lower volumes of sales and less favorable pricing.

年初至今，營收為 520 萬份，較上年同期減少 140 萬份，主要是由於銷量下降和不利因素影響，數位、行動和零售遊戲銷量下降價錢。

Net loss was 17 million for the same period compared to 32 million for the same period in the prior year.

同期淨虧損為1700萬，而上年同期淨虧損為3,200萬。

Year to date adjusted EBITDA loss was 9.4 million, down from18 million for the same period last year.

年初至今，調整後 EBITDA 虧損為 940 萬美元，低於去年同期的 1,800 萬美元。

Non-cash asset impairment losses of 4 million to 9.4 million for the nine months ended September 30, 2023 to 2022, respectively.

截至2023年9月30日至2022年9個月的非現金資產減損損失分別為400萬至940萬。

Account for significant portion of the difference between net loss and net adjusted EBITDA loss for the respective periods.

佔各期間淨虧損和調整後 EBITDA 淨虧損之間差異的很大一部分。

EPS loss for the year-to-date period was $6.60 compared to $26.61 for the same period in the prior year.

今年迄今的每股收益虧損為 6.60 美元，而去年同期為 26.61 美元。

Moving on to liquidity continues to be a key area of focus for the company. As of September 30, 2023, we had cash and cash equivalents of 1.2 million, down from 2 million as of June 30, 2023.

轉向流動性仍然是公司關注的關鍵領域。截至2023年9月30日，我們的現金及現金等價物為120萬美元，低於2023年6月30日的200萬美元。

Net cash used in operations for the nine months ended September 30, 2023, was approximately 10.1 million, representing an average monthly net cash burn from operations of 1.1 million, down 0.5 million when compared to the average monthly cash burn of 1.6 million for the year ended December 31, 2022.

截至2023年9月30日的九個月營運中使用的淨現金約為1,010萬美元，相當於每月平均營運現金消耗淨額為110萬美元，比全年平均每月現金消耗額160萬美元減少了50萬美元截至 2022 年 12 月 31 日。

As of October 31, 2023, our cash and cash equivalents position increased from 2 million to 3.2 million following the sale of the NASCAR license, which we believe to be sufficient to fund operations through the end of Q1 2024. And that additional funding will be required in order to continue operations.

截至2023 年10 月31 日，在出售NASCAR 許可證後，我們的現金和現金等價物頭寸從200 萬增加到320 萬，我們相信這足以為2024 年第一季末的運營提供資金。額外的資金將用於需要繼續運作。

And also, to address this liquidity shortfall, we are actively exploring several options, including but not limited to one additional funding in the form of potential equity and or debt financing arrangements or similar transactions. Strategic alternatives for our business, including but not limited to the sale or licensing of assets, in addition to the recent sale of NASCAR license. And three, further cost reduction and restructuring initiatives.

此外，為了解決這種流動性短缺問題，我們正在積極探索多種選擇，包括但不限於以潛在股權和/或債務融資安排或類似交易的形式提供額外資金。除了最近出售 NASCAR 許可證之外，我們業務的戰略替代方案還包括但不限於資產出售或許可。三是進一步降低成本和重組措施。

Thank you all for your time. And now I turn the call back to Stephen for closing remarks.

感謝大家抽出寶貴的時間。現在我把電話轉回給史蒂芬，讓他發表結束語。

In closing, I thank our shareholders for their time and support. Thank you for joining us today. And now let's go to questions. Operator.

最後，我感謝股東的時間和支持。感謝您今天加入我們。現在讓我們開始提問。操作員。

Thank you. We will now begin the question and answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。 （操作員說明）

Michael Kupinski, Noble Capital Markets.

邁克爾·庫平斯基（Michael Kupinski），諾布爾資本市場。

Thank you and thanks for taking the question. A quick one, I was wondering if you can just kind of tell us, is the company current on all of its obligations on its existing licenses and so forth? And I was just wondering if you can add a little color on, and I'm sorry for joining a little late if you've already discussed this on your British touring car of license. And what were the reasons behind that? Can you just give us an update on that?

謝謝您並感謝您提出問題。我想知道您能否告訴我們，該公司是否履行了其現有許可證等方面的所有義務？我只是想知道你是否可以添加一點顏色，如果你已經在你的英國旅行車執照上討論過這個問題，我很抱歉加入得有點晚。背後的原因是什麼？能為我們介紹一下最新情況嗎？

Hi, Michael, and good to hear from you. So, I'll answer the first part and then maybe Stephen will do some uptake on (inaudible) In respect to obligations in [game car] as disclosed in the Form10-Q. So, we have not yet had a chance to [fully pay through] but we have disclosed that we are behind some of the payments in respect to BTCC license. There is some lending payments which needs to be made under the license agreement and that was one of the drivers behind the domination from BTCC this week.

你好，邁克爾，很高興收到你的來信。因此，我將回答第一部分，然後史蒂芬可能會就（聽不清楚）表格 10-Q 中披露的 [遊戲車] 義務進行一些討論。因此，我們還沒有機會[全額付款]，但我們已經透露，我們支持 BTCC 許可證的部分付款。根據許可協議需要支付一些貸款費用，這是本週 BTCC 佔據主導地位的推動因素之一。

I'm sorry, Jason -- (multiple speakers)

對不起，傑森－（多個發言者）

And so, I was just wondering in terms of the additional -- the cash that you have currently, does that do you have enough cash to kind of make those payments fall in terms of the other licenses? Or is that a part of the funding that you'll be needing?

因此，我只是想知道您目前擁有的額外現金，您是否有足夠的現金來支付其他許可證的費用？或者這是您需要的資金的一部分？

I mean, it's insane in (inaudible) BTCC, specifically is 4 million subject to determination of the draft (inaudible) that's disclosed in our Form 10-Q, but we are obviously looking to engage in conversations with BTCC on that point, specifically some characters to our best we may.

我的意思是，這在（聽不清楚）BTCC 中是瘋狂的，特別是400 萬取決於我們在10-Q 表格中披露的草案（聽不清楚）的確定，但我們顯然希望在這一點上與BTCC 進行對話，特別是一些盡我們最大的努力。

I think from a financing perspective as a whole, we look at what I touched on and then and that's come down tremendously when we compare to the party and even five quarters in the year today, we're happy with the cash on the same direction, and you should see us about 0.4 million average monthly to Q3, which was just anything close to before. So, obviously factor all that in the future that we think we will be one additional funding needed to cover operating costs and any residual payments that are required in purchase commitments.

我認為，從整體融資的角度來看，我們看看我所談到的內容，然後，當我們與派對甚至今年的五個季度相比時，這已經大大下降，我們對同一方向的現金感到滿意，到第三季度，您應該會看到每月平均約40 萬，這與之前的情況很接近。因此，顯然，未來我們認為我們將成為支付營運成本和購買承諾中所需的任何剩餘付款所需的一筆額外資金。

Got you. I'm sorry if this is covered in the 10-Q, but which other licenses, are you behind and is there a risk at this point? or you kind of give us a gauge of what those maybe negotiations are going with those licenses?

明白你了。如果 10-Q 涵蓋了這一點，我很抱歉，但是您還落後於哪些其他許可證？目前存在風險嗎？或者您可以讓我們了解這些許可證的談判進度如何？

That's okay. So, having sort of remaining kind of two primary licenses from them on license (inaudible) behind on payments under those arrangements, that obviously they've come with minimum royalty guarantees now payment schedules associated with those will have to run in the future in the coming months.

沒關係。因此，在這些安排下的付款後，他們還剩下兩個主要許可證（聽不清楚），顯然他們已經提供了最低特許權使用費保證，現在與這些相關的付款時間表必須在未來運行未來幾個月。

Got you. And I know that you went through a tremendous reorganization and consolidation, are there further expenses that you can cut at this point? Or are you now at the base level where you feel you need to be?

明白你了。我知道你們經歷了巨大的重組和整合，目前你們還可以削減更多的開支嗎？或者你現在處於你認為需要達到的基礎水準嗎？

Yeah. I mean, I think the street hasn't been easy for us (inaudible) some decisions around to make some changes from the restructuring side of things and trying to reduce some of you have had some more sustainable level. We've tried to do that as much as we can. But of course, we'll continue to review our cost base and we'll always look for opportunities to reduce matches by the organizations today. So, this is something we'll continuously review in order to improve upon an information infrastructure company.

是的。我的意思是，我認為這條街對我們來說並不容易（聽不清楚），我們需要從重組方面做出一些改變，並試圖降低一些更永續的水平。我們已盡力做到這一點。但當然，我們將繼續審查我們的成本基礎，並且我們將始終尋找機會減少當今組織的比賽。因此，我們將不斷審查這一點，以改善資訊基礎設施公司。

All right. That's all I have. Good luck to you, guys.

好的。這就是我的全部。祝你們好運。

All right. And this concludes our conference. And thank you for attending today's presentation and you may now disconnect.

好的。我們的會議到此結束。感謝您參加今天的演示，您現在可以斷開連接了。