(Note: This is a micro-cap IPO: 1.5 million shares “of our common stock” offered by the company, which says it is using $4.00 – the low end of its $4.00-to-$5.00 range – as its assumed IPO price, “given market turmoil,” according to the S-1/A filing (amended prospectus) dated July 21, 2022. The prospectus cites “the registration of an additional 2,300,000 common shares held by selling shareholders.” The prospectus also says: “No shares offered by the Selling Stockholders will be sold until after our Common Stock has begun trading on the Nasdaq Capital Market.”) 

Mobile Global Esports (“MOGO” or “Mogo,” or the “Company”) was organized in March of 2021 to carry on and expand an esports business (the “Business”) started by Sports Industry of India (“SII”), in 2016. Through a series of contracts, the rights to the Business were assigned to MOGO by SII and its affiliates beginning in October of 2021. MOGO is now building out and expanding the business created by SII, which is focused on the rapidly growing esports industry, with special emphasis on India and other South Asian markets. The Indian market for esports, and particularly university esports events in India, represent, in management’s opinion, one of the largest and fastest growing esports markets in the world.¹

SII is an American branding, marketing and sports promotion company that, through subsidiaries and affiliates in India and other South Asian countries, enters into exclusive long-term arrangements with universities for the purpose of promoting, expanding and commercializing university sports programs, creating professional opportunities for university athletes and alumni and developing and marketing university and event-branded merchandise. The SII esports business, which has now been transferred to and is operated by MOGO, is the only business in India to organize and sponsor an officially sanctioned national championship for university esports. SII holds a 15.8% minority common share interest in MOGO but has no controlling interest in MOGO.

Esports are the competitive playing of video games by amateur and professional teams for cash and other prizes. Esports typically take the form of organized, multiplayer video games that include real-time strategy and competition, including virtual fights, first-person shooter and multiplayer online battle arena games. Esports are defined as competitive games of skill, timing, knowledge, experience, practice, attention and teamwork, but not games of chance or luck. Mobile esports are defined as esports that are streamed on an electronic esports platform and played by individuals or teams on mobile devices, usually smartphones. Competitors participate at large in-person events, small in-person events and virtually from home or computer cafes. Interest in esports is rapidly growing. In 2020, the global audience for gaming video content, including esports, grew to 1.2 billion viewers,² an 18 percent increase from 2020, as gaming streams became a popular social activity and distraction during coronavirus-related lockdowns.

Prior to 2010, competitive electronic gaming in India was limited to small events at engineering colleges.  With the introduction of capable and less expensive smart phones, 4G technology, mobile games, better content, better graphics and significant prize money, the active esports community grew from 4 million in 2018 to 17 million in 2020.³

A 2021 report from Ernst & Young (“EY”) projects that by 2025, 10% of the global esports audience of 725 million⁴ will be from India, providing a focused audience for MOGO’s advertisers, sponsors and merchandise sales. 

**Note: For the period from inception on March 11,2021, through Dec. 31, 2021, and again in Q1 2022, we did not recognize any revenue and income from our esports tournaments; we incurred expenses (including accrued expenses) of $262,360 associated  with the expansion of our esports business, the organizing and staging of 27 tournaments, the acquisition of technology for our Indian market, and for accounting services, legal fees and bank charges.

**Note: For the period covering Q1 2022 from Jan. 1, 2022, through March 31, 2022, our expenses included $45,000 to support the organization of additional esports events in India, $25,000 in legal fees, $6,814 in filing fees, $20,000 in audit fees, $10,000 in investor relations advisory fees and $17,500 in Nasdaq filing advisory fees.

**For the period from inception on March 11, 2021, through March 31, 2022, we incurred a net loss of $353,842.

(Note: Mobile Global eSports, Inc. priced its IPO on July 28, 2022, at $4.00 and sold 1.5 million shares – in line with the terms in its prospectus – to raise $6.0 million. In an S-1/A filing dated May 23, 2022, Mobile Global eSports Inc. changed its proposed stock symbol to “MGAM” from its initial symbol of “MOGL” and disclosed its financial statement for the period ending March 31, 2022. Mobile Global eSports Inc. filed its S-1 on Dec. 23, 2021.)