Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 04, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-36689 | |
Entity Registrant Name | INSPIRED ENTERTAINMENT, INC. | |
Entity Central Index Key | 0001615063 | |
Entity Tax Identification Number | 47-1025534 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 250 West 57th Street | |
Entity Address, Address Line Two | Suite 415 | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10107 | |
City Area Code | (646) | |
Local Phone Number | 565-3861 | |
Title of 12(b) Security | Common stock, par value $0.0001 per share | |
Trading Symbol | INSE | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 26,336,586 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Cash | $ 42.1 | $ 25 |
Accounts receivable, net | 39.1 | 40.5 |
Inventory | 48 | 31 |
Prepaid expenses and other current assets | 32.6 | 32.1 |
Total current assets | 161.8 | 128.6 |
Property and equipment, net | 48.2 | 44.7 |
Software development costs, net | 39.2 | 34.8 |
Other acquired intangible assets subject to amortization, net | 14.7 | 14.7 |
Goodwill | 78 | 73.9 |
Operating lease right of use asset | 7.7 | 8.3 |
Other assets | 3.9 | 3.4 |
Total assets | 353.5 | 308.4 |
Current liabilities | ||
Accounts payable and accrued expenses | 47.5 | 54.2 |
Corporate tax and other current taxes payable | 12.1 | 9.3 |
Deferred revenue, current | 31.1 | 4.8 |
Operating lease liabilities | 2.9 | 2.8 |
Other current liabilities | 3.8 | 3.6 |
Total current liabilities | 97.4 | 74.7 |
Long-term debt | 294 | 277.6 |
Finance lease liabilities, net of current portion | 1.9 | 1.2 |
Deferred revenue, net of current portion | 2.8 | 3.7 |
Operating lease liabilities | 5.3 | 5.9 |
Other long-term liabilities | 2.4 | 4 |
Total liabilities | 403.8 | 367.1 |
Commitments and contingencies | ||
Stockholders’ deficit | ||
Preferred stock; $0.0001 par value; 1,000,000 shares authorized | ||
Common stock; $0.0001 par value; 49,000,000 shares authorized; 26,263,421 shares and 25,909,516 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | ||
Additional paid in capital | 384.1 | 378.2 |
Accumulated other comprehensive income | 45.1 | 46.4 |
Accumulated deficit | (479.5) | (483.3) |
Total stockholders’ deficit | (50.3) | (58.7) |
Total liabilities and stockholders’ deficit | $ 353.5 | $ 308.4 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 49,000,000 | 49,000,000 |
Common stock, shares issued | 26,263,421 | 25,909,516 |
Common stock, shares outstanding | 26,263,421 | 25,909,516 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Revenue: | |||||
Total revenue | $ 80,400 | $ 71,300 | $ 146,400 | $ 131,900 | |
Cost of sales: | |||||
Cost of service | [1] | (13,400) | (11,700) | (24,300) | (23,500) |
Cost of product sales | [1] | (9,800) | (4,400) | (15,600) | (6,500) |
Selling, general and administrative expenses | (34,400) | (31,900) | (68,700) | (61,500) | |
Acquisition and integration related transaction expenses | (100) | (200) | |||
Depreciation and amortization | (10,400) | (10,100) | (19,300) | (20,500) | |
Net operating income | 12,400 | 13,100 | 18,500 | 19,700 | |
Other expense | |||||
Interest expense, net | (7,300) | (6,000) | (13,600) | (12,500) | |
Gain on disposal of business | 900 | ||||
Other finance income | 100 | 300 | 200 | 600 | |
Total other expense, net | (7,200) | (5,700) | (13,400) | (11,000) | |
Net income before income taxes | 5,200 | 7,400 | 5,100 | 8,700 | |
Income tax (expense) benefit | (1,100) | (200) | (1,200) | (300) | |
Net income | 4,100 | 7,200 | 3,900 | 8,400 | |
Other comprehensive income: | |||||
Foreign currency translation (loss) gain | (1,600) | 5,800 | (3,300) | 8,200 | |
Reclassification of loss on hedging instrument to comprehensive income | 100 | 200 | 300 | 400 | |
Actuarial (losses) gains on pension plan | (300) | 2,600 | 1,700 | 3,300 | |
Other comprehensive (loss) income | (1,800) | 8,600 | (1,300) | 11,900 | |
Comprehensive income | $ 2,300 | $ 15,800 | $ 2,600 | $ 20,300 | |
Net income per common share – basic | $ 0.16 | $ 0.27 | $ 0.15 | $ 0.31 | |
Net income per common share - diluted | $ 0.14 | $ 0.25 | $ 0.13 | $ 0.29 | |
Weighted average number of shares outstanding during the period – basic | 26,267,215 | 26,826,014 | 26,211,589 | 26,838,339 | |
Weighted average number of shares outstanding during the period – diluted | 29,041,781 | 29,262,690 | 28,992,987 | 29,375,570 | |
Stock-based compensation included in: | |||||
Selling, general and administrative expenses | $ (3,200) | $ (2,600) | $ (6,100) | $ (5,400) | |
Service [Member] | |||||
Revenue: | |||||
Total revenue | 68,100 | 64,800 | 126,400 | 121,800 | |
Product Sales [Member] | |||||
Revenue: | |||||
Total revenue | $ 12,300 | $ 6,500 | $ 20,000 | $ 10,100 | |
[1]Excluding depreciation and amortization |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2021 | $ 372,300,000 | $ 43,800,000 | $ (494,100,000) | $ (78,000,000) | |
Balance, shares at Dec. 31, 2021 | 26,433,562 | ||||
Foreign currency translation adjustments | 2,400,000 | 2,400,000 | |||
Actuarial gains on pension plan | 700,000 | 700,000 | |||
Reclassification of loss on hedging instrument to comprehensive income | 200,000 | 200,000 | |||
Issuances under stock plans | |||||
Issuances under stock plans, shares | 447,060 | ||||
Net income | 1,200,000 | 1,200,000 | |||
Stock-based compensation expense | 2,700,000 | 2,700,000 | |||
Balance at Mar. 31, 2022 | 375,000,000 | 47,100,000 | (492,900,000) | (70,800,000) | |
Balance, shares at Mar. 31, 2022 | 26,880,622 | ||||
Balance at Dec. 31, 2021 | 372,300,000 | 43,800,000 | (494,100,000) | (78,000,000) | |
Balance, shares at Dec. 31, 2021 | 26,433,562 | ||||
Foreign currency translation adjustments | 8,200,000 | ||||
Net income | 8,400,000 | ||||
Balance at Jun. 30, 2022 | 377,400,000 | 55,700,000 | (490,800,000) | (57,700,000) | |
Balance, shares at Jun. 30, 2022 | 26,448,573 | ||||
Balance at Dec. 31, 2021 | 372,300,000 | 43,800,000 | (494,100,000) | (78,000,000) | |
Balance, shares at Dec. 31, 2021 | 26,433,562 | ||||
Net income | 21,200,000 | ||||
Balance at Dec. 31, 2022 | 378,200,000 | 46,400,000 | (483,300,000) | (58,700,000) | |
Balance, shares at Dec. 31, 2022 | 25,909,516 | ||||
Balance at Mar. 31, 2022 | 375,000,000 | 47,100,000 | (492,900,000) | (70,800,000) | |
Balance, shares at Mar. 31, 2022 | 26,880,622 | ||||
Foreign currency translation adjustments | 5,800,000 | 5,800,000 | |||
Actuarial gains on pension plan | 2,600,000 | 2,600,000 | |||
Reclassification of loss on hedging instrument to comprehensive income | 200,000 | 200,000 | |||
Issuances under stock plans | (200,000) | (200,000) | |||
Issuances under stock plans, shares | 45,594 | ||||
Net income | 7,200,000 | 7,200,000 | |||
Repurchase of common stock | (5,100,000) | (5,100,000) | |||
Repurchase of common stock, shares | (477,643) | ||||
Stock-based compensation expense | 2,600,000 | 2,600,000 | |||
Balance at Jun. 30, 2022 | 377,400,000 | 55,700,000 | (490,800,000) | (57,700,000) | |
Balance, shares at Jun. 30, 2022 | 26,448,573 | ||||
Balance at Dec. 31, 2022 | 378,200,000 | 46,400,000 | (483,300,000) | (58,700,000) | |
Balance, shares at Dec. 31, 2022 | 25,909,516 | ||||
Foreign currency translation adjustments | (1,700,000) | (1,700,000) | |||
Actuarial gains on pension plan | 2,000,000 | 2,000,000 | |||
Reclassification of loss on hedging instrument to comprehensive income | 200,000 | 200,000 | |||
Issuances under stock plans | |||||
Issuances under stock plans, shares | 353,554 | ||||
Net income | (200,000) | (200,000) | |||
Balance at Mar. 31, 2023 | 381,200,000 | 46,900,000 | (483,500,000) | (55,400,000) | |
Balance, shares at Mar. 31, 2023 | 26,263,070 | ||||
Balance at Dec. 31, 2022 | 378,200,000 | 46,400,000 | (483,300,000) | (58,700,000) | |
Balance, shares at Dec. 31, 2022 | 25,909,516 | ||||
Foreign currency translation adjustments | (3,300,000) | ||||
Net income | 3,900,000 | ||||
Balance at Jun. 30, 2023 | 384,100,000 | 45,100,000 | (479,500,000) | (50,300,000) | |
Balance, shares at Jun. 30, 2023 | 26,263,421 | ||||
Balance at Mar. 31, 2023 | 381,200,000 | 46,900,000 | (483,500,000) | (55,400,000) | |
Balance, shares at Mar. 31, 2023 | 26,263,070 | ||||
Foreign currency translation adjustments | (1,600,000) | (1,600,000) | |||
Actuarial gains on pension plan | (300,000) | (300,000) | |||
Reclassification of loss on hedging instrument to comprehensive income | 100,000 | 100,000 | |||
Issuances under stock plans | (200,000) | (200,000) | |||
Issuances under stock plans, shares | 4,282 | ||||
Net income | 4,100,000 | 4,100,000 | |||
Repurchase of common stock | (100,000) | (100,000) | |||
Repurchase of common stock, shares | (3,931) | ||||
Stock-based compensation expense | 3,100,000 | 3,100,000 | |||
Balance at Jun. 30, 2023 | $ 384,100,000 | $ 45,100,000 | $ (479,500,000) | $ (50,300,000) | |
Balance, shares at Jun. 30, 2023 | 26,263,421 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Cash flows from operating activities: | |||||||
Net income | $ 4,100 | $ (200) | $ 7,200 | $ 1,200 | $ 3,900 | $ 8,400 | $ 21,200 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 10,400 | 10,100 | 19,300 | 20,500 | 38,700 | ||
Amortization of right of use asset | 1,200 | 1,400 | |||||
Stock-based compensation expense | 3,200 | 2,600 | 6,100 | 5,400 | |||
Reclassification of loss on hedging instrument to comprehensive income | 300 | 400 | |||||
Non-cash interest expense relating to senior debt | 1,000 | 800 | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | 3,300 | (100) | |||||
Inventory | (15,000) | (10,400) | |||||
Prepaid expenses and other assets | 2,900 | 2,300 | |||||
Corporate tax and other current taxes payable | 1,000 | (6,500) | |||||
Accounts payable and accrued expenses | (9,800) | (1,500) | |||||
Deferred revenues and customer prepayment | 24,600 | (2,200) | |||||
Operating lease liabilities | (1,200) | (1,200) | |||||
Other long-term liabilities | (100) | (1,400) | |||||
Net cash provided by operating activities | 37,500 | 15,900 | |||||
Cash flows from investing activities: | |||||||
Purchases of property and equipment | (9,300) | (11,500) | |||||
Acquisition of subsidiary company assets | (600) | ||||||
Acquisition of third-party company trade and assets | (600) | ||||||
Purchases of capital software and internally developed costs | (10,700) | (9,900) | |||||
Net cash used in investing activities | (20,600) | (22,000) | |||||
Cash flows from financing activities: | |||||||
Repurchase of common stock | (100) | (5,100) | |||||
Repayments of finance leases | (700) | (300) | |||||
Net cash used in financing activities | (800) | (5,400) | |||||
Effect of exchange rate changes on cash | 1,000 | (4,500) | |||||
Net increase (decrease) in cash | 17,100 | (16,000) | |||||
Cash, beginning of period | $ 25,000 | $ 47,800 | 25,000 | 47,800 | 47,800 | ||
Cash, end of period | $ 42,100 | $ 31,800 | 42,100 | 31,800 | $ 25,000 | ||
Supplemental cash flow disclosures | |||||||
Cash paid during the period for interest | 11,900 | 11,700 | |||||
Cash paid during the period for income taxes | 4,500 | 100 | |||||
Cash paid during the period for operating leases | 1,700 | 1,900 | |||||
Supplemental disclosure of non-cash investing and financing activities | |||||||
Lease liabilities arising from obtaining right of use assets | 200 | ||||||
Additional paid in capital from settlement of RSUs | (200) | (200) | |||||
Property and equipment acquired through finance lease | 1,200 | ||||||
Property and equipment transferred to inventory | $ 800 |
Nature of Operations, Managemen
Nature of Operations, Management’s Plans and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Nature of Operations, Management’s Plans and Summary of Significant Accounting Policies | 1. Nature of Operations, Management’s Plans and Summary of Significant Accounting Policies Company Description and Nature of Operations We are a global gaming technology company, supplying content, platform, gaming terminals and other products and services to online and land-based regulated lottery, betting and gaming operators worldwide through a broad range of distribution channels, predominantly on a business-to-business basis. We provide end-to-end digital gaming solutions (i) on our own proprietary and secure network, which accommodates a wide range of devices, including land-based gaming machine terminals, mobile devices and online computer applications and (ii) through third party networks. Our content and other products can be found through the consumer-facing portals of our interactive customers and, through our land-based customers, in licensed betting offices, adult gaming centers, pubs, bingo halls, airports, motorway service areas and leisure parks. Management Liquidity Plans As of June 30, 2023, the Company’s cash on hand was $ 42.1 22.3 3.9 8.4 6.1 5.4 64.4 31.1 Historically, the Company has generally had positive cash flows from operating activities and has relied on a combination of cash flows provided by operations and the incurrence of debt and/or the refinancing of existing debt to fund its obligations. Cash flows provided by operations amounted to $ 37.5 15.9 Management currently believes that the Company’s cash balances on hand, cash flows expected to be generated from operations, ability to control and defer capital projects and amounts available from the Company’s external borrowings will be sufficient to fund the Company’s net cash requirements through August 2024. Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 8 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. It is management’s opinion, however, that the accompanying unaudited interim condensed consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto for the years ended December 31, 2022 and 2021. The financial information as of December 31, 2022 is derived from the audited consolidated financial statements presented in the Company’s Annual Report on Form 10-K filed with the SEC on March 16, 2023. The interim results for the six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any future interim periods. Newly Adopted Accounting Standards On January 1, 2023, the Company adopted Topic 326 Financial Instruments – Credit Losses (“ASC 326”). ASC 326 affects loans, debt securities, trade receivables, and any other financial assets that have the contractual right to receive cash. It requires an entity to recognize expected credit losses rather than incurred losses for financial assets and requires a modified retrospective transition approach through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The adoption of ASC 326 did not have a material impact. Disclosures with respect to allowances for credit losses are given in footnote 4 to these financial statements. |
Revision of Previously Issued F
Revision of Previously Issued Financial Statements | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Revision of Previously Issued Financial Statements | 2. Revision of Previously Issued Financial Statements In preparation of the Quarterly Report, the Company concluded certain completed software development projects were, but should not have been, delayed in the shift from work in progress to completed projects. Consequently, the commencement of amortization for certain projects was delayed and the reported amortization was lower than the actual amortization. Whilst we do not believe that any individual prior period was materially misstated, we do believe that an out of period correction of the prior year impact in the three months ending June 30, 2023, could be viewed as such, and have therefore revised prior periods. The following tables summarize the effect of the revision to the Company’s financial statements for (i) its audited consolidated financial statements as of and for the year ended December 31, 2022, and (ii) its unaudited condensed consolidated financial statements for the quarterly period ended June 30, 2022: In millions, except per share data Summarize the effect of the restatement to the company’s financial statements Balance sheet as of December 31, 2022 (audited) As Previously Reported Adjustments As Revised Software development costs, net $ 35.8 (1.0 ) $ 34.8 Total assets 309.4 (1.0 ) 308.4 Accumulated other comprehensive income 46.3 0.1 46.4 Accumulated deficit (482.2 ) (1.1 ) (483.3 ) Total stockholders’ deficit (57.7 ) (1.0 ) (58.7 ) Total liabilities and stockholders’ deficit 309.4 (1.0 ) 308.4 Year ended December 31, 2022 (audited) As Previously Reported Adjustments As Revised Revenue $ 285.4 — $ 285.4 Cost of sales (72.0 ) — (72.0) Selling, general and administrative expenses (126.4 ) — (126.4) Depreciation and amortization (37.6 ) (1.1 ) (38.7) Net income (loss) before tax 25.5 (1.1 ) 24.4 Income tax (3.2 ) — (3.2) Net income (loss) 22.3 (1.1 ) 21.2 Net income per common share - basic 0.84 (0.04 ) 0.80 Net income per common share - diluted 0.77 (0.04 ) 0.73 Three months ended June 30, 2022 (unaudited) As Previously Reported Adjustments As Revised Revenue $ 71.3 — $ 71.3 Cost of sales (16.1 ) — (16.1 ) Selling, general and administrative expenses (31.9 ) — (31.9 ) Depreciation and amortization (9.8 ) (0.3 ) (10.1 ) Net income (loss) before tax 7.7 (0.3 ) 7.4 Income tax (0.2 ) — (0.2 ) Net income (loss) 7.5 (0.3 ) 7.2 Net income per common share - basic 0.28 (0.01 ) 0.27 Net income per common share - diluted 0.26 (0.01 ) 0.25 Six months ended June 30, 2022 (unaudited) As Previously Reported Adjustments As Revised Revenue $ 131.9 — $ 131.9 Cost of sales (30.0 ) — (30.0 ) Selling, general and administrative expenses (61.5 ) — (61.5 ) Depreciation and amortization (19.9 ) (0.6 ) (20.5 ) Net income (loss) before tax 9.3 (0.6 ) 8.7 Income tax (0.3 ) — (0.3 ) Net income (loss) 9.0 (0.6 ) 8.4 Net income per common share - basic 0.34 (0.03 ) 0.31 Net income per common share - diluted 0.31 (0.02 ) 0.29 Of the total adjustment, the split between segments was Gaming 44 %, Virtual Sports 23 %, Interactive 23 %, Leisure 4 % and Corporate 6 %. |
Acquisitions and Disposals
Acquisitions and Disposals | 6 Months Ended |
Jun. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions and Disposals | 3. Acquisitions and Disposals In January 2022, the Company sold its Italian VLT business, including all terminal and other assets, staff costs and facilities and contracts, to a non-connected party for total proceeds of € 1.1 1.2 0.8 0.9 |
Allowance for Credit Losses
Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Allowance for Credit Losses | 4. Allowance for Credit Losses Changes in the allowance for doubtful accounts are as follows: Schedule of Changes in Allowance for Doubtful accounts June 30, 2023 December 31, 2022 (in millions) Beginning balance $ (1.3 ) $ (1.7 ) Additional provision for doubtful accounts (0.2 ) (0.2 ) Recoveries 0.2 — Write offs 0.4 0.4 Foreign currency translation adjustments (0.1 ) 0.2 Ending balance $ (1.0 ) $ (1.3 ) |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory | 5. Inventory Inventory consists of the following: Schedule of Inventory June 30, 2023 December 31, 2022 (in millions) Component parts $ 23.0 $ 21.4 Work in progress 1.8 3.6 Finished goods 23.2 6.0 Total inventories $ 48.0 $ 31.0 Component parts include parts for gaming terminals. Our finished goods inventory primarily consists of gaming terminals which are ready for sale. |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 6 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | 6. Accounts Payable and Accrued Expenses Accounts Payable and Accrued expenses consist of the following: Schedule of Accrued Expenses June 30, 2023 December 31, 2022 (in millions) Accounts payable $ 30.0 $ 25.7 Payroll and related costs 5.3 10.2 Cost of sales including inventory 5.9 9.1 Other 6.3 9.2 Total accounts payable and accrued expenses $ 47.5 $ 54.2 |
Contract Liabilities and Other
Contract Liabilities and Other Disclosures | 6 Months Ended |
Jun. 30, 2023 | |
Contract Liabilities And Other Disclosures | |
Contract Liabilities and Other Disclosures | 7. Contract Liabilities and Other Disclosures The following table summarizes contract related balances: Schedule of Contract Related Balances Accounts Receivable Unbilled Accounts Receivable Deferred Income Customer Prepayments and Deposits (in millions) At June 30, 2023 $ 42.5 $ 17.4 $ (33.9 ) $ (2.6 ) At December 31, 2022 $ 44.6 $ 18.2 $ (8.5 ) $ (2.4 ) Revenue recognized that was included in the deferred income balance at the beginning of the period amounted to $ 2.6 4.7 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 8. Stock-Based Compensation A summary of the Company’s Restricted Stock Unit (“RSU”) activity during the six months ended June 30, 2023 is as follows: Schedule of Restricted Stock Unit Activity Number of Shares Unvested Outstanding at January 1, 2023 1,647,544 Granted (1) 888,225 Forfeited (8,872 ) Vested (262,978 ) Unvested Outstanding at June 30, 2023 2,263,919 (1) The amount shown as granted in the table includes 219,213 0 200 438,426 250,000 125,000 100 The Company issued a total of 357,836 332,227 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss (Income) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss (Income) | 9. Accumulated Other Comprehensive Loss (Income) The accumulated balances for each classification of comprehensive loss (income) are presented below: Schedule of Accumulated Other Comprehensive Loss (Income) Foreign Currency Translation Adjustments Change in Fair Value of Hedging Instrument Unrecognized Pension Benefit Costs Accumulated Other Comprehensive (Income) (in millions) Balance at January 1, 2023 $ (79.8 ) $ 0.3 $ 33.1 $ (46.4 ) Change during the period 1.7 (0.2 ) (2.0 ) (0.5 ) Balance at March 31, 2023 (78.1 ) 0.1 31.1 (46.9 ) Change during the period 1.6 (0.1 ) 0.3 1.8 Balance at June 30, 2023 $ (76.5 ) $ — $ 31.4 $ (45.1 ) Foreign Currency Translation Adjustments Change in Fair Value of Hedging Instrument Unrecognized Pension Benefit Costs Accumulated Other Comprehensive (Income) (in millions) Balance at January 1, 2022 $ (71.5 ) $ 1.0 $ 26.7 $ (43.8 ) Change during the period (2.4 ) (0.2 ) (0.7 ) (3.3 ) Balance at March 31, 2022 (73.9 ) 0.8 26.0 (47.1 ) Change during the period (5.8 ) (0.2 ) (2.6 ) (8.6 ) Balance at June 30, 2022 $ (79.7 ) $ 0.6 $ 23.4 $ (55.7 ) In connection with the issuance of Senior Secured Notes and the entry into a Super Senior Revolving Credit Facility Agreement, on May 19, 2021, the Company terminated all of its interest rate swaps. Accordingly, hedge accounting is no longer applicable. The amounts previously recorded in Accumulated Other Comprehensive Income are amortized into Interest expense over the terms of the hedged forecasted interest payments. Losses reclassified from Accumulated Other Comprehensive Income into Interest expense in the Consolidated Statements of Operations and Income for the six months ended June 30, 2023 and June 30, 2022 amounted to $ 0.3 0.4 |
Net Income (Loss) per Share
Net Income (Loss) per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Share | 10. Net Income (Loss) per Share Basic income (loss) per share (“EPS”) is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to all dilutive potential shares of common stock outstanding during the period, including RSUs, using the treasury stock method, unless the inclusion would be anti-dilutive. The computation of diluted EPS excludes the common stock equivalents of the following potentially dilutive securities because they were either contingently issuable shares or because their inclusion would be anti-dilutive: Schedule of Anti-dilutive Securities Excluded from Computation of Earnings per Share 2023 2022 Three and Six Months Ended June 30, 2023 2022 RSUs 809,510 690,627 The following tables reconcile the numerators and denominators of the basic and diluted EPS computations: Schedule of Numerators and Denominators of the Basic and Diluted EPS Computations Three months ended June 30, 2023 Income (Numerator) (in millions) Shares (Denominator) Per-Share Amount Basic EPS Income available to common stockholders $ 4.1 26,267,215 $ 0.16 Effect of Dilutive Securities RSUs — 2,774,566 $ (0.02 ) Diluted EPS Income available to common stockholders $ 4.1 $ 29,041,781 $ 0.14 Six months ended June 30, 2023 Income (Numerator) (in millions) Shares (Denominator) Per-Share Amount Basic EPS Income available to common stockholders $ 3.9 26,211,589 $ 0.15 Effect of Dilutive Securities RSUs — 2,781,398 $ (0.02 ) Diluted EPS Income available to common stockholders $ 3.9 $ 28,992,987 $ 0.13 Three months ended June 30, 2022 Income (Numerator) (in millions) Shares (Denominator) Per-Share Amount Basic EPS Income available to common stockholders $ 7.2 26,826,014 $ 0.27 Effect of Dilutive Securities RSUs — 2,436,676 $ (0.02 ) Diluted EPS Income available to common stockholders $ 7.2 $ 29,262,690 $ 0.25 Six months ended June 30, 2022 Income (Numerator) (in millions) Shares (Denominator) Per-Share Amount Basic EPS Income available to common stockholders $ 8.4 26,838,339 $ 0.31 Effect of Dilutive Securities RSUs — 2,537,231 $ (0.02 ) Diluted EPS Income available to common stockholders $ 8.4 $ 29,375,570 $ 0.29 |
Other Finance Income (Expense)
Other Finance Income (Expense) | 6 Months Ended |
Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Other Finance Income (Expense) | 11. Other Finance Income (Expense) Other finance income (expense) consisted of the following: Schedule of Other Finance Income (expense) 2023 2022 2023 2022 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) (in millions) Pension interest cost $ (0.9 ) $ (0.5 ) $ (1.7 ) $ (1.1 ) Expected return on pension plan assets 1.0 0.8 1.9 1.7 Other finance income (Costs) $ 0.1 $ 0.3 $ 0.2 $ 0.6 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes The effective income tax rate for the three months ended June 30, 2023 and 2022 was 21.6 3.1 1.1 0.2 23.2 3.5 1.2 0.3 The effective tax rate reported in any given year will continue to be influenced by a variety of factors including the level of pre-tax income or loss, the income mix between jurisdictions, and any discrete items that may occur. The Company recorded a valuation allowance against all of our deferred tax assets as of both June 30, 2023 and 2022. We intend to continue maintaining a full valuation allowance on our deferred tax assets until there is sufficient evidence to support the reversal of all or some portion of these allowances. However, given our current earnings and anticipated future earnings, we believe that there is a reasonable possibility that within the next six months, sufficient positive evidence may become available to allow us to reach a conclusion that a significant portion of the valuation allowance will no longer be needed. Release of the valuation allowance would result in the recognition of certain deferred tax assets and a decrease to income tax expense for the period the release is recorded. However, the exact timing and amount of the valuation allowance release are subject to change on the basis of the level of profitability that we are able to actually achieve. |
Related Parties
Related Parties | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Parties | 13. Related Parties Macquarie Corporate Holdings Pty Limited (UK Branch) (“Macquarie UK”), (an arranger and lending party under our RCF Agreement) is an affiliate of MIHI LLC, which owned approximately 11.5 2.8 11 0.0 0.0 0.0 0.0 On December 31, 2021, the Company entered into a consultancy agreement with Richard Weil, the brother of A. Lorne Weil, our Executive Chairman, under which he received a success fee in the amount of $ 130,000 10,000 12,500 60,000 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases | |
Leases | 14. Leases The Company is party to leases with third parties with respect to various gaming machines. Gaming machine leases typically include a lease (of the machine) and a non-lease (provision of software services) component, both of which are included in the amounts disclosed. The components of lease income were as follows: Schedule of Lease Income 2023 2022 2023 2022 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) (in millions) Operating lease income $ 2.4 2.1 $ 4.8 3.7 Profit recognized at commencement date of sales type leases — — 0.3 — Total $ 2.4 $ 2.1 $ 5.1 $ 3.7 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. Commitments and Contingencies Employment Agreements We are party to employment agreements with our executive officers and other employees of the Company and our subsidiaries which contain, among other terms, provisions relating to severance and notice requirements. Arrangements with Daniel B. Silvers, former Executive Vice President and Chief Strategy Officer Effective January 10, 2023, Mr. Silvers stepped down from his position as Executive Vice President and Chief Strategy Officer of the Company. Pursuant to Mr. Silvers’ employment agreement dated December 14, 2016, as amended, Mr. Silvers was entitled to receive a base salary at a rate of $ 385,000 100 200 Legal Matters From time to time, the Company may become involved in lawsuits and legal matters arising in the ordinary course of business. While the Company believes that, currently, it has no such matters that are material, there can be no assurance that existing or new matters arising in the ordinary course of business will not have a material adverse effect on the Company’s business, financial condition or results of operations. |
Pension Plan
Pension Plan | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Pension Plan | 16. Pension Plan We operate a defined contribution plan in the US, and both defined benefit and defined contribution pension schemes in the UK. The defined contribution scheme assets are held separately from those of the Company in independently administered funds. Defined Benefit Pension Scheme The defined benefit scheme has been closed to new entrants since April 1, 1999 and closed to future accruals for services rendered to the Company for the entire financial statement periods presented. The Actuarial Valuation of the scheme as at March 31, 2021, determined that the statutory funding objective was not met, i.e., there were insufficient assets to cover the scheme’s technical provisions and there was a funding shortfall. In June 2022, a recovery plan was put in place to eliminate the funding shortfall. The plan expects the shortfall to be eliminated by October 31, 2026. Deficit reduction contributions of $ 1.1 0.3 The total amount of employer contributions paid during the six months ended June 30, 2023 amounted to $ 0.7 The following table presents the components of our net periodic pension benefit cost: Schedule of Defined Benefit Plans 2023 2022 Six Months Ended June 30, 2023 2022 (in millions) Components of net periodic pension benefit cost: Interest cost $ 1.7 $ 1.1 Expected return on plan assets (1.9 ) (1.7 ) Net periodic benefit $ (0.2 ) $ (0.6 ) The following table sets forth the estimate of the combined funded status of the pension plans and their reconciliation to the related amounts recognized in our consolidated financial statements at the respective measurement dates: Schedule of Pension Plans and their Reconciliation June 30, 2023 December 31, 2022 (in millions) Change in benefit obligation: Benefit obligation at beginning of period $ 67.4 $ 114.7 Interest cost 1.7 2.1 Actuarial gain (3.3 ) (35.5 ) Benefits paid (1.5 ) (3.5 ) Foreign currency translation adjustments 3.8 (10.4 ) Benefit obligation at end of period $ 68.1 $ 67.4 Change in plan assets: Fair value of plan assets at beginning of period $ 65.3 $ 117.7 Actual loss on plan assets (0.2 ) (39.1 ) Employer contributions 0.7 1.4 Benefits paid (1.5 ) (3.5 ) Foreign currency translation adjustments 3.8 (11.2 ) Fair value of assets at end of period $ 68.1 $ 65.3 Amount recognized in the consolidated balance sheets: Overfunded (Unfunded) status (non-current) $ — $ (2.1 ) Net amount recognized $ — $ (2.1 ) |
Segment Reporting and Geographi
Segment Reporting and Geographic Information | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting and Geographic Information | 17. Segment Reporting and Geographic Information The Company operates its business along four The following tables present revenue, cost of sales, excluding depreciation and amortization, selling, general and administrative expenses, depreciation and amortization, stock-based compensation expense and acquisition related transaction expenses, operating profit/(loss) and total capital expenditures for the periods ended June 30, 2023 and June 30, 2022, respectively, by business segment. Certain unallocated corporate function costs have not been allocated to the Company’s reportable operating segments because these costs are not allocable and to do so would not be practical. Corporate function costs consist primarily of selling, general and administrative expenses, depreciation and amortization and capital expenditures. Segment Information Schedule of Segment Reporting Information by Segment Three Months Ended June 30, 2023 Gaming Virtual Sports Interactive Leisure Corporate Functions Total (in millions) Revenue: Service $ 19.8 $ 15.0 $ 7.4 $ 25.9 $ — $ 68.1 Product sales 11.7 — — 0.6 — 12.3 Total revenue 31.5 15.0 7.4 26.5 — 80.4 Cost of sales, excluding depreciation and amortization: Cost of service (5.3 ) (0.7 ) (0.9 ) (6.5 ) — (13.4 ) Cost of product sales (9.5 ) — — (0.3 ) — (9.8 ) Selling, general and administrative expenses (7.0 ) (1.2 ) (2.5 ) (13.2 ) (7.3 ) (31.2 ) Stock-based compensation expense (0.4 ) (0.2 ) (0.1 ) (0.4 ) (2.1 ) (3.2 ) Acquisition and integration related transaction expenses — — — — — — Depreciation and amortization (4.2 ) (1.0 ) (1.5 ) (3.0 ) (0.7 ) (10.4 ) Segment operating income (loss) 5.1 11.9 2.4 3.1 (10.1 ) 12.4 Net operating income $ 12.4 Total capital expenditures for the three months ended June 30, 2023 $ 3.0 $ 1.9 $ 0.9 $ 3.8 $ 1.0 $ 10.6 Three Months Ended June 30, 2022 Gaming Virtual Sports Interactive Leisure Corporate Functions Total (in millions) Revenue: Service $ 19.6 $ 14.0 $ 5.8 $ 25.4 $ — $ 64.8 Product sales 5.9 — — 0.6 — 6.5 Total revenue 25.5 14.0 5.8 26.0 — 71.3 Cost of sales, excluding depreciation and amortization: Cost of service (4.4 ) (0.6 ) (0.8 ) (5.9 ) — (11.7 ) Cost of product sales (4.0 ) — — (0.4 ) — (4.4 ) Selling, general and administrative expenses (7.7 ) (1.4 ) (1.9 ) (12.0 ) (6.3 ) (29.3 ) Stock-based compensation expense (0.3 ) (0.2 ) (0.2 ) (0.1 ) (1.8 ) (2.6 ) Acquisition and integration related transaction expenses — — — — (0.1 ) (0.1 ) Depreciation and amortization (4.5 ) (0.7 ) (0.7 ) (3.5 ) (0.7 ) (10.1 ) Segment operating income (loss) 4.6 11.1 2.2 4.1 (8.9 ) 13.1 Net operating income $ 13.1 Total capital expenditures for the three months ended June 30, 2022 $ 5.8 $ 1.3 $ 1.3 $ 2.0 $ 0.7 $ 11.1 Six Months Ended June 30, 2023 Gaming Virtual Sports Interactive Leisure Corporate Functions Total (in millions) Revenue: Service $ 40.0 $ 29.9 $ 14.0 $ 42.5 $ — $ 126.4 Product sales 18.9 — — 1.1 — 20.0 Total revenue 58.9 29.9 14.0 43.6 — 146.4 Cost of sales, excluding depreciation and amortization: Cost of service (10.5 ) (1.4 ) (1.8 ) (10.6 ) — (24.3 ) Cost of product sales (14.9 ) — — (0.7 ) — (15.6 ) Selling, general and administrative expenses (14.3 ) (2.5 ) (4.9 ) (24.3 ) (16.6 ) (62.6 ) Stock-based compensation expense (0.7 ) (0.4 ) (0.3 ) (0.5 ) (4.2 ) (6.1 ) Acquisition and integration related transaction expenses — — — — — — Depreciation and amortization (8.0 ) (1.7 ) (2.3 ) (6.1 ) (1.2 ) (19.3 ) Segment operating income (loss) 10.5 23.9 4.7 1.4 (22.0 ) 18.5 Net operating income $ 18.5 Total capital expenditures for the six months ended June 30, 2023 $ $ 3.0 $ $ 9.0 $ $ 22.2 Six Months Ended June 30, 2022 Gaming Virtual Sports Interactive Leisure Corporate Functions Total (in millions) Revenue: Service $ 40.7 $ 25.6 $ 11.1 $ 44.4 $ — $ 121.8 Product sales 8.9 — — 1.2 — 10.1 Total revenue 49.6 25.6 11.1 45.6 — 131.9 Cost of sales, excluding depreciation and amortization: Cost of service (9.1 ) (1.2 ) (1.8 ) (11.4 ) — (23.5 ) Cost of product sales (5.8 ) — — (0.7 ) — (6.5 ) Selling, general and administrative expenses (14.5 ) (3.0 ) (3.3 ) (23.3 ) (12.0 ) (56.1 ) Stock-based compensation expense (0.6 ) (0.3 ) (0.3 ) (0.3 ) (3.9 ) (5.4 ) Acquisition and integration related transaction expenses (0.1 ) — — — (0.1 ) (0.2 ) Depreciation and amortization (9.2 ) (1.4 ) (1.5 ) (7.2 ) (1.2 ) (20.5 ) Segment operating income (loss) 10.3 19.7 4.2 2.7 (17.2 ) 19.7 Net operating income $ 19.7 Total capital expenditures for the six months ended June 30, 2022 $ 9.2 $ 2.2 $ 2.5 $ 6.0 $ 1.9 $ 21.8 Geographic Information Geographic information for revenue is set forth below: Schedule of Geographic Information 2023 2022 2023 2022 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) (in millions) Total revenue UK $ 62.3 $ 55.8 $ 111.7 $ 101.4 Greece 5.4 5.5 11.0 11.2 Rest of world 12.7 10.0 23.7 19.3 Total $ 80.4 $ 71.3 $ 146.4 $ 131.9 Total revenue $ 80.4 $ 71.3 $ 146.4 $ 131.9 UK revenue includes revenue from customers headquartered in the UK, but whose revenue is generated globally. Geographic information of our non-current assets excluding goodwill is set forth below: June 30, 2023 December 31, 2022 (in millions) UK $ 86.1 $ 82.5 Greece 5.4 6.6 Rest of world 22.2 16.8 Total $ 113.7 $ 105.9 Software development costs are included as attributable to the market in which they are utilized. Non-current assets above include Property and equipment, net, Software development costs, net, Other acquired intangible assets subject to amortization, net, Operating lease right of use asset and Other assets. |
Customer Concentration
Customer Concentration | 6 Months Ended |
Jun. 30, 2023 | |
Risks and Uncertainties [Abstract] | |
Customer Concentration | 18. Customer Concentration During the three months ended June 30, 2023, one customer represented at least 10% of the Company’s revenues, accounting for 12 13 During the six months ended June 30, 2023, one customer represented at least 10% of the Company’s revenues, accounting for 14 13 At June 30, 2023 no customers represented at least 10 24 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 19. Subsequent Events The Company evaluates subsequent events and transactions that occur after the balance sheet date up to the date that the financial statements were issued. Based upon this review, the Company did not identify subsequent events that would have required adjustment or disclosure in the consolidated financial statements. |
Nature of Operations, Managem_2
Nature of Operations, Management’s Plans and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Company Description and Nature of Operations | Company Description and Nature of Operations We are a global gaming technology company, supplying content, platform, gaming terminals and other products and services to online and land-based regulated lottery, betting and gaming operators worldwide through a broad range of distribution channels, predominantly on a business-to-business basis. We provide end-to-end digital gaming solutions (i) on our own proprietary and secure network, which accommodates a wide range of devices, including land-based gaming machine terminals, mobile devices and online computer applications and (ii) through third party networks. Our content and other products can be found through the consumer-facing portals of our interactive customers and, through our land-based customers, in licensed betting offices, adult gaming centers, pubs, bingo halls, airports, motorway service areas and leisure parks. |
Management Liquidity Plans | Management Liquidity Plans As of June 30, 2023, the Company’s cash on hand was $ 42.1 22.3 3.9 8.4 6.1 5.4 64.4 31.1 Historically, the Company has generally had positive cash flows from operating activities and has relied on a combination of cash flows provided by operations and the incurrence of debt and/or the refinancing of existing debt to fund its obligations. Cash flows provided by operations amounted to $ 37.5 15.9 Management currently believes that the Company’s cash balances on hand, cash flows expected to be generated from operations, ability to control and defer capital projects and amounts available from the Company’s external borrowings will be sufficient to fund the Company’s net cash requirements through August 2024. |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 8 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. It is management’s opinion, however, that the accompanying unaudited interim condensed consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto for the years ended December 31, 2022 and 2021. The financial information as of December 31, 2022 is derived from the audited consolidated financial statements presented in the Company’s Annual Report on Form 10-K filed with the SEC on March 16, 2023. The interim results for the six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any future interim periods. |
Newly Adopted Accounting Standards | Newly Adopted Accounting Standards On January 1, 2023, the Company adopted Topic 326 Financial Instruments – Credit Losses (“ASC 326”). ASC 326 affects loans, debt securities, trade receivables, and any other financial assets that have the contractual right to receive cash. It requires an entity to recognize expected credit losses rather than incurred losses for financial assets and requires a modified retrospective transition approach through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The adoption of ASC 326 did not have a material impact. Disclosures with respect to allowances for credit losses are given in footnote 4 to these financial statements. |
Revision of Previously Issued_2
Revision of Previously Issued Financial Statements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summarize the effect of the restatement to the company’s financial statements | Summarize the effect of the restatement to the company’s financial statements Balance sheet as of December 31, 2022 (audited) As Previously Reported Adjustments As Revised Software development costs, net $ 35.8 (1.0 ) $ 34.8 Total assets 309.4 (1.0 ) 308.4 Accumulated other comprehensive income 46.3 0.1 46.4 Accumulated deficit (482.2 ) (1.1 ) (483.3 ) Total stockholders’ deficit (57.7 ) (1.0 ) (58.7 ) Total liabilities and stockholders’ deficit 309.4 (1.0 ) 308.4 Year ended December 31, 2022 (audited) As Previously Reported Adjustments As Revised Revenue $ 285.4 — $ 285.4 Cost of sales (72.0 ) — (72.0) Selling, general and administrative expenses (126.4 ) — (126.4) Depreciation and amortization (37.6 ) (1.1 ) (38.7) Net income (loss) before tax 25.5 (1.1 ) 24.4 Income tax (3.2 ) — (3.2) Net income (loss) 22.3 (1.1 ) 21.2 Net income per common share - basic 0.84 (0.04 ) 0.80 Net income per common share - diluted 0.77 (0.04 ) 0.73 Three months ended June 30, 2022 (unaudited) As Previously Reported Adjustments As Revised Revenue $ 71.3 — $ 71.3 Cost of sales (16.1 ) — (16.1 ) Selling, general and administrative expenses (31.9 ) — (31.9 ) Depreciation and amortization (9.8 ) (0.3 ) (10.1 ) Net income (loss) before tax 7.7 (0.3 ) 7.4 Income tax (0.2 ) — (0.2 ) Net income (loss) 7.5 (0.3 ) 7.2 Net income per common share - basic 0.28 (0.01 ) 0.27 Net income per common share - diluted 0.26 (0.01 ) 0.25 Six months ended June 30, 2022 (unaudited) As Previously Reported Adjustments As Revised Revenue $ 131.9 — $ 131.9 Cost of sales (30.0 ) — (30.0 ) Selling, general and administrative expenses (61.5 ) — (61.5 ) Depreciation and amortization (19.9 ) (0.6 ) (20.5 ) Net income (loss) before tax 9.3 (0.6 ) 8.7 Income tax (0.3 ) — (0.3 ) Net income (loss) 9.0 (0.6 ) 8.4 Net income per common share - basic 0.34 (0.03 ) 0.31 Net income per common share - diluted 0.31 (0.02 ) 0.29 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Schedule of Changes in Allowance for Doubtful accounts | Changes in the allowance for doubtful accounts are as follows: Schedule of Changes in Allowance for Doubtful accounts June 30, 2023 December 31, 2022 (in millions) Beginning balance $ (1.3 ) $ (1.7 ) Additional provision for doubtful accounts (0.2 ) (0.2 ) Recoveries 0.2 — Write offs 0.4 0.4 Foreign currency translation adjustments (0.1 ) 0.2 Ending balance $ (1.0 ) $ (1.3 ) |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventory consists of the following: Schedule of Inventory June 30, 2023 December 31, 2022 (in millions) Component parts $ 23.0 $ 21.4 Work in progress 1.8 3.6 Finished goods 23.2 6.0 Total inventories $ 48.0 $ 31.0 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accounts Payable and Accrued expenses consist of the following: Schedule of Accrued Expenses June 30, 2023 December 31, 2022 (in millions) Accounts payable $ 30.0 $ 25.7 Payroll and related costs 5.3 10.2 Cost of sales including inventory 5.9 9.1 Other 6.3 9.2 Total accounts payable and accrued expenses $ 47.5 $ 54.2 |
Contract Liabilities and Othe_2
Contract Liabilities and Other Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Contract Liabilities And Other Disclosures | |
Schedule of Contract Related Balances | The following table summarizes contract related balances: Schedule of Contract Related Balances Accounts Receivable Unbilled Accounts Receivable Deferred Income Customer Prepayments and Deposits (in millions) At June 30, 2023 $ 42.5 $ 17.4 $ (33.9 ) $ (2.6 ) At December 31, 2022 $ 44.6 $ 18.2 $ (8.5 ) $ (2.4 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Restricted Stock Unit Activity | A summary of the Company’s Restricted Stock Unit (“RSU”) activity during the six months ended June 30, 2023 is as follows: Schedule of Restricted Stock Unit Activity Number of Shares Unvested Outstanding at January 1, 2023 1,647,544 Granted (1) 888,225 Forfeited (8,872 ) Vested (262,978 ) Unvested Outstanding at June 30, 2023 2,263,919 (1) The amount shown as granted in the table includes 219,213 0 200 438,426 250,000 125,000 100 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Income) (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss (Income) | The accumulated balances for each classification of comprehensive loss (income) are presented below: Schedule of Accumulated Other Comprehensive Loss (Income) Foreign Currency Translation Adjustments Change in Fair Value of Hedging Instrument Unrecognized Pension Benefit Costs Accumulated Other Comprehensive (Income) (in millions) Balance at January 1, 2023 $ (79.8 ) $ 0.3 $ 33.1 $ (46.4 ) Change during the period 1.7 (0.2 ) (2.0 ) (0.5 ) Balance at March 31, 2023 (78.1 ) 0.1 31.1 (46.9 ) Change during the period 1.6 (0.1 ) 0.3 1.8 Balance at June 30, 2023 $ (76.5 ) $ — $ 31.4 $ (45.1 ) Foreign Currency Translation Adjustments Change in Fair Value of Hedging Instrument Unrecognized Pension Benefit Costs Accumulated Other Comprehensive (Income) (in millions) Balance at January 1, 2022 $ (71.5 ) $ 1.0 $ 26.7 $ (43.8 ) Change during the period (2.4 ) (0.2 ) (0.7 ) (3.3 ) Balance at March 31, 2022 (73.9 ) 0.8 26.0 (47.1 ) Change during the period (5.8 ) (0.2 ) (2.6 ) (8.6 ) Balance at June 30, 2022 $ (79.7 ) $ 0.6 $ 23.4 $ (55.7 ) In connection with the issuance of Senior Secured Notes and the entry into a Super Senior Revolving Credit Facility Agreement, on May 19, 2021, the Company terminated all of its interest rate swaps. Accordingly, hedge accounting is no longer applicable. The amounts previously recorded in Accumulated Other Comprehensive Income are amortized into Interest expense over the terms of the hedged forecasted interest payments. Losses reclassified from Accumulated Other Comprehensive Income into Interest expense in the Consolidated Statements of Operations and Income for the six months ended June 30, 2023 and June 30, 2022 amounted to $ 0.3 0.4 |
Net Income (Loss) per Share (Ta
Net Income (Loss) per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Numerators and Denominators of the Basic and Diluted EPS Computations | The computation of diluted EPS excludes the common stock equivalents of the following potentially dilutive securities because they were either contingently issuable shares or because their inclusion would be anti-dilutive: Schedule of Anti-dilutive Securities Excluded from Computation of Earnings per Share 2023 2022 Three and Six Months Ended June 30, 2023 2022 RSUs 809,510 690,627 The following tables reconcile the numerators and denominators of the basic and diluted EPS computations: Schedule of Numerators and Denominators of the Basic and Diluted EPS Computations Three months ended June 30, 2023 Income (Numerator) (in millions) Shares (Denominator) Per-Share Amount Basic EPS Income available to common stockholders $ 4.1 26,267,215 $ 0.16 Effect of Dilutive Securities RSUs — 2,774,566 $ (0.02 ) Diluted EPS Income available to common stockholders $ 4.1 $ 29,041,781 $ 0.14 Six months ended June 30, 2023 Income (Numerator) (in millions) Shares (Denominator) Per-Share Amount Basic EPS Income available to common stockholders $ 3.9 26,211,589 $ 0.15 Effect of Dilutive Securities RSUs — 2,781,398 $ (0.02 ) Diluted EPS Income available to common stockholders $ 3.9 $ 28,992,987 $ 0.13 Three months ended June 30, 2022 Income (Numerator) (in millions) Shares (Denominator) Per-Share Amount Basic EPS Income available to common stockholders $ 7.2 26,826,014 $ 0.27 Effect of Dilutive Securities RSUs — 2,436,676 $ (0.02 ) Diluted EPS Income available to common stockholders $ 7.2 $ 29,262,690 $ 0.25 Six months ended June 30, 2022 Income (Numerator) (in millions) Shares (Denominator) Per-Share Amount Basic EPS Income available to common stockholders $ 8.4 26,838,339 $ 0.31 Effect of Dilutive Securities RSUs — 2,537,231 $ (0.02 ) Diluted EPS Income available to common stockholders $ 8.4 $ 29,375,570 $ 0.29 |
Schedule of Numerators and Denominators of the Basic and Diluted EPS Computations | The following tables reconcile the numerators and denominators of the basic and diluted EPS computations: Schedule of Numerators and Denominators of the Basic and Diluted EPS Computations Three months ended June 30, 2023 Income (Numerator) (in millions) Shares (Denominator) Per-Share Amount Basic EPS Income available to common stockholders $ 4.1 26,267,215 $ 0.16 Effect of Dilutive Securities RSUs — 2,774,566 $ (0.02 ) Diluted EPS Income available to common stockholders $ 4.1 $ 29,041,781 $ 0.14 Six months ended June 30, 2023 Income (Numerator) (in millions) Shares (Denominator) Per-Share Amount Basic EPS Income available to common stockholders $ 3.9 26,211,589 $ 0.15 Effect of Dilutive Securities RSUs — 2,781,398 $ (0.02 ) Diluted EPS Income available to common stockholders $ 3.9 $ 28,992,987 $ 0.13 Three months ended June 30, 2022 Income (Numerator) (in millions) Shares (Denominator) Per-Share Amount Basic EPS Income available to common stockholders $ 7.2 26,826,014 $ 0.27 Effect of Dilutive Securities RSUs — 2,436,676 $ (0.02 ) Diluted EPS Income available to common stockholders $ 7.2 $ 29,262,690 $ 0.25 Six months ended June 30, 2022 Income (Numerator) (in millions) Shares (Denominator) Per-Share Amount Basic EPS Income available to common stockholders $ 8.4 26,838,339 $ 0.31 Effect of Dilutive Securities RSUs — 2,537,231 $ (0.02 ) Diluted EPS Income available to common stockholders $ 8.4 $ 29,375,570 $ 0.29 |
Other Finance Income (Expense)
Other Finance Income (Expense) (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Finance Income (expense) | Other finance income (expense) consisted of the following: Schedule of Other Finance Income (expense) 2023 2022 2023 2022 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) (in millions) Pension interest cost $ (0.9 ) $ (0.5 ) $ (1.7 ) $ (1.1 ) Expected return on pension plan assets 1.0 0.8 1.9 1.7 Other finance income (Costs) $ 0.1 $ 0.3 $ 0.2 $ 0.6 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases | |
Schedule of Lease Income | The components of lease income were as follows: Schedule of Lease Income 2023 2022 2023 2022 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) (in millions) Operating lease income $ 2.4 2.1 $ 4.8 3.7 Profit recognized at commencement date of sales type leases — — 0.3 — Total $ 2.4 $ 2.1 $ 5.1 $ 3.7 |
Pension Plan (Tables)
Pension Plan (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans | The following table presents the components of our net periodic pension benefit cost: Schedule of Defined Benefit Plans 2023 2022 Six Months Ended June 30, 2023 2022 (in millions) Components of net periodic pension benefit cost: Interest cost $ 1.7 $ 1.1 Expected return on plan assets (1.9 ) (1.7 ) Net periodic benefit $ (0.2 ) $ (0.6 ) |
Schedule of Pension Plans and their Reconciliation | The following table sets forth the estimate of the combined funded status of the pension plans and their reconciliation to the related amounts recognized in our consolidated financial statements at the respective measurement dates: Schedule of Pension Plans and their Reconciliation June 30, 2023 December 31, 2022 (in millions) Change in benefit obligation: Benefit obligation at beginning of period $ 67.4 $ 114.7 Interest cost 1.7 2.1 Actuarial gain (3.3 ) (35.5 ) Benefits paid (1.5 ) (3.5 ) Foreign currency translation adjustments 3.8 (10.4 ) Benefit obligation at end of period $ 68.1 $ 67.4 Change in plan assets: Fair value of plan assets at beginning of period $ 65.3 $ 117.7 Actual loss on plan assets (0.2 ) (39.1 ) Employer contributions 0.7 1.4 Benefits paid (1.5 ) (3.5 ) Foreign currency translation adjustments 3.8 (11.2 ) Fair value of assets at end of period $ 68.1 $ 65.3 Amount recognized in the consolidated balance sheets: Overfunded (Unfunded) status (non-current) $ — $ (2.1 ) Net amount recognized $ — $ (2.1 ) |
Segment Reporting and Geograp_2
Segment Reporting and Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | Segment Information Schedule of Segment Reporting Information by Segment Three Months Ended June 30, 2023 Gaming Virtual Sports Interactive Leisure Corporate Functions Total (in millions) Revenue: Service $ 19.8 $ 15.0 $ 7.4 $ 25.9 $ — $ 68.1 Product sales 11.7 — — 0.6 — 12.3 Total revenue 31.5 15.0 7.4 26.5 — 80.4 Cost of sales, excluding depreciation and amortization: Cost of service (5.3 ) (0.7 ) (0.9 ) (6.5 ) — (13.4 ) Cost of product sales (9.5 ) — — (0.3 ) — (9.8 ) Selling, general and administrative expenses (7.0 ) (1.2 ) (2.5 ) (13.2 ) (7.3 ) (31.2 ) Stock-based compensation expense (0.4 ) (0.2 ) (0.1 ) (0.4 ) (2.1 ) (3.2 ) Acquisition and integration related transaction expenses — — — — — — Depreciation and amortization (4.2 ) (1.0 ) (1.5 ) (3.0 ) (0.7 ) (10.4 ) Segment operating income (loss) 5.1 11.9 2.4 3.1 (10.1 ) 12.4 Net operating income $ 12.4 Total capital expenditures for the three months ended June 30, 2023 $ 3.0 $ 1.9 $ 0.9 $ 3.8 $ 1.0 $ 10.6 Three Months Ended June 30, 2022 Gaming Virtual Sports Interactive Leisure Corporate Functions Total (in millions) Revenue: Service $ 19.6 $ 14.0 $ 5.8 $ 25.4 $ — $ 64.8 Product sales 5.9 — — 0.6 — 6.5 Total revenue 25.5 14.0 5.8 26.0 — 71.3 Cost of sales, excluding depreciation and amortization: Cost of service (4.4 ) (0.6 ) (0.8 ) (5.9 ) — (11.7 ) Cost of product sales (4.0 ) — — (0.4 ) — (4.4 ) Selling, general and administrative expenses (7.7 ) (1.4 ) (1.9 ) (12.0 ) (6.3 ) (29.3 ) Stock-based compensation expense (0.3 ) (0.2 ) (0.2 ) (0.1 ) (1.8 ) (2.6 ) Acquisition and integration related transaction expenses — — — — (0.1 ) (0.1 ) Depreciation and amortization (4.5 ) (0.7 ) (0.7 ) (3.5 ) (0.7 ) (10.1 ) Segment operating income (loss) 4.6 11.1 2.2 4.1 (8.9 ) 13.1 Net operating income $ 13.1 Total capital expenditures for the three months ended June 30, 2022 $ 5.8 $ 1.3 $ 1.3 $ 2.0 $ 0.7 $ 11.1 Six Months Ended June 30, 2023 Gaming Virtual Sports Interactive Leisure Corporate Functions Total (in millions) Revenue: Service $ 40.0 $ 29.9 $ 14.0 $ 42.5 $ — $ 126.4 Product sales 18.9 — — 1.1 — 20.0 Total revenue 58.9 29.9 14.0 43.6 — 146.4 Cost of sales, excluding depreciation and amortization: Cost of service (10.5 ) (1.4 ) (1.8 ) (10.6 ) — (24.3 ) Cost of product sales (14.9 ) — — (0.7 ) — (15.6 ) Selling, general and administrative expenses (14.3 ) (2.5 ) (4.9 ) (24.3 ) (16.6 ) (62.6 ) Stock-based compensation expense (0.7 ) (0.4 ) (0.3 ) (0.5 ) (4.2 ) (6.1 ) Acquisition and integration related transaction expenses — — — — — — Depreciation and amortization (8.0 ) (1.7 ) (2.3 ) (6.1 ) (1.2 ) (19.3 ) Segment operating income (loss) 10.5 23.9 4.7 1.4 (22.0 ) 18.5 Net operating income $ 18.5 Total capital expenditures for the six months ended June 30, 2023 $ $ 3.0 $ $ 9.0 $ $ 22.2 Six Months Ended June 30, 2022 Gaming Virtual Sports Interactive Leisure Corporate Functions Total (in millions) Revenue: Service $ 40.7 $ 25.6 $ 11.1 $ 44.4 $ — $ 121.8 Product sales 8.9 — — 1.2 — 10.1 Total revenue 49.6 25.6 11.1 45.6 — 131.9 Cost of sales, excluding depreciation and amortization: Cost of service (9.1 ) (1.2 ) (1.8 ) (11.4 ) — (23.5 ) Cost of product sales (5.8 ) — — (0.7 ) — (6.5 ) Selling, general and administrative expenses (14.5 ) (3.0 ) (3.3 ) (23.3 ) (12.0 ) (56.1 ) Stock-based compensation expense (0.6 ) (0.3 ) (0.3 ) (0.3 ) (3.9 ) (5.4 ) Acquisition and integration related transaction expenses (0.1 ) — — — (0.1 ) (0.2 ) Depreciation and amortization (9.2 ) (1.4 ) (1.5 ) (7.2 ) (1.2 ) (20.5 ) Segment operating income (loss) 10.3 19.7 4.2 2.7 (17.2 ) 19.7 Net operating income $ 19.7 Total capital expenditures for the six months ended June 30, 2022 $ 9.2 $ 2.2 $ 2.5 $ 6.0 $ 1.9 $ 21.8 |
Schedule of Geographic Information | Geographic information for revenue is set forth below: Schedule of Geographic Information 2023 2022 2023 2022 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) (in millions) Total revenue UK $ 62.3 $ 55.8 $ 111.7 $ 101.4 Greece 5.4 5.5 11.0 11.2 Rest of world 12.7 10.0 23.7 19.3 Total $ 80.4 $ 71.3 $ 146.4 $ 131.9 Total revenue $ 80.4 $ 71.3 $ 146.4 $ 131.9 Geographic information of our non-current assets excluding goodwill is set forth below: June 30, 2023 December 31, 2022 (in millions) UK $ 86.1 $ 82.5 Greece 5.4 6.6 Rest of world 22.2 16.8 Total $ 113.7 $ 105.9 |
Nature of Operations, Managem_3
Nature of Operations, Management’s Plans and Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | |||||||
Cash on hand | $ 42.1 | $ 42.1 | $ 25 | ||||
Additional working capital | 22.3 | 22.3 | |||||
Net losses | 4.1 | $ (0.2) | $ 7.2 | $ 1.2 | 3.9 | $ 8.4 | $ 21.2 |
Share based compensation, expense | 6.1 | 5.4 | |||||
Working capital non-cash settled item | 64.4 | 64.4 | |||||
Deferred income | $ 31.1 | 31.1 | |||||
Cash flows provided by operations amount | $ 37.5 | $ 15.9 |
Summarize the effect of the res
Summarize the effect of the restatement to the company’s financial statements (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Software development costs, net | $ 39,200 | $ 39,200 | $ 34,800 | |||||
Total assets | 353,500 | 353,500 | 308,400 | |||||
Accumulated other comprehensive income | 45,100 | $ 46,900 | $ 55,700 | $ 47,100 | 45,100 | $ 55,700 | 46,400 | $ 43,800 |
Accumulated deficit | (479,500) | (479,500) | (483,300) | |||||
Total stockholders’ deficit | (50,300) | (55,400) | (57,700) | (70,800) | (50,300) | (57,700) | (58,700) | $ (78,000) |
Total liabilities and stockholders’ deficit | 353,500 | 353,500 | 308,400 | |||||
Revenue | 80,400 | 71,300 | 146,400 | 131,900 | 285,400 | |||
Cost of sales | (16,100) | (30,000) | (72,000) | |||||
Selling, general and administrative expenses | (34,400) | (31,900) | (68,700) | (61,500) | (126,400) | |||
Depreciation and amortization | (10,400) | (10,100) | (19,300) | (20,500) | (38,700) | |||
Net income (loss) before tax | 5,200 | 7,400 | 5,100 | 8,700 | 24,400 | |||
Income tax | (200) | (300) | (3,200) | |||||
Net income | $ 4,100 | $ (200) | $ 7,200 | $ 1,200 | $ 3,900 | $ 8,400 | $ 21,200 | |
Net income per common share - basic | $ 0.16 | $ 0.27 | $ 0.15 | $ 0.31 | $ 0.80 | |||
Net income per common share - diluted | $ 0.14 | $ 0.25 | $ 0.13 | $ 0.29 | $ 0.73 | |||
Previously Reported [Member] | ||||||||
Software development costs, net | $ 35,800 | |||||||
Total assets | 309,400 | |||||||
Accumulated other comprehensive income | 46,300 | |||||||
Accumulated deficit | (482,200) | |||||||
Total stockholders’ deficit | (57,700) | |||||||
Total liabilities and stockholders’ deficit | 309,400 | |||||||
Revenue | $ 71,300 | $ 131,900 | 285,400 | |||||
Cost of sales | (16,100) | (30,000) | (72,000) | |||||
Selling, general and administrative expenses | (31,900) | (61,500) | (126,400) | |||||
Depreciation and amortization | (9,800) | (19,900) | (37,600) | |||||
Net income (loss) before tax | 7,700 | 9,300 | 25,500 | |||||
Income tax | (200) | (300) | (3,200) | |||||
Net income | $ 7,500 | $ 9,000 | $ 22,300 | |||||
Net income per common share - basic | $ 0.28 | $ 0.34 | $ 0.84 | |||||
Net income per common share - diluted | $ 0.26 | $ 0.31 | $ 0.77 | |||||
Revision of Prior Period, Adjustment [Member] | ||||||||
Software development costs, net | $ (1,000) | |||||||
Total assets | (1,000) | |||||||
Accumulated other comprehensive income | 100 | |||||||
Accumulated deficit | (1,100) | |||||||
Total stockholders’ deficit | (1,000) | |||||||
Total liabilities and stockholders’ deficit | (1,000) | |||||||
Revenue | ||||||||
Cost of sales | ||||||||
Selling, general and administrative expenses | ||||||||
Depreciation and amortization | (300) | (600) | (1,100) | |||||
Net income (loss) before tax | (300) | (600) | (1,100) | |||||
Income tax | ||||||||
Net income | $ (300) | $ (600) | $ (1,100) | |||||
Net income per common share - basic | $ (0.01) | $ (0.03) | $ (0.04) | |||||
Net income per common share - diluted | $ (0.01) | $ (0.02) | $ (0.04) |
Revision of Previously Issued_3
Revision of Previously Issued Financial Statements (Details Narrative) | 6 Months Ended |
Jun. 30, 2023 | |
Gaming [Member] | |
Financing Receivable, Past Due [Line Items] | |
[custom:NetOfTotalAdjustments] | 44% |
Vitual Sports [Member] | |
Financing Receivable, Past Due [Line Items] | |
[custom:NetOfTotalAdjustments] | 23% |
Interactive [Member] | |
Financing Receivable, Past Due [Line Items] | |
[custom:NetOfTotalAdjustments] | 23% |
Leisure [Member] | |
Financing Receivable, Past Due [Line Items] | |
[custom:NetOfTotalAdjustments] | 4% |
Corporate Segment [Member] | |
Financing Receivable, Past Due [Line Items] | |
[custom:NetOfTotalAdjustments] | 6% |
Acquisitions and Disposals (Det
Acquisitions and Disposals (Details Narrative) - 1 months ended Jan. 31, 2022 € in Millions, $ in Millions | USD ($) | EUR (€) |
Business Combination and Asset Acquisition [Abstract] | ||
Total proceeds | $ 1.2 | € 1.1 |
Profit on disposal | $ 0.9 | € 0.8 |
Schedule of Changes in Allowanc
Schedule of Changes in Allowance for Doubtful accounts (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Receivables [Abstract] | ||
Beginning balance | $ (1.3) | $ (1.7) |
Additional provision for doubtful accounts | (0.2) | (0.2) |
Recoveries | 0.2 | |
Write offs | 0.4 | 0.4 |
Foreign currency translation adjustments | (0.1) | 0.2 |
Ending balance | $ (1) | $ (1.3) |
Schedule of Inventory (Details)
Schedule of Inventory (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Component parts | $ 23 | $ 21.4 |
Work in progress | 1.8 | 3.6 |
Finished goods | 23.2 | 6 |
Total inventories | $ 48 | $ 31 |
Schedule of Accrued Expenses (D
Schedule of Accrued Expenses (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 30 | $ 25.7 |
Payroll and related costs | 5.3 | 10.2 |
Cost of sales including inventory | 5.9 | 9.1 |
Other | 6.3 | 9.2 |
Total accounts payable and accrued expenses | $ 47.5 | $ 54.2 |
Schedule of Contract Related Ba
Schedule of Contract Related Balances (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Contract Liabilities And Other Disclosures | ||
Accounts receivable | $ 42.5 | $ 44.6 |
Unbilled accounts receivable | 17.4 | 18.2 |
Deferred income | (33.9) | (8.5) |
Customer prepayments and deposits | $ (2.6) | $ (2.4) |
Contract Liabilities and Othe_3
Contract Liabilities and Other Disclosures (Details Narrative) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Contract Liabilities And Other Disclosures | ||
Revenue recognized in deferred income | $ 2.6 | $ 4.7 |
Schedule of Restricted Stock Un
Schedule of Restricted Stock Unit Activity (Details) - Incentive Plan [Member] - Restricted Stock Units (RSUs) [Member] | 6 Months Ended | |
Jun. 30, 2023 shares | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of Shares, Unvested Outstanding | 1,647,544 | |
Number of Shares, Granted | 888,225 | [1] |
Number of Shares, Forfeited | (8,872) | |
Number of Shares, Vested | (262,978) | |
Number of Shares, Unvested Outstanding | 2,263,919 | |
[1]The amount shown as granted in the table includes 219,213 0 200 438,426 250,000 125,000 100 |
Schedule of Restricted Stock _2
Schedule of Restricted Stock Unit Activity (Details) (Parenthetical) | 6 Months Ended |
Jun. 30, 2023 shares | |
Performance Shares [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Restricted stock shares granted | 219,213 |
Performance Shares [Member] | RSU [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Restricted stock shares granted | 100% |
Performance Shares [Member] | Chief Executive Officer [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Restricted stock shares granted | 250,000 |
Performance Shares [Member] | Minimum [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Share based compensation arrangement,vesting percentage | 0% |
Performance Shares [Member] | Maximum [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Share based compensation arrangement,vesting percentage | 200% |
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Restricted stock shares granted | 438,426 |
Restricted Stock [Member] | Chief Executive Officer [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Restricted stock, shares | 125,000 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Narrative) - Restricted Stock Units (RSUs) [Member] - Share-Based Payment Arrangement, Tranche Three [Member] - shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Share-based payment award, shares issued in period | 357,836 | |
Number of shares issued RUSs | 332,227 |
Schedule of Accumulated Other C
Schedule of Accumulated Other Comprehensive Loss (Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | |
Equity [Abstract] | ||||
Foreign Currency Translation Adjustments, Balance | $ (78.1) | $ (79.8) | $ (73.9) | $ (71.5) |
Change in Fair Value of Hedging Instrument, Balance | 0.1 | 0.3 | 0.8 | 1 |
Unrecognized Pension Benefit Costs, Balance | 31.1 | 33.1 | 26 | 26.7 |
Accumulated Other Comprehensive (Income), Balance | (46.9) | (46.4) | (47.1) | (43.8) |
Foreign Currency Translation Adjustments, Balance | 1.6 | 1.7 | (5.8) | (2.4) |
Change in Fair Value of Hedging Instrument, Balance | (0.1) | (0.2) | (0.2) | (0.2) |
Unrecognized Pension Benefit Costs, Balance | 0.3 | (2) | (2.6) | (0.7) |
Accumulated Other Comprehensive (Income), Balance | 1.8 | (0.5) | (8.6) | (3.3) |
Foreign Currency Translation Adjustments, Balance | (76.5) | (78.1) | (79.7) | (73.9) |
Change in Fair Value of Hedging Instrument, Balance | 0.1 | 0.6 | 0.8 | |
Unrecognized Pension Benefit Costs, Balance | 31.4 | 31.1 | 23.4 | 26 |
Accumulated Other Comprehensive (Income), Balance | $ (45.1) | $ (46.9) | $ (55.7) | $ (47.1) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Income) (Details Narrative) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Equity [Abstract] | ||
Interest expenses | $ 0.3 | $ 0.4 |
Schedule of Numerators and Deno
Schedule of Numerators and Denominators of the Basic and Diluted EPS Computations (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Net income loss basic | $ 4.1 | $ 7.2 | $ 3.9 | $ 8.4 | |
Weighted average, shares | 26,267,215 | 26,826,014 | 26,211,589 | 26,838,339 | |
Earnings per share basic | $ 0.16 | $ 0.27 | $ 0.15 | $ 0.31 | $ 0.80 |
Restricted stock units | |||||
Restricted stock units | 2,774,566 | 2,436,676 | 2,781,398 | 2,537,231 | |
RSU, per share amount | $ (0.02) | $ (0.02) | $ (0.02) | $ (0.02) | |
Net income loss diluted | $ 4.1 | $ 7.2 | $ 3.9 | $ 8.4 | |
Weighted average, shares | 29,041,781 | 29,262,690 | 28,992,987 | 29,375,570 | |
Earnings per share diluted | $ 0.14 | $ 0.25 | $ 0.13 | $ 0.29 | $ 0.73 |
Restricted Stock Units (RSUs) [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
RSUs | 809,510 | 690,627 |
Schedule of Other Finance Incom
Schedule of Other Finance Income (expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Other Income and Expenses [Abstract] | ||||
Pension interest cost | $ (0.9) | $ (0.5) | $ (1.7) | $ (1.1) |
Expected return on pension plan assets | 1 | 0.8 | 1.9 | 1.7 |
Other finance income (Costs) | $ 0.1 | $ 0.3 | $ 0.2 | $ 0.6 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 21.60% | 3.10% | 23.20% | 3.50% |
Income tax expense (benefit) | $ 1.1 | $ 0.2 | $ 1.2 | $ 0.3 |
Related Parties (Details Narrat
Related Parties (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
RCF Agreement [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Amount provied as per agreement | $ 2,800,000 | ||||||
Amount provied as per agreement | 11% | ||||||
Consultancy Agreement [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Consulting fees | $ 60,000 | $ 60,000 | |||||
Consultancy Agreement [Member] | Richard Weil [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Consulting fees | $ 12,500 | $ 130,000 | |||||
Consultancy Agreement [Member] | Richard Weil [Member] | December Thirty First Two Thousand Twenty Three [Member] | Forecast [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Consulting fees | $ 10,000 | ||||||
Macquarie Corporate Holdings Pty Limited [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related party beneficially owneed | 11.50% | 11.50% | 11.50% | ||||
Interest and debt expense | $ 0 | $ 0 | $ 0 | $ 0 |
Schedule of Lease Income (Detai
Schedule of Lease Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Leases | ||||
Operating lease income | $ 2.4 | $ 2.1 | $ 4.8 | $ 3.7 |
Profit recognized at commencement date of sales type leases | 0.3 | |||
Total | $ 2.4 | $ 2.1 | $ 5.1 | $ 3.7 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - Amended Employment Agreement [Member] - Former Executive Vice President And Chief Strategy Officer [Member] | Jan. 10, 2023 USD ($) |
Loss Contingencies [Line Items] | |
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ 385,000 |
Minimum [Member] | |
Loss Contingencies [Line Items] | |
Target Annual Bonus Percentage | 100% |
Maximum [Member] | |
Loss Contingencies [Line Items] | |
Target Annual Bonus Percentage | 200% |
Schedule of Defined Benefit Pla
Schedule of Defined Benefit Plans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Retirement Benefits [Abstract] | ||||
Interest cost | $ 1.7 | $ 1.1 | ||
Expected return on plan assets | $ (1) | $ (0.8) | (1.9) | (1.7) |
Net periodic benefit | $ (0.2) | $ (0.6) |
Schedule of Pension Plans and t
Schedule of Pension Plans and their Reconciliation (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Retirement Benefits [Abstract] | ||
Benefit obligation at beginning of period | $ 67.4 | $ 114.7 |
Interest cost | 1.7 | 2.1 |
Actuarial gain | (3.3) | (35.5) |
Benefits paid | (1.5) | (3.5) |
Foreign currency translation adjustments | 3.8 | (10.4) |
Benefit obligation at end of period | 68.1 | 67.4 |
Fair value of plan assets at beginning of period | 65.3 | 117.7 |
Actual loss on plan assets | (0.2) | (39.1) |
Employer contributions | 0.7 | 1.4 |
Benefits paid | (1.5) | (3.5) |
Foreign currency translation adjustments | 3.8 | (11.2) |
Fair value of assets at end of period | 68.1 | 65.3 |
Overfunded status (non-current) | (2.1) | |
Net amount recognized | $ (2.1) |
Pension Plan (Details Narrative
Pension Plan (Details Narrative) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Multiemployer Plan [Line Items] | |||
Total amount of employer contributions | $ 0.7 | $ 1.4 | |
Forecast [Member] | |||
Multiemployer Plan [Line Items] | |||
Contingent contributions | $ 1.1 | ||
Expense contributions | $ 0.3 |
Schedule of Segment Reporting I
Schedule of Segment Reporting Information by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | ||
Segment Reporting Information [Line Items] | ||||||
Total revenue | $ 80,400 | $ 71,300 | $ 146,400 | $ 131,900 | $ 285,400 | |
Cost of service | [1] | (13,400) | (11,700) | (24,300) | (23,500) | |
Cost of product sales | [1] | (9,800) | (4,400) | (15,600) | (6,500) | |
Selling, general and administrative expenses | (31,200) | (29,300) | (62,600) | (56,100) | ||
Stock-based compensation expense | (3,200) | (2,600) | (6,100) | (5,400) | ||
Acquisition and integration related transaction expenses | (100) | (200) | ||||
Depreciation and amortization | (10,400) | (10,100) | (19,300) | (20,500) | $ (38,700) | |
Segment operating income (loss) | 12,400 | 13,100 | 18,500 | 19,700 | ||
Net operating income | 12,400 | 13,100 | 18,500 | 19,700 | ||
Total capital expenditures | 10,600 | 11,100 | 22,200 | 21,800 | ||
Service [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenue | 68,100 | 64,800 | 126,400 | 121,800 | ||
Product Sales [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenue | 12,300 | 6,500 | 20,000 | 10,100 | ||
Gaming [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenue | 31,500 | 25,500 | 58,900 | 49,600 | ||
Cost of service | (5,300) | (4,400) | (10,500) | (9,100) | ||
Cost of product sales | (9,500) | (4,000) | (14,900) | (5,800) | ||
Selling, general and administrative expenses | (7,000) | (7,700) | (14,300) | (14,500) | ||
Stock-based compensation expense | (400) | (300) | (700) | (600) | ||
Acquisition and integration related transaction expenses | (100) | |||||
Depreciation and amortization | (4,200) | (4,500) | (8,000) | (9,200) | ||
Segment operating income (loss) | 5,100 | 4,600 | 10,500 | 10,300 | ||
Total capital expenditures | 3,000 | 5,800 | 6,300 | 9,200 | ||
Gaming [Member] | Service [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenue | 19,800 | 19,600 | 40,000 | 40,700 | ||
Gaming [Member] | Product Sales [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenue | 11,700 | 5,900 | 18,900 | 8,900 | ||
Virtual Sports [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenue | 15,000 | 14,000 | 29,900 | 25,600 | ||
Cost of service | (700) | (600) | (1,400) | (1,200) | ||
Cost of product sales | ||||||
Selling, general and administrative expenses | (1,200) | (1,400) | (2,500) | (3,000) | ||
Stock-based compensation expense | (200) | (200) | (400) | (300) | ||
Acquisition and integration related transaction expenses | ||||||
Depreciation and amortization | (1,000) | (700) | (1,700) | (1,400) | ||
Segment operating income (loss) | 11,900 | 11,100 | 23,900 | 19,700 | ||
Total capital expenditures | 1,900 | 1,300 | 3,000 | 2,200 | ||
Virtual Sports [Member] | Service [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenue | 15,000 | 14,000 | 29,900 | 25,600 | ||
Virtual Sports [Member] | Product Sales [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenue | ||||||
Interactive [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenue | 7,400 | 5,800 | 14,000 | 11,100 | ||
Cost of service | (900) | (800) | (1,800) | (1,800) | ||
Cost of product sales | ||||||
Selling, general and administrative expenses | (2,500) | (1,900) | (4,900) | (3,300) | ||
Stock-based compensation expense | (100) | (200) | (300) | (300) | ||
Acquisition and integration related transaction expenses | ||||||
Depreciation and amortization | (1,500) | (700) | (2,300) | (1,500) | ||
Segment operating income (loss) | 2,400 | 2,200 | 4,700 | 4,200 | ||
Total capital expenditures | 900 | 1,300 | 2,400 | 2,500 | ||
Interactive [Member] | Service [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenue | 7,400 | 5,800 | 14,000 | 11,100 | ||
Interactive [Member] | Product Sales [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenue | ||||||
Leisure [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenue | 26,500 | 26,000 | 43,600 | 45,600 | ||
Cost of service | (6,500) | (5,900) | (10,600) | (11,400) | ||
Cost of product sales | (300) | (400) | (700) | (700) | ||
Selling, general and administrative expenses | (13,200) | (12,000) | (24,300) | (23,300) | ||
Stock-based compensation expense | (400) | (100) | (500) | (300) | ||
Acquisition and integration related transaction expenses | ||||||
Depreciation and amortization | (3,000) | (3,500) | (6,100) | (7,200) | ||
Segment operating income (loss) | 3,100 | 4,100 | 1,400 | 2,700 | ||
Total capital expenditures | 3,800 | 2,000 | 9,000 | 6,000 | ||
Leisure [Member] | Service [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenue | 25,900 | 25,400 | 42,500 | 44,400 | ||
Leisure [Member] | Product Sales [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenue | 600 | 600 | 1,100 | 1,200 | ||
Corporate Functions [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenue | ||||||
Cost of service | ||||||
Cost of product sales | ||||||
Selling, general and administrative expenses | (7,300) | (6,300) | (16,600) | (12,000) | ||
Stock-based compensation expense | (2,100) | (1,800) | (4,200) | (3,900) | ||
Acquisition and integration related transaction expenses | (100) | (100) | ||||
Depreciation and amortization | (700) | (700) | (1,200) | (1,200) | ||
Segment operating income (loss) | (10,100) | (8,900) | (22,000) | (17,200) | ||
Total capital expenditures | 1,000 | 700 | 1,500 | 1,900 | ||
Corporate Functions [Member] | Service [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenue | ||||||
Corporate Functions [Member] | Product Sales [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenue | ||||||
[1]Excluding depreciation and amortization |
Schedule of Geographic Informat
Schedule of Geographic Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total revenue | $ 80.4 | $ 71.3 | $ 146.4 | $ 131.9 | $ 285.4 |
Total | 113.7 | 113.7 | 105.9 | ||
UNITED KINGDOM | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total revenue | 62.3 | 55.8 | 111.7 | 101.4 | |
Total | 86.1 | 86.1 | 82.5 | ||
GREECE | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total revenue | 5.4 | 5.5 | 11 | 11.2 | |
Total | 5.4 | 5.4 | 6.6 | ||
Rest of World [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total revenue | 12.7 | $ 10 | 23.7 | $ 19.3 | |
Total | $ 22.2 | $ 22.2 | $ 16.8 |
Segment Reporting and Geograp_3
Segment Reporting and Geographic Information (Details Narrative) | 6 Months Ended |
Jun. 30, 2023 Integer | |
Segment Reporting [Abstract] | |
Number of operating segments | 4 |
Customer Concentration (Details
Customer Concentration (Details Narrative) - Customer Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Revenue Benchmark [Member] | Customer One [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 12% | 13% | 14% | 13% | |
Accounts Receivable [Member] | Customer One [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 24% | ||||
Accounts Receivable [Member] | No Customer [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 10% |