$NWGI General and Administrative Expenses Gener
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Posted On: 05/17/2019 9:13:45 AM
$NWGI General and Administrative Expenses
General and administrative expenses were $3.0 million compared to $2.1 million, an increase of 46.6% in the quarter as we continue to make investment in the U.S. operations to capture the regulated U.S. sports betting market. The increase was primarily due to significant front-loaded investments which included recruitment of staff in the U.S. with gaming experience, about $550,000 in technology development and software coding required for global expansion and platform certification, marketing, legal and other professional fees in support of the company's expansion to the U.S., and approximately $350,000 for increased product marketing efforts including tradeshows in London and the U.S.A. as well as $300,000 towards active brand communications and preparations for the listing of our shares on the NASDAQ stock exchange.
Interest expense was up from $0.2 million in Q1/2018 compared to $1.5 million in Q1/2019, the increase in interest expense is primarily from the amortization of debt discounts relating to the sale of convertible debentures in 2018 and is a non-cash (accounting) charge.
https://www.nasdaq.com/press-release/newgioco...0516-00753
General and administrative expenses were $3.0 million compared to $2.1 million, an increase of 46.6% in the quarter as we continue to make investment in the U.S. operations to capture the regulated U.S. sports betting market. The increase was primarily due to significant front-loaded investments which included recruitment of staff in the U.S. with gaming experience, about $550,000 in technology development and software coding required for global expansion and platform certification, marketing, legal and other professional fees in support of the company's expansion to the U.S., and approximately $350,000 for increased product marketing efforts including tradeshows in London and the U.S.A. as well as $300,000 towards active brand communications and preparations for the listing of our shares on the NASDAQ stock exchange.
Interest expense was up from $0.2 million in Q1/2018 compared to $1.5 million in Q1/2019, the increase in interest expense is primarily from the amortization of debt discounts relating to the sale of convertible debentures in 2018 and is a non-cash (accounting) charge.
https://www.nasdaq.com/press-release/newgioco...0516-00753
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