Newgioco Group, Inc. (NWGI) recently updated its shareholders and investors about company’s different milestones achieved and future business strategies. Newgioco is a licensed sports betting and interactive gaming technology company operating globally. It provides an advanced, omni-channel and fully integrated gamin service technology to its customers. The company operates through two distribution channels including a land-based retail and an online channel to offer variety of casino gaming, sports betting and lottery products.
In its progress update covering first 6 months of fiscal 2020, company said that it filed Registration Statement on Form S-1. The filing was declared successful on August 12, 2020 by the Securities and Exchange Commission. The company came successfully closing an offering of $10 million on August 17, 2020.
The company also remained successful in paying couple of its debts back in August. It paid a total of $1,495,395 to repay principal and respective interest accrued till the payment date on August 20, 2020. It also made a payment of CDN$1,388,088 against principal and accrued interest on August 21, 2020.
Now the company’s total remaining debt including principal and accrued interest equals to approximately $$484,795 and CDN$394,479. The company is expecting paying that total debt out by September 28, 2020. Currently, the company is posing a strong balance sheet with approximately $10 million of net cash and cash equivalents and has no significant debt to pay off.
During that period company also established a subsidiary named Elys Gameboard Technologies, LLC in Delaware. The company, for its U.S. operations, also remained in discussion with U.S. gaming counsel to start issuing licenses on state-by-state basis.
The company also came completing several tasks including blueprints, software and trials of its all new “Americanized” platform. The platform will provide gaming operators all over the U.S with better solutions for sports betting.
The company intending utilizing remaining proceeds to continue development and execution of its expansion plans in the United States.