Upcoming, page-18

ICI primary business is developing games and not running tournaments.

As much as the games is the critical piece in gaming/esports they have large upfront costs which you don't know the success or failure of the game until it is released. If it goes well then it is great but there are plenty of game studios out there and some don't make much so it is a tough gig and always needing to develop a game until something 'clicks' like Fortnite but that is 1 in a million sort of chances as a lot needs to go right.

Where as with Mogul they aren't developing the game itself but rather leveraging off these games to help the developers and organisations run their tournaments. This makes the games stickier so it can provide a better ROI for the game publisher but we haven't had to go through the development of the game and the associated costs of it but are able to leverage it. So if something became big tomorrow we are easily able to adapt and create a tournament to ride off the wave off it like Valorant and if the game 'flops' we didn't incur the cost of developing the game but same time these are also great potentials to speak with to get funding to run tournaments for them to help them achieve their ROI.

The other reason for the lower MC is that they have 250k in the bank on the last qtr and whilst it was a positive qtr (just) the previous qtr and last year they were all negative by about 250-300k so they are one bad qtr from having to do a raise and the last qtr they released a number of new titles IIRC so it is dicey if they will be positive this qtr still. They do have a lower burn rate than us with a normal bad month being about 250-300k where as our most recent one was -500k but Mogul is one year into really releasing stuff and have partnered with a number of businesses with some still to release (mineski) and Mogul also talking about global deals.

This is my opinion but DYOR .