GAN Limited (GAN) 10-K 15 Apr 22 2021 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Mar. 09, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	001-39274
Entity Registrant Name	GAN LIMITED
Entity Central Index Key	0001799332
Entity Incorporation, State or Country Code	D0
Entity Address, Address Line One	400 Spectrum Center Drive
Entity Address, Address Line Two	Suite 1900
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92618
City Area Code	702
Local Phone Number	964-5777
Title of 12(b) Security	Ordinary Shares, par value $0.01 per share
Trading Symbol	GAN
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	true
Entity Shell Company	false
Entity Public Float				$ 653.9
Entity Common Stock, Shares Outstanding			42,250,743
Documents Incorporated by Reference	Certain portions, as expressly described in this report of the registrant’s definitive Proxy Statement for the 2022 Annual Shareholder Meeting, to be filed within 120 days of December 31, 2021, are incorporated by reference into Part III, Items 10-14 of this Annual Report on Form 10-K
ICFR Auditor Attestation Flag	false
Auditor Name	GRANT THORNTON LLP	BDO LLP
Auditor Location	Los Angeles, California	London, United Kingdom
Auditor Firm ID	248	1295

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash	$ 39,477	$ 152,654
Accounts receivable, net of allowance for doubtful accounts of $120 and $100 at December 31, 2021 and 2020, respectively	8,110	6,818
Prepaid expenses	3,498	1,912
Other current assets	3,337	2,112
Total current assets	54,422	163,496
Capitalized software development costs, net	14,430	6,648
Goodwill	146,142
Intangible assets, net	35,893	468
Other assets	10,023	2,634
Total assets	260,910	173,246
Current liabilities
Accounts payable	5,268	4,926
Accrued compensation and benefits	10,961	4,956
Accrued expenses	4,669	3,363
Liabilities to users	8,984
Other current liabilities	3,151	4,067
Total current liabilities	33,033	17,312
Deferred income taxes	1,791
Other liabilities	2,049	370
Total liabilities	36,873	17,682
Shareholders’ equity
Ordinary shares, $0.01 par value, 100,000,000 shares authorized, 42,250,743 and 36,635,362 shares issued and outstanding at December 31, 2021 and 2020, respectively	422	365
Additional paid-in capital	319,551	203,842
Accumulated deficit	(76,360)	(45,766)
Accumulated other comprehensive loss	(19,576)	(2,877)
Total shareholders’ equity	224,037	155,564
Total liabilities and shareholders’ equity	$ 260,910	$ 173,246

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 120	$ 100
Ordinary shares, par value (in dollars per share)	$ 0.01	$ 0.01
Ordinary shares, authorized (in shares)	100,000,000	100,000,000
Ordinary shares, outstanding (in shares)	42,250,743	36,635,362
Ordinary shares, issued (in shares)	42,250,743	36,635,362

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenue		$ 124,163	$ 35,159
Operating costs and expenses
Cost of revenue	[1]	41,373	10,471
Sales and marketing		22,266	5,046
Product and technology		22,548	11,032
General and administrative	[2]	48,881	24,825
Impairment		3,500
Depreciation and amortization		16,808	3,257
Total operating costs and expenses		155,376	54,631
Operating loss		(31,213)	(19,472)
Other (income) loss, net		(408)	392
Loss before income taxes		(30,805)	(19,864)
Income tax expense (benefit)		(211)	353
Net loss		$ (30,594)	$ (20,217)
Loss per share, basic and diluted		$ (0.73)	$ (0.75)
Weighted average ordinary shares outstanding, basic and diluted		42,023,327	27,006,058
[1]	Excludes depreciation and amortization expense
[2]	Excludes depreciation and amortization expense

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Net loss	$ (30,594)	$ (20,217)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	(16,699)	31
Comprehensive loss	$ (47,293)	$ (20,186)

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance at Dec. 31, 2019	$ 215	$ 40,862	$ (23,024)	$ (2,908)	$ 15,145
Balance, shares at Dec. 31, 2019	21,486,059
Net loss			(20,217)		(20,217)
Foreign currency translation adjustments				31	31
Share-based compensation		6,826			6,826
Issuance of restricted share awards
Issuance of restricted stock awards, shares	93,680
Proceeds from issuance of shares in initial public offering, net of issuance costs of $7,075 (Note 10)	$ 73	55,216			55,289
Proceeds from issuance of shares in initial public offering, net of issuance costs of $7,075, shares	7,337,000
Proceeds from issuance of shares in follow-on offering, net of issuances costs of $6,719 (Note 10)	$ 68	98,473			98,541
Proceeds from issuance of shares in follow-on offering, net of issuances costs of $6,719, Shares	6,790,956
Cash consideration paid to GAN plc shareholders (Note 10)			(2,525)		(2,525)
Issuance of ordinary shares upon exercise of share options	$ 9	2,465			2,474
Issuance of ordinary shares upon exercise of stock options, shares	927,667
Balance at Dec. 31, 2020	$ 365	203,842	(45,766)	(2,877)	$ 155,564
Balance, shares at Dec. 31, 2020	36,635,362				36,635,362
Net loss			(30,594)		$ (30,594)
Foreign currency translation adjustments				(16,699)	(16,699)
Share-based compensation		7,876			7,876
Restricted share activity	$ 1	54			55
Restricted stock activity, shares	69,012
Repurchase of restricted shares to pay tax liability (Note 11)
Repurchase of restricted shares to pay tax liability, Shares	(3,627)
Issuance of ordinary shares as partial consideration in Coolbet acquisition (Note 4)	$ 53	106,630			106,683
Issuance of ordinary shares as partial consideration in coolbet acquisition (Note 4) , shares	5,260,516
Fair value of replacement equity awards issued as consideration in Coolbet acquisition (Note 4)		297			297
Issuance of ordinary shares upon exercise of share options	$ 3	852			$ 855
Issuance of ordinary shares upon exercise of stock options, shares	289,480				289,480
Balance at Dec. 31, 2021	$ 422	$ 319,551	$ (76,360)	$ (19,576)	$ 224,037
Balance, shares at Dec. 31, 2021	42,250,743				42,250,743

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Statement of Stockholders' Equity [Abstract]
Proceeds from Issuance Initial Public Offering	$ 7,075
Proceeds from issuance initial public offering net of issuance	$ 6,719

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash Flows From Operating Activities
Net loss	$ (30,594)	$ (20,217)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of software and intangible assets	15,732	2,857
Depreciation on property and equipment and finance lease right-of-use assets	1,077	360
Share-based compensation expense	8,136	6,826
Deferred income tax	(422)
Impairment	3,500
Other	591	92
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable	(1,503)	(1,122)
Prepaid expenses	(806)	(1,338)
Other current assets	(779)	(695)
Other assets	(9,038)	1,143
Accounts payable	(783)	2,071
Accrued compensation and benefits	3,782	3,344
Accrued expenses	1,827	1,005
Liabilities to users	4,177
Other current liabilities	(1,200)	(345)
Other liabilities	1,300	(329)
Net cash used in operating activities	(5,003)	(6,348)
Cash Flows From Investing Activities
Cash paid for acquisition, net of cash acquired	(92,724)
Expenditures for capitalized software development costs	(11,588)	(4,388)
Purchases of gaming licenses	(433)	(262)
Purchases of property and equipment	(1,929)	(1,269)
Net cash used in investing activities	(106,674)	(5,919)
Cash Flows From Financing Activities
Proceeds received from issuance of ordinary shares in initial public offering, net		57,445
Proceeds received from issuance of ordinary shares in follow-on offering, net		99,442
Payments of offering costs	(604)	(1,974)
Proceeds from exercise of share options	855	2,474
Cash consideration paid to GAN plc shareholders		(2,525)
Principal payments on finance leases	(82)	(154)
Net cash provided by financing activities	169	154,708
Effect of foreign exchange rates on cash	(1,669)	(66)
Net (decrease) increase in cash	(113,177)	142,375
Cash and cash equivalents, beginning of year	152,654	10,279
Cash and cash equivalents, end of year	39,477	152,654
Supplemental Cash Flow Information
Interest		395
Income taxes	93	1,131
Ordinary shares issued as partial consideration to acquire all the outstanding shares of Coolbet (Note 4)	106,683
Issuance of unvested share options in exchange for unvested share options of Coolbet (Note 4)	297
Right-of-use asset obtained in exchange for new operating lease liabilities	$ 252

NATURE OF OPERATIONS

NATURE OF OPERATIONS	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS	NOTE 1 NATURE OF OPERATIONS GAN Limited (the “Parent,” and with its subsidiaries, collectively the “Company”) is an exempted company limited by shares, incorporated and registered in Bermuda. GAN plc, the previous parent, began its operations in the United Kingdom (“U.K.”) in 2002 and listed its ordinary shares on the AIM, the London Stock Exchange’s market for smaller companies, in 2013. In May 2020, pursuant to a statutory Scheme of Arrangement under Part 26 of U.K. Companies Act of 2006 (“Scheme of Arrangement”) approved by the shareholders of GAN plc, the shareholders of GAN plc exchanged their shares in GAN plc for shares in the Parent, thereby migrating the Company’s jurisdiction of organization from the U.K. to Bermuda. Thereafter, GAN Limited became the parent company of GAN plc. GAN plc was renamed GAN (UK) Limited (“GAN UK”). In 2020, the Company effected an initial public offering on the NASDAQ exchange. On January 1, 2021, the Company acquired all of the outstanding shares of Vincent Group p.l.c. (“Vincent Group”), a Malta public limited company doing business as “Coolbet” (Note 4). Coolbet is a developer and operator of an online sports betting and casino platform that is accessible through its website in markets across Northern Europe, Latin America and Canada. The Company is a business-to-business (“B2B”) supplier of a proprietary gaming system, GameSTACK™ (“GameSTACK”), which is used predominately in the U.S. land-based casino industry. For its B2B customers, GameSTACK is a turnkey technology solution for regulated real money internet gambling (“real money iGaming” or “RMiG”), online sports gaming, and virtual simulated gaming (“SIM”). The Company is also a business-to-consumer (“B2C”) developer and operator of an online sports betting and casino platform, providing international users with access through www.coolbet.com to its sportsbook, casino games and poker products. The Company operates in two operating segments – B2B and B2C.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
BASIS OF PRESENTATION	NOTE 2 BASIS OF PRESENTATION Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Share Exchange and Reorganization On May 5, 2020, GAN Limited completed a share exchange and reorganization pursuant to a Scheme of Arrangement, whereby the shareholders of GAN plc agreed to exchange their ordinary shares, on a basis of four ordinary shares to one ordinary share, for shares of GAN Limited, plus a pro rata portion of an aggregate $ 2,525 2,004 2.32 The consolidated financial statements have been prepared as if GAN Limited had been the parent entity for the periods presented. All share and per share amounts prior to the date of the share exchange and reorganization in these consolidated financial statements have been retroactively adjusted to give effect to the Share Exchange.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Due to the inherent uncertainties involved in making estimates, actual results could differ from the original estimates, and may require significant adjustments to these reported balances in future periods. GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts) Principles of Consolidation The consolidated financial statements include the results of the Parent and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Foreign Currency Translation and Transactions The Company’s reporting currency is the U.S. Dollar while the Company’s foreign subsidiaries use their local currencies as their functional currencies. The assets and liabilities of foreign subsidiaries are translated to U.S. Dollars based on the current exchange rate prevailing at each reporting period. Revenue and expenses are translated into U.S. Dollars using the average exchange rates prevailing for each period presented. Translation adjustments that arise from translating a foreign subsidiary’s financial statements from their functional currency to U.S. Dollars are reported as a separate component of accumulated other comprehensive loss in shareholders’ equity. Gains and losses arising from transactions denominated in a currency other than the functional currency are included in general and administrative expense in the consolidated statements of operations as incurred. Foreign currency transaction and remeasurement gains and losses were a net gain (loss) of $ 993 and $( 207 ) for the years ended December 31, 2021 and 2020, respectively. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of its cash and trade receivables. The Company holds cash deposits in foreign countries, primarily in Northern Europe and Latin America, of approximately $ 35.4 million, which are subject to local banking laws and may bear higher or lower risk than cash deposited in the United States. Cash held in the United States is maintained in a major financial institution in excess of federally insured limits. As part of our cash management processes, the Company performs periodic evaluations of the credit standing of the financial institutions and we have not sustained any credit losses from instruments held at these financial institutions. Additionally, the Company maintains an allowance for potential credit losses, but historically has not experienced any significant losses related to individual customers or groups of customers in any particular geographic area. Risks and Uncertainties – COVID-19 The coronavirus disease 2019 (“COVID-19”) pandemic, which was declared a national emergency in the United States in March 2020, significantly impacted the economic conditions and financial markets around the world. The closure of land-based casinos, social distancing, shelter-in-place, and similar restrictions implemented in response to the COVID-19 pandemic led to an increase in the Company’s existing and new player activity in its online iGaming offerings as compared to historic trends, primarily at the start of the second quarter of 2020. Player activity in connection with the iGaming business has generally returned to pre-pandemic levels following the re-opening of land-based casinos and easing of local restrictions. The ultimate impact of the pandemic on the Company’s future operating results is unknown and will depend, in part, on the length of time COVID-19 disruptions exist and the subsequent behavior of players after restrictions are fully lifted. A recurrence of COVID-19 cases or an emergence of additional variants could adversely impact the Company’s future financial results, though results from the Company’s iGaming business may partially offset any potential reduction to the Company’s sports betting transactions resulting from the suspension or cancellation of sporting events. The Company has considered the impact of COVID-19 on its accounting policies, judgments and estimates as part of the preparation of these consolidated financial statements. Management and the Board of Directors are monitoring the impacts of COVID-19 on the Company’s operations and have not identified any major operational challenges through the date of issuance of these consolidated financial statements. The Company has not experienced significant impacts to its liquidity to date. COVID-19 may impact the Company’s ability to access capital to the extent it affects the U.S. capital markets. The Company has assessed the extent to which COVID-19 has impacted events after the reporting date and has not identified additional items to disclose as a result. GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts) Revenue Recognition Revenue from B2B Operations The Company’s revenue from its B2B operations are primarily from its internet gaming Software-as-a-Service platform, GameSTACK, that its customers use to provide real money internet gambling (“RMiG”), online sports gaming and simulated internet gaming (“SIM”) to its end users. The Company enters into contracts with its customers that generally range from three to five years and include renewal provisions. These contracts generally include provision of the internet gaming platform, content consisting of proprietary and third-party games, development services and support and marketing services. In certain cases, the contract may include computer hardware to be procured on behalf of the customer. The customers cannot take possession of the hosted GameSTACK software and the Company does not sell or license the GameSTACK software. The Company charges fees as consideration for it use of its internet gaming system, game content, support and marketing services based on a fixed percentage of the casino operator’s net gaming revenue or net sportsbook win, at the time of settlement of an event for RMiG contracts, considered usage-based fees, or at the time of purchase for in-game virtual credit for SIM contracts. The determination of the fee charged to its customers is negotiated and varies significantly. The Company’s promise to provide the RMiG SaaS platform and content licensing services on the hosted software is a single performance obligation. This performance obligation is recognized over time, as the Company provides services to its customer in its delivery of services to the player end user. The Company’s customers simultaneously receive and consume the benefits provided by the Company as it delivers services to its customers. Usage based fees are considered variable consideration as the service is to provide unlimited continuous access to its hosted application and usage of the hosted system is primarily controlled by the player end user. The transaction price includes fixed and variable consideration and is billed monthly with the amount due generally thirty days from the date of the invoice. Variable consideration is allocated entirely to the period in which consideration is earned as the variable amounts relate specifically to the customer’s usage of the platform that day and allocating the usage-based fees to each day is consistent with the allocation objective, primarily that the change in amounts reflect the changing value to the customer. The Company’s internet gaming system, game content, support and marketing services are provided equally throughout the term of the contract. These services are made up of a daily requirement to provide access and use of the internet gaming system and support services to the customer over a period of time, as well as provide marketing services, and not a specified amount of services. The series of distinct services represents a single performance obligation that is satisfied over time. Purchases of virtual credits within a transaction period on the SIM platform, generally a monthly convention, are earned at a point in time, upon the close of the respective period as the credit has no monetary value, cannot be redeemed, exchanged, transferred or withdrawn, represents solely a device for tracking game play during the month, does not obligate the Company to provide future services and the arrangements with the customer and player end user have no substantive termination penalty. In certain service agreements with its SIM customers, the Company receives fees for the purchases of in-game virtual credit made by end-users and remits payment to the SIM customer for their share of the SIM revenues. At December 31, 2021 and 2020, the Company has recorded a liability due to its customers for their share of the fees of $ 2,171 2,520 The Company uses third-party content providers in supplying game content in its performance of providing game content on its platform to its customers. A customer has access to the Company’s propriety and licensed game content and additionally, the customer can direct the Company to procure third-party game content on its behalf. The Company has determined it acts as the principal for providing the game content when the Company controls the game content, and therefore presents the revenue on a gross basis in the consolidated statements of operations. When the customer directs the Company to procure third-party game content, the Company determined it is deemed an agent for providing such game content, and therefore, records the revenue, net of the costs of content license fees, in the consolidated statements of operations. GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts) The Company also provides development services for ongoing development services to provide updates to the RMiG platforms for enhanced functionality or customization. Ongoing development services are typically billed monthly, at a daily rate, for services performed. Revenue from RMiG platform development services are considered additional distinct promises to the customer as they access the platform in a single-tenant architecture, the added features provide new, discrete capabilities independent of the original features and provide independent value to the customer. Revenue is recognized over time as the Company performs the services. Revenue is measured using an input method based on effort expended, which uses direct labor hours incurred. As the performance obligation relates to the provision of development services over time, this method best reflects the transfer of control as the Company performs. In customer contracts that require a portion of the consideration to be received in advance, at the commencement of the contract, such advance payment is initially recorded as a contract liability. Other services include the resale of a third-party computer hardware, such as servers and other related hardware devices, upon which the GameSTACK software is installed for its customers. These products are not required to be purchased in order to access the GameSTACK platform but are sold as a convenience to the customer. The Company procures the computer hardware on the customer’s behalf for a fee determined based on cost of the computer hardware plus a markup. The Company charges a hardware deployment fee which is a one-time fee for installation, testing and certification of the computer hardware at the gaming hosting facility. Revenue is recognized at the point in time when control of the hardware transfers to the customer. Control is transferred after the hardware has been procured, delivered, installed at the customer’s premises and configured to allow for remote access. The Company has determined that it is acting as the principal in providing computer hardware and related services as it assumes responsibility for procuring, delivering, installing and configuring the hardware at the customer’s location and takes control of the hardware, prior to transfer. Revenue is presented at the gross amount of consideration to which it is entitled from the customer in exchange for the computer hardware and related services. The Company generates revenue from time to time from the licensing of its U.S. patent, which governs the linkage of on-property reward cards to their counterpart internet gaming accounts together with bilateral transmission of reward points between the internet gaming technology system and the land-based casino management system present in all U.S. casino properties. The nature of the promise in transferring the license is to provide a right to use the patent as it exists. The Company does not have to undertake activities to change the functionality of the patent during the license period and the license has significant stand-alone functionality. Therefore, the Company recognizes the revenue from the license of the patent, at the point in time when control of the license is transferred to the customer. Control is determined to transfer at the point in time the customer is able to use and benefit from the license. Contracts with Multiple Performance Obligations For customer contracts that have more than one performance obligation, the transaction price is allocated to the performance obligations in an amount that depicts the relative stand-alone selling prices of each performance obligation. Judgment is required in determining the stand-alone selling price for each performance obligation. In determining the allocation of the transaction price, an entity is required to maximize the use of observable inputs. When the stand-alone selling price of a good or service is not directly observable, an entity is required to estimate the stand-alone selling price. Contracts with its customers may include platform and licensing of game content services, as well as development services and computer hardware services. The variable consideration generated from the platform and the licensing of game content is allocated entirely to the performance obligation for platform and licensing of game content services and the remaining fixed fees for development services and computer hardware would be allocated to each of the remaining performance obligation based on their relative stand-alone selling prices. The variable consideration relates entirely to the effort to satisfy the platform and licensing game content services and the fixed consideration relates to the remaining performance obligations which is consistent with the allocation objective. GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts) Revenue from Gaming Operations The Company operates the B2C gaming site www.coolbet.com outside of the U.S., which is proprietary software and includes the following product offerings: sportsbook, poker, casino, live casino and virtual sports. The Company manages an online sportsbook allowing users to place various types of wagers on the outcome of sporting events conducted around the world. The Company operates as the bookmaker and offers fixed odds wagering on such events. When a user’s wager wins, the Company pays the user a pre-determined amount known as fixed odds. Revenue from online sportsbook is reported net after deduction of player winnings and bonuses. Revenue from wagers is recognized when the outcome of the event is known. The Company offers live casino through its digital online casino offering in select markets, allowing users to place a wager and play games virtually at retail casinos. The Company offers users a catalog of over 2,700 Peer-to-peer poker offerings allow users to play poker against one another on the Company’s online poker platform for prize money. Revenue is recognized as a percentage of the reported rake. Additionally, the Company offers tournament poker which allows users to buy-in for a fixed price for prize money. For tournament play, revenue is recognized for the difference between the entry fees collected and the amounts paid out to users as prizes and winnings. In each of the online gaming products, a single performance obligation exists at the time a wager is made to operate the games and award prizes or payouts to users based on a particular outcome. Revenue is recognized at the conclusion of each contest, wager, or wagering game hand. Additionally, certain incentives given to users, for example, that allow the user to make an additional wager at a reduced price, may provide the user with a material right which gives rise to a separate performance obligation. The Company allocates a portion of the user’s wager to incentives that create material rights that are redeemed or expired in the future. The allocated revenue for gaming wagers is primarily recognized when the wagers occur because all such wagers settle immediately. The Company applies a practical expedient by accounting for revenue from gaming on a portfolio basis because such wagers have similar characteristics, and the Company reasonably expects the effects on the financial statements of applying the revenue recognition guidance to the portfolio to not differ materially from that which would result if applying the guidance to an individual wagering contract. Sales and Marketing Sales and marketing expense primarily consists of general marketing and advertising costs, B2C user acquisition expenses and personnel costs within our sales and marketing functions. Sales and marketing costs are expensed as incurred. Content Licensing Fees Content licensing fees are paid to third parties for gaming content which are expensed as incurred. Content licensing fees are calculated as a percentage of net gaming revenues in respect of the third-party games, as stipulated in the third-party agreements. GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts) Share-based Compensation Share-based compensation expense is recognized for share options and restricted shares issued to employees and non-employee members of the Company’s Board of Directors. The Company’s issued share options and restricted shares, which are primarily considered equity awards and include only service conditions, are valued based on the fair value of these awards on the date of grant. The fair value of the share options is estimated using a Black-Scholes option pricing model and the fair value of the restricted shares (restricted share awards and restricted share units) is based on the market price of the Company’s shares on the date of grant. Certain restricted share units awards issued to non-employee members of the Company’s Board of Directors permit shares upon vesting to be withheld, as a means of meeting the non-employee director’s tax withholding requirements, and paid in cash to the non-employee director. The Company additionally incurs share-based compensation expense under compensation arrangements with certain of its employees under which the Company will settle bonuses for a fixed dollar amount by issuing a variable number of shares based on the Company’s stock price on the settlement date. These awards are classified as liability-based awards which are measured based on the fair value of the award at the end of each reporting period until settled. Related compensation expense is recognized based on changes to the fair value over the applicable service period Share-based compensation is recorded over the requisite service period, generally defined as the vesting period. For awards with graded vesting and only service conditions, compensation cost is recorded on a straight-line basis over the requisite service period of the entire award. Forfeitures are recorded in the period in which they occur. Loss Per Share, Basic and Diluted Basic loss per share is calculated by dividing the net loss by the weighted average number of ordinary shares outstanding during the year. In periods of loss, basic and diluted per share information are the same. Cash Cash is comprised of cash held at the bank and third-party service providers. The Company is required to maintain compensating cash balances to satisfy its liabilities to users. Such balances are included within cash in the consolidated balance sheets and are not subject to creditor claims. At December 31, 2021 the related liabilities to users was $ 8,984 . Accounts Receivables, net Accounts receivable are stated at invoiced amounts and are unsecured, non-interest bearing and generally have 30-day payment terms. The Company maintains an allowance for doubtful accounts that reduces receivables to amounts expected to be collected. Management estimates the allowance for doubtful accounts by assessing the probability of non-payment of the receivable. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the account receivable. Balances are reviewed for collectability on an individual basis as well as by reference to the extent that they become overdue. The Company considers factors such as delinquency in payment, financial difficulties, payment history of the debtor as well as certain forward-looking macroeconomic indicators in the countries in which the Company and its customers operate, including inflation, gross domestic product and unemployment, as well as the impact of COVID-19. On confirmation that the account receivable will not be collected, the gross carrying value of the asset is written off against the related allowance for doubtful accounts. The provision for credit losses on accounts receivable is recorded in general and administrative expense in the consolidated statements of operations. GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts) The activity in the allowance for doubtful accounts was as follows: SCHEDULE OF ALLOWANCE FOR DOUBTFUL ACCOUNTS 2021 2020 Year Ended December 31, 2021 2020 Beginning balance $ 100 $ 103 Provision for expected credit losses 246 (3 ) Write-offs, net of recoveries (226 ) — Ending balance $ 120 $ 100 Property and Equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation is generally computed on a straight-line basis over the estimated useful lives of the assets. Maintenance and repairs are charged to expense in the period they are incurred. When items of property or equipment are sold or retired, the related cost and accumulated depreciation are removed from the accounts, and any gain or loss is included in the statement of operations. Capitalized Software Development Costs, net The Company capitalizes certain development costs related to its internet gaming platforms during the application development stage. Costs associated with preliminary project activities, training, maintenance and all other post implementation stage activities are expensed as incurred. Software development costs are capitalized when application development begins, it is probable that the project will be completed, and the software will be used as intended. The Company capitalizes certain costs related to specific upgrades and enhancements when it is probable that expenditures will result in additional functionality of the platform to its customers. The capitalization policy provides for the capitalization of certain payroll and payroll related costs for employees who spent time directly associated with development and enhancements of the platform. Capitalized software development costs are amortized on a straight-line basis over their estimated useful lives, which generally ranges from three five years Goodwill Goodwill represents the excess of the fair value of the consideration transferred over the estimated fair values of the identifiable assets acquired and liabilities assumed on the acquisition date. As disclosed in Note 4, the Company has recorded goodwill primarily from its acquisition of Coolbet. Goodwill is not amortized, but rather is reviewed for impairment annually (as of October 1st) or more frequently if facts or circumstances indicate that it is more-likely-than-not the fair value of a reporting unit may be below its carrying amount. The Company has determined that it has two reporting units: B2C and B2B. In its goodwill impairment testing, the Company has the option to perform a qualitative assessment to determine whether it is more-likely-than-not that the fair value of the reporting unit, including goodwill, is less than its carrying amount prior to performing the quantitative impairment test. The qualitative assessment evaluates various events and circumstances, such as macro-economic conditions, industry and market conditions, cost factors, relevant events and financial trends that may impact a reporting unit’s fair value. If it is determined that the estimated fair value of the reporting unit is more-likely-than not less than its carrying amount, including goodwill, the quantitative goodwill impairment test is required. Otherwise, no further analysis would be required. If the quantitative impairment test for goodwill is deemed necessary, this quantitative impairment analysis compares the fair value of the Company’s reporting unit to its related carrying value. If the fair value of the reporting unit is less than its carrying amount, goodwill is written down to the fair value and an impairment loss is recognized. If the fair value of the reporting unit exceeds its carrying amount, no further analysis is required. Fair value of the reporting unit is determined using valuation techniques, primarily using discounted cash flow analysis. GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts) Long-lived Assets Long-lived assets, except goodwill, consist of property and equipment, and finite lived acquired intangible assets, such as developed software, gaming licenses, trademarks, trade names and customer relationships. Intangible assets are amortized on a straight-line basis over their estimated useful lives. The Company considers the period of expected cash flows and underlying data used to measure the fair value of the intangible assets when selecting the estimated useful lives. The fair value of the acquired intangible assets is primarily determined using the income approach. In performing these valuations, the Company’s key underlying assumptions used in the discounted cash flows were projected revenue, gross margin expectations and operating cost estimates. There are inherent uncertainties and management judgment is required in these valuations. Acquired in-process technology consists of a proprietary technical platform. The Company reviews the in-process technology for impairment at least annually or more frequently if an event occurs creating the potential for impairment, until such time as the in-process technology efforts are completed. When completed, the developed technology will be amortized over its estimated useful life based on an amortization method that reflects the pattern in which the economic benefits of the intangible assets are consumed or otherwise realized. The integrated technology is expected to be completed in the fourth quarter of 2022. Long-lived assets, except goodwill, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company compares the undiscounted cash flows expected to be generated by that asset or asset group to their carrying amount. If the carrying amount of the long-lived asset or asset group are not recoverable on an undiscounted cash flow basis, an impairment charge is recognized to the extent that the carrying amount exceeds fair value. Fair value is determined through various techniques, such as discounted cash flow models using probability weighted estimated future cash flows and the use of valuation specialists. Liabilities to Users The Company records liabilities for user account balances. User account balances consist of user deposits, promotional awards and user winnings less user withdrawals and user losses. Deferred Offering Costs Deferred offering costs, consisting primarily of legal, accounting and other direct and incremental fees and costs related to the Company’s public offerings, are deferred in the period in which the offering is deemed probable. These costs were offset against such proceeds received from the offerings upon the closing of the offering (refer to Note 10 – Shareholders’ Equity). Business Combinations Business combinations are accounted for using the acquisition method at the acquisition date, which is the date on which control is transferred to the Company. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value. Identifiable assets acquired, liabilities assumed, and any noncontrolling interest in the acquiree is recognized at their acquisition-date fair values at the acquisition date. The excess of the consideration transferred over the fair value of the net identifiable assets acquired is recorded as goodwill. Acquisition-related costs are expensed as incurred within general and administrative expense. GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts) Legal Contingencies and Litigation Accruals On a quarterly basis, the Company assesses potential losses in relation to pending or threatened legal matters. If a loss is considered probable and the amount can be reasonably estimated, the Company recognizes an expense for the estimated loss. Estimates of any such loss are subjective in nature and require the evaluation of numerous facts and assumptions as to future events, including the application of legal precedent which may be conflicting. To the extent these estimates are more or less than the actual liability resulting from the resolution of these matters, the Company’s financial results will increase or decrease accordingly. Income Taxes The Company is subject to income taxes in the United States, U.K., Bulgaria, Israel, and Malta. The Company records an income tax expense (benefit) for the anticipated tax consequences of the reported results of operations using the asset and liability method. Under this method, deferred income tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, as well as for loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. The effect on deferred income tax of a change in tax rates are recorded in the period of the enactment. Deferred tax assets are reduced, through a valuation allowance, if necessary, by the amount of such benefits that are not expected to be realized based on current available evidence. In evaluating the Company’s ability to recover deferred tax assets in the jurisdiction from which they arise, all available positive and negative evidence is considered, including results of recent operations, scheduled reversals of deferred tax liabilities, projected future taxable income, and tax-planning strategies. The Company records a valuation allowance to reduce its deferred tax assets to the net amount that it believes is more likely than not to be realized. The Company recognizes tax benefits from uncertain tax positions only if management believes that it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. Although the Company believes that it has adequately provided for uncertain tax positions, no assurance can be given that the final tax outcome of these matters would not be materially different. Adjustments are made when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate. To the extent that the final tax outcome of these matters is different than the amounts recorded, such d

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	NOTE 4 ACQUISITIONS Acquisition of Vincent Group p.l.c. On January 1, 2021, the Company acquired all of the outstanding shares of Vincent Group p.l.c. (“Coolbet”). The business was acquired for a purchase price of $ 218.1 The following table summarizes the consideration transferred and the recognized amounts of identifiable assets acquired and liabilities assumed at the acquisition date: Fair value of the consideration transferred: SUMMARY OF CONSIDERATION TRANSFERRED Cash paid to Vincent Group shareholders $ 111,168 Restricted ordinary shares issued to Vincent Group shareholders (1) 106,683 Replacement equity-based awards to holders of Vincent Group equity-based awards (2) 297 Total $ 218,148 (1) The share consideration represents 5,260,516 20.28 (2) The replacement equity-based awards consist of options to purchase 67,830 GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts) Recognized amounts of identifiable assets acquired and liabilities assumed at fair value: SUMMARY OF FAIR VALUES OF ASSETS ACQUIRED AND LIABILITIES ASSUMED Cash $ 18,714 Prepaid expenses and other current assets 1,512 Property and equipment 343 Operating lease right-of-use assets 416 Intangible assets 50,570 Other assets 73 Accounts payable (1,182 ) Liabilities to users (5,373 ) Other current liabilities (2,097 ) Operating lease liabilities (167 ) Deferred income taxes (2,373 ) Noncurrent operating lease liabilities (231 ) Total identifiable net assets 60,205 Goodwill 157,943 Total identifiable assets acquired and liabilities assumed including goodwill, net $ 218,148 Identifiable intangible assets acquired as part of the acquisition, including their respective expected useful lives, were as follows: SUMMARY OF INTANGIBLE ASSETS ACQUIRED Estimated useful life (in years) Fair Value Developed technology 3 $ 29,600 In-process developed technology — 8,800 Customer relationships 3 5,900 Trade names and trademarks 10 5,800 Gaming licenses various 470 $ 50,570 The Company accounted for the acquisition of Coolbet using the acquisition method. The acquisition is treated as a stock purchase. The goodwill is primarily attributable to the expected incremental revenue and profit to be derived from the Company’s introduction of Coolbet’s sports betting engine technology and intellectual technology to B2B customers in the U.S. and the assembled workforce of Coolbet. The Company intends to offer the Coolbet sports betting engine and associated capability to existing and new customers alongside its existing internet gaming system, as a complete turnkey solution or as an alternative sports betting engine to those currently relied upon by customers. Goodwill recognized in the acquisition is not deductible for tax purposes. In the third quarter of 2021, an adjustment to increase goodwill by $ 50 was made to the initial amounts recorded, which relates to additional consideration paid by the Company to the seller as part of the final working capital adjustment. Additionally, there was a net adjustment to decrease goodwill by $ 2,092 and increase to the values assigned to the intangible assets by $ 2,200 , comprised of a $ 1,500 increase to developed technology, $ 400 increase to in-process developed technology and a $ 300 increase to customer relationships, and a resulting increase to deferred tax liabilities of $ 108 . The changes in the value of the intangible assets resulted in an increase in amortization expense of $ 591 during the year ended December 31, 2021. In the fourth quarter of 2021, a net adjustment was made to increase goodwill by $ 300 GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts) Giving effect to these adjustments, the Company recorded a net deferred income tax liability of $ 2,373 related to the intangible assets recorded in the acquisition accounting. Goodwill of $ 159,685 was recorded at the time of acquisition and was adjusted to $ 157,643 during the third quarter of 2021 and subsequently adjusted to $ 157,943 The Company incurred total acquisition-related costs of $ 1,309 290 Acquisition of Silverback Gaming Limited On December 8, 2021, the Company completed the acquisition of Silverback Gaming Limited (“Silverback Gaming”) for cash consideration of $ 270 . Silverback Gaming is a start-up software company that develops online casino slot games. The Company’s strategy was to acquire the start-up business to obtain the skilled workforce and launch a content studio. Silverback Gaming had minimal assets and liabilities and therefore, the Company recorded goodwill of $ 270 on the acquisition date. Goodwill arising from the acquisition is deductible for tax purposes. The selling shareholders became employees of the Company and were issued 51,654 restricted shares under a share-based compensation arrangement. The restricted shares vest one-third on the acquisition date and one-third on each the first and second anniversary dates. Pro Forma Operating Results The operating results of Coolbet have been included in the consolidated financial statements, beginning on January 1, 2021. The following unaudited pro forma information presents the consolidated financial information as if the Coolbet acquisition had occurred on January 1, 2020. The unaudited pro forma results reflect certain adjustments related to the acquisition, such as amortization expense resulting from the intangible assets acquired, share-based compensation related to unvested replacement awards and an adjustment to reflect the Company’s income tax rate. Acquisition costs of $ 1,309 PRO FORMA OPERATING RESULTS Year Ended December 31, 2020 Revenue $ 68,952 Net loss (27,760 ) Loss per share, basic and diluted (0.86 )

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	NOTE 5 PROPERTY AND EQUIPMENT, NET Property and equipment, net is recorded in other assets in the consolidated balance sheets at December 31, 2021 and 2020 and consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT Estimated December 31, Useful Life 2021 2020 Fixtures, fittings and equipment 3 5 years $ 2,935 $ 1,277 Platform hardware 5 years 2,054 1,534 Total property and equipment, cost 4,989 2,811 Less: accumulated depreciation (2,444 ) (1,491 ) Total $ 2,545 $ 1,320 Depreciation expense related to property and equipment was $ 989 278

CAPITALIZED SOFTWARE DEVELOPMEN

CAPITALIZED SOFTWARE DEVELOPMENT COSTS, NET	12 Months Ended
	Dec. 31, 2021
Research and Development [Abstract]
CAPITALIZED SOFTWARE DEVELOPMENT COSTS, NET	NOTE 6 CAPITALIZED SOFTWARE DEVELOPMENT COSTS, NET Capitalized software development costs, net at December 31, 2021 and 2020 consisted of the following: SCHEDULE OF CAPITALIZED COMPUTER SOFTWARE COSTS, NET 2021 2020 December 31, 2021 2020 Capitalized software development costs $ 26,127 $ 26,507 Development in progress 5,910 2,641 Total capitalized software development, cost 32,037 29,148 Less: accumulated amortization (17,607 ) (22,500 ) Total $ 14,430 $ 6,648 GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts) At December 31, 2021, development in progress primarily represents costs associated with new proprietary content, enhancements to the B2B software platform, and the development of GAN Sports. The GAN Sports B2B sportsbook technology is expected to be placed in service in the fourth quarter of 2022. Amortization expense related to capitalized software development costs was $ 3,443 and $ 2,729 for the years ended December 31, 2021 and 2020, respectively.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	NOTE 7 — GOODWILL AND INTANGIBLE ASSETS Goodwill The changes in the carrying amount of goodwill, by segment, for the year ended December 31, 2021 were as follows: SCHEDULE OF GOODWILL B2B B2C Total Balance at January 1, 2021 $ — $ — $ — Goodwill acquired in Coolbet acquisition (Note 4) 67,547 92,138 159,685 Goodwill acquired in Silverback Gaming acquisition (Note 4) 270 — 270 Reallocation of goodwill (1) 10,859 (10,859 ) — Measurement period adjustments (Note 4) (856 ) (886 ) (1,742 ) Effect of foreign currency translation (5,590 ) (6,481 ) (12,071 ) Balance at December 31, 2021 $ 72,230 $ 73,912 $ 146,142 (1) During the third quarter of 2021, the preliminary allocation of goodwill was refined to allocate the goodwill between the segments based on each reporting unit’s estimated relative enterprise value, and their respective acquired assets and assumed liabilities. The acquired assets include intangible assets that are expected to be used within the Company’s B2C and B2B segments. Intangible Assets Definite-lived intangible assets, net consisted of the following: SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS Weighted December 31, 2021 Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology 3.0 $ 27,390 $ (9,130 ) $ 18,260 In-process technology — 8,142 — 8,142 Customer relationships 3.0 5,460 (1,820 ) 3,640 Trade names and trademarks 10.0 5,699 (882 ) 4,817 Gaming licenses 6.4 years 2,219 (1,185 ) 1,034 $ 48,910 $ (13,017 ) $ 35,893 Weighted December 31, 2020 Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trade names and trademarks 3.0 $ 343 $ (343 ) $ — Gaming licenses 5.3 1,366 (898 ) 468 $ 1,709 $ (1,241 ) $ 468 GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts) In-process technology consists of a proprietary technical platform (refer to Note 4 – Acquisitions). The integrated technology is expected to be completed and placed in service in the fourth quarter of 2022, after which it will be amortized over its estimated useful life. Amortization expense related to intangible assets was $ 12,289 128 Estimated amortization expense for the next five years is as follows: SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS, FUTURE AMORTIZATION EXPENSE Amount 2022 $ 11,835 2023 11,779 2024 656 2025 643 2026 588 Thereafter 10,392

ACCRUED EXPENSES

ACCRUED EXPENSES	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
ACCRUED EXPENSES	NOTE 8 — ACCRUED EXPENSES Accrued expenses consisted of the following: SCHEDULE OF ACCRUED EXPENSES 2021 2020 December 31, 2021 2020 Content license fees $ 2,402 $ 1,984 Sales taxes 1,400 756 Income taxes 245 17 Other 622 606 Total $ 4,669 $ 3,363

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES	12 Months Ended
	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
OTHER CURRENT LIABILITIES	NOTE 9 — OTHER CURRENT LIABILITIES Other current liabilities consisted of the following: SCHEDULE OF OTHER CURRENT LIABILITIES 2021 2020 December 31, 2021 2020 Revenue share due to SIM customers $ 2,171 $ 2,520 Operating lease liabilities 472 262 Contract liabilities 261 1,083 Other 247 202 Total $ 3,151 $ 4,067 Revenue share due to SIM customers represents the fees collected for in-game virtual purchases made by end-user players which are due to the customers for their share of the SIM revenues generated from the Company’s platform.

SHAREHOLDERS_ EQUITY

SHAREHOLDERS’ EQUITY	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
SHAREHOLDERS’ EQUITY	NOTE 10 — SHAREHOLDERS’ EQUITY Incorporation of GAN Limited and Share Exchange GAN Limited was incorporated in Bermuda on December 13, 2019. On December 18, 2019, GAN Limited issued and sold 10,000 100 GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts) As previously discussed in Note 1 – Nature of Operations and Note 2 – Basis of Presentation, each shareholder of GAN plc, agreed to exchange four ordinary shares for issuance of one ordinary share of the Parent plus a pro rata portion of an aggregate $ 2,525 2,004 2.32 Immediately subsequent to the Share Exchange, GAN Limited shareholders held the same economic interest as they had in GAN plc prior to the Share Exchange. Holders of share options in GAN plc also received reciprocal share options, as applicable, in GAN Limited. Refer to Note 11 – Share-based Compensation. Also, in connection with the Share Exchange, the Board of Directors adopted a bonus program, providing for additional fees to all directors, in their capacities as such, upon the successful completion of the Share Exchange and an U.S. initial public offering. The directors had the option to receive all or any portion of their awards in restricted shares or cash. The total award was paid in cash in 2020, which totaled $ 608 The ordinary share capital and additional paid-in capital accounts have been retrospectively adjusted to give effect to the Share Exchange and the remaining equity accounts reflect the historical activity of GAN plc prior to the Share Exchange. The cash disbursed as part of the Share Exchange was accounted for as a dividend since the amounts paid to each shareholder were made to them in their capacity of equity holders and in proportion of their respective interests. Ordinary Shares GAN Limited’s authorized share capital consists of 100 0.01 On May 7, 2020, the Company completed its U.S. initial public offering whereby 7,337,000 8.50 55,289 4,920 2,155 On December 21, 2020, GAN Limited issued and sold 6,790,956 15.50 98,541 5,818 901 383,500 163,500 214 During the year ended December 31, 2021 and 2020, the Company issued an aggregate of 289,480 927,667 855 2,474 On January 1, 2021, the Company issued 5,260,516 – 2021 Share Repurchase Program On November 30, 2021, the Board of Directors approved a share repurchase program under which the Company is authorized to repurchase up to an aggregate of $ 5.0 no GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts)

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	NOTE 11 — SHARE-BASED COMPENSATION In April 2020, the Board of Directors established the GAN Limited 2020 Equity Incentive Plan (“2020 Plan”) which has been approved by the shareholders. The 2020 Plan initially provides for grants of up to 4,400,000 ordinary shares, which then increases through 2029, by the lesser of 4% of the previous year’s total outstanding ordinary shares on December 31 st 5,865,414 ordinary shares and there were 200,184 ordinary shares available for future issuance under the 2020 Plan. Share Options Share option awards are granted with an exercise price equal to the fair market value of the Company’s ordinary shares on the date of grant. Share option awards generally vest 25% ten years During the year ended December 31, 2021 and 2020, the Board of Directors approved the issuance of options to purchase 1,730,310 1,350,700 In addition, in accordance with the acquisition agreement, the Company issued 67,830 one three years A summary of the share option activity as of and for the year ended December 31, 2021 is as follows: SCHEDULE OF SHARE-BASED COMPENSATION, OPTION ACTIVITY Number of Shares Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2020 3,061,859 $ 8.06 8.50 $ 37,410 Granted 1,798,140 21.62 Exercised (289,480 ) 2.93 Forfeited/expired or cancelled (432,304 ) 21.34 Outstanding at December 31, 2021 4,138,215 $ 13.05 8.05 $ 11,229 Options exercisable at December 31, 2021 2,005,666 $ 5.38 7.17 $ 10,730 The Company recorded share-based compensation expense related to share options of $ 6,184 and $ 5,883 for the years ended December 31, 2021 and 2020, respectively. Such share-based compensation expense for the year ended December 31, 2021 and 2020 was recorded net of $ 235 and $ 56 that was recorded in capitalized software development costs. Additionally, the share-based compensation expense for the year ended December 31, 2020 included $ 3,881 from the acceleration of vesting of awards upon the Company’s initial public offering. At December 31, 2021, there was total unrecognized compensation cost of $ 18,567 related to nonvested share options. The unrecognized compensation cost is expected to be recognized over a weighted-average period of 3.0 years. GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts) The weighted average grant date fair value of options granted was $ 11.49 9.47 SCHEDULE OF SHARE-BASED COMPENSATION, FAIR VALUE ASSUMPTIONS 2021 2020 Year Ended 2021 2020 Expected share price volatility 58.84 % 65.80 % Expected term (in years) 4.80 4.90 Risk-free interest rate 0.74 % 0.32 % Dividend yield 0 % 0 % The fair value of each share option award is estimated on the date of grant using the Black-Scholes option pricing model that uses the assumptions noted above. Estimating the grant date fair values for employee share options requires management to make assumptions regarding expected volatility of the value of those underlying shares, the risk-free rate of the expected life of the share options and the date on which share-based compensation is expected to be settled. Expected volatility is determined by reference to volatility of certain identified peer group share trading information and share prices on the Nasdaq. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The expected term of the options is based on historical data and represents the period of time that options granted are expected to be outstanding. For the period prior to the Company’s initial public offering in May 2020, expected volatility was determined by reference to the historic volatility of GAN UK’s share price on the AIM, the London Stock Exchange. The risk-free interest rate for the expected term of the option was based on the U.K. Gilt yield curve in effect at the time of grant. The expected term of the options is based on historical data and represents the period of time that options granted are expected to be outstanding. In 2020, the Company recorded a liability for social and income taxes related to certain unexercised legacy options at the time of the Share Exchange. The Company accounted for the required cash payment as a cash-settled share-based compensation transaction. The related liability for the future cash payment related to employee and employer taxes on outstanding unexercised legacy share options of $ 291 and $ 826 at December 31, 2021 and 2020, respectively, is recorded in accrued compensation and benefits in the consolidated balance sheets. The Company recorded an expense (benefit) of $ (519) and $ 3,364 related to these share options during the years ended December 31, 2021 and 2020, respectively. Restricted Share Units Restricted share units are issued to non-employee directors and employees. For those share-settled restricted share units, the fair value of restricted share units is valued based on fair market value of the Company’s ordinary shares on the date of grant and is amortized on a straight-line basis over the vesting period. In March 2021, the Board of Directors approved the issuance of 10,358 one year 25% In October 2021, the Board of Directors approved the issuance of 24,500 7,000 17,500 In October and November 2021, the Board of Directors approved the issuance of 84,050 25% In December 2021, the Board of Directors approved the issuance of 267,590 one year GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts) In December 2021 the Company modified all outstanding restricted stock units held by three of its non-employee directors to withhold a portion of the restricted stock units upon vesting in order to remit a cash payment to the directors equal to their tax expense incurred upon vesting. The Company is not statutorily obligated to withhold taxes for non-employee directors and the modification resulted in a change in classification of the outstanding restricted stock units from equity-classified to liability-classified awards. The modification did not result in any incremental compensation cost at the date of modification. In December 2021, 9,590 3,627 55 27 33 The Company recorded share-based compensation expense related to restricted share units of $ 621 3,594 1.7 360 A summary of the restricted share unit activity as of and for the year ended December 31, 2021 is as follows: SCHEDULE OF SHARE BASED COMPENSATION, UNIT ACTIVITY Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2020 — $ — Granted 386,498 11.23 Vested (17,358 ) 20.74 Forfeited/expired or cancelled — — Outstanding at December 31, 2021 369,140 $ 10.78 Restricted Share Awards Restricted share awards are issued to non-employee directors and certain key employees. The value of a restricted stock award is based on the market value of the Company’s ordinary shares at the date of the grant. In June 2020, the Board of Directors approved the issuance of 93,680 18.19 In December 2021, the Company issued 51,654 9.68 The Company recorded share-based compensation expense related to restricted share awards of $ 951 934 319 1.9 1,871 GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts) Employee Bonuses Issued in Shares In 2021, the Company entered into agreements with certain executive employees which allowed for a portion, or all, of their annual bonus to be paid in the form of the Company’s shares. The Company will settle approximately $ 1,053 of the total bonus by issuing a variable number of shares based on the stock price at the time of settlement. The Company recorded share-based compensation expense related to the portion of bonus which will be settled in shares of $ 899 for the year ended December 31, 2021. The Company accounts for the share-based compensation as a liability-classified award and the related liability is recorded in accrued compensation and benefits in the consolidated balance sheet at December 31, 2021. 2020 Employee Stock Purchase Plan The Board of Directors established the 2020 Employee Stock Purchase Plan, or the ESPP, which was approved by the Company’s shareholders in July 2021. The ESPP is intended to qualify under Section 423 of the U.S. Internal Revenue Service Code of 1986, as amended. The ESPP provides initially for 300,000 The ESPP is designed to allow eligible employees to purchase ordinary shares, at quarterly intervals, with their accumulated payroll deductions. The participants are offered the option to purchase ordinary shares at a discount during a series of successive offering periods. The option purchase price may be the lower of 85%

DEFINED CONTRIBUTION PLANS

DEFINED CONTRIBUTION PLANS	12 Months Ended
	Dec. 31, 2021
Retirement Benefits [Abstract]
DEFINED CONTRIBUTION PLANS	NOTE 12 DEFINED CONTRIBUTION PLANS U.S. employees and non-U.S. employees are eligible to participate in defined contribution plans by contributing a portion of their compensation, which provides for certain matching contributions by the Company. Matching contributions for the U.S. defined contribution plan are 50% 4% 614 345

OTHER (INCOME) LOSS,NET

OTHER (INCOME) LOSS,NET	12 Months Ended
	Dec. 31, 2021
Other Income and Expenses [Abstract]
OTHER (INCOME) LOSS,NET	NOTE 13 — OTHER (INCOME) LOSS,NET Other (income) loss, net consisted of the following: SCHEDULE OF OTHER (INCOME) LOSS, NET 2021 2020 Year Ended December 31, 2021 2020 Interest expense (1) $ 2 $ 395 Interest income (32 ) (3 ) Other income (378 ) — Total other (income) loss, net $ (408 ) $ 392 (1) Interest expense includes interest on a related party loan of $ 385 GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts)

LOSS PER SHARE

LOSS PER SHARE	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
LOSS PER SHARE	NOTE 14 — LOSS PER SHARE Loss per ordinary share, basic and diluted, are computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period. Potentially dilutive securities consisting of certain share options, nonvested restricted shares and restricted share units were excluded from the computation of diluted weighted average ordinary shares outstanding as inclusion would be anti-dilutive, are summarized as follows: SCHEDULE OF ANTI-DILUTIVE STOCK EXCLUDED FROM COMPUTATION OF DILUTED EARNINGS PER SHARE Year Ended December 31, 2021 2020 Share options 4,138,215 3,061,859 Restricted shares 34,436 93,680 Restricted share units 369,140 — Total 4,541,791 3,155,539

REVENUE

REVENUE	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
REVENUE	NOTE 15 — REVENUE The following table reflects revenue recognized for the years ended December 31, 2021 and 2020 in line with the timing of transfer of services: SCHEDULE OF REVENUE RECOGNIZED IN LINE WITH THE TIMING OF TRANSFER OF SERVICES 2021 2020 Year Ended December 31, 2021 2020 Revenue from services delivered over time $ 40,926 $ 31,715 Revenue from services delivered at a point in time 83,237 3,444 Total $ 124,163 $ 35,159 During the year ended December 31, 2021, revenue recognized at a point in time was $ 83,237 , of which $ 78,594 related to gaming revenue and $ 4,643 related to development services and other revenue. Revenue recognized at a point in time during the year ended December 31, 2020 were related to development services and other revenue. Contract and Contract-Related Liabilities The Company has four types of liabilities related to contracts with customers: (i) cash consideration received in advance from customers related to development services not yet performed or hardware deliveries not yet completed, (ii) incentive program obligations, which represents the deferred allocation of revenue relating to incentives in the online gaming operations, (iii) user balances, which are funds deposited by customers before gaming play occurs and (iv) unpaid winnings and wagers contributed to jackpots. Contract related liabilities are expected to be recognized as revenue within one year of being purchased, earned or deposited. Such liabilities are recorded in liabilities to users and other current liabilities in the consolidated balance sheets. The following table reflects contract liabilities arising from cash consideration received in advance from customers for the periods presented: SCHEDULE OF CONTRACT WITH CUSTOMERS 2021 2020 Year Ended 2021 2020 Contract liabilities from advance customer payments, beginning of the period $ 1,083 $ 3,023 Contract liabilities from advance customer payments, end of the period (1) 1,874 1,083 Revenue recognized from amounts included in contract liabilities from advance customer payments at the beginning of the period 152 2,360 (1) Contract liabilities from advance customer payments, end of period consisted of $ 261 1,083 1,614 GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts)

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
SEGMENT REPORTING	NOTE 16 — SEGMENT REPORTING Effective January 1, 2021, the Company changed the structure of its internal organization with the acquisition of Coolbet (See Note 4), which caused the composition of its reportable segments to change. Accordingly, the Company implemented a segment reorganization in order to more closely align its segment reporting with its current operating structure. The Company’s new reportable segments are B2B and B2C. The B2B segment develops, markets and sells instances of iSight Back Office and GameSTACK that incorporates comprehensive player registration, account funding and back-office accounting and management tools that enable the casino operators to efficiently, confidently and effectively extend their presence online in places that have permitted online real money gaming. The B2C segment includes the operations of Coolbet, since January 1, 2021, develops and operates a B2C online sports betting and casino platform that is accessible through its website in markets across Northern Europe, Latin America and Canada. The segment information has been recast to conform to the reporting structure in effect after the segment reorganization that was effective January 1, 2021. The Company has combined its previous two one Information reported to the Company’s Chief Executive Officer, the CODM, for the purpose of resource allocation and assessment of the Company’s segmental performance is primarily focused on the origination of the revenue streams. The CODM evaluates performance and allocates resources based on the segment’s revenue and gross profit. Segment gross profit represents the gross profit earned by each segment without allocation of each segment’s share of depreciation and amortization expense, sales and marketing expense, product and technology expense, general and administrative expense, interest costs and income taxes. Summarized financial information by reportable segments for the years ended December 31, 2021 and 2020 is as follows: SCHEDULE OF FINANCIAL INFORMATION FOR REPORTABLE SEGMENTS B2B B2C Total B2B B2C Total Year Ended December 31, 2021 2020 B2B B2C Total B2B B2C Total Revenue $ 45,569 $ 78,594 $ 124,163 $ 35,159 $ — $ 35,159 Cost of revenue (1) 11,600 29,773 41,373 10,471 — 10,471 Segment gross profit $ 33,969 $ 48,821 $ 82,790 $ 24,688 $ — $ 24,688 (1) Excludes depreciation and amortization expense During the year ended December 31, 2021, one customer in the B2B segment individually accounted for 14.8% 42.6% The following table presents a reconciliation of segment gross profit to the consolidated loss before income taxes for the years ended December 31, 2021 and 2020: RECONCILIATION OF CONSOLIDATED SEGMENT PROFIT TO CONSOLIDATED INCOME (LOSS) BEFORE INCOME TAXES 2021 2020 Year Ended 2021 2020 Segment gross profit (1) $ 82,790 $ 24,688 Sales and marketing 22,266 5,046 Product and technology 22,548 11,032 General and administrative (1) 48,881 24,825 Impairment 3,500 — Depreciation and amortization 16,808 3,257 Other (income) loss, net (408 ) 392 Loss before income taxes $ (30,805 ) $ (19,864 ) (1) Excludes depreciation and amortization expense Assets and liabilities are not separately analyzed or reported to the CODM and are not used to assist in decisions surrounding resource allocation and assessment of segment performance. As such, an analysis of segment assets and liabilities has not been included in this financial information. GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts) The following table disaggregates total revenue by product and services for each segment: SCHEDULE OF DISAGGREGATION OF REVENUE BY PRODUCTS AND SERVICES FOR EACH SEGMENT Year Ended December 31, 2021 2020 B2B: Platform and content license fees $ 36,935 $ 26,208 Development services and other 8,634 8,951 Total B2B revenue 45,569 35,159 B2C: Sportsbook 34,167 — Casino 41,652 — Poker 2,775 — Total B2C revenue 78,594 — Total revenue $ 124,163 $ 35,159 Revenue by location of the customer for the years ended December 31, 2021 and 2020 was as follows: SCHEDULE OF REVENUE BY LOCATION OF THE CUSTOMER 2021 2020 Year Ended 2021 2020 United States $ 37,791 $ 29,351 Europe 47,309 5,759 Latin America 32,434 — Rest of the world 6,629 49 Total revenue $ 124,163 $ 35,159

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 17 — INCOME TAXES GAN Limited was incorporated in Bermuda solely for the purpose of acting as the new group parent company and public vehicle The Company’s loss before income taxes for the years ended December 31, 2021 and 2020 consisted of the following: SCHEDULE OF INCOME BEFORE INCOME TAX, DOMESTIC AND FOREIGN 2021 2020 Year Ended December 31, 2021 2020 Domestic $ (1,555 ) $ (13,833 ) Foreign (29,250 ) (6,031 ) Loss before income taxes $ (30,805 ) $ (19,864 ) GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts) The components of income tax expense (benefit) for the year ended December 31, 2021 and 2020 consisted of the following: SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT) 2021 2020 Year Ended December 31, 2021 2020 Current: Domestic $ — $ — U.S. Federal and State 494 214 Foreign 604 139 Total current expense 1,098 353 Deferred: Domestic — — U.S. Federal and State (864 ) — Foreign (445 ) — Total deferred expense (benefit) (1,309 ) — Total income tax expense (benefit) $ (211 ) $ 353 The following is a reconciliation of income taxes computed at the statutory income tax rate to the Company’s income tax expense (benefit) for the year ended December 31, 2021 and 2020: SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION 2021 2020 Year Ended December 31, 2021 2020 Income (loss) before income taxes multiplied by the statutory tax rate of 0 $ — $ — Effects of tax rates in foreign jurisdictions (5,868 ) (1,102 ) Share-based compensation (434 ) (1,463 ) Nondeductible officers compensation 1,145 — Valuation allowance 9,203 2,868 Unrecognized tax benefit 191 (170 ) Intra-group transfer (723 ) — Change in tax rates (3,962 ) — Foreign withholding taxes 151 113 Other 86 107 Total income tax expense (benefit) $ (211 ) $ 353 GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts) Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the net deferred taxes at December 31, 2021 and 2020 are as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES 2021 2020 December 31, 2021 2020 Deferred tax assets: Net operating loss carryforwards $ 14,810 $ 5,049 Share-based compensation 1,567 1,383 Accruals and allowances 663 326 Other 34 99 Total deferred tax assets 17,074 6,857 Valuation allowance (15,542 ) (6,490 ) Total deferred tax assets, net of valuation allowance 1,532 367 Deferred tax liabilities: Property and equipment and intangibles (1,879 ) — Prepayments (506 ) (280 ) Other (37 ) (87 ) Total deferred tax liabilities (2,422 ) (367 ) Net deferred tax liabilities $ (890 ) $ — The net deferred tax liability of $ 890 agrees to the balance sheet when considering the noncurrent deferred tax liability presented of $ 1,791 and the noncurrent deferred tax asset of $ 901 presented in other assets on the consolidated balance sheets. At December 31, 2021 and 2020, the Company’s valuation allowance was $ 15,542 and $ 6,490 , respectively. A valuation allowance is recognized if, based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax asset will not be realized. Management must analyze all available positive and negative evidence During 2021, we increased our valuation allowance by $ 9,052 to $ 15,542 primarily due to foreign loss carryforwards that are not expected to be recognized. The amount of the deferred tax assets considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence, such as the Company’s forecast for growth. At December 31, 2021 and 2020, the Company has cumulative carryforward tax losses generated of $ 59,240 and $ 26,575 , respectively, which have been generated in the U.K. The net operating losses can be carryforward indefinitely. As of December 31, 2021, the Company has not provided for deferred foreign income taxes on cumulative foreign earnings of approximately $ 12,093 primarily related to earnings in Estonia that are not taxed unless distributed out of the country. The unrecognized deferred tax liability associated with these earnings was approximately $ 1,738 as of December 31, 2021. GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts) A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: SCHEDULE OF UNRECOGNIZED TAX BENEFITS Year Ended December 31, 2021 2020 Unrecognized tax benefits — January 1 $ 39 $ 210 Additions for tax positions taken in a prior year 94 — Additions for tax positions taken in current year 64 39 Other reductions for tax positions taken in the prior year — (210 ) Unrecognized tax benefits — December 31 $ 197 $ 39 The liability for unrecognized tax benefits, including potential interest and penalties, were recorded within other liabilities The Company, including its subsidiaries, files tax returns with domestic and foreign jurisdictions. The Company is subject to U.K. examinations by tax authorities for the 2019 tax year and U.S. examinations by federal and state tax authorities for years 2018 to 2020. The tax returns in Israel and Bulgaria are still within the examination window of the local tax authorities. The Company believes that it is reasonably possible that the unrecognized tax benefits will not significantly change within the next 12 months. Audit outcomes and the timing of audit settlements are subject to significant uncertainty. Although the Company believes that adequate provision has been made for such issues, there is the possibility that the ultimate resolution of such issues could have an adverse effect on the Company’s earnings. If recognized, the total amount of unrecognized tax benefits would impact the effective tax rate.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2021
Leases
LEASES	NOTE 18 — LEASES The Company determines if an arrangement is a lease and classifies as operating or finance lease at the lease commencement date. A lease is defined as a contract, or part of contract, that conveys the right to control the use of an asset for a time period in exchange for consideration. At December 31, 2021, the Company’s lease portfolio consists of operating leases related to office facilities in Estonia, Nevada, and Bulgaria and finance leases for equipment in hosting its software platform. At December 31, 2020, the Company’s operating lease portfolio did not include its office facilities in Estonia. The lease terms range from one to five years. Options to extend or terminate a lease are included in the lease term when it is reasonably certain that the Company will exercise such options. In some jurisdictions it is customary for lease contracts to provide for payments to increase each year by inflation, or to be reset periodically to market rental rates or the periodic rent is fixed over the lease term. Lease payments for operating leases, consisting of fixed payments for base rent, is recognized on a straight-line basis over the lease term. The following table discloses the operating and finance asset and liability balances at December 31, 2021 and 2020: SCHEDULE OF OPERATING AND FINANCE ASSET AND LIABILITY 2021 2020 Year Ended December 31, 2021 2020 Leases Classification Assets Operating leases Other assets (1) $ 695 $ 577 Finance leases Other assets (2) 109 197 Total leased assets, net $ 804 $ 774 Liabilities Current: Operating leases Other current liabilities $ 472 $ 262 Finance leases Other current liabilities — 55 Non-current: Operating leases Other liabilities 186 313 Total lease liabilities $ 658 $ 630 (1) Operating lease right-of-use assets are recorded, net of accumulated amortization of $ 1,036 620 (2) Finance lease right-of-use assets are recorded net of accumulated amortization of $ 384 300 The Company uses its incremental borrowing rate at lease commencement to calculate the present value of lease payments when the rate implicit in a lease is not known. The incremental borrowing rate is based on the Company’s credit rating based on its market valuation metrics and corporate yield curves observed for public companies with similar credit ratings. GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts) The components of lease cost for the years ended December 31, 2021 and 2020 were as follows: SCHEDULE OF LEASE COST, LEASE TERM AND SUPPLEMENTAL CASH FLOW INFORMATION 2021 2020 Year Ended December 31, 2021 2020 Finance lease cost (including amortization of finance lease right-of-use assets, recorded in depreciation and amortization, of $ 88 82 10 $ 88 $ 92 Operating lease cost (included in general and administrative) 531 566 Total lease cost $ 619 $ 658 Maturities of lease liabilities, including reconciliation to the lease liabilities, based on required contractual payments, are as follows: SCHEDULE OF OPERATING LEASE MATURITIES operating Operating Leases 2022 $ 497 2023 184 2024 — 2025 — 2026 — Thereafter — Total lease payments 681 Less: future interest costs 23 Present value of lease liabilities $ 658 Other information related to leases as of and for the years ended December 31, 2021 and 2020 was as follows: Year Ended December 31, 2021 2020 Finance lease weighted-average remaining lease term (years) 0.00 0.67 Finance lease weighted-average discount rate — % 9.36 % Operating lease weighted-average remaining lease term (years) 1.50 2.34 Operating lease weighted-average discount rate 4.80 % 4.60 % Cash paid for the amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 533 $ 464 Operating cash flow from finance leases — 10 Financing cash flows from finance leases 82 154

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 19 — RELATED PARTY TRANSACTIONS In connection with the Share Exchange and Reorganization disclosed in Note 2, the Company arranged funding of the cash consideration of the Share Exchange through a loan facility provided by the Parent’s Chief Executive Officer and his father. The loan facility provided for a minimum interest charge of £ 300 , and any funds borrowed thereunder would have been unsecured and borne interest at 15% per annum. Such facility was available for a term of six months. Ultimately, the facility was not used, and the cash consideration of the Share Exchange was paid from the Company’s operating cash. The minimum interest charge of $ 385 (or £ 300 ) was paid in May 2020 and recorded in other (income) loss, net in the consolidated statements of operations. GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts)

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 20 — COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company may be subject to legal actions and claims arising from contracts or other matters from time to time in the ordinary course of business. Management is not aware of any pending or threatened litigation, which are considered other than routine legal proceedings. The Company believes the ultimate disposition or resolution of its routine legal proceedings will not have a material adverse effect on its financial position, results of operations or liquidity. Content Licensing Agreements In the second quarter of 2021, the Company entered into Content Licensing Agreements (the “Agreements”) with two third-party gaming content providers (“Content Providers”) specializing in developing and licensing interactive games. The Agreements grant the Company exclusive rights to use and distribute the online gaming content in North America. Each of the Content Providers is committed to developing a minimum number of games for the Company’s exclusive use over the five-year term, subject to extensions, of the respective Agreement. In exchange, the Company is required to pay fixed fees, totaling $ 48.5 8.5 On January 27, 2022, the Company served a termination notice, for cause, to a Content Provider as certain conditions precedent associated with the completion of contractual obligations had not been satisfied by the agreed upon period in 2021. In accordance with the agreement, termination for cause results in a return of the initial payment of $ 3.5 3.0 3.5 The Agreement for the remaining Content Provider provides that the games software will reside and be deployed from the suppliers’ remote gaming servers. Although the Company could run the games software on its platform, the Company does not have the contractual right to take possession of the software and ownership of the software does not transfer to the Company. The Company is accounting for the hosting arrangement as service contract. Total fixed service fees under the remaining Agreement, net of payments received from the Content Provider, will be expensed ratably over the term of the Agreement commencing upon initial access to the remote gaming servers. Any variable payments required upon reaching certain revenue milestones to the Content Provider will be expensed in the period incurred. The Company received access to one of the remote gaming servers in December 2021 and expensed service fees of $ 0.5 million to cost of revenue in the consolidated statement of operations for the year ended December 31, 2021. At December 31, 2021, the Company had prepaid services fees of $ 5.1 million in other assets in the consolidated balance sheet. The Company expects to make fixed payments totaling $ 10.0 5.0 Chile VAT Coolbet’s B2C casino and sports-betting platform is accessible in Chile. Since June 1, 2020, foreign digital service suppliers that provide services to individuals in Chile have been required to register for value-added tax (VAT) purposes. In December 2021, the Chilean Tax Administration issued a general resolution as a response to another iGaming platform operator stating the Tax Administration’s position that fees paid by users for entertainment services provided through online gaming and betting platforms are subject to VAT in Chile. Comprehensive legislation for online gambling was filed in Chile’s Chamber of Deputies on March 7, 2022, which would allow for an unlimited number of licenses to be granted by Chile’s national casino gaming authority. The Company will continue to engage with the Chilean Tax Administration on the VAT matter while monitoring the status of the proposed online gambling legislation. The Company does not believe a liability is probable as the application of VAT on customer deposits would be unreasonable due to the nature of Coolbet’s operations. GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts)

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 21 — SUBSEQUENT EVENTS On January 27, 2022, the Company served a termination notice to a Content Provider as certain conditions precedent associated with the certification of their remote gaming server had not been satisfied pursuant to the terms of the agreement in the period ended December 31, 2021. See Note 20 for further discussion. On April 5, 2022, the Company amended and restated its arrangement with a separate Content Provider. In accordance with the restated arrangement, the Company obtained the contractual right to lease the remote gaming servers from the Content Provider for the duration of the arrangement and amended other commercial terms. The total fixed fees remaining under the arrangement total $ 25.0 10.0 5.0

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Due to the inherent uncertainties involved in making estimates, actual results could differ from the original estimates, and may require significant adjustments to these reported balances in future periods. GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts)
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the results of the Parent and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Foreign Currency Translation and Transactions	Foreign Currency Translation and Transactions The Company’s reporting currency is the U.S. Dollar while the Company’s foreign subsidiaries use their local currencies as their functional currencies. The assets and liabilities of foreign subsidiaries are translated to U.S. Dollars based on the current exchange rate prevailing at each reporting period. Revenue and expenses are translated into U.S. Dollars using the average exchange rates prevailing for each period presented. Translation adjustments that arise from translating a foreign subsidiary’s financial statements from their functional currency to U.S. Dollars are reported as a separate component of accumulated other comprehensive loss in shareholders’ equity. Gains and losses arising from transactions denominated in a currency other than the functional currency are included in general and administrative expense in the consolidated statements of operations as incurred. Foreign currency transaction and remeasurement gains and losses were a net gain (loss) of $ 993 and $( 207 ) for the years ended December 31, 2021 and 2020, respectively.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of its cash and trade receivables. The Company holds cash deposits in foreign countries, primarily in Northern Europe and Latin America, of approximately $ 35.4 million, which are subject to local banking laws and may bear higher or lower risk than cash deposited in the United States. Cash held in the United States is maintained in a major financial institution in excess of federally insured limits. As part of our cash management processes, the Company performs periodic evaluations of the credit standing of the financial institutions and we have not sustained any credit losses from instruments held at these financial institutions. Additionally, the Company maintains an allowance for potential credit losses, but historically has not experienced any significant losses related to individual customers or groups of customers in any particular geographic area.
Risks and Uncertainties – COVID-19	Risks and Uncertainties – COVID-19 The coronavirus disease 2019 (“COVID-19”) pandemic, which was declared a national emergency in the United States in March 2020, significantly impacted the economic conditions and financial markets around the world. The closure of land-based casinos, social distancing, shelter-in-place, and similar restrictions implemented in response to the COVID-19 pandemic led to an increase in the Company’s existing and new player activity in its online iGaming offerings as compared to historic trends, primarily at the start of the second quarter of 2020. Player activity in connection with the iGaming business has generally returned to pre-pandemic levels following the re-opening of land-based casinos and easing of local restrictions. The ultimate impact of the pandemic on the Company’s future operating results is unknown and will depend, in part, on the length of time COVID-19 disruptions exist and the subsequent behavior of players after restrictions are fully lifted. A recurrence of COVID-19 cases or an emergence of additional variants could adversely impact the Company’s future financial results, though results from the Company’s iGaming business may partially offset any potential reduction to the Company’s sports betting transactions resulting from the suspension or cancellation of sporting events. The Company has considered the impact of COVID-19 on its accounting policies, judgments and estimates as part of the preparation of these consolidated financial statements. Management and the Board of Directors are monitoring the impacts of COVID-19 on the Company’s operations and have not identified any major operational challenges through the date of issuance of these consolidated financial statements. The Company has not experienced significant impacts to its liquidity to date. COVID-19 may impact the Company’s ability to access capital to the extent it affects the U.S. capital markets. The Company has assessed the extent to which COVID-19 has impacted events after the reporting date and has not identified additional items to disclose as a result. GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts)
Revenue Recognition	Revenue Recognition Revenue from B2B Operations The Company’s revenue from its B2B operations are primarily from its internet gaming Software-as-a-Service platform, GameSTACK, that its customers use to provide real money internet gambling (“RMiG”), online sports gaming and simulated internet gaming (“SIM”) to its end users. The Company enters into contracts with its customers that generally range from three to five years and include renewal provisions. These contracts generally include provision of the internet gaming platform, content consisting of proprietary and third-party games, development services and support and marketing services. In certain cases, the contract may include computer hardware to be procured on behalf of the customer. The customers cannot take possession of the hosted GameSTACK software and the Company does not sell or license the GameSTACK software. The Company charges fees as consideration for it use of its internet gaming system, game content, support and marketing services based on a fixed percentage of the casino operator’s net gaming revenue or net sportsbook win, at the time of settlement of an event for RMiG contracts, considered usage-based fees, or at the time of purchase for in-game virtual credit for SIM contracts. The determination of the fee charged to its customers is negotiated and varies significantly. The Company’s promise to provide the RMiG SaaS platform and content licensing services on the hosted software is a single performance obligation. This performance obligation is recognized over time, as the Company provides services to its customer in its delivery of services to the player end user. The Company’s customers simultaneously receive and consume the benefits provided by the Company as it delivers services to its customers. Usage based fees are considered variable consideration as the service is to provide unlimited continuous access to its hosted application and usage of the hosted system is primarily controlled by the player end user. The transaction price includes fixed and variable consideration and is billed monthly with the amount due generally thirty days from the date of the invoice. Variable consideration is allocated entirely to the period in which consideration is earned as the variable amounts relate specifically to the customer’s usage of the platform that day and allocating the usage-based fees to each day is consistent with the allocation objective, primarily that the change in amounts reflect the changing value to the customer. The Company’s internet gaming system, game content, support and marketing services are provided equally throughout the term of the contract. These services are made up of a daily requirement to provide access and use of the internet gaming system and support services to the customer over a period of time, as well as provide marketing services, and not a specified amount of services. The series of distinct services represents a single performance obligation that is satisfied over time. Purchases of virtual credits within a transaction period on the SIM platform, generally a monthly convention, are earned at a point in time, upon the close of the respective period as the credit has no monetary value, cannot be redeemed, exchanged, transferred or withdrawn, represents solely a device for tracking game play during the month, does not obligate the Company to provide future services and the arrangements with the customer and player end user have no substantive termination penalty. In certain service agreements with its SIM customers, the Company receives fees for the purchases of in-game virtual credit made by end-users and remits payment to the SIM customer for their share of the SIM revenues. At December 31, 2021 and 2020, the Company has recorded a liability due to its customers for their share of the fees of $ 2,171 2,520 The Company uses third-party content providers in supplying game content in its performance of providing game content on its platform to its customers. A customer has access to the Company’s propriety and licensed game content and additionally, the customer can direct the Company to procure third-party game content on its behalf. The Company has determined it acts as the principal for providing the game content when the Company controls the game content, and therefore presents the revenue on a gross basis in the consolidated statements of operations. When the customer directs the Company to procure third-party game content, the Company determined it is deemed an agent for providing such game content, and therefore, records the revenue, net of the costs of content license fees, in the consolidated statements of operations. GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts) The Company also provides development services for ongoing development services to provide updates to the RMiG platforms for enhanced functionality or customization. Ongoing development services are typically billed monthly, at a daily rate, for services performed. Revenue from RMiG platform development services are considered additional distinct promises to the customer as they access the platform in a single-tenant architecture, the added features provide new, discrete capabilities independent of the original features and provide independent value to the customer. Revenue is recognized over time as the Company performs the services. Revenue is measured using an input method based on effort expended, which uses direct labor hours incurred. As the performance obligation relates to the provision of development services over time, this method best reflects the transfer of control as the Company performs. In customer contracts that require a portion of the consideration to be received in advance, at the commencement of the contract, such advance payment is initially recorded as a contract liability. Other services include the resale of a third-party computer hardware, such as servers and other related hardware devices, upon which the GameSTACK software is installed for its customers. These products are not required to be purchased in order to access the GameSTACK platform but are sold as a convenience to the customer. The Company procures the computer hardware on the customer’s behalf for a fee determined based on cost of the computer hardware plus a markup. The Company charges a hardware deployment fee which is a one-time fee for installation, testing and certification of the computer hardware at the gaming hosting facility. Revenue is recognized at the point in time when control of the hardware transfers to the customer. Control is transferred after the hardware has been procured, delivered, installed at the customer’s premises and configured to allow for remote access. The Company has determined that it is acting as the principal in providing computer hardware and related services as it assumes responsibility for procuring, delivering, installing and configuring the hardware at the customer’s location and takes control of the hardware, prior to transfer. Revenue is presented at the gross amount of consideration to which it is entitled from the customer in exchange for the computer hardware and related services. The Company generates revenue from time to time from the licensing of its U.S. patent, which governs the linkage of on-property reward cards to their counterpart internet gaming accounts together with bilateral transmission of reward points between the internet gaming technology system and the land-based casino management system present in all U.S. casino properties. The nature of the promise in transferring the license is to provide a right to use the patent as it exists. The Company does not have to undertake activities to change the functionality of the patent during the license period and the license has significant stand-alone functionality. Therefore, the Company recognizes the revenue from the license of the patent, at the point in time when control of the license is transferred to the customer. Control is determined to transfer at the point in time the customer is able to use and benefit from the license. Contracts with Multiple Performance Obligations For customer contracts that have more than one performance obligation, the transaction price is allocated to the performance obligations in an amount that depicts the relative stand-alone selling prices of each performance obligation. Judgment is required in determining the stand-alone selling price for each performance obligation. In determining the allocation of the transaction price, an entity is required to maximize the use of observable inputs. When the stand-alone selling price of a good or service is not directly observable, an entity is required to estimate the stand-alone selling price. Contracts with its customers may include platform and licensing of game content services, as well as development services and computer hardware services. The variable consideration generated from the platform and the licensing of game content is allocated entirely to the performance obligation for platform and licensing of game content services and the remaining fixed fees for development services and computer hardware would be allocated to each of the remaining performance obligation based on their relative stand-alone selling prices. The variable consideration relates entirely to the effort to satisfy the platform and licensing game content services and the fixed consideration relates to the remaining performance obligations which is consistent with the allocation objective. GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts) Revenue from Gaming Operations The Company operates the B2C gaming site www.coolbet.com outside of the U.S., which is proprietary software and includes the following product offerings: sportsbook, poker, casino, live casino and virtual sports. The Company manages an online sportsbook allowing users to place various types of wagers on the outcome of sporting events conducted around the world. The Company operates as the bookmaker and offers fixed odds wagering on such events. When a user’s wager wins, the Company pays the user a pre-determined amount known as fixed odds. Revenue from online sportsbook is reported net after deduction of player winnings and bonuses. Revenue from wagers is recognized when the outcome of the event is known. The Company offers live casino through its digital online casino offering in select markets, allowing users to place a wager and play games virtually at retail casinos. The Company offers users a catalog of over 2,700 Peer-to-peer poker offerings allow users to play poker against one another on the Company’s online poker platform for prize money. Revenue is recognized as a percentage of the reported rake. Additionally, the Company offers tournament poker which allows users to buy-in for a fixed price for prize money. For tournament play, revenue is recognized for the difference between the entry fees collected and the amounts paid out to users as prizes and winnings. In each of the online gaming products, a single performance obligation exists at the time a wager is made to operate the games and award prizes or payouts to users based on a particular outcome. Revenue is recognized at the conclusion of each contest, wager, or wagering game hand. Additionally, certain incentives given to users, for example, that allow the user to make an additional wager at a reduced price, may provide the user with a material right which gives rise to a separate performance obligation. The Company allocates a portion of the user’s wager to incentives that create material rights that are redeemed or expired in the future. The allocated revenue for gaming wagers is primarily recognized when the wagers occur because all such wagers settle immediately. The Company applies a practical expedient by accounting for revenue from gaming on a portfolio basis because such wagers have similar characteristics, and the Company reasonably expects the effects on the financial statements of applying the revenue recognition guidance to the portfolio to not differ materially from that which would result if applying the guidance to an individual wagering contract.
Sales and Marketing	Sales and Marketing Sales and marketing expense primarily consists of general marketing and advertising costs, B2C user acquisition expenses and personnel costs within our sales and marketing functions. Sales and marketing costs are expensed as incurred.
Content Licensing Fees	Content Licensing Fees Content licensing fees are paid to third parties for gaming content which are expensed as incurred. Content licensing fees are calculated as a percentage of net gaming revenues in respect of the third-party games, as stipulated in the third-party agreements. GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts)
Share-based Compensation	Share-based Compensation Share-based compensation expense is recognized for share options and restricted shares issued to employees and non-employee members of the Company’s Board of Directors. The Company’s issued share options and restricted shares, which are primarily considered equity awards and include only service conditions, are valued based on the fair value of these awards on the date of grant. The fair value of the share options is estimated using a Black-Scholes option pricing model and the fair value of the restricted shares (restricted share awards and restricted share units) is based on the market price of the Company’s shares on the date of grant. Certain restricted share units awards issued to non-employee members of the Company’s Board of Directors permit shares upon vesting to be withheld, as a means of meeting the non-employee director’s tax withholding requirements, and paid in cash to the non-employee director. The Company additionally incurs share-based compensation expense under compensation arrangements with certain of its employees under which the Company will settle bonuses for a fixed dollar amount by issuing a variable number of shares based on the Company’s stock price on the settlement date. These awards are classified as liability-based awards which are measured based on the fair value of the award at the end of each reporting period until settled. Related compensation expense is recognized based on changes to the fair value over the applicable service period Share-based compensation is recorded over the requisite service period, generally defined as the vesting period. For awards with graded vesting and only service conditions, compensation cost is recorded on a straight-line basis over the requisite service period of the entire award. Forfeitures are recorded in the period in which they occur.
Loss Per Share, Basic and Diluted	Loss Per Share, Basic and Diluted Basic loss per share is calculated by dividing the net loss by the weighted average number of ordinary shares outstanding during the year. In periods of loss, basic and diluted per share information are the same.
Cash	Cash Cash is comprised of cash held at the bank and third-party service providers. The Company is required to maintain compensating cash balances to satisfy its liabilities to users. Such balances are included within cash in the consolidated balance sheets and are not subject to creditor claims. At December 31, 2021 the related liabilities to users was $ 8,984 .
Accounts Receivables, net	Accounts Receivables, net Accounts receivable are stated at invoiced amounts and are unsecured, non-interest bearing and generally have 30-day payment terms. The Company maintains an allowance for doubtful accounts that reduces receivables to amounts expected to be collected. Management estimates the allowance for doubtful accounts by assessing the probability of non-payment of the receivable. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the account receivable. Balances are reviewed for collectability on an individual basis as well as by reference to the extent that they become overdue. The Company considers factors such as delinquency in payment, financial difficulties, payment history of the debtor as well as certain forward-looking macroeconomic indicators in the countries in which the Company and its customers operate, including inflation, gross domestic product and unemployment, as well as the impact of COVID-19. On confirmation that the account receivable will not be collected, the gross carrying value of the asset is written off against the related allowance for doubtful accounts. The provision for credit losses on accounts receivable is recorded in general and administrative expense in the consolidated statements of operations. GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts) The activity in the allowance for doubtful accounts was as follows: SCHEDULE OF ALLOWANCE FOR DOUBTFUL ACCOUNTS 2021 2020 Year Ended December 31, 2021 2020 Beginning balance $ 100 $ 103 Provision for expected credit losses 246 (3 ) Write-offs, net of recoveries (226 ) — Ending balance $ 120 $ 100
Property and Equipment, net	Property and Equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation is generally computed on a straight-line basis over the estimated useful lives of the assets. Maintenance and repairs are charged to expense in the period they are incurred. When items of property or equipment are sold or retired, the related cost and accumulated depreciation are removed from the accounts, and any gain or loss is included in the statement of operations.
Capitalized Software Development Costs, net	Capitalized Software Development Costs, net The Company capitalizes certain development costs related to its internet gaming platforms during the application development stage. Costs associated with preliminary project activities, training, maintenance and all other post implementation stage activities are expensed as incurred. Software development costs are capitalized when application development begins, it is probable that the project will be completed, and the software will be used as intended. The Company capitalizes certain costs related to specific upgrades and enhancements when it is probable that expenditures will result in additional functionality of the platform to its customers. The capitalization policy provides for the capitalization of certain payroll and payroll related costs for employees who spent time directly associated with development and enhancements of the platform. Capitalized software development costs are amortized on a straight-line basis over their estimated useful lives, which generally ranges from three five years
Goodwill	Goodwill Goodwill represents the excess of the fair value of the consideration transferred over the estimated fair values of the identifiable assets acquired and liabilities assumed on the acquisition date. As disclosed in Note 4, the Company has recorded goodwill primarily from its acquisition of Coolbet. Goodwill is not amortized, but rather is reviewed for impairment annually (as of October 1st) or more frequently if facts or circumstances indicate that it is more-likely-than-not the fair value of a reporting unit may be below its carrying amount. The Company has determined that it has two reporting units: B2C and B2B. In its goodwill impairment testing, the Company has the option to perform a qualitative assessment to determine whether it is more-likely-than-not that the fair value of the reporting unit, including goodwill, is less than its carrying amount prior to performing the quantitative impairment test. The qualitative assessment evaluates various events and circumstances, such as macro-economic conditions, industry and market conditions, cost factors, relevant events and financial trends that may impact a reporting unit’s fair value. If it is determined that the estimated fair value of the reporting unit is more-likely-than not less than its carrying amount, including goodwill, the quantitative goodwill impairment test is required. Otherwise, no further analysis would be required. If the quantitative impairment test for goodwill is deemed necessary, this quantitative impairment analysis compares the fair value of the Company’s reporting unit to its related carrying value. If the fair value of the reporting unit is less than its carrying amount, goodwill is written down to the fair value and an impairment loss is recognized. If the fair value of the reporting unit exceeds its carrying amount, no further analysis is required. Fair value of the reporting unit is determined using valuation techniques, primarily using discounted cash flow analysis. GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts)
Long-lived Assets	Long-lived Assets Long-lived assets, except goodwill, consist of property and equipment, and finite lived acquired intangible assets, such as developed software, gaming licenses, trademarks, trade names and customer relationships. Intangible assets are amortized on a straight-line basis over their estimated useful lives. The Company considers the period of expected cash flows and underlying data used to measure the fair value of the intangible assets when selecting the estimated useful lives. The fair value of the acquired intangible assets is primarily determined using the income approach. In performing these valuations, the Company’s key underlying assumptions used in the discounted cash flows were projected revenue, gross margin expectations and operating cost estimates. There are inherent uncertainties and management judgment is required in these valuations. Acquired in-process technology consists of a proprietary technical platform. The Company reviews the in-process technology for impairment at least annually or more frequently if an event occurs creating the potential for impairment, until such time as the in-process technology efforts are completed. When completed, the developed technology will be amortized over its estimated useful life based on an amortization method that reflects the pattern in which the economic benefits of the intangible assets are consumed or otherwise realized. The integrated technology is expected to be completed in the fourth quarter of 2022. Long-lived assets, except goodwill, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company compares the undiscounted cash flows expected to be generated by that asset or asset group to their carrying amount. If the carrying amount of the long-lived asset or asset group are not recoverable on an undiscounted cash flow basis, an impairment charge is recognized to the extent that the carrying amount exceeds fair value. Fair value is determined through various techniques, such as discounted cash flow models using probability weighted estimated future cash flows and the use of valuation specialists.
Liabilities to Users	Liabilities to Users The Company records liabilities for user account balances. User account balances consist of user deposits, promotional awards and user winnings less user withdrawals and user losses.
Deferred Offering Costs	Deferred Offering Costs Deferred offering costs, consisting primarily of legal, accounting and other direct and incremental fees and costs related to the Company’s public offerings, are deferred in the period in which the offering is deemed probable. These costs were offset against such proceeds received from the offerings upon the closing of the offering (refer to Note 10 – Shareholders’ Equity).
Business Combinations	Business Combinations Business combinations are accounted for using the acquisition method at the acquisition date, which is the date on which control is transferred to the Company. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value. Identifiable assets acquired, liabilities assumed, and any noncontrolling interest in the acquiree is recognized at their acquisition-date fair values at the acquisition date. The excess of the consideration transferred over the fair value of the net identifiable assets acquired is recorded as goodwill. Acquisition-related costs are expensed as incurred within general and administrative expense. GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts)
Legal Contingencies and Litigation Accruals	Legal Contingencies and Litigation Accruals On a quarterly basis, the Company assesses potential losses in relation to pending or threatened legal matters. If a loss is considered probable and the amount can be reasonably estimated, the Company recognizes an expense for the estimated loss. Estimates of any such loss are subjective in nature and require the evaluation of numerous facts and assumptions as to future events, including the application of legal precedent which may be conflicting. To the extent these estimates are more or less than the actual liability resulting from the resolution of these matters, the Company’s financial results will increase or decrease accordingly.
Income Taxes	Income Taxes The Company is subject to income taxes in the United States, U.K., Bulgaria, Israel, and Malta. The Company records an income tax expense (benefit) for the anticipated tax consequences of the reported results of operations using the asset and liability method. Under this method, deferred income tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, as well as for loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. The effect on deferred income tax of a change in tax rates are recorded in the period of the enactment. Deferred tax assets are reduced, through a valuation allowance, if necessary, by the amount of such benefits that are not expected to be realized based on current available evidence. In evaluating the Company’s ability to recover deferred tax assets in the jurisdiction from which they arise, all available positive and negative evidence is considered, including results of recent operations, scheduled reversals of deferred tax liabilities, projected future taxable income, and tax-planning strategies. The Company records a valuation allowance to reduce its deferred tax assets to the net amount that it believes is more likely than not to be realized. The Company recognizes tax benefits from uncertain tax positions only if management believes that it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. Although the Company believes that it has adequately provided for uncertain tax positions, no assurance can be given that the final tax outcome of these matters would not be materially different. Adjustments are made when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences would affect the provision for income taxes in the period in which such determination is made and could have a material impact on the Company’s financial condition and operating results. The Company recognizes penalties and interest related to income tax matters in income tax expense.
Segments	Segments The Company operates in two operating segments, B2B and B2C. Operating segments are defined as components of an enterprise where separate financial information is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and assess the Company’s performance. The Company’s CODM is the Chief Executive Officer. The CODM allocates resources and assesses performance based upon discrete financial information at the operating segment level.
Reclassifications of Prior Period Amounts	Reclassifications of Prior Period Amounts Certain prior period amounts have been reclassified to conform to the current period presentation. Specifically, due to the Coolbet acquisition in 2021, the Company reclassified certain balances that were previously presented in separate balance sheet captions to other current assets, other assets, accrued expenses, other current liabilities and other liabilities in the consolidated balance sheet as of December 31, 2020. These reclassifications had no impact on previously disclosed amounts for current assets, current liabilities, total assets and total liabilities.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In October 2021, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
SCHEDULE OF ALLOWANCE FOR DOUBTFUL ACCOUNTS	The activity in the allowance for doubtful accounts was as follows: SCHEDULE OF ALLOWANCE FOR DOUBTFUL ACCOUNTS 2021 2020 Year Ended December 31, 2021 2020 Beginning balance $ 100 $ 103 Provision for expected credit losses 246 (3 ) Write-offs, net of recoveries (226 ) — Ending balance $ 120 $ 100

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
SUMMARY OF CONSIDERATION TRANSFERRED	Fair value of the consideration transferred: SUMMARY OF CONSIDERATION TRANSFERRED Cash paid to Vincent Group shareholders $ 111,168 Restricted ordinary shares issued to Vincent Group shareholders (1) 106,683 Replacement equity-based awards to holders of Vincent Group equity-based awards (2) 297 Total $ 218,148 (1) The share consideration represents 5,260,516 20.28 (2) The replacement equity-based awards consist of options to purchase 67,830
SUMMARY OF FAIR VALUES OF ASSETS ACQUIRED AND LIABILITIES ASSUMED	Recognized amounts of identifiable assets acquired and liabilities assumed at fair value: SUMMARY OF FAIR VALUES OF ASSETS ACQUIRED AND LIABILITIES ASSUMED Cash $ 18,714 Prepaid expenses and other current assets 1,512 Property and equipment 343 Operating lease right-of-use assets 416 Intangible assets 50,570 Other assets 73 Accounts payable (1,182 ) Liabilities to users (5,373 ) Other current liabilities (2,097 ) Operating lease liabilities (167 ) Deferred income taxes (2,373 ) Noncurrent operating lease liabilities (231 ) Total identifiable net assets 60,205 Goodwill 157,943 Total identifiable assets acquired and liabilities assumed including goodwill, net $ 218,148
SUMMARY OF INTANGIBLE ASSETS ACQUIRED	Identifiable intangible assets acquired as part of the acquisition, including their respective expected useful lives, were as follows: SUMMARY OF INTANGIBLE ASSETS ACQUIRED Estimated useful life (in years) Fair Value Developed technology 3 $ 29,600 In-process developed technology — 8,800 Customer relationships 3 5,900 Trade names and trademarks 10 5,800 Gaming licenses various 470 $ 50,570
PRO FORMA OPERATING RESULTS	PRO FORMA OPERATING RESULTS Year Ended December 31, 2020 Revenue $ 68,952 Net loss (27,760 ) Loss per share, basic and diluted (0.86 )

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
SCHEDULE OF PROPERTY AND EQUIPMENT	Property and equipment, net is recorded in other assets in the consolidated balance sheets at December 31, 2021 and 2020 and consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT Estimated December 31, Useful Life 2021 2020 Fixtures, fittings and equipment 3 5 years $ 2,935 $ 1,277 Platform hardware 5 years 2,054 1,534 Total property and equipment, cost 4,989 2,811 Less: accumulated depreciation (2,444 ) (1,491 ) Total $ 2,545 $ 1,320

CAPITALIZED SOFTWARE DEVELOPM_2

CAPITALIZED SOFTWARE DEVELOPMENT COSTS, NET (Tables)	12 Months Ended
	Dec. 31, 2021
Research and Development [Abstract]
SCHEDULE OF CAPITALIZED COMPUTER SOFTWARE COSTS, NET	Capitalized software development costs, net at December 31, 2021 and 2020 consisted of the following: SCHEDULE OF CAPITALIZED COMPUTER SOFTWARE COSTS, NET 2021 2020 December 31, 2021 2020 Capitalized software development costs $ 26,127 $ 26,507 Development in progress 5,910 2,641 Total capitalized software development, cost 32,037 29,148 Less: accumulated amortization (17,607 ) (22,500 ) Total $ 14,430 $ 6,648

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
SCHEDULE OF GOODWILL	The changes in the carrying amount of goodwill, by segment, for the year ended December 31, 2021 were as follows: SCHEDULE OF GOODWILL B2B B2C Total Balance at January 1, 2021 $ — $ — $ — Goodwill acquired in Coolbet acquisition (Note 4) 67,547 92,138 159,685 Goodwill acquired in Silverback Gaming acquisition (Note 4) 270 — 270 Reallocation of goodwill (1) 10,859 (10,859 ) — Measurement period adjustments (Note 4) (856 ) (886 ) (1,742 ) Effect of foreign currency translation (5,590 ) (6,481 ) (12,071 ) Balance at December 31, 2021 $ 72,230 $ 73,912 $ 146,142 (1) During the third quarter of 2021, the preliminary allocation of goodwill was refined to allocate the goodwill between the segments based on each reporting unit’s estimated relative enterprise value, and their respective acquired assets and assumed liabilities. The acquired assets include intangible assets that are expected to be used within the Company’s B2C and B2B segments.
SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS	Definite-lived intangible assets, net consisted of the following: SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS Weighted December 31, 2021 Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology 3.0 $ 27,390 $ (9,130 ) $ 18,260 In-process technology — 8,142 — 8,142 Customer relationships 3.0 5,460 (1,820 ) 3,640 Trade names and trademarks 10.0 5,699 (882 ) 4,817 Gaming licenses 6.4 years 2,219 (1,185 ) 1,034 $ 48,910 $ (13,017 ) $ 35,893 Weighted December 31, 2020 Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trade names and trademarks 3.0 $ 343 $ (343 ) $ — Gaming licenses 5.3 1,366 (898 ) 468 $ 1,709 $ (1,241 ) $ 468
SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS, FUTURE AMORTIZATION EXPENSE	Estimated amortization expense for the next five years is as follows: SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS, FUTURE AMORTIZATION EXPENSE Amount 2022 $ 11,835 2023 11,779 2024 656 2025 643 2026 588 Thereafter 10,392

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
SCHEDULE OF ACCRUED EXPENSES	Accrued expenses consisted of the following: SCHEDULE OF ACCRUED EXPENSES 2021 2020 December 31, 2021 2020 Content license fees $ 2,402 $ 1,984 Sales taxes 1,400 756 Income taxes 245 17 Other 622 606 Total $ 4,669 $ 3,363

OTHER CURRENT LIABILITIES (Tabl

OTHER CURRENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
SCHEDULE OF OTHER CURRENT LIABILITIES	Other current liabilities consisted of the following: SCHEDULE OF OTHER CURRENT LIABILITIES 2021 2020 December 31, 2021 2020 Revenue share due to SIM customers $ 2,171 $ 2,520 Operating lease liabilities 472 262 Contract liabilities 261 1,083 Other 247 202 Total $ 3,151 $ 4,067

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
SCHEDULE OF SHARE-BASED COMPENSATION, OPTION ACTIVITY	A summary of the share option activity as of and for the year ended December 31, 2021 is as follows: SCHEDULE OF SHARE-BASED COMPENSATION, OPTION ACTIVITY Number of Shares Weighted Average Exercise Price Weighted Average Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2020 3,061,859 $ 8.06 8.50 $ 37,410 Granted 1,798,140 21.62 Exercised (289,480 ) 2.93 Forfeited/expired or cancelled (432,304 ) 21.34 Outstanding at December 31, 2021 4,138,215 $ 13.05 8.05 $ 11,229 Options exercisable at December 31, 2021 2,005,666 $ 5.38 7.17 $ 10,730
SCHEDULE OF SHARE-BASED COMPENSATION, FAIR VALUE ASSUMPTIONS	SCHEDULE OF SHARE-BASED COMPENSATION, FAIR VALUE ASSUMPTIONS 2021 2020 Year Ended 2021 2020 Expected share price volatility 58.84 % 65.80 % Expected term (in years) 4.80 4.90 Risk-free interest rate 0.74 % 0.32 % Dividend yield 0 % 0 %
SCHEDULE OF SHARE BASED COMPENSATION, UNIT ACTIVITY	A summary of the restricted share unit activity as of and for the year ended December 31, 2021 is as follows: SCHEDULE OF SHARE BASED COMPENSATION, UNIT ACTIVITY Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2020 — $ — Granted 386,498 11.23 Vested (17,358 ) 20.74 Forfeited/expired or cancelled — — Outstanding at December 31, 2021 369,140 $ 10.78

OTHER (INCOME) LOSS,NET (Tables

OTHER (INCOME) LOSS,NET (Tables)	12 Months Ended
	Dec. 31, 2021
Other Income and Expenses [Abstract]
SCHEDULE OF OTHER (INCOME) LOSS, NET	Other (income) loss, net consisted of the following: SCHEDULE OF OTHER (INCOME) LOSS, NET 2021 2020 Year Ended December 31, 2021 2020 Interest expense (1) $ 2 $ 395 Interest income (32 ) (3 ) Other income (378 ) — Total other (income) loss, net $ (408 ) $ 392 (1) Interest expense includes interest on a related party loan of $ 385 GAN LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share amounts)

LOSS PER SHARE (Tables)

LOSS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
SCHEDULE OF ANTI-DILUTIVE STOCK EXCLUDED FROM COMPUTATION OF DILUTED EARNINGS PER SHARE	SCHEDULE OF ANTI-DILUTIVE STOCK EXCLUDED FROM COMPUTATION OF DILUTED EARNINGS PER SHARE Year Ended December 31, 2021 2020 Share options 4,138,215 3,061,859 Restricted shares 34,436 93,680 Restricted share units 369,140 — Total 4,541,791 3,155,539

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
SCHEDULE OF REVENUE RECOGNIZED IN LINE WITH THE TIMING OF TRANSFER OF SERVICES	The following table reflects revenue recognized for the years ended December 31, 2021 and 2020 in line with the timing of transfer of services: SCHEDULE OF REVENUE RECOGNIZED IN LINE WITH THE TIMING OF TRANSFER OF SERVICES 2021 2020 Year Ended December 31, 2021 2020 Revenue from services delivered over time $ 40,926 $ 31,715 Revenue from services delivered at a point in time 83,237 3,444 Total $ 124,163 $ 35,159
SCHEDULE OF CONTRACT WITH CUSTOMERS	The following table reflects contract liabilities arising from cash consideration received in advance from customers for the periods presented: SCHEDULE OF CONTRACT WITH CUSTOMERS 2021 2020 Year Ended 2021 2020 Contract liabilities from advance customer payments, beginning of the period $ 1,083 $ 3,023 Contract liabilities from advance customer payments, end of the period (1) 1,874 1,083 Revenue recognized from amounts included in contract liabilities from advance customer payments at the beginning of the period 152 2,360 (1) Contract liabilities from advance customer payments, end of period consisted of $ 261 1,083 1,614

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
SCHEDULE OF FINANCIAL INFORMATION FOR REPORTABLE SEGMENTS	Summarized financial information by reportable segments for the years ended December 31, 2021 and 2020 is as follows: SCHEDULE OF FINANCIAL INFORMATION FOR REPORTABLE SEGMENTS B2B B2C Total B2B B2C Total Year Ended December 31, 2021 2020 B2B B2C Total B2B B2C Total Revenue $ 45,569 $ 78,594 $ 124,163 $ 35,159 $ — $ 35,159 Cost of revenue (1) 11,600 29,773 41,373 10,471 — 10,471 Segment gross profit $ 33,969 $ 48,821 $ 82,790 $ 24,688 $ — $ 24,688 (1) Excludes depreciation and amortization expense
RECONCILIATION OF CONSOLIDATED SEGMENT PROFIT TO CONSOLIDATED INCOME (LOSS) BEFORE INCOME TAXES	The following table presents a reconciliation of segment gross profit to the consolidated loss before income taxes for the years ended December 31, 2021 and 2020: RECONCILIATION OF CONSOLIDATED SEGMENT PROFIT TO CONSOLIDATED INCOME (LOSS) BEFORE INCOME TAXES 2021 2020 Year Ended 2021 2020 Segment gross profit (1) $ 82,790 $ 24,688 Sales and marketing 22,266 5,046 Product and technology 22,548 11,032 General and administrative (1) 48,881 24,825 Impairment 3,500 — Depreciation and amortization 16,808 3,257 Other (income) loss, net (408 ) 392 Loss before income taxes $ (30,805 ) $ (19,864 ) (1) Excludes depreciation and amortization expense
SCHEDULE OF DISAGGREGATION OF REVENUE BY PRODUCTS AND SERVICES FOR EACH SEGMENT	The following table disaggregates total revenue by product and services for each segment: SCHEDULE OF DISAGGREGATION OF REVENUE BY PRODUCTS AND SERVICES FOR EACH SEGMENT Year Ended December 31, 2021 2020 B2B: Platform and content license fees $ 36,935 $ 26,208 Development services and other 8,634 8,951 Total B2B revenue 45,569 35,159 B2C: Sportsbook 34,167 — Casino 41,652 — Poker 2,775 — Total B2C revenue 78,594 — Total revenue $ 124,163 $ 35,159
SCHEDULE OF REVENUE BY LOCATION OF THE CUSTOMER	Revenue by location of the customer for the years ended December 31, 2021 and 2020 was as follows: SCHEDULE OF REVENUE BY LOCATION OF THE CUSTOMER 2021 2020 Year Ended 2021 2020 United States $ 37,791 $ 29,351 Europe 47,309 5,759 Latin America 32,434 — Rest of the world 6,629 49 Total revenue $ 124,163 $ 35,159

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
SCHEDULE OF INCOME BEFORE INCOME TAX, DOMESTIC AND FOREIGN	The Company’s loss before income taxes for the years ended December 31, 2021 and 2020 consisted of the following: SCHEDULE OF INCOME BEFORE INCOME TAX, DOMESTIC AND FOREIGN 2021 2020 Year Ended December 31, 2021 2020 Domestic $ (1,555 ) $ (13,833 ) Foreign (29,250 ) (6,031 ) Loss before income taxes $ (30,805 ) $ (19,864 )
SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT)	The components of income tax expense (benefit) for the year ended December 31, 2021 and 2020 consisted of the following: SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT) 2021 2020 Year Ended December 31, 2021 2020 Current: Domestic $ — $ — U.S. Federal and State 494 214 Foreign 604 139 Total current expense 1,098 353 Deferred: Domestic — — U.S. Federal and State (864 ) — Foreign (445 ) — Total deferred expense (benefit) (1,309 ) — Total income tax expense (benefit) $ (211 ) $ 353
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION	The following is a reconciliation of income taxes computed at the statutory income tax rate to the Company’s income tax expense (benefit) for the year ended December 31, 2021 and 2020: SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION 2021 2020 Year Ended December 31, 2021 2020 Income (loss) before income taxes multiplied by the statutory tax rate of 0 $ — $ — Effects of tax rates in foreign jurisdictions (5,868 ) (1,102 ) Share-based compensation (434 ) (1,463 ) Nondeductible officers compensation 1,145 — Valuation allowance 9,203 2,868 Unrecognized tax benefit 191 (170 ) Intra-group transfer (723 ) — Change in tax rates (3,962 ) — Foreign withholding taxes 151 113 Other 86 107 Total income tax expense (benefit) $ (211 ) $ 353
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES	Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the net deferred taxes at December 31, 2021 and 2020 are as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES 2021 2020 December 31, 2021 2020 Deferred tax assets: Net operating loss carryforwards $ 14,810 $ 5,049 Share-based compensation 1,567 1,383 Accruals and allowances 663 326 Other 34 99 Total deferred tax assets 17,074 6,857 Valuation allowance (15,542 ) (6,490 ) Total deferred tax assets, net of valuation allowance 1,532 367 Deferred tax liabilities: Property and equipment and intangibles (1,879 ) — Prepayments (506 ) (280 ) Other (37 ) (87 ) Total deferred tax liabilities (2,422 ) (367 ) Net deferred tax liabilities $ (890 ) $ —
SCHEDULE OF UNRECOGNIZED TAX BENEFITS	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: SCHEDULE OF UNRECOGNIZED TAX BENEFITS Year Ended December 31, 2021 2020 Unrecognized tax benefits — January 1 $ 39 $ 210 Additions for tax positions taken in a prior year 94 — Additions for tax positions taken in current year 64 39 Other reductions for tax positions taken in the prior year — (210 ) Unrecognized tax benefits — December 31 $ 197 $ 39

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2021
Leases
SCHEDULE OF OPERATING AND FINANCE ASSET AND LIABILITY	The following table discloses the operating and finance asset and liability balances at December 31, 2021 and 2020: SCHEDULE OF OPERATING AND FINANCE ASSET AND LIABILITY 2021 2020 Year Ended December 31, 2021 2020 Leases Classification Assets Operating leases Other assets (1) $ 695 $ 577 Finance leases Other assets (2) 109 197 Total leased assets, net $ 804 $ 774 Liabilities Current: Operating leases Other current liabilities $ 472 $ 262 Finance leases Other current liabilities — 55 Non-current: Operating leases Other liabilities 186 313 Total lease liabilities $ 658 $ 630 (1) Operating lease right-of-use assets are recorded, net of accumulated amortization of $ 1,036 620 (2) Finance lease right-of-use assets are recorded net of accumulated amortization of $ 384 300
SCHEDULE OF LEASE COST, LEASE TERM AND SUPPLEMENTAL CASH FLOW INFORMATION	The components of lease cost for the years ended December 31, 2021 and 2020 were as follows: SCHEDULE OF LEASE COST, LEASE TERM AND SUPPLEMENTAL CASH FLOW INFORMATION 2021 2020 Year Ended December 31, 2021 2020 Finance lease cost (including amortization of finance lease right-of-use assets, recorded in depreciation and amortization, of $ 88 82 10 $ 88 $ 92 Operating lease cost (included in general and administrative) 531 566 Total lease cost $ 619 $ 658 Other information related to leases as of and for the years ended December 31, 2021 and 2020 was as follows: Year Ended December 31, 2021 2020 Finance lease weighted-average remaining lease term (years) 0.00 0.67 Finance lease weighted-average discount rate — % 9.36 % Operating lease weighted-average remaining lease term (years) 1.50 2.34 Operating lease weighted-average discount rate 4.80 % 4.60 % Cash paid for the amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 533 $ 464 Operating cash flow from finance leases — 10 Financing cash flows from finance leases 82 154
SCHEDULE OF OPERATING LEASE MATURITIES	Maturities of lease liabilities, including reconciliation to the lease liabilities, based on required contractual payments, are as follows: SCHEDULE OF OPERATING LEASE MATURITIES operating Operating Leases 2022 $ 497 2023 184 2024 — 2025 — 2026 — Thereafter — Total lease payments 681 Less: future interest costs 23 Present value of lease liabilities $ 658

NATURE OF OPERATIONS (Details N

NATURE OF OPERATIONS (Details Narrative)	12 Months Ended
	Dec. 31, 2021Integer
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of Operating Segments	2

BASIS OF PRESENTATION (Details

BASIS OF PRESENTATION (Details Narrative) - May 05, 2020 £ / shares in Units, $ / shares in Units, £ in Thousands, $ in Thousands	USD ($)$ / shares	GBP (£)£ / shares
Accounting Policies [Abstract]
Aggregate cash paid for partial shares	$ 2,525	£ 2,004
Cash paid for partial shares (in pence per share) | (per share)	$ 2.32	£ 2.32

SCHEDULE OF ALLOWANCE FOR DOUBT

SCHEDULE OF ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Beginning balance	$ 100	$ 103
Provision for expected credit losses	246	(3)
Write-offs, net of recoveries	(226)
Ending balance	$ 120	$ 100

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)Integer	Dec. 31, 2020USD ($)
Property, Plant and Equipment [Line Items]
Net gain loss foreign currency transaction	$ 993	$ 207
Cash, FDIC Insured Amount	35,400
Revenue share due to SIM customers	$ 2,171	2,520
Number of third-party iGaming products available | Integer	2,700
Related liabilities to users	$ 8,984
Software and Software Development Costs [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	3 years
Software and Software Development Costs [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)	5 years

SUMMARY OF CONSIDERATION TRANSF

SUMMARY OF CONSIDERATION TRANSFERRED (Details) - Vincent Group P.L.C. [Member] $ in Thousands	Jan. 02, 2021USD ($)
Business Acquisition [Line Items]
Cash paid to Vincent Group shareholders	$ 111,168
Restricted ordinary shares issued to Vincent Group shareholders	106,683	[1]
Replacement equity-based awards to holders of Vincent Group equity-based awards	297	[2]
Total	$ 218,148
[1]	The share consideration represents 5,260,516 20.28
[2]	The replacement equity-based awards consist of options to purchase 67,830

SUMMARY OF CONSIDERATION TRAN_2

SUMMARY OF CONSIDERATION TRANSFERRED (Details) (Parenthetical)	Jan. 02, 2021$ / sharesshares
Business Acquisition [Line Items]
Shares issued as partial consideration for acquisition (in shares)	5,260,516
Replacement equity-based awards (in shares)	67,830
Vincent Group P.L.C. [Member]
Business Acquisition [Line Items]
Share price of ordinary shares issued (in dollars per share) | $ / shares	$ 20.28

SUMMARY OF FAIR VALUES OF ASSET

SUMMARY OF FAIR VALUES OF ASSETS ACQUIRED AND LIABILITIES ASSUMED (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 08, 2021	Sep. 30, 2021	Jan. 02, 2021	Dec. 31, 2020
Business Combination and Asset Acquisition [Abstract]
Cash				$ 18,714
Prepaid expenses and other current assets				1,512
Property and equipment				343
Operating lease right-of-use assets				416
Intangible assets				50,570
Other assets				73
Accounts payable				(1,182)
Liabilities to users				(5,373)
Other current liabilities				(2,097)
Operating lease liabilities				(167)
Deferred income taxes				(2,373)
Noncurrent operating lease liabilities				(231)
Total identifiable net assets				60,205
Goodwill	$ 146,142	$ 270	$ 159,685	157,943
Total identifiable assets acquired and liabilities assumed including goodwill, net				$ 218,148

SUMMARY OF INTANGIBLE ASSETS AC

SUMMARY OF INTANGIBLE ASSETS ACQUIRED (Details) - USD ($) $ in Thousands	Jan. 02, 2021	Dec. 31, 2021	Dec. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 50,570
Vincent Group P.L.C. [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 50,570
Developed Technology [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	3 years
Fair Value	$ 29,600
In-Process Technology [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 8,800
Customer Relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	3 years	3 years
Fair Value	$ 5,900
Trademarks and Trade Names [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	10 years	10 years	3 years
Fair Value	$ 5,800
Gaming Licenses [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 470

PRO FORMA OPERATING RESULTS (De

PRO FORMA OPERATING RESULTS (Details) - Vincent Group P.L.C. [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)$ / shares
Business Acquisition [Line Items]
Revenue	$ 68,952
Net loss	$ (27,760)
Loss per share, basic and diluted | $ / shares	$ (0.86)

ACQUISITIONS (Details Narrative

ACQUISITIONS (Details Narrative) - USD ($) $ in Thousands	Dec. 08, 2021	Jan. 02, 2021	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill, Purchase Accounting Adjustments			$ 300	$ 50
Amortization					$ 591
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities		$ 2,373
Goodwill	$ 270	157,943	146,142	159,685	146,142
Acquisition related costs		1,309
Cash	$ 270
Sale of Stock, Number of Shares Issued in Transaction	51,654
Vincent Group P.L.C. [Member]
Business Acquisition [Line Items]
Business acquisition, purchse price		218,148
Goodwill, Purchase Accounting Adjustments				2,092
Finite-Lived Intangible Assets, Purchase Accounting Adjustments				2,200
Increase (Decrease) in Income Taxes				108
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities		2,373
Goodwill			$ 157,943	157,643	157,943
Acquisition related costs		$ 1,309			$ 290
Vincent Group P.L.C. [Member] | Developed Technology [Member]
Business Acquisition [Line Items]
Finite-Lived Intangible Assets, Purchase Accounting Adjustments				1,500
Vincent Group P.L.C. [Member] | In-Process Technology [Member]
Business Acquisition [Line Items]
Finite-Lived Intangible Assets, Purchase Accounting Adjustments				400
Vincent Group P.L.C. [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Finite-Lived Intangible Assets, Purchase Accounting Adjustments				$ 300

SCHEDULE OF PROPERTY AND EQUIPM

SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 4,989	$ 2,811
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(2,444)	(1,491)
Property, Plant and Equipment, Net	2,545	1,320
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 2,935	1,277
Platform Hardware [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Property, Plant and Equipment, Gross	$ 2,054	$ 1,534
Minimum [Member] | Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Maximum [Member] | Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 989	$ 278

SCHEDULE OF CAPITALIZED COMPUTE

SCHEDULE OF CAPITALIZED COMPUTER SOFTWARE COSTS, NET (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Research and Development [Abstract]
Capitalized software development costs	$ 26,127	$ 26,507
Development in progress	5,910	2,641
Total capitalized software development, cost	32,037	29,148
Less: accumulated amortization	(17,607)	(22,500)
Total	$ 14,430	$ 6,648

CAPITALIZED SOFTWARE DEVELOPM_3

CAPITALIZED SOFTWARE DEVELOPMENT COSTS, NET (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Research and Development [Abstract]
Capitalized software development costs	$ 3,443	$ 2,729

SCHEDULE OF GOODWILL (Details)

SCHEDULE OF GOODWILL (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Indefinite-lived Intangible Assets [Line Items]
Goodwill, beginning balance
Reallocation of goodwill		[1]
Measurement period adjustments	(1,742)
Effect of foreign currency translation	(12,071)
Goodwill, ending balance	146,142
Coolbet Acquisition [Member]
Indefinite-lived Intangible Assets [Line Items]
Goodwill acquired in Silverback Gaming acquisition	159,685
Silverback Gaming Acquisition [Member]
Indefinite-lived Intangible Assets [Line Items]
Goodwill acquired in Silverback Gaming acquisition	270
Business to Business (B2B) [Member]
Indefinite-lived Intangible Assets [Line Items]
Goodwill, beginning balance
Reallocation of goodwill	10,859	[1]
Measurement period adjustments	(856)
Effect of foreign currency translation	(5,590)
Goodwill, ending balance	72,230
Business to Business (B2B) [Member] | Coolbet Acquisition [Member]
Indefinite-lived Intangible Assets [Line Items]
Goodwill acquired in Silverback Gaming acquisition	67,547
Business to Business (B2B) [Member] | Silverback Gaming Acquisition [Member]
Indefinite-lived Intangible Assets [Line Items]
Goodwill acquired in Silverback Gaming acquisition	270
Business to Consumer Segment (B2C) [Member]
Indefinite-lived Intangible Assets [Line Items]
Goodwill, beginning balance
Reallocation of goodwill	(10,859)	[1]
Measurement period adjustments	(886)
Effect of foreign currency translation	(6,481)
Goodwill, ending balance	73,912
Business to Consumer Segment (B2C) [Member] | Coolbet Acquisition [Member]
Indefinite-lived Intangible Assets [Line Items]
Goodwill acquired in Silverback Gaming acquisition	92,138
Business to Consumer Segment (B2C) [Member] | Silverback Gaming Acquisition [Member]
Indefinite-lived Intangible Assets [Line Items]
Goodwill acquired in Silverback Gaming acquisition
[1]	During the third quarter of 2021, the preliminary allocation of goodwill was refined to allocate the goodwill between the segments based on each reporting unit’s estimated relative enterprise value, and their respective acquired assets and assumed liabilities. The acquired assets include intangible assets that are expected to be used within the Company’s B2C and B2B segments.

SCHEDULE OF FINITE-LIVED INTANG

SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	Jan. 02, 2021	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		$ 48,910	$ 1,709
Accumulated Amortization		(13,017)	(1,241)
Net Carrying Amount		35,893	$ 468
In-Process Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		8,142
Accumulated Amortization
Net Carrying Amount		$ 8,142
Developed Technology Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period		3 years
Gross Carrying Amount		$ 27,390
Accumulated Amortization		(9,130)
Net Carrying Amount		$ 18,260
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period	3 years	3 years
Gross Carrying Amount		$ 5,460
Accumulated Amortization		(1,820)
Net Carrying Amount		$ 3,640
Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period	10 years	10 years	3 years
Gross Carrying Amount		$ 5,699	$ 343
Accumulated Amortization		(882)	(343)
Net Carrying Amount		$ 4,817
License [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period		6 years 4 months 24 days	5 years 3 months 18 days
Gross Carrying Amount		$ 2,219	$ 1,366
Accumulated Amortization		(1,185)	(898)
Net Carrying Amount		$ 1,034	$ 468

SCHEDULE OF FINITE-LIVED INTA_2

SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS, FUTURE AMORTIZATION EXPENSE (Details) $ in Thousands	Dec. 31, 2021USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 11,835
2023	11,779
2024	656
2025	643
2026	588
Thereafter	$ 10,392

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense intangible assets	$ 12,289	$ 128

SCHEDULE OF ACCRUED EXPENSES (D

SCHEDULE OF ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Content license fees	$ 2,402	$ 1,984
Sales taxes	1,400	756
Income taxes	245	17
Other	622	606
Total	$ 4,669	$ 3,363

SCHEDULE OF OTHER CURRENT LIABI

SCHEDULE OF OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Revenue share due to SIM customers	$ 2,171	$ 2,520
Operating lease liabilities	472	262
Contract liabilities	261	1,083
Other	247	202
Total	$ 3,151	$ 4,067

SHAREHOLDERS_ EQUITY (Details N

SHAREHOLDERS’ EQUITY (Details Narrative) £ / shares in Units, $ / shares in Units, £ in Thousands, $ in Thousands	Dec. 08, 2021shares	Nov. 30, 2021USD ($)	Dec. 21, 2020USD ($)$ / sharesshares	May 07, 2020USD ($)$ / sharesshares	Dec. 18, 2019USD ($)shares	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Jan. 02, 2021shares	May 05, 2020USD ($)$ / shares	May 05, 2020GBP (£)£ / shares
Subsidiary, Sale of Stock [Line Items]
Number of shares issued and sold | shares	51,654
Shares exchange agreement description						each shareholder of GAN plc, agreed to exchange four ordinary shares for issuance of one ordinary share of the Parent plus a pro rata portion of an aggregate $2,525 (£2,004 or 2.32 pence per share) in cash.
Aggregate cash paid for partial shares									$ 2,525	£ 2,004
Aggregate cash paid for partial shares, per share | (per share)									$ 2.32	£ 2.32
Common stock shares authorized | shares						100,000,000	100,000,000
Common stock, par value | $ / shares						$ 0.01	$ 0.01
Proceeds from issuance initial public offering							$ 7,075
Shares issued on exercise of option | shares						289,480
Proceeds from execrcise of stock option						$ 855	2,474
Shares issued on exercise of option, value						$ 855	$ 2,474
Ordinary Shares [Member]
Subsidiary, Sale of Stock [Line Items]
Shares issued on exercise of option | shares			163,500			289,480	927,667
Shares issued on exercise of option, value						$ 855	$ 2,474
Share issued | shares								5,260,516
IPO [Member]
Subsidiary, Sale of Stock [Line Items]
Number of shares issued and sold | shares			6,790,956	7,337,000
Sale of stock, price per share | $ / shares			$ 15.50	$ 8.50
Proceeds from issuance initial public offering			$ 98,541	$ 55,289
Underwriter discounts and commissions			5,818	4,920
Other offering expenses			$ 901	$ 2,155
Ordinary Shares [Member]
Subsidiary, Sale of Stock [Line Items]
Number of shares issued and sold | shares			383,500
Proceeds from execrcise of stock option			$ 214
Chief Executive Officer [Member]
Subsidiary, Sale of Stock [Line Items]
Number of shares issued and sold | shares					10,000
Sale of stock, consideration					$ 100
Director [Member]
Subsidiary, Sale of Stock [Line Items]
Payment for stock option award							$ 608
Board of Directors [Member] | 2021 Share Repurchase Program [Member]
Subsidiary, Sale of Stock [Line Items]
Number of shares authorizied to repurchase		$ 5,000
Stock repurchased during period, shares | shares						0

SCHEDULE OF SHARE-BASED COMPENS

SCHEDULE OF SHARE-BASED COMPENSATION, OPTION ACTIVITY (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)$ / sharesshares
Share-based Payment Arrangement [Abstract]
Number of Shares Outstanding, Beginning Balance | shares	3,061,859
Weighted Average Exercise Price Outstanding, beginning balance | $ / shares	$ 8.06
Weighted Average Contractual Term Outstanding, Beginning Balance	8 years 6 months
Aggregate Intrinsic Value outstanding, Beginning Balance | $	$ 37,410
Number of Shares, Granted | shares	1,798,140
Weighted Average Exercise Price, Granted | $ / shares	$ 21.62
Number of Shares, Exercised | shares	(289,480)
Weighted Average Exercise Price, Exercised | $ / shares	$ 2.93
Number of Shares, Forfeited/expired or cancelled | shares	(432,304)
Weighted Average Exercise Price, Forfeited/expired or cancelled | $ / shares	$ 21.34
Number of Shares Outstanding, Ending Balance | shares	4,138,215
Weighted Average Exercise Price Outstanding, ending balance | $ / shares	$ 13.05
Weighted Average Contractual Term Outstanding, Ending Balance	8 years 18 days
Aggregate Intrinsic Value outstanding, Ending Balance | $	$ 11,229
Number of Shares Options exercisable, Ending Balance | shares	2,005,666
Weighted Average Exercise Price Options, exercisable at end of period | $ / shares	$ 5.38
Weighted Average Contractual Term, Options exercisable ending balance	7 years 2 months 1 day
Aggregate Intrinsic Value Option exercisable, Ending Balance | $	$ 10,730

SCHEDULE OF SHARE-BASED COMPE_2

SCHEDULE OF SHARE-BASED COMPENSATION, FAIR VALUE ASSUMPTIONS (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Expected share price volatility	58.84%	65.80%
Expected term (in years)	4 years 9 months 18 days	4 years 10 months 24 days
Risk-free interest rate	0.74%	0.32%
Dividend yield	0.00%	0.00%

SCHEDULE OF SHARE BASED COMPENS

SCHEDULE OF SHARE BASED COMPENSATION, UNIT ACTIVITY (Details) - Restricted Stock Units (RSUs) [Member]	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares Outstanding, Beginning Balance | shares
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares
Number of Shares, Granted | shares	386,498
Weighted Average Grant Date Fair Value, Granted | $ / shares	$ 11.23
Number of Shares, Vested | shares	(17,358)
Weighted Average Grant Date Fair Value, Vested | $ / shares	$ 20.74
Number of Shares, Forfeited/expired or cancelled | shares
Weighted Average Grant Date Fair Value, Forfeited/expired or cancelled | $ / shares
Number of Shares Outstanding, Ending Balance | shares	369,140
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 10.78

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details Narrative) - USD ($)	Dec. 08, 2021	Jan. 02, 2021	Dec. 31, 2021	Nov. 30, 2021	Oct. 31, 2021	Mar. 31, 2021	Jun. 30, 2020	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Apr. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Replacement equity-based awards (in shares)		67,830
Weighted average grant date fair value of options granted									$ 11.49	$ 9.47
Deferred Tax Liabilities, Net			$ 890,000						$ 890,000
Share options expense (benefit)									(519,000)	3,364,000
Additional paid in capital			319,551,000						319,551,000	203,842,000
Recognized accounts payable		$ 1,182,000
share-based compensation expense									$ 8,136,000	6,826,000
Shares to be sold	51,654
Non-Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock Vested									9,590
Stock repurchased during period shares									3,627
Unrecognized share-based compensation expense			27,000						$ 27,000
Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Settlement of Asset Retirement Obligations Through Noncash Payments, Amount									1,053,000
Employee Benefits and Share-based Compensation									899,000
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized accounts payable			33,000						33,000
Software and Software Development Costs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense									$ 235,000	$ 56,000
Acquisition Agreement [Member] | Vincent Group P.L.C. [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Replacement equity-based awards (in shares)									67,830
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of options to purchase shares									1,730,310
Options approved for issuance (in shares)										1,350,700
Share-based Payment Arrangement, Accelerated Cost										$ 3,881,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount			18,567,000						$ 18,567,000
Share-based payment not yet recognized period									3 years
Deferred Tax Liabilities, Net			291,000						$ 291,000	826,000
Share-based Payment Arrangement, Option [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period of options									10 years
Share-based Payment Arrangement, Option [Member] | Maximum [Member] | Vincent Group P.L.C. [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected period of recognition for replacement stock option awards								3 years
Share-based Payment Arrangement, Option [Member] | Minimum [Member] | Vincent Group P.L.C. [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected period of recognition for replacement stock option awards								1 year
Share-based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage									25.00%
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense									$ 6,184,000	5,883,000
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment not yet recognized period									1 year 8 months 12 days
Restricted stock Vested									17,358
Unrecognized share-based compensation expense			$ 3,594,000						$ 3,594,000
share-based compensation expense									621
Fair value of restricted stock units vested									$ 360,000
Fair value of restricted stock									$ 11.23
Restricted Stock Units (RSUs) [Member] | Non-Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage						25.00%
Restricted stock issued					24,500	10,358
Vesting period						1 year
Restricted stock Vested					7,000
Restricted stock units outstanding					17,500
Restricted Stock Units (RSUs) [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				25.00%	25.00%
Restricted stock issued			267,590	84,050	84,050
Vesting period			1 year
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment not yet recognized period									1 year 10 months 24 days
Additional paid in capital			$ 55,000						$ 55,000
Unrecognized share-based compensation expense			$ 319,000						319,000
share-based compensation expense									951,000	$ 934,000
Fair value of restricted stock units vested									$ 1,871,000
Fair value of restricted stock							$ 18.19
Restricted Stock [Member] | Silverback Gaming [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock issued									51,654
Fair value of restricted stock									$ 9.68
Restricted Stock [Member] | Chief Executive Officer and Non-employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock issued							93,680
2020 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized											4,400,000
Percentage of increase outstanding ordinary shares											4.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant			5,865,414						5,865,414
Common Stock, Capital Shares Reserved for Future Issuance			200,184						200,184
2020 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Stock purchase plan, description									The ESPP provides initially for 300,000 ordinary shares to be sold and increases on February 1, 2022 and on each subsequent February 1 through and including February 1, 2030, equal to the lesser of (i) 0.25 percent of the number of ordinary shares issued and outstanding on the immediately preceding December 31, or (ii) 100,000 ordinary shares, or (iii) such number of ordinary shares as determined by the Board of Directors.
Shares to be sold									300,000
Closing trading price, percentage									85.00%

DEFINED CONTRIBUTION PLANS (Det

DEFINED CONTRIBUTION PLANS (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Defined contribution plan employer percent	50.00%
Defined contribution plan employee, percent	4.00%
Defined benefit plan contributions by employer	$ 614	$ 345

SCHEDULE OF OTHER (INCOME) LOSS

SCHEDULE OF OTHER (INCOME) LOSS, NET (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
Other Income and Expenses [Abstract]
Interest Expense	[1]	$ 2	$ 395
Interest income		(32)	(3)
Other income		(378)
Total other (income) loss, net		$ (408)	$ 392
[1]	Interest expense includes interest on a related party loan of $ 385

SCHEDULE OF INTEREST EXPENSE, N

SCHEDULE OF INTEREST EXPENSE, NET (Details) (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Other Income and Expenses [Abstract]
Interest Expense, Related Party	$ 385

SCHEDULE OF ANTI-DILUTIVE STOCK

SCHEDULE OF ANTI-DILUTIVE STOCK EXCLUDED FROM COMPUTATION OF DILUTED EARNINGS PER SHARE (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	4,541,791	3,155,539
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	4,138,215	3,061,859
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	34,436	93,680
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	369,140

SCHEDULE OF REVENUE RECOGNIZED

SCHEDULE OF REVENUE RECOGNIZED IN LINE WITH THE TIMING OF TRANSFER OF SERVICES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total	$ 124,163	$ 35,159
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Total	40,926	31,715
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Total	$ 83,237	$ 3,444

SCHEDULE OF CONTRACT WITH CUSTO

SCHEDULE OF CONTRACT WITH CUSTOMERS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract liabilities from advance customer payments, beginning of the period	$ 1,083	$ 3,023
Contract liabilities from advance customer payments, end of the period(1)	1,874	1,083
Revenue recognized from amounts included in contract liabilities from advance customer payments at the beginning of the period	$ 152	$ 2,360

SCHEDULE OF CONTRACT WITH CUS_2

SCHEDULE OF CONTRACT WITH CUSTOMERS (Details) (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Other liabilities	$ 1,874	$ 1,083	$ 3,023
Other Accrued Liabilities, Current	622	606
Advance Customer Payment [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Other liabilities	261	$ 1,083
Other Accrued Liabilities, Current	$ 1,614

REVENUE (Details Narrative)

REVENUE (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue recognized	$ 124,163	$ 35,159
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue recognized	83,237	$ 3,444
Transferred at Point in Time [Member] | Gaming Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue recognized	78,594
Transferred at Point in Time [Member] | Development Services and Other [Member]
Disaggregation of Revenue [Line Items]
Revenue recognized	$ 4,643

SCHEDULE OF FINANCIAL INFORMATI

SCHEDULE OF FINANCIAL INFORMATION FOR REPORTABLE SEGMENTS (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenue		$ 124,163	$ 35,159
Cost of revenue	[1]	41,373	10,471
Segment gross profit	[2]	82,790	24,688
Business to Business (B2B) [Member]
Segment Reporting Information [Line Items]
Revenue		45,569	35,159
Cost of revenue	[1]	11,600	10,471
Segment gross profit		33,969	24,688
Business to Consumer Segment (B2C) [Member]
Segment Reporting Information [Line Items]
Revenue		78,594
Cost of revenue	[1]	29,773
Segment gross profit		$ 48,821
[1]	Excludes depreciation and amortization expense
[2]	Excludes depreciation and amortization expense

RECONCILIATION OF CONSOLIDATED

RECONCILIATION OF CONSOLIDATED SEGMENT PROFIT TO CONSOLIDATED INCOME (LOSS) BEFORE INCOME TAXES (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
Segment Reporting [Abstract]
Segment gross profit	[1]	$ 82,790	$ 24,688
Sales and marketing		22,266	5,046
Product and technology		22,548	11,032
General and administrative	[1]	48,881	24,825
Impairment		3,500
Depreciation and amortization		16,808	3,257
Other (income) loss, net		(408)	392
Loss before income taxes		$ (30,805)	$ (19,864)
[1]	Excludes depreciation and amortization expense

SCHEDULE OF DISAGGREGATION OF R

SCHEDULE OF DISAGGREGATION OF REVENUE BY PRODUCTS AND SERVICES FOR EACH SEGMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue from External Customer [Line Items]
Revenue	$ 124,163	$ 35,159
Business to Business (B2B) [Member]
Revenue from External Customer [Line Items]
Revenue	45,569	35,159
Business to Consumer Segment (B2C) [Member]
Revenue from External Customer [Line Items]
Revenue	78,594
Platform and Content Fees [Member] | Business to Business (B2B) [Member]
Revenue from External Customer [Line Items]
Revenue	36,935	26,208
Development Services and Other [Member] | Business to Business (B2B) [Member]
Revenue from External Customer [Line Items]
Revenue	8,634	8,951
Sports [Member] | Business to Consumer Segment (B2C) [Member]
Revenue from External Customer [Line Items]
Revenue	34,167
Casino [Member] | Business to Consumer Segment (B2C) [Member]
Revenue from External Customer [Line Items]
Revenue	41,652
Poker [Member] | Business to Consumer Segment (B2C) [Member]
Revenue from External Customer [Line Items]
Revenue	$ 2,775

SCHEDULE OF REVENUE BY LOCATION

SCHEDULE OF REVENUE BY LOCATION OF THE CUSTOMER (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 124,163	$ 35,159
UNITED STATES
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	37,791	29,351
Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	47,309	5,759
Latin America [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	32,434
Rest of the World [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 6,629	$ 49

SEGMENT REPORTING (Details Narr

SEGMENT REPORTING (Details Narrative) - Integer	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021
Segment Reporting Information [Line Items]
Number of segments	1	2
Business to Business (B2B) [Member]
Segment Reporting Information [Line Items]
Revenue, Remaining Performance Obligation, Percentage	42.60%		14.80%

SCHEDULE OF INCOME BEFORE INCOM

SCHEDULE OF INCOME BEFORE INCOME TAX, DOMESTIC AND FOREIGN (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Domestic	$ (1,555)	$ (13,833)
Foreign	(29,250)	(6,031)
Loss before income taxes	$ (30,805)	$ (19,864)

SCHEDULE OF COMPONENTS OF INCOM

SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE (BENEFIT) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Domestic
U.S. Federal and State	494	214
Foreign	604	139
Total current expense	1,098	353
Domestic
U.S. Federal and State	(864)
Foreign	(445)
Total deferred expense (benefit)	(1,309)
Total income tax expense (benefit)	$ (211)	$ 353

SCHEDULE OF EFFECTIVE INCOME TA

SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income (loss) before income taxes multiplied by the statutory tax rate of 0%
Effects of tax rates in foreign jurisdictions	(5,868)	(1,102)
Share-based compensation	(434)	(1,463)
Nondeductible officers compensation	1,145
Valuation allowance	9,203	2,868
Unrecognized tax benefit	191	(170)
Intra-group transfer	(723)
Change in tax rates	(3,962)
Foreign withholding taxes	151	113
Other	86	107
Total income tax expense (benefit)	$ (211)	$ 353

SCHEDULE OF EFFECTIVE INCOME _2

SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION (Details) (Parenthetical)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Effective statutory tax rate	0.00%	0.00%

SCHEDULE OF DEFERRED TAX ASSETS

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 14,810	$ 5,049
Share-based compensation	1,567	1,383
Accruals and allowances	663	326
Other	34	99
Total deferred tax assets	17,074	6,857
Valuation allowance	(15,542)	(6,490)
Total deferred tax assets, net of valuation allowance	1,532	367
Property and equipment and intangibles	(1,879)
Prepayments	(506)	(280)
Other	(37)	(87)
Total deferred tax liabilities	(2,422)	(367)
Net deferred tax liabilities	$ (890)

SCHEDULE OF UNRECOGNIZED TAX BE

SCHEDULE OF UNRECOGNIZED TAX BENEFITS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Unrecognized tax benefits, Beginning Balance	$ 39	$ 210
Additions for tax positions taken in a prior year	94
Additions for tax positions taken in current year	64	39
Other reductions for tax positions taken in the prior year		(210)
Unrecognized tax benefits, Ending Balance	$ 197	$ 39

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Deferred Tax Liabilities, Net	$ 890
Deferred Income Tax Liabilities, Net	1,791
Deferred tax asset, noncurrent	901
Deferred Tax Assets, Valuation Allowance	15,542	6,490
Carryforward tax losses	59,240	$ 26,575
Deferred Tax Liabilities, Undistributed Foreign Earnings	12,093
Unrecognized deferred tax liability	1,738
Minimum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Operating Loss Carryforwards, Valuation Allowance	9,052
Maximum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Operating Loss Carryforwards, Valuation Allowance	$ 15,542

SCHEDULE OF OPERATING AND FINAN

SCHEDULE OF OPERATING AND FINANCE ASSET AND LIABILITY (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Non-current:
Total lease liabilities	$ 658	$ 630
Other Assets [Member]
Assets
Operating leases	695	577
Finance leases	109	197
Total leased assets, net	804	774
Other Current Liabilities [Member]
Current:
Operating leases	472	262
Finance leases		55
Other Noncurrent Liabilities [Member]
Non-current:
Operating leases	$ 186	$ 313

SCHEDULE OF OPERATING AND FIN_2

SCHEDULE OF OPERATING AND FINANCE ASSET AND LIABILITY (Details) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases
Operating Lease, Right-of-Use Asset, Amortization Expense	$ 1,036	$ 620
Finance Lease, Right-of-Use Asset, Accumulated Amortization	$ 384	$ 300

SCHEDULE OF LEASE COST, LEASE T

SCHEDULE OF LEASE COST, LEASE TERM AND SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases
Finance lease cost (including amortization of finance lease right-of-use assets, recorded in depreciation and amortization, of $88 and $82 in 2021 and 2020, respectively, and interest on finance lease liabilities, recorded in interest expense, net, of $10 in 2020)	$ 88	$ 92
Operating lease cost (included in general and administrative)	531	566
Total lease cost	$ 619	$ 658
Finance lease weighted-average remaining lease term (years)	0 years	8 months 1 day
Finance lease weighted-average discount rate	0.00%	9.36%
Operating lease weighted-average remaining lease term (years)	1 year 6 months	2 years 4 months 2 days
Operating lease weighted-average discount rate	4.80%	4.60%
Operating cash flows from operating leases	$ 533	$ 464
Operating cash flow from finance leases		10
Finance Lease, Principal Payments	$ 82	$ 154

SCHEDULE OF LEASE COST, LEASE_2

SCHEDULE OF LEASE COST, LEASE TERM AND SUPPLEMENTAL CASH FLOW INFORMATION (Details) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases
Amortization of lease assets	$ 88	$ 82
Interest on finance lease liabilities		$ 10

SCHEDULE OF OPERATING LEASE MAT

SCHEDULE OF OPERATING LEASE MATURITIES (Details) $ in Thousands	Dec. 31, 2021USD ($)
Leases
2022	$ 497
2023	184
2024
2025
2026
Thereafter
Total lease payments	681
Less: future interest costs	23
Present value of lease liabilities	$ 658

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) £ in Thousands, $ in Thousands	1 Months Ended		12 Months Ended
	May 31, 2020USD ($)	May 31, 2020GBP (£)	Dec. 31, 2020USD ($)
Related Party Transaction [Line Items]
Interest Expense, Related Party | $			$ 385
Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Related party debt instrument minimum interest | £		£ 300
Debt Instrument, Interest Rate, Stated Percentage	15.00%	15.00%
Interest Expense, Related Party	$ 385	£ 300

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) $ in Millions	Apr. 05, 2022	Jan. 27, 2022	Jun. 30, 2021	Dec. 31, 2021
Product Liability Contingency [Line Items]
Payment to be made 2022				$ 10
Payment to be made 2023 through 2025				5
Other Current Assets [Member]
Product Liability Contingency [Line Items]
Prepaid service fees				5.1
Service [Member]
Product Liability Contingency [Line Items]
Cost of Revenue				0.5
Subsequent Event [Member]
Product Liability Contingency [Line Items]
Payment of contractual obligations	$ 25
Licensing Agreements [Member]
Product Liability Contingency [Line Items]
Payment of contractual obligations			$ 48.5
Impairment loss				$ 3.5
Licensing Agreements [Member] | Subsequent Event [Member]
Product Liability Contingency [Line Items]
Payment of contractual obligations		$ 3
Return of initial payment		$ 3.5
Licensing Agreements [Member] | Execution [Member]
Product Liability Contingency [Line Items]
Payment of contractual obligations			$ 8.5

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($) $ in Thousands	Apr. 05, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Payment dues		$ 619	$ 658
Subsequent Event [Member]
Subsequent Event [Line Items]
Total fixed fees	$ 25,000
Subsequent Event [Member] | Due in 2022 [Member]
Subsequent Event [Line Items]
Payment dues	10,000
Subsequent Event [Member] | Due in 2023 [Member]
Subsequent Event [Line Items]
Payment dues	5,000
Subsequent Event [Member] | Due in 2024 [Member]
Subsequent Event [Line Items]
Payment dues	5,000
Subsequent Event [Member] | Due in 2025 [Member]
Subsequent Event [Line Items]
Payment dues	$ 5,000