Company: RSI
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001793659-25-000047
Chunk: 23

Company: Rush Street Interactive, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 15
Chunk 23
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 management’s conclusions.     

Response

To address this matter, through our integrated audit approach, we performed both control testing as well as substantive audit procedures. We obtained an understanding, evaluated the design and tested the operating effectiveness of management’s controls over the Company’s capitalized internally developed software costs process. We tested controls over the Company’s process to review the time incurred by developers on each project and controls over management’s estimation of the labor costs to capitalize. To test the Company’s capitalized internally developed software costs, we obtained an understanding of management’s process for evaluating internally developed software costs and the nature of internal software development costs capitalized. We performed audit procedures that included, among other things, inspecting underlying documentation to evaluate whether the costs were capitalizable under the applicable accounting standards for a sample of projects. We interviewed technology and development project managers to understand the objectives, nature, and status of the projects. During these discussions, we compared their responses on time spent on capitalizable projects to management's estimates of capitalization percentages based on level and position, noting no inconsistencies. We also inspected underlying documentation and tested the data supporting the nature and amount of labor costs capitalized. 

/s/ WithumSmith+Brown, PC 

We have served as the Company’s auditor since 2020.

New York, New York February 28, 2025

PCAOB ID Number 100

F-3

RUSH STREET INTERACTIVE, INC. 

CONSOLIDATED BALANCE SHEETS 

(Amounts in thousands except for share and per share amounts)

December 31,20242023ASSETSCurrent assetsCash and cash equivalents$229,171 $168,330 Restricted cash3,585 2,647 Players' receivables14,910 10,516 Due from affiliates18,211 33,471 Prepaid expenses and other current assets19,169 13,651 Total current assets285,046 228,615 Intangible assets, net77,347 74,874 Property and equipment, net7,239 8,611 Operating lease assets2,419 1,276 Other assets7,415 5,204 Total assets$379,466 $318,580 LIABILITIES AND STOCKHOLDERS’ EQUITYCurrent liabilitiesAccounts payable$25,798 $32,347 Accrued expenses72,702 51,131 Players' liabilities43,703 42,135 Other current liabilities20,927