XML 26 R8.htm IDEA: XBRL DOCUMENT v3.24.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (8,404,970) $ (12,138,572)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 28,943 127,501
Amortization of right of use asset 60,549 49,783
Stock-based compensation 2,002,777 3,173,401
Stock-based professional fees 251,302 347,733
Gain from initial consolidation of variable interest entities (42,737)
Impairment loss on property and equipment and intangible asset 43,671 981,000
Impairment loss on digital currencies and other digital assets 23,381 119,276
Non-cash digital currency and other digital assets fees 13,739
Non-cash revenue from sale of Venvuu NFT digital asset (36,394)
Realized gain on short-term investments (327,145) (28,176)
Unrealized loss on short-term investments (47,672)
Changes in operating assets and liabilities:    
Accounts receivable 201 (106)
Accounts receivable - related party
Prepaid expenses 5,797 242,221
Accounts payable and accrued expenses (103,639) 61
Contract liabilities (68) (8,664)
Operating lease liability (67,339) (53,896)
NET CASH USED IN OPERATING ACTIVITIES (6,529,277) (7,258,765)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from sale of short-term investments 14,745,000 9,910,000
Purchase of short-term investments, net (8,599,121) (20,842,149)
Purchases of property and equipment (49,485) (44,475)
Increase in cash from consolidation of variable interest entities 64,538
Proceeds from sale of digital currencies and other digital assets   743
Purchases of digital currencies and other digital assets (233,245)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 6,160,932 (11,209,126)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from related party advances 20,294
Repayment of related party advances (1,315) (19,182)
Proceeds from sale of Series B preferred stock 1,000
Purchase of treasury stock (397,969)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (398,284) 1,112
NET DECREASE IN CASH AND CASH EQUIVALENTS (766,629) (18,466,779)
Effect of exchange rate changes on cash (12,965)
CASH AND CASH EQUIVALENTS - beginning of year 1,732,956 20,199,735
CASH AND CASH EQUIVALENTS - end of year 953,362 1,732,956
Cash paid for:    
Interest
Income taxes
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Digital currencies used to pay accounts payable 112,500
Common stock issued for future services 200,000
Issuance of common shares for intangible assets 1,090,000
Increase in short-term investments and accumulated other comprehensive gain $ 47,518,000,000