XML 16 R7.htm IDEA: XBRL DOCUMENT v3.22.2.2
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (5,312,123) $ (3,947,828)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 223,887 129,915
Gain on disposal of property and equipment (36,392) 0
Gain on investment in Allied Esports Entertainment, Inc. 0 (133,944)
Gain on early extinguishment of debt 0 (113,772)
Common stock issued to officers and directors for services 49,998 588,202
Common stock awarded to advisors and consultants for services 30,000 20,000
Amortization of stock options 651,501 407,031
Amortization of stock warrants issued as a debt discount 607,320 0
Decrease (increase) in current assets:    
Accounts receivable (213,509) (8,020)
Prepaid expenses (37,333) (24,993)
Inventory (448,626) (1,021,099)
Security deposits (14,000) 0
Right-of-use asset 50,425 48,620
Increase (decrease) in current liabilities:    
Accounts payable 208,486 (137,171)
Accrued expenses 124,929 (82,357)
Lease liabilities (33,609) (29,085)
Net cash used in operating activities (4,149,046) (4,304,501)
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds received from disposal of property and equipment 63,957 0
Proceeds received from sale of investment in Allied Esports Entertainment, Inc. securities 0 414,361
Purchase of property and equipment (154,853) (1,004,611)
Cash paid for construction in progress (2,175,241) 0
Cash paid for intangible assets (5,929) 0
Net cash used in investing activities (2,272,066) (590,250)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds received from notes payable, related parties 3,870,000 0
Proceeds received from notes payable 580,000 0
Proceeds received from the sale of common stock 0 5,562,511
Net cash provided by financing activities 4,450,000 5,562,511
NET CHANGE IN CASH AND CASH EQUIVALENTS (1,971,112) 667,760
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 3,345,928 1,912,729
CASH AND CASH EQUIVALENTS AT END OF PERIOD 1,374,816 2,580,489
SUPPLEMENTAL INFORMATION:    
Interest paid 134,444 0
Income taxes paid 0 0
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Value of debt discounts attributable to warrants $ 3,058,526 $ 0