XML 16 R6.htm IDEA: XBRL DOCUMENT v3.21.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows from Operating Activities:    
Net loss $ (17,702,334) $ (1,019,212)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 25,287 22,999
Modification of vested restricted common shares 249,905 0
Equity compensation 168,996 22,734
Amortization of right-to-use asset 69,615 0
Transaction costs - shares to Financial Advisor 5,765,407 0
Loss on sales of NTN assets 9,598,173 0
Change in fair value of contingent consideration (820,000) 0
Change in operating assets and liabilities:    
Account receivable 4,680 0
Prepaid expenses and other current assets 41,594 (53,459)
Security deposits and other non-current assets (1,018) (84,915)
Accounts payable and accrued expenses (765,842) (761,925)
Operating lease liability (64,390) 0
Other liabilities 0 685
Total adjustments 14,272,407 (853,881)
Net Cash Used in Operating Activities (3,429,927) (1,873,093)
Cash Flows from Investing Activities:    
Purchase of property and equipment 0 (4,457)
Purchase of NTN, net of cash acquired 147,728 0
Proceeds from the sales of NTN assets, net of cash disposed 118,594 0
Net cash provided by / (used in) investing activities 266,322 (4,457)
Cash Flows from Financing Activities    
Repayment of NTN's PPP Loan (531,994) 0
Proceeds from sale of members' equity 10,475,082 312,500
Net Cash Provided by Financing Activities 9,943,088 312,500
Net Increase / (Decrease) in Cash 6,779,483 (1,565,050)
Cash - Beginning of Period 1,630,455 5,100,819
Cash - End of Period 8,409,938 3,535,769
Cash paid during the period for:    
Interest 0 0
Income taxes 0 0
Non-cash Investing and Financing Activities:    
Issuance of common stock for business combination 8,177,614 0
Repayment of aquired NTN debts upon disposition of assets to eGames 1,700,000 0
Preferred shares issued in connection with reverse merger $ 781 $ 0