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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows used in operating activities:    
Net loss $ (27,787,651) $ (3,052,658)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 63,485 47,638
Stock-based compensation 1,573,393 45,468
Amortization of right-to-use asset 148,702 0
Transaction costs - shares to Financial Advisor 5,765,407 0
Loss on sale of NTN assets 9,648,173 0
Change in fair value of contingent consideration (820,000) 0
Changes in operating assets and liabilities:    
Account receivable 4,680 0
Prepaid expenses and other current assets (1,509,284) (79,175)
Security deposits and other non-current assets (26,909) (84,915)
Accounts payable and accrued expenses 2,844,135 (942,836)
Operating lease liability (138,895) (468)
Other liabilities 0 10,324
Net cash used in operating activities (10,234,764) (4,056,622)
Cash flows provided by (used in) investing activities:    
Purchase of property and equipment 0 (26,177)
Purchase of NTN, net of cash acquired 147,262 0
Proceeds from the sale of NTN assets, net of cash disposed 118,594 0
Net cash provided by (used in) investing activities 265,856 (26,177)
Cash flows provided by financing activities:    
Net proceeds of common stock issued to Lincoln Park 48,524,918 0
Proceeds from the exercise of stock options 10,202 0
Proceeds from loans payable 0 309,905
Repayment of NTN's PPP Loan (531,994) 0
Proceeds from sale of members' equity 10,500,000 3,858,750
Net cash provided by financing activities 58,503,126 4,168,655
Net increase in cash and cash equivalents 48,534,218 85,856
Cash and cash equivalents at beginning of period 1,630,455 5,100,819
Cash and cash equivalents at end of period 50,164,673 5,186,675
Cash paid during the period for:    
Interest 0 0
Income taxes 0 0
Supplemental disclosure of non-cash investing and financing activities:    
Issuance of common stock for Series A preferred stock dividend 7,806 0
Issuance of Common Stock for business combination 8,177,457 0
Forfeiture of unvested restricted stock (60) 0
Preferred shares issued in connection with reverse merger 781 0
Initial measurement of ROU assets and liabilities $ 873,629 $ 0