XML 17 R6.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows from Operating Activities:    
Net loss $ (3,943,268) $ (5,979,579)
Adjustments to reconcile net loss to net cash flows used in operating activities:    
Depreciation and amortization 550,991 543,110
Loss on sale of property, plant and equipment 41,661
Gain on sale of intangible (5,582)
Stock-based compensation 40,695 114,848
Amortization of debt issuance costs 360,330
Gain on extinguishment of liabilities (682,345)
Change in fair value of warrant derivative liabilities 348,891
Provision for inventory obsolescence (56,072) 80,434
Provision for doubtful accounts receivable 34,059 29,025
Provision for doubtful lease receivable 20,000 5,000
Change in fair value of contingent consideration promissory note (158,021)
(Increase) decrease in:    
Accounts receivable – trade 142,606 (211,201)
Other receivable (126,106) 1,479,476
Inventories 793,664 837,893
Prepaid expenses (154,645) 684,403
Operating lease right of use assets 54,137 110,115
Other assets 263,847 (2,445,206)
Increase (decrease) in:    
Accounts payable 1,569,346 3,009,912
Accrued expenses (132,185) (184,976)
Operating lease obligations (57,801) (110,115)
Income taxes payable (61)
Lease deposit 10,445
Contract liabilities 19,293 967,561
Net cash used in operating activities (918,545) (1,216,876)
Cash Flows from Investing Activities:    
Purchases of furniture, fixtures and equipment (18,467) (23,657)
Additions to intangible assets (61,882) (46,988)
Cash paid for acquisition of Country Stampede (400,000)
Proceeds from sale of intangible assets 90,535
Proceeds from sale of property, plant and equipment 550,644
Net cash provided by (used in) investing activities 160,830 (70,645)
Cash Flows from Financing Activities:    
Proceeds – Merchant Advances – Video Solutions Segment 700,000
Proceeds – Merchant Advances – Entertainment Segment 915,000
Proceeds – Commercial Extension of Credit – Entertainment Segment 275,000 1,000,000
Payments on Commercial Extension of Credit – Entertainment Segment (87,928) (264,166)
Payments on Merchant Advances – Video Solutions Segment (702,000)
Principal payment on EIDL loan (810)
Principal payment on contingent consideration promissory notes (94,235) (120,789)
Net cash provided by financing activities 1,005,027 615,045
Net increase (decrease) in cash, cash equivalents, and restricted cash 247,312 (672,476)
Cash, cash equivalents, and restricted cash, beginning of period 778,149 3,532,199
Cash, cash equivalents, and restricted cash, end of period 1,025,461 2,859,723
Supplemental disclosures of cash flow information:    
Cash payments for interest 158,517 6,348
Supplemental disclosures of non-cash investing and financing activities:    
Restricted common stock grant 80 35
Restricted common stock forfeitures 1
Adjustments of accounts payable with the sale proceeds of property, plant and equipment 549,356
Assets acquired in business acquisitions 605,000
Goodwill acquired in business acquisitions 225,959
Liabilities assumed in business acquisitions 288,000
Amounts payable for Country Stampede acquisition 142,959
Commercial Extension of Credit repaid through accrued revenue – Entertainment Segment 205,357 26,977
ROU and lease liability recorded on extension (termination) of lease $ (73,894) $ 517,039