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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows From Operating Activities:    
Net loss $ (8,953,819) $ (14,300,128)
Adjustments to reconcile net loss to net cash flows used in operating activities:    
Depreciation and amortization 1,079,000 1,091,042
Loss on sale of property, plant and equipment 41,661
Gain on sale on intangible (5,582)
Stock-based compensation 101,467 294,331
Non-cash interest expense 150,000 576,380
Amortization of debt issuance costs 1,105,168
Gain on extinguishment of liabilities (682,345)
Loss on extinguishment of debt 68,827
Change in fair value of warrant derivative liabilities 351,710 59,766
Convertible debt discount amortization 925,455
Loss on conversion of debt 93,386
Provision for inventory obsolescence (407,460) (75,007)
Provision for doubtful accounts receivable 38,724 24,140
Allowance for doubtful lease reserve 20,000 5,000
Change in fair value of contingent consideration promissory note (158,021)
(Increase) decrease in:    
Accounts receivable – trade (284,767) 155,015
Other receivable (458,199) 1,318,442
Inventories 2,075,608 1,074,197
Prepaid expenses (235,109) 1,503,919
Operating lease right of use assets 110,099 195,894
Other assets 698,456 (2,092,524)
Increase (decrease) in:    
Accounts payable 2,307,612 3,066,137
Accrued expenses (128,075) 56,606
Accrued Expenses – related party 188,750
Income taxes payable (61) (17,444)
Lease deposit 10,445
Operating lease obligations (117,428) (195,894)
Contract liabilities (472,994) 1,486,569
Net cash used in operating activities (3,408,757) (3,109,986)
Cash Flows from Investing Activities:    
Purchases of property, plant and equipment (24,882) (52,338)
Additions to intangible assets (65,361) (74,608)
Cash paid for acquisition of Country Stampede (514,432)
Proceeds from sale of intangible asset 90,535
Proceeds from sale of property, plant and equipment 550,644
Net cash provided by (used in) investing activities 36,504 (126,946)
Cash Flows from Financing Activities:    
Proceeds – Merchant Advances – Video Solutions Segment 1,144,000
Proceeds – Merchant Advances – Entertainment Segment 915,000
Net proceeds of equity offering with detachable warrants 2,194,742
Net proceeds of convertible debt with detachable warrants 2,640,000
Proceeds – Commercial Extension of Credit – Entertainment Segment 575,000 1,000,000
Payments on Commercial Extension of Credit – Entertainment Segment (162,928) (794,332)
Payments on Merchant Advances – Video Solutions Segment (1,215,000)
Payments on Merchant Advances – Entertainment Segment (51,899)
Principal payment on EIDL loan (1,628)
Principal payment on contingent consideration promissory notes (188,470) (217,054)
Net cash provided by financing activities 3,208,817 2,628,614
Net decrease in cash, cash equivalents, and restricted cash (163,436) (608,318)
Cash, cash equivalents and restricted cash, beginning of period 778,149 3,532,199
Cash, cash equivalents and restricted cash, end of period 614,713 2,923,881
Supplemental disclosures of cash flow information:    
Cash payments for interest 293,441 18,129
Cash payments for income taxes 8,097 8,097
Supplemental disclosures of non-cash investing and financing activities:    
Commercial extension of credit repaid through accrued revenue – Entertainment segment 487,500 30,052
ROU and lease liability recorded on extension (termination) of lease (73,894) 538,056
Conversion of convertible notes payable into common stock 119,750
Fair value of warrants issued with sale of shares 2,075,300
Assets acquired in business acquisitions 605,000
Liabilities assumed in the business acquisition 288,000
Goodwill acquired in business acquisitions 225,959
Adjustments of accounts payable with the sale proceeds of property, plant and equipment 549,356
Restricted common stock grant 80 35
Reverse stock split rounding issuances 24
Restricted common stock forfeitures 1 4
Debt discount on convertible note $ 3,000,000