XML 21 R6.htm IDEA: XBRL DOCUMENT v3.25.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities:    
Net loss $ (21,715,725) $ (25,463,949)
Adjustments to reconcile net loss to net cash flows used in operating activities:    
Depreciation and amortization 2,022,314 2,218,237
Gain on sale of property, plant and equipment (360,082)
Loss on disposal of intangible assets 119,979
Goodwill and intangible asset impairment charge 4,830,000
Stock based compensation 128,519 452,071
Non-cash interest expense 2,968,938 576,380
Amortization of debt issuance costs 161,893
Gain on extinguishment of liabilities (917,935) (550,867)
Convertible debt discount amortization 2,169,545
Loss on extinguishment of convertible debt 1,112,705
Loss on extinguishment of debt 753,339
Loss on litigation 1,959,396 1,792,308
Provision for doubtful accounts receivable 113,636 47,932
Provision for doubtful lease receivable 20,000 5,000
Change in fair value of contingent consideration promissory notes and earn-out agreements (177,909)
Change in fair value of warrant derivative liability 1,240,407 (1,846,642)
Provision for inventory obsolescence (2,372,806) (947,080)
Change in operating assets and liabilities:    
Accounts receivable – trade (1,018,155) 411,462
Accounts receivable – other (including related party) (1,057,211) 963,888
Inventories 3,673,021 3,941,205
Prepaid expenses 4,837,508 2,100,045
Operating lease right of use assets 146,902 340,672
Other assets 817,786 (1,343,751)
Increase (decrease) in:    
Accounts payable 2,499,810 1,805,601
Accrued expenses (4,004,013) 289,957
Accrued interest - related party 397,146 95,031
Income taxes payable (61) (8,036)
Lease deposit (10,445) 10,445
Operating lease obligations (154,232) (354,652)
Contract liabilities (32,754) 2,304,671
Net cash used in operating activities (5,114,718) (9,893,838)
Cash Flows from Investing Activities:    
Purchases of property, plant and equipment (28,795) (94,165)
Proceeds from sale of property, plant and equipment 550,644
Purchases of intangible assets (136,056) (146,541)
Proceeds from sale of intangible assets 90,535
Cash paid for acquisition of Country Stampede (514,432)
Proceeds from sale of land and building 425,653
Net cash provided by (used in) investing activities 387,549 (240,706)
Cash Flows from Financing Activities:    
Net proceeds of equity offering with detachable warrants 2,194,745
Net proceeds of senior promissory notes with commitment shares 2,669,252
Net proceeds of convertible debt with detachable warrants 2,640,000
Net proceeds of related party note payable 140,000 2,700,000
Net proceeds of revolving loan agreement – Video Solutions Segment 4,691,745
Proceeds – Commercial Extension of Credit – Entertainment Segment 1,475,000 1,455,643
Payments on Commercial Extension of Credit – Entertainment Segment (275,000) (1,367,715)
Proceeds – Merchant Advances – Video Solutions Segment 1,144,000 1,000,000
Payments on Merchant Advances – Video Solutions Segment (1,551,250) (162,000)
Payments on convertible debt (3,162,500)
Proceeds – Merchant Advances – Entertainment Segment 1,511,826
Payments on Merchant Advances – Entertainment Segment (2,714,456)
Principal payment on EIDL loan (3,286) (2,219)
Principal payment on contingent consideration promissory notes (188,470) (412,460)
Proceeds from issuance of common shares upon exercise of Series B warrants 973
Net cash provided by financing activities 4,403,334 7,380,494
Net decrease in cash, cash equivalents and restricted cash (323,835) (2,754,050)
Cash, cash equivalents and restricted cash, beginning of year 778,149 3,532,199
Cash, cash equivalents, and restricted cash, end of year 454,314 778,149
Supplemental disclosures of cash flow information:    
Cash payments for interest 753,569 88,631
Cash payments for income taxes 8,006 1,606
Supplemental disclosures of non-cash investing and financing activities:    
Restricted common stock grant 80 35
Restricted common stock forfeitures 50 4
Commercial extension of credit repaid through accrued revenue – Entertainment segment 1,187,928
ROU and lease liability recorded on extension (termination) of lease 234,633 611,702
Assets acquired in business acquisitions 605,000
Goodwill acquired in business acquisitions 225,959
Liabilities assumed in business acquisitions 288,000
Adjustments of accounts payable with the sale proceeds of property, plant and equipment 549,356
Fair value of warrants issued with sale of shares 2,529,450
Transition of warrant derivative liability to equity upon exercise of warrants 584,955
Reduction in proceeds from sale of building for loan, prepaid rent, and other accrued expenses 5,474,347
Issuance of common stock upon exercise of pre-funded warrants 573
Payments to vendors directly from proceeds of sale of common stock 334,703
Issuance of commitment shares in connection with bridge financing 539,455
Conversion of convertible notes payable into common stock 119,750
Debt discount on convertible note $ 3,000,000