Annual report pursuant to Section 13 and 15(d)

Discontinued Operations (Tables)

v3.21.1
Discontinued Operations (Tables)
12 Months Ended
Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of discontinued operations
    For the Years Ended
December 31,
 
    2020     2019  
Revenues   $ 20,149,042     $ 18,523,632  
Operating costs and expenses     19,425,951       19,709,567  
Income (loss) from operations     723,091       (1,185,935 )
Other income (expense)     2,417       (97,467 )
Net income (loss) from discontinued operations, before tax     725,508       (1,283,402 )
Income tax    
-
     
-
 
Income (loss) from discontinued operations, net of tax provision   $ 725,508     $ (1,283,402 )

 

Assets      
Cash   $ 3,633,292  
Accounts receivable     1,804,627  
Prepaid expenses and other assets     289,968  
Property and equipment, net     1,674,355  
Goodwill     4,083,621  
Intangible assets, net     12,305,887  
Deposits     79,500  
Deferred production costs     12,058,592  
Due from affiliates     9,433,975  
Current assets held for sale   $ 45,363,817  
         
Liabilities        
Accounts payable   $ 211,228  
Accrued expenses and other liabilities     3,804,301  
Accrued interest     4,224  
Deferred revenue     1,970,668  
Deferred rent     2,493,526  
Loans payable (1)     685,300  
Current liabilities held for sale   $ 9,169,247  

 

(1) Represents principal balance of PPP Loan. On January 26, 2021, WPT received notice from its lender that the entirety of the $685,300 of outstanding principal of the PPP Loan was forgiven.

 

Assets      
Cash   $ 5,163,156  
Accounts receivable     1,491,939  
Prepaid expenses and other current assets     283,143  
Current assets held for sale     6,938,238  
Property and equipment, net     2,470,293  
Goodwill     4,083,621  
Intangible assets, net     14,755,867  
Deposits     79,500  
Deferred production costs     10,962,482  
Due from affiliates     3,375,875  
Non-current assets held for sale     35,727,638  
Total assets held for sale   $ 42,665,876  
         
Liabilities        
Accounts payable   $ 748,118  
Accrued expenses and other current liabilities     2,776,256  
Deferred revenue     3,762,221  
Current liabilities held for sale     7,286,595  
Deferred rent     1,230,224  
Non-current liabilities held for sale     1,230,224  
Total liabilities held for sale   $ 8,516,819