Quarterly report pursuant to Section 13 or 15(d)

Sale of WPT (Tables)

v3.21.2
Sale of WPT (Tables)
9 Months Ended
Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of sale WPT
Cash consideration for sale of WPT (1)   $ 106,155,004  
         
Less:  book value of assets sold:        
Cash     3,579,988  
Accounts receivable     2,999,352  
Restricted cash     100,000  
Prepaid expenses and other assets     264,385  
Property and equipment, net     1,429,706  
Goodwill     4,083,621  
Intangible assets, net     10,986,463  
Deposits     79,500  
Deferred production costs     12,684,054  
Net book value of assets sold     36,207,069  
         
Add: Liabilities assumed by buyer        
Accounts payable     487,579  
Accrued expenses and other liabilities     5,567,072  
Deferred revenue     1,807,176  
Deferred rent     2,619,967  
Total liabilities assumed     10,481,794  
Gain on Sale of WPT   $ 80,429,729  

 

(1) Subject to post-closing adjustments.

 

Schedule of sale WPT
    For the Three Months Ended     For the Nine Months Ended  
    September 30,     September 30,  
    2021(1)     2020     2021(1)     2020  
                         
Revenues   $ 839,005     $ 5,291,419     $ 13,017,362     $ 14,240,556  
Operating costs and expenses     3,990,745       4,798,588       14,805,920       13,613,988  
(Loss) income from operations     (3,151,740 )     492,831       (1,788,558 )     626,568  
Gain on sale of WPT     80,429,729      
-
      80,429,729      
-
 
Other (expense) income, net    
-
      (1,693 )     689,525       4,110  
Net income from discontinued operations, before tax     77,277,989       491,138       79,330,696       630,678  
Income tax    
-
     
-
     
-
     
-
 
Income from discontinued operations, net of tax provision   $ 77,277,989     $ 491,138     $ 79,330,696     $ 630,678  

 

(1) Through the date of the Sale Transaction on July 12, 2021.