Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.21.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash Flows From Operating Activities    
Net loss $ (45,058,830) $ (16,738,729)
Adjustments to reconcile net loss to net cash used in operating activities:    
(Income) loss from discontinued operations, net of tax provision (725,508) 1,283,402
Stock-based compensation 5,141,988 247,720
Conversion inducement expense 5,247,531
Extinguishment loss on acceleration of debt redemption 3,438,261
Amortization of debt discount 3,021,033 101,012
Non-cash interest expense 1,193,849
Depreciation and amortization 3,609,480 3,548,810
Impairment of deferred production costs 330,340
Impairment of investments 6,138,631 600,000
Impairment of property and equipment 5,595,557
Deferred rent 531,190 (68,182)
Changes in operating assets and liabilities:    
Accounts receivable 361,927 (218,207)
Deposits 7,963
Deferred production costs (330,340)
Prepaid expenses and other current assets 185,668 137,297
Accounts payable 687,625 (1,333,672)
Accrued expenses and other current liabilities 667,263 646,912
Accrued interest (647,959) 980,391
Due to affiliates 5,466,500 3,210,058
Deferred revenue (36,220) 51,704
Total Adjustments 39,884,779 9,187,245
Net Cash Used In Operating Activities (5,174,051) (7,551,484)
Cash Flows From Investing Activities    
Net cash acquired in Merger 14,941,683
Return of Simon Investment (3,650,000)
Investment in TV Azteca (1,500,000) (3,500,000)
Purchases of property and equipment (355,769) (1,320,212)
Investment in ESA (1,140,745)
Purchases of intangible assets (750) (4,334)
Net Cash (Used In) Provided By Investing Activities (5,506,519) 8,976,392
Cash Flows From Financing Activities    
Proceeds from loans payable 907,129
Proceeds from convertible debt 9,000,000
Proceeds from disgorgement of short swing profit 21,875
Issuance costs paid in connection with convertible debt (766,961)
Repayments of convertible debt (7,000,000)
Proceeds from sale of common stock 7,000,000
Net Cash Provided By Financing Activities 9,162,043
Cash Flows From Discontinued Operations    
Operating activities (3,083,192) (2,512,189)
Investing activities 868,028 (939,576)
Financing activities 685,300 3,653,196
Change in cash included in discontinued operations 1,529,864 (201,431)
Net Cash Provided By Discontinued Operations
Effect of Exchange Rate Changes on Cash 15,333 (7,062)
Net (Decrease) Increase In Cash And Restricted Cash (1,503,194) 1,417,846
Cash and restricted cash - Beginning of year 6,927,417 5,509,571
Cash and restricted cash - End of year 5,424,223 6,927,417
Cash and restricted cash consisted of the following:    
Cash 424,223 3,277,417
Restricted cash 5,000,000 3,650,000
Total 5,424,223 5,509,571
Supplemental Disclosures of Cash Flow Information:    
Cash paid during the period for interest 2,095,527
Non-Cash Investing and Financing Activities    
Beneficial conversion feature associated with convertible debt 523,636
Contingent consideration for convertible debt holders in connection with Merger 152,590
Convertible debt and related interest assumed in Merger 10,992,877
Due to Former Parent satisfied by issuance of common stock in connection with Merger 18,179,745
Guaranteed interest on convertible debt recorded as debt discount 1,536,000
Non-cash interest on convertible debt recorded as debt discount 1,664,000
Interest payable on Bridge Note converted to principal 1,421,096
Original issue discount on convertible debt 600,000
Shares issued upon conversion of Bridge Note 5,000,000
Shares issued for redemption of debt and accrued interest 12,024,243
Warrants issued with convertible debt 1,205,959
Leasehold improvements acquired through lease incentives 899,221
Property and equipment acquired through accrued expenses 269,110
Non-cash investment in ESA 97,886
Warrants granted to convertible debt holders in connection with Merger 114,804
Shares issued in satisfaction of employee bonus obligations $ 474,000