v3.22.1
Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Statement of Cash Flows [Abstract]    
Net Loss $ (2,554,216) $ (609,579)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities    
Depreciation and amortization 438,959 226,703
Amortization of debt discount 12,833
Restricted stock awards 425,000 140,000
Stock based compensation expense 597,972 288,968
Non-cash interest 992 4,696
Change in fair value of contingent purchase consideration 450,013
Unrealized gain on trading securities (77,500) (195,000)
Movement in deferred taxation (79,539) (23,360)
Changes in Operating Assets and Liabilities    
Prepaid expenses (545,972) 9,975
Accounts payable and accrued liabilities (215,744) (209,483)
Accounts receivable (64,381) (97,362)
Gaming accounts receivable 1,163,531 160,652
Gaming accounts liabilities (276,557) 598,643
Taxes payable 225,645 409,121
Due from related parties 2,700 (1,975)
Other current assets 43,759 16,907
Long term liability 29,305 4,137
Net Cash (Used in) Provided by Operating Activities (436,033) 735,876
Cash Flows from Investing Activities    
Acquisition of property and equipment and intangible assets (105,129) (80,404)
Net Cash Used in Investing Activities (105,129) (80,404)
Cash Flows from Financing Activities    
Proceeds from warrants exercised 3,909,981
Proceeds from bank overdraft 1,053
Repayment of bank overdraft (7,420)
Repayment of bank credit line (500,000)
Repayment of bank loan (33,316) (57,176)
Redemption of convertible debentures (27,562)
Proceeds from subscriptions – Net of brokers fees 127,616
Repayment of deferred purchase consideration (410,383)
Capital finance lease repaid (2,062) (3,414)
Net Cash provided by Financing Activities 84,818 2,912,500
Effect of change in exchange rate (267,703) (689,343)
Net (decrease) increase in cash (724,047) 2,878,629
Cash, cash equivalents and restricted cash – beginning of the period 7,706,357 20,044,769
Cash, cash equivalents and restricted cash – end of the period 6,982,310 22,923,398
Reconciliation of cash, cash equivalents and restricted cash within the Balance Sheets to the Statement of Cash Flows    
Cash and cash equivalents 6,605,262 21,524,648
Restricted cash included in non-current assets 377,048 1,398,750
Supplemental disclosure of cash flow information    
Interest 3,048 15,133
Income tax 11,727 52,385
Supplemental cash flow disclosure for non-cash activities    
Common stock issued to settle liabilities $ 2,676,901

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