v3.21.2
Consolidated Statements of Cash Flows - USD ($)
9 Months Ended 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Statement of Cash Flows [Abstract]      
Net Loss $ (6,896,106) $ (3,581,227)  
Adjustments to reconcile net loss to net cash Used in Operating Activities      
Depreciation and amortization 885,437 700,994  
Change in fair value of contingent purchase consideration 569,076  
Amortization of present value discount 12,833 780,678  
Restricted stock awards 140,000  
Stock option compensation expense 1,251,808 244,090  
Non-cash interest 6,788 199,536  
Loss on extinguishment of convertible debt 719,390  
Unrealized loss (gain) on trading securities 292,500 (472,500)  
Movement in deferred taxation (116,896) (70,080)  
Bad debt expense 214,820  
Gain on Government relief loan forgiven (7,992)  
Changes in Operating Assets and Liabilities (Net of assets acquired and liabilities assumed)      
Prepaid expenses (458,601) (107,876)  
Accounts payable and accrued liabilities (1,095,287) 148,579  
Accounts receivable 79,467 32,520  
Gaming accounts receivable 89,293 205,253  
Gaming accounts liabilities 516,302 2,970  
Taxes payable (110,385) 431,741  
Due from related parties (1,968) (4,842)  
Other current assets (134,648) 136,074  
Long term liabilities (280,230) 7,013  
Net Cash Used in Operating Activities (5,258,609) (412,867)  
Cash Flows from Investing Activities      
Acquisition of subsidiary, net of cash of $26,161 (5,973,839)  
Acquisition of property, plant and equipment and intangible assets (135,835) (172,674)  
Net Cash Used in Investing Activities (6,109,674) (172,674)  
Cash Flows from Financing Activities      
Proceeds from public offering, less expenses related to public offering of $1,040,127 8,966,122  
Proceeds from warrants exercised 3,962,482  
Proceeds from bank overdraft 1,045  
Repayment of bank credit line (500,000) (1,000,000)  
Repayment of bank loan (100,850) (30,539)  
Redemption of convertible debentures (27,562) (3,010,655)  
Proceeds from promissory notes, related party 301,071  
Proceeds from Government relief loan 29,822  
Repayment of Government relief loan (25,438)  
Repayment of deferred purchase consideration – non-related parties (385,121) (455,827)  
Repayment of deferred purchase consideration – related parties (25,262) (92,444)  
Repayment of financial leases (8,108) (10,222)  
Net Cash Provided by (Used in) Financing Activities 2,891,186 4,697,328  
Effect of change in exchange rate (766,233) 302,444  
Net (decrease) increase in cash (9,243,330) 4,414,231  
Cash, cash equivalents and restricted cash – beginning of the period 20,044,769 6,732,515 $ 6,732,515
Cash, cash equivalents and restricted cash – end of the period 10,801,439 11,146,746 $ 20,044,769
Reconciliation of cash, cash equivalents and restricted cash within the Balance Sheets to the Statement of Cash Flows      
Cash and cash equivalents 9,408,035 10,572,496  
Restricted cash included in non-current assets 1,393,404 574,250  
Supplemental disclosure of cash flow information      
Interest 22,609 570,492  
Income tax 266,211 378,616  
Supplemental cash flow disclosure for non-cash activities      
Conversion of convertible debt to common stock 739,004  
Deferred purchase consideration settled by the issuance of common stock 1,207,444  
Common stock issued to settle liabilities 2,676,901  
Common shares issued in consideration of acquisition (Refer Note 3 below) $ 4,544,304  

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