Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations and Comprehensive Income (Loss)

v3.21.1
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Income Statement [Abstract]    
Revenue $ 37,266,367 $ 35,583,131
Costs and Expenses    
Selling expenses 26,109,221 25,583,913
General and administrative expenses 13,789,391 12,995,133
Impairment of license 4,900,000
Total Costs and Expenses 44,798,612 38,579,046
Loss from Operations (7,532,245) (2,995,915)
Other (Expenses) Income    
Interest expense, net (328,663) (972,443)
Amortization of debt discount (818,182) (4,154,922)
Virtual Generation bonus earnout (561,351)
Loss on share issuances   (44,063)
Other income 165,375 149,565
Other expense (86,933)
Loss on extinguishment of convertible debt (719,390)
Gain (loss) on marketable securities 290,000 (97,500)
Total Other Expenses (1,497,793) (5,680,714)
Loss Before Income Taxes (9,030,038) (8,676,629)
Income tax provision (906,644) (598,176)
Net Loss (9,936,682) (9,274,805)
Other Comprehensive Income (Loss)    
Foreign currency translation adjustment 444,665 (119,286)
Comprehensive Loss $ (9,492,017) $ (9,394,091)
Loss per common share- basic and diluted $ (0.71) $ (0.91)
Weighted average number of common shares outstanding- basic and diluted 14,047,725 10,226,432