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 Income (Loss) $ (9,936,682) $ (9,274,805)
Adjustments to reconcile net loss to net cash (used in) operating activities    
Depreciation and amortization 1,058,113 946,185
Amortization of debt discount 818,182 4,154,922
Impairment of license 4,900,000
Non-cash interest 216,268 745,762
Virtual Generation bonus earnout 561,351
Unrealized (gain) on marketable securities (290,000) 97,500
Stock option compensation expense 518,506 201,106
Loss on extinguishment of convertible debt 719,390
Bonus shares issued to debenture holders 45,065
Gain on settlement of liabilities (1,003)
Bad debt expense 13,051
Deferred taxation movement (93,441) (85,654)
Changes in Operating Assets and Liabilities    
Prepaid expenses (97,913) (90,353)
Accounts payable and accrued liabilities 78,013 2,973,916
Accounts receivable (55,750) (95,147)
Gaming accounts receivable (53,047) (240,559)
Gaming accounts liabilities 1,282,510 701,029
Taxes payable 580,224 (438,235)
Due from related parties (302)
Other current assets 187,390 (368,894)
Long term liability (10,005) 22,294
Net Cash Provided by (used in) Operating Activities (165,493) (145,520)
Cash Flows from Investing Activities    
Acquisition of property, plant, and equipment and intangible assets (291,501) (252,198)
Acquisition of Virtual Generation, net of cash of $47,268 (216,150)
Net Cash used in Investing Activities (291,501) (468,348)
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 8,541,896  
Proceeds from bank overdraft 3,641
Proceeds from bank credit line 250,000
Repayment of bank credit line (500,000)  
Repayment of bank loan (62,364) (118,336)
Redemption debentures (2,778,349)
Proceeds from promissory notes - related party 300,000
Repayment of promissory note- related party (200,000)
Proceeds from Government relief loan 30,146
Deferred purchase price payments (1,577,010) (672,871)
Proceeds from finance leases 14,989
Repayment of financial leases (12,666) (11,371)
Advance from related party 58,144
Net Cash provided by (Used in) Financing Activities 12,711,416 (479,445)
Effect of change in exchange rates 1,057,832 (24,614)
Net increase (decrease) in cash 13,312,254 (1,117,927)
Cash, cash equivalents and restricted cash - beginning of the period 6,732,515 7,850,442
Cash, cash equivalents and restricted cash - end of the period 20,044,769 6,732,515
Reconciliation of cash, cash equivalents and restricted cash within the Balance Sheets to the Statement of Cash Flows    
Cash and cash equivalents 18,945,817 5,182,598
Restricted cash included in non-current assets 1,098,952 1,549,917
Supplemental disclosure of cash flow information    
Cash paid during the year for: Interest 741,510 227,006
Cash paid during the year for: Income tax 359,863 884,295
Supplemental cash flow disclosure for non-cash activities    
Conversion of convertible debt to common stock 739,004 5,972,508
Promissory note, related party, applied to warrant exercise 108,056
Deferred purchase consideration on acquisition of Virtual Generation 3,828,133
Common shares issued for the acquisition of subsidiaries 1,207,445 1,027,313
Settlement of liabilities by the issuance of common stock $ 46,666 $ 1,009,981