Annual report pursuant to Section 13 and 15(d)

Segmental Reporting (Details Narrative)

v3.21.1
Segmental Reporting (Details Narrative) - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Net Gaming Revenues $ 37,266,367 $ 35,583,131
Intercompany Service revenue
Revenue 37,266,367 35,583,131
Operating expenses    
Intercompany service expense
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) income from operations (7,532,245) (2,995,915)
Other (Expenses) Income    
Other income 165,375 149,565
Other expense (86,933)
Interest expense, net (328,663) (972,443)
Amortization of debt discount (818,182) (4,154,922)
Fair value of warrants issued on convertible debt extensions (719,390)
Virtual Generation bonus earnout (561,351)
Loss on share issuances   (44,063)
Loss on marketable securities 290,000 (97,500)
Total other (expenses) income (1,497,793) (5,680,714)
Loss Before Income Taxes (9,030,038) (8,676,629)
Income taxes provision (906,644) (598,176)
Net Loss (9,936,682) (9,274,805)
Betting Establishments [Member]    
Net Gaming Revenues 37,121,603 35,209,477
Intercompany Service revenue 84,172 452,776
Revenue 37,205,775 35,662,253
Operating expenses    
Intercompany service expense 3,604,523 2,839,211
Selling expenses 26,107,189 25,583,913
General and administrative expenses 4,918,986 5,109,135
Impairment of license 4,900,000  
Total Costs and Expenses 39,530,698 33,532,259
(Loss) income from operations (2,324,923) 2,129,994
Other (Expenses) Income    
Other income 161,472 114,818
Other expense (28,757)  
Interest expense, net (6,492) (190,206)
Amortization of debt discount
Fair value of warrants issued on convertible debt extensions  
Virtual Generation bonus earnout  
Loss on share issuances  
Loss on marketable securities
Total other (expenses) income 126,223 (75,388)
Loss Before Income Taxes (2,198,700) 2,054,606
Income taxes provision (796,991) (641,528)
Net Loss (2,995,691) 1,413,078
Betting Platform Software and Services [Member]    
Net Gaming Revenues 144,764 373,654
Intercompany Service revenue 3,604,523 2,839,211
Revenue 3,749,287 3,212,865
Operating expenses    
Intercompany service expense 84,172 452,776
Selling expenses 2,032 2,000,579
General and administrative expenses 3,906,439 1,294,617
Impairment of license  
Total Costs and Expenses 3,992,643 3,747,972
(Loss) income from operations (243,356) (535,107)
Other (Expenses) Income    
Other income 3,903
Other expense (58,176)  
Interest expense, net (71) 3
Amortization of debt discount
Fair value of warrants issued on convertible debt extensions  
Virtual Generation bonus earnout  
Loss on share issuances  
Loss on marketable securities
Total other (expenses) income (54,344) 3
Loss Before Income Taxes (297,700) (535,104)
Income taxes provision 52,459 (43,352)
Net Loss (245,241) (491,752)
All Other [Member]    
Net Gaming Revenues
Intercompany Service revenue
Revenue
Operating expenses    
Intercompany service expense
Selling expenses
General and administrative expenses 4,963,966 4,590,802
Impairment of license  
Total Costs and Expenses 4,963,966 4,590,802
(Loss) income from operations (4,963,966) (4,590,802)
Other (Expenses) Income    
Other income 34,747
Other expense  
Interest expense, net (322,100) (782,240)
Amortization of debt discount (818,182) (4,154,922)
Fair value of warrants issued on convertible debt extensions (719,390)  
Virtual Generation bonus earnout   (561,351)
Loss on share issuances   (44,063)
Loss on marketable securities 290,000 (97,500)
Total other (expenses) income (1,569,672) (5,605,329)
Loss Before Income Taxes (6,533,638) (10,196,131)
Income taxes provision (162,112)
Net Loss (6,695,750) (10,196,131)
Adjustments [Member]    
Net Gaming Revenues
Intercompany Service revenue (3,688,695) (3,291,987)
Revenue (3,688,695) (3,291,987)
Operating expenses    
Intercompany service expense (3,688,695) (3,291,987)
Selling expenses
General and administrative expenses
Impairment of license  
Total Costs and Expenses (3,688,695) (3,291,987)
(Loss) income from operations
Other (Expenses) Income    
Other income
Other expense  
Interest expense, net
Amortization of debt discount
Fair value of warrants issued on convertible debt extensions  
Virtual Generation bonus earnout  
Loss on share issuances  
Loss on marketable securities
Total other (expenses) income
Loss Before Income Taxes
Income taxes provision
Net Loss