Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Statement of Cash Flows [Abstract]    
Net loss $ (15,064,511) $ (9,936,682)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 1,351,174 1,058,113
Amortization of debt discount 12,833 818,182
Impairment of license and goodwill 17,350,628 4,900,000
Non-cash interest 9,265 216,268
Change in Fair Value Contingent Consideration (11,857,558)
Unrealized (gain) loss on marketable securities 460,000 (290,000)
Shares issued for services 140,000
Stock based compensation expense 1,845,019 518,506
Loss on extinguishment of convertible debt 719,390
Gain on settlement of liabilities (7,977)
Bad debt expense (98,167) 13,051
Deferred taxation movement (196,434) (93,441)
Changes in Operating Assets and Liabilities    
Prepaid expenses (632,012) (97,913)
Accounts payable and accrued liabilities 1,663,340 78,013
Accounts receivable (145,367) (55,750)
Gaming accounts receivable (933,273) (53,047)
Gaming accounts payable (270,063) 1,282,510
Taxes payable (865,174) 580,224
Due from related parties (1,979) (302)
Retirement Obligation 86,480
Other current assets (44,626) 187,390
Long term liabilities (355,109) (10,005)
Net Cash used in Operating Activities (7,553,511) (165,493)
Cash Flows from Investing Activities    
Acquisition of property and equipment, and intangible assets (717,080) (291,501)
Acquisition of Bookmakers Company US, LLC, net of cash of $26,161 (5,973,839)
Net Cash used in Investing Activities (6,690,919) (291,501)
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 8,541,896
Proceeds from bank overdraft 4,047 3,641
Repayment of bank line of credit (500,000) (500,000)
Repayment of bank loan (133,742) (62,364)
Repayment of debentures (27,562) (2,778,349)
Proceeds from promissory note – related party 300,000
Repayment of promissory note- related party (200,000)
Proceeds from Government relief loan 30,146
Repayment of government relief loan (27,586)
Deferred purchase price payments (410,383) (1,577,010)
Repayment of finance leases (10,172) (12,666)
Net Cash provided by Financing Activities 2,857,084 12,711,416
Effect of change in exchange rate (951,066) 1,057,832
Net (decrease) increase in cash (12,338,412) 13,312,254
Cash and cash equivalents and restricted cash– beginning of the year 20,044,769 6,732,515
Cash and cash equivalents and restricted cash – end of the year 7,706,357 20,044,769
Cash and cash equivalents 7,319,765 18,945,817
Restricted cash included in non-current assets 386,592 1,098,952
Supplemental disclosure of cash flow information    
Interest 39,682 741,510
Income tax 805,030 359,863
Supplemental cash flow disclosure for non-cash activities    
Conversion of convertible debt to common stock 739,004
Promissory note, related party, applied to warrant exercise 108,056
Deferred purchase consideration settled by the issuance of common stock 1,207,445
Settlement of liabilities by the issuance of common stock 2,676,902 46,666
Acquisition of Bookmakers Company US, LLC by the issuance of common stock $ 4,544,304