Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Statement of Cash Flows [Abstract]    
Net Loss $ (2,293,361) $ (2,554,216)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 347,323 438,959
Gain on disposal of property and equipment (5,809)
Amortization of debt discount 17,560
Restricted stock awards 171,422 425,000
Stock-based compensation expense 545,198 597,972
Non-cash interest 35,945 992
Loss on dissolution of subsidiary 335
Change in fair value of contingent purchase consideration 450,013
Unrealized loss (gain) on marketable securities 19,000 (77,500)
Movement in deferred taxation (225,599) (79,539)
Changes in Operating Assets and Liabilities, net of Assets Acquired and Liabilities Assumed    
Prepaid expenses (5,217) (545,972)
Accounts payable and accrued liabilities 1,161,434 (215,744)
Accounts receivable 5,984 (64,381)
Gaming accounts receivable (17,765) 1,163,531
Gaming accounts liabilities 108,954 (276,557)
Taxes payable 44,249 225,645
Due from related parties 144,083 2,700
Other current assets (309,314) 43,759
Long term liability 37,016 29,305
Net Cash Used in Operating Activities (218,562) (436,033)
Cash Flows from Investing Activities    
Cash on acquisition of subsidiary 94,450
Acquisition of property and equipment and intangible assets (1,016,162) (105,129)
Net Cash Used in Investing Activities (921,712) (105,129)
Cash Flows from Financing Activities    
Proceeds from convertible notes 350,000
Proceeds from convertible notes, related parties 500,000
Repayment of bank overdraft (7,420)
Repayment of bank loan (33,316)
Proceeds from subscriptions – Net of brokers fees 127,616
Repayment of financial leases (1,999) (2,062)
Net Cash provided by Financing Activities 848,001 84,818
Effect of change in exchange rate 130,868 (267,703)
Net decrease in cash (161,405) (724,047)
Cash, cash equivalents and restricted cash – beginning of the period 3,771,977 7,706,357
Cash, cash equivalents and restricted cash – end of the period 3,610,572 6,982,310
Reconciliation of cash, cash equivalents and restricted cash within the Balance Sheets to the Statement of Cash Flows    
Cash and cash equivalents 3,241,109 6,605,262
Restricted cash included in non-current assets 369,463 377,048
Supplemental disclosure of cash flow information    
Interest 243 3,048
Income tax 167,511 11,727
Supplemental cash flow disclosure for non-cash activities    
Fair value of common stock issued on acquisition of Engage IT Services Srl 1,735,615
Fair value of warrant issued with convertible debt 485,922
Fair value of restricted stock issued to settle liabilities 60,000
Fair value of options issued to settle liabilities $ 125,000