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, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (14,592,246) $ (11,978,563)
Adjustments to reconcile net loss to net cash used in operating activities:    
Impairment of intangible assets and goodwill 231,037 0
Amortization of acquired intangibles 40,833 76,183
Stock-based compensation 738,503 516,843
Issuance of common stock to vendor as payment on invoices 136,500 0
Non cash interest expense 49,700 0
Gain on fair value of warrants (59,000) 0
Loss on fair value of derivatives 4,400 0
Loss from discontinued operations 10,804,747 8,807,504
Changes in operating assets and liabilities:    
Accounts receivable (32,181) 0
Prepaid and other assets (200,000) 0
Accounts payable and accrued liabilities 246,174 670,024
Net cash used in operating activities - continuing operations (2,631,533) (1,908,009)
Net cash used in operating activities - discontinued operations (946,912) (3,920,268)
Net cash used in operating activities (3,578,445) (5,828,277)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Net cash used in investing activities - discontinued operations (21,849) (1,008,950)
Net cash used in investing activities (21,849) (1,008,950)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of common stock 1,946,000 2,012,500
Proceeds from notes payable 290,000 300,000
Proceeds from convertible notes payable 1,035,000 0
Proceeds from note payable – related party 300,000 0
Repayments on notes payable (390,000) 0
Proceeds from exercise of options and warrants 306,457 0
Proceeds from sale of preferred stock, held on deposit 5,501,000 0
Net cash provided by financing activities 8,988,457 2,312,500
NET INCREASE (DECREASE) IN CASH 5,388,163 (4,524,727)
CASH AND RESTRICTED CASH — BEGINNING OF YEAR 42,848 4,567,575
CASH AND RESTRICTED CASH — END OF YEAR 5,431,011 42,848
BEGINNING OF YEAR    
Cash, Beginning Balance 42,848 4,567,575
Restricted cash, Beginning Balance 0 0
CASH AND RESTRICTED CASH — BEGINNING OF YEAR 42,848 4,567,575
END OF YEAR    
Cash, Beginning Balance 30,011 42,848
Restricted cash, Ending Balance 5,401,000 0
CASH AND RESTRICTED CASH — END OF YEAR 5,431,011 42,848
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for interest 45,625 0
Cash paid for taxes 0 0
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Non-cash dividend 200,000 0
Exercise of stock option in settlement of payable balance 25,000 0
Stock issued in conjunction with acquisition of Victory Fighting Championship 0 642,938
Stock issued in conjunction with acquisition of Fight Club OC 0 810,810
Stock issued in conjunction with acquisition of National Fighting Championships 0 366,227
Stock issued in conjunction with acquisition of Fight Time Promotions 0 287,468
Stock issued in conjunction with acquisition of SuckerPunch 0 1,328,847
Stock issued in conjunction with acquisition of Sheffield Video Library 0 8,500
Debt discount associated with warrants and derivative liabilities $ 156,400 $ 0