Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Statement of Cash Flows [Abstract]    
Net loss $ (11,312,500) $ (380,603)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 6,453
Amortization of intangibles 34,781
Reserve for bad debt 344,412
Gain (loss) on change in fair value of warrant assets (55,000) 66,000
Gain (loss) on change in fair value of convertible notes receivable (372,282) 112,944
Settlement of disputed contractual claim 118,002  
Issuance of warrants in settlement of lease dispute 66,275  
Stock based compensation - employee grants 7,482,254
Non cash interest income (37,773)  
Non cash interest expense 23,720  
Other income 7,990
Common stock issued in settlement of litigation 75,000
Issuance of common stock in settlement of Series A Convertible Preferred Stock contractual fee 209,958
Gain on exchange of debt for common stock (151,646)  
Amortization of note discount (48,261)
Changes in operating assets and liabilities:    
Accounts receivable (622,966) (173,200)
Prepaid expenses (11,160)
Other assets (17,561)
Accounts payable and accrued liabilities (719,170) 311,865
Contract liabilities 239,923 (129,825)
Net cash used in operating activities of continuing operations (4,691,290) (241,080)
Cash flows from investing activities:    
Cash acquired in reverse acquisition 5,441,437
Investment in AMMA warrant (19,000)  
Advances to shareholder (199,549) (547,116)
Purchase of convertible notes receivable - Alliance MMA (196,000)
Purchase of fixed assets (111,652)
(Increase) in interest receivable (121,350)
Loan to AMMA (1,035,000)
Net cash provided by (used in) investing activities 4,915,236 (1,703,466)
Cash flows from financing activities:    
Proceeds from notes payable - related party 120,000
Proceeds from exercise of warrants 67,548
Proceeds from sale of common shares 1,250,000
Proceeds from additional borrowings from related party 755,846
Net cash provided by financing activities 187,548 2,005,846
Net increase in cash 411,494 61,300
Cash, beginning of period 76,459 15,159
Cash, end of period 487,953 76,459
Supplemental disclosures of cash flow information:    
Cash paid for interest
Cash paid for income taxes
Non-cash investing and financing activities:    
Settlement of disputed contractual claim with issuance of common stock 118,002
Issuance of warrant in settlement of vendor liability 66,275
Cashless exercise of warrant 4
Surrender of common stock in settlement of due from shareholder balance 1,608,833
Stock and warrant dividend 1,705,722
Warrants issued to company 19,000
Conversion of notes payable-related party and interest into Series A Convertible Preferred Stock 1,900,000
Issuance of common shares for preferred stock penalty 209,958  
Interest receivable converted to common stock 145,000
Conversion of notes payable related party into common stock 151,646
Issuance of preferred and common stock in connection with acquisition of Alliance MMA, net of cash 6,424,054
Measurement period goodwill adjustment 99,815  
Conversion of Series A Convertible Preferred Stock into common shares 2,092,445
Common stock issued in settlement of litigation 75,000
Right-of-use operating lease assets obtained in exchange for operating lease liabilities $ 133,000