Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.21.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net loss $ (7,402,350) $ (11,312,500)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 29,043 6,453
Amortization of intangibles 205,219 34,781
Stock-based compensation 3,284,570 7,482,254
Loss on settlement of accounts payable 1,612,538
Bad debt expense 73,993 344,412
Gain (loss) on change in fair value of warrant assets (55,000)
Settlement of disputed contractual claim   118,002
Issuance of warrants in settlement of lease dispute   66,275
Common stock issued in settlement of litigation 75,000
Gain on exchange of debt for common stock (151,646)
Issuance of common stock in settlement of Series A Convertible Preferred Stock contractual fee 209,958
Gain (loss) on change in fair value of convertible notes receivable (372,282)
Non cash interest income   (37,773)
Non cash interest expense   23,720
Other income 7,990
Changes in operating assets and liabilities (net of amounts acquired):    
Accounts receivable 3,097 (622,966)
Prepaid expenses and other assets (76,470) (11,160)
Inventory (523,440)  
Other assets 17,561 (17,561)
Accounts payable and accrued liabilities 848,473 (719,170)
Deferred revenue 968,696 239,923
Net cash used in operating activities (959,070) (4,691,290)
Cash flows from investing activities:    
Cash acquired in reverse acquisition 5,441,437
Investment in AMMA warrant   (19,000)
Advances to shareholder   (199,549)
Purchase of convertible notes receivable - Alliance MMA (196,000)
Purchase of fixed assets   (111,652)
Net cash provided by investing activities   4,915,236
Cash flows from financing activities:    
Proceeds from equity financing 515,000
Proceeds from loan payable 293,972  
Proceeds from notes payable - related party 120,000
Proceeds from exercise of warrants 38,570 67,548
Net cash provided by financing activities 847,542 187,548
Net (decrease) increase in cash (111,528) 411,494
Cash, beginning of period 487,953 76,459
Cash, end of period 376,425 487,953
Supplemental disclosures of cash flow information:    
Cash paid for interest
Cash paid for income taxes
Non-cash investing and financing activities:    
Cashless exercise of warrant 416 4
Cashless exercise of options 86
Settlement of accounts payable with issuance of common stock 2,747,615
Shareholder advances for purchase of inventory 475,000  
Issuance of warrant in settlement of vendor liability 66,275
Conversion of Series A Convertible Preferred Stock into common shares   2,092,445
Common stock issued in settlement of litigation   75,000
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
Issuance of preferred stock penalty   209,958
Interest receivable converted to common stock   145,000
Conversion of notes payable-related party into common stock   151,646
Conversion of notes payable-related party and interest into Series A Convertible Preferred Stock 1,900,000
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
Settlement of disputed contractual claim with issuance of common stock $ 118,002