| Schedule of discontinued operations |
| |
|
For the Years Ended
December 31, |
|
| |
|
2020 |
|
|
2019 |
|
| Revenues |
|
$ |
20,149,042 |
|
|
$ |
18,523,632 |
|
| Operating costs and expenses |
|
|
19,425,951 |
|
|
|
19,709,567 |
|
| Income (loss) from operations |
|
|
723,091 |
|
|
|
(1,185,935 |
) |
| Other income (expense) |
|
|
2,417 |
|
|
|
(97,467 |
) |
| Net income (loss) from discontinued operations, before tax |
|
|
725,508 |
|
|
|
(1,283,402 |
) |
| Income tax |
|
|
- |
|
|
|
- |
|
| Income (loss) from discontinued operations, net of tax provision |
|
$ |
725,508 |
|
|
$ |
(1,283,402 |
) |
| Assets |
|
|
|
| Cash |
|
$ |
3,633,292 |
|
| Accounts receivable |
|
|
1,804,627 |
|
| Prepaid expenses and other assets |
|
|
289,968 |
|
| Property and equipment, net |
|
|
1,674,355 |
|
| Goodwill |
|
|
4,083,621 |
|
| Intangible assets, net |
|
|
12,305,887 |
|
| Deposits |
|
|
79,500 |
|
| Deferred production costs |
|
|
12,058,592 |
|
| Due from affiliates |
|
|
9,433,975 |
|
| Current assets held for sale |
|
$ |
45,363,817 |
|
| |
|
|
|
|
| Liabilities |
|
|
|
|
| Accounts payable |
|
$ |
211,228 |
|
| Accrued expenses and other liabilities |
|
|
3,804,301 |
|
| Accrued interest |
|
|
4,224 |
|
| Deferred revenue |
|
|
1,970,668 |
|
| Deferred rent |
|
|
2,493,526 |
|
| Loans payable (1) |
|
|
685,300 |
|
| Current liabilities held for sale |
|
$ |
9,169,247 |
|
|
(1) |
Represents principal balance of PPP Loan. On January 26,
2021, WPT received notice from its lender that the entirety of the $685,300 of outstanding principal of the PPP Loan was forgiven. |
| Assets |
|
|
|
| Cash |
|
$ |
5,163,156 |
|
| Accounts receivable |
|
|
1,491,939 |
|
| Prepaid expenses and other current assets |
|
|
283,143 |
|
| Current assets held for sale |
|
|
6,938,238 |
|
| Property and equipment, net |
|
|
2,470,293 |
|
| Goodwill |
|
|
4,083,621 |
|
| Intangible assets, net |
|
|
14,755,867 |
|
| Deposits |
|
|
79,500 |
|
| Deferred production costs |
|
|
10,962,482 |
|
| Due from affiliates |
|
|
3,375,875 |
|
| Non-current assets held for sale |
|
|
35,727,638 |
|
| Total assets held for sale |
|
$ |
42,665,876 |
|
| |
|
|
|
|
| Liabilities |
|
|
|
|
| Accounts payable |
|
$ |
748,118 |
|
| Accrued expenses and other current liabilities |
|
|
2,776,256 |
|
| Deferred revenue |
|
|
3,762,221 |
|
| Current liabilities held for sale |
|
|
7,286,595 |
|
| Deferred rent |
|
|
1,230,224 |
|
| Non-current liabilities held for sale |
|
|
1,230,224 |
|
| Total liabilities held for sale |
|
$ |
8,516,819 |
|
|