| Schedule of sale WPT |
| Cash consideration for sale of WPT (1) |
|
$ |
106,155,004 |
|
| |
|
|
|
|
| Less: book value of assets sold: |
|
|
|
|
| Cash |
|
|
3,579,988 |
|
| Accounts receivable |
|
|
2,999,352 |
|
| Restricted cash |
|
|
100,000 |
|
| Prepaid expenses and other assets |
|
|
264,385 |
|
| Property and equipment, net |
|
|
1,429,706 |
|
| Goodwill |
|
|
4,083,621 |
|
| Intangible assets, net |
|
|
10,986,463 |
|
| Deposits |
|
|
79,500 |
|
| Deferred production costs |
|
|
12,684,054 |
|
| Net book value of assets sold |
|
|
36,207,069 |
|
| |
|
|
|
|
| Add: Liabilities assumed by buyer |
|
|
|
|
| Accounts payable |
|
|
487,579 |
|
| Accrued expenses and other liabilities |
|
|
5,567,072 |
|
| Deferred revenue |
|
|
1,807,176 |
|
| Deferred rent |
|
|
2,619,967 |
|
| Total liabilities assumed |
|
|
10,481,794 |
|
| Gain on Sale of WPT |
|
$ |
80,429,729 |
|
|
(1) |
Subject to post-closing adjustments. |
|
| Schedule of sale WPT |
| |
|
For the Three Months Ended |
|
|
For the Nine Months Ended |
|
| |
|
September 30, |
|
|
September 30, |
|
| |
|
2021(1) |
|
|
2020 |
|
|
2021(1) |
|
|
2020 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
$ |
839,005 |
|
|
$ |
5,291,419 |
|
|
$ |
13,017,362 |
|
|
$ |
14,240,556 |
|
| Operating costs and expenses |
|
|
3,990,745 |
|
|
|
4,798,588 |
|
|
|
14,805,920 |
|
|
|
13,613,988 |
|
| (Loss) income from operations |
|
|
(3,151,740 |
) |
|
|
492,831 |
|
|
|
(1,788,558 |
) |
|
|
626,568 |
|
| Gain on sale of WPT |
|
|
80,429,729 |
|
|
|
- |
|
|
|
80,429,729 |
|
|
|
- |
|
| Other (expense) income, net |
|
|
- |
|
|
|
(1,693 |
) |
|
|
689,525 |
|
|
|
4,110 |
|
| Net income from discontinued operations, before tax |
|
|
77,277,989 |
|
|
|
491,138 |
|
|
|
79,330,696 |
|
|
|
630,678 |
|
| Income tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Income from discontinued operations, net of tax provision |
|
$ |
77,277,989 |
|
|
$ |
491,138 |
|
|
$ |
79,330,696 |
|
|
$ |
630,678 |
|
| (1) |
Through the date of the Sale Transaction on July 12, 2021. |
|