Quarterly report pursuant to Section 13 or 15(d)

Significant Accounting Policies (Tables)

v3.22.2.2
Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2022
Significant Accounting Policies (Tables) [Line Items]
Schedule of roll forward of the company’s level 3 instruments
Balance, January 1, 2022 $ 3,200
Change in fair value of sponsor warrants 1,300
Balance, March 31, 2022 4,500
Change in fair value of sponsor warrants 65,500
Balance, June 30, 2022 $ 70,000

Schedule of key inputs into the black-scholes model at the relevant measurement dates
June 30, December 31,
Input 2022 2021
Risk-free rate 2.92 % 0.97 %
Remaining term in years 2.11 2.61
Expected volatility 97.0 % 46.0 %
Exercise price $ 11.50 $ 11.50
Fair value of common stock $ 1.43 $ 1.81

Schedule of basic and diluted net loss per common share
For the Three Months Ended For the Six Months Ended
June 30, June 30,
2022 2021 2022 2021
Numerator:
Net loss - continuing operations $ (3,688,951 ) $ (4,333,491 ) $ (7,440,148 ) $ (9,307,209 )
Net income - discontinued operations $
-
$ 1,393,411 $
-
$ 3,030,453
Denominator:
Weighted-average common shares outstanding 39,116,907 39,162,811 39,116,907 39,154,895
Less: weighted-average unvested restricted shares
-
(199,143 ) (26,077 ) (199,143 )
Denominator for basic and diluted net loss per share 39,116,907 38,963,668 39,090,830 38,955,752
Basic and Diluted Net (Loss) Income per Common Share
Continuing operations $ (0.09 ) $ (0.11 ) $ (0.19 ) $ (0.24 )
Discontinued operations, net of tax $
-
$ 0.04 $
-
$ 0.08

Schedule of weighted average dilutive common shares
As of June 30,
2022 2021
Restricted common shares
-
199,143
Options 2,415,000 2,552,500
Warrants 20,091,549 20,091,549
Convertible debt
-
235,294
Equity purchase options 600,000 600,000
Contingent consideration shares (1) 192,308 269,231
23,298,857 23,947,717

Schedule of multiplatform revenue
For the Three Months Ended For the Six Months Ended
June 30, June 30,
2022 2021 2022 2021
NFT revenue $ 27,690 $
-
$ 236,448 $
-
Distribution revenue 773 153,723 1,003 153,723
Total multiplatform revenue $ 28,463 $ 153,723 $ 237,451 $ 153,723

Schedule of changes in digital assets
Balance, December 31, 2021 $
-
Purchases 41,026
Received from customers 228,245
Expenses paid using digital assets (41,026 )
Impairment loss (164,411 )
Balance, June 30, 2022 $ 63,834

In-person [Member]
Significant Accounting Policies (Tables) [Line Items]
Schedule of revenue recognition
For the Three Months Ended For the Six Months Ended
June 30, June 30,
2022 2021 2022 2021
Event revenue $ 664,547 $ 307,470 $ 1,201,144 $ 417,911
Sponsorship revenue 156,250 129,237 1,482,500 373,531
Food and beverage revenue 158,342 100,104 359,660 170,808
Ticket and gaming revenue 133,372 129,311 251,151 197,955
Merchandising revenue 16,860 4,664 37,982 11,609
Other revenue
-
100
-
100
Total in-person revenue $ 1,129,371 $ 670,886 $ 3,332,437 $ 1,171,914

Adjustment under 606 [Member]
Significant Accounting Policies (Tables) [Line Items]
Schedule of revenue recognition
For the Three Months Ended For the Six Months Ended
June 30, June 30,
2022 2021 2022 2021
Revenues Recognized at a Point in Time:
Event revenue $ 664,547 $ 307,470 $ 1,201,144 $ 417,911
NFT revenue 27,690
-
236,448
-
Food and beverage revenue 158,342 100,104 359,660 170,808
Ticket and gaming revenue 133,372 129,311 251,151 197,955
Merchandising revenue 16,860 4,664 37,982 11,609
Distribution revenue 773 153,723 1,003 153,723
Other revenue
-
100
-
100
Total Revenues Recognized at a Point in Time 1,001,584 695,372 2,087,388 952,106
Revenues Recognized Over a Period of Time:
Sponsorship revenue 156,250 129,237 1,482,500 373,531
Total Revenues Recognized Over a Period of Time 156,250 129,237 1,482,500 373,531
Total Revenues $ 1,157,834 $ 824,609 $ 3,569,888 $ 1,325,637