Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash Flows From Operating Activities
Net loss $ (26,206,075) $ (10,918,910)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation 4,912,640 18,407
Bad debt expense 115,726
Conversion inducement expense 5,247,531
Extinguishment loss on acceleration of debt redemption 1,733,768
Amortization of debt discount 1,639,150 36,414
Non-cash interest expense 183,373
Depreciation and amortization 5,330,317 5,133,947
Impairment of investment in ESA 1,138,631 600,000
Deferred rent 220,318 175,314
Changes in operating assets and liabilities:
Accounts receivable 780,655 (1,029,096)
Deposits 7,963 (79,500)
Deferred production costs (483,616) (2,145,999)
Prepaid expenses and other current assets 1,803 (227,324)
Accounts payable 24,943 (642,686)
Accrued expenses and other current liabilities 499,972 898,157
Accrued interest (768,126) 469,296
Deferred revenue (787,936) (154,646)
Total Adjustments 19,681,386 3,168,010
Net Cash Used In Operating Activities (6,524,689) (7,750,900)
Cash Flows From Investing Activities
Net cash acquired in Merger 14,941,683
Return of Simon Investment (3,650,000)
Investment in TV Azteca (1,500,000) (3,500,000)
Lease incentive reimbursements 1,021,603
Purchases of property and equipment (496,019) (2,173,200)
Investment in ESA (1,238,631)
Purchases of intangible assets (41,095) (99,822)
Net Cash (Used In) Provided By Investing Activities (4,665,511) 7,930,030
Cash Flows From Financing Activities
Proceeds from loans payable 1,592,429
Proceeds from convertible debt, related party 1,000,000
Proceeds from convertible debt 9,000,000 3,000,000
Proceeds from disgorgement of short swing profit 21,875
Issuance costs paid in connection with convertible debt (766,961)
Repayments of convertible debt (7,000,000)
Repayments to Former Parent (346,804)
Proceeds from sale of common stock 7,000,000
Net Cash Provided By Financing Activities 9,847,343 3,653,196
Effect of Exchange Rate Changes on Cash 25,254 1,874
Net (Decrease) Increase In Cash And Restricted Cash (1,317,603) 3,834,200
Cash and restricted cash - Beginning of period 12,090,573 10,471,296
Cash and restricted cash - End of period 10,772,970 14,305,496
Cash and restricted cash consisted of the following:
Cash 5,772,970 9,355,496
Restricted cash 5,000,000 4,950,000
Total 10,772,970 14,305,496
Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for interest 2,095,527
Non-Cash Investing and Financing Activities
Beneficial conversion feature associated with convertible debt 523,636
Contingent consideration for convertible debt holders in connection with Merger 152,590
Convertible debt and related interest assumed in Merger 10,992,877
Due to Former Parent satisfied by issuance of common stock in connection with Merger 18,179,745
Guaranteed interest on convertible debt recorded as debt discount 1,536,000
Non-cash interest on convertible debt recorded as debt discount 1,664,000
Interest payable on Bridge Note converted to principal 1,421,096
Original issue discount on convertible debt 600,000
Shares issued upon conversion of Bridge Note 5,000,000
Shares issued for redemption of debt and accrued interest 5,236,364
Warrants issued with convertible debt 1,205,959
Warrants granted to convertible debt holders in connection with Merger 114,804
Shares issued in satisfaction of employee bonus obligation $ 474,000