Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Details)

v3.20.2
Commitments and Contingencies (Details) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended
Jan. 14, 2020
Jul. 20, 2020
Apr. 24, 2020
Oct. 22, 2019
Jun. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Mar. 23, 2020
Dec. 31, 2019
Commitments and Contingencies (Textual)
Rent expenses $ 650,438 $ 711,302 $ 2,113,909 $ 2,079,801
Rent abatement 91,667
Rent deferrals 250,000 $ 250,000
Agreement, description The Simon Agreement and the related Escrow Agreement, as amended, permitted Simon to request the return of any funds remaining in escrow if the parties did not agree on the 2020 spending plan by March 8, 2020. On March 18, 2020, as the COVID-19 pandemic accelerated in the United States, Simon notified the escrow agent that the parties had not agreed on a 2020 spending plan and requested the return of the remaining funds in the escrow account. The escrow agent returned the remaining $3,650,000 to Simon on March 26, 2020.
Balance in escrow account 5,000,000.0 $ 5,000,000.0
Return of cash held in escrow 0 3,650,000
Simon Agreement [Member]
Commitments and Contingencies (Textual)
Balance in escrow account 4,950,000 4,950,000 $ 3,650,000
Investment agreements cash $ 1,300,000
Deferred Production Costs [Member]
Commitments and Contingencies (Textual)
Operating lease expense 96,278 96,278 288,835 288,835
Cost of Revenues [Member] | In-person [Member]
Commitments and Contingencies (Textual)
Operating lease expense 353,887 448,861 1,068,440 1,073,864
General and Administrative Expense [Member]
Commitments and Contingencies (Textual)
Operating lease expense $ 200,273 $ 166,163 756,634 $ 717,102
Share Purchase Agreement [Member]
Commitments and Contingencies (Textual)
Alleged damages claim $ 3,100,000
Agreement, description the Company issued 758,725 shares of its common stock to BPR Cumulus LLC, an affiliate of Brookfield Property Partners (“Brookfield”) in exchange for $5,000,000 (the “Purchase Price”) pursuant to a Share Purchase Agreement (the “Brookfield Agreement”). The Purchase Price was placed into escrow and is to be used by the Company or its subsidiaries to develop integrated esports experience venues at mutually agreed upon shopping malls owned and/or operated by Brookfield or any of its affiliates (each, an “Investor Mall”), that will include a dedicated gaming space and production capabilities to attract and to activate esports and other emerging live events (each, an “Esports Venue”). To that end, half of the Purchase Price will be released from escrow to the Company upon the execution of a written lease agreement between Brookfield and the Company for the first Esports Venue, and the other half will be released to the Company upon the execution of a written lease agreement between Brookfield and the Company for the second Esports Venue. Further, pursuant to the Brookfield Agreement, the Company must create, produce, and execute three (3) esports events during each calendar year 2020, 2021 and 2022 that will include the Company’s esports truck at one or more Investor Malls at mutually agreed times. The balance held in escrow as of September 30, 2020 is $5,000,000 and is reflected in restricted cash on the accompanying condensed consolidated balance sheet.
WPT CEO [Member]
Commitments and Contingencies (Textual)
Percentage of annual salary 10.00%
Annual salary $ 377,000
CEO [Member]
Commitments and Contingencies (Textual)
Percentage of annual salary 80.00%
Annual salary $ 60,000 210,000
initial annual base salary $ 300,000
TV Azteca [Member]
Commitments and Contingencies (Textual)
Investment agreements purchased shares (in Shares) 742,692
Investment agreements common stock value $ 5,000,000
Strategic initiatives $ 7,000,000
Agreement, description The Azteca Amendment provides that, subject to the approval of the terms of the Azteca Amendment by the Company’s Board of Directors: (i) TV Azteca waives the Company’s obligations under the Term Sheet to pay TV Azteca $1,000,000 on each of March 1, 2021 and March 1, 2022 for various strategic initiatives, and to further invest in and develop an esports platform for the Mexican market; (ii) the Company waives the 24-month lock-up that prohibits TV Azteca from selling or transferring the 763,904 shares of Company common stock TV Azteca purchased pursuant to the Share Purchase Agreement (the “Purchased Shares”); (iii) TV Azteca may sell the Purchased Shares in compliance with applicable securities laws, subject to selling at a reasonable market price and subject to a daily volume cap not to exceed 25% of the Company’s total daily Nasdaq trading volume; and (iv) if TV Azteca sells all of the Purchased Shares within a three-month period following the Company’s Board of Directors approval of the Azteca Amendment, for gross proceeds of less than $1,600,000, then on March 1, 2021, the Company shall contribute additional capital to the parties’ strategic alliance pursuant to the Term Sheet in an amount equal to such shortage.