Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated and Combined Statements of Cash Flows (Unaudited)

v3.20.2
Condensed Consolidated and Combined Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net loss from continuing operations $ (11,003,437) $ (5,336,481)
Net income from discontinued operations 12,152
Net loss (11,003,437) (5,324,329)
Adjustments to reconcile net loss to net cash flows from operating activities:    
Depreciation and amortization 831,609 931,313
Amortization of operating lease assets 530,066 931,722
Asset impairment charges 273,927 1,369,081
Write-off investment in HOA 435,000
Common stock and warrants issued for services 23,747
Stock based compensation 111,087
Loss on investments 933,147 29,239
Gain on tax settlements (204,162)
Amortization of debt discount 35,137 17,391
Deferred income taxes 43,150
Loss on extinguishment of redeemable Series 1 Preferred 161,899
Loss on debt extinguishment 11,808,111
Gain on derivative liabilities revaluation (6,141,517)
Change in assets and liabilities:    
Accounts and other receivables 182,587 (144,400)
Prepaid and other assets (393,321) (124,321)
Inventories 9,787 19,584
Accounts payable and accrued expenses 220,904 2,706,048
Change in amounts payable to related parties (244,084)
Operating lease liabilities (665,535) (941,131)
Deferred revenue (48,086) (166,975)
Net cash flows from operating activities (3,265,722) (532,040)
Net cash used in operating activities from discontinued operations 178,728
Net cash provided by (used in) operating activities (3,265,722) (353,312)
Cash flows from investing activities:    
Purchase of property and equipment (27,740) (387,608)
Proceeds from tenant improvement allowances 141,860
Proceeds from sale of assets 173,977
Net cash flows from investing activities (27,740) (71,771)
Net cash used in investing activities from discontinued operations (131,011)
Net cash used in investing activities (27,740) (202,782)
Cash flows from financing activities:    
Proceeds from Series 2 Preferred 1,405,000
Proceeds from warrant exercises 885,046
Redemption of Series 1 Preferred (880,289)
Loan proceeds 2,689,450
Loan repayments (2,482,474) (347,680)
Merger consideration, net 5,411,745
Distributions to non-controlling interest (27,583)
Contributions from non-controlling interest 575,000
Net cash flows from financing activities 7,028,478 503,911
Net cash used in financing activities from discontinued operations
Effect of exchange rate changes on cash (34,628) 1,319
Net increase (decrease) in cash and restricted cash 3,700,388 (50,864)
Cash and restricted cash, beginning of period 501,017 630,206
Cash and restricted cash, end of period 4,201,405 579,342
Supplemental cash flow information:    
Interest 164,388 312,438
Income taxes 92,576
Non-cash investing and financing activities:    
Convertible debt and notes payable settle through subscriptions in the rights offering 3,075,000
Subscriptions receivable from rights offering, net 2,694,530
Preferred stock dividends paid through issuance of common stock 19,523 38,618
Conversion of Preferred stock - Series 2 to common stock 416,392
Accrued interest paid through warrant exercise 318,700
Bifurcation of derivative liability from Preferred Stock - Series 2 529,000
Warrant portion of merger consideration $ 1,628,909