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 ($)
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net loss from continuing operations $ (21,006,434) $ (9,683,110)
Net income from discontinued operations 67,496
Consolidated net loss (21,006,434) (9,615,614)
Adjustments to reconcile net loss to net cash flows from continuing operations    
Depreciation and amortization 1,109,608 1,381,411
Amortization of operating lease assets 990,305 1,330,137
Asset impairment charges 1,505,279 4,007,050
Warrant issued for extension of True-Up Payment 28,060
Write-off of HOA 435,000
Common stock and warrants issued for services 24,507
Stock-based compensation 118,120
Loss (gain) on investments 1,152,185 (11,142)
Gain on tax settlements (265,996)
Amortization of debt discount 89,472 26,087
Loss on extinguishment of redeemable Series 1 Preferred 161,899
Loss on debt extinguishment 11,808,111
Loss on derivative liabilities revaluation 394,724
Change in assets and liabilities    
Accounts and other receivables 149,288 121,228
Prepaid and other assets (232,878) (177,006)
Inventories 58,791 3,034
Accounts payable and accrued expenses (26,761) 1,616,020
Change in amounts payable to related parties (287,256)
Deferred income taxes 43,150
Operating lease liabilities (1,002,566) (1,348,376)
Deferred revenue (71,644) (191,018)
Net cash flows from operating activities (4,892,561) (2,739,227)
Net cash used in operating activities from discontinued operations (309,822)
Net cash used in operations (4,892,561) (3,049,049)
Cash flows from investing activities:    
Purchase of property and equipment (29,821) (473,496)
Proceeds from tenant improvement allowances 335,075
Proceeds from rights offering 2,694,530
Proceeds from sale of assets 173,977
Net cash flows provided by (used in) investing activities (29,821) 2,730,086
Net cash used in investing activities from discontinued operations (2,586)
Net cash provided by (used in) investing activities (29,821) 2,727,500
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 2,989,350 207,146
Loan repayments (2,563,346) (547,036)
Merger consideration, net 5,411,745
Distributions to non-controlling interests (61,186)
Contributions from non-controlling interests 575,000
Net cash flows from financing activities 7,247,506 173,924
Net cash provided by financing activities from discontinued operations 178,905
Net cash provided by financing activities 7,724,506 352,829
Effect of exchange rate changes on cash (14,496) (13,229)
Effect of exchange rate changes from discontinued operations on cash 10,563
Net increase (decrease) in cash and restricted cash including cash classified within assets held for sale   28,614
Less: net increase in cash and restricted cash classified within assets held for sale   (21,193)
Net increase (decrease) in cash and restricted cash 2,310,628 7,421
Cash and restricted cash, beginning of period 501,017 630,206
Cash and restricted cash, end of period 2,811,645 637,627
Supplemental cash flow information:    
Interest 222,173 515,568
Income taxes 97,734
Non-cash investing and financing activities    
Convertible debt and notes payable settled through subscriptions in the rights offerings 3,075,000
Preferred stock dividends paid through issuance of common stock 19,523 57,624
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
Equity classification of Oz Rey warrants and conversion feature $ 11,894,000