XML 425 R6.htm IDEA: XBRL DOCUMENT v3.23.4
Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Net Cash Provided by (Used in) Operating Activities [Abstract]    
Net income (loss) $ (75,711,712) $ (31,170,223)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 6,195,513 4,929,289
Amortization of right-of-use assets 488,621 1,250,229
Amortization of deferred financing costs 1,716,635 1,382,651
Impairments and other losses, net 50,217,492 8,937,677
Stock-based compensation 639,334 13,817,334
Accretion of interest on acquisition liabilities 53,102 125,398
Net gain on sale of subsidiary 0 (82,894)
Imputed interest for note payable 0 10,000
Loss on early termination of operating lease 0 (202,150)
Loss on derivative liabilities 0 316,245
Provision for bad debt (176,958) (4,811)
Partial liquidated damages expense 227,400 3,916,350
Change in operating assets and liabilities:    
Accounts receivable (2,602,949) (15,266,014)
Prepaid expenses (2,001,584) (2,802,733)
Accounts payable and accrued expenses 7,006,631 16,211,966
Other assets (85,328) (770,629)
Operating lease liability (1,089,175) (3,487,528)
Due to related parties 0 (7,000)
Deferred revenue 507,803 4,077,739
Other long-term liabilities (204,094) (161,900)
Net cash (used in) provided by operating activities (14,819,269) 1,423,296
CASH FLOWS FROM INVESTING ACTIVITIES:    
Net cash paid for acquisition of Converge 0 (82,730,000)
Net cash paid for sale of Mission Media UK 0 (613,535)
Purchase of property and equipment (46,805) (242,056)
Net cash used in investing activities (46,805) (83,585,591)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Principal payments made for bank loan (1,912,500) (1,912,500)
Proceeds from at-the-market offering, net 9,271 0
Payments for note payable to related party (30,000) (90,000)
Proceeds from the issuance of preferred stock, net of offering costs 0 44,405,000
Proceeds from bank loan, net of debt issuance cost 0 69,717,960
Payments made for the redemption of Series A preferred stock 0 (446,400)
Payment of stimulus loan programs 0 (435,000)
Payments made for loss contingency on equity issuance 0 (3,615,000)
Net cash (used in) provided by financing activities (1,933,229) 107,624,060
Effect of exchange rate on cash 0 1,223,078
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (16,799,303) 26,684,843
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — beginning of period 28,403,797 5,982,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — end of period 11,604,494 32,666,843
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Income taxes 253,100 0
Interest expense 5,714,032 4,076,243
Noncash investing and financing activities:    
Settlement of contingent liability in common shares 2,673,176 0
Write-off of property and equipment 291,641 0
Fair value of common stock issued relating to the Converge Acquisition 0 14,875,000
Warrants issued relating to debt financing 0 2,232,000
Warrants issued relating to equity financing 0 28,407,000
Series E Preferred Stock    
Noncash investing and financing activities:    
Conversion of Series E Preferred shares to common shares 31,078,000 274,237
Warrant    
Noncash investing and financing activities:    
Conversion of Series E Preferred shares to common shares $ 34,690,000 $ 0