Financials

v3.21.1
CONDENSED BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 2,546,113 $ 1,912,729
Investment in Allied Esports Entertainment, Inc 511,140 280,417
Prepaid expenses 53,175 56,427
Inventory 456,864 141,371
Total current assets 3,567,292 2,390,944
Property and equipment:    
Construction in progress 2,298,227 1,639,690
Property and equipment 535,702 497,494
Less accumulated depreciation (7,608) (2,612)
Total property and equipment, net 2,826,321 2,134,572
Security deposit 10,000 10,000
Right-of-use asset 1,378,133 1,394,202
Goodwill 6,411,327 6,411,327
Total assets 14,193,073 12,341,045
Current liabilities:    
Accounts payable 232,222 273,862
Accounts payable, related party 0 51,253
Accrued expenses 232,096 257,806
Current portion of operating lease liabilities 41,353 39,870
Total current liabilities 505,671 622,791
Operating lease liabilities 1,388,927 1,399,868
Notes payable 150,000 262,925
Total liabilities 2,044,598 2,285,584
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.001 par value, 20,000,000 shares authorized, no shares issued and outstanding 0 0
Common stock, $0.001 par value, 500,000,000 shares authorized, 3,939,439 and 2,742,890 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively 3,939 2,743
Additional paid-in capital 49,557,882 44,748,859
Common stock payable, consisting of 11,585 and 535,729 shares at March 31, 2021 and December 31, 2020, respectively 72,869 1,982,197
Accumulated deficit (37,486,215) (36,678,338)
Total stockholders' equity 12,148,475 10,055,461
Total liabilities and stockholders' equity $ 14,193,073 $ 12,341,045
v3.21.1
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Income Statement [Abstract]    
Revenues $ 0 $ 0
General and administrative expenses    
Salaries and benefits 381,253 219,724
Salaries and benefits, stock-based 375,891 21,489
Professional services 101,899 84,984
Other general and administrative expenses 286,821 91,150
Total general and administrative expenses 1,145,864 417,347
Depreciation and amortization 4,996 271
Total operating expenses 1,150,860 417,618
Net operating loss (1,150,860) (417,618)
Other income (expense):    
Interest expense, including $13,795 of warrants issued as a debt discount for the three months ending March 31, 2020 (1,512) (15,109)
Gain on early extinguishment of debt 113,772 0
Gain (loss) on investment in Allied Esports Entertainment, Inc. 230,723 (2,212,852)
Total other income (expense) 342,983 (2,227,961)
Net loss $ (807,877) $ (2,645,579)
Weighted average common shares outstanding - basic and fully diluted 3,661,760 1,600,424
Net loss per common share - basic and fully diluted $ (0.22) $ (1.65)
v3.21.1
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (807,877) $ (2,645,579)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 4,996 271
(Gain) loss on investment in Allied Esports Entertainment, Inc. (230,723) 2,212,852
Gain on early extinguishment of debt (113,772) 0
Common stock issued to officers and directors for services 254,670 0
Amortization of stock options 121,221 21,489
Amortization of stock warrants issued as a debt discount 0 13,795
Decrease (increase) in current assets:    
Accounts receviable, related party 0 505
Prepaid expenses 3,252 8,547
Inventory (315,493) 0
Right-of-use asset 16,069 0
Increase (decrease) in current liabilities:    
Accounts payable (92,893) 45,641
Accrued expenses (24,863) 20,820
Lease liabilities (9,458) 0
Net cash used in operating activities (1,194,871) (321,659)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property and equipment (38,208) 0
Cash paid for construction in progress (658,537) 0
Net cash provided by investing activities (696,745) 0
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds received from notes payable 0 387,100
Repayments on notes payable 0 (122,100)
Proceeds received from the sale of common stock 2,525,000 0
Net cash provided by financing activities 2,525,000 265,000
NET CHANGE IN CASH AND CASH EQUIVALENTS 633,384 (56,659)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 1,912,729 108,756
CASH AND CASH EQUIVALENTS AT END OF PERIOD 2,546,113 52,097
SUPPLEMENTAL INFORMATION:    
Interest paid 0 0
Income taxes paid 0 0
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Value of debt discounts attributable to warrants $ 0 $ 265,000