XML 17 R7.htm IDEA: XBRL DOCUMENT v3.22.2
Condensed Consolidated Statements of Cash Flows
6 Months Ended
Jun. 30, 2022
USD ($)
Jun. 30, 2021
USD ($)
shares
Cash flows from Operating Activities:    
Net loss $ (30,417,374) $ (15,765,789)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation 1,954,655 463,688
Content asset amortization 15,145,637 16,687,920
Amortization of deferred financing costs 366,748 212,122
Amortization and depreciation of intangibles, property and equipment 5,044,338 3,342,371
Bad debt and video return expense 1,274,127 1,602,049
Changes in operating assets and liabilities:    
Trade accounts receivable (3,905,533) (3,075,796)
Prepaid expenses and other assets (1,339,116) (602,516)
Content assets (58,810,149) (41,988,250)
Accounts payable, accrued expenses and other payables 8,406,731 41,219
Film library acquisition and programming obligations 29,970,417 9,312,097
Accrued participation costs 7,365,711 12,204,737
Other liabilities 2,145,770 667,588
Net cash used in operating activities (22,798,038) (16,898,560)
Cash flows from Investing Activities:    
Expenditures for property and equipment (1,254,747) (527,752)
Business combination, net of cash acquired (6,672,474) (19,416,449)
Decrease in due from affiliated companies   4,943,153
Net cash (used in) provided by investing activities (7,927,221) (15,001,048)
Cash flows from Financing Activities:    
Principal payments on debt (179,996) (5,716,123)
Repurchase of common stock (13,956,022)  
Payment of contingent consideration (5,054,700)  
Acquisition of subsidiary noncontrolling interest (750,000)  
Proceeds from Revolving Loan, Net 5,406,518 18,272,931
Proceeds from 9.50% notes due 2025, net 11,094,946  
Proceeds from film acquisition advance 10,129,999  
Proceeds from issuance of Series A preferred stock, net 4,016,219  
Proceeds from issuance of common stock under ESPP 89,826  
Proceeds from exercise of stock options and warrants   2,385,325
Increase in due to affiliated companies 2,655,577  
Dividends paid to preferred stockholders (4,623,833) (4,181,810)
Net cash provided by financing activities 9,948,953 35,571,136
Effect of foreign exchanges on cash, cash equivalents and restricted cash (26,612)  
Net (decrease) increase in cash, cash equivalents and restricted cash (20,802,918) 3,671,528
Cash, cash equivalents and restricted cash at beginning of period 44,286,105 14,732,726
Cash, cash equivalents and restricted cash at end of the period 23,483,187 18,404,254
Supplemental data:    
Cash paid for interest 2,634,140 2,437,623
Non-cash investing activities:    
Property and equipment in accounts payable and accrued expenses 180,764 $ 327,460
Non-cash financing activities:    
Class A common stock and additional consideration for acquisition of noncontrolling interest 2,228,680  
Non-cash film acquisition advance 2,876,000  
Preferred stock issued for Crackle Plus acquisition | shares   40,000,000
Common Class A    
Cash flows from Financing Activities:    
Proceeds from issuance of Class A common stock $ 1,120,419 $ 24,810,813