Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (85,451,000) $ (20,748,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 5,403,000 3,323,000
Stock-based compensation 4,263,000 2,381,000
Impairment of goodwill 50,263,000 0
Write off of intangible asset 423,000 0
Amortization of convertible notes discount (Note 6) 280,000 0
Gain on loan forgiveness (Note 6) 0 (1,213,000)
Change in valuation allowance (Note 5) (9,205,000) (2,550,000)
Changes in assets and liabilities:    
Accounts receivable 193,000 (4,270,000)
Prepaid expenses and other current assets 182,000 (348,000)
Accounts payable and accrued expenses 1,402,000 1,328,000
Accrued contingent consideration (Note 5) 3,206,000 0
Deferred revenue 35,000 (54,000)
Deferred taxes (205,000) (38,000)
Accrued interest on notes payable 180,000 5,000
Net cash used in operating activities (19,826,000) (22,707,000)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property and equipment (149,000) (22,000)
Purchase of third-party game properties (500,000) 0
Capitalization of software development costs (923,000) (1,065,000)
Acquisition of other intangible and other assets (118,000) (205,000)
Net cash used in investing activities (1,690,000) (4,203,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of preferred stock, net of issuance costs (Note 7) 8,926,000 0
Proceeds from issuance of common stock, net of issuance costs (Note 7) 320,000 33,390,000
Proceeds from note payable (Note 6) 4,000,000 0
Payments on convertible notes (Note 6) (3,781,000) 0
Proceeds from stock option exercises 0 111,000
Net cash provided by financing activities 9,465,000 33,501,000
(DECREASE)INCREASE IN CASH AND CASH EQUIVALENTS (12,051,000) 6,591,000
CASH AND CASH EQUIVALENTS – beginning of year 14,533,000 7,942,000
CASH AND CASH EQUIVALENTS – end of year 2,482,000 14,533,000
Mobcrush Acquisition [Member]    
Adjustments to reconcile net loss to net cash used in operating activities:    
Change in valuation allowance (Note 5) 0 (3,073,000)
CASH FLOWS FROM INVESTING ACTIVITIES    
Cash acquired in connection with Mobcrush Acquisition (Note 5) 0 586,000
SUPPLEMENTAL NONCASH FINANCING ACTIVITIES    
Issuance of common stock 0 59,855,000
Bannerfy Acquisition [Member]    
CASH FLOWS FROM INVESTING ACTIVITIES    
Cash paid in connection with Acquisition 0 (497,000)
SUPPLEMENTAL NONCASH FINANCING ACTIVITIES    
Issuance of common stock 220,000 1,705,000
Bloxbiz [Member]    
CASH FLOWS FROM INVESTING ACTIVITIES    
Cash paid in connection with Acquisition 0 (3,000,000)
SUPPLEMENTAL NONCASH FINANCING ACTIVITIES    
Issuance of common stock $ 0 $ 3,000,000