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Consolidated Balance Sheets - USD ($)
|
Mar. 31, 2018 |
Dec. 31, 2017 |
Current Assets |
|
|
Cash and cash equivalents |
$ 7,190,209
|
$ 6,469,858
|
Accounts receivable |
53,302
|
116,489
|
Gaming accounts receivable |
855,195
|
1,163,831
|
Prepaid expenses |
173,836
|
87,692
|
Loan receivable-related party |
48,089
|
|
Other current assets |
21,466
|
12,543
|
Total Current Assets |
8,342,097
|
7,850,413
|
Noncurrent Assets |
|
|
Restricted cash |
602,936
|
587,905
|
Property, plant and equipment |
429,334
|
280,111
|
Intangible assets |
3,135,754
|
3,245,748
|
Goodwill |
260,318
|
260,318
|
Investment in non-consolidated entities |
350,000
|
1
|
Total Noncurrent Assets |
4,778,342
|
4,374,083
|
Total Assets |
13,120,439
|
12,224,496
|
Current Liabilities |
|
|
Line of credit - bank |
|
177,060
|
Accounts payable and accrued liabilities |
1,566,985
|
1,606,560
|
Gaming accounts balances |
2,064,851
|
1,274,856
|
Taxes payable |
1,741,991
|
1,555,371
|
Advances from stockholders |
1,076
|
547,809
|
Liability in connection with acquisition |
145,897
|
142,245
|
Debentures, net of discount |
598,511
|
1,148,107
|
Derivative liability |
637,752
|
222,915
|
Promissory notes payable - other |
|
100,749
|
Promissory notes payable- related party |
318,078
|
318,078
|
Bank loan payable - current portion |
125,723
|
121,208
|
Total Current Liabilities |
7,200,864
|
7,214,958
|
Bank loan payable |
340,160
|
362,808
|
Other long term liabilities |
613,438
|
532,680
|
Total Liabilities |
8,154,462
|
8,110,446
|
Stockholders' Deficiency |
|
|
Common Stock, $0.0001 par value, 80,000,000 shares authorized; 74,254,590 and 74,143,590 shares issued and outstanding * |
7,426
|
7,415
|
Additional - paid in capital |
14,402,339
|
14,254,582
|
Accumulated other comprehensive income |
(314,845)
|
(250,327)
|
Accumulated deficit |
(9,128,943)
|
(9,897,620)
|
Total Stockholders' Equity |
4,965,977
|
4,114,050
|
Total Liabilities and Stockholders' Equity |
$ 13,120,439
|
$ 12,224,496
|
X |
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Consolidated Balance Sheets (Parenthetical) - $ / shares
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Mar. 31, 2018 |
Dec. 31, 2017 |
STOCKHOLDERS' EQUITY |
|
|
Capital stock - par value |
$ 0.0001
|
$ 0.0001
|
Capital stock - authorized |
80,000,000
|
80,000,000
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74,254,590
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74,143,590
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Consolidated Statements of Comprehensive Income (Loss) - USD ($)
|
3 Months Ended |
Mar. 31, 2018 |
Mar. 31, 2017 |
Income Statement [Abstract] |
|
|
Revenue |
$ 8,593,867
|
$ 3,875,201
|
Costs and expenses |
|
|
Selling expenses |
6,077,357
|
3,436,951
|
General and administrative expenses |
2,059,453
|
1,197,571
|
Total Costs and Expenses |
8,136,810
|
4,634,522
|
Income (Loss) from Operations |
457,057
|
(759,321)
|
Other Expenses (Income) |
|
|
Interest expense, net of interest income |
212,239
|
166,847
|
Changes in fair value of derivative liabilities |
(254,289)
|
(144,626)
|
Imputed interest on related party advances |
1,514
|
6,996
|
Gain on litigation settlement |
(516,120)
|
|
Impairment on investment |
|
6,468
|
Total Other Expenses |
(556,656)
|
35,685
|
Income (Loss) before income taxes |
1,013,713
|
(795,006)
|
Income taxes provision |
245,036
|
47,110
|
Net Income (Loss) |
768,677
|
(842,116)
|
Other Comprehensive Income (Loss) |
|
|
Foreign currency translation adjustment |
(64,518)
|
(70,203)
|
Comprehensive Income (Loss) |
$ 704,159
|
$ (912,319)
|
Net Income (Loss) per common share - basic |
$ 0.01
|
$ (0.01)
|
Net Income (Loss) per common share - diluted |
$ 0.01
|
$ (0.01)
|
Weighted average number of common shares outstanding basic |
74,186,583
|
74,018,590
|
Weighted average number of common shares outstanding diluted |
76,096,053
|
74,018,590
|
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Consolidated Statements of Cash Flows - USD ($)
|
3 Months Ended |
Mar. 31, 2018 |
Mar. 31, 2017 |
Cash Flows from Operating Activities |
|
|
Net loss |
$ 768,677
|
$ (842,116)
|
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
Depreciation and amortization |
158,357
|
136,499
|
Amortization of deferred costs |
13,558
|
55,777
|
Non-cash interest |
87,150
|
121,801
|
Imputed interest on advances from stockholders |
1,514
|
6,996
|
Changes in fair value of derivative liabilities |
(254,289)
|
(144,626)
|
Non-cash commission and legal fees related to debenture |
(516,120)
|
6,468
|
Bad debt expense |
6,354
|
|
Changes in operating assets and liabilities |
|
|
Prepaid expenses |
(119,504)
|
(25,340)
|
Accounts payable and accrued liabilities |
(60,647)
|
234,461
|
Accounts receivable |
66,109
|
(78,276)
|
Gaming accounts receivable |
331,802
|
(117,460)
|
Gaming account liabilities |
756,469
|
(15,636)
|
Taxes payable |
146,571
|
49,481
|
Other current assets |
(8,983)
|
(618)
|
Customer Deposits |
53,684
|
14,607
|
Long term liability |
13,329
|
7,324
|
Net Cash Provided by (Used in) Operating Activities |
1,444,031
|
(590,658)
|
Cash Flows from Investing Activities |
|
|
Acquisition of property, plant, and equipment, and intangible assets |
(182,858)
|
(55,325)
|
Increase in restricted cash |
60
|
39
|
Net Cash Used in Investing Activities |
(182,798)
|
(55,286)
|
Cash Flows from Financing Activities |
|
|
Proceeds from (repayment of) bank credit line, net |
(181,413)
|
60,424
|
Repayment of bank loan |
(30,526)
|
(25,303)
|
Proceeds from debentures and convertible notes, net of repayment |
126,849
|
226,117
|
Loan to related party |
(48,039)
|
|
Advances from stockholders, net of repayment |
(559,131)
|
(3,472)
|
Net Cash Provided by (Used in) Financing Activities |
(692,260)
|
257,766
|
Effect of change in exchange rate |
151,378
|
(13,091)
|
Net increase (decrease) in cash |
720,351
|
(401,269)
|
Cash - beginning of year |
6,469,858
|
2,230,422
|
Cash - end of year |
7,190,209
|
1,829,153
|
Supplemental disclosure of cash flow information: |
|
|
Cash paid during the year for: Interest |
118,301
|
64,053
|
Cash paid during the year for: Income taxes |
340,092
|
3,181
|
Supplemental cash flow disclosure for non-cash activities: |
|
|
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|
|
Common shares issued to related parties for repayment of debt |
|
|
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Nature of Business
|
3 Months Ended |
Mar. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Nature of Business |
1. Basis of Presentation and Nature of Business
Basis of Presentation
The unaudited consolidated financial statements
have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information
and the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the unaudited consolidated
financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which
include only normal recurring adjustments, necessary to present fairly the financial position as of March 31, 2018 and the results
of operations and cash flows for the period ended March 31, 2018 and 2017. The financial data and other information disclosed in
these notes to the interim financial statements related to these periods is unaudited. The results for the three months ended March
31, 2018 are not necessarily indicative of the results to be expected for any subsequent periods or for the entire year ending
December 31, 2018. The balance sheet at December 31, 2017 has been derived from the audited financial statements at that date.
Certain information and footnote disclosures
normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States
have been condensed or omitted pursuant to the Securities and Exchange Commission's rules and regulations. These unaudited consolidated
financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended December
31, 2017 as included in our Annual Report on form 10-K.
On December 20, 2017, the Company completed
a two-for-one stock split effected in the form of a stock dividend. All references made to share or per share amounts in the accompanying
consolidated financial statements and applicable disclosures have been retroactively adjusted to reflect this two-for-one stock
split. See Notes 2 and 11 for additional information about the stock split effected in the form of a stock dividend.
Nature of Business
Newgioco Group, Inc. ("Newgioco Group"
or "the Company") was incorporated in the state of Delaware on August 26, 1998 as Pender International Inc. On September
30, 2005, the Company changed its name to Empire Global Corp., and on July 20, 2016 changed its name to Newgioco Group, Inc. The
Company maintains its principal executive offices headquartered in Toronto, Canada with wholly owned subsidiaries in Italy and
Austria.
Our subsidiaries include: Multigioco Srl (“Multigioco”)
which was acquired on August 15, 2014, Rifa Srl (“Rifa”) which was acquired on January 1, 2015, as well as Ulisse Gmbh
(“Ulisse”) and Odissea Betriebsinformatik Beratung Gmbh (“Odissea”) which were both acquired on July 1,
2016.
Newgioco Group is now a vertically integrated
company which owns and operates an innovative, certified Betting Platform Software (“BPS”) and offering a complete
suite of online and offline leisure gaming services including a variety of lottery and casino gaming, as well as sports betting
through a distribution network of retail betting locations situated throughout Italy.
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- DefinitionThe entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369
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Summary of Significant Accounting Policies
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3 Months Ended |
Mar. 31, 2018 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
2. Summary of Significant Accounting Policies
a) Basis of consolidation
The consolidated financial statements include
the financial statements of the Company and its subsidiaries, all of which are wholly owned. All significant inter-company transactions
are eliminated upon consolidation.
Certain amounts of prior periods were reclassified
to conform with current period presentation.
b) Use of estimates
The preparation of the financial statements
in conformity with Generally Accepted Accounting Principles ("GAAP") requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of
the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ
from those estimates. These estimates and assumptions include valuing equity securities issued in share-based
payment arrangements, determining the fair value of assets acquired, allocation of purchase price, impairment of long-lived assets,
the collectability of receivables and the value of deferred taxes and related valuation allowances. Certain estimates, including
evaluating the collectability of receivables and advances, could be affected by external conditions, including those unique to
our industry, and general economic conditions. It is possible that these external factors could have an effect on our estimates
that could cause actual results to differ from our estimates. We re-evaluate all of our accounting estimates at least quarterly
based on these conditions and record adjustments when necessary.
c) Goodwill
Goodwill is recognized for the excess of the
purchase price over the fair value of tangible and identifiable intangible net assets of businesses acquired. Goodwill is not being
amortized but is reviewed at least annually for impairment. In our evaluation of goodwill impairment, we perform a qualitative
assessment to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount.
If the qualitative assessment is not conclusive, we proceed to a two-step process to test goodwill for impairment including comparing
the fair value of the reporting unit to its carrying value (including attributable goodwill). Fair value for our reporting units
is determined using an income or market approach incorporating market participant considerations and management's assumptions on
revenue growth rates, operating margins, discount rates and expected capital expenditures. Fair value determinations may include
both internal and third-party valuations. Unless circumstances otherwise dictate, we perform our annual impairment testing in the
fourth quarter.
There was no goodwill impairment recorded as
a result of the last quantitative assessment in the fourth quarter of 2017.
d) Loss Contingencies
We may be subject to claims, suits, government
investigations, and other proceedings involving competition and antitrust, intellectual property, privacy, indirect taxes, labor
and employment, commercial disputes, content generated by our users, goods and services offered by advertisers or publishers using
our website platforms, and other matters. Certain of these matters include speculative claims for substantial or indeterminate
amounts of damages. We record a liability when we believe that it is both probable that a loss has been incurred, and the amount
can be reasonably estimated. If we determine that a loss is possible, and a range of the loss can be reasonably estimated, we disclose
the range of the possible loss in the Notes to the Consolidated Financial Statements.
We evaluate, on a monthly basis, developments
in our legal matters that could affect the amount of liability that has been previously accrued, and the matters and related ranges
of possible losses disclosed and make adjustments and changes to our disclosures as appropriate. Significant judgment is required
to determine both likelihood of there being and the estimated amount of a loss related to such matters. Until the final resolution
of such matters, there may be an exposure to loss in excess of the amount recorded, and such amounts could be material. Should
any of our estimates and assumptions change or prove to have been incorrect, it could have a material impact on our business, consolidated
financial position, results of operations, or cash flows.
To date, none of these types of litigation
matters, most of which are typically covered by insurance, has had a material impact on our operations or financial condition.
We have insured and continue to insure against most of these types of claims.
e) Business Combinations
We allocate the fair value of purchase consideration
to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values. The excess of the
fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill.
Such valuations require management to make
significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible
assets include, but are not limited to, future expected cash flows from acquired users, acquired technology, and trade names from
a market participant perspective, useful lives and discount rates. Management's estimates of fair value are based upon assumptions
believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from
estimates.
f) Long-Lived Assets
We evaluate the carrying value of our long-lived
assets for impairment by comparing the expected undiscounted future cash flows of the assets to the net book value of the assets
when events or circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. If the expected undiscounted
future cash flows are less than the net book value of the assets, the excess of the net book value over the estimated fair value
will be charged to earnings.
Fair value is based upon discounted cash flows
of the assets at a rate deemed reasonable for the type of asset and prevailing market conditions, appraisals, and, if appropriate,
current estimated net sales proceeds from pending offers.
g) Derivative Financial Instruments
The Company does not use derivative instruments
to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including
convertible notes and stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify
as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument
is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as
charges or credits to income.
For option-based simple derivative financial
instruments, the Company uses the Black-Scholes option-pricing model to value the derivative instruments at inception and subsequent
valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities
or as equity, is re-assessed at the end of each reporting period.
h) Earnings Per Share
FASB ASC 260, "Earnings Per Share"
provides for calculation of "basic" and "diluted" earnings per share. Basic earnings per share includes no
dilution and is computed by dividing net income (loss) available to common shareholders by the weighted average common shares outstanding
for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an
entity similar to fully diluted earnings per share. These potentially dilutive securities were not included in the calculation
of loss per share for the three months ended March 31, 2018 because the effect would have been anti-dilutive. Accordingly, basic
and diluted loss per common share is the same for three months ended March 31, 2018.
On December 20, 2017, the Company completed
a two-for-one stock split effected in the form of a stock dividend. All references made to share or per share amounts in the accompanying
consolidated financial statements and applicable disclosures have been retroactively adjusted to reflect this two-for-one stock
split.
i) Currency translation
Since the Company's subsidiaries operate in
Europe, the subsidiaries functional currency is the Euro. In the consolidated financial statements, revenue and expense accounts
are translated at the average rates during the period, and assets and liabilities are translated at period-end rates and equity
accounts are translated at historical rate. Translation adjustments arising from the use of different exchange rates from period
to period are included as a component of stockholders' equity. Gains and losses from foreign currency transactions are recognized
in current operations.
j) Revenue Recognition
In May 2014, the FASB issued ASU 2014-09, “Revenue
from Contracts with Customers (Topic 606),” which requires revenue to be recognized when promised goods or services are transferred
to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASU 2014-09
(“ASC Topic 606”) supersedes the existing revenue recognition guidance and is effective for interim and annual reporting
periods beginning after December 15, 2017. The Company has adopted ASC Topic 606 on January 1, 2018 and has determined that the
new standard does not have a material impact on the nature and timing of revenues recognized.
Revenues from sports-betting, casino, cash
and skill games, slots, bingo and horse race wagers represent the gross pay-ins (also referred to as Turnover) from customers less
gaming taxes and payouts to customers. Revenues are recorded when the game is closed which is representative of the point in time
at which the Company has satisfied its performance obligation. In addition, the Company receives commissions from the sale of scratch
tickets and other lottery games. Commissions are recorded when the ticket for scratch off tickets and lottery tickets are sold.
Revenues from the Betting Platform Software
(“BPS”) include license fees, training, installation, and product support services. Revenue is recognized when transfer
of control to the customer has been made and the Company’s performance obligation has been fulfilled. License fees are calculated
as a percentage of each licensee’s level of activity and are contingent upon the licensee’s usage. The license fees
were recognized on an accrual basis as earned.
k) Cash and equivalents
The Company considers all highly liquid debt
instruments with maturities of three months or less at the time acquired to be cash equivalents. Cash equivalents represent short-term
investments consisting of investment-grade corporate and government obligations, carried at cost, which
approximates market value. The Company had no cash equivalents as of March 31, 2018 and December 31, 2017.
The Company primarily places its cash with
high-credit quality financial institutions located in the United States which is insured by the Federal Deposit Insurance Corporation,
in Canada which is insured by the Canadian Deposit Insurance Corporation, in Italy which is insured by the Italian government and
in Germany which is a member of the Deposit Protection Fund of the Association of German Banks (Einlagensicherungsfonds des Bundesverbandes
deutscher Banken).
l) Gaming accounts receivable
Gaming accounts receivable represents gaming
deposits made by customers to their online gaming accounts either directly by credit card, bank wire, e-wallet or other accepted
method through one of our websites or indirectly by cash collected at the cashier of a betting shop but not yet credited to our
bank accounts and subject to normal trade collection terms without discounts. The Company periodically evaluates the collectability
of its gaming accounts receivable and considers the need to record or adjust an allowance for doubtful accounts based upon historical
collection experience and specific customer information. Actual amounts could vary from the recorded estimates. The Company does
not require collateral to support customer receivables. The company recorded bad debt expense of $6,354 and $NIL for the three
months ended March 31, 2018 and March 31, 2017, respectively. All balances previously recorded as allowance for doubtful accounts
were written off as uncollectible.
m) Gaming account balances
Gaming account balances represent customer
balances, including winnings and deposits, that are held as credits in online gaming accounts and have not as of yet been used
or withdrawn by the customers. Customers can request payment from the Company at any time and the payment to customers can be made
through bank wire, credit card, or cash disbursement from one of our locations. Online gaming account credit balances are non-interest
bearing.
n) Fair Value Measurements
ASC Topic 820, Fair Value Measurement and Disclosures,
defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in
the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the
measurement date. This topic also establishes a fair value hierarchy which requires classification based on observable and unobservable
inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value:
Level 1: Observable inputs such as
quoted prices (unadjusted) in active market for identical assets or liabilities.
Level 2: Inputs other than quoted
prices that are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active
markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
Level 3: Unobservable inputs in which
little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that
a market participant would use.
The carrying value of the Company's short-term
investments, prepaid expenses, accounts receivables, other current assets, accounts payable and accrued liabilities, gaming account
balance, and advances from shareholder approximate fair value because of the short-term maturity of these financial instruments.
The derivative liability in connection with
the conversion feature of the convertible debt and warrants is classified as a level 3 liability and is the only financial liability
measured at fair value on a recurring basis.
The change in the Level 3 financial instrument
is as follows:
Balance at December 31, 2016 | |
$ | 211,262 | |
Issued during the year ended December 31, 2017 | |
| 268,884 | |
Exercised during the year ended December 31, 2017 | |
| — | |
Change in fair value recognized in operations | |
| (257,231 | ) |
Balance at December 31, 2017 | |
$ | 222,915 | |
Issued during the three months ended March 31, 2018 | |
| 669,126 | |
Exercised during the three months ended March 31, 2018 | |
| — | |
Change in fair value recognized in operations | |
| (254,289 | ) |
Balance at March 31, 2018 |
|
$ | 637,752 |
o) Property, plant and equipment
Property, plant and equipment are stated at
acquisition cost less accumulated depreciation and adjustments for impairment losses. Expenditures are capitalized only when they
increase the future economic benefits embodied in an item of property, plant and equipment. All other expenditures are recognized
as expenses in the statement of income as incurred.
Depreciation is charged on a straight-line
basis over the estimated remaining useful lives of the individual assets. Amortization commences from the time an asset is put
into operation. The range of the estimated useful lives is as follows:
Trademarks / names | |
| 14 years | |
Office equipment | |
| 5 years | |
Office furniture | |
| 8 1/3 years | |
Signs and displays | |
| 5 years | |
p) Leases
Leases are reviewed and classified as capital
or operating at their inception in accordance with ASC Topic 840, Accounting for Leases. For leases that contain rent escalations,
the Company records rent expense on the straight-line method. The difference between rent expense recorded and the amount paid
is credited or charged to deferred rent account and is included in accrued expenses and other current liabilities.
All lease agreements of the Company as lessees
are accounted for as operating leases as of March 31, 2018 and 2017.
q) Income Taxes
We use the asset and liability method of accounting
for income taxes in accordance with ASC Topic 740, "Income Taxes." Under this method, income tax expense is recognized
for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences
resulting from matters that have been recognized in an entity's financial statements or tax returns. Deferred tax assets and liabilities
are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are
expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in
the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred
tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion
or all of the deferred tax assets will not be realized.
ASC Topic 740.10.30 clarifies the accounting
for uncertainty in income taxes recognized in an enterprise's financial statements and prescribes a recognition threshold and measurement
attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.
ASC Topic 740.10.40 provides guidance on derecognition, classification, interest and penalties, accounting in interim periods,
disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented.
The Company has elected to include interest
and penalties related to uncertain tax positions, if determined, as a component of income tax expense.
In Italy, tax years beginning 2012 forward,
are open and subject to examination, while in Austria companies are open and subject to inspection for 5 years and 10 years for
inspection of serious infractions. The Company is not currently under examination and it has not been notified of a pending examination.
r) Comprehensive Income (Loss)
Comprehensive income (loss) is defined as the
change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources,
including foreign currency translation adjustments and unrealized gains and losses on marketable securities.
The Company adopted FASB ASC 220-10-45, "Reporting
Comprehensive Income". ASC 220-10-45 establishes standards for reporting and presentation of comprehensive income and its
components in a full set of financial statements. Comprehensive income consists of net income and unrealized gains (losses) on
available for sale marketable securities; foreign currency translation adjustments and changes in market value of future contracts
that qualify as a hedge; and negative equity adjustments.
s) Investment in Non-Consolidated Entities
Investments in non-consolidated entities are
accounted for using the equity method or cost basis depending upon the level of ownership and/or the Company's ability to exercise
significant influence over the operating and financial policies of the investee. When the equity method is used, investments are
recorded at original cost and adjusted periodically to recognize the Company's proportionate share of the investees' net income
or losses after the date of investment. When net losses from an investment are accounted for under the equity method exceed its
carrying amount, the investment balance is reduced to zero and additional losses are not provided for. The Company resumes accounting
for the investment under the equity method if the entity subsequently reports net income and the Company's share of that net income
exceeds the share of net losses not recognized during the period the equity method was suspended. Investments are written down
only when there is clear evidence that a decline in value that is other than temporary has occurred.
The Company's investment in Zoompass Holdings
Inc. and Intesa Sanpaolo Bank were accounted for at cost. The Company monitors its investment for impairment annually and makes
appropriate reductions in the carrying value if it determines that an impairment charge is required based on qualitative and quantitative
information.
t) Recent Accounting Pronouncements
In January 2016, the FASB issued ASU 2016-01,
Financial Instruments - Overall (Subtopic 740): Recognition and Measurement of Financial Assets and Financial Liabilities. The
provisions of this update are effective for annual and interim reporting periods beginning after December 15, 2017. ASU 2016-01
enhances the reporting model for financial instruments to provide users of financial statements with more decision-useful information.
The adoption of ASU 2016-01 does not have any material impact on the Company’s consolidated financial statements.
In February 2016, the FASB issued Accounting
Standards Update No. 2016-02 (ASU 2016-02) which amends the FASB Accounting Standards Codification and created Topic 842, "Leases."
Under Topic 842, lessees are required to recognize assets and liabilities on the balance sheet for most leases and provides for
enhanced disclosures. Leases will continue to be classified as either finance or operating. ASU 2016-02 is effective for annual
reporting periods, and interim periods within those years beginning after December 15, 2018. Entities are required to use a modified
retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the
financial statements. Full retrospective application is prohibited and early adoption by public entities is permitted. The Company
is currently in the process of evaluating the impact of the adoption of this standard on our consolidated financial statements.
In May 2017, the FASB issued ASU 2017-09, Compensation-Stock
Compensation (Topic 718), Scope of Modification Accounting. The amendments in this Update provide guidance about which changes
to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The
amendments in this Update are effective for all entities for annual periods, and interim periods within those annual periods, beginning
after December 15, 2017. The adoption of ASU 2017-09 does not have any material impact on the Company’s consolidated financial
statements.
In July 2017, the FASB issued ASU 2017-11,
Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815). The amendments
in Part I of this Update change the classification analysis of certain equity-linked financial instruments (or embedded features)
with down round features. When determining whether certain financial instruments should be classified as liabilities or equity
instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to
an entity’s own stock. The amendments also clarify existing disclosure requirements for equity-classified instruments. The
amendments in Part I of this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after
December 15, 2018. The Company is currently assessing the impact of ASU 2016.
There are no other recently issued accounting
standards that are expected to have a material effect on our financial condition, results of operations or cash flows.
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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Acquisition betting software technology; offline and land-based gaming assets
|
3 Months Ended |
Mar. 31, 2018 |
Business Combinations [Abstract] |
|
Acquisition of betting software technology; offline and land-based gaming assets |
3. Acquisition of betting software technology;
offline and land-based gaming assets
Odissea Betriebsinformatik Beratung Gmbh (“Odissea”)
Acquisition
On June 30, 2016, the Company entered
into a Share Exchange Agreement (“Odissea SPA”), which closed on July 1, 2016, with the shareholders of Odissea
organized under the laws of Austria. Odissea operates a proprietary Betting Operating System. Pursuant to the agreement, the
Company issued 8,772,200 shares of common stock in consideration for 100% of the issued and outstanding shares of Odissea. As
a result of this acquisition, the sellers now hold approximately 11.81% of the issued and outstanding shares of common stock
of the Company.
Pursuant to the Odissea SPA, upon completion
of certification of the Betting Operating System by the ADM, which was obtained on June 30, 2017, the sellers may exercise the
option to resell to the Company 50% of the shares of common stock issued in consideration for the purchase price (or 4,386,100
shares) at a fixed price of U.S. $0.50 per share (the “Odissea Put Option”). As of the date of this report, the Odissea
Put Option has been extended indefinitely by mutual consent.
The purchase price was allocated to the fair
market value of tangible and intangible assets acquired and liabilities assumed. Intangible assets will be amortized over their
remaining useful life as follows:
| |
| |
Remaining Useful Life |
Current assets | |
$ | 210,505 | | |
|
Property, Plant and Equipment | |
| 30,638 | | |
|
Identifiable intangible assets: | |
| | | |
|
Betting Operating System | |
| 1,685,371 | | |
15 years |
Less: liabilities assumed | |
| (215,935 | ) | |
|
Total identifiable assets less liabilities assumed | |
| 1,710,579 | | |
|
Total purchase price | |
| 1,710,579 | | |
|
Excess purchase price | |
$ | — | | |
|
Ulisse Gmbh (“Ulisse”) Acquisition
On June 30, 2016, the Company entered into
a Share Exchange Agreement (“Ulisse SPA”), which closed on July 1, 2016, with the shareholders of Ulisse organized
under the laws of Austria. Ulisse operates an existing network of approximately 170 land-based Agency locations. Pursuant to the
agreement, the Company issued 3,331,200 shares of common stock in consideration for 100% of the issued and outstanding shares of
Ulisse. As a result of this acquisition, the sellers now hold approximately 4.49% of the issued and outstanding shares of common
stock of the Company.
Pursuant to the Ulisse SPA, subject to a purchase
price adjustment to equal two times earnings before income taxes calculated on a pro rata basis from the Closing Date upon completion
of the ADM license tender auction and the Rights obtained by the Company are assigned to the Ulisse locations the sellers may exercise
the option to resell to the Company 50% of the shares of common stock (or 1,665,600 shares) issued in consideration for the purchase
price at a fixed price of U.S. $0.50 per share (the “Ulisse Put Option”). As of the date of this report, the Ulisse
Put Option has been extended indefinitely by mutual consent.
The purchase price was allocated to the fair
market value of tangible and intangible assets acquired and liabilities assumed. Intangible assets will be amortized over their
remaining useful life as follows:
| |
| |
Remaining Useful Life |
Current assets | |
$ | 984,647 | | |
|
Property, Plant and Equipment | |
| 2,917 | | |
|
Identifiable intangible assets: | |
| | | |
|
Customer relationships | |
| 83,996 | | |
10 years |
Less: liabilities assumed | |
| (421,976 | ) | |
|
Total identifiable assets less liabilities assumed | |
| 649,584 | | |
|
Total purchase price | |
| 649,584 | | |
|
Excess purchase price | |
$ | — | | |
|
The Company has estimated the fair value of
assets acquired and liabilities assumed in connection with acquisitions and is currently undergoing a formal valuation and upon
completion of the third-party valuation will adjust these estimates accordingly.
|
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- DefinitionThe entire description for costs incurred to effect a business combination that have been expensed during the period. Such costs could include business integration costs, systems integration and conversion costs, and severance and other employee-related costs.
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Intangible Assets
|
3 Months Ended |
Mar. 31, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Intangible Assets |
4. Intangible Assets
Intangible assets consist of the following:
| |
March 31, 2018 | |
December 31, 2017 | |
Life (years) |
Betting Platform Software | |
$ | 1,685,371 | | |
$ | 1,685,371 | | |
| 15 | |
Licenses | |
| 970,422 | | |
| 967,328 | | |
| 1.5 - 7 | |
Location contracts | |
| 1,000,000 | | |
| 1,000,000 | | |
| 5 - 7 | |
Customer relationships | |
| 870,927 | | |
| 870,927 | | |
| 10 - 15 | |
Trademarks/names | |
| 110,000 | | |
| 110,000 | | |
| 14 | |
Websites | |
| 40,000 | | |
| 40,000 | | |
| 5 | |
| |
| 4,676,720 | | |
| 4,673,626 | | |
| | |
Accumulated amortization | |
| (1,540,966 | ) | |
| (1,427,878 | ) | |
| | |
Balance | |
$ | 3,135,754 | | |
$ | 3,245,748 | | |
| | |
The Company evaluates intangible assets for
impairment on an annual basis during the last month of each year and at an interim date if indications of impairment exist. Intangible
asset impairment is determined by comparing the fair value of the asset to its carrying amount with an impairment being recognized
only when the fair value is less than carrying value. The amortization expense was $113,088 and $110,188 for the three months ended
March 31, 2018 and March 31, 2017, respectively.
Licenses obtained by the Company in the acquisitions
of Multigioco and Rifa include a GAD online license as well as a Bersani and Monti land-based licenses issued by the Italian gaming
regulator to Multigioco and Rifa, respectively.
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- DefinitionThe entire disclosure for all or part of the information related to intangible assets.
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Restricted Cash
|
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Mar. 31, 2018 |
Accounting Policies [Abstract] |
|
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5. Restricted Cash
Restricted Cash is cash held in a segregated
bank account at Intesa Sanpaolo Bank S.p.A. (“Intesa Sanpaolo Bank”) as collateral against our operating line of credit
with Intesa Sanpaolo Bank as well as Wirecard Bank as a security deposit for Ulisse betting operations.
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Other Long Term Liabilities
|
3 Months Ended |
Mar. 31, 2018 |
Debt Disclosure [Abstract] |
|
Other Long Term Liabilities |
6. Other long term liabilities
Other long term liabilities represents the
Italian "Trattamento di Fine Rapporto" (TFR) which is a severance amount set up by Italian companies to be paid to employees
on termination or retirement as well as shop deposits that are held by Ulisse.
Balances of Other long term liabilities were
as follows:
| |
March 31, 2018 | |
December 31, 2017 |
Severance liability | |
$ | 148,634 | | |
$ | 131,904 | |
Customer deposit balance | |
| 464,804 | | |
| 400,776 | |
Total other long term liabilities | |
$ | 613,438 | | |
$ | 532,680 | |
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Line of Credit-Bank
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Mar. 31, 2018 |
Debt Disclosure [Abstract] |
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7. Line of Credit – Bank
The Company currently maintains an operating
line of credit for a maximum amount of EUR 300,000 (approximately U.S. $369,180) for Multigioco and EUR 50,000 (approximately U.S.
$61,530) for Rifa from Intesa Sanpaolo Bank in Italy. The line of credit is secured by restricted cash on deposit at Intesa Sanpaolo
Bank and guaranteed by certain shareholders of the Company and bears a fixed rate of interest at 5% per annum on the outstanding
balance with no minimum payment, maturity or due date.
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Liability in connection with acquisition
|
3 Months Ended |
Mar. 31, 2018 |
Payables and Accruals [Abstract] |
|
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8. Liability in connection with acquisition
Liability in connection with acquisition represent
non-interest-bearing amount due by the Company’s subsidiaries toward the purchase price as per a purchase agreement between
Newgioco Srl and the Company’s subsidiaries. The Company’s shareholder and VP of Regulatory Affairs, Beniamino Gianfelici,
owns 50% shares of Newgioco Srl.
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- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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Related party transactions and balances
|
3 Months Ended |
Mar. 31, 2018 |
Related Party Transactions [Abstract] |
|
Related party transactions and balances |
9. Related party transactions and balances
Loan Receivable - related party
On February 28, 2018, the Company provided
a loan of EUR 39,048 (approximately U.S. $48,090) to Engage IT Services Srl, a company in which Luca Pasquini holds a 34% stake.
This loan was advanced for the purpose of financing third-party betting agencies. It bears interest at 4.47% and is due on October
31, 2018.
Advances from stockholders represent non-interest-bearing
loans that are due on demand. Interest was imputed at 5% per annum. Balances of Advances from stockholders are as follows:
| |
March 31, 2018 | |
December 31, 2017 |
Gold Street Capital Corp. | |
$ | 58,384 | | |
$ | 41,143 | |
Doriana Gianfelici | |
| 60,302 | | |
| 58,792 | |
Luca Pasquini | |
| (117,610 | ) | |
| (119,939 | ) |
Other stockholders | |
| — | | |
| 567,813 | |
Total advances from stockholders | |
$ | 1,076 | | |
$ | 547,809 | |
During the three months ended March 31, 2018,
Gold Street, the major stockholder of Newgioco Group, advanced $17,241 to the Company, net of repayment of $43,460. Also, the Company
paid management fees to Gold Street Capital Corp. of $36,000 for the three months ended March 31, 2018.
Changes in advances from Doriana Gianfelici
were due to the fluctuations in foreign exchange rates.
The Company advanced a short-term loan of EUR
100,000 (approximately U.S. $123,060) to Luca Pasquini to cover fees related to an application for a gaming license in Malta. As
of the date of this report the application is pending, there is no assurance that the gaming license in Malta would be obtained.
This loan is non interest-bearing and is due on June 30, 2018. Changes in the balance of the loan were due to the fluctuations
in foreign exchange rates. During the three months ended March 31, 2018, Luca Pasquini advanced $5,408 to the Company.
During the three months ended March 31, 2018,
the Company paid management fees of $5,532 to Luca Pasquini. Also, the Company paid service fees of EUR 120,000 (approximately
U.S $147,516) to Ulisse Services Ltd., a company owned by Luca Pasquini. Accounts payable and accrued liabilities include EUR 40,000
(approximately U.S. $49,172) payable to Ulisse Services Ltd.
Advances from other stockholders comprised
of the dividend accrued to former stockholders of Ulisse for the six-month period prior to the acquisition of Ulisse on July 1,
2016.
The amounts due to the stockholders at March
31, 2018 are non-interest bearing and due on demand.
Related-Party Debt
Promissory notes payable to related parties
of $318,078 represents amounts due to Braydon Capital Corp., a company owned by Claudio Ciavarella, the brother of our CEO. These
notes bear interest at a rate of 1% per month and have no fixed maturity date. Accounts payable and accrued liabilities include
$78,628 in accrued interest on these notes.
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Investment in Non-consolidated Entities
|
3 Months Ended |
Mar. 31, 2018 |
Investments, All Other Investments [Abstract] |
|
Investment in Non-consolidated Entities |
10. Investment in Non-Consolidated Entities
Investments in non-consolidated entities consists of the following:
| |
March 31, 2018 | |
December 31, 2017 |
2336414 Ontario Inc | |
$ | — | | |
$ | 875,459 | |
Banca Veneto | |
| — | | |
| 1 | |
Zoompass Holdings Inc. | |
| 350,000 | | |
| — | |
| |
| 350,000 | | |
| 875,459 | |
| |
| | | |
| | |
Less impairment | |
| — | | |
| (875,459 | ) |
Total investment in non-consolidated entities | |
$ | 350,000 | | |
$ | 1 | |
On December 9, 2014, the Company invested CDN
$1,000,000 (approximately U.S. $778,150) in a private placement of common shares of 2336414 Ontario Inc. ("2336414")
representing 666,664 common shares or 2.3% of 2336414. 2336414 is an Ontario corporation and the parent company of Paymobile Inc.
a carrier-class, PCI compliant transaction platform, delivering Visa prepaid card programs for social disbursements, corporate
payroll and check replacement.
The Company subscribed for 666,664 Units (CDN
$1,000,000) (approximately U.S. $778,150), with each Unit being comprised of one (1) common share in the capital of 2336414 and
one-quarter (1/4) of one common share purchase warrant, which will require four quarter warrants to acquire one additional common
share in the capital of 2336414, for CDN $2.25 within 18 months after the closing of the Offering, or such longer period of time
as 2336414 may determine.
The Company paid CDN $1,000,000 (approximately
$875,459) in cash, and obtained a promissory note from 2336414's subsidiary, Paymobile Inc. On December 31, 2014 the Company set
up a 100% impairment on the investment in 2336414 because Paymobile did not produce any meaningful income and the Company determined
that it may not be able to realize its investment in 2336414.
In August 2016, 2336414 transferred its interest
in Paymobile to Zoompass Holdings, Inc a Nevada corporation (“Zoompass”). On March 31, the Company entered into a Settlement
Agreement with 2336414, Paymobile and Edward Yew (a director of 2336414) to forgive the amount due by the Company to Paymobile
under the promissory note. Pursuant to the terms and conditions of the Settlement Agreement, the Company received 2,500,000 shares
of common stock in Zoompass which has been reflected as an investment in non-consolidated entities. Additionally, Paymobile agreed
to discharge debt and interest of $210,065.57. In connection with the settlement, the Company recorded a gain on litigation settlement
of $516,120. See also Note 13.
On December 31, 2017, the Company recorded
an impairment of $1 for the shares of Banca Veneto held.
We carried the value of the shares of Banca
Veneto and Zoompass at cost less impairment. The Company accounts for investment in non-consolidated entities using the cost method
of accounting if the Company has an ownership interest below 20% and does not have the ability to exercise significant influence
over an investee. The shares of Banca Veneto and Zoompass do not have an active market.
|
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Stockholders Equity
|
3 Months Ended |
Mar. 31, 2018 |
Equity [Abstract] |
|
Stockholders Equity |
11. Stockholders’ Equity
On November 28, 2017, the Board of Directors
approved a 2 for 1 forward split of our common stock. The common stock dividend payment date was December 20, 2017 to stockholders
of record as at December 18, 2017. Share and per-share amounts disclosed as of March 31, 2018 and for all other comparative periods
provided have been retroactively adjusted to reflect the effects of the stock split.
In connection to the debenture units issued
on February 26, 2018 the Company issued an aggregate of 111,000 shares of common stock at 100% of the market price to the debenture
holders. See also Note 12.
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Debentures and Convertible Notes
|
3 Months Ended |
Mar. 31, 2018 |
Notes to Financial Statements |
|
Debentures and Convertible Notes |
12. Debentures and Convertible Notes*
* The conversion price of the convertible debentures
per share of common stock has been retroactively restated to reflect the 2-for-1 forward stock split effected on December 20, 2017.
Debentures and convertible notes outstanding
include the following:
| |
March 31, 2018 | |
December 31, 2017 |
February 29, 2016 and April 4, 2016 Convertible Notes | |
$ | — | | |
$ | 750,000 | |
January 24, 2017 Debenture, net of discount of $5,723 and $7,446 | |
| 133,885 | | |
| 136,032 | |
March 27, 2017 Convertible Debenture, net of discount of $40,818 and $50,994 | |
| 75,522 | | |
| 68,571 | |
June 5, 2017 Convertible Debenture, net of discount of $60,010 and $72,541 | |
| 56,330 | | |
| 47,024 | |
June 9, 2017 Convertible Debenture, net of discount of $30,608 and $36,940 | |
| 27,562 | | |
| 22,842 | |
November 6, 2017 - December 11, 2017 Convertible Debentures, net of discounts of $47,839 and $55,063 | |
| 149,939 | | |
| 148,198 | |
January 16, 2018 - February 26, 2018 Convertible Debentures, net of discount of $707,194 | |
| 235,159 | | |
| — | |
| |
| 678,397 | | |
| 1,172,667 | |
Less: unamortized debt issuance costs | |
| (79,886 | ) | |
| (24,560 | ) |
| |
$ | 598,511 | | |
$ | 1,148,107 | |
February 29, 2016 and April 4, 2016 Convertible
Notes
On February 29, 2016, the Company closed a
Securities Purchase Agreement with an unaffiliated private investor, to raise up to $750,000. The Company received gross proceeds
from the initial private placement of $600,000. On April 4, 2016, the Company received the balance of gross proceeds of $150,000,
less legal expenses of $15,000. Also, the company paid $75,000 in commissions for these notes. As part of the purchase agreement,
the Company also issued a warrant to purchase 326,088 shares of Company’s common stock at $0.575 per share. These notes bear
an interest rate of 12% per annum and were due in one year. The company continued to accrue interest at 22% past the due date.
The notes were guaranteed by Confidi Union Impresa, an unrelated party.
During the three months ended March 31, 2018, the Company paid a
total of $1,027,351, including penalty and interest towards the consent judgement related to the Settlement Agreement with the
investor dated May 15, 2017. Accounts payable and accrued liabilities included an accrued interest on this Note of $8,425 at March
31, 2018 and $139,041 at December 31, 2017. See also Note 19 Subsequent Events.
January 24, 2017 Debenture
On January 24, 2017, the Company received gross
proceeds from the initial private placement of CDN $180,000 (approximately U.S. $140,067) with a group of accredited investors.
The Company incurred a total of CDN $14,400 (approximately U.S. $11,205) in finder’s fees to facilitate this transaction
for net proceeds of CDN $165,600 (approximately U.S. $128,862). The debenture bears an interest rate of 10% per annum and is due
in two years. As part of the purchase agreement, the Company also issued a warrant to purchase 36,000 of the Company’s common
stock at $0.50 per share up to January 24, 2019. See also Note 15. Subsequent to the period covered by this report, the Debentures
and Warrants issued on January 24, 2017 have been cancelled and re-issued under the same terms as the debenture units issued on
February 26, 2018 as set out below. See also Note 19 Subsequent Events.
March 27, 2017 to January 31, 2018 Convertible
Debentures
On March 27, 2017, the Company entered into
private placement agreements with a group of accredited investors pursuant to which each CDN $1,000 debenture unit is comprised
of a convertible debenture that bears an interest rate of 10% per annum due two years from the closing date and 100 warrants to
purchase one common share of the Company’s common stock at a price of $0.50 per share per warrant up to two years from the
closing date. The debenture is convertible in whole or in part into shares of common stock of the Company at a price of $0.75 per
share at any time up to two years from the closing date. In addition, the Company paid finders fees equal to 5% of the gross proceeds
received. See also Note 15.
Between March 27, 2017 and January 31, 2018,
the Company received gross proceeds of CDN $1,175,000 (approximately U.S. $914,327) in multiple tranches in connection with the
June 5, 2017 private placement agreement. The Company incurred a total of CDN $58,750 (approximately U.S. $45,716) in finder’s
fees to facilitate this transaction for net proceeds of CDN $1,116,250 (approximately U.S. $868,610). The issuance dates for these
convertible debentures with corresponding gross proceeds in Canadian dollars are as follows:
Issuance Date | |
| Gross Proceeds | | |
| | |
| |
| (CDN) | | |
| (approx. USD) | |
| |
| | | |
| | |
March 27, 2017 | |
$ | 150,000 | | |
$ | 116,723 | |
June 5, 2017 | |
| 150,000 | | |
| 116,723 | |
June 9, 2017 | |
| 75,000 | | |
| 58,361 | |
November 6, 2017 | |
| 90,000 | | |
| 70,033 | |
November 14, 2017 | |
| 50,000 | | |
| 38,908 | |
November 15, 2017 | |
| 20,000 | | |
| 15,563 | |
November 22, 2017 | |
| 30,000 | | |
| 23,345 | |
December 5, 2017 | |
| 40,000 | | |
| 31,126 | |
December 11, 2017 | |
| 25,000 | | |
| 19,454 | |
January 16, 2018 | |
| 205,000 | | |
| 159,521 | |
January 19, 2018 | |
| 130,000 | | |
| 101,160 | |
January 31, 2018 | |
| 210,000 | | |
| 163,412 | |
| |
$ | 1,175,000 | | |
$ | 914,327 | |
Subsequent to the period covered by this report,
the Debentures and Warrants issued between March 27, 2017 and January 31, 2018 have been cancelled and re-issued under the same
terms as the debenture units issued on February 26, 2018 as set out below. See also Note 19 Subsequent Events.
February 26, 2018 Convertible Debenture
On February 26, 2018, the Company closed
a private placement agreement with a group of accredited investors to raise up to CDN $1,800,000 (approximately U.S.
$1,396,080). The Company received gross proceeds from the initial private placement of CDN $670,000 (approximately U.S.
$519,652). The Company incurred a total of CDN $33,500 (approximately U.S. $25,982) in finder’s fees to facilitate this
transaction for net proceeds of CDN $636,500 (approximately U.S. $493,669) as well as 5% of the gross amount in broker
warrants with terms identical to the debenture’s warrants. The convertible debenture bears an interest rate of 10% per
annum and is due in two years. As part of the purchase agreement, the debenture is convertible at the lesser price of $0.75
or the proposed IPO price at any time up to February 26, 2020. The Company also issued a warrant to purchase 167,500 of the
Company’s common stock as well as a Broker Warrant to purchase up to 8,375 of the Company’s common stock, for a
total of 175,875, at the lesser of $0.625 per share or 125% of the proposed IPO price per share from August 26, 2018 up to
February 26, 2020. The Company also issued 160 shares of common stock for each debenture unit. An aggregate of 111,000
restricted common shares in connection with the debenture, including a total of 107,200 common shares issued to the debenture
holders, and 3,800 shares of common stock were issued to the brokers on closing.
The commissions and finders' fees related to
the notes and debentures were amortized over the life of the notes.
The Company has determined that the conversion
feature embedded in the convertible notes and debentures constitutes a derivative and has been bifurcated from the note and recorded
as a derivative liability, with a corresponding discount recorded to the associated debt, on the accompanying balance sheet, and
revalued to fair market value at each reporting period. See Note 16.
Warrants issued in relation to the debentures
and promissory notes are discussed in Note 15.
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Mar. 31, 2018 |
Debt Disclosure [Abstract] |
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13. Promissory Notes Payable – Other
On December 9, 2014, the Company obtained a
promissory note for CDN $500,000 (approximately U.S. $389,075) from Paymobile Inc., a subsidiary of 2336414 Ontario Inc. (“2336414”)
of which the Company owned 666,664 common shares, that bears interest at a rate of 1% per month on the outstanding balance.
On March 31, 2018, the Company entered into
a Settlement Agreement with 2336414, Paymobile and Zoompass. Pursuant to the terms and conditions of the Settlement Agreement,
CAN $210,066 (approximately U.S. $162,927), in principal and accrued interest was forgiven and written off.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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Bank Loan Payable
|
3 Months Ended |
Mar. 31, 2018 |
Debt Disclosure [Abstract] |
|
Bank Loan Payable |
14. Bank Loan Payable
On September 30, 2016, the Company obtained
a loan of EUR 500,000 (approximately U.S. $618,100) from Intesa Sanpaolo Bank in Italy, which is secured by the Company's assets.
The loan is amortized over 57 months ending September 30, 2021 with repayment started on January 31, 2017 in monthly installments
of EUR 9,760 (approximately U.S. $12,065) with an underlying interest rate of 4.5 points above Euro Inter Bank Offered Rate ("EURIBOR"),
subject to quarterly review.
The company repaid EUR 4,446 (approximately
U.S. $5,465) during the three months ended March 31, 2018.
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- DefinitionThe entire disclosure of advances made and reported by Federal Home Loan Bank (FHLBank).
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Warrants
|
3 Months Ended |
Mar. 31, 2018 |
Notes to Financial Statements |
|
Warrants |
15. Warrants*
* The exercise price of the warrants per share
of common stock has been retroactively restated to reflect the 2-for-1 forward stock split effected on December 20, 2017.
On February 29, 2016, as per a Securities Purchase
Agreement, the Company issued a warrant to purchase 260,870 shares of the Company’s common stock at $0.575 per share which
may be exercised by the warrant holder between August 28, 2016 and February 28, 2019 (See Note 12). The warrant was issued in connection
with the February 29, 2016 convertible Promissory Note.
On April 4, 2016, the Company issued a warrant
to purchase 125,218 shares of the Company’s common stock at $0.575 per share which may be exercised by the warrant holder
until April 4, 2019 (See Note 12). The warrant was issued in connection with the April 4, 2016 Convertible Promissory Note.
On April 4, 2016, the Company issued a warrant
to purchase 124,440 shares of the Company’s common stock at $0.575 per share which may be exercised by the warrant holder
until April 4, 2019. The warrant was issued to the placement agent in relation to securing the February 29, 2016 and April 4, 2016
convertible Promissory Notes (See Note 12).
On January 24, 2017, the Company issued a warrant
to purchase 36,000 of the Company’s common stock at $0.50 per share which may be exercised by the warrant holder from June
24, 2017 until January 24, 2019. The warrant was issued in connection with the January 24, 2017 Debenture (See Note 12).
In connection with the private placement agreements
entered into with a group of accredited investors between March 27, 2017 and January 31, 2018, for each CDN $1,000 debenture unit
the Company issued 100 warrants to purchase one common share of the Company’s common stock per warrant at a price of $0.50
per share up to two years from the closing date. (See Note 12) The issuance dates for these warrants with corresponding number
of warrants are as follows:
Issuance Date | |
Number of Warrants |
| |
|
March 27, 2017 | |
$ | 15,000 | |
June 5, 2017 | |
| 15,000 | |
June 9, 2017 | |
| 7,500 | |
November 6, 2017 | |
| 9,000 | |
November 14, 2017 | |
| 5,000 | |
November 15, 2017 | |
| 2,000 | |
November 22, 2017 | |
| 3,000 | |
December 5, 2017 | |
| 4,000 | |
December 11, 2017 | |
| 2,500 | |
January 16, 2018 | |
| 20,500 | |
January 19, 2018 | |
| 13,000 | |
January 31, 2018 | |
| 21,000 | |
The fair value of the above warrants was calculated
using the Black-Scholes model on the date of issuance and was recorded as debt discount, which has been amortized as interest expense
over the life of the debt. The fair value of the warrants on the date of issuance as calculated using the Black-Scholes model was:
Warrant | |
Fair Value at issuance |
| February 29, 2016 | | |
$ | 106,583 | |
| April 4, 2016 | | |
$ | 53,236 | |
| April 4, 2016 | | |
$ | 27,901 | |
| January 24, 2017 | | |
$ | 13,973 | |
| March 27, 2017 | | |
$ | 11,923 | |
| June 5, 2017 | | |
$ | 14,826 | |
| June 9, 2017 | | |
$ | 7,489 | |
| November 6, 2017 | | |
$ | 3,131 | |
| November 14, 2017 | | |
$ | 1,640 | |
| November 15, 2017 | | |
$ | 676 | |
| November 22, 2017 | | |
$ | 948 | |
| December 5, 2017 | | |
$ | 994 | |
| December 11, 2017 | | |
$ | 747 | |
| January 16, 2018 | | |
$ | 8,853 | |
| January 19, 2018 | | |
$ | 4,327 | |
| January 31, 2018 | | |
$ | 12,187 | |
| February 26, 2018 | | |
$ | 76,671 | |
21
The following assumptions were used to calculate
the fair value at issuance:
Warrant Date | |
Exercise Price/sh | |
Common Stock Price/sh | |
Volatility | |
Term | |
Dividend Yield | |
Interest Rate | |
Forfeiture Risk |
February 29, 2016 | |
$ | 0.575 | | |
$ | 0.45 | | |
| 200 | % | |
| 3 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
April 4, 2016 | |
$ | 0.575 | | |
$ | 0.475 | | |
| 195 | % | |
| 3 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
April 4, 2016 | |
$ | 0.575 | | |
$ | 0.475 | | |
| 195 | % | |
| 3 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
January 24, 2017 | |
$ | 0.50 | | |
$ | 0.39 | | |
| 404 | % | |
| 2 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
March 27, 2017 | |
$ | 0.50 | | |
$ | 0.40 | | |
| 390 | % | |
| 2 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
June 5, 2017 | |
$ | 0.50 | | |
$ | 0.495 | | |
| 445 | % | |
| 2 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
June 9, 2017 | |
$ | 0.50 | | |
$ | 0.495 | | |
| 445 | % | |
| 2 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
November 6, 2017 | |
$ | 0.50 | | |
$ | 0.35 | | |
| 410 | % | |
| 2 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
November 14, 2017 | |
$ | 0.50 | | |
$ | 0.33 | | |
| 413 | % | |
| 2 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
November 15, 2017 | |
$ | 0.50 | | |
$ | 0.34 | | |
| 409 | % | |
| 2 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
November 22, 2017 | |
$ | 0.50 | | |
$ | 0.318 | | |
| 414 | % | |
| 2 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
December 5, 2017 | |
$ | 0.50 | | |
$ | 0.25 | | |
| 422 | % | |
| 2 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
December 11, 2017 | |
$ | 0.50 | | |
$ | 0.30 | | |
| 433 | % | |
| 2 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
January 16, 2018 | |
$ | 0.50 | | |
$ | 0.51 | | |
| 201 | % | |
| 2 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
January 19, 2018 | |
$ | 0.50 | | |
$ | 0.40 | | |
| 203 | % | |
| 2 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
January 31, 2018 | |
$ | 0.50 | | |
$ | 0.65 | | |
| 218 | % | |
| 2 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
February 26, 2018 | |
$ | 0.625 | | |
$ | 0.50 | | |
| 222 | % | |
| 2 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
A summary of warrant transactions during the
three months ended March 31, 2018 is as follows:
| |
Warrant Shares | |
Weighted Average Exercise Price Per Common Share | |
Weighted Average Life |
| Outstanding at December 31, 2016 | | |
| 467,928 | | |
$ | 0.58 | | |
| 2.13 | |
| Issued | | |
| 162,000 | | |
$ | 0.50 | | |
| 2.00 | |
| Exercised | | |
| — | | |
| — | | |
| — | |
| Expired | | |
| (17,400 | ) | |
| — | | |
| — | |
| Outstanding at December 31, 2017 | | |
| 612,528 | | |
$ | 0.54 | | |
| 1.37 | |
| Exercisable at December 31, 2017 | | |
| 561,528 | | |
$ | 0.56 | | |
| 1.21 | |
| Issued | | |
| 230,375 | | |
$ | 0.60 | | |
| 2.00 | |
| Exercised | | |
| — | | |
| | | |
| | |
| Expired | | |
| — | | |
| | | |
| | |
| Outstanding at March 31, 2018 | | |
| 842,903 | | |
$ | 0.57 | | |
| 1.25 | |
| Exercisable at March 31, 2018 | | |
| 561,528 | | |
$ | 0.56 | | |
| 0.97 | |
The following assumptions were used to calculate
the fair value of warrants at March 31, 2018:
Exercises price | |
$0.50 - $0.625 |
Common stock price per share | |
$ | 0.40 | |
Volatility | |
| 216 | % |
Weighted average life | |
| 1.25 years | |
Dividend yield | |
| 0 | % |
Interest rate | |
| 0.91 | % |
Forfeiture risk | |
| 0 | % |
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Derivative Liability and Fair Value
|
3 Months Ended |
Mar. 31, 2018 |
Notes to Financial Statements |
|
Derivative Liability and Fair Value |
16. Derivative Liability and Fair Value
The Company has evaluated the application of
ASC 815 Derivatives and Hedging and ASC 815-40-25 to the warrants to purchase common stock issued with the convertible notes and
debentures. Based on the guidance in ASC 815 and ASC 815-40-25, the Company concluded these instruments were required to be accounted
for as derivatives due to the down round protection feature on the conversion price and the exercise price. The Company records
the fair value of these derivatives on its balance sheet at fair value with changes in the values of these derivatives reflected
in the statements of operations as “Gain (loss) on derivative liabilities.” These derivative instruments are not designated
as hedging instruments under ASC 815 and are disclosed on the balance sheet under Derivative Liabilities.
The Convertible Debenture issued March 27,
2017 and accrued interest are convertible into common shares at a fixed price of $0.75 prior to March 27, 2019. The gross proceeds
from the sale of the debenture were recorded net of $70,617 related to the conversion feature and $11,923 was allocated to the
warrants issued.
The Convertible Debenture issued June 5, 2017,
and accrued interest are convertible into common shares at a fixed price of $0.75 prior to June 5, 2019. The gross proceeds from
the sale of the debenture were recorded net of $86,815 related to the conversion feature and $14,826 was allocated to the warrants
issued.
The Convertible Debenture issued June 9, 2017,
and accrued interest are convertible into common shares at a fixed price of $0.75 prior to June 9, 2019. The gross proceeds from
the sale of the debenture were recorded net of $43,874 related to the conversion feature and $7,489 was allocated to the warrants
issued.
The Convertible Debentures issued in November
and December 2017, and accrued interest are convertible into common shares at a fixed price of $0.75 for a period of two years
from the issue date. The gross proceeds from the sale of the debentures were recorded net of $50,461 related to the conversion
feature and $8,136 was allocated to the warrants issued.
The Convertible Debenture issued January 16,
2018, and accrued interest are convertible into common shares at a fixed price of $0.75 prior to January 16, 2020. The gross proceeds
from the sale of the debenture were recorded net of $105,948 related to the conversion feature and $8,853 was allocated to the
warrants issued.
The Convertible Debenture issued January 19,
2018, and accrued interest are convertible into common shares at a fixed price of $0.75 prior to January 19, 2020. The gross proceeds
from the sale of the debenture were recorded net of $51,480 related to the conversion feature and $4,327 was allocated to the warrants
issued.
The Convertible Debenture issued January 31,
2018, and accrued interest are convertible into common shares at a fixed price of $0.75 prior to January 31, 2020. The gross proceeds
from the sale of the debenture were recorded net of $302,956 related to the conversion feature and $12,187 was allocated to the
warrants issued.
The Convertible Debenture issued February 26,
2018, and accrued interest are convertible into common shares at a fixed price of $0.75 prior to February 26, 2020. The gross proceeds
from the sale of the debenture were recorded net of $351,450 related to the conversion feature and $73,020 was allocated to the
warrants issued.
The Company accounted for the convertible debentures
in accordance with ASC 815 “Derivatives and Hedging.” Accordingly, the embedded conversion option is a derivative liability
and is marked to market through earnings at the end of each reporting period.
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- DefinitionThe entire disclosure for derivatives and fair value of assets and liabilities.
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Revenues
|
3 Months Ended |
Mar. 31, 2018 |
Accounting Policies [Abstract] |
|
Revenues |
17. Revenues
The following table represents disaggregated
revenues from our gaming operations for the three months ended March 31, 2018 and March 31, 2017:
| |
Three Months Ended |
| |
March 31, 2018 | |
March 31, 2017 |
Turnover | |
| |
|
Turnover web-based | |
$ | 46,065,899 | | |
$ | 28,749,836 | |
Turnover land-based | |
| 44,493,960 | | |
| 23,969,666 | |
Total Turnover | |
| 90,559,859 | | |
| 52,719,502 | |
| |
| | | |
| | |
Winnings/Payouts | |
| | | |
| | |
Winnings web-based | |
| 42,617,996 | | |
| 27,222,482 | |
Winnings land-based | |
| 38,746,243 | | |
| 21,704,642 | |
Total Winnings/payouts | |
| 81,364,239 | | |
| 48,927,124 | |
| |
| | | |
| | |
Gross Gaming Revenues | |
$ | 9,195,620 | | |
$ | 3,792,378 | |
| |
| | | |
| | |
Less: ADM Gaming Taxes | |
| 766,833 | | |
| 364,451 | |
Net Gaming Revenues | |
$ | 8,428,787 | | |
$ | 3,427,927 | |
Add: Commission Revenues | |
| 99,001 | | |
| 81,845 | |
Add: Service Revenues | |
| 66,079 | | |
| 365,429 | |
Total Revenues | |
$ | 8,593,867 | | |
$ | 3,875,201 | |
Turnover represents the total bets processed
for the period.
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- DefinitionDisclosure of accounting policy for revenue recognition for sales of a service. The entity also may disclose how it recognizes cost of sales for such a service transaction and its treatment of any unearned or deferred revenue that arises from the transaction.
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Income Taxes
|
3 Months Ended |
Mar. 31, 2018 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
18. Income Taxes
The Company is incorporated in the United States
of America and is subject to United States federal taxation. No provisions for income taxes have been made as the Company had no
U.S. taxable income for the three months ended March 31, 2018 and March 31, 2017.
The Company's Italian subsidiaries are governed
by the income tax laws of Italy. The corporate tax rate in Italy is 28.82% (IRES at 24% plus IRAP ordinary at 4.82%) on income
reported in the statutory financial statements after appropriate tax adjustments.
The Company's Austrian subsidiaries are governed
by the income tax laws of Austria. The corporate tax rate in Austria is 25% on income reported in the statutory financial statements
after appropriate tax adjustments.
The Company's Canadian subsidiary is governed
by the income tax laws of Canada and the Province of Ontario. The combined Federal and Provincial corporate tax rate in Canada
is 26.5% on income reported in the statutory financial statements after appropriate tax adjustments.
The reconciliation of income tax expense at
the U.S. statutory rate of 35% to the Company’s effective tax rate is as follows:
| |
March 31, 2018 | |
March 31, 2017 |
U.S. Statutory rate | |
$ | 354,801 | | |
$ | (278,252 | ) |
Tax rate difference between Italy, Austria, Canada and U.S. | |
| (227,467 | ) | |
| 181,452 | |
Change in Valuation Allowance | |
| (63,671 | ) | |
| 145,803 | |
Permanent difference | |
| 181,373 | | |
| (1,894 | ) |
Effective tax rate | |
$ | 245,036 | | |
$ | 47,109 | |
The Company has accumulated a net operating
loss carry forward ("NOL") of approximately $11.9 million as of March 31, 2018 in the U.S. This NOL may be offset against
future taxable income through the year 2037. The use of these losses to reduce future income taxes will depend on the generation
of sufficient taxable income prior to the expiration of the NOL. The Company periodically evaluates whether it is more likely than
not that it will generate sufficient taxable income to realize the deferred income tax asset. At the present time, management cannot
presently determine when the Company will be able to generate sufficient taxable income to realize the deferred tax asset; accordingly,
a 100% valuation allowance has been established to offset the asset.
Utilization of NOLs are subject to limitation
due to any ownership change (as defined under Section 382 of the Internal Revenue Code of 1986) which resulted in a change in business
direction. Unused limitations may be carried over to future years until the NOLs expire. Utilization of NOLs may also be limited
in any one year by alternative minimum tax rules.
Under Italian tax law, the operating loss carryforwards
available for offset against future profits can be used indefinitely. Operating loss carryforwards are only available for offset
against national income tax, up to the limit of 80% of taxable annual income. This restriction does not apply to the operating
loss incurred in the first three years of the Company's activity, which are therefore available for 100% offsetting.
Under Austrian tax law, the operating loss
carryforwards available for offset against future profits can be used indefinitely. Operating loss carryforwards are only available
for offset against national income tax, up to the limit of 75% of taxable annual income.
Under Canadian tax law, the operating loss
carryforwards available for offset against future profits can be used indefinitely.
The provisions for income taxes consist of
currently payable income tax in Italy and Austria. The provisions for income taxes are summarized as follows:
| |
March 31, 2018 | |
March 31, 2017 |
| Current | | |
$ | 245,036 | | |
$ | 47,109 | |
| Deferred | | |
| — | | |
| — | |
| Total | | |
$ | 245,036 | | |
$ | 47,109 | |
The tax effects of temporary differences that
give rise to the Company’s net deferred tax asset are as follows:
| |
March 31, 2018 | |
March 31, 2017 |
Net loss carryforward - Foreign | |
$ | 21,272 | | |
$ | 145,497 | |
Net loss carryforward - US | |
| 4,476,794 | | |
| 4,106,025 | |
| |
| 4,498,066 | | |
| 4,251,522 | |
Less valuation allowance | |
| (4,498,066 | ) | |
| (4,251,522 | ) |
Deferred tax assets | |
$ | — | | |
$ | — | |
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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Subsequent events
|
3 Months Ended |
Mar. 31, 2018 |
Subsequent Events [Abstract] |
|
Subsequent events |
19. Subsequent Events
| (1) | On April 19, 2018, the Company paid $8,425 including $20 in bank
fees, to pay the balance of the amount due under the consent judgement in full and on May 9, 2018 an order of Satisfaction of Judgement
was entered to conclude the legal proceedings. |
| (2) | On April 23, 2018, the Company re-issued debenture units first issued
between January 24, 2017 and January 31, 2018 in order to simplify the various debentures into a single series with the same terms
as new convertible debenture units issued on February 26, 2018. The carrying value of the re-issued debentures is $1,435,809 due
to an interest bonus of $80,809. |
Each re-issued debenture unit is
comprised of (i) the issuance of CDN $1,000 of debentures bearing interest at a rate of 10% per annum, with a maturity date of
two (2) years from the date of issuance which may be converted in whole or in part at a price of $0.40 per share, (ii) 250 warrants
which may be exercised at a price equal to $0.50 per share price per warrant to receive one common share prior to February 15,
2020, and (iii) 160 shares of restricted common stock issued pursuant to an exemption under Rule 144 of the US Securities and Exchange
Act.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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Nature of Business (Policies)
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3 Months Ended |
Mar. 31, 2018 |
Nature Of Business Policies |
|
Basis of Presentation |
Basis of Presentation
The unaudited consolidated financial statements
have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information
and the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the unaudited consolidated
financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which
include only normal recurring adjustments, necessary to present fairly the financial position as of March 31, 2018 and the results
of operations and cash flows for the period ended March 31, 2018 and 2017. The financial data and other information disclosed in
these notes to the interim financial statements related to these periods is unaudited. The results for the three months ended March
31, 2018 are not necessarily indicative of the results to be expected for any subsequent periods or for the entire year ending
December 31, 2018. The balance sheet at December 31, 2017 has been derived from the audited financial statements at that date.
Certain information and footnote disclosures
normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States
have been condensed or omitted pursuant to the Securities and Exchange Commission's rules and regulations. These unaudited consolidated
financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended December
31, 2017 as included in our Annual Report on form 10-K.
On December 20, 2017, the Company completed
a two-for-one stock split effected in the form of a stock dividend. All references made to share or per share amounts in the accompanying
consolidated financial statements and applicable disclosures have been retroactively adjusted to reflect this two-for-one stock
split. See Notes 2 and 11 for additional information about the stock split effected in the form of a stock dividend.
|
Nature of Business |
Nature of Business
Newgioco Group, Inc. ("Newgioco Group"
or "the Company") was incorporated in the state of Delaware on August 26, 1998 as Pender International Inc. On September
30, 2005, the Company changed its name to Empire Global Corp., and on July 20, 2016 changed its name to Newgioco Group, Inc. The
Company maintains its principal executive offices headquartered in Toronto, Canada with wholly owned subsidiaries in Italy and
Austria.
Our subsidiaries include: Multigioco Srl (“Multigioco”)
which was acquired on August 15, 2014, Rifa Srl (“Rifa”) which was acquired on January 1, 2015, as well as Ulisse Gmbh
(“Ulisse”) and Odissea Betriebsinformatik Beratung Gmbh (“Odissea”) which were both acquired on July 1,
2016.
Newgioco Group is now a vertically integrated
company which owns and operates an innovative, certified Betting Platform Software (“BPS”) and offering a complete
suite of online and offline leisure gaming services including a variety of lottery and casino gaming, as well as sports betting
through a distribution network of retail betting locations situated throughout Italy.
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- DefinitionDisclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
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Summary of Significant Accounting Policies (Policies)
|
3 Months Ended |
Mar. 31, 2018 |
Accounting Policies [Abstract] |
|
Basis of consolidation |
a) Basis of consolidation
The consolidated financial statements include
the financial statements of the Company and its subsidiaries, all of which are wholly owned. All significant inter-company transactions
are eliminated upon consolidation.
Certain amounts of prior periods were reclassified
to conform with current period presentation.
|
Use of estimates |
b) Use of estimates
The preparation of the financial statements
in conformity with Generally Accepted Accounting Principles ("GAAP") requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of
the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ
from those estimates. These estimates and assumptions include valuing equity securities issued in share based payment arrangements,
determining the fair value of assets acquired, allocation of purchase price, impairment of long-lived assets, the collectability
of receivables and the value of deferred taxes and related valuation allowances. Certain estimates, including evaluating the collectability
of receivables and advances, could be affected by external conditions, including those unique to our industry, and general economic
conditions. It is possible that these external factors could have an effect on our estimates that could cause actual results to
differ from our estimates. We re-evaluate all of our accounting estimates at least quarterly based on these conditions and record
adjustments when necessary.
|
Goodwill |
c) Goodwill
Goodwill is recognized for the excess of the
purchase price over the fair value of tangible and identifiable intangible net assets of businesses acquired. Goodwill is not being
amortized but is reviewed at least annually for impairment. In our evaluation of goodwill impairment, we perform a qualitative
assessment to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount.
If the qualitative assessment is not conclusive, we proceed to a two-step process to test goodwill for impairment including comparing
the fair value of the reporting unit to its carrying value (including attributable goodwill). Fair value for our reporting units
is determined using an income or market approach incorporating market participant considerations and management's assumptions on
revenue growth rates, operating margins, discount rates and expected capital expenditures. Fair value determinations may include
both internal and third-party valuations. Unless circumstances otherwise dictate, we perform our annual impairment testing in the
fourth quarter.
There was no goodwill impairment recorded as
a result of the last quantitative assessment in the fourth quarter of 2017.
|
Loss Contingencies |
d) Loss Contingencies
We may be subject to claims, suits, government
investigations, and other proceedings involving competition and antitrust, intellectual property, privacy, indirect taxes, labor
and employment, commercial disputes, content generated by our users, goods and services offered by advertisers or publishers using
our website platforms, and other matters. Certain of these matters include speculative claims for substantial or indeterminate
amounts of damages. We record a liability when we believe that it is both probable that a loss has been incurred, and the amount
can be reasonably estimated. If we determine that a loss is possible, and a range of the loss can be reasonably estimated, we disclose
the range of the possible loss in the Notes to the Consolidated Financial Statements.
We evaluate, on a monthly basis, developments
in our legal matters that could affect the amount of liability that has been previously accrued, and the matters and related ranges
of possible losses disclosed and make adjustments and changes to our disclosures as appropriate. Significant judgment is required
to determine both likelihood of there being and the estimated amount of a loss related to such matters. Until the final resolution
of such matters, there may be an exposure to loss in excess of the amount recorded, and such amounts could be material. Should
any of our estimates and assumptions change or prove to have been incorrect, it could have a material impact on our business, consolidated
financial position, results of operations, or cash flows.
To date, none of these types of litigation
matters, most of which are typically covered by insurance, has had a material impact on our operations or financial condition.
We have insured and continue to insure against most of these types of claims.
|
Business Combinations |
e) Business Combinations
We allocate the fair value of purchase consideration
to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values. The excess of the
fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill.
Such valuations require management to make
significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible
assets include, but are not limited to, future expected cash flows from acquired users, acquired technology, and trade names from
a market participant perspective, useful lives and discount rates. Management's estimates of fair value are based upon assumptions
believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from
estimates.
|
Long-Lived Assets |
f) Long-Lived Assets
We evaluate the carrying value of our long-lived
assets for impairment by comparing the expected undiscounted future cash flows of the assets to the net book value of the assets
when events or circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. If the expected undiscounted
future cash flows are less than the net book value of the assets, the excess of the net book value over the estimated fair value
will be charged to earnings.
Fair value is based upon discounted cash flows
of the assets at a rate deemed reasonable for the type of asset and prevailing market conditions, appraisals, and, if appropriate,
current estimated net sales proceeds from pending offers.
|
Derivative Financial Instruments |
g) Derivative Financial Instruments
The Company does not use derivative instruments
to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including
convertible notes and stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify
as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument
is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as
charges or credits to income.
For option-based simple derivative financial
instruments, the Company uses the Black-Scholes option-pricing model to value the derivative instruments at inception and subsequent
valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities
or as equity, is re-assessed at the end of each reporting period.
|
Earnings Per Share |
h) Earnings Per Share
FASB ASC 260, "Earnings Per Share"
provides for calculation of "basic" and "diluted" earnings per share. Basic earnings per share includes no
dilution and is computed by dividing net income (loss) available to common shareholders by the weighted average common shares outstanding
for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an
entity similar to fully diluted earnings per share. These potentially dilutive securities were not included in the calculation
of loss per share for the three months ended March 31, 2018 because the effect would have been anti-dilutive. Accordingly, basic
and diluted loss per common share is the same for three months ended March 31, 2018.
On December 20, 2017, the Company completed
a two-for-one stock split effected in the form of a stock dividend. All references made to share or per share amounts in the accompanying
consolidated financial statements and applicable disclosures have been retroactively adjusted to reflect this two-for-one stock
split.
|
Currency translation |
i) Currency translation
Since the Company's subsidiaries operate in
Europe, the subsidiaries functional currency is the Euro. In the consolidated financial statements, revenue and expense accounts
are translated at the average rates during the period, and assets and liabilities are translated at period-end rates and equity
accounts are translated at historical rate. Translation adjustments arising from the use of different exchange rates from period
to period are included as a component of stockholders' equity. Gains and losses from foreign currency transactions are recognized
in current operations.
|
Revenue Recognition |
j) Revenue Recognition
In May 2014, the FASB issued ASU 2014-09, “Revenue
from Contracts with Customers (Topic 606),” which requires revenue to be recognized when promised goods or services are transferred
to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASU 2014-09
(“ASC Topic 606”) supersedes the existing revenue recognition guidance and is effective for interim and annual reporting
periods beginning after December 15, 2017. The Company has adopted ASC Topic 606 on January 1, 2018 and has determined that the
new standard does not have a material impact on the nature and timing of revenues recognized.
Revenues from sports-betting, casino, cash
and skill games, slots, bingo and horse race wagers represent the gross pay-ins (also referred to as Turnover) from customers less
gaming taxes and payouts to customers. Revenues are recorded when the game is closed which is representative of the point in time
at which the Company has satisfied its performance obligation. In addition, the Company receives commissions from the sale of scratch
tickets and other lottery games. Commissions are recorded when the ticket for scratch off tickets and lottery tickets are sold.
Revenues from the Betting Platform Software
(“BPS”) include license fees, training, installation, and product support services. Revenue is recognized when transfer
of control to the customer has been made and the Company’s performance obligation has been fulfilled. License fees are calculated
as a percentage of each licensee’s level of activity and are contingent upon the licensee’s usage. The license fees
were recognized on an accrual basis as earned.
|
Cash and Cash Equivalents |
k) Cash and equivalents
The Company considers all highly liquid debt
instruments with maturities of three months or less at the time acquired to be cash equivalents. Cash equivalents represent short-term
investments consisting of investment-grade corporate and government obligations, carried at cost, which
approximates market value. The Company had no cash equivalents as of March 31, 2018 and December 31, 2017.
The Company primarily places its cash with
high-credit quality financial institutions located in the United States which is insured by the Federal Deposit Insurance Corporation,
in Canada which is insured by the Canadian Deposit Insurance Corporation, in Italy which is insured by the Italian government and
in Germany which is a member of the Deposit Protection Fund of the Association of German Banks (Einlagensicherungsfonds des Bundesverbandes
deutscher Banken).
|
Gaming accounts receivable |
l) Gaming accounts receivable
Gaming accounts receivable represents gaming
deposits made by customers to their online gaming accounts either directly by credit card, bank wire, e-wallet or other accepted
method through one of our websites or indirectly by cash collected at the cashier of a betting shop but not yet credited to our
bank accounts and subject to normal trade collection terms without discounts. The Company periodically evaluates the collectability
of its gaming accounts receivable and considers the need to record or adjust an allowance for doubtful accounts based upon historical
collection experience and specific customer information. Actual amounts could vary from the recorded estimates. The Company does
not require collateral to support customer receivables. The company recorded bad debt expense of $6,354 and $NIL for the three
months ended March 31, 2018 and March 31, 2017, respectively. All balances previously recorded as allowance for doubtful accounts
were written off as uncollectible.
|
Gaming balances |
m) Gaming account balances
Gaming account balances represent customer
balances, including winnings and deposits, that are held as credits in online gaming accounts and have not as of yet been used
or withdrawn by the customers. Customers can request payment from the Company at any time and the payment to customers can be made
through bank wire, credit card, or cash disbursement from one of our locations. Online gaming account credit balances are non-interest
bearing.
|
Fair Value Measurements |
n) Fair Value Measurements
ASC Topic 820, Fair Value Measurement and Disclosures,
defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in
the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the
measurement date. This topic also establishes a fair value hierarchy which requires classification based on observable and unobservable
inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value:
Level 1: Observable inputs such as
quoted prices (unadjusted) in active market for identical assets or liabilities.
Level 2: Inputs other than quoted
prices that are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active
markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
Level 3: Unobservable inputs in which
little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that
a market participant would use.
The carrying value of the Company's short-term
investments, prepaid expenses, accounts receivables, other current assets, accounts payable and accrued liabilities, gaming account
balance, and advances from shareholder approximate fair value because of the short-term maturity of these financial instruments.
The derivative liability in connection with
the conversion feature of the convertible debt and warrants is classified as a level 3 liability and is the only financial liability
measured at fair value on a recurring basis.
The change in the Level 3 financial instrument
is as follows:
Balance at December 31, 2016 | |
$ | 211,262 | |
Issued during the year ended December 31, 2017 | |
| 268,884 | |
Exercised during the year ended December 31, 2017 | |
| — | |
Change in fair value recognized in operations | |
| (257,231 | ) |
Balance at December 31, 2017 | |
$ | 222,915 | |
Issued during the three months ended March 31, 2018 | |
| 669,126 | |
Exercised during the three months ended March 31, 2018 | |
| — | |
Change in fair value recognized in operations | |
| (254,289 | ) |
Balance at March 31, 2018 |
|
$ | 637,752 |
|
Property, plant and equipment |
o) Property, plant and equipment
Property, plant and equipment are stated at
acquisition cost less accumulated depreciation and adjustments for impairment losses. Expenditures are capitalized only when they
increase the future economic benefits embodied in an item of property, plant and equipment. All other expenditures are recognized
as expenses in the statement of income as incurred.
Depreciation is charged on a straight-line
basis over the estimated remaining useful lives of the individual assets. Amortization commences from the time an asset is put
into operation. The range of the estimated useful lives is as follows:
Trademarks / names |
|
14 years |
Office equipment |
|
5 years |
Office furniture |
|
8 1/3 years |
Signs and displays |
|
5 years |
|
Leases |
p) Leases
Leases are reviewed and classified as capital
or operating at their inception in accordance with ASC Topic 840, Accounting for Leases. For leases that contain rent escalations,
the Company records rent expense on the straight line method. The difference between rent expense recorded and the amount paid
is credited or charged to deferred rent account and is included in accrued expenses and other current liabilities.
All lease agreements of the Company as lessees
are accounted for as operating leases as of December 31, 2017 and 2016.
|
Income Taxes |
q) Income Taxes
We use the asset and liability method of accounting
for income taxes in accordance with ASC Topic 740, "Income Taxes." Under this method, income tax expense is recognized
for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences
resulting from matters that have been recognized in an entity's financial statements or tax returns. Deferred tax assets and liabilities
are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are
expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in
the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred
tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion
or all of the deferred tax assets will not be realized.
ASC Topic 740.10.30 clarifies the accounting
for uncertainty in income taxes recognized in an enterprise's financial statements and prescribes a recognition threshold and measurement
attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.
ASC Topic 740.10.40 provides guidance on derecognition, classification, interest and penalties, accounting in interim periods,
disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented.
The Company has elected to include interest
and penalties related to uncertain tax positions, if determined, as a component of income tax expense.
In Italy, tax years beginning 2012 forward,
are open and subject to examination, while in Austria companies are open and subject to inspection for 5 years and 10 years for
inspection of serious infractions. The Company is not currently under examination and it has not been notified of a pending examination.
|
Comprehensive Income (Loss) |
r) Comprehensive Income (Loss)
Comprehensive income (loss) is defined as the
change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources,
including foreign currency translation adjustments and unrealized gains and losses on marketable securities.
The Company adopted FASB ASC 220-10-45, "Reporting
Comprehensive Income". ASC 220-10-45 establishes standards for reporting and presentation of comprehensive income and its
components in a full set of financial statements. Comprehensive income consists of net income and unrealized gains (losses) on
available for sale marketable securities; foreign currency translation adjustments and changes in market value of future contracts
that qualify as a hedge; and negative equity adjustments.
|
Investment in Non-consolidated Entities |
s) Investment in Non-Consolidated Entities
Investments in non-consolidated entities are
accounted for using the equity method or cost basis depending upon the level of ownership and/or the Company's ability to exercise
significant influence over the operating and financial policies of the investee. When the equity method is used, investments are
recorded at original cost and adjusted periodically to recognize the Company's proportionate share of the investees' net income
or losses after the date of investment. When net losses from an investment are accounted for under the equity method exceed its
carrying amount, the investment balance is reduced to zero and additional losses are not provided for. The Company resumes accounting
for the investment under the equity method if the entity subsequently reports net income and the Company's share of that net income
exceeds the share of net losses not recognized during the period the equity method was suspended. Investments are written down
only when there is clear evidence that a decline in value that is other than temporary has occurred.
The Company's investment in Zoompass Holdings
Inc. and Intesa Sanpaolo Bank were accounted for at cost. The Company monitors its investment for impairment annually and makes
appropriate reductions in the carrying value if it determines that an impairment charge is required based on qualitative and quantitative
information.
|
Recent Accounting Pronouncements |
t) Recent Accounting Pronouncements
In January 2016, the FASB issued ASU 2016-01,
Financial Instruments - Overall (Subtopic 740): Recognition and Measurement of Financial Assets and Financial Liabilities. The
provisions of this update are effective for annual and interim reporting periods beginning after December 15, 2017. ASU 2016-01
enhances the reporting model for financial instruments to provide users of financial statements with more decision-useful information.
The adoption of ASU 2016-01 does not have any material impact on the Company’s consolidated financial statements.
In February 2016, the FASB issued Accounting
Standards Update No. 2016-02 (ASU 2016-02) which amends the FASB Accounting Standards Codification and created Topic 842, "Leases."
Under Topic 842, lessees are required to recognize assets and liabilities on the balance sheet for most leases and provides for
enhanced disclosures. Leases will continue to be classified as either finance or operating. ASU 2016-02 is effective for annual
reporting periods, and interim periods within those years beginning after December 15, 2018. Entities are required to use a modified
retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the
financial statements. Full retrospective application is prohibited and early adoption by public entities is permitted. The Company
is currently in the process of evaluating the impact of the adoption of this standard on our consolidated financial statements.
In May 2017, the FASB issued ASU 2017-09, Compensation-Stock
Compensation (Topic 718), Scope of Modification Accounting. The amendments in this Update provide guidance about which changes
to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The
amendments in this Update are effective for all entities for annual periods, and interim periods within those annual periods, beginning
after December 15, 2017. The adoption of ASU 2017-09 does not have any material impact on the Company’s consolidated financial
statements.
In July 2017, the FASB issued ASU 2017-11,
Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815). The amendments
in Part I of this Update change the classification analysis of certain equity-linked financial instruments (or embedded features)
with down round features. When determining whether certain financial instruments should be classified as liabilities or equity
instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to
an entity’s own stock. The amendments also clarify existing disclosure requirements for equity-classified instruments. The
amendments in Part I of this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after
December 15, 2018. The Company is currently assessing the impact of ASU 2016.
There are no other recently issued accounting
standards that are expected to have a material effect on our financial condition, results of operations or cash flows.
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Summary of Significant Accounting Policies (Tables)
|
3 Months Ended |
Mar. 31, 2018 |
Accounting Policies [Abstract] |
|
Level 3 Fair Value Measurements |
Balance at December 31, 2016 | |
$ | 211,262 | |
Issued during the year ended December 31, 2017 | |
| 268,884 | |
Exercised during the year ended December 31, 2017 | |
| — | |
Change in fair value recognized in operations | |
| (257,231 | ) |
Balance at December 31, 2017 | |
$ | 222,915 | |
Issued during the three months ended March 31, 2018 | |
| 669,126 | |
Exercised during the three months ended March 31, 2018 | |
| — | |
Change in fair value recognized in operations | |
| (254,289 | ) |
Balance at March 31, 2018 |
|
$ | 637,752 |
|
Property, plant and equipment useful life |
Trademarks / names | |
| 14 years | |
Office equipment | |
| 5 years | |
Office furniture | |
| 8 1/3 years | |
Signs and displays | |
| 5 years | |
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Acquisitions (Tables)
|
3 Months Ended |
Mar. 31, 2018 |
Business Combinations [Abstract] |
|
Purchase Price - Acquisitions |
Odissea Betriebsinformatik Beratung Gmbh (Odissea)
Acquisition
|
|
|
|
Remaining Useful Life |
Current assets |
|
$ |
210,505 |
|
|
|
Property, Plant and Equipment |
|
|
30,638 |
|
|
|
Identifiable intangible assets: |
|
|
|
|
|
|
Betting Operating System |
|
|
1,685,371 |
|
|
15 years |
Less: liabilities assumed |
|
|
(215,935 |
) |
|
|
Total identifiable assets less liabilities assumed |
|
|
1,710,579 |
|
|
|
Total purchase price |
|
|
1,710,579 |
|
|
|
Excess purchase price |
|
$ |
— |
|
|
|
Ulisse Gmbh (Ulisse) Acquisition
|
|
|
|
Remaining Useful Life |
Current assets |
|
$ |
984,647 |
|
|
|
Property, Plant and Equipment |
|
|
2,917 |
|
|
|
Identifiable intangible assets: |
|
|
|
|
|
|
Customer relationships |
|
|
83,996 |
|
|
10 years |
Less: liabilities assumed |
|
|
(421,976 |
) |
|
|
Total identifiable assets less liabilities assumed |
|
|
649,584 |
|
|
|
Total purchase price |
|
|
649,584 |
|
|
|
Excess purchase price |
|
$ |
— |
|
|
|
|
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- DefinitionTabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments.
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Intangible Assets (Tables)
|
3 Months Ended |
Mar. 31, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Intangibles |
| |
March 31, 2018 | |
December 31, 2017 | |
Life (years) |
Betting Platform Software | |
$ | 1,685,371 | | |
$ | 1,685,371 | | |
| 15 | |
Licenses | |
| 970,422 | | |
| 967,328 | | |
| 1.5 - 7 | |
Location contracts | |
| 1,000,000 | | |
| 1,000,000 | | |
| 5 - 7 | |
Customer relationships | |
| 870,927 | | |
| 870,927 | | |
| 10 - 15 | |
Trademarks/names | |
| 110,000 | | |
| 110,000 | | |
| 14 | |
Websites | |
| 40,000 | | |
| 40,000 | | |
| 5 | |
| |
| 4,676,720 | | |
| 4,673,626 | | |
| | |
Accumulated amortization | |
| (1,540,966 | ) | |
| (1,427,878 | ) | |
| | |
Balance | |
$ | 3,135,754 | | |
$ | 3,245,748 | | |
| | |
|
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- DefinitionTabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment.
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- DefinitionTabular disclosure of other current liabilities.
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Related party transactions and balances (Tables)
|
3 Months Ended |
Mar. 31, 2018 |
Related Party Transactions [Abstract] |
|
Related party transactions and balances |
| |
March 31, 2018 | |
December 31, 2017 |
Gold Street Capital Corp. | |
$ | 58,384 | | |
$ | 41,143 | |
Doriana Gianfelici | |
| 60,302 | | |
| 58,792 | |
Luca Pasquini | |
| (117,610 | ) | |
| (119,939 | ) |
Other stockholders | |
| — | | |
| 567,813 | |
Total advances from stockholders | |
$ | 1,076 | | |
$ | 547,809 | |
|
X |
- DefinitionTabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.
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Investment in Non-consolidated Entities (Tables)
|
3 Months Ended |
Mar. 31, 2018 |
Investments, All Other Investments [Abstract] |
|
Non-consolidated entities |
| |
March 31, 2018 | |
December 31, 2017 |
2336414 Ontario Inc | |
$ | — | | |
$ | 875,459 | |
Banca Veneto | |
| — | | |
| 1 | |
Zoompass Holdings Inc. | |
| 350,000 | | |
| — | |
| |
| 350,000 | | |
| 875,459 | |
| |
| | | |
| | |
Less impairment | |
| — | | |
| (875,459 | ) |
Total investment in non-consolidated entities | |
$ | 350,000 | | |
$ | 1 | |
|
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Debentures and Convertible Notes (Tables)
|
3 Months Ended |
Mar. 31, 2018 |
Debentures And Convertible Notes Tables |
|
Debentures outstanding |
| |
March 31, 2018 | |
December 31, 2017 |
February 29, 2016 and April 4, 2016 Convertible Notes | |
$ | — | | |
$ | 750,000 | |
January 24, 2017 Debenture, net of discount of $5,723 and $7,446 | |
| 133,885 | | |
| 136,032 | |
March 27, 2017 Convertible Debenture, net of discount of $40,818 and $50,994 | |
| 75,522 | | |
| 68,571 | |
June 5, 2017 Convertible Debenture, net of discount of $60,010 and $72,541 | |
| 56,330 | | |
| 47,024 | |
June 9, 2017 Convertible Debenture, net of discount of $30,608 and $36,940 | |
| 27,562 | | |
| 22,842 | |
November 6, 2017 - December 11, 2017 Convertible Debentures, net of discounts of $47,839 and $55,063 | |
| 149,939 | | |
| 148,198 | |
January 16, 2018 - February 26, 2018 Convertible Debentures, net of discount of $707,194 | |
| 235,159 | | |
| — | |
| |
| 678,397 | | |
| 1,172,667 | |
Less: unamortized debt issuance costs | |
| (79,886 | ) | |
| (24,560 | ) |
| |
$ | 598,511 | | |
$ | 1,148,107 | |
|
Additional Debenture Proceeds |
Issuance Date | |
| Gross Proceeds | | |
| | |
| |
| (CDN) | | |
| (approx. USD) | |
| |
| | | |
| | |
March 27, 2017 | |
$ | 150,000 | | |
$ | 116,723 | |
June 5, 2017 | |
| 150,000 | | |
| 116,723 | |
June 9, 2017 | |
| 75,000 | | |
| 58,361 | |
November 6, 2017 | |
| 90,000 | | |
| 70,033 | |
November 14, 2017 | |
| 50,000 | | |
| 38,908 | |
November 15, 2017 | |
| 20,000 | | |
| 15,563 | |
November 22, 2017 | |
| 30,000 | | |
| 23,345 | |
December 5, 2017 | |
| 40,000 | | |
| 31,126 | |
December 11, 2017 | |
| 25,000 | | |
| 19,454 | |
January 16, 2018 | |
| 205,000 | | |
| 159,521 | |
January 19, 2018 | |
| 130,000 | | |
| 101,160 | |
January 31, 2018 | |
| 210,000 | | |
| 163,412 | |
| |
$ | 1,175,000 | | |
$ | 914,327 | |
|
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|
3 Months Ended |
Mar. 31, 2018 |
Notes to Financial Statements |
|
Number of warrants |
Issuance Date | |
Number of Warrants |
| |
|
March 27, 2017 | |
$ | 15,000 | |
June 5, 2017 | |
| 15,000 | |
June 9, 2017 | |
| 7,500 | |
November 6, 2017 | |
| 9,000 | |
November 14, 2017 | |
| 5,000 | |
November 15, 2017 | |
| 2,000 | |
November 22, 2017 | |
| 3,000 | |
December 5, 2017 | |
| 4,000 | |
December 11, 2017 | |
| 2,500 | |
January 16, 2018 | |
| 20,500 | |
January 19, 2018 | |
| 13,000 | |
January 31, 2018 | |
| 21,000 | |
|
Warrants Fair Value |
Warrant | |
Fair Value at issuance |
| February 29, 2016 | | |
$ | 106,583 | |
| April 4, 2016 | | |
$ | 53,236 | |
| April 4, 2016 | | |
$ | 27,901 | |
| January 24, 2017 | | |
$ | 13,973 | |
| March 27, 2017 | | |
$ | 11,923 | |
| June 5, 2017 | | |
$ | 14,826 | |
| June 9, 2017 | | |
$ | 7,489 | |
| November 6, 2017 | | |
$ | 3,131 | |
| November 14, 2017 | | |
$ | 1,640 | |
| November 15, 2017 | | |
$ | 676 | |
| November 22, 2017 | | |
$ | 948 | |
| December 5, 2017 | | |
$ | 994 | |
| December 11, 2017 | | |
$ | 747 | |
| January 16, 2018 | | |
$ | 8,853 | |
| January 19, 2018 | | |
$ | 4,327 | |
| January 31, 2018 | | |
$ | 12,187 | |
| February 26, 2018 | | |
$ | 76,671 | |
|
Weighted average assumptions |
Warrant Date | |
Exercise Price/sh | |
Common Stock Price/sh | |
Volatility | |
Term | |
Dividend Yield | |
Interest Rate | |
Forfeiture Risk |
February 29, 2016 | |
$ | 0.575 | | |
$ | 0.45 | | |
| 200 | % | |
| 3 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
April 4, 2016 | |
$ | 0.575 | | |
$ | 0.475 | | |
| 195 | % | |
| 3 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
April 4, 2016 | |
$ | 0.575 | | |
$ | 0.475 | | |
| 195 | % | |
| 3 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
January 24, 2017 | |
$ | 0.50 | | |
$ | 0.39 | | |
| 404 | % | |
| 2 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
March 27, 2017 | |
$ | 0.50 | | |
$ | 0.40 | | |
| 390 | % | |
| 2 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
June 5, 2017 | |
$ | 0.50 | | |
$ | 0.495 | | |
| 445 | % | |
| 2 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
June 9, 2017 | |
$ | 0.50 | | |
$ | 0.495 | | |
| 445 | % | |
| 2 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
November 6, 2017 | |
$ | 0.50 | | |
$ | 0.35 | | |
| 410 | % | |
| 2 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
November 14, 2017 | |
$ | 0.50 | | |
$ | 0.33 | | |
| 413 | % | |
| 2 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
November 15, 2017 | |
$ | 0.50 | | |
$ | 0.34 | | |
| 409 | % | |
| 2 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
November 22, 2017 | |
$ | 0.50 | | |
$ | 0.318 | | |
| 414 | % | |
| 2 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
December 5, 2017 | |
$ | 0.50 | | |
$ | 0.25 | | |
| 422 | % | |
| 2 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
December 11, 2017 | |
$ | 0.50 | | |
$ | 0.30 | | |
| 433 | % | |
| 2 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
January 16, 2018 | |
$ | 0.50 | | |
$ | 0.51 | | |
| 201 | % | |
| 2 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
January 19, 2018 | |
$ | 0.50 | | |
$ | 0.40 | | |
| 203 | % | |
| 2 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
January 31, 2018 | |
$ | 0.50 | | |
$ | 0.65 | | |
| 218 | % | |
| 2 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
February 26, 2018 | |
$ | 0.625 | | |
$ | 0.50 | | |
| 222 | % | |
| 2 yrs | | |
| 0 | % | |
| 0.91 | % | |
| 0 | % |
|
Warrants |
| |
Warrant Shares | |
Weighted Average Exercise Price Per Common Share | |
Weighted Average Life |
| Outstanding at December 31, 2016 | | |
| 467,928 | | |
$ | 0.58 | | |
| 2.13 | |
| Issued | | |
| 162,000 | | |
$ | 0.50 | | |
| 2.00 | |
| Exercised | | |
| — | | |
| — | | |
| — | |
| Expired | | |
| (17,400 | ) | |
| — | | |
| — | |
| Outstanding at December 31, 2017 | | |
| 612,528 | | |
$ | 0.54 | | |
| 1.37 | |
| Exercisable at December 31, 2017 | | |
| 561,528 | | |
$ | 0.56 | | |
| 1.21 | |
| Issued | | |
| 230,375 | | |
$ | 0.60 | | |
| 2.00 | |
| Exercised | | |
| — | | |
| | | |
| | |
| Expired | | |
| — | | |
| | | |
| | |
| Outstanding at March 31, 2018 | | |
| 842,903 | | |
$ | 0.57 | | |
| 1.25 | |
| Exercisable at March 31, 2018 | | |
| 561,528 | | |
$ | 0.56 | | |
| 0.97 | |
|
Black-scholes modle |
Exercises price | |
$0.50 - $0.625 |
Common stock price per share | |
$ | 0.40 | |
Volatility | |
| 216 | % |
Weighted average life | |
| 1.25 years | |
Dividend yield | |
| 0 | % |
Interest rate | |
| 0.91 | % |
Forfeiture risk | |
| 0 | % |
|
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|
Revenues (Tables)
|
3 Months Ended |
Mar. 31, 2018 |
Accounting Policies [Abstract] |
|
Revenue |
| |
Three Months Ended |
| |
March 31, 2018 | |
March 31, 2017 |
Turnover | |
| |
|
Turnover web-based | |
$ | 46,065,899 | | |
$ | 28,749,836 | |
Turnover land-based | |
| 44,493,960 | | |
| 23,969,666 | |
Total Turnover | |
| 90,559,859 | | |
| 52,719,502 | |
| |
| | | |
| | |
Winnings/Payouts | |
| | | |
| | |
Winnings web-based | |
| 42,617,996 | | |
| 27,222,482 | |
Winnings land-based | |
| 38,746,243 | | |
| 21,704,642 | |
Total Winnings/payouts | |
| 81,364,239 | | |
| 48,927,124 | |
| |
| | | |
| | |
Gross Gaming Revenues | |
$ | 9,195,620 | | |
$ | 3,792,378 | |
| |
| | | |
| | |
Less: ADM Gaming Taxes | |
| 766,833 | | |
| 364,451 | |
Net Gaming Revenues | |
$ | 8,428,787 | | |
$ | 3,427,927 | |
Add: Commission Revenues | |
| 99,001 | | |
| 81,845 | |
Add: Service Revenues | |
| 66,079 | | |
| 365,429 | |
Total Revenues | |
$ | 8,593,867 | | |
$ | 3,875,201 | |
|
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3 Months Ended |
Mar. 31, 2018 |
Income Taxes Tables |
|
Reconciliation of income tax expense |
| |
March 31, 2018 | |
March 31, 2017 |
U.S. Statutory rate | |
$ | 354,801 | | |
$ | (278,252 | ) |
Tax rate difference between Italy, Austria, Canada and U.S. | |
| (227,467 | ) | |
| 181,452 | |
Change in Valuation Allowance | |
| (63,671 | ) | |
| 145,803 | |
Permanent difference | |
| 181,373 | | |
| (1,894 | ) |
Effective tax rate | |
$ | 245,036 | | |
$ | 47,109 | |
|
Deferred tax assets |
| |
March 31, 2018 | |
March 31, 2017 |
| Current | | |
$ | 245,036 | | |
$ | 47,109 | |
| Deferred | | |
| — | | |
| — | |
| Total | | |
$ | 245,036 | | |
$ | 47,109 | |
|
Provisions for income taxes |
| |
March 31, 2018 | |
March 31, 2017 |
Net loss carryforward - Foreign | |
$ | 21,272 | | |
$ | 145,497 | |
Net loss carryforward - US | |
| 4,476,794 | | |
| 4,106,025 | |
| |
| 4,498,066 | | |
| 4,251,522 | |
Less valuation allowance | |
| (4,498,066 | ) | |
| (4,251,522 | ) |
Deferred tax assets | |
$ | — | | |
$ | — | |
|
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Summary of Significant Accounting Policies (Details 1) - USD ($)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2018 |
Dec. 31, 2017 |
Change in the Level 3 financial instrument [Rollforward] |
|
|
Beginnng Balance |
$ 222,915
|
$ 211,262
|
Issued during the year |
669,126
|
268,884
|
Exercised during the year |
|
|
Change in fair value recognized in operations |
(254,289)
|
(257,231)
|
Ending Balance |
$ 637,752
|
$ 222,915
|
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Acquisition- Purchase price (Details)
|
3 Months Ended |
Mar. 31, 2018
USD ($)
|
Odissea [Member] |
|
Business Combination, Separately Recognized Transactions [Line Items] |
|
Current assets |
$ 210,505
|
Property, Plant and Equipment |
30,638
|
Identifiable intangible assets: |
$ 1,685,371
|
Remaining useful life |
15 years
|
Less: liabilities assumed |
$ (215,935)
|
Total identifiable assets less liabilities assumed |
1,710,579
|
Total purchase price |
1,710,579
|
Ulisse [Member] |
|
Business Combination, Separately Recognized Transactions [Line Items] |
|
Current assets |
984,647
|
Property, Plant and Equipment |
2,917
|
Identifiable intangible assets: |
$ 83,996
|
Remaining useful life |
10 years
|
Less: liabilities assumed |
$ (421,976)
|
Total identifiable assets less liabilities assumed |
649,584
|
Total purchase price |
$ 649,584
|
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Acquisitions (Details Narrative)
|
6 Months Ended |
Jun. 30, 2016
shares
|
Odissea [Member] |
|
Business Acquisition [Line Items] |
|
Share issued for acquisition |
8,772,200
|
Ownership |
11.81%
|
Agreement |
Pursuant to the Odissea SPA, upon completion
of certification of the Betting Operating System by the ADM, which was obtained on June 30, 2017, the sellers may exercise the
option to resell to the Company 50% of the shares of common stock issued in consideration for the purchase price (or 4,386,100
shares) at a fixed price of U.S. $0.50 per share (the “Odissea Put Option”). As of the date of this report, the Odissea
Put Option has been extended indefinitely by mutual consent.
|
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|
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|
Share issued for acquisition |
3,331,200
|
Ownership |
4.49%
|
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Pursuant to the Ulisse SPA, subject to a purchase
price adjustment to equal two times earnings before income taxes calculated on a pro rata basis from the Closing Date upon completion
of the ADM license tender auction and the Rights obtained by the Company are assigned to the Ulisse locations the sellers may exercise
the option to resell to the Company 50% of the shares of common stock issued in consideration for the purchase price (or 1,665,600)
at a fixed price of U.S. $0.50 per share (the “Ulisse Put Option”). As of the date of this report, the Ulisse Put Option
has been extended indefinitely by mutual consent..
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Intangible Assets - Intangibles (Details) - USD ($)
|
Mar. 31, 2018 |
Dec. 31, 2017 |
Intangible assets, gross |
$ 4,676,720
|
$ 4,673,626
|
Accumulated amortization |
(1,540,966)
|
(1,427,878)
|
Intangible assets |
3,135,754
|
3,245,748
|
Betting Operating System [Member] |
|
|
Intangible assets, gross |
1,685,371
|
1,685,371
|
Licenses [Member] |
|
|
Intangible assets, gross |
970,422
|
967,328
|
Location contracts [Member] |
|
|
Intangible assets, gross |
1,000,000
|
1,000,000
|
Customer relationships [Member] |
|
|
Intangible assets, gross |
870,927
|
870,927
|
Trademarks/names [Member] |
|
|
Intangible assets, gross |
110,000
|
110,000
|
Website [Member] |
|
|
Intangible assets, gross |
$ 40,000
|
$ 40,000
|
X |
- DefinitionAccumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.
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Related party transactions and balances - Related party (Details) - USD ($)
|
Mar. 31, 2018 |
Dec. 31, 2017 |
Related Party Transaction [Line Items] |
|
|
Balance of advances from stockholders |
$ 1,076
|
$ 547,809
|
Gold Street Capital Corp. [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Balance of advances from stockholders |
58,384
|
41,143
|
Doriana Gianfelici [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Balance of advances from stockholders |
60,302
|
58,792
|
Luca Pasquini [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Balance of advances from stockholders |
(117,610)
|
(119,939)
|
Other Stockholders [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Balance of advances from stockholders |
|
$ 567,813
|
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|
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|
Mar. 31, 2018
USD ($)
|
Mar. 31, 2018
EUR (€)
|
Mar. 31, 2017
USD ($)
|
Mar. 31, 2018
EUR (€)
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Advance from related party |
$ (559,131)
|
|
|
$ (3,472)
|
|
Related Party [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Interest rate |
5.00%
|
|
5.00%
|
|
|
Engage IT Services Srl [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Interest rate |
4.47%
|
|
4.47%
|
|
|
Advances to related party |
$ 48,090
|
[1] |
|
|
€ 39,048
|
Gold Street Capital Corp. [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Advance from related party |
17,241
|
|
|
|
|
Debt repaid |
43,460
|
|
|
|
|
Management fee paid |
36,000
|
|
|
|
|
Luca Pasquini [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Advances to related party |
123,060
|
|
|
|
100,000
|
Advance from related party |
5,408
|
|
|
|
|
Management fee paid |
5,532
|
|
|
|
|
Ulisse [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Management fee paid |
147,516
|
|
€ 120,000
|
|
|
Accrued management fee |
$ 49,172
|
|
|
|
€ 40,000
|
Braydon Capital Corp. [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Interest rate |
12.00%
|
|
12.00%
|
|
|
Promissory note |
$ 318,077
|
|
|
|
|
Accrued interest |
$ 78,628
|
|
|
|
|
|
|
X |
- DefinitionCarrying value as of the balance sheet date of obligations incurred through that date and payable for professional fees, such as for legal and accounting services received. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
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Investment in Non-consolidated Entities (Details)
|
3 Months Ended |
12 Months Ended |
|
Mar. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 09, 2014
USD ($)
|
Dec. 09, 2014
CAD ($)
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
Total investment in non-consolidated entities |
$ 350,000
|
$ 875,459
|
|
|
Less impairment |
|
(875,459)
|
|
|
Investment in non-consolidated entities |
350,000
|
1
|
|
|
2336414 Ontario Inc. [Member] |
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
Total investment in non-consolidated entities |
|
875,459
|
$ 778,150
|
$ 1,000,000
|
Banca Veneto [Member] |
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
Total investment in non-consolidated entities |
|
1
|
|
|
Zoompass Holdings Inc. [Member] |
|
|
|
|
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|
|
|
|
Total investment in non-consolidated entities |
$ 350,000
|
|
|
|
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Investment in Non-consolidated Entities (Details Narrative) (USD $)
|
3 Months Ended |
11 Months Ended |
12 Months Ended |
|
Mar. 31, 2018
USD ($)
shares
|
Mar. 31, 2017
USD ($)
|
Dec. 09, 2014
USD ($)
shares
|
Dec. 31, 2017
USD ($)
shares
|
Dec. 09, 2014
CAD ($)
shares
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
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$ 350,000
|
|
|
$ 875,459
|
|
Gain on litigation settlement |
(516,120)
|
|
|
|
|
2336414 Ontario Inc. [Member] |
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Total investment in non-consolidated entities |
|
|
$ 778,150
|
$ 875,459
|
$ 1,000,000
|
Common shares owned | shares |
|
|
666,664
|
666,664
|
666,664
|
Ownership |
|
|
|
2.30%
|
|
Additional Information |
|
|
(1) common share in the capital of 2336414 and one-quarter (1/4) of one common share purchase warrant, which will require
four quarter warrants to acquire one additional common share in the capital of 2336414, for CDN $2.25
|
The Company subscribed for 666,664 Units (CDN
$1,000,000) (approximately U.S. $875,458), with each Unit being comprised of one (1) common share in the capital of 2336414 and
one-quarter (1/4) of one common share purchase warrant, which will require four quarter warrants to acquire one additional common
share in the capital of 2336414, for CDN $2.25 within 18 months after the closing of the Offering, or such longer period of time
as 2336414 may determine.
|
|
Gain on litigation settlement |
|
|
|
|
|
Zoompass Holdings Inc. [Member] |
|
|
|
|
|
Schedule of Equity Method Investments [Line Items] |
|
|
|
|
|
Total investment in non-consolidated entities |
$ 350,000
|
|
|
|
|
Common shares owned | shares |
2,500,000
|
|
|
|
|
Debt forgiveness |
$ 210,065
|
|
|
|
|
X |
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Debentures and Convertible Notes (Details) - USD ($)
|
Mar. 31, 2018 |
Dec. 31, 2017 |
Debenture |
$ 678,397
|
$ 1,172,667
|
Less: unamortized debt issuance costs |
(79,886)
|
(24,560)
|
Debenture, net of discount |
598,511
|
1,148,107
|
February 29, 2016 [Member] |
|
|
Debenture |
|
750,000
|
January 24,2017 [Member] |
|
|
Debenture |
133,885
|
136,032
|
Debt discount |
5,723
|
7,446
|
March 27, 2017 [Member] |
|
|
Debenture |
75,522
|
68,571
|
Debt discount |
40,818
|
50,994
|
June 5, 2017 [Member] |
|
|
Debenture |
56,330
|
47,024
|
Debt discount |
60,010
|
72,541
|
June 9, 2017 [Member] |
|
|
Debenture |
27,562
|
22,842
|
Debt discount |
30,608
|
36,940
|
November 6, 2017 [Member] |
|
|
Debenture |
149,939
|
148,198
|
Debt discount |
47,839
|
55,063
|
January 16, 2018 [Member] |
|
|
Debenture |
235,159
|
|
Debt discount |
$ 707,194
|
|
X |
- DefinitionThe portion of the carrying value of long-term convertible debt as of the balance sheet date that is scheduled to be repaid within one year or in the normal operating cycle if longer. Convertible debt is a financial instrument which can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder.
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Debentures and Convertible Notes (Details Narrative)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2018
USD ($)
$ / shares
shares
|
Mar. 31, 2018
CAD ($)
shares
|
Dec. 31, 2017
USD ($)
|
February 29, 2016 [Member] |
|
|
|
Private Placement |
$ 750,000
|
|
|
Proceeds from private placement |
$ 600,000
|
|
|
Interest rate |
12.00%
|
12.00%
|
|
Interest rate, effective |
22.00%
|
|
|
Warrants to purchase | shares |
326,088
|
326,088
|
|
Penalty |
$ 8,425
|
|
$ 139,041
|
Price per share | $ / shares |
$ 0.575
|
|
|
Payment on Loan |
$ 1,027,351
|
|
|
April 4, 2016 [Member] |
|
|
|
Proceeds from private placement |
150,000
|
|
|
Legal Expenses |
$ 15,000
|
|
|
Interest rate |
12.00%
|
12.00%
|
|
Commissions |
$ 75,000
|
|
|
January 24,2017 [Member] |
|
|
|
Private Placement |
140,067
|
|
|
Finders Fees |
11,205
|
$ 14,400
|
|
Net Proceeds |
$ 128,862
|
$ 165,600
|
|
Interest rate |
10.00%
|
10.00%
|
|
Warrants to purchase | shares |
36,000
|
36,000
|
|
Warrant price | $ / shares |
$ 0.50
|
|
|
March 27, 2017 [Member] |
|
|
|
Warrants to purchase | shares |
1,000
|
1,000
|
|
Warrant price | $ / shares |
$ 0.50
|
|
|
January 31, 2018[Member] |
|
|
|
Proceeds from private placement |
$ 914,327
|
|
|
Finders Fees |
45,716
|
$ 58,750
|
|
Net Proceeds |
868,610
|
$ 1,116,250
|
|
February 26, 2018 [Member] |
|
|
|
Private Placement |
1,396,080
|
|
|
Proceeds from private placement |
519,652
|
|
|
Finders Fees |
25,982
|
|
|
Net Proceeds |
$ 493,669
|
|
|
Interest rate |
10.00%
|
10.00%
|
|
Warrants to purchase | shares |
167,500
|
167,500
|
|
Warrant price | $ / shares |
$ 0.625
|
|
|
Shares issued for private placement, shares | shares |
111,000
|
111,000
|
|
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Debentures and Convertible Notes (Details Narrative) (Parenthetical)
|
3 Months Ended |
Mar. 31, 2018 |
February 26, 2018 [Member] |
|
Terms |
The Company also issued a warrant to purchase 167,500 of the
Company’s common stock as well as a Broker Warrant to purchase up to 8,375 of the Company’s common stock, for a
total of 175,875, at the lesser of $0.625 per share or 125% of the proposed IPO price per share from August 26, 2018 up to
February 26, 2020. The Company also issued 160 shares of common stock for each debenture unit. An aggregate of 111,000
restricted common shares in connection with the debenture, including a total of 107,200 common shares issued to the debenture
holders, and 3,800 shares of common stock were issued to the brokers on closing.
|
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Debentures and Convertible Notes (Details Narrative Additional) (USD $)
|
Mar. 31, 2018
USD ($)
|
Mar. 31, 2018
CAD ($)
|
Jan. 31, 2018
USD ($)
|
Jan. 31, 2018
CAD ($)
|
Jan. 19, 2018
USD ($)
|
Jan. 19, 2018
CAD ($)
|
Jan. 16, 2018
USD ($)
|
Jan. 16, 2018
CAD ($)
|
Dec. 11, 2017
USD ($)
|
Dec. 11, 2017
CAD ($)
|
Dec. 05, 2017
USD ($)
|
Dec. 05, 2017
CAD ($)
|
Nov. 22, 2017
USD ($)
|
Nov. 22, 2017
CAD ($)
|
Nov. 15, 2017
USD ($)
|
Nov. 15, 2017
CAD ($)
|
Nov. 14, 2017
USD ($)
|
Nov. 14, 2017
CAD ($)
|
Nov. 06, 2017
USD ($)
|
Nov. 06, 2017
CAD ($)
|
Jun. 09, 2017
USD ($)
|
Jun. 09, 2017
CAD ($)
|
Jun. 05, 2017
USD ($)
|
Jun. 05, 2017
CAD ($)
|
Mar. 27, 2017
USD ($)
|
Mar. 27, 2017
CAD ($)
|
Debentures And Convertible Notes Details Narrative Additional Usd |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issue Value |
$ 914,327
|
$ 1,175,000
|
$ 163,412
|
$ 210,000
|
$ 101,160
|
$ 130,000
|
$ 159,521
|
$ 205,000
|
$ 19,454
|
$ 25,000
|
$ 31,126
|
$ 40,000
|
$ 23,345
|
$ 30,000
|
$ 15,563
|
$ 20,000
|
$ 38,908
|
$ 50,000
|
$ 70,033
|
$ 90,000
|
$ 58,361
|
$ 75,000
|
$ 116,723
|
$ 150,000
|
$ 116,723
|
$ 150,000
|
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Promissory Notes Payable (Details Narrative)
|
3 Months Ended |
|
|
Mar. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
shares
|
Dec. 09, 2014
USD ($)
shares
|
Dec. 09, 2014
CAD ($)
shares
|
Debt Instrument [Line Items] |
|
|
|
|
Promissory note payable |
|
$ 100,749
|
|
|
2336414 Ontario Inc. [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Promissory note payable |
|
|
|
$ 500,000
|
Common shares owned | shares |
|
666,664
|
666,664
|
666,664
|
2336414 Ontario Inc. |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Promissory note payable |
|
|
$ 389,075
|
|
Debt forgiven |
$ 162,927
|
|
|
|
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Fair Value Warrant (Details) - USD ($)
|
3 Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar. 31, 2018 |
Feb. 26, 2018 |
Jan. 19, 2018 |
Jan. 16, 2018 |
Jan. 13, 2018 |
Dec. 11, 2017 |
Dec. 05, 2017 |
Nov. 22, 2017 |
Nov. 15, 2017 |
Nov. 14, 2017 |
Nov. 06, 2017 |
Jun. 09, 2017 |
Jun. 05, 2017 |
Mar. 27, 2017 |
Jan. 24, 2017 |
Apr. 04, 2016 |
Feb. 29, 2016 |
Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Conversion [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants to purchase |
|
|
13,000
|
20,500
|
21,000
|
2,500
|
4,000
|
3,000
|
2,000
|
5,000
|
9,000
|
7,500
|
15,000
|
15,000
|
36,000
|
125,218
|
260,870
|
Exercise price |
$ .50
|
|
|
|
|
|
|
|
|
|
|
$ 0.50
|
$ 0.50
|
$ 0.50
|
$ 0.50
|
$ 0.575
|
$ 0.575
|
Fair value of Warrant |
|
$ 76,671
|
$ 4,327
|
$ 8,853
|
$ 12,187
|
$ 747
|
$ 994
|
$ 948
|
$ 676
|
$ 1,640
|
$ 3,131
|
$ 7,489
|
$ 14,826
|
$ 11,923
|
$ 13,973
|
$ 53,236
|
$ 106,583
|
Term |
Between March 27, 2017 and January 31, 2018, for each CDN $1,000 debenture unit
the Company issued 100 warrants to purchase one common share of the Company’s common stock per warrant at a price of $0.50
per share up to two years from the closing date.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Conversion [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants to purchase |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
124,440
|
|
Exercise price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.575
|
|
Fair value of Warrant |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 27,901
|
|
X |
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Warrants - Assumptions (Details) - $ / shares
|
3 Months Ended |
10 Months Ended |
11 Months Ended |
12 Months Ended |
|
|
|
|
|
|
Mar. 31, 2018 |
Nov. 14, 2017 |
Nov. 06, 2017 |
Dec. 05, 2017 |
Nov. 22, 2017 |
Nov. 15, 2017 |
Dec. 22, 2017 |
Jun. 09, 2017 |
Jun. 05, 2017 |
Mar. 27, 2017 |
Jan. 24, 2017 |
Apr. 04, 2016 |
Feb. 29, 2016 |
February 29, 2016 Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
$ 0.45
|
|
|
|
|
|
|
|
|
|
|
|
|
Volatility |
200.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average life |
3 years
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend yield |
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
0.91%
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk of forfeiture |
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
April 4, 2016 Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
$ 0.475
|
|
|
|
|
|
|
|
|
|
|
|
|
Volatility |
195.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average life |
3 years
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend yield |
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
0.91%
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk of forfeiture |
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
April 4, 2016 Additional Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
$ 0.95
|
|
|
|
|
|
|
|
|
|
|
|
|
January 24, 2017 Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
$ 0.39
|
|
|
|
|
|
|
|
|
|
|
|
|
Volatility |
404.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average life |
2 years
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend yield |
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
0.91%
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk of forfeiture |
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
March 27, 2017 Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
$ 0.40
|
|
|
|
|
|
|
|
|
|
|
|
|
Volatility |
390.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average life |
2 years
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend yield |
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
0.91%
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk of forfeiture |
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
June 5, 2017 Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
$ 0.495
|
|
|
|
|
|
|
|
|
|
|
|
|
Volatility |
445.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average life |
2 years
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend yield |
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
0.91%
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk of forfeiture |
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
June 9, 2017 Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
$ 0.495
|
|
|
|
|
|
|
|
|
|
|
|
|
Volatility |
445.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average life |
2 years
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend yield |
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
0.91%
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk of forfeiture |
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
November 6, 2017 Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
|
|
|
|
|
|
$ 0.30
|
|
|
|
|
|
|
Volatility |
|
413.00%
|
410.00%
|
422.00%
|
414.00%
|
409.00%
|
433.00%
|
|
|
|
|
|
|
Weighted average life |
2 years
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend yield |
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
0.91%
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk of forfeiture |
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price |
$ .50
|
|
|
|
|
|
|
$ 0.50
|
$ 0.50
|
$ 0.50
|
$ 0.50
|
$ 0.575
|
$ 0.575
|
Share price |
|
$ 0.33
|
$ 0.35
|
$ 0.25
|
$ 0.318
|
$ 0.34
|
|
|
|
|
|
|
|
January 16, 2018 Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price |
0.50
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
$ 0.51
|
|
|
|
|
|
|
|
|
|
|
|
|
Volatility |
201.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average life |
2 years
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend yield |
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
0.91%
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk of forfeiture |
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
January 19, 2018 Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price |
$ 0.50
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
$ 0.40
|
|
|
|
|
|
|
|
|
|
|
|
|
Volatility |
203.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average life |
2 years
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend yield |
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
0.91%
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk of forfeiture |
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
January 31, 2018 Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price |
$ 0.50
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
$ 0.65
|
|
|
|
|
|
|
|
|
|
|
|
|
Volatility |
218.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average life |
2 years
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend yield |
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
0.91%
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk of forfeiture |
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
February 26, 2018 Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price |
$ 0.625
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
$ 0.50
|
|
|
|
|
|
|
|
|
|
|
|
|
Volatility |
222.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average life |
2 years
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend yield |
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
0.91%
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk of forfeiture |
0.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
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- DefinitionThe price per share of the conversion feature embedded in the debt instrument.
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Warrants (Details) - Warrant [Member] - USD ($)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2018 |
Dec. 31, 2017 |
Warrant Shares [Rollforward] |
|
|
Outstanding at beginning of period |
612,528
|
467,928
|
Issued during the period |
230,375
|
162,000
|
Excercised during the period |
|
|
Expired during the period |
|
(17,400)
|
Outstanding at end of period |
842,903
|
612,528
|
Exercisable at end of period |
$ 561,528
|
$ 561,528
|
Weighted Average Exercise Price Per Common Share |
|
|
Outstanding at beginning of period |
$ 0.54
|
$ 0.58
|
Issued during the period |
0.60
|
0.50
|
Exercised during the period |
|
|
Outstanding at end of period |
0.57
|
0.54
|
Exercisable at end of period |
$ 0.56
|
$ 0.56
|
Weighted Average Life per Warrant |
|
|
Outstanding at beginning of period |
1 year 2 months 1 day
|
2 years 1 month 3 days
|
Issued |
2 years
|
2 years
|
Outstanding at end of period |
1 year 2 months 5 days
|
1 year 3 months 7 days
|
Exercisable at end of period |
9 months 7 days
|
1 year 2 months 1 day
|
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Revenues (Details) - USD ($)
|
3 Months Ended |
Mar. 31, 2018 |
Mar. 31, 2017 |
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|
|
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|
$ 52,719,502
|
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|
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|
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9,195,620
|
3,792,378
|
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766,833
|
364,451
|
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8,428,787
|
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99,001
|
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8,593,867
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27,222,482
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3 Months Ended |
Mar. 31, 2018 |
Mar. 31, 2017 |
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|
|
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|
$ (278,252)
|
Tax rate difference between Italy and U.S. |
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|
181,452
|
Change in valuation allowance |
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|
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$ 21,272
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$ 145,497
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Net loss carryforward-US |
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