0001017386-20-000259.txt : 20200805 0001017386-20-000259.hdr.sgml : 20200805 20200804220015 ACCESSION NUMBER: 0001017386-20-000259 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 94 CONFORMED PERIOD OF REPORT: 20190630 FILED AS OF DATE: 20200805 DATE AS OF CHANGE: 20200804 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Newgioco Group, Inc. CENTRAL INDEX KEY: 0001080319 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 330823179 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-39170 FILM NUMBER: 201075448 BUSINESS ADDRESS: STREET 1: 1900 GLADES RD. STREET 2: SUITE 280 CITY: BOCA RATON STATE: FL ZIP: 33431 BUSINESS PHONE: 39-391-306-4134 MAIL ADDRESS: STREET 1: 130 ADELAIDE STREET, WEST STREET 2: SUITE 701 CITY: TORONTO STATE: A6 ZIP: M5H 2K4 FORMER COMPANY: FORMER CONFORMED NAME: EMPIRE GLOBAL CORP. DATE OF NAME CHANGE: 20051004 FORMER COMPANY: FORMER CONFORMED NAME: TRADESTREAM GLOBAL CORP. DATE OF NAME CHANGE: 20050727 FORMER COMPANY: FORMER CONFORMED NAME: VIANET TECHNOLOGY GROUP LTD DATE OF NAME CHANGE: 20050707 10-Q/A 1 newg_2019jun30-10qa1.htm MARCH 31, 2017 QUARTERLY REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________

FORM 10-Q/A

 

Amendment No. 1

_________________

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

 

Commission File Number 000-50045

_________________

 

NEWGIOCO GROUP, INC.

(Exact name of registrant as specified in its charter)

_________________

Delaware   33-0823179
(State or Other Jurisdiction   (I.R.S. Employer
of Incorporation or Organization)   Identification No.)

 

130 Adelaide Street, West, Suite 701

Toronto, Ontario, Canada M5H 2K4

(Address of Principal Executive Offices) (Zip Code)

 

+39-391-306-4134

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YesNo

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YesNo

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
    Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YesNo

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock   NWGI   The Nasdaq Capital Market

 

Securities registered pursuant to Section 12(g) of the Act: None

 

As of August 14, 2019, the registrant had 79,949,040 shares of common stock, $0.0001 par value per share, outstanding.

 

TABLE OF CONTENTS

 

PART I - FINANCIAL INFORMATION PAGE
     
  Cautionary Statement Regarding Forward Looking Statements 4
     
Item 1 Financial Statements  
  Consolidated Balance Sheets (unaudited) 5
  Consolidated Statements of Operations and Comprehensive Income (Loss) (unaudited) 6
  Consolidated Statements of Changes in Stockholders' Equity (Deficiency) 7
  Consolidated Statements of Cash Flows (unaudited) 8
  Notes to the Consolidated Financial Statements (unaudited) 9
Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operation 42
Item 3 Quantitative and Qualitative Disclosures About Market Risk 49
Item 4 Controls and Procedures 49
     
PART II - OTHER INFORMATION 50
     
Item 1 Legal Proceedings  
Item 1A Risk Factors 50
Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 51
Item 3 Defaults Upon Senior Securities 51
Item 4 Mine Safety Disclosures 51
Item 5 Other Information 51
Item 6 Exhibits 51
     
SIGNATURES 52

 

 

2


 
 

 

EXPLANATORY NOTE

 

Unless the context requires otherwise, references to “we,” “us,” “our,” and “Newgioco,” and the “Company” refer to Newgioco Group, Inc. and its subsidiaries.

 

The Company has prepared this Amendment No. 1 (this “Amendment”) to its Quarterly Report on Form 10-Q for the quarter ended June 30, 2019, which was originally filed with the Securities and Exchange Commission on August 16, 2019 (the “Original 10-Q”) to reflect the restatement of certain of the Company’s previously issued Consolidated Balance Sheets at June 30, 2019, Consolidated Statements of Operations and Comprehensive Income (Loss), Consolidated Statements of Changes in Stockholder’ Equity (Deficiency) and Consolidated Statements of Cash Flows for the quarters ended June 30, 2019 and 2018 and the notes related thereto and certain other related matters.

 

As required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended, new certifications by the Company’s principal executive officer and principal financial officer are filed as exhibits 31.1, 31.2, 32.1 and 32.2 to this Form 10-Q/A.

 

The Company intends to file as soon as practicable the restated financial statements for the quarter ended September 30, 2019.

 

In addition, all share and earnings per share information have been retroactively adjusted to reflect an 1 for 8 reverse stock split effective December 12, 2019.

 

Background

 

On May 5, 2020, the Company filed a Current Report on Form 8-K under Item 4.02 with the Securities and Exchange Commission relating to previously issued financial statements as described below. As indicated in the Current Report on Form 8-K under Item 4.02, the Company determined that a restatement was necessary due to the effect of certain errors in its Consolidated Balance Sheets at December 31, 2018 and 2017, Consolidated Statements of Operations and Comprehensive Income (Loss), Consolidated Statements of Changes in Stockholder’ Equity and Consolidated Statements of Cash Flows for the years ended December 31, 2018 and 2017 (collectively the “Financial Statements”) and the notes related thereto.

 

These errors consisted primarily of the following: (i) the understatement of non-cash consolidated depreciation and amortization by $788,666; (ii) the understatement of unrealized foreign exchange losses of $178,976. In addition, the Company identified other miscellaneous immaterial adjustments amounting to $9,506. As a result, net loss for the year ended December 31, 2018 increased by $582,449 and the net income for the year ended December 31, 2017 increased by $85,198 and the cumulative adjustment to periods prior to January 1, 2017 decreased by $460,885.

 

The Company also analyzed the impact of the aforementioned adjustments and other accumulated misstatements on the financial statements for the interim and annual periods prior to the fiscal year ended December 31, 2018, and concluded that a cumulative opening retained earnings adjustment is appropriate as the correction of the errors in each prior period would not be material individually or in the aggregate to any such prior interim or annual period. However, the Company concluded that correcting the cumulative impact of the errors would be material to its results of operations for the year ended December 31, 2018 and the three subsequent quarters.

 

In addition, the Company adjusted the opening Consolidated Balance Sheets to reflect the changes describe above and made amendments to its Consolidated Balance Sheet at June 30, 2019, Consolidated Statement of Operations and Comprehensive Income (Loss), Consolidated Statements of Changes in Stockholders Equity and Consolidated Statements of Cash Flows for the three and six months ended June 30, 2019 and the related notes thereto (collectively “the Interim financial Statements”) to take into account the following:

 

Accounting for leases in terms of ASC 842 – leases, which requires the Company to

 

-recognize leases on the balance sheet as a lease liability with a corresponding right-of-use asset for leases with a lease-term of more than twelve months. The new standard was effective for interim periods beginning after December 15, 2018. The Company adopted the new standard on January 1, 2019 using the prospective transition method, and accordingly restated its Interim Financial Statements. In terms of the adjustment, the Company recorded an initial Right-of-use asset of $646,138 under non-current assets and a corresponding Operating Lease liability of $617,352 on January 1, 2019 and adjusted for subsequent addition to the right of use asset and Operating liability of $217,352 and the disposal of right-of-use assets of $27,517 and a reduction in the corresponding liability of $32,499 during the six months ended June 30, 2019. The subsequent amortization of the Right-of-use asset and Operating lease liability resulted in a net adjustment to the Right-of-use asset of $736,625 and to the operating lease liability of $703,167 and other accrued liabilities of $33,620, after taking into account foreign currency translation differences of $162.

 

3


 
 

 

-The accounting for finance leases in terms of ASC 842- Leases, was also modified to correct certain immaterial differences in accounting for these leases. The net adjustment resulted in the recording of an asset of $43,961 and a finance lease liability of $44,590 and the subsequent adjustment to net loss from operation of a net $163.

 

-Accounting for Imputed Deferred Taxation in terms of ASC 740, on the acquisition of Virtual Generation which was effective January 31, 2019. ASC 740 require the recognition of imputed deferred tax on the identifiable intangible assets acquired. This resulted in an adjustment to goodwill on acquisition of $1,401,608 and the initial recognition of a deferred tax liability of $1,401,608. The deferred tax liability was subsequently decreased by $38,934, the deferred tax liability is related to the amortization of the intangible asset acquired of $111,239.

 

-Other adjustments, with a net impact of $28,233 to the Statement of Operations and Comprehensive Loss were made to correct errors that perpetuated from the December 31, 2018 balance sheet adjustments in the Interim Financial Statements for the six months ended June 30, 2019. Included in other adjustments is a reclassification of selling expenses of $770,025 to general and administrative expenses to conform to current disclosure.

 

To assist in your review of this filing, this 10-Q/A sets forth the Original 10-Q in its entirety, as amended to reflect the changes described above. The Company believes that presenting all of the amended and restated information in this 10-Q/A allows investors to review all pertinent data in a single presentation. This 10-Q/A amends and restates the Financial Statements to reflect the restated numbers to correct the errors. In addition, in this 10-Q/A, corresponding changes were also made to the Part I, Item 2, under “Management’s Discussion and Analysis of Results of Operations and Financial Condition” to reflect the restated numbers; Part II, Item 1A to reflect the restated numbers in the applicable risk factor; Part II, Item 2 to correct the number of shares issuable upon exercise of debentures in the applicable risk factor and Part II, Item 2 Sale of Unregistered Securities to correct the number of unregistered shares of common stock that were issued during the quarter.

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical fact could be deemed forward-looking statements. Statements that include words such as “may,” “might,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “pro forma” or the negative of these words or other words or expressions of and similar meaning may identify forward-looking statements. For example, forward-looking statements include any statements of the plans, strategies and objectives of management for future operations, including the execution of integration and restructuring plans and the anticipated timing of filings; any statements concerning proposed new products, services or developments; any statements regarding future economic conditions or performance; statements of belief and any statement of assumptions underlying any of the foregoing.

 

These forward-looking statements are found at various places throughout this Quarterly Report on Form 10-Q and the other documents referred to and relate to a variety of matters, including, but not limited to, other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should not be relied upon as predictions of future events and Newgioco Group, Inc. cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. Furthermore, if such forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by Newgioco Group, Inc. or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth below, under Part II, “Item 1A. “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q and those identified under Part I, Item 1A in our Annual Report on Form 10-K of the year ended December 31, 2018 filed with the Securities and Exchange Commission on March 8, 2019.

 

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q. We disclaim any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this Quarterly Report on Form 10-Q or to reflect the occurrence of unanticipated events, except as required by law.

 

In this Quarterly Report on Form 10-Q, unless the context indicates otherwise, references to “Newgioco Group” “our Company,” “the Company,” “we,” “our,” and “us” refer to Newgioco Group, Inc. a Delaware corporation, and its wholly-owned subsidiaries.

 

4


 
 

 

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements

NEWGIOCO GROUP, INC.

Consolidated Balance Sheets

(Unaudited)

 

   June 30, 2019  December 31, 2018
   (As Restated)   
Current Assets      
Cash and cash equivalents  $5,228,797   $6,289,903 
Accounts receivable   116,398    10,082 
Gaming accounts receivable   654,016    1,021,052 
Prepaid expenses   140,107    124,712 
Related party receivable   851    49,914 
Other current assets   145,348    55,700 
Total Current Assets   6,285,517    7,551,363 
           
Non-current Assets          
Restricted cash   1,439,782    1,560,539 
Property, plant and equipment   519,213    476,047 
Right-of-use assets   736,625    —   
Intangible assets   16,197,962    12,527,980 
Goodwill   1,663,591    262,552 
Investment in non-consolidated entities   250,000    275,000 
Total Noncurrent Assets   20,807,173    15,102,118 
Total Assets  $27,092,690   $22,653,481 
           
Current Liabilities          
Line of credit - bank  $1,000,000   $750,000 
Accounts payable and accrued liabilities   3,594,997    4,603,608 
Gaming accounts balances   2,217,089    1,049,423 
Taxes payable   995,004    1,056,430 
Advances from stockholders   48,508    39,237 
Convertible Debt, net of discount of $2,578,995 and $4,587,228, respectively   6,083,982    3,942,523 
Notes payable, net of discount of $132,970   1,421,045    —   
Notes payable – related party, net of discount of $88,647   1,405,804    318,078 
Bank loan payable – current portion   122,829    120,920 
Operating lease liability   91,449      
Financial lease liability   6,194      
Total Current Liabilities   16,986,901    11,880,219 
           
Non-current liabilities          
Deferred tax liability   1,362,674    —   
Notes payable, net of discount of $54,216   498,874    —   
Notes payable – related party, net of discount of $36,144   332,582    —   
Bank loan payable   161,504    225,131 
Operating lease liability   611,718    —   
Financial lease liability   38,396    —   
Other long-term liabilities   613,963    608,728 
Total Non-current liabilities   3,619,711    833,859 
Total Liabilities   20,606,612    12,714,078 
           
Stockholders' Equity          
Preferred stock, $0.0001 par value; 5,000,000 shares authorized, none issued   —      —   
Common Stock, $0.0001 par value, 80,000,000 shares authorized; 9,918,517 and 9,442,537 shares issued and outstanding as of June 30, 2019 and December 31, 2018*   992    944 
Additional paid-in capital*   25,462,926    23,962,920 
Accumulated other comprehensive income   (118,638)   (57,431)
Accumulated deficit   (18,859,202)   (13,967,030)
Total Stockholders' Equity   6,486,078    9,939,403 
Total Liabilities and Stockholders’ Equity  $27,092,690   $22,653,481 

 

* Adjusted for a 1 for 8 reverse stock split effective December 12, 2019.

 

See notes to the unaudited consolidated financial statements

5


 
 

 

NEWGIOCO GROUP, INC.

Consolidated Statements of Operations and Comprehensive Income (Loss)

(Unaudited)

 

   

For the Three Months Ended

June 30,

 

For the Six Months Ended

June 30,

    2019   2018   2019   2018
    (As Restated)   (As Restated)   (As Restated)   (As Restated)
Revenue   $ 9,105,353     $ 8,822,659     $ 18,371,648     $ 17,416,526  
                                 
Costs and Expenses                                
Selling expenses     6,268,772       5,826,243       13,676,478       11,903,600  
General and administrative expenses     3,360,284       2,201,805       6,557,739       4,407,119  
Total Costs and Expenses     9,629,056       8,028,048       20,234,217       16,310,719  
                                 
(Loss) Income from Operations     (523,703 )     794,611       (1,862,569 )     1,105,807  
                                 
Other (Expenses) Income                                
Other income     7,725       -       7,725       -  
Interest expense, net of interest income     (1,017,243 )     (1,050,270 )     (2,521,355 )     (1,262,509 )
Imputed interest on related party advances     -       753       -       (761 )
Gain on litigation settlement     -       -       -       516,120  
Loss on debt modification     -       (212,270 )     -       (212,270 )
Loss on conversion of debt     (35,943 )     -       (35,943 )     -  
Loss on marketable securities     -       (155,000 )     (25,000 )     (155,000 )
Total Other (Expenses) Income     (1,045,461 )     (1,416,787 )     (2,574,573 )     (1,114,420 )
                                 
Loss Before Income Taxes     (1,569,164 )     (622,176 )     (4,437,142 )     (8,613 )
Income tax provision     (209,056 )     (512,406 )     (455,030 )     (757,442 )
Net Loss     (1,778,220 )     (1,134,582 )     (4,892,172 )     (766,055 )
                                 
Other Comprehensive Income (Loss)                                
Foreign currency translation adjustment     69,023       63,305       (61,207 )     160,778  
                                 
Comprehensive Loss   $ (1,709,197 )   $ (1,071,277 )   $ (4,953,379 )   $ (605,277 )
                                 
Loss per common share – basic and diluted*   $ (0.17 )   $ (0.13 )   $ (0.50 )   $ (0.08 )
Weighted average number of common shares outstanding – basic and diluted*     9,870,357       9,344,282       9,870,357       9,308,511  
                                 

 

* Adjusted for a 1 for 8 reverse stock split effective December 12, 2019.

 

See notes to the unaudited consolidated financial statements

6


 
 

 

NEWGIOCO GROUP, INC.

Consolidated Statements of Changes in Stockholders' Equity

Three and six months ended June 30, 2019 and June 30, 2018

(Unaudited)

 

   Common Stock*  Additional  Accumulated Other      
   Shares  Amount  Paid-In Capital*  Comprehensive loss  Accumulated Deficit  Total
                   
Balance at December 31, 2018   9,442,537   $944   $23,962,920   $(57,431)  $(13,967,030)  $9,939,403 
                               
Common stock issued on conversion of debentures   287,561    29    919,795              919,824 
Common stock issued for the purchase of subsidiaries   65,298    7    196,776              196,783 
Foreign currency translation adjustment                  (130,230)        (130,230)
Net income (loss)                       (3,113,952)   (3,113,952)
                               
Balance at March 31, 2019   9,795,396   $980   $25,079,491   $(187,661)  $(17,080,982)  $7,811,828 
Common stock issued on conversion of debentures   32,785    3    104,908    —      —      104,911 
Common stock issued for the purchase of subsidiaries   90,336    9    278,527    —      —      278,536 
Foreign currency translation adjustment   —      —      —      69,023         69,023 
Net loss   —      —           —      (1,778,220)   (1,778,220)
Balance at June 30, 2019   9,918,517    992    25,462,926    (118,638)   (18,859,202)   6,486,078 

 

 

   Common Stock*  Additional  Accumulated
Other
     Total
   Shares  Amount  Paid-In Capital*  Comprehensive Income  Accumulated Deficit  Stockholders’ Equity
Balance at December 31, 2017   9,267,948   $927   $14,548,951   $126,612   $(10,338,273)  $4,338,217 
Imputed interest on stockholder advances   —      —      1,251    —      —      1,251 
Common stock issued with debentures   13,875    1    55,499    —      —      55,500 
Beneficial conversion feature of convertible debentures   —      —      91,017    —      —      91,017 
ASU 2017-11 adjustment to common stock issued debentures   —      —      (10,853)   —      —      (10,853)
ASU2017-11 adjustment to beneficial conversion feature of debentures   —      —      (6,780)   —      —      (6,780)
ASU 2017-11 Elimination of derivative liability movement   —      —      —      —      (254,289)   (254,289)
Foreign currency translation adjustment   —      —      —      97,473    —      97,473 
Net income   —      —      —      —      622,816    622,816 
                               
Balance at March 31, 2018   9,281,823   $928   $14,679,085   $224,085   $(9,969,746)  $4,934,352 
Common stock issued with debentures   215,028    22    1,770,175    —      —      1,770,197 
Common stock retired on acquisition of Multigioco   (255,000)   (26)   (2,260,948)   —      —      (2,260,974)
Common stock issued net of stock retired on acquisition of Ulisse   175,550    18    5,587,656    —      —      5,587,674 
ASU 2017-11 adjustments to common stock issued with debentures   —      —      (1,232,358)   —      —      (1,232,358)
ASU 2017-11 adjustments to the beneficial conversion feature of convertible debentures   —      —      2,501,332    —      —      2,501,332 
Fair value of warrants issued   —      —      2,951,429    —      —      2,951,429 
Foreign currency translation adjustment   —      —      —      63,305    —      63,305 
Net loss   —      —      —      —      (1,134,582)   (1,134,582)
                               
Balance at June 30, 2018   9,417,401   $942   $23,996,371   $287,390   $(11,104,328)  $13,180,375 

 

* Adjusted for a 1 for 8 reverse stock split effective December 12, 2019.

 

See notes to the unaudited consolidated financial statements

7


 
 

NEWGIOCO GROUP, INC.

Consolidated Statements of Cash Flows

(Unaudited)

  

For the six months Ended

June 30,

   2019  2018
   (As Restated)  (As Restated)
Cash Flows from Operating Activities      
Net loss  $(4,892,172)  $(766,055)
           
Adjustments to reconcile net loss to net cash (used in) provided by operating activities          
Depreciation and amortization   445,990    330,832 
Amortization of deferred costs   2,096,080    1,012,225 
Non-cash interest   409,114    58.188 
Loss on debt conversions   35,943    212,270 
Unrealized loss on trading securities   25,000    155,000 
Imputed interest on advances from stockholders   —      1,514 
Movement in deferred taxation   (38,934)   —   
Recovery of assets        (516,120)
Bad debt expense        6,354 
Changes in Operating Assets and Liabilities          
Prepaid expenses   (7,732)   5,225 
Accounts payable and accrued liabilities   (444,743)   756,987 
Accounts receivable   (57,679)   98,833 
Gaming accounts receivable   357,886    31,409 
Gaming accounts liabilities   1,167,454    (583,899)
Taxes payable   (53,941)   439,731 
Other current assets   (57,163)   (270,259)
Long term liability   9,296    78,346 
Net Cash (Used in) Provided by Operating Activities   (1,005,601)   1,050,581 
           
Cash Flows from Investing Activities          
Acquisition of property, plant, and equipment, and intangible assets   (54,283)   (4,577,886)
Acquisition of Virtual Generation, net of cash of $47,268   (216,150)   —   
Net Cash Used in Investing Activities   (270,433)   (4,577,886)
           
Cash Flows from Financing Activities          
Proceeds from bank credit line   250,000    —   
Repayment of bank credit line   —      (177,060)
Repayment of bank loan   (59,007)   71,143)
Proceeds from debentures and convertible notes, net of repayment   —      6,883,905 
Repayment of deferred purchase consideration – non related parties   (173,862)   —   
Repayment of deferred purchase consideration – related parties   (107,986)   —   
Repayment of financial leases   (5,449)   (215,745)
Loan to related party   (11,992)   —   
Purchase of treasury stock   —      (2,261,307)
Loans advanced to stockholders   —      (485,036)
Repayment of loans advanced to stockholders   6,605    —   
Net Cash (Used in) Provided by Financing Activities   (101,691)   3,673,614 
           
Effect of change in exchange rate   195,864    153,442 
           
Net (decrease) increase in cash   (1,181,861)   299,751 
Cash, cash equivalents and restricted cash – beginning of the period   7,850,442    7,057,763 
Cash, cash equivalents and restricted cash – end of the period  $6,668,581   $7,357,514 
           
Reconciliation of cash, cash equivalents and restricted cash within the Balance Sheets to the Statement of Cash Flows          
Cash and cash equivalents  $5,228,797   $6,785,266 
Restricted cash included in non-current assets   1,439,784    572,248 
   $6,668,581   $7,357,514 

 

Supplemental disclosure of cash flow information      
Cash paid during the period for:      
Interest  $13,955   $140,815 
Income tax  $473,679   $341,830 
           
Supplemental cash flow disclosure for non-cash activities          
Common shares issued for the acquisition of subsidiaries  $272,307   $5,588,088 
Common shares issued on conversion of debentures  $104,911   $—   
Common shares issued to related parties for repayment of debt  $—     $54,402 
Retirement of treasury stock  $—     $2,260,770 
Common shares issued for cashless exercise of warrants  $—     $201,088 

 

See notes to the unaudited consolidated financial statements

8


 
 

 

NEWGIOCO GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

 

1. Nature of Business

 

Established in the state of Delaware in 1998, Newgioco Group, Inc. (“Newgioco Group” or the “Company”) is an international commercial-stage, vertically integrated company engaged in various aspects of the leisure gaming industry. We own and operate an innovative state-of-the-art betting platform (“Platform”) and are a licensed leisure lottery and gaming operator offering online and offline leisure gaming services, including a variety of lottery and casino gaming products, as well as sports betting products through a distribution network of retail betting locations situated throughout Italy and internationally through various agents in eleven other countries located in Africa and South America.

 

The Company’s subsidiaries include: Multigioco Srl (“Multigioco”), acquired on August 15, 2014, Rifa Srl (“Rifa”), acquired on January 1, 2015, and Ulisse GmbH (“Ulisse”) and Odissea Betriebsinformatik Beratung GmbH (“Odissea”) which were both acquired on July 1, 2016, Virtual Generation Limited (“VG”) and Naos Holding Limited, acquired on January 30, 2019 and a non-operating subsidiary Newgioco Group, Inc. based in Canada.

 

The Company operates in one line of business that provides certified betting Platform software (“Platform”) services to and the operating of leisure betting establishments situated throughout Italy and in 11 other countries and is comprised of 3 geographically organized groups: an Operational Group; Technology Group; and a Corporate Group, organized as follows:

 

a.the Operational Group is based in Europe and maintains administrative and customer service offices headquartered in Rome, Italy with satellite offices for operations administration, and risk management and trading in Naples and Teramo, Italy and Valetta, Malta;
b.the Technology Group is based in Innsbruck, Austria and manages software development, training and administration; and
c.the Corporate Group is based in North America which includes a head office situated in Toronto, Canada with a satellite office in Boca Raton, Florida through which our CEO and CFO carry-out our corporate duties, handle day-to-day reporting and other operations such as U.S. development and planning, and through which various independent contractors and vendors are engaged.

 

2. Accounting Policies and Estimates

 

Basis of Presentation

 

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2019. The balance sheet at December 31, 2018 has been derived from the Company’s audited consolidated financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, please refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, as filed with the U.S. Securities and Exchange Commission (“SEC”).

 

All amounts referred to in the Notes to the unaudited condensed consolidated financial statements are in United States Dollars ($) unless stated otherwise.

 

9


 
 

 

NEWGIOCO GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

 

2. Accounting Policies and Estimates (continued)

 

Basis of Consolidation

 

The unaudited condensed consolidated financial statements include the financial statements of the Company and its subsidiaries in which it has at least a majority voting interest. All significant inter-company accounts and transactions have been eliminated in the unaudited condensed consolidated financial statements. The entities included in these unaudited condensed consolidated financial statements are as follows:

 

Company Country of Incorporation

Percentage owned

%

     
Newgioco Group, Inc. United States – Delaware Parent
Newgioco Group, Inc (Canada) Canada 100
Ulisse GmbH Austria 100
Odissea Betriebsinformatik Beratung GMBH Austria 100
Multigioco Srl. Italy 100
Rifa Srl. Italy 100
Virtual Generation Limited Malta 100
Naos Holding Limited Malta 100

 

Currency Translation

 

The Company's subsidiaries operate in Europe with a functional currency of Euro and in Canada with a functional currency of Canadian dollars. In the consolidated financial statements, revenue and expense accounts are translated at the average rates during the period, assets and liabilities are translated at period-end rates and equity accounts are translated at historical rates. 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.

 

Use of Estimates

 

The preparation of the unaudited financial statements in conformity with 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.

 

Loss Contingencies

 

The Company 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. The Company records 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.

 

 

10


 
 

 

NEWGIOCO GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

 

2. Accounting Policies and Estimates (continued)

 

Loss Contingencies (continued)

 

The Company evaluates, 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. The Company has insured and continue to insure against most of these types of claims.

 

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 debentures 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.

 

As a result of the adoption of ASU 2017-11 in the third quarter of 2018, the Company has no derivative financials instruments classified as a liability at June 30, 2019 and December 31, 2018.

 

Business Combinations

 

The Company allocates 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.

 

 

 

11


 
 

 

NEWGIOCO GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

 

2. Accounting Policies and Estimates (continued)

 

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 markets 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.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid debt instruments with maturities of three months or less at the time acquired to be cash equivalents. The Company had no cash equivalents as of June 30, 2019 and December 31, 2018.

 

The Company primarily places cash with high-credit quality financial institutions located in the United States which are insured by the Federal Deposit Insurance Corporation up to a limit of $250,000 per institution, in Canada which are insured by the Canadian Deposit Insurance Corporation up to a limit of CDN$100,000 per institution, in Italy which is insured by the Italian deposit guarantee fund Fondo Interbancario di Tutela dei Depositi (FITD) up to a limit of €100,000 per institution, and in Germany which is a member of the Deposit Protection Fund of the Association of German Banks (Einlagensicherungsfonds des Bundesverbandes deutscher Banken) up to a limit of €100,000 per institution.

 

Gaming Accounts Receivable

 

Gaming accounts receivable represent 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 the Company’s 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 $0 and $0 for the three months ended June 30, 2019 and 2018, respectively, and $0 and $6,354 bad debt expense for the six months ended June 30, 2019 and 2018, respectively. All balances previously recorded as allowance for doubtful accounts were written off as uncollectible.

 

Gaming Accounts Payable

 

Gaming accounts payable 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.

 

12


 
 

 

NEWGIOCO GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

 

2. Accounting Policies and Estimates (continued)

 

Long-Lived Assets

 

The Company evaluates 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.

 

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:

 

Description Useful Life (in years)
   
Office equipment 5
Office furniture 8 1/3
Signs and displays 5

 

Intangible Assets

 

Intangible assets are stated at acquisition cost less accumulated amortization, if applicable, less any adjustments for impairment losses.

 

Amortization is charged on a straight-line basis over the estimated remaining useful lives of the individual intangibles. Where intangibles are deemed to be impaired the Company recognizes an impairment loss measured as the difference between the estimated fair value of the intangible and its book value.

 

The range of the estimated useful lives is as follows:

 

Description Useful Life (in years)
   
Betting Platform Software 15
Ulisse Bookmaker License
Multigioco and Rifa ADM Licenses 1.5 - 7
VG Licenses
Location contracts 5 - 7
Customer relationships 10 - 15
Trademarks/names 14
Websites 5
   

 

The Ulisse Bookmaker License and the VG Licenses have no expiration date and are therefore not amortized.

 

 

13


 
 

 

NEWGIOCO GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

 

2. Accounting Policies and Estimates (continued)

 

Goodwill

 

The Company allocates 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.

 

The Company annually assesses whether the carrying value of its intangible assets exceeds their fair value and, if necessary, records an impairment loss equal to any such excess. Each interim reporting period, the Company assesses whether events or circumstances have occurred which indicate that the carrying amount of an intangible asset exceeds its fair value. If the carrying amount of the intangible asset exceeds its fair value, an asset impairment charge will be recognized in an amount equal to that excess. No asset impairment charges were incurred during the three and six months ended June 30, 2019 or June 30, 2018. The Company recorded 1,401,608 of goodwill arising from an acquisition during the six months ended June 30, 2019.

 

Income Taxes

 

The Company uses 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 2015 forward, are open and subject to examination, while in Austria companies are open and subject to inspection for five years and ten years for inspection of serious infractions. In the United States and Canada, tax years beginning 2015 forward, are subject to examination. The Company is not currently under examination and it has not been notified of a pending examination.

 

Revenue Recognition

 

In May 2014, the FASB issued Accounting Standards Update (“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. The Company 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.

 

 

14


 
 

 

NEWGIOCO GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

 

2. Accounting Policies and Estimates (continued)

 

Revenue Recognition (continued)

 

The Company recognizes revenue when control of its products and services is transferred to its customers in an amount that reflects the consideration the Company expects to receive from its customers in exchange for those products and services. 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 Platform 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 are recognized on an accrual basis as earned.

 

Stock-Based Compensation

 

The Company records its compensation expense associated with stock options and other forms of equity compensation based on their fair value at the date of grant using the Black-Scholes option pricing model. Stock-based compensation includes amortization related to stock option awards based on the estimated grant date fair value. Stock-based compensation expense related to stock options is recognized ratably over the vesting period of the option. In addition, the Company records expense related to Restricted Stock Units (“RSU’s”) granted based on the fair value of those awards on the grant date. The fair value related to the RSUs is amortized to expense over the vesting term of those awards. Forfeitures of stock options and RSUs are recognized as they occur.

 

Stock-based compensation expense for a stock-based award with a performance condition is recognized when the achievement of such performance condition is determined to be probable. If the outcome of such performance condition is not determined to be probable or is not met, no compensation expense is recognized and any previously recognized compensation expense is reversed.

 

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 and foreign currency translation adjustments.

 

Earnings Per Share

 

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“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 and include warrants granted and convertible debt.

 

Related Parties

 

Parties are considered to be related to the Company if the parties directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. The Company discloses all related party transactions. All transactions are recorded at fair value of the goods or services exchanged.

 

 

15


 
 

 

NEWGIOCO GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

 

2. Accounting Policies and Estimates (continued)

 

Recent Accounting Pronouncements Not Yet Adopted

 

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. The purpose of this updated guidance is to improve the effectiveness and disclosures in the Notes to the financial statements. The ASU removes the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; removes the policy for timing of transfers between levels; and removes the disclosure related to the valuation process for Level 3 fair value measurements. The ASU also modifies existing disclosure requirements which relate to the disclosure for investments in certain entities which calculate net asset value and clarifies the disclosure about uncertainty in the measurements as of the reporting date. For all entities, the effective date for this guidance is fiscal years beginning after December 15, 2019, including interim periods within the reporting period, with early adoption permitted. Entities are also allowed to elect early adoption of the eliminated or modified disclosure requirements and delay adoption of the new disclosure requirements until their effective date. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements.

 

In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The main objective of this guidance is to simplify the accounting for goodwill impairment by requiring that impairment charges be based upon the first step in the current two-step impairment test under ASC 350. Currently, if the fair value of a reporting unit is lower than its carrying amount (Step 1), an entity calculates any impairment charge by comparing the implied fair value of goodwill with its carrying amount (Step 2). The implied fair value of goodwill is calculated by deducting the fair value of all assets and liabilities of the reporting unit from the reporting unit’s fair value as determined in Step 1. To determine the implied fair value of goodwill, entities estimate the fair value of any unrecognized intangible assets and any corporate-level assets or liabilities that were included in the determination of the carrying amount and fair value of the reporting unit in Step 1. Under this guidance, if a reporting unit’s carrying amount exceeds its fair value, an entity will record an impairment charge based on that difference. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit. This guidance eliminates the requirement to calculate a goodwill impairment charge using Step 2. This guidance does not change the guidance on completing Step 1 of the goodwill impairment test. Under this guidance, an entity will still be able to perform the current optional qualitative goodwill impairment assessment before determining whether to proceed to Step 1. The guidance in the ASU will be applied prospectively and is effective for the Company for annual and interim impairment tests performed in periods beginning after December 15, 2019. The Company does not expect the adoption of this ASU to have a significant impact on its consolidated financial statements.

 

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right of use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. Public business entities should apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted for all public business entities and all nonpublic business entities upon issuance. The Company is currently not in compliance with ASU 2016-02 as it is continuing its evaluation of the impact of its pending adoption of ASU 2016-02 on our consolidated financial statements. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements and related disclosures.

 

The Company has reviewed all recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on our consolidated results of operations, financial position, and cash flows. Based on that review, the Company believes that none of these pronouncements will have a significant effect on current or future earnings or operations.

 

Comparatives

 

Certain items in prior periods were reclassified to conform to the current period presentation. These reclassifications had no impact on net loss or comprehensive loss.

 

 

16


 
 

 

NEWGIOCO GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

 

3. Restatement of prior period results

 

The company identified the following errors in the financial results for the periods ended June 30, 2019 and 2018.

 

Three and six months ended June 30, 2019

 

The company restated its financial statements for the year ended December 31, 2018, to correct the recording of non-cash amortization of intangible assets and the depreciation of revalued plant and equipment which was incorrectly classified as other comprehensive income, the unrealized foreign currency loss on convertible debentures denominated in Canadian Dollars and other immaterial adjustments, resulting in a restatement of opening balances of plant and equipment of $121,243, intangible assets of $(55,475), other comprehensive income of $(1,023,907) and opening retained earnings of $(958,138).

 

The Company had not accounted for ASC 842 – leases, which was effective for periods beginning January 1, 2019, in its interim financial statements for the periods ended June 30, 2019, June 30, 2019 and September 30, 2019.

 

The Company recorded a right-of-use asset of $646,138 and an operating lease liability of $617,352 and an accrued liability of $28,786 as of January 1, 2019. An additional $217,352 of operating leases were entered into and a further $27,517 of operating leases were terminated before maturity during the six months ended June 30, 2019. The amortization of the right-of-use asset during the six months ended June 30, 2019 amounted to $95,622, the amortization of the operating lease liability of $90,086 and the increase in the accrued liability of $4,834.

 

The Company adjusted its accounting for financial leases by recording an office equipment asset of $34,638 and a finance lease liability of $34,524 as of January 1, 2019. During the six months ended June 30, 2019, an additional $15,118 of additional office equipment under financial leases was recorded. The Company recorded a depreciation charge of $5,623 related to these assets, an interest charge of $699 and amortization of financial leases of $5,336.

 

The Company modified its accounting for the acquisition of Virtual Generation by accounting for the imputed deferred tax liability on the value of the Platform acquired, resulting in an adjustment of $1,401,608 to deferred tax liability and recording of a goodwill asset on acquisition of $1,401,608. The Virtual Generation platform valued at $4,004,954 was amortized for the six months ended June 30, 2019, resulting in an amortization expense of $111,239 and a reduction in the deferred tax liability of $38,934.

 

Other immaterial adjustments relating to the recording of intercompany movements and certain expenses were incorrectly reflected in other comprehensive income, the net adjustment amounted to $16,233 and an adjustment of comprehensive loss of $28,223. Included in other adjustments is a reclassification of selling expenses of $770,025 to general and administrative expenses to conform to current disclosure.

 

Due to a 1 for 8 reverse stock split which took place on December 12, 2019, the outstanding shares and additional paid in capital was adjusted to take into account the effects of the reverse stock split.

 

Three and six months ended June 30, 2018

 

The error corrected in the financial statements for the year ended December 31, 2018, resulted in an adjustment to depreciation and amortization expense of $235,296, an adjustment to foreign exchange movements of $55,764 and an immaterial $331 adjustment to general and administrative expenses.

 

 

 

 

 

 

17


 
 

 

NEWGIOCO GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

 

3. Restatement of prior period results (continued)

 

The restatement recorded by the Company for the six months ended June 30, 2019 was as follows:

   Prior year adjustment  Lease adjustments  Acquisition of Virtual Generation adjustments  Other adjustments  Total Restated
                
Opening retained earnings  $958,136   $—     $—     $—     $958,136 
 Selling Expenses   —      —      —      (770,025)   (770,025)
General and administrative expenses   —      (6,148)   —      

798,248

    

792,100

 
Depreciation and amortization   —      5,623    111,239    (11,990)   104,872 
Interest expense   —      699    —      —      699 
Deferred taxation   —      —      (38,934)   —      (38,934)
Net increase in accumulated deficit   958,136    174    72,305    16,233    1,046,848 
                          
Net decrease in other Comprehensive loss   (1,023,907)   617    —      (28,223)   (1,051,513)
                          
Net increase in plant and equipment and intangibles   65,771    780,586    1,290,369    11,990    2,148,716 
                          
Total increase in current liabilities   —      (131,263)   —      —      (131,263)
                          
Net increase in non-current liabilities  $—     $(650,114)  $(1,362,674)  $—     $(2,012,788)

  

 

The restatement recorded by the Company for the six months ended June 30, 2018 was as follows:

 

   Plant and equipment and intangibles adjustments  Foreign currency adjustments  Other adjustments  Total Restated
             
General and administrative expenses  $—     $55,764   $331   $56,095 
Depreciation and amortization   235,296    —      —      235,296 
Net increase in accumulated deficit  $235,296   $55,764   $331   $291,391 

 

18


 
 

NEWGIOCO GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

 

3. Restatement of prior period results (continued)

 

The reconciliation of the consolidated balance sheet as of June 30, 2019 is as follows:

 

   As Previously Reported  Prior year adjustment  Lease adjustments  Acquisition of Virtual Generation  Other Adjustments  As Restated
Current Assets                  
Cash and cash equivalents  $5,228,797   $—     $—     $—     $—     $5,228,797 
Accounts receivable   116,398    —      —      —      —      116,398 
Gaming accounts receivable   654,016    —      —      —      —      654,016 
Prepaid expenses   140,107    —      —      —      —      140,107 
Related party receivable   851    —      —      —      —      851 
Other current assets   145,348    —      —      —      —      145,348 
Total Current Assets   6,285,517    —      —      —      —      6,285,517 
                               
Non-Current Assets                              
Restricted cash   1,439,782    —      —      —      —      1,439,782 
Property, plant and equipment   347,824    121,248    43,961    —      6,180    519,213 
Right-of-use assets   —      —      736,625    —      —      736,625 
Intangible assets   16,353,775    (55,477)   —      (111,239)   10,903    16,197,962 
Goodwill   267,076    —      —      1,401,608    (5,093)   1,663,591 
Investment in non-consolidated entities   250,000    —      —      —      —      250,000 
Total Non-Current Assets   10,658,457    65,771    780,586    1,290,369    11,990    20,807,173 
Total Assets  $24,943,974   $65,771   $780,586   $1,290,369   $11,990   $27,092,690 
                               
Current Liabilities                              
Line of credit - bank  $1,000,000   $—     $—     $—     $—     $1,000,000 
Accounts payable and accrued liabilities   3,982,319    —      33,620    —      (420,942)   3,594,997 
Gaming accounts balances   2,217,089    —      —      —      —      2,217,089 
Taxes payable   995,004    —      —      —      —      995,004 
Advances from stockholders   48,508    —      —      —      —      48,508 
Convertible Debt, net of discount of $2,578,995 and $4,587,228, respectively   6,083,982    —      —      —      —      6,083,982 
Notes payable, net of discount of $132,970   1,421,045    —      —      —      —      1,421,045 
Notes payable – related party, net of discount of $88,647   1,405,804    —      —      —      —      1,405,804 
Bank loan payable – current portion   122,829    —      —      —      —      122,829 
Operating lease liability   —      —      91,449    —           91,449 
Financial lease liability   —      —      6,194    —           6,194 
Total Current Liabilities   17,276,580    —      131,263    —      —      16,986,901 
                               
Non-current liabilities                              
Deferred tax liability        —      —      1,362,674    —      1,362,674 
Notes payable, net of discount of $54,216   498,874                        498,874 
Notes payable – related party, net of discount of $36,144   332,582                        332,582 
Bank loan payable   161,504    —      —      —      —      161,504 
Operating lease liability        —      611,718    —      —      611,718 
Financial lease liability        —      38,396    —      —      38,396 
Other long-term liabilities   193,021    —      —      —      420,942    613,963 
Total Non-Current Liabilities  1,185,981    —      650,114    1,362,674    —      3,619,711 
Total Liabilities   18,462,561    —      781,377    1,362,674    —      20,606,612 
                               
Stockholders' Equity                              
Preferred stock, $0.0001 par value; 20,000,000 shares authorized, none issued  —      —      —      —      —      —   
Common Stock, $0.0001 par value, 80,000,000 shares authorized; 9,795,396 shares issued and outstanding as of June 30, 2019*   7,935    —      —      —      (6,943)   992 
Additional paid-in capital*   25,455,983    —      —      —      6,943    25,462,926 
Accumulated other comprehensive income   (1,170,151)   1,023,907    (617)   —      28,223    (118,638)
Accumulated deficit   (17,812,354)   (958,136)   (174)   (72,305)   (16,233)   (18,859,202)
Total Stockholders' Equity   6,481,413    65,771    (791)   (72,305)   11,990    6,486,078 
Total Liabilities and Stockholders’ Equity  $24,943,974   $65,771   $780,586   $1,290,369   $11,990   $27,092,690 

 

* Adjusted for a 1 for 8 reverse stock split effective December 12, 2019.

19


 
 

NEWGIOCO GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

 

3. Restatement of prior period results (continued)

 

The reconciliation of the consolidated statement of operations and comprehensive loss for the three months ended June 30, 2019 is as follows:

 

   As Previously Reported 

Lease

adjustments

  Acquisition of Virtual Generation  Other Adjustments  As Restated
                
Revenue  $9,105,353   $—     $—     $—     $9,105,353 
                          
Costs and Expenses                         
Selling expenses   7,038,797    —      —      (770,025   6,268,772 
General and administrative expenses   2,487,299    (214)   66,744    806,553    3,360,284 
Total Costs and Expenses   9,526,096    (214)   66,744    36,430    9,629,056 
                          
Loss from Operations   (420,743)   214    (66,744)   (36,430)   (523,703)
                          
Other (Expenses) Income                         
Other income   7,725    —      —      —      7,725 
Interest expense, net of interest income   (1,016,866)   (377)   —      —      (1,017,243)
Loss on conversion of debt   (35,943)   —      —      —      (35,943)
Total Other (Expenses) Income   (1,045,084)   (377)   —      —      (1,045,461)
                          
Loss Before Income Taxes   (1,465,827)   (163)   (66,744)   (36,430)   (1,569,164)
                          
Income tax provision   (232,417)   —      23,361    —      (209,056)
                          
Net Loss  $(1,698,244)  $(163)  $(43,383)  $(36,430)  $(1,778,220)
                          
Other Comprehensive Loss                         
Foreign currency translation adjustment   (32,633)   (55)   —      101,711    69,023 
                          
Comprehensive Loss  $(1,730,877)  $(218)  $(43,383)  $65,281   $(1,709,197)
                          
Loss per common share – basic and diluted*  $(0.18)                 $(0.17)
Weighted average number of common shares outstanding – basic and diluted*   9,870,357                   9,870,357 

  

 

20


 
 

 

The reconciliation of the consolidated statement of operations and comprehensive loss for the six months ended June 30, 2019 is as follows:

   As Previously Reported 

Lease

adjustments

  Acquisition of Virtual Generation  Other Adjustments  As Restated
                
Revenue  $18,371,648   $—     $—     $—     $18,371,648 
                          
Costs and Expenses                         
Selling expenses   14,446,503    —      —      (770,025   13,676,478 
General and administrative expenses   5,660,767    (525)   111,239    786,258    

6,557,739

 
Total Costs and Expenses   20,107,270    (525)   111,239    16,233    20,234,217 
                          
Loss from Operations   (1,735,622)   525    (111,239)   (16,233)   (1,862,569)
                          
Other (Expenses) Income                         
Other income   7,725    —                7,725 
Interest expense, net of interest income   (2,520,656)   (699)   —      —      (2,521,355)
Loss on conversion of debt   (35,943)   —      —      —      (35,943)
    (25,000)   —      —      —      (25,000)
Total Other (Expenses) Income   (2,573,874)   (699)   —      —      (2,574,573)
                          
Loss Before Income Taxes   (4,309,496)   (174)   (111,239)   (16,233)   (4,437,142)
                          
Income tax provision   (493,964)   —      38,934    —      (455,030)
                          
Net Loss  $(4,803,460)  $(174)  $(72,305)  $(16,233)  $(4,892,172)
                          
Other Comprehensive Loss                         
Foreign currency translation adjustment   (88,813)   (617)   —      28,223    (61,207)
                          
Comprehensive Loss  $(4,892,273)  $(791)  $(72,305)  $11,990   $(4,953,379)
                          
Loss per common share – basic and diluted*  $(0.50)                 $(0.50)
Weighted average number of common shares outstanding – basic and diluted*   9,764,450                   9,870,357 

  

* Adjusted for a 1 for 8 reverse stock split effective December 12, 2019.

 

 

21


 
 

 

NEWGIOCO GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

 

3. Restatement of prior period results (continued)

 

The reconciliation of the consolidated statement of operations and comprehensive loss for the three months ended June 30, 2018 is as follows:

 

   As Previously Reported  Depreciation and amortization adjustments  Foreign Exchange adjustments  Other Adjustments  As Restated
                
Revenue  $8,822,659   $—     $—     $—     $8,822,659 
                          
Costs and Expenses                         
Selling expenses   5,826,243    —      —      —      5,826,243 
General and administrative expenses   2,056,275    117,648    27,882    —      2,201,805 
Total Costs and Expenses   7,882,518    117,648    27,882    —      8,028,048 
                          
Income from Operations   940,141    (117,648    (27,882)   —      794,611 
                          
Other (Expenses) Income                         
Interest expense, net of interest income   (1,050,270)   —      —      —      (1,050,270)
Imputed interest on related party advances   753    —      —      —      753 
Loss on debt modification   (212,270)   —      —      —      (212,270)
Loss on marketable securities   (155,000)   —      —      —      (155,000)
Total Other (Expenses) Income   (1,416,787)   —      —      —      (1,416,787)
                          
Loss Before Income Taxes   (476,646)   (117,648)   (27,882)   —      (622,176)
                          
Income tax provision   (512,406)   —      —      —      (512,406)
                          
Net Loss  $(989,052)  $(117,648)  $(27,882)  $—     $(1,134,582)
                          
Other Comprehensive Loss                         
Foreign currency translation adjustment   (98,355)   —      —      —      (98,355)
                          
Comprehensive Loss  $(1,087,407)  $(117,648)  $(27,882)  $—     $(1,232,937)
                          
Loss per common share – basic and diluted*  $(0.12)                 $(0.13)
Weighted average number of common shares outstanding – basic and diluted*   9,344,282                   9,344,282 

 

22


 
 

The reconciliation of the consolidated statement of operations and comprehensive loss for the six months ended June 30, 2018 is as follows:

 

   As Previously Reported  Depreciation and amortization adjustments  Foreign Exchange adjustments  Other Adjustments  As Restated
                
Revenue  $17,416,526   $—     $—     $—     $17,416,526 
                          
Costs and Expenses                         
Selling expenses   11,903,600    —      —      —      11,903,600 
General and administrative expenses   4,115,728    235,296    55,764    331    4,407,119 
Total Costs and Expenses   16,019,328    235,296    55,764    331    16,310,719 
                          
Income from Operations   1,397,198    (235,296)   (55,764)   (331)   1,105,807 
                          
Interest expense, net of interest income   (1,262,509)   —      —      —      (1,262,509)
Imputed interest on related party advances   (761)   —      —      —      (761)
Gain on litigation settlement   516,120    —      —      —      516,120 
Loss on debt modification   (212,270)                  (212,270)
Loss on marketable securities   (155,000)                  (155,000)
Total Other Expenses (Income)   (1,114,420)   —      —      —      (1,114,420)
                          
Income (Loss) Before Income Taxes   282,778    (235,296)   (55,764)   (331)   (8,613)
                          
Income tax provision   (757,442)   —      —      —      (757,442)
                          
Net Loss  $(474,664)  $(235,296)  $(55,764)  $(331)  $(766,055)
                          
Other Comprehensive Income (Loss)                         
Foreign currency translation adjustment   (162,873)   267,556    55,764    331    160,778 
                          
Comprehensive Loss  $(637,537)  $32,260   $—     $—     $(605,277)
                          
Loss per common share – basic and diluted*  $(0.05)                 $(0.08)
Weighted average number of common shares outstanding – basic and diluted*   9,308,511                   9,308,511 

 

* Adjusted for a 1 for 8 reverse stock split effective December 12, 2019.

23


 
 

 

NEWGIOCO GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

 

3. Restatement of prior period results (continued)

 

The reconciliation of the consolidated statement of cash flows for the ix months ended June 30, 2019 is as follows:

 

   As Previously Reported 

Lease

adjustments

  Acquisition of Virtual Generation  Other Adjustments and reclassifications  As Restated
Cash Flows from Operating Activities                         
Net loss  $(4,803,460)  $(174)  $(72,305)  $(16,233)  $(4,892,172)
                          
Adjustments to reconcile net loss to net cash generated by operating activities                         
Depreciation and amortization   291,332    5,623    111,239    37,796    445,990 
Amortization of deferred costs   2,096,080    —      —      —      2,096,080 
Non-cash interest   409,114    —      —      —      409,114 
Loss on debt conversions   35,943              —      35,943 
Unrealized loss on trading securities   25,000    —      —      —      25,000 
Deferred taxation movements   —      —      (38,934)   —      (38,934)
Foreign translation loss   173,400    —           (173,400)   —   
Changes in Operating Assets and Liabilities                         
Prepaid expenses   (7,732)   —      —      —      (7,732)
Accounts payable and accrued liabilities   (26,789)   —      —      (417,954)   (444,743)
Accounts receivable   (57,679)   —      —      —      (57,679)
Gaming accounts receivable   357,886    —      —      —      357,886 
Gaming accounts liabilities   727,433    —      —      440,021    1,167,454 
Taxes payable   (53,941)   —      —      —      (53,941)
Other current assets   (57,163)   —      —      —      (57,163)
Long term liability   30,995    —      —      (21,699)   9,296 
Net Cash used in operating Activities   (859,581)   5,449    —      (151,469)   (1,005,601)
                          
Cash Flows from Investing Activities                         
Acquisition of property, plant, and equipment, and intangible assets   (59,253)   —      4,954    16    (54,283)
Decrease in restricted cash   100,140    —      —      (100,140)   —   
Acquisition of Virtual Generation, net of cash of $47,268   46,668    —      (262,818)   —      (216,150)
Net Cash Used in Investing Activities   87,555    —      (257,864)   (100,124)   (270,433)
                          
Cash Flows from Financing Activities                         
Proceeds from bank credit line, net   250,000    —      —      —      250,000 
Repayment of bank loan   (59,007)   —      —      —      (59,007)
Repayment of deferred purchase consideration – non-related parties   (331,913)   —      158,051    —      (173,862)
Repayment of deferred purchase consideration – related parties   (213,353)        105,367         (107,986)
Movement in financial leases   —      (5,449)   —      —      (5,449)
Advance to related party   (11,992)   —      —      —      (11,992)
Repayment of loans advanced to stockholders   6,605    —      —      —      6,605 
Net Cash Used in Financing Activities   (359,660)   (5,449)   263,418    —      (101,691)
                          
Effect of change in exchange rate   70,580    —      (5,554)   130,838    195,864 
                          
Net decrease in cash   (1,061,106)   —      —      (120,755)   (1,181,861)
Cash, cash equivalents and restricted cash  – beginning of the period   6,289,903    —      —      1,560,539    7,850,442 
Cash, cash equivalents and restricted cash – end of the period  $5,228,797   $—     $—     $1,439,784   $6,668,581 
                          
Reconciliation of cash, cash equivalents and restricted cash within the balance sheet to the statement of cash flows                         
                          
Cash and cash equivalents  $5,228,797   $—     $—     $—     $5,228,797 
Restricted cash   —                1,439,784    1,439,784 
   $5,228,797             $1,439,784   $6,668,581 

 

24


 
 

 NEWGIOCO GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

 

3. Restatement of prior period results (continued)

 

The reconciliation of the consolidated statement of cash flows for the six months ended June 30, 2018 is as follows:

 

   As Previously Reported 

Depreciation
and

amortization

adjustments

 

Foreign

Exchange adjustments

  Other Adjustments and reclassifications  As Restated
Cash Flows from Operating Activities               
Net Loss  $(474,664)  $(235,296)  $(55,764)  $(331)  $(766,055)
                          
Adjustments to reconcile net loss to net cash provided by operating activities                        
Depreciation and amortization   226,436    104,396    —      —      330,832 
Amortization of deferred costs   1,012,225    —      —      —      1,012,225 
Non-cash interest   58,188    —      —      —      58,188 
Loss on debt modification   212,270                   212,270 
Imputed interest on advances from stockholders   1,514    —      —      —      1,514 
Unrealized loss on trading securities   155,000    —      —      —      155,000 
Recovery of assets   (516,120)   —      —      —      (516,120)
Bad debt expense   6,354    —      —      —      6,354 
Changes in Operating Assets and Liabilities                         
Prepaid expenses   5,225    —      —      —      5,225 
Accounts payable and accrued liabilities  756,656    —      —      331    756,987 
Accounts receivable   98,833    —      —      —      98,833 
Gaming accounts receivable   31,409    —      —      —      31,409 
Gaming accounts liabilities   (583,899)   —      —      —      (583,899)
Taxes payable   439,731    —      —      —      439,731 
Other current assets   (270,259)   —      —      —      (270,259)
Long term liability   78,346    —      —      —      78,346 
Net Cash Provided by operating Activities   1,237,245    (130,900)   (55,764)   —      1,050,581 
                          
Cash Flows from Investing Activities                         
Acquisition of property, plant, and equipment, and intangible assets   (4,442,508)   (135,378)   —      —      (4,577,886)
Decrease in restricted cash   15,657    —      —      (15,657)   —   
Net Cash Used in Investing Activities   (4,426,851)   (135,378)   —      (15,657)   (4,577,886)
                          
Cash Flows from Financing Activities                         
Repayment of bank credit line, net   (177,060)   —      —      —      (177,060)
Repayment of bank loan   (71,143)   —      —      —      (71,143)
Proceeds from debentures and convertible notes, net of repayment   6,883,905    —      —      —      6,883,905 
Loan to related party   (215,745)                  (215,745)
Purchase of treasury stock   (2,261,307)                  (2,261,307)
Repayment to stockholders, net of advances   (485,036)   —      —      —      (485,036)
Net Cash Provided by Financing Activities  3,673,614    —      —      —      3,673,614 
                          
Effect of change in exchange rate   (168,600)   266,278    55,764    —      153,442 
                          
Net increase in cash   315,408    —      —      (15,657)   299,751 
Cash, cash equivalents and restricted cash – beginning of the period   6,469,858    —      —      587,905    7,057,763 
Cash, cash equivalents and restricted cash – end of the period  $6,785,266   $—     $—     $572,248   $7,357,514 
                          
Reconciliation of cash, cash equivalents and restricted cash within the balance sheet to the statement of cash flows                        
                          
Cash and cash equivalents  $6,785,266   $—     $—     $—     $6,785,266 
Restricted cash   —      —      —      572,248    572,248 
   $6,785,266   $—     $—     $572,248   $7,357,514 

 

25


 
 

 

NEWGIOCO GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

 

4. Reclassification of prior period results

 

The company adopted ASU 2017-11(“ASU 2017-11”) – Accounting for certain convertible debentures and warrants with down round features, in the prior year.

 

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 Company determined that ASU 2017-11 is applicable to the Company and the down round feature of the convertible debentures and warrants issued during the period February 2018 to June 2018, no longer qualified as derivative liabilities.

 

The amendments in this update were effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, however early adoption was permitted for all entities, including adoption in an interim period. The company early adopted ASU 2017-11 in its September 30, 2018 quarterly report.

 

The adjustments were reflected as of January 1, 2018, the beginning of the fiscal year.

 

The adjustments made by the Company to its opening balance sheet as of January 1, 2018 were as follows:

 

   Convertible Debentures  Derivative Liability  Additional Paid-in Capital 

Accumulated

Deficit

Balance as of January 1, 2018  $1,148,107   $222,915   $14,254,582   $(9,897,620)
Reclassified derivative liabilities and cumulative effect of adoption   —      (222,915)   287,881    (64,966)
Balance as of January 1, 2018, restated  $1,148,107   $—     $14,542,463   $(9,962,586)

 

During the three and six months ended June 30, 2018, the Company issued Convertible debenture units to investors amounting to $3,268,000 and CDN$7,162,000 (approximately $6,502,000). Each unit consisting of a convertible debenture, common shares of stock and a warrant, refer to Note 13 below.

 

Due to the modified retrospective adoption allowed under ASU 2017-11, the Company eliminated the derivative liability at the date of the issuance of the convertible debentures and warrants and credited additional paid in capital and debited convertible debentures discount with $5,536,301 on the grant date of the convertible debentures and warrants. The $5,536,301 was calculated using a Black-Scholes valuation model to measure and allocate the following components of the convertible debenture units; (a) the beneficial conversion feature of the convertible debentures; (b) the value of the warrants issued with the units; and the brokers warrants related to the issuance of the convertible debenture units, after applying the relative fair value method to the derived Black-Scholes valuations. The common shares of stock issued as part of the convertible debenture units were valued at the grant date at closing market prices at $582,486.

 

 

26


 
 

 

NEWGIOCO GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

 

4. Reclassification of prior period results (continued)

 

The Company eliminated the derivative liability of $12,494,727 reflected on the consolidated balance sheet as of June 30, 2018 and the net derivative liability movements through the consolidated statements of comprehensive loss of $5,498,876 and $5,244,587 for the three and six months ended June 30, 2018 and the net derivative liability movement of $5,244,587 from the statement of cash flows for the six months ended June 30, 2018.

 

The Company had originally calculated the mark-to-market derivative liability on the grant date of the warrants and brokers warrants and the convertible debentures as an additional charge of $23,513,240 and reflected this loss together with the loss realized on the modification of certain convertible debentures and warrants of $212,270 as a loss on debt issuance. The $23,513,240 related to the mark-to-market derivative liability movement at the grant date was reclassified as a mark-to-market movement in derivative liabilities for the three months and six months ended June 30, 2018, with a net loss on debt modification of $212,270.

 

The reconciliation of the unaudited consolidated statement of comprehensive loss for the three months ended June 30, 2018 is as follows:

 

    As Previously reported  

 

Reclass of

disclosure

  As Reclassed   Effect of adoption of ASU 2017-11   As Reclassified
                     
Revenue   $ 8,822,659     $     $ 8,822,659     $     $ 8,822,659  
                                         
Costs and Expenses                                        
Selling expenses     5,826,243             5,826,243             5,826,243  
General and administrative expenses     2,056,275             2,056,275             2,056,275  
Total Costs and Expenses     7,882,518             7,882,518             7,882,518  
                                         
Income from Operations     940,141             940,141             940,141  
                                         
Other (Expenses) Income                                        
Interest expense, net of interest income     (1,050,270 )           (1,050,270 )           (1,050,270 )
Changes in fair value of derivative liabilities     18,014,364       (23,513,240 )     (5,498,876 )     (5,498,876 )      
Imputed interest on related party advances     753             753             753  
Gain on litigation settlement                              
Loss on issuance of debt     (23,725,510 )     23,725,510                    
Loss on debt modification           (212,270 )     (212,270 )           (212,270 )
Loss on Marketable Securities     (155,000 )           (155,000 )           (155,000 )
Total Other (Expenses) Income     (6,915,663 )           (6,915,663 )     5,498,876       (1,416,787 )
                                         
Income (Loss) Before Income Taxes     (5,975,522 )           (5,975,522 )     5,498,876       (476,646 )
Income tax provision     (512,406 )           (512,406 )           (512,406 )
Net Loss     (6,487,928 )           (6,487,928 )     5,498,876       (989,052 )
                                         
Other Comprehensive Loss                                        
Foreign currency translation adjustment     (98,355 )           (98,355 )           (98,355 )
                                         
Comprehensive Loss   $ (6,586,283 )   $     $ (6,586,283 )   $ 5,498,876     $ (1,087,407 )
                                         
Loss per common share – basic and diluted   $ (0.71 )   $     $ (0.71 )   $ 0.59     $ (0.12 )
Weighted average number of common shares outstanding – basic and diluted     9,344,282       9,344,282       9,344,282       9,344,282       9,344,282  

 

 

 

27


 
 

 

NEWGIOCO GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

 

4. Reclassification of prior period results (continued)

 

The reconciliation of the unaudited consolidated statement of comprehensive loss for the six months ended June 30, 2018 is as follows:

 

    As Previously reported  

 

Reclass of

disclosure

  As Reclassed   Effect of adoption of ASU 2017-11   As Reclassified
                     
Revenue   $ 17,416,526     $     $ 17,416,526     $     $ 17,416,526  
                                         
Costs and Expenses                                        
Selling expenses     11,903,600             11,903,600             11,903,600  
General and administrative expenses     4,115,728             4,115,728             4,115,728  
Total Costs and Expenses     16,019,328             16,019,328             16,019,328  
                                         
Income from Operations     1,397,198             1,397,198             1,397,198  
                                         
Other (Expenses) Income                                        
Interest expense, net of interest income     (1,262,509 )           (1262,509 )           (1,262,509 )
Changes in fair value of derivative liabilities     18,268,653       (23,513,240 )     (5,244,587 )     5,244,587        
Imputed interest on related party advances     (761 )           (761 )           (761 )
Gain on litigation settlement     516,120             516,120             516,120  
Loss on issuance of debt     (23,725,510 )     23,725,510                    
Loss on debt modification           (212,270 )     (212,270 )           (212,270 )
Loss on Marketable Securities     (155,000 )           (155,000 )           (155,000 )
Total Other (Expenses) Income     (6,359,007 )           (6,359,007 )     5,244,587       (1,114,420 )
                                         
Income (Loss) Before Income Taxes     (4,961,809 )           (4,961,809 )     5,244,587       282,778  
Income tax provision     (757,442 )           (757,442 )           (757,442 )
Net Loss     (5,719,251 )           (5,719,251 )     5,244,587       (474,664 )
                                         
Other Comprehensive Loss                                        
Foreign currency translation adjustment     (162,873 )           (162,873 )           (162,873 )
                                         
Comprehensive Loss   $ (5,882,124 )   $     $ (5,882,124 )   $ 5,244,587     $ (637,537 )
                                         
Loss per common share – basic and diluted   $ (0.63 )   $     $ (0.63 )   $ 0.56     $ (0.07 )
Weighted average number of common shares outstanding – basic and diluted     9,308,511       9,308,511       9,308,511       9,308,511       9,308,511  

 

 

 

 

 

 

28


 
 

 

NEWGIOCO GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

 

4. Reclassification of prior period results (continued)

 

The reconciliation of the unaudited consolidated statement of cash flows for the six months ended June 30, 2018 is as follows:

 

    As Previously reported  

 

Reclass of

disclosure

  As Reclassed   Effect of adoption of ASU 2017-11   As Reclassified
Cash Flows from Operating Activities                    
Net loss   $ (5,719,251 )   $     $ (5,719,251 )   $ 5,244,587     $ (474,664 )
                                         
Adjustments to reconcile net loss to net cash Provided by operating activities                                    
Depreciation and amortization     226,436             226,436             226,436  
Amortization of deferred costs     58,188             58,188             58,188  
Non-cash interest     1,012,225             1,012,225             1,012,225  
Loss on issuance of debt     23,725,510       (23,725,510 )                  
Loss on debt modification           212,270       212,270             212,270  
Imputed interest on advances from stockholders     1,514             1,514             1,514  
Changes in fair value of derivative liabilities     (18,268,653 )     23,513,240       5,244,587       (5,244,587 )      
Unrealized loss on trading securities     155,000             155,000             155,000  
Recovery of assets     (516,120 )           (516,120 )           (516,120 )
Bad debt expense     6,354             6,354             6,354  
                                         
Changes in Operating Assets and Liabilities                                        
Prepaid expenses     5,225             5,225             5,225  
Accounts payable and accrued liabilities     756,656             756,656             756,656  
Accounts receivable     98,833             98,833             98,833  
Gaming accounts receivable     31,409             31,409             31,409  
Gaming accounts liabilities     (583,899 )           (583,899 )           (583,899 )
Taxes payable     439,731             439,731             439,731  
Other current assets     (270,259 )           (270,259 )           (270,259 )
Long term liability     78,346             78,346             78,346  
Net Cash Provided by Operating Activities     1,237,245             1,237,245             1,237,245  
                                         
Cash Flows from Investing Activities                                        
Acquisition of property, plant, and equipment, and intangible assets     (4,442,508 )           (4,442,508 )           (4,442,508 )
Decrease in restricted cash     15,657             15,657             15,657  
Net Cash Used in Investing Activities     (4,426,851 )           (4,426,851 )           (4,426,851 )
                                         
Cash Flows from Financing Activities                                        
Proceeds from bank credit line     (177,060 )           (177,060 )           (177,060 )
Repayment of bank loan     (71,143 )           (71,143 )           (71,143 )
Proceeds from convertible debentures and promissory notes, net of repayment     6,883,905             6,883,905             6,883,905  
Loan to related party     (215,745 )           (215,745 )           (215,745 )
Purchase of treasury stock     (2,261,307 )           (2,261,307 )           (2,261,307 )
Advances from stockholders, net of repayment     (485,036 )           (485,036 )           (485,036 )
Net Cash Provided by Financing Activities     3,673,614             3,673,614             3,673,614  
                                         
Effect of change in exchange rate     (168,600 )           (168,600 )           (168,600 )
                                         
Net increase in cash     315,408             315,408             315,408  
Cash – beginning of the period     6,469,858             6,469,858             6,469,858  
Cash – end of the period   $ 6,785,266     $     $ 6,785,266     $     $ 6,785,266  

 

29


 
 

NEWGIOCO GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

 

5. Acquisition of betting software technology; offline and land-based gaming assets

 

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 a network of approximately 170 land-based agency locations. Pursuant to the agreement, the Company issued 416,400 shares of common stock in consideration for 100% of the issued and outstanding shares of Ulisse.

 

Pursuant to the Ulisse SPA, the purchase price was subject to an adjustment equal to two times earnings before income taxes calculated on a pro rata basis from the closing date upon completion of the ADM license tender auction. The sellers were also permitted to exercise the option to resell to the Company 50% of the shares of common stock (or 208,200 shares) issued in consideration for the purchase price at a fixed price of USD $4.00 per share (the “Ulisse Put Option”).

 

On May 31, 2018, the Company and Ulisse mutually agreed to exercise the Ulisse Put Option in lieu of completion of the ADM license tender auction. The Company repurchased and retired the shares issued in June 2016 with a purchase price adjustment to 10 million Euros (approximately USD $11.7 million). The purchase price adjustment was paid half in cash of 5 million Euros (approximately USD $5.85 million) and the Company issued 591,950 shares to the sellers on May 31, 2018 to settle the balance of the purchase price adjustment in shares of common stock at the closing price of $9.44 per share on May 31, 2018.

 

Multigioco Acquisition

 

On May 31, 2018, the Company and Multigioco mutually agreed to exercise the option to repurchase the shares issued to the shareholders of Multigioco at the closing of the acquisition of Multigioco on August 15, 2014 (“Multigioco Put Option”). The Company repurchased and retired the balance of 255,000 shares issued to the Multigioco sellers in exchange for EUR 510,000 (approximately USD $595,000).

 

Virtual Generation Limited (“VG”) Acquisition

 

On January 30, 2019, the Company entered into a Share Exchange Agreement (“VG SPA”), with the shareholders of Virtual Generation (“VG”) organized under the laws of Republic of Malta. VG owns and has developed a virtual gaming software platform, together with all the ordinary shares of Naos Holding Limited, a company organized under the laws of Republic of Malta (“Naos”) that owns 3,999 of the 4,000 issued and outstanding ordinary shares of VG. Pursuant to the agreement, the Company issued 65,298 shares of common stock in consideration for 100% of the issued and outstanding shares of VG.

 

Pursuant to the Purchase Agreement, on the Closing Date, the Company agreed to pay the Sellers the previously agreed to Four Million Euro (€4,000,000) in consideration for all the ordinary shares of VG and Naos, on the Closing Date as follows:

 

i.a cash payment of One Hundred and Eight Thousand Euro (€108,000);
ii.the issuance of shares of the Company’s common stock valued at Eighty-Nine Thousand Euro (€89,000); and
iii.the delivery of a non-interest bearing promissory note (the “Promissory Note”) providing for the payment of (a) an aggregate of €2,392,000 in cash in 23 equal and consecutive monthly instalments of €104,000 with the first such payment due and payable on the date that is one (1) month after the Closing Date; and (b) an aggregate of €1,411,000 in shares of the Company’s common stock in seventeen (17) equal and consecutive monthly instalments of €83,000 as determined by the average of the closing prices of such shares on the last ten (10) trading days immediately preceding the determination date of each monthly issuance, commencing on March 1, 2019.

 

The value of the EUR 4,000,000 promissory note net of discount was EUR 3,665,255 ($4,193,374 U.S.). The note was allocated as 40% as related party and 60% non-related party. In the six months ending June 30, 2019, cash payments were $240,015 net of interest of $2,354. Shares were issued at an equivalent of $195,220 net of interest of $1,563. Transaction gain during the quarter was $150. As of June 30, 2019, the promissory note net of discount related to the purchase of VG had a balance of $3,758,289 ($1,502,832 related party; $2,255,457 non-related party).

 

 

 

 

30


 
 

 

NEWGIOCO GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

 

5. Acquisition of betting software technology; offline and land-based gaming assets (continued)

 

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:

 

Cash $ 47,268  
Current assets   178.181  
Property, Plant and Equipment   41,473  
Betting Platform   4,004,594  
    4,271,516  
Less: liabilities assumed   (78,141 )
Less: Imputed Deferred taxation on identifiable intangible assets acquired   (1,401,608 )
Total identifiable assets less liabilities assumed   2,791,767  
Goodwill arising on acquisition   1,401,608  
Total purchase price $ 4,193,375  

 

Intangible assets will be amortized over their remaining useful life over a period of 15 years.

 

The €3,803,000 promissory note was recorded as a liability owing to related parties of €1,521,000 (Note 11) and to third parties of €2,281,800 (Note 14).

 

 

 

 

 

 

 

 

31


 
 

 

NEWGIOCO GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

 

6. Leases

 

Adoption of ASC Topic 842, “Leases”

 

On January 1, 2019, the Company adopted Topic 842 using the modified retrospective method applied to leases that were in place as of January 1, 2019. Results for reporting periods beginning after January 1, 2019 are presented under Topic 842, while prior period amounts are not adjusted and continue to be reported in accordance with the Company’s historic accounting under Topic 840. The Company’s portfolio of leases contains both finance and operating leases that relate to real estate agreements, vehicles and office equipment agreements.

 

Practical Expedients and Elections

 

The Company elected the package of practical expedients permitted under the transition guidance, which allowed the Company to carryforward its historical lease classification, the Company’s assessment on whether a contract is or contains a lease, and its initial direct costs for any leases that exist prior to adoption of the new standard. The Company also elected to combine lease and non-lease components on the office equipment leases and elected the short-term lease recognition exemption for all leases that qualify.

 

Discount Rate

 

To determine the present value of minimum future lease payments for leases at January 1, 2019, the Company was required to use the rate implicit in the lease unless the rate is not determinable then a rate of interest that it would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment (the “incremental borrowing rate” or “IBR”).

 

Operating leases

 

Property and vehicle leases

 

The Company determined the rate implicit in the lease or an IBR where that rate was not determinable. The Company used country specific rates based on the country the assets are located in.

 

Property leases

 

The Company determined that rates ranging from 2.12% to 4.5% were appropriate discount rates to apply to its real-estate operating leases.

 

The Company entered into new real estate operating leases during the current period and determined an appropriate discount rate to apply to its operating leases was 2.12%.

 

Vehicle leases

 

The Company determined that appropriate discount rates to apply to its vehicle operating leases ranged from 5.1% to 6.7%.

 

Finance leases

 

Computer and office equipment leases

 

The Company has financed several items of computer and office equipment through vendor financing. The discount rates for finance leases ranged from 2.5% to 4.2%.

 

 

32


 
 

 

NEWGIOCO GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

 

6. Leases (continued)

 

Right of use assets

 

Upon adoption of ASC 842, effective January 1, 2019, the Company recorded a right of use asset for operating leases of $646,138.

 

Right of use assets are included in the consolidated balance sheet are as follows:

 

    June 30, 2019
     
Non-Current assets        
Right-of-use assets - operating leases, net of amortization   $ 736,625  
Right-of-use assets – finance leases, net of amortization (included in plant and equipment)   $ 43,961  

 

Lease costs consists of the following:

 

   

Six months ended

June 30, 2019

     
Finance lease cost:   $ 15,817  
Amortization of right-of-use assets     15,118  
Interest expense on lease liabilities     699  
         
Operating lease cost     95,371  
         
Total lease cost   $ 111,191  

 

Other lease information:

 

 

Six months ended

June 30, 2019

   
Cash paid for amounts included in the measurement of lease liabilities      
Operating cash flows from finance leases $ (699 )
Operating cash flows from operating leases   (95,371 )
Financing cash flows from finance leases   (5,449 )
       
Right-of-use assets obtained in exchange for new finance leases   15,118  
Right-of-use assets disposed of under operating leases prior to lease maturity   (27,517 )
Right-of -use assets obtained in exchange for new operating leases $ 95,622  
       
Weighted average remaining lease term – finance leases   3.88 years  
Weighted average remaining lease term – operating leases   3.83 years  
       
Weighted average discount rate – finance leases   3.48 %
Weighted average discount rate – operating leases   3.66 %
       

 

 

33


 
 

 

NEWGIOCO GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

 

6. Leases (continued)

 

Maturity of Leases

 

Finance lease liability

 

The amount of future minimum lease payments under finance leases are as follows:

 

  Amount
  2019   $ 6,890  
  2020     13,780  
  2021     10,543  
  2022     8,536  
  2023     6,788  
  2024     817  
  Total undiscounted minimum future lease payments     47,354  
  Imputed interest     (2,764 )
  Total finance lease liability   $ 44,590  
           
  Disclosed as:        
  Current portion   $ 6,194  
  Non-Current portion     38,396  
      $ 44,590  

 

Operating lease liability

 

The amount of future minimum lease payments under operating leases are as follows:

 

  Amount
2019 $ 114,297  
2020   186,474  
2021   179,902  
2022   153,301  
2023   104,850  
2024 and beyond   29,098  
Total undiscounted minimum future lease payments   767,922  
Imputed interest   (64,755 )
       
Total operating lease liability $ 703,167  
       
Disclosed as:      
Current portion $ 91,449  
Non-Current portion   611,718  
  $ 703,167  

 

7. Investment in non-consolidated entities

 

Investments in non-consolidated entities consists of 2,500,000 shares of Zoompass Holdings (“Zoompass”) and is accounted for at fair value, with changes recognized into earnings in accordance with ASU 2016-1, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.”

 

On June 30, 2019, the shares of Zoompass were last quoted at $0.10 per share on the OTC market, resulting in an unrealized loss recorded to earnings related to these securities of $25,000 for the three and six months ended June 30, 2019.

 

 

34


 
 

 

NEWGIOCO GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

 

8. Intangible Assets

 

Intangible assets consist of the following:

 

  June 30, 2019   December 31, 2018  
Betting Platform Software $ 1,685,371     $ 1,685,371  
Ulisse Bookmaker License   9,727,914       9,727,914  
Multigioco and Rifa ADM Licenses   960,977       961,756  
VG Licenses   4,004,594        
Location contracts   1,000,000       1,000,000  
Customer relationships   870,927       870,927  
Trademarks/names   110,000       110,000  
Websites   40,000       40,000  
    18,399,783       14,395,968  
Accumulated amortization   (2,201,821 )     (1,867,986 )
Balance $ 16,197,962     $ 12,527,982  
                   

 

The Company evaluates intangible assets for impairment on an quarterly 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 Company recorded approximately $376,457 and $206,568 in amortization expense for the finite-lived assets for the six months ended June 30, 2019 and June 30, 2018 respectively.

 

Licenses obtained by the Company in the acquisitions of Multigioco and Rifa include a Gioco a Distanza (“GAD”) online license as well as a Bersani and Monti land-based licenses issued by the Italian gaming regulator (ADM) to Multigioco and Rifa, respectively, as well as an Austrian Bookmaker License through the acquisition of Ulisse.

 

The Company believes that the carrying amounts of its intangible assets are recoverable. However, if adverse events were to occur or circumstances were to change indicating that the carrying amount of such assets may not be fully recoverable, the assets would be reviewed for impairment and the assets could be impaired.

 

9. 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 a bank loan with Intesa Sanpaolo Bank as well as Wirecard Bank as a security deposit for Ulisse betting operations. In addition, the Company maintains a $1,000,000 deposit at Metropolitan Commercial bank held as security against a $1,000,000 line of credit. See Note 10.

 

10. Line of Credit – Bank

 

The Company currently maintains an operating line of credit for a maximum amount of €300,000 (approximately $340,000) for Multigioco and €50,000 (approximately $57,000) 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.

 

In addition, the Company maintains a $1,000,000 secured revolving line of credit from Metropolitan Commercial Bank in New York, which bears a fixed rate of interest of 3.00% on the outstanding balance with an interest only monthly minimum payment, no maturity or due date and is secured by a $1,000,000 security deposit, see Note 9.

 

11. Related Parties

 

Notes Payable – Related Party

 

The Company has three promissory notes entered into in 2015 and 2016 with a related party with an aggregate principal amount outstanding of $318,078. The promissory notes bear interest at 12% per annum and are due on demand.

 

In terms of the acquisition of Virtual Generation Limited on January 31, 2019, disclosed in Note 5 above, the Company issued a non-interest bearing promissory note in the principal amount of €3,803,000 owing to both related parties and non-related parties. The value of the promissory note payable to non-related parties was €2,281,800 and to related parties was €1,521,200.

 

35


 
 

 

NEWGIOCO GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

 

11. Related Parties (continued)

 

Notes Payable – Related Party (continued)

 

The promissory note is to be settled as follows:

  (a) an aggregate of €956,800 in cash in 23 equal and consecutive monthly instalments of €41,600 with the first such payment due and payable on the date that is one month after the Closing Date; and

 

  (b) an aggregate of €564,400 in shares of the Company’s common stock in 17 equal and consecutive monthly instalments of €33,200 as determined by the average of the closing prices of such shares on the last 10 trading days immediately preceding the determination date of each monthly issuance, commencing on March 1, 2019.

 

The future payments on the promissory note was discounted to present value using the Company’s average cost of funding of 10%. The discount is being amortized over the repayment period of the promissory note using the effective interest rate method.

 

The movement on notes payable consists of the following:

 

Description   June 30, 2019
     
Principal Outstanding    
Opening balance   $ 318,078  
Promissory note due to non-related parties     1,830,541  
Settled by the issuance of common shares     (190,128 )
Repayment in cash     (213,353 )
Foreign exchange movements     (14,442 )
      1,730,696  
Accrued Interest        
Opening balance     113,553  
Interest expense     18,928  
      132,481  
Present value discount on future payments        
Present value discount     (161,393 )
Amortization     35,347  
Foreign exchange movements     1,255  
      (124,791 )
Notes payable – Related Party, net   $ 1,738,386  
         
Disclosed as follows:        
Current liability   $ 1,405,804  
Long term liability     332,582  
Notes payable – Related Party, net   $ 1,738,386  

 

Advances from Stockholders

Advances from stockholders represent non-interest-bearing loans that are due on demand.

 

Advances from stockholders are as follows:

    June 30, 2019   December 31, 2018
                 
Gold Street Capital Corp.   $ 48,508     $ 39,237  

 

Amounts due to Gold Street Capital Corp., the major stockholder of Newgioco Group, are for reimbursement of expenses. During the three and six months ended June 30, 2018, the Company paid management fees of $36,000 and $72,000 to Gold Street Capital Corp and no management fees during the three and six months ended June 30, 2019, respectively.

 

During the six months ended June 30, 2018, the Company paid management fees of approximately $6,000 to Luca Pasquini.

 

36


 
 

 

NEWGIOCO GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

 

12. Stockholders’ Equity

 

Effective December 12, 2019 December 12, 2019, the Company performed a 1 for 8 reverse stock split. All equity issuances and references to equity have been adjusted to take into account the reverse stock split.

 

On January 30, 2019, the Company issued 32,450 shares of common stock valued at $101,763 and issued the following shares of common stock to promissory note holders in terms of the agreement entered into for the acquisition of Virtual Generation Limited, as disclosed in Note 5 above.

 

·         On March 1, 2019, 32,845 shares of common stock valued at $101,249;

·         On April 1, 2019, 29,975 shares of common stock valued at $86,328;

·         On May 1, 2019, 33,105 shares of common stock valued at $93,018;

·         On June 1, 2019, 27,256 shares of common stock valued at $92,961.

 

For the six months ended June 30, 2019, the Company issued a total of 86,850 shares of common stock, valued at $989,169, upon the conversion of convertible debentures into equity (Note 13).

 

On April 22, 2019, the Company issued 11,232 shares of common stock, valued at $35,943, to certain convertible debenture holders as an incentive for them to transfer their convertible debentures to another investor.

 

13. Convertible Debt

 

Convertible debt consists of Notes in USD and CAD issued in the first and second quarter of 2018. For the three and six months ended June 30, 2019, $919,824 ($864,623 principal plus $55,200 accrued interest) of convertible notes were redeemed for 287,561 of the Company’s common stock. At June 30, 2019, the Company has $7,774,208 principal debt plus accrued interest of $668,492 net of a discount of $3,300,942 and recorded a loss of $109,810 to account for the foreign currency translation of the debt issued in CAD.

 

The Aggregate convertible debentures outstanding consists of the following:

 

Description   June 30, 2019
     
Principal Outstanding    
Opening balance   $ 8,529,021  
Conversion to equity     (925,963 )
Foreign exchange movements     195,999  
      7,799,057  
Accrued Interest        
Opening balance     528,141  
Interest expense     390,186  
Conversion to equity     (63,206 )
Foreign exchange movements     10,307  
      865,428  
Debenture Discount        
Opening balance     (4,588,215 )
Amortization     2,007,712  
      (2,580,503 )
Convertible Debentures, net   $ 6,083,982  

 

14. Notes Payable

 

In Terms of the acquisition of Virtual Generation Limited on January 31, 2019, disclosed in Note 5 above, the Company issued a non-interest bearing promissory note of €3,803,000 owing to both related parties and non-related parties. The value of the promissory note payable related parties was €1,521,200 and to non-related parties was €2,281,800.

 

The promissory note payable to non-related parties is to be settled as follows:

 

  (a) an aggregate of €1,435,200 in cash in 23 equal and consecutive monthly instalments of €62,400 with the first such payment due and payable on the date that is one month after the Closing Date; and

 

37


 
 
  (b) an aggregate of €846,600 in shares of the Company’s common stock in 17 equal and consecutive monthly instalments of €49,800 as determined by the average of the closing prices of such shares on the last 10 trading days immediately preceding the determination date of each monthly issuance, commencing on March 1, 2019.

 

The future payments on the promissory note was discounted to present value using the Company’s average cost of funding of 10%. The discount is being amortized over the repayment period of the promissory note using the effective interest rate method.

 

The movement on notes payable consists of the following:

 

Description   June 30, 2019
     
Principal Outstanding    
Promissory note due to non-related parties   $ 2,745,811  
Settled by the issuance of common shares     (285,192 )
Repayment in cash     (331,913 )
Foreign exchange movements     (21,601 )
      2,107,105  
Present value discount on future payments        
Present value discount     (242,089 )
Amortization     53,020  
Foreign exchange movements     1,883  
      (187,186 )
Notes payable, net   $ 1,919,919  
         
Disclosed as follows:        
Current liability   $ 1,421,045  
Long term liability     498,874  
Notes payable, net   $ 1,919,919  

 

15. Bank Loan Payable

 

In September 2016, the Company obtained a loan of €500,000 (approximately $580,000) from Intesa Sanpaolo Bank in Italy, which loan is secured by the Company's assets. The loan has an underlying interest rate of 4.5 points above the Euro Inter Bank Offered Rate, subject to quarterly review and is amortized over 57 months ending March 31, 2021. Monthly repayments of €9,760 began in January 2017.

 

The Company made payments of €58,560 (approximately $66,146) for the six months ended June 30, 2019 which included principal of approximately $52,239 (approximately $59,007) and interest of €6,321 (approximately $7,140) for the six months ended June 30, 2019.

 

16. Other long term liabilities

 

Other long term liabilities represents the Italian “Trattamento di Fine Rapporto” 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:

 

    June 30, 2019   December 31, 2018
Severance liability   $ 193,021     $ 168,706  
Customer deposit balance     420,942       440,021  
Total other long term liabilities   $ 613,963     $ 608,727  

 

 

38


 
 

 

NEWGIOCO GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

 

17. Warrants

 

In connection with the private placement agreements entered into with accredited investors in the first and second quarter of 2018, for each $1,000 debenture unit the Company issued two-year warrants to purchase up to 135,28 shares of the Company’s common stock and for each CDN $1,000 debenture unit the Company issued two-year warrants to purchase up to 104.06 shares of the Company’s common stock at an exercise price of $4.00 per share.

 

A summary of all of the Company’s warrant activity during the period January 1, 2018 to June 30, 2019 is as follows:

 

    Number of shares   Exercise price per share   Weighted average exercise price
             
Outstanding January 1, 2018     76,566     $ 4.32     $ 4.32  
Granted     1,095,883       4.00       4.00  
Forfeited/cancelled     (27,000 )     5.04       (5.04 )
Exercised     (40,761 )     4.64       4.64  
Expired     (15,555 )     4.64       4.64  
Outstanding December 31, 2018     1,089,133     $ 4.00       4.00  
Granted                  
Forfeited/cancelled                  
Exercised                  
Outstanding June 30, 2019     1,089,133     $ 4.00     $ 4.00  

 

The following tables summarize information about warrants outstanding as of June 30, 2019:

 

    Warrants outstanding   Warrants exercisable
  Exercise price       Number of shares      

Weighted

average

remaining years

      Weighted
average
exercise price
      Number of shares      

Weighted

average

exercise price

 
                                             
$ 4.00       1,089,133       0.90     $ 4.00       1,089,133     $ 4.00  

 

 

 

39


 
 

 

NEWGIOCO GROUP, INC.

Notes to the Unaudited Consolidated Financial Statements

 

18. Revenues

 

The following table represents disaggregated revenues from our gaming operations for the three and six months ended June 30, 2019 and 2018. Net Gaming Revenues represents Turnover (also referred to as “Handle”), the total bets processed for the period, less customer winnings paid out, commissions paid to agents, and taxes due to government authorities, while Commission Revenues represents commissions on lotto ticket sales and Service Revenues is revenue invoiced for our ELYS software service and royalties invoiced for the sale of virtual products.

 

    Three Months Ended   Six Months Ended
    June 30, 2019   June 30, 2018   June 30, 2019   June 30, 2018
Turnover                
Turnover web-based   $ 88,647,748     $ 55,025,859     $ 175,223,649     $ 101,091,758  
Turnover land-based     10,617,656       45,013,592       61,017,220       89,507,552  
Total Turnover     99,265,404       100,039,451       236,240,869       190,599,310  
                                 
Winnings/Payouts                                
Winnings web-based     81,857,558       54,687,682       164,120,495       97,305,678  
Winnings land-based     7,199,276       35,765,405       51,555,578       74,511,647  
Total Winnings/payouts     89,056,834       90,453,087       215,676,073       171,817,325  
                                 
Gross Gaming Revenues     10,208,570       9,586,364       20,564,796       18,781,985  
                                 
Less: ADM Gaming Taxes     1,172,993       799,016       2,366,739       1,565,849  
Net Gaming Revenues     9,035,577       8,787,348       18,198,057       17,216,136  
Add: Commission Revenues     33,360       18,152       62,433       117,152  
Add: Service Revenues     36,416       17,159       111,158       83,238  
Total Revenues   $ 9,105,353     $ 8,822,659     $ 18,371,648     $ 17,416,526  
                                 

 

19. Net Loss per Common Share

 

Basic loss per share is based on the weighted-average number of common shares outstanding during each period. Diluted loss per share is based on basic shares as determined above, plus the incremental shares that would be issued upon the assumed exercise of “in-the-money” warrants using the treasury stock method and the inclusion of all convertible securities, including convertible debentures, assuming these securities were converted at the beginning of the period or at the time of issuance, if later. The computation of diluted net loss per share does not assume the issuance of common shares that have an anti-dilutive effect on net loss per share.

 

For the three months and six months ended June 30, 2019 and 2018, the following warrants and convertible debentures were excluded from the computation of diluted loss per share as the result of the computation was anti-dilutive:

 

 

Description   Three and Six Months ended June 30, 2019   Three and Six Months ended June 30, 2018
         
Warrants     1,089,133       1,089,133  
Convertible debentures     2,707,652       2,707,652  
      3,796,785       3,796,785  

 

40


 
 

 

19. 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 six months ended June 30, 2019 and June 30, 2018.

 

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.

 

On December 22, 2017, the President of the United States signed into law Public Law No. 115-97, commonly referred to as the Tax Reform Act, following its passage by the United States Congress. The Tax Act made significant changes to U.S. federal income tax laws, including reduction of the corporate tax rate from 35.0% to 21.0%, limitation of the deduction for net operating losses to 80.0% of current year taxable income and elimination of net operating loss carrybacks, one-time taxation of offshore earning at reduced rates regardless of whether they are repatriated, elimination of U.S. tax on foreign earnings (subject to certain important exceptions), immediate deductions for certain new investments instead of deductions for depreciation expense over time, and modifying or repealing many business deductions.

 

The Company continues to evaluate the accounting for uncertainty in tax positions at the end of each reporting period. The guidance requires companies to recognize in their financial statements the impact of a tax position if the position is more likely than not of being sustained if the position were to be challenged by a taxing authority. The position ascertained inherently requires judgment and estimates by management.

 

The Company has accumulated a net operating loss carry forwards (“NOL”) of approximately $4.0 million as of December 31, 2018 and continues to have losses from operations. As part of the Tax Act, NOL’s generated in 2018 and later are not subject to an expiration period and are available to offset 80% of taxable income in the year in which they are utilized. The federal and state NOL carryforwards generated prior to 2018 will begin to expire in 2026. For the six months ended June 30, 2019 the Company recorded additional losses and the possibility of future cumulative losses still exists. Accordingly, the Company has continued to maintain a valuation allowance against its net deferred tax assets.

 

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.

 

20. Subsequent Events

 

Subsequent to the period covered by this report, the principal amount of $550,000 and CDN$20,000 (approximately $16,400) of outstanding convertible debentures plus accrued interest was presented to the Company for conversion into 195,297 shares of common stock.

 

Other than disclosed above, the Company has evaluated subsequent events through the date the financial statements were issued and did not identify any other subsequent events that would have required adjustment or disclosure in the financial statements.

 

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Item 2. Management's Discussion And Analysis Of Financial Condition And Results Of Operations

 

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act. All statements other than statements of historical fact could be deemed forward-looking statements. Statements that include words such as “may,” “might,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “pro forma” or the negative of these words or other words or expressions of and similar meaning may identify forward-looking statements. For example, forward-looking statements include any statements of the plans, strategies and objectives of management for future operations, including the execution of integration and restructuring plans and the anticipated timing of filings; any statements concerning proposed new products, services or developments; any statements regarding future economic conditions or performance; statements of belief and any statement of assumptions underlying any of the foregoing. Factors that might cause such differences include, but are not limited to, those discussed in our Annual Report on Form 10-K for the year ended December 31, 2018 filed with the Securities and Exchange Commission on March 8, 2019 under the heading “Risk Factors” and the Risk Factors as described in Item 1A of this report on Form 10Q for the six months ended June 30, 2019.

 

Overview

 

Except as expressly stated, the financial condition and results of operations discussed throughout the Management's Discussion and Analysis of Financial Condition and Results of Operations are those of Newgioco Group, Inc. and its consolidated subsidiaries.

 

General Plan of Operation

 

We are a licensed gaming operator (known as an “Operator”) in the regulated Italian leisure betting market holding an “online”, “retail” and “CED retail” Austria Bookmaker license through our Multigioco, Rifa and Ulisse subsidiaries, respectively. As an Operator, we are authorized to collect gaming wagers and sports bets through two distribution channels: (i) online through websites on internet browsers, mobile applications and physical venues known as “web-shops” (internet cafes; kiosks, coffee-shops, convenience stores, restaurants and bars, etc.) where patrons can play on online through PC’s situated at each venue, and (ii) through physical land-based retail venues (off-track betting shops, SSBT (“self-serve betting terminal”) kiosks, coffee-shops, convenience stores, restaurants, taverns and bars, etc.).

 

Additionally, we are a global gaming technology company (known as a “Provider”), which owns and operates a unique “distributed” architecture betting software colloquially named Elys Game Board (the “Platform”) through our Odissea subsidiary. The Platform is a fully integrated “omni-channel” framework that combines centralized technology updating, servicing and operation with multi-channel functionality to accept all forms of customer payment through the two distribution channels described above. The omni-channel design is fully integrated with a built in player gaming account management, built-in sports book with what we believe is an industry-leading dynamic risk-management algorithm software and a virtual sports platform through our VG subsidiary. The Platform also provides seamless application programming interface integration of third-party supplied products such as online casino, poker, lottery and horse racing and has the capability to incorporate e-sports and daily fantasy sports providers.

 

Our corporate group is based in North America which includes a head office situated in Toronto, Canada with sub-offices in Fort Lauderdale and Boca Raton, Florida through which our CEO and CFO handle day-to-day reporting duties, U.S. development planning and through which various independent contractors and vendors are engaged.

 

Although we operate in one business segment, the leisure gaming industry, our revenue is derived from two sources:

 

  1. Transaction revenue through our offering of leisure betting products to retail customers directly through our online distribution on websites or a betting shop or through third party agents that operate white-label websites and/or land-based retail venues; and
  2. SaaS based service revenue through providing our Platform and virtual sports products to betting operators.

 

Currently, transaction revenue generated through our subsidiaries Multigioco, Rifa and Ulisse, consist of wagering and gaming transaction income broken down to: (i) spread on sports bet wagers, and (ii) fixed rate commissions on casino, poker, lotto and horse racing wagers from online based betting web shops and websites as well as land-based retail betting shops located throughout Italy; while our service revenue generated by our Platform is primarily derived from bet and wager processing through our Multigioco, Rifa and Ulisse operations in Italy.

 

We believe that our Platform is considered one of the newest betting software in the world and our plan is to expand our Platform offering to new jurisdictions around the world on a B2B basis, including expansion through Europe, South America, South Africa and the developing market in the United States. During the first and second quarter of 2019, we also generated service revenue from royalties through authorized agents by providing our virtual sports products through our VG subsidiary in 12 countries including: Italy, Peru, Nigeria, Paraguay, Albania, Honduras, Colombia, Mexico, Dominican Republic, Uganda, Nicaragua, and Turkey. We intend to leverage our partnerships in these 12 countries to cross-sell our Platform services to expand the global distribution of our betting solutions.

 

42


 
 

 

This Management’s Discussion and Analysis includes a discussion of our operations for the quarter ended June 30, 2019, which reflects the operations of VG and Naos for the three months of the quarter ended June 2019 and for five months of the six month period ended June 30, 2019. The operations of VG and Naos are not included in the discussion for the three months and six months ended June 30, 2018 due to the fact that the acquisition was consummated in January 2019.

 

Highlights and Recent Developments

 

Acquisition of VG

 

As part of our multi-year business growth strategy, we expanded our operations in Europe by our acquisition of all of the issued and outstanding ordinary shares of VG and Naos. The sellers included Mr. Luca Pasquini, our Vice President of Technology and a member of our Board of Directors, and Mr. Gabriele Peroni, our Vice President of Business Development, each of whom owned 800 ordinary shares of Naos (20% of the issued and outstanding shares of Naos).

 

VG is a Gaming Laboratories International (GLI) certified virtual sports and gaming software developer with a portfolio of products including greyhound and horse racing; league play football (i.e., soccer), keno; and American Roulette. In addition, VG’s platform allows for customization for country-specific virtual sports products including applications in Latin American and African markets as well as unique U.S. tribal games tailored for the U.S. tribal gaming market.

 

VG’s operations have grown rapidly in the highly competitive virtual sports market from approximately 67,000 tickets in 2014 to over 20 million bet tickets traded in 2018. VG now operates in 12 countries including: Italy, Peru, Nigeria, Paraguay, Albania, Honduras, Colombia, Mexico, Dominican Republic, Uganda, Nicaragua, and Turkey.

 

Pursuant to the VG purchase agreement, on the closing date, in consideration for all the ordinary shares of VG and Naos we paid the sellers €4,000,000 (approximately $4,580,000 at a Euro – exchange rate of 1.143) as follows:

 

i.a cash payment of €108,000 (approximately $124,000);
ii.the issuance of shares of our common stock valued at €89,000 (approximately $102,000); and
iii.the delivery of a non-interest bearing promissory note providing for the payment of (a) an aggregate of €2,392,000 (approximately $2,737,000) in cash in 23 equal and consecutive monthly installments of €104,000 (approximately $119,000) with the first such payment due and payable on the date that is one (1) month after the closing date; and (b) an aggregate of €1,411,000 (approximately $1,615,000) in shares of our common stock in seventeen (17) equal and consecutive monthly installments of €83,000 (approximately $95,000) as determined by the average of the closing prices of such shares on the last 10 trading days immediately preceding the determination date of each monthly issuance, commencing on March 1, 2019.

 

In addition, pursuant to the terms of the VG purchase agreement, we agreed to pay the sellers as an earn-out payment in shares of our common stock within one month from the end of the 2019 fiscal year equal to an aggregate amount of €500,000 (approximately $570,000), if the amounts of bets made by the users through the VGS platform related to our 2019 fiscal year are at least 5% higher than the amounts of bets made by the users through the VGS platform related to our 2018 fiscal year.

 

As of June 30, 2019, we made cash payments to the VG former shareholders under the promissory note that we issued to them equal to €482,400 (approximately $545,000) and we have issued 155,635 shares (or €421,000 (approximately $475,320) of common stock to the former shareholders of VG pursuant to the promissory note, and the remaining amounts due to the vendors in cash was €2,017,600 (approximately $2,293,000) and €1,079,000 (approximately $1,226,500) in common shares of the company.

 

Expansion and New Markets

 

United States Operations Development

 

In May 2018, the U.S. Supreme Court (“SCOTUS”) ruled that the Professional and Amateur Sports Protection Act (the “PASPA”) was unconstitutional as it violates the Tenth Amendment prohibition against forcing states to implement federal laws. Enacted in 1992, PASPA generally prohibited states from authorizing, licensing or sponsoring betting on competitive games in which amateur or professional athletes participate. PASPA did not make sports betting a federal crime; rather, it allowed the attorney general for the Department of Justice, as well as professional and amateur sports organizations, to bring civil actions to enjoin violations of the act. The SCOTUS decision opens the door for all states to legalize and regulate sports gambling within their borders. States such as Nevada, New Jersey, Delaware, West Virginia, Rhode Island, Pennsylvania, Arkansas, Montana, Illinois, Indiana, Iowa, Tennessee and Mississippi have passed laws that were ready to be enacted once the federal ban on sports betting was lifted. Additional states including Maine, New Hampshire, California, Connecticut, Louisiana, South Carolina, Oklahoma, Kansas, Missouri, Kentucky, Michigan, Ohio and Maryland are considering active bills.

 

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As part of our multi-year business growth strategy, we made significant investments in the second half of 2018 and first half of 2019 to enter and then build a foundation aimed at accelerating our recently announced U.S. expansion plans. To support these principal objectives, we initiated an ambitious investment strategy that is fundamental to the successful execution of our long-term business plan. These fundamental investments have resulted in short-term, non-recurring expenses related to key elements including the expansion of CEO responsibilities into regulatory and policy development functions, as well as establishing a centralized US-based headquarters. In the third quarter of 2018, we also established a plan to relocate our CEO to the U.S., commenced the recruitment and evaluation of key officers, as well as allocating a software development team at Odissea for coding and submission of our Platform for GLI-33 certification to Gaming Laboratories International (“GLI”) for the U.S. market.

 

Inflation

 

We do not believe that general price inflation will have a material effect on our business in the near future.

 

Foreign Exchange

 

We operate in several foreign countries, including Austria, Italy, Malta and Canada and we incur operating expenses and have foreign currency denominated assets and liabilities associated with these operations. Transactions involving our corporate expenditures are generally denominated in U.S. dollars and Canadian dollars while the functional currency of our subsidiaries is in Euro. Convertible debentures have also been issued in both U.S. dollars and Canadian dollars. Changes and fluctuations in the foreign exchange rate between the Euro and the U.S. dollar and the Canadian dollar and the U.S. dollar will have an effect on our results of operations.

 

Critical Accounting Policies and Estimates

 

Preparation of our unaudited consolidated financial statements in accordance with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of certain assets, liabilities, revenues and expenses, as well as related disclosure of contingent assets and liabilities. Significant accounting policies are fundamental to understanding our financial condition and results as they require the use of estimates and assumptions which affect the financial statements and accompanying Notes.

 

 

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Results of Operations

 

Comparison of the three and six months ended June 30, 2019 and 2018.

 

Revenues

 

The following table represents disaggregated revenues from our gaming operations for the three and six months ended June 30, 2019 and 2018. Net Gaming Revenues represents Turnover (also referred to as “Handle”), the total bets processed for the period, less customer winnings paid out, commissions paid to agents, and taxes due to government authorities, while Commission Revenues represents commissions on lotto ticket sales and Service Revenues is revenue invoiced for our ELYS software service and royalties invoiced for the sale of virtual products.

 

    Three Months Ended   Six Months Ended
    June 30, 2019   June 30, 2018   June 30, 2019   June 30, 2018
Turnover                
Turnover web-based   $ 88,647,748     $ 55,025,859     $ 175,223,649     $ 101,091,758  
Turnover land-based     10,617,656       45,013,592       61,017,220       89,507,552  
Total Turnover     99,265,404       100,039,451       236,240,869       190,599,310  
                                 
Winnings/Payouts                                
Winnings web-based     81,857,558       54,687,682       164,120,495       97,305,678  
Winnings land-based     7,199,276       35,765,405       51,555,578       74,511,647  
Total Winnings/payouts     89,056,834       90,453,087       215,676,073       171,817,325  
                                 
Gross Gaming Revenues     10,208,570       9,586,364       20,564,796       18,781,985  
                                 
Less: ADM Gaming Taxes     1,172,993       799,016       2,366,739       1,565,849  
Net Gaming Revenues     9,035,577       8,787,348       18,198,057       17,216,136  
Add: Commission Revenues     33,360       18,152       62,433       117,152  
Add: Service Revenues     36,416       17,159       111,158       83,238  
Total Revenues   $ 9,105,353     $ 8,822,659     $ 18,371,648     $ 17,416,526  
                                 

 

The Company generated total revenues of $9,105,353 and $18,371,648 for the three and six months ended June 30, 2019, compared to revenues of $8,822,659 and $17,416,526 for the three and six months ended June 30, 2018, respectively.

 

The increase in revenues for the three months ended June 30, 2019 over the same period ended June 30, 2018 is attributed to the substantial increase in web-based turnover for the three and six months periods, as the Company pursues the global trend of web-based gaming, offset by the substantial decline in land based turnover due to the soccer world cup sporting event in 2018, the event occurs every four years.

 

Selling expenses

 

The Company incurred selling expenses of $6,268,772 and $13,676,478 for the three and six months ended June 30, 2019, compared to $5,826,243 and $11,903,600 for the three and six months ended June 30, 2018. Selling expenses are commissions paid to agents based on a percentage of Handle (Turnover). During the three and six months ended June 2019 our percentage of selling expenses to gross gaming revenues was approximately 61%and 75.1%, respectively compared to approximately 66.3% and 63.3% for the three and six months ended June 2018, respectively.

 

General and Administrative Expenses

 

The Company incurred $3,360,284 and $6,557,739 in general and administrative expenses during the three and six months ended June 30, 2019, compared to $2,201,805 and $4,407,119 in the three and six months ended June 30, 2018. The increase in general and administrative expenses was mostly as a result of an increase in payroll expenses, professional fees and gaming related conferences. These expenses have been curtailed with effect from May 2019.

 

45


 
 

 

(Loss) Income from Operations

 

The loss from operations of $(523,703) and $(1,862,569) for the three and six months ended June 30, 2019, respectively, compares to income from operations of $794,611 and $1,105,807. The loss from operations during the current fiscal year is directly attributable to higher commissions paid on turnover and the increase in general and administrative expenses discussed above.

 

Interest Expense, Net of Interest Income

 

Interest expense of $1,017,243 and $2,521,355 for the three and six months ended June 30, 2019, respectively compares to interest expense of $1,050,270 and $1,262,509 for the three and six months ended June 30, 2018. The increase in interest expense for the six month period is attributable to the convertible debenture funding which took place from February 2018 to June 2018, resulting in a significant increase in interest and debenture discount amortization during the three months ended June 30, 2018. The convertible debenture interest and amortization expense was incurred for the full six months during the current fiscal year.

 

Gain on Litigation Settlement.

 

The gain on litigation settlement for the six months ended June 30, 2018, related to the settlement of the Paymobile litigation matter. In connection with the settlement, the Company received 2,500,000 shares of Zoompass Holdings, Inc. and recorded a gain on litigation settlement of $516,120 in the first quarter of 2018.

 

Loss on Marketable Securities

 

The loss on marketable securities of $0 and $25,000 for the three and six months ended June 30, 2019, respectively, compares to the loss on marketable securities of $155,000 and $155,000 for the three and six months ended June 30, 2018. The loss on marketable securities is directly related to the stock price of our investment in Zoompass which is marked-to-market each quarter. The shares in Zoompass were acquired by the Company as settlement of a litigation matter.

 

(Loss) Income Before Income Taxes

 

The loss before income taxes of $(1,569,164) and $(4,437,142) for the three and six months ended June 30, 2019, respectively, compares to the loss before income taxes of $(622,176) and $(8,613) for the three and six months ended June 30, 2019. The increase in loss before income taxes is attributable to the increased selling expenses and increased general and administrative expenses discussed above.

 

Income Tax Provision

 

The income tax provision of $209,056 and $455,030 for the three and six months ended June 30, 2019, respectively, compares to the income tax provision of $512,406 and $757,442 for the three and six months ended June 30, 2018. The decrease in the income tax provision is attributable to lower income earned in one of our subsidiaries in the three and six months ended June 30, 2019 compared to June 30, 2018, impacting on both the overall group profitability and the provision for income tax.

 

Net Loss

 

Net loss of $1,778,220 and $4,892,172 for the three and six months ended June 30, 2019, respectively, compares to the net loss of $1,134,582 and $766,055 for the three and six months ended June 30, 2018. The increase in net loss is discussed above.

 

Comprehensive Loss

 

Our reporting currency is the U.S. dollar while the functional currency of our subsidies is the Euro, the local currency in Italy and Austria and the functional currency of our Canadian subsidiary is the Canadian dollar. The financial statements of our subsidiaries are translated into United States dollars in accordance with ASC 830, using year-end rates of exchange for assets and liabilities, and average rates of exchange for the period for revenues, costs, and expenses and historical rates for equity. Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining other comprehensive income.

 

We recorded a foreign currency translation adjustment of $69,023 and $(61,207) for the three and six months ended June 30, 2019, respectively, compared to a foreign currency translation adjustment of $63,305 and $160,778 for the three and six months ended June 30, 2018, respectively.

 

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Liquidity and Capital Resources

 

Assets

 

At June 30, 2019, we had a total of $27,092,690 in assets compared to $22,653,481 in assets at December 31, 2018. The increase is primarily related to the increase in intangible assets related to the acquisition of the Virtual Generation licenses acquired on January 31, 2019 in terms of the Securities Purchase agreement entered into as disclosed in Note 5 to the financial statements, offset by a reduction in cash balances and gaming accounts receivable.

 

Liabilities

 

At June 30, 2019, we had $20,606,612 in total liabilities and compared to total liabilities of $12,714,078 at December 31, 2018. The increase is attributable to the promissory note payable to related and non-related parties incurred on the acquisition of Virtual Generation Limited during January 2019 as discussed in Note 5 to the financial statements.

 

Working Capital

 

We had $5,228,797 in cash and cash equivalents at June 30, 2019 compared to $6,289,903 on December 31, 2018.

 

We had a working capital deficit of $10,701,384 at June 30, 2019, compared to a working capital deficit of $4,328,856 at December 31, 2018. The increase in the working capital deficit is due to the acquisition of Virtual Generation as disclosed in Note 5 to the financial statements resulting in the acquisition of primarily long term assets in the form of licenses funded by primarily a short-term promissory note.

 

We currently maintain an operating line of credit for a maximum amount of €300,000 (approximately $340,000) for Multigioco and €50,000 (approximately $57,000) 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 of our shareholders and bears a fixed rate of interest at 5% per annum on the outstanding balance with no minimum payment, maturity or due date. In addition, we maintain a $1,000,000 secured revolving line of credit from Metropolitan Commercial Bank in New York, which bears a fixed rate of interest of 3% on the outstanding balance with an interest only monthly minimum payment, no maturity or due date and is secured by a $1,000,000 security deposit.

 

We currently believe that our existing cash resources together with the revenue from operations that we expect to generate will be sufficient to meet our anticipated needs over the next twelve months from the date hereof. Historically, we have financed our operations through revenue generated from providing online and offline gaming products, services, and Platform services in Italy and the sales of our securities and we expect to continue to seek to obtain required capital in a similar manner. Recently, we have spent, and expect to continue to spend, a substantial amount of funds in connection with our expansion strategy.

 

Accumulated Deficit

 

As of June 30, 2019, we had accumulated deficit of $18,859,202 compared to accumulated deficit of $13,967,030 at December 31, 2018.

 

Cash Flows from Operating Activities

 

Cash flows from operating activities resulted in net cash used in operating activities of $1,005,601 for the six months ended June 30, 2019, compared to cash provided by operating activities of $1,050,581 for the six months ended June 30, 2018. The increase in cash used in operating activities of $2,056,182 is primarily related to the increase in net loss of $4,126,117 offset by the movement in non-cash amortization of deferred costs of $2,037,892.

 

Cash Flows from Investing Activities

 

The net cash used in investing activities for the six months ended June 30, 2019 was $270,433 compared to net cash used in investing activities of $4,577,886 for the six months ended June 30, 2018 that was attributed directly to the asset purchases of Ulisse and Multigioco on May 31, 2018 pursuant to the Ulisse Put Option and the Multigioco Put Option.

 

Cash Flows from Financing Activities

 

Net cash used in financing activities for the six months ended June 30, 2019 was $101,691 compared to $3,673,614 of net cash provided by financing activities for the six months ended June 30, 2018. We raised funding through the issue of debentures in the prior year of $6,883,905 and repurchased common shares totaling $2,261,307 in the prior year. The common share repurchase was attributed to the asset purchases of Ulisse and Multigioco on May 31, 2018 pursuant to the Ulisse Put Option and the Multigioco Put Option.

 

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Contractual Obligations

 

Current accounting standards require disclosure of material obligations and commitments to make future payments under contracts, such as debt, lease agreements, and purchase obligations. Contractual obligations consist of the following:

 

·Promissory notes payable to Braydon Capital Corp., a company owned by Claudio Ciavarella, the brother of our CEO, a related party with principal and interest of approximately $450,559 that is due on demand.
·a Promissory note to acquire VG for €3,803,000 that is payable in monthly instalments until January 2022. The amount due under this promissory note as of June 30, 2019 was approximately $3,519,722 (approximately €3,100,000), before debt discount of $311,977.
·Convertible Debentures denominated in both US$ and CDN$ issued in the first and second quarter of 2018 that mature two years from the issue date. At June 30, 2019, we have outstanding a principal amount of $7,799,057 plus accrued interest of $865,428.

 

Off-Balance-Sheet Arrangements

 

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenue or expenses, results of operations, liquidity, capital expenditures or capital resources that we expect to be material to investors. We do not have any non-consolidated, special-purpose entities.

 

Related Party Transactions

 

Promissory Notes

 

The Company has three promissory notes entered into in 2015 and 2016 with Braydon Capital Corp., a related party, with an aggregate principal amount outstanding of $318,078. The promissory notes bear interest at 12% per annum and are due on demand. The amount outstanding under the promissory notes was $450,559 as of June 30, 2019.

 

In connection with the acquisition of VG on January 31, 2019, disclosed in Note 5 to the financial statements, the Company issued a non-interest bearing promissory note of €3,803,000 owing to both related parties and non-related parties, the balance to be settled as follows:

 

a)an aggregate of €2,392,000 in cash in 23 equal and consecutive monthly instalments of €104,000 with the first such payment due and payable on the date that is one month after the Closing Date; and
b)an aggregate of €1,411,000 in shares of the Company’s common stock in 17 equal and consecutive monthly instalments of €83,000 as determined by the average of the closing prices of such shares on the last 10 trading days immediately preceding the determination date of each monthly issuance, commencing on March 1, 2019.

 

The amount due under the VG promissory note is $3,519,723, before debt discount of $311,977 as at June 30, 2019.

 

Advances from Stockholders

 

Advances from stockholders represent non-interest-bearing loans that are due on demand.

 

The amount payable to stockholders as of June 30, 2019 was $48,508.

 

Amounts due to Gold Street Capital Corp., the major stockholder of Newgioco Group, are for reimbursement of expenses. During the three and six months ended June 30, 2018, the Company paid management fees of $36,000 and $72,000 to Gold Street Capital Corp and no management fees during the three and six months ended June 30, 2019, respectively.

 

During the six months ended June 30, 2018, the Company paid management fees of approximately $6,000 to Luca Pasquini.

 

 

 

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Item 3. Quantitative and Qualitative Disclosures about Market Risk.

 

Newgioco Group is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required under this item.

 

Item 4. Controls and Procedures.

 

Management's Evaluation of Disclosure Controls and Procedures

 

We maintain disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is collected, recorded, processed, summarized and reported within the time periods required under the SEC's rules and forms and that the information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow for timely decisions regarding required disclosure.

 

As required by SEC Rule 13a-15(b), our management, under the supervision and with the participation of our Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial officer), carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2019. Based on the foregoing evaluation, our Chief Executive Officer (principal executive officer) and our Chief Financial Officer (principal financial officer), concluded that due to our limited resources our disclosure controls and procedures were not effective. Specifically, our internal control over financial reporting was not effective due to material weaknesses related to a limited segregation of duties due to our limited resources and the small number of employees. Management has determined that this control deficiency constitutes a material weakness which can result in material misstatements of significant accounts and disclosures that would result in a material misstatement to our interim or annual financial statements that would not be prevented or detected. In addition, due to limited staffing, we are not always able to detect minor errors or omissions in reporting.

 

Going forward, management anticipates that additional staff will be necessary to mitigate these weaknesses, as well as to implement other planned improvements. Additional staff should enable us to document and apply transactional and periodic controls procedures, permit a better review and approval process and improve quality of financial reporting. However, the potential addition of new staff is contingent on obtaining additional financing, and there is no assurance that we will be able to do so.

 

Changes in Internal Control Over Financial Reporting

 

There were no changes to our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the three months ended June 30, 2019 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

 

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PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

None.

 

Item 1A. Risk Factors.

 

Investing in our common stock involves a high degree of risk. You should consider carefully the following risks, together with all the other information in this Form 10-Q, including our condensed consolidated financial statements and notes thereto. If any of the following risks actually materializes, our operating results, financial condition and liquidity could be materially adversely affected. As a result, the trading price of our common stock could decline and you could lose part or all of your investment. The following information updates, and should be read in conjunction with, the information disclosed in Part I, Item1A, “Risk Factors,” contained in our Annual Report on Form 10-K for the year ended December 31, 2018. Except as disclosed below, there have been no material changes from the risk factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2018.

 

Risks Related to Our Financial Position

 

We have incurred substantial losses in the past and it may be difficult to achieve profitability.

 

We have a history of losses and are anticipated to incur additional losses in the development of our business. For the year ended December 31, 2018, we had a net loss of $3.6 million and for the six month period ended June 30, 2019 we had a net loss of $4.9 million. As of December 31, 2018, and June 30, 2019 we had accumulated deficits of $14.0 million, and $18.9 million, respectively. Since we are currently in the early stages of our development and strategy, we intend to continue to invest in sales and marketing, product and solution development and operations, including by hiring additional personnel, upgrading our technology and infrastructure and expanding into new geographical markets. To the extent we are successful in increasing our customer base, we expect to also incur increased losses in the short term despite the fact that our Platform is easily scalable and because costs associated with entering new markets, acquiring clients, customers and operators are generally incurred up front, while service and transactional revenues are generally recognized at future dates if at all. Our efforts to grow our business may be more costly than we expect, and we may not be able to increase our revenues enough to offset our higher operating expenses. We may incur significant losses in the future for a number of reasons, including the other risks described in this section, and unforeseen expenses, difficulties, complications and delays and other unknown events. Although we cannot assure that we will be able to maintain a profitable level of betting operations to meet normal business operating obligations, in recent years we have relied on issuance of debt and equity securities to grow our business such that we have generated sufficient revenue to maintain our existing level of operations and to continue moderate organic growth in the regulated Italian leisure betting market. If we are unable to achieve and sustain profitability, the value of our business and common stock may significantly decrease.

 

We expect to continue relying on our discretionary available cash and bank credit to fund our additional acquisitions or enter into new business opportunities that may not be available at reasonable terms, if at all.

 

We have recently initiated an ambitious investment strategy including taking steps to enter the U.S. market which has led to an increase in some recurring and a number of non-recurring expenses. Our ability to execute our growth plan is dependent upon our ability to generate profits from operations in the future, bank credit facilities and/or our ability to obtain the additional necessary bank financing required and to fund our ambitious investment strategy if such financing is available on reasonable terms, if at all.

 

The exercise or conversion of currently outstanding securities would dilute current holders of our common stock.

 

If all of the holders of our outstanding convertible debentures and warrants converted or exercised their securities, we would be obligated to issue 3,796,785 common shares.

 

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

During the six months ended June 30, 2019, we issued 245,970 shares of common stock to the vendors of Virtual Generation limited pursuant to the terms of a Securities Purchase Agreement as disclosed in Note 5 to the financial statements. We issued the securities in reliance on the exemption from registration provided for under Section 4(a)(2) of the Securities Act. We relied on this exemption from registration for private placements based in part on the representations made by the investors with respect to their status as accredited investors, as such term is defined in Rule 501(a) of the Securities Act.

 

During the six months ended June 30, 2019, we issued an aggregate of 221,614 shares of common stock upon the conversion of convertible debentures into equity. The issuance was exempt from the registration requirements of the Securities Act by virtue of Section 3(a)(9) thereunder as a transaction not involving a public offering as the issuance was made to existing holders, there was no additional consideration paid for the common stock and no commission or remuneration was paid.

 

On April 22, 2019, we issued an aggregate of 11,232 shares of common stock to certain convertible debenture holders as an incentive for them to transfer the convertible debentures to another investor. We issued the securities in reliance on the exemption from registration provided for under Section 4(a)(2) of the Securities Act. We relied on this exemption from registration for private placements based in part on the representations made by the investors with respect to their status as accredited investors, as such term is defined in Rule 501(a) of the Securities Act.

 

Item 3. Defaults Upon Senior Securities.

 

None.

 

Item 4. Mine Safety Disclosures

 

Not applicable.

 

Item 5. Other Information.

 

None.

 

Item 6. Exhibits

 

Exhibit Number   Description

10.1

 

10.2

 

31.1

 

Independent Contractor Agreement with Mark Korb dated July 1, 2019 (incorporated by reference to the Company’s Current Report on Form 8-K dated July 3, 2019 (File number 000-50045))

Amendment to Employment Agreement dated July 5, 2015 with Michele Ciavarella (incorporated by reference to the Company’s Current Report on Form 8-K dated July 9, 2019 (File umber 000-50045))

Certification of Chief Executive Officer pursuant to the Securities Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2   Certification of Chief Financial Officer pursuant to the Securities Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1   Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS   XBRL Instance Document.
101.SCH   XBRL Taxonomy Extension Schema Document.
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB   XBRL Taxonomy Extension Label Linkbase Document.
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document.

 

 

 

 

 

 

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Amendment No. 1 to the report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

Date: August 4, 2020 Newgioco Group, Inc.
 

 

 

 

 

By: /s/ Michele Ciavarella

 

Michele Ciavarella

Chief Executive Officer (Principal Executive Officer)

 

 

 

By: /s/ Mark Korb

 

Mark Korb

Chief Financial Officer (Principal Financial Officer)

 

 

 

 

 

 

 

 

 

52



EX-31.1 2 exhibit_31-1.htm CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

Exhibit 31.1

 

Certification of Chief Executive Officer of Newgioco Group, Inc.

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

I, Michele Ciavarella, certify that:

 

1.I have reviewed this Amendment No. 1 to the quarterly report on Form 10-Q of Newgioco Group, Inc.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:

 

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures, and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: August 4, 2020

 

/s/ Michele Ciavarella

________________________

Michele Ciavarella

Chief Executive Officer

(Principal Executive Officer)

EX-31.2 3 exhibit_31-2.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER OF NEWGIOCO GROUP, INC.

Exhibit 31.2

 

Certification of Chief Financial Officer of Newgioco Group, Inc.

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

I, Mark J. Korb, certify that:

 

1.I have reviewed this Amendment No. 1 to the quarterly report on Form 10-Q of Newgioco Group, Inc.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:

 

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures, and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

Date: August 4, 2020

 

/s/ Mark J. Korb

______________________________

Mark J. Korb

Chief Financial Officer

(Principal Financial Officer)

EX-32.1 4 exhibit_32-1.htm CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 906 OF SARBANES-OXLEY ACT OF 2002

Exhibit 32.1

 

Statement of Chief Executive Officer and Chief Financial Officer

Pursuant to Section 1350 of Title 18 of the United States Code

 

Pursuant to Section 1350 of Title 18 of the United States Code as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Michele Ciavarella and Mark J. Korb, the Chief Executive Officer and Chief Financial Officer of Newgioco Group, Inc. (the “Company”), respectively, hereby certify that based on the undersigned’s knowledge:

 

1.The Company’s Amendment No. 1 to the quarterly report on Form 10-Q for the period ended June 30, 2019 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: August 4, 2020

 

/s/ Michele Ciavarella

Michele Ciavarella

Chief Executive Officer

(Principal Executive Officer)

 

/s/ Mark J. Korb

Mark J. Korb

Chief Financial Officer

(Principal Financial Officer)

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Within Balance Sheets To Statement Of Cash Flows Gaming Accounts Payable Repayment From Finance Leases Foreign Exchange Adjustments Member Depreciation And Amortization Adjustments Member Repayment Of Deferred Purchase Consideration Nonrelated Parties Repayment Of Deferred Purchase Consideration Related Parties Operating Cash Flows From Finance Leases Proceeds From Finance Leases Financial Lease Liability Non Current Net Increase In Accumulated Deficit Notes Payable To Banks Related Party Member Notes Payable To Banks Non Current Member Notes Payable To Banks Related Party Non Current Member Related Party Transactions And Balances Details Abstract Related Party Notes Payable Member Additional Earnout Earned Foreign Exchange Promissory Note Present Value Discount On Future Payments Abstract Foreign Exchange Present Value Discount On Future Payments Notes Payable Related Party Net Foreign Exchange Convertible Debt Conversion To Equity Interest Accrued Foreign Exchange Accrued Interest Debenture Discount Abstract Debenture Discount Additions UulitiocoAndRifaADMLicenseMember Junior Subordinated Debt [Member] FinancialLeaseLiabilityNonCur Stockholders' Equity Attributable to Parent Liabilities and Equity Interest Expense Interest Expense, Related Party Induced Conversion of Convertible Debt Expense Income Tax Expense (Benefit) Shares, Issued Temporary Equity, Foreign Currency Translation Adjustments Increase (Decrease) in Prepaid Expense Increase (Decrease) in Accrued Liabilities Increase (Decrease) in Accounts Receivable Increase (Decrease) in Accounts and Other Receivables GamingAccountsPayable Increase (Decrease) in Income Taxes Payable, Net of Income Taxes Receivable Increase (Decrease) in Other Current Assets Increase (Decrease) in Other Current Liabilities Payments to Acquire Property, Plant, and Equipment Payments to Acquire Businesses, Net of Cash Acquired Repayments of Bank Debt Origination of Notes Receivable from Related Parties Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Restricted Cash [Default Label] Nature of Operations [Text Block] Accounts Receivable [Policy Text Block] Property, Plant and Equipment, Policy [Policy Text Block] Intangible Assets, Finite-Lived, Policy [Policy Text Block] Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] Income Tax, Policy [Policy Text Block] Stockholders' Equity, Policy [Policy Text Block] Lessee, Leases [Policy Text Block] Equity and Cost Method Investments, Policy [Policy Text Block] Restatement to Prior Year Income [Table Text Block] Schedule of Related Party Transactions [Table Text Block] Schedule of Debt Conversions [Table Text Block] Schedule of Maturities of Long-term Debt [Table Text Block] Other Current Liabilities [Table Text Block] Schedule of Segment Reporting Information, by Segment [Table Text Block] Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] Finite-Lived Intangible Asset, Useful Life Other General and Administrative Expense Depreciation, Depletion and Amortization, Nonproduction AdvancesFromStockholdersNetOfRepayment Derivative Liability, Current Embedded Derivative, No Longer Bifurcated, Amount Reclassified to Stockholders' Equity Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Variable Lease, Cost Lease, Cost ProceedsFromFinanceLeases Asset Retirement Obligation, Liabilities Settled Lessee, Operating Lease, Liability, Payments, Due Unrecorded Unconditional Purchase Obligation, Imputed Interest Related Party Transaction, Rate Notes Payable, Related Parties, Current Repayments of Notes Payable Debt Instrument, Increase, Accrued Interest Other Noninterest Expense Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months ForeignExchangePresentValueDiscountOnFuturePayments ForeignExchangeConvertibleDebt ConversionToEquityInterestAccrued ForeignExchangeAccruedInterest DebentureDiscountAdditions Amortization of Debt Discount (Premium) Debt Conversion, Original Debt, Interest Rate of Debt Other Notes Payable WarrantInterestRate Class of Warrant or Right, Outstanding Temporary Equity, Redemption Price Per Share WarrantsPriceIssuedDuringPeriod WarrantsPriceCanceledDuringPeriod WarrantsPriceExpiredDuringPeriod TemporaryEquityRedemptionPricePerShareExercisable WarrantTermEndingExercisable Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount Current Federal, State and Local, Tax Expense (Benefit) Federal Income Tax Expense (Benefit), Continuing Operations Deferred Tax Assets, Operating Loss Carryforwards Operating Loss Carryforwards, Valuation Allowance Deferred Tax Assets, Gross, Current EX-101.PRE 10 nwgi-20190630_pre.xml XBRL PRESENTATION FILE XML 11 R1.htm IDEA: XBRL DOCUMENT v3.20.2
Document and Entity Information - shares
6 Months Ended
Jun. 30, 2019
Aug. 14, 2019
Document And Entity Information    
Entity Registrant Name Newgioco Group, Inc.  
Entity Central Index Key 0001080319  
Document Type 10-Q/A  
Document Period End Date Jun. 30, 2019  
Amendment Flag true  
Current Fiscal Year End Date --12-31  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Shell Business false  
Entity Interactive Data Yes  
Entity Common Stock, Shares Outstanding   79,949,040
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2019  
Amendment Restatement  
XML 12 R2.htm IDEA: XBRL DOCUMENT v3.20.2
Condolidated Balance Sheets - USD ($)
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2017
Current Assets            
Cash and cash equivalents $ 5,228,797   $ 6,289,903 $ 6,785,266    
Accounts receivable 116,398   10,082      
Gaming accounts receivable 654,016   1,021,052      
Prepaid expenses 140,107   124,712      
Related party receivable 851   49,914      
Other current assets 145,348   55,700      
Total Current Assets 6,285,517   7,551,363      
Non-current Assets            
Restricted cash 1,439,782   1,560,539      
Property, plant and equipment 519,213   476,047      
Right-of-use assets 736,625        
Intangible assets 16,197,962   12,527,980      
Goodwill 1,663,591   262,552      
Investment in non-consolidated entities 250,000   275,000      
Total Noncurrent Assets 20,807,173   15,102,118      
Total Assets 27,092,690   22,653,481      
Current Liabilities            
Line of credit - bank 1,000,000   750,000      
Accounts payable and accrued liabilities 3,594,997   4,603,608      
Gaming accounts balances 2,217,089   1,049,423      
Taxes payable 995,004   1,056,430      
Advances from stockholders 48,508   39,237      
Convertible Debt, net of discount of $2,578,995 and $4,587,228, respectively 6,083,982   3,942,523      
Notes payable, net of discount of $132,970 1,421,045        
Notes payable- related party, net of discount of $88,647 1,405,804   318,078      
Bank loan payable - current portion 122,829   120,920      
Operating lease liability 91,449          
Financial lease liability 6,194          
Total Current Liabilities 16,986,901   11,880,219      
Non-current liabilities            
Deferred tax liability 1,362,674        
Notes payable, net of discount of $54,216 498,874        
Notes payable - related party, net of discount of $36,144 332,582        
Bank loan payable 161,504   225,131      
Operating lease liability 611,718        
Financial lease liability 38,396        
Other long term liabilities 613,963   608,728      
Total Non-current liabilities 3,619,711   833,859      
Total Liabilities 20,606,612   12,714,078      
Stockholders' Equity            
Preferred stock, $0.0001 par value; 5,000,000 shares authorized, none issued        
Common Stock, $0.0001 par value, 80,000,000 shares authorized; 9,918,517 and 9,442,537 shares issued and outstanding as of June 30, 2019 and December 31, 2018* 992   944      
Additional paid-in capital 25,462,926   23,962,920      
Accumulated other comprehensive income (118,638)   (57,431)      
Accumulated deficit (18,859,202)   (13,967,030)      
Total Stockholders' Equity 6,486,078 $ 7,811,828 9,939,403 $ 13,180,375 $ 4,934,352 $ 4,338,217
Total Liabilities and Stockholders Equity $ 27,092,690   $ 22,653,481      
XML 13 R3.htm IDEA: XBRL DOCUMENT v3.20.2
Condolidated Balance Sheets (Parenthetical) - USD ($)
6 Months Ended
Jun. 30, 2019
Dec. 31, 2018
STOCKHOLDERS' EQUITY    
Preferred Stock - par value $ 0.0001 $ 0.0001
Preferred stock - authorized 20,000,000 5,000,000
Preferred stock - issued
Preferred stock - outstanding
Common Stock - par value $ 0.0001 $ 0.0001
Common Stock - authorized 80,000,000 80,000,000
Common Stock - issued 9,795,396 9,442,537
Common Stock - outstanding 9,795,396 9,442,537
Reverse stock split 1 to 8  
Convertible Debt [Member]    
Debt Discount $ 2,578,995 $ 4,587,228
Notes payable [Member]    
Debt Discount 132,970  
Notes payable Related Party [Member]    
Debt Discount 88,647  
Notes payable - Non Current [Member]    
Debt Discount 54,216  
Notes payable Related Party - Non Current [Member]    
Debt Discount $ 36,144  
XML 14 R4.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Income Statement [Abstract]        
Revenue $ 9,105,353 $ 8,822,659 $ 18,371,648 $ 17,416,526
Costs and Expenses        
Selling expenses 6,268,772 5,826,243 13,676,478 11,903,600
General and administrative expenses 3,360,284 2,201,805 6,557,739 4,407,119
Total Costs and Expenses 9,629,056 8,028,048 20,234,217 16,310,719
(Loss) income from Operations (523,703) 794,611 (1,862,569) 1,105,807
Other (Expenses) Income        
Other income 7,725 7,725
Interest expense, net of interest income (1,017,243) (1,050,270) (2,521,355) (1,262,509)
Imputed interest on related party advances 753 (761)
Gain on litigation settlement 516,120
Loss on debt modification (212,270) (212,270)
Loss on conversion of debt (35,943) (35,943)
Loss on marketable securities (155,000) (25,000) (155,000)
Total Other (Expenses) Income (1,045,461) (1,416,787) (2,574,573) (1,114,420)
Loss Before Income Taxes (1,569,164) (622,176) (4,437,142) (8,613)
Income tax provision (209,056) (512,406) (455,030) (757,442)
Net Loss (1,778,220) (1,134,582) (4,892,172) (766,055)
Other Comprehensive Loss        
Foreign currency translation adjustment 69,023 63,305 (61,207) 160,778
Comprehensive Loss $ (1,709,197) $ (1,071,277) $ (4,953,379) $ (605,277)
Loss per common share - basic and diluted* $ (0.17) $ (0.13) $ (0.50) $ (0.08)
Weighted average number of common shares outstanding- basic and diluted* 9,870,357 9,344,282 9,870,357 9,308,511
XML 15 R5.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Changes in Stockholders' Equity (Deficiency) - USD ($)
Common Stock
Additional Paid-In Capital
Accumlulated Other Comprehensive Income
Accumulated Deficit
Total
Beginning Balance, Shares at Dec. 31, 2017 9,267,948        
Beginning Balance, Amount at Dec. 31, 2017 $ 927 $ 14,548,951 $ 126,612 $ (10,338,273) $ 4,338,217
Imputed interest on stock advances   1,251     1,251
Common stock issued with debentures, shares 13,875        
Common stock issued with debentures $ 1 55,499     55,500
Beneficial conversion feature debentures   91,017     1,017
ASU 2017-11 adjustment to common stock issued debentures   (10,853)     (10,853)
ASU2017-11 adjustment to beneficial conversion feature of debentures   (6,780)     (6,780)
ASU 2017-11 Elimination of derivative liability movement       (254,289) (254,289)
Foreign currency translation adjustment     97,473   97,473
Net income (loss)       622,816 622,816
Ending Balance, Shares at Mar. 31, 2018 9,281,823        
Ending Balance, Amount at Mar. 31, 2018 $ 928 14,679,085 224,085 (9,969,746) 4,934,352
Common stock issued with debentures, shares 215,028        
Common stock issued with debentures $ 22 1,770,175     1,770,197
Common stock retired on acquisition of Multigioco, shares (255,000)        
Common stock retired on acquisition of Multigioco $ (26) (2,260,948)     (2,260,974)
Common stock issued net of stock retired on acquisition of Ulisse, shares 175,550        
Common stock issued net of stock retired on acquisition of Ulisse $ 18 5,587,656     5,587,679
ASU 2017-11 adjustment to common stock issued debentures   (1,232,358)     (1,232,358)
ASU2017-11 adjustment to beneficial conversion feature of debentures   2,501,332     2,501,332
Fair value of warrants issued   2,951,429     2,951,429
Foreign currency translation adjustment     63,305   63,305
Net income (loss)       (1,134,582) (1,134,582)
Ending Balance, Shares at Jun. 30, 2018 9,417,401        
Ending Balance, Amount at Jun. 30, 2018 $ 942 23,996,371 287,390 (11,104,328) 13,180,375
Beginning Balance, Shares at Dec. 31, 2018 9,442,537        
Beginning Balance, Amount at Dec. 31, 2018 $ 944 23,962,920 (57,431) (13,967,030) 9,939,403
Common stock issued with debentures, shares 287,561        
Common stock issued with debentures $ 29 919,795     979,824
Common stock issued for the purchase of subsidiaries,shares 65,298        
Common stock issued for the purchase of subsidiaries $ 7 196,776     196,783
Foreign currency translation adjustment     (130,230)   (130,230)
Net income (loss)       (3,113,952) (3,113,952)
Ending Balance, Shares at Mar. 31, 2019 9,795,396        
Ending Balance, Amount at Mar. 31, 2019 $ 980 25,079,491 (187,661) (17,080,982) 7,811,828
Beginning Balance, Shares at Dec. 31, 2018 9,442,537        
Beginning Balance, Amount at Dec. 31, 2018 $ 944 23,962,920 (57,431) (13,967,030) 9,939,403
Ending Balance, Shares at Jun. 30, 2019 9,918,517        
Ending Balance, Amount at Jun. 30, 2019 $ 992 25,462,926 (118,638) (18,859,202) 6,486,078
Beginning Balance, Shares at Mar. 31, 2019 9,795,396        
Beginning Balance, Amount at Mar. 31, 2019 $ 980 25,079,491 (187,661) (17,080,982) 7,811,828
Common stock issued with debentures, shares 32,785        
Common stock issued with debentures $ 3 104,908     104,911
Common stock issued for the purchase of subsidiaries,shares 90,336        
Common stock issued for the purchase of subsidiaries $ 9 278,527     278,536
Foreign currency translation adjustment     69,023   69,023
Net income (loss)       (1,778,220) (1,778,220)
Ending Balance, Shares at Jun. 30, 2019 9,918,517        
Ending Balance, Amount at Jun. 30, 2019 $ 992 $ 25,462,926 $ (118,638) $ (18,859,202) $ 6,486,078
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash Flows from Operating Activities    
Net (loss) income $ (4,892,172) $ (766,055)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities    
Depreciation and amortization 445,990 330,832
Amortization of deferred costs 2,096,080 1,012,225
Non-cash interest 409,114 58,188
Loss on debt conversions 35,943 212,270
Unrealized loss on trading securities 25,000 155,000
Imputed interest on advances from stockholders 1,514
Movement in deferred taxation (38,934)
Recovery of assets   (516,120)
Bad debt expense   6,354
Changes in Operating Assets and Liabilities    
Prepaid expenses (7,732) 5,225
Accounts payable and accrued liabilities (444,743) 756,987
Accounts receivable (57,679) 98,833
Gaming accounts receivable 357,886 31,409
Gaming accounts liabilities 1,167,454 (583,899)
Taxes payable (53,941) 439,731
Other current assets (57,163) (270,259)
Long term liability 9,296 78,346
Net Cash (Used in) Provided by Operating Activities (1,005,601) 1,050,581
Cash Flows from Investing Activities    
Acquisition of property, plant, and equipment, and intangible assets (54,283) (4,577,886)
Acquisition of Virtual Generation, net of cash of $47,268 (216,150)
Net Cash Used in Investing Activities (270,433) (4,577,886)
Cash Flows from Financing Activities    
Proceeds from bank credit line 250,000
Repayment of bank credit line (177,060)
Repayment of bank loan (59,007) (71,143)
Proceeds from debentures and convertible notes, net of repayment 6,883,905
Repayment of deferred purchase consideration- non related parties (173,862)
Repayment of deferred purchase consideration-related parties (107,986)
Repayment of financial leases (5,449) (215,745)
Loan to related party (11,992)
Purchase of treasury stock (2,261,307)
Loans advanced to stockholders (485,036)
Repayment of loans advanced to stockholders 6,605
Net Cash Provided by (Used) in Financing Activities (101,691) 3,673,614
Effect of change in exchange rate 195,864 153,442
Net (decrease) increase in cash (1,181,861) 299,751
Cash- beginning of the period 7,850,442 7,057,763
Cash- end of the period 6,668,581 7,357,514
Reconciliation of cash, cash equivalents and restricted cash within the Balance Sheets to the Statement of Cash Flows    
Cash and cash equivalents 5,228,797 6,785,266
Restricted cash included in non-current assets 1,439,784 572,248
Cash- end of the period 6,668,581 7,357,514
Supplemental disclosure of cash flow information    
Cash paid during the period for: Interest 13,955 140,815
Cash paid during the period for: Income tax 473,679 341,830
Supplemental cash flow disclosure for non-cash activities    
Common shares issued for the acquisition of subsidiaries 272,307 5,588,088
Common shares issued with conversion of debentures 104,911
Common shares issued to related parties for repayment of debt 54,402
Retirement of treasury stock 2,260,770
Common shares issued for cashless exercise of warrants $ 201,088
XML 17 R7.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Cash Flows (Parenthetical)
6 Months Ended
Jun. 30, 2019
USD ($)
Statement of Cash Flows [Abstract]  
Acquisition of Virtual Generation, cash $ 47,268
XML 18 R8.htm IDEA: XBRL DOCUMENT v3.20.2
Nature of Business
6 Months Ended
Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Business

1. Nature of Business

 

Established in the state of Delaware in 1998, Newgioco Group, Inc. (“Newgioco Group” or the “Company”) is an international commercial-stage, vertically integrated company engaged in various aspects of the leisure gaming industry. We own and operate an innovative state-of-the-art betting platform (“Platform”) and are a licensed leisure lottery and gaming operator offering online and offline leisure gaming services, including a variety of lottery and casino gaming products, as well as sports betting products through a distribution network of retail betting locations situated throughout Italy and internationally through various agents in eleven other countries located in Africa and South America.

 

The Company’s subsidiaries include: Multigioco Srl (“Multigioco”), acquired on August 15, 2014, Rifa Srl (“Rifa”), acquired on January 1, 2015, and Ulisse GmbH (“Ulisse”) and Odissea Betriebsinformatik Beratung GmbH (“Odissea”) which were both acquired on July 1, 2016, Virtual Generation Limited (“VG”) and Naos Holding Limited, acquired on January 30, 2019 and a non-operating subsidiary Newgioco Group, Inc. based in Canada.

 

The Company operates in one line of business that provides certified betting Platform software (“Platform”) services to and the operating of leisure betting establishments situated throughout Italy and in 11 other countries and is comprised of 3 geographically organized groups: an Operational Group; Technology Group; and a Corporate Group, organized as follows:

 

a.the Operational Group is based in Europe and maintains administrative and customer service offices headquartered in Rome, Italy with satellite offices for operations administration, and risk management and trading in Naples and Teramo, Italy and Valetta, Malta;
b.the Technology Group is based in Innsbruck, Austria and manages software development, training and administration; and
c.the Corporate Group is based in North America which includes a head office situated in Toronto, Canada with a satellite office in Boca Raton, Florida through which our CEO and CFO carry-out our corporate duties, handle day-to-day reporting and other operations such as U.S. development and planning, and through which various independent contractors and vendors are engaged.

 

XML 19 R9.htm IDEA: XBRL DOCUMENT v3.20.2
Accounting Policies and Estimates
6 Months Ended
Jun. 30, 2019
Accounting Policies [Abstract]  
Accounting Policies and Estimates

2. Accounting Policies and Estimates

 

Basis of Presentation

 

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2019. The balance sheet at December 31, 2018 has been derived from the Company’s audited consolidated financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, please refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, as filed with the U.S. Securities and Exchange Commission (“SEC”).

 

All amounts referred to in the Notes to the unaudited condensed consolidated financial statements are in United States Dollars ($) unless stated otherwise.

 

Basis of Consolidation

 

The unaudited condensed consolidated financial statements include the financial statements of the Company and its subsidiaries in which it has at least a majority voting interest. All significant inter-company accounts and transactions have been eliminated in the unaudited condensed consolidated financial statements. The entities included in these unaudited condensed consolidated financial statements are as follows:

 

Company Country of Incorporation

Percentage owned

%

     
Newgioco Group, Inc. United States – Delaware Parent
Newgioco Group, Inc (Canada) Canada 100
Ulisse GmbH Austria 100
Odissea Betriebsinformatik Beratung GMBH Austria 100
Multigioco Srl. Italy 100
Rifa Srl. Italy 100
Virtual Generation Limited Malta 100
Naos Holding Limited Malta 100

 

Currency Translation

 

The Company's subsidiaries operate in Europe with a functional currency of Euro and in Canada with a functional currency of Canadian dollars. In the consolidated financial statements, revenue and expense accounts are translated at the average rates during the period, assets and liabilities are translated at period-end rates and equity accounts are translated at historical rates. 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.

 

Use of Estimates

 

The preparation of the unaudited financial statements in conformity with 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.

 

Loss Contingencies

 

The Company 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. The Company records 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.

 

The Company evaluates, 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. The Company has insured and continue to insure against most of these types of claims.

 

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 debentures 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.

 

As a result of the adoption of ASU 2017-11 in the third quarter of 2018, the Company has no derivative financials instruments classified as a liability at June 30, 2019 and December 31, 2018.

 

Business Combinations

 

The Company allocates 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.

  

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 markets 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.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid debt instruments with maturities of three months or less at the time acquired to be cash equivalents. The Company had no cash equivalents as of June 30, 2019 and December 31, 2018.

 

The Company primarily places cash with high-credit quality financial institutions located in the United States which are insured by the Federal Deposit Insurance Corporation up to a limit of $250,000 per institution, in Canada which are insured by the Canadian Deposit Insurance Corporation up to a limit of CDN$100,000 per institution, in Italy which is insured by the Italian deposit guarantee fund Fondo Interbancario di Tutela dei Depositi (FITD) up to a limit of €100,000 per institution, and in Germany which is a member of the Deposit Protection Fund of the Association of German Banks (Einlagensicherungsfonds des Bundesverbandes deutscher Banken) up to a limit of €100,000 per institution.

 

Gaming Accounts Receivable

 

Gaming accounts receivable represent 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 the Company’s 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 $0 and $0 for the three months ended June 30, 2019 and 2018, respectively, and $0 and $6,354 bad debt expense for the six months ended June 30, 2019 and 2018, respectively. All balances previously recorded as allowance for doubtful accounts were written off as uncollectible.

 

Gaming Accounts Payable

 

Gaming accounts payable 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.

  

Long-Lived Assets

 

The Company evaluates 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.

 

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:

 

Description Useful Life (in years)
   
Office equipment 5
Office furniture 8 1/3
Signs and displays 5

 

Intangible Assets

 

Intangible assets are stated at acquisition cost less accumulated amortization, if applicable, less any adjustments for impairment losses.

 

Amortization is charged on a straight-line basis over the estimated remaining useful lives of the individual intangibles. Where intangibles are deemed to be impaired the Company recognizes an impairment loss measured as the difference between the estimated fair value of the intangible and its book value.

 

The range of the estimated useful lives is as follows:

 

Description Useful Life (in years)
   
Betting Platform Software 15
Ulisse Bookmaker License
Multigioco and Rifa ADM Licenses 1.5 - 7
VG Licenses
Location contracts 5 - 7
Customer relationships 10 - 15
Trademarks/names 14
Websites 5
   

 

The Ulisse Bookmaker License and the VG Licenses have no expiration date and are therefore not amortized.

 

Goodwill

 

The Company allocates 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.

 

The Company annually assesses whether the carrying value of its intangible assets exceeds their fair value and, if necessary, records an impairment loss equal to any such excess. Each interim reporting period, the Company assesses whether events or circumstances have occurred which indicate that the carrying amount of an intangible asset exceeds its fair value. If the carrying amount of the intangible asset exceeds its fair value, an asset impairment charge will be recognized in an amount equal to that excess. No asset impairment charges were incurred during the three and six months ended June 30, 2019 or June 30, 2018. The Company recorded 1,401,608 of goodwill arising from an acquisition during the six months ended June 30, 2019.

 

Income Taxes

 

The Company uses 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 2015 forward, are open and subject to examination, while in Austria companies are open and subject to inspection for five years and ten years for inspection of serious infractions. In the United States and Canada, tax years beginning 2015 forward, are subject to examination. The Company is not currently under examination and it has not been notified of a pending examination.

 

Revenue Recognition

 

In May 2014, the FASB issued Accounting Standards Update (“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. The Company 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.

  

The Company recognizes revenue when control of its products and services is transferred to its customers in an amount that reflects the consideration the Company expects to receive from its customers in exchange for those products and services. 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 Platform 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 are recognized on an accrual basis as earned.

 

Stock-Based Compensation

 

The Company records its compensation expense associated with stock options and other forms of equity compensation based on their fair value at the date of grant using the Black-Scholes option pricing model. Stock-based compensation includes amortization related to stock option awards based on the estimated grant date fair value. Stock-based compensation expense related to stock options is recognized ratably over the vesting period of the option. In addition, the Company records expense related to Restricted Stock Units (“RSU’s”) granted based on the fair value of those awards on the grant date. The fair value related to the RSUs is amortized to expense over the vesting term of those awards. Forfeitures of stock options and RSUs are recognized as they occur.

 

Stock-based compensation expense for a stock-based award with a performance condition is recognized when the achievement of such performance condition is determined to be probable. If the outcome of such performance condition is not determined to be probable or is not met, no compensation expense is recognized and any previously recognized compensation expense is reversed.

 

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 and foreign currency translation adjustments.

 

Earnings Per Share

 

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“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 and include warrants granted and convertible debt.

 

Related Parties

 

Parties are considered to be related to the Company if the parties directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. The Company discloses all related party transactions. All transactions are recorded at fair value of the goods or services exchanged.

 

 

Recent Accounting Pronouncements Not Yet Adopted

 

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. The purpose of this updated guidance is to improve the effectiveness and disclosures in the Notes to the financial statements. The ASU removes the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; removes the policy for timing of transfers between levels; and removes the disclosure related to the valuation process for Level 3 fair value measurements. The ASU also modifies existing disclosure requirements which relate to the disclosure for investments in certain entities which calculate net asset value and clarifies the disclosure about uncertainty in the measurements as of the reporting date. For all entities, the effective date for this guidance is fiscal years beginning after December 15, 2019, including interim periods within the reporting period, with early adoption permitted. Entities are also allowed to elect early adoption of the eliminated or modified disclosure requirements and delay adoption of the new disclosure requirements until their effective date. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements.

 

In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The main objective of this guidance is to simplify the accounting for goodwill impairment by requiring that impairment charges be based upon the first step in the current two-step impairment test under ASC 350. Currently, if the fair value of a reporting unit is lower than its carrying amount (Step 1), an entity calculates any impairment charge by comparing the implied fair value of goodwill with its carrying amount (Step 2). The implied fair value of goodwill is calculated by deducting the fair value of all assets and liabilities of the reporting unit from the reporting unit’s fair value as determined in Step 1. To determine the implied fair value of goodwill, entities estimate the fair value of any unrecognized intangible assets and any corporate-level assets or liabilities that were included in the determination of the carrying amount and fair value of the reporting unit in Step 1. Under this guidance, if a reporting unit’s carrying amount exceeds its fair value, an entity will record an impairment charge based on that difference. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit. This guidance eliminates the requirement to calculate a goodwill impairment charge using Step 2. This guidance does not change the guidance on completing Step 1 of the goodwill impairment test. Under this guidance, an entity will still be able to perform the current optional qualitative goodwill impairment assessment before determining whether to proceed to Step 1. The guidance in the ASU will be applied prospectively and is effective for the Company for annual and interim impairment tests performed in periods beginning after December 15, 2019. The Company does not expect the adoption of this ASU to have a significant impact on its consolidated financial statements.

 

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right of use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. Public business entities should apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted for all public business entities and all nonpublic business entities upon issuance. The Company is currently not in compliance with ASU 2016-02 as it is continuing its evaluation of the impact of its pending adoption of ASU 2016-02 on our consolidated financial statements. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements and related disclosures.

 

The Company has reviewed all recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on our consolidated results of operations, financial position, and cash flows. Based on that review, the Company believes that none of these pronouncements will have a significant effect on current or future earnings or operations.

 

Comparatives

 

Certain items in prior periods were reclassified to conform to the current period presentation. These reclassifications had no impact on net loss or comprehensive loss.

XML 20 R10.htm IDEA: XBRL DOCUMENT v3.20.2
Restatement of prior period results
6 Months Ended
Jun. 30, 2019
Accounting Changes and Error Corrections [Abstract]  
Restatement of prior period results

3. Restatement of prior period results

 

The company identified the following errors in the financial results for the periods ended June 30, 2019 and 2018.

 

Three and six months ended June 30, 2019

 

The company restated its financial statements for the year ended December 31, 2018, to correct the recording of non-cash amortization of intangible assets and the depreciation of revalued plant and equipment which was incorrectly classified as other comprehensive income, the unrealized foreign currency loss on convertible debentures denominated in Canadian Dollars and other immaterial adjustments, resulting in a restatement of opening balances of plant and equipment of $121,243, intangible assets of $(55,475), other comprehensive income of $(1,023,907) and opening retained earnings of $(958,138).

 

The Company had not accounted for ASC 842 – leases, which was effective for periods beginning January 1, 2019, in its interim financial statements for the periods ended June 30, 2019, June 30, 2019 and September 30, 2019.

 

The Company recorded a right-of-use asset of $646,138 and an operating lease liability of $617,352 and an accrued liability of $28,786 as of January 1, 2019. An additional $217,352 of operating leases were entered into and a further $27,517 of operating leases were terminated before maturity during the six months ended June 30, 2019. The amortization of the right-of-use asset during the six months ended June 30, 2019 amounted to $95,622, the amortization of the operating lease liability of $90,086 and the increase in the accrued liability of $4,834.

 

The Company adjusted its accounting for financial leases by recording an office equipment asset of $34,638 and a finance lease liability of $34,524 as of January 1, 2019. During the six months ended June 30, 2019, an additional $15,118 of additional office equipment under financial leases was recorded. The Company recorded a depreciation charge of $5,623 related to these assets, an interest charge of $699 and amortization of financial leases of $5,336.

 

The Company modified its accounting for the acquisition of Virtual Generation by accounting for the imputed deferred tax liability on the value of the Platform acquired, resulting in an adjustment of $1,401,608 to deferred tax liability and recording of a goodwill asset on acquisition of $1,401,608. The Virtual Generation platform valued at $4,004,954 was amortized for the six months ended June 30, 2019, resulting in an amortization expense of $111,239 and a reduction in the deferred tax liability of $38,934.

 

Other immaterial adjustments relating to the recording of intercompany movements and certain expenses were incorrectly reflected in other comprehensive income, the net adjustment amounted to $16,233 and an adjustment of comprehensive loss of $28,223. Included in other adjustments is a reclassification of selling expenses of $770,025 to general and administrative expenses to conform to current disclosure.

 

Due to a 1 for 8 reverse stock split which took place on December 12, 2019, the outstanding shares and additional paid in capital was adjusted to take into account the effects of the reverse stock split.

 

Three and six months ended June 30, 2018

 

The error corrected in the financial statements for the year ended December 31, 2018, resulted in an adjustment to depreciation and amortization expense of $235,296, an adjustment to foreign exchange movements of $55,764 and an immaterial $331 adjustment to general and administrative expenses.

 

  

The restatement recorded by the Company for the six months ended June 30, 2019 was as follows:

 

   Prior year adjustment  Lease adjustments  Acquisition of Virtual Generation adjustments  Other adjustments  Total Restated
                
Opening retained earnings  $958,136   $—     $—     $—     $958,136 
 Selling Expenses   —      —      —      (770,025)   (770,025)
General and administrative expenses   —      (6,148)   —      

798,248

    

792,100

 
Depreciation and amortization   —      5,623    111,239    (11,990)   104,872 
Interest expense   —      699    —      —      699 
Deferred taxation   —      —      (38,934)   —      (38,934)
Net increase in accumulated deficit   958,136    174    72,305    16,233    1,046,848 
                          
Net decrease in other Comprehensive loss   (1,023,907)   617    —      (28,223)   (1,051,513)
                          
Net increase in plant and equipment and intangibles   65,771    780,586    1,290,369    11,990    2,148,716 
                          
Total increase in current liabilities   —      (131,263)   —      —      (131,263)
                          
Net increase in non-current liabilities  $—     $(650,114)  $(1,362,674)  $—     $(2,012,788)

 

The restatement recorded by the Company for the six months ended June 30, 2018 was as follows:

 

   Plant and equipment and intangibles adjustments  Foreign currency adjustments  Other adjustments  Total Restated
             
General and administrative expenses  $—     $55,764   $331   $56,095 
Depreciation and amortization   235,296    —      —      235,296 
Net increase in accumulated deficit  $235,296   $55,764   $331   $291,391 

 

 

 

The reconciliation of the consolidated balance sheet as of June 30, 2019 is as follows:

 

   As Previously Reported  Prior year adjustment  Lease adjustments  Acquisition of Virtual Generation  Other Adjustments  As Restated
Current Assets                  
Cash and cash equivalents  $5,228,797   $—     $—     $—     $—     $5,228,797 
Accounts receivable   116,398    —      —      —      —      116,398 
Gaming accounts receivable   654,016    —      —      —      —      654,016 
Prepaid expenses   140,107    —      —      —      —      140,107 
Related party receivable   851    —      —      —      —      851 
Other current assets   145,348    —      —      —      —      145,348 
Total Current Assets   6,285,517    —      —      —      —      6,285,517 
                               
Non-Current Assets                              
Restricted cash   1,439,782    —      —      —      —      1,439,782 
Property, plant and equipment   347,824    121,248    43,961    —      6,180    519,213 
Right-of-use assets   —      —      736,625    —      —      736,625 
Intangible assets   16,353,775    (55,477)   —      (111,239)   10,903    16,197,962 
Goodwill   267,076    —      —      1,401,608    (5,093)   1,663,591 
Investment in non-consolidated entities   250,000    —      —      —      —      250,000 
Total Non-Current Assets   10,658,457    65,771    780,586    1,290,369    11,990    20,807,173 
Total Assets  $24,943,974   $65,771   $780,586   $1,290,369   $11,990   $27,092,690 
                               
Current Liabilities                              
Line of credit - bank  $1,000,000   $—     $—     $—     $—     $1,000,000 
Accounts payable and accrued liabilities   3,982,319    —      33,620    —      (420,942)   3,594,997 
Gaming accounts balances   2,217,089    —      —      —      —      2,217,089 
Taxes payable   995,004    —      —      —      —      995,004 
Advances from stockholders   48,508    —      —      —      —      48,508 
Convertible Debt, net of discount of $2,578,995 and $4,587,228, respectively   6,083,982    —      —      —      —      6,083,982 
Notes payable, net of discount of $132,970   1,421,045    —      —      —      —      1,421,045 
Notes payable – related party, net of discount of $88,647   1,405,804    —      —      —      —      1,405,804 
Bank loan payable – current portion   122,829    —      —      —      —      122,829 
Operating lease liability   —      —      91,449    —           91,449 
Financial lease liability   —      —      6,194    —           6,194 
Total Current Liabilities   17,276,580    —      131,263    —      —      16,986,901 
                               
Non-current liabilities                              
Deferred tax liability        —      —      1,362,674    —      1,362,674 
Notes payable, net of discount of $54,216   498,874                        498,874 
Notes payable – related party, net of discount of $36,144   332,582                        332,582 
Bank loan payable   161,504    —      —      —      —      161,504 
Operating lease liability        —      611,718    —      —      611,718 
Financial lease liability        —      38,396    —      —      38,396 
Other long-term liabilities   193,021    —      —      —      420,942    613,963 
Total Non-Current Liabilities  1,185,981    —      650,114    1,362,674    —      3,619,711 
Total Liabilities   18,462,561    —      781,377    1,362,674    —      20,606,612 
                               
Stockholders' Equity                              
Preferred stock, $0.0001 par value; 20,000,000 shares authorized, none issued  —      —      —      —      —      —   
Common Stock, $0.0001 par value, 80,000,000 shares authorized; 9,795,396 shares issued and outstanding as of June 30, 2019*   7,935    —      —      —      (6,943)   992 
Additional paid-in capital*   25,455,983    —      —      —      6,943    25,462,926 
Accumulated other comprehensive income   (1,170,151)   1,023,907    (617)   —      28,223    (118,638)
Accumulated deficit   (17,812,354)   (958,136)   (174)   (72,305)   (16,233)   (18,859,202)
Total Stockholders' Equity   6,481,413    65,771    (791)   (72,305)   11,990    6,486,078 
Total Liabilities and Stockholders’ Equity  $24,943,974   $65,771   $780,586   $1,290,369   $11,990   $27,092,690 

 

* Adjusted for a 1 for 8 reverse stock split effective December 12, 2019.

  

 

 

The reconciliation of the consolidated statement of operations and comprehensive loss for the three months ended June 30, 2019 is as follows:

 

   As Previously Reported 

Lease

adjustments

  Acquisition of Virtual Generation  Other Adjustments  As Restated
                
Revenue  $9,105,353   $—     $—     $—     $9,105,353 
                          
Costs and Expenses                         
Selling expenses   7,038,797    —      —      (770,025   6,268,772 
General and administrative expenses   2,487,299    (214)   66,744    806,553    3,360,284 
Total Costs and Expenses   9,526,096    (214)   66,744    36,430    9,629,056 
                          
Loss from Operations   (420,743)   214    (66,744)   (36,430)   (523,703)
                          
Other (Expenses) Income                         
Other income   7,725    —      —      —      7,725 
Interest expense, net of interest income   (1,016,866)   (377)   —      —      (1,017,243)
Loss on conversion of debt   (35,943)   —      —      —      (35,943)
Total Other (Expenses) Income   (1,045,084)   (377)   —      —      (1,045,461)
                          
Loss Before Income Taxes   (1,465,827)   (163)   (66,744)   (36,430)   (1,569,164)
                          
Income tax provision   (232,417)   —      23,361    —      (209,056)
                          
Net Loss  $(1,698,244)  $(163)  $(43,383)  $(36,430)  $(1,778,220)
                          
Other Comprehensive Loss                         
Foreign currency translation adjustment   (32,633)   (55)   —      101,711    69,023 
                          
Comprehensive Loss  $(1,730,877)  $(218)  $(43,383)  $65,281   $(1,709,197)
                          
Loss per common share – basic and diluted*  $(0.18)                 $(0.17)
Weighted average number of common shares outstanding – basic and diluted*   9,870,357                   9,870,357 

 

 

The reconciliation of the consolidated statement of operations and comprehensive loss for the six months ended June 30, 2019 is as follows:

   As Previously Reported 

Lease

adjustments

  Acquisition of Virtual Generation  Other Adjustments  As Restated
                
Revenue  $18,371,648   $—     $—     $—     $18,371,648 
                          
Costs and Expenses                         
Selling expenses   14,446,503    —      —      (770,025   13,676,478 
General and administrative expenses   5,660,767    (525)   111,239    786,258    

6,557,739

 
Total Costs and Expenses   20,107,270    (525)   111,239    16,233    20,234,217 
                          
Loss from Operations   (1,735,622)   525    (111,239)   (16,233)   (1,862,569)
                          
Other (Expenses) Income                         
Other income   7,725    —                7,725 
Interest expense, net of interest income   (2,520,656)   (699)   —      —      (2,521,355)
Loss on conversion of debt   (35,943)   —      —      —      (35,943)
    (25,000)   —      —      —      (25,000)
Total Other (Expenses) Income   (2,573,874)   (699)   —      —      (2,574,573)
                          
Loss Before Income Taxes   (4,309,496)   (174)   (111,239)   (16,233)   (4,437,142)
                          
Income tax provision   (493,964)   —      38,934    —      (455,030)
                          
Net Loss  $(4,803,460)  $(174)  $(72,305)  $(16,233)  $(4,892,172)
                          
Other Comprehensive Loss                         
Foreign currency translation adjustment   (88,813)   (617)   —      28,223    (61,207)
                          
Comprehensive Loss  $(4,892,273)  $(791)  $(72,305)  $11,990   $(4,953,379)
                          
Loss per common share – basic and diluted*  $(0.50)                 $(0.50)
Weighted average number of common shares outstanding – basic and diluted*   9,764,450                   9,870,357 

 

 

* Adjusted for a 1 for 8 reverse stock split effective December 12, 2019.

  

 

The reconciliation of the consolidated statement of operations and comprehensive loss for the three months ended June 30, 2018 is as follows:

 

   As Previously Reported  Depreciation and amortization adjustments  Foreign Exchange adjustments  Other Adjustments  As Restated
                
Revenue  $8,822,659   $—     $—     $—     $8,822,659 
                          
Costs and Expenses                         
Selling expenses   5,826,243    —      —      —      5,826,243 
General and administrative expenses   2,056,275    117,648    27,882    —      2,201,805 
Total Costs and Expenses   7,882,518    117,648    27,882    —      8,028,048 
                          
Income from Operations   940,141    (117,648    (27,882)   —      794,611 
                          
Other (Expenses) Income                         
Interest expense, net of interest income   (1,050,270)   —      —      —      (1,050,270)
Imputed interest on related party advances   753    —      —      —      753 
Loss on debt modification   (212,270)   —      —      —      (212,270)
Loss on marketable securities   (155,000)   —      —      —      (155,000)
Total Other (Expenses) Income   (1,416,787)   —      —      —      (1,416,787)
                          
Loss Before Income Taxes   (476,646)   (117,648)   (27,882)   —      (622,176)
                          
Income tax provision   (512,406)   —      —      —      (512,406)
                          
Net Loss  $(989,052)  $(117,648)  $(27,882)  $—     $(1,134,582)
                          
Other Comprehensive Loss                         
Foreign currency translation adjustment   (98,355)   —      —      —      (98,355)
                          
Comprehensive Loss  $(1,087,407)  $(117,648)  $(27,882)  $—     $(1,232,937)
                          
Loss per common share – basic and diluted*  $(0.12)                 $(0.13)
Weighted average number of common shares outstanding – basic and diluted*   9,344,282                   9,344,282 

 

The reconciliation of the consolidated statement of operations and comprehensive loss for the six months ended June 30, 2018 is as follows:

 

   As Previously Reported  Depreciation and amortization adjustments  Foreign Exchange adjustments  Other Adjustments  As Restated
                
Revenue  $17,416,526   $—     $—     $—     $17,416,526 
                          
Costs and Expenses                         
Selling expenses   11,903,600    —      —      —      11,903,600 
General and administrative expenses   4,115,728    235,296    55,764    331    4,407,119 
Total Costs and Expenses   16,019,328    235,296    55,764    331    16,310,719 
                          
Income from Operations   1,397,198    (235,296)   (55,764)   (331)   1,105,807 
                          
Interest expense, net of interest income   (1,262,509)   —      —      —      (1,262,509)
Imputed interest on related party advances   (761)   —      —      —      (761)
Gain on litigation settlement   516,120    —      —      —      516,120 
Loss on debt modification   (212,270)                  (212,270)
Loss on marketable securities   (155,000)                  (155,000)
Total Other Expenses (Income)   (1,114,420)   —      —      —      (1,114,420)
                          
Income (Loss) Before Income Taxes   282,778    (235,296)   (55,764)   (331)   (8,613)
                          
Income tax provision   (757,442)   —      —      —      (757,442)
                          
Net Loss  $(474,664)  $(235,296)  $(55,764)  $(331)  $(766,055)
                          
Other Comprehensive Income (Loss)                         
Foreign currency translation adjustment   (162,873)   267,556    55,764    331    160,778 
                          
Comprehensive Loss  $(637,537)  $32,260   $—     $—     $(605,277)
                          
Loss per common share – basic and diluted*  $(0.05)                 $(0.08)
Weighted average number of common shares outstanding – basic and diluted*   9,308,511                   9,308,511 

 

* Adjusted for a 1 for 8 reverse stock split effective December 12, 2019.

 

 

The reconciliation of the consolidated statement of cash flows for the ix months ended June 30, 2019 is as follows:

 

   As Previously Reported 

Lease

adjustments

  Acquisition of Virtual Generation  Other Adjustments and reclassifications  As Restated
                
Cash Flows from Operating Activities                         
Net loss  $(4,803,460)  $(174)  $(72,305)  $(16,233)  $(4,892,172)
                          
Adjustments to reconcile net loss to net cash generated by operating activities                         
Depreciation and amortization   291,332    5,623    111,239    37,796    445,990 
Amortization of deferred costs   2,096,080    —      —      —      2,096,080 
Non-cash interest   409,114    —      —      —      409,114 
Loss on debt conversions   35,943              —      35,943 
Unrealized loss on trading securities   25,000    —      —      —      25,000 
Deferred taxation movements   —      —      (38,934)   —      (38,934)
Foreign translation loss   173,400    —           (173,400)   —   
Changes in Operating Assets and Liabilities                         
Prepaid expenses   (7,732)   —      —      —      (7,732)
Accounts payable and accrued liabilities   (26,789)   —      —      (417,954)   (444,743)
Accounts receivable   (57,679)   —      —      —      (57,679)
Gaming accounts receivable   357,886    —      —      —      357,886 
Gaming accounts liabilities   727,433    —      —      440,021    1,167,454 
Taxes payable   (53,941)   —      —      —      (53,941)
Other current assets   (57,163)   —      —      —      (57,163)
Long term liability   30,995    —      —      (21,699)   9,296 
Net Cash used in operating Activities   (859,581)   5,449    —      (151,469)   (1,005,601)
                          
Cash Flows from Investing Activities                         
Acquisition of property, plant, and equipment, and intangible assets   (59,253)   —      4,954    16    (54,283)
Decrease in restricted cash   100,140    —      —      (100,140)   —   
Acquisition of Virtual Generation, net of cash of $47,268   46,668    —      (262,818)   —      (216,150)
Net Cash Used in Investing Activities   87,555    —      (257,864)   (100,124)   (270,433)
                          
Cash Flows from Financing Activities                         
Proceeds from bank credit line, net   250,000    —      —      —      250,000 
Repayment of bank loan   (59,007)   —      —      —      (59,007)
Repayment of deferred purchase consideration – non-related parties   (331,913)   —      158,051    —      (173,862)
Repayment of deferred purchase consideration – related parties   (213,353)        105,367         (107,986)
Movement in financial leases   —      (5,449)   —      —      (5,449)
Advance to related party   (11,992)   —      —      —      (11,992)
Repayment of loans advanced to stockholders   6,605    —      —      —      6,605 
Net Cash Used in Financing Activities   (359,660)   (5,449)   263,418    —      (101,691)
                          
Effect of change in exchange rate   70,580    —      (5,554)   130,838    195,864 
                          
Net decrease in cash   (1,061,106)   —      —      (120,755)   (1,181,861)
Cash, cash equivalents and restricted cash  – beginning of the period   6,289,903    —      —      1,560,539    7,850,442 
Cash, cash equivalents and restricted cash – end of the period  $5,228,797   $—     $—     $1,439,784   $6,668,581 
                          
Reconciliation of cash, cash equivalents and restricted cash within the balance sheet to the statement of cash flows                         
                          
Cash and cash equivalents  $5,228,797   $—     $—     $—     $5,228,797 
Restricted cash   —                1,439,784    1,439,784 
   $5,228,797             $1,439,784   $6,668,581 

 

  

 

The reconciliation of the consolidated statement of cash flows for the six months ended June 30, 2018 is as follows:

 

   As Previously Reported 

Depreciation
and

amortization

adjustments

 

Foreign

Exchange adjustments

  Other Adjustments and reclassifications  As Restated
                
Cash Flows from Operating Activities               
Net Loss  $(474,664)  $(235,296)  $(55,764)  $(331)  $(766,055)
                          
Adjustments to reconcile net loss to net cash provided by operating activities                         
Depreciation and amortization   226,436    104,396    —      —      330,832 
Amortization of deferred costs   1,012,225    —      —      —      1,012,225 
Non-cash interest   58,188    —      —      —      58,188 
Loss on debt modification   212,270                   212,270 
Imputed interest on advances from stockholders   1,514    —      —      —      1,514 
Unrealized loss on trading securities   155,000    —      —      —      155,000 
Recovery of assets   (516,120)   —      —      —      (516,120)
Bad debt expense   6,354    —      —      —      6,354 
Changes in Operating Assets and Liabilities                         
Prepaid expenses   5,225    —      —      —      5,225 
Accounts payable and accrued liabilities   756,656    —      —      331    756,987 
Accounts receivable   98,833    —      —      —      98,833 
Gaming accounts receivable   31,409    —      —      —      31,409 
Gaming accounts liabilities   (583,899)   —      —      —      (583,899)
Taxes payable   439,731    —      —      —      439,731 
Other current assets   (270,259)   —      —      —      (270,259)
Long term liability   78,346    —      —      —      78,346 
Net Cash Provided by operating Activities   1,237,245    (130,900)   (55,764)   —      1,050,581 
                          
Cash Flows from Investing Activities                         
Acquisition of property, plant, and equipment, and intangible assets   (4,442,508)   (135,378)   —      —      (4,577,886)
Decrease in restricted cash   15,657    —      —      (15,657)   —   
Net Cash Used in Investing Activities   (4,426,851)   (135,378)   —      (15,657)   (4,577,886)
                          
Cash Flows from Financing Activities                         
Repayment of bank credit line, net   (177,060)   —      —      —      (177,060)
Repayment of bank loan   (71,143)   —      —      —      (71,143)
Proceeds from debentures and convertible notes, net of repayment   6,883,905    —      —      —      6,883,905 
Loan to related party   (215,745)                  (215,745)
Purchase of treasury stock   (2,261,307)                  (2,261,307)
Repayment to stockholders, net of advances   (485,036)   —      —      —      (485,036)
Net Cash Provided by Financing Activities   3,673,614    —      —      —      3,673,614 
                          
Effect of change in exchange rate   (168,600)   266,278    55,764    —      153,442 
                          
Net increase in cash   315,408    —      —      (15,657)   299,751 
Cash, cash equivalents and restricted cash – beginning of the period   6,469,858    —      —      587,905    7,057,763 
Cash, cash equivalents and restricted cash – end of the period  $6,785,266   $—     $—     $572,248   $7,357,514 
                          
Reconciliation of cash, cash equivalents and restricted cash within the balance sheet to the statement of cash flows                         
                          
Cash and cash equivalents  $6,785,266   $—     $—     $—     $6,785,266 
Restricted cash   —      —      —      572,248    572,248 
   $6,785,266   $—     $—     $572,248   $7,357,514 

 

XML 21 R11.htm IDEA: XBRL DOCUMENT v3.20.2
Reclassification of prior period results
6 Months Ended
Jun. 30, 2019
Equity [Abstract]  
Reclassification of prior period results

4. Reclassification of prior period results

 

The company adopted ASU 2017-11(“ASU 2017-11”) – Accounting for certain convertible debentures and warrants with down round features, in the prior year.

 

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 Company determined that ASU 2017-11 is applicable to the Company and the down round feature of the convertible debentures and warrants issued during the period February 2018 to June 2018, no longer qualified as derivative liabilities.

 

The amendments in this update were effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, however early adoption was permitted for all entities, including adoption in an interim period. The company early adopted ASU 2017-11 in its September 30, 2018 quarterly report.

 

The adjustments were reflected as of January 1, 2018, the beginning of the fiscal year.

 

The adjustments made by the Company to its opening balance sheet as of January 1, 2018 were as follows:

 

   Convertible Debentures  Derivative Liability  Additional Paid-in Capital 

Accumulated

Deficit

Balance as of January 1, 2018  $1,148,107   $222,915   $14,254,582   $(9,897,620)
Reclassified derivative liabilities and cumulative effect of adoption   —      (222,915)   287,881    (64,966)
Balance as of January 1, 2018, restated  $1,148,107   $—     $14,542,463   $(9,962,586)

 

During the three and six months ended June 30, 2018, the Company issued Convertible debenture units to investors amounting to $3,268,000 and CDN$7,162,000 (approximately $6,502,000). Each unit consisting of a convertible debenture, common shares of stock and a warrant, refer to Note 13 below.

 

Due to the modified retrospective adoption allowed under ASU 2017-11, the Company eliminated the derivative liability at the date of the issuance of the convertible debentures and warrants and credited additional paid in capital and debited convertible debentures discount with $5,536,301 on the grant date of the convertible debentures and warrants. The $5,536,301 was calculated using a Black-Scholes valuation model to measure and allocate the following components of the convertible debenture units; (a) the beneficial conversion feature of the convertible debentures; (b) the value of the warrants issued with the units; and the brokers warrants related to the issuance of the convertible debenture units, after applying the relative fair value method to the derived Black-Scholes valuations. The common shares of stock issued as part of the convertible debenture units were valued at the grant date at closing market prices at $582,486.

  

The Company eliminated the derivative liability of $12,494,727 reflected on the consolidated balance sheet as of June 30, 2018 and the net derivative liability movements through the consolidated statements of comprehensive loss of $5,498,876 and $5,244,587 for the three and six months ended June 30, 2018 and the net derivative liability movement of $5,244,587 from the statement of cash flows for the six months ended June 30, 2018.

 

The Company had originally calculated the mark-to-market derivative liability on the grant date of the warrants and brokers warrants and the convertible debentures as an additional charge of $23,513,240 and reflected this loss together with the loss realized on the modification of certain convertible debentures and warrants of $212,270 as a loss on debt issuance. The $23,513,240 related to the mark-to-market derivative liability movement at the grant date was reclassified as a mark-to-market movement in derivative liabilities for the three months and six months ended June 30, 2018, with a net loss on debt modification of $212,270.

 

The reconciliation of the unaudited consolidated statement of comprehensive loss for the three months ended June 30, 2018 is as follows:

 

    As Previously reported  

 

Reclass of

disclosure

  As Reclassed   Effect of adoption of ASU 2017-11   As Reclassified
                     
Revenue   $ 8,822,659     $     $ 8,822,659     $     $ 8,822,659  
                                         
Costs and Expenses                                        
Selling expenses     5,826,243             5,826,243             5,826,243  
General and administrative expenses     2,056,275             2,056,275             2,056,275  
Total Costs and Expenses     7,882,518             7,882,518             7,882,518  
                                         
Income from Operations     940,141             940,141             940,141  
                                         
Other (Expenses) Income                                        
Interest expense, net of interest income     (1,050,270 )           (1,050,270 )           (1,050,270 )
Changes in fair value of derivative liabilities     18,014,364       (23,513,240 )     (5,498,876 )     (5,498,876 )      
Imputed interest on related party advances     753             753             753  
Gain on litigation settlement                              
Loss on issuance of debt     (23,725,510 )     23,725,510                    
Loss on debt modification           (212,270 )     (212,270 )           (212,270 )
Loss on Marketable Securities     (155,000 )           (155,000 )           (155,000 )
Total Other (Expenses) Income     (6,915,663 )           (6,915,663 )     5,498,876       (1,416,787 )
                                         
Income (Loss) Before Income Taxes     (5,975,522 )           (5,975,522 )     5,498,876       (476,646 )
Income tax provision     (512,406 )           (512,406 )           (512,406 )
Net Loss     (6,487,928 )           (6,487,928 )     5,498,876       (989,052 )
                                         
Other Comprehensive Loss                                        
Foreign currency translation adjustment     (98,355 )           (98,355 )           (98,355 )
                                         
Comprehensive Loss   $ (6,586,283 )   $     $ (6,586,283 )   $ 5,498,876     $ (1,087,407 )
                                         
Loss per common share – basic and diluted   $ (0.71 )   $     $ (0.71 )   $ 0.59     $ (0.12 )
Weighted average number of common shares outstanding – basic and diluted     9,344,282       9,344,282       9,344,282       9,344,282       9,344,282  

 

  

The reconciliation of the unaudited consolidated statement of comprehensive loss for the six months ended June 30, 2018 is as follows:

 

    As Previously reported  

 

Reclass of

disclosure

  As Reclassed   Effect of adoption of ASU 2017-11   As Reclassified
                     
Revenue   $ 17,416,526     $     $ 17,416,526     $     $ 17,416,526  
                                         
Costs and Expenses                                        
Selling expenses     11,903,600             11,903,600             11,903,600  
General and administrative expenses     4,115,728             4,115,728             4,115,728  
Total Costs and Expenses     16,019,328             16,019,328             16,019,328  
                                         
Income from Operations     1,397,198             1,397,198             1,397,198  
                                         
Other (Expenses) Income                                        
Interest expense, net of interest income     (1,262,509 )           (1262,509 )           (1,262,509 )
Changes in fair value of derivative liabilities     18,268,653       (23,513,240 )     (5,244,587 )     5,244,587        
Imputed interest on related party advances     (761 )           (761 )           (761 )
Gain on litigation settlement     516,120             516,120             516,120  
Loss on issuance of debt     (23,725,510 )     23,725,510                    
Loss on debt modification           (212,270 )     (212,270 )           (212,270 )
Loss on Marketable Securities     (155,000 )           (155,000 )           (155,000 )
Total Other (Expenses) Income     (6,359,007 )           (6,359,007 )     5,244,587       (1,114,420 )
                                         
Income (Loss) Before Income Taxes     (4,961,809 )           (4,961,809 )     5,244,587       282,778  
Income tax provision     (757,442 )           (757,442 )           (757,442 )
Net Loss     (5,719,251 )           (5,719,251 )     5,244,587       (474,664 )
                                         
Other Comprehensive Loss                                        
Foreign currency translation adjustment     (162,873 )           (162,873 )           (162,873 )
                                         
Comprehensive Loss   $ (5,882,124 )   $     $ (5,882,124 )   $ 5,244,587     $ (637,537 )
                                         
Loss per common share – basic and diluted   $ (0.63 )   $     $ (0.63 )   $ 0.56     $ (0.07 )
Weighted average number of common shares outstanding – basic and diluted     9,308,511       9,308,511       9,308,511       9,308,511       9,308,511  

 

  

 

The reconciliation of the unaudited consolidated statement of cash flows for the six months ended June 30, 2018 is as follows:

 

    As Previously reported  

 

Reclass of

disclosure

  As Reclassed   Effect of adoption of ASU 2017-11   As Reclassified
Cash Flows from Operating Activities                    
Net loss   $ (5,719,251 )   $     $ (5,719,251 )   $ 5,244,587     $ (474,664 )
                                         
Adjustments to reconcile net loss to net cash Provided by operating activities                                    
Depreciation and amortization     226,436             226,436             226,436  
Amortization of deferred costs     58,188             58,188             58,188  
Non-cash interest     1,012,225             1,012,225             1,012,225  
Loss on issuance of debt     23,725,510       (23,725,510 )                  
Loss on debt modification           212,270       212,270             212,270  
Imputed interest on advances from stockholders     1,514             1,514             1,514  
Changes in fair value of derivative liabilities     (18,268,653 )     23,513,240       5,244,587       (5,244,587 )      
Unrealized loss on trading securities     155,000             155,000             155,000  
Recovery of assets     (516,120 )           (516,120 )           (516,120 )
Bad debt expense     6,354             6,354             6,354  
                                         
Changes in Operating Assets and Liabilities                                        
Prepaid expenses     5,225             5,225             5,225  
Accounts payable and accrued liabilities     756,656             756,656             756,656  
Accounts receivable     98,833             98,833             98,833  
Gaming accounts receivable     31,409             31,409             31,409  
Gaming accounts liabilities     (583,899 )           (583,899 )           (583,899 )
Taxes payable     439,731             439,731             439,731  
Other current assets     (270,259 )           (270,259 )           (270,259 )
Long term liability     78,346             78,346             78,346  
Net Cash Provided by Operating Activities     1,237,245             1,237,245             1,237,245  
                                         
Cash Flows from Investing Activities                                        
Acquisition of property, plant, and equipment, and intangible assets     (4,442,508 )           (4,442,508 )           (4,442,508 )
Decrease in restricted cash     15,657             15,657             15,657  
Net Cash Used in Investing Activities     (4,426,851 )           (4,426,851 )           (4,426,851 )
                                         
Cash Flows from Financing Activities                                        
Proceeds from bank credit line     (177,060 )           (177,060 )           (177,060 )
Repayment of bank loan     (71,143 )           (71,143 )           (71,143 )
Proceeds from convertible debentures and promissory notes, net of repayment     6,883,905             6,883,905             6,883,905  
Loan to related party     (215,745 )           (215,745 )           (215,745 )
Purchase of treasury stock     (2,261,307 )           (2,261,307 )           (2,261,307 )
Advances from stockholders, net of repayment     (485,036 )           (485,036 )           (485,036 )
Net Cash Provided by Financing Activities     3,673,614             3,673,614             3,673,614  
                                         
Effect of change in exchange rate     (168,600 )           (168,600 )           (168,600 )
                                         
Net increase in cash     315,408             315,408             315,408  
Cash – beginning of the period     6,469,858             6,469,858             6,469,858  
Cash – end of the period   $ 6,785,266     $     $ 6,785,266     $     $ 6,785,266  

 

XML 22 R12.htm IDEA: XBRL DOCUMENT v3.20.2
Acquisition betting software technology; offline and land-based gaming assets
6 Months Ended
Jun. 30, 2019
Business Combinations [Abstract]  
Acquisition of betting software technology; offline and land-based gaming assets

5. Acquisition of betting software technology; offline and land-based gaming assets

 

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 a network of approximately 170 land-based agency locations. Pursuant to the agreement, the Company issued 416,400 shares of common stock in consideration for 100% of the issued and outstanding shares of Ulisse.

 

Pursuant to the Ulisse SPA, the purchase price was subject to an adjustment equal to two times earnings before income taxes calculated on a pro rata basis from the closing date upon completion of the ADM license tender auction. The sellers were also permitted to exercise the option to resell to the Company 50% of the shares of common stock (or 208,200 shares) issued in consideration for the purchase price at a fixed price of USD $4.00 per share (the “Ulisse Put Option”).

 

On May 31, 2018, the Company and Ulisse mutually agreed to exercise the Ulisse Put Option in lieu of completion of the ADM license tender auction. The Company repurchased and retired the shares issued in June 2016 with a purchase price adjustment to 10 million Euros (approximately USD $11.7 million). The purchase price adjustment was paid half in cash of 5 million Euros (approximately USD $5.85 million) and the Company issued 591,950 shares to the sellers on May 31, 2018 to settle the balance of the purchase price adjustment in shares of common stock at the closing price of $9.44 per share on May 31, 2018.

 

Multigioco Acquisition

 

On May 31, 2018, the Company and Multigioco mutually agreed to exercise the option to repurchase the shares issued to the shareholders of Multigioco at the closing of the acquisition of Multigioco on August 15, 2014 (“Multigioco Put Option”). The Company repurchased and retired the balance of 255,000 shares issued to the Multigioco sellers in exchange for EUR 510,000 (approximately USD $595,000).

 

Virtual Generation Limited (“VG”) Acquisition

 

On January 30, 2019, the Company entered into a Share Exchange Agreement (“VG SPA”), with the shareholders of Virtual Generation (“VG”) organized under the laws of Republic of Malta. VG owns and has developed a virtual gaming software platform, together with all the ordinary shares of Naos Holding Limited, a company organized under the laws of Republic of Malta (“Naos”) that owns 3,999 of the 4,000 issued and outstanding ordinary shares of VG. Pursuant to the agreement, the Company issued 65,298 shares of common stock in consideration for 100% of the issued and outstanding shares of VG.

 

Pursuant to the Purchase Agreement, on the Closing Date, the Company agreed to pay the Sellers the previously agreed to Four Million Euro (€4,000,000) in consideration for all the ordinary shares of VG and Naos, on the Closing Date as follows:

 

i.a cash payment of One Hundred and Eight Thousand Euro (€108,000);
ii.the issuance of shares of the Company’s common stock valued at Eighty-Nine Thousand Euro (€89,000); and
iii.the delivery of a non-interest bearing promissory note (the “Promissory Note”) providing for the payment of (a) an aggregate of €2,392,000 in cash in 23 equal and consecutive monthly instalments of €104,000 with the first such payment due and payable on the date that is one (1) month after the Closing Date; and (b) an aggregate of €1,411,000 in shares of the Company’s common stock in seventeen (17) equal and consecutive monthly instalments of €83,000 as determined by the average of the closing prices of such shares on the last ten (10) trading days immediately preceding the determination date of each monthly issuance, commencing on March 1, 2019.

 

The value of the EUR 4,000,000 promissory note net of discount was EUR 3,665,255 ($4,193,374 U.S.). The note was allocated as 40% as related party and 60% non-related party. In the six months ending June 30, 2019, cash payments were $240,015 net of interest of $2,354. Shares were issued at an equivalent of $195,220 net of interest of $1,563. Transaction gain during the quarter was $150. As of June 30, 2019, the promissory note net of discount related to the purchase of VG had a balance of $3,758,289 ($1,502,832 related party; $2,255,457 non-related party).

  

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:

 

Cash $ 47,268  
Current assets   178.181  
Property, Plant and Equipment   41,473  
Betting Platform   4,004,594  
    4,271,516  
Less: liabilities assumed   (78,141 )
Less: Imputed Deferred taxation on identifiable intangible assets acquired   (1,401,608 )
Total identifiable assets less liabilities assumed   2,791,767  
Goodwill arising on acquisition   1,401,608  
Total purchase price $ 4,193,375  

 

Intangible assets will be amortized over their remaining useful life over a period of 15 years.

 

The €3,803,000 promissory note was recorded as a liability owing to related parties of €1,521,000 (Note 11) and to third parties of €2,281,800 (Note 14).

XML 23 R13.htm IDEA: XBRL DOCUMENT v3.20.2
Leases
6 Months Ended
Jun. 30, 2019
Leases [Abstract]  
Leases

6. Leases

 

Adoption of ASC Topic 842, “Leases”

 

On January 1, 2019, the Company adopted Topic 842 using the modified retrospective method applied to leases that were in place as of January 1, 2019. Results for reporting periods beginning after January 1, 2019 are presented under Topic 842, while prior period amounts are not adjusted and continue to be reported in accordance with the Company’s historic accounting under Topic 840. The Company’s portfolio of leases contains both finance and operating leases that relate to real estate agreements, vehicles and office equipment agreements.

 

Practical Expedients and Elections

 

The Company elected the package of practical expedients permitted under the transition guidance, which allowed the Company to carryforward its historical lease classification, the Company’s assessment on whether a contract is or contains a lease, and its initial direct costs for any leases that exist prior to adoption of the new standard. The Company also elected to combine lease and non-lease components on the office equipment leases and elected the short-term lease recognition exemption for all leases that qualify.

 

Discount Rate

 

To determine the present value of minimum future lease payments for leases at January 1, 2019, the Company was required to use the rate implicit in the lease unless the rate is not determinable then a rate of interest that it would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment (the “incremental borrowing rate” or “IBR”).

 

Operating leases

 

Property and vehicle leases

 

The Company determined the rate implicit in the lease or an IBR where that rate was not determinable. The Company used country specific rates based on the country the assets are located in.

 

Property leases

 

The Company determined that rates ranging from 2.12% to 4.5% were appropriate discount rates to apply to its real-estate operating leases.

 

The Company entered into new real estate operating leases during the current period and determined an appropriate discount rate to apply to its operating leases was 2.12%.

 

Vehicle leases

 

The Company determined that appropriate discount rates to apply to its vehicle operating leases ranged from 5.1% to 6.7%.

 

Finance leases

 

Computer and office equipment leases

 

The Company has financed several items of computer and office equipment through vendor financing. The discount rates for finance leases ranged from 2.5% to 4.2%.

 

  

Right of use assets

 

Upon adoption of ASC 842, effective January 1, 2019, the Company recorded a right of use asset for operating leases of $646,138.

 

Right of use assets are included in the consolidated balance sheet are as follows:

 

    June 30, 2019
     
Non-Current assets        
Right-of-use assets - operating leases, net of amortization   $ 736,625  
Right-of-use assets – finance leases, net of amortization (included in plant and equipment)   $ 43,961  

 

Lease costs consists of the following:

 

   

Six months ended

June 30, 2019

     
Finance lease cost:   $ 15,817  
Amortization of right-of-use assets     15,118  
Interest expense on lease liabilities     699  
         
Operating lease cost     95,371  
         
Total lease cost   $ 111,191  

 

Other lease information:

 

 

Six months ended

June 30, 2019

   
Cash paid for amounts included in the measurement of lease liabilities      
Operating cash flows from finance leases $ (699 )
Operating cash flows from operating leases   (95,371 )
Financing cash flows from finance leases   (5,449 )
       
Right-of-use assets obtained in exchange for new finance leases   15,118  
Right-of-use assets disposed of under operating leases prior to lease maturity   (27,517 )
Right-of -use assets obtained in exchange for new operating leases $ 95,622  
       
Weighted average remaining lease term – finance leases   3.88 years  
Weighted average remaining lease term – operating leases   3.83 years  
       
Weighted average discount rate – finance leases   3.48 %
Weighted average discount rate – operating leases   3.66 %
       

 

  

Maturity of Leases

 

Finance lease liability

 

The amount of future minimum lease payments under finance leases are as follows:

 

  Amount
   
  2019   $ 6,890  
  2020     13,780  
  2021     10,543  
  2022     8,536  
  2023     6,788  
  2024     817  
  Total undiscounted minimum future lease payments     47,354  
  Imputed interest     (2,764 )
  Total finance lease liability   $ 44,590  
           
  Disclosed as:        
  Current portion   $ 6,194  
  Non-Current portion     38,396  
      $ 44,590  

 

Operating lease liability

 

The amount of future minimum lease payments under operating leases are as follows:

 

  Amount
   
2019 $ 114,297  
2020   186,474  
2021   179,902  
2022   153,301  
2023   104,850  
2024 and beyond   29,098  
Total undiscounted minimum future lease payments   767,922  
Imputed interest   (64,755 )
       
Total operating lease liability $ 703,167  
       
Disclosed as:      
Current portion $ 91,449  
Non-Current portion   611,718  
  $ 703,167  
XML 24 R14.htm IDEA: XBRL DOCUMENT v3.20.2
Intangible Assets
6 Months Ended
Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

8. Intangible Assets

 

Intangible assets consist of the following:

 

  June 30, 2019   December 31, 2018  
Betting Platform Software $ 1,685,371     $ 1,685,371  
Ulisse Bookmaker License   9,727,914       9,727,914  
Multigioco and Rifa ADM Licenses   960,977       961,756  
VG Licenses   4,004,594        
Location contracts   1,000,000       1,000,000  
Customer relationships   870,927       870,927  
Trademarks/names   110,000       110,000  
Websites   40,000       40,000  
    18,399,783       14,395,968  
Accumulated amortization   (2,201,821 )     (1,867,986 )
Balance $ 16,197,962     $ 12,527,982  
                   

 

The Company evaluates intangible assets for impairment on an quarterly 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 Company recorded approximately $376,457 and $206,568 in amortization expense for the finite-lived assets for the six months ended June 30, 2019 and June 30, 2018 respectively.

 

Licenses obtained by the Company in the acquisitions of Multigioco and Rifa include a Gioco a Distanza (“GAD”) online license as well as a Bersani and Monti land-based licenses issued by the Italian gaming regulator (ADM) to Multigioco and Rifa, respectively, as well as an Austrian Bookmaker License through the acquisition of Ulisse.

 

The Company believes that the carrying amounts of its intangible assets are recoverable. However, if adverse events were to occur or circumstances were to change indicating that the carrying amount of such assets may not be fully recoverable, the assets would be reviewed for impairment and the assets could be impaired.

XML 25 R15.htm IDEA: XBRL DOCUMENT v3.20.2
Restricted Cash
6 Months Ended
Jun. 30, 2019
Accounting Policies [Abstract]  
Restricted Cash

9. 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 a bank loan with Intesa Sanpaolo Bank as well as Wirecard Bank as a security deposit for Ulisse betting operations. In addition, the Company maintains a $1,000,000 deposit at Metropolitan Commercial bank held as security against a $1,000,000 line of credit. See Note 10.

XML 26 R16.htm IDEA: XBRL DOCUMENT v3.20.2
Line of Credit-Bank
6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
Line of Credit-Bank

10. Line of Credit – Bank

 

The Company currently maintains an operating line of credit for a maximum amount of €300,000 (approximately $340,000) for Multigioco and €50,000 (approximately $57,000) 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.

 

In addition, the Company maintains a $1,000,000 secured revolving line of credit from Metropolitan Commercial Bank in New York, which bears a fixed rate of interest of 3.00% on the outstanding balance with an interest only monthly minimum payment, no maturity or due date and is secured by a $1,000,000 security deposit, see Note 9.

XML 27 R17.htm IDEA: XBRL DOCUMENT v3.20.2
Related party transactions and balances
6 Months Ended
Jun. 30, 2019
Related Party Transactions [Abstract]  
Related party transactions and balances

11. Related Parties

 

Notes Payable – Related Party

 

The Company has three promissory notes entered into in 2015 and 2016 with a related party with an aggregate principal amount outstanding of $318,078. The promissory notes bear interest at 12% per annum and are due on demand.

 

In terms of the acquisition of Virtual Generation Limited on January 31, 2019, disclosed in Note 5 above, the Company issued a non-interest bearing promissory note in the principal amount of €3,803,000 owing to both related parties and non-related parties. The value of the promissory note payable to non-related parties was €2,281,800 and to related parties was €1,521,200.

  

The promissory note is to be settled as follows:

  (a) an aggregate of €956,800 in cash in 23 equal and consecutive monthly instalments of €41,600 with the first such payment due and payable on the date that is one month after the Closing Date; and

 

  (b) an aggregate of €564,400 in shares of the Company’s common stock in 17 equal and consecutive monthly instalments of €33,200 as determined by the average of the closing prices of such shares on the last 10 trading days immediately preceding the determination date of each monthly issuance, commencing on March 1, 2019.

 

The future payments on the promissory note was discounted to present value using the Company’s average cost of funding of 10%. The discount is being amortized over the repayment period of the promissory note using the effective interest rate method.

 

The movement on notes payable consists of the following:

 

Description   June 30, 2019
     
Principal Outstanding    
Opening balance   $ 318,078  
Promissory note due to non-related parties     1,830,541  
Settled by the issuance of common shares     (190,128 )
Repayment in cash     (213,353 )
Foreign exchange movements     (14,442 )
      1,730,696  
Accrued Interest        
Opening balance     113,553  
Interest expense     18,928  
      132,481  
Present value discount on future payments        
Present value discount     (161,393 )
Amortization     35,347  
Foreign exchange movements     1,255  
      (124,791 )
Notes payable – Related Party, net   $ 1,738,386  
         
Disclosed as follows:        
Current liability   $ 1,405,804  
Long term liability     332,582  
Notes payable – Related Party, net   $ 1,738,386  

 

Advances from Stockholders

Advances from stockholders represent non-interest-bearing loans that are due on demand.

 

Advances from stockholders are as follows:

 

    June 30, 2019   December 31, 2018
                 
Gold Street Capital Corp.   $ 48,508     $ 39,237  

 

Amounts due to Gold Street Capital Corp., the major stockholder of Newgioco Group, are for reimbursement of expenses. During the three and six months ended June 30, 2018, the Company paid management fees of $36,000 and $72,000 to Gold Street Capital Corp and no management fees during the three and six months ended June 30, 2019, respectively.

 

During the six months ended June 30, 2018, the Company paid management fees of approximately $6,000 to Luca Pasquini.

XML 28 R18.htm IDEA: XBRL DOCUMENT v3.20.2
Investment in Non-consolidated Entities
6 Months Ended
Jun. 30, 2019
Investments, All Other Investments [Abstract]  
Investment in Non-consolidated Entities

7. Investment in non-consolidated entities

 

Investments in non-consolidated entities consists of 2,500,000 shares of Zoompass Holdings (“Zoompass”) and is accounted for at fair value, with changes recognized into earnings in accordance with ASU 2016-1, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.”

 

On June 30, 2019, the shares of Zoompass were last quoted at $0.10 per share on the OTC market, resulting in an unrealized loss recorded to earnings related to these securities of $25,000 for the three and six months ended June 30, 2019.

XML 29 R19.htm IDEA: XBRL DOCUMENT v3.20.2
Stockholders Equity
6 Months Ended
Jun. 30, 2019
Equity [Abstract]  
Stockholders Equity

12. Stockholders’ Equity

 

Effective December 12, 2019 December 12, 2019, the Company performed a 1 for 8 reverse stock split. All equity issuances and references to equity have been adjusted to take into account the reverse stock split.

 

On January 30, 2019, the Company issued 32,450 shares of common stock valued at $101,763 and issued the following shares of common stock to promissory note holders in terms of the agreement entered into for the acquisition of Virtual Generation Limited, as disclosed in Note 5 above.

 

·         On March 1, 2019, 32,845 shares of common stock valued at $101,249;

·         On April 1, 2019, 29,975 shares of common stock valued at $86,328;

·         On May 1, 2019, 33,105 shares of common stock valued at $93,018;

·         On June 1, 2019, 27,256 shares of common stock valued at $92,961.

 

For the six months ended June 30, 2019, the Company issued a total of 86,850 shares of common stock, valued at $989,169, upon the conversion of convertible debentures into equity (Note 13).

 

On April 22, 2019, the Company issued 11,232 shares of common stock, valued at $35,943, to certain convertible debenture holders as an incentive for them to transfer their convertible debentures to another investor.

XML 30 R20.htm IDEA: XBRL DOCUMENT v3.20.2
Convertible Debt
6 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Convertible Debt

13. Convertible Debt

 

Convertible debt consists of Notes in USD and CAD issued in the first and second quarter of 2018. For the three and six months ended June 30, 2019, $919,824 ($864,623 principal plus $55,200 accrued interest) of convertible notes were redeemed for 287,561 of the Company’s common stock. At June 30, 2019, the Company has $7,774,208 principal debt plus accrued interest of $668,492 net of a discount of $3,300,942 and recorded a loss of $109,810 to account for the foreign currency translation of the debt issued in CAD.

 

The Aggregate convertible debentures outstanding consists of the following:

 

Description   June 30, 2019
     
Principal Outstanding    
Opening balance   $ 8,529,021  
Conversion to equity     (925,963 )
Foreign exchange movements     195,999  
      7,799,057  
Accrued Interest        
Opening balance     528,141  
Interest expense     390,186  
Conversion to equity     (63,206 )
Foreign exchange movements     10,307  
      865,428  
Debenture Discount        
Opening balance     (4,588,215 )
Amortization     2,007,712  
      (2,580,503 )
Convertible Debentures, net   $ 6,083,982  

 

XML 31 R21.htm IDEA: XBRL DOCUMENT v3.20.2
Notes Payable
6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
Notes Payable

14. Notes Payable

 

In Terms of the acquisition of Virtual Generation Limited on January 31, 2019, disclosed in Note 5 above, the Company issued a non-interest bearing promissory note of €3,803,000 owing to both related parties and non-related parties. The value of the promissory note payable related parties was €1,521,200 and to non-related parties was €2,281,800.

 

The promissory note payable to non-related parties is to be settled as follows:

 

  (a) an aggregate of €1,435,200 in cash in 23 equal and consecutive monthly instalments of €62,400 with the first such payment due and payable on the date that is one month after the Closing Date; and

 

  (b) an aggregate of €846,600 in shares of the Company’s common stock in 17 equal and consecutive monthly instalments of €49,800 as determined by the average of the closing prices of such shares on the last 10 trading days immediately preceding the determination date of each monthly issuance, commencing on March 1, 2019.

 

The future payments on the promissory note was discounted to present value using the Company’s average cost of funding of 10%. The discount is being amortized over the repayment period of the promissory note using the effective interest rate method.

 

The movement on notes payable consists of the following:

 

Description   June 30, 2019
     
Principal Outstanding    
Promissory note due to non-related parties   $ 2,745,811  
Settled by the issuance of common shares     (285,192 )
Repayment in cash     (331,913 )
Foreign exchange movements     (21,601 )
      2,107,105  
Present value discount on future payments        
Present value discount     (242,089 )
Amortization     53,020  
Foreign exchange movements     1,883  
      (187,186 )
Notes payable, net   $ 1,919,919  
         
Disclosed as follows:        
Current liability   $ 1,421,045  
Long term liability     498,874  
Notes payable, net   $ 1,919,919  

 

XML 32 R22.htm IDEA: XBRL DOCUMENT v3.20.2
Bank Loan Payable
6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
Bank Loan Payable

15. Bank Loan Payable

 

In September 2016, the Company obtained a loan of €500,000 (approximately $580,000) from Intesa Sanpaolo Bank in Italy, which loan is secured by the Company's assets. The loan has an underlying interest rate of 4.5 points above the Euro Inter Bank Offered Rate, subject to quarterly review and is amortized over 57 months ending March 31, 2021. Monthly repayments of €9,760 began in January 2017.

 

The Company made payments of €58,560 (approximately $66,146) for the six months ended June 30, 2019 which included principal of approximately $52,239 (approximately $59,007) and interest of €6,321 (approximately $7,140) for the six months ended June 30, 2019.

XML 33 R23.htm IDEA: XBRL DOCUMENT v3.20.2
Other Long Term Liabilities
6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
Other Long Term Liabilities

16. Other long term liabilities

 

Other long term liabilities represents the Italian “Trattamento di Fine Rapporto” 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:

 

    June 30, 2019   December 31, 2018
Severance liability   $ 193,021     $ 168,706  
Customer deposit balance     420,942       440,021  
Total other long term liabilities   $ 613,963     $ 608,727
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.20.2
Warrants
6 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Warrants

17. Warrants

 

In connection with the private placement agreements entered into with accredited investors in the first and second quarter of 2018, for each $1,000 debenture unit the Company issued two-year warrants to purchase up to 135,28 shares of the Company’s common stock and for each CDN $1,000 debenture unit the Company issued two-year warrants to purchase up to 104.06 shares of the Company’s common stock at an exercise price of $4.00 per share.

 

A summary of all of the Company’s warrant activity during the period January 1, 2018 to June 30, 2019 is as follows:

 

    Number of shares   Exercise price per share   Weighted average exercise price
             
Outstanding January 1, 2018     76,566     $ 4.32     $ 4.32  
Granted     1,095,883       4.00       4.00  
Forfeited/cancelled     (27,000 )     5.04       (5.04 )
Exercised     (40,761 )     4.64       4.64  
Expired     (15,555 )     4.64       4.64  
Outstanding December 31, 2018     1,089,133     $ 4.00       4.00  
Granted                  
Forfeited/cancelled                  
Exercised                  
Outstanding June 30, 2019     1,089,133     $ 4.00     $ 4.00  

 

The following tables summarize information about warrants outstanding as of June 30, 2019:

 

    Warrants outstanding   Warrants exercisable
  Exercise price       Number of shares      

Weighted

average

remaining years

      Weighted
average
exercise price
      Number of shares      

Weighted

average

exercise price

 
                                             
$ 4.00       1,089,133       0.90     $ 4.00       1,089,133     $ 4.00  
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.20.2
Revenues
6 Months Ended
Jun. 30, 2019
Revenues [Abstract]  
Revenues

18. Revenues

 

The following table represents disaggregated revenues from our gaming operations for the three and six months ended June 30, 2019 and 2018. Net Gaming Revenues represents Turnover (also referred to as “Handle”), the total bets processed for the period, less customer winnings paid out, commissions paid to agents, and taxes due to government authorities, while Commission Revenues represents commissions on lotto ticket sales and Service Revenues is revenue invoiced for our ELYS software service and royalties invoiced for the sale of virtual products.

 

    Three Months Ended   Six Months Ended
    June 30, 2019   June 30, 2018   June 30, 2019   June 30, 2018
Turnover                
Turnover web-based   $ 88,647,748     $ 55,025,859     $ 175,223,649     $ 101,091,758  
Turnover land-based     10,617,656       45,013,592       61,017,220       89,507,552  
Total Turnover     99,265,404       100,039,451       236,240,869       190,599,310  
                                 
Winnings/Payouts                                
Winnings web-based     81,857,558       54,687,682       164,120,495       97,305,678  
Winnings land-based     7,199,276       35,765,405       51,555,578       74,511,647  
Total Winnings/payouts     89,056,834       90,453,087       215,676,073       171,817,325  
                                 
Gross Gaming Revenues     10,208,570       9,586,364       20,564,796       18,781,985  
                                 
Less: ADM Gaming Taxes     1,172,993       799,016       2,366,739       1,565,849  
Net Gaming Revenues     9,035,577       8,787,348       18,198,057       17,216,136  
Add: Commission Revenues     33,360       18,152       62,433       117,152  
Add: Service Revenues     36,416       17,159       111,158       83,238  
Total Revenues   $ 9,105,353     $ 8,822,659     $ 18,371,648     $ 17,416,526  
                                 
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.20.2
Net Loss per Common Share
6 Months Ended
Jun. 30, 2019
Earnings Per Share [Abstract]  
Net Loss per Common Share

19. Net Loss per Common Share

 

Basic loss per share is based on the weighted-average number of common shares outstanding during each period. Diluted loss per share is based on basic shares as determined above, plus the incremental shares that would be issued upon the assumed exercise of “in-the-money” warrants using the treasury stock method and the inclusion of all convertible securities, including convertible debentures, assuming these securities were converted at the beginning of the period or at the time of issuance, if later. The computation of diluted net loss per share does not assume the issuance of common shares that have an anti-dilutive effect on net loss per share.

 

For the three months and six months ended June 30, 2019 and 2018, the following warrants and convertible debentures were excluded from the computation of diluted loss per share as the result of the computation was anti-dilutive:

 

 

Description   Three and Six Months ended June 30, 2019   Three and Six Months ended June 30, 2018
         
Warrants     1,089,133       1,089,133  
Convertible debentures     2,707,652       2,707,652  
      3,796,785       3,796,785
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.20.2
Income Taxes
6 Months Ended
Jun. 30, 2019
Income Tax Disclosure [Abstract]  
Income Taxes

19. 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 six months ended June 30, 2019 and June 30, 2018.

 

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.

 

On December 22, 2017, the President of the United States signed into law Public Law No. 115-97, commonly referred to as the Tax Reform Act, following its passage by the United States Congress. The Tax Act made significant changes to U.S. federal income tax laws, including reduction of the corporate tax rate from 35.0% to 21.0%, limitation of the deduction for net operating losses to 80.0% of current year taxable income and elimination of net operating loss carrybacks, one-time taxation of offshore earning at reduced rates regardless of whether they are repatriated, elimination of U.S. tax on foreign earnings (subject to certain important exceptions), immediate deductions for certain new investments instead of deductions for depreciation expense over time, and modifying or repealing many business deductions.

 

The Company continues to evaluate the accounting for uncertainty in tax positions at the end of each reporting period. The guidance requires companies to recognize in their financial statements the impact of a tax position if the position is more likely than not of being sustained if the position were to be challenged by a taxing authority. The position ascertained inherently requires judgment and estimates by management.

 

The Company has accumulated a net operating loss carry forwards (“NOL”) of approximately $4.0 million as of December 31, 2018 and continues to have losses from operations. As part of the Tax Act, NOL’s generated in 2018 and later are not subject to an expiration period and are available to offset 80% of taxable income in the year in which they are utilized. The federal and state NOL carryforwards generated prior to 2018 will begin to expire in 2026. For the six months ended June 30, 2019 the Company recorded additional losses and the possibility of future cumulative losses still exists. Accordingly, the Company has continued to maintain a valuation allowance against its net deferred tax assets.

 

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.

 

XML 38 R28.htm IDEA: XBRL DOCUMENT v3.20.2
Subsequent events
6 Months Ended
Jun. 30, 2019
Subsequent Events [Abstract]  
Subsequent events

20. Subsequent Events

 

Subsequent to the period covered by this report, the principal amount of $550,000 and CDN$20,000 (approximately $16,400) of outstanding convertible debentures plus accrued interest was presented to the Company for conversion into 195,297 shares of common stock.

 

Other than disclosed above, the Company has evaluated subsequent events through the date the financial statements were issued and did not identify any other subsequent events that would have required adjustment or disclosure in the financial statements.

XML 39 R29.htm IDEA: XBRL DOCUMENT v3.20.2
Nature of Business (Policies)
6 Months Ended
Jun. 30, 2019
Nature Of Business  
Nature of Business

Nature of Business

 

Established in the state of Delaware in 1998, Newgioco Group, Inc. (“Newgioco Group” or the “Company”) is an international commercial-stage, vertically integrated company engaged in various aspects of the leisure gaming industry. We own and operate an innovative state-of-the-art betting platform (“Platform”) and are a licensed leisure lottery and gaming operator offering online and offline leisure gaming services, including a variety of lottery and casino gaming products, as well as sports betting products through a distribution network of retail betting locations situated throughout Italy and internationally through various agents in eleven other countries located in Africa and South America.

 

The Company’s subsidiaries include: Multigioco Srl (“Multigioco”), acquired on August 15, 2014, Rifa Srl (“Rifa”), acquired on January 1, 2015, and Ulisse GmbH (“Ulisse”) and Odissea Betriebsinformatik Beratung GmbH (“Odissea”) which were both acquired on July 1, 2016, Virtual Generation Limited (“VG”) and Naos Holding Limited, acquired on January 30, 2019 and a non-operating subsidiary Newgioco Group, Inc. based in Canada.

 

The Company operates in one line of business that provides certified betting Platform software (“Platform”) services to and the operating of leisure betting establishments situated throughout Italy and in 11 other countries and is comprised of 3 geographically organized groups: an Operational Group; Technology Group; and a Corporate Group, organized as follows:

 

a.the Operational Group is based in Europe and maintains administrative and customer service offices headquartered in Rome, Italy with satellite offices for operations administration, and risk management and trading in Naples and Teramo, Italy and Valetta, Malta;
b.the Technology Group is based in Innsbruck, Austria and manages software development, training and administration; and
c.the Corporate Group is based in North America which includes a head office situated in Toronto, Canada with a satellite office in Boca Raton, Florida through which our CEO and CFO carry-out our corporate duties, handle day-to-day reporting and other operations such as U.S. development and planning, and through which various independent contractors and vendors are engaged.

 

XML 40 R30.htm IDEA: XBRL DOCUMENT v3.20.2
Accounting Policies and Estimates (Policies)
6 Months Ended
Jun. 30, 2019
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

 

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2019. The balance sheet at December 31, 2018 has been derived from the Company’s audited consolidated financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, please refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, as filed with the U.S. Securities and Exchange Commission (“SEC”).

 

All amounts referred to in the Notes to the unaudited condensed consolidated financial statements are in United States Dollars ($) unless stated otherwise.

Basis of consolidation

Basis of Consolidation

 

The unaudited condensed consolidated financial statements include the financial statements of the Company and its subsidiaries in which it has at least a majority voting interest. All significant inter-company accounts and transactions have been eliminated in the unaudited condensed consolidated financial statements. The entities included in these unaudited condensed consolidated financial statements are as follows:

 

Company Country of Incorporation

Percentage owned

%

     
Newgioco Group, Inc. United States – Delaware Parent
Newgioco Group, Inc (Canada) Canada 100
Ulisse GmbH Austria 100
Odissea Betriebsinformatik Beratung GMBH Austria 100
Multigioco Srl. Italy 100
Rifa Srl. Italy 100
Virtual Generation Limited Malta 100
Naos Holding Limited Malta 100

 

Currency translation

Currency Translation

 

The Company's subsidiaries operate in Europe with a functional currency of Euro and in Canada with a functional currency of Canadian dollars. In the consolidated financial statements, revenue and expense accounts are translated at the average rates during the period, assets and liabilities are translated at period-end rates and equity accounts are translated at historical rates. 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.

Use of estimates

Use of Estimates

 

The preparation of the unaudited financial statements in conformity with 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.

Loss Contingencies

Loss Contingencies

 

The Company 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. The Company records 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.

 

The Company evaluates, 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. The Company has insured and continue to insure against most of these types of claims.

Derivative Financial Instruments

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 debentures 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.

 

As a result of the adoption of ASU 2017-11 in the third quarter of 2018, the Company has no derivative financials instruments classified as a liability at June 30, 2019 and December 31, 2018.

Business Combinations

Business Combinations

 

The Company allocates 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.

Fair Value Measurements

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 markets 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.

Cash and Cash Equivalents

Cash and Cash Equivalents

 

The Company considers all highly liquid debt instruments with maturities of three months or less at the time acquired to be cash equivalents. The Company had no cash equivalents as of June 30, 2019 and December 31, 2018.

 

The Company primarily places cash with high-credit quality financial institutions located in the United States which are insured by the Federal Deposit Insurance Corporation up to a limit of $250,000 per institution, in Canada which are insured by the Canadian Deposit Insurance Corporation up to a limit of CDN$100,000 per institution, in Italy which is insured by the Italian deposit guarantee fund Fondo Interbancario di Tutela dei Depositi (FITD) up to a limit of €100,000 per institution, and in Germany which is a member of the Deposit Protection Fund of the Association of German Banks (Einlagensicherungsfonds des Bundesverbandes deutscher Banken) up to a limit of €100,000 per institution.

Gaming accounts receivable

Gaming Accounts Receivable

 

Gaming accounts receivable represent 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 the Company’s 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 $0 and $0 for the three months ended June 30, 2019 and 2018, respectively, and $0 and $6,354 bad debt expense for the six months ended June 30, 2019 and 2018, respectively. All balances previously recorded as allowance for doubtful accounts were written off as uncollectible.

Gaming Accounts Payable

Gaming Accounts Payable

 

Gaming accounts payable 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.

Long-Lived Assets

Long-Lived Assets

 

The Company evaluates 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.

Property, plant and equipment

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:

 

Description Useful Life (in years)
   
Office equipment 5
Office furniture 8 1/3
Signs and displays 5

 

Intangible Assets

Intangible Assets

 

Intangible assets are stated at acquisition cost less accumulated amortization, if applicable, less any adjustments for impairment losses.

 

Amortization is charged on a straight-line basis over the estimated remaining useful lives of the individual intangibles. Where intangibles are deemed to be impaired the Company recognizes an impairment loss measured as the difference between the estimated fair value of the intangible and its book value.

 

The range of the estimated useful lives is as follows:

 

Description Useful Life (in years)
   
Betting Platform Software 15
Ulisse Bookmaker License
Multigioco and Rifa ADM Licenses 1.5 - 7
VG Licenses
Location contracts 5 - 7
Customer relationships 10 - 15
Trademarks/names 14
Websites 5
   

 

The Ulisse Bookmaker License and the VG Licenses have no expiration date and are therefore not amortized.

Goodwill

Goodwill

 

The Company allocates 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.

 

The Company annually assesses whether the carrying value of its intangible assets exceeds their fair value and, if necessary, records an impairment loss equal to any such excess. Each interim reporting period, the Company assesses whether events or circumstances have occurred which indicate that the carrying amount of an intangible asset exceeds its fair value. If the carrying amount of the intangible asset exceeds its fair value, an asset impairment charge will be recognized in an amount equal to that excess. No asset impairment charges were incurred during the three and six months ended June 30, 2019 or June 30, 2018. The Company recorded 1,401,608 of goodwill arising from an acquisition during the six months ended June 30, 2019.

Income Taxes

Income Taxes

 

The Company uses 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 2015 forward, are open and subject to examination, while in Austria companies are open and subject to inspection for five years and ten years for inspection of serious infractions. In the United States and Canada, tax years beginning 2015 forward, are subject to examination. The Company is not currently under examination and it has not been notified of a pending examination.

Revenue Recognition

Revenue Recognition

 

In May 2014, the FASB issued Accounting Standards Update (“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. The Company 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.

  

The Company recognizes revenue when control of its products and services is transferred to its customers in an amount that reflects the consideration the Company expects to receive from its customers in exchange for those products and services. 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 Platform 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 are recognized on an accrual basis as earned.

Stock based compensation

Stock-Based Compensation

 

The Company records its compensation expense associated with stock options and other forms of equity compensation based on their fair value at the date of grant using the Black-Scholes option pricing model. Stock-based compensation includes amortization related to stock option awards based on the estimated grant date fair value. Stock-based compensation expense related to stock options is recognized ratably over the vesting period of the option. In addition, the Company records expense related to Restricted Stock Units (“RSU’s”) granted based on the fair value of those awards on the grant date. The fair value related to the RSUs is amortized to expense over the vesting term of those awards. Forfeitures of stock options and RSUs are recognized as they occur.

 

Stock-based compensation expense for a stock-based award with a performance condition is recognized when the achievement of such performance condition is determined to be probable. If the outcome of such performance condition is not determined to be probable or is not met, no compensation expense is recognized and any previously recognized compensation expense is reversed.

Comprehensive Income (Loss)

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 and foreign currency translation adjustments.

Earnings Per Share

Earnings Per Share

 

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“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 and include warrants granted and convertible debt.

Related Parties

Related Parties

 

Parties are considered to be related to the Company if the parties directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. The Company discloses all related party transactions. All transactions are recorded at fair value of the goods or services exchanged.

Recent Accounting Pronouncements Not Yet Adopted

Recent Accounting Pronouncements Not Yet Adopted

 

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. The purpose of this updated guidance is to improve the effectiveness and disclosures in the Notes to the financial statements. The ASU removes the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; removes the policy for timing of transfers between levels; and removes the disclosure related to the valuation process for Level 3 fair value measurements. The ASU also modifies existing disclosure requirements which relate to the disclosure for investments in certain entities which calculate net asset value and clarifies the disclosure about uncertainty in the measurements as of the reporting date. For all entities, the effective date for this guidance is fiscal years beginning after December 15, 2019, including interim periods within the reporting period, with early adoption permitted. Entities are also allowed to elect early adoption of the eliminated or modified disclosure requirements and delay adoption of the new disclosure requirements until their effective date. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements.

 

In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The main objective of this guidance is to simplify the accounting for goodwill impairment by requiring that impairment charges be based upon the first step in the current two-step impairment test under ASC 350. Currently, if the fair value of a reporting unit is lower than its carrying amount (Step 1), an entity calculates any impairment charge by comparing the implied fair value of goodwill with its carrying amount (Step 2). The implied fair value of goodwill is calculated by deducting the fair value of all assets and liabilities of the reporting unit from the reporting unit’s fair value as determined in Step 1. To determine the implied fair value of goodwill, entities estimate the fair value of any unrecognized intangible assets and any corporate-level assets or liabilities that were included in the determination of the carrying amount and fair value of the reporting unit in Step 1. Under this guidance, if a reporting unit’s carrying amount exceeds its fair value, an entity will record an impairment charge based on that difference. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit. This guidance eliminates the requirement to calculate a goodwill impairment charge using Step 2. This guidance does not change the guidance on completing Step 1 of the goodwill impairment test. Under this guidance, an entity will still be able to perform the current optional qualitative goodwill impairment assessment before determining whether to proceed to Step 1. The guidance in the ASU will be applied prospectively and is effective for the Company for annual and interim impairment tests performed in periods beginning after December 15, 2019. The Company does not expect the adoption of this ASU to have a significant impact on its consolidated financial statements.

 

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right of use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. Public business entities should apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted for all public business entities and all nonpublic business entities upon issuance. The Company is currently not in compliance with ASU 2016-02 as it is continuing its evaluation of the impact of its pending adoption of ASU 2016-02 on our consolidated financial statements. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements and related disclosures.

 

The Company has reviewed all recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on our consolidated results of operations, financial position, and cash flows. Based on that review, the Company believes that none of these pronouncements will have a significant effect on current or future earnings or operations.

Comparatives

Comparatives

 

Certain items in prior periods were reclassified to conform to the current period presentation. These reclassifications had no impact on net loss or comprehensive loss.

XML 41 R31.htm IDEA: XBRL DOCUMENT v3.20.2
Accounting Policies and Estimates (Tables)
6 Months Ended
Jun. 30, 2019
Accounting Policies [Abstract]  
Property, plant and equipment useful life
Description Useful Life (in years)
   
Office equipment 5
Office furniture 8 1/3
Signs and displays 5
Intangible assets useful life
Description Useful Life (in years)
   
Betting Platform Software 15
Ulisse Bookmaker License
Multigioco and Rifa ADM Licenses 1.5 - 7
VG Licenses
Location contracts 5 - 7
Customer relationships 10 - 15
Trademarks/names 14
Websites 5
   
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.20.2
Restatement of prior period results (Tables)
6 Months Ended
Jun. 30, 2019
Accounting Changes and Error Corrections [Abstract]  
Restatement of prior period results

The restatement recorded by the Company for the six months ended June 30, 2019 was as follows:

   Prior year adjustment  Lease adjustments  Acquisition of Virtual Generation adjustments  Other adjustments  Total Restated
                
Opening retained earnings  $958,136   $—     $—     $—     $958,136 
 Selling Expenses   —      —      —      (770,025)   (770,025)
General and administrative expenses   —      (6,148)   —      

798,248

    

792,100

 
Depreciation and amortization   —      5,623    111,239    (11,990)   104,872 
Interest expense   —      699    —      —      699 
Deferred taxation   —      —      (38,934)   —      (38,934)
Net increase in accumulated deficit   958,136    174    72,305    16,233    1,046,848 
                          
Net decrease in other Comprehensive loss   (1,023,907)   617    —      (28,223)   (1,051,513)
                          
Net increase in plant and equipment and intangibles   65,771    780,586    1,290,369    11,990    2,148,716 
                          
Total increase in current liabilities   —      (131,263)   —      —      (131,263)
                          
Net increase in non-current liabilities  $—     $(650,114)  $(1,362,674)  $—     $(2,012,788)

 

  

The restatement recorded by the Company for the six months ended June 30, 2018 was as follows:

 

   Plant and equipment and intangibles adjustments  Foreign currency adjustments  Other adjustments  Total Restated
             
General and administrative expenses  $—     $55,764   $331   $56,095 
Depreciation and amortization   235,296    —      —      235,296 
Net increase in accumulated deficit  $235,296   $55,764   $331   $291,391 

 

 

 

The reconciliation of the consolidated balance sheet as of June 30, 2019 is as follows:

 

   As Previously Reported  Prior year adjustment  Lease adjustments  Acquisition of Virtual Generation  Other Adjustments  As Restated
Current Assets                  
Cash and cash equivalents  $5,228,797   $—     $—     $—     $—     $5,228,797 
Accounts receivable   116,398    —      —      —      —      116,398 
Gaming accounts receivable   654,016    —      —      —      —      654,016 
Prepaid expenses   140,107    —      —      —      —      140,107 
Related party receivable   851    —      —      —      —      851 
Other current assets   145,348    —      —      —      —      145,348 
Total Current Assets   6,285,517    —      —      —      —      6,285,517 
                               
Non-Current Assets                              
Restricted cash   1,439,782    —      —      —      —      1,439,782 
Property, plant and equipment   347,824    121,248    43,961    —      6,180    519,213 
Right-of-use assets   —      —      736,625    —      —      736,625 
Intangible assets   16,353,775    (55,477)   —      (111,239)   10,903    16,197,962 
Goodwill   267,076    —      —      1,401,608    (5,093)   1,663,591 
Investment in non-consolidated entities   250,000    —      —      —      —      250,000 
Total Non-Current Assets   10,658,457    65,771    780,586    1,290,369    11,990    20,807,173 
Total Assets  $24,943,974   $65,771   $780,586   $1,290,369   $11,990   $27,092,690 
                               
Current Liabilities                              
Line of credit - bank  $1,000,000   $—     $—     $—     $—     $1,000,000 
Accounts payable and accrued liabilities   3,982,319    —      33,620    —      (420,942)   3,594,997 
Gaming accounts balances   2,217,089    —      —      —      —      2,217,089 
Taxes payable   995,004    —      —      —      —      995,004 
Advances from stockholders   48,508    —      —      —      —      48,508 
Convertible Debt, net of discount of $2,578,995 and $4,587,228, respectively   6,083,982    —      —      —      —      6,083,982 
Notes payable, net of discount of $132,970   1,421,045    —      —      —      —      1,421,045 
Notes payable – related party, net of discount of $88,647   1,405,804    —      —      —      —      1,405,804 
Bank loan payable – current portion   122,829    —      —      —      —      122,829 
Operating lease liability   —      —      91,449    —           91,449 
Financial lease liability   —      —      6,194    —           6,194 
Total Current Liabilities   17,276,580    —      131,263    —      —      16,986,901 
                               
Non-current liabilities                              
Deferred tax liability        —      —      1,362,674    —      1,362,674 
Notes payable, net of discount of $54,216   498,874                        498,874 
Notes payable – related party, net of discount of $36,144   332,582                        332,582 
Bank loan payable   161,504    —      —      —      —      161,504 
Operating lease liability        —      611,718    —      —      611,718 
Financial lease liability        —      38,396    —      —      38,396 
Other long-term liabilities   193,021    —      —      —      420,942    613,963 
Total Non-Current Liabilities  1,185,981    —      650,114    1,362,674    —      3,619,711 
Total Liabilities   18,462,561    —      781,377    1,362,674    —      20,606,612 
                               
Stockholders' Equity                              
Preferred stock, $0.0001 par value; 20,000,000 shares authorized, none issued  —      —      —      —      —      —   
Common Stock, $0.0001 par value, 80,000,000 shares authorized; 9,795,396 shares issued and outstanding as of June 30, 2019*   7,935    —      —      —      (6,943)   992 
Additional paid-in capital*   25,455,983    —      —      —      6,943    25,462,926 
Accumulated other comprehensive income   (1,170,151)   1,023,907    (617)   —      28,223    (118,638)
Accumulated deficit   (17,812,354)   (958,136)   (174)   (72,305)   (16,233)   (18,859,202)
Total Stockholders' Equity   6,481,413    65,771    (791)   (72,305)   11,990    6,486,078 
Total Liabilities and Stockholders’ Equity  $24,943,974   $65,771   $780,586   $1,290,369   $11,990   $27,092,690 

 

* Adjusted for a 1 for 8 reverse stock split effective December 12, 2019.

  

 

 

The reconciliation of the consolidated statement of operations and comprehensive loss for the three months ended June 30, 2019 is as follows:

 

   As Previously Reported 

Lease

adjustments

  Acquisition of Virtual Generation  Other Adjustments  As Restated
                
Revenue  $9,105,353   $—     $—     $—     $9,105,353 
                          
Costs and Expenses                         
Selling expenses   7,038,797    —      —      (770,025   6,268,772 
General and administrative expenses   2,487,299    (214)   66,744    806,553    3,360,284 
Total Costs and Expenses   9,526,096    (214)   66,744    36,430    9,629,056 
                          
Loss from Operations   (420,743)   214    (66,744)   (36,430)   (523,703)
                          
Other (Expenses) Income                         
Other income   7,725    —      —      —      7,725 
Interest expense, net of interest income   (1,016,866)   (377)   —      —      (1,017,243)
Loss on conversion of debt   (35,943)   —      —      —      (35,943)
Total Other (Expenses) Income   (1,045,084)   (377)   —      —      (1,045,461)
                          
Loss Before Income Taxes   (1,465,827)   (163)   (66,744)   (36,430)   (1,569,164)
                          
Income tax provision   (232,417)   —      23,361    —      (209,056)
                          
Net Loss  $(1,698,244)  $(163)  $(43,383)  $(36,430)  $(1,778,220)
                          
Other Comprehensive Loss                         
Foreign currency translation adjustment   (32,633)   (55)   —      101,711    69,023 
                          
Comprehensive Loss  $(1,730,877)  $(218)  $(43,383)  $65,281   $(1,709,197)
                          
Loss per common share – basic and diluted*  $(0.18)                 $(0.17)
Weighted average number of common shares outstanding – basic and diluted*   9,870,357                   9,870,357 

 

 

The reconciliation of the consolidated statement of operations and comprehensive loss for the six months ended June 30, 2019 is as follows:

 

   As Previously Reported 

Lease

adjustments

  Acquisition of Virtual Generation  Other Adjustments  As Restated
                
Revenue  $18,371,648   $—     $—     $—     $18,371,648 
                          
Costs and Expenses                         
Selling expenses   14,446,503    —      —      (770,025   13,676,478 
General and administrative expenses   5,660,767    (525)   111,239    786,258    

6,557,739

 
Total Costs and Expenses   20,107,270    (525)   111,239    16,233    20,234,217 
                          
Loss from Operations   (1,735,622)   525    (111,239)   (16,233)   (1,862,569)
                          
Other (Expenses) Income                         
Other income   7,725    —                7,725 
Interest expense, net of interest income   (2,520,656)   (699)   —      —      (2,521,355)
Loss on conversion of debt   (35,943)   —      —      —      (35,943)
    (25,000)   —      —      —      (25,000)
Total Other (Expenses) Income   (2,573,874)   (699)   —      —      (2,574,573)
                          
Loss Before Income Taxes   (4,309,496)   (174)   (111,239)   (16,233)   (4,437,142)
                          
Income tax provision   (493,964)   —      38,934    —      (455,030)
                          
Net Loss  $(4,803,460)  $(174)  $(72,305)  $(16,233)  $(4,892,172)
                          
Other Comprehensive Loss                         
Foreign currency translation adjustment   (88,813)   (617)   —      28,223    (61,207)
                          
Comprehensive Loss  $(4,892,273)  $(791)  $(72,305)  $11,990   $(4,953,379)
                          
Loss per common share – basic and diluted*  $(0.50)                 $(0.50)
Weighted average number of common shares outstanding – basic and diluted*   9,764,450                   9,870,357 

 

* Adjusted for a 1 for 8 reverse stock split effective December 12, 2019.

 

 

 

The reconciliation of the consolidated statement of operations and comprehensive loss for the three months ended June 30, 2018 is as follows:

 

   As Previously Reported  Depreciation and amortization adjustments  Foreign Exchange adjustments  Other Adjustments  As Restated
                
Revenue  $8,822,659   $—     $—     $—     $8,822,659 
                          
Costs and Expenses                         
Selling expenses   5,826,243    —      —      —      5,826,243 
General and administrative expenses   2,056,275    117,648    27,882    —      2,201,805 
Total Costs and Expenses   7,882,518    117,648    27,882    —      8,028,048 
                          
Income from Operations   940,141    (117,648    (27,882)   —      794,611 
                          
Other (Expenses) Income                         
Interest expense, net of interest income   (1,050,270)   —      —      —      (1,050,270)
Imputed interest on related party advances   753    —      —      —      753 
Loss on debt modification   (212,270)   —      —      —      (212,270)
Loss on marketable securities   (155,000)   —      —      —      (155,000)
Total Other (Expenses) Income   (1,416,787)   —      —      —      (1,416,787)
                          
Loss Before Income Taxes   (476,646)   (117,648)   (27,882)   —      (622,176)
                          
Income tax provision   (512,406)   —      —      —      (512,406)
                          
Net Loss  $(989,052)  $(117,648)  $(27,882)  $—     $(1,134,582)
                          
Other Comprehensive Loss                         
Foreign currency translation adjustment   (98,355)   —      —      —      (98,355)
                          
Comprehensive Loss  $(1,087,407)  $(117,648)  $(27,882)  $—     $(1,232,937)
                          
Loss per common share – basic and diluted*  $(0.12)                 $(0.13)
Weighted average number of common shares outstanding – basic and diluted*   9,344,282                   9,344,282 

 

The reconciliation of the consolidated statement of operations and comprehensive loss for the six months ended June 30, 2018 is as follows:

 

   As Previously Reported  Depreciation and amortization adjustments  Foreign Exchange adjustments  Other Adjustments  As Restated
                
Revenue  $17,416,526   $—     $—     $—     $17,416,526 
                          
Costs and Expenses                         
Selling expenses   11,903,600    —      —      —      11,903,600 
General and administrative expenses   4,115,728    235,296    55,764    331    4,407,119 
Total Costs and Expenses   16,019,328    235,296    55,764    331    16,310,719 
                          
Income from Operations   1,397,198    (235,296)   (55,764)   (331)   1,105,807 
                          
Interest expense, net of interest income   (1,262,509)   —      —      —      (1,262,509)
Imputed interest on related party advances   (761)   —      —      —      (761)
Gain on litigation settlement   516,120    —      —      —      516,120 
Loss on debt modification   (212,270)                  (212,270)
Loss on marketable securities   (155,000)                  (155,000)
Total Other Expenses (Income)   (1,114,420)   —      —      —      (1,114,420)
                          
Income (Loss) Before Income Taxes   282,778    (235,296)   (55,764)   (331)   (8,613)
                          
Income tax provision   (757,442)   —      —      —      (757,442)
                          
Net Loss  $(474,664)  $(235,296)  $(55,764)  $(331)  $(766,055)
                          
Other Comprehensive Income (Loss)                         
Foreign currency translation adjustment   (162,873)   267,556    55,764    331    160,778 
                          
Comprehensive Loss  $(637,537)  $32,260   $—     $—     $(605,277)
                          
Loss per common share – basic and diluted*  $(0.05)                 $(0.08)
Weighted average number of common shares outstanding – basic and diluted*   9,308,511                   9,308,511 

 

* Adjusted for a 1 for 8 reverse stock split effective December 12, 2019.

 

 

The reconciliation of the consolidated statement of cash flows for the ix months ended June 30, 2019 is as follows:

 

   As Previously Reported 

Lease

adjustments

  Acquisition of Virtual Generation  Other Adjustments and reclassifications  As Restated
                
Cash Flows from Operating Activities                         
Net loss  $(4,803,460)  $(174)  $(72,305)  $(16,233)  $(4,892,172)
                          
Adjustments to reconcile net loss to net cash generated by operating activities                         
Depreciation and amortization   291,332    5,623    111,239    37,796    445,990 
Amortization of deferred costs   2,096,080    —      —      —      2,096,080 
Non-cash interest   409,114    —      —      —      409,114 
Loss on debt conversions   35,943              —      35,943 
Unrealized loss on trading securities   25,000    —      —      —      25,000 
Deferred taxation movements   —      —      (38,934)   —      (38,934)
Foreign translation loss   173,400    —           (173,400)   —   
Changes in Operating Assets and Liabilities                         
Prepaid expenses   (7,732)   —      —      —      (7,732)
Accounts payable and accrued liabilities   (26,789)   —      —      (417,954)   (444,743)
Accounts receivable   (57,679)   —      —      —      (57,679)
Gaming accounts receivable   357,886    —      —      —      357,886 
Gaming accounts liabilities   727,433    —      —      440,021    1,167,454 
Taxes payable   (53,941)   —      —      —      (53,941)
Other current assets   (57,163)   —      —      —      (57,163)
Long term liability   30,995    —      —      (21,699)   9,296 
Net Cash used in operating Activities   (859,581)   5,449    —      (151,469)   (1,005,601)
                          
Cash Flows from Investing Activities                         
Acquisition of property, plant, and equipment, and intangible assets   (59,253)   —      4,954    16    (54,283)
Decrease in restricted cash   100,140    —      —      (100,140)   —   
Acquisition of Virtual Generation, net of cash of $47,268   46,668    —      (262,818)   —      (216,150)
Net Cash Used in Investing Activities   87,555    —      (257,864)   (100,124)   (270,433)
                          
Cash Flows from Financing Activities                         
Proceeds from bank credit line, net   250,000    —      —      —      250,000 
Repayment of bank loan   (59,007)   —      —      —      (59,007)
Repayment of deferred purchase consideration – non-related parties   (331,913)   —      158,051    —      (173,862)
Repayment of deferred purchase consideration – related parties   (213,353)        105,367         (107,986)
Movement in financial leases   —      (5,449)   —      —      (5,449)
Advance to related party   (11,992)   —      —      —      (11,992)
Repayment of loans advanced to stockholders   6,605    —      —      —      6,605 
Net Cash Used in Financing Activities   (359,660)   (5,449)   263,418    —      (101,691)
                          
Effect of change in exchange rate   70,580    —      (5,554)   130,838    195,864 
                          
Net decrease in cash   (1,061,106)   —      —      (120,755)   (1,181,861)
Cash, cash equivalents and restricted cash  – beginning of the period   6,289,903    —      —      1,560,539    7,850,442 
Cash, cash equivalents and restricted cash – end of the period  $5,228,797   $—     $—     $1,439,784   $6,668,581 
                          
Reconciliation of cash, cash equivalents and restricted cash within the balance sheet to the statement of cash flows                         
                          
Cash and cash equivalents  $5,228,797   $—     $—     $—     $5,228,797 
Restricted cash   —                1,439,784    1,439,784 
   $5,228,797             $1,439,784   $6,668,581 

 

  

 

The reconciliation of the consolidated statement of cash flows for the six months ended June 30, 2018 is as follows:

 

   As Previously Reported 

Depreciation
and

amortization

adjustments

 

Foreign

Exchange adjustments

  Other Adjustments and reclassifications  As Restated
                
Cash Flows from Operating Activities               
Net Loss  $(474,664)  $(235,296)  $(55,764)  $(331)  $(766,055)
                          
Adjustments to reconcile net loss to net cash provided by operating activities                         
Depreciation and amortization   226,436    104,396    —      —      330,832 
Amortization of deferred costs   1,012,225    —      —      —      1,012,225 
Non-cash interest   58,188    —      —      —      58,188 
Loss on debt modification   212,270                   212,270 
Imputed interest on advances from stockholders   1,514    —      —      —      1,514 
Unrealized loss on trading securities   155,000    —      —      —      155,000 
Recovery of assets   (516,120)   —      —      —      (516,120)
Bad debt expense   6,354    —      —      —      6,354 
Changes in Operating Assets and Liabilities                         
Prepaid expenses   5,225    —      —      —      5,225 
Accounts payable and accrued liabilities   756,656    —      —      331    756,987 
Accounts receivable   98,833    —      —      —      98,833 
Gaming accounts receivable   31,409    —      —      —      31,409 
Gaming accounts liabilities   (583,899)   —      —      —      (583,899)
Taxes payable   439,731    —      —      —      439,731 
Other current assets   (270,259)   —      —      —      (270,259)
Long term liability   78,346    —      —      —      78,346 
Net Cash Provided by operating Activities   1,237,245    (130,900)   (55,764)   —      1,050,581 
                          
Cash Flows from Investing Activities                         
Acquisition of property, plant, and equipment, and intangible assets   (4,442,508)   (135,378)   —      —      (4,577,886)
Decrease in restricted cash   15,657    —      —      (15,657)   —   
Net Cash Used in Investing Activities   (4,426,851)   (135,378)   —      (15,657)   (4,577,886)
                          
Cash Flows from Financing Activities                         
Repayment of bank credit line, net   (177,060)   —      —      —      (177,060)
Repayment of bank loan   (71,143)   —      —      —      (71,143)
Proceeds from debentures and convertible notes, net of repayment   6,883,905    —      —      —      6,883,905 
Loan to related party   (215,745)                  (215,745)
Purchase of treasury stock   (2,261,307)                  (2,261,307)
Repayment to stockholders, net of advances   (485,036)   —      —      —      (485,036)
Net Cash Provided by Financing Activities   3,673,614    —      —      —      3,673,614 
                          
Effect of change in exchange rate   (168,600)   266,278    55,764    —      153,442 
                          
Net increase in cash   315,408    —      —      (15,657)   299,751 
Cash, cash equivalents and restricted cash – beginning of the period   6,469,858    —      —      587,905    7,057,763 
Cash, cash equivalents and restricted cash – end of the period  $6,785,266   $—     $—     $572,248   $7,357,514 
                          
Reconciliation of cash, cash equivalents and restricted cash within the balance sheet to the statement of cash flows                         
                          
Cash and cash equivalents  $6,785,266   $—     $—     $—     $6,785,266 
Restricted cash   —      —      —      572,248    572,248 
   $6,785,266   $—     $—     $572,248   $7,357,514 

 

XML 43 R33.htm IDEA: XBRL DOCUMENT v3.20.2
Reclassification of prior period results (Tables)
6 Months Ended
Jun. 30, 2019
Equity [Abstract]  
Reclassification
   Convertible Debentures  Derivative Liability  Additional Paid-in Capital 

Accumulated

Deficit

Balance as of January 1, 2018  $1,148,107   $222,915   $14,254,582   $(9,897,620)
Reclassified derivative liabilities and cumulative effect of adoption   —      (222,915)   287,881    (64,966)
Balance as of January 1, 2018, restated  $1,148,107   $—     $14,542,463   $(9,962,586)

 

 

The reconciliation of the unaudited consolidated statement of comprehensive loss for the three months ended June 30, 2018 is as follows:

 

    As Previously reported  

 

Reclass of

disclosure

  As Reclassed   Effect of adoption of ASU 2017-11   As Reclassified
                     
Revenue   $ 8,822,659     $     $ 8,822,659     $     $ 8,822,659  
                                         
Costs and Expenses                                        
Selling expenses     5,826,243             5,826,243             5,826,243  
General and administrative expenses     2,056,275             2,056,275             2,056,275  
Total Costs and Expenses     7,882,518             7,882,518             7,882,518  
                                         
Income from Operations     940,141             940,141             940,141  
                                         
Other (Expenses) Income                                        
Interest expense, net of interest income     (1,050,270 )           (1,050,270 )           (1,050,270 )
Changes in fair value of derivative liabilities     18,014,364       (23,513,240 )     (5,498,876 )     (5,498,876 )      
Imputed interest on related party advances     753             753             753  
Gain on litigation settlement                              
Loss on issuance of debt     (23,725,510 )     23,725,510                    
Loss on debt modification           (212,270 )     (212,270 )           (212,270 )
Loss on Marketable Securities     (155,000 )           (155,000 )           (155,000 )
Total Other (Expenses) Income     (6,915,663 )           (6,915,663 )     5,498,876       (1,416,787 )
                                         
Income (Loss) Before Income Taxes     (5,975,522 )           (5,975,522 )     5,498,876       (476,646 )
Income tax provision     (512,406 )           (512,406 )           (512,406 )
Net Loss     (6,487,928 )           (6,487,928 )     5,498,876       (989,052 )
                                         
Other Comprehensive Loss                                        
Foreign currency translation adjustment     (98,355 )           (98,355 )           (98,355 )
                                         
Comprehensive Loss   $ (6,586,283 )   $     $ (6,586,283 )   $ 5,498,876     $ (1,087,407 )
                                         
Loss per common share – basic and diluted   $ (0.71 )   $     $ (0.71 )   $ 0.59     $ (0.12 )
Weighted average number of common shares outstanding – basic and diluted     9,344,282       9,344,282       9,344,282       9,344,282       9,344,282  

 

 

 

 

The reconciliation of the unaudited consolidated statement of comprehensive loss for the six months ended June 30, 2018 is as follows:

 

    As Previously reported  

 

Reclass of

disclosure

  As Reclassed   Effect of adoption of ASU 2017-11   As Reclassified
                     
Revenue   $ 17,416,526     $     $ 17,416,526     $     $ 17,416,526  
                                         
Costs and Expenses                                        
Selling expenses     11,903,600             11,903,600             11,903,600  
General and administrative expenses     4,115,728             4,115,728             4,115,728  
Total Costs and Expenses     16,019,328             16,019,328             16,019,328  
                                         
Income from Operations     1,397,198             1,397,198             1,397,198  
                                         
Other (Expenses) Income                                        
Interest expense, net of interest income     (1,262,509 )           (1262,509 )           (1,262,509 )
Changes in fair value of derivative liabilities     18,268,653       (23,513,240 )     (5,244,587 )     5,244,587        
Imputed interest on related party advances     (761 )           (761 )           (761 )
Gain on litigation settlement     516,120             516,120             516,120  
Loss on issuance of debt     (23,725,510 )     23,725,510                    
Loss on debt modification           (212,270 )     (212,270 )           (212,270 )
Loss on Marketable Securities     (155,000 )           (155,000 )           (155,000 )
Total Other (Expenses) Income     (6,359,007 )           (6,359,007 )     5,244,587       (1,114,420 )
                                         
Income (Loss) Before Income Taxes     (4,961,809 )           (4,961,809 )     5,244,587       282,778  
Income tax provision     (757,442 )           (757,442 )           (757,442 )
Net Loss     (5,719,251 )           (5,719,251 )     5,244,587       (474,664 )
                                         
Other Comprehensive Loss                                        
Foreign currency translation adjustment     (162,873 )           (162,873 )           (162,873 )
                                         
Comprehensive Loss   $ (5,882,124 )   $     $ (5,882,124 )   $ 5,244,587     $ (637,537 )
                                         
Loss per common share – basic and diluted   $ (0.63 )   $     $ (0.63 )   $ 0.56     $ (0.07 )
Weighted average number of common shares outstanding – basic and diluted     9,308,511       9,308,511       9,308,511       9,308,511       9,308,511  

 

 

 

The reconciliation of the unaudited consolidated statement of cash flows for the six months ended June 30, 2018 is as follows:

 

    As Previously reported  

 

Reclass of

disclosure

  As Reclassed   Effect of adoption of ASU 2017-11   As Reclassified
Cash Flows from Operating Activities                    
Net loss   $ (5,719,251 )   $     $ (5,719,251 )   $ 5,244,587     $ (474,664 )
                                         
Adjustments to reconcile net loss to net cash Provided by operating activities                                    
Depreciation and amortization     226,436             226,436             226,436  
Amortization of deferred costs     58,188             58,188             58,188  
Non-cash interest     1,012,225             1,012,225             1,012,225  
Loss on issuance of debt     23,725,510       (23,725,510 )                  
Loss on debt modification           212,270       212,270             212,270  
Imputed interest on advances from stockholders     1,514             1,514             1,514  
Changes in fair value of derivative liabilities     (18,268,653 )     23,513,240       5,244,587       (5,244,587 )      
Unrealized loss on trading securities     155,000             155,000             155,000  
Recovery of assets     (516,120 )           (516,120 )           (516,120 )
Bad debt expense     6,354             6,354             6,354  
                                         
Changes in Operating Assets and Liabilities                                        
Prepaid expenses     5,225             5,225             5,225  
Accounts payable and accrued liabilities     756,656             756,656             756,656  
Accounts receivable     98,833             98,833             98,833  
Gaming accounts receivable     31,409             31,409             31,409  
Gaming accounts liabilities     (583,899 )           (583,899 )           (583,899 )
Taxes payable     439,731             439,731             439,731  
Other current assets     (270,259 )           (270,259 )           (270,259 )
Long term liability     78,346             78,346             78,346  
Net Cash Provided by Operating Activities     1,237,245             1,237,245             1,237,245  
                                         
Cash Flows from Investing Activities                                        
Acquisition of property, plant, and equipment, and intangible assets     (4,442,508 )           (4,442,508 )           (4,442,508 )
Decrease in restricted cash     15,657             15,657             15,657  
Net Cash Used in Investing Activities     (4,426,851 )           (4,426,851 )           (4,426,851 )
                                         
Cash Flows from Financing Activities                                        
Proceeds from bank credit line     (177,060 )           (177,060 )           (177,060 )
Repayment of bank loan     (71,143 )           (71,143 )           (71,143 )
Proceeds from convertible debentures and promissory notes, net of repayment     6,883,905             6,883,905             6,883,905  
Loan to related party     (215,745 )           (215,745 )           (215,745 )
Purchase of treasury stock     (2,261,307 )           (2,261,307 )           (2,261,307 )
Advances from stockholders, net of repayment     (485,036 )           (485,036 )           (485,036 )
Net Cash Provided by Financing Activities     3,673,614             3,673,614             3,673,614  
                                         
Effect of change in exchange rate     (168,600 )           (168,600 )           (168,600 )
                                         
Net increase in cash     315,408             315,408             315,408  
Cash – beginning of the period     6,469,858             6,469,858             6,469,858  
Cash – end of the period   $ 6,785,266     $     $ 6,785,266     $     $ 6,785,266  
XML 44 R34.htm IDEA: XBRL DOCUMENT v3.20.2
Acquisitions (Tables)
6 Months Ended
Jun. 30, 2019
Business Combinations [Abstract]  
Purchase Price - Acquisitions

 

Cash $ 47,268  
Current assets   178.181  
Property, Plant and Equipment   41,473  
Betting Platform   4,004,594  
    4,271,516  
Less: liabilities assumed   (78,141 )
Less: Imputed Deferred taxation on identifiable intangible assets acquired   (1,401,608 )
Total identifiable assets less liabilities assumed   2,791,767  
Goodwill arising on acquisition   1,401,608  
Total purchase price $ 4,193,375  

XML 45 R35.htm IDEA: XBRL DOCUMENT v3.20.2
Leases (Tables)
6 Months Ended
Jun. 30, 2019
Leases [Abstract]  
Right of use assets

Right of use assets are included in the consolidated balance sheet are as follows:

 

    June 30, 2019
     
Non-Current assets        
Right-of-use assets - operating leases, net of amortization   $ 736,625  
Right-of-use assets – finance leases, net of amortization (included in plant and equipment)   $ 43,961  

 

Lease costs consists of the following:

 

   

Six months ended

June 30, 2019

     
Finance lease cost:   $ 15,817  
Amortization of right-of-use assets     15,118  
Interest expense on lease liabilities     699  
         
Operating lease cost     95,371  
         
Total lease cost   $ 111,191  

 

Other lease information:

 

 

Six months ended

June 30, 2019

   
Cash paid for amounts included in the measurement of lease liabilities      
Operating cash flows from finance leases $ (699 )
Operating cash flows from operating leases   (95,371 )
Financing cash flows from finance leases   (5,449 )
       
Right-of-use assets obtained in exchange for new finance leases   15,118  
Right-of-use assets disposed of under operating leases prior to lease maturity   (27,517 )
Right-of -use assets obtained in exchange for new operating leases $ 95,622  
       
Weighted average remaining lease term – finance leases   3.88 years  
Weighted average remaining lease term – operating leases   3.83 years  
       
Weighted average discount rate – finance leases   3.48 %
Weighted average discount rate – operating leases   3.66 %
       

 

Finance Lease Liability

 

  Amount
   
  2019   $ 6,890  
  2020     13,780  
  2021     10,543  
  2022     8,536  
  2023     6,788  
  2024     817  
  Total undiscounted minimum future lease payments     47,354  
  Imputed interest     (2,764 )
  Total finance lease liability   $ 44,590  
           
  Disclosed as:        
  Current portion   $ 6,194  
  Non-Current portion     38,396  
      $ 44,590  

Operating Lease Liability

 

  Amount
   
2019 $ 114,297  
2020   186,474  
2021   179,902  
2022   153,301  
2023   104,850  
2024 and beyond   29,098  
Total undiscounted minimum future lease payments   767,922  
Imputed interest   (64,755 )
       
Total operating lease liability $ 703,167  
       
Disclosed as:      
Current portion $ 91,449  
Non-Current portion   611,718  
  $ 703,167  

XML 46 R36.htm IDEA: XBRL DOCUMENT v3.20.2
Intangible Assets (Tables)
6 Months Ended
Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangibles

 

  June 30, 2019   December 31, 2018  
Betting Platform Software $ 1,685,371     $ 1,685,371  
Ulisse Bookmaker License   9,727,914       9,727,914  
Multigioco and Rifa ADM Licenses   960,977       961,756  
VG Licenses   4,004,594        
Location contracts   1,000,000       1,000,000  
Customer relationships   870,927       870,927  
Trademarks/names   110,000       110,000  
Websites   40,000       40,000  
    18,399,783       14,395,968  
Accumulated amortization   (2,201,821 )     (1,867,986 )
Balance $ 16,197,962     $ 12,527,982  
                   

XML 47 R37.htm IDEA: XBRL DOCUMENT v3.20.2
Related party transactions and balances (Tables)
6 Months Ended
Jun. 30, 2019
Related Party Transactions [Abstract]  
Related party transactions and balances

 

Description   June 30, 2019
     
Principal Outstanding    
Opening balance   $ 318,078  
Promissory note due to non-related parties     1,830,541  
Settled by the issuance of common shares     (190,128 )
Repayment in cash     (213,353 )
Foreign exchange movements     (14,442 )
      1,730,696  
Accrued Interest        
Opening balance     113,553  
Interest expense     18,928  
      132,481  
Present value discount on future payments        
Present value discount     (161,393 )
Amortization     35,347  
Foreign exchange movements     1,255  
      (124,791 )
Notes payable – Related Party, net   $ 1,738,386  
         
Disclosed as follows:        
Current liability   $ 1,405,804  
Long term liability     332,582  
Notes payable – Related Party, net   $ 1,738,386  

XML 48 R38.htm IDEA: XBRL DOCUMENT v3.20.2
Convertible Debt (Tables)
6 Months Ended
Jun. 30, 2019
Debentures And Debenture Warrants Tables Abstract  
Convertible Debt
Description   June 30, 2019
     
Principal Outstanding    
Opening balance   $ 8,529,021  
Conversion to equity     (925,963 )
Foreign exchange movements     195,999  
      7,799,057  
Accrued Interest        
Opening balance     528,141  
Interest expense     390,186  
Conversion to equity     (63,206 )
Foreign exchange movements     10,307  
      865,428  
Debenture Discount        
Opening balance     (4,588,215 )
Amortization     2,007,712  
      (2,580,503 )
Convertible Debentures, net   $ 6,083,982  
XML 49 R39.htm IDEA: XBRL DOCUMENT v3.20.2
Notes Payable (Tables)
6 Months Ended
Jun. 30, 2019
Notes Payable [Abstract]  
Notes Payable
Description   June 30, 2019
     
Principal Outstanding    
Promissory note due to non-related parties   $ 2,745,811  
Settled by the issuance of common shares     (285,192 )
Repayment in cash     (331,913 )
Foreign exchange movements     (21,601 )
      2,107,105  
Present value discount on future payments        
Present value discount     (242,089 )
Amortization     53,020  
Foreign exchange movements     1,883  
      (187,186 )
Notes payable, net   $ 1,919,919  
         
Disclosed as follows:        
Current liability   $ 1,421,045  
Long term liability     498,874  
Notes payable, net   $ 1,919,919  
XML 50 R40.htm IDEA: XBRL DOCUMENT v3.20.2
Other Long Term Liabilities (Tables)
6 Months Ended
Jun. 30, 2019
Other Long Term Liabilities Tables Abstract  
Other Long Term Liabilities
    June 30, 2019   December 31, 2018
Severance liability   $ 193,021     $ 168,706  
Customer deposit balance     420,942       440,021  
Total other long term liabilities   $ 613,963     $ 608,727
XML 51 R41.htm IDEA: XBRL DOCUMENT v3.20.2
Warrants (Tables)
6 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Summary of Warrants

 

    Number of shares   Exercise price per share   Weighted average exercise price
             
Outstanding January 1, 2018     76,566     $ 4.32     $ 4.32  
Granted     1,095,883       4.00       4.00  
Forfeited/cancelled     (27,000 )     5.04       (5.04 )
Exercised     (40,761 )     4.64       4.64  
Expired     (15,555 )     4.64       4.64  
Outstanding December 31, 2018     1,089,133     $ 4.00       4.00  
Granted                  
Forfeited/cancelled                  
Exercised                  
Outstanding June 30, 2019     1,089,133     $ 4.00     $ 4.00  

XML 52 R42.htm IDEA: XBRL DOCUMENT v3.20.2
Revenues (Tables)
6 Months Ended
Jun. 30, 2019
Accounting Policies [Abstract]  
Revenue

 

    Three Months Ended   Six Months Ended
    June 30, 2019   June 30, 2018   June 30, 2019   June 30, 2018
Turnover                
Turnover web-based   $ 88,647,748     $ 55,025,859     $ 175,223,649     $ 101,091,758  
Turnover land-based     10,617,656       45,013,592       61,017,220       89,507,552  
Total Turnover     99,265,404       100,039,451       236,240,869       190,599,310  
                                 
Winnings/Payouts                                
Winnings web-based     81,857,558       54,687,682       164,120,495       97,305,678  
Winnings land-based     7,199,276       35,765,405       51,555,578       74,511,647  
Total Winnings/payouts     89,056,834       90,453,087       215,676,073       171,817,325  
                                 
Gross Gaming Revenues     10,208,570       9,586,364       20,564,796       18,781,985  
                                 
Less: ADM Gaming Taxes     1,172,993       799,016       2,366,739       1,565,849  
Net Gaming Revenues     9,035,577       8,787,348       18,198,057       17,216,136  
Add: Commission Revenues     33,360       18,152       62,433       117,152  
Add: Service Revenues     36,416       17,159       111,158       83,238  
Total Revenues   $ 9,105,353     $ 8,822,659     $ 18,371,648     $ 17,416,526  
                                 

XML 53 R43.htm IDEA: XBRL DOCUMENT v3.20.2
Net Loss per Common Share (Tables)
6 Months Ended
Jun. 30, 2019
Earnings Per Share [Abstract]  
Net Loss per Common Share
Description   Three and Six Months ended June 30, 2019   Three and Six Months ended June 30, 2018
         
Warrants     1,089,133       1,089,133  
Convertible debentures     2,707,652       2,707,652  
      3,796,785       3,796,785
XML 54 R44.htm IDEA: XBRL DOCUMENT v3.20.2
Accounting Policies and Estimates (Details 1)
6 Months Ended
Jun. 30, 2019
USD ($)
Jun. 30, 2018
USD ($)
Jun. 30, 2019
CAD ($)
Jun. 30, 2019
EUR (€)
Accounting Policies [Abstract]        
FDIC Insured Amount $ 250,000   $ 100,000 € 100,000
Bad Debt Expense $ 6,354    
Goodwill arising on acquisition $ 1,401,608      
XML 55 R45.htm IDEA: XBRL DOCUMENT v3.20.2
Accounting Policies and Estimates (Details 2)
6 Months Ended
Jun. 30, 2019
Office equipment [Member]  
Useful Life 5 years
Office furniture [Member]  
Useful Life 8 years 4 months
Signs and displays [Member]  
Useful Life 5 years
XML 56 R46.htm IDEA: XBRL DOCUMENT v3.20.2
Accounting Policies and Estimates (Details 3)
6 Months Ended
Jun. 30, 2019
Betting platform system [Member]  
Useful Life 15 years
Multigioco and Rifa ADM Licenses [Member] | Minimum [Member]  
Useful Life 1 year 5 months
Multigioco and Rifa ADM Licenses [Member] | Maximum [Member]  
Useful Life 7 years
Location contracts [Member] | Minimum [Member]  
Useful Life 5 years
Location contracts [Member] | Maximum [Member]  
Useful Life 7 years
Customer relationships [Member] | Minimum [Member]  
Useful Life 10 years
Customer relationships [Member] | Maximum [Member]  
Useful Life 15 years
Trademarks/names [Member]  
Useful Life 14 years
Website [Member]  
Useful Life 5 years
XML 57 R47.htm IDEA: XBRL DOCUMENT v3.20.2
Restatement of prior period results - Restatement of prior period results (Details) - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Prior year adjustment [Member]    
General and administrative expenses  
Depreciation and amortization  
Interest expense  
Deferred taxation  
Net increase in accumulated deficit 958,136  
Net decrease in other Comprehensive loss (1,023,907)  
Net increase in plant and equipment and intangibles 65,771  
Total increase in current liabilities  
Net increase in non-current liabilities  
Lease adjustments [Member]    
General and administrative expenses (6,148)  
Depreciation and amortization 5,623  
Interest expense 699  
Deferred taxation  
Net increase in accumulated deficit 174  
Net decrease in other Comprehensive loss 617  
Net increase in plant and equipment and intangibles 780,586  
Total increase in current liabilities (131,263)  
Net increase in non-current liabilities (650,114)  
Acquisition of Virtual Generation [Member]    
General and administrative expenses  
Depreciation and amortization 111,239  
Interest expense  
Deferred taxation (38,934)  
Net increase in accumulated deficit 72,305  
Net decrease in other Comprehensive loss  
Net increase in plant and equipment and intangibles 1,290,369  
Total increase in current liabilities  
Net increase in non-current liabilities (1,362,674)  
Other Adjustments [Member]    
Selling Expenses (770,025)  
General and administrative expenses 798,248 $ 331
Depreciation and amortization (11,990)
Interest expense  
Deferred taxation  
Net increase in accumulated deficit 16,233 331
Net decrease in other Comprehensive loss (28,223)  
Net increase in plant and equipment and intangibles 11,990  
Total increase in current liabilities  
Net increase in non-current liabilities  
Total Restated [Member]    
Selling Expenses (770,025)  
General and administrative expenses 792,100 56,095
Depreciation and amortization 104,872 235,296
Interest expense 699  
Deferred taxation (38,934)  
Net increase in accumulated deficit 1,046,848 291,391
Net decrease in other Comprehensive loss (1,051,513)  
Net increase in plant and equipment and intangibles 2,148,716  
Total increase in current liabilities (131,263)  
Net increase in non-current liabilities $ (2,012,788)  
Plant and equipment and intangibles adjustments[Member]    
General and administrative expenses  
Depreciation and amortization   235,296
Net increase in accumulated deficit   235,296
Foreign Exchange adjustments [Member]    
General and administrative expenses   55,764
Depreciation and amortization  
Net increase in accumulated deficit   $ 55,764
XML 58 R48.htm IDEA: XBRL DOCUMENT v3.20.2
Restatement of prior period results - Balance Sheet (Details) - USD ($)
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2017
Current Assets            
Cash and cash equivalents $ 5,228,797   $ 6,289,903 $ 6,785,266    
Accounts receivable 116,398   10,082      
Gaming accounts receivable 654,016   1,021,052      
Prepaid expenses 140,107   124,712      
Related party receivable 851   49,914      
Other current assets 145,348   55,700      
Total Current Assets 6,285,517   7,551,363      
Non-current Assets            
Restricted cash 1,439,782   1,560,539      
Property, plant and equipment 519,213   476,047      
Right-of-use assets 736,625        
Intangible assets 16,197,962   12,527,980      
Goodwill 1,663,591   262,552      
Investment in non-consolidated entities 250,000   275,000      
Total Noncurrent Assets 20,807,173   15,102,118      
Total Assets 27,092,690   22,653,481      
Current Liabilities            
Line of credit - bank 1,000,000   750,000      
Accounts payable and accrued liabilities 3,594,997   4,603,608      
Gaming accounts balances 2,217,089   1,049,423      
Taxes payable 995,004   1,056,430      
Advances from stockholders 48,508   39,237      
Convertible Debt, net of discount of $2,578,995 and $4,587,228, respectively 6,083,982   3,942,523      
Notes payable, net of discount of $132,970 1,421,045        
Notes payable - related party, net of discount of $88,647 1,405,804   318,078      
Bank loan payable - current portion 122,829   120,920      
Operating lease liability 91,449          
Financial lease liability 6,194          
Total Current Liabilities 16,986,901   11,880,219      
Non-current liabilities            
Deferred tax liability 1,362,674        
Notes payable, net of discount of $54,216 498,874        
Notes payable - related party, net of discount of $36,144 332,582        
Bank loan payable 161,504   225,131      
Operating lease liability 611,718        
Financial lease liability 38,396        
Other long term liabilities 613,963   608,728      
Total Non-current liabilities 3,619,711   833,859      
Total Liabilities 20,606,612   12,714,078      
Stockholders' Equity            
Preferred stock, $0.0001 par value; 20,000,000 shares authorized, none issued        
Common Stock, $0.0001 par value, 80,000,000 shares authorized; 9,795,396 and 9,442,537 shares issued and outstanding as of March 31, 2019 and December 31, 2018* 992   944      
Additional paid-in capital 25,462,926   23,962,920      
Accumulated other comprehensive income (118,638)   (57,431)      
Accumulated deficit (18,859,202)   (13,967,030)      
Total Stockholders' Equity 6,486,078 $ 7,811,828 9,939,403 13,180,375 $ 4,934,352 $ 4,338,217
Total Liabilities and Stockholders Equity 27,092,690   $ 22,653,481      
As Previously Reported [Member]            
Current Assets            
Cash and cash equivalents 5,228,797     6,785,266    
Accounts receivable 116,398          
Gaming accounts receivable 654,016          
Prepaid expenses 140,107          
Related party receivable 851          
Other current assets 145,348          
Total Current Assets 6,285,517          
Non-current Assets            
Restricted cash 1,439,782          
Property, plant and equipment 347,824          
Right-of-use assets          
Intangible assets 16,353,775          
Goodwill 267,076          
Investment in non-consolidated entities 250,000          
Total Noncurrent Assets 10,658,457          
Total Assets 24,943,974          
Current Liabilities            
Line of credit - bank 1,000,000          
Accounts payable and accrued liabilities 3,982,319          
Gaming accounts balances 2,217,089          
Taxes payable 995,004          
Advances from stockholders 48,508          
Convertible Debt, net of discount of $2,578,995 and $4,587,228, respectively 6,083,982          
Notes payable, net of discount of $132,970 1,421,045          
Notes payable - related party, net of discount of $88,647 1,405,804          
Bank loan payable - current portion 122,829          
Operating lease liability          
Financial lease liability          
Total Current Liabilities 17,276,580          
Non-current liabilities            
Notes payable, net of discount of $54,216 498,874          
Notes payable - related party, net of discount of $36,144 332,582          
Bank loan payable 161,504          
Other long term liabilities 193,021          
Total Non-current liabilities 1,185,981          
Total Liabilities 18,462,561          
Stockholders' Equity            
Preferred stock, $0.0001 par value; 20,000,000 shares authorized, none issued          
Common Stock, $0.0001 par value, 80,000,000 shares authorized; 9,795,396 and 9,442,537 shares issued and outstanding as of March 31, 2019 and December 31, 2018* 7,935          
Additional paid-in capital 25,455,983          
Accumulated other comprehensive income (1,170,151)          
Accumulated deficit (17,812,354)          
Total Stockholders' Equity 6,481,413          
Total Liabilities and Stockholders Equity 24,943,974          
Prior year adjustment [Member]            
Current Assets            
Cash and cash equivalents          
Accounts receivable          
Gaming accounts receivable          
Prepaid expenses          
Related party receivable          
Other current assets          
Total Current Assets          
Non-current Assets            
Restricted cash          
Property, plant and equipment 121,248          
Right-of-use assets          
Intangible assets (55,477)          
Goodwill          
Investment in non-consolidated entities          
Total Noncurrent Assets 65,771          
Total Assets 65,771          
Current Liabilities            
Line of credit - bank          
Accounts payable and accrued liabilities          
Gaming accounts balances          
Taxes payable          
Advances from stockholders          
Convertible Debt, net of discount of $2,578,995 and $4,587,228, respectively          
Notes payable, net of discount of $132,970          
Notes payable - related party, net of discount of $88,647          
Bank loan payable - current portion          
Operating lease liability          
Financial lease liability          
Total Current Liabilities          
Non-current liabilities            
Deferred tax liability          
Bank loan payable          
Operating lease liability          
Financial lease liability          
Other long term liabilities          
Total Non-current liabilities          
Total Liabilities          
Stockholders' Equity            
Preferred stock, $0.0001 par value; 20,000,000 shares authorized, none issued          
Common Stock, $0.0001 par value, 80,000,000 shares authorized; 9,795,396 and 9,442,537 shares issued and outstanding as of March 31, 2019 and December 31, 2018*          
Additional paid-in capital          
Accumulated other comprehensive income 1,023,907          
Accumulated deficit (958,136)          
Total Stockholders' Equity 65,771          
Total Liabilities and Stockholders Equity 65,771          
Lease adjustments [Member]            
Current Assets            
Cash and cash equivalents          
Accounts receivable          
Gaming accounts receivable          
Prepaid expenses          
Related party receivable          
Other current assets          
Total Current Assets          
Non-current Assets            
Restricted cash          
Property, plant and equipment 43,961          
Right-of-use assets 736,625          
Intangible assets          
Goodwill          
Investment in non-consolidated entities          
Total Noncurrent Assets 780,586          
Total Assets 780,586          
Current Liabilities            
Line of credit - bank          
Accounts payable and accrued liabilities 33,620          
Gaming accounts balances          
Taxes payable          
Advances from stockholders          
Convertible Debt, net of discount of $2,578,995 and $4,587,228, respectively          
Notes payable, net of discount of $132,970          
Notes payable - related party, net of discount of $88,647          
Bank loan payable - current portion          
Operating lease liability 91,449          
Financial lease liability 6,194          
Total Current Liabilities 131,263          
Non-current liabilities            
Deferred tax liability          
Bank loan payable          
Operating lease liability 611,718          
Financial lease liability 38,396          
Other long term liabilities          
Total Non-current liabilities 650,114          
Total Liabilities 781,377          
Stockholders' Equity            
Preferred stock, $0.0001 par value; 20,000,000 shares authorized, none issued          
Common Stock, $0.0001 par value, 80,000,000 shares authorized; 9,795,396 and 9,442,537 shares issued and outstanding as of March 31, 2019 and December 31, 2018*          
Additional paid-in capital          
Accumulated other comprehensive income (617)          
Accumulated deficit (174)          
Total Stockholders' Equity (791)          
Total Liabilities and Stockholders Equity 780,586          
Acquisition of Virtual Generation [Member]            
Current Assets            
Cash and cash equivalents          
Accounts receivable          
Gaming accounts receivable          
Prepaid expenses          
Related party receivable          
Other current assets          
Total Current Assets          
Non-current Assets            
Restricted cash          
Property, plant and equipment          
Right-of-use assets          
Intangible assets (111,239)          
Goodwill 1,401,608          
Investment in non-consolidated entities          
Total Noncurrent Assets 1,290,369          
Total Assets 1,290,369          
Current Liabilities            
Line of credit - bank          
Accounts payable and accrued liabilities          
Gaming accounts balances          
Taxes payable          
Advances from stockholders          
Convertible Debt, net of discount of $2,578,995 and $4,587,228, respectively          
Notes payable, net of discount of $132,970          
Notes payable - related party, net of discount of $88,647          
Bank loan payable - current portion          
Operating lease liability          
Financial lease liability          
Total Current Liabilities          
Non-current liabilities            
Deferred tax liability 1,362,674          
Bank loan payable          
Operating lease liability          
Financial lease liability          
Other long term liabilities          
Total Non-current liabilities 1,362,674          
Total Liabilities 1,362,674          
Stockholders' Equity            
Preferred stock, $0.0001 par value; 20,000,000 shares authorized, none issued          
Common Stock, $0.0001 par value, 80,000,000 shares authorized; 9,795,396 and 9,442,537 shares issued and outstanding as of March 31, 2019 and December 31, 2018*          
Additional paid-in capital          
Accumulated other comprehensive income          
Accumulated deficit (72,305)          
Total Stockholders' Equity (72,305)          
Total Liabilities and Stockholders Equity 1,290,369          
Other Adjustments [Member]            
Current Assets            
Cash and cash equivalents        
Accounts receivable          
Gaming accounts receivable          
Prepaid expenses          
Related party receivable          
Other current assets          
Total Current Assets          
Non-current Assets            
Restricted cash          
Property, plant and equipment 6,180          
Right-of-use assets          
Intangible assets 10,903          
Goodwill (5,093)          
Investment in non-consolidated entities          
Total Noncurrent Assets 11,990          
Total Assets 11,990          
Current Liabilities            
Line of credit - bank          
Accounts payable and accrued liabilities (420,942)          
Gaming accounts balances          
Taxes payable          
Advances from stockholders          
Convertible Debt, net of discount of $2,578,995 and $4,587,228, respectively          
Notes payable, net of discount of $132,970          
Notes payable - related party, net of discount of $88,647          
Bank loan payable - current portion          
Total Current Liabilities          
Non-current liabilities            
Deferred tax liability          
Bank loan payable          
Operating lease liability          
Financial lease liability          
Other long term liabilities 420,942          
Total Non-current liabilities          
Stockholders' Equity            
Preferred stock, $0.0001 par value; 20,000,000 shares authorized, none issued          
Common Stock, $0.0001 par value, 80,000,000 shares authorized; 9,795,396 and 9,442,537 shares issued and outstanding as of March 31, 2019 and December 31, 2018* (6,943)          
Additional paid-in capital 6,943          
Accumulated other comprehensive income 28,223          
Accumulated deficit (16,233)          
Total Stockholders' Equity 11,990          
Total Liabilities and Stockholders Equity $ 11,990          
XML 59 R49.htm IDEA: XBRL DOCUMENT v3.20.2
Restatement of prior period results - Balance Sheet (Details) (Parenthetical) - USD ($)
Jun. 30, 2019
Dec. 31, 2018
STOCKHOLDERS' EQUITY    
Preferred Stock - par value $ 0.0001 $ 0.0001
Preferred stock - authorized 20,000,000 5,000,000
Preferred stock - issued
Preferred stock - outstanding
Common Stock - par value $ 0.0001 $ 0.0001
Common Stock - authorized 80,000,000 80,000,000
Common Stock - issued 9,795,396 9,442,537
Common Stock - outstanding 9,795,396 9,442,537
Convertible Debt [Member]    
Debt Discount $ 2,578,995 $ 4,587,228
Notes payable [Member]    
Debt Discount 132,970  
Notes payable Related Party [Member]    
Debt Discount 88,647  
Notes payable - Non Current [Member]    
Debt Discount 54,216  
Notes payable Related Party - Non Current [Member]    
Debt Discount $ 36,144  
XML 60 R50.htm IDEA: XBRL DOCUMENT v3.20.2
Restatement of prior period results - Statement of Operations (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenue $ 9,105,353 $ 8,822,659 $ 18,371,648 $ 17,416,526
Costs and Expenses        
Selling expenses 6,268,772 5,826,243 13,676,478 11,903,600
General and administrative expenses 3,360,284 2,201,805 6,557,739 4,407,119
Total Costs and Expenses 9,629,056 8,028,048 20,234,217 16,310,719
(Loss) income from Operations (523,703) 794,611 (1,862,569) 1,105,807
Other (Expenses) Income        
Other income 7,725 7,725
Interest expense, net of interest income (1,017,243) (1,050,270) (2,521,355) (1,262,509)
Imputed interest on related party advances 753 (761)
Gain on litigation settlement 516,120
Loss on debt modification (212,270) (212,270)
Loss on conversion of debt (35,943) (35,943)
Loss on marketable securities (155,000) (25,000) (155,000)
Total Other (Expenses) Income (1,045,461) (1,416,787) (2,574,573) (1,114,420)
(Loss) Income Before Income Taxes (1,569,164) (622,176) (4,437,142) (8,613)
Income tax provision (209,056) (512,406) (455,030) (757,442)
Net (Loss) Income (1,778,220) (1,134,582) (4,892,172) (766,055)
Other Comprehensive Loss        
Foreign currency translation adjustment 69,023 63,305 (61,207) 160,778
Comprehensive (Loss) Income $ (1,709,197) $ (1,071,277) $ (4,953,379) $ (605,277)
Loss per common share - basic and diluted* $ (0.17) $ (0.13) $ (0.50) $ (0.08)
Weighted average number of common shares outstanding- basic and diluted* 9,870,357 9,344,282 9,870,357 9,308,511
As Previously Reported [Member]        
Revenue $ 9,105,353 $ 8,822,659 $ 18,371,648 $ 17,416,526
Costs and Expenses        
Selling expenses 7,038,797 5,826,243 14,446,503 11,903,600
General and administrative expenses 2,487,299 2,056,275 5,660,767 4,115,728
Total Costs and Expenses 9,526,096 7,882,518 20,107,270 16,019,328
(Loss) income from Operations (420,743) 940,141 (1,735,622) 1,397,198
Other (Expenses) Income        
Other income 7,725   7,725  
Interest expense, net of interest income (1,016,866) (1,050,270) (2,520,656) (1,262,509)
Imputed interest on related party advances   753   (761)
Gain on litigation settlement       516,120
Loss on debt modification   (212,270)    
Loss on conversion of debt (35,943)   (35,943)  
Loss on marketable securities   (155,000) (25,000) (155,000)
Total Other (Expenses) Income (1,045,084) (1,416,787) (2,573,874) (1,114,420)
(Loss) Income Before Income Taxes (1,465,827) (476,646) (4,309,496) 282,778
Income tax provision (232,417) (512,406) (493,964) (757,442)
Net (Loss) Income (1,698,244) (989,052) (4,803,460) (474,664)
Other Comprehensive Loss        
Foreign currency translation adjustment (32,633) (98,355) (88,813) (162,873)
Comprehensive (Loss) Income $ (1,730,877) $ (1,087,407) $ (4,892,273) $ (637,537)
Loss per common share - basic and diluted* $ (0.18) $ (0.12) $ (0.50) $ (0.05)
Weighted average number of common shares outstanding- basic and diluted* 9,870,357 9,344,282 9,764,450 9,308,511
Lease adjustments [Member]        
Revenue    
Costs and Expenses        
Selling expenses    
General and administrative expenses (214)   (525)  
Total Costs and Expenses (214)   (525)  
(Loss) income from Operations 214   525  
Other (Expenses) Income        
Other income    
Interest expense, net of interest income (377)   (699)  
Loss on conversion of debt    
Loss on marketable securities      
Total Other (Expenses) Income (377)   (699)  
(Loss) Income Before Income Taxes (163)   (174)  
Income tax provision    
Net (Loss) Income (163)   (174)  
Other Comprehensive Loss        
Foreign currency translation adjustment (55)   (617)  
Comprehensive (Loss) Income (218)   (791)  
Acquisition of Virtual Generation [Member]        
Revenue    
Costs and Expenses        
Selling expenses    
General and administrative expenses 66,744   111,239  
Total Costs and Expenses 66,744   111,239  
(Loss) income from Operations (66,744)   (111,239)  
Other (Expenses) Income        
Other income      
Interest expense, net of interest income    
Loss on conversion of debt    
Loss on marketable securities      
Total Other (Expenses) Income    
(Loss) Income Before Income Taxes (66,744)   (111,239)  
Income tax provision 23,361   38,934  
Net (Loss) Income (43,383)   (72,305)  
Other Comprehensive Loss        
Foreign currency translation adjustment    
Comprehensive (Loss) Income (43,383)   (72,305)  
Other Adjustments [Member]        
Revenue
Costs and Expenses        
Selling expenses (770,025) (770,025)
General and administrative expenses 806,455 786,258 331
Total Costs and Expenses 36,430 16,233 331
(Loss) income from Operations (36,430) (16,233) (331)
Other (Expenses) Income        
Other income      
Interest expense, net of interest income
Imputed interest on related party advances    
Gain on litigation settlement      
Loss on debt modification      
Loss on conversion of debt    
Loss on marketable securities  
Total Other (Expenses) Income
(Loss) Income Before Income Taxes (36,430) (16,233) (331)
Income tax provision
Net (Loss) Income (36,430) (16,233) (331)
Other Comprehensive Loss        
Foreign currency translation adjustment 101,711 28,223 331
Comprehensive (Loss) Income $ 65,281 $ 11,990
Depreciation and amortization adjustments [Member]        
Revenue    
Costs and Expenses        
Selling expenses    
General and administrative expenses   117,648   235,296
Total Costs and Expenses   117,648   235,296
(Loss) income from Operations   (117,648)   (235,296)
Other (Expenses) Income        
Interest expense, net of interest income    
Imputed interest on related party advances    
Gain on litigation settlement      
Loss on debt modification      
Loss on marketable securities    
Total Other (Expenses) Income    
(Loss) Income Before Income Taxes   (117,648)   (235,296)
Income tax provision    
Net (Loss) Income   (117,648)   (235,296)
Other Comprehensive Loss        
Foreign currency translation adjustment     267,556
Comprehensive (Loss) Income   (117,648)   32,260
Foreign Exchange adjustments [Member]        
Revenue    
Costs and Expenses        
Selling expenses    
General and administrative expenses   27,882   55,764
Total Costs and Expenses   27,882   55,764
(Loss) income from Operations   (27,882)   (55,764)
Other (Expenses) Income        
Interest expense, net of interest income    
Imputed interest on related party advances    
Gain on litigation settlement      
Loss on debt modification      
Loss on marketable securities    
Total Other (Expenses) Income    
(Loss) Income Before Income Taxes   (27,882)   (55,764)
Income tax provision    
Net (Loss) Income   (27,882)   (55,764)
Other Comprehensive Loss        
Foreign currency translation adjustment     55,764
Comprehensive (Loss) Income   $ (27,882)  
XML 61 R51.htm IDEA: XBRL DOCUMENT v3.20.2
Restatement of prior period results - Statement of Cash Flows (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Cash Flows from Operating Activities        
Net (loss) income $ (1,778,220) $ (1,134,582) $ (4,892,172) $ (766,055)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities        
Depreciation and amortization     445,990 330,832
Amortization of deferred costs     2,096,080 1,012,225
Non-cash interest     409,114 58,188
Loss on debt conversions     35,943 212,270
Imputed interest on advances from stockholders     1,514
Unrealized loss on trading securities 155,000 25,000 155,000
Movement in deferred taxation     (38,934)
Foreign translation loss      
Intercompany movements      
Recovery of assets       (516,120)
Bad debt expense       6,354
Changes in Operating Assets and Liabilities        
Prepaid expenses     (7,732) 5,225
Accounts payable and accrued liabilities     (444,743) 756,987
Accounts receivable     (57,679) 98,833
Gaming accounts receivable     357,886 31,409
Gaming accounts liabilities     1,167,454 (583,899)
Taxes payable     (53,941) 439,731
Other current assets     (57,163) (270,259)
Long term liability     9,296 78,346
Net Cash (Used in) Provided by Operating Activities     (1,005,601) 1,050,581
Cash Flows from Investing Activities        
Acquisition of property, plant, and equipment, and intangible assets     (54,283) (4,577,886)
Movements in restricted cash      
Acquisition of Virtual Generation, net of cash of $47,268     (216,150)
Net Cash Used in Investing Activities     (270,433) (4,577,886)
Cash Flows from Financing Activities        
Proceeds from bank credit line     250,000
Repayment of bank credit line     (177,060)
Repayment of bank loan     (59,007) (71,143)
Proceeds from debentures and convertible notes, net of repayment     6,883,905
Repayment of deferred purchase consideration-non-related parties     (173,862)
Repayment of deferred purchase consideration-related parties     (107,986)
Repayment of financial leases     (5,449) (215,745)
Common stock issued for purchase of Virtual Generation      
Loan to related party     (11,992)
Purchase of treasury stock     2,261,307
Loans advanced to stockholders     (485,036)
Net Cash Provided by (Used) in Financing Activities     (101,691) 3,673,614
Effect of change in exchange rate     195,864 153,442
Net (decrease) increase in cash     (1,181,861) 299,751
Cash- beginning of the period     7,850,442 7,057,763
Cash- end of the period 6,668,581 7,357,514 6,668,581 7,357,514
Reconciliation of cash, cash equivalents and restricted cash within the Balance Sheets to the Statement of Cash Flows        
Cash and cash equivalents 5,228,797 6,785,266 5,228,797 6,785,266
Restricted cash included in non-current assets 1,439,784 572,248 1,439,784 572,248
Cash- end of the period 6,668,581 7,357,514 6,668,581 7,357,514
Supplemental disclosure of cash flow information        
Cash paid during the period for: Interest     13,955 140,815
Cash paid during the period for: Income tax     473,679 341,830
Supplemental cash flow disclosure for non-cash activities        
Common shares issued with conversion of debentures*     104,911
Common shares issued for the acquisition of subsidiaries 272,307 5,588,088 272,307 5,588,088
As Previously Reported [Member]        
Cash Flows from Operating Activities        
Net (loss) income (1,698,244) (989,052) (4,803,460) (474,664)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities        
Depreciation and amortization     291,332 226,436
Amortization of deferred costs     2,096,080 1,012,225
Non-cash interest     409,114 58,188
Loss on debt conversions     35,943 212,270
Imputed interest on advances from stockholders       1,514
Unrealized loss on trading securities   155,000 25,000 155,000
Movement in deferred taxation      
Foreign translation loss     173,400  
Recovery of assets       (516,120)
Bad debt expense       6,354
Changes in Operating Assets and Liabilities        
Prepaid expenses     (7,732) 5,225
Accounts payable and accrued liabilities     (26,789) 756,656
Accounts receivable     (57,679) 98,833
Gaming accounts receivable     357,886 31,409
Gaming accounts liabilities     727,433 (583,899)
Taxes payable     (53,941) 439,731
Other current assets     (57,163) (270,259)
Long term liability     30,995 78,346
Net Cash (Used in) Provided by Operating Activities     (859,581) 1,237,245
Cash Flows from Investing Activities        
Acquisition of property, plant, and equipment, and intangible assets     (59,253) (4,442,508)
Movements in restricted cash     100,140  
Acquisition of Virtual Generation, net of cash of $47,268     46,668
Net Cash Used in Investing Activities     87,555 (135,378)
Cash Flows from Financing Activities        
Proceeds from bank credit line     250,000  
Repayment of bank credit line       (177,060)
Repayment of bank loan     (59,007) (71,143)
Proceeds from debentures and convertible notes, net of repayment       6,883,905
Repayment of deferred purchase consideration-non-related parties     (331,913)  
Repayment of deferred purchase consideration-related parties     (213,353)  
Repayment of financial leases     (215,745)
Loan to related party     (11,992)  
Purchase of treasury stock     (2,261,307)
Loans advanced to stockholders     (485,036)
Net Cash Provided by (Used) in Financing Activities     (359,660) 3,673,614
Effect of change in exchange rate     70,580 (168,600)
Net (decrease) increase in cash     (1,061,106) 315,408
Cash- beginning of the period     6,289,903 6,469,858
Cash- end of the period 5,228,797 6,785,266 5,228,797 6,785,266
Reconciliation of cash, cash equivalents and restricted cash within the Balance Sheets to the Statement of Cash Flows        
Cash and cash equivalents 5,228,797 6,785,266 5,228,797 6,785,266
Restricted cash included in non-current assets
Cash- end of the period 5,228,797 6,785,266 5,228,797 6,785,266
Lease adjustments [Member]        
Cash Flows from Operating Activities        
Net (loss) income (163)   (174)  
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities        
Depreciation and amortization     5,623  
Amortization of deferred costs      
Non-cash interest      
Unrealized loss on trading securities      
Movement in deferred taxation      
Foreign translation loss      
Changes in Operating Assets and Liabilities        
Prepaid expenses      
Accounts payable and accrued liabilities      
Accounts receivable      
Gaming accounts receivable      
Gaming accounts liabilities      
Taxes payable      
Other current assets      
Long term liability      
Net Cash (Used in) Provided by Operating Activities     5,449  
Cash Flows from Investing Activities        
Acquisition of property, plant, and equipment, and intangible assets      
Movements in restricted cash      
Acquisition of Virtual Generation, net of cash of $47,268      
Net Cash Used in Investing Activities      
Cash Flows from Financing Activities        
Proceeds from bank credit line      
Repayment of bank loan      
Repayment of deferred purchase consideration-non-related parties      
Repayment of financial leases     (5,449)  
Loan to related party      
Purchase of treasury stock     (2,261,307)  
Loans advanced to stockholders     (485,036)  
Net Cash Provided by (Used) in Financing Activities     (5,449)  
Effect of change in exchange rate      
Net (decrease) increase in cash      
Cash- end of the period    
Reconciliation of cash, cash equivalents and restricted cash within the Balance Sheets to the Statement of Cash Flows        
Cash and cash equivalents    
Cash- end of the period    
Acquisition of Virtual Generation [Member]        
Cash Flows from Operating Activities        
Net (loss) income (43,383)   (72,305)  
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities        
Depreciation and amortization     111,239  
Amortization of deferred costs      
Non-cash interest      
Unrealized loss on trading securities      
Movement in deferred taxation     (38,934)  
Changes in Operating Assets and Liabilities        
Prepaid expenses      
Accounts payable and accrued liabilities      
Accounts receivable      
Gaming accounts receivable      
Gaming accounts liabilities      
Taxes payable      
Other current assets      
Long term liability      
Net Cash (Used in) Provided by Operating Activities      
Cash Flows from Investing Activities        
Acquisition of property, plant, and equipment, and intangible assets     4,954  
Movements in restricted cash      
Acquisition of Virtual Generation, net of cash of $47,268     (262,818)  
Net Cash Used in Investing Activities     (257,864)  
Cash Flows from Financing Activities        
Proceeds from bank credit line      
Repayment of bank loan      
Repayment of deferred purchase consideration-non-related parties     158,051  
Repayment of deferred purchase consideration-related parties     105,367  
Repayment of financial leases      
Loan to related party      
Net Cash Provided by (Used) in Financing Activities     263,418  
Effect of change in exchange rate     (5,554)  
Net (decrease) increase in cash      
Cash- end of the period    
Reconciliation of cash, cash equivalents and restricted cash within the Balance Sheets to the Statement of Cash Flows        
Cash and cash equivalents    
Cash- end of the period    
Other Adjustments [Member]        
Cash Flows from Operating Activities        
Net (loss) income (36,430) (16,233) (331)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities        
Depreciation and amortization     37,796
Amortization of deferred costs    
Non-cash interest    
Loss on debt conversions      
Imputed interest on advances from stockholders      
Unrealized loss on trading securities  
Movement in deferred taxation      
Foreign translation loss     (173,400)  
Recovery of assets      
Bad debt expense      
Changes in Operating Assets and Liabilities        
Prepaid expenses    
Accounts payable and accrued liabilities     (417,954) 331
Accounts receivable    
Gaming accounts receivable    
Gaming accounts liabilities     440,021
Taxes payable    
Other current assets    
Long term liability     (21,699)
Net Cash (Used in) Provided by Operating Activities     (151,469)
Cash Flows from Investing Activities        
Acquisition of property, plant, and equipment, and intangible assets     16
Movements in restricted cash     (100,140)  
Acquisition of Virtual Generation, net of cash of $47,268    
Net Cash Used in Investing Activities     (100,124) (4,577,886)
Cash Flows from Financing Activities        
Proceeds from bank credit line      
Repayment of bank credit line      
Repayment of bank loan    
Proceeds from debentures and convertible notes, net of repayment      
Repayment of deferred purchase consideration-non-related parties      
Repayment of financial leases      
Loan to related party      
Loans advanced to stockholders      
Net Cash Provided by (Used) in Financing Activities    
Effect of change in exchange rate     130,838
Net (decrease) increase in cash     (120,755) (15,657)
Cash- beginning of the period     1,560,539 587,905
Cash- end of the period 1,439,784 572,248 1,439,784 572,248
Reconciliation of cash, cash equivalents and restricted cash within the Balance Sheets to the Statement of Cash Flows        
Cash and cash equivalents
Restricted cash included in non-current assets 1,439,784 572,248 1,439,784 572,248
Cash- end of the period $ 1,439,784 572,248 $ 1,439,784 572,248
Depreciation and amortization adjustments [Member]        
Cash Flows from Operating Activities        
Net (loss) income   (117,648)   (235,296)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities        
Depreciation and amortization       104,396
Amortization of deferred costs      
Non-cash interest      
Imputed interest on advances from stockholders      
Unrealized loss on trading securities    
Recovery of assets      
Bad debt expense      
Changes in Operating Assets and Liabilities        
Prepaid expenses      
Accounts payable and accrued liabilities      
Accounts receivable      
Gaming accounts receivable      
Gaming accounts liabilities      
Taxes payable      
Other current assets      
Long term liability      
Net Cash (Used in) Provided by Operating Activities       (130,900)
Cash Flows from Investing Activities        
Acquisition of property, plant, and equipment, and intangible assets       (135,378)
Acquisition of Virtual Generation, net of cash of $47,268      
Net Cash Used in Investing Activities      
Cash Flows from Financing Activities        
Repayment of bank credit line      
Repayment of bank loan      
Proceeds from debentures and convertible notes, net of repayment      
Loans advanced to stockholders      
Net Cash Provided by (Used) in Financing Activities      
Effect of change in exchange rate       266,278
Net (decrease) increase in cash      
Foreign Exchange adjustments [Member]        
Cash Flows from Operating Activities        
Net (loss) income   (27,882)   (55,764)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities        
Depreciation and amortization      
Amortization of deferred costs      
Non-cash interest      
Imputed interest on advances from stockholders      
Unrealized loss on trading securities    
Recovery of assets      
Bad debt expense      
Changes in Operating Assets and Liabilities        
Prepaid expenses      
Accounts payable and accrued liabilities      
Accounts receivable      
Gaming accounts receivable      
Gaming accounts liabilities      
Taxes payable      
Other current assets      
Long term liability      
Net Cash (Used in) Provided by Operating Activities       (55,764)
Cash Flows from Investing Activities        
Acquisition of property, plant, and equipment, and intangible assets      
Acquisition of Virtual Generation, net of cash of $47,268       (15,657)
Net Cash Used in Investing Activities       (15,657)
Cash Flows from Financing Activities        
Repayment of bank credit line      
Repayment of bank loan      
Proceeds from debentures and convertible notes, net of repayment      
Loans advanced to stockholders      
Net Cash Provided by (Used) in Financing Activities      
Effect of change in exchange rate       55,764
Net (decrease) increase in cash      
XML 62 R52.htm IDEA: XBRL DOCUMENT v3.20.2
Restatement of prior period results (Details Narrative) - USD ($)
6 Months Ended
Jun. 30, 2019
Jan. 02, 2019
Right of use asset for operating leases $ 736,625 $ 646,138
Right of use assets for finance leases 43,961  
Amortization of right-of-use assets 15,118  
Operating lease liability [Member]    
Present value of lease liabilities 703,167  
Financial lease liability [Member]    
Present value of lease liabilities 44,590  
As Previously Reported [Member] | Operating lease liability [Member]    
Right of use asset for operating leases 646,138  
Present value of lease liabilities 617,352  
Accrued Liability 28,786  
Addition to lease 217,352  
Amortization of right-of-use assets 95,622  
Amortization of operating lease liability 90,086  
Change in accrued liability 4,834  
As Previously Reported [Member] | Financial lease liability [Member]    
Present value of lease liabilities 34,524  
Right of use assets for finance leases 34,638  
Addition to lease 15,118  
Amortization of right-of-use assets $ 5,336  
XML 63 R53.htm IDEA: XBRL DOCUMENT v3.20.2
Reclassification of prior period results (Details 1)
12 Months Ended
Dec. 31, 2018
USD ($)
Convertible Debt [Member]  
Balance, January 1, 2018 (Prior to adoption of ASU 2017-11 $ 1,148,107
Reclassified derivative liabilities and cumulative effect of adoption
Balance, January 1, 2018 (After adoption of ASU 2017-11) 1,148,107
Derivative Liability [Member]  
Balance, January 1, 2018 (Prior to adoption of ASU 2017-11 222,915
Reclassified derivative liabilities and cumulative effect of adoption (222,915)
Balance, January 1, 2018 (After adoption of ASU 2017-11)
Additional Paid in Capital [Member]  
Balance, January 1, 2018 (Prior to adoption of ASU 2017-11 14,254,582
Reclassified derivative liabilities and cumulative effect of adoption 287,881
Balance, January 1, 2018 (After adoption of ASU 2017-11) 14,542,463
Accumulated Deficit [Member]  
Balance, January 1, 2018 (Prior to adoption of ASU 2017-11 (9,897,620)
Reclassified derivative liabilities and cumulative effect of adoption (64,966)
Balance, January 1, 2018 (After adoption of ASU 2017-11) $ (9,962,586)
XML 64 R54.htm IDEA: XBRL DOCUMENT v3.20.2
Reclassification of prior period results - Reclassification (Details 1) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenue $ 9,105,353 $ 8,822,659 $ 18,371,648 $ 17,416,526
Costs and Expenses        
Selling expenses 6,268,772 5,826,243 13,676,478 11,903,600
General and administrative expenses 3,360,284 2,201,805 6,557,739 4,407,119
Total Costs and Expenses 9,629,056 8,028,048 20,234,217 16,310,719
(Loss) income from Operations (523,703) 794,611 (1,862,569) 1,105,807
Other (Expenses) Income        
Other income 7,725 7,725
Interest expense, net of interest income (1,017,243) (1,050,270) (2,521,355) (1,262,509)
Imputed interest on related party advances 753 (761)
Gain on litigation settlement 516,120
Loss on debt modification (212,270) (212,270)
Loss on conversion of debt (35,943) (35,943)
Loss on marketable securities (155,000) (25,000) (155,000)
Total Other (Expenses) Income (1,045,461) (1,416,787) (2,574,573) (1,114,420)
Loss Before Income Taxes (1,569,164) (622,176) (4,437,142) (8,613)
Income tax provision (209,056) (512,406) (455,030) (757,442)
Net Loss (1,778,220) (1,134,582) (4,892,172) (766,055)
Other Comprehensive Loss        
Foreign currency translation adjustment 69,023 63,305 (61,207) 160,778
Comprehensive Loss $ (1,709,197) $ (1,071,277) $ (4,953,379) $ (605,277)
Loss per common share - basic and diluted* $ (0.17) $ (0.13) $ (0.50) $ (0.08)
Weighted average number of common shares outstanding- basic and diluted* 9,870,357 9,344,282 9,870,357 9,308,511
As Previously reported [Member]        
Revenue   $ 8,822,659   $ 17,416,526
Costs and Expenses        
Selling expenses   5,826,243   11,903,600
General and administrative expenses   2,056,275   4,115,728
Total Costs and Expenses   7,882,518   16,019,328
(Loss) income from Operations   940,141   1,397,198
Other (Expenses) Income        
Interest expense, net of interest income   (1,050,270)   (1,262,509)
Changes in fair value of derivative liabilities   18,014,364   18,268,653
Imputed interest on related party advances   753   (761)
Gain on litigation settlement       516,120
Loss on issuance of debt   (23,725,510)   (23,725,510)
Loss on debt modification    
Loss on marketable securities   (155,000)   (155,000)
Total Other (Expenses) Income   (6,915,663)   (6,359,007)
Loss Before Income Taxes   (5,975,522)   (4,961,809)
Income tax provision   (512,406)   (757,442)
Net Loss   (6,487,928)   (5,719,251)
Other Comprehensive Loss        
Foreign currency translation adjustment   (98,355)   (162,873)
Comprehensive Loss   $ (6,586,283)   $ (5,882,124)
Loss per common share - basic and diluted*   $ (0.71)   $ (0.63)
Weighted average number of common shares outstanding- basic and diluted*   9,344,282   9,308,511
Reclass of Disclosure [Member]        
Revenue    
Costs and Expenses        
Selling expenses    
General and administrative expenses    
Total Costs and Expenses    
(Loss) income from Operations    
Other (Expenses) Income        
Interest expense, net of interest income    
Changes in fair value of derivative liabilities   (23,513,240)   (23,513,240)
Imputed interest on related party advances    
Gain on litigation settlement      
Loss on issuance of debt   23,725,510   23,725,510
Loss on debt modification   (212,270)   (212,270)
Loss on marketable securities    
Total Other (Expenses) Income    
Loss Before Income Taxes    
Income tax provision    
Net Loss    
Other Comprehensive Loss        
Foreign currency translation adjustment    
Comprehensive Loss    
Loss per common share - basic and diluted*    
Weighted average number of common shares outstanding- basic and diluted*   9,344,282   9,308,511
As Reclassed [Member]        
Revenue   $ 8,822,659   $ 17,416,526
Costs and Expenses        
Selling expenses   5,826,243   11,903,600
General and administrative expenses   2,056,275   4,115,728
Total Costs and Expenses   7,882,518   16,019,328
(Loss) income from Operations   940,141   1,397,198
Other (Expenses) Income        
Interest expense, net of interest income   (1,050,270)   (1,262,509)
Changes in fair value of derivative liabilities   (5,498,876)   (5,244,587)
Imputed interest on related party advances   753   (761)
Gain on litigation settlement       516,120
Loss on issuance of debt    
Loss on debt modification   (212,270)   (212,270)
Loss on marketable securities   (155,000)   (155,000)
Total Other (Expenses) Income   (6,915,663)   (6,359,007)
Loss Before Income Taxes   (5,975,522)   (4,961,809)
Income tax provision   (512,406)   (757,442)
Net Loss   (6,487,928)   (5,719,251)
Other Comprehensive Loss        
Foreign currency translation adjustment   (98,355)   (162,873)
Comprehensive Loss   $ (6,586,283)   $ (5,882,124)
Loss per common share - basic and diluted*   $ (0.71)   $ (0.63)
Weighted average number of common shares outstanding- basic and diluted*   9,344,282   9,308,511
Effect of adoption of ASU 2017-11 [Member]        
Revenue   $ 8,822,659  
Costs and Expenses        
Selling expenses   5,826,243  
General and administrative expenses   2,056,275  
Total Costs and Expenses   7,882,518  
(Loss) income from Operations   940,141  
Other (Expenses) Income        
Interest expense, net of interest income   (1,050,270)  
Changes in fair value of derivative liabilities     5,244,587
Imputed interest on related party advances   753  
Gain on litigation settlement      
Loss on issuance of debt    
Loss on debt modification   (212,270)  
Loss on marketable securities   (155,000)  
Total Other (Expenses) Income   (1,416,787)   5,244,587
Loss Before Income Taxes   (476,646)   5,244,587
Income tax provision   (512,406)  
Net Loss   (989,052)   5,244,587
Other Comprehensive Loss        
Foreign currency translation adjustment   (98,355)  
Comprehensive Loss   $ (1,087,407)   $ 5,244,587
Loss per common share - basic and diluted*   $ (0.12)   $ 0.56
Weighted average number of common shares outstanding- basic and diluted*   9,344,282   9,308,511
As Reclassified [Member]        
Revenue     $ 17,416,526
Costs and Expenses        
Selling expenses     11,903,600
General and administrative expenses     4,115,728
Total Costs and Expenses     16,019,328
(Loss) income from Operations     1,397,198
Other (Expenses) Income        
Interest expense, net of interest income     (1,262,509)
Changes in fair value of derivative liabilities   (5,498,876)  
Imputed interest on related party advances     (761)
Gain on litigation settlement       516,120
Loss on issuance of debt    
Loss on debt modification     (212,270)
Loss on marketable securities     (155,000)
Total Other (Expenses) Income   5,498,876   (1,114,420)
Loss Before Income Taxes   5,498,876   282,778
Income tax provision     (757,442)
Net Loss   5,498,876   (474,664)
Other Comprehensive Loss        
Foreign currency translation adjustment     (162,873)
Comprehensive Loss   $ 5,498,876   $ (637,537)
Loss per common share - basic and diluted*   $ 0.59   $ (0.07)
Weighted average number of common shares outstanding- basic and diluted*   9,344,282   9,308,511
XML 65 R55.htm IDEA: XBRL DOCUMENT v3.20.2
Reclassification of prior period results - Reclassification (Details 2) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Cash Flows from Operating Activities        
Net (loss) income $ (1,778,220) $ (1,134,582) $ (4,892,172) $ (766,055)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities        
Depreciation and amortization     445,990 330,832
Amortization of deferred costs     2,096,080 1,012,225
Non-cash interest     409,114 58,188
Loss on debt conversions     35,943 212,270
Imputed interest on advances from stockholders     1,514
Unrealized loss on trading securities 155,000 25,000 155,000
Recovery of assets       (516,120)
Bad debt expense       6,354
Changes in Operating Assets and Liabilities        
Prepaid expenses     (7,732) 5,225
Accounts payable and accrued liabilities     (444,743) 756,987
Accounts receivable     (57,679) 98,833
Gaming accounts receivable     357,886 31,409
Gaming accounts liabilities     1,167,454 (583,899)
Taxes payable     (53,941) 439,731
Other current assets     (57,163) (270,259)
Long term liability     9,296 78,346
Net Cash (Used in) Provided by Operating Activities     (1,005,601) 1,050,581
Cash Flows from Investing Activities        
Acquisition of property, plant, and equipment, and intangible assets     (54,283) (4,577,886)
Net Cash Used in Investing Activities     (270,433) (4,577,886)
Cash Flows from Financing Activities        
Proceeds from bank credit line     250,000
Repayment of bank loan     (59,007) (71,143)
Proceeds from debentures and convertible notes, net of repayment     6,883,905
Loan to related party     (11,992)
Purchase of treasury stock     (2,261,307)
Loans advanced to stockholders     (485,036)
Net Cash Provided by (Used) in Financing Activities     (101,691) 3,673,614
Effect of change in exchange rate     195,864 153,442
Net (decrease) increase in cash     (1,181,861) 299,751
Cash- beginning of the period     7,850,442 7,057,763
Cash- end of the period $ 6,668,581 7,357,514 $ 6,668,581 7,357,514
As Previously reported [Member]        
Cash Flows from Operating Activities        
Net (loss) income   (6,487,928)   (5,719,251)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities        
Depreciation and amortization       226,436
Amortization of deferred costs       58,188
Non-cash interest       1,012,225
Loss on issuance of debt   23,725,510   23,725,510
Loss on debt conversions      
Imputed interest on advances from stockholders       1,514
Changes in fair value of derivative liabilities   (18,014,364)   (18,268,653)
Unrealized loss on trading securities   155,000   155,000
Recovery of assets       (516,120)
Bad debt expense       6,354
Changes in Operating Assets and Liabilities        
Prepaid expenses       5,225
Accounts payable and accrued liabilities       756,656
Accounts receivable       98,833
Gaming accounts receivable       31,409
Gaming accounts liabilities       (583,899)
Taxes payable       439,731
Other current assets       (270,259)
Long term liability       78,346
Net Cash (Used in) Provided by Operating Activities       1,237,245
Cash Flows from Investing Activities        
Acquisition of property, plant, and equipment, and intangible assets       (4,442,508)
Decrease in restricted cash       15,657
Net Cash Used in Investing Activities       (4,426,851)
Cash Flows from Financing Activities        
Proceeds from bank credit line       (177,060)
Repayment of bank loan       (71,143)
Proceeds from debentures and convertible notes, net of repayment       6,883,905
Loan to related party       (215,745)
Purchase of treasury stock       (2,261,307)
Loans advanced to stockholders       (485,036)
Net Cash Provided by (Used) in Financing Activities       3,673,614
Effect of change in exchange rate       (168,600)
Net (decrease) increase in cash       315,408
Cash- beginning of the period       6,469,858
Cash- end of the period   6,785,266   6,785,266
Reclass of Disclosure [Member]        
Cash Flows from Operating Activities        
Net (loss) income    
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities        
Depreciation and amortization      
Amortization of deferred costs      
Non-cash interest      
Loss on issuance of debt   (23,725,510)   (23,725,510)
Loss on debt conversions       212,270
Imputed interest on advances from stockholders      
Changes in fair value of derivative liabilities   23,513,240   23,513,240
Unrealized loss on trading securities    
Recovery of assets      
Bad debt expense      
Changes in Operating Assets and Liabilities        
Prepaid expenses      
Accounts payable and accrued liabilities      
Accounts receivable      
Gaming accounts receivable      
Gaming accounts liabilities      
Taxes payable      
Other current assets      
Long term liability      
Net Cash (Used in) Provided by Operating Activities      
Cash Flows from Investing Activities        
Acquisition of property, plant, and equipment, and intangible assets      
Decrease in restricted cash      
Net Cash Used in Investing Activities      
Cash Flows from Financing Activities        
Proceeds from bank credit line      
Repayment of bank loan      
Proceeds from debentures and convertible notes, net of repayment      
Loan to related party      
Purchase of treasury stock      
Loans advanced to stockholders      
Net Cash Provided by (Used) in Financing Activities      
Effect of change in exchange rate      
Net (decrease) increase in cash      
As Reclassed [Member]        
Cash Flows from Operating Activities        
Net (loss) income   (6,487,928)   (5,719,251)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities        
Depreciation and amortization       226,436
Amortization of deferred costs       58,188
Non-cash interest       1,012,225
Loss on issuance of debt    
Loss on debt conversions       212,270
Imputed interest on advances from stockholders       1,514
Changes in fair value of derivative liabilities   5,498,876   5,244,587
Unrealized loss on trading securities   155,000   155,000
Recovery of assets       (516,120)
Bad debt expense       6,354
Changes in Operating Assets and Liabilities        
Prepaid expenses       5,225
Accounts payable and accrued liabilities       756,656
Accounts receivable       98,833
Gaming accounts receivable       31,409
Gaming accounts liabilities       (583,899)
Taxes payable       439,731
Other current assets       (270,259)
Long term liability       78,346
Net Cash (Used in) Provided by Operating Activities       1,237,245
Cash Flows from Investing Activities        
Acquisition of property, plant, and equipment, and intangible assets       (4,442,508)
Decrease in restricted cash       15,657
Net Cash Used in Investing Activities       (4,426,851)
Cash Flows from Financing Activities        
Proceeds from bank credit line       (177,060)
Repayment of bank loan       (71,143)
Proceeds from debentures and convertible notes, net of repayment       6,883,905
Loan to related party       (215,745)
Purchase of treasury stock       (2,261,307)
Loans advanced to stockholders       (485,036)
Net Cash Provided by (Used) in Financing Activities       3,673,614
Effect of change in exchange rate       (168,600)
Net (decrease) increase in cash       315,408
Cash- beginning of the period       6,469,858
Cash- end of the period   6,785,266   6,785,266
As Reclassified [Member]        
Cash Flows from Operating Activities        
Net (loss) income   5,498,876   (474,664)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities        
Depreciation and amortization       226,436
Amortization of deferred costs       58,188
Non-cash interest       1,012,225
Loss on issuance of debt    
Loss on debt conversions       212,270
Imputed interest on advances from stockholders       1,514
Changes in fair value of derivative liabilities   5,498,876  
Unrealized loss on trading securities     155,000
Recovery of assets       (516,120)
Bad debt expense       6,354
Changes in Operating Assets and Liabilities        
Prepaid expenses       5,225
Accounts payable and accrued liabilities       756,656
Accounts receivable       98,833
Gaming accounts receivable       31,409
Gaming accounts liabilities       (583,899)
Taxes payable       439,731
Other current assets       (270,259)
Long term liability       78,346
Net Cash (Used in) Provided by Operating Activities       1,237,245
Cash Flows from Investing Activities        
Acquisition of property, plant, and equipment, and intangible assets       (4,442,508)
Decrease in restricted cash       15,657
Net Cash Used in Investing Activities       (4,426,851)
Cash Flows from Financing Activities        
Proceeds from bank credit line       (177,060)
Repayment of bank loan       (71,143)
Proceeds from debentures and convertible notes, net of repayment       6,883,905
Loan to related party       (215,745)
Purchase of treasury stock       (2,261,307)
Loans advanced to stockholders       (485,036)
Net Cash Provided by (Used) in Financing Activities       3,673,614
Effect of change in exchange rate       (168,600)
Net (decrease) increase in cash       315,408
Cash- beginning of the period       6,469,858
Cash- end of the period   6,785,266   6,785,266
Effect of adoption of ASU 2017-11 [Member]        
Cash Flows from Operating Activities        
Net (loss) income   (989,052)   5,244,587
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities        
Depreciation and amortization      
Amortization of deferred costs      
Non-cash interest      
Loss on issuance of debt    
Loss on debt conversions      
Imputed interest on advances from stockholders      
Changes in fair value of derivative liabilities     (5,244,587)
Unrealized loss on trading securities   $ 155,000  
Recovery of assets      
Bad debt expense      
Changes in Operating Assets and Liabilities        
Prepaid expenses      
Accounts payable and accrued liabilities      
Accounts receivable      
Gaming accounts receivable      
Gaming accounts liabilities      
Taxes payable      
Other current assets      
Long term liability      
Net Cash (Used in) Provided by Operating Activities      
Cash Flows from Investing Activities        
Acquisition of property, plant, and equipment, and intangible assets      
Decrease in restricted cash      
Net Cash Used in Investing Activities      
Cash Flows from Financing Activities        
Proceeds from bank credit line      
Repayment of bank loan      
Proceeds from debentures and convertible notes, net of repayment      
Loan to related party      
Purchase of treasury stock      
Loans advanced to stockholders      
Net Cash Provided by (Used) in Financing Activities      
Effect of change in exchange rate      
Net (decrease) increase in cash      
XML 66 R56.htm IDEA: XBRL DOCUMENT v3.20.2
Reclassification of prior period results (Details Narrative) - Convertible Debt [Member]
3 Months Ended 6 Months Ended
Jun. 30, 2018
USD ($)
Jun. 30, 2018
USD ($)
Comvertible Debenture, issued $ 3,268,000 $ 6,502,000
Comvertible Debenture discount 5,536,301 5,536,301
Fair value common stock issued with debenture 582,486 582,486
Changes in fair value of derivative liabilities $ 12,494,727 $ 12,494,727
XML 67 R57.htm IDEA: XBRL DOCUMENT v3.20.2
Acquisition- Purchase price (Details)
6 Months Ended
Jun. 30, 2019
USD ($)
Business Combination, Separately Recognized Transactions [Line Items]  
Goodwill arising on acquisition $ 1,401,608
Virtual Generation [Member]  
Business Combination, Separately Recognized Transactions [Line Items]  
Cash 47,268
Current assets 178,181
Property, Plant and Equipment 41,473
Betting Platform 4,004,594
Total Assets 4,271,516
Less: liabilities assumed (78,141)
Less: Imputed Deferred taxation on identifiable intangible assets acquired (1,401,608)
Total identifiable assets less liabilities assumed 2,791,767
Goodwill arising on acquisition 1,401,608
Total purchase price 4,193,374
Excess purchase price $ 4,594
XML 68 R58.htm IDEA: XBRL DOCUMENT v3.20.2
Acquisitions (Details Narrative)
1 Months Ended 2 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended 12 Months Ended
Jan. 30, 2019
USD ($)
shares
Jan. 30, 2019
EUR (€)
shares
Feb. 28, 2019
EUR (€)
Jun. 30, 2019
USD ($)
Mar. 31, 2019
USD ($)
May 31, 2018
USD ($)
$ / shares
shares
May 31, 2018
EUR (€)
shares
Jun. 30, 2019
USD ($)
Dec. 31, 2016
shares
Jan. 30, 2019
EUR (€)
Business Acquisition [Line Items]                    
Issuance of common stock, value | $       $ 278,536 $ 196,783          
Ulisse [Member]                    
Business Acquisition [Line Items]                    
Purchase price           $ 11,700,000 € 10,000,000      
Purchase price paid in cash           $ 5,850,000 € 5,000,000      
Share issued for acquisition | shares           591,950 591,950   416,400  
Agreement                 option to resell to the Company 50% of the shares of common stock (or 208,200 shares) issued in consideration for the purchase price at a fixed price of USD $4.00 per share (the “Ulisse Put Option”)  
Share price | $ / shares           $ 9.44        
Multigioco [Member]                    
Business Acquisition [Line Items]                    
Repurchased and retired shares, share | shares           255,000 255,000      
Repurchased and retired shares, value           $ 595,000 € 510,000      
Virtual Generation [Member]                    
Business Acquisition [Line Items]                    
Purchase price | €   € 4,000,000                
Purchase price paid in cash | €   € 108,000                
Issuance of common stock, shares | shares 65,298 65,298                
Issuance of common stock, value   € 89,000           $ 195,220    
Total payments | €     € 1,411,000             € 2,392,000
Number of payments 23 23 17              
Payments on Loan $ 104,000   € 83,000              
Note issued for acquistion $ 4,193,374     $ 3,758,289       3,758,289   € 3,665,255
Principal payments | $               240,015    
Interest payments | $               $ 2,354    
XML 69 R59.htm IDEA: XBRL DOCUMENT v3.20.2
Leases - Right of use assets (Details) - USD ($)
6 Months Ended
Jun. 30, 2019
Jan. 02, 2019
Leases [Abstract]    
Right of use asset for operating leases $ 736,625 $ 646,138
Right of use assets for finance leases 43,961  
Amortization of right-of-use assets 15,118  
Interest expense on lease liabilities 699  
Finance lease cost 15,817  
Operating lease cost 95,371  
Total lease cost 111,191  
Cash paid for amounts included in the measurement of lease liabilities    
Operating cash flows from finance leases (699)  
Operating cash flows from operating leases (95,371)  
Financing cash flows from finance leases (5,449)  
Right-of-use assets obtained in exchange for new finance leases 15,118  
Right-of-use assets disposed of under operating leases prior to lease maturity (27,517)  
Right-of -use assets obtained in exchange for new operating leases $ 95,622  
Weighted average remaining lease term - finance leases 3 years 321 days 4 hours 48 minutes  
Weighted average remaining lease term - operating leases 3 years 302 days 22 hours 48 minutes  
Weighted average discount rate- finance leases 3.48%  
Weighted average discount rate- operating leases 3.47%  
XML 70 R60.htm IDEA: XBRL DOCUMENT v3.20.2
Leases Liability (Details) - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Maturity date    
Financial lease liability, Current $ 6,194  
Operating lease liability, Current 91,449  
Operating lease liability,Non-Current $ 611,718
Weighted average discount rate- finance leases 3.48%  
Weighted average discount rate- operating leases 3.47%  
Operating lease liability [Member]    
Maturity date    
2019 $ 114,297  
2020 186,474  
2021 179,902  
2022 153,301  
2023 104,850  
2024 and beyond 29,098  
Total undiscounted minimum future lease payments 767,922  
Imputed interest (64,755)  
Present value of lease liabilities 703,167  
Operating lease liability, Current 91,449  
Operating lease liability,Non-Current 611,718  
Financial lease liability [Member]    
Maturity date    
2019 6,890  
2020 13,780  
2021 10,543  
2022 8,536  
2023 6,788  
2024 and beyond 817  
Total undiscounted minimum future lease payments 47,354  
Imputed interest (2,764)  
Present value of lease liabilities 44,590  
Financial lease liability, Current 6,194  
Financial lease liability, Non-Current $ 38,396  
Financial lease liability [Member] | Minimum [Member]    
Maturity date    
Weighted average discount rate- operating leases 2.50%  
Financial lease liability [Member] | Maximum [Member]    
Maturity date    
Weighted average discount rate- operating leases 4.20%  
Property Lease [Member] | Minimum [Member]    
Maturity date    
Weighted average discount rate- finance leases 2.12%  
Property Lease [Member] | Maximum [Member]    
Maturity date    
Weighted average discount rate- finance leases 4.50%  
Vehicle Lease [Member] | Minimum [Member]    
Maturity date    
Weighted average discount rate- finance leases 5.10%  
Vehicle Lease [Member] | Maximum [Member]    
Maturity date    
Weighted average discount rate- finance leases 6.70%  
XML 71 R61.htm IDEA: XBRL DOCUMENT v3.20.2
Investment in Non-consolidated Entities (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Schedule of Equity Method Investments [Line Items]        
Loss on marketable securities $ (155,000) $ (25,000) $ (155,000)
Zoompass Holdings Inc. [Member]        
Schedule of Equity Method Investments [Line Items]        
Investments in non-consolidated entities 2,500,000   2,500,000  
Loss on marketable securities $ (25,000)   $ (25,000)  
Price per share $ 0.10   $ 0.10  
XML 72 R62.htm IDEA: XBRL DOCUMENT v3.20.2
Intangible Assets - Intangibles (Details) - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Intangible assets, gross $ 18,399,783 $ 14,395,968
Accumulated amortization (2,201,821) (1,867,986)
Intangible assets 16,197,962 12,527,980
Betting platform system [Member]    
Intangible assets, gross 1,685,371 1,685,371
Ulisse Bookmaker License [Member]    
Intangible assets, gross 9,727,914 9,727,914
Multigioco and Rifa ADM Licenses [Member]    
Intangible assets, gross 960,977 961,756
VG Licenses [Member]    
Intangible assets, gross 4,004,594
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
XML 73 R63.htm IDEA: XBRL DOCUMENT v3.20.2
Intangible Assets (Details Narrative) - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization Expense $ 376,457 $ 206,568
XML 74 R64.htm IDEA: XBRL DOCUMENT v3.20.2
Line of Credit-Bank (Details Narrative)
Jun. 30, 2019
USD ($)
Jun. 30, 2019
EUR (€)
Dec. 31, 2018
USD ($)
Line of credit - bank $ 1,000,000   $ 750,000
Revolving Line of Credit [Member]      
Line of credit 1,000,000    
Security Deposit $ 1,000,000    
Interest rate 3.00% 3.00%  
Multigioco [Member]      
Line of credit - bank $ 340,000 € 300,000  
Interest rate 5.00% 5.00%  
Rifa [Member]      
Line of credit - bank $ 57,000 € 50,000  
Interest rate 5.00% 5.00%  
XML 75 R65.htm IDEA: XBRL DOCUMENT v3.20.2
Related party transactions and balances (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Dec. 31, 2018
Related Party Transaction [Line Items]        
Notes payable- related party   $ 1,405,804   $ 318,078
Interest rate   12.00%    
Gold Street Capital Corp. [Member]        
Related Party Transaction [Line Items]        
Management fee paid $ 36,000   $ 72,000  
Luca Pasquini [Member]        
Related Party Transaction [Line Items]        
Management fee paid     $ 6,000  
XML 76 R66.htm IDEA: XBRL DOCUMENT v3.20.2
Related party transactions and balances (Details) - USD ($)
6 Months Ended
Jun. 30, 2019
Dec. 31, 2018
Present value discount on future payments    
Notes payable- related party $ 1,405,804 $ 318,078
Notes payable - related party 332,582
Notes payable - Related Party, net 1,738,386  
Related party Notes Payable [Member]    
Principal Outstanding    
Opening balance 318,078  
Promissory note due to non-related parties 1,830,541  
Settled by the issuance of common shares (190,128)  
Repayment in cash (213,353)  
Foreign exchange movements (14,442)  
Ending balance 1,730,696  
Accrued Interest    
Accrued interest, opening balance 113,553  
Interest expense 18,928  
Accrued interest, ending balance 132,481  
Present value discount on future payments    
Present value discount, beginning (161,393)  
Amortization 35,347  
Foreign exchange movements 1,255  
Present value discount, ending $ (124,791)  
XML 77 R67.htm IDEA: XBRL DOCUMENT v3.20.2
Related party transactions and balances - Related party (Details) - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Related Party Transaction [Line Items]    
Balance of advances from stockholders $ 48,508 $ 39,237
Gold Street Capital Corp. [Member]    
Related Party Transaction [Line Items]    
Balance of advances from stockholders $ 48,508 $ 39,237
XML 78 R68.htm IDEA: XBRL DOCUMENT v3.20.2
Stockholders Equity (Details Narrative) - USD ($)
1 Months Ended 2 Months Ended 3 Months Ended 4 Months Ended 5 Months Ended 6 Months Ended
Jan. 31, 2019
Mar. 01, 2019
Apr. 02, 2019
May 01, 2019
Apr. 22, 2019
Jun. 01, 2019
Jun. 30, 2019
Jun. 30, 2018
Reverse stock split             1 to 8  
Shares issued for debt, shares               13,875
Shares issued for acquisition             $ 272,307 $ 5,588,088
Virtual Generation [Member]                
Share issued for acquisition, shares 32,450 32,845 29,975 33,105   27,256    
Shares issued for acquisition $ 101,763 $ 101,249 $ 86,328 $ 93,018   $ 92,961    
Debentures [Member]                
Shares issued for debt, amount         $ 11,232   989,169  
Shares issued for cash, shares         $ 35,943   $ 86,850  
XML 79 R69.htm IDEA: XBRL DOCUMENT v3.20.2
Convertible Debt (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Mar. 31, 2019
Jun. 30, 2018
Mar. 31, 2018
Jun. 30, 2019
Jun. 30, 2019
Dec. 31, 2018
Common stock issued with debentures, amount $ 104,911 $ 979,824 $ 1,770,197 $ 55,500      
Foreign currency loss         $ 109,810    
Debenture Discount              
Convertible Debenture           $ 6,083,982 $ 3,942,523
Debentures [Member]              
Common stock issued with debentures, amount         919,824    
Principal converted         864,623    
Accrued interest         $ 390,186    
Common stock issued with debentures, shares         287,561    
Convertible Debt, gross 7,799,057 8,529,021     $ 8,529,021 7,799,057 8,529,021
Convertible debt, accrued interest 865,428 528,141     528,141 865,428 528,141
Debt Discount 2,580,503 4,588,215     4,588,215 2,580,503 $ 4,588,215
Convertible debentures, gross   8,529,021     8,529,021    
Conversion to equity           (925,963)  
Foreign exchange movements         195,999    
Convetible debentures, ending 7,799,057       7,799,057    
Accrued Interest              
Accrued interest, opening balance   528,141     528,141    
Interest expense         390,186    
Conversion to equity         (63,206)    
Foreign exchange movements         10,307    
Accrued interest, ending balance 865,428       865,428    
Debenture Discount              
Debenture Discount, opening balance   $ (4,588,215)     (4,588,215)    
Amortization         (2,580,503)    
Debenture Discount, ending balance (2,580,503)       (2,580,503)    
Convertible Debenture           6,083,982  
Debentures USD and CA[Member]              
Convertible Debt, gross 7,774,208       7,774,208 7,774,208  
Convertible debt, accrued interest 668,492       668,492 $ 668,492  
Convertible debentures, gross              
Convetible debentures, ending 7,774,208       7,774,208    
Accrued Interest              
Accrued interest, opening balance              
Accrued interest, ending balance $ 668,492       $ 668,492    
XML 80 R70.htm IDEA: XBRL DOCUMENT v3.20.2
Notes Payable (Details Narrative)
1 Months Ended 6 Months Ended
Jan. 31, 2019
USD ($)
Jan. 31, 2019
EUR (€)
Jun. 30, 2019
EUR (€)
Jun. 30, 2019
USD ($)
Jan. 30, 2019
USD ($)
Dec. 31, 2018
USD ($)
Debt Instrument [Line Items]            
Promissory note payable       $ 1,421,045  
Virtual Generation [Member]            
Debt Instrument [Line Items]            
Promissory note payable       3,803,000 $ 4,193,374  
Virtual Generation [Member] | Related Party [Member]            
Debt Instrument [Line Items]            
Promissory note payable       1,521,200    
Payments on Promissory Note | €   € 956,800 € 564,400      
Monthly installments | €   € 41,600 € 33,200      
Number of payments 23 23 17      
Virtual Generation [Member] | Non Related Party [Member]            
Debt Instrument [Line Items]            
Promissory note payable       $ 2,281,800    
Payments on Promissory Note $ 1,435,200   € 846,600      
Monthly installments $ 62,400   € 49,800      
Number of payments 23 23 17      
XML 81 R71.htm IDEA: XBRL DOCUMENT v3.20.2
Notes Payable (Details) - USD ($)
6 Months Ended
Jun. 30, 2019
Dec. 31, 2018
Present value discount on future payments    
Notes payable, current $ 1,421,045
Notes payable, noncurrent 498,874
Notes payable, net (1,919,919)  
Notes Payable [Member]    
Principal Outstanding    
Promissory note due to non-related parties, beginning 2,745,811  
Settled by the issuance of common shares (285,192)  
Repayment in cash (331,913)  
Foreign exchange movements (21,601)  
Promissory note due to non-related parties, ending 2,107,105  
Present value discount on future payments    
Present value discount, beginning (242,089)  
Amortization 53,020  
Foreign exchange movements 1,883  
Present value discount, ending $ (187,186)  
XML 82 R72.htm IDEA: XBRL DOCUMENT v3.20.2
Bank Loan Payable (Details Narrative) - Bank Loan [Member]
6 Months Ended 9 Months Ended
Jun. 30, 2019
USD ($)
Jun. 30, 2019
EUR (€)
Sep. 30, 2016
USD ($)
Sep. 30, 2016
EUR (€)
Proceeds for notes payable     $ 580,000 € 500,000
Number of payments     57 57
Monthly installments | €       € 9,760
Payments on Loan $ 66,146 € 58,560    
Principal payments | $ 59,007      
Interest payments $ 7,140 € 6,321    
XML 83 R73.htm IDEA: XBRL DOCUMENT v3.20.2
Other Long Term Liabilities (Details) - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Other long term liabilities $ 613,963 $ 608,728
Severance liability [Member]    
Other long term liabilities 193,021 168,706
Customer deposit balance [Member]    
Other long term liabilities $ 420,942 $ 440,021
XML 84 R74.htm IDEA: XBRL DOCUMENT v3.20.2
Warrants (Details Narrative) - 12 months ended Dec. 31, 2018 - Investors [Member]
$ / shares
shares
CAD ($)
shares
Debenture carrying value | $   $ 1,000
Warrants to purchase shares | shares   135.28
Warrant price | $ / shares $ 4.00  
Common stock, shares issued for private placement, shares | shares 104.06  
Price per share | $ / shares $ 4.00  
XML 85 R75.htm IDEA: XBRL DOCUMENT v3.20.2
Warrants (Details) - Warrant [Member] - $ / shares
6 Months Ended 12 Months Ended
Jun. 30, 2019
Dec. 31, 2018
Warrant Shares [Rollforward]    
Outstanding at beginning of period 1,089,133 76,566
Granted during the period 1,095,883
Canceled during the period (27,000)
Excercised during the period (40,761)
Expired during the period (15,555)
Outstanding at end of period 1,089,133 1,089,133
Weighted Average Exercise Price Per Common Share    
Outstanding at beginning of period $ 4.00 $ 4.32
Granted during the period 4.00
Canceled during the period 5.04
Exercised during the period 4.64
Expired during the period 4.64
Outstanding at end of period $ 4.00 $ 4.00
Weighted Average Life per Warrant    
Outstanding at end of period 9 months  
XML 86 R76.htm IDEA: XBRL DOCUMENT v3.20.2
Revenues (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Total Turnover $ 99,265,404 $ 100,039,451 $ 236,240,869 $ 190,599,310
Less: Winnings/payouts 89,056,834 90,453,087 215,676,073 171,817,325
Gross Gaming Revenues 10,208,570 9,586,364 20,564,796 18,781,985
Less: ADM Gaming Taxes 1,172,993 799,016 2,366,739 1,565,849
Net Gaming Revenues 9,035,577 8,787,348 18,198,057 17,216,136
Add: Commission Revenues 33,360 18,152 62,433 117,152
Add: Service Revenues 36,416 17,159 111,158 83,238
Revenue 9,105,353 8,822,659 18,371,648 17,416,526
Handle Web-based [Member]        
Total Turnover 88,647,748 175,223,649 55,025,859 101,091,758
Less: Winnings/payouts 81,857,558 164,120,495 54,687,682 97,305,678
Handle Land-based [Member]        
Total Turnover 10,617,656 61,017,220 45,013,592 89,507,552
Less: Winnings/payouts $ 7,199,276 $ 51,555,578 $ 35,765,405 $ 74,511,647
XML 87 R77.htm IDEA: XBRL DOCUMENT v3.20.2
Net Loss per Common Share - Net Loss per Common Share (Details) - shares
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Antidilutive Share 3,796,785 3,796,785
Warrants [Member]    
Antidilutive Share 1,089,133 1,089,133
Convertible Debt [Member]    
Antidilutive Share 2,707,652 2,707,652
XML 88 R78.htm IDEA: XBRL DOCUMENT v3.20.2
Income Taxes (Details Narrative)
6 Months Ended
Jun. 30, 2019
USD ($)
Income Tax Disclosure [Abstract]  
Net operating loss carryforward $ 4,000,000
Italy corporate tax rate 28.82%
Austrian corporate tax rate 25.00%
U.S. statutory rate 35.00%
Canadian corporate tax rate 26.50%
XML 89 R79.htm IDEA: XBRL DOCUMENT v3.20.2
Subsequent events (Details) - Subsequent Event [Member]
3 Months Ended
Sep. 30, 2019
USD ($)
shares
Sep. 30, 2019
CAD ($)
shares
Principal converted | $ $ 550,000  
Accrued interest $ 16,400 $ 20,000
Common stock issued with debentures, shares | shares 195,297 195,297
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