v3.19.3.a.u2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Nov. 30, 2019
Nov. 30, 2018
Cash flows from operating activities:    
Net loss $ (854,895) $ (2,980,184)
Adjustments to reconcile net (loss) income to net cash (used in) operating activities:    
Interest earned on marketable securities held in trust account (401,418)
Accrued expense to related party 3,620
Depreciation expense 21,148
Amortization expense 102,812
Debt forgiveness income (93,761)
Issuance of shares for services 153,011 2,125,000
Changes in operating assets and liabilities:    
Accounts receivable (67,971)
Inventory (18,984)
Prepaid expenses (5,671) 3,114
Security deposits (2,568)
Deferred brokerage fees 5,056
Deferred revenues 14,812
Accounts payable 13,658
Accrued expenses (89,101) 872,291
Due from related party (13,342)
Net cash used in operating activities (835,796) (377,577)
Cash flows from investing activities:    
Investment at cost (150,000)
Interest income released from Trust Account 401,418
Cash purchased in acquisition 26,180
Lease liability net of lease asset (776)
Purchase of property and equipment (156,319)
Net cash provided by (used in) investing activities (130,915) 251,418
Cash flows from financing activities:    
Payment of offering costs (20,000)
Cash in trust 53,178,520
Non-controlling interest of original investment in subsidiaries 24,013 (45,455,596)
Private placement funds received 50,000
Net cash provided provided by financing activities 74,013 7,702,924
Net change in cash (892,698) 7,576,765
Cash - beginning of period 1,540,158 458,063
Cash - end of period 647,460 8,034,828
Supplemental Disclosures of Cash Flow Information:    
Cash paid for interest
Cash paid for income taxes
Supplemental Non-Cash Investing and Financing Information    
Common stock redemption obligation 7,973,300
Common stock issued for consideration in an acquisition 1,440,000
Acquisition of PLAYlive:    
Goodwill 2,226,166
Property and equipment 9,503
Deferred brokerage fees 805,975
Accounts payable (3,574)
Deferred revenue $ (1,624,250)

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