Exhibit 99.1



Vinco Ventures, Inc. Reports First Quarter 2022 Financial Results


Fairport, NY, May 23, 2022 (GLOBE NEWSWIRE) — Vinco Ventures, Inc. (NASDAQ:BBIG), a digital media, advertising and content technologies holding company (“Vinco Ventures,” “Vinco,” or the “Company”), today announced its results for the first quarter ended March 31, 2022.


“Vinco continues to execute our plan to grow into a global content driven ecosystem focused on our core pillars: enrich our communities as we engage, endorse and entertain,” said Vinco CEO Lisa King. “During the first quarter of 2022, we completed our acquisition of AdRizer, which represents one of the core pillars of our strategy to monetize traffic throughout the digital media spectrum and across the Vinco ecosystem. Also, during the quarter we continued our efforts to promote and expand the user base of our Lomotif app and related digital properties as we livestreamed Shaq’s Fun House event in February and the Okeechobee Music Festival in March. Live events like these allow Lomotif users around the world to enjoy distinctive, real-time events and enhance our efforts to engage, endorse, and entertain across platforms. I am very pleased with the progress we made during the quarter.”


Operational Highlights:


Vinco Ventures completed the acquisition of AdRizer LLC, a provider of technology solutions that automate the use of artificial intelligence for digital advertising analytics and programmatic media buying, on February 11, 2022, for consideration consisting of $38 million in cash paid at closing and up to 10 million shares of common stock of the Company issuable on January 1, 2024, with certain leak-out  restrictions.
Live-streamed the Okeechobee Music and Arts Festival on March 3-6, 2022 on the Lomotif platform. Over the three-day festival, the live stream registered 7.2 million active users on Lomotif according to Google Analytics and generated 16 million visitors on Lomotif media sites. Lomotif for the first time broke into the top 50 downloaded social apps in the U.S. market in the Apple Store alone during the festival, boosting our effort to expand in the U.S. market. Of the 7.2 million users who streamed the concert, 86% of the traffic came from YouTube through the Company’s AdRizer platform promoting the festival.
Live-streamed Shaquille O’Neal’s Big Game Weekend Party “Shaq’s Fun House” on the Lomotif platform via an exclusive distribution arrangement with Insomniac, a producer of top music festivals and events.
The Company set a Record Date of May 18, 2022, for its planned spin-off of Cryptyde with the expected Distribution Date of May 27, 2022.


First Quarter 2022 Financial Highlights:


  Revenue increased 349.7% from the first quarter of 2021 to $11.5 million reflecting the impact of the inclusion of AdRizer from its acquisition date of February 11, 2022.
  Cash, cash equivalents, and restricted cash totaled $210.8 million at March 31, 2022.
  Unrestricted cash at March 31, 2022 of $130.8 million.





  Selling, general and administrative expenses from continuing operations were $26.8 million compared to $11.7 million in first quarter of 2021, an increase of $15.1 million. Of this increase, $10.4 million was due to higher legal, professional and transaction costs primarily associated with the Company’s acquisition of AdRizer. The remaining increase reflects the expanded size and scope of the Company since the first quarter of 2021, including an increase of $4.4 million in advertising, marketing and promotion costs as the Company continues to invest in building market awareness of Lomotif, and an increase of $5.2 million in compensation costs, which reflects the increase in headcount over the past year as the Company has grown internally and through the acquisition of AdRizer as well as the consolidation of the compensation costs of Lomotif since July 2021.
  Total other income and expenses in the first quarter of 2022 were a net expense $352.9 million as compared to a net expense of $51.5 million in the first quarter of 2021. Similar to recent quarters, the significant increase in net other expense is due to the impact of the requirement that the Company classify its warrants to purchase shares of its common stock as a liability upon issuance on its consolidated balance sheets as these warrants are a free-standing financial instrument that may require the Company to transfer consideration upon exercise. Each warrant is initially recorded at fair value on the date of issuance using the Monte-Carlo simulation pricing model and subsequently re-measured to fair value at each subsequent balance sheet date. Losses on issuance and changes in fair value of outstanding warrants are recognized as a component of net other income (expense) in the consolidated statement of operations and comprehensive loss. The Company will continue to adjust the liability for changes in fair value until the earlier of the exercise or expiration of the warrants. During the first quarter of 2022, loss on issuances of warrants was $243.7, while the change in in fair value of the Company’s liability for its outstanding warrants as of March 31,2022 resulted in an expense of $86.9 million.
  Net loss in first quarter 2022 was $372.9 million, or ($3.05) per basic and diluted share, compared to a net loss of $62.5 million, or ($3.28) per basic and diluted share in the first quarter of 2021. The increase in net loss primarily resulted from the impact of the net other expense of $330.6 million resulting from the warrant accounting requirements described above which accounted for 87% of the Company’s net loss in the first quarter of 2022 as well as transaction costs associated with the Company’s acquisition of AdRizer. Otherwise, the Company’s loss reflects the increase in the size and scope of the Company as it focuses on building its global digital media business.


Vinco Ventures, Inc. First Quarter 2022 Conference Call


Event Date: May 23, 2022


Event Time: 4:30 PM Eastern Standard Time


The audio conference call can be accessed through:


1- 877-407-2991 (U.S. participants)
1- 201-389-0925 (International participants)

A live and archived webcast presentation will be available at: https://investors.vincoventures.com/.


Conference Replay:


A teleconference replay will be available until May 30, 2022.
1- 877-660-6853 (U.S. participants)
1-201-612-7415 (International participants)
Passcode: 13730262





Vinco Ventures, Inc. and Subsidiaries




   March 31, 2022   December 31, 2021 
Current assets:          
Cash and cash equivalents  $130,779,948   $87,612,176 
Restricted cash - short term   -    100,000,000 
Short-term investments   220,000    178,000 
Accounts receivable, net   9,117,096    1,124,421 
Inventory, net   447,636    475,666 
Prepaid expenses and other current assets   10,659,851    10,403,401 
Loans held-for-investment- current portion   11,600,000    3,950,000 
Due from related party   19,600,584    15,997,803 
Total current assets   182,425,115    219,741,467 
Restricted cash long-term   80,000,000    - 
Property and equipment, net   1,785,226    1,376,751 
Right of use assets, net   133,310    168,914 
Loan held-for-investment   750,000    250,000 
Loan held-for-investment - related parties   13,500,000    20,500,000 
Intangible assets, net   39,009,383    40,525,453 
Goodwill   180,419,932    121,580,144 
Cost method investments   1,000,000    1,000,000 
Other assets   1,655,742    - 
Total assets  $500,678,709   $405,142,729 
Liabilities and stockholders’ equity          
Current liabilities:          
Accounts payable  $11,554,079   $6,105,963 
Accrued expenses and other current liabilities   10,600,949    19,516,308 
Current portion of operating lease liabilities   77,231    100,733 
Current portion of convertible notes payable, net of debt issuance costs of $13,343,030 and $68,911,823, respectively   19,769,795    44,238,177 
Current portion of notes payable   -    15,530 
Current portion of notes payable - related parties   112,835    112,835 
Total current liabilities   42,114,889    70,089,546 
Operating lease liabilities, net of current portion   58,713    70,514 
Convertible notes payable - related parties, net of current portion   2,500,000    2,500,000 
Notes payable -related parties, net of current portion   108,923    121,037 
Convertible notes payable, net of current portion, net of debt issuance costs of $35,491,435 and $0, respectively.   44,399,079    - 
Derivative liability   429,167,462    198,566,170 
Deferred tax liability   108,420    108,420 
Deferred acquisition purchase price   23,250,000    - 
Total Liabilities  $541,707,486   $271,455,687 
Commitments and contingencies (Note 14)   -     
Stockholders’ equity (deficit)          
Common stock, $0.001 par value, 250,000,000 shares authorized; 188,052,593 and 150,118,024 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively  $188,053   $150,118 
Additional paid-in capital   1,053,407,146    850,096,635 
Accumulated deficit   (1,109,769,797)   (736,821,840)
Total stockholders’ equity (deficit) attributable to Vinco Ventures, Inc.   (56,174,598)   113,424,913 
Noncontrolling interest   15,145,821    20,262,129 
Total stockholders’ equity (deficit)   (41,028,777)   133,687,042 
Total liabilities and stockholders’ equity (deficit)  $500,678,709   $405,142,729 





Vinco Ventures, Inc. and Subsidiaries




   Three Months Ended March 31,   Period over Period Change 
   2022   2021   $   % 
Consumer products  $3,757,552   $2,153,306   $1,604,246    74.5%
Digital advertising and media revenue   7,726,369    350,566    7,375,803    2104.0%
Royalty income   50,898    61,290    (10,392)   -17.0%
Total revenue, net   11,534,819    2,565,162    8,969,657    349.7%
Cost of revenues                    
Packaging products   3,156,993    1,393,063    1,763,930    126.6%
Digital advertising and media revenue   7,776,663    260,318    7,516,345    2887.4%
    10,933,656    1,653,381    9,280,275    561.3%
Gross profit   601,163    911,781    -310,618    -34.1%
Gross profit %   5.2%   35.5%   -30.3%   -85.3%
Selling, general and administrative costs                    
Compensation, benefits and payroll taxes  $5,763,122   $500,033   $5,263,089    1052.5%
Depreciation and amortization   1,590,209    424,033    1,166,175    275.0%
Stock based compensation   1,143,445    8,697,502    (7,554,057)   -86.9%
Advertising, marketing and promotions   4,636,246    269,960    4,366,287    1617.4%
Legal,professional fees, and transaction costs   11,764,602    1,414,391    10,350,211    731.8%
Selling, general and administrative costs   1,900,483    354,961    1,545,523    435.4%
Total selling, general and administrative costs  $26,798,107   $11,660,880   $15,137,227    129.8%
Other income (expense)                    
Interest expense, net   (22,427,461)   (12,694,933)   (9,732,528)   76.7%
Loss on issuance of warrants   (243,681,478)   (75,156,534)   (168,524,944)   224.2%
Change in fair value of warrant liability   (86,948,858)   36,381,542    (123,330,400)   -339.0%
Other income (expense)   149,594    (44,296)   193,890    -437.7%
Total other income (expense)  $(352,908,203)  $(51,514,221)  $(301,393,982)   585.1%
Loss before income taxes  $(379,105,147)  $(62,263,320)  $(316,841,827)   508.9%
Income tax expense   -    -    -      
Net loss   (379,105,147)   (62,263,320)   (316,841,827)   508.9%
Net (loss) income attributable to noncontrolling interests   (6,157,190)   28,034    (6,185,224)   -22063.3%
Net loss attributable to Vinco Ventures, Inc. from continuing operations   (372,947,957)   (62,291,354)   (310,656,603)   498.7%
Net Loss from discontinued operations   -    (178,200)   178,200    -100.0%
Net loss attributable to Vinco Ventures, Inc.  $(372,947,957)  $(62,469,554)  $(310,478,403)   497.0%
Net loss attributable to Vinco Ventures, per share   -    -           
Net loss per share- continuing operations  $(3.05)  $(3.28)  $0.23    -6.9%
Weighted Average Number of Common Shares Outstanding -basic and diluted   122,176,851    19,055,006    103,121,845    541.2%





Vinco Ventures, Inc. and Subsidiaries




   For the Three Months Ended March 31, 
   2022   2021 
Cash Flow from Operating Activities          
Net loss attributable to Vinco Ventures, Inc.  $(372,947,957)  $(62,291,354)
Net (loss) income attributable to noncontrolling interest   (6,157,190)   28,034 
Net loss   (379,105,147)   (62,263,320)
Adjustments to reconcile net loss to net cash provided by operating activities:          
Discontinued operations   -    (178,200)
Amortization of financing costs   22,260,697    445,541 
Share-based compensation   1,143,445    12,418,930 
Depreciation and amortization   1,608,691    8,697,502 
Amortization of right of use asset   


Change in fair value of short-term investment   42,000    70,000 
Loss on issuance of warrants   243,681,478    75,156,534 
Change in fair value of warrant liability   86,948,858    (36,381,542)
Changes in assets and liabilities:          
Accounts receivable   (2,428,136)   (494,130)
Inventory   28,030    (215,717)
Prepaid expenses and other assets   (5,384,663)   139,635 
Accounts payable   (1,835,876)   (804,282)
Accrued expenses and other liabilities   (9,009,264)   (755,224)
Net Cash used in Operating Activities   (42,014,284)   (4,140,110)
Cash Flows from Investing Activities          
Issuance of loans held-for-investment-related parties   -    (5,000,000)
Issuance of loans held-for-investment   


)   (7,000,000)
Purchases of property and equipment   (326,563)   (18,228)
Purchase of intangible assets   -    - 
Acquisition of business, net of cash acquired (Note 3)   (34,850,576)   - 
Net Cash used in Investing Activities   (35,677,139)   (12,018,228)
Cash Flows from Financing Activities          
Net repayments under line of credit   -    (379,333)
Net (repayments) borrowings under convertible notes payable   


)   19,720,000 
Net borrowings under notes payable   -    73,000 
Net repayments under notes payable   (27,644)   (2,141,782)
Net repayments under notes payable - related parties   -    (659,999)
Fees paid for financing costs   -    (122,762)
Net proceeds from exercise of warrants   101,036,839    1,690,604 
Net proceeds from issuance of common stock   -    3,255,000 
Net Cash provided by Financing Activities   100,859,195    21,434,728 
Net Increase in Cash and Cash Equivalents   23,167,772    5,276,390 
Cash and Cash Equivalents - Beginning of Period   187,612,176    249,356 
Cash and Cash Equivalents - End of Period  $210,779,948   $5,525,746 





About Vinco Ventures


Vinco Ventures, Inc. (Nasdaq: BBIG) is a digital media, advertising and content technologies holding company. Vinco Ventures’ consolidated subsidiary, ZVV Media Partners, LLC, a joint venture of Vinco Ventures and ZASH Global Media and Entertainment Corporation, has an 80% ownership interest in Lomotif Private Limited. Vinco Venture owns 100% of Adrizr LLC and 51% of PZAJ Holdings, LLC. For more information visit https://investors.vincoventures.com/


About Lomotif


Lomotif is a video-sharing social networking platform that is democratizing video creation. A home for creators since 2014, Lomotif hosts a grassroots social community with dedicated users in Asia, Latin America and the United States. Lomotif is 80% owned by ZVV Media Partners, LLC, a joint venture of ZASH Global Media and Entertainment Corporation and Vinco Ventures, Inc. (Nasdaq: BBIG). Download the Lomotif app from Apple and Google stores or visit www.lomotif.com for more information.


About Cryptyde


Cryptyde, Inc. (anticipated: TYDE), is focused on leveraging blockchain technologies to disrupt consumer facing industries.


Forward-Looking Statements and Disclaimers


This press release contains “forward-looking statements” as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, which are based upon beliefs of, and information currently available to, Vinco Ventures’ management as well as estimates and assumptions made by Vinco Ventures’ management. These statements can be identified by the fact that they do not relate strictly to historic or current facts. When used in this presentation the words “estimate,” “expect,” “intend,” “believe,” “plan,” “anticipate,” “projected,” and other words or the negative of these terms and similar expressions as they relate to the applicable company or its management identify forward-looking statements. Such statements reflect the current view of Vinco Ventures with respect to future events and are subject to risks, uncertainties, assumptions and other factors relating to Vinco Ventures and its subsidiaries and consolidated variable interest entities including Lomotif, their industry, financial condition, operations and results of operations. Such factors include, but are not limited to, the expected benefits from Vinco Ventures’ investments in Lomotif and related growth initiatives and strategies such as the blended media, cross-platform distribution strategy, the expected benefits of Lomotif’s participation in and sponsorship of live entertainment events, the expected benefits from acquisition of AdRizer and planned integration of the AdRizer technology with Lomotif and Honey Badger and synergies between AdRizer, Lomotif and Honey Badger, uncertainties as to the completion and timing of the spin-off of Cryptyde, the failure to satisfy any conditions to complete the spin-off as specified in the Form 10, the expected tax treatment of the spin-off and the impact of the spin-off on the businesses of Vinco Ventures and Cryptyde, the expected benefits for Vinco Ventures, its shareholders and Cryptyde from the recent injection of businesses and assets into Cryptyde and the spin-off, the regulatory risks with the NFT and blockchain business lines and such other risks and uncertainties described more fully in documents filed by Vinco Ventures and Cryptyde with or furnished to the Securities and Exchange Commission, including the risk factors discussed in Vinco Ventures’ Annual Report on Form 10-K for the period ended December 31, 2021 filed on April 15, 2022 and Quarterly Report on Form 10-Q for the period ended March 31, 2022 filed on May 23, 2022, as well as Cryptyde’s Amendment No. 2 of Form 10 filed on March 18, 2022, which are available at www.sec.gov. Should one or more of these risks or uncertainties materialize, or the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.


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