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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2022

 

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: 001-38448

 


 

VINCO VENTURES, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Nevada   82-2199200
(State or Other Jurisdiction   (I.R.S. Employer
of Incorporation or Organization)   Identification No.)
     
24 Aspen Park Blvd    
East Syracuse, NY 13057   14450
(Address of Principal Executive Offices)   (Zip Code)

 

(866) 900-0992

(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 Section 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.

 

☐Yes ☒ No

 

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).

Yes ☐ No

 

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).

 

☐ Yes ☒ No

 

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, $0.001 par value per share   BBIG   The Nasdaq Stock Market LLC

 

As of February 21, 2023, there were 248,987,660 shares of the registrant’s common stock outstanding.

 

 

 

 
 

 

VINCO VENTURES, INC.

 

TABLE OF CONTENTS

 

    Page Number
     
PART I    
Item 1. Financial Statements (Unaudited)  
  Condensed Consolidated Balance Sheets as of June 30, 2022 (Unaudited) and December 31, 2021 5
  Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021 (Unaudited) 6
  Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three and the six months ended June 30, 2022 and 2021 (Unaudited) 7
  Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021 (Unaudited) 8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 32
Item 3. Quantitative and Qualitative Disclosures About Market Risk 50
Item 4. Controls and Procedures 50
     
PART II    
Item 1. Legal Proceedings 53
Item 1A. Risk Factors 53
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 56
Item 3. Defaults Upon Senior Securities 56
Item 4. Mine Safety Disclosures 56
Item 5. Other Information 56
Item 6. Exhibits 56
     
  Signatures 57

 

2

 

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q for the period ended June 30, 2022 (the “Quarterly Report”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements relate to future events including, without limitation, our ability to raise capital, our operational and strategic initiatives or our future financial performance. We have attempted to identify forward-looking statements by using terminology such as “anticipates,” “believes,” “expects,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predict,” “should,” or “will” or the negative of these terms or other comparable terminology. These statements are only predictions; uncertainties and other factors may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels or activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Our expectations are as of the date this Quarterly Report is filed, and we do not intend to update any of the forward-looking statements after the date this Quarterly Report is filed to confirm these statements to actual results, unless required by law.

 

You should not place undue reliance on forward looking statements. The cautionary statements set forth in this Quarterly Report identify important factors which you should consider in evaluating our forward-looking statements. These factors include, among other things:

 

  Our ability to effectively execute our business plans including transitioning from being focused on end-to-end consumer product innovation, development, and commercialization to being focused on digital media, advertising and content technologies innovation, development, and commercialization;
  Our ability to manage our expansion, growth and operating expenses;
  Our ability to protect our brands, reputation and intellectual property rights;
  Our ability to obtain adequate financing to support our development plans;
  Our ability to repay our debts;
  Our ability to rely on third-party suppliers, content contributors, developers, and other business partners;
  Our ability to evaluate and measure our business, prospects and performance metrics;
  Our ability to compete and succeed in a highly competitive and evolving industry;
  Our ability to respond and adapt to changes in technology and consumer behavior;
  Our dependence on information technology, and being subject to potential cyberattacks, security problems, network disruptions, and other incidents;
  Our ability to comply with complex and evolving laws and regulations including those relating to privacy, data use and data protection, content, competition, safety and consumer protection, e-commerce, digital assets and other matters, many of which are subject to change and uncertain interpretation;
  Our ability to enhance disclosure and financial reporting controls and procedures and remedy the existing weakness;
  Risks in connection with completed or potential acquisitions, dispositions and other strategic growth opportunities and initiatives;
  Risks related to the integration of completed acquisitions and the achievement of our expected benefits from our acquisitions and investments, including, but not limited to, our investment in Lomotif Private Limited (“Lomotif”) through ZVV Media Partners, LLC (“ZVV”), our investment in Magnifi U Inc. (“Magnifi U”), our joint venture with ZASH Global Media and Entertainment Corporation (“ZASH”), and our acquisitions of AdRizer, LLC (“AdRizer”) and Honey Badger Media, LLC (“Honey Badger”);
  Various risks related to health epidemics, pandemics and similar outbreaks, such as the coronavirus disease 2019 (“COVID-19”) pandemic, which may have material adverse effects on our business, financial position, results of operations and/or cash flows;
  Other risk factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2021.

 

Specifically, our investment in Lomotif and related growth initiatives may fail to deliver our expected benefits, for reasons relating to including, but not limited to, our and Lomotif’s capital requirements and whether we will be able to raise capital as needed; our ability to successfully develop the business and revenue models for Lomotif’s social media platform; whether Lomotif can retain its existing users and attract new users to its platform; whether our cross-platform user engagement strategy will enhance our ability to monetize the Lomotif platform; whether Lomotif can attract and maintain relationships with influencers, artists, and other content creators or publishers who will provide compelling content to the platform; our ability to integrate the operations of Lomotif within the Vinco Ventures conglomerate and create synergies between Lomotif and other businesses and assets we have acquired or plan to acquire, including AdRizer; the ability of Lomotif’s platform and associated promotional activities to compete effectively for user engagement; Lomotif’s ability to retain reliable developers, vendors and suppliers to support its operations; failure of third parties to promote Lomotif’s platform and associated products and services effectively or at all; breaches of network and data security measures; a disruption or failure of networks and information systems; Lomotif’s ability to protect its patents and other intellectual property and operate its businesses without infringing upon the intellectual property rights of others; changes in local, state, federal and international laws and regulations that may adversely affect Lomotif’s business or prospects; risk of attempts at unauthorized or improper use of the platform and resulting damages to Lomotif’s reputation; the inability to maintain or increase the value of the Lomotif brands; the inability to successfully respond to rapid changes in technologies and user tastes and preferences and remain competitive; the impact of any legal proceedings or governmental action against Lomotif; and whether Lomotif will continue to receive the services of key management and retain qualified personnel.

 

In addition, AdRizer’s advertising business and our efforts to integrate AdRizer with our other businesses or investments such as Lomotif and Honey Badger are subject to risks including, but not limited to, AdRizer is faced with intensive competition in the digital advertising industry; high customer concentration, long sales cycles and payment-related risks may subject AdRizer to significant fluctuations or declines in revenues; the reliability of operational and performance issues with AdRizer’s platform, whether real or perceived, including a failure to respond to technological changes or to upgrade its technology systems, may adversely affect AdRizer’s business and operational results; AdRizer’s technology solutions are dependent on third parties including data hosting service, data providers and various technology, software, products and services from third parties or available as open source; AdRizer’s business practices are subject to governmental regulation, legal requirements or industry standards relating to consumer privacy, data protection and consumer protection, and unfavorable changes or failure by AdRizer to comply with these laws and regulations could substantially harm its business; and to the extent the use of “third-party cookies” or other technology to uniquely identify devices is rejected by Internet users, restricted by government regulations, blocked or limited by technical changes on end users’ devices and web browsers, AdRizer’s performance may decline and AdRizer may lose advertisers.

 

These and other factors discussed above could cause results to differ materially from those expressed in the estimates made by any independent parties and by us.

 

3

 

 

USE OF MARKET AND INDUSTRY DATA

 

This Quarterly Report includes market and industry data that we have obtained from third-party sources, including industry publications, as well as industry data prepared by our management on the basis of its knowledge of and experience in the industries in which we operate (including our management’s estimates and assumptions relating to such industries based on that knowledge). Management has developed its knowledge of such industries through its experience and participation in these industries. While our management believes the third-party sources referred to in this Quarterly Report are reliable, neither we nor our management have independently verified any of the data from such sources referred to in this Quarterly Report or ascertained the underlying economic assumptions relied upon by such sources. Furthermore, internally prepared and third- party market prospective information, in particular, are estimates only and there will usually be differences between the prospective and actual results, because events and circumstances frequently do not occur as expected, and those differences may be material. Also, references in this Quarterly Report to any publications, reports, surveys or articles prepared by third parties should not be construed as depicting the complete findings of the entire publication, report, survey or article. The information in any such publication, report, survey or article is not incorporated by reference in this Quarterly Report.

 

TRADEMARKS, SERVICE MARKS AND TRADE NAMES

 

Solely for convenience, we refer to trademarks in this Quarterly Report without the ® or the ™ or symbols, but such references are not intended to indicate that we will not assert, to the fullest extent under applicable law, our rights to our own trademarks. Other service marks, trademarks and trade names referred to in this Quarterly Report, if any, are the property of their respective owners, although for presentational convenience we may not use the ® or the ™ symbols to identify such trademarks.

 

OTHER PERTINENT INFORMATION

 

Unless the context otherwise indicates, when used in this Quarterly Report, the terms “Vinco Ventures”, “Vinco”, “we,” “us,” “our,” the “Company” and similar terms refer to Vinco Ventures, Inc., a Nevada corporation formerly known as Edison Nation, Inc., Xspand Products Lab, Inc. and Idea Lab Products, Inc., and all of our consolidated subsidiaries and variable interest entities. The Company was formerly known as Edison Nation Inc., Xspand Products Lab, Inc. and Idea Lab Products, Inc. prior to its name change to “Vinco Ventures, Inc.” on November 10, 2020.

 

 

4

 

 

PART ONE – FINANCIAL INFORMATION

 

Vinco Ventures, Inc. and Subsidiaries

CONDENSED CONSOLIDATED BALANCE SHEETS

 

  

June 30,

2022

  

December 31,

2021

 
   (Unaudited)     
Assets*          
Current assets:          
Cash and cash equivalents  $99,216,863   $86,700,982 
Restricted cash - short term   -    100,000,000 
Short-term investments   145,000    178,000 
Accounts receivable, net   6,270,929    257,394 
Inventory, net   -    365,002 
Prepaid expenses and other current assets   3,612,761    7,043,685 
Loans held-for-investment—related parties - current portion   15,740,000    3,950,000 
Current assets of discontinued operations   -    5,248,600 
Total current assets   124,985,553    203,743,664 
           
Restricted cash long-term   80,000,000    - 
Property and equipment, net   760,992    368,981 
Right of use assets, net   629,521    168,914 
Loan held-for-investment   750,000    250,000 
Loan held-for-investment - related parties   8,451,250    16,500,000 
Intangible assets, net   74,940,932    40,525,453 
Goodwill   138,166,483    121,580,144 
Investment in Mind Tank, LLC   

3,093,926

    

-

 
Investments   1,000,000    1,000,000 
Film and television productions   424,096    - 
Other assets   3,140,836    - 
Due from related party   15,416,136    15,997,803 
Due from Cryptyde (related party)   6,750,130    - 
Non-current assets of discontinued operations   -    5,007,770 
Total assets  $458,509,854   $405,142,729 
           
Liabilities and stockholders’ equity          
Current liabilities:          
Accounts payable  $10,314,122   $6,105,963 
Accrued expenses and other current liabilities   4,476,083    12,230,879 
Current portion of operating lease liabilities   203,022    100,733 
Current portion of convertible notes payable, net of debt issuance costs of $4,066,590 and $68,911,823, respectively   29,046,245    44,238,177 
Current portion of warrant liability to be settled by cash   33,886,612    - 
Current portion of notes payable   -    15,530 
Current portion of notes payable - related parties   112,835    112,835 
Current liabilities of discontinued operations   -    7,285,429 
Total current liabilities   78,038,919    70,089,546 
           
Operating lease liabilities, net of current portion   437,369    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    93,393 
Convertible notes payable, net of current portion, net of debt issuance costs of $30,224,392 and $0, respectively.   49,652,774    - 
Derivative liability   94,300,999    198,519,395 
Deferred tax liability   61,645    108,420 
Deferred acquisition purchase price   11,080,000    - 
Non-current liabilities of discontinued operations   -    74,419 
Total liabilities   236,180,629    271,455,687 
           
Commitments and contingencies (Note 14)   -       
           
Stockholders’ equity          
Common stock, $0.001 par value, 250,000,000 shares authorized; 233,140,993 and 150,118,024 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively    233,141    150,118 
Additional paid-in capital   1,181,292,871    850,096,635 
Accumulated deficit   (963,776,852)   (736,821,840)
Total stockholders’ equity attributable to Vinco Ventures, Inc.   217,749,161    113,424,913 
Noncontrolling interest   4,580,065    20,262,129 
Total stockholders’ equity   222,329,225    133,687,042 
Total liabilities and stockholders’ equity  $458,509,854   $405,142,729 

 

* The assets of the variable interest entities (the “VIEs”) can be used to settle obligations of the consolidated entities. Conversely, liabilities recognized as a result of consolidating these VIEs do not represent additional claims on the Company’s general assets (Note 4).

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

5

 

 

Vinco Ventures, Inc. and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

                     
   For the Three Months
Ended June 30,
   For the Six Months
Ended June 30,
 
   2022   2021   2022   2021 
Revenues                
Total revenue, net  $10,365,300   $685,117   $18,142,566   $1,492,627 
                     
Cost of revenues                    
Total costs of revenue   10,946,367    316,900    18,723,030    687,123 
Gross profit (deficit)   (581,066)   368,217    (580,464)   805,504 
                     
Operating expenses:                    
Selling, general and administrative   30,739,339    5,410,233    55,588,027    16,692,058 
Impairment expense   

453,449

    -    

453,449

    

-

 
Total operating expenses   31,192,788    5,410,233    56,041,476    16,692,058 
Operating loss   (31,773,855)   (5,042,016)   (56,621,939)   (15,886,554)
                     
Other income (expense):                    
Interest income (expense)   (16,107,800)   (2,650,306)   (38,634,780)   (15,377,596)
Loss on issuance of warrants   -    (133,699,181)   (243,681,478)   (208,855,715)
Loss on inventory write down   (365,001)   -    (365,001)   - 
Loss on investments   (1,641,521)   -    (1,641,521)   - 
Change in fair value of warrant liability   173,059,037    (37,154,989)   86,110,179    (773,447)
Change in fair value of contingent purchase price related to Adrizer, LLC acquisition   12,170,000    -    12,170,000    - 
Other income (loss)   66,010    (353,645)   215,604    (423,645)
Total other income (expense)   167,180,725    (173,858,121)   (185,826,997)   (225,430,403)
Income (loss) before income taxes   135,406,870    (178,900,137)   (242,448,937)   (241,316,957)
Income tax expense   -    -    -    - 
Net income (loss)   135,406,870    (178,900,137)   (242,448,937)   (241,316,957)
Net (loss) income attributable to noncontrolling interests   (12,532,866)   22,543    (18,690,055)   50,577 
Net income (loss) attributable to Vinco Ventures, Inc. from continuing operations   147,939,736    (178,922,680)   (223,758,881)   (241,367,534)
Net loss from discontinued operations   (2,011,571)   (4,746,066)   (3,260,912)   (4,770,766)
                
Net income (loss) attributable to Vinco Ventures, Inc.  $145,928,165   $(183,668,746)  $(227,019,793)  $(246,138,300)
Net income (loss) per share- Basic                
Net income (loss) per share- Continuing operations  $0.62   $(9.39)  $(1.22)  $(8.78)
Net income (loss) per share- Noncontrolling interests   (0.06)   0.00    (0.09)   0.00 
Net loss per share – Vinco Ventures, Inc.   0.68    (9.39)   (1.13)   (8.78)
Net loss per share- Discontinued operations   (0.01)   (0.25)   (0.02)   (0.17)
Net loss per share  $0.67   $(9.64)  $(1.14)  $(8.95)
Net income (loss) per share – Diluted                    
Net income (loss) per share - Continuing operations  $0.56   $(9.39)  $(1.22)  $(8.78)
Net income (loss) per share - Noncontrolling interests   (0.06)   0.00    (0.09)   0.00 
Net loss per share – Vinco Ventures, Inc.   0.61    (9.39)   (1.13)   (8.78)
Net loss per share - Discontinued operations   (0.01)   (0.25)   (0.02)   (0.17)
Net loss per share  $0.60   $(9.64)  $(1.14)  $(8.95)
                     
Weighted Average Number of Common Shares Outstanding – Basic   217,127,978    19,055,006    198,777,747    27,489,580 
Weighted Average Number of Common Shares Outstanding – Diluted   245,799,190    19,055,006    198,777,747    27,489,580 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

6

 

 

Vinco Ventures, Inc. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)

 

For the six months ended June 30, 2022 and 2021:

 

                                 
                      Retained       
   Preferred Stock   Common Stock  

Additional

Paid in

  

Earnings

Accumulated

  

Non-

controlling

  

Total

Stockholders’

 
   Shares   Amount   Share   Amount   Capital   (Deficit)   Interest   Equity 
                                 
Balance, January 1, 2021   764,618    $765    14,471,403    $14,471    $39,050,260    $(23,648,898)   $(1,893,897)   $13,522,701 
Sale of common stock – investors   -    -    1,500,000    1,500    3,253,500    -    -    3,255,000 
Issuance of common stock - note holders   -    -    303,483    304    422,368    -    -    422,672 
Issuance of common stock - consultants   -    -    1,394,272    1,394    2,034,941    -    -    2,036,335 
Issuance of common stock - employees   -    -    2,861,227    2,861    3,289,329    -    -    3,292,190 
Issuance of common stock upon exercise of warrants   -    -    31,742,986    31,743    87,753,676    -    -    87,785,419 
Offering costs -exercise of warrants   -    -    -    -    (7,379,064)   -    -    (7,379,064)
Issuance of common stock for acquisition   -    -    750,000    750    1,251,750    -    -    1,252,500 
Share-based compensation   -    -    -    -    5,053,704    -    -    5,053,704 
Conversion under notes payable   -    -    6,139,252    6,139    12,242,368    -    -    12,248,507 
Exercise of warrant liabilities   -    -    -    -    89,654,047    -    -    89,654,047 
Shares reserved for future issuance of common stock as consideration for the Emmersive asset acquisition   -    -    -    -    7,400,000    -    -    7,400,000 
Conversion of preferred stock to common   (764,618)   (765)   764,619    765    -    -    -    - 
Net (loss) income   -    -    -    -    -    (246,138,300)   50,577    (246,087,723)
Balance, June 30, 2021   -    -    59,927,242   $59,927   $244,026,879   $(269,787,198)  $(1,843,320)  $(27,543,712)
                                         
Balance, January 1, 2022   -    -    150,118,024   $150,118   $850,096,635   $(736,821,840)  $20,262,129   $133,687,042 
Issuance of common stock – note holders   -    -    1,000,000    1,000    2,189,000    -    -    2,190,000 
Issuance of common stock - consultants   -    -    40,000    40    102,523    -    -    102,563 
Warrants exercised, net of offering costs   -    -    81,982,969    81,983    100,954,855    -    -    101,036,838 
Share-based compensation   -    -    -    -    -    -    2,081,764    2,081,764 
Exercise of warrant liabilities   -    -    -    -    227,949,858    -    -    227,949,858 
Write off of investments   -    -    -     -     -     -     927,875    927,875 

Investment in Magnifi U

   -    -    -    -    -    -    (301,256)   (301,256)
Common stock issued by Cryptyde, Inc.   -    -    -    -    -    12,001,000    -    12,001,000 
Spin-off of Cryptyde, Inc.   -    -    -    -    -    (11,936,218)   299,608    (11,636,610)
Net loss   -    -    -    -    -    (227,019,793)   (18,690,055)   (245,709,849)
Balance, June 30, 2022   -   $-    233,140,993   $233,141   $1,181,292,871   $(963,776,852)  $4,580,064   $222,329,225 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

For the three months ended June 30, 2022 and 2021:

 

    1    2    3    4    5    6    7    8 
                       Retained         
   Preferred Stock   Common Stock  

Additional

Paid-in

  

Earnings

Accumulated

  

Non-

controlling

  

Total

Stockholders’

 
   Shares   Amount   Shares   Amount   Capital   (Deficit)   Interest   Equity 
                                 
Balance, March 31, 2021   764,618   $765    25,685,981   $25,686   $66,002,229   $(86,118,452)  $(1,865,863)  $(21,955,635)
Issuance of common stock – consultants   -    -    451,272    451    (451)   -    -    - 
Issuance of common stock – employees   -    -    1,598,355    1,598    (1,598)   -    -    - 
Issuance of common stock upon exercise of warrants   -    -    30,862,188    30,862    86,063,953    -    -    86,094,815 
Offering costs -exercise of warrants   -    -    -    -    (7,379,064)   -    -    (7,379,064)
Share-based compensation   -    -    -    -    1,393,268    -    -    1,393,268 
Conversion under notes payable   -    -    564,827    565    1,153,922    -    -    1,154,487 
Exercise of warrant liabilities   -    -    -    -    89,394,620    -    -    89,394,620 
Shares reserved for future issuance of common stock as consideration for the Emmersive asset acquisition   -    -    -    -    7,400,000    -    -    7,400,000 
Conversion of preferred stock to common   (764,618)   (765)   764,619    765    -    -    -    - 
Net (loss) income   -    -    -    -    -    (183,668,746)   22,543    (183,646,203)
Balance, June 30, 2021   -    -    59,927,242   $59,927   $244,026,879   $(269,787,198)  $(1,843,320)  $(27,543,712)
                                         
Balance, March 31, 2022   -    -    188,052,593    188,053   $1,053,407,146   $(1,109,769,797)  $15,145,821   $(41,028,777)
Issuance of common stock - note holders   -    -    -    -    10,000    -    -    10,000 
Issuance of common stock - consultants   -    -    40,000    -    102,563    -    -    102,563 
Warrants exercised, net of offering costs   -    -    45,048,400    45,088    (45,088)   -    -    - 
Share-based compensation   -    -    -    -    (102,563)   -    1,040,882    938,319 
Exercise of warrant liabilities   -    -    -    -    127,920,814    -    -    127,920,814 
Write off of investments   -    -    -    -    -    -    927,875    927,875 
Investment in Magnifi U   -    -    -    -    -    -    (301,256)   (301,256)
Common stock issued by Cryptyde, Inc.   -    -    -    -    -    12,001,000    -    12,001,000 
Spin-off of Cryptyde, Inc.   -    -    -    -    -    (11,936,218   299,608    (11,636,610)
Net (loss) income   -    -    -    -    -    145,928,164    (12,532,865)   133,395,298 
Balance, June 30, 2022   -    -    233,140,993   $233,141   $1,181,292,871   $(963,776,852)  $4,580,064   $222,329,225 

 

7

 

 

Vinco Ventures, Inc. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

           
   For the Six Months Ended June 30, 
   2022   2021 
Cash Flow from Operating Activities          
Net loss attributable to Vinco Ventures, Inc.  $(223,758,881)  $(241,367,534)
Net (loss) income attributable to noncontrolling interest    (18,690,055)   50,577 
Net income (loss)   (242,448,937)   (241,316,957)
Adjustments to reconcile net loss to net cash used in operating activities:          
Discontinued operations   (3,260,912)   (4,770,766)
Amortization of financing costs   36,873,397    15,597,936 
Share-based compensation   2,184,327    10,003,767 
Depreciation and amortization   4,974,199    1,081,623 
Amortization of right of use asset   35,604    48,327 
Change in fair value of short-term investment   33,000    122,400 
Loss on disposal of discontinued operations   -    4,130,580 
Gain on debt extinguishment   -    (852,352)
Loss on issuance of warrants   243,681,478    208,855,715 
Change in fair value of warrant liability   (86,110,179)   773,447 
Inventory write-off   (365,001)   - 
Write off of investments and Impairment Expense   2,100,045    - 
Equity method investment - Income share of Mind Tank LLC   (293,926)   - 
Change in fair value of deferred acquisition   (12,170,000)   - 
           
Changes in assets and liabilities:          
Accounts receivable   (674,375)   (1,596,881)
Inventory   (1,234,422)   169,793 
Prepaid expenses and other assets   993,247    (378,831)
Accounts payable   (3,366,760)   (819,943)
Related party, net   (862,501)   (17,050)
Accrued expenses and other liabilities   (12,053,808)   (775,082)
Operating lease liabilities   (35,303)   (47,714)
           
Net Cash Used in Operating Activities   (72,000,827)   (9,791,988)
           
Cash Flows from Investing Activities          
Issuance of loans held-for-investment-related parties   (6,290,000)   - 
Repayments of loans held-for-investment-related parties   1,048,750    - 
Issuance of loans held-for-investment   (500,000)   - 
Purchases of property and equipment   (544,653)   (88,633)
Cash received from sale of assets of CBAV 1, LLC   -    2,529,564