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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
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.
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.
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.
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
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.
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 | ) |
Net
(loss) 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 | ) |
Beginning balance, value | |
| - | | |
| - | | |
| 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 | |
Ending balance, value | |
| - | | |
| - | | |
| 233,140,993 | | |
$ | 233,141 | | |
$ | 1,181,292,871 | | |
$ | (963,776,852 | ) | |
$ | 4,580,064 | | |
$ | 222,329,225 | |
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 | |
|