Quarterly report pursuant to Section 13 or 15(d)

Variable Interest Entities (Tables)

v3.21.1
Variable Interest Entities (Tables)
3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities

The following table presents the carrying values of the assets and liabilities of entities that are VIEs and consolidated by the Company at March 31, 2021:

 

    March 31, 2021     December 31, 2020  
             
Assets                
Current assets:                
Cash and cash equivalents   $ 15,994     $ 10,481  
Accounts receivable, net     113,493       94,195  
Inventory     251,918       240,158  
Prepaid expenses and other current assets     -       -  
Total current assets     381,405       344,834  
Property and equipment, net     -       -  
Total assets   $ 381,405     $ 344,834  
                 
Liabilities and stockholders’ equity                
Current liabilities:                
Accounts payable   $ 174,311     $ 217,558  
Accrued expenses and other current liabilities     19,326       113,576  
Line of credit, net of debt issuance costs of $0 and $15,573, respectively     1,133,652       1,133,652  
Notes payable, current     -       150,000  
Due to related party     315,666       315,666  
Total current liabilities     1,642,955       1,930,452  

 

The following table presents the operations of entities that are VIEs and consolidated by the Company at March 31, 2021:

 

   

For the Three Months

Ended March 31,

 
    2021     2020  
Revenues, net   $ 214,394     $ 352,523  
Cost of revenues     84,155       204,943  
Gross profit     130,239       147,580  
                 
Operating expenses:                
Selling, general and administrative     100,421       450,693  
Operating income     29,818       (303,113 )
                 
Other (expense) income:                
Interest expense     (26,250 )     -  
Total other (expense) income     (26,250 )     -  
Gain before income taxes     3,568       (303,113 )
Income tax expense     -       -  
Net (loss) income   $ 3,568     $ (303,113 )