Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.21.2
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]  
Schedule of Disaggregation of Revenue

 

    2021     2020     2021     2020  
   

For the Three Months

Ended June 30,

   

For the Six Months

Ended June 30,

 
    2021     2020     2021     2020  
Revenues:                                
Product sales   $ 2,626,689     $ 5,123,067     $ 5,114,558     $ 7,036,204  
Service     -       -       -       -  
Licensing     65,122       50,915       142,415       91,124  
Total revenues, net   $ 2,691,811     $ 5,173,982     $ 5,256,973     $ 7,127,328  

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

For the three and six months ended June 30, 2021 and 2020, the following customer represented more than 10% of total net revenues:

 

   

For the Three Months

Ended June 30,

   

For the Six Months

Ended June 30,

 
    2021     2020     2021     2020  
Customer:                                
Customer A     11 %     *       11 %     *  
Customer B     *       11 %     *       *  

Customer C

    *       11 %     *       *  

 

* Customer did not represent greater than 10% of total net revenue.

 

For the three and six months ended June 30, 2021 and 2020, the following geographical regions represented more than 10% of total net revenues:

 

   

For the Three Months

Ended June 30,

   

For the Six Months

Ended June 30,

 
    2021     2020     2021     2020  
Region:                                
North America     100 %     98 %     100 %     93 %

 

* Region did not represent greater than 10% of total net revenue.
Schedule of Fair Value Financial Assets and Liabilities

The following fair value of financial assets and liabilities and the input level used to determine the fair value at June 30, 2021 is presented below:

 

    Fair Value Measurements as of June 30, 2021  
    Level 1     Level 2     Level 3  
                   
Assets:                  
Short-term investments   $ 895,600     $  -     $ -  
                         
Liabilities:                        
Warrant liability     -       -       139,695,115  
Total     895,600       -       139,695,115  

 

The following fair value of financial assets and liabilities and the input level used to determine the fair value at December 31, 2020 is presented below:

 

    Fair Value Measurements as of December 31, 2021  
    Level 1     Level 2     Level 3  
                   
Assets:                        
Short-term investments   $ 1,018,000     $  -     $ -  
                         
Liabilities:                        
Warrant liability     -       -       -  
Total     1,018,000       -       -  
Schedule of Reconciliation of Liabilities Measured at Fair Value

The following table presents a reconciliation of the Company’s liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2021:

 

   

Warrant

Liability

(Level 3)

 
Balance, December 31, 2020   $ -  
Issuance of warrants     228,575,715  
Change in fair value     773,447  
Exercise of warrants     (89,654,047 )
Balance, June 30, 2021   $ 139,695,115  
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

As of June 30, 2021 and 2020, the Company excluded the common stock equivalents summarized below, which entitled the holders thereof to ultimately acquire shares of common stock, from its calculation of earnings per share, as their effect would have been anti-dilutive.

 

    June 30,     June 30,  
    2021     2020  
Selling Agent Warrants     -       160,492  
Shares reserved in exchange for the cancellation of certain non-voting membership interest in Edison Nation Holdings, LLC     -       990,000  
Shares reserved in exchange for the cancellation of certain non-voting membership interest in EVNT, LLC     1,000,000       -  
Placement Agent Warrants     4,911,692       -  
Options     80,000       80,000  
Convertible shares under notes payable     2,700,587       999,536  
Warrants for noteholders     45,491,829       750,000  
Warrants for investors     1,500,000       -  
Restricted stock units     -       270,000  
Series B Convertible Stock     -       -  
Shares to be issued     -       46,500  
Total   $ 55,684,108     $ 3,296,528