Quarterly report pursuant to Section 13 or 15(d)

Variable Interest Entities (Tables)

v3.21.2
Variable Interest Entities (Tables)
6 Months Ended
Jun. 30, 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 June 30, 2021:

 

    June 30, 2021     December 31, 2020  
             
Assets                
Current assets:                
Cash and cash equivalents   $ 3,845     $ 10,481  
Accounts receivable, net     -       94,195  
Inventory     -       240,158  
Prepaid expenses and other current assets     -       -  
Total current assets     3,845       344,834  
Property and equipment, net     -       -  
Total assets   $ 3,845     $ 344,834  
                 
Liabilities and stockholders’ equity                
Current liabilities:                
Accounts payable   $ 29,164     $ 217,558  
Accrued expenses and other current liabilities     43,473       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     1,521,955       1,930,452  
The following table presents the operations of entities that are VIEs and consolidated by the Company at June 30, 2021:

 

                 
   

For the Three Months

Ended June 30,

   

For the Six Months

Ended June 30,

 
    2021     2020     2021     2020  
Revenues, net   $ 92,945     $ 1,051,945     $ 307,339     $ 1,274,477  
Cost of revenues     9,530       789,000       93,685       994,923  
Gross profit     83,415       262,945       213,654       279,554  
                                 
Operating expenses:                                
Selling, general and administrative     4,320       136,648       104,741       203,562  
Operating income     79,095       126,297       108,913       75,992  
                                 
Other (expense) income:                                
Interest expense     (34,010 )     (21,331     (7,760 )     (56,956
Total other (expense) income     (34,010 )     (21,331     (7,760 )     (56,956
Loss before income taxes     45,085       104,966       101,153       19,036  
Income tax expense     -       -       -       -  
Net income   $ 45,085     $ 104,966     $ 101,153     $ 19,036