Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

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

   

For the Three Months

Ended September 30,

   

For the Nine Months

Ended September 30,

 
    2021     2020     2021     2020  
Revenues:                        
Product sales   $ 1,123,966     $ 2,408,248     $ 6,303,646     $ 9,444,452  
Media platform sales    

1,042,898

      -      

1,042,898

      -  
Service     -       800       -       800  
Licensing     65,122       113,093       142,415       204,217  
Total revenues, net   $ 2,231,986     $ 2,522,141     $ 7,488,959     $ 9,649,469  
Schedule of Revenue from External Customers

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

 

 Schedule of Revenue from External Customers

   

For the Three Months

Ended September 30,

   

For the Nine Months

Ended September 30,

 
    2021     2020     2021     2020  
Customer:                        
Customer A     7 %     0*       10 %     0*  

 

* Customer did not represent greater than 10% of total net revenue.
Schedule of Revenue by Geographical Areas

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

 

   

For the Three Months

Ended September 30,

   

For the Nine Months

Ended September 30,

 
    2021     2020     2021     2020  
Region:                                
North America     100 %     79 %     100 %     89 %
Europe     * %     17 %     * %     10 %

 

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

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

 

 Schedule of Fair Value of Financial Assets and Liabilities

   

Fair Value Measurements as of

September 30, 2021

 
    Level 1     Level 2     Level 3  
                   
Assets:                          
Short-term investments   $ 282,000     $ -     $ -  
                         
Liabilities:                        
Warrant liability     -       -       468,612,700  
Total     282,000       -       468,612,700  

 

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, 2020

 
    Level 1     Level 2     Level 3  
                   
Assets:                            
Short-term investments   $ 282,000     $ -     $ -  
Total     282,000       -       -  
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 nine months ended September 30, 2021:

 

 Schedule of Reconciliation of Liabilities Measured at Fair Value

   

Warrant

Liability

(Level 3)

 
Balance, December 31, 2020   $ -  
Issuance of warrants     518,742,375  
Change in fair value     287,891,005  
Exercise of warrants     (338,020,680 )
Balance, September 30, 2021   $ 468,612,700  
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share

As of September 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.

 

Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share 

    September 30,     September 30,  
    2021     2020  
Selling Agent Warrants     -       160,492  
Shares reserved in exchange for the cancellation of certain non-voting membership interest in EVNT, LLC     1,000,000       -  
Placement Agent Warrants     6,291,604       -  
Options     80,000       80,000  
Convertible shares under notes payable     30,060,454       558,803  
Warrants for noteholders     86,529,254       625,000  
Warrants for investors     1,007,194       -  
Restricted stock units     -       120,000  
Series B Convertible Stock     -       -  
Shares to be issued     1,150,796       165,000  
Total   $ 126,119,302     $ 1,709,295