Quarterly report pursuant to Section 13 or 15(d)

Variable Interest Entities (Tables)

v3.21.2
Variable Interest Entities (Tables)
9 Months Ended
Sep. 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 September 30, 2021:

 

    September 30, 2021     December 31, 2020  
             
Assets                
Current assets:                
Cash and cash equivalents   $ 8,931,879     $ 10,481  
Accounts receivable, net     -       94,195  
Inventory     -       240,158  
Loans receivable     17,050,000          
Intangible assets, net     -          
Prepaid expenses and other current assets     2,462,552       -  
Total current assets     28,444,431       344,834  
Property and equipment, net     135,108       -  
Intangible assets, net     139,932,672          
Total assets   $ 168,512,211     $ 344,834  
                 
Liabilities and stockholders’ equity                
Current liabilities:                
Accounts payable   $ 823,449     $ 217,558  
Accrued expenses and other current liabilities     1,579,729       113,576  
Lines of credit     -       1,133,652  
Notes payable, current     -       150,000  
Due to related party     315,666       315,666  
Total current liabilities     2,718,844       1,930,452  
Debt    

2,650,000

      -  

Total liabilities

  $

5,368,844

    $

1,930,452

 

 

 

Vinco Ventures, Inc. and Subsidiaries

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

Note 4 — Variable Interest Entities — (Continued)

 

The following table presents the operations of entities that are VIEs and consolidated by the Company at September 30, 2021:

 

    2021     2020     2021     2020  
   

For the Three Months

Ended September 30,

   

For the Nine Months

Ended September 30,

 
    2021     2020     2021     2020  
Revenues, net   $ -     $ 184,715     $ 307,339     $ 1,459,192  
Cost of revenues     -       69,191       93,685       1,064,114  
Gross profit     -       115,524       213,654       395,078  
                                 
Operating expenses:                                
Selling, general and administrative     11,761,747       91,114       11,866,488       294,676  
Operating (loss) income     (11,761,747 )     24,410       (11,652,834 )     100,402  
                                 
Other (expense) income:                                
Interest expense     (155,476 )     (73,840 )     (163,236 )     (130,796 )
Other income     98,353               98,353          
Total other (expense) income     (57,123 )     (73,840 )     (64,883 )     (130,796 )
Loss before income taxes     (11,818,870 )     (49,430 )     (11,717,717 )     (30,394 )
Income tax expense     -       -       -       -  
Net loss   $ (11,818,870 )   $ (49,430 )   $ (11,717,717 )   $ (30,394 )