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 December 31, 2021 and 2020:
Schedule of Variable Interest Entities
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,856,017 |
|
|
$ |
10,481 |
|
Accounts receivable, net |
|
|
- |
|
|
|
94,195 |
|
Inventory |
|
|
- |
|
|
|
240,158 |
|
Prepaid expenses and other current assets |
|
|
2,388,893 |
|
|
|
- |
|
Due from related party |
|
|
15,997,803 |
|
|
|
- |
|
Total current assets |
|
|
20,242,713 |
|
|
|
344,834 |
|
Property and equipment, net |
|
|
147,519 |
|
|
|
- |
|
Loans held-for investment |
|
|
3,100,000 |
|
|
|
- |
|
Loans held-for-investment – related parties |
|
|
11,500,000 |
|
|
|
- |
|
Intangible assets, net |
|
|
28,150,048 |
|
|
|
- |
|
Goodwill |
|
|
116,188,021 |
|
|
|
- |
|
Cost method investment |
|
|
1,000,000 |
|
|
|
- |
|
Total assets |
|
$ |
180,328,301 |
|
|
$ |
344,834 |
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
686,674 |
|
|
$ |
217,558 |
|
Accrued expenses and other current liabilities |
|
|
1,672,492 |
|
|
|
113,576 |
|
Line of credit |
|
|
- |
|
|
|
1,133,652 |
|
Notes payable, current |
|
|
2,650,000 |
|
|
|
150,000 |
|
Due to related party |
|
|
315,666 |
|
|
|
315,666 |
|
Total liabilities |
|
|
5,324,832 |
|
|
|
1,930,452 |
|
The
following table presents the operations of entities that are VIEs and consolidated by the Company for the years ending December 31, 2021
and 2020:
|
|
2021 |
|
|
2020 |
|
Revenues, net |
|
$ |
307,339 |
|
|
$ |
1,571,017 |
|
Cost of revenues |
|
|
93,685 |
|
|
|
2,092,167 |
|
Gross profit |
|
|
213,654 |
|
|
|
(521,150 |
) |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
14,494,091 |
|
|
|
413,217 |
|
Operating income |
|
|
(14,280,437 |
) |
|
|
(934,367 |
) |
|
|
|
|
|
|
|
|
|
Other (expense) income: |
|
|
|
|
|
|
|
|
Other income, net |
|
|
364,046 |
|
|
|
(174,396 |
) |
Total other (expense) income |
|
|
(13,916,391 |
) |
|
|
(174,396 |
) |
Income tax expense |
|
|
- |
|
|
|
- |
|
Net (loss) income |
|
$ |
(13,916,391 |
) |
|
$ |
(1,108,763 |
) |
|