Quarterly report pursuant to Section 13 or 15(d)

Variable Interest Entities (Tables)

v3.22.1
Variable Interest Entities (Tables)
3 Months Ended
Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Carrying Values of Assets and Liabilities 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 as of March 31, 2022 and December 31, 2021:

 

      March 31, 2022    

 

December 31, 2021

 
    March 31, 2022    

December 31, 2021

 
             
Assets                
Current assets:                
Cash and cash equivalents   $ 6,183,563     $ 1,856,017  
Prepaid expenses and other current assets     1,824,684       2,388,893  
Other Investments     109,765,000       -  
Due from Related Party     11,400,584       15,997,803  
Loan Interest Receivable     366,355       -  
Total current assets     129,540,186       20,242,713  
Loan Held-for-Investment     3,100,000       3,100,000  
Loan Held-for-Investment, related parties     18,000,000       11,500,000  
Property and Equipment, net     189,028       147,519  
Intangible assets, net     27,047,962       28,150,048  
Goodwill     116,188,021       116,188,021  
Cost Method Investments     1,500,000       1,000,000  
Total assets   $ 295,565,197     $ 180,328,301  
                 
Liabilities and stockholders’ equity                
Current liabilities:                
Accounts payable   $ 575,420     $ 686,674  
Accrued expenses and other current liabilities     1,597,397       1,672,492  
Total current liabilities     2,172,817       2,359,166  
Intercompany     44,681,303       -  
Notes Payable     4,563,879       2,650,000  
Total liabilities   $ 58,091,392     $ 5,324,832  

 

The following table presents the operations of entities that are VIEs and consolidated by the Company as of March 31, 2022 and 2021:

 

                 
   

For the Three Months

Ended March 31,

 
    2022     2021  
Revenues, net   $ -     $ 214,394  
Cost of revenues     -       84,155  
Gross profit     -       130,239  
                 
Operating expenses:                
Selling, general and administrative     10,971,969       100,421  
Operating (loss) income     (10,971,969 )     29,818  
                 
Other (expense) income:                
Interest expense     (2,212 )     26,250  
Other income     88,569          
Total other (expense) income     (86,357 )     56,068  
Loss before income taxes     (10,885,612 )     56,068  
Income tax expense     -       -  
Net loss   $ (10,885,612 )   $ 56,068