Quarterly report pursuant to Section 13 or 15(d)

Acquisitions and Divestitures (Tables)

v3.22.4
Acquisitions and Divestitures (Tables)
 6 Months Ended
Jun. 30, 2022
Business Acquisition [Line Items]  
Summary of Business Combination Acquired Assets and Liabilities Purchase Price

The following purchase price allocation is preliminary and details management’s estimate and allocation of the purchase price and fair value of the asset acquired and liabilities assumed at the time of closing.

 

         
    AdRizer  
Cash paid   $ 37,936,323  
Fair value of deferred acquisition price     23,250,000  
Purchase consideration   $ 61,186,323  

 

         
 

AdRizer

  
Cash and cash equivalents   $ 3,085,747  
Accounts receivable     5,564,539  
Other current assets     847,273  
Property and equipment     191,654  
Investment in Mind Tank, LLC     2,800,000  
Customer relationships     8,800,000  
Developed technology     28,000,000  
Trade Name     2,200,000  
Goodwill     17,039,788  
Total assets acquired     68,529,001  
         
Accounts payable and accrued expenses     7,342,678  
Total liabilities assumed     7,342,678  
    $ 61,186,323  
Schedule of Cash Flow Reconciliation

 Schedule of Cash Flow Reconciliation

         
Purchase consideration   $ 61,186,323  
Fair value of deferred acquisition price     (23,250,000 )
Cash and cash equivalents, acquired     (3,085,747 )
Net cash paid   $ 34,850,576  
Schedule of Business Combination Revenue and Earnings

The activity of AdRizer is included in the Company’s consolidated financial statements from the acquisition date to June 30, 2022. The amounts of revenue and earnings of AdRizer from the acquisition date of February 11, 2022 to June 30, 2022 are as follows:

 

         
Revenue   $ 17,940,338
Net income   $  (1,533,041 )

 
                                   
     

For the Three Months
Ended June 30,

   For the Six Months
Ended June 30,		  
      2022
(Unaudited)		     2021
(Unaudited)		     2022
(Unaudited)		     2021
(Unaudited)		  
Revenues, net     $ 6,607,748     $ 10,361,492     $ 21,340,746     $ 22,128,846  
Net loss attributable to Vinco Ventures, Inc.     $ 145,816,018     $ (178,799,924 )   $ (227,149,675 )   $ (241,174,878 )
 
Schedule of Loss on Income Operations of Discontinued Operations

The table below shows the assets that the Company transferred to BTL and the components of the loss on discontinued operations:

 

    April 21, 2021  
Cash received from buyer   $ 2,529,565  
         
Accounts receivable     (293,005 )
Inventory     (665,522 )
Prepaid expenses     (160,666 )
Intangible assets     (5,540,952 )
Loss on divestiture     4,130,580  
Operating loss of discontinued operations     178,200  
Bankruptcy costs     803,320  
Loss on discontinued operations   $ 5,112,100  
Schedule of Divestitures Income Statement

Details of earnings (loss) from discontinued operations included in our condensed consolidated statements of operations are as follows:

 

 

    2022     2021     2022     2021  
    For the Three Months
Ended June 29,		     For the Six Months
Ended June 29,		  
    2022     2021     2022     2021  
Revenues, net   $ 7,345,960     $ 2,006,694     $ 11,103,512     $ 3,764,346  
Cost of revenues     6,309,956       1,404,289       9,466,949       2,687,447  
Gross Profit     1,036,004       602,405       1,636,563       1,076,899  
                                 
Operating expenses:                                
Selling, general and administrative     3,100,767       531,419       5,050,186       910,474  
Operating Income     (2,064,763 )     70,986       (3,413,623 )     166,425  
                                 
Other (Expense) Income                                
Interest income (expense)     49,792       (65,175 )     149,311       (32,818 )
Other income (loss)     3,400       28,703       3,400       54,407  
Total other (Expense) Income     53,192       (36,472 )     152,711       21,589  
(Loss) Income Before Income Taxes     (2,011,571 )     34,514       (3,260,912 )     188,014  
Income tax expense     -       -       -       -  
Net (Loss) Income   $ (2,011,571 )   $ 34,514     $ (3,260,912 )   $ 188,014  
PZAJ Holdings LLC [Member]  
Business Acquisition [Line Items]  
Summary of the Aggregate Purchase Price Consideration Paid

The following table summarizes the aggregate purchase price consideration paid for the acquisition of the asset:

 

    April 17, 2021  
       
Fair value of shares reserved for future issuance and earn out shares   $ 7,400,000  
Fair value of assumed notes payable     151,987  
Total   $ 7,551,987