Quarterly report pursuant to Section 13 or 15(d)

Acquisitions and Divestitures (Tables)

v3.23.1
Acquisitions and Divestitures (Tables)
 9 Months Ended
Sep. 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 September 30, 2022. The amounts of revenue and earnings of AdRizer from the acquisition date of February 11, 2022 to September 30, 2022 are as follows:

 

         
Revenue   $ 23,415,515  
Net income   $ (41,285,001 )
 
             
    For the Nine Months
Ended September 30,		  
    2022
(Unaudited)		     2021
(Unaudited)		  
Revenues, net   $ 26,904,138     $ 32,864,062  
Net loss attributable to Vinco Ventures, Inc.   $ (326,019,643 )   $ (790,679,931 )
 
Schedule of Divestitures Balance Sheets

Details of assets and liabilities related to the spin-off of Cryptyde are as follows:

 

   

June 29, 2022

    

December 31, 2021

  
             
Assets                
Current assets:                
Cash   $ 9,921,084     $ 911,194  
Accounts receivable, net     1,092,406       867,027  
Inventory     2,075,089       110,664  
Prepaid expenses and other current assets     3,247,154       3,359,716  
Total current assets     16,335,733       5,248,601  
Loan receivable, related party     3,950,053       4,000,000  
Loan Interest Receivable, related party     133,187          
Fixed assets, net     1,193,132       1,007,770  
Total Assets   $ 21,612,105     $ 10,256,371  
                 
Liabilities and Stockholders’ Equity                
Current liabilities:                
Current liabilities   $ 3,178,690     $ 7,285,429  
Total Current Liabilities     3,178,690       7,285,429  
Other liabilities:                
Due company (former parent), net   $ 6,750,130     $ 27,644  
Other liabilities     46,775       46,775  
Net assets of spin-off / discontinued operations:                
Net assets of spin-off / discontinued operations   $ 11,636,610     $ 2,896,522  

 

The following cash flow supplementary information summarizes the distribution:

 

    June 29, 2022  
       
Cash distributed   $ 9,921,084  
Other assets distributed     11,691,021  
Liabilities distributed     (9,975,495 )
         
Net assets distributed   $ 11,636,610  

 

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 September 30,		     For the Nine Months
Ended September 30,		  
    2022     2021     2022     2021  
Revenues, net   $ -     $ 2,002,982     $ 11,103,512     $ 5,767,328  
Cost of revenues     -       1,432,506       9,466,949       4,119,953  
Gross Profit     -       570,476       1,636,563       1,647,375  
                                 
Operating expenses:                                
Selling, general and administrative     -       262,717       5,050,186       1,173,191  
Operating Income     -       307,759       (3,413,623 )     474,184  
                                 
Other (expense) Income                                
Interest income (expense)     -       (14,509 )     149,311       (47,327 )
Other income (loss)     -       567,792       3,400       622,199  
Total other (expense) income     -       553,283       152,711       574,872  
(Loss) Income Before Income Taxes     -       861,042       (3,260,912 )     1,049,056  
Income tax expense     -       -       -       -  
Net (Loss) Income   $ -     $ 861,042     $ (3,260,912 )   $ 1,049,056  
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