Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.21.1
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Schedule of Disaggregation of Revenue

The disaggregated Company’s revenues for the years ended December 31, 2020 and 2019 was as follows:

 

   

For the Years

Ended December 31,

 
    2020     2019  
             
Revenues:                
Product sales   $ 15,522,649     $ 12,078,798  
Licensing revenues     258,670       444,634  
Total revenues, net   $ 15,781,319     $ 12,523,432  
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

For the years ended December 31, 2020 and 2019, the following customers represented more than 10% of total net revenues:

 

    For the years ended
December 31,
 
    2020     2019  
Customer:                
Customer A     - %     14 %

 

For the years ended December 31, 2020 and 2019, the following geographical regions represented more than 10% of total net revenues:

 

    For the Years Ended
December 31,
 
    2020     2019  
Region:                
North America     87 %     76 %
Asia-Pacific     2 %     9 %
Europe     11 %     15 %
Schedule of Fair Value of the Short-term Investment

The following fair value of the short-term investment held and the input level used to determine the fair value at December 31, 2020 is presented below:

 

    Level 1
U.S. equity stock   $ 1,018,000  
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following changes in level 3 instruments for the year ended December 31, 2020 are presented below:

 

    Contingent
Consideration
Earnout
 
Balance, January 1, 2019   $ (520,000 )
Change in fair value of earnout     520,000  
Balance, December 31, 2019     -  
TBD Safety, LLC’s sellers earnout     (200,000 )
Balance, December 31, 2020   $ (200,000 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

. As of December 31, 2020 and 2019, the Company excluded the common stock equivalents summarized below, which entitle the holders thereof to ultimately acquire shares of common stock, from its calculation of earnings per share, as their effect would have been anti-dilutive.

 

   

For the Years

Ended December 31,

 
    2020     2019  
             
Selling Agent Warrants     160,492       160,492  
Shares reserved in exchange for the cancellation of certain non-voting membership interest in Edison Nation Holdings, LLC     -       990,000  
Options     80,000       80,000  
Convertible shares under notes payable     517,073       285,632  
Warrants for noteholders     625,000       50,000  
Restricted stock units     30,000       210,000  
Series B Convertible Stock     764,618       -  
Shares to be issued     1,071,483       412,500  
Total     3,248,666       2,188,624