Annual report pursuant to Section 13 and 15(d)

Variable Interest Entities (Tables)

v3.21.1
Variable Interest Entities (Tables)
12 Months Ended
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
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, 2020:

 

 

   

For the Twelve Months

Ended December 31,

 
    2020     2019  
             
Assets                
Current assets:                
Cash and cash equivalents   $ 10,481     $ 6,234  
Accounts receivable, net     94,195       21,697  
Inventory     240,158       51,090  
Prepaid expenses and other current assets     -       379,561  
Total current assets     344,834       458,582  
Property and equipment, net     -       32,661  
Total assets   $ 344,834     $ 491,243  
                 
Liabilities and stockholders’ equity                
Current liabilities:                
Accounts payable   $ 217,558     $ 337,648  
Accrued expenses and other current liabilities     113,576       -  
Line of credit     1,133,652       -  
Notes payable, current     150,000       -  
Due to related party     315,666       315,666  
Total current liabilities     1,930,452       653,314  

 

The following table presents the operations of entities that are VIEs and consolidated by the Company at December 31, 2020:

 

   

For the Twelve Months

Ended December 31,

 
    2020     2019  
Revenues, net   $ 1,571,017     $ 352,523  
Cost of revenues     2,092,167       204,943  
Gross profit     (521,150 )     147,580  
                 
Operating expenses:                
Selling, general and administrative     413,217       450,693  
Operating income     (934,367 )     (303,113 )
                 
Other (expense) income:                
Interest expense     (174,396 )     -  
Total other (expense) income     (174,396 )     -  
Loss before income taxes     (47,578 )     (303,113 )
Income tax expense     -       -  
Net (loss) income   $ (1,108,763 )   $ (303,113 )