Vinco Ventures, Inc.

CIK:0001717556|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Total revenue, net	$ 5,563,392	$ 229,004	$ 23,705,959	$ 1,721,631
Cost of revenues
Total costs of revenue	6,799,103	99,334	25,522,133	786,457
Gross profit (deficit)	(1,235,711)	129,670	(1,816,175)	935,174
Operating expenses:
Selling, general and administrative	19,470,629	25,606,702	75,058,655	42,298,760
Impairment expense	152,417,936		152,871,385
Total operating expenses	171,888,564	25,606,702	227,930,040	42,298,760
Operating loss	(173,124,275)	(25,477,032)	(229,746,215)	(41,363,586)
Other income (expense):
Interest (expense)	(4,311,410)	(26,997,803)	(42,946,190)	(42,375,399)
Loss on issuance of warrants		(206,948,147)	(243,681,478)	(415,803,862)
Loss on inventory write down			(365,001)
Loss on investments			(1,641,521)
Change in fair value of warrant liability	80,269,169	(287,117,556)	166,379,348	(287,891,003)
Change in fair value of contingent purchase price related to Adrizer, LLC acquisition	3,158,124		15,328,124
Loan loss expense	(36,422,210)		(36,422,210)
Loss on debt extinguishment	(37,235,055)		(37,235,055)
Other income (loss)	(73,220)	(515,647)	142,385	(939,292)
Total other income (expense)	5,385,398	(521,579,153)	(180,441,599)	(747,009,556)
Loss before income taxes	(167,738,877)	(547,056,185)	(410,187,814)	(788,373,142)
Income tax expense
Net loss	(167,738,877)	(547,056,185)	(410,187,814)	(788,373,142)
Net loss attributable to noncontrolling interests	(68,756,763)	(3,885,333)	(87,446,819)	(3,834,756)
Net loss attributable to Vinco Ventures, Inc. from continuing operations	(98,982,114)	(543,170,852)	(322,740,995)	(784,538,386)
Net loss from discontinued operations		707,722	(3,260,912)	(4,063,044)
Net loss attributable to Vinco Ventures, Inc.	$ (98,982,114)	$ (542,463,130)	$ (326,001,907)	$ (788,601,430)
Net loss per share - Basic and Diluted
Net loss per share- Continuing operations	$ (0.68)	$ (7.65)	$ (1.91)	$ (18.63)
Net loss per share- Noncontrolling interests	(0.28)	(0.05)	(0.41)	(0.09)
Net loss per share – Vinco Ventures, Inc.	(0.40)	(7.60)	(1.51)	(18.54)
Net loss per share- Discontinued operations		0.01	(0.02)	(0.10)
Net loss per share	$ (0.40)	$ (7.59)	$ (1.52)	$ (18.63)
Weighted Average Number of Common Shares Outstanding – Basic and Diluted	245,170,631	71,516,431	214,411,979	42,326,468

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash Flow from Operating Activities
Net loss attributable to Vinco Ventures, Inc.	$ (322,740,995)	$ (784,538,386)
Net loss attributable to noncontrolling interest	(87,446,819)	(3,834,756)
Net loss	(410,187,814)	(788,373,142)
Adjustments to reconcile net loss to net cash used in operating activities:
Discontinued operations	(3,260,912)	(4,063,044)
Amortization of financing costs	43,525,990	42,324,603
Share-based compensation	3,225,210	16,829,359
Depreciation and amortization	5,963,797	5,013,544
Loss on disposal of assets	147,569
Loss on disposal of joint venture		304,643
Amortization of right of use asset	308,750	80,333
Change in fair value of short-term investment	22,000	736,000
Write off of investments	1,646,596
(Gain) loss on debt extinguishment	27,235,055	(852,352)
Change in allowance for loan losses	36,422,210
Loss on issuance of warrants	243,681,478	415,803,862
Change in fair value of warrant liability	(166,379,348)	287,891,003
Inventory write-off	(365,001)
Exit of investment		4,130,580
Change in fair value of deferred acquisition	(15,328,124)
Equity method investment - Income share of Mind Tank LLC	(278,150)
Changes in assets and liabilities:
Accounts receivable	2,119,129	(591,061)
Inventory	(1,234,422)	232,213
Prepaid expenses and other assets	120,159	(2,835,791)
Accounts payable	(4,680,511)	2,027,185
Related party, net	(926,284)	(17,050)
Accrued expenses and other liabilities	(13,125,072)	(356,941)
Operating lease liabilities	(293,878)	(80,582)
Net Cash Used in Operating Activities	(98,770,185)	(21,796,639)
Cash Flows from Investing Activities
Issuance of loans held-for-investment-related parties	(7,130,000)
Repayments of loans held-for-investment-related parties	2,348,697
Issuance of loans held-for-investment	(500,000)
Purchases of property and equipment	(584,494)	(281,164)
Cash received from sale of assets of CBAV 1, LLC		2,529,565
Funding of loan receivable		(20,150,000)
Consolidation of Magnifi U (VIE)	1,008,435
Acquisition of business, net of cash acquired	(34,850,577)	(90,761,200)
Net Cash (Used in) Provided by Investing Activities	(39,707,939)	(108,662,799)
Cash Flows from Financing Activities
Net (repayments) under line of credit		(379,333)
Net (repayments) borrowings under convertible notes payable		120,501,538
Net (repayments) borrowings under notes payable	(165,530)	(1,070,318)
Net (repayments) borrowings under notes payable - related parties	(12,114)	(2,714,677)
Warrants settled for cash	(33,886,612)
Payments under convertible notes	(88,000,000)
Fees paid for financing costs		(10,205,678)
Net proceeds from exercise of warrants	101,036,838	167,961,099
Net proceeds from issuance of common stock		6,055,000
Common stock issued by Cryptyde, Inc.	12,001,000
Cash paid with Cryptyde, Inc. spinoff	(9,921,084)
Net Cash (Used in) Provided by Financing Activities	(18,947,502)	280,147,631
Net (Decrease) Increase in Cash and Cash Equivalents and Restricted Cash	(157,425,626)	149,688,193
Cash and Cash Equivalents and Restricted Cash - Beginning of Period	187,612,176	249,356
Cash and Cash Equivalents and Restricted Cash - End of Period	30,186,550	149,937,549
Cash paid during the year for:
Interest	529,797	976,282
Income taxes
Noncash investing and financing activity:
Issuance of warrants to note holders	243,681,478	102,938,515
Deferred acquisition purchase price	11,080,000
Share issued to holders of line of credit		1,178,750
Shares issued to note holders	2,190,000	422,672
Shares issued for the acquisition of Lomotif Private Limited		10,135,000
Conversions under notes payable	(6,781,620)	31,673,679
Shares reserved for EVNT, LLC		7,400,000
Asset acquisition of Love is Blurred, LLC – Repayment of held-for-investment-related parties	1,048,750
Consolidation of Magnifi U (VIE), net of cash	(2,054,191)
Acquisition of business, net of cash acquired	64,272,070
Ad Rizer LLC [Member]
Adjustments to reconcile net loss to net cash used in operating activities:
Impairment of Edison Nation goodwill	76,537,124
Impairment of E-NFT intangible assets	27,638,824
Lomotif Private Limited [Member]
Adjustments to reconcile net loss to net cash used in operating activities:
Impairment of Edison Nation goodwill	10,074,850
Impairment of E-NFT intangible assets	22,873,126
Uber Mom Lily And Cloud B Pirasta [Member]
Adjustments to reconcile net loss to net cash used in operating activities:
Impairment of Edison Nation goodwill	453,449
Edison Nation Inc [Member]
Adjustments to reconcile net loss to net cash used in operating activities:
Impairment of Edison Nation goodwill	4,938,674
Impairment of E-NFT intangible assets	3,747,352
E-NFT [Member]
Adjustments to reconcile net loss to net cash used in operating activities:
Impairment of E-NFT intangible assets	$ 6,607,990

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 20,186,550	$ 86,700,982
Restricted cash - short term		100,000,000
Short-term investments	156,000	178,000
Accounts receivable, net	3,477,425	257,394
Inventory, net		365,002
Prepaid expenses and other current assets	4,054,195	7,043,685
Loan held-for-investment	750,000
Loans held-for-investment - related parties - current portion, net of allowance for loan losses of $12,701,250 and $0, respectively	5,740,000	3,950,000
Current assets of discontinued operations		5,248,600
Total current assets	34,364,169	203,743,664
Restricted cash long-term	10,000,000
Property and equipment, net	582,842	368,981
Right of use assets, net	567,928	168,914
Loan held-for-investment		250,000
Loan held-for-investment - related parties, net of allowance for loan losses of $5,340,000 and $0, respectively		16,500,000
Intangible assets, net	13,154,465	40,525,453
Goodwill	46,615,835	121,580,144
Investment in Mind Tank, LLC	3,078,150
Investments	1,000,000	1,000,000
Film and television productions	2,918,306
Other assets	173,420
Due from related party, net of allowance for losses of $15,451,062 and $0, respectively	28,857	15,997,803
Due from Cryptyde net of allowance for losses of $2,025,039 and $0, respectively	4,725,091
Non-current assets of discontinued operations		5,007,770
Total assets	117,209,063	405,142,729
Current liabilities:
Accounts payable	9,000,371	6,105,963
Accrued expenses and other current liabilities	3,413,053	12,230,879
Current portion of operating lease liabilities	185,186	100,733
Current portion of convertible notes payable, net of debt issuance costs of $0 and $68,911,823, respectively	19,990,000	44,238,177
Current portion of notes payable		15,530
Current portion of notes payable – related parties	112,835	112,835
Current liabilities of discontinued operations		7,285,429
Total current liabilities	32,701,445	70,089,546
Operating lease liabilities, net of current portion	399,947	70,514
Convertible notes payable – related parties, net of current portion	2,500,000	2,500,000
Notes payable -related parties, net of current portion	108,923	93,393
Derivative liability	14,031,830	198,519,395
Deferred tax liability	61,645	108,420
Deferred acquisition purchase price	7,921,876
Non-current liabilities of discontinued operations		74,419
Total liabilities	57,725,665	271,455,687
Commitments and contingencies (Note 14)
Stockholders’ Equity
Common stock, $0.001 par value, 250,000,000 shares authorized; 238,187,660 and 150,118,024 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	238,188	150,118
Additional paid-in capital	1,185,884,491	850,096,635
Accumulated deficit	(1,062,758,966)	(736,821,840)
Total stockholders’ equity attributable to Vinco Ventures, Inc.	123,363,713	113,424,913
Noncontrolling interest	(63,880,316)	20,262,129
Total stockholders’ equity	59,483,398	133,687,042
Total liabilities and stockholders’ equity	$ 117,209,063	$ 405,142,729