Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 2,052,731 $ 557,268
Accounts receivable, net 1,877,351 1,430,236
Inventory 923,707 240,061
Prepaid expenses and other current assets 611,695 41,461
Due from related party 0 834,897
Total current assets 5,465,484 3,103,923
Property and equipment, net 998,863 966,904
Intangible assets, net 12,687,731 0
Goodwill 9,736,510 0
Total assets 28,888,588 4,070,827
Current liabilities:    
Accounts payable 5,519,159 1,135,039
Accrued expenses and other current liabilities 1,135,551 80,964
Deferred revenues 175,956 0
Income tax payable 129,511 56,745
Line of credit, net of debt issuance costs of $30,000 531,804 0
Current portion of long-term debt 313,572 0
Current portion of long-term debt - related parties 932,701 225,553
Due to related party 140,682 0
Total current liabilities 8,878,936 1,498,301
Contingent consideration 520,000 0
Long-term senior convertible debt – related parties, net of debt discount of $466,667 related to the conversion feature 961,494 0
Long-term debt, net of current portion 56,688 2,770,947
Long-term debt – related parties, net of current portion 2,531,490 0
Deferred tax liability 341 34,209
Total liabilities 12,948,949 4,303,457
Commitments and contingencies (Note 10)
Stockholders' equity (deficit)    
Common stock, $0.001 par value, 250,000,000 shares authorized; 5,654,830 and 3,000,000 shares issued and outstanding as of December 31, 2018 and 2017, respectively 5,655 3,000
Additional paid-in-capital 20,548,164 0
Accumulated deficit (5,565,756) (235,630)
Total stockholders' equity (deficit) attributable to Edison Nation, Inc. 14,988,063 (232,630)
Noncontrolling interests 951,576 0
Total stockholders' equity 15,939,639 (232,630)
Total liabilities and stockholders' equity (deficit) $ 28,888,588 $ 4,070,827