Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.19.1
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2018
Accounting Policies [Abstract]  
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]
As of December 31, 2018, the following customers represented more than 10% of total accounts receivable:
 
   
December 31,
 
   
2018
 
Customer A     12 %
Customer B     11 %
For the years ended December 31, 2018 and 2017, the following customers represented more than 10% of total net revenues:
 
   
For the years ended
December 31,
 
   
2018
   
2017
 
Customer A     21 %     31 %
 
 
 
 
 
 
 
 
* Customer did not represent greater than 10% of total net revenue.
Disaggregation of Revenue [Table Text Block]
The Company’s primary revenue streams include the sale and/or licensing of consumer goods and packaging materials for innovative products. The Company’s licensing business is not material and has not been separately disaggregated for segment purposes. The disaggregated Company’s revenues for the years ended December 31, 2018 and 2017 was as follows:
 
 
 
For the Years

Ended December 31,
 
 
 
2018
 
 
2017
 
 
 
 
 
 
 
 
Revenues:   
 
 
 
 
 
 
 
 
Product sales   
 
$
16,037,221
 
 
$
14,960,450
 
Service revenues
 
 
197,068
 
 
 
 
 
Licensing
 revenues   
 
 
267,920
 
 
 
-
 
Total revenues
, net
 
$
16,502,209
 
 
$
14,960,450
 
 
 
 
 
 
 
 
 
 
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]
For the years ended December 31, 2018 and 2017, the following geographical regions represented more than 10% of total net revenues:
 
   
For the Years
Ended December 31,
 
   
2018
   
2017
 
North America     80 %     83 %
Asia-Pacific     13 %     13 %
Fair Value, by Balance Sheet Grouping [Table Text Block]
As of December 31, 2018, the book value and estimated fair value of the Company’s level 3 instruments was as follows:
 
 
 
December 31, 2018
 
 
 
Book Value
 
 
Estimated
Fair Value
 
Loan held for investment
 
$
-
 
 
$
-
 
Contingent consideration
 
$
(520,000
)
 
$
(520,000
)
 
 
 
 
 
 
 
 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following changes in level 3 instruments for the year ended December 31, 2018 are presented below:
 
 
 
Loan Held
For
Investment
 
 
Contingent
Consideration –

Earnout
 
Balance, January 1, 2018
 
$
-
 
 
$
-
 
Purchases
 
 
500,000
 
 
 
-
 
Earnout incurred related to acquisition of Cloud B, Inc.
 
 
-
 
 
 
520,000
 
Acquisition of Cloud B, Inc. – eliminated in consolidation
 
 
(500,000
)
 
 
-
 
Balance, December 31, 2018
 
$
-
 
 
$
(520,000
)
 
 
 
 
 
 
 
 
 
 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]
 
 
December 31,
 
 
 
2018
 
Selling Agent Warrants
 
 
65,626
 
Shares reserved in exchange for the cancellation of certain non-voting membership interest in Edison Nation Holdings, LLC
 
 
990,000
 
Options
 
 
290,000
 
Convertible shares under notes payable
 
 
285,632
 
Shares to be issued to innovator
 
 
12,500
 
Total
 
 
1,643,758