Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 1,425,059 $ 2,052,731
Accounts receivable, net 3,092,506 1,877,351
Inventory 1,260,251 923,707
Prepaid expenses and other current assets 890,463 611,695
Income tax receivable 31,563  
Total current assets 6,699,842 5,465,484
Property and equipment, net 1,011,183 998,863
Right of use assets - operating leases, net 802,223 0
Intangible assets, net 12,148,611 12,687,731
Goodwill 9,736,510 9,736,510
Total assets 30,398,369 28,888,588
Current liabilities:    
Accounts payable 6,710,411 5,519,159
Accrued expenses and other current liabilities 1,787,949 1,135,551
Deferred revenues 175,956 175,956
Current portion of operating lease liabilities 199,690 0
Income tax payable 0 129,511
Line of credit, net of debt issuance costs of $23,359 and $31,145, respectively 748,048 531,804
Current portion of notes payable - related parties 1,016,917 932,701
Due to related party 75,082 140,682
Total current liabilities 12,421,771 8,878,936
Contingent consideration 520,000 520,000
Operating lease liabilities, net of current portion 613,809 0
Convertible notes payable - related parties, net of debt discount of $416,667 and $466,667 related to the conversion feature, respectively 1,011,494 961,494
Notes payable, net of current portion 49,669 56,688
Notes payable - related parties, net of current portion 2,406,277 2,531,490
Deferred tax liability 341 341
Total liabilities 17,023,361 12,948,949
Commitments and contingencies (Note 8)
Stockholders' equity    
Common stock, $0.001 par value, 250,000,000 shares authorized; 5,680,330 and 5,654,830 shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively 5,738 5,655
Additional paid-in-capital 21,136,912 20,548,164
Accumulated deficit (8,736,463) (5,565,756)
Total stockholders' equity attributable to Edison Nation, Inc. 12,406,187 14,988,063
Noncontrolling interests 968,821 951,576
Total stockholders' equity 13,375,008 15,939,639
Total liabilities and stockholders' equity 30,398,369 28,888,588
Long-term Debt [Member]    
Current liabilities:    
Current portion of long-term debt 789,214 313,572
Convertible Notes Payable [Member]    
Current liabilities:    
Current portion of long-term debt $ 918,504 $ 0