Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.20.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 412,719 $ 2,052,731
Accounts receivable, net 2,108,099 1,877,351
Inventory 1,369,225 923,707
Prepaid expenses and other current assets 917,433 611,695
Income tax receivable 147,889
Total current assets 4,955,365 5,465,484
Property and equipment, net 931,968 998,863
Right of use assets, net 732,100
Intangible assets, net 11,598,063 12,687,731
Goodwill 5,392,123 9,736,510
Total assets 23,609,619 28,888,588
Current liabilities:    
Accounts payable 7,397,650 5,519,159
Accrued expenses and other current liabilities 1,594,669 1,135,551
Deferred revenues 159,591 175,956
Current portion of operating leases liabilities 272,215
Income tax payable 22,919 129,511
Line of credit, net of debt issuance costs of $15,573 and $30,000, respectively 456,995 531,804
Current portion of notes payable, net of debt issuance costs of $212,848 and $0, respectively 1,365,675 313,572
Current portion of notes payable - related parties 1,686,352 932,701
Due to related party 17,253 140,682
Total current liabilities 12,973,319 8,878,936
Contingent consideration 520,000
Operating leases liabilities -net of current portion 482,212
Convertible notes payable - related parties, net of current portion, net of debt discount of $366,666 and $466,667, respectively 1,061,495 961,494
Notes payable, net of current portion 42,492 56,688
Notes payable - related parties, net of current portion 1,595,669 2,531,490
Deferred tax liability 341
Total liabilities 16,155,187 12,948,949
Commitments and Contingencies (Note 14)
Stockholders' equity    
Common stock, $0.001 par value, 250,000,000 shares authorized; 8,015,756 and 5,654,830 shares issued and outstanding as of December 31, 2019 and 2018, respectively 8,016 5,655
Additional paid-in-capital 26,259,575 20,548,164
Accumulated deficit (18,495,461) (5,565,756)
Total stockholders' equity attributable to Edison Nation, Inc. 7,772,130 14,988,063
Noncontrolling interests (317,698) 951,576
Total stockholders' equity 7,454,432 15,939,639
Total liabilities and stockholders' equity $ 23,609,619 $ 28,888,588