Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash Flow from Operating Activities    
Net loss attributable to Edison Nation, Inc. $ (12,929,706) $ (5,330,126)
Net loss attributable to noncontrolling interests (1,269,274) (13,891)
Net loss (14,198,980) (5,344,017)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,316,501 487,878
Amortization of debt issuance costs 944,437 300,277
Stock-based compensation 2,299,915 3,386,493
Change in fair value of earnout (520,000)
Impairment of goodwill 4,443,000
Deferred tax liability (341) (33,868)
Amortization of right of use asset 295,106
Changes in assets and liabilities:    
Accounts receivable (230,748) 590
Inventory (445,518) 59,309
Prepaid expenses and other current assets (704,626) (353,440)
Accounts payable 1,878,491 (1,408,184)
Accrued expenses and other current liabilities 282,516 636,881
Operating lease liabilities (272,779)
Due from related party (123,429) (507,922)
Net cash used in operating activities (5,036,455) (2,776,003)
Cash Flows from Investing Activities    
Purchases of property and equipment (159,938) (141,440)
Acquisitions, net of cash (772,581)
Purchase of loan held for investment (500,000)
Net cash used in investing activities (159,938) (1,414,021)
Cash Flows from Financing Activities    
Net borrowings under line of credit 531,804
Borrowings under convertible notes payable 1,111,111
Borrowings under notes payable 2,482,500 718,559
Repayments under line of credit (90,382)
Repayments under notes payable (1,231,744) (648,299)
Repayments under notes payable - related parties (182,170) (132,309)
Fees paid for financing costs (581,496) (99,444)
Net proceeds from issuance of common stock – net of offering costs of $310,697 2,048,562 5,315,176
Net cash provided by financing activities 3,556,381 5,685,487
Net (decrease) increase in cash and cash equivalents (1,640,012) 1,495,463
Cash and cash equivalents - beginning of year 2,052,731 557,268
Cash and cash equivalents - end of year 412,719 2,052,731
Supplemental Disclosures of Cash Flow Information    
Cash paid during the period for: Interest 260,444 103,865
Cash paid during the period for: Income taxes 235,275 265,015
Shares issued to note holders 167,500
Shares issued for the asset acquisition of Uber Mom 98,613
Shares reserved for the acquisition of Edison Nation Holdings, LLC 6,014,250
Borrowings under note payable for the purchase of property and equipment 73,559
Issuance of 5%, 5-year senior convertible notes for the acquisition of Edison Nation Holdings, LLC, net of debt discount for conversion feature 1,428,161
Change in fair value of earnout (520,000) 520,000
Right of use assets 943,997
Operating lease liabilities 943,997
Edison Nation Holdings, LLC [Member]    
Supplemental Disclosures of Cash Flow Information    
Shares issued for the acquisition 3,384,285
Cloud B, Inc. [Member]    
Supplemental Disclosures of Cash Flow Information    
Shares issued for the acquisition 2,664,200
Best Party Concepts, LLC [Member]    
Supplemental Disclosures of Cash Flow Information    
Satisfaction of due from related party for acquisition 500,000
Deemed distribution to shareholder for acquisition 692,533
Pirasta LLC [Member]    
Supplemental Disclosures of Cash Flow Information    
Satisfaction of due from related party for acquisition 470,000
Deemed distribution to shareholder for acquisition $ 188,552