Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.20.2
Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2020
Accounting Policies [Abstract]  
Schedule of Disaggregation of Revenue

The disaggregated Company’s revenues for the three months ended March 31, 2020 and 2019 was as follows:

 

   

For the Three Months

Ended March 31,

 
    2020     2019  
             
Revenues:                
Product sales   $ 3,626,901     $ 5,637,350  
Service revenues     -       25,597  
Licensing revenues     40,209       75,587  
Total revenues, net   $ 3,667,110     $ 5,738,534  
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

For the three months ended March 31, 2020 and 2019, the following customer represented more than 10% of total net revenues:

 

    For the Three Months Ended March 31,  
    2020     2019  
Customer A     11 %     * %
Customer B     * %     23 %

 

* Customer did not represent greater than 10% of total net revenue.

 

For the three months ended March 31, 2020 and 2019, the following geographical regions represented more than 10% of total net revenues:

 

    For the Three Months Ended March 31,  
    2020     2019  
North America     82 %     77 %
Europe     17 %     19 %

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

As of March 31, 2020, the Company included the common stock equivalents summarized below, which entitle the holders thereof to ultimately acquire shares of common stock, from its calculation of earnings per share, as their effect would have been dilutive.

 

    March 31,  
    2020  
Shares reserved in exchange for the cancellation of certain non-voting membership interest in Edison Nation Holdings, LLC     990,000  
Convertible shares under notes payable     550,000  
Warrants for noteholders     800,000  
Restricted stock units     210,000  
Shares to be issued     215,000  
Total     2,765,000  

 

As of March 31, 2020 and 2019, the Company excluded the common stock equivalents summarized below, which entitled the holders thereof to ultimately acquire shares of common stock, from its calculation of earnings per share, as their effect would have been anti-dilutive.

 

    March 31,     March 31,  
    2020     2019  
Selling Agent Warrants     160,492       65,626  
Shares reserved in exchange for the cancellation of certain non-voting membership interest in Edison Nation Holdings, LLC     -       990,000  
Options     80,000       290,000  
Convertible shares under notes payable     285,632       285,632  
Shares to be issued     -       12,500  
Total   $ 526,124     $ 1,643,758  

Schedule of Earnings Per Share, Basic and Diluted

Net earnings per share data for the three months ended March 31, 2020 and 2019 were computed as follows:

 

    March 31, 2020     March 31, 2019  
    Basic     Diluted     Basic     Diluted  
Net income (loss) attributable to Edison Nation, Inc.   $ 1,269,492     $ 1,269,492     $ (1,435,290 )   $ (1,435,290 )
                                 
Average shares outstanding- basic     8,181,470       8,181,470       5,661,380       5,661,380  
Effect of dilutive securities:                                
Options and other share-based awards     -       210,000       -       -  
Shares reserved     -       990,000       -       -  
Warrants for noteholders     -       81,807       -       -  
Convertible shares under notes payable     -       46,337       -       -  
Shares to be issued     -       127,807       -       -  
      8,181,470       9,637,421       5,661,380       5,661,380  
                                 
Net income (loss) attributable to Edison Nation, Inc. per share   $ 0.16     $ 0.13     $ (0.25 )   $ (0.25 )