Acquisition (Tables)
 12 Months Ended
Dec. 31, 2019
Business Combinations [Abstract]  
Summary of the Aggregate Purchase Price Consideration Paid

The following table summarizes the aggregate purchase price consideration paid for acquisitions during 2019:

 

    Uber Mom  
Cash paid   $ 52,352  
Fair value of issued shares     98,613  
Purchase consideration   $ 150,965  

 

The following table summarizes the aggregate purchase price consideration paid for acquisitions during 2018:

 

    Edison Nation                 Best Party  
    Holdings, LLC     Cloud B, Inc.     Pirasta, LLC     Concepts, LLC  
Cash paid     950,000       -     $ -     $ -  
Fair value of issued shares     3,384,285       2,664,200       -       -  
Fair value of reserved shares     6,014,250       -       -       -  
Issuance of debt     1,428,161       -       -       -  
Settlement of due from related party     -       -       470,000       500,000  
Fair value of contingent consideration     -       520,000       -       -  
Adjustment to purchase price – earnout             (520,000 )                
Purchase consideration   $ 11,776,696     $ 2,664,200     $ 470,000     $ 500,000  
Summary of Preliminary Purchase Price Allocation of Fair Values of the Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary purchase price allocation of fair values of the assets acquired and liabilities assumed during 2018 at the date of acquisition:

 

    Edison Nation                 Best Party  
    Holdings, LLC     Cloud B, Inc.     Pirasta, LLC     Concepts, LLC  
Cash and cash equivalents   $ 68,681     $ 104,744     $ 3,629     $ 365  
Accounts receivable     15,958       636,755       7,696       6,906  
Inventory     -       566,500       36,537       139,918  
Other assets     39,691       172,747       -       4.356  
Property and equipment     1,852       53,345       -       10,931  
Goodwill     5,497,242       3,364,432       354,836       -  
Intangible assets     6,400,000       6,600,000       -       -  
Total assets acquired     12,023,424       11,498,523       402,698       162,476  
Debt     -       1,400,000       -       -  
Accounts payable     227,025       5,748,797       2,052       34,041  
Accrued expenses and other liabilities     19,703       527,526       119,198       513,502  
Total liabilities assumed     246,728       7,676,323       121,250       547,543  
Noncontrolling interest     -       1,158,000       -       (192,534 )
Distribution to shareholder     -       -       (188,552 )     (692,533 )
    $ 11,776,696     $ 2,664,200     $ 470,000     $ 500,000  

 

The noncontrolling interest was valued based on the fair value of consideration paid to the Cloud B Sellers.

 

The following table summarizes the preliminary purchase price allocation of fair values of the assets acquired and liabilities assumed during 2019 at the date of acquisition:

 

    Uber Mom  
Inventory   $ 52,352  
Goodwill     98,613  
Total assets acquired   $ 150,965  
Schedule of Pro Forma Information

The following represents the pro forma consolidated income statement as if the acquisitions had been included in the consolidated results of the Company for the entire years ending December 31, 2018:

 

   

Years Ended

December 31,

  
    2018  
       
Revenues, net   $ 20,988,594  
Cost of revenues     13,566,605  
Gross profit     7,421,989  
         
Operating expenses:        
Selling, general and administrative     13,144,691  
Operating (loss) income     (5,722,702 )
         
Other (expense) income:        
Other (expense) income     (398,406 )
(Loss) income before income taxes     (6,121,108 )
Income tax expense     304,298  
Net (loss) income   $ (6,425,406 )
Net (loss) income attributable to noncontrolling interests     (415,466 )
Net (loss) income attributable to Edison Nation, Inc.     (6,009,940 )
Net (loss) income per share - basic and diluted   $ (1.09 )
Weighted average number of common shares outstanding – basic and diluted     5,513,706