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
|