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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended June 30, 2023
or
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from ________ to ________
Commission
file number: 001-41033
EIGHTCO
HOLDINGS INC.
(Exact
Name of Registrant as Specified in its Charter)
Delaware |
|
87-2755739 |
(State
or Other Jurisdiction |
|
(I.R.S.
Employer |
of
Incorporation or Organization) |
|
Identification
No.) |
200
9th Avenue North, Suite 220 |
|
|
Safety
Harbor, Florida |
|
34695 |
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
(888)
765-8933
(Registrant’s
Telephone Number, Including Area Code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, $0.001 par value per share |
|
OCTO |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or Section 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.
☒
Yes ☐ No
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
☒
Yes ☐ No
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
Non-accelerated
filer ☒ |
Smaller
Reporting Company ☒ |
|
Emerging
Growth Company ☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
☐
Yes ☒ No
As
of August 14, 2023, there were 2,921,678 shares of the registrant’s common stock outstanding.
EIGHTCO
HOLDINGS INC.
TABLE
OF CONTENTS
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
Quarterly Report on Form 10-Q for the period ended June 30, 2023 (the “Quarterly Report”) contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”). These statements relate to future events including, without limitation, our ability to raise
capital, our operational and strategic initiatives or our future financial performance. We have attempted to identify forward-looking
statements by using terminology such as “anticipates,” “believes,” “expects,” “can,”
“continue,” “could,” “estimates,” “expects,” “intends,” “may,”
“plans,” “potential,” “predict,” “should” or “will” or the negative of these
terms or other comparable terminology. These statements are only predictions; uncertainties and other factors may cause our actual results,
levels of activity, performance or achievements to be materially different from any future results, levels or activity, performance or
achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking
statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Our expectations are
as of the date this Quarterly Report is filed, and we do not intend to update any of the forward-looking statements after the date this
Quarterly Report is filed to confirm these statements to actual results, unless required by law.
You
should not place undue reliance on forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties,
and actual results may differ materially from those in the forward-looking statements. Factors that could cause or contribute to these
differences include those discussed in “Risk Factors,” in Part II, Item 1A of this Report as well as information provided
elsewhere in this Quarterly Report and our Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the Securities
and Exchange Commission (the “SEC”) on April 17, 2023. You should carefully consider that information before you make an investment
decision.
These
and other factors discussed above could cause results to differ materially from those expressed in the estimates made by any independent
parties and by us.
OTHER
PERTINENT INFORMATION
Unless
the context otherwise indicates, when used in this Quarterly Report, the terms “Eightco,” “we,”
“us,” “our,” the “Company” and similar terms refer to Eightco Holdings Inc., a Delaware corporation,
and all of our consolidated subsidiaries and variable interest entities.
PART
I - FINANCIAL INFORMATION
EIGHTCO
HOLDINGS INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
| |
June
30, | | |
December
31, | |
| |
2023 | | |
2022 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | | |
| | |
Current
assets: | |
| | | |
| | |
Cash
and cash equivalents | |
$ | 4,374,905 | | |
$ | 5,580,431 | |
Restricted
cash | |
| 2,850,000 | | |
| 1,000,000 | |
Accounts
receivable, net | |
| 1,809,315 | | |
| 1,263,552 | |
Inventories | |
| 7,508,143 | | |
| 4,502,003 | |
Prepaid
expenses and other current assets | |
| 847,551 | | |
| 1,736,145 | |
Total
current assets | |
| 17,389,914 | | |
| 14,082,131 | |
Property
and equipment, net | |
| 856,432 | | |
| 1,321,042 | |
Right
of use assets – operating leases | |
| 46,938 | | |
| 68,600 | |
Intangible
assets, net | |
| 17,578,491 | | |
| 18,579,986 | |
Goodwill | |
| 22,324,588 | | |
| 22,324,588 | |
Loan
held-for-investment | |
| 2,224,252 | | |
| 2,224,252 | |
Total
assets | |
$ | 60,420,615 | | |
$ | 58,600,599 | |
| |
| | | |
| | |
LIABILITIES
AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Current
liabilities: | |
| | | |
| | |
Accounts
payable | |
$ | 2,380,239 | | |
$ | 2,174,034 | |
Accrued
expenses and other current liabilities | |
| 5,307,431 | | |
| 2,624,518 | |
Current
portion of operating lease liabilities | |
| 44,456 | | |
| 43,950 | |
Line
of credit | |
| 4,025,000 | | |
| 1,850,000 | |
Convertible
note payable, net of debt discount of $3,610,750 | |
| 1,944,250 | | |
| — | |
Due
to Related Parties | |
| 7,226,700 | | |
| 7,226,700 | |
Total
current liabilities | |
| 20,928,076 | | |
| 13,919,202 | |
| |
| | | |
| | |
Convertible
notes payable, net of debt discount of $283,621 and $1,831,828, respectively | |
| 1,716,379 | | |
| 7,911,505 | |
Convertible
notes payable – related parties, net of debt discount of $2,250,000 and $2,750,000, respectively | |
| 25,133,700 | | |
| 24,750,000 | |
Convertible
notes payable | |
| 25,133,700 | | |
| 24,750,000 | |
Operating
lease liabilities, net of current portion | |
| 4,330 | | |
| 26,564 | |
Contingent
consideration | |
| 6,100,000 | | |
| 6,100,000 | |
Deferred
tax liabilities | |
| 82,104 | | |
| 82,104 | |
Total
liabilities | |
$ | 53,964,589 | | |
$ | 52,789,375 | |
| |
| | | |
| | |
Stockholders’
equity: | |
| | | |
| | |
Preferred
stock, $0.001 par value, 10,000,000 shares authorized and 1,311 and 0 shares outstanding at June 30, 2023 and December 31, 2022,
respectively | |
| - | | |
| - | |
Common
stock, $0.001 par value, 500,000,000 shares authorized and 2,921,678 and 633,602 shares outstanding at June 30, 2023 and December
31, 2022, respectively | |
$ | 2,922 | | |
$ | 633 | |
Additional
paid-in capital | |
| 109,826,900 | | |
| 50,617,631 | |
Accumulated deficit | |
| (103,662,587 | ) | |
| (44,958,199 | ) |
Accumulated
other Comprehensive Income | |
| 605,300 | | |
| 467,668 | |
Total
stockholders’ equity attributable to Eightco Holdings Inc. | |
| 6,772,535 | | |
| 6,127,733 | |
Non-controlling
interest | |
| (316,509 | ) | |
| (316,509 | ) |
Total
stockholders’ equity | |
| 6,456,026 | | |
| 5,811,224 | |
Total
liabilities and stockholders’ equity | |
$ | 60,420,615 | | |
$ | 58,600,599 | |
See
the accompanying notes to the condensed consolidated financial statements.
EIGHTCO
HOLDINGS INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the Three Months Ended June 30, | | |
For the Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Revenues, net | |
$ | 20,547,153 | | |
$ | 7,345,959 | | |
$ | 36,436,868 | | |
$ | 11,065,606 | |
Cost of revenues | |
| 18,017,259 | | |
| 6,546,875 | | |
| 32,087,882 | | |
| 9,721,258 | |
Gross profit | |
| 2,529,894 | | |
| 799,084 | | |
| 4,348,986 | | |
| 1,344,348 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Selling, general and administrative expenses | |
| 5,001,242 | | |
| 4,292,308 | | |
| 10,350,673 | | |
| 6,214,103 | |
Impairment | |
| 292,748 | | |
| - | | |
| 292,748 | | |
| - | |
Total operating expenses | |
| 5,293,990 | | |
| 4,292,308 | | |
| 10,643,421 | | |
| 6,214,103 | |
Operating loss | |
| (2,764,096 | ) | |
| (3,493,224 | ) | |
| (6,294,435 | ) | |
| (4,869,755 | ) |
| |
| | | |
| | | |
| | | |
| | |
Non-operating income (expense): | |
| | | |
| | | |
| | | |
| | |
Interest income (expense), net | |
| (2,736,333 | ) | |
| 454 | | |
| (5,549,560 | ) | |
| 325 | |
Loss On Issuance of Warrants | |
| (3,387,604 | ) | |
| - | | |
| (46,928,815 | ) | |
| - | |
Other income | |
| 34,785 | | |
| 53,013 | | |
| 68,422 | | |
| 102,532 | |
Total non-operating income (expense) | |
| (6,089,152 | ) | |
| 53,467 | | |
| (52,409,953 | ) | |
| 102,857 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Income tax expense (benefit) | |
| - | | |
| 17,000 | | |
| - | | |
| (172,997 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | (8,853,248 | ) | |
$ | (3,456,757 | ) | |
| (58,704,388 | ) | |
| (4,593,901 | ) |
Net loss attributable to non-controlling interest | |
| - | | |
| (92,308 | ) | |
| - | | |
| (219,062 | ) |
Net loss attributable to Eightco, Inc. | |
| (8,853,248 | ) | |
| (3,364,449 | ) | |
| (58,704,388 | ) | |
| (4,374,839 | ) |
Earnings (loss) per share: | |
| | | |
| | | |
| | | |
| | |
Loss per share – basic and diluted | |
$ | (3.54 | ) | |
$ | (7.71 | ) | |
$ | (31.35 | ) | |
$ | (10.03 | ) |
Earnings (loss) per share: basic | |
$ | (3.54 | ) | |
$ | (7.71 | ) | |
$ | (31.35 | ) | |
$ | (10.03 | ) |
Weight average number of common shares outstanding – basic and diluted | |
| 2,496,665 | | |
| 436,304 | | |
| 1,872,611 | | |
| 436,304 | |
Weight average number of common shares outstanding: basic | |
| 2,496,665 | | |
| 436,304 | | |
| 1,872,611 | | |
| 436,304 | |
See
the accompanying notes to the condensed consolidated financial statements.
EIGHTCO
HOLDINGS INC.
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the Three Months Ended June 30, | | |
For the Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Net loss | |
$ | (8,853,248 | ) | |
| (3,364,449 | ) | |
| (58,704,388 | ) | |
| (4,374,839 | ) |
Foreign currency translation – unrealized gain (loss) | |
| 86,267 | | |
| - | | |
| 137,632 | | |
| - | |
Comprehensive loss | |
| (8,766,981 | ) | |
| (3,364,449 | ) | |
| (58,566,756 | ) | |
| (4,374,839 | ) |
EIGHTCO
HOLDINGS INC.
CONDENSED
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
| |
Shares | | |
Amount | | |
Capital | | |
Interest | | |
Deficit | | |
Income | | |
Total | |
| |
Common
Stock | | |
Additional
Paid in | | |
Non
controlling | | |
Retained
Earnings (Accumulated) | | |
Accumulated
Other | | |
| |
| |
Shares | | |
Amount | | |
Capital | | |
Interest | | |
Deficit | | |
Income | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance,
January 1, 2022 | |
| 10,000 | | |
$ | 10 | | |
$ | (10 | ) | |
$ | (128,860 | ) | |
$ | 2,300,212 | | |
| - | | |
$ | 2,171,352 | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| (126,754 | ) | |
| (1,010,390 | ) | |
| - | | |
| (1,137,144 | ) |
Balance,
March 31, 2022 | |
| 10,000 | | |
$ | 10 | | |
$ | (10 | ) | |
$ | (255,614 | ) | |
$ | 1,289,822 | | |
$ | | | |
$ | 1,034,208 | |
Issuance of common stock to investors | |
| 1,500,000 | | |
| 1,500 | | |
| 11,998,500 | | |
| - | | |
| - | | |
| - | | |
| 12,000,000 | |
Exercise of warrants | |
| 1,499,923 | | |
| 1,500 | | |
| (500 | ) | |
| - | | |
| - | | |
| - | | |
| 1,000 | |
Issuance
of common stock t shareholders upon distribution from Vinco Ventures, Inc. | |
| 18,805,243 | | |
| 18,805 | | |
| (18,805 | ) | |
| - | | |
| - | | |
| - | | |
| - | |
Issuance
of warrants to noteholders and placement agent | |
| - | | |
| - | | |
| 3,905,548 | | |
| - | | |
| - | | |
| - | | |
| 3,905,548 | |
Offering
costs | |
| - | | |
| - | | |
| (960,000 | ) | |
| - | | |
| - | | |
| - | | |
| (960,000 | ) |
Share-based compensation | |
| - | | |
| - | | |
| 609,000 | | |
| - | | |
| - | | |
| - | | |
| 609,000 | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| (92,308 | ) | |
| (3,364,449 | ) | |
| - | | |
| (3,456,757 | ) |
Balance,
June 30, 2022 | |
| 21,815,166 | | |
$ | 21,815 | | |
$ | 15,533,733 | | |
$ | (347,922 | ) | |
$ | (2,074,627 | ) | |
$ | | | |
$ | 13,132,999 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance,
January 1, 2023 | |
| 633,364 | | |
| 633 | | |
| 50,617,631 | | |
| (316,509 | ) | |
| (44,958,199 | ) | |
| 467,668 | | |
| 5,811,224 | |
Issuance of common stock to note holders | |
| 774,333 | | |
| 774 | | |
| 7,742,559 | | |
| - | | |
| - | | |
| - | | |
| 7,743,333 | |
Exercise of warrants | |
| 366,622 | | |
| 367 | | |
| 14,233 | | |
| - | | |
| - | | |
| - | | |
| 14,600 | |
Issuance of common stock to employees and directors | |
| 23,250 | | |
| 23 | | |
| (23 | ) | |
| - | | |
| - | | |
| - | | |
| - | |
Issuance of warrants | |
| - | | |
| - | | |
| 47,876,820 | | |
| - | | |
| - | | |
| - | | |
| 47,876,820 | |
Foreign currency translation | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 51,365 | | |
| 51,365 | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (49,851,140 | ) | |
| - | | |
| (49,851,140 | ) |
Balance,
March 31, 2023 | |
| 1,797,570 | | |
$ | 1,797 | | |
$ | 106,251,220 | | |
$ | (316,509 | ) | |
$ | (94,809,339 | ) | |
| 519,033 | | |
$ | 11,646,202 | |
Issuance of common stock to investors | |
| 95,298 | | |
| 95 | | |
| (95 | ) | |
| - | | |
| - | | |
| - | | |
| - | |
Exercise of warrants | |
| 1,028,810 | | |
| 1,030 | | |
| (829 | ) | |
| - | | |
| - | | |
| - | | |
| 201 | |
Share-based
compensation | |
| - | | |
| - | | |
| 189,000 | | |
| - | | |
| - | | |
| - | | |
| 189,000 | |
Foreign
currency translation | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 86,267 | | |
| 86,267 | |
Issuance
of warrants | |
| - | | |
| - | | |
| 3,387,604 | | |
| - | | |
| - | | |
| - | | |
| 3,387,604 | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (8,853,248 | ) | |
| - | | |
| (8,853,248 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, June 30, 2023 | |
| 2,921,678 | | |
$ | 2,922 | | |
$ | 109,826,900 | | |
$ | (316,509 | ) | |
$ | (103,662,587 | ) | |
| 605,300 | | |
$ | 6,456,026 | |
See
the accompanying notes to the condensed consolidated financial statements.
EIGHTCO
HOLDINGS INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| |
June
30, 2023 | | |
June
30, 2022 | |
Cash
flows from operating activities: | |
| | | |
| | |
Net
loss | |
$ | (58,704,388 | ) | |
$ | (4,593,901 | ) |
Adjustments
to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation
and amortization | |
| 1,259,738 | | |
| 118,384 | |
Impairment | |
| 292,748 | | |
| - | |
Amortization of debt issuance costs | |
| 3,992,457 | | |
| - | |
Loss on issuance of warrants | |
| 46,928,815 | | |
| - | |
Share-based
compensation | |
| 189,000 | | |
| 609,000 | |
Provision
for bad debts | |
| 608,356 | | |
| 46,705 | |
Gain on sale of assets | |
| 5,897 | | |
| - | |
Changes
in assets and liabilities: | |
| | | |
| | |
Accounts
receivable | |
| (1,154,119 | ) | |
| (271,226 | ) |
Inventories | |
| (2,868,508 | ) | |
| (39,425 | ) |
Prepaid
expenses and other current assets | |
| 888,594 | | |
| 1,859,439 | |
Accounts
payable | |
| 206,205 | | |
| 291,175 | |
Accrued
expenses and other current liabilities | |
| 2,682,847 | | |
| (3,914,330 | ) |
| |
| | | |
| | |
Net
cash used in operating activities | |
| (5,672,358 | ) | |
| (5,894,179 | ) |
| |
| | | |
| | |
Cash
flows from investing activities: | |
| | | |
| | |
Purchases
of property and equipment | |
| (114,027 | ) | |
| (52,599 | ) |
Purchases of developed technology | |
| (159,251 | ) | |
| - | |
Proceeds from sale of property and equipment | |
| 181,000 | | |
| - | |
| |
| | | |
| | |
Net
cash used in investing activities | |
| (92,278 | ) | |
| (52,599 | ) |
| |
| | | |
| | |
Cash
flows from financing activities: | |
| | | |
| | |
Net borrowings under lines of credit | |
| 2,175,000 | | |
| - | |
Net
proceeds from issuance of common stock | |
| 14,799 | | |
| 12,001,000 | |
Net
borrowings under convertible notes | |
| 3,150,000 | | |
| 30,000,000 | |
Due
to Former Parent | |
| - | | |
| 3,028,154 | |
Fees paid for financing costs | |
| (664,389 | ) | |
| - | |
Repayments
under convertible notes payable – related parties | |
| (116,300 | ) | |
| - | |
Repayments
under notes payable | |
| - | | |
| (27,644 | ) |
| |
| | | |
| | |
Net
cash provided by financing activities | |
| 4,559,110 | | |
| 45,001,510 | |
| |
| | | |
| | |
Net
(decrease) increase in cash and cash equivalents and restricted cash | |
| (1,205,526 | ) | |
| 39,054,732 | |
Cash
and cash equivalents and restricted cash, beginning of the year | |
| 5,580,431 | | |
| 911,194 | |
Cash
and cash equivalents and restricted cash, end of the period | |
$ | 4,374,905 | | |
$ | 39,965,926 | |
| |
| | | |
| | |
Supplemental
disclosure of cash flow information: | |
| | | |
| | |
Cash
paid for interest | |
$ | - | | |
$ | 203 | |
Cash
paid for income taxes | |
$ | - | | |
$ | 147,000 | |
Right
of use assets | |
$ | - | | |
$ | 98,736 | |
Operating
lease liabilities | |
$ | - | | |
$ | 98,736 | |
Convertible shares under notes payable | |
$ | 7,743,333 | | |
$ | - | |
Issuance
of warrants to noteholders and placement agent | |
$ | 4,335,611 | | |
$ | 3,905,458 | |
Original
issue discount | |
$ | 555,000 | | |
$ | 3,333,333 | |
Accrued
placement agent fees for equity placement | |
$ | 960,000 | | |
$ | 960,000 | |
Accrued
placement agent fees for debt placement | |
$ | - | | |
$ | 560,000 | |
Issuance
of common stock upon the distribution from Vinco Ventures, Inc. | |
$ | - | | |
$ | 18,805 | |
See
the accompanying notes to the condensed consolidated financial statements.
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1.
NATURE OF OPERATIONS AND BASIS OF PRESENTATION
As
used herein, “Eightco” and the “Company” refer to Eightco Holdings Inc. and subsidiaries and/or where
applicable, its management, a Delaware corporation originally incorporated on September 21, 2021 (date of inception) under the laws
of the State of Nevada. On March 9, 2022, the company converted to a Delaware corporation pursuant to a plan of conversion entered
into with its former parent, Vinco Ventures, Inc. (“Vinco” or “Former Parent”). The company operates in
three main businesses: Forever 8 Inventory Cash Flow Solution, Web3 Business, and Packaging Business. Forever 8 Fund LLC (“Forever 8”), which
focuses on purchasing inventory for e-commerce retailers, was acquired by the company on October 1, 2022, and is part of its
Inventory Solution Business. The company previously sold BTC mining equipment and developed an NFT character set under its Web3
Business but has no intention of continuing this business at this time. The Packaging Business manufactures and sells custom
packaging for a wide variety of products and helps customers generate brand awareness and promote brand image through packaging.
Prior to the Separation (as defined below), the Company was 100%
owned by Vinco.
As
of June 30, 2023, Eightco had three wholly-owned subsidiaries: Forever 8, Ferguson Containers, Inc. (“Ferguson
Containers”) and BlockHiro, LLC. Ferguson Containers owns 100%
of 8co Holdings Shared Services, LLC. Eightco owns 51%
of CW Machines, LLC which is consolidated under the voting interest entity model. Under the voting interest entity model, control is
presumed by the holder of a majority voting interest unless noncontrolling shareholders have substantive participating rights.
Forever 8 owns 100%
of Forever 8 UK, Ltd and Forever 8 Fund EU Holdings BV.
During
2021, the Former Parent announced it plans to spin-off (the “Separation”) certain of its businesses. The Former Parent has
included Ferguson Containers as well as other subsidiaries of the Former Parent (the “Eightco Businesses”) as part of the
spin-off. In anticipation of the Separation, the Former Parent contributed its assets and legal entities comprising the Eightco Businesses
to facilitate the Separation. As a result of the Separation, the Company has become an independent, publicly traded company comprised
of the Eightco Businesses on June 30, 2022.
On
March 29, 2022, Ferguson Containers ownership was assigned by the Former Parent to the Company. This transaction between entities
under common control resulted in a change in reporting entity and required retrospective combination of the entities for all periods
presented, as if the combination had been in effect since the inception of common control. Accordingly, the consolidated financial statements
of the Company reflect the accounting of the combined acquired subsidiaries at historical carrying values, except that equity reflects
the equity of Eightco.
Liquidity
Uncertainties.
As
of June 30, 2023, the Company had approximately $4.3 million in cash and cash equivalents as compared to $5.6 million at December 31,
2022. The Company expects that its current cash and cash equivalents, approximately $2.4 million as of the date of this quarterly report,
will be sufficient to support its projected operating requirements for at least the next 12 months from this date.
The
Company expects to need additional capital in order to increase revenues above current levels. Any additional equity financing, if available,
may not be on favorable terms and would likely be significantly dilutive to the Company’s current stockholders, and debt financing,
if available, may involve restrictive covenants. The Company’s ability to access capital when needed is not assured and, if not
achieved on a timely basis, will likely have a materially adverse effect on our business, financial condition and results of operations.
Basis
of Presentation.
The
accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted
in the United States (“GAAP”) for interim financial reporting and with the instructions to Form 10-Q and Article 10 of Regulation
S-X. In the opinion of management, the unaudited condensed financial statements included herein contain all adjustments necessary to
present fairly the Company’s financial position and the results of its operations and cash flows for the interim periods presented.
Such adjustments are of a normal recurring nature. The results of operations for the six months ended June 30, 2023 may not be indicative
of results for the full year. These unaudited condensed financial statements should be read in conjunction with the audited financial
statements and the notes to those statements for the year ended December 31, 2022 included in the Company’s Annual Report on Form
10-K filed with the SEC on April 17, 2023.
The
Company is an emerging growth company as the term is used in The Jumpstart Our Business Startups Act, enacted on April 5, 2021 and has
elected to comply with certain reduced public company reporting requirements.
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Reverse
Stock Split: On April 3, 2023, the Company filed a Certificate of Amendment (the “Certificate of Amendment”) to the Company’s
Certificate of Incorporation (the “Certificate of Incorporation”) with the Secretary of State of Delaware (1) to effect a
1-for-50 reverse stock split of the shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”),
either issued and outstanding or held by the Company as treasury stock (the “Reverse Stock Split”) and (2) to change the
name of the Company from “Cryptyde, Inc.” to “Eightco Holdings Inc.” (the “Name Change”). Both the
Reverse Stock Split and the Name Change were effective as of 4:05 p.m., New York time, on April 3, 2023. The Common Stock began trading
on a reverse stock split-adjusted basis on the Nasdaq Capital Market on April 4, 2023. The trading symbol for the Common Stock following
the Reverse Stock Split and the Name Change is “OCTO.” The new CUSIP number for the Common Stock following the Reverse Stock
Split and the Name Change is 22890A203. All share, equity award, and per share amounts contained in the Consolidated Financial Statements
have been adjusted to reflect the Reverse Stock Split for all prior periods presented.
Use
of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions
that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
The Company’s significant estimates used in these consolidated financial statements include, but are not limited to, fair value
of warrants, revenue recognition and the determination of the economic useful life of depreciable property and equipment. Certain of
the Company’s estimates could be affected by external conditions, including those unique to the Company and general economic conditions.
It is reasonably possible that these external factors could have an effect on the Company’s estimates and could cause actual results
to differ from those estimates.
Business
Combinations. For business combinations that meet the accounting definition of a business, the Company determines and allocates the
purchase price of an acquired company to the tangible and intangible assets acquired, the liabilities assumed, and noncontrolling interest,
if applicable, as of the date of acquisition at fair value. Fair value may be estimated using comparable market data, a discounted cash
flow method, or a combination of the two. In the discounted cash flow method, estimated future cash flows are based on management’s
expectations for the future. Revenues and costs of the acquired companies are included in the Company’s operating results from
the date of acquisition. The Company uses its best estimates and assumptions as part of the purchase price allocation process to accurately
value assets acquired and liabilities assumed at the acquisition date, and these estimates and assumptions are inherently uncertain and
subject to refinement during the measurement period not to exceed one year from the acquisition date. As a result, any adjustment identified
subsequent to the measurement period is included in operating results in the period in which the amount is determined (See Note 3 –
“Acquisitions”).
Cash
and Cash Equivalents. The Company considers all highly liquid, short-term investments with original maturities of six months or less
when purchased to be cash equivalents.
Restricted
Cash. The Company’s restricted cash consists of cash that the Company is contractually obligated to maintain in accordance
with the terms of its January 2022 Note. See Note 14 – “Convertible Notes Payable” for further discussion.
Accounts
Receivable. Accounts receivable are carried at their contractual amounts, less an estimate for uncollectible amounts. Management
estimates the allowance for bad debts based on existing economic conditions, historical experience, the financial conditions of the customers,
and the amount and age of past due accounts. Receivables are considered past due if full payment is not received by the contractual due
date. Past due accounts are generally written off against the allowance for bad debts only after all collection attempts have been exhausted.
The allowance for doubtful account was $46,705 as of
June 30, 2023 and December 31, 2022, respectively. There were two customers who represented 35% and 12% of total accounts receivable
as of June 30, 2023.
Inventories.
Inventory is recorded at the lower of cost or net realizable value on a first-in, first-out basis. The Company reduces the carrying value
of inventories for those items that are potentially excess, obsolete, or slow moving based on changes in customer demand, technology
developments, or other economic factors.
Property
and Equipment. Property and equipment are stated at cost, net of accumulated depreciation and amortization, which is recorded commencing
at the in-service date using the straight-line method over the estimated useful lives of the assets, as follows: 3 to 5 years for office
equipment, 5 to 7 years for furniture and fixtures, 6 to 10 years for machinery and equipment, 10 to 15 years for building improvements,
5 years for software, 5 years for molds, 5 to 7 years for vehicles and 40 years for buildings. When fixed assets are retired or otherwise
disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the statements
of comprehensive loss for the respective period. Minor additions and repairs are expensed in the period incurred. Major additions and
repairs which extend the useful life of existing assets are capitalized and depreciated using the straight-line method over their remaining
estimated useful lives.
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Intangible
Assets and Long-lived Assets.
The Company reviews long-lived
assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.
The Company assesses the recoverability of its long-lived assets using undiscounted cash flows. If an asset is found to be impaired,
the amount recognized for impairment is equal to the difference between the carrying value and the asset’s fair value. We record
intangible assets based on their fair value on the date of acquisition. Intangible assets include the cost of developed technology, customer
relationships, trademarks and tradenames. Intangible assets are amortized utilizing the straight-line method over their remaining economic
useful lives, as follows: 10 years for developed technology, 7 years for customer relationships and 7 years for trademarks and tradenames.
The Company reviews long-lived assets and intangible assets for potential impairment annually and when events or changes in circumstances
indicate the carrying amount of an asset may not be recoverable. In the event the expected undiscounted future cash flows resulting from
the use of the asset is less than the carrying amount of the asset, an impairment loss is recorded equal to the excess of the asset’s
carrying value over its fair value. If an asset is determined to be impaired, the loss is measured based on quoted market prices in active
markets, if available. If quoted market prices are not available, the estimate of fair value is based on various valuation techniques,
including a discounted value of estimated future cash flows. In the event that management decides to no longer allocate resources to
an asset, an impairment loss equal to the remaining carrying value of the asset is recorded. The Company did not record any impairment
charges related to intangibles assets during the six months ended June 30, 2023 and 2022, respectively. The Company recorded impairment charges related to long-lived assets of $292,748 and $0 during the six months ended
June 30, 2023 and 2022, respectively.
Goodwill.
Goodwill is recorded for the difference between the fair value of the purchase consideration over the fair value of the net identifiable
tangible and intangible assets acquired. The Company performs an impairment assessment of goodwill on an annual basis as of December
31st, or whenever impairment indicators exist. In the absence of any impairment indicators, goodwill is assessed for impairment during
the fourth quarter of each fiscal year. Judgments regarding the existence of impairment indicators are based on market conditions and
operational performance of the business. The Company may assess our goodwill for impairment initially using a qualitative approach to
determine whether it is more likely than not that the fair value of these assets is greater than their carrying value. When performing
a qualitative test, the Company assesses various factors including industry and market conditions, macroeconomic conditions and performance
of our businesses. If the results of the qualitative assessment indicate that it is more likely than not that the goodwill and other
indefinite-lived intangible assets are impaired, a quantitative impairment analysis would be performed to determine if impairment is
required. The Company may also elect to perform a quantitative analysis of goodwill initially rather than using a qualitative approach.
The impairment testing for goodwill is performed at the reporting unit level. The valuation methods used in the quantitative fair value
assessment, discounted cash flow and market multiples method, requires our management to make certain assumptions and estimates regarding
certain industry trends and future profitability of the Company’s reporting units. If the fair value of a reporting unit exceeds
the related carrying value, the reporting unit’s goodwill is considered not to be impaired and no further testing is performed.
If the carrying value of a reporting unit exceeds its fair value, an impairment loss is recorded for the difference. The valuation of
goodwill is affected by, among other things, the Company’s business plan for the future and estimated results of future operations.
Future events could cause the Company to conclude that impairment indicators exist, and, therefore, that goodwill may be impaired.
Contingent
Liabilities. The Company, from time to time, may be involved in certain legal proceedings. Based upon consultation with outside counsel
handling its defense in these matters and the Company’s analysis of potential outcomes, if the Company determines that a loss arising
from such matters is probable and can be reasonably estimated, an estimate of the contingent liability is recorded in its condensed consolidated
financial statements. If only a range of estimated loss can be determined, an amount within the range that, based on estimates, assumptions
and judgments, reflects the most likely outcome, is recorded as a contingent liability in the condensed consolidated financial statements.
In situations where none of the estimates within the estimated range is a better estimate of probable loss than any other amount, the
Company records the low end of the range. Any such accrual would be charged to expense in the appropriate period. Litigation expenses
for these types of contingencies are recognized in the period in which the litigation services were provided.
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Revenue
Recognition. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”)
606, Revenue from Contracts with Customers, the Company recognizes revenue when it satisfies performance obligations, by transferring
promised goods or services to customers, in an amount that reflects the consideration to which the Company expects to be entitled in
exchange for fulfilling those performance obligations. Revenue for product sales is recognized upon receipt by the customer. There are
no contract assets or contract liabilities and therefore no unsatisfied performance obligations. One customer represented 78% of total
revenues for the six months ended June 30, 2023.
Disaggregation
of Revenue. The Company’s primary revenue streams include the sale of consumer goods through our inventory management solutions
business, the sale of corrugated packaging materials and the sale of mining equipment. There are no other material operations that were
separately disaggregated for segment purposes.
Cost
of Revenues. Cost of revenues includes freight charges, purchasing and receiving costs, depreciation and inspection costs.
Comprehensive
income. The Company follows Accounting Standards Codification (“ASC”) 220 in reporting comprehensive income. Comprehensive
income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically
has not been recognized in the calculation of net income. The Company’s only component of comprehensive income (loss) for the years ended December 31, 2022 and 2021
was foreign currency translation adjustments.
Foreign
Currency Transactions and Translation. Eightco’s functional currency is the United States Dollar (“USD”) and
the Forever 8 functional currency in which it operates is the Euro (“EUR”).
For
the purpose of presenting these consolidated financial statements the reporting currency is USD. Forever 8 assets and liabilities
are expressed in USDs at the exchange rate on the balance sheet date, equity accounts are translated at historical rates, and income
and expense items are translated at the weighted average exchange rate during the period. The resulting translation adjustments are reported
under accumulated other comprehensive income in the stockholders’ equity section of the balance sheets.
Transactions
in currencies other than the entity’s functional currency are recorded at the rates of exchange prevailing on the date of the transaction.
At the end of each reporting period, monetary items denominated in foreign currencies are translated at the rates prevailing at the end
of the reporting periods. Exchange differences arising on the settlement of monetary items and on translation of monetary items at period-end
are included in statement of comprehensive loss.
Exchange
rate used for the translation as follows:
USD
to EUR – 1 USD to .9174 EUR’s.
USD to GBP – 1 USD to .7937
GBP’s.
Earnings
Per Share. The Company follows ASC 260 when reporting Earnings Per Share resulting in the presentation of basic and diluted earnings
per share. Basic net (loss) income per common share is computed by dividing net (loss) income by the weighted average number of vested
common shares outstanding during the period. Diluted net income per common share is computed by dividing net income by the weighted average
number vested of common shares, plus the net impact of common shares (computed using the treasury stock method), if dilutive, resulting
from the exercise of dilutive securities. In periods when losses are reported, the weighted-average number of common shares outstanding
excludes common stock equivalents because their inclusion would be anti-dilutive. As of June 30, 2023 and 2022, the Company excluded
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 anti-dilutive.
SCHEDULE
OF EARNINGS PER SHARE COMMON STOCK EQUIVALENTS ANTI DILUTIVE
| |
June
30, 2023 | | |
June
30, 2022 | |
| |
| | |
| |
Warrants for Former Parent warrant holders | |
|
- | | |
|
174,404 | |
Convertible
shares under notes payable | |
| 3,083,802 | | |
| 66,667 | |
Warrants
for noteholders and placement agents | |
| 4,134,629 | | |
| 77,333 | |
Warrants
for equity investors and placement agents | |
| 728,000 | | |
| 34,800 | |
Shares
reserved for issuance for preferred units of Forever 8 Fund, LLC | |
| 215,000 | | |
| - | |
Convertible
notes payable issued in acquisition of Forever 8 Fund, LLC | |
| 275,000 | | |
| - | |
Shares
reserved for contingent consideration for acquisition of Forever 8 Fund, LLC | |
| 370,000 | | |
| - | |
Shares to be issued | |
| 165,000 | | |
| 6,000 | |
Total
common stock equivalents | |
| 8,971,431 | | |
| 359,204 | |
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Deferred
Financing Costs. Deferred financing costs include debt discounts and debt issuance costs related to a recognized debt liability and
are presented in the balance sheet as a direct deduction from the carrying value of the debt liability. Amortization of deferred financing
costs are included as a component of interest expense. Deferred financing costs are amortized using the straight-line method over the
term of the recognized debt liability which approximates the effective interest method.
Income
Taxes. The Company accounts for income taxes under the provisions of the FASB ASC Topic 740 “Income Taxes” (“ASC
Topic 740”). The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of items that
have been included or excluded in the condensed consolidated financial statements or tax returns. Deferred tax assets and liabilities
are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting
amounts (“temporary differences”) at enacted tax rates in effect for the years in which the temporary differences are expected
to reverse. The Company utilizes a recognition threshold and measurement process for financial statement recognition and measurement
of a tax position taken or expected to be taken in a tax return. Management has evaluated and concluded that there were no material uncertain
tax positions requiring recognition in the Company’s condensed consolidated financial statements as of June 30, 2023 and 2022.
The Company does not expect any significant changes in its unrecognized tax benefits within twelve months of the reporting date. The
Company’s policy is to classify assessments, if any, for tax related interest as interest expense and penalties as general and
administrative expenses in the consolidated statements of comprehensive income. The Company is subject to routine audits by taxing jurisdictions;
however, there are currently no audits for any tax periods in progress.
Fair
Value Measurements. The Company measures the fair value of financial assets and liabilities based on the guidance of ASC 820 “Fair
Value Measurements and Disclosures” (“ASC 820”) which defines fair value, establishes a framework for measuring fair
value, and expands disclosures about fair value measurements.
ASC
820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the
principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement
date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize
the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:
Level
1 — quoted prices in active markets for identical assets or liabilities
Level
2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable
Level
3 — inputs that are unobservable (for example, cash flow modeling inputs based on assumptions)
The
carrying amounts of the Company’s financial instruments, such as cash, accounts receivable, accounts payable and other current
liabilities approximate fair values due to the short-term nature of these instruments. The Company’s long-term debt consists of
$38,963,700.
The estimated fair value of this debt approximates the carrying value of these instruments, due to the interest rates on this debt approximating
current market interest rates.
Concentration
of Credit Risks. Financial instruments that potentially subject the Company to concentrations of credit risk are cash equivalents
and accounts receivable. Cash and cash equivalents are invested in deposits with certain financial institutions and may, at times, exceed
federally insured limits. The Company has not experienced any significant losses on its deposits of cash and cash equivalents. In regard
to trade receivables, the Company performs ongoing evaluations of its customers’ financial condition as well as general economic
conditions and, generally, requires no collateral from its customers. On June 30, 2023, amount due from one customer totaled approximately
17% of accounts receivable.
Leases.
In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842). This ASU requires
a lessee to recognize a right-of-use asset and a lease liability under most operating leases in its balance sheet. The ASU is effective
for annual and interim periods beginning after December 15, 2021. Early adoption is permitted. The Company has adopted ASU 2016-02 as
of January 1, 2022. The adoption of the standard did not have a material impact on the balance sheet. As of April 26, 2022, the date
the Company assumed the lease (Note 18), the operating lease right of use asset and operating lease liability amounted to $98,736 with
no cumulative-effect adjustment.
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Recent
Accounting Pronouncements. In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments
- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This standard establishes
an impairment model (known as the current expected credit loss (“CECL”) model) that is based on expected losses rather than
incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which is intended
to result in a timelier recognition of losses. Under the CECL model, entities will estimate credit losses over the entire contractual
term of the instrument (considering estimated prepayments, but not expected extensions or modifications) from the date of initial recognition
of the financial instrument. Measurement of expected credit losses are to be based on relevant forecasts that affect collectability.
The scope of financial assets within the CECL methodology is broad and includes trade receivables from certain revenue transactions and
certain off-balance sheet credit exposures. Different components of the guidance require modified retrospective or prospective adoption.
In
November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses. ASU 2018-19
clarifies that receivables arising from operating leases are not within the scope of the credit losses standard. Instead, entities would
need to apply other U.S. GAAP, namely Topic 842 (Leases), to account for changes in the collectability assessment for operating leases.
Other than operating lease receivables, Partnership trade receivables include receivables from finance leases and equipment sales. Under
Topic 606 (Revenue from Contracts with Customers), revenue is recognized when, among other criteria, it is probable that the entity will
collect the consideration to which it is entitled for goods or services transferred to a customer. At the point that finance lease receivables
are recorded, they become subject to the CECL model and estimates of expected credit losses over their contractual life will be required
to be recorded at inception based on historical information, current conditions, and reasonable and supportable forecasts. Trade receivables
derived from equipment sales are of short duration and there is not a material difference between incurred losses and expected losses.
In
April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives
and Hedging, and Topic 825, Financial Instruments, which amends and clarifies several provisions of Topic 326. In May 2019, the FASB
issued ASU 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief, which amends Topic 326 to allow the
fair value option to be elected for certain financial instruments upon adoption. ASU 2019-10 extended the effective date of ASU 2016-13
until December 15, 2022. The Company adopted this new guidance, including the subsequent updates to Topic 326, on January 1, 2023 and
the adoption did not have a material impact on the Company’s financial statements and related disclosures
Management
does not believe that any other recently issued, but not yet effective, accounting standards could have a material effect on the accompanying
financial statements. As new accounting pronouncements are issued, the Company will adopt those that are applicable under the circumstances.
Segment
Reporting. The Company uses “the management approach” in determining reportable operating segments. The management approach
considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions
and assessing performance as the source for determining the Company’s reportable segments. The Company’s chief operating
decision maker is the Chairman and Chief Executive Officer (“CEO”) of the Company, who reviews operating results to make
decisions about allocating resources and assessing performance for the entire Company. The Company’s primary revenue streams include
the sale of consumer goods through our inventory management solutions business, which includes the sale of mining equipment, and the
sale of corrugated packaging materials. There are no other material operations that were separately disaggregated for segment purposes.
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
3.
ACQUISITIONS
Effective
October 1, 2022, the Company acquired 100% of the issued and outstanding membership interests of Forever 8.
Pursuant
to the Purchase Agreement, the Sellers received consideration consisting of (i) an aggregate of 215,000 non-voting preferred membership
units of Forever 8 (the “Initial Base Preferred Units”), subject to adjustments discussed below, (ii) convertible promissory
notes in an aggregate principal amount of $27.5 million (the “Promissory Notes”), and (iii) the right to receive potential
earnout amounts as discussed below. The following table summarizes the aggregate preliminary purchase price consideration paid to acquire
Forever 8:
SCHEDULE
OF PRELIMINARY PURCHASE PRICE CONSIDERATION PAID
| |
October
1, | |
| |
2022 | |
215,000
non-voting preferred membership units of Forever 8 | |
$ | 7,300,000 | |
Convertible
promissory notes in an aggregate principal amount of $27.5 million | |
| 24,500,000 | |
Contingent
consideration | |
| 6,100,000 | |
Total
purchase price | |
$ | 37,900,000 | |
The
Company believes that this combination will further strengthen its future growth opportunities. The Company accounted for this acquisition
as a business combination under the acquisition method of accounting. The following table summarizes the preliminary purchase price allocation
of fair values of the assets acquired and liabilities assumed at the date of acquisition:
SCHEDULE
OF ASSETS ACQUIRED AND LIABILITIES ASSUMED
| |
October
1, | |
| |
2022 | |
Cash
and cash equivalents | |
$ | 732,716 | |
Accounts
receivable, net | |
| 561,569 | |
Inventories | |
| 7,464,823 | |
Prepaid
expenses and other assets | |
| 116,857 | |
Property
and equipment | |
| 2,146 | |
Intangible
assets | |
| 19,000,000 | |
Goodwill | |
| 22,324,588 | |
Total
assets acquired | |
| 50,202,699 | |
| |
| | |
Accounts
payable and accrued expenses | |
| 10,452,699 | |
Debt | |
| 1,850,000 | |
Earnout | |
| - | |
Total
liabilities assumed | |
| 12,302,699 | |
| |
| | |
Total | |
$ | 37,900,000 | |
The
Company anticipates the goodwill will be tax deductible.
4.
ACCOUNTS RECEIVABLE
Accounts
receivable consist of the following at June 30, 2023 and December 31, 2022:
SCHEDULE
OF ACCOUNTS RECEIVABLE
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Trade
accounts receivable | |
$ | 2,417,671 | | |
$ | 1,871,908 | |
Less:
allowance for doubtful accounts | |
| (608,356 | ) | |
| (608,356 | ) |
Total
accounts receivable | |
$ | 1,809,315 | | |
$ | 1,263,552 | |
5.
INVENTORIES
Inventories
consist of the following at June 30, 2023 and December 31, 2022:
SCHEDULE
OF INVENTORIES
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Raw
materials | |
$ | 28,904 | | |
$ | 27,922 | |
Finished
goods | |
| 8,179,239 | | |
| 4,474,081 | |
Reserve
for obsolescence | |
| (700,000 | ) | |
| - | |
Total
inventories | |
$ | 7,508,143 | | |
$ | 4,502,003 | |
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
6.
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Other
current assets consist of the following at June 30, 2023 and December 31, 2022:
SCHEDULE
OF PREPAID EXPENSES OTHER CURRENT ASSETS
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Advances
for inventory purchases | |
$ | 440,532 | | |
$ | 630,967 | |
Prepaid
insurance | |
| 44,777 | | |
| 735,934 | |
Deposits | |
| 254,848 | | |
| 90,578 | |
Prepaid
software deposit | |
| - | | |
| 242,200 | |
Other | |
| 107,394 | | |
| 36,466 | |
Total
other current assets | |
$ | 847,551 | | |
$ | 1,736,145 | |
7.
LOAN HELD-FOR-INVESTMENT, RELATED PARTY
Loan
held-for-investment, related party, represents a senior secured promissory note (the “Wattum Note”) from Wattum
Management Inc., a non-controlling member of CW Machines, LLC, a related party. The Wattum Note bears interest of 5%
per annum and matures on October
12, 2026 with the entire outstanding principal and accrued interest due at maturity date. The Wattum Note is secured by
assets of Wattum Management, Inc. At June 30, 2023 and December 31, 2022, the principal amount of the loan held for investment was
$2,224,252.
8.
PROPERTY AND EQUIPMENT, NET
Property
and equipment consist of the following at June 30, 2023 and December 31, 2022:
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Land | |
$ | - | | |
$ | - | |
Building
and building improvements | |
| 781,985 | | |
| 781,985 | |
Equipment
and machinery | |
| 4,752,381 | | |
| 5,146,029 | |
Furniture
and fixtures | |
| 278,665 | | |
| 280,811 | |
Office
and computer equipment | |
| 2,146 | | |
| - | |
Vehicles | |
| 585,854 | | |
| 572,927 | |
Property
plant and equipment, gross | |
| 6,401,031 | | |
| 6,781,752 | |
Less:
accumulated depreciation | |
| (5,544,599 | ) | |
| (5,460,710 | ) |
Total
property and equipment, net | |
$ | 856,432 | | |
$ | 1,321,042 | |
Depreciation
and amortization expense was $49,495 and $59,192 for the three months ended June 30, 2023 and 2022, respectively, and $98,992 and $118,384 for the six months ended June 30, 2023 and June
30, 2022, respectively.
9.
INTANGIBLE ASSETS, NET
Intangible
assets consist of the following at June 30, 2023 and December 31, 2022:
SCHEDULE
OF INTANGIBLE ASSETS
| |
Useful
Lives | |
June
30, 2023 | | |
December
31, 2022 | |
| |
| |
| | |
| |
Customer
relationships | |
7
years | |
$ | 7,100,000 | | |
$ | 7,100,000 | |
Developed
technology | |
10
years | |
| 10,017,845 | | |
| 9,858,594 | |
Trademarks
and tradenames | |
7
years | |
| 2,200,000 | | |
| 2,200,000 | |
Total
intangible assets, gross | |
| |
| 19,317,845 | | |
| 19,158,594 | |
Less:
accumulated amortization | |
| |
| (1,739,354 | ) | |
| (578,608 | ) |
Total
intangible assets, net | |
| |
$ | 17,578,491 | | |
$ | 18,579,986 | |
Amortization
expense was $582,138 and $0 for the three months ended June 30, 2023 and 2022, respectively, and $1,160,746 and $0 for the six months ended June 30, 2023 and June
30, 2022, respectively.
Amortization
expense for the next five years is as follows:
SCHEDULE
OF AMORTIZATION FUTURE ROLLING MATURITY
For the years ending
December 31, | |
| |
2023
(excluding the six months ended June 30, 2023) | |
$ | 1,157,216 | |
2024 | |
| 2,314,431 | |
2025 | |
| 2,314,431 | |
2026 | |
| 2,314,431 | |
2027 | |
| 2,314,431 | |
Thereafter | |
| 7,163,551 | |
Total | |
$ | 17,578,491 | |
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
10.
GOODWILL
The
changes in the carrying amount of goodwill for the period from January 1, 2023 through June 30, 2023 consisted of the following:
SCHEDULE
OF GOODWILL
Balance,
January 1, 2023 | |
$ | 22,324,588 | |
Additions
and adjustments | |
| - | |
Balance,
June 30, 2023 | |
$ | 22,324,588 | |
11.
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accrued
expenses and other current liabilities consist of the following at June 30, 2023 and December 31, 2022:
SCHEDULE
OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Customer
deposits | |
$ | 28,567 | | |
$ | 83,504 | |
Payroll
and related benefits | |
| 1,429,920 | | |
| 386,781 | |
Professional
fees | |
| 200,000 | | |
| 280,000 | |
Accrued
taxes | |
| - | | |
| - | |
Accrued
settlement liability for equity holders of Forever 8 | |
| - | | |
| 469,775 | |
Accrued
interest | |
| 2,150,476 | | |
| 825,872 | |
Accrued
rent | |
| 1,050,000 | | |
| 525,000 | |
Accrued
warrant liability | |
| 206,779 | | |
| - | |
Other | |
| 241,689 | | |
| 53,586 | |
Total
accrued expenses and other current liabilities | |
$ | 5,307,431 | | |
$ | 2,624,518 | |
12.
DUE TO AND FROM FORMER PARENT
As
of June 30, 2023 and December 31, 2022, due to Former Parent consists of net amounts due to Vinco related to management fees and borrowings
for working capital and financing needs of Eightco as well as other operating expenses that were paid for on behalf of
one to the other. As of June 30, 2023 and December 31, 2022, the net amount due to Former Parent was $7,226,700.
13.
LINES OF CREDIT
Principal
due under the lines of credit was as follows at June 30, 2023 and December 31, 2022:
SCHEDULE
OF LINE OF CREDIT
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | | |
| | |
Lines
of credit, 15%, 6/30/24 | |
$ | 1,750,000 | | |
$ | 1,175,000 | |
Lines of credit – related parties, 15%, 6/30/24 | |
| 2,275,000 | | |
| 675,000 | |
Lines of credit, net | |
$ | 4,025,000 | | |
$ | 1,850,000 | |
The lines of credit mature on June 30, 2024 with an
extension available until September 30, 2024 at the Company’s option.
Interest
expense under lines of credit was $102,479 and $0 for the three months ended June 30, 2023 and 2022, respectively, $171,854 and $0 for the six months ended June 30, 2023 and 2022, respectively.
14.
CONVERTIBLE NOTES PAYABLE
Principal
due under the convertible note payable was as follows at June 30, 2023 and December 31, 2022:
SCHEDULE OF CONVERTIBLE NOTE PAYABLE
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Current: | |
| | | |
| | |
Note
payable, 0% | |
| 5,555,000 | | |
| - | |
Less:
debt discount | |
| (3,610,750 | ) | |
| - | |
Convertible
notes payable, net, current | |
$ | 1,944,250 | | |
$ | - | |
| |
| | | |
| | |
Long-Term: | |
| | | |
| | |
Note
payable, 0% | |
| 2,000,000 | | |
| 9,743,333 | |
Less:
debt discount | |
| (283,621 | ) | |
| (1,831,828 | ) |
Convertible
notes payable, net | |
$ | 1,716,379 | | |
$ | 7,911,505 | |
Interest
expense under the convertible notes payable was $1,698,999 and $0, of which $1,698,999 and $0 was related to amortization of the debt
discount, for the three months ended June 30, 2023 and 2022, respectively, and $3,492,457 and $0, of which $3,492,457 and $0 was related to amortization
of the debt discount, for the six months ended June 30, 2023 and 2022, respectively.
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
14.
CONVERTIBLE NOTES PAYABLE (continued)
March
2023 Offering
On
March 15, 2023, Eightco entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with Hudson
Bay (the “Investor”) for the issuance and sale of a Senior Secured Convertible Note with an initial principal amount of
$5,555,000
(the “Note”) at a conversion price of $6.245
per share of Common Stock, and a warrant (the “Warrant”) to purchase up to 889,512
shares of Common Stock with an initial exercise price of $6.245
per share of Common Stock (the “Private Placement”). The purchase price of the Note was $5,000,000
with an original issue discount of $555,000.
In
connection with the Private Placement, the Company entered into a Registration Rights Agreement (the “Registration Rights Agreement”),
a Security and Pledge Agreement (the “Pledge Agreement”), and various ancillary certificates, disclosure schedules and exhibits
in support thereof prior to the closing of the Securities Purchase Agreement.
Securities
Purchase Agreement
The
Securities Purchase Agreement provides for the purchase by the Investor and the sale by the Company of the Note and the Warrant. The
Securities Purchase Agreement contains representations and warranties of the Company and the Investor that are typical for transactions
of this type. The representations and warranties made by the Company in the Securities Purchase Agreement are qualified by reference
to certain exceptions contained in disclosure schedules delivered to the Investor. Accordingly, the representations and warranties contained
in the Securities Purchase Agreement should not be relied upon by third parties who have not reviewed those disclosure schedules and
the documentation surrounding the transaction as a whole.
The
Securities Purchase Agreement closed upon the satisfaction of certain conditions of the Investor and the Company that are typical for
transactions of this type, as well certain other condition including the following:
|
● |
the
Company delivered to the Investor a lock up agreement (the “Lock-Up Agreement”), executed by each of the parties identified
in the Securities Purchase Agreement; |
|
|
|
|
● |
the
Company received stockholder approval of a resolution to increase the amount of authorized shares of the Company, and filed with
the Delaware Secretary of State a Certificate of Amendment to the Company’s Certificate of Incorporation causing the increase
in the amount of authorized shares of the Company; and |
|
|
|
|
● |
the
Company, the Investor and the certain creditors of the Company amended that certain Subordination Agreement, dated as of September
13, 2022, by and among the Company, the Investor and certain persons identified in that Subordination Agreement (the “Subordination
Agreement Amendment”). |
The
Securities Purchase Agreement also obligates the Company to indemnify the Investor for certain losses resulting from (1) any misrepresentation
or breach of any representation or warranty made by the Company or any subsidiary of the Company, (2) any breach of any obligation of
the Company or, any subsidiary of the Company, of the Securities Purchase Agreement or any agreements and instruments entered into or
connection with the Securities Purchase Agreement and (3) certain third party claims.
Senior
Secured Convertible Note
The
Company issued the Note upon the closing. The entire outstanding principal balance and any outstanding fees or interest is due and payable
in full on January 15, 2024 (“Maturity Date”). The Note does not bear interest, provided, however, that the Note will bear
interest at 18% per annum upon the occurrence of an event of default (as described below).
The
Maturity Date may be extended at the sole option of the Investor for so long as certain events of default is continuing or for so long
as an event is continuing that if not cured and with the passage of time would result in an event of default.
The
Note is convertible at the option of the Investor into shares of Common Stock at a conversion price of $6.245 per share, subject to adjustment
for stock splits, combinations or similar events (each a “Stock Combination Event”). If on the on the fifth trading day immediately
following a Stock Combination Event, the conversion price then in effect on such fifth trading day (after giving effect to a proportional
adjustment of the conversion price), is greater than the lowest weighted average price of the Common Stock during the twenty consecutive
trading day period ending and including the trading day immediately preceding the fifth trading day after such Stock Combination Event
(the “Event Market Price”), then the conversion price shall be adjusted to the Event Market Price.
The
Note contains certain limitations on conversion. It provides that no conversion may be made if, after giving effect to the conversion,
the Investor would own in excess of 9.99% of the Company’s outstanding shares of Common Stock. This percentage may be increased
or decreased to a percentage not to exceed 9.99%, at the option of the Investor, except any increase will not be effective until 61-days’
prior notice to the Company.
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
14.
CONVERTIBLE NOTES PAYABLE (continued)
The
conversion price of the Note will be subject to adjustments for stock splits, combinations or similar events. In addition, the conversion
price of the Note will also subject to anti-dilution adjustment which, subject to specified exceptions, in the event that the Company
issues or is deemed to have issued certain securities at a price lower than the then applicable conversion price, immediately reduces
the conversion price of the Note to equal the price at which the Company issues or is deemed to have issued its Common Stock.
The
Note imposes penalties on the Company for any failure to timely deliver any shares of its Common Stock issuable upon conversion.
The
Note contains events of default that are typical for transactions of this type, as well as the following events:
|
● |
the
failure of any registration statement required by the Registration Rights Agreement to be filed within five trading days after the
date required by the Registration Rights Agreement or the failure of any such registration statement to become effective within five
trading days after the date required by the Registration Rights Agreement; |
|
|
|
|
● |
the
lapse or unavailability of any registration statement required by the Registration Rights Agreement for more than 5 consecutive trading
days or more than an aggregate of 10 trading days in any 365-day period (other than certain allowable grace periods); |
|
|
|
|
● |
the
suspension from trading or failure of the Common Stock to be listed for trading on an eligible market for more than 2 consecutive
trading days or more than an aggregate of 5 trading days in any 365-day period; |
|
|
|
|
● |
the
failure of the Company to issue shares upon conversion of the Note for more than 2 trading days after the relevant conversion date
or a notice of the Company’s intention not to comply with a request for conversion; |
|
|
|
|
● |
the
failure for 2 consecutive trading days to have reserved for issuance 250% of the full number of shares issuable upon conversion in
accordance to the terms of the Note; |
|
|
|
|
● |
the
failure for 2 trading days to pay the Investor principal, interest, late charges or other amounts when and as due under the Note; |
|
|
|
|
● |
the
occurrence of any default under, redemption of or acceleration prior to maturity of any indebtedness of the Company or a subsidiary; |
|
|
|
|
● |
the
invalidity of any material provision of the Security Documents (defined below) or if the enforceability of validity of any material
provision of the Security Documents is contested by the Company; |
|
|
|
|
● |
the
failure of the Security Documents to perfect or maintain the Investor’s first priority security interest; and |
|
|
|
|
● |
the
failure to comply with certain covenants of the Note. |
If
there is an event of default, then the Investor has the right to request redemption of all or any portion of the Note, at 130% of the
sum of the outstanding principal, interest and late fees to be redeemed, provided that if certain conditions specified in the Note are
not satisfied, then the Investor has the right to request redemption of all or any portion of the Note, at 130% of the greater of (i)
the sum of the outstanding principal, interest and late fees to be redeemed and (ii) the product of (a) the number of shares into which
the Note (including all principal, interest and late fees) subject to redemption may be converted and (b) the greatest closing sale price
for the Common Stock beginning on the date immediately preceding the event of default and ending on the date the Company makes the entire
payment required to be made upon the redemption provided, however, that if no Cash Release Event (as defined in the Note) has occurred
on or prior to the applicable of default redemption date, the principal amount used in calculating the applicable event of default redemption
price on such event of default redemption date shall be decreased by the holder’s pro rata portion.
The
Note prohibits the Company from entering into certain transactions involving a change of control, unless the successor entity assumes
in writing all of the obligations of the Company under the Note and the other transaction documents. In the event of such a transaction,
the Investor will have the right to request redemption of the Note, at Redemption Variable Premium (as defined in the Note) of the greater
of (i) of the sum of the amount of principal, interest and late fees to be redeemed; and (ii) the product of (x) the sum of the amount
of principal, interest and late fees to be redeemed and (y) the quotient determined by dividing (1) the greatest closing sale price of
the shares of Common Stock during the period beginning on the date immediately preceding the earlier to occur of (A) the consummation
of the applicable change of control and (B) the public announcement of such change of control and ending on the date the Note Investor
delivers a change of control redemption notice, by (2) the Conversion Price; or; (iii) Redemption Variable Premium of the product of
(x) the number of shares into which the Note (including all principal, interest and late fees) subject to such redemption may be converted
multiplied by (y) the greatest closing sale price of the shares of Common Stock during the period beginning on the date immediately preceding
the earlier to occur of (x) the consummation of the change of control and (y) the public announcement of such change of control and ending
on the date the Investor delivers the change of control redemption notice; provided, however, that if no Cash Release Event has occurred
on or prior to the applicable change of control redemption date, the principal amount used in calculating the applicable change of control
redemption price on such change of control.
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
14.
CONVERTIBLE NOTES PAYABLE (continued)
If
the Company issues options, convertible securities, warrants, stock, or similar securities
to holders of its Common Stock, the holder of the Note shall have the right to acquire the
same as if it had converted its Note.
The
Investor is entitled to receive any dividends paid or distributions made to the holders of the Common Stock on an “as if converted”
to Common Stock basis.
The
Note contains a variety of covenants on the part of Company that are typical for transactions of this type, as well as the following
covenants:
|
● |
the
Note ranks senior to all other indebtedness of the Company, except that certain permitted indebtedness ranks pari passu with
the Note; |
|
|
|
|
● |
the
Company will not incur other indebtedness, except for certain permitted indebtedness; |
|
|
|
|
● |
the
Company will not incur any liens, except for certain permitted liens; |
|
|
|
|
● |
the
Company will not, directly or indirectly, redeem or repay all or any portion of any permitted indebtedness if at the time such payment
is due or is made or, after giving effect to such payment, an event constituting, or that with the passage of time and without being
cured would constitute, an event of default has occurred and is continuing; and |
|
|
|
|
● |
the
Company will not redeem, repurchase or pay any dividend or distribution on its Common Stock or any other capital stock. |
On
March 23, 2023, the warrants issued were classified as equity with an initial grant date fair value of $4,532,673,
of which $4,335,611
was recorded as a deferred debt discount, $197,061
of the excess fair value was immediately expensed
as loss on issuance of warrants. The Company also incurred $664,389
of issuance expenses which were recorded as deferred
debt discount. The fair value of the warrants was computed on the grant date using a per share price of $0.12
per share. The fair value was estimated using
the Black Scholes option pricing models with the following assumptions:
SCHEDULE
OF FAIR VALUE OF OPTION WITH ASSUMPTIONS
| |
Dividend Yield | | |
Expected Volatility | | |
Risk-free
Interest Rate | | |
Expected Life | |
Hudson
Bay Warrant; March 2023 | |
| 0.00 | % | |
| 143.23 | % | |
| 3.88 | % | |
| 2.5
years | |
Palladium
Capital Warrant; March 2023 | |
| 0.00 | % | |
| 143.23 | % | |
| 3.88 | % | |
| 2.5
years | |
On April 5, 2023, the warrants issued under the March
2023 Offering were adjusted under the terms and conditions to a strike price of $2.01 due to the reverse stock split. The adjustment resulted
in a fair value of $3,387,604, of which $3,387,604 was immediately expensed as loss on issuance of warrants. The fair value was estimated
using the Black Scholes option pricing models with the following assumptions:
| |
Dividend Yield | | |
Expected Volatility | | |
Risk-free Interest Rate | | |
Expected Life | |
Hudson Bay Warrant; March 2023 | |
| 0.00 | % | |
| 143.81 | % | |
| 3.67 | % | |
| 2.5 years | |
Palladium Capital Warrant; March 2023 | |
| 0.00 | % | |
| 143.81 | % | |
| 3.67 | % | |
| 2.5 years | |
January
2022 Offering
On
January 26, 2022, the Company, entered into a Securities Purchase Agreement (the “Note Securities Purchase Agreement”)
with an accredited investor (the “Note Investor”) for the issuance and sale of a Senior Convertible Note with an initial
principal amount of $33,333,333 (the
“January 2022 Note”) at a conversion price of $10.00 per
share of Eightco’s Common Stock with a purchase amount of $30,000,000 and
an original issue discount of $3,333,333,
a warrant (the “January 2022 Warrant”) to purchase up to 66,667 shares
of Common Stock with an initial exercise price of $10.00 per
share of Common Stock (the “Note Private Placement”). In addition, the Company issued a warrant to the placement agent
to purchase up to 1,067 shares
of Common Stock with an initial exercise price of $10.00 per
share of Common Stock. The warrants vest immediately, expiring on May
16, 2027 and had an estimated fair value of
$3,905,548.
The Company recorded a debt discount of $7,798,881 which
consists of the original issue discount of $3,333,333,
the fair value of the warrants of $3,905,548 and
placement agent fees of $560,000.
The discount will be amortized over the term of the convertible note payable. The entire outstanding principal balance and any
outstanding fees or interest shall be due and payable in full on the third anniversary of the date the note is issued, May 5, 2022.
The January 2022 Note does not bear interest, provided, however, that the Note will bear interest at 18%
per annum upon the occurrence of an event of default. Eightco and the Note Investor closed the transaction contemplated by the Note
Securities Purchase Agreement on May 5, 2022. In connection with the Note Private Placement, the Company also entered into a
Registration Rights Agreement (the “January 2022 Registration Rights Agreement”) with the Note Investor, and, upon the
closing, entered into a Security Agreement, a Pledge Agreement and various ancillary certificates, disclosure schedules and exhibits
in support thereof prior to the closing of the Note Securities Purchase Agreement.
On
July 28, 2022, the Company entered into an Amendment Agreement (the “July 2022 Amendment Agreement”) with the Note
Investor to amend the Note Securities Purchase Agreement, the January 2022 Note, and that certain January 2022 Registration Rights
Agreement.
Pursuant
to the July 2022 Amendment Agreement, the Company released an aggregate of $29,000,000
(the “Released Funds”) from the restricted funds account maintained in accordance with the Note Securities Purchase
Agreement (the “Restricted Funds Account”) and, going forward, must deposit 50% of any Warrant Exercise Cash (as defined
in the July 2022 Amendment Agreement) into the Restricted Funds Account. As required by the July 2022 Amendment Agreement, the
Company used $22,000,000
of the Released Funds to repurchase from the Investor $22,000,000
of the principal of the January 2022 Note. Pursuant to the July 2022 Amendment Agreement, the conversion price of the balance of the
January 2022 Note that remains was voluntarily adjusted to $1.06
(the “Adjustment”). The
July 2022 Amendment Agreement also amended the January 2022 Registration Rights Agreement. to require the Company to register (i)
the number of shares of common stock equal to 200% of the shares issuable upon conversion of the January 2022 Note and (ii) the
number of shares of common stock equal to 200% of the shares issuable upon exercise of the warrant issued under the Note Securities
Purchase Agreement, assuming all cash has been released from the Restricted Funds Account and the number of shares of common stock
issuable upon exercise of the January 2022 Warrant issued under the Note Securities Purchase Agreement has been adjusted in
accordance with Section 3(c) of the warrant. The July 2022 Amendment Agreement requires the Company to register additional
shares of its common stock underlying the January 2022 Note. Accordingly, the Company filed a registration statement on Form S-1
dated August 12, 2022 (the “August S-1”) with the Securities and Exchange Commission. The August S-1 includes 301,007
shares of the Company’s common stock issuable upon the conversion of the January 2022 Note as a result of the
Adjustment.
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
14.
CONVERTIBLE NOTE PAYABLE (continued)
As
a result of the Adjustment, the exercise price of (i) warrants to purchase up to 15,467
shares of the Company’s Common Stock held by Palladium Capital Group, LLC, (ii) warrants to purchase up to 66,667
shares of the Company’s Common Stock held by the Note Investor, and (iii) warrants to purchase up to 30,000
shares of the Company’s Common Stock held by BHP Capital NY, Inc. was adjusted to $1.06
per share of the Company’s Common Stock.
The
July 2022 Amendment Agreement amends the January 2022 Note to permit the Company to enter into technology license agreements which
obligate the Company to make cash payments of up to $10,000,000
(the “Cash Payment”) and Common Stock issuances of up to 5,000
restricted shares, provided (i) the Cash Payments are not due until at least two years after the signing of such license agreements,
and (ii) the Company must enter into an intercreditor agreement in connection with each license agreement. The July 2022 Amendment
Agreement also amends the January 2022 Note to increase the permitted amount of a lien on indebtedness of the Company from $500,000
to $10,000,000.
The
July 2022 Amendment Agreement grants the holder of the January 2022 Note the right, at any time after December 27, 2023, to force
the Company to redeem all or any portion of the outstanding principal, interest or penalties on the January 2022 Note.
The
parties also amended the Company’s carve out to its financing standstill as set forth in the July 2022 Amendment Agreement.
On
September 14, 2022, the Company and the Note Investor entered into a waiver (the “Waiver”) to permit, subject to the
terms and conditions set forth therein, the entry into a purchase agreement for Forever 8. Pursuant to the Waiver, the conversion
price and exercise price of the January 2022 Note and the January 2022 Warrants, respectively, were voluntarily and irrevocably
adjusted to equal $50.00,
subject to further adjustment as set forth therein. As a result of the price adjustment feature, the number of shares of the
Company’s common stock issuable upon exercise of the January 2022 Warrants and conversion of the January 2022 Notes was
increased upon the acquisition of Forever 8 on October 1, 2022.
As
a result of the adjustment of the January 2022 Note and January 2022 Warrant conversion and exercise price, respectively, in the
Waiver, the exercise price of (i) warrants to purchase up to 15,467
shares of the Company’s Common Stock held by Palladium Capital Group, LLC, (ii) warrants to purchase up to 66,667
shares of the Company’s Common Stock held by the Note Investor, and (iii) warrants to purchase up to 30,000
shares of the Company’s Common Stock held by BHP Capital NY, Inc. was adjusted to $50.00
per share of the Company’s Common Stock.
On
January 6, 2023, the Company entered into a Second Amendment Agreement (the “Second Amendment Agreement”) with Hudson
Bay to amend the (i) Note Securities Purchase Agreement, (ii) the January 2022 Note, (iii) the January 2022 Registration Rights
Agreement, and (iv) the January 2022 Warrant.
Pursuant
to the Second Amendment Agreement, the conversion price of the balance of the January 2022 Note that remains outstanding was voluntarily
adjusted to $10.00 per share of Common Stock.
The
Second Amendment Agreement grants the Company the right to redeem all or a portion of the outstanding amount of the January 2022 Note
(the “Redemption Right”) upon 10 trading days’ notice provided that (i) no Equity Conditions Failure (as defined in
the January 2022 Note) exists and (ii) the Company has sufficient resources to effect the redemption. The Redemption Right is subject
to certain other restrictions contained in the Second Amendment Agreement.
The
Second Amendment Agreement provides that if Hudson Bay converts any portion of the January 2022 Note during the 10 consecutive trading
day period starting on January 6, 2023 (the “Applicable Conversion Period”), Hudson Bay shall, on the first business day
immediately following the end of the Applicable Conversion Period, release to the Company an amount of cash from the Control Account
(as defined in the January 2022 Note) equal to 20% of the amount converted during the Applicable Conversion Period if the volume-weighted
average price (“VWAP”) of the common stock on each trading day during the Applicable Conversion Period equals or exceeds
$10.00 and there is no circumstance or event that would, with or without the passage of time or the giving of notice, result in a material
default, material breach or event of default under any Transaction Document (as defined in the Note Securties Purchase Agreement).
As
a result of the voluntary adjustment to the conversion price of the January 2022 Note, the exercise price of the January 2022
Warrant was automatically adjusted to $10.00
per share of common stock and the number of shares issuable upon exercise of the January 2022 Warrant (the “HB Warrant
Shares”) was proportionately increased to 3,333,333
HB Warrant Shares. Pursuant to the Second Amendment Agreement, Hudson Bay agreed to waive the adjustment to the number of HB Warrant
Shares issuable pursuant to the January 2022 Warrant to the extent such adjustment results in a number of HB Warrant Shares
underlying the January 2022 Warrant exceeding 2,220,000.
The Second Amendment Agreement provides that Hudson Bay (i) will not exercise January 2022 Warrants to purchase more than an
aggregate of 1,500,000
HB Warrant Shares until March 2, 2023, provided such limitation will be waived upon the occurrence of an Event of Default (as
defined in the January 2022 Note) or if the VWAP of the common stock on any trading day from January 6, 2023 until March 2, 2023 is
less than $11.00
and (ii) will not exercise the January 2022 Warrant until (x) such time as the aggregate principal amount outstanding of the January
2022 Note is equal to or less than the amount remaining in the Control Account or (y) the occurrence of an Event of Default (the
“HB Initial Exercisability Date”). However, Hudson Bay may exercise Warrants for up to 200,000
shares of common stock prior to the HB Initial Exercisability Date if the VWAP of the common stock on any trading day during the
period starting on March 1, 2023 and ending on and including March 31, 2023 is less than $10.00.
If the VWAP of the common stock on each trading day from January 6, 2023 through March 1, 2023, is greater than $11.00,
Hudson Bay will forfeit the right to purchase 720,000
HB Warrant Shares pursuant to the January 2022 Warrant, provided that there is no circumstance or event that would, with or without
the passage of time or the giving of notice, result in a material default, material breach or event of default under any Transaction
Document. Additionally, the exercise price of the January 2022 Warrant was voluntarily further adjusted to $0.01
per share of common stock in lieu of the investors taking less warrant shares. The VWAP of the common stock, from January 6, 2023
through March 1, 2023, was below $11.00,
as such Hudson Bay did not forfeit the 720,000
HB Warrant Shares.
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
14.
CONVERTIBLE NOTE PAYABLE (continued)
The
Second Amendment Agreement requires the Company to provide each stockholder entitled to vote at the next special or annual meeting of
stockholders of the Company, which must be held not later than April 1, 2023, a proxy statement soliciting each such stockholder’s
affirmative vote at the stockholder meeting for approving the increase of the authorized shares of common stock from 250,000,000 to 500,000,000
(“Stockholder Approval”). If despite the Company’s reasonable best efforts, the Stockholder Approval is not obtained
on or prior to the Stockholder Meeting Deadline, the Company shall cause an additional stockholder meeting to be held every ninety (90)
days thereafter until such Stockholder Approval is obtained.
The
warrants issued by the Company were modified to reduce the exercise price, which also increased the number of warrants to purchase common
stock. The warrant modification expense of $43,344,150 was computed on the modification date using a per share price of $0.32 per share.
The fair value was estimated using the Black Scholes option pricing models with the following assumptions:
| |
Dividend Yield | | |
Expected Volatility | | |
Risk-free
Interest Rate | | |
Expected Life | |
Hudson
Bay Warrant; as adjusted January 2023 | |
| 0.00 | % | |
| 142.28 | % | |
| 4.10 | % | |
| 2.5
years | |
Palladium
Capital Warrant; as adjusted January 2023 | |
| 0.00 | % | |
| 142.28 | % | |
| 4.10 | % | |
| 2.5
years | |
BHP Warrant; as adjusted
January 2023 | |
| 0.00 | % | |
| 142.28 | % | |
| 4.10 | % | |
| 2.5
years | |
15.
CONVERTIBLE NOTES PAYABLE – RELATED PARTIES
The
convertible notes payable, related party were issued as part of consideration for the acquisition of Forever 8. The discount was
calculated based on the fair value of the instrument as of October 1, 2022. See Note 3 – “Acquisitions” for further information.
Principal due under the convertible note payable – related parties was as follows at June 30, 2023 and December 31,
2022:
SCHEDULE
OF CONVERTIBLE NOTE PAYABLE RELATED PARTIES
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Notes
payable, 10% | |
| 27,383,700 | | |
| 27,500,000 | |
Less:
debt discount | |
| (2,250,000 | ) | |
| (2,750,000 | ) |
Notes
payable, net | |
$ | 25,133,700 | | |
$ | 24,750,000 | |
Interest
expense under convertible notes payable – related parties was $937,000 and $0, of which $250,000 and $0 was related to amortization
of the debt discount, for the three months ended June 30, 2023 and 2022, respectively, and 1,874,000 and $0, of which $500,000 and $0 was related to amortization
of the debt discount, for the six months ended June 30, 2023 and 2022, respectively.
16.
INCOME TAXES
Eightco
is taxed as a corporation and pays corporate federal, state and local taxes on income.
Forever
8, BlockHiro, LLC and Cryptyde Shares Services, LLC are limited liability companies which are disregarded entities for income
tax purposes and are owned 100% by Eightco and Ferguson Containers, respectively. The Company pays corporate federal,
state and local taxes on income allocated to it from BlockHiro, LLC and 8co Holdings Shared Services, LLC.
CW
Machines, LLC is a limited liability company for income tax purposes and is owned 51% by Eightco. The Company pays corporate
federal, state and local taxes on income allocated to it from CW Machines, LLC.
Ferguson
Containers is taxed as a corporation and pays corporate federal, state and local taxes on income.
Forever
8 UK Ltd. is taxed as a corporation and pays foreign taxes on income.
F8
Fund EU Holdings BV is taxed as a corporation and pays foreign taxes on income.
Income
tax (benefit) expense was $0 and $17,000 for the three months ended June 30, 2023 and 2022, respectively, and $0
and ($172,997)
for the six months ended June 30, 2023 and 2022, respectively. The decrease in income tax benefit is due to the reversal of income taxes
payable due to net operating losses incurred in 2022. The Company has recorded a full valuation allowance on net operating losses.
There
are no unrecognized tax benefits and no accruals for uncertain tax positions.
As
of June 30, 2023, the Company had a net operating loss carryforward for federal income tax purposes of approximately $4,150,207 and credit
carryforwards are subject to annual limitations due to the “change in ownership” provisions of the Internal Revenue Code
of 1986 and similar state provisions. The Company’s net operating loss carryforward begins to expire in 2041.
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
17.
STOCKHOLDERS’ EQUITY
Common
Stock. Prior to the Separation, Vinco owned 100% of the issued and outstanding common stock of Eightco.
Effective June 29, 2022, the Company separated from Vinco, and the distribution of its common
stock was completed. As of June 30, 2023 and December 31, 2022, the Company had 1,797,570 and 633,365 issued and outstanding shares of
common stock, respectively.
On
March 16, 2023, the Company filed a Certificate of Amendment to the Company’s Certificate of Incorporation with the Secretary of
State of Delaware to increase the number of authorized shares of the Company’s common stock, par value $0.001 per share from 250,000,000
to 500,000,000 and to make a corresponding change to the number of authorized shares of capital stock, effective as of 4:05 p.m. (New
York time) on March 16, 2023.
Common
stock issuances during the six months ended June 30, 2023:
From
January 1, 2023 through June 30, 2023, the Company issued a total of 774,733 shares of common stock to a noteholder for repayment of
principal valued at $7,743,333 based on the conversion price set forth in the Note.
On
January 26, 2023, the Company issued a total of 20,550 shares of common stock to employees for services rendered on behalf of the Company
valued at $571,200 and previously expensed as stock-based compensation.
On
January 26, 2023, the Company issued a total of 2,700 shares of common stock to three directors for director compensation valued at $91,800
and previously expensed as stock-based compensation.
On
March 1, 2023, the Company issued 72,000 shares of common stock for an exercise of a warrant.
On
March 16, 2023, the Company issued 115,355 shares of common stock for an exercise of two warrants.
On
March 22, 2023, the Company issued 59,392 shares of common stock for an exercise of a warrant.
On
March 30, 2023, the Company issued 120,000 shares of common stock for an exercise of a warrant.
On
April 3, 2023, the Company issued 79,099 shares of common stock for an exercise of a warrant.
On
April 11, 2023, the Company issued 100,000 shares of common stock for an exercise of a warrant.
On
April 14, 2023, the Company issued 95,112 shares of common stock for broker dealers to investors for partial share ownership due to the
Company’s reverse stock split.
From
April 18, 2023 through May 3, 2023, the Company issued 849,710 shares of common stock for warrant exercises.
Preferred
Stock: On January 17, 2023, the board of directors of the Company declared a dividend of one one-thousandth of a share of Series
A Preferred Stock, par value $0.001 per share, for each outstanding share of the Company’s common stock, par value $0.001 per share
to stockholders of record at 5:00 p.m. Eastern Time on January 27, 2023 (the “Record Date”).
On
January 19, 2023, the Company filed a Certificate of Designation with the Delaware Secretary of State for its Series A Preferred Stock.
The number of shares designated is three hundred thousand (300,000).
As
of June 30, 2023 and December 31, 2022, the Company had 1,311 and 0 issued and outstanding shares of Series A Preferred Stock, respectively.
All shares of Series A Preferred Stock issued have been since redeemed.
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
18.
COMMITMENTS AND CONTINGENCIES
Operating
Leases. The Company leases certain office space from an entity affiliated through common ownership under an operating lease agreement
on a month-to-month basis.
On
April 26, 2022, the Company entered into an assignment and assumption agreement with Vinco Ventures, Inc. whereby the parties agreed
to transfer and assign to Eightco the lease agreement dated July 16, 2021 by and between Abdi R. Boozer-Jomehri (d/b/a
Safety Harbor Centre, Inc.) and Edison Nation, LLC, a 100% owned subsidiary of Vinco (the “Safety Harbor Lease”).
The Company adopted ASC 842 on January 1, 2022 and recognized a right of use asset and liability of $98,736 using a discount rate of
4.5%. There are no other material operating leases. The Company has elected not to recognize right-of-use assets and lease liabilities
arising from short-term leases.
On
October 19, 2022, the Company entered into a commercial lease agreement with Foxx Trot Tango, LLC to lease approximately 25 acres of
land, including approximately 250,000 square feet of warehouse space in Sylvester, Georgia for $87,500 on a month-to-month basis, effective
July 2022. Owners of Foxx Trot, LLC are also shareholders of the Company. On May 8, 2023, the Company elected to terminate the lease
agreement effective as of June 30, 2023.
Rent
expense was $344,906 and $33,000 for the three months ended June 30, 2023 and 2022, respectively, and $690,626 and $63,700 for the six months ended June 30, 2023 and 2022,
respectively. Rental payments are expensed in the
statements of comprehensive income in the period to which they relate.
Emmersive
Sellers: On April 17, 2021, the Former Parent entered into (and closed on) a certain Asset Contribution Agreement (“Asset Contribution
Agreement”) with Emmersive Entertainment, Inc. (“Emmersive”), pursuant to which Emmersive contributed/transferred to
the Company the assets used for Emmersive’s business, which include digital assets, software and certain physical assets (the “Contributed
Assets”) in consideration for, among other things, the Former Parent assuming certain obligations of Emmersive, hiring certain
employees, and issuing preferred membership units (“Preferred Units”) in EVNT Platform, LLC to Emmersive and/or its shareholders
(“Preferred Members”) pursuant to a First Amended and Restated Operating Agreement for the Former Parent dated as of April
17, 2021 (“Amended Operating Agreement”). Certain put rights are associated with Preferred Units, which if exercised by the
Preferred Members, obligates the Former Parent to purchase the Preferred Units in exchange for shares of the Former Parent’s common
stock (“Put Rights”). In addition, the Preferred Members have the opportunity to earn Conditional Preferred Units if certain
conditions are satisfied for earn out targets (“Earn-Out Targets”).
On
February 25, 2022, the Former Parent and Emmersive entered into a Termination and Release Agreement, terminating certain transaction
documents dated April 17, 2021, and a Milestone Agreement for the earnout shares to be earned and any remaining consideration to be paid
by Eightco with an effective date of the agreements upon the spin-off being declared effective (“Effective Date”)
Upon the spinoff, the agreements release Emmersive of the opportunity to earn the additional shares of common stock of the Former Parent
from the Asset Contribution Agreement. The contingent consideration to be paid by Eightco upon the successful completion
of the spin-off are described below:
Earned
Shares: Issuance of 6,000 shares of common stock of Eightco (“Eightco Shares”). The Company recorded $609,000
of share-based compensation related to the Eightco Shares.
Milestone
1: In the event that the Company generates a minimum of $5,500,000 in annualized booked revenues from the operation of the Musician &
Artist Platform (“Attributed Revenue”) ending eight (8) months following the Effective Date (“Tranche 1 Milestone Date”),
the Emmersive Parties shall receive 2,000 restricted Eightco Shares (“Tranche One”) within thirty (30) after the Tranche
1 Milestone Date. In the event that the Company does not satisfy this milestone for any reason by the Tranche 1 Milestone Date, the Emmersive
Parties shall have no rights to the additional Eightco Shares.
Milestone
2: After the Effective Date, in the event the Company generates a minimum of $26,500,000 in annualized Attributed Revenues in any three-calendar
month period ending on or before September 30, 2023, from the Musician & Artist Platform, the Emmersive Parties shall receive an
additional 2,000 restricted Eightco Shares (“Tranche Two”). In the event Milestone Two is achieved, then Milestone One shall
also be deemed to have been achieved. In the event that the Company does not satisfy Milestone Two for any reason by September 30, 2023,
the Emmersive Parties shall have no rights to Tranche Two.
Milestone
3: After the Effective Date in the event that Buyer generates a minimum of $60,000,000 in annualized Attributed Revenues in any three-calendar-month
period ending on or before September 30, 2024, from the Musician & Artist Platform, the Emmersive Parties shall receive an additional
2,000 restricted Eightco Shares (“Tranche Three”). In the event Milestone Three is achieved, then Milestones One and Two
shall also be deemed to have been achieved. In the event that the Company does not satisfy Milestone Three for any reason by September
30, 2024, time being of the essence, the Emmersive Parties shall have no rights to Tranche Three. In the event that the Company satisfies
Milestone Three in the time prescribed they shall have the right to receive an additional 100,000 restricted shares of Eightco Shares
(“Bonus Tranche”). In the event that the Company does not satisfy Milestone Three for any reason, the Emmersive Parties shall
have no rights to the Bonus Tranche.
None
of the above milestones were met as of June 30, 2023.
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
19.
SEGMENTING REPORTING
The
Company’s principal operating segments coincide with the types of products to be sold. The products from which revenues are derived
are consistent with the reporting structure of the Company’s internal organization. The Company’s two reportable segments
for the six months ended June 30, 2023 were the Inventory Management Solutions segment and the Corrugated segment. The Company’s
chief operating decision maker has been identified as the Chairman and CEO, who reviews operating results to make decisions about allocating
resources and assessing performance for the entire Company. Segment information is presented based upon the Company’s management
organization structure as of June 30, 2023 and the distinctive nature of each segment. Future changes to this internal financial structure
may result in changes to the reportable segments disclosed. There are no inter-segment revenue transactions and, therefore, revenues
are only to external customers.
Segment
operating profit is determined based upon internal performance measures used by the chief operating decision maker. The Company derives
the segment results from its internal management reporting system. The accounting policies the Company uses to derive reportable segment
results are the same as those used for external reporting purposes. Management measures the performance of each reportable segment based
upon several metrics, including net revenues, gross profit and operating loss. Management uses these results to evaluate the performance
of, and to assign resources to, each of the reportable segments. The Company manages certain operating expenses separately at the corporate
level and does not allocate such expenses to the segments. Segment income from operations excludes interest income/expense and other
income or expenses and income taxes according to how a particular reportable segment’s management is measured. Management does
not consider impairment charges, and unallocated costs in measuring the performance of the reportable segments.
For
the three and six months ended June 30, 2022, the Company had only one operating segment (corrugated) thus segment info for this
period is not presented. Segment information available with respect to these reportable business segments for the three and six
months ended June 30, 2023 was as follows:
SCHEDULE OF BUSINESS SEGMENTS
|
|
For
the
Three months Ended
June 30, |
|
|
For the Six months Ended June 30, |
|
|
|
2023 |
|
|
2023 |
|
Revenues: |
|
|
|
|
|
|
|
|
Inventory Management
Solutions |
|
$ |
18,864,903 |
|
|
$ |
32,813,244 |
|
Corrugated |
|
|
1,682,250 |
|
|
|
3,623,624 |
|
Total segment and consolidated
revenues |
|
$ |
20,547,153 |
|
|
$ |
36,436,868 |
|
|
|
|
|
|
|
|
|
|
Cost of revenues: |
|
|
|
|
|
|
|
|
Inventory Management Solutions |
|
$ |
16,824,061 |
|
|
$ |
29,458,650 |
|
Corrugated |
|
|
1,193,198 |
|
|
|
2,629,232 |
|
Total segment and consolidated
cost of revenues |
|
$ |
18,017,259 |
|
|
$ |
32,087,882 |
|
|
|
|
|
|
|
|
|
|
Gross profit: |
|
|
|
|
|
|
|
|
Inventory Management Solutions |
|
$ |
2,040,842 |
|
|
$ |
3,354,594 |
|
Corrugated |
|
|
489,052 |
|
|
|
994,392 |
|
Total segment and consolidated
gross profit |
|
$ |
2,529,894 |
|
|
$ |
4,348,986 |
|
|
|
|
|
|
|
|
|
|
Income from operations: |
|
|
|
|
|
|
|
|
Inventory Management Solutions |
|
$ |
(525,530 |
) |
|
$ |
(1,017,764 |
) |
Corrugated |
|
|
99,737 |
|
|
|
245,319 |
|
Corporate |
|
|
(2,338,303 |
) |
|
|
(5,521,990 |
) |
Total segment and consolidated
income from operations |
|
$ |
(2,764,096 |
) |
|
$ |
(6,294,435 |
) |
|
|
|
|
|
|
|
|
|
Depreciation and amortization: |
|
|
|
|
|
|
|
|
Inventory Management Solutions |
|
$ |
584,166 |
|
|
$ |
1,160,746 |
|
Corrugated |
|
|
49,496 |
|
|
|
98,993 |
|
Total segment and consolidated
depreciation and amortization |
|
$ |
633,662 |
|
|
$ |
1,259,739 |
|
|
|
|
|
|
|
|
|
|
Revenues by geography: |
|
|
|
|
|
|
|
|
North America |
|
$ |
3,772,968 |
|
|
$ |
7,060,372 |
|
Europe |
|
|
16,774,185 |
|
|
|
29,376,496 |
|
Total geography and consolidated
revenues |
|
$ |
20,547,153 |
|
|
$ |
36,436,868 |
|
| |
| | | |
| | |
Segment capital expenditures: | |
| | | |
| | |
Inventory Management Solutions | |
| | | |
$ | - | |
Corrugated | |
| | | |
| 114,028 | |
Corporate | |
| | | |
| - | |
Total segment and consolidated capital expenditures | |
| | | |
$ | 114,028 | |
| |
| | | |
| | |
Segment total assets: | |
| | | |
$ | | |
Inventory Management Solutions | |
| | | |
| 52,160,446 | |
Corrugated | |
| | | |
| 2,595,471 | |
Corporate | |
| | | |
| 5,664,698 | |
Total segment and consolidated assets | |
| | | |
$ | 60,420,615 | |
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
As
explained above, unless otherwise indicated, the terms “we,” “us,” “our,” “our Company,” and “the Company” refer to Eightco Holdings, Inc., together with its consolidated subsidiaries. The following
discussion and analysis of the Company’s financial condition and results of operations should be read together with the Company’s
financial statements and related notes appearing elsewhere in this Quarterly Report. Some of the information contained in this discussion
and analysis or set forth elsewhere in this Quarterly Report, including information with respect to the Company’s plans and strategy
for the Company’s business and related financing, includes forward-looking statements involving risks and uncertainties and should
be read together with the “Cautionary Note Regarding Forwarding- Looking Statements” section of this Quarterly Report. Such
risks and uncertainties could cause actual results to differ materially from the results described in or implied by the forward-looking
statements contained in the following discussion and analysis.
Overview
As
used herein, “Eightco” and the “Company” refer to Eightco Holdings Inc. and subsidiaries
and/or where applicable, its management, a Delaware corporation originally incorporated on September 21, 2021 (date of inception) under
the laws of the State of Nevada. On March 9, 2022, the Company converted to a Delaware corporation pursuant to a plan of conversion entered
into with the Former Parent. On April 43 2023, the Company changed its name to Eightco Holdings Inc. from Cryptyde, Inc. and its stock
symbol to “OCTO.” The Company is comprised of three main businesses, Forever 8 Inventory Cash Flow Solution, our Web3 Business,
which includes the sale of BTC mining hardware, and our Packaging Business. Our Inventory Solution Business, Forever 8 Fund, LLC, a Delaware
limited liability company focused on purchasing inventory for e-commerce retailers, which we acquired on October 1, 2022 (“Forever
8”). We no longer intend to generate revenue from our Web 3 Business. Our Packaging Business manufactures and sells custom packaging
for a wide variety of products and through packaging helps customers generate brand awareness and promote brand image.
On
June 29, 2022, the Company separated from its former parent company, Vinco Ventures Inc. (“Vinco”). As previously announced,
we concluded a spin-off from Vinco (the “Separation”) and continue operating our Web3 Business, our BTC Mining Hardware Business
and our Packaging Business. The Separation occurred concurrently with the distribution (the “Distribution”) of our common
stock to stockholders of Vinco as of May 18, 2022 (the “Record Date”) at a ratio of one share of our common stock for every
ten shares of Vinco common stock held by the Vinco stockholders. Following the Separation, we are an independent, publicly traded company,
and Vinco retains no ownership interest in our Company.
In
connection with the Separation, we entered into a Separation and Distribution Agreement and other agreements with Vinco to effect the
Separation and provide a framework for our relationship with Vinco after the Separation. These agreements provide for the allocation
between us and our subsidiaries, on the one hand, and Vinco and its subsidiaries, on the other hand, of the assets, liabilities, legal
entities, and obligations associated with the Eightco Businesses, on the one hand, and Vinco’s other current businesses, on the
other hand, and govern the relationship between our Company and our subsidiaries, on the one hand, and Vinco and its subsidiaries, on
the other hand, following the Separation. In addition to the Separation and Distribution Agreement, the other principal agreements entered
into with Vinco include a Tax Matters Agreement and certain commercial agreements.
Name
Change, Symbol Change and Recapitalization
On
March 15, 2023, a Special Meeting of Security Holders was held to vote upon the proposal to approve an amendment to the Certificate of
Incorporation to effect, at the discretion of the Board but prior to the one-year anniversary of the date on which the reverse stock
split is approved by the Company’s stockholders, a reverse stock split of all of the outstanding shares of Common Stock at a ratio
in the range of 1-for-2 to 1-for-50, with such ratio to be determined by the Board in its discretion and included in a public announcement
(the “Reverse Stock Split Proposal”). The proposal was approved by Security Holders.
On
April 3, 2023, the Company filed a Certificate of Amendment (the “Certificate of Amendment”) to the Company’s Certificate
of Incorporation (the “Certificate of Incorporation”) with the Secretary of State of Delaware (1) to effect a 1-for-50 reverse
stock split of the shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), either issued
and outstanding or held by the Company as treasury stock (the “Reverse Stock Split”) and (2) to change the name of the Company
from “Cryptyde, Inc.” to “Eightco Holdings Inc.” (the “Name Change”). Both the Reverse Stock Split
and the Name Change were effective as of 4:05 p.m., New York time, on April 3, 2023. The Common Stock began trading on a reverse stock
split-adjusted basis on the Nasdaq Capital Market on April 4, 2023. The trading symbol for the Common Stock following the Reverse Stock
Split and the Name Change is “OCTO.” The new CUSIP number for the Common Stock following the Reverse Stock Split and the
Name Change is 22890A203.
Nasdaq
Deficiency Notice
On
October 5, 2022, we received a letter from the Listing Qualifications Department of Nasdaq indicating that, based upon the closing bid
price of the Company’s common stock for the 31 consecutive business day period between August 22, 2022, through October 4, 2022,
the Company did not meet the minimum bid price of $1.00 per share required for continued listing on The Nasdaq Capital Market pursuant
to Nasdaq Listing Rule 5550(a)(2). The letter also indicated that the Company has a compliance period of 180 calendar days, or until
April 3, 2023 (the “Compliance Period”), in which to regain compliance pursuant to Nasdaq Listing Rule 5810(c)(3)(A).
On
April 11, 2023, the Company received a Staff Determination (the “Determination”) that the Company did not comply with the
Listing Rule. Unless the Company requests an appeal of the Determination, the Company’s securities will be scheduled for delisting
from The Nasdaq Capital Market at the opening of trading on April 20, 2023.
On
April 18, 2023, the Company received a written notice from The Nasdaq Stock Market LLC stating that since the Company’s common
stock closing bid price had closed above $1 from the dates of April 4, 2023 to April 18, 2023, the Company had regained compliance with
Listing Rule 5550(a)(2).
Critical
Accounting Policies and Significant Judgments and Estimates
There
have been no changes to our critical accounting policies during the six months ended June 30, 2023. Critical accounting policies and
the significant accounting estimates made in accordance with such policies are regularly discussed with the Audit Committee of the Company’s
board of directors. Those policies are discussed under “Critical Accounting Policies” in our “Management’s Discussion
and Analysis of the Financial Condition and Results of Operations” included in Item 7 of our Annual Report on Form 10-K for the
year ended December 31, 2022, as well as in our consolidated financial statements and the footnotes thereto, included in the Annual Report
on Form 10-K.
Key
Components of our Results of Operations
Revenues
We
generate the majority of our revenues from inventory financing through our wholly owned subsidiary, Forever 8. In addition,
we will generate revenues from the sale of corrugated custom packaging to a wide array of customers, the sales of Bitcoin mining equipment
offered through CW Machines, LLC and Web3 Products and services offered through BlockHiro, LLC.
Cost
of Revenues
Our
cost of revenues includes inventory costs, materials and supplies costs, internal labor costs and related benefits, subcontractor costs,
depreciation, overhead and shipping and handling costs. In addition, we will incur costs to purchase Bitcoin mining equipment which will
be resold to customers and costs from the development of Web3 products and services.
Selling,
General and Administrative Expenses
Selling,
general and administrative expenses consist of selling, marketing, advertising, payroll, administrative, finance and professional expenses.
Interest
Expense and Income, Net
Interest
expense includes the cost of our borrowings under our debt arrangements. Interest income includes the interest earned under our notes
receivable.
Other
Income
Other
income includes the gain on disposal of the building located in Washington, New Jersey.
Results
of Operations
Three
Months Ended June 30, 2023 versus Three Months Ended June 30, 2022
The
following table sets forth information comparing the components of net (loss) income for the three months ended June 30, 2023 and 2022:
| |
Three months Ended June 30, | | |
Period over Period Change | |
| |
2023 | | |
2022 | | |
$ | | |
% | |
| |
| | |
| | |
| | |
| |
Revenues, net | |
$ | 20,547,153 | | |
$ | 7,345,959 | | |
$ | 13,201,194 | | |
| 179.71 | % |
Cost of revenues | |
| 18,017,259 | | |
| 6,546,875 | | |
| 11,470,384 | | |
| 175.20 | % |
Gross profit | |
| 2,529,894 | | |
| 799,084 | | |
| 1,730,810 | | |
| 216.60 | % |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Selling, general and administrative | |
| 5,001,242 | | |
| 4,292,308 | | |
| 708,934 | | |
| 16.52 | % |
Impairment | |
| 292,748 | | |
| - | | |
| 292,748 | | |
| 100.00 | % |
Operating (loss) income | |
| (2,764,096 | ) | |
| (3,493,224 | ) | |
| 729,128 | | |
| -20.87 | % |
| |
| | | |
| | | |
| | | |
| | |
Other (expense) income: | |
| | | |
| | | |
| | | |
| | |
Interest income (expense) | |
| (2,736,333 | ) | |
| 454 | | |
| (2,736,787 | ) | |
| -602,816.52 | % |
Loss on issuance of warrants | |
| (3,387,604 | ) | |
| - | | |
| (3,387,604 | ) | |
| 100.00 | % |
Other income | |
| 34,785 | | |
| 53,013 | | |
| (18,228 | ) | |
| -34.38 | % |
Total other (expense) income, net | |
| (6,089,152 | ) | |
| 53,467 | | |
| (6,142,619 | ) | |
| -11,488.62 | % |
(Loss) income before income taxes | |
| (8,853,248 | ) | |
| (3,439,757 | ) | |
| (5,413,491 | ) | |
| 157.38 | % |
Income tax expense (benefit) | |
| - | | |
| 17,000 | | |
| (17,000 | ) | |
| -100.00 | % |
Net (loss) | |
$ | (8,853,248 | ) | |
$ | (3,456,757 | ) | |
$ | (5,396,491 | ) | |
| 156.11 | % |
Revenue
For
the three months ended June 30, 2023, revenues increased by $13,201,194 or 179.71%, as compared to the three months ended June 30,
2022. The increase was largely attributable to the increased sale of goods from revenue derived from the inventory management solutions business.
Cost
of Revenues
For
the three months ended June 30, 2023, cost of revenues increased by $11,470,384 or 175.20%, as compared to the three months ended June
30, 2022. The increase was largely attributable to the increase in total revenues for our inventory management solutions business, as
well as increased costs of materials and production in our corrugated business.
Gross
Profit
For
the three months ended June 30, 2023, gross profit increased by $1,730,810 or 216.60%, as compared to the three months ended June 30,
2022. The increase was largely attributable to an increase in revenue derived from the inventory management solutions business.
Operating
Expenses
Selling,
general and administrative expenses were $5,001,242 and $4,292,308 for the three months ended June 30, 2023 and 2022, respectively,
representing an increase of $708,934, or 16.52%. The increase was largely attributable to the increase in professional fees, payroll
costs, insurance expense, rent expense, selling and warehousing fees and operating costs as a standalone public company.
Interest
Expense
Interest
expense was $2,736,333, for the three months ended June 30, 2023, versus interest income of $454 for the three months ended June 30,
2022. The increase in interest expense was largely attributable to the amortization of debt issuance costs related to borrowing under
the convertible notes payable.
Total
other (expense) income
Total
other (expense) income was ($6,089,152) for the three months ended June 30, 2023 versus $53,467 for the three months ended June 30, 2022.
The increase in total other income (expense) was largely attributable to the loss on issuance of warrants of ($3,387,604) and interest
expense of ($2,736,333) for the three months ended June 30, 2023.
Income
tax expense
Income
tax expense was $0 for the three months ended June 30, 2023, versus an income tax expense of $17,000 for the three months ended June
30, 2022, respectively. The decrease in income tax expense was a result of the increase in loss before income taxes.
Net
loss
Net
loss was $8,853,248 for the three months ended June 30, 2023, versus $3,456,757 for the three months ended June 30, 2022. The increase
in net loss was largely attributable to the loss on issuance of warrants of $3,387,604.
Six
Months Ended June 30, 2023 versus Six Months Ended June 30, 2022
The
following table sets forth information comparing the components of net (loss) income for the six months ended June 30, 2023 and 2022:
|
|
Six
months Ended
June
30, |
|
|
Period
over Period
Change |
|
|
|
2023 |
|
|
2022 |
|
|
$ |
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues,
net |
|
$ |
36,436,868 |
|
|
$ |
11,065,606 |
|
|
$ |
25,371,262 |
|
|
|
229.28 |
% |
Cost
of revenues |
|
|
32,087,882 |
|
|
|
9,721,258 |
|
|
|
22,366,624 |
|
|
|
230.08 |
% |
Gross
profit |
|
|
4,348,986 |
|
|
|
1,344,348 |
|
|
|
3,004,638 |
|
|
|
223.50 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
general and administrative |
|
|
10,350,673 |
|
|
|
6,214,103 |
|
|
|
4,136,570 |
|
|
|
69.46 |
% |
Impairment |
|
|
292,748 |
|
|
|
- |
|
|
|
292,748 |
|
|
|
100.00 |
% |
Operating
(loss) income |
|
|
(6,294,435 |
) |
|
|
(4,869,755 |
) |
|
|
(1,424,680 |
) |
|
|
29.26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
(expense) income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
(expense) |
|
|
(5,549,560 |
) |
|
|
- |
|
|
|
(5,549,560 |
) |
|
|
100.00 |
% |
Rental
income |
|
|
- |
|
|
|
325 |
|
|
|
(325 |
) |
|
|
-100.00 |
% |
Loss
on issuance of warrants |
|
|
(46,928,815 |
) |
|
|
- |
|
|
|
(46,928,815 |
) |
|
|
100.00 |
% |
Other
income |
|
|
68,422 |
|
|
|
102,532 |
|
|
|
(34,110 |
) |
|
|
-33.27 |
% |
Total
other (expense) income, net |
|
|
(52,409,953 |
) |
|
|
102,857 |
|
|
|
(52,512,810 |
) |
|
|
-51,054.19 |
% |
(Loss)
income before income taxes |
|
|
(58,704,388 |
) |
|
|
(4,766,898 |
) |
|
|
(53,937,490 |
) |
|
|
1,131.50 |
% |
Income
tax expense (benefit) |
|
|
- |
|
|
|
(172,997 |
) |
|
|
172,997 |
|
|
|
-100.00 |
% |
Net
(loss) |
|
$ |
(58,704,388 |
) |
|
$ |
(4,593,901 |
) |
|
$ |
(54,110,487 |
) |
|
|
1,177.88 |
% |
Revenue
For
the six months ended June 30, 2023, revenues increased by $25,371,262 or 229.28%, as compared to the six months ended June 30, 2022.
The increase was largely attributable to the increased sale of goods from the revenue derived from the inventory management solutions business.
Cost
of Revenues
For
the six months ended June 30, 2023, cost of revenues increased by $22,366,624 or 230.08%, as compared to the six months ended June 30,
2022. The increase was largely attributable to the increase in total revenues for our inventory management solutions business, as well
as increased costs of materials and production in our corrugated business.
Gross
Profit
For
the six months ended June 30, 2023, gross profit increased by $3,004,638 or 223.50%, as compared to the six months ended June 30, 2022.
The increase was largely attributable to an increase in revenue derived from the inventory management solutions business.
Operating Expenses
Selling, general and administrative expenses were $10,350,673 and $6,214,103
for the six months ended June 30, 2023 and 2022, respectively, representing an increase of $4,136,570, or 69.46%. The increase was largely attributable to the increase in professional fees, payroll costs, insurance expense, rent expense, selling and
warehousing fees and operating costs as a standalone public company.
Interest Expense
Interest expense was $5,549,560, for the six months
ended June 30, 2023, versus $0 for the six months ended June 30, 2022. The increase in interest expense was largely attributable to the
amortization of debt issuance costs related to borrowing under the convertible notes payable.
Total other (expense) income
Total other (expense) income was ($52,409,953) for
the six months ended June 30, 2023 versus $102,857 for the six months ended June 30, 2022. The increase in total other income (expense)
was largely attributable to the loss on issuance of warrants of ($46,928,815) and interest expense of ($5,549,560) for the six months
ended June 30, 2023.
Income tax expense
Income tax expense was $0 for the six months ended
June 30, 2023, versus an income tax benefit of $172,997 for the six months ended June 30, 2022, respectively. The decrease in income tax
benefit was a result of the increase in loss before income taxes.
Net loss
Net loss was $58,704,388 for the six months
ended June 30, 2023, versus $4,593,901 for the six months ended June 30, 2022. The increase in net loss was largely attributable to
the loss on issuance of warrants of $46,928,815.
Liquidity
and Capital Resources
Eightco
has required funding from the Former Parent to fund its operations. In addition, other than those that relate to the Note
Private Placement, which currently amount to approximately $9.7 million, the Company has no significant debt obligations.
The
Company currently has approximately $4.3 million in cash. The Company believes it will have sufficient funds for the next 12 months to
accomplish its strategic plan.
Cash
Flows
Since
inception, Eightco and its subsidiaries have primarily used its available cash to fund its operations. The following table
sets forth a summary of cash flows for the periods presented:
| |
For
the Six months Ended June
30, | |
| |
2023 | | |
2022 | |
Cash
(used in) provided by: | |
| | | |
| | |
Operating
Activities | |
$ | (5,672,358 | ) | |
$ | (5,894,179 | ) |
Investing
Activities | |
| (92,278 | ) | |
| (52,599 | ) |
Financing
Activities | |
| 4,559,110 | | |
| 45,001,510 | |
Net
increase (decrease) in cash and restricted cash | |
$ | (1,205,526 | ) | |
$ | 39,054,732 | |
Cash
Flows for the Six months Ended June 30, 2023 and 2022
Operating
Activities
Net
cash (used in) operating activities was ($5,572,358) during the six months ended June 30, 2023, which consisted primarily of a net loss
of $58,704,388 offset largely by amortization of debt issuance costs of $3,992,457 and loss on issuance of warrants of $46,928,815 and
changes in assets and liabilities of ($244,981). Net cash (used in) operating activities was ($5,894,179) during the six months ended
June 30, 2022, which consisted primarily of a net loss of $4,593,901 offset by non-cash depreciation expense of $118,384 and changes
in assets and liabilities of $2,074,367
Investing
Activities
Net
cash provided by (used in) investing activities was ($92,278) during the six months ended June 30, 2023 compared to ($52,599) for
the six months ended June 30, 2022. The increase in net cash used in investing activities is largely attributable to the purchases
of developed technology in the amount of ($159,251) offset by the sale of capital expenditures in the amount of $181,000.
Financing
Activities
Net
cash provided by financing activities was $4,559,110 during the six months ended June 30, 2023 compared to $45,001,510 for the six
months ended June 30, 2022. This decrease was largely attributable to proceeds from the issuance of debt of $30,000,000 and proceeds
from the issuance of common stock of $12,001,000 during the
six months ended June 30, 2022 versus $3,150,000 and $2,175,000 from the issuance of debt and
lines of credit during the six months ended June 30, 2023.
Eightco
has required funding from the Former Parent to launch operations. Ferguson Containers has historically had positive cash
flows from operations. Since inception, Ferguson Container’s operations have been funded principally through its operations.
The Company did not have any off-balance sheet arrangements
as of June 30, 2023.
Contractual
Obligations and Commitments
The
Company has no debt covenants that require certain financial information to be met.
Critical
Accounting Policies and Significant Judgments and Estimates
This
discussion and analysis of the Company’s financial condition and results of operations is based on the Company’s combined
financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States of America,
or U.S. GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts
of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts
of revenue and expenses during the reported periods. In accordance with U.S. GAAP, the Company bases its estimates on historical experience
and on various other assumptions the Company believes are reasonable under the circumstances. Actual results may differ from these estimates
under different assumptions or conditions.
For
information on the Company’s significant accounting policies please refer to Note 2 to the Company’s Financial Statements
included in this Quarterly Report.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not applicable.
ITEM
4. CONTROLS AND PROCEDURES
Disclosure
Controls and Procedures
The
Company’s management, with the participation of the Company’s Principal Executive Officer and Principal Financial and Accounting
Officer has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e)
and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report. Based on such evaluation, the Company’s
Principal Executive Officer and Principal Financial and Accounting Officer have concluded that, as of the end of such period covered
by this Quarterly Report, the Company’s disclosure controls and procedures were not effective to provide reasonable assurance that
information that it is required to disclose in reports that the Company files with the SEC is recorded, processed, summarized and reported
within the time periods specified by the Exchange Act rules and regulations due to the reasons set forth below.
As
of December 31, 2022, management identified the following material weakness in our internal control over financial reporting: the Company
was unable to provide a timely financial reporting package in connection with the year end audit. This was primarily the result of the
Company’s limited accounting personnel. This also limits the extent to which the Company can segregate incompatible duties and
has a lack of controls in place to ensure that all material transactions and developments impacting the financial statements are reflected.
There is a risk under the current circumstances that intentional or unintentional errors could occur and not be detected.
Management
has concluded that the material weakness described above currently exists as of June 30, 2023. The Company plans to engage with outside
consultants to strengthen its capabilities and help the Company in the design and assessment of its internal controls over financial
reporting to further reduce and remediate existing control deficiencies during 2023.
Changes
in Internal Control over Financial Reporting
During
the three months ended June 30, 2023, there were no changes in our internal control over financial reporting that materially affected our
internal control over financial reporting as of June 30, 2023.
PART
II. OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS
From
time to time, the Company is party to legal actions that are routine and incidental to its business. However, based upon available information
and in consultation with legal counsel, management does not expect the ultimate disposition of any or a combination of these actions
to have a material adverse effect on the Company’s assets, business, cash flow, condition (financial or otherwise), liquidity,
prospects andor results of operations.
ITEM
1A. RISK FACTORS
Our
business and common stock are subject to a number of risks and uncertainties The discussion of such risks and uncertainties may be found
under “Risk Factors” in the Company’s annual report on Form 10-K filed with the SEC
on April 17, 2023. There have been no material changes to these risks during the three months ended June 30, 2023.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Recent
Sales of Unregistered Securities; Uses of Proceeds from Registered Securities
On
January 26, 2023, the Company issued a total of 20,550 shares of common stock to employees for services rendered on behalf of the Company
valued at $571,200 and previously expensed as stock-based compensation.
On
January 26, 2023, the Company issued a total of 2,700 shares of common stock to three directors for director compensation valued at $91,800
and previously expensed as stock-based compensation.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM
4. MINE SAFETY DISCLOSURES
Not
Applicable.
ITEM
5. OTHER INFORMATION
ITEM
6. EXHIBITS
(b)
Exhibits
The
following documents are filed as exhibits hereto:
* |
Filed
herewith. |
** |
Furnished herewith. |
SIGNATURES
Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
Date:
August 10, 2023
|
EIGHTCO
HOLDINGS INC. |
|
|
|
By: |
/s/
Brian McFadden |
|
Name: |
Brian
McFadden |
|
Title: |
Chief
Executive Officer |
|
EIGHTCO
HOLDINGS INC. |
|
|
|
By: |
/s/
Brett Vroman |
|
Name: |
Brett
Vroman |
|
Title: |
Chief
Financial Officer |
EXHIBIT 31.1
EIGHTCO HOLDINGS INC.
CERTIFICATION PURSUANT TO RULE 13a-14 OR 15d-14
OF
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED,
AS ADOPTED PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I, Brian McFadden, certify that:
1. |
I have reviewed this quarterly report on Form 10-Q of Eightco Holdings Inc.; |
|
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
|
4. |
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have: |
(a) Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;
(b) Designed such internal
control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this
report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most
recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or
is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
5. |
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) All significant
deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely
to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether
or not material, that involves management or other employees who have a significant role in the registrant’s internal control over
financial reporting.
Date: August 10, 2023 |
/s/ Brian McFadden |
|
Brian McFadden |
|
Chief Executive Officer |
|
(Principal Executive Officer) |
EXHIBIT
31.2
EIGHTCO
HOLDINGS INC.
CERTIFICATION
PURSUANT TO RULE 13a-14 OR 15d-14 OF
THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED,
AS
ADOPTED PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY
ACT OF 2002
I,
Brett Vroman, certify that:
1. |
I
have reviewed this quarterly report on Form 10-Q of Eightco Holdings Inc.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have: |
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
5. |
The
registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or
persons performing the equivalent functions): |
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Date:
August 10, 2023 |
/s/
Brett Vroman |
|
Brett
Vroman |
|
Chief
Financial Officer |
|
(Principal
Financial Officer) |
EXHIBIT
32.1
EIGHTCO
HOLDINGS INC.
CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY
ACT OF 2002
In
connection with the quarterly report on Form 10-Q for the quarter ended June 30, 2023, as filed with the Securities and Exchange Commission
on the date hereof (the “Report”), of Eightco Holdings Inc. (the “Company”), each of the undersigned
officers of the Company hereby certify, in their capacity as an executive officer of the Company, pursuant to 18 U.S.C. § 1350,
as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of their knowledge:
(1)
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
Date:
August 10, 2023 |
/s/
Brian McFadden |
|
Brian
McFadden |
|
Chief
Executive Officer |
|
(Principal
Executive Officer) |
|
|
Date:
August 10, 2023 |
/s/
Brett Vroman |
|
Brett
Vroman |
|
Chief
Financial Officer |
|
(Principal
Financial Officer) |
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 14, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jun. 30, 2023
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-41033
|
|
Entity Registrant Name |
EIGHTCO
HOLDINGS INC.
|
|
Entity Central Index Key |
0001892492
|
|
Entity Tax Identification Number |
87-2755739
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
200
9th Avenue North
|
|
Entity Address, Address Line Two |
Suite 220
|
|
Entity Address, City or Town |
Safety
Harbor
|
|
Entity Address, State or Province |
FL
|
|
Entity Address, Postal Zip Code |
34695
|
|
City Area Code |
(888)
|
|
Local Phone Number |
765-8933
|
|
Title of 12(b) Security |
Common
Stock, $0.001 par value per share
|
|
Trading Symbol |
OCTO
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
true
|
|
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|
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v3.23.2
Condensed Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Cash and cash equivalents |
$ 4,374,905
|
$ 5,580,431
|
Restricted cash |
2,850,000
|
1,000,000
|
Accounts receivable, net |
1,809,315
|
1,263,552
|
Inventories |
7,508,143
|
4,502,003
|
Prepaid expenses and other current assets |
847,551
|
1,736,145
|
Total current assets |
17,389,914
|
14,082,131
|
Property and equipment, net |
856,432
|
1,321,042
|
Right of use assets – operating leases |
46,938
|
68,600
|
Intangible assets, net |
17,578,491
|
18,579,986
|
Goodwill |
22,324,588
|
22,324,588
|
Loan held-for-investment |
2,224,252
|
2,224,252
|
Total assets |
60,420,615
|
58,600,599
|
Current liabilities: |
|
|
Accounts payable |
2,380,239
|
2,174,034
|
Accrued expenses and other current liabilities |
5,307,431
|
2,624,518
|
Current portion of operating lease liabilities |
44,456
|
43,950
|
Line of credit |
4,025,000
|
1,850,000
|
Convertible note payable, net of debt discount of $3,610,750 |
1,944,250
|
|
Due to Related Parties |
7,226,700
|
7,226,700
|
Total current liabilities |
20,928,076
|
13,919,202
|
Operating lease liabilities, net of current portion |
4,330
|
26,564
|
Contingent consideration |
6,100,000
|
6,100,000
|
Deferred tax liabilities |
82,104
|
82,104
|
Total liabilities |
53,964,589
|
52,789,375
|
Stockholders’ equity: |
|
|
Preferred stock, $0.001 par value, 10,000,000 shares authorized and 1,311 and 0 shares outstanding at June 30, 2023 and December 31, 2022, respectively |
|
|
Common stock, $0.001 par value, 500,000,000 shares authorized and 2,921,678 and 633,602 shares outstanding at June 30, 2023 and December 31, 2022, respectively |
2,922
|
633
|
Additional paid-in capital |
109,826,900
|
50,617,631
|
Accumulated deficit |
(103,662,587)
|
(44,958,199)
|
Accumulated other Comprehensive Income |
605,300
|
467,668
|
Total stockholders’ equity attributable to Eightco Holdings Inc. |
6,772,535
|
6,127,733
|
Non-controlling interest |
(316,509)
|
(316,509)
|
Total stockholders’ equity |
6,456,026
|
5,811,224
|
Total liabilities and stockholders’ equity |
60,420,615
|
58,600,599
|
Nonrelated Party [Member] |
|
|
Current liabilities: |
|
|
Line of credit |
1,750,000
|
1,175,000
|
Convertible notes payable |
1,716,379
|
7,911,505
|
Related Party [Member] |
|
|
Current liabilities: |
|
|
Line of credit |
2,275,000
|
675,000
|
Convertible notes payable |
$ 25,133,700
|
$ 24,750,000
|
X |
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v3.23.2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
Debt discount |
$ 3,610,750
|
$ 3,610,750
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
10,000,000
|
10,000,000
|
Preferred stock, shares issued |
1,311
|
0
|
Preferred stock, shares outstanding |
1,311
|
0
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
500,000,000
|
500,000,000
|
Common stock, shares issued |
2,921,678
|
633,602
|
Common stock, shares outstanding |
2,921,678
|
633,602
|
Nonrelated Party [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Debt discount |
$ 283,621
|
$ 1,831,828
|
Related Party [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Debt discount, related parties |
$ 2,250,000
|
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v3.23.2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Revenue from Contract with Customer [Abstract] |
|
|
|
|
Revenues, net |
$ 20,547,153
|
$ 7,345,959
|
$ 36,436,868
|
$ 11,065,606
|
Cost of revenues |
18,017,259
|
6,546,875
|
32,087,882
|
9,721,258
|
Gross profit |
2,529,894
|
799,084
|
4,348,986
|
1,344,348
|
Operating expenses: |
|
|
|
|
Selling, general and administrative expenses |
5,001,242
|
4,292,308
|
10,350,673
|
6,214,103
|
Impairment |
292,748
|
|
292,748
|
|
Total operating expenses |
5,293,990
|
4,292,308
|
10,643,421
|
6,214,103
|
Operating loss |
(2,764,096)
|
(3,493,224)
|
(6,294,435)
|
(4,869,755)
|
Non-operating income (expense): |
|
|
|
|
Interest income (expense), net |
(2,736,333)
|
454
|
(5,549,560)
|
325
|
Loss On Issuance of Warrants |
(3,387,604)
|
|
(46,928,815)
|
|
Other income |
34,785
|
53,013
|
68,422
|
102,532
|
Total non-operating income (expense) |
(6,089,152)
|
53,467
|
(52,409,953)
|
102,857
|
Net loss before income tax expense |
(8,853,248)
|
(3,439,757)
|
(58,704,388)
|
(4,766,898)
|
Income tax expense (benefit) |
|
17,000
|
|
(172,997)
|
Net loss |
(8,853,248)
|
(3,456,757)
|
(58,704,388)
|
(4,593,901)
|
Net loss attributable to non-controlling interest |
|
(92,308)
|
|
(219,062)
|
Net loss attributable to Eightco, Inc. |
$ (8,853,248)
|
$ (3,364,449)
|
$ (58,704,388)
|
$ (4,374,839)
|
Earnings (loss) per share: |
|
|
|
|
Earnings (loss) per share: basic |
$ (3.54)
|
$ (7.71)
|
$ (31.35)
|
$ (10.03)
|
Earnings (loss) per share: diluted |
$ (3.54)
|
$ (7.71)
|
$ (31.35)
|
$ (10.03)
|
Weight average number of common shares outstanding: basic |
2,496,665
|
436,304
|
1,872,611
|
436,304
|
Weight average number of common shares outstanding: diluted |
2,496,665
|
436,304
|
1,872,611
|
436,304
|
Net loss |
$ (8,853,248)
|
$ (3,364,449)
|
$ (58,704,388)
|
$ (4,374,839)
|
Foreign currency translation – unrealized gain (loss) |
86,267
|
|
137,632
|
|
Comprehensive loss |
$ (8,766,981)
|
$ (3,364,449)
|
$ (58,566,756)
|
$ (4,374,839)
|
X |
- DefinitionAmount of write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill.
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v3.23.2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Noncontrolling Interest [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Total |
Beginning balance, value at Dec. 31, 2021 |
$ 10
|
$ (10)
|
$ (128,860)
|
$ 2,300,212
|
|
$ 2,171,352
|
Balance, shares at Dec. 31, 2021 |
10,000
|
|
|
|
|
|
Net loss |
|
|
(126,754)
|
(1,010,390)
|
|
(1,137,144)
|
Ending balance, value at Mar. 31, 2022 |
10
|
(10)
|
(255,614)
|
1,289,822
|
|
1,034,208
|
Beginning balance, value at Dec. 31, 2021 |
$ 10
|
(10)
|
(128,860)
|
2,300,212
|
|
2,171,352
|
Balance, shares at Dec. 31, 2021 |
10,000
|
|
|
|
|
|
Net loss |
|
|
|
|
|
(4,593,901)
|
Foreign currency translation |
|
|
|
|
|
|
Balance, shares at Jun. 30, 2022 |
10,000
|
|
|
|
|
|
Ending balance, value at Jun. 30, 2022 |
$ 21,815
|
15,533,733
|
(347,922)
|
(2,074,627)
|
|
13,132,999
|
Beginning balance, value at Mar. 31, 2022 |
10
|
(10)
|
(255,614)
|
1,289,822
|
|
1,034,208
|
Net loss |
|
|
(92,308)
|
(3,364,449)
|
|
(3,456,757)
|
Issuance of common stock to investors |
$ 1,500
|
11,998,500
|
|
|
|
12,000,000
|
Issuance of common stock to investors, shares |
1,500,000
|
|
|
|
|
|
Exercise of warrants |
$ 1,500
|
(500)
|
|
|
|
1,000
|
Exercise of warrants, shares |
1,499,923
|
|
|
|
|
|
Issuance of common stock t shareholders upon distribution from Vinco Ventures, Inc. |
$ 18,805
|
(18,805)
|
|
|
|
|
Issuance of common stock t shareholders upon distribution from Vinco Ventures, Inc., shares |
18,805,243
|
|
|
|
|
|
Issuance of warrants |
|
3,905,548
|
|
|
|
3,905,548
|
Offering costs |
|
(960,000)
|
|
|
|
(960,000)
|
Share-based compensation |
|
609,000
|
|
|
|
609,000
|
Foreign currency translation |
|
|
|
|
|
|
Balance, shares at Jun. 30, 2022 |
10,000
|
|
|
|
|
|
Ending balance, value at Jun. 30, 2022 |
$ 21,815
|
15,533,733
|
(347,922)
|
(2,074,627)
|
|
13,132,999
|
Beginning balance, value at Dec. 31, 2022 |
$ 633
|
50,617,631
|
(316,509)
|
(44,958,199)
|
467,668
|
5,811,224
|
Balance, shares at Dec. 31, 2022 |
633,364
|
|
|
|
|
|
Net loss |
|
|
|
(49,851,140)
|
|
(49,851,140)
|
Exercise of warrants |
$ 367
|
14,233
|
|
|
|
14,600
|
Exercise of warrants, shares |
366,622
|
|
|
|
|
|
Issuance of warrants |
|
47,876,820
|
|
|
|
47,876,820
|
Issuance of common stock to note holders |
$ 774
|
7,742,559
|
|
|
|
7,743,333
|
Issuance of common stock to note holders, shares |
774,333
|
|
|
|
|
|
Issuance of common stock to employees and directors |
$ 23
|
(23)
|
|
|
|
|
Issuance of common stock to employees and directors, shares |
23,250
|
|
|
|
|
|
Foreign currency translation |
|
|
|
|
51,365
|
51,365
|
Balance, shares at Mar. 31, 2023 |
1,797,570
|
|
|
|
|
|
Ending balance, value at Mar. 31, 2023 |
$ 1,797
|
106,251,220
|
(316,509)
|
(94,809,339)
|
519,033
|
11,646,202
|
Beginning balance, value at Dec. 31, 2022 |
$ 633
|
50,617,631
|
(316,509)
|
(44,958,199)
|
467,668
|
5,811,224
|
Balance, shares at Dec. 31, 2022 |
633,364
|
|
|
|
|
|
Net loss |
|
|
|
|
|
(58,704,388)
|
Foreign currency translation |
|
|
|
|
|
137,632
|
Balance, shares at Jun. 30, 2023 |
2,921,678
|
|
|
|
|
|
Ending balance, value at Jun. 30, 2023 |
$ 2,922
|
109,826,900
|
(316,509)
|
(103,662,587)
|
605,300
|
6,456,026
|
Beginning balance, value at Mar. 31, 2023 |
$ 1,797
|
106,251,220
|
(316,509)
|
(94,809,339)
|
519,033
|
11,646,202
|
Balance, shares at Mar. 31, 2023 |
1,797,570
|
|
|
|
|
|
Net loss |
|
|
|
(8,853,248)
|
|
(8,853,248)
|
Issuance of common stock to investors |
$ 95
|
(95)
|
|
|
|
|
Issuance of common stock to investors, shares |
95,298
|
|
|
|
|
|
Exercise of warrants |
$ 1,030
|
(829)
|
|
|
|
201
|
Exercise of warrants, shares |
1,028,810
|
|
|
|
|
|
Issuance of warrants |
|
3,387,604
|
|
|
|
3,387,604
|
Share-based compensation |
|
189,000
|
|
|
|
189,000
|
Foreign currency translation |
|
|
|
|
86,267
|
86,267
|
Balance, shares at Jun. 30, 2023 |
2,921,678
|
|
|
|
|
|
Ending balance, value at Jun. 30, 2023 |
$ 2,922
|
$ 109,826,900
|
$ (316,509)
|
$ (103,662,587)
|
$ 605,300
|
$ 6,456,026
|
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v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash flows from operating activities: |
|
|
Net loss |
$ (58,704,388)
|
$ (4,593,901)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation and amortization |
1,259,738
|
118,384
|
Impairment |
292,748
|
|
Amortization of debt issuance costs |
3,992,457
|
|
Loss on issuance of warrants |
46,928,815
|
|
Share-based compensation |
189,000
|
609,000
|
Provision for bad debts |
608,356
|
46,705
|
Gain on sale of assets |
5,897
|
|
Changes in assets and liabilities: |
|
|
Accounts receivable |
(1,154,119)
|
(271,226)
|
Inventories |
(2,868,508)
|
(39,425)
|
Prepaid expenses and other current assets |
888,594
|
1,859,439
|
Accounts payable |
206,205
|
291,175
|
Accrued expenses and other current liabilities |
2,682,847
|
(3,914,330)
|
Net cash used in operating activities |
(5,672,358)
|
(5,894,179)
|
Cash flows from investing activities: |
|
|
Purchases of property and equipment |
(114,027)
|
(52,599)
|
Purchases of developed technology |
(159,251)
|
|
Proceeds from sale of property and equipment |
181,000
|
|
Net cash used in investing activities |
(92,278)
|
(52,599)
|
Cash flows from financing activities: |
|
|
Net borrowings under lines of credit |
2,175,000
|
|
Net proceeds from issuance of common stock |
14,799
|
12,001,000
|
Net borrowings under convertible notes |
3,150,000
|
30,000,000
|
Due to Former Parent |
|
3,028,154
|
Fees paid for financing costs |
(664,389)
|
|
Repayments under convertible notes payable – related parties |
(116,300)
|
|
Repayments under notes payable |
|
(27,644)
|
Net cash provided by financing activities |
4,559,110
|
45,001,510
|
Net (decrease) increase in cash and cash equivalents and restricted cash |
(1,205,526)
|
39,054,732
|
Cash and cash equivalents and restricted cash, beginning of the year |
5,580,431
|
911,194
|
Cash and cash equivalents and restricted cash, end of the period |
4,374,905
|
39,965,926
|
Supplemental disclosure of cash flow information: |
|
|
Cash paid for interest |
|
203
|
Cash paid for income taxes |
|
147,000
|
Right of use assets |
|
98,736
|
Operating lease liabilities |
|
98,736
|
Convertible shares under notes payable |
7,743,333
|
|
Issuance of warrants to noteholders and placement agent |
4,335,611
|
3,905,458
|
Original issue discount |
555,000
|
3,333,333
|
Accrued placement agent fees for equity placement |
960,000
|
960,000
|
Accrued placement agent fees for debt placement |
|
560,000
|
Issuance of common stock upon the distribution from Vinco Ventures, Inc. |
|
$ 18,805
|
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v3.23.2
NATURE OF OPERATIONS AND BASIS OF PRESENTATION
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
NATURE OF OPERATIONS AND BASIS OF PRESENTATION |
1.
NATURE OF OPERATIONS AND BASIS OF PRESENTATION
As
used herein, “Eightco” and the “Company” refer to Eightco Holdings Inc. and subsidiaries and/or where
applicable, its management, a Delaware corporation originally incorporated on September 21, 2021 (date of inception) under the laws
of the State of Nevada. On March 9, 2022, the company converted to a Delaware corporation pursuant to a plan of conversion entered
into with its former parent, Vinco Ventures, Inc. (“Vinco” or “Former Parent”). The company operates in
three main businesses: Forever 8 Inventory Cash Flow Solution, Web3 Business, and Packaging Business. Forever 8 Fund LLC (“Forever 8”), which
focuses on purchasing inventory for e-commerce retailers, was acquired by the company on October 1, 2022, and is part of its
Inventory Solution Business. The company previously sold BTC mining equipment and developed an NFT character set under its Web3
Business but has no intention of continuing this business at this time. The Packaging Business manufactures and sells custom
packaging for a wide variety of products and helps customers generate brand awareness and promote brand image through packaging.
Prior to the Separation (as defined below), the Company was 100%
owned by Vinco.
As
of June 30, 2023, Eightco had three wholly-owned subsidiaries: Forever 8, Ferguson Containers, Inc. (“Ferguson
Containers”) and BlockHiro, LLC. Ferguson Containers owns 100%
of 8co Holdings Shared Services, LLC. Eightco owns 51%
of CW Machines, LLC which is consolidated under the voting interest entity model. Under the voting interest entity model, control is
presumed by the holder of a majority voting interest unless noncontrolling shareholders have substantive participating rights.
Forever 8 owns 100%
of Forever 8 UK, Ltd and Forever 8 Fund EU Holdings BV.
During
2021, the Former Parent announced it plans to spin-off (the “Separation”) certain of its businesses. The Former Parent has
included Ferguson Containers as well as other subsidiaries of the Former Parent (the “Eightco Businesses”) as part of the
spin-off. In anticipation of the Separation, the Former Parent contributed its assets and legal entities comprising the Eightco Businesses
to facilitate the Separation. As a result of the Separation, the Company has become an independent, publicly traded company comprised
of the Eightco Businesses on June 30, 2022.
On
March 29, 2022, Ferguson Containers ownership was assigned by the Former Parent to the Company. This transaction between entities
under common control resulted in a change in reporting entity and required retrospective combination of the entities for all periods
presented, as if the combination had been in effect since the inception of common control. Accordingly, the consolidated financial statements
of the Company reflect the accounting of the combined acquired subsidiaries at historical carrying values, except that equity reflects
the equity of Eightco.
Liquidity
Uncertainties.
As
of June 30, 2023, the Company had approximately $4.3 million in cash and cash equivalents as compared to $5.6 million at December 31,
2022. The Company expects that its current cash and cash equivalents, approximately $2.4 million as of the date of this quarterly report,
will be sufficient to support its projected operating requirements for at least the next 12 months from this date.
The
Company expects to need additional capital in order to increase revenues above current levels. Any additional equity financing, if available,
may not be on favorable terms and would likely be significantly dilutive to the Company’s current stockholders, and debt financing,
if available, may involve restrictive covenants. The Company’s ability to access capital when needed is not assured and, if not
achieved on a timely basis, will likely have a materially adverse effect on our business, financial condition and results of operations.
Basis
of Presentation.
The
accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted
in the United States (“GAAP”) for interim financial reporting and with the instructions to Form 10-Q and Article 10 of Regulation
S-X. In the opinion of management, the unaudited condensed financial statements included herein contain all adjustments necessary to
present fairly the Company’s financial position and the results of its operations and cash flows for the interim periods presented.
Such adjustments are of a normal recurring nature. The results of operations for the six months ended June 30, 2023 may not be indicative
of results for the full year. These unaudited condensed financial statements should be read in conjunction with the audited financial
statements and the notes to those statements for the year ended December 31, 2022 included in the Company’s Annual Report on Form
10-K filed with the SEC on April 17, 2023.
The
Company is an emerging growth company as the term is used in The Jumpstart Our Business Startups Act, enacted on April 5, 2021 and has
elected to comply with certain reduced public company reporting requirements.
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
|
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Reverse
Stock Split: On April 3, 2023, the Company filed a Certificate of Amendment (the “Certificate of Amendment”) to the Company’s
Certificate of Incorporation (the “Certificate of Incorporation”) with the Secretary of State of Delaware (1) to effect a
1-for-50 reverse stock split of the shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”),
either issued and outstanding or held by the Company as treasury stock (the “Reverse Stock Split”) and (2) to change the
name of the Company from “Cryptyde, Inc.” to “Eightco Holdings Inc.” (the “Name Change”). Both the
Reverse Stock Split and the Name Change were effective as of 4:05 p.m., New York time, on April 3, 2023. The Common Stock began trading
on a reverse stock split-adjusted basis on the Nasdaq Capital Market on April 4, 2023. The trading symbol for the Common Stock following
the Reverse Stock Split and the Name Change is “OCTO.” The new CUSIP number for the Common Stock following the Reverse Stock
Split and the Name Change is 22890A203. All share, equity award, and per share amounts contained in the Consolidated Financial Statements
have been adjusted to reflect the Reverse Stock Split for all prior periods presented.
Use
of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions
that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
The Company’s significant estimates used in these consolidated financial statements include, but are not limited to, fair value
of warrants, revenue recognition and the determination of the economic useful life of depreciable property and equipment. Certain of
the Company’s estimates could be affected by external conditions, including those unique to the Company and general economic conditions.
It is reasonably possible that these external factors could have an effect on the Company’s estimates and could cause actual results
to differ from those estimates.
Business
Combinations. For business combinations that meet the accounting definition of a business, the Company determines and allocates the
purchase price of an acquired company to the tangible and intangible assets acquired, the liabilities assumed, and noncontrolling interest,
if applicable, as of the date of acquisition at fair value. Fair value may be estimated using comparable market data, a discounted cash
flow method, or a combination of the two. In the discounted cash flow method, estimated future cash flows are based on management’s
expectations for the future. Revenues and costs of the acquired companies are included in the Company’s operating results from
the date of acquisition. The Company uses its best estimates and assumptions as part of the purchase price allocation process to accurately
value assets acquired and liabilities assumed at the acquisition date, and these estimates and assumptions are inherently uncertain and
subject to refinement during the measurement period not to exceed one year from the acquisition date. As a result, any adjustment identified
subsequent to the measurement period is included in operating results in the period in which the amount is determined (See Note 3 –
“Acquisitions”).
Cash
and Cash Equivalents. The Company considers all highly liquid, short-term investments with original maturities of six months or less
when purchased to be cash equivalents.
Restricted
Cash. The Company’s restricted cash consists of cash that the Company is contractually obligated to maintain in accordance
with the terms of its January 2022 Note. See Note 14 – “Convertible Notes Payable” for further discussion.
Accounts
Receivable. Accounts receivable are carried at their contractual amounts, less an estimate for uncollectible amounts. Management
estimates the allowance for bad debts based on existing economic conditions, historical experience, the financial conditions of the customers,
and the amount and age of past due accounts. Receivables are considered past due if full payment is not received by the contractual due
date. Past due accounts are generally written off against the allowance for bad debts only after all collection attempts have been exhausted.
The allowance for doubtful account was $46,705 as of
June 30, 2023 and December 31, 2022, respectively. There were two customers who represented 35% and 12% of total accounts receivable
as of June 30, 2023.
Inventories.
Inventory is recorded at the lower of cost or net realizable value on a first-in, first-out basis. The Company reduces the carrying value
of inventories for those items that are potentially excess, obsolete, or slow moving based on changes in customer demand, technology
developments, or other economic factors.
Property
and Equipment. Property and equipment are stated at cost, net of accumulated depreciation and amortization, which is recorded commencing
at the in-service date using the straight-line method over the estimated useful lives of the assets, as follows: 3 to 5 years for office
equipment, 5 to 7 years for furniture and fixtures, 6 to 10 years for machinery and equipment, 10 to 15 years for building improvements,
5 years for software, 5 years for molds, 5 to 7 years for vehicles and 40 years for buildings. When fixed assets are retired or otherwise
disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the statements
of comprehensive loss for the respective period. Minor additions and repairs are expensed in the period incurred. Major additions and
repairs which extend the useful life of existing assets are capitalized and depreciated using the straight-line method over their remaining
estimated useful lives.
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Intangible
Assets and Long-lived Assets.
The Company reviews long-lived
assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.
The Company assesses the recoverability of its long-lived assets using undiscounted cash flows. If an asset is found to be impaired,
the amount recognized for impairment is equal to the difference between the carrying value and the asset’s fair value. We record
intangible assets based on their fair value on the date of acquisition. Intangible assets include the cost of developed technology, customer
relationships, trademarks and tradenames. Intangible assets are amortized utilizing the straight-line method over their remaining economic
useful lives, as follows: 10 years for developed technology, 7 years for customer relationships and 7 years for trademarks and tradenames.
The Company reviews long-lived assets and intangible assets for potential impairment annually and when events or changes in circumstances
indicate the carrying amount of an asset may not be recoverable. In the event the expected undiscounted future cash flows resulting from
the use of the asset is less than the carrying amount of the asset, an impairment loss is recorded equal to the excess of the asset’s
carrying value over its fair value. If an asset is determined to be impaired, the loss is measured based on quoted market prices in active
markets, if available. If quoted market prices are not available, the estimate of fair value is based on various valuation techniques,
including a discounted value of estimated future cash flows. In the event that management decides to no longer allocate resources to
an asset, an impairment loss equal to the remaining carrying value of the asset is recorded. The Company did not record any impairment
charges related to intangibles assets during the six months ended June 30, 2023 and 2022, respectively. The Company recorded impairment charges related to long-lived assets of $292,748 and $0 during the six months ended
June 30, 2023 and 2022, respectively.
Goodwill.
Goodwill is recorded for the difference between the fair value of the purchase consideration over the fair value of the net identifiable
tangible and intangible assets acquired. The Company performs an impairment assessment of goodwill on an annual basis as of December
31st, or whenever impairment indicators exist. In the absence of any impairment indicators, goodwill is assessed for impairment during
the fourth quarter of each fiscal year. Judgments regarding the existence of impairment indicators are based on market conditions and
operational performance of the business. The Company may assess our goodwill for impairment initially using a qualitative approach to
determine whether it is more likely than not that the fair value of these assets is greater than their carrying value. When performing
a qualitative test, the Company assesses various factors including industry and market conditions, macroeconomic conditions and performance
of our businesses. If the results of the qualitative assessment indicate that it is more likely than not that the goodwill and other
indefinite-lived intangible assets are impaired, a quantitative impairment analysis would be performed to determine if impairment is
required. The Company may also elect to perform a quantitative analysis of goodwill initially rather than using a qualitative approach.
The impairment testing for goodwill is performed at the reporting unit level. The valuation methods used in the quantitative fair value
assessment, discounted cash flow and market multiples method, requires our management to make certain assumptions and estimates regarding
certain industry trends and future profitability of the Company’s reporting units. If the fair value of a reporting unit exceeds
the related carrying value, the reporting unit’s goodwill is considered not to be impaired and no further testing is performed.
If the carrying value of a reporting unit exceeds its fair value, an impairment loss is recorded for the difference. The valuation of
goodwill is affected by, among other things, the Company’s business plan for the future and estimated results of future operations.
Future events could cause the Company to conclude that impairment indicators exist, and, therefore, that goodwill may be impaired.
Contingent
Liabilities. The Company, from time to time, may be involved in certain legal proceedings. Based upon consultation with outside counsel
handling its defense in these matters and the Company’s analysis of potential outcomes, if the Company determines that a loss arising
from such matters is probable and can be reasonably estimated, an estimate of the contingent liability is recorded in its condensed consolidated
financial statements. If only a range of estimated loss can be determined, an amount within the range that, based on estimates, assumptions
and judgments, reflects the most likely outcome, is recorded as a contingent liability in the condensed consolidated financial statements.
In situations where none of the estimates within the estimated range is a better estimate of probable loss than any other amount, the
Company records the low end of the range. Any such accrual would be charged to expense in the appropriate period. Litigation expenses
for these types of contingencies are recognized in the period in which the litigation services were provided.
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Revenue
Recognition. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”)
606, Revenue from Contracts with Customers, the Company recognizes revenue when it satisfies performance obligations, by transferring
promised goods or services to customers, in an amount that reflects the consideration to which the Company expects to be entitled in
exchange for fulfilling those performance obligations. Revenue for product sales is recognized upon receipt by the customer. There are
no contract assets or contract liabilities and therefore no unsatisfied performance obligations. One customer represented 78% of total
revenues for the six months ended June 30, 2023.
Disaggregation
of Revenue. The Company’s primary revenue streams include the sale of consumer goods through our inventory management solutions
business, the sale of corrugated packaging materials and the sale of mining equipment. There are no other material operations that were
separately disaggregated for segment purposes.
Cost
of Revenues. Cost of revenues includes freight charges, purchasing and receiving costs, depreciation and inspection costs.
Comprehensive
income. The Company follows Accounting Standards Codification (“ASC”) 220 in reporting comprehensive income. Comprehensive
income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically
has not been recognized in the calculation of net income. The Company’s only component of comprehensive income (loss) for the years ended December 31, 2022 and 2021
was foreign currency translation adjustments.
Foreign
Currency Transactions and Translation. Eightco’s functional currency is the United States Dollar (“USD”) and
the Forever 8 functional currency in which it operates is the Euro (“EUR”).
For
the purpose of presenting these consolidated financial statements the reporting currency is USD. Forever 8 assets and liabilities
are expressed in USDs at the exchange rate on the balance sheet date, equity accounts are translated at historical rates, and income
and expense items are translated at the weighted average exchange rate during the period. The resulting translation adjustments are reported
under accumulated other comprehensive income in the stockholders’ equity section of the balance sheets.
Transactions
in currencies other than the entity’s functional currency are recorded at the rates of exchange prevailing on the date of the transaction.
At the end of each reporting period, monetary items denominated in foreign currencies are translated at the rates prevailing at the end
of the reporting periods. Exchange differences arising on the settlement of monetary items and on translation of monetary items at period-end
are included in statement of comprehensive loss.
Exchange
rate used for the translation as follows:
USD
to EUR – 1 USD to .9174 EUR’s.
USD to GBP – 1 USD to .7937
GBP’s.
Earnings
Per Share. The Company follows ASC 260 when reporting Earnings Per Share resulting in the presentation of basic and diluted earnings
per share. Basic net (loss) income per common share is computed by dividing net (loss) income by the weighted average number of vested
common shares outstanding during the period. Diluted net income per common share is computed by dividing net income by the weighted average
number vested of common shares, plus the net impact of common shares (computed using the treasury stock method), if dilutive, resulting
from the exercise of dilutive securities. In periods when losses are reported, the weighted-average number of common shares outstanding
excludes common stock equivalents because their inclusion would be anti-dilutive. As of June 30, 2023 and 2022, the Company excluded
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 anti-dilutive.
SCHEDULE
OF EARNINGS PER SHARE COMMON STOCK EQUIVALENTS ANTI DILUTIVE
| |
June
30, 2023 | | |
June
30, 2022 | |
| |
| | |
| |
Warrants for Former Parent warrant holders | |
|
- | | |
|
174,404 | |
Convertible
shares under notes payable | |
| 3,083,802 | | |
| 66,667 | |
Warrants
for noteholders and placement agents | |
| 4,134,629 | | |
| 77,333 | |
Warrants
for equity investors and placement agents | |
| 728,000 | | |
| 34,800 | |
Shares
reserved for issuance for preferred units of Forever 8 Fund, LLC | |
| 215,000 | | |
| - | |
Convertible
notes payable issued in acquisition of Forever 8 Fund, LLC | |
| 275,000 | | |
| - | |
Shares
reserved for contingent consideration for acquisition of Forever 8 Fund, LLC | |
| 370,000 | | |
| - | |
Shares to be issued | |
| 165,000 | | |
| 6,000 | |
Total
common stock equivalents | |
| 8,971,431 | | |
| 359,204 | |
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Deferred
Financing Costs. Deferred financing costs include debt discounts and debt issuance costs related to a recognized debt liability and
are presented in the balance sheet as a direct deduction from the carrying value of the debt liability. Amortization of deferred financing
costs are included as a component of interest expense. Deferred financing costs are amortized using the straight-line method over the
term of the recognized debt liability which approximates the effective interest method.
Income
Taxes. The Company accounts for income taxes under the provisions of the FASB ASC Topic 740 “Income Taxes” (“ASC
Topic 740”). The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of items that
have been included or excluded in the condensed consolidated financial statements or tax returns. Deferred tax assets and liabilities
are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting
amounts (“temporary differences”) at enacted tax rates in effect for the years in which the temporary differences are expected
to reverse. The Company utilizes a recognition threshold and measurement process for financial statement recognition and measurement
of a tax position taken or expected to be taken in a tax return. Management has evaluated and concluded that there were no material uncertain
tax positions requiring recognition in the Company’s condensed consolidated financial statements as of June 30, 2023 and 2022.
The Company does not expect any significant changes in its unrecognized tax benefits within twelve months of the reporting date. The
Company’s policy is to classify assessments, if any, for tax related interest as interest expense and penalties as general and
administrative expenses in the consolidated statements of comprehensive income. The Company is subject to routine audits by taxing jurisdictions;
however, there are currently no audits for any tax periods in progress.
Fair
Value Measurements. The Company measures the fair value of financial assets and liabilities based on the guidance of ASC 820 “Fair
Value Measurements and Disclosures” (“ASC 820”) which defines fair value, establishes a framework for measuring fair
value, and expands disclosures about fair value measurements.
ASC
820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the
principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement
date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize
the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:
Level
1 — quoted prices in active markets for identical assets or liabilities
Level
2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable
Level
3 — inputs that are unobservable (for example, cash flow modeling inputs based on assumptions)
The
carrying amounts of the Company’s financial instruments, such as cash, accounts receivable, accounts payable and other current
liabilities approximate fair values due to the short-term nature of these instruments. The Company’s long-term debt consists of
$38,963,700.
The estimated fair value of this debt approximates the carrying value of these instruments, due to the interest rates on this debt approximating
current market interest rates.
Concentration
of Credit Risks. Financial instruments that potentially subject the Company to concentrations of credit risk are cash equivalents
and accounts receivable. Cash and cash equivalents are invested in deposits with certain financial institutions and may, at times, exceed
federally insured limits. The Company has not experienced any significant losses on its deposits of cash and cash equivalents. In regard
to trade receivables, the Company performs ongoing evaluations of its customers’ financial condition as well as general economic
conditions and, generally, requires no collateral from its customers. On June 30, 2023, amount due from one customer totaled approximately
17% of accounts receivable.
Leases.
In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842). This ASU requires
a lessee to recognize a right-of-use asset and a lease liability under most operating leases in its balance sheet. The ASU is effective
for annual and interim periods beginning after December 15, 2021. Early adoption is permitted. The Company has adopted ASU 2016-02 as
of January 1, 2022. The adoption of the standard did not have a material impact on the balance sheet. As of April 26, 2022, the date
the Company assumed the lease (Note 18), the operating lease right of use asset and operating lease liability amounted to $98,736 with
no cumulative-effect adjustment.
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Recent
Accounting Pronouncements. In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments
- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This standard establishes
an impairment model (known as the current expected credit loss (“CECL”) model) that is based on expected losses rather than
incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which is intended
to result in a timelier recognition of losses. Under the CECL model, entities will estimate credit losses over the entire contractual
term of the instrument (considering estimated prepayments, but not expected extensions or modifications) from the date of initial recognition
of the financial instrument. Measurement of expected credit losses are to be based on relevant forecasts that affect collectability.
The scope of financial assets within the CECL methodology is broad and includes trade receivables from certain revenue transactions and
certain off-balance sheet credit exposures. Different components of the guidance require modified retrospective or prospective adoption.
In
November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses. ASU 2018-19
clarifies that receivables arising from operating leases are not within the scope of the credit losses standard. Instead, entities would
need to apply other U.S. GAAP, namely Topic 842 (Leases), to account for changes in the collectability assessment for operating leases.
Other than operating lease receivables, Partnership trade receivables include receivables from finance leases and equipment sales. Under
Topic 606 (Revenue from Contracts with Customers), revenue is recognized when, among other criteria, it is probable that the entity will
collect the consideration to which it is entitled for goods or services transferred to a customer. At the point that finance lease receivables
are recorded, they become subject to the CECL model and estimates of expected credit losses over their contractual life will be required
to be recorded at inception based on historical information, current conditions, and reasonable and supportable forecasts. Trade receivables
derived from equipment sales are of short duration and there is not a material difference between incurred losses and expected losses.
In
April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives
and Hedging, and Topic 825, Financial Instruments, which amends and clarifies several provisions of Topic 326. In May 2019, the FASB
issued ASU 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief, which amends Topic 326 to allow the
fair value option to be elected for certain financial instruments upon adoption. ASU 2019-10 extended the effective date of ASU 2016-13
until December 15, 2022. The Company adopted this new guidance, including the subsequent updates to Topic 326, on January 1, 2023 and
the adoption did not have a material impact on the Company’s financial statements and related disclosures
Management
does not believe that any other recently issued, but not yet effective, accounting standards could have a material effect on the accompanying
financial statements. As new accounting pronouncements are issued, the Company will adopt those that are applicable under the circumstances.
Segment
Reporting. The Company uses “the management approach” in determining reportable operating segments. The management approach
considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions
and assessing performance as the source for determining the Company’s reportable segments. The Company’s chief operating
decision maker is the Chairman and Chief Executive Officer (“CEO”) of the Company, who reviews operating results to make
decisions about allocating resources and assessing performance for the entire Company. The Company’s primary revenue streams include
the sale of consumer goods through our inventory management solutions business, which includes the sale of mining equipment, and the
sale of corrugated packaging materials. There are no other material operations that were separately disaggregated for segment purposes.
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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v3.23.2
ACQUISITIONS
|
6 Months Ended |
Jun. 30, 2023 |
Credit Loss [Abstract] |
|
ACQUISITIONS |
3.
ACQUISITIONS
Effective
October 1, 2022, the Company acquired 100% of the issued and outstanding membership interests of Forever 8.
Pursuant
to the Purchase Agreement, the Sellers received consideration consisting of (i) an aggregate of 215,000 non-voting preferred membership
units of Forever 8 (the “Initial Base Preferred Units”), subject to adjustments discussed below, (ii) convertible promissory
notes in an aggregate principal amount of $27.5 million (the “Promissory Notes”), and (iii) the right to receive potential
earnout amounts as discussed below. The following table summarizes the aggregate preliminary purchase price consideration paid to acquire
Forever 8:
SCHEDULE
OF PRELIMINARY PURCHASE PRICE CONSIDERATION PAID
| |
October
1, | |
| |
2022 | |
215,000
non-voting preferred membership units of Forever 8 | |
$ | 7,300,000 | |
Convertible
promissory notes in an aggregate principal amount of $27.5 million | |
| 24,500,000 | |
Contingent
consideration | |
| 6,100,000 | |
Total
purchase price | |
$ | 37,900,000 | |
The
Company believes that this combination will further strengthen its future growth opportunities. The Company accounted for this acquisition
as a business combination under the acquisition method of accounting. The following table summarizes the preliminary purchase price allocation
of fair values of the assets acquired and liabilities assumed at the date of acquisition:
SCHEDULE
OF ASSETS ACQUIRED AND LIABILITIES ASSUMED
| |
October
1, | |
| |
2022 | |
Cash
and cash equivalents | |
$ | 732,716 | |
Accounts
receivable, net | |
| 561,569 | |
Inventories | |
| 7,464,823 | |
Prepaid
expenses and other assets | |
| 116,857 | |
Property
and equipment | |
| 2,146 | |
Intangible
assets | |
| 19,000,000 | |
Goodwill | |
| 22,324,588 | |
Total
assets acquired | |
| 50,202,699 | |
| |
| | |
Accounts
payable and accrued expenses | |
| 10,452,699 | |
Debt | |
| 1,850,000 | |
Earnout | |
| - | |
Total
liabilities assumed | |
| 12,302,699 | |
| |
| | |
Total | |
$ | 37,900,000 | |
The
Company anticipates the goodwill will be tax deductible.
|
X |
- DefinitionThe entire disclosure for accounts receivable, contract receivable, receivable held-for-sale, and nontrade receivable.
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v3.23.2
ACCOUNTS RECEIVABLE
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
ACCOUNTS RECEIVABLE |
4.
ACCOUNTS RECEIVABLE
Accounts
receivable consist of the following at June 30, 2023 and December 31, 2022:
SCHEDULE
OF ACCOUNTS RECEIVABLE
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Trade
accounts receivable | |
$ | 2,417,671 | | |
$ | 1,871,908 | |
Less:
allowance for doubtful accounts | |
| (608,356 | ) | |
| (608,356 | ) |
Total
accounts receivable | |
$ | 1,809,315 | | |
$ | 1,263,552 | |
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v3.23.2
INVENTORIES
|
6 Months Ended |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
INVENTORIES |
5.
INVENTORIES
Inventories
consist of the following at June 30, 2023 and December 31, 2022:
SCHEDULE
OF INVENTORIES
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Raw
materials | |
$ | 28,904 | | |
$ | 27,922 | |
Finished
goods | |
| 8,179,239 | | |
| 4,474,081 | |
Reserve
for obsolescence | |
| (700,000 | ) | |
| - | |
Total
inventories | |
$ | 7,508,143 | | |
$ | 4,502,003 | |
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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v3.23.2
PREPAID EXPENSES AND OTHER CURRENT ASSETS
|
6 Months Ended |
Jun. 30, 2023 |
Prepaid Expenses And Other Current Assets |
|
PREPAID EXPENSES AND OTHER CURRENT ASSETS |
6.
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Other
current assets consist of the following at June 30, 2023 and December 31, 2022:
SCHEDULE
OF PREPAID EXPENSES OTHER CURRENT ASSETS
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Advances
for inventory purchases | |
$ | 440,532 | | |
$ | 630,967 | |
Prepaid
insurance | |
| 44,777 | | |
| 735,934 | |
Deposits | |
| 254,848 | | |
| 90,578 | |
Prepaid
software deposit | |
| - | | |
| 242,200 | |
Other | |
| 107,394 | | |
| 36,466 | |
Total
other current assets | |
$ | 847,551 | | |
$ | 1,736,145 | |
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v3.23.2
LOAN HELD-FOR-INVESTMENT, RELATED PARTY
|
6 Months Ended |
Jun. 30, 2023 |
Loan Held-for-investment Related Party |
|
LOAN HELD-FOR-INVESTMENT, RELATED PARTY |
7.
LOAN HELD-FOR-INVESTMENT, RELATED PARTY
Loan
held-for-investment, related party, represents a senior secured promissory note (the “Wattum Note”) from Wattum
Management Inc., a non-controlling member of CW Machines, LLC, a related party. The Wattum Note bears interest of 5%
per annum and matures on October
12, 2026 with the entire outstanding principal and accrued interest due at maturity date. The Wattum Note is secured by
assets of Wattum Management, Inc. At June 30, 2023 and December 31, 2022, the principal amount of the loan held for investment was
$2,224,252.
|
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v3.23.2
PROPERTY AND EQUIPMENT, NET
|
6 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY AND EQUIPMENT, NET |
8.
PROPERTY AND EQUIPMENT, NET
Property
and equipment consist of the following at June 30, 2023 and December 31, 2022:
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Land | |
$ | - | | |
$ | - | |
Building
and building improvements | |
| 781,985 | | |
| 781,985 | |
Equipment
and machinery | |
| 4,752,381 | | |
| 5,146,029 | |
Furniture
and fixtures | |
| 278,665 | | |
| 280,811 | |
Office
and computer equipment | |
| 2,146 | | |
| - | |
Vehicles | |
| 585,854 | | |
| 572,927 | |
Property
plant and equipment, gross | |
| 6,401,031 | | |
| 6,781,752 | |
Less:
accumulated depreciation | |
| (5,544,599 | ) | |
| (5,460,710 | ) |
Total
property and equipment, net | |
$ | 856,432 | | |
$ | 1,321,042 | |
Depreciation
and amortization expense was $49,495 and $59,192 for the three months ended June 30, 2023 and 2022, respectively, and $98,992 and $118,384 for the six months ended June 30, 2023 and June
30, 2022, respectively.
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v3.23.2
INTANGIBLE ASSETS, NET
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSETS, NET |
9.
INTANGIBLE ASSETS, NET
Intangible
assets consist of the following at June 30, 2023 and December 31, 2022:
SCHEDULE
OF INTANGIBLE ASSETS
| |
Useful
Lives | |
June
30, 2023 | | |
December
31, 2022 | |
| |
| |
| | |
| |
Customer
relationships | |
7
years | |
$ | 7,100,000 | | |
$ | 7,100,000 | |
Developed
technology | |
10
years | |
| 10,017,845 | | |
| 9,858,594 | |
Trademarks
and tradenames | |
7
years | |
| 2,200,000 | | |
| 2,200,000 | |
Total
intangible assets, gross | |
| |
| 19,317,845 | | |
| 19,158,594 | |
Less:
accumulated amortization | |
| |
| (1,739,354 | ) | |
| (578,608 | ) |
Total
intangible assets, net | |
| |
$ | 17,578,491 | | |
$ | 18,579,986 | |
Amortization
expense was $582,138 and $0 for the three months ended June 30, 2023 and 2022, respectively, and $1,160,746 and $0 for the six months ended June 30, 2023 and June
30, 2022, respectively.
Amortization
expense for the next five years is as follows:
SCHEDULE
OF AMORTIZATION FUTURE ROLLING MATURITY
For the years ending
December 31, | |
| |
2023
(excluding the six months ended June 30, 2023) | |
$ | 1,157,216 | |
2024 | |
| 2,314,431 | |
2025 | |
| 2,314,431 | |
2026 | |
| 2,314,431 | |
2027 | |
| 2,314,431 | |
Thereafter | |
| 7,163,551 | |
Total | |
$ | 17,578,491 | |
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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v3.23.2
GOODWILL
|
6 Months Ended |
Jun. 30, 2023 |
Schedule Of Goodwill |
|
GOODWILL |
10.
GOODWILL
The
changes in the carrying amount of goodwill for the period from January 1, 2023 through June 30, 2023 consisted of the following:
SCHEDULE
OF GOODWILL
Balance,
January 1, 2023 | |
$ | 22,324,588 | |
Additions
and adjustments | |
| - | |
Balance,
June 30, 2023 | |
$ | 22,324,588 | |
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v3.23.2
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
|
6 Months Ended |
Jun. 30, 2023 |
Payables and Accruals [Abstract] |
|
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES |
11.
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accrued
expenses and other current liabilities consist of the following at June 30, 2023 and December 31, 2022:
SCHEDULE
OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Customer
deposits | |
$ | 28,567 | | |
$ | 83,504 | |
Payroll
and related benefits | |
| 1,429,920 | | |
| 386,781 | |
Professional
fees | |
| 200,000 | | |
| 280,000 | |
Accrued
taxes | |
| - | | |
| - | |
Accrued
settlement liability for equity holders of Forever 8 | |
| - | | |
| 469,775 | |
Accrued
interest | |
| 2,150,476 | | |
| 825,872 | |
Accrued
rent | |
| 1,050,000 | | |
| 525,000 | |
Accrued
warrant liability | |
| 206,779 | | |
| - | |
Other | |
| 241,689 | | |
| 53,586 | |
Total
accrued expenses and other current liabilities | |
$ | 5,307,431 | | |
$ | 2,624,518 | |
|
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v3.23.2
DUE TO AND FROM FORMER PARENT
|
6 Months Ended |
Jun. 30, 2023 |
Due To And From Former Parent |
|
DUE TO AND FROM FORMER PARENT |
12.
DUE TO AND FROM FORMER PARENT
As
of June 30, 2023 and December 31, 2022, due to Former Parent consists of net amounts due to Vinco related to management fees and borrowings
for working capital and financing needs of Eightco as well as other operating expenses that were paid for on behalf of
one to the other. As of June 30, 2023 and December 31, 2022, the net amount due to Former Parent was $7,226,700.
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v3.23.2
LINES OF CREDIT
|
6 Months Ended |
Jun. 30, 2023 |
Lines Of Credit |
|
LINES OF CREDIT |
13.
LINES OF CREDIT
Principal
due under the lines of credit was as follows at June 30, 2023 and December 31, 2022:
SCHEDULE
OF LINE OF CREDIT
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | | |
| | |
Lines
of credit, 15%, 6/30/24 | |
$ | 1,750,000 | | |
$ | 1,175,000 | |
Lines of credit – related parties, 15%, 6/30/24 | |
| 2,275,000 | | |
| 675,000 | |
Lines of credit, net | |
$ | 4,025,000 | | |
$ | 1,850,000 | |
The lines of credit mature on June 30, 2024 with an
extension available until September 30, 2024 at the Company’s option.
Interest
expense under lines of credit was $102,479 and $0 for the three months ended June 30, 2023 and 2022, respectively, $171,854 and $0 for the six months ended June 30, 2023 and 2022, respectively.
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v3.23.2
CONVERTIBLE NOTES PAYABLE
|
6 Months Ended |
Jun. 30, 2023 |
Convertible Notes Payable |
|
CONVERTIBLE NOTES PAYABLE |
14.
CONVERTIBLE NOTES PAYABLE
Principal
due under the convertible note payable was as follows at June 30, 2023 and December 31, 2022:
SCHEDULE OF CONVERTIBLE NOTE PAYABLE
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Current: | |
| | | |
| | |
Note
payable, 0% | |
| 5,555,000 | | |
| - | |
Less:
debt discount | |
| (3,610,750 | ) | |
| - | |
Convertible
notes payable, net, current | |
$ | 1,944,250 | | |
$ | - | |
| |
| | | |
| | |
Long-Term: | |
| | | |
| | |
Note
payable, 0% | |
| 2,000,000 | | |
| 9,743,333 | |
Less:
debt discount | |
| (283,621 | ) | |
| (1,831,828 | ) |
Convertible
notes payable, net | |
$ | 1,716,379 | | |
$ | 7,911,505 | |
Interest
expense under the convertible notes payable was $1,698,999 and $0, of which $1,698,999 and $0 was related to amortization of the debt
discount, for the three months ended June 30, 2023 and 2022, respectively, and $3,492,457 and $0, of which $3,492,457 and $0 was related to amortization
of the debt discount, for the six months ended June 30, 2023 and 2022, respectively.
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
14.
CONVERTIBLE NOTES PAYABLE (continued)
March
2023 Offering
On
March 15, 2023, Eightco entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with Hudson
Bay (the “Investor”) for the issuance and sale of a Senior Secured Convertible Note with an initial principal amount of
$5,555,000
(the “Note”) at a conversion price of $6.245
per share of Common Stock, and a warrant (the “Warrant”) to purchase up to 889,512
shares of Common Stock with an initial exercise price of $6.245
per share of Common Stock (the “Private Placement”). The purchase price of the Note was $5,000,000
with an original issue discount of $555,000.
In
connection with the Private Placement, the Company entered into a Registration Rights Agreement (the “Registration Rights Agreement”),
a Security and Pledge Agreement (the “Pledge Agreement”), and various ancillary certificates, disclosure schedules and exhibits
in support thereof prior to the closing of the Securities Purchase Agreement.
Securities
Purchase Agreement
The
Securities Purchase Agreement provides for the purchase by the Investor and the sale by the Company of the Note and the Warrant. The
Securities Purchase Agreement contains representations and warranties of the Company and the Investor that are typical for transactions
of this type. The representations and warranties made by the Company in the Securities Purchase Agreement are qualified by reference
to certain exceptions contained in disclosure schedules delivered to the Investor. Accordingly, the representations and warranties contained
in the Securities Purchase Agreement should not be relied upon by third parties who have not reviewed those disclosure schedules and
the documentation surrounding the transaction as a whole.
The
Securities Purchase Agreement closed upon the satisfaction of certain conditions of the Investor and the Company that are typical for
transactions of this type, as well certain other condition including the following:
|
● |
the
Company delivered to the Investor a lock up agreement (the “Lock-Up Agreement”), executed by each of the parties identified
in the Securities Purchase Agreement; |
|
|
|
|
● |
the
Company received stockholder approval of a resolution to increase the amount of authorized shares of the Company, and filed with
the Delaware Secretary of State a Certificate of Amendment to the Company’s Certificate of Incorporation causing the increase
in the amount of authorized shares of the Company; and |
|
|
|
|
● |
the
Company, the Investor and the certain creditors of the Company amended that certain Subordination Agreement, dated as of September
13, 2022, by and among the Company, the Investor and certain persons identified in that Subordination Agreement (the “Subordination
Agreement Amendment”). |
The
Securities Purchase Agreement also obligates the Company to indemnify the Investor for certain losses resulting from (1) any misrepresentation
or breach of any representation or warranty made by the Company or any subsidiary of the Company, (2) any breach of any obligation of
the Company or, any subsidiary of the Company, of the Securities Purchase Agreement or any agreements and instruments entered into or
connection with the Securities Purchase Agreement and (3) certain third party claims.
Senior
Secured Convertible Note
The
Company issued the Note upon the closing. The entire outstanding principal balance and any outstanding fees or interest is due and payable
in full on January 15, 2024 (“Maturity Date”). The Note does not bear interest, provided, however, that the Note will bear
interest at 18% per annum upon the occurrence of an event of default (as described below).
The
Maturity Date may be extended at the sole option of the Investor for so long as certain events of default is continuing or for so long
as an event is continuing that if not cured and with the passage of time would result in an event of default.
The
Note is convertible at the option of the Investor into shares of Common Stock at a conversion price of $6.245 per share, subject to adjustment
for stock splits, combinations or similar events (each a “Stock Combination Event”). If on the on the fifth trading day immediately
following a Stock Combination Event, the conversion price then in effect on such fifth trading day (after giving effect to a proportional
adjustment of the conversion price), is greater than the lowest weighted average price of the Common Stock during the twenty consecutive
trading day period ending and including the trading day immediately preceding the fifth trading day after such Stock Combination Event
(the “Event Market Price”), then the conversion price shall be adjusted to the Event Market Price.
The
Note contains certain limitations on conversion. It provides that no conversion may be made if, after giving effect to the conversion,
the Investor would own in excess of 9.99% of the Company’s outstanding shares of Common Stock. This percentage may be increased
or decreased to a percentage not to exceed 9.99%, at the option of the Investor, except any increase will not be effective until 61-days’
prior notice to the Company.
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
14.
CONVERTIBLE NOTES PAYABLE (continued)
The
conversion price of the Note will be subject to adjustments for stock splits, combinations or similar events. In addition, the conversion
price of the Note will also subject to anti-dilution adjustment which, subject to specified exceptions, in the event that the Company
issues or is deemed to have issued certain securities at a price lower than the then applicable conversion price, immediately reduces
the conversion price of the Note to equal the price at which the Company issues or is deemed to have issued its Common Stock.
The
Note imposes penalties on the Company for any failure to timely deliver any shares of its Common Stock issuable upon conversion.
The
Note contains events of default that are typical for transactions of this type, as well as the following events:
|
● |
the
failure of any registration statement required by the Registration Rights Agreement to be filed within five trading days after the
date required by the Registration Rights Agreement or the failure of any such registration statement to become effective within five
trading days after the date required by the Registration Rights Agreement; |
|
|
|
|
● |
the
lapse or unavailability of any registration statement required by the Registration Rights Agreement for more than 5 consecutive trading
days or more than an aggregate of 10 trading days in any 365-day period (other than certain allowable grace periods); |
|
|
|
|
● |
the
suspension from trading or failure of the Common Stock to be listed for trading on an eligible market for more than 2 consecutive
trading days or more than an aggregate of 5 trading days in any 365-day period; |
|
|
|
|
● |
the
failure of the Company to issue shares upon conversion of the Note for more than 2 trading days after the relevant conversion date
or a notice of the Company’s intention not to comply with a request for conversion; |
|
|
|
|
● |
the
failure for 2 consecutive trading days to have reserved for issuance 250% of the full number of shares issuable upon conversion in
accordance to the terms of the Note; |
|
|
|
|
● |
the
failure for 2 trading days to pay the Investor principal, interest, late charges or other amounts when and as due under the Note; |
|
|
|
|
● |
the
occurrence of any default under, redemption of or acceleration prior to maturity of any indebtedness of the Company or a subsidiary; |
|
|
|
|
● |
the
invalidity of any material provision of the Security Documents (defined below) or if the enforceability of validity of any material
provision of the Security Documents is contested by the Company; |
|
|
|
|
● |
the
failure of the Security Documents to perfect or maintain the Investor’s first priority security interest; and |
|
|
|
|
● |
the
failure to comply with certain covenants of the Note. |
If
there is an event of default, then the Investor has the right to request redemption of all or any portion of the Note, at 130% of the
sum of the outstanding principal, interest and late fees to be redeemed, provided that if certain conditions specified in the Note are
not satisfied, then the Investor has the right to request redemption of all or any portion of the Note, at 130% of the greater of (i)
the sum of the outstanding principal, interest and late fees to be redeemed and (ii) the product of (a) the number of shares into which
the Note (including all principal, interest and late fees) subject to redemption may be converted and (b) the greatest closing sale price
for the Common Stock beginning on the date immediately preceding the event of default and ending on the date the Company makes the entire
payment required to be made upon the redemption provided, however, that if no Cash Release Event (as defined in the Note) has occurred
on or prior to the applicable of default redemption date, the principal amount used in calculating the applicable event of default redemption
price on such event of default redemption date shall be decreased by the holder’s pro rata portion.
The
Note prohibits the Company from entering into certain transactions involving a change of control, unless the successor entity assumes
in writing all of the obligations of the Company under the Note and the other transaction documents. In the event of such a transaction,
the Investor will have the right to request redemption of the Note, at Redemption Variable Premium (as defined in the Note) of the greater
of (i) of the sum of the amount of principal, interest and late fees to be redeemed; and (ii) the product of (x) the sum of the amount
of principal, interest and late fees to be redeemed and (y) the quotient determined by dividing (1) the greatest closing sale price of
the shares of Common Stock during the period beginning on the date immediately preceding the earlier to occur of (A) the consummation
of the applicable change of control and (B) the public announcement of such change of control and ending on the date the Note Investor
delivers a change of control redemption notice, by (2) the Conversion Price; or; (iii) Redemption Variable Premium of the product of
(x) the number of shares into which the Note (including all principal, interest and late fees) subject to such redemption may be converted
multiplied by (y) the greatest closing sale price of the shares of Common Stock during the period beginning on the date immediately preceding
the earlier to occur of (x) the consummation of the change of control and (y) the public announcement of such change of control and ending
on the date the Investor delivers the change of control redemption notice; provided, however, that if no Cash Release Event has occurred
on or prior to the applicable change of control redemption date, the principal amount used in calculating the applicable change of control
redemption price on such change of control.
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
14.
CONVERTIBLE NOTES PAYABLE (continued)
If
the Company issues options, convertible securities, warrants, stock, or similar securities
to holders of its Common Stock, the holder of the Note shall have the right to acquire the
same as if it had converted its Note.
The
Investor is entitled to receive any dividends paid or distributions made to the holders of the Common Stock on an “as if converted”
to Common Stock basis.
The
Note contains a variety of covenants on the part of Company that are typical for transactions of this type, as well as the following
covenants:
|
● |
the
Note ranks senior to all other indebtedness of the Company, except that certain permitted indebtedness ranks pari passu with
the Note; |
|
|
|
|
● |
the
Company will not incur other indebtedness, except for certain permitted indebtedness; |
|
|
|
|
● |
the
Company will not incur any liens, except for certain permitted liens; |
|
|
|
|
● |
the
Company will not, directly or indirectly, redeem or repay all or any portion of any permitted indebtedness if at the time such payment
is due or is made or, after giving effect to such payment, an event constituting, or that with the passage of time and without being
cured would constitute, an event of default has occurred and is continuing; and |
|
|
|
|
● |
the
Company will not redeem, repurchase or pay any dividend or distribution on its Common Stock or any other capital stock. |
On
March 23, 2023, the warrants issued were classified as equity with an initial grant date fair value of $4,532,673,
of which $4,335,611
was recorded as a deferred debt discount, $197,061
of the excess fair value was immediately expensed
as loss on issuance of warrants. The Company also incurred $664,389
of issuance expenses which were recorded as deferred
debt discount. The fair value of the warrants was computed on the grant date using a per share price of $0.12
per share. The fair value was estimated using
the Black Scholes option pricing models with the following assumptions:
SCHEDULE
OF FAIR VALUE OF OPTION WITH ASSUMPTIONS
| |
Dividend Yield | | |
Expected Volatility | | |
Risk-free
Interest Rate | | |
Expected Life | |
Hudson
Bay Warrant; March 2023 | |
| 0.00 | % | |
| 143.23 | % | |
| 3.88 | % | |
| 2.5
years | |
Palladium
Capital Warrant; March 2023 | |
| 0.00 | % | |
| 143.23 | % | |
| 3.88 | % | |
| 2.5
years | |
On April 5, 2023, the warrants issued under the March
2023 Offering were adjusted under the terms and conditions to a strike price of $2.01 due to the reverse stock split. The adjustment resulted
in a fair value of $3,387,604, of which $3,387,604 was immediately expensed as loss on issuance of warrants. The fair value was estimated
using the Black Scholes option pricing models with the following assumptions:
| |
Dividend Yield | | |
Expected Volatility | | |
Risk-free Interest Rate | | |
Expected Life | |
Hudson Bay Warrant; March 2023 | |
| 0.00 | % | |
| 143.81 | % | |
| 3.67 | % | |
| 2.5 years | |
Palladium Capital Warrant; March 2023 | |
| 0.00 | % | |
| 143.81 | % | |
| 3.67 | % | |
| 2.5 years | |
January
2022 Offering
On
January 26, 2022, the Company, entered into a Securities Purchase Agreement (the “Note Securities Purchase Agreement”)
with an accredited investor (the “Note Investor”) for the issuance and sale of a Senior Convertible Note with an initial
principal amount of $33,333,333 (the
“January 2022 Note”) at a conversion price of $10.00 per
share of Eightco’s Common Stock with a purchase amount of $30,000,000 and
an original issue discount of $3,333,333,
a warrant (the “January 2022 Warrant”) to purchase up to 66,667 shares
of Common Stock with an initial exercise price of $10.00 per
share of Common Stock (the “Note Private Placement”). In addition, the Company issued a warrant to the placement agent
to purchase up to 1,067 shares
of Common Stock with an initial exercise price of $10.00 per
share of Common Stock. The warrants vest immediately, expiring on May
16, 2027 and had an estimated fair value of
$3,905,548.
The Company recorded a debt discount of $7,798,881 which
consists of the original issue discount of $3,333,333,
the fair value of the warrants of $3,905,548 and
placement agent fees of $560,000.
The discount will be amortized over the term of the convertible note payable. The entire outstanding principal balance and any
outstanding fees or interest shall be due and payable in full on the third anniversary of the date the note is issued, May 5, 2022.
The January 2022 Note does not bear interest, provided, however, that the Note will bear interest at 18%
per annum upon the occurrence of an event of default. Eightco and the Note Investor closed the transaction contemplated by the Note
Securities Purchase Agreement on May 5, 2022. In connection with the Note Private Placement, the Company also entered into a
Registration Rights Agreement (the “January 2022 Registration Rights Agreement”) with the Note Investor, and, upon the
closing, entered into a Security Agreement, a Pledge Agreement and various ancillary certificates, disclosure schedules and exhibits
in support thereof prior to the closing of the Note Securities Purchase Agreement.
On
July 28, 2022, the Company entered into an Amendment Agreement (the “July 2022 Amendment Agreement”) with the Note
Investor to amend the Note Securities Purchase Agreement, the January 2022 Note, and that certain January 2022 Registration Rights
Agreement.
Pursuant
to the July 2022 Amendment Agreement, the Company released an aggregate of $29,000,000
(the “Released Funds”) from the restricted funds account maintained in accordance with the Note Securities Purchase
Agreement (the “Restricted Funds Account”) and, going forward, must deposit 50% of any Warrant Exercise Cash (as defined
in the July 2022 Amendment Agreement) into the Restricted Funds Account. As required by the July 2022 Amendment Agreement, the
Company used $22,000,000
of the Released Funds to repurchase from the Investor $22,000,000
of the principal of the January 2022 Note. Pursuant to the July 2022 Amendment Agreement, the conversion price of the balance of the
January 2022 Note that remains was voluntarily adjusted to $1.06
(the “Adjustment”). The
July 2022 Amendment Agreement also amended the January 2022 Registration Rights Agreement. to require the Company to register (i)
the number of shares of common stock equal to 200% of the shares issuable upon conversion of the January 2022 Note and (ii) the
number of shares of common stock equal to 200% of the shares issuable upon exercise of the warrant issued under the Note Securities
Purchase Agreement, assuming all cash has been released from the Restricted Funds Account and the number of shares of common stock
issuable upon exercise of the January 2022 Warrant issued under the Note Securities Purchase Agreement has been adjusted in
accordance with Section 3(c) of the warrant. The July 2022 Amendment Agreement requires the Company to register additional
shares of its common stock underlying the January 2022 Note. Accordingly, the Company filed a registration statement on Form S-1
dated August 12, 2022 (the “August S-1”) with the Securities and Exchange Commission. The August S-1 includes 301,007
shares of the Company’s common stock issuable upon the conversion of the January 2022 Note as a result of the
Adjustment.
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
14.
CONVERTIBLE NOTE PAYABLE (continued)
As
a result of the Adjustment, the exercise price of (i) warrants to purchase up to 15,467
shares of the Company’s Common Stock held by Palladium Capital Group, LLC, (ii) warrants to purchase up to 66,667
shares of the Company’s Common Stock held by the Note Investor, and (iii) warrants to purchase up to 30,000
shares of the Company’s Common Stock held by BHP Capital NY, Inc. was adjusted to $1.06
per share of the Company’s Common Stock.
The
July 2022 Amendment Agreement amends the January 2022 Note to permit the Company to enter into technology license agreements which
obligate the Company to make cash payments of up to $10,000,000
(the “Cash Payment”) and Common Stock issuances of up to 5,000
restricted shares, provided (i) the Cash Payments are not due until at least two years after the signing of such license agreements,
and (ii) the Company must enter into an intercreditor agreement in connection with each license agreement. The July 2022 Amendment
Agreement also amends the January 2022 Note to increase the permitted amount of a lien on indebtedness of the Company from $500,000
to $10,000,000.
The
July 2022 Amendment Agreement grants the holder of the January 2022 Note the right, at any time after December 27, 2023, to force
the Company to redeem all or any portion of the outstanding principal, interest or penalties on the January 2022 Note.
The
parties also amended the Company’s carve out to its financing standstill as set forth in the July 2022 Amendment Agreement.
On
September 14, 2022, the Company and the Note Investor entered into a waiver (the “Waiver”) to permit, subject to the
terms and conditions set forth therein, the entry into a purchase agreement for Forever 8. Pursuant to the Waiver, the conversion
price and exercise price of the January 2022 Note and the January 2022 Warrants, respectively, were voluntarily and irrevocably
adjusted to equal $50.00,
subject to further adjustment as set forth therein. As a result of the price adjustment feature, the number of shares of the
Company’s common stock issuable upon exercise of the January 2022 Warrants and conversion of the January 2022 Notes was
increased upon the acquisition of Forever 8 on October 1, 2022.
As
a result of the adjustment of the January 2022 Note and January 2022 Warrant conversion and exercise price, respectively, in the
Waiver, the exercise price of (i) warrants to purchase up to 15,467
shares of the Company’s Common Stock held by Palladium Capital Group, LLC, (ii) warrants to purchase up to 66,667
shares of the Company’s Common Stock held by the Note Investor, and (iii) warrants to purchase up to 30,000
shares of the Company’s Common Stock held by BHP Capital NY, Inc. was adjusted to $50.00
per share of the Company’s Common Stock.
On
January 6, 2023, the Company entered into a Second Amendment Agreement (the “Second Amendment Agreement”) with Hudson
Bay to amend the (i) Note Securities Purchase Agreement, (ii) the January 2022 Note, (iii) the January 2022 Registration Rights
Agreement, and (iv) the January 2022 Warrant.
Pursuant
to the Second Amendment Agreement, the conversion price of the balance of the January 2022 Note that remains outstanding was voluntarily
adjusted to $10.00 per share of Common Stock.
The
Second Amendment Agreement grants the Company the right to redeem all or a portion of the outstanding amount of the January 2022 Note
(the “Redemption Right”) upon 10 trading days’ notice provided that (i) no Equity Conditions Failure (as defined in
the January 2022 Note) exists and (ii) the Company has sufficient resources to effect the redemption. The Redemption Right is subject
to certain other restrictions contained in the Second Amendment Agreement.
The
Second Amendment Agreement provides that if Hudson Bay converts any portion of the January 2022 Note during the 10 consecutive trading
day period starting on January 6, 2023 (the “Applicable Conversion Period”), Hudson Bay shall, on the first business day
immediately following the end of the Applicable Conversion Period, release to the Company an amount of cash from the Control Account
(as defined in the January 2022 Note) equal to 20% of the amount converted during the Applicable Conversion Period if the volume-weighted
average price (“VWAP”) of the common stock on each trading day during the Applicable Conversion Period equals or exceeds
$10.00 and there is no circumstance or event that would, with or without the passage of time or the giving of notice, result in a material
default, material breach or event of default under any Transaction Document (as defined in the Note Securties Purchase Agreement).
As
a result of the voluntary adjustment to the conversion price of the January 2022 Note, the exercise price of the January 2022
Warrant was automatically adjusted to $10.00
per share of common stock and the number of shares issuable upon exercise of the January 2022 Warrant (the “HB Warrant
Shares”) was proportionately increased to 3,333,333
HB Warrant Shares. Pursuant to the Second Amendment Agreement, Hudson Bay agreed to waive the adjustment to the number of HB Warrant
Shares issuable pursuant to the January 2022 Warrant to the extent such adjustment results in a number of HB Warrant Shares
underlying the January 2022 Warrant exceeding 2,220,000.
The Second Amendment Agreement provides that Hudson Bay (i) will not exercise January 2022 Warrants to purchase more than an
aggregate of 1,500,000
HB Warrant Shares until March 2, 2023, provided such limitation will be waived upon the occurrence of an Event of Default (as
defined in the January 2022 Note) or if the VWAP of the common stock on any trading day from January 6, 2023 until March 2, 2023 is
less than $11.00
and (ii) will not exercise the January 2022 Warrant until (x) such time as the aggregate principal amount outstanding of the January
2022 Note is equal to or less than the amount remaining in the Control Account or (y) the occurrence of an Event of Default (the
“HB Initial Exercisability Date”). However, Hudson Bay may exercise Warrants for up to 200,000
shares of common stock prior to the HB Initial Exercisability Date if the VWAP of the common stock on any trading day during the
period starting on March 1, 2023 and ending on and including March 31, 2023 is less than $10.00.
If the VWAP of the common stock on each trading day from January 6, 2023 through March 1, 2023, is greater than $11.00,
Hudson Bay will forfeit the right to purchase 720,000
HB Warrant Shares pursuant to the January 2022 Warrant, provided that there is no circumstance or event that would, with or without
the passage of time or the giving of notice, result in a material default, material breach or event of default under any Transaction
Document. Additionally, the exercise price of the January 2022 Warrant was voluntarily further adjusted to $0.01
per share of common stock in lieu of the investors taking less warrant shares. The VWAP of the common stock, from January 6, 2023
through March 1, 2023, was below $11.00,
as such Hudson Bay did not forfeit the 720,000
HB Warrant Shares.
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
14.
CONVERTIBLE NOTE PAYABLE (continued)
The
Second Amendment Agreement requires the Company to provide each stockholder entitled to vote at the next special or annual meeting of
stockholders of the Company, which must be held not later than April 1, 2023, a proxy statement soliciting each such stockholder’s
affirmative vote at the stockholder meeting for approving the increase of the authorized shares of common stock from 250,000,000 to 500,000,000
(“Stockholder Approval”). If despite the Company’s reasonable best efforts, the Stockholder Approval is not obtained
on or prior to the Stockholder Meeting Deadline, the Company shall cause an additional stockholder meeting to be held every ninety (90)
days thereafter until such Stockholder Approval is obtained.
The
warrants issued by the Company were modified to reduce the exercise price, which also increased the number of warrants to purchase common
stock. The warrant modification expense of $43,344,150 was computed on the modification date using a per share price of $0.32 per share.
The fair value was estimated using the Black Scholes option pricing models with the following assumptions:
| |
Dividend Yield | | |
Expected Volatility | | |
Risk-free
Interest Rate | | |
Expected Life | |
Hudson
Bay Warrant; as adjusted January 2023 | |
| 0.00 | % | |
| 142.28 | % | |
| 4.10 | % | |
| 2.5
years | |
Palladium
Capital Warrant; as adjusted January 2023 | |
| 0.00 | % | |
| 142.28 | % | |
| 4.10 | % | |
| 2.5
years | |
BHP Warrant; as adjusted
January 2023 | |
| 0.00 | % | |
| 142.28 | % | |
| 4.10 | % | |
| 2.5
years | |
|
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v3.23.2
CONVERTIBLE NOTES PAYABLE – RELATED PARTIES
|
6 Months Ended |
Jun. 30, 2023 |
Convertible Notes Payable Related Parties |
|
CONVERTIBLE NOTES PAYABLE – RELATED PARTIES |
15.
CONVERTIBLE NOTES PAYABLE – RELATED PARTIES
The
convertible notes payable, related party were issued as part of consideration for the acquisition of Forever 8. The discount was
calculated based on the fair value of the instrument as of October 1, 2022. See Note 3 – “Acquisitions” for further information.
Principal due under the convertible note payable – related parties was as follows at June 30, 2023 and December 31,
2022:
SCHEDULE
OF CONVERTIBLE NOTE PAYABLE RELATED PARTIES
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Notes
payable, 10% | |
| 27,383,700 | | |
| 27,500,000 | |
Less:
debt discount | |
| (2,250,000 | ) | |
| (2,750,000 | ) |
Notes
payable, net | |
$ | 25,133,700 | | |
$ | 24,750,000 | |
Interest
expense under convertible notes payable – related parties was $937,000 and $0, of which $250,000 and $0 was related to amortization
of the debt discount, for the three months ended June 30, 2023 and 2022, respectively, and 1,874,000 and $0, of which $500,000 and $0 was related to amortization
of the debt discount, for the six months ended June 30, 2023 and 2022, respectively.
|
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v3.23.2
INCOME TAXES
|
6 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
16.
INCOME TAXES
Eightco
is taxed as a corporation and pays corporate federal, state and local taxes on income.
Forever
8, BlockHiro, LLC and Cryptyde Shares Services, LLC are limited liability companies which are disregarded entities for income
tax purposes and are owned 100% by Eightco and Ferguson Containers, respectively. The Company pays corporate federal,
state and local taxes on income allocated to it from BlockHiro, LLC and 8co Holdings Shared Services, LLC.
CW
Machines, LLC is a limited liability company for income tax purposes and is owned 51% by Eightco. The Company pays corporate
federal, state and local taxes on income allocated to it from CW Machines, LLC.
Ferguson
Containers is taxed as a corporation and pays corporate federal, state and local taxes on income.
Forever
8 UK Ltd. is taxed as a corporation and pays foreign taxes on income.
F8
Fund EU Holdings BV is taxed as a corporation and pays foreign taxes on income.
Income
tax (benefit) expense was $0 and $17,000 for the three months ended June 30, 2023 and 2022, respectively, and $0
and ($172,997)
for the six months ended June 30, 2023 and 2022, respectively. The decrease in income tax benefit is due to the reversal of income taxes
payable due to net operating losses incurred in 2022. The Company has recorded a full valuation allowance on net operating losses.
There
are no unrecognized tax benefits and no accruals for uncertain tax positions.
As
of June 30, 2023, the Company had a net operating loss carryforward for federal income tax purposes of approximately $4,150,207 and credit
carryforwards are subject to annual limitations due to the “change in ownership” provisions of the Internal Revenue Code
of 1986 and similar state provisions. The Company’s net operating loss carryforward begins to expire in 2041.
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.2
STOCKHOLDERS’ EQUITY
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
17.
STOCKHOLDERS’ EQUITY
Common
Stock. Prior to the Separation, Vinco owned 100% of the issued and outstanding common stock of Eightco.
Effective June 29, 2022, the Company separated from Vinco, and the distribution of its common
stock was completed. As of June 30, 2023 and December 31, 2022, the Company had 1,797,570 and 633,365 issued and outstanding shares of
common stock, respectively.
On
March 16, 2023, the Company filed a Certificate of Amendment to the Company’s Certificate of Incorporation with the Secretary of
State of Delaware to increase the number of authorized shares of the Company’s common stock, par value $0.001 per share from 250,000,000
to 500,000,000 and to make a corresponding change to the number of authorized shares of capital stock, effective as of 4:05 p.m. (New
York time) on March 16, 2023.
Common
stock issuances during the six months ended June 30, 2023:
From
January 1, 2023 through June 30, 2023, the Company issued a total of 774,733 shares of common stock to a noteholder for repayment of
principal valued at $7,743,333 based on the conversion price set forth in the Note.
On
January 26, 2023, the Company issued a total of 20,550 shares of common stock to employees for services rendered on behalf of the Company
valued at $571,200 and previously expensed as stock-based compensation.
On
January 26, 2023, the Company issued a total of 2,700 shares of common stock to three directors for director compensation valued at $91,800
and previously expensed as stock-based compensation.
On
March 1, 2023, the Company issued 72,000 shares of common stock for an exercise of a warrant.
On
March 16, 2023, the Company issued 115,355 shares of common stock for an exercise of two warrants.
On
March 22, 2023, the Company issued 59,392 shares of common stock for an exercise of a warrant.
On
March 30, 2023, the Company issued 120,000 shares of common stock for an exercise of a warrant.
On
April 3, 2023, the Company issued 79,099 shares of common stock for an exercise of a warrant.
On
April 11, 2023, the Company issued 100,000 shares of common stock for an exercise of a warrant.
On
April 14, 2023, the Company issued 95,112 shares of common stock for broker dealers to investors for partial share ownership due to the
Company’s reverse stock split.
From
April 18, 2023 through May 3, 2023, the Company issued 849,710 shares of common stock for warrant exercises.
Preferred
Stock: On January 17, 2023, the board of directors of the Company declared a dividend of one one-thousandth of a share of Series
A Preferred Stock, par value $0.001 per share, for each outstanding share of the Company’s common stock, par value $0.001 per share
to stockholders of record at 5:00 p.m. Eastern Time on January 27, 2023 (the “Record Date”).
On
January 19, 2023, the Company filed a Certificate of Designation with the Delaware Secretary of State for its Series A Preferred Stock.
The number of shares designated is three hundred thousand (300,000).
As
of June 30, 2023 and December 31, 2022, the Company had 1,311 and 0 issued and outstanding shares of Series A Preferred Stock, respectively.
All shares of Series A Preferred Stock issued have been since redeemed.
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
|
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v3.23.2
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
18.
COMMITMENTS AND CONTINGENCIES
Operating
Leases. The Company leases certain office space from an entity affiliated through common ownership under an operating lease agreement
on a month-to-month basis.
On
April 26, 2022, the Company entered into an assignment and assumption agreement with Vinco Ventures, Inc. whereby the parties agreed
to transfer and assign to Eightco the lease agreement dated July 16, 2021 by and between Abdi R. Boozer-Jomehri (d/b/a
Safety Harbor Centre, Inc.) and Edison Nation, LLC, a 100% owned subsidiary of Vinco (the “Safety Harbor Lease”).
The Company adopted ASC 842 on January 1, 2022 and recognized a right of use asset and liability of $98,736 using a discount rate of
4.5%. There are no other material operating leases. The Company has elected not to recognize right-of-use assets and lease liabilities
arising from short-term leases.
On
October 19, 2022, the Company entered into a commercial lease agreement with Foxx Trot Tango, LLC to lease approximately 25 acres of
land, including approximately 250,000 square feet of warehouse space in Sylvester, Georgia for $87,500 on a month-to-month basis, effective
July 2022. Owners of Foxx Trot, LLC are also shareholders of the Company. On May 8, 2023, the Company elected to terminate the lease
agreement effective as of June 30, 2023.
Rent
expense was $344,906 and $33,000 for the three months ended June 30, 2023 and 2022, respectively, and $690,626 and $63,700 for the six months ended June 30, 2023 and 2022,
respectively. Rental payments are expensed in the
statements of comprehensive income in the period to which they relate.
Emmersive
Sellers: On April 17, 2021, the Former Parent entered into (and closed on) a certain Asset Contribution Agreement (“Asset Contribution
Agreement”) with Emmersive Entertainment, Inc. (“Emmersive”), pursuant to which Emmersive contributed/transferred to
the Company the assets used for Emmersive’s business, which include digital assets, software and certain physical assets (the “Contributed
Assets”) in consideration for, among other things, the Former Parent assuming certain obligations of Emmersive, hiring certain
employees, and issuing preferred membership units (“Preferred Units”) in EVNT Platform, LLC to Emmersive and/or its shareholders
(“Preferred Members”) pursuant to a First Amended and Restated Operating Agreement for the Former Parent dated as of April
17, 2021 (“Amended Operating Agreement”). Certain put rights are associated with Preferred Units, which if exercised by the
Preferred Members, obligates the Former Parent to purchase the Preferred Units in exchange for shares of the Former Parent’s common
stock (“Put Rights”). In addition, the Preferred Members have the opportunity to earn Conditional Preferred Units if certain
conditions are satisfied for earn out targets (“Earn-Out Targets”).
On
February 25, 2022, the Former Parent and Emmersive entered into a Termination and Release Agreement, terminating certain transaction
documents dated April 17, 2021, and a Milestone Agreement for the earnout shares to be earned and any remaining consideration to be paid
by Eightco with an effective date of the agreements upon the spin-off being declared effective (“Effective Date”)
Upon the spinoff, the agreements release Emmersive of the opportunity to earn the additional shares of common stock of the Former Parent
from the Asset Contribution Agreement. The contingent consideration to be paid by Eightco upon the successful completion
of the spin-off are described below:
Earned
Shares: Issuance of 6,000 shares of common stock of Eightco (“Eightco Shares”). The Company recorded $609,000
of share-based compensation related to the Eightco Shares.
Milestone
1: In the event that the Company generates a minimum of $5,500,000 in annualized booked revenues from the operation of the Musician &
Artist Platform (“Attributed Revenue”) ending eight (8) months following the Effective Date (“Tranche 1 Milestone Date”),
the Emmersive Parties shall receive 2,000 restricted Eightco Shares (“Tranche One”) within thirty (30) after the Tranche
1 Milestone Date. In the event that the Company does not satisfy this milestone for any reason by the Tranche 1 Milestone Date, the Emmersive
Parties shall have no rights to the additional Eightco Shares.
Milestone
2: After the Effective Date, in the event the Company generates a minimum of $26,500,000 in annualized Attributed Revenues in any three-calendar
month period ending on or before September 30, 2023, from the Musician & Artist Platform, the Emmersive Parties shall receive an
additional 2,000 restricted Eightco Shares (“Tranche Two”). In the event Milestone Two is achieved, then Milestone One shall
also be deemed to have been achieved. In the event that the Company does not satisfy Milestone Two for any reason by September 30, 2023,
the Emmersive Parties shall have no rights to Tranche Two.
Milestone
3: After the Effective Date in the event that Buyer generates a minimum of $60,000,000 in annualized Attributed Revenues in any three-calendar-month
period ending on or before September 30, 2024, from the Musician & Artist Platform, the Emmersive Parties shall receive an additional
2,000 restricted Eightco Shares (“Tranche Three”). In the event Milestone Three is achieved, then Milestones One and Two
shall also be deemed to have been achieved. In the event that the Company does not satisfy Milestone Three for any reason by September
30, 2024, time being of the essence, the Emmersive Parties shall have no rights to Tranche Three. In the event that the Company satisfies
Milestone Three in the time prescribed they shall have the right to receive an additional 100,000 restricted shares of Eightco Shares
(“Bonus Tranche”). In the event that the Company does not satisfy Milestone Three for any reason, the Emmersive Parties shall
have no rights to the Bonus Tranche.
None
of the above milestones were met as of June 30, 2023.
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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v3.23.2
SEGMENTING REPORTING
|
6 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
SEGMENTING REPORTING |
19.
SEGMENTING REPORTING
The
Company’s principal operating segments coincide with the types of products to be sold. The products from which revenues are derived
are consistent with the reporting structure of the Company’s internal organization. The Company’s two reportable segments
for the six months ended June 30, 2023 were the Inventory Management Solutions segment and the Corrugated segment. The Company’s
chief operating decision maker has been identified as the Chairman and CEO, who reviews operating results to make decisions about allocating
resources and assessing performance for the entire Company. Segment information is presented based upon the Company’s management
organization structure as of June 30, 2023 and the distinctive nature of each segment. Future changes to this internal financial structure
may result in changes to the reportable segments disclosed. There are no inter-segment revenue transactions and, therefore, revenues
are only to external customers.
Segment
operating profit is determined based upon internal performance measures used by the chief operating decision maker. The Company derives
the segment results from its internal management reporting system. The accounting policies the Company uses to derive reportable segment
results are the same as those used for external reporting purposes. Management measures the performance of each reportable segment based
upon several metrics, including net revenues, gross profit and operating loss. Management uses these results to evaluate the performance
of, and to assign resources to, each of the reportable segments. The Company manages certain operating expenses separately at the corporate
level and does not allocate such expenses to the segments. Segment income from operations excludes interest income/expense and other
income or expenses and income taxes according to how a particular reportable segment’s management is measured. Management does
not consider impairment charges, and unallocated costs in measuring the performance of the reportable segments.
For
the three and six months ended June 30, 2022, the Company had only one operating segment (corrugated) thus segment info for this
period is not presented. Segment information available with respect to these reportable business segments for the three and six
months ended June 30, 2023 was as follows:
SCHEDULE OF BUSINESS SEGMENTS
|
|
For
the
Three months Ended
June 30, |
|
|
For the Six months Ended June 30, |
|
|
|
2023 |
|
|
2023 |
|
Revenues: |
|
|
|
|
|
|
|
|
Inventory Management
Solutions |
|
$ |
18,864,903 |
|
|
$ |
32,813,244 |
|
Corrugated |
|
|
1,682,250 |
|
|
|
3,623,624 |
|
Total segment and consolidated
revenues |
|
$ |
20,547,153 |
|
|
$ |
36,436,868 |
|
|
|
|
|
|
|
|
|
|
Cost of revenues: |
|
|
|
|
|
|
|
|
Inventory Management Solutions |
|
$ |
16,824,061 |
|
|
$ |
29,458,650 |
|
Corrugated |
|
|
1,193,198 |
|
|
|
2,629,232 |
|
Total segment and consolidated
cost of revenues |
|
$ |
18,017,259 |
|
|
$ |
32,087,882 |
|
|
|
|
|
|
|
|
|
|
Gross profit: |
|
|
|
|
|
|
|
|
Inventory Management Solutions |
|
$ |
2,040,842 |
|
|
$ |
3,354,594 |
|
Corrugated |
|
|
489,052 |
|
|
|
994,392 |
|
Total segment and consolidated
gross profit |
|
$ |
2,529,894 |
|
|
$ |
4,348,986 |
|
|
|
|
|
|
|
|
|
|
Income from operations: |
|
|
|
|
|
|
|
|
Inventory Management Solutions |
|
$ |
(525,530 |
) |
|
$ |
(1,017,764 |
) |
Corrugated |
|
|
99,737 |
|
|
|
245,319 |
|
Corporate |
|
|
(2,338,303 |
) |
|
|
(5,521,990 |
) |
Total segment and consolidated
income from operations |
|
$ |
(2,764,096 |
) |
|
$ |
(6,294,435 |
) |
|
|
|
|
|
|
|
|
|
Depreciation and amortization: |
|
|
|
|
|
|
|
|
Inventory Management Solutions |
|
$ |
584,166 |
|
|
$ |
1,160,746 |
|
Corrugated |
|
|
49,496 |
|
|
|
98,993 |
|
Total segment and consolidated
depreciation and amortization |
|
$ |
633,662 |
|
|
$ |
1,259,739 |
|
|
|
|
|
|
|
|
|
|
Revenues by geography: |
|
|
|
|
|
|
|
|
North America |
|
$ |
3,772,968 |
|
|
$ |
7,060,372 |
|
Europe |
|
|
16,774,185 |
|
|
|
29,376,496 |
|
Total geography and consolidated
revenues |
|
$ |
20,547,153 |
|
|
$ |
36,436,868 |
|
| |
| | | |
| | |
Segment capital expenditures: | |
| | | |
| | |
Inventory Management Solutions | |
| | | |
$ | - | |
Corrugated | |
| | | |
| 114,028 | |
Corporate | |
| | | |
| - | |
Total segment and consolidated capital expenditures | |
| | | |
$ | 114,028 | |
| |
| | | |
| | |
Segment total assets: | |
| | | |
$ | | |
Inventory Management Solutions | |
| | | |
| 52,160,446 | |
Corrugated | |
| | | |
| 2,595,471 | |
Corporate | |
| | | |
| 5,664,698 | |
Total segment and consolidated assets | |
| | | |
$ | 60,420,615 | |
|
X |
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Reverse Stock Split |
Reverse
Stock Split: On April 3, 2023, the Company filed a Certificate of Amendment (the “Certificate of Amendment”) to the Company’s
Certificate of Incorporation (the “Certificate of Incorporation”) with the Secretary of State of Delaware (1) to effect a
1-for-50 reverse stock split of the shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”),
either issued and outstanding or held by the Company as treasury stock (the “Reverse Stock Split”) and (2) to change the
name of the Company from “Cryptyde, Inc.” to “Eightco Holdings Inc.” (the “Name Change”). Both the
Reverse Stock Split and the Name Change were effective as of 4:05 p.m., New York time, on April 3, 2023. The Common Stock began trading
on a reverse stock split-adjusted basis on the Nasdaq Capital Market on April 4, 2023. The trading symbol for the Common Stock following
the Reverse Stock Split and the Name Change is “OCTO.” The new CUSIP number for the Common Stock following the Reverse Stock
Split and the Name Change is 22890A203. All share, equity award, and per share amounts contained in the Consolidated Financial Statements
have been adjusted to reflect the Reverse Stock Split for all prior periods presented.
|
Use of Estimates |
Use
of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions
that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
The Company’s significant estimates used in these consolidated financial statements include, but are not limited to, fair value
of warrants, revenue recognition and the determination of the economic useful life of depreciable property and equipment. Certain of
the Company’s estimates could be affected by external conditions, including those unique to the Company and general economic conditions.
It is reasonably possible that these external factors could have an effect on the Company’s estimates and could cause actual results
to differ from those estimates.
|
Business Combinations |
Business
Combinations. For business combinations that meet the accounting definition of a business, the Company determines and allocates the
purchase price of an acquired company to the tangible and intangible assets acquired, the liabilities assumed, and noncontrolling interest,
if applicable, as of the date of acquisition at fair value. Fair value may be estimated using comparable market data, a discounted cash
flow method, or a combination of the two. In the discounted cash flow method, estimated future cash flows are based on management’s
expectations for the future. Revenues and costs of the acquired companies are included in the Company’s operating results from
the date of acquisition. The Company uses its best estimates and assumptions as part of the purchase price allocation process to accurately
value assets acquired and liabilities assumed at the acquisition date, and these estimates and assumptions are inherently uncertain and
subject to refinement during the measurement period not to exceed one year from the acquisition date. As a result, any adjustment identified
subsequent to the measurement period is included in operating results in the period in which the amount is determined (See Note 3 –
“Acquisitions”).
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents. The Company considers all highly liquid, short-term investments with original maturities of six months or less
when purchased to be cash equivalents.
|
Restricted Cash |
Restricted
Cash. The Company’s restricted cash consists of cash that the Company is contractually obligated to maintain in accordance
with the terms of its January 2022 Note. See Note 14 – “Convertible Notes Payable” for further discussion.
|
Accounts Receivable |
Accounts
Receivable. Accounts receivable are carried at their contractual amounts, less an estimate for uncollectible amounts. Management
estimates the allowance for bad debts based on existing economic conditions, historical experience, the financial conditions of the customers,
and the amount and age of past due accounts. Receivables are considered past due if full payment is not received by the contractual due
date. Past due accounts are generally written off against the allowance for bad debts only after all collection attempts have been exhausted.
The allowance for doubtful account was $46,705 as of
June 30, 2023 and December 31, 2022, respectively. There were two customers who represented 35% and 12% of total accounts receivable
as of June 30, 2023.
|
Inventories |
Inventories.
Inventory is recorded at the lower of cost or net realizable value on a first-in, first-out basis. The Company reduces the carrying value
of inventories for those items that are potentially excess, obsolete, or slow moving based on changes in customer demand, technology
developments, or other economic factors.
|
Property and Equipment |
Property
and Equipment. Property and equipment are stated at cost, net of accumulated depreciation and amortization, which is recorded commencing
at the in-service date using the straight-line method over the estimated useful lives of the assets, as follows: 3 to 5 years for office
equipment, 5 to 7 years for furniture and fixtures, 6 to 10 years for machinery and equipment, 10 to 15 years for building improvements,
5 years for software, 5 years for molds, 5 to 7 years for vehicles and 40 years for buildings. When fixed assets are retired or otherwise
disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the statements
of comprehensive loss for the respective period. Minor additions and repairs are expensed in the period incurred. Major additions and
repairs which extend the useful life of existing assets are capitalized and depreciated using the straight-line method over their remaining
estimated useful lives.
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
|
Intangible Assets and Long-lived Assets |
Intangible
Assets and Long-lived Assets.
The Company reviews long-lived
assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.
The Company assesses the recoverability of its long-lived assets using undiscounted cash flows. If an asset is found to be impaired,
the amount recognized for impairment is equal to the difference between the carrying value and the asset’s fair value. We record
intangible assets based on their fair value on the date of acquisition. Intangible assets include the cost of developed technology, customer
relationships, trademarks and tradenames. Intangible assets are amortized utilizing the straight-line method over their remaining economic
useful lives, as follows: 10 years for developed technology, 7 years for customer relationships and 7 years for trademarks and tradenames.
The Company reviews long-lived assets and intangible assets for potential impairment annually and when events or changes in circumstances
indicate the carrying amount of an asset may not be recoverable. In the event the expected undiscounted future cash flows resulting from
the use of the asset is less than the carrying amount of the asset, an impairment loss is recorded equal to the excess of the asset’s
carrying value over its fair value. If an asset is determined to be impaired, the loss is measured based on quoted market prices in active
markets, if available. If quoted market prices are not available, the estimate of fair value is based on various valuation techniques,
including a discounted value of estimated future cash flows. In the event that management decides to no longer allocate resources to
an asset, an impairment loss equal to the remaining carrying value of the asset is recorded. The Company did not record any impairment
charges related to intangibles assets during the six months ended June 30, 2023 and 2022, respectively. The Company recorded impairment charges related to long-lived assets of $292,748 and $0 during the six months ended
June 30, 2023 and 2022, respectively.
|
Goodwill |
Goodwill.
Goodwill is recorded for the difference between the fair value of the purchase consideration over the fair value of the net identifiable
tangible and intangible assets acquired. The Company performs an impairment assessment of goodwill on an annual basis as of December
31st, or whenever impairment indicators exist. In the absence of any impairment indicators, goodwill is assessed for impairment during
the fourth quarter of each fiscal year. Judgments regarding the existence of impairment indicators are based on market conditions and
operational performance of the business. The Company may assess our goodwill for impairment initially using a qualitative approach to
determine whether it is more likely than not that the fair value of these assets is greater than their carrying value. When performing
a qualitative test, the Company assesses various factors including industry and market conditions, macroeconomic conditions and performance
of our businesses. If the results of the qualitative assessment indicate that it is more likely than not that the goodwill and other
indefinite-lived intangible assets are impaired, a quantitative impairment analysis would be performed to determine if impairment is
required. The Company may also elect to perform a quantitative analysis of goodwill initially rather than using a qualitative approach.
The impairment testing for goodwill is performed at the reporting unit level. The valuation methods used in the quantitative fair value
assessment, discounted cash flow and market multiples method, requires our management to make certain assumptions and estimates regarding
certain industry trends and future profitability of the Company’s reporting units. If the fair value of a reporting unit exceeds
the related carrying value, the reporting unit’s goodwill is considered not to be impaired and no further testing is performed.
If the carrying value of a reporting unit exceeds its fair value, an impairment loss is recorded for the difference. The valuation of
goodwill is affected by, among other things, the Company’s business plan for the future and estimated results of future operations.
Future events could cause the Company to conclude that impairment indicators exist, and, therefore, that goodwill may be impaired.
|
Contingent Liabilities |
Contingent
Liabilities. The Company, from time to time, may be involved in certain legal proceedings. Based upon consultation with outside counsel
handling its defense in these matters and the Company’s analysis of potential outcomes, if the Company determines that a loss arising
from such matters is probable and can be reasonably estimated, an estimate of the contingent liability is recorded in its condensed consolidated
financial statements. If only a range of estimated loss can be determined, an amount within the range that, based on estimates, assumptions
and judgments, reflects the most likely outcome, is recorded as a contingent liability in the condensed consolidated financial statements.
In situations where none of the estimates within the estimated range is a better estimate of probable loss than any other amount, the
Company records the low end of the range. Any such accrual would be charged to expense in the appropriate period. Litigation expenses
for these types of contingencies are recognized in the period in which the litigation services were provided.
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
|
Revenue Recognition |
Revenue
Recognition. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”)
606, Revenue from Contracts with Customers, the Company recognizes revenue when it satisfies performance obligations, by transferring
promised goods or services to customers, in an amount that reflects the consideration to which the Company expects to be entitled in
exchange for fulfilling those performance obligations. Revenue for product sales is recognized upon receipt by the customer. There are
no contract assets or contract liabilities and therefore no unsatisfied performance obligations. One customer represented 78% of total
revenues for the six months ended June 30, 2023.
|
Disaggregation of Revenue |
Disaggregation
of Revenue. The Company’s primary revenue streams include the sale of consumer goods through our inventory management solutions
business, the sale of corrugated packaging materials and the sale of mining equipment. There are no other material operations that were
separately disaggregated for segment purposes.
|
Cost of Revenues |
Cost
of Revenues. Cost of revenues includes freight charges, purchasing and receiving costs, depreciation and inspection costs.
|
Comprehensive income |
Comprehensive
income. The Company follows Accounting Standards Codification (“ASC”) 220 in reporting comprehensive income. Comprehensive
income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically
has not been recognized in the calculation of net income. The Company’s only component of comprehensive income (loss) for the years ended December 31, 2022 and 2021
was foreign currency translation adjustments.
Foreign
Currency Transactions and Translation. Eightco’s functional currency is the United States Dollar (“USD”) and
the Forever 8 functional currency in which it operates is the Euro (“EUR”).
For
the purpose of presenting these consolidated financial statements the reporting currency is USD. Forever 8 assets and liabilities
are expressed in USDs at the exchange rate on the balance sheet date, equity accounts are translated at historical rates, and income
and expense items are translated at the weighted average exchange rate during the period. The resulting translation adjustments are reported
under accumulated other comprehensive income in the stockholders’ equity section of the balance sheets.
Transactions
in currencies other than the entity’s functional currency are recorded at the rates of exchange prevailing on the date of the transaction.
At the end of each reporting period, monetary items denominated in foreign currencies are translated at the rates prevailing at the end
of the reporting periods. Exchange differences arising on the settlement of monetary items and on translation of monetary items at period-end
are included in statement of comprehensive loss.
Exchange
rate used for the translation as follows:
USD
to EUR – 1 USD to .9174 EUR’s.
USD to GBP – 1 USD to .7937
GBP’s.
|
Earnings Per Share |
Earnings
Per Share. The Company follows ASC 260 when reporting Earnings Per Share resulting in the presentation of basic and diluted earnings
per share. Basic net (loss) income per common share is computed by dividing net (loss) income by the weighted average number of vested
common shares outstanding during the period. Diluted net income per common share is computed by dividing net income by the weighted average
number vested of common shares, plus the net impact of common shares (computed using the treasury stock method), if dilutive, resulting
from the exercise of dilutive securities. In periods when losses are reported, the weighted-average number of common shares outstanding
excludes common stock equivalents because their inclusion would be anti-dilutive. As of June 30, 2023 and 2022, the Company excluded
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 anti-dilutive.
SCHEDULE
OF EARNINGS PER SHARE COMMON STOCK EQUIVALENTS ANTI DILUTIVE
| |
June
30, 2023 | | |
June
30, 2022 | |
| |
| | |
| |
Warrants for Former Parent warrant holders | |
|
- | | |
|
174,404 | |
Convertible
shares under notes payable | |
| 3,083,802 | | |
| 66,667 | |
Warrants
for noteholders and placement agents | |
| 4,134,629 | | |
| 77,333 | |
Warrants
for equity investors and placement agents | |
| 728,000 | | |
| 34,800 | |
Shares
reserved for issuance for preferred units of Forever 8 Fund, LLC | |
| 215,000 | | |
| - | |
Convertible
notes payable issued in acquisition of Forever 8 Fund, LLC | |
| 275,000 | | |
| - | |
Shares
reserved for contingent consideration for acquisition of Forever 8 Fund, LLC | |
| 370,000 | | |
| - | |
Shares to be issued | |
| 165,000 | | |
| 6,000 | |
Total
common stock equivalents | |
| 8,971,431 | | |
| 359,204 | |
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
|
Deferred Financing Costs |
Deferred
Financing Costs. Deferred financing costs include debt discounts and debt issuance costs related to a recognized debt liability and
are presented in the balance sheet as a direct deduction from the carrying value of the debt liability. Amortization of deferred financing
costs are included as a component of interest expense. Deferred financing costs are amortized using the straight-line method over the
term of the recognized debt liability which approximates the effective interest method.
|
Income Taxes |
Income
Taxes. The Company accounts for income taxes under the provisions of the FASB ASC Topic 740 “Income Taxes” (“ASC
Topic 740”). The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of items that
have been included or excluded in the condensed consolidated financial statements or tax returns. Deferred tax assets and liabilities
are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting
amounts (“temporary differences”) at enacted tax rates in effect for the years in which the temporary differences are expected
to reverse. The Company utilizes a recognition threshold and measurement process for financial statement recognition and measurement
of a tax position taken or expected to be taken in a tax return. Management has evaluated and concluded that there were no material uncertain
tax positions requiring recognition in the Company’s condensed consolidated financial statements as of June 30, 2023 and 2022.
The Company does not expect any significant changes in its unrecognized tax benefits within twelve months of the reporting date. The
Company’s policy is to classify assessments, if any, for tax related interest as interest expense and penalties as general and
administrative expenses in the consolidated statements of comprehensive income. The Company is subject to routine audits by taxing jurisdictions;
however, there are currently no audits for any tax periods in progress.
|
Fair Value Measurements |
Fair
Value Measurements. The Company measures the fair value of financial assets and liabilities based on the guidance of ASC 820 “Fair
Value Measurements and Disclosures” (“ASC 820”) which defines fair value, establishes a framework for measuring fair
value, and expands disclosures about fair value measurements.
ASC
820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the
principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement
date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize
the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:
Level
1 — quoted prices in active markets for identical assets or liabilities
Level
2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable
Level
3 — inputs that are unobservable (for example, cash flow modeling inputs based on assumptions)
The
carrying amounts of the Company’s financial instruments, such as cash, accounts receivable, accounts payable and other current
liabilities approximate fair values due to the short-term nature of these instruments. The Company’s long-term debt consists of
$38,963,700.
The estimated fair value of this debt approximates the carrying value of these instruments, due to the interest rates on this debt approximating
current market interest rates.
|
Concentration of Credit Risks |
Concentration
of Credit Risks. Financial instruments that potentially subject the Company to concentrations of credit risk are cash equivalents
and accounts receivable. Cash and cash equivalents are invested in deposits with certain financial institutions and may, at times, exceed
federally insured limits. The Company has not experienced any significant losses on its deposits of cash and cash equivalents. In regard
to trade receivables, the Company performs ongoing evaluations of its customers’ financial condition as well as general economic
conditions and, generally, requires no collateral from its customers. On June 30, 2023, amount due from one customer totaled approximately
17% of accounts receivable.
|
Leases |
Leases.
In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842). This ASU requires
a lessee to recognize a right-of-use asset and a lease liability under most operating leases in its balance sheet. The ASU is effective
for annual and interim periods beginning after December 15, 2021. Early adoption is permitted. The Company has adopted ASU 2016-02 as
of January 1, 2022. The adoption of the standard did not have a material impact on the balance sheet. As of April 26, 2022, the date
the Company assumed the lease (Note 18), the operating lease right of use asset and operating lease liability amounted to $98,736 with
no cumulative-effect adjustment.
EIGHTCO
HOLDINGS INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements. In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments
- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This standard establishes
an impairment model (known as the current expected credit loss (“CECL”) model) that is based on expected losses rather than
incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which is intended
to result in a timelier recognition of losses. Under the CECL model, entities will estimate credit losses over the entire contractual
term of the instrument (considering estimated prepayments, but not expected extensions or modifications) from the date of initial recognition
of the financial instrument. Measurement of expected credit losses are to be based on relevant forecasts that affect collectability.
The scope of financial assets within the CECL methodology is broad and includes trade receivables from certain revenue transactions and
certain off-balance sheet credit exposures. Different components of the guidance require modified retrospective or prospective adoption.
In
November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses. ASU 2018-19
clarifies that receivables arising from operating leases are not within the scope of the credit losses standard. Instead, entities would
need to apply other U.S. GAAP, namely Topic 842 (Leases), to account for changes in the collectability assessment for operating leases.
Other than operating lease receivables, Partnership trade receivables include receivables from finance leases and equipment sales. Under
Topic 606 (Revenue from Contracts with Customers), revenue is recognized when, among other criteria, it is probable that the entity will
collect the consideration to which it is entitled for goods or services transferred to a customer. At the point that finance lease receivables
are recorded, they become subject to the CECL model and estimates of expected credit losses over their contractual life will be required
to be recorded at inception based on historical information, current conditions, and reasonable and supportable forecasts. Trade receivables
derived from equipment sales are of short duration and there is not a material difference between incurred losses and expected losses.
In
April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives
and Hedging, and Topic 825, Financial Instruments, which amends and clarifies several provisions of Topic 326. In May 2019, the FASB
issued ASU 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief, which amends Topic 326 to allow the
fair value option to be elected for certain financial instruments upon adoption. ASU 2019-10 extended the effective date of ASU 2016-13
until December 15, 2022. The Company adopted this new guidance, including the subsequent updates to Topic 326, on January 1, 2023 and
the adoption did not have a material impact on the Company’s financial statements and related disclosures
Management
does not believe that any other recently issued, but not yet effective, accounting standards could have a material effect on the accompanying
financial statements. As new accounting pronouncements are issued, the Company will adopt those that are applicable under the circumstances.
|
Segment Reporting |
Segment
Reporting. The Company uses “the management approach” in determining reportable operating segments. The management approach
considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions
and assessing performance as the source for determining the Company’s reportable segments. The Company’s chief operating
decision maker is the Chairman and Chief Executive Officer (“CEO”) of the Company, who reviews operating results to make
decisions about allocating resources and assessing performance for the entire Company. The Company’s primary revenue streams include
the sale of consumer goods through our inventory management solutions business, which includes the sale of mining equipment, and the
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SCHEDULE OF EARNINGS PER SHARE COMMON STOCK EQUIVALENTS ANTI DILUTIVE |
SCHEDULE
OF EARNINGS PER SHARE COMMON STOCK EQUIVALENTS ANTI DILUTIVE
| |
June
30, 2023 | | |
June
30, 2022 | |
| |
| | |
| |
Warrants for Former Parent warrant holders | |
|
- | | |
|
174,404 | |
Convertible
shares under notes payable | |
| 3,083,802 | | |
| 66,667 | |
Warrants
for noteholders and placement agents | |
| 4,134,629 | | |
| 77,333 | |
Warrants
for equity investors and placement agents | |
| 728,000 | | |
| 34,800 | |
Shares
reserved for issuance for preferred units of Forever 8 Fund, LLC | |
| 215,000 | | |
| - | |
Convertible
notes payable issued in acquisition of Forever 8 Fund, LLC | |
| 275,000 | | |
| - | |
Shares
reserved for contingent consideration for acquisition of Forever 8 Fund, LLC | |
| 370,000 | | |
| - | |
Shares to be issued | |
| 165,000 | | |
| 6,000 | |
Total
common stock equivalents | |
| 8,971,431 | | |
| 359,204 | |
|
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v3.23.2
ACQUISITIONS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Credit Loss [Abstract] |
|
SCHEDULE OF PRELIMINARY PURCHASE PRICE CONSIDERATION PAID |
SCHEDULE
OF PRELIMINARY PURCHASE PRICE CONSIDERATION PAID
| |
October
1, | |
| |
2022 | |
215,000
non-voting preferred membership units of Forever 8 | |
$ | 7,300,000 | |
Convertible
promissory notes in an aggregate principal amount of $27.5 million | |
| 24,500,000 | |
Contingent
consideration | |
| 6,100,000 | |
Total
purchase price | |
$ | 37,900,000 | |
|
SCHEDULE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED |
The
Company believes that this combination will further strengthen its future growth opportunities. The Company accounted for this acquisition
as a business combination under the acquisition method of accounting. The following table summarizes the preliminary purchase price allocation
of fair values of the assets acquired and liabilities assumed at the date of acquisition:
SCHEDULE
OF ASSETS ACQUIRED AND LIABILITIES ASSUMED
| |
October
1, | |
| |
2022 | |
Cash
and cash equivalents | |
$ | 732,716 | |
Accounts
receivable, net | |
| 561,569 | |
Inventories | |
| 7,464,823 | |
Prepaid
expenses and other assets | |
| 116,857 | |
Property
and equipment | |
| 2,146 | |
Intangible
assets | |
| 19,000,000 | |
Goodwill | |
| 22,324,588 | |
Total
assets acquired | |
| 50,202,699 | |
| |
| | |
Accounts
payable and accrued expenses | |
| 10,452,699 | |
Debt | |
| 1,850,000 | |
Earnout | |
| - | |
Total
liabilities assumed | |
| 12,302,699 | |
| |
| | |
Total | |
$ | 37,900,000 | |
|
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v3.23.2
ACCOUNTS RECEIVABLE (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SCHEDULE OF ACCOUNTS RECEIVABLE |
Accounts
receivable consist of the following at June 30, 2023 and December 31, 2022:
SCHEDULE
OF ACCOUNTS RECEIVABLE
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Trade
accounts receivable | |
$ | 2,417,671 | | |
$ | 1,871,908 | |
Less:
allowance for doubtful accounts | |
| (608,356 | ) | |
| (608,356 | ) |
Total
accounts receivable | |
$ | 1,809,315 | | |
$ | 1,263,552 | |
|
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INVENTORIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
SCHEDULE OF INVENTORIES |
Inventories
consist of the following at June 30, 2023 and December 31, 2022:
SCHEDULE
OF INVENTORIES
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Raw
materials | |
$ | 28,904 | | |
$ | 27,922 | |
Finished
goods | |
| 8,179,239 | | |
| 4,474,081 | |
Reserve
for obsolescence | |
| (700,000 | ) | |
| - | |
Total
inventories | |
$ | 7,508,143 | | |
$ | 4,502,003 | |
|
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v3.23.2
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Prepaid Expenses And Other Current Assets |
|
SCHEDULE OF PREPAID EXPENSES OTHER CURRENT ASSETS |
Other
current assets consist of the following at June 30, 2023 and December 31, 2022:
SCHEDULE
OF PREPAID EXPENSES OTHER CURRENT ASSETS
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Advances
for inventory purchases | |
$ | 440,532 | | |
$ | 630,967 | |
Prepaid
insurance | |
| 44,777 | | |
| 735,934 | |
Deposits | |
| 254,848 | | |
| 90,578 | |
Prepaid
software deposit | |
| - | | |
| 242,200 | |
Other | |
| 107,394 | | |
| 36,466 | |
Total
other current assets | |
$ | 847,551 | | |
$ | 1,736,145 | |
|
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v3.23.2
PROPERTY AND EQUIPMENT, NET (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
SCHEDULE OF PROPERTY AND EQUIPMENT |
Property
and equipment consist of the following at June 30, 2023 and December 31, 2022:
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Land | |
$ | - | | |
$ | - | |
Building
and building improvements | |
| 781,985 | | |
| 781,985 | |
Equipment
and machinery | |
| 4,752,381 | | |
| 5,146,029 | |
Furniture
and fixtures | |
| 278,665 | | |
| 280,811 | |
Office
and computer equipment | |
| 2,146 | | |
| - | |
Vehicles | |
| 585,854 | | |
| 572,927 | |
Property
plant and equipment, gross | |
| 6,401,031 | | |
| 6,781,752 | |
Less:
accumulated depreciation | |
| (5,544,599 | ) | |
| (5,460,710 | ) |
Total
property and equipment, net | |
$ | 856,432 | | |
$ | 1,321,042 | |
|
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v3.23.2
INTANGIBLE ASSETS, NET (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF INTANGIBLE ASSETS |
Intangible
assets consist of the following at June 30, 2023 and December 31, 2022:
SCHEDULE
OF INTANGIBLE ASSETS
| |
Useful
Lives | |
June
30, 2023 | | |
December
31, 2022 | |
| |
| |
| | |
| |
Customer
relationships | |
7
years | |
$ | 7,100,000 | | |
$ | 7,100,000 | |
Developed
technology | |
10
years | |
| 10,017,845 | | |
| 9,858,594 | |
Trademarks
and tradenames | |
7
years | |
| 2,200,000 | | |
| 2,200,000 | |
Total
intangible assets, gross | |
| |
| 19,317,845 | | |
| 19,158,594 | |
Less:
accumulated amortization | |
| |
| (1,739,354 | ) | |
| (578,608 | ) |
Total
intangible assets, net | |
| |
$ | 17,578,491 | | |
$ | 18,579,986 | |
|
SCHEDULE OF AMORTIZATION FUTURE ROLLING MATURITY |
Amortization
expense for the next five years is as follows:
SCHEDULE
OF AMORTIZATION FUTURE ROLLING MATURITY
For the years ending
December 31, | |
| |
2023
(excluding the six months ended June 30, 2023) | |
$ | 1,157,216 | |
2024 | |
| 2,314,431 | |
2025 | |
| 2,314,431 | |
2026 | |
| 2,314,431 | |
2027 | |
| 2,314,431 | |
Thereafter | |
| 7,163,551 | |
Total | |
$ | 17,578,491 | |
|
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GOODWILL (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Schedule Of Goodwill |
|
SCHEDULE OF GOODWILL |
The
changes in the carrying amount of goodwill for the period from January 1, 2023 through June 30, 2023 consisted of the following:
SCHEDULE
OF GOODWILL
Balance,
January 1, 2023 | |
$ | 22,324,588 | |
Additions
and adjustments | |
| - | |
Balance,
June 30, 2023 | |
$ | 22,324,588 | |
|
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v3.23.2
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Payables and Accruals [Abstract] |
|
SCHEDULE OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES |
Accrued
expenses and other current liabilities consist of the following at June 30, 2023 and December 31, 2022:
SCHEDULE
OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Customer
deposits | |
$ | 28,567 | | |
$ | 83,504 | |
Payroll
and related benefits | |
| 1,429,920 | | |
| 386,781 | |
Professional
fees | |
| 200,000 | | |
| 280,000 | |
Accrued
taxes | |
| - | | |
| - | |
Accrued
settlement liability for equity holders of Forever 8 | |
| - | | |
| 469,775 | |
Accrued
interest | |
| 2,150,476 | | |
| 825,872 | |
Accrued
rent | |
| 1,050,000 | | |
| 525,000 | |
Accrued
warrant liability | |
| 206,779 | | |
| - | |
Other | |
| 241,689 | | |
| 53,586 | |
Total
accrued expenses and other current liabilities | |
$ | 5,307,431 | | |
$ | 2,624,518 | |
|
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v3.23.2
LINES OF CREDIT (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Lines Of Credit |
|
SCHEDULE OF LINE OF CREDIT |
Principal
due under the lines of credit was as follows at June 30, 2023 and December 31, 2022:
SCHEDULE
OF LINE OF CREDIT
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | | |
| | |
Lines
of credit, 15%, 6/30/24 | |
$ | 1,750,000 | | |
$ | 1,175,000 | |
Lines of credit – related parties, 15%, 6/30/24 | |
| 2,275,000 | | |
| 675,000 | |
Lines of credit, net | |
$ | 4,025,000 | | |
$ | 1,850,000 | |
|
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v3.23.2
CONVERTIBLE NOTES PAYABLE (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Convertible Notes Payable |
|
SCHEDULE OF CONVERTIBLE NOTE PAYABLE |
Principal
due under the convertible note payable was as follows at June 30, 2023 and December 31, 2022:
SCHEDULE OF CONVERTIBLE NOTE PAYABLE
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Current: | |
| | | |
| | |
Note
payable, 0% | |
| 5,555,000 | | |
| - | |
Less:
debt discount | |
| (3,610,750 | ) | |
| - | |
Convertible
notes payable, net, current | |
$ | 1,944,250 | | |
$ | - | |
| |
| | | |
| | |
Long-Term: | |
| | | |
| | |
Note
payable, 0% | |
| 2,000,000 | | |
| 9,743,333 | |
Less:
debt discount | |
| (283,621 | ) | |
| (1,831,828 | ) |
Convertible
notes payable, net | |
$ | 1,716,379 | | |
$ | 7,911,505 | |
|
SCHEDULE OF FAIR VALUE OF OPTION WITH ASSUMPTIONS |
SCHEDULE
OF FAIR VALUE OF OPTION WITH ASSUMPTIONS
| |
Dividend Yield | | |
Expected Volatility | | |
Risk-free
Interest Rate | | |
Expected Life | |
Hudson
Bay Warrant; March 2023 | |
| 0.00 | % | |
| 143.23 | % | |
| 3.88 | % | |
| 2.5
years | |
Palladium
Capital Warrant; March 2023 | |
| 0.00 | % | |
| 143.23 | % | |
| 3.88 | % | |
| 2.5
years | |
| |
Dividend Yield | | |
Expected Volatility | | |
Risk-free
Interest Rate | | |
Expected Life | |
Hudson
Bay Warrant; as adjusted January 2023 | |
| 0.00 | % | |
| 142.28 | % | |
| 4.10 | % | |
| 2.5
years | |
Palladium
Capital Warrant; as adjusted January 2023 | |
| 0.00 | % | |
| 142.28 | % | |
| 4.10 | % | |
| 2.5
years | |
BHP Warrant; as adjusted
January 2023 | |
| 0.00 | % | |
| 142.28 | % | |
| 4.10 | % | |
| 2.5
years | |
|
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v3.23.2
CONVERTIBLE NOTES PAYABLE – RELATED PARTIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Short-Term Debt [Line Items] |
|
SCHEDULE OF CONVERTIBLE NOTE PAYABLE RELATED PARTIES |
Principal
due under the convertible note payable was as follows at June 30, 2023 and December 31, 2022:
SCHEDULE OF CONVERTIBLE NOTE PAYABLE
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Current: | |
| | | |
| | |
Note
payable, 0% | |
| 5,555,000 | | |
| - | |
Less:
debt discount | |
| (3,610,750 | ) | |
| - | |
Convertible
notes payable, net, current | |
$ | 1,944,250 | | |
$ | - | |
| |
| | | |
| | |
Long-Term: | |
| | | |
| | |
Note
payable, 0% | |
| 2,000,000 | | |
| 9,743,333 | |
Less:
debt discount | |
| (283,621 | ) | |
| (1,831,828 | ) |
Convertible
notes payable, net | |
$ | 1,716,379 | | |
$ | 7,911,505 | |
|
Convertible Note Payable Related Party [Member] |
|
Short-Term Debt [Line Items] |
|
SCHEDULE OF CONVERTIBLE NOTE PAYABLE RELATED PARTIES |
The
convertible notes payable, related party were issued as part of consideration for the acquisition of Forever 8. The discount was
calculated based on the fair value of the instrument as of October 1, 2022. See Note 3 – “Acquisitions” for further information.
Principal due under the convertible note payable – related parties was as follows at June 30, 2023 and December 31,
2022:
SCHEDULE
OF CONVERTIBLE NOTE PAYABLE RELATED PARTIES
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Notes
payable, 10% | |
| 27,383,700 | | |
| 27,500,000 | |
Less:
debt discount | |
| (2,250,000 | ) | |
| (2,750,000 | ) |
Notes
payable, net | |
$ | 25,133,700 | | |
$ | 24,750,000 | |
|
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v3.23.2
SEGMENTING REPORTING (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
SCHEDULE OF BUSINESS SEGMENTS |
For
the three and six months ended June 30, 2022, the Company had only one operating segment (corrugated) thus segment info for this
period is not presented. Segment information available with respect to these reportable business segments for the three and six
months ended June 30, 2023 was as follows:
SCHEDULE OF BUSINESS SEGMENTS
|
|
For
the
Three months Ended
June 30, |
|
|
For the Six months Ended June 30, |
|
|
|
2023 |
|
|
2023 |
|
Revenues: |
|
|
|
|
|
|
|
|
Inventory Management
Solutions |
|
$ |
18,864,903 |
|
|
$ |
32,813,244 |
|
Corrugated |
|
|
1,682,250 |
|
|
|
3,623,624 |
|
Total segment and consolidated
revenues |
|
$ |
20,547,153 |
|
|
$ |
36,436,868 |
|
|
|
|
|
|
|
|
|
|
Cost of revenues: |
|
|
|
|
|
|
|
|
Inventory Management Solutions |
|
$ |
16,824,061 |
|
|
$ |
29,458,650 |
|
Corrugated |
|
|
1,193,198 |
|
|
|
2,629,232 |
|
Total segment and consolidated
cost of revenues |
|
$ |
18,017,259 |
|
|
$ |
32,087,882 |
|
|
|
|
|
|
|
|
|
|
Gross profit: |
|
|
|
|
|
|
|
|
Inventory Management Solutions |
|
$ |
2,040,842 |
|
|
$ |
3,354,594 |
|
Corrugated |
|
|
489,052 |
|
|
|
994,392 |
|
Total segment and consolidated
gross profit |
|
$ |
2,529,894 |
|
|
$ |
4,348,986 |
|
|
|
|
|
|
|
|
|
|
Income from operations: |
|
|
|
|
|
|
|
|
Inventory Management Solutions |
|
$ |
(525,530 |
) |
|
$ |
(1,017,764 |
) |
Corrugated |
|
|
99,737 |
|
|
|
245,319 |
|
Corporate |
|
|
(2,338,303 |
) |
|
|
(5,521,990 |
) |
Total segment and consolidated
income from operations |
|
$ |
(2,764,096 |
) |
|
$ |
(6,294,435 |
) |
|
|
|
|
|
|
|
|
|
Depreciation and amortization: |
|
|
|
|
|
|
|
|
Inventory Management Solutions |
|
$ |
584,166 |
|
|
$ |
1,160,746 |
|
Corrugated |
|
|
49,496 |
|
|
|
98,993 |
|
Total segment and consolidated
depreciation and amortization |
|
$ |
633,662 |
|
|
$ |
1,259,739 |
|
|
|
|
|
|
|
|
|
|
Revenues by geography: |
|
|
|
|
|
|
|
|
North America |
|
$ |
3,772,968 |
|
|
$ |
7,060,372 |
|
Europe |
|
|
16,774,185 |
|
|
|
29,376,496 |
|
Total geography and consolidated
revenues |
|
$ |
20,547,153 |
|
|
$ |
36,436,868 |
|
| |
| | | |
| | |
Segment capital expenditures: | |
| | | |
| | |
Inventory Management Solutions | |
| | | |
$ | - | |
Corrugated | |
| | | |
| 114,028 | |
Corporate | |
| | | |
| - | |
Total segment and consolidated capital expenditures | |
| | | |
$ | 114,028 | |
| |
| | | |
| | |
Segment total assets: | |
| | | |
$ | | |
Inventory Management Solutions | |
| | | |
| 52,160,446 | |
Corrugated | |
| | | |
| 2,595,471 | |
Corporate | |
| | | |
| 5,664,698 | |
Total segment and consolidated assets | |
| | | |
$ | 60,420,615 | |
|
X |
- DefinitionTabular disclosure of goodwill in a business combination.
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v3.23.2
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details Narrative) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
Cash and cash equivalents |
$ 4,374,905
|
$ 5,580,431
|
Cash equivalents |
$ 2,400,000
|
|
Vinco Ventures Inc [Member] | Majority Voting Interest [Member] |
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
Equity method investment, ownership percentage |
100.00%
|
|
Ferguson Containers [Member] | Majority Voting Interest [Member] |
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
Equity method investment, ownership percentage |
100.00%
|
|
CW Machines, LLC [Member] | Majority Voting Interest [Member] |
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
Equity method investment, ownership percentage |
51.00%
|
|
Forever 8 Fund LLC [Member] | Majority Voting Interest [Member] |
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
Equity method investment, ownership percentage |
100.00%
|
|
X |
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v3.23.2
SCHEDULE OF EARNINGS PER SHARE COMMON STOCK EQUIVALENTS ANTI DILUTIVE (Details) - shares
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total common stock equivalents |
8,971,431
|
359,204
|
Convertible Shares Under Notes Payable [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total common stock equivalents |
3,083,802
|
66,667
|
Warrants For Noteholders And Placemment Agents [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total common stock equivalents |
4,134,629
|
77,333
|
Warrants For Equity Investors And Placemment Agents [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total common stock equivalents |
728,000
|
34,800
|
Shares Reserved For Issuance For Preferred Units of Forever 8 Fund, LLC [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total common stock equivalents |
215,000
|
|
Convertible Notes Payable Issued In Acquisition of Forever 8 Fund, LLC [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total common stock equivalents |
275,000
|
|
Shares Reserved For Contingent Consideration For Acquisition of Forever 8 Fund, LLC [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total common stock equivalents |
370,000
|
|
Shares To Be Issued [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total common stock equivalents |
165,000
|
6,000
|
X |
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
|
3 Months Ended |
6 Months Ended |
|
|
|
|
Apr. 03, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Mar. 16, 2023 |
Jan. 17, 2023 |
Dec. 31, 2022 |
Apr. 26, 2022 |
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Reverse stock split |
1-for-50
|
|
|
|
|
|
|
|
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
|
$ 0.001
|
|
$ 0.001
|
$ 0.001
|
$ 0.001
|
|
Allowance for doubtful accounts receivable |
|
$ 46,705
|
|
$ 46,705
|
|
|
|
$ 46,705
|
|
Impairment charges |
|
292,748
|
|
292,748
|
|
|
|
|
|
Long-Term Debt, Fair Value |
|
38,963,700
|
|
38,963,700
|
|
|
|
|
|
Operating lease right of use asset |
|
$ 46,938
|
|
$ 46,938
|
|
|
|
$ 68,600
|
$ 98,736
|
Office Equipment [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Estimated useful life |
|
3 years
|
|
3 years
|
|
|
|
|
|
Office Equipment [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Estimated useful life |
|
5 years
|
|
5 years
|
|
|
|
|
|
Furniture and Fixtures [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Estimated useful life |
|
5 years
|
|
5 years
|
|
|
|
|
|
Furniture and Fixtures [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Estimated useful life |
|
7 years
|
|
7 years
|
|
|
|
|
|
Machinery and Equipment [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Estimated useful life |
|
6 years
|
|
6 years
|
|
|
|
|
|
Machinery and Equipment [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Estimated useful life |
|
10 years
|
|
10 years
|
|
|
|
|
|
Building Improvements [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Estimated useful life |
|
10 years
|
|
10 years
|
|
|
|
|
|
Building Improvements [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Estimated useful life |
|
15 years
|
|
15 years
|
|
|
|
|
|
Software Development [Member] |
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Estimated useful life |
|
5 years
|
|
5 years
|
|
|
|
|
|
Tools, Dies and Molds [Member] |
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Estimated useful life |
|
5 years
|
|
5 years
|
|
|
|
|
|
Vehicles [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Estimated useful life |
|
5 years
|
|
5 years
|
|
|
|
|
|
Vehicles [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Estimated useful life |
|
7 years
|
|
7 years
|
|
|
|
|
|
Building [Member] |
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Estimated useful life |
|
40 years
|
|
40 years
|
|
|
|
|
|
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer One [Member] |
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Concentration risk percentage |
|
|
|
35.00%
|
|
|
|
|
|
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer Two [Member] |
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Concentration risk percentage |
|
|
|
12.00%
|
|
|
|
|
|
Accounts Receivable [Member] | Customer Concentration Risk [Member] | One Customer [Member] |
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Concentration risk percentage |
|
|
|
17.00%
|
|
|
|
|
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | One Customer [Member] |
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
Concentration risk percentage |
|
|
|
78.00%
|
|
|
|
|
|
X |
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v3.23.2
SCHEDULE OF PRELIMINARY PURCHASE PRICE CONSIDERATION PAID (Details) - Forever 8 Fund LLC [Member] - Purchase Agreement [Member]
|
Oct. 01, 2022
USD ($)
|
Restructuring Cost and Reserve [Line Items] |
|
215,000 non-voting preferred membership units of Forever 8 |
$ 7,300,000
|
Convertible promissory notes in an aggregate principal amount of $27.5 million |
24,500,000
|
Contingent consideration |
6,100,000
|
Total purchase price |
$ 37,900,000
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SCHEDULE OF PRELIMINARY PURCHASE PRICE CONSIDERATION PAID (Details) (Parenthetical) - USD ($)
|
|
6 Months Ended |
Oct. 01, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Net borrowings under convertible notes |
|
$ 3,150,000
|
$ 30,000,000
|
Principal amount |
$ 27,500,000
|
|
|
Purchase Agreement [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Net borrowings under convertible notes |
$ 215,000
|
|
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SCHEDULE OF ASSETS ACQUIRED AND LIABILITIES ASSUMED (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Oct. 01, 2022 |
Restructuring Cost and Reserve [Line Items] |
|
|
|
Goodwill |
$ 22,324,588
|
$ 22,324,588
|
|
Forever 8 Fund LLC [Member] | Purchase Agreement [Member] |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
Cash and cash equivalents |
|
|
$ 732,716
|
Accounts receivable, net |
|
|
561,569
|
Inventories |
|
|
7,464,823
|
Prepaid expenses and other assets |
|
|
116,857
|
Property and equipment |
|
|
2,146
|
Intangible assets |
|
|
19,000,000
|
Goodwill |
|
|
22,324,588
|
Total assets acquired |
|
|
50,202,699
|
Accounts payable and accrued expenses |
|
|
10,452,699
|
Debt |
|
|
1,850,000
|
Earnout |
|
|
|
Total liabilities assumed |
|
|
12,302,699
|
Total |
|
|
$ 37,900,000
|
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v3.23.2
ACQUISITIONS (Details Narrative) - USD ($)
|
|
6 Months Ended |
Oct. 01, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Restructuring Cost and Reserve [Line Items] |
|
|
|
Aggregate proceeds |
|
$ 3,150,000
|
$ 30,000,000
|
Principal amount |
$ 27,500,000
|
|
|
Purchase Agreement [Member] |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
Aggregate proceeds |
$ 215,000
|
|
|
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|
|
|
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|
|
|
Acquired percentage |
100.00%
|
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SCHEDULE OF ACCOUNTS RECEIVABLE (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Accounting Policies [Abstract] |
|
|
Trade accounts receivable |
$ 2,417,671
|
$ 1,871,908
|
Less: allowance for doubtful accounts |
(608,356)
|
(608,356)
|
Total accounts receivable |
$ 1,809,315
|
$ 1,263,552
|
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v3.23.2
SCHEDULE OF INVENTORIES (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Inventory Disclosure [Abstract] |
|
|
Raw materials |
$ 28,904
|
$ 27,922
|
Finished goods |
8,179,239
|
4,474,081
|
Reserve for obsolescence |
(700,000)
|
|
Total inventories |
$ 7,508,143
|
$ 4,502,003
|
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v3.23.2
SCHEDULE OF PREPAID EXPENSES OTHER CURRENT ASSETS (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Prepaid Expenses And Other Current Assets |
|
|
Advances for inventory purchases |
$ 440,532
|
$ 630,967
|
Prepaid insurance |
44,777
|
735,934
|
Deposits |
254,848
|
90,578
|
Prepaid software deposit |
|
242,200
|
Other |
107,394
|
36,466
|
Total other current assets |
$ 847,551
|
$ 1,736,145
|
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v3.23.2
LOAN HELD-FOR-INVESTMENT, RELATED PARTY (Details Narrative) - USD ($)
|
6 Months Ended |
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Debt instrument interest rate stated percentage |
15.00%
|
15.00%
|
Loans held for investment |
$ 2,224,252
|
$ 2,224,252
|
CW Machines, LLC [Member] |
|
|
Debt instrument interest rate stated percentage |
5.00%
|
|
Debt instrument maturity date |
Oct. 12, 2026
|
|
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$ 2,224,252
|
$ 2,224,252
|
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v3.23.2
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Property plant and equipment, gross |
$ 6,401,031
|
$ 6,781,752
|
Less: accumulated depreciation |
(5,544,599)
|
(5,460,710)
|
Total property and equipment, net |
856,432
|
1,321,042
|
Land [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property plant and equipment, gross |
|
|
Building Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property plant and equipment, gross |
781,985
|
781,985
|
Machinery and Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property plant and equipment, gross |
4,752,381
|
5,146,029
|
Furniture and Fixtures [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property plant and equipment, gross |
278,665
|
280,811
|
Office Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property plant and equipment, gross |
2,146
|
|
Vehicles [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property plant and equipment, gross |
$ 585,854
|
$ 572,927
|
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PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Property, Plant and Equipment [Abstract] |
|
|
|
|
Depreciation and amortization expense |
$ 49,495
|
$ 59,192
|
$ 98,992
|
$ 118,384
|
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v3.23.2
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Total intangible assets, gross |
$ 19,317,845
|
$ 19,158,594
|
Less: accumulated amortization |
(1,739,354)
|
(578,608)
|
Total intangible assets, net |
17,578,491
|
18,579,986
|
Customer Relationships [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Total intangible assets, gross |
$ 7,100,000
|
$ 7,100,000
|
Useful Lives |
7 years
|
7 years
|
Developed Technology Rights [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Total intangible assets, gross |
$ 10,017,845
|
$ 9,858,594
|
Useful Lives |
10 years
|
10 years
|
Trademarks and Trade Names [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Total intangible assets, gross |
$ 2,200,000
|
$ 2,200,000
|
Useful Lives |
7 years
|
7 years
|
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SCHEDULE OF AMORTIZATION FUTURE ROLLING MATURITY (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
2023 (excluding the six months ended June 30, 2023) |
$ 1,157,216
|
|
2024 |
2,314,431
|
|
2025 |
2,314,431
|
|
2026 |
2,314,431
|
|
2027 |
2,314,431
|
|
Thereafter |
7,163,551
|
|
Total intangible assets, net |
$ 17,578,491
|
$ 18,579,986
|
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v3.23.2
SCHEDULE OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Payables and Accruals [Abstract] |
|
|
Customer deposits |
$ 28,567
|
$ 83,504
|
Payroll and related benefits |
1,429,920
|
386,781
|
Professional fees |
200,000
|
280,000
|
Accrued taxes |
|
|
Accrued settlement liability for equity holders of Forever 8 |
|
469,775
|
Accrued interest |
2,150,476
|
825,872
|
Accrued rent |
1,050,000
|
525,000
|
Accrued warrant liability |
206,779
|
|
Other |
241,689
|
53,586
|
Total accrued expenses and other current liabilities |
$ 5,307,431
|
$ 2,624,518
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SCHEDULE OF LINE OF CREDIT (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
Lines of credit, net |
$ 4,025,000
|
$ 1,850,000
|
Nonrelated Party [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Lines of credit, net |
1,750,000
|
1,175,000
|
Related Party [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Lines of credit, net |
$ 2,275,000
|
$ 675,000
|
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LINES OF CREDIT (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Lines Of Credit |
|
|
|
|
Interest expense |
$ 102,479
|
$ 0
|
$ 171,854
|
$ 0
|
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v3.23.2
SCHEDULE OF CONVERTIBLE NOTE PAYABLE (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Current: |
|
|
Convertible notes payable, net, current |
$ 1,944,250
|
|
Convertible Notes Payable [Member] |
|
|
Current: |
|
|
Note payable, 0% |
5,555,000
|
|
Less: debt discount |
(3,610,750)
|
|
Convertible notes payable, net, current |
1,944,250
|
|
Long-Term: |
|
|
Note payable, 0% |
2,000,000
|
9,743,333
|
Less: debt discount |
(283,621)
|
(1,831,828)
|
Convertible notes payable, net |
$ 1,716,379
|
$ 7,911,505
|
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v3.23.2
SCHEDULE OF FAIR VALUE OF OPTION WITH ASSUMPTIONS (Details)
|
Apr. 05, 2023 |
Mar. 23, 2023 |
Jan. 06, 2023 |
Measurement Input, Expected Dividend Rate [Member] | Hudson Bay Warrant [Member] |
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
Warrants measurement input |
0.00
|
0.00
|
0.00
|
Measurement Input, Expected Dividend Rate [Member] | Palladium Capital Warrant [Member] |
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
Warrants measurement input |
0.00
|
0.00
|
0.00
|
Measurement Input, Option Volatility [Member] | Hudson Bay Warrant [Member] |
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
Warrants measurement input |
143.81
|
143.23
|
142.28
|
Measurement Input, Option Volatility [Member] | Palladium Capital Warrant [Member] |
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
Warrants measurement input |
143.81
|
143.23
|
142.28
|
Measurement Input, Risk Free Interest Rate [Member] | Hudson Bay Warrant [Member] |
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
Warrants measurement input |
3.67
|
3.88
|
4.10
|
Measurement Input, Risk Free Interest Rate [Member] | Palladium Capital Warrant [Member] |
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
Warrants measurement input |
3.67
|
3.88
|
4.10
|
Measurement Input, Expected Term [Member] | Hudson Bay Warrant [Member] |
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
Expected life |
2 years 6 months
|
2 years 6 months
|
2 years 6 months
|
Measurement Input, Expected Term [Member] | Palladium Capital Warrant [Member] |
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
Expected life |
2 years 6 months
|
2 years 6 months
|
2 years 6 months
|
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v3.23.2
CONVERTIBLE NOTES PAYABLE (Details Narrative)
|
|
|
|
|
|
|
3 Months Ended |
6 Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
Apr. 05, 2023
USD ($)
$ / shares
|
Mar. 23, 2023
USD ($)
$ / shares
|
Mar. 15, 2023
USD ($)
$ / shares
shares
|
Jan. 06, 2023
Day
$ / shares
shares
|
Jul. 28, 2022
USD ($)
$ / shares
shares
|
Jul. 28, 2022
USD ($)
$ / shares
shares
|
Jan. 26, 2022
USD ($)
$ / shares
shares
|
Jun. 30, 2023
USD ($)
$ / shares
shares
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
$ / shares
shares
|
Jun. 30, 2022
USD ($)
|
Apr. 11, 2023
shares
|
Apr. 03, 2023
shares
|
Apr. 01, 2023
shares
|
Mar. 31, 2023
$ / shares
|
Mar. 30, 2023
shares
|
Mar. 22, 2023
shares
|
Mar. 16, 2023
shares
|
Mar. 02, 2023
$ / shares
shares
|
Mar. 01, 2023
$ / shares
shares
|
Dec. 31, 2022
USD ($)
shares
|
Oct. 01, 2022
USD ($)
|
Sep. 14, 2022
$ / shares
shares
|
Convertible notes payable |
|
|
|
|
|
|
|
$ 1,698,999
|
$ 0
|
$ 3,492,457
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of the debt discount |
|
|
|
|
|
|
|
1,698,999
|
$ 0
|
3,492,457
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 27,500,000
|
|
Debt discount |
|
|
|
|
|
|
|
$ 3,610,750
|
|
$ 3,610,750
|
|
|
|
|
|
|
|
|
|
|
$ 3,610,750
|
|
|
Fair Value Adjustment of Warrants |
$ 3,387,604
|
$ 4,532,673
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of Debt Issuance Costs and Discounts |
$ 3,387,604
|
4,335,611
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[custom:LossOnIssuanceOfWarrants] |
|
197,061
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant modification expense |
|
$ 664,389
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[custom:WarrantsSharePrice-0] | $ / shares |
|
$ 0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Strike price of warrants | $ / shares |
$ 2.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
|
|
|
|
|
|
|
15.00%
|
|
15.00%
|
|
|
|
|
|
|
|
|
|
|
15.00%
|
|
|
Authorized common shares | shares |
|
|
|
|
|
|
|
500,000,000
|
|
500,000,000
|
|
|
|
|
|
|
|
|
|
|
500,000,000
|
|
|
Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Authorized common shares | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
250,000,000
|
|
|
|
|
|
Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Authorized common shares | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500,000,000
|
|
|
|
|
|
Senior Secured Convertible Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from restricted funds account |
|
|
|
|
|
$ 29,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment for repurchase of notes |
|
|
|
|
|
$ 22,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measurement Input, Expected Dividend Rate [Member] | Hudson Bay Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants measurement input |
0.00
|
0.00
|
|
0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measurement Input, Expected Dividend Rate [Member] | Palladium Capital Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants measurement input |
0.00
|
0.00
|
|
0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measurement Input, Expected Dividend Rate [Member] | BHP Warrant; September 2022 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants measurement input |
|
|
|
0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measurement Input, Option Volatility [Member] | Hudson Bay Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants measurement input |
143.81
|
143.23
|
|
142.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measurement Input, Option Volatility [Member] | Palladium Capital Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants measurement input |
143.81
|
143.23
|
|
142.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measurement Input, Option Volatility [Member] | BHP Warrant; September 2022 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants measurement input |
|
|
|
142.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measurement Input, Risk Free Interest Rate [Member] | Hudson Bay Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants measurement input |
3.67
|
3.88
|
|
4.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measurement Input, Risk Free Interest Rate [Member] | Palladium Capital Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants measurement input |
3.67
|
3.88
|
|
4.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measurement Input, Risk Free Interest Rate [Member] | BHP Warrant; September 2022 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants measurement input |
|
|
|
4.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measurement Input, Expected Term [Member] | Hudson Bay Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expected life |
2 years 6 months
|
2 years 6 months
|
|
2 years 6 months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measurement Input, Expected Term [Member] | Palladium Capital Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expected life |
2 years 6 months
|
2 years 6 months
|
|
2 years 6 months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measurement Input, Expected Term [Member] | BHP Warrant; September 2022 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expected life |
|
|
|
2 years 6 months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of warrants shares | shares |
|
|
|
|
|
|
|
|
|
|
|
100,000
|
79,099
|
|
|
120,000
|
59,392
|
115,355
|
|
72,000
|
|
|
|
Accredited Investor [Member] | Forever 8 Fund LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price per share | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 50.00
|
Note Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Adjustment of Warrants |
|
|
|
|
|
|
$ 3,905,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net |
|
|
|
|
|
|
3,333,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Debt |
|
|
|
|
|
|
7,798,881
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Placement agent fees |
|
|
|
|
|
|
560,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note Securities Purchase Agreement [Member] | Palladium Capital Group, LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of warrants | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,467
|
Note Securities Purchase Agreement [Member] | BHP Capital NY, Inc. [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of warrants | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,000
|
Warrants price per share | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 50.00
|
Note Securities Purchase Agreement [Member] | Accredited Investor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
|
|
$ 5,555,000
|
|
|
|
$ 33,333,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price per share | $ / shares |
|
|
$ 6.245
|
|
|
|
$ 10.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of warrants | shares |
|
|
889,512
|
|
|
|
66,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66,667
|
Warrants price per share | $ / shares |
|
|
$ 6.245
|
|
|
|
$ 10.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Adjustment of Warrants |
|
|
|
|
|
|
$ 3,905,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DebtInstrument purchase amount |
|
|
|
|
|
|
30,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net |
|
|
|
|
|
|
$ 3,333,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants and Rights Outstanding, Maturity Date |
|
|
|
|
|
|
May 16, 2027
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
|
|
|
|
|
|
18.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note Securities Purchase Agreement [Member] | Accredited Investor [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of warrants | shares |
|
|
|
|
|
|
1,067
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants price per share | $ / shares |
|
|
|
|
|
|
$ 10.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business combimation purchae price |
|
|
$ 5,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt discount |
|
|
$ 555,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior Secured Convertible Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price per share | $ / shares |
|
|
|
|
|
|
|
$ 6.245
|
|
$ 6.245
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt description |
|
|
|
|
|
|
|
|
|
The
Note contains certain limitations on conversion. It provides that no conversion may be made if, after giving effect to the conversion,
the Investor would own in excess of 9.99% of the Company’s outstanding shares of Common Stock. This percentage may be increased
or decreased to a percentage not to exceed 9.99%, at the option of the Investor, except any increase will not be effective until 61-days’
prior notice to the Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument redemption price percentage |
|
|
|
|
|
|
|
|
|
130.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amendment Agreement [Member] | Palladium Capital Group, LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of warrants | shares |
|
|
|
|
15,467
|
15,467
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amendment Agreement [Member] | BHP Capital NY, Inc. [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of warrants | shares |
|
|
|
|
30,000
|
30,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants price per share | $ / shares |
|
|
|
|
$ 1.06
|
$ 1.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amendment Agreement [Member] | Senior Secured Convertible Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price per share | $ / shares |
|
|
|
|
$ 1.06
|
$ 1.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt description |
|
|
|
|
|
The
July 2022 Amendment Agreement also amended the January 2022 Registration Rights Agreement. to require the Company to register (i)
the number of shares of common stock equal to 200% of the shares issuable upon conversion of the January 2022 Note and (ii) the
number of shares of common stock equal to 200% of the shares issuable upon exercise of the warrant issued under the Note Securities
Purchase Agreement, assuming all cash has been released from the Restricted Funds Account and the number of shares of common stock
issuable upon exercise of the January 2022 Warrant issued under the Note Securities Purchase Agreement has been adjusted in
accordance with Section 3(c) of the warrant
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares restricted for future issuance | shares |
|
|
|
|
301,007
|
301,007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amendment Agreement [Member] | Accredited Investor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of warrants | shares |
|
|
|
|
66,667
|
66,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology License Agreements [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash payment |
|
|
|
|
$ 10,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock for restricted shares | shares |
|
|
|
|
5,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology License Agreements [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indebtedness amount |
|
|
|
|
$ 500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology License Agreements [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indebtedness amount |
|
|
|
|
$ 10,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Amendment Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant modification expense |
|
|
|
|
|
|
|
|
|
$ 43,344,150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued price per share | $ / shares |
|
|
|
|
|
|
|
0.32
|
|
$ 0.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Amendment Agreement [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Authorized common shares | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
250,000,000
|
|
|
|
|
|
|
|
|
|
Second Amendment Agreement [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Authorized common shares | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
500,000,000
|
|
|
|
|
|
|
|
|
|
Second Amendment Agreement [Member] | Hudson Bay [Member] | January 2022 Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion price per share | $ / shares |
|
|
|
$ 10.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Threshold trading days | Day |
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consecutive trading day | Day |
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of cash release to company from control account |
|
|
|
20.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Amendment Agreement [Member] | Warrant [Member] | Hudson Bay [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants price per share | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 11.00
|
|
|
|
Number of warrants shares | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
720,000
|
|
|
|
Second Amendment Agreement [Member] | Warrant [Member] | Hudson Bay [Member] | January 2022 Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of warrants | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
720,000
|
|
|
|
Warrants price per share | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 11.00
|
|
|
|
|
Second Amendment Agreement [Member] | Warrant [Member] | Hudson Bay [Member] | January 2022 Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of warrants | shares |
|
|
|
2,220,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants price per share | $ / shares |
|
|
|
$ 10.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.01
|
|
|
|
Number of warrants shares | shares |
|
|
|
3,333,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,500,000
|
|
|
|
|
Second Amendment Agreement [Member] | Warrant [Member] | Hudson Bay [Member] | Maximum [Member] | January 2022 Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants price per share | $ / shares |
|
|
|
|
|
|
|
$ 11.00
|
|
$ 11.00
|
|
|
|
|
$ 10.00
|
|
|
|
|
|
|
|
|
Number of warrants shares | shares |
|
|
|
|
|
|
|
200,000
|
|
200,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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SCHEDULE OF CONVERTIBLE NOTE PAYABLE RELATED PARTIES (Details) - Convertible Note Payable Related Party [Member] - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Short-Term Debt [Line Items] |
|
|
Notes payable, 10% |
$ 27,383,700
|
$ 27,500,000
|
Less: debt discount |
(2,250,000)
|
(2,750,000)
|
Notes payable, net |
$ 25,133,700
|
$ 24,750,000
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v3.23.2
CONVERTIBLE NOTES PAYABLE – RELATED PARTIES (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
Interest expense |
$ 102,479
|
$ 0
|
$ 171,854
|
$ 0
|
Amortization of the debt discount |
1,698,999
|
0
|
3,492,457
|
0
|
Related Party [Member] |
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
Interest expense |
937,000
|
0
|
1,874,000
|
0
|
Amortization of the debt discount |
$ 250,000
|
$ 0
|
$ 500,000
|
$ 0
|
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INCOME TAXES (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income tax expense benefit |
|
$ (17,000)
|
|
$ 172,997
|
Net operating loss carryforward |
4,150,207
|
|
4,150,207
|
|
F Eight Funf E U Holdings [Member] |
|
|
|
|
Income tax expense benefit |
$ 0
|
$ 17,000
|
$ 0
|
$ 172,997
|
Ferguson Containers, Inc., [Member] |
|
|
|
|
Equity method ownership percentage |
100.00%
|
|
100.00%
|
|
CW Machines, LLC [Member] |
|
|
|
|
Equity method ownership percentage |
51.00%
|
|
51.00%
|
|
X |
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v3.23.2
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)
|
|
|
|
|
1 Months Ended |
6 Months Ended |
|
|
|
|
|
|
|
|
Apr. 14, 2023 |
Jan. 26, 2023 |
Jan. 19, 2023 |
Jan. 17, 2023 |
May 03, 2023 |
Jun. 30, 2023 |
Apr. 11, 2023 |
Apr. 03, 2023 |
Mar. 31, 2023 |
Mar. 30, 2023 |
Mar. 22, 2023 |
Mar. 16, 2023 |
Mar. 01, 2023 |
Dec. 31, 2022 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, shares issued |
|
|
|
|
|
2,921,678
|
|
|
|
|
|
|
|
633,602
|
Common stock, shares outstanding |
|
|
|
|
|
2,921,678
|
|
|
|
|
|
|
|
633,602
|
Common stock, par value |
|
|
|
$ 0.001
|
|
$ 0.001
|
|
$ 0.001
|
|
|
|
$ 0.001
|
|
$ 0.001
|
Common stock authorized shares of common stock |
|
|
|
|
|
500,000,000
|
|
|
|
|
|
|
|
500,000,000
|
Common stock issued to note holders |
|
|
|
|
|
774,733
|
|
|
|
|
|
|
|
|
Value of common stock issued to note holders |
|
|
|
|
|
$ 7,743,333
|
|
|
|
|
|
|
|
|
Stock issued during period shares issued for services |
|
20,550
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period value issued for services |
|
$ 571,200
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock for warrant exercise |
|
|
|
|
849,710
|
|
|
|
|
|
|
|
|
|
Dividend declared date |
|
|
|
Jan. 17, 2023
|
|
|
|
|
|
|
|
|
|
|
Preferred stock dividend description |
|
|
|
the board of directors of the Company declared a dividend of one one-thousandth of a share of Series
A Preferred Stock
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, par value |
|
|
|
|
|
$ 0.001
|
|
|
|
|
|
|
|
$ 0.001
|
Dividend record date |
|
|
|
Jan. 27, 2023
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares issued |
|
|
|
|
|
1,311
|
|
|
|
|
|
|
|
0
|
Preferred stock, shares outstanding |
|
|
|
|
|
1,311
|
|
|
|
|
|
|
|
0
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, par value |
|
|
|
$ 0.001
|
|
|
|
|
|
|
|
|
|
|
Number of shares designated |
|
|
300,000
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares issued |
|
|
|
|
|
1,311
|
|
|
|
|
|
|
|
0
|
Preferred stock, shares outstanding |
|
|
|
|
|
1,311
|
|
|
|
|
|
|
|
0
|
Three Directors [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued to directors |
|
91,800
|
|
|
|
|
|
|
|
|
|
|
|
|
Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock authorized shares of common stock |
|
|
|
|
|
|
|
|
|
|
|
250,000,000
|
|
|
Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock authorized shares of common stock |
|
|
|
|
|
|
|
|
|
|
|
500,000,000
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, shares issued |
|
|
|
|
|
1,797,570
|
|
|
|
|
|
|
|
633,365
|
Common stock, shares outstanding |
|
|
|
|
|
1,797,570
|
|
|
|
|
|
|
|
633,365
|
Shares reverse stock split |
95,112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] | Three Directors [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued to directors |
|
2,700
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock for exercise of warrant |
|
|
|
|
|
|
100,000
|
79,099
|
|
120,000
|
59,392
|
115,355
|
72,000
|
|
Vinco Ventures Inc [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity method ownership percentage |
|
|
|
|
|
|
|
|
100.00%
|
|
|
|
|
|
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v3.23.2
COMMITMENTS AND CONTINGENCIES (Details Narrative)
|
|
|
3 Months Ended |
6 Months Ended |
|
|
Oct. 19, 2022
USD ($)
ft²
|
Feb. 25, 2022
shares
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Oct. 19, 2022
a
|
Jan. 02, 2022
USD ($)
|
Rent expense |
|
|
$ 344,906
|
$ 33,000
|
$ 690,626
|
$ 63,700
|
|
|
Share based compensation |
|
|
|
|
$ 609,000
|
|
|
|
Emmersive Entertainment, Inc [Member] | Milestone One [Member] |
|
|
|
|
|
|
|
|
Earnout target description |
|
In the event that the Company generates a minimum of $5,500,000 in annualized booked revenues from the operation of the Musician &
Artist Platform (“Attributed Revenue”) ending eight (8) months following the Effective Date (“Tranche 1 Milestone Date”),
the Emmersive Parties shall receive 2,000 restricted Eightco Shares (“Tranche One”) within thirty (30) after the Tranche
1 Milestone Date. In the event that the Company does not satisfy this milestone for any reason by the Tranche 1 Milestone Date, the Emmersive
Parties shall have no rights to the additional Eightco Shares
|
|
|
|
|
|
|
Emmersive Entertainment, Inc [Member] | Milestone Two [Member] |
|
|
|
|
|
|
|
|
Earnout target description |
|
After the Effective Date, in the event the Company generates a minimum of $26,500,000 in annualized Attributed Revenues in any three-calendar
month period ending on or before September 30, 2023, from the Musician & Artist Platform, the Emmersive Parties shall receive an
additional 2,000 restricted Eightco Shares (“Tranche Two”). In the event Milestone Two is achieved, then Milestone One shall
also be deemed to have been achieved. In the event that the Company does not satisfy Milestone Two for any reason by September 30, 2023,
the Emmersive Parties shall have no rights to Tranche Two
|
|
|
|
|
|
|
Emmersive Entertainment, Inc [Member] | Milestone Three [Member] |
|
|
|
|
|
|
|
|
Earnout target description |
|
After the Effective Date in the event that Buyer generates a minimum of $60,000,000 in annualized Attributed Revenues in any three-calendar-month
period ending on or before September 30, 2024, from the Musician & Artist Platform, the Emmersive Parties shall receive an additional
2,000 restricted Eightco Shares (“Tranche Three”). In the event Milestone Three is achieved, then Milestones One and Two
shall also be deemed to have been achieved. In the event that the Company does not satisfy Milestone Three for any reason by September
30, 2024, time being of the essence, the Emmersive Parties shall have no rights to Tranche Three. In the event that the Company satisfies
Milestone Three in the time prescribed they shall have the right to receive an additional 100,000 restricted shares of Eightco Shares
(“Bonus Tranche”). In the event that the Company does not satisfy Milestone Three for any reason, the Emmersive Parties shall
have no rights to the Bonus Tranche
|
|
|
|
|
|
|
Termination and Release Agreement [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
Number of shares issued | shares |
|
6,000
|
|
|
|
|
|
|
Vinco Venture Inc [Member] |
|
|
|
|
|
|
|
|
Operating lease liabilities |
|
|
|
|
|
|
|
$ 98,736
|
Discount rate |
|
|
|
|
|
|
|
4.50%
|
Foxx Trot Tango, LLC [Member] |
|
|
|
|
|
|
|
|
Area of land |
250,000
|
|
|
|
|
|
25
|
|
Month to month basis lease |
$ 87,500
|
|
|
|
|
|
|
|
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v3.23.2
SCHEDULE OF BUSINESS SEGMENTS (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total segment and consolidated revenues |
$ 20,547,153
|
$ 7,345,959
|
$ 36,436,868
|
$ 11,065,606
|
|
Total segment and consolidated cost of revenues |
18,017,259
|
6,546,875
|
32,087,882
|
9,721,258
|
|
Total segment and consolidated gross profit |
2,529,894
|
799,084
|
4,348,986
|
1,344,348
|
|
Total segment and consolidated income from operations |
(2,764,096)
|
$ (3,493,224)
|
(6,294,435)
|
$ (4,869,755)
|
|
Total segment and consolidated depreciation and amortization |
633,662
|
|
1,259,739
|
|
|
Total geography and consolidated revenues |
20,547,153
|
|
36,436,868
|
|
|
Total segment and consolidated capital expenditures |
|
|
114,028
|
|
|
Total segment and consolidated assets |
60,420,615
|
|
60,420,615
|
|
$ 58,600,599
|
North America [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total geography and consolidated revenues |
3,772,968
|
|
7,060,372
|
|
|
Europe [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total geography and consolidated revenues |
16,774,185
|
|
29,376,496
|
|
|
Inventory Management Solutions [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total segment and consolidated revenues |
18,864,903
|
|
32,813,244
|
|
|
Total segment and consolidated cost of revenues |
16,824,061
|
|
29,458,650
|
|
|
Total segment and consolidated gross profit |
2,040,842
|
|
3,354,594
|
|
|
Total segment and consolidated income from operations |
(525,530)
|
|
(1,017,764)
|
|
|
Total segment and consolidated depreciation and amortization |
584,166
|
|
1,160,746
|
|
|
Total segment and consolidated capital expenditures |
|
|
|
|
|
Total segment and consolidated assets |
52,160,446
|
|
52,160,446
|
|
|
Corrugated [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total segment and consolidated revenues |
1,682,250
|
|
3,623,624
|
|
|
Total segment and consolidated cost of revenues |
1,193,198
|
|
2,629,232
|
|
|
Total segment and consolidated gross profit |
489,052
|
|
994,392
|
|
|
Total segment and consolidated income from operations |
99,737
|
|
245,319
|
|
|
Total segment and consolidated depreciation and amortization |
49,496
|
|
98,993
|
|
|
Total segment and consolidated capital expenditures |
|
|
114,028
|
|
|
Total segment and consolidated assets |
2,595,471
|
|
2,595,471
|
|
|
Corporate Segment [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total segment and consolidated income from operations |
(2,338,303)
|
|
(5,521,990)
|
|
|
Total segment and consolidated capital expenditures |
|
|
|
|
|
Total segment and consolidated assets |
$ 5,664,698
|
|
$ 5,664,698
|
|
|
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