Vinco Ventures, Inc. (NASDAQ:BBIG), a digital media and content
technologies holding company (“Vinco Ventures,” “Vinco,” or the
“Company”), today announced its results for the year and fourth
quarter ended December 31, 2021.
“As of the end of 2020, we had a market cap of
approximately $20 million and total stockholders’ equity of
approximately $14 million, and through equity growth and our
acquisition of an 80% equity interest in Lomotif through ZVV Media
Partners, our joint venture with ZASH Global Media and
Entertainment, our market cap has increased as of the end of last
week to over $507 million and our total stockholders’ equity has
increased to $134 million,” said CEO Lisa King. “As we continue our
transition to a digital media and content technologies company, we
are focused on our four pillars: We strive to
entertain broad global audiences with compelling content,
engage users with rich experiences on our Lomotif social media
platform, create unique opportunities to endorse and advertise
brands through our marketing platform and influencer relationships,
and enrich the lives of our users. We believe we can continue to
grow into a robust international media and entertainment company
focused on content and engagement with millions of users around the
world.
Operational Highlights:
-
Vinco Ventures completed the acquisition of AdRizer LLC, a provider
of technology solutions that automate the use of artificial
intelligence for digital advertising analytics and programmatic
media buying, for consideration consisting of $38 million in cash
paid at closing and up to 10 million shares of common stock of the
Company issuable on January 1, 2024, with certain leak-out
restrictions. Lomotif continued the momentum of its expansion in
India through a co-production content partnership with Viacom18.
The partnership begins with an unscripted reality TV show for
inventors and entrepreneurs in the Indian market called, “The
Inventor Challenge,” which is inspired by Vinco’s PBS series
“Everyday Edisons”. “The Inventor Challenge” is set to premiere
late summer 2022, with production for season two to begin later
this year. In the Indian region, Viacom is producing, marketing and
broadcasting the show. Beyond the Indian market, we plan to
bring the format to other countries around the world. The Company
anticipates that the show will help to increase exposure and
engagement of Vinco’s content and the Lomotif platform.
-
Lomotif’s global talent search “You’ve Been Scouted,” concluded
with India’s Yatin Kumar being presented an album deal working with
Grammy-winning producer Teddy Riley, who has worked with Michael
Jackson, Lady Gaga, Pharrell and BTS. The album is in final
production, and is expected to be released over the next several
weeks and promoted on the Lomotif platform.
- The
Company actively sought opportunities to live stream entertainment
events on our Lomotif social media platform to engage users and
deploy our blended media, cross-platform distribution strategy in
doing so. The Company engaged users on the Lomotif platform through
live streaming of popular entertainment events and coverage of
those events through our influencer initiatives under the Lomotif
brand, which have been shared broadly on other social media
platforms, such as our recent initiative with Insomniac to live
stream the Okeechobee Music and Arts Festival on March 3-6, 2022.
Over the three-day festival, the live stream registered 7.2 million
active users on Lomotif according to Google Analytics and generated
16 million visitors on Lomotif media sites. The Company believes
this beta test validated our strategy as we generated hundreds of
millions of ad impressions with five-plus minutes spent viewing the
sites on average, through our newly acquired ad platform, AdRizer.
Lomotif for the first time broke into the top 50 downloaded social
apps in the U.S. market in the Apple Store alone during the
festival, boosting our effort to expand in the U.S. market. Of the
7.2 million users who streamed the concert, 86% of the traffic came
from YouTube through the Company’s AdRizer platform promoting the
festival.
-
Another example of the Company’s effort to drive views and
engagement for the Lomotif platform and content under the Lomotif
brand was the Electric Daisy Carnival (EDC) in Las Vegas in October
2021, the largest electronic dance music festival in North America.
At EDC Las Vegas, the Company arranged surprise appearances and
performances of Lil Nas X and Kid LAROI as Lomotif guests. The
streaming of these performances not only drove engagement on the
Lomotif platform, but also resulted in hundreds of millions of
views of the Lomotif brand across additional platforms including
TikTok, Instagram, YouTube and Snapchat, which we believe elevated
the Lomotif brand during the concert.
-
Another implementation of Vinco’s blended media cross-platform
distribution strategy was the exclusive distribution arrangement
with Insomniac, a producer of top music festivals and events, to
live stream Shaquille O'Neal’s Big Game Weekend Party “Shaq's
Fun House” on LomoTV in February 2022, which generated millions of
views across social media platforms around the world, furthering
the reach of the Lomotif brand.
Said King, “In addition to live-streaming and
hosting the events with our partners such as Insomniac at EDC Las
Vegas, Dandelion Music Festival, Okeechobee Music and Arts
Festival, and Shaq’s Funhouse in LA, and with Lomotif guests
including Lil Nas X and Kid LAROI, we increased user engagement for
the Lomotif platform and brand over the last year with celebrity
events like Hailey Bieber’s #LomoStyle contest which engaged over
19 million views across platforms. We believe that by growing our
content offering and worldwide user engagement, coupled with our
AdRizer digital advertising analytics capabilities, we will be able
to use the Lomotif platform to generate additional revenue.”
- The Company’s subsidiary, Cryptyde,
Inc. (“Cryptyde”), filed its Form 10 registration statement with
the SEC in connection with the planned spin-off of Cryptyde, which
currently owns CW Machines, LLC through a joint venture and
Ferguson Containers, Inc. Cryptyde’s joint venture CW Machines has
launched its crypto mining equipment reselling business and has
welcomed its initial customers in Q1 2022. Cryptyde’s Freescape
Metaverse characters have been developed and are expected to be
launched in Q2/Q3 2022.
2021 Financial Highlights:
-
Cash, cash equivalents, and restricted cash totaled $187.6 million
at December 31, 2021.
- Unrestricted cash at December 31,
2022 of $87.6 million.
- As
Vinco transitioned to a digital media and content technology
company, revenue from continuing operations decreased 18.5% to $9.8
million from $12.0 million in 2020, driven primarily by the
decrease in sales of personal protective equipment (PPE) partially
offset by revenues generated by the Company’s Honey Badger and NFT
business lines.
-
Gross profit increased 1.3% to $2.48 million from $2.45 million in
2020. The increase reflects the impact of the Company’s shift in
revenue mix to higher margin revenue from its Honey Badger and NFT
business lines.
-
Selling, general and administrative expenses from continuing
operations were $78.9 million compared to $10.0 million in 2020.
The significant increase was driven by increases of $40.1 million
of stock-based compensation, $10.6 million of legal and
professional fees, including transactional fees, $7.1 million of
compensation costs and $4.8 million of advertising, marketing and
promotional fees. These increases reflect the Company’s significant
efforts during 2021 in transitioning its focus to the digital media
and content technology business, including completing its
acquisition of an 80% ownership interest in Lomotif through ZVV
Media Partners.
-
Other income and expenses in 2021 were $635.8 million as compared
to $3.4 million in 2020. The significant increase is due to the
impact of the requirement that the Company classify its warrants to
purchase shares of its common stock as a liability on its
consolidated balance sheets as these warrants are a free-standing
financial instrument that may require the Company to transfer
consideration upon exercise. Each warrant is initially recorded at
fair value on the date of issuance using the Monte-Carlo simulation
pricing model and subsequently re-measured to fair value at each
subsequent balance sheet date. Changes in fair value of the warrant
are recognized as a component of net other income (expense) in the
consolidated statement of operations and comprehensive loss. The
Company will continue to adjust the liability for changes in fair
value until the earlier of the exercise or expiration of the
warrant. During 2021, loss on issuances of warrants was
$656,504,000 offset by an increase in fair value of warrant
liability of $94,818,000, resulting in a net other expense of
$561,686,000 for warrants recognized by the Company for the year
2021.
- Net
loss in 2021 was $713.2 million, or ($11.24) per basic and diluted
share, compared to a net loss of $5.2 million, or ($0.49) per basic
and diluted share in 2020. The increase in net loss in 2021
resulted from the impact of three cost elements: (1) a net other
expense of $561,686,000 resulting from the warrant accounting
requirement described above; (2) stock-based compensation of
$43,381,000; and (3) other selling, general and administrative
costs due to the Company’s transition efforts (“SGA costs”). Each
of the cost elements (1) and (2) are affected by the market price
of the Company’s common stock as traded on the Nasdaq National
Capital Market which represents the fair value of the Company’s
stock. The Company experienced a wide range of prices from a low of
$1.24 and a high of $10.82 per share in 2021 and may continue to
experience wide price fluctuation, which can have a significant
impact on the fair value of the Company’s warrants and equity
compensation instruments of their grant dates, vesting dates and
exercise dates. In the aggregate, the cost elements (1) and (2)
constituted 84.8% of the Company’s net loss during 2021. Cost
element (3), other SGA costs due to the Company’s transition
efforts including the acquisition of an 80% ownership interest in
Lomotif through ZVV Media Partners, caused the Company to increase
its headcount, sales and marketing expenses, and legal and
professional fees in connection with its completed and ongoing
transactions in 2021.
-
Total stockholders’ equity increased to $133.7 million from $13.5
million in 2020.
Fourth Quarter 2021 Financial Highlights:
-
Cash, cash equivalents, and restricted cash totaled $187.6 million
at December 31, 2021.
-
Unrestricted cash at December 31, 2022 of $87.6 million.
-
Revenue from continuing operations decreased 1.5% to $2.23 million
from $2.33 million in the fourth quarter of 2020, which reflected a
decrease in sales of PPE offset by a consistent demand for the
Company’s packaging products and revenues generated by the
Company’s Honey Badger and NFT business lines.
- SGA
costs from continuing operations were $35.2 million, of which $26.6
million or 75.4% was stock based compensation. Otherwise, the
Company’s SG&A costs from continuing operations were $8.7
million in the fourth quarter of 2021 as compared $1.9 million in
the fourth quarter of 2020, which resulted from the Company’s
significant effort to transition its business focus to digital
media and entertainment during 2021.
- In
the fourth quarter of 2021, the Company recognized a net income of
$71.7 million, compared to a net income of $3.8 million in the
fourth quarter of 2020. The increase in the net income was
primarily due to the decrease in the fair value of warrant
liability which, netted against a loss on warrants issued during
the fourth quarter, created a net other income of $142.0 million
during the fourth quarter of 2021. Similar to previous quarters in
2021, the Company’s net income (loss) was significantly impacted by
the changes in the fair value of the Company’s outstanding
warrants.
Vinco Ventures, Inc. Fourth Quarter 2021 Conference
Call
Event Date: April 18, 2022
Event Time: 8:30AM Eastern Standard Time
The audio conference call can be accessed
through:
1- 877-407-2991 (U.S. participants)1- 201-389-0925
(International participants)
A live and archived webcast presentation will be
available at: https://investors.vincoventures.com/.
Conference Replay:
A teleconference replay will be available until April 26,
2022.1- 877-660-6853 (U.S. participants)1-201-612-7415
(International participants)Passcode: 13729282
Vinco Ventures, Inc. and
SubsidiariesCONSOLIDATED BALANCE
SHEETS
|
|
December 31,2021 |
|
|
December 31,2020 |
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
87,612,176 |
|
|
$ |
249,356 |
|
Restricted cash |
|
|
100,000,000 |
|
|
|
- |
|
Short-term investments |
|
|
178,000 |
|
|
|
1,018,000 |
|
Accounts receivable, net |
|
|
1,124,421 |
|
|
|
1,382,163 |
|
Inventory, net |
|
|
475,666 |
|
|
|
1,127,725 |
|
Prepaid expenses and other current assets |
|
|
10,403,401 |
|
|
|
522,259 |
|
Loans held-for-investment, current portion |
|
|
3,950,000 |
|
|
|
- |
|
Due from related party |
|
|
15,997,803 |
|
|
|
- |
|
Current assets of discontinued operations |
|
|
- |
|
|
|
1,042,680 |
|
Total current assets |
|
|
219,741,467 |
|
|
|
5,342,183 |
|
Property and equipment,
net |
|
|
1,376,751 |
|
|
|
1,010,801 |
|
Right of use assets, net |
|
|
168,914 |
|
|
|
153,034 |
|
Loans held-for-investment |
|
|
250,000 |
|
|
|
|
|
Loans held-for-investment –
related parties |
|
|
20,500,000 |
|
|
|
|
|
Intangible assets, net |
|
|
40,525,453 |
|
|
|
9,798,813 |
|
Goodwill |
|
|
121,580,144 |
|
|
|
5,983,852 |
|
Cost method investment |
|
|
1,000,000 |
|
|
|
- |
|
Non-current assets of
discontinued operations |
|
|
- |
|
|
|
5,739,524 |
|
Total assets |
|
$ |
405,142,729 |
|
|
$ |
28,028,207 |
|
|
|
|
|
|
|
|
|
|
Liabilities and
stockholders’ equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
6,105,963 |
|
|
$ |
3,618,339 |
|
Accrued expenses and other current liabilities |
|
|
19,330,835 |
|
|
|
2,101,610 |
|
Deferred revenues |
|
|
61,348 |
|
|
|
152,040 |
|
Current portion of operating leases liabilities |
|
|
100,733 |
|
|
|
96,777 |
|
Income tax payable |
|
|
160,610 |
|
|
|
27,643 |
|
Line of credit, net of debt issuance costs of $0 and $0,
respectively |
|
|
- |
|
|
|
1,500,953 |
|
Current portion of convertible notes payable, net of debt issuance
costs of $68,911,823 and $13,844, respectively |
|
|
44,238,177 |
|
|
|
577,260 |
|
Current portion of notes payable, net of debt issuance costs of $0
and $34,997, respectively |
|
|
15,530 |
|
|
|
1,301,212 |
|
Current portion of notes payable – related parties |
|
|
112,835 |
|
|
|
1,389.923 |
|
Due to related party |
|
|
15,401 |
|
|
|
32,452 |
|
Current liabilities of discontinued operation |
|
|
- |
|
|
|
487,454 |
|
Total current liabilities |
|
|
70,141,432 |
|
|
|
11,285,663 |
|
Operating leases liabilities
–net of current portion |
|
|
70,514 |
|
|
|
58,713 |
|
Convertible notes payable –
related parties, net of current portion, net of debt discount of
$13,349 and $266,667, respectively |
|
|
2,608,923 |
|
|
|
1,161,495 |
|
Notes payable, net of current
portion |
|
|
12,114 |
|
|
|
595,879 |
|
Notes payable – related
parties, net of current portion |
|
|
- |
|
|
|
1,403,756 |
|
Deferred tax liability |
|
|
61,645 |
|
|
|
- |
|
Derivative liability |
|
|
198,566,170 |
|
|
|
- |
|
Total liabilities |
|
$ |
271,460,798 |
|
|
$ |
14,505,506 |
|
Commitments and
Contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’
equity |
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par
value, 0 and 30,000,000 shares authorized as of December 31, 2021
and December 31, 2020, respectively |
|
|
- |
|
|
|
- |
|
Series B Preferred Stock, $0.001 par value, 0 and 1,000,000 shares
authorized; 0 and 764,618 shares issued and outstanding as of
December 31, 2021 and 2020, respectively |
|
$ |
- |
|
|
$ |
765 |
|
Common stock, $0.001 par
value, 250,000,000 shares authorized 150,118,024 and 14,471,403
shares issued and outstanding as of December 31, 2021 and 2020,
respectively |
|
|
150,118 |
|
|
|
14,471 |
|
Additional
paid-in-capital |
|
|
850,096,635 |
|
|
|
39,050,260 |
|
Accumulated deficit |
|
|
(736,826,951 |
) |
|
|
(23,648,898 |
) |
Total stockholders’ equity attributable to Vinco Ventures,
Inc. |
|
|
113,419,802 |
|
|
|
15,416,598 |
|
Noncontrolling interests |
|
|
20,262,129 |
|
|
|
(1,893,897 |
) |
Total stockholders’ equity |
|
|
133,681,931 |
|
|
|
13,522,701 |
|
Total liabilities and stockholders’ equity |
|
$ |
405,142,729 |
|
|
$ |
28,028,207 |
|
Vinco Ventures, Inc. and
SubsidiariesCONSOLIDATED STATEMENTS OF
OPERATIONS
|
|
Years Ended December 31, |
|
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
Revenues, net |
|
$ |
9,791,372 |
|
|
$ |
12,016,305 |
|
Cost of revenues |
|
|
7,312,602 |
|
|
|
9,570,205 |
|
Gross profit |
|
|
2,478,770 |
|
|
|
2,446,100 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
78,946,891 |
|
|
|
10,009,725 |
|
Impairment of goodwill |
|
|
3,741,729 |
|
|
|
- |
|
Total operating expenses |
|
|
82,688,620 |
|
|
|
10,009,725 |
|
Operating loss |
|
|
(80,209,850 |
) |
|
|
(7,563,625 |
) |
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
Rental income |
|
|
71,543 |
|
|
|
102,815 |
|
Interest expense |
|
|
(72,784,039 |
) |
|
|
(3,378,131 |
) |
Change in fair value of short-term investments |
|
|
(840,000 |
) |
|
|
(22,000 |
) |
Loss on issuance of warrants |
|
|
(656,504,147 |
) |
|
|
- |
|
Change in fair value of warrants |
|
|
94,817,673 |
|
|
|
- |
|
Gain on divestiture |
|
|
- |
|
|
|
- |
|
Loss on deconsolidation |
|
|
(1,194,311 |
) |
|
|
- |
|
Gain on sale of building |
|
|
764,718 |
|
|
|
- |
|
Other income |
|
|
(32,915 |
) |
|
|
- |
|
Total other income (expense) |
|
|
(635,701,478 |
) |
|
|
(3,297,316 |
) |
Loss before income taxes |
|
|
(715,911,328 |
) |
|
|
(10,860,941 |
) |
Income tax expense
(benefit) |
|
|
194,539 |
|
|
|
19,197 |
|
Net loss from continuing operations |
|
|
(716,105,867 |
) |
|
|
(10,880,138 |
) |
Net loss attributable to noncontrolling interests |
|
|
(8,039,914 |
) |
|
|
(554,382 |
) |
Net loss attributable to Vinco Ventures, Inc. from continuing
operations |
|
|
(708,065,953 |
) |
|
|
(10,325,756 |
) |
(Loss) gain from discontinued operations before income taxes |
|
|
(5,112,100 |
) |
|
|
5,185,260 |
) |
Provision for income taxes for discontinued operations |
|
|
- |
|
|
|
12,940 |
|
Net (loss) gain from discontinued operations |
|
|
(5,112,100 |
) |
|
|
5,172,320 |
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Vinco Ventures, Inc. |
|
$ |
(713,178,053 |
) |
|
$ |
(5,153,436 |
) |
Net loss per share – basic and diluted: |
|
|
|
|
|
|
|
|
Net loss per share – continuing operations |
|
$ |
(11.28 |
) |
|
$ |
(0.60 |
) |
Net loss per share – noncontrolling interests |
|
|
(0.12 |
) |
|
|
(0.05 |
) |
Net loss per share – Vinco Ventures, Inc. |
|
|
(11.16 |
) |
|
|
(0.55 |
) |
Net loss per share – discontinued operations |
|
|
(0.08 |
) |
|
|
0.06 |
|
Net loss per share |
|
$ |
(11.24 |
) |
|
$ |
(0.49 |
) |
Weighted average number of common shares outstanding – basic and
diluted |
|
|
63,471,699 |
|
|
|
10,514,010 |
|
Vinco Ventures, Inc. and
SubsidiariesCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
|
|
Years Ended December 31, |
|
|
|
|
|
|
|
2021 |
|
|
2020 |
|
Cash Flows from
Continuing Operations |
|
|
|
|
|
|
|
|
Cash Flow from
Operating Activities |
|
|
|
|
|
|
|
|
Net loss attributable to Vinco Ventures, Inc. |
|
$ |
(708,065,953 |
) |
|
$ |
(5,752,718 |
) |
Net loss attributable to noncontrolling interests |
|
|
(8,039,914 |
) |
|
|
(554,382 |
) |
Net loss |
|
|
(716,105,867 |
) |
|
|
(6,307,100 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
Discontinued operations |
|
|
(5,112,100 |
) |
|
|
- |
|
Stock-based compensation |
|
|
43,366,137 |
|
|
|
3,241,554 |
|
Depreciation and amortization |
|
|
3,786,721 |
|
|
|
1,353,822 |
|
Reserve for bad debts |
|
|
- |
|
|
|
145,690 |
|
Reserve for obsolescence |
|
|
900,000 |
|
|
|
166,560 |
|
Deferred tax liability |
|
|
61,645 |
|
|
|
- |
|
Amortization of right of use asset |
|
|
114,097 |
|
|
|
579,066 |
|
Amortization of debt issuance costs |
|
|
73,494,520 |
|
|
|
2,357,879 |
|
Impairment of goodwill |
|
|
3,741,729 |
|
|
|
- |
|
Gain on divestiture of Cloud B, Inc. and Cloud B assets |
|
|
4,130,579 |
|
|
|
(4,911,761 |
) |
Gain on extinguishment of debt |
|
|
(852,352 |
) |
|
|
- |
|
Gain on sale of building |
|
|
(475,418 |
) |
|
|
- |
|
Loss on disposal of joint venture |
|
|
1,194,311 |
|
|
|
- |
|
Loss on issuance of warrants |
|
|
646,504,147 |
|
|
|
- |
|
Change in fair value of earnout |
|
|
200,000 |
|
|
|
- |
|
Change in fair value of short-term investment |
|
|
840,000 |
|
|
|
22,000 |
|
Change in fair value of derivative liability |
|
|
(94,817,672 |
) |
|
|
|
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
185,701 |
|
|
|
(444,687 |
) |
Inventory |
|
|
(522,241 |
) |
|
|
(97,873 |
) |
Prepaid expenses and other current assets |
|
|
(25,658,005 |
) |
|
|
7,276 |
|
Accounts payable |
|
|
2,446,314 |
|
|
|
2,055,055 |
|
Accrued expenses and other current liabilities |
|
|
15,202,100 |
|
|
|
155,815 |
|
Operating lease liabilities |
|
|
(114,220 |
) |
|
|
(598,937 |
) |
Due to/from related party |
|
|
(17,051 |
) |
|
|
15,200 |
|
Net cash provided by (used in) operating activities from
continuing operations |
|
|
(47,506,926 |
) |
|
|
(2,260,441 |
) |
Net cash provided by (used in) operating activities in
discontinued operations |
|
|
- |
|
|
|
(178,485 |
) |
Total Net cash provided by (used in) operating
activities |
|
|
(43,006,926 |
) |
|
|
(2,438,926 |
) |
|
|
|
|
|
|
|
|
|
Cash Flows from
Investing Activities |
|
|
|
|
|
|
|
|
Loans held-for-investment – related parties |
|
|
(22,750,000 |
) |
|
|
- |
|
Loans held-for-investment |
|
|
(3,950,000 |
) |
|
|
- |
|
Purchases of property and equipment |
|
|
(764,721 |
) |
|
|
(276,478 |
) |
Purchase of licensing agreement |
|
|
- |
|
|
|
(1,552,500 |
) |
Purchase of influencer network |
|
|
(2,756,000 |
) |
|
|
- |
|
Acquisitions, net of cash |
|
|
(90,761,200 |
) |
|
|
180,489 |
|
Cash proceeds from sale of Cloud B assets |
|
|
2,529,565 |
|
|
|
- |
|
Cash proceeds from sale of building |
|
|
808,395 |
|
|
|
|
|
Investment in cost-method investments |
|
|
(1,000,000 |
) |
|
|
- |
|
Net cash used in investing activities from continuing
operations |
|
|
(118,643,961 |
) |
|
|
(1,648,489 |
) |
Net cash used in investing activities from discontinued
operations |
|
|
- |
|
|
|
- |
|
Total Net cash used in investing activities |
|
|
(118,643,961 |
) |
|
|
(1,648,489 |
) |
|
|
|
|
|
|
|
|
|
Cash Flows from
Financing Activities |
|
|
|
|
|
|
|
|
Net borrowings under line of credit |
|
|
122,000,000 |
|
|
|
1,028,385 |
|
Borrowings under convertible notes payable |
|
|
- |
|
|
|
2,067,123 |
|
Borrowings under notes payable |
|
|
73,000 |
|
|
|
1,944,479 |
|
Borrowings under notes payable – related parties |
|
|
- |
|
|
|
250,000 |
|
Repayments under line of credit |
|
|
(379,333 |
) |
|
|
- |
|
Repayments under convertible notes payable |
|
|
(1,498,462 |
) |
|
|
- |
|
Repayments under notes payable |
|
|
(1,147,092 |
) |
|
|
(1,042,946 |
) |
Repayments under notes payable – related parties |
|
|
(2,714,677 |
) |
|
|
(119,509 |
) |
Fees paid for financing costs |
|
|
(11,205,677 |
) |
|
|
(157,055 |
) |
Net proceeds from exercise of warrants |
|
|
243,974,948 |
|
|
|
250,000 |
|
Net proceeds from issuance of common stock |
|
|
6,055,000 |
|
|
|
- |
|
Repurchase of common stock |
|
|
(1,644,000 |
) |
|
|
- |
|
Distributions |
|
|
- |
|
|
|
(296,425 |
) |
Net cash provided by financing activities from continuing
operations |
|
|
353,513,707 |
|
|
|
3,924,052 |
|
Net cash provided by financing activities from discontinued
operations |
|
|
- |
|
|
|
- |
|
Total Net cash provided by financing
activities |
|
|
353,513,707 |
|
|
|
3,924,052 |
|
Net increase (decrease) in cash and cash equivalents from
continuing operations |
|
|
187,362,820 |
|
|
|
15,122 |
|
Net increase (decrease) in cash and cash equivalents from
discontinued operations |
|
|
- |
|
|
|
(178,485 |
) |
Cash and cash
equivalents - beginning of year |
|
|
249,356 |
|
|
|
412,719 |
|
Cash and cash
equivalents - end of year |
|
$ |
187,612,176 |
|
|
$ |
249,356 |
|
About Vinco Ventures
Vinco Ventures, Inc. (BBIG) is focused on [the
development of digital media and content technologies]. Vinco
Ventures’ consolidated subsidiary, ZVV Media Partners, LLC, a joint
venture of Vinco Ventures and ZASH Global Media and Entertainment
Corporation, has an 80% ownership interest in Lomotif Private
Limited. For more information visit
Investors.vincoventures.com.
About Lomotif
Lomotif is a video-sharing social networking
platform that is democratizing video creation. A home for creators
since 2014, Lomotif hosts a grassroots social community with
dedicated users in Asia, Latin America and the United States.
Lomotif is 80% owned by ZVV Media Partners, LLC, a joint venture of
ZASH Global Media and Entertainment Corporation and Vinco Ventures,
Inc. (Nasdaq: BBIG). Download the Lomotif app from Apple and Google
stores or visit www.lomotif.com for more information.
About Cryptyde
Cryptyde, Inc. (anticipated: TYDE), is focused
on leveraging blockchain technologies to disrupt consumer facing
industries.
Forward-Looking Statements and Disclaimers
This press release contains “forward-looking
statements” as defined in the safe harbor provisions of the U.S.
Private Securities Litigation Reform Act of 1995, which are based
upon beliefs of, and information currently available to, Vinco
Ventures’ management as well as estimates and assumptions made by
Vinco Ventures’ management. These statements can be identified by
the fact that they do not relate strictly to historic or current
facts. When used in this presentation the words “estimate,”
“expect,” “intend,” “believe,” “plan,” “anticipate,” “projected,”
and other words or the negative of these terms and similar
expressions as they relate to the applicable company or its
management identify forward-looking statements. Such statements
reflect the current view of Vinco Ventures with respect to future
events and are subject to risks, uncertainties, assumptions and
other factors relating to Vinco Ventures and its subsidiaries and
consolidated variable interest entities including Lomotif, their
industry, financial condition, operations and results of
operations. Such factors include, but are not limited to, the
expected benefits from Vinco Ventures’ investments in Lomotif and
related growth initiatives and strategies such as the blended
media, cross-platform distribution strategy, the expected benefits
of Lomotif’s participation in and sponsorship of live entertainment
events, the expected benefits from acquisition of AdRizer and
planned integration of the AdRizer technology with Lomotif and
Honey Badger and synergies between AdRizer, Lomotif and Honey
Badger, uncertainties as to the completion and timing of the
spin-off of Cryptyde, the failure to satisfy any conditions to
complete the spin-off as specified in the Form 10, the expected tax
treatment of the spin-off and the impact of the spin-off on the
businesses of Vinco Ventures and Cryptyde, the expected benefits
for Vinco Ventures, its shareholders and Cryptyde from the recent
injection of businesses and assets into Cryptyde and the spin-off,
the regulatory risks with the NFT and blockchain business lines and
such other risks and uncertainties described more fully in
documents filed by Vinco Ventures and Cryptyde with or furnished to
the Securities and Exchange Commission, including the risk factors
discussed in Vinco Ventures’ Annual Report on Form 10-K for the
period ended December 31, 2021 filed on April 15, 2022 and
Cryptyde’s Amendment No. 2 of Form 10 filed on March 18, 2022,
which are available at www.sec.gov. Should one or more of these
risks or uncertainties materialize, or the underlying assumptions
prove incorrect, actual results may differ significantly from those
anticipated, believed, estimated, expected, intended, or planned.
Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee
future results, performance, or achievements. Except as required by
applicable law, including the securities laws of the United States,
we do not intend to update any of the forward-looking statements to
conform these statements to actual results.
# # #
Investor RelationsAimee CarrollT:
866-900-0992investors@vincoventures.com
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