We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Vinco Ventures Inc | NASDAQ:BBIG | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.73 | 4.32 | 4.39 | 0 | 01:00:00 |
“Vinco continues to execute our plan to grow into a global content driven ecosystem focused on our core pillars: enrich our communities as we engage, endorse and entertain," said Vinco CEO Lisa King. “During the first quarter of 2022, we completed our acquisition of AdRizer, which represents one of the core pillars of our strategy to monetize traffic throughout the digital media spectrum and across the Vinco ecosystem. Also, during the quarter we continued our efforts to promote and expand the user base of our Lomotif app and related digital properties as we livestreamed Shaq’s Fun House event in February and the Okeechobee Music Festival in March. Live events like these allow Lomotif users around the world to enjoy distinctive, real-time events and enhance our efforts to engage, endorse, and entertain across platforms. I am very pleased with the progress we made during the quarter.”
Operational Highlights:
First Quarter 2022 Financial Highlights:
Vinco Ventures, Inc. First Quarter 2022 Conference Call
Event Date: May 23, 2022
Event Time: 4:30 PM 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 May 30, 2022.1- 877-660-6853 (U.S. participants)1-201-612-7415 (International participants)Passcode: 13730262
Vinco Ventures, Inc. and SubsidiariesCONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited)
March 31,2022 | December 31,2021 | |||||||
Assets* | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 130,779,948 | $ | 87,612,176 | ||||
Restricted cash - short term | - | 100,000,000 | ||||||
Short-term investments | 220,000 | 178,000 | ||||||
Accounts receivable, net | 9,117,096 | 1,124,421 | ||||||
Inventory, net | 447,636 | 475,666 | ||||||
Prepaid expenses and other current assets | 10,659,851 | 10,403,401 | ||||||
Loans held-for-investment- current portion | 11,600,000 | 3,950,000 | ||||||
Due from related party | 19,600,584 | 15,997,803 | ||||||
Total current assets | 182,425,115 | 219,741,467 | ||||||
Restricted cash long-term | 80,000,000 | - | ||||||
Property and equipment, net | 1,785,226 | 1,376,751 | ||||||
Right of use assets, net | 133,310 | 168,914 | ||||||
Loan held-for-investment | 750,000 | 250,000 | ||||||
Loan held-for-investment - related parties | 13,500,000 | 20,500,000 | ||||||
Intangible assets, net | 39,009,383 | 40,525,453 | ||||||
Goodwill | 180,419,932 | 121,580,144 | ||||||
Cost method investments | 1,000,000 | 1,000,000 | ||||||
Other assets | 1,655,742 | - | ||||||
Total assets | $ | 500,678,709 | $ | 405,142,729 | ||||
Liabilities and stockholders’ equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 11,554,079 | $ | 6,105,963 | ||||
Accrued expenses and other current liabilities | 10,600,949 | 19,516,308 | ||||||
Current portion of operating lease liabilities | 77,231 | 100,733 | ||||||
Current portion of convertible notes payable, net of debt issuance costs of $13,343,030 and $68,911,823, respectively | 19,769,795 | 44,238,177 | ||||||
Current portion of notes payable | - | 15,530 | ||||||
Current portion of notes payable - related parties | 112,835 | 112,835 | ||||||
Total current liabilities | 42,114,889 | 70,089,546 | ||||||
Operating lease liabilities, net of current portion | 58,713 | 70,514 | ||||||
Convertible notes payable - related parties, net of current portion | 2,500,000 | 2,500,000 | ||||||
Notes payable -related parties, net of current portion | 108,923 | 121,037 | ||||||
Convertible notes payable, net of current portion, net of debt issuance costs of $35,491,435 and $0, respectively. | 44,399,079 | - | ||||||
Derivative liability | 429,167,462 | 198,566,170 | ||||||
Deferred tax liability | 108,420 | 108,420 | ||||||
Deferred acquisition purchase price | 23,250,000 | - | ||||||
Total Liabilities | $ | 541,707,486 | $ | 271,455,687 | ||||
Commitments and contingencies (Note 14) | ||||||||
Stockholders’ equity (deficit) | ||||||||
Common stock, $0.001 par value, 250,000,000 shares authorized; 188,052,593 and 150,118,024 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively | $ | 188,053 | $ | 150,118 | ||||
Additional paid-in capital | 1,053,407,146 | 850,096,635 | ||||||
Accumulated deficit | (1,109,769,797 | ) | (736,821,840 | ) | ||||
Total stockholders’ equity (deficit) attributable to Vinco Ventures, Inc. | (56,174,598 | ) | 113,424,913 | |||||
Noncontrolling interest | 15,145,821 | 20,262,129 | ||||||
Total stockholders’ equity (deficit) | (41,028,777 | ) | 133,687,042 | |||||
Total liabilities and stockholders’ equity (deficit) | $ | 500,678,709 | $ | 405,142,729 |
Vinco Ventures, Inc. and SubsidiariesCONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)
Three Months Ended March 31, | Period over Period Change | |||||||||||||||
2022 | 2021 | $ | % | |||||||||||||
Revenue | ||||||||||||||||
Consumer products | $ | 3,757,552 | $ | 2,153,306 | $ | 1,604,246 | 74.5 | % | ||||||||
Digital advertising and media revenue | 7,726,369 | 350,566 | 7,375,803 | 2104.0 | % | |||||||||||
Royalty income | 50,898 | 61,290 | (10,392 | ) | -17.0 | % | ||||||||||
Total revenue, net | 11,534,819 | 2,565,162 | 8,969,657 | 349.7 | % | |||||||||||
Cost of revenues | ||||||||||||||||
Packaging products | 3,156,993 | 1,393,063 | 1,763,930 | 126.6 | % | |||||||||||
Digital advertising and media revenue | 7,776,663 | 260,318 | 7,516,345 | 2887.4 | % | |||||||||||
10,933,656 | 1,653,381 | 9,280,275 | 561.3 | % | ||||||||||||
Gross profit | 601,163 | 911,781 | -310,618 | -34.1 | % | |||||||||||
Gross profit % | 5.2 | % | 35.5 | % | -30.3 | % | -85.3 | % | ||||||||
Selling, general and administrative costs | ||||||||||||||||
Compensation, benefits and payroll taxes | $ | 5,763,122 | $ | 500,033 | $ | 5,263,089 | 1052.5 | % | ||||||||
Depreciation and amortization | 1,590,209 | 424,033 | 1,166,175 | 275.0 | % | |||||||||||
Stock based compensation | 1,143,445 | 8,697,502 | (7,554,057 | ) | -86.9 | % | ||||||||||
Advertising, marketing and promotions | 4,636,246 | 269,960 | 4,366,287 | 1617.4 | % | |||||||||||
Legal,professional fees, and transaction costs | 11,764,602 | 1,414,391 | 10,350,211 | 731.8 | % | |||||||||||
Selling, general and administrative costs | 1,900,483 | 354,961 | 1,545,523 | 435.4 | % | |||||||||||
Total selling, general and administrative costs | $ | 26,798,107 | $ | 11,660,880 | $ | 15,137,227 | 129.8 | % | ||||||||
Other income (expense) | ||||||||||||||||
Interest expense, net | (22,427,461 | ) | (12,694,933 | ) | (9,732,528 | ) | 76.7 | % | ||||||||
Loss on issuance of warrants | (243,681,478 | ) | (75,156,534 | ) | (168,524,944 | ) | 224.2 | % | ||||||||
Change in fair value of warrant liability | (86,948,858 | ) | 36,381,542 | (123,330,400 | ) | -339.0 | % | |||||||||
Other income (expense) | 149,594 | (44,296 | ) | 193,890 | -437.7 | % | ||||||||||
Total other income (expense) | $ | (352,908,203 | ) | $ | (51,514,221 | ) | $ | (301,393,982 | ) | 585.1 | % | |||||
Loss before income taxes | $ | (379,105,147 | ) | $ | (62,263,320 | ) | $ | (316,841,827 | ) | 508.9 | % | |||||
Income tax expense | - | - | - | |||||||||||||
Net loss | (379,105,147 | ) | (62,263,320 | ) | (316,841,827 | ) | 508.9 | % | ||||||||
Net (loss) income attributable to noncontrolling interests | (6,157,190 | ) | 28,034 | (6,185,224 | ) | -22063.3 | % | |||||||||
Net loss attributable to Vinco Ventures, Inc. from continuing operations | (372,947,957 | ) | (62,291,354 | ) | (310,656,603 | ) | 498.7 | % | ||||||||
Net Loss from discontinued operations | - | (178,200 | ) | 178,200 | -100.0 | % | ||||||||||
Net loss attributable to Vinco Ventures, Inc. | $ | (372,947,957 | ) | $ | (62,469,554 | ) | $ | (310,478,403 | ) | 497.0 | % | |||||
Net loss attributable to Vinco Ventures, per share | - | - | ||||||||||||||
Net loss per share- continuing operations | $ | (3.05 | ) | $ | (3.28 | ) | $ | 0.23 | -6.9 | % | ||||||
Weighted Average Number of Common Shares Outstanding -basic and diluted | 122,176,851 | 19,055,006 | 103,121,845 | 541.2 | % |
Vinco Ventures, Inc. and SubsidiariesCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)
For the Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Cash Flow from Operating Activities | ||||||||
Net loss attributable to Vinco Ventures, Inc. | $ | (372,947,957 | ) | $ | (62,291,354 | ) | ||
Net (loss) income attributable to noncontrolling interest | (6,157,190 | ) | 28,034 | |||||
Net loss | (379,105,147 | ) | (62,263,320 | ) | ||||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Discontinued operations | - | (178,200 | ) | |||||
Amortization of financing costs | 22,260,697 | 445,541 | ||||||
Share-based compensation | 1,143,445 | 12,418,930 | ||||||
Depreciation and amortization | 1,608,691 | 8,697,502 | ||||||
Amortization of right of use asset | 35,604 | 24,163 | ||||||
Change in fair value of short-term investment | 42,000 | 70,000 | ||||||
Loss on issuance of warrants | 243,681,478 | 75,156,534 | ||||||
Change in fair value of warrant liability | 86,948,858 | (36,381,542 | ) | |||||
Changes in assets and liabilities: | ||||||||
Accounts receivable | (2,428,136 | ) | (494,130 | ) | ||||
Inventory | 28,030 | (215,717 | ) | |||||
Prepaid expenses and other assets | (5,384,663 | ) | 139,635 | |||||
Accounts payable | (1,835,876 | ) | (804,282 | ) | ||||
Accrued expenses and other liabilities | (9,009,264 | ) | (755,224 | ) | ||||
Net Cash used in Operating Activities | (42,014,284 | ) | (4,140,110 | ) | ||||
Cash Flows from Investing Activities | ||||||||
Issuance of loans held-for-investment-related parties | - | (5,000,000 | ) | |||||
Issuance of loans held-for-investment | (500,000 | ) | (7,000,000 | ) | ||||
Purchases of property and equipment | (326,563 | ) | (18,228 | ) | ||||
Purchase of intangible assets | - | - | ||||||
Acquisition of business, net of cash acquired (Note 3) | (34,850,576 | ) | - | |||||
Net Cash used in Investing Activities | (35,677,139 | ) | (12,018,228 | ) | ||||
Cash Flows from Financing Activities | ||||||||
Net repayments under line of credit | - | (379,333 | ) | |||||
Net (repayments) borrowings under convertible notes payable | (150,000 | ) | 19,720,000 | |||||
Net borrowings under notes payable | - | 73,000 | ||||||
Net repayments under notes payable | (27,644 | ) | (2,141,782 | ) | ||||
Net repayments under notes payable - related parties | - | (659,999 | ) | |||||
Fees paid for financing costs | - | (122,762 | ) | |||||
Net proceeds from exercise of warrants | 101,036,839 | 1,690,604 | ||||||
Net proceeds from issuance of common stock | - | 3,255,000 | ||||||
Net Cash provided by Financing Activities | 100,859,195 | 21,434,728 | ||||||
Net Increase in Cash and Cash Equivalents | 23,167,772 | 5,276,390 | ||||||
Cash and Cash Equivalents - Beginning of Period | 187,612,176 | 249,356 | ||||||
Cash and Cash Equivalents - End of Period | $ | 210,779,948 | $ | 5,525,746 | ||||
About Vinco Ventures
Vinco Ventures, Inc. (Nasdaq: BBIG) is a digital media, advertising and content technologies holding company. 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. Vinco Venture owns 100% of Adrizr LLC and 51% of PZAJ Holdings, LLC. For more information visit https://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 Quarterly Report on Form 10-Q for the period ended March 31, 2022 filed on May 23, 2022, as well as 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 RelationsMonica Gould212-871-3927
Gregory McNiff415-217-4963investors@vincoventures.com
1 Year Vinco Ventures Chart |
1 Month Vinco Ventures Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions