Income Statement
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
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| REVENUE | ||||
| Sales | $ 3,162,422 | $ 2,846,437 | $ 13,863,440 | $ 4,065,884 |
| Cost of goods sold | 2,546,965 | 2,151,088 | 9,672,678 | 2,794,927 |
| Gross Profit | 615,457 | 695,349 | 4,190,762 | 1,270,957 |
| OPERATING EXPENSES | ||||
| General and administrative expenses | 4,493,080 | 1,355,637 | 14,204,208 | 3,843,608 |
| Selling and marketing | 148,377 | 1,256,589 | 836,839 | 1,659,956 |
| Total operating expenses | 4,641,457 | 2,612,226 | 15,041,047 | 5,503,564 |
| Loss from operations | (4,026,000) | (1,916,877) | (10,850,285) | (4,232,607) |
| Other income (expense): | ||||
| Change in fair value of contingent consideration | 12,984,661 | 0 | 12,984,661 | 0 |
| Loss on impairment of Goodwill | (10,694,448) | 0 | (10,694,448) | 0 |
| Gain on forgiveness of PPP loan | 0 | 0 | 0 | 28,458 |
| Interest expense | (191,764) | (452,539) | (619,050) | (483,293) |
| Other income (expense), net | 8,935 | (22,708) | 16,783 | (22,708) |
| Total other income (expense) | 2,107,384 | (475,247) | 1,687,946 | (477,543) |
| Net loss | (1,918,616) | (2,392,124) | (9,162,339) | (4,710,150) |
| Net loss attributable to noncontrolling interests in subsidiaries | (1,000) | (163,024) | (106,823) | (138,078) |
| Net loss attributable to Iconic Brands, Inc. | (1,917,616) | (2,229,100) | (9,055,516) | (4,572,072) |
| Dividend to preferred shareholders | (3,260,006) | 0 | (3,260,006) | 0 |
| Net loss attributable to common stockholders | $ (5,177,622) | $ (2,229,100) | $ (12,315,522) | $ (4,572,072) |
| Basic and diluted loss per common share | $ (0.05) | $ (0.03) | $ (0.12) | $ (0.14) |
| Weighted average number of shares outstanding, basic and diluted | 104,959,149 | 69,757,489 | 98,967,135 | 34,394,031 |
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- Definition The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of paid and unpaid preferred stock dividends declared with the form of settlement in cash, stock and payment-in-kind (PIK). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of loss from the write-down of an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount, before tax, of income (loss) attributable to parent. Includes, but is not limited to, income (loss) from continuing operations, discontinued operations and equity method investments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Interest and debt related expenses associated with nonoperating financing activities of the entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The aggregate total amount of expenses directly related to the marketing or selling of products or services. No definition available.
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- Definition The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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