Cover
Cover | 6 Months Ended |
Jun. 30, 2022 | |
Entity Addresses [Line Items] | |
Document Type | S-1/A |
Amendment Flag | true |
Amendment Description | Amendment No. 1 |
Entity Registrant Name | CRYPTYDE, 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 | (866) |
Local Phone Number | 980-2818 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Elected Not To Use the Extended Transition Period | false |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
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 | (866) |
Local Phone Number | 980-2818 |
Contact Personnel Name | Brian McFadden |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 9,965,926 | $ 911,194 |
Restricted cash | 30,000,000 | |
Accounts receivable, net | 1,091,548 | 867,027 |
Inventories | 150,089 | 110,664 |
Prepaid expenses and other current assets | 5,222,254 | 7,081,693 |
Total current assets | 46,429,817 | 8,970,578 |
Property and equipment, net | 941,985 | 1,007,770 |
Right of use assets - operating leases | 90,262 | |
Loan held-for-investment | 4,000,000 | 4,000,000 |
Total assets | 51,462,064 | 13,978,348 |
Current liabilities: | ||
Note payable, current portion | 15,530 | |
Accounts payable | 462,349 | 171,174 |
Accrued expenses and other current liabilities | 4,931,700 | 7,007,531 |
Income tax payable | 319,997 | |
Current portion of operating lease liabilities | 42,974 | |
Due to Former Parent | 7,226,700 | |
Total current liabilities | 12,663,723 | 7,514,232 |
Note payable, less current portion | 12,114 | |
Convertible notes payable, net of debt discount of $7,798,881 | 25,534,452 | |
Operating lease liabilities, net of current portion | 48,786 | |
Deferred tax liabilities | 82,104 | 82,104 |
Due to Former Parent | 4,198,546 | |
Total liabilities | 38,329,065 | 11,806,996 |
Stockholder’s equity: | ||
Common stock, $0.001 par value, 250,000,000 and 10,000 shares authorized and 21,815,166 and 10,000 shares outstanding at June 30, 2022 and December 31, 2021, respectively | 21,815 | 10 |
Additional paid-in capital | 15,533,733 | (10) |
Retained earnings | (2,074,627) | 2,300,212 |
Total stockholder’s equity attributable to Cryptyde, Inc. | 13,480,921 | 2,300,212 |
Non-controlling interest | (347,922) | (128,860) |
Total stockholder’s equity | 13,132,999 | 2,171,352 |
Total liabilities and stockholder’s equity | $ 51,462,064 | 13,978,348 |
Previously Reported [Member] | ||
Current assets: | ||
Cash and cash equivalents | 66,575 | |
Other current assets | 7,033,350 | |
Total current assets | 7,099,925 | |
Loan held-for-investment | 4,000,000 | |
Total assets | 11,099,925 | |
Current liabilities: | ||
Accounts payable and accrued expenses | 126,627 | |
Customer deposit | 6,999,980 | |
Total current liabilities | 7,126,607 | |
Due to Former Parent | 4,616,551 | |
Total liabilities | 11,743,158 | |
Commitments and contingencies | ||
Stockholder’s equity: | ||
Common stock, $0.001 par value, 250,000,000 and 10,000 shares authorized and 21,815,166 and 10,000 shares outstanding at June 30, 2022 and December 31, 2021, respectively | 10 | |
Additional paid-in capital | (10) | |
Retained earnings | (514,373) | |
Total stockholder’s equity attributable to Cryptyde, Inc. | (514,373) | |
Non-controlling interest | (128,860) | |
Total stockholder’s equity | (643,233) | |
Total liabilities and stockholder’s equity | $ 11,099,925 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Common stock, shares authorized | 250,000,000 | 10,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Debt discount | $ 7,798,881 | |
Common stock, shares, outstanding | 21,815,166 | 10,000 |
Previously Reported [Member] | ||
Common stock, shares authorized | 10,000 | |
Common stock, par value | $ 0.001 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues, net | $ 7,345,959 | $ 2,006,694 | $ 11,065,606 | $ 3,764,346 | |
Cost of revenues | 6,546,875 | 1,404,289 | 9,721,258 | 2,687,447 | |
Gross profit | 799,084 | 602,405 | 1,344,348 | 1,076,899 | |
Operating expenses: | |||||
Selling, general and administrative expenses | 4,292,308 | 646,419 | 6,214,103 | 1,140,474 | |
Operating loss | (3,493,224) | (44,014) | (4,869,755) | (63,575) | |
Non-operating income (expense): | |||||
Interest income (expense), net | 454 | 13,674 | 325 | (32,818) | |
Rental income | 28,703 | 54,407 | |||
Other income | 53,013 | 102,532 | |||
Total non-operating income (expense) | 53,467 | 42,377 | 102,857 | 21,589 | |
Net loss before income tax expense | (3,439,757) | (1,637) | (4,766,898) | (41,986) | |
Income tax expense (benefit) | 17,000 | (460) | (172,997) | (11,802) | |
Net loss | (3,456,757) | (1,177) | (4,593,901) | (30,184) | |
Net loss attributable to non-controlling interest | (92,308) | (219,062) | |||
Net loss attributable to Cryptyde, Inc. | $ (3,364,449) | $ (1,177) | $ (4,374,839) | $ (30,184) | |
Earnings (loss) per share: | |||||
Loss per share - basic and diluted | $ (0.15) | $ (0.11) | $ (0.20) | $ (3.02) | |
Weight average number of common shares outstanding - basic and diluted | 21,815,166 | 10,000 | 21,815,166 | 10,000 | |
Previously Reported [Member] | |||||
Revenues, net | |||||
Cost of revenues | |||||
Gross profit | |||||
Operating expenses: | |||||
Selling, general and administrative expenses | 676,628 | ||||
Operating loss | (676,628) | ||||
Non-operating income (expense): | |||||
Interest income (expense), net | 33,395 | ||||
Other income | |||||
Total non-operating income (expense) | 33,395 | ||||
Net loss before income tax expense | (643,233) | ||||
Income tax expense (benefit) | |||||
Net loss | (643,233) | ||||
Net loss attributable to non-controlling interest | (128,860) | ||||
Net loss attributable to Cryptyde, Inc. | $ (514,373) | ||||
Earnings (loss) per share: | |||||
Loss per share - basic and diluted | $ (51.44) | ||||
Weight average number of common shares outstanding - basic and diluted | 10,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholder's Equity (Unaudited) - USD ($) | Previously Reported [Member] Common Stock [Member] | Previously Reported [Member] Additional Paid-in Capital [Member] | Previously Reported [Member] Noncontrolling Interest [Member] | Previously Reported [Member] Retained Earnings [Member] | Previously Reported [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Noncontrolling Interest [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 10 | $ (10) | $ 2,271,431 | $ 2,271,431 | ||||||
Beginning balance, shares at Dec. 31, 2020 | 10,000 | |||||||||
Net loss | (29,007) | (29,007) | ||||||||
Ending balance, value at Mar. 31, 2021 | $ 10 | (10) | 2,242,424 | 2,242,424 | ||||||
Ending balance, shares at Mar. 31, 2021 | 10,000 | |||||||||
Beginning balance, value at Dec. 31, 2020 | $ 10 | (10) | 2,271,431 | 2,271,431 | ||||||
Beginning balance, shares at Dec. 31, 2020 | 10,000 | |||||||||
Net loss | (30,184) | |||||||||
Ending balance, value at Jun. 30, 2021 | $ 10 | (10) | 2,241,247 | 2,241,247 | ||||||
Ending balance, shares at Jun. 30, 2021 | 10,000 | |||||||||
Beginning balance, value at Mar. 31, 2021 | $ 10 | (10) | 2,242,424 | 2,242,424 | ||||||
Beginning balance, shares at Mar. 31, 2021 | 10,000 | |||||||||
Net loss | (1,177) | (1,177) | ||||||||
Ending balance, value at Jun. 30, 2021 | $ 10 | (10) | 2,241,247 | 2,241,247 | ||||||
Ending balance, shares at Jun. 30, 2021 | 10,000 | |||||||||
Beginning balance, value at Sep. 20, 2021 | ||||||||||
Beginning balance, shares at Sep. 20, 2021 | ||||||||||
Issuance of common stock to investors | $ 10 | (10) | ||||||||
Issuance of common stock to investors, shares | 10,000 | |||||||||
Net loss | (128,860) | (514,373) | (643,233) | |||||||
Ending balance, value at Dec. 31, 2021 | $ 10 | (10) | (128,860) | (514,373) | (643,233) | $ 10 | (10) | (128,860) | 2,300,212 | 2,171,352 |
Ending balance, shares at Dec. 31, 2021 | 10,000 | 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 | |||||
Ending balance, shares at Mar. 31, 2022 | 10,000 | |||||||||
Beginning balance, value at Dec. 31, 2021 | $ 10 | $ (10) | $ (128,860) | $ (514,373) | $ (643,233) | $ 10 | (10) | (128,860) | 2,300,212 | 2,171,352 |
Beginning balance, shares at Dec. 31, 2021 | 10,000 | 10,000 | ||||||||
Net loss | (4,593,901) | |||||||||
Ending balance, value at Jun. 30, 2022 | $ 21,815 | 15,533,733 | (347,922) | (2,074,627) | 13,132,999 | |||||
Ending balance, shares at Jun. 30, 2022 | 21,815,166 | |||||||||
Beginning balance, value at Mar. 31, 2022 | $ 10 | (10) | (255,614) | 1,289,822 | 1,034,208 | |||||
Beginning balance, shares at Mar. 31, 2022 | 10,000 | |||||||||
Issuance of common stock to investors | $ 1,500 | 11,998,500 | 12,000,000 | |||||||
Issuance of common stock to investors, shares | 1,500,000 | |||||||||
Net loss | (92,308) | (3,364,449) | (3,456,757) | |||||||
Exercise of warrants | 1,500 | (500) | 1,000 | |||||||
Exercise of warrants, shares | 1,499,923 | |||||||||
Issuance of common stock to shareholders upon distribution from Vinco Ventures, Inc. | $ 18,805 | (18,805) | ||||||||
Issuance of common stock to shareholders upon distribution from Vinco Ventures, Inc. shares | 18,805,243 | |||||||||
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 | ||||||||
Ending balance, value at Jun. 30, 2022 | $ 21,815 | $ 15,533,733 | $ (347,922) | $ (2,074,627) | $ 13,132,999 | |||||
Ending balance, shares at Jun. 30, 2022 | 21,815,166 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | |||
Net loss | $ (4,593,901) | $ (30,184) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 118,384 | 65,624 | |
Share-based compensation | 609,000 | ||
Provision for bad debts | 46,705 | ||
Changes in assets and liabilities: | |||
Accounts payable | 291,175 | (9,883) | |
Accounts receivable | (271,226) | (280,731) | |
Inventories | (39,425) | 13,091 | |
Prepaid expenses and other current assets | 1,859,439 | 5,822 | |
Accrued expenses and other current liabilities | (3,914,330) | (10,386) | |
Net cash used in operating activities | (5,894,179) | (246,647) | |
Cash flows from investing activities: | |||
Purchases of property and equipment | (52,599) | (33,133) | |
Net cash provided by (used in) investing activities | (52,599) | (33,133) | |
Cash flows from financing activities: | |||
Net proceeds from issuance of common stock | 12,001,000 | ||
Net borrowings under convertible notes | 30,000,000 | ||
Repayments under lines of credit | (367,976) | ||
Repayments under notes payable | (27,644) | (7,341) | |
Due to Former Parent | 3,028,154 | 699,001 | |
Net cash provided by (used in) financing activities | 45,001,510 | 323,684 | |
Net increase in cash and cash equivalents and restricted cash | 39,054,732 | 43,904 | |
Cash and cash equivalents and restricted cash, beginning of the year | 911,194 | 176,759 | |
Cash and cash equivalents and restricted cash, end of the period | $ 911,194 | 39,965,926 | 220,663 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 203 | 32,818 | |
Cash paid for income taxes | 147,000 | ||
Right of use assets | 98,736 | ||
Operating lease liabilities | 98,736 | ||
Issuance of warrants to noteholders and placement agent | 3,905,458 | ||
Original issue discount | 3,333,333 | ||
Accrued placement agent fees for equity placement | 960,000 | ||
Accrued placement agent fees for debt placement | 560,000 | ||
Issuance of common stock upon the distribution from Vinco Ventures, Inc. | 18,805 | ||
Previously Reported [Member] | |||
Cash flows from operating activities: | |||
Net loss | (643,233) | ||
Changes in assets and liabilities: | |||
Prepaid expenses and other current assets | (7,033,350) | ||
Accrued expenses and other current liabilities | 126,627 | ||
Customer deposit | 6,999,980 | ||
Net cash used in operating activities | (549,976) | ||
Cash flows from investing activities: | |||
Loan-held for investment, related party | (4,000,000) | ||
Net cash provided by (used in) investing activities | (4,000,000) | ||
Cash flows from financing activities: | |||
Due to Former Parent | 4,616,551 | ||
Net cash provided by (used in) financing activities | 4,616,551 | ||
Net increase in cash and cash equivalents and restricted cash | 66,575 | ||
Cash and cash equivalents and restricted cash, beginning of the year | $ 66,575 | ||
Cash and cash equivalents and restricted cash, end of the period | 66,575 | ||
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | |||
Cash paid for income taxes |
NATURE OF OPERATIONS AND BASIS
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
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, “Cryptyde” and the “Company” refer to Cryptyde, 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. The Company sells mining equipment in the blockchain industry. Prior to the Separation (as defined below), the Company was 100% As of June 30, 2022, Cryptyde, Inc. had two wholly-owned subsidiaries: Ferguson Containers, Inc. and BlockHiro, LLC (“BH”). Ferguson Containers, Inc. owns 100% 51% 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 “Cryptyde Businesses”) as part of the spin-off. In anticipation of the Separation, the Former Parent contributed its assets and legal entities comprising the Cryptyde Businesses to facilitate the Separation. As a result of the Separation, the Company has become an independent, publicly traded company comprised of the Cryptyde Businesses on June 30, 2022. On March 29, 2022, Ferguson Containers, Inc. 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 condensed 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 Cryptyde, Inc. Basis of Presentation Registration | 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION As used herein, “Cryptyde” and the “Company” refer to Cryptyde, Inc. and/or where applicable, its management, a Nevada corporation incorporated on September 21, 2021 (date of inception) under the laws of the State of Nevada. The Company sells mining equipment in the blockchain. The Company is 100 As of December 31, 2021, Cryptyde, Inc. had one wholly-owned subsidiary: BlockHiro, LLC (“BH”). Cryptyde owns 51 During 2021, the Parent announced it plans to spin-off (the “Separation”) certain of its businesses. The Parent plans to include Cryptyde, Inc. as well as other subsidiaries of the Parent (the “Spin-Off Businesses”) as part of the spin-off. In anticipation of the Separation, the Parent has placed its assets and legal entities comprising the Spin-Off Businesses into or under to facilitate the Separation. As a result of the Separation, the Company will become an independent, publicly traded company comprised of the Spin-Off Businesses. The Separation is expected to be completed upon the distribution of the common stock of the Company to stockholders of the Parent in early 2022. Basis of Presentation. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates Cash and 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 26, 2022 Secured Convertible Note. See Note 11 for further discussion. Accounts Receivable 46,705 0 22% 13% CRYPTYDE, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the six months ended June 30, 2022 and 2021 (Unaudited) Inventories Property and Equipment 3 5 5 7 6 10 10 15 5 5 5 7 40 Impairment of Long-lived Assets no Contingent Liabilities CRYPTYDE, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the six months ended June 30, 2022 and 2021 (Unaudited) Revenue Recognition Disaggregation of Revenue Cost of Revenues Comprehensive income 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, 2022 and December 31, 2021, 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 2022 2021 Warrants for Former Parent warrant holders 8,720,190 - Convertible shares under notes payable 3,333,333 - Warrants for noteholders and placement agent 3,866,666 - Warrants for equity investors and placement agent 1,740,000 - Shares to be issued 300,000 - Total common stock equivalents 17,960,189 - Income Taxes CRYPTYDE, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the six months ended June 30, 2022 and 2021 (Unaudited) 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. Concentration of Credit Risks Leases. Leases 98,736 with no cumulative-effect adjustment. Recent Accounting Pronouncements CRYPTYDE, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the six months ended June 30, 2022 and 2021 (Unaudited) Segment Reporting | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates Cash and Cash Equivalents Contingent Liabilities CRYPTYDE, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Revenue Recognition Disaggregation of Revenue Comprehensive income (loss) Earnings (Loss) Per Share Income Taxes 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) CRYPTYDE, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The carrying amounts of the Company’s financial instruments, such as cash, accounts payable and other current liabilities approximate fair values due to the short-term nature of these instruments. Concentration of Credit Risks Recent Accounting Standards In August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40), Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The amendments in this Update affect entities that issue convertible instruments and/or contracts in an entity’s own equity. For convertible instruments, the instruments primarily affected are those issued with beneficial conversion features or cash conversion features because the accounting models for those specific features are removed. However, all entities that issue convertible instruments are affected by the amendments to the disclosure requirements in this Update. For contracts in an entity’s own equity, the contracts primarily affected are freestanding instruments and embedded features that are accounted for as derivatives under the current guidance because of failure to meet the settlement conditions of the derivatives scope exception related to certain requirements of the settlement assessment. The Board simplified the settlement assessment by removing the requirements (1) to consider whether the contract would be settled in registered shares, (2) to consider whether collateral is required to be posted, and (3) to assess shareholder rights. Those amendments also affect the assessment of whether an embedded conversion feature in a convertible instrument qualifies for the derivatives scope exception. Additionally, the amendments in this Update affect the diluted EPS calculation for instruments that may be settled in cash or shares and for convertible instruments. The amendments in this Update are effective for public business entities that meet the definition of a Securities and Exchange Commission (SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Board specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. The Board decided to allow entities to adopt the guidance through either a modified retrospective method of transition or a fully retrospective method of transition. The adoption of this standard did not have a material effect on the Company’s consolidated financial statements. In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt – Modifications and Extinguishments (Subtopic 470-50), Compensation – Stock Compensation (Topic 718), and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40), Issuer’s Accounting for Certain Modifications or Exchanges or Freestanding Equity – Classified Written Call Options. The amendments in this Update clarify an issuer’s accounting for modifications or exchanges of freestanding equity – classified written call options (for example, warrants) that remain equity classified after modification or exchange. The amendments are effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the amendments prospectively to modifications or exchanges occurring on or after the effective date of the amendments. Early adoption is permitted for all entities, including adoption in an interim period. If an entity elects to early adopt the amendments in this Update in an interim period, the guidance should be applied as of the beginning of the fiscal year that includes the interim period. The Company early adopted this standard on the date of inception. The adoption of this standard did not have a material effect on the Company’s consolidated financial statements. Subsequent Events CRYPTYDE, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS |
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
OTHER CURRENT ASSETS | 5. OTHER CURRENT ASSETS Other current assets consist of the following at June 30, 2022 and December 31, 2021: SCHEDULE OF OTHER CURRENT ASSETS 2022 2021 Vendor deposits $ 4,937,655 $ 6,999,955 Prepaid software deposit 242,200 - Other 42,399 81,738 Total other current assets $ 5,222,254 $ 7,081,693 As of June 30, 2022 and December 31, 2021, the Company had deposits with a vendor, Wattum Management, Inc., of $ 3,012,655 6,999,955 As of June 30, 2022 and December 31, 2021, the Company had deposits with a vendor, Forever 8 Fund, LLC, of $ 1,925,000 0 | 3. OTHER CURRENT ASSETS Other current assets consist of the following at December 31, 2021: SCHEDULE OF OTHER CURRENT ASSETS Vendor deposits, related party $ 6,999,955 Interest receivable, related party 33,395 Prepaid software deposit - Other - Total other assets $ 7,033,350 As of December 31, 2021, the Company had deposits with a vendor, Wattum Management, Inc., of $ 6,999,955 |
LOAN HELD-FOR-INVESTMENT, RELAT
LOAN HELD-FOR-INVESTMENT, RELATED PARTY | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Loan Held-for-investment Related Party | ||
LOAN HELD-FOR-INVESTMENT, RELATED PARTY | 6. LOAN HELD-FOR-INVESTMENT, RELATED PARTY Loan held-for-investment, related party, represents a senior secured promissory note (“Note”) from Wattum Management Inc., a non-controlling member of CW Machines, LLC, a related party. The note bears interest of 5 October 12, 2026 4,000,000 4,000,000 CRYPTYDE, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the six months ended June 30, 2022 and 2021 (Unaudited) | 4. LOAN HELD-FOR-INVESTMENT, RELATED PARTY Loan held-for-investment, related party, represents a senior secured promissory note (“Note”) from Wattum Management Inc., a non-controlling member of CW Machines, LLC, a related party. The note bears interest of 5 October 12, 2026 CRYPTYDE, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS |
CUSTOMER DEPOSITS
CUSTOMER DEPOSITS | 12 Months Ended |
Dec. 31, 2021 | |
CUSTOMER DEPOSITS | 5. CUSTOMER DEPOSITS As of December 31, 2021, the Company had deposits from a customer of $ 6,999,980 |
DUE TO AND FROM PARENT
DUE TO AND FROM PARENT | 12 Months Ended |
Dec. 31, 2021 | |
Due To And From Parent | |
DUE TO AND FROM PARENT | 6. DUE TO PARENT DUE TO AND FROM PARENT As of December 31, 2021, due to parent consists of net amounts due to Vinco related to borrowings for financing needs of Cryptyde, Inc. as well as other operating expenses that were paid for on behalf of one to the other. As of December 31, 2021, the net amount due to parent was $ 4,616,551 |
INCOME TAXES
INCOME TAXES | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
INCOME TAXES | 12. INCOME TAXES Cryptyde, Inc. is taxed as a corporation and pays corporate federal, state and local taxes on income. BlocHiro, LLC and Cryptyde Shares Services, LLC are limited liability companies which are disregarded entities for income tax purposes and are owned 100 CW Machines, LLC is a limited liability company for income tax purposes and is owned 51 Ferguson Containers is taxed as a corporation and pays corporate federal, state and local taxes on income. Income tax benefit for the six months ended June 30, 2022 and 2021 is $ 172,997 11,802 There are no unrecognized tax benefits and no accruals for uncertain tax positions. CRYPTYDE, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the six months ended June 30, 2022 and 2021 (Unaudited) | 7. INCOME TAXES Cryptyde, Inc. is taxed as a corporation and pays corporate federal, state and local taxes on income. CW Machines, LLC is a limited liability company for income tax purposes and is owned 51 Components of net loss before income taxes were as follows: SCHEDULE OF NET LOSS BEFORE INCOME TAXES 2021 United States $ (643,233 ) Net loss before income taxes $ (643,233 ) The tax effects of temporary differences that give rise to deferred tax assets or liabilities are presented below: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES 2021 Deferred tax assets: Net operating loss carryforwards $ 108,018 Less: valuation allowance (108,018 ) Net deferred tax assets $ - CRYPTYDE, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The income tax benefit consists of the following: SCHEDULE OF INCOME TAX EXPENSE BENEFIT 2021 Current: Federal $ - State - Total current - Deferred: Federal (108,018 ) State - Less: valuation allowance 108,018 Total deferred - Total income tax provision (benefit) $ - A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows: SCHEDULE OF RECONCILIATION OF THE STATUTORY FEDERAL INCOME TAX RATE 2021 Tax at federal statutory rate 21.0 % U.S. income taxes subject to valuation allowance -16.8 % State and local income taxes 0.0 % Losses attributable to noncontrolling interests -4.2 % Total income tax provision (benefit) 0.0 % |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | ||
STOCKHOLDERS’ EQUITY | 13. STOCKHOLDERS’ EQUITY Common Stock. 100 21,815,166 10,000 On June 29, 2022, Vinco Ventures, Inc. distributed 100% 18,805,243 On May 18, 2022, the Company issued warrants to warrant holders of the Former Parent to purchase up to 10,220,193 0.001 On January 26, 2022, the Company, with respect to certain sections, entered into a Securities Purchase Agreement (the “Equity Private Placement”) with an accredited investor (the “Equity Investor”) for the issuance of a (i) 1,500,000 1,500,000 8.00 12,000,000 see Note 15. Subsequent Events | 8. STOCKHOLDER’S EQUITY STOCKHOLDERS’ EQUITY Common Stock. 100 10,000 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
COMMITMENTS AND CONTINGENCIES | 14. COMMITMENTS AND CONTINGENCIES Operating Leases 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 Cryptyde, Inc. 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 Ventures, Inc. (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. Rent expense for the six months ended June 30, 2022 and 2021 was $ 63,700 53,400 Emmersive Sellers: 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 Cryptyde, Inc. 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 Cryptyde, Inc. upon the successful completion of the spin-off are described below: Earned Shares: Issuance of 300,000 609,000 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 100,000 restricted Cryptyde 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 Cryptyde 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 100,000 restricted Cryptyde 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 100,000 restricted Cryptyde 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 Cryptyde 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, 2022. CRYPTYDE, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the six months ended June 30, 2022 and 2021 (Unaudited) | 9. COMMITMENTS AND CONTINGENCIES Operating Leases |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Subsequent Events [Abstract] | ||
SUBSEQUENT EVENTS | 15. SUBSEQUENT EVENTS On July 28, 2022, Cryptyde, Inc. (the “Company”) entered into an Amendment Agreement (the “2022 Amendment Agreement”) with Hudson Bay Master Fund, Ltd. (the “Investor”) to amend that certain Securities Purchase Agreement (as amended, the “SPA”) dated as of January 26, 2022, by and between the Company and the Investor, that certain Senior Secured Convertible Note in an aggregate principal amount of $ 33,333,333 Pursuant to the 2022 Amendment Agreement, the Company released an aggregate of $ 29,000,000 22,000,000 22,000,000 1.06 The 2022 Amendment Agreement also amended the RRA 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 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 SPA 15,050,315 In connection with the Adjustment, under the terms of the Equity Investor Warrants, warrants (the “Palladium January 2022 Purchase Agreement Warrants”) exercisable into 533,333 240,000 3,333,333 1.06 The 2022 Amendment Agreement amends the Note to permit the Company to enter into technology license agreements which obligate the Company to make cash payments of up to $ 10,000,000 250,000 500,000 10,000,000 The 2022 Amendment Agreement grants the holder of the 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 Note. The parties also amended the Company’s carve out to its financing standstill as set forth in the 2022 Amendment Agreement. | 10. SUBSEQUENT EVENTS 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 10.00 0.001 3,333,333 10.00 18 On January 26, 2022, the Company, with respect to certain sections, entered into a Securities Purchase Agreement (the “Equity Private Placement”) with an accredited investor (the “Equity Investor”) for the issuance of a (i) 1,500,000 1,500,000 8.00 12,000,000 |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 6 Months Ended |
Jun. 30, 2022 | |
Credit Loss [Abstract] | |
ACCOUNTS RECEIVABLE | 3. ACCOUNTS RECEIVABLE Accounts receivable consist of the following at June 30, 2022 and December 31, 2021: SCHEDULE OF ACCOUNTS RECEIVABLE 2022 2021 Trade accounts receivable $ 1,138,253 $ 867,027 Less: allowance for doubtful accounts (46,705 ) - Total accounts receivable $ 1,091,548 $ 867,027 |
INVENTORIES
INVENTORIES | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | 4. INVENTORIES Inventories consist of the following at June 30, 2022 and December 31, 2021: SCHEDULE OF INVENTORIES 2022 2021 Raw materials $ 24,636 $ 13,366 Finished goods 125,453 97,298 Total inventories $ 150,089 $ 110,664 |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET | 7. PROPERTY AND EQUIPMENT, NET Property and equipment consist of the following at June 30, 2022 and December 31, 2021: SCHEDULE OF PROPERTY AND EQUIPMENT 2022 2021 Land $ - $ - Building and building improvements 781,985 781,985 Equipment and machinery 4,640,416 4,621,878 Furniture and fixtures 260,426 260,426 Vehicles 567,927 533,867 Property plant and equipment, gross 6,250,745 6,198,156 Less: accumulated depreciation (5,308,769 ) (5,190,386 ) Total property and equipment, net $ 941,985 $ 1,007,770 Depreciation and amortization expense was $ 118,384 65,624 |
ACCRUED EXPENSES AND OTHER CURR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 8. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consist of the following at June 30, 2022 and December 31, 2021: SCHEDULE OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES 2022 2021 Customer deposits $ 3,076,764 $ 6,999,980 Payroll and related benefits 161,262 - Professional fees 152,000 - Placement agent fees 1,520,000 - Other 21,674 7,551 Total accrued expenses and other current liabilities $ 4,931,700 $ 7,007,531 |
DUE TO AND FROM FORMER PARENT
DUE TO AND FROM FORMER PARENT | 6 Months Ended |
Jun. 30, 2022 | |
Due To And From Former Parent | |
DUE TO AND FROM FORMER PARENT | 9. DUE TO AND FROM FORMER PARENT As of June 30, 2022 and December 31, 2021, due to Former Parent consists of net amounts due to Vinco related to management fees and borrowings for working capital and financing needs of Cryptyde, Inc. as well as other operating expenses that were paid for on behalf of one to the other. As of June 30, 2022 and December 31, 2021, the net amount due to Former Parent was $ 7,226,700 4,198,546 CRYPTYDE, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the six months ended June 30, 2022 and 2021 (Unaudited) |
NOTE PAYABLE
NOTE PAYABLE | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
NOTE PAYABLE | 10. NOTE PAYABLE Principal due under the note payable was as follows at June 30, 2022 and December 31, 2021: SCHEDULE OF LINE OF CREDIT AND NOTE PAYABLE 2022 2021 Note payable - 27,644 Less: note payable, current portion - (15,530 ) Note payable, net of current portion $ - $ 12,114 On January 29, 2022, the Company fully paid off the remaining balance of the Note payable. |
CONVERTIBLE NOTE PAYABLE
CONVERTIBLE NOTE PAYABLE | 6 Months Ended |
Jun. 30, 2022 | |
Convertible Note Payable | |
CONVERTIBLE NOTE PAYABLE | 11 CONVERTIBLE NOTE PAYABLE Principal due under the convertible note payable was as follows at June 30, 2022 and December 31, 2021: SCHEDULE OF CONVERTIBLE NOTE PAYABLE 2022 2021 Note payable 33,333,333 - Less: debt discount (7,798,881 ) - Note payable, net $ 25,534,452 $ - 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 “Note”) at a conversion price of $ 10.00 per share of Cryptyde’s common stock, par value $ 0.001 (the “Common Stock”)with a purchase amount of $ 30,000,000 3,333,333 3,333,333 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 533,333 10.00 May 16, 2027 3,905,548 7,798,881 3,333,333 3,905,548 560,000 18 % per annum upon the occurrence of an event of default. Cryptyde 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, Cryptyde also entered into a Registration Rights Agreement (the “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 Purchase Agreement. Please see Note 15. Subsequent Events 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; May 2022 0.00 % 140.29 % 2.92 % 2.5 Palladium Capital Warrant; May 2022 0.00 % 140.29 % 2.92 % 2.5 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | ||
Use of Estimates | Use of Estimates | Use of Estimates |
Cash and Cash Equivalents | Cash and Cash Equivalents | Cash and Cash Equivalents |
Contingent Liabilities | Contingent Liabilities CRYPTYDE, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the six months ended June 30, 2022 and 2021 (Unaudited) | Contingent Liabilities CRYPTYDE, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS |
Revenue Recognition | Revenue Recognition | Revenue Recognition |
Disaggregation of Revenue | Disaggregation of Revenue | Disaggregation of Revenue |
Comprehensive income | Comprehensive income | Comprehensive income (loss) |
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, 2022 and December 31, 2021, 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 2022 2021 Warrants for Former Parent warrant holders 8,720,190 - Convertible shares under notes payable 3,333,333 - Warrants for noteholders and placement agent 3,866,666 - Warrants for equity investors and placement agent 1,740,000 - Shares to be issued 300,000 - Total common stock equivalents 17,960,189 - | Earnings (Loss) Per Share |
Income Taxes | Income Taxes CRYPTYDE, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the six months ended June 30, 2022 and 2021 (Unaudited) | Income Taxes |
Fair Value Measurements | 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. | 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) CRYPTYDE, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The carrying amounts of the Company’s financial instruments, such as cash, accounts payable and other current liabilities approximate fair values due to the short-term nature of these instruments. |
Concentration of Credit Risks | Concentration of Credit Risks Leases. Leases 98,736 with no cumulative-effect adjustment. | Concentration of Credit Risks |
Recent Accounting Pronouncements | Recent Accounting Pronouncements CRYPTYDE, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the six months ended June 30, 2022 and 2021 (Unaudited) | Recent Accounting Standards In August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40), Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The amendments in this Update affect entities that issue convertible instruments and/or contracts in an entity’s own equity. For convertible instruments, the instruments primarily affected are those issued with beneficial conversion features or cash conversion features because the accounting models for those specific features are removed. However, all entities that issue convertible instruments are affected by the amendments to the disclosure requirements in this Update. For contracts in an entity’s own equity, the contracts primarily affected are freestanding instruments and embedded features that are accounted for as derivatives under the current guidance because of failure to meet the settlement conditions of the derivatives scope exception related to certain requirements of the settlement assessment. The Board simplified the settlement assessment by removing the requirements (1) to consider whether the contract would be settled in registered shares, (2) to consider whether collateral is required to be posted, and (3) to assess shareholder rights. Those amendments also affect the assessment of whether an embedded conversion feature in a convertible instrument qualifies for the derivatives scope exception. Additionally, the amendments in this Update affect the diluted EPS calculation for instruments that may be settled in cash or shares and for convertible instruments. The amendments in this Update are effective for public business entities that meet the definition of a Securities and Exchange Commission (SEC) filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Board specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. The Board decided to allow entities to adopt the guidance through either a modified retrospective method of transition or a fully retrospective method of transition. The adoption of this standard did not have a material effect on the Company’s consolidated financial statements. In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt – Modifications and Extinguishments (Subtopic 470-50), Compensation – Stock Compensation (Topic 718), and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40), Issuer’s Accounting for Certain Modifications or Exchanges or Freestanding Equity – Classified Written Call Options. The amendments in this Update clarify an issuer’s accounting for modifications or exchanges of freestanding equity – classified written call options (for example, warrants) that remain equity classified after modification or exchange. The amendments are effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the amendments prospectively to modifications or exchanges occurring on or after the effective date of the amendments. Early adoption is permitted for all entities, including adoption in an interim period. If an entity elects to early adopt the amendments in this Update in an interim period, the guidance should be applied as of the beginning of the fiscal year that includes the interim period. The Company early adopted this standard on the date of inception. The adoption of this standard did not have a material effect on the Company’s consolidated financial statements. |
Subsequent Events | Subsequent Events | |
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 26, 2022 Secured Convertible Note. See Note 11 for further discussion. | 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 26, 2022 Secured Convertible Note. See Note 11 for further discussion. | |
Accounts Receivable | Accounts Receivable 46,705 0 22% 13% CRYPTYDE, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the six months ended June 30, 2022 and 2021 (Unaudited) | |
Inventories | Inventories | |
Property and Equipment | Property and Equipment 3 5 5 7 6 10 10 15 5 5 5 7 40 | |
Impairment of Long-lived Assets | Impairment of Long-lived Assets no | |
Cost of Revenues | Cost of Revenues | |
Segment Reporting | Segment Reporting |
OTHER CURRENT ASSETS (Tables)
OTHER CURRENT ASSETS (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
SCHEDULE OF OTHER CURRENT ASSETS | Other current assets consist of the following at June 30, 2022 and December 31, 2021: SCHEDULE OF OTHER CURRENT ASSETS 2022 2021 Vendor deposits $ 4,937,655 $ 6,999,955 Prepaid software deposit 242,200 - Other 42,399 81,738 Total other current assets $ 5,222,254 $ 7,081,693 | Other current assets consist of the following at December 31, 2021: SCHEDULE OF OTHER CURRENT ASSETS Vendor deposits, related party $ 6,999,955 Interest receivable, related party 33,395 Prepaid software deposit - Other - Total other assets $ 7,033,350 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF NET LOSS BEFORE INCOME TAXES | Components of net loss before income taxes were as follows: SCHEDULE OF NET LOSS BEFORE INCOME TAXES 2021 United States $ (643,233 ) Net loss before income taxes $ (643,233 ) |
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES | The tax effects of temporary differences that give rise to deferred tax assets or liabilities are presented below: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES 2021 Deferred tax assets: Net operating loss carryforwards $ 108,018 Less: valuation allowance (108,018 ) Net deferred tax assets $ - |
SCHEDULE OF INCOME TAX EXPENSE BENEFIT | The income tax benefit consists of the following: SCHEDULE OF INCOME TAX EXPENSE BENEFIT 2021 Current: Federal $ - State - Total current - Deferred: Federal (108,018 ) State - Less: valuation allowance 108,018 Total deferred - Total income tax provision (benefit) $ - |
SCHEDULE OF RECONCILIATION OF THE STATUTORY FEDERAL INCOME TAX RATE | A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows: SCHEDULE OF RECONCILIATION OF THE STATUTORY FEDERAL INCOME TAX RATE 2021 Tax at federal statutory rate 21.0 % U.S. income taxes subject to valuation allowance -16.8 % State and local income taxes 0.0 % Losses attributable to noncontrolling interests -4.2 % Total income tax provision (benefit) 0.0 % |
SUBSEQUENT EVENTS (Tables)
SUBSEQUENT EVENTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
SCHEDULE OF EARNINGS PER SHARE COMMON STOCK EQUIVALENTS ANTI DILUTIVE | SCHEDULE OF EARNINGS PER SHARE COMMON STOCK EQUIVALENTS ANTI DILUTIVE 2022 2021 Warrants for Former Parent warrant holders 8,720,190 - Convertible shares under notes payable 3,333,333 - Warrants for noteholders and placement agent 3,866,666 - Warrants for equity investors and placement agent 1,740,000 - Shares to be issued 300,000 - Total common stock equivalents 17,960,189 - |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Credit Loss [Abstract] | |
SCHEDULE OF ACCOUNTS RECEIVABLE | Accounts receivable consist of the following at June 30, 2022 and December 31, 2021: SCHEDULE OF ACCOUNTS RECEIVABLE 2022 2021 Trade accounts receivable $ 1,138,253 $ 867,027 Less: allowance for doubtful accounts (46,705 ) - Total accounts receivable $ 1,091,548 $ 867,027 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
SCHEDULE OF INVENTORIES | Inventories consist of the following at June 30, 2022 and December 31, 2021: SCHEDULE OF INVENTORIES 2022 2021 Raw materials $ 24,636 $ 13,366 Finished goods 125,453 97,298 Total inventories $ 150,089 $ 110,664 |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY AND EQUIPMENT | Property and equipment consist of the following at June 30, 2022 and December 31, 2021: SCHEDULE OF PROPERTY AND EQUIPMENT 2022 2021 Land $ - $ - Building and building improvements 781,985 781,985 Equipment and machinery 4,640,416 4,621,878 Furniture and fixtures 260,426 260,426 Vehicles 567,927 533,867 Property plant and equipment, gross 6,250,745 6,198,156 Less: accumulated depreciation (5,308,769 ) (5,190,386 ) Total property and equipment, net $ 941,985 $ 1,007,770 |
ACCRUED EXPENSES AND OTHER CU_2
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 and December 31, 2021: SCHEDULE OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES 2022 2021 Customer deposits $ 3,076,764 $ 6,999,980 Payroll and related benefits 161,262 - Professional fees 152,000 - Placement agent fees 1,520,000 - Other 21,674 7,551 Total accrued expenses and other current liabilities $ 4,931,700 $ 7,007,531 |
NOTE PAYABLE (Tables)
NOTE PAYABLE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF LINE OF CREDIT AND NOTE PAYABLE | Principal due under the note payable was as follows at June 30, 2022 and December 31, 2021: SCHEDULE OF LINE OF CREDIT AND NOTE PAYABLE 2022 2021 Note payable - 27,644 Less: note payable, current portion - (15,530 ) Note payable, net of current portion $ - $ 12,114 |
CONVERTIBLE NOTE PAYABLE (Table
CONVERTIBLE NOTE PAYABLE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Convertible Note Payable | |
SCHEDULE OF CONVERTIBLE NOTE PAYABLE | Principal due under the convertible note payable was as follows at June 30, 2022 and December 31, 2021: SCHEDULE OF CONVERTIBLE NOTE PAYABLE 2022 2021 Note payable 33,333,333 - Less: debt discount (7,798,881 ) - Note payable, net $ 25,534,452 $ - |
SCHEDULE OF FAIR VALUE OF OPTION WITH ASSUMPTIONS | 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; May 2022 0.00 % 140.29 % 2.92 % 2.5 Palladium Capital Warrant; May 2022 0.00 % 140.29 % 2.92 % 2.5 |
NATURE OF OPERATIONS AND BASI_2
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details Narrative) | Jun. 30, 2022 | Dec. 31, 2021 |
Vinco Ventures Inc [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Equity method investment, ownership percentage | 100% | 100% |
CW Machines LLC [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Equity method investment, ownership percentage | 51% | 51% |
Majority Voting Interest [Member] | Vinco Ventures Inc [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Equity method investment, ownership percentage | 100% | |
Majority Voting Interest [Member] | Ferguson Containers Inc [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Equity method investment, ownership percentage | 100% | |
Majority Voting Interest [Member] | CW Machines LLC [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Equity method investment, ownership percentage | 51% |
SCHEDULE OF OTHER CURRENT ASSET
SCHEDULE OF OTHER CURRENT ASSETS (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Vendor deposits | $ 4,937,655 | $ 6,999,955 |
Prepaid software deposit | 242,200 | |
Other | 42,399 | 81,738 |
Total other current assets | $ 5,222,254 | 7,081,693 |
Previously Reported [Member] | ||
Vendor deposits | 6,999,955 | |
Interest receivable, related party | 33,395 | |
Prepaid software deposit | ||
Other | ||
Total other current assets | $ 7,033,350 |
OTHER CURRENT ASSETS (Details N
OTHER CURRENT ASSETS (Details Narrative) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Vendor deposits | $ 4,937,655 | $ 6,999,955 |
Wattum Management Inc [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Vendor deposits | 3,012,655 | 6,999,955 |
Forever 8 Fund LLC [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Vendor deposits | $ 1,925,000 | $ 0 |
LOAN HELD-FOR-INVESTMENT, REL_2
LOAN HELD-FOR-INVESTMENT, RELATED PARTY (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended |
Dec. 31, 2021 | Jun. 30, 2022 | |
Loan held-for-investment | $ 4,000,000 | $ 4,000,000 |
CW Machines LLC [Member] | ||
Stated percentage | 5% | 5% |
Debt instrument, maturity date | Oct. 12, 2026 | Oct. 12, 2026 |
CUSTOMER DEPOSITS (Details Narr
CUSTOMER DEPOSITS (Details Narrative) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Customer deposits | $ 3,076,764 | $ 6,999,980 |
DUE TO AND FROM PARENT (Details
DUE TO AND FROM PARENT (Details Narrative) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Due to Affiliate | $ 4,198,546 | |
Previously Reported [Member] | ||
Due to Affiliate | $ 4,616,551 |
SCHEDULE OF NET LOSS BEFORE INC
SCHEDULE OF NET LOSS BEFORE INCOME TAXES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||||
United States | $ (643,233) | ||||
Net loss before income taxes | $ (3,439,757) | $ (1,637) | $ (4,766,898) | $ (41,986) | $ (643,233) |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) | Dec. 31, 2021 USD ($) |
Income Tax Disclosure [Abstract] | |
Net operating loss carryforwards | $ 108,018 |
Less: valuation allowance | (108,018) |
Net deferred tax assets |
SCHEDULE OF INCOME TAX EXPENSE
SCHEDULE OF INCOME TAX EXPENSE BENEFIT (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Current: | |||||
Federal | |||||
State | |||||
Total current | |||||
Deferred: | |||||
Federal | (108,018) | ||||
State | |||||
Less: valuation allowance | 108,018 | ||||
Total deferred | |||||
Total income tax provision (benefit) | $ 17,000 | $ (460) | $ (172,997) | $ (11,802) |
SCHEDULE OF RECONCILIATION OF T
SCHEDULE OF RECONCILIATION OF THE STATUTORY FEDERAL INCOME TAX RATE (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Tax at federal statutory rate | 21% |
U.S. income taxes subject to valuation allowance | (16.80%) |
State and local income taxes | 0% |
Losses attributable to noncontrolling interests | (4.20%) |
Total income tax provision (benefit) | 0% |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Income tax expense benefit | $ (17,000) | $ 460 | $ 172,997 | $ 11,802 | |
CW Machines LLC [Member] | |||||
Equity method ownership percentage | 51% | 51% | 51% | ||
Ferguson Containers Inc [Member] | |||||
Equity method ownership percentage | 100% | 100% |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | Jan. 26, 2022 | Jun. 30, 2022 | May 18, 2022 | Jan. 29, 2022 | Dec. 31, 2021 |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||||
Common stock shares issued | 21,815,166 | 10,000 | |||
Common stock, shares outstanding | 21,815,166 | 10,000 | |||
Warrants to purchase shares | 10,220,193 | ||||
Warrants exercise price | $ 0.001 | ||||
Equity Private Placement [Member] | Accredited Investor [Member] | |||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||||
Warrants to purchase shares | 1,500,000 | ||||
Warrants exercise price | $ 8 | ||||
Stock issued during period shares new issues | 1,500,000 | ||||
Proceeds from issuance of private placement | $ 12,000,000 | ||||
Equity Private Placement [Member] | Accredited Investor [Member] | Securities Purchase Agreement [Member] | |||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||||
Warrants to purchase shares | 1,500,000 | ||||
Warrants exercise price | $ 8 | ||||
Stock issued during period shares new issues | 1,500,000 | ||||
Proceeds from issuance of private placement | $ 12,000,000 | ||||
Stock Distribution [Member] | |||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||||
Common stock shares issued | 18,805,243 | ||||
Vinco Ventures Inc [Member] | |||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||||
Equity method ownership percentage | 100% | 100% |
SCHEDULE OF EARNINGS PER SHARE
SCHEDULE OF EARNINGS PER SHARE COMMON STOCK EQUIVALENTS ANTI DILUTIVE (Details) - shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total common stock equivalents | 17,960,189 | |
Warrants for Former Parent Warrant Holders [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total common stock equivalents | 8,720,190 | |
Convertible Shares Under Notes Payable [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total common stock equivalents | 3,333,333 | |
Warrants for Noteholders and Placement Agent [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total common stock equivalents | 3,866,666 | |
Warrants for Equity Investors and Placement Agent [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total common stock equivalents | 1,740,000 | |
Shares to be Issued [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total common stock equivalents | 300,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | 6 Months Ended | ||||||
Jul. 28, 2022 | Jan. 26, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | May 18, 2022 | Apr. 26, 2022 | Dec. 31, 2021 | |
Subsequent Event [Line Items] | |||||||
Common stock, par value | $ 0.001 | $ 0.001 | |||||
Warrants to purchase shares | 10,220,193 | ||||||
Warrants exercise price | $ 0.001 | ||||||
Allowance for doubtful account | $ 46,705 | $ 0 | |||||
Impairment charges | 0 | $ 0 | |||||
Operating Lease, Liability | $ 98,736 | $ 98,736 | |||||
Software Development [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Estimated useful life | 5 years | ||||||
Tools, Dies and Molds [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Estimated useful life | 5 years | ||||||
Building [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Estimated useful life | 40 years | ||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | One Customer [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Concentration risk, percentage | 22% | ||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Customer [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Concentration risk, percentage | 13% | ||||||
Minimum [Member] | Office Equipment [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Estimated useful life | 3 years | ||||||
Minimum [Member] | Furniture and Fixtures [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Estimated useful life | 5 years | ||||||
Minimum [Member] | Machinery and Equipment [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Estimated useful life | 6 years | ||||||
Minimum [Member] | Building Improvements [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Estimated useful life | 10 years | ||||||
Minimum [Member] | Vehicles [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Estimated useful life | 5 years | ||||||
Maximum [Member] | Office Equipment [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Estimated useful life | 5 years | ||||||
Maximum [Member] | Furniture and Fixtures [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Estimated useful life | 7 years | ||||||
Maximum [Member] | Machinery and Equipment [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Estimated useful life | 10 years | ||||||
Maximum [Member] | Building Improvements [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Estimated useful life | 15 years | ||||||
Maximum [Member] | Vehicles [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Estimated useful life | 7 years | ||||||
Accredited Investor [Member] | Equity Private Placement [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Warrants to purchase shares | 1,500,000 | ||||||
Warrants exercise price | $ 8 | ||||||
Stock Issued During Period, Shares, New Issues | 1,500,000 | ||||||
Proceeds from Issuance of Private Placement | $ 12,000,000 | ||||||
Note Securities Purchase Agreement [Member] | Accredited Investor [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Debt aggregate principal amount | $ 33,333,333 | ||||||
Debt conversion price | $ 10 | ||||||
Common stock, par value | $ 0.001 | ||||||
Warrants to purchase shares | 3,333,333 | ||||||
Warrants exercise price | $ 10 | ||||||
Interest rate | 18% | ||||||
Amendment Agreement [Member] | Subsequent Event [Member] | Senior Secured Convertible Note [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Debt aggregate principal amount | $ 33,333,333 | ||||||
Debt conversion price | $ 1.06 | ||||||
Proceeds from restricted funds account | $ 29,000,000 | ||||||
Payment for repurchase of notes | $ 22,000,000 | ||||||
Debt description | The 2022 Amendment Agreement also amended the RRA 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 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 SPA | ||||||
Shares restricted for future issuance | 15,050,315 | ||||||
Palladium January 2020 Purchase Agreement Warrants [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Warrants exercise price | $ 1.06 | ||||||
Palladium January 2020 Purchase Agreement Warrants [Member] | Subsequent Event [Member] | Palladium Warrants [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Warrants exercisable | 240,000 | ||||||
Palladium January 2020 Purchase Agreement Warrants [Member] | Subsequent Event [Member] | January 2020 Warrants [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Warrants exercisable | 3,333,333 | ||||||
Palladium January 2020 Purchase Agreement Warrants [Member] | Subsequent Event [Member] | Palladium Capital Group LLC [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Warrants exercisable | 533,333 | ||||||
Technology License Agreements [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Cash payment | $ 10,000,000 | ||||||
Issuance of common stock for restricted shares | 250,000 | ||||||
Technology License Agreements [Member] | Subsequent Event [Member] | Minimum [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Indebtedness amount | $ 500,000 | ||||||
Technology License Agreements [Member] | Subsequent Event [Member] | Maximum [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Indebtedness amount | $ 10,000,000 |
SCHEDULE OF ACCOUNTS RECEIVABLE
SCHEDULE OF ACCOUNTS RECEIVABLE (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Credit Loss [Abstract] | ||
Trade accounts receivable | $ 1,138,253 | $ 867,027 |
Less: allowance for doubtful accounts | (46,705) | |
Total accounts receivable | $ 1,091,548 | $ 867,027 |
SCHEDULE OF INVENTORIES (Detail
SCHEDULE OF INVENTORIES (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 24,636 | $ 13,366 |
Finished goods | 125,453 | 97,298 |
Total inventories | $ 150,089 | $ 110,664 |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 6,250,745 | $ 6,198,156 |
Less: accumulated depreciation | (5,308,769) | (5,190,386) |
Total property and equipment, net | 941,985 | 1,007,770 |
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 | 4,640,416 | 4,621,878 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 260,426 | 260,426 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 567,927 | $ 533,867 |
PROPERTY AND EQUIPMENT, NET (De
PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization expense | $ 118,384 | $ 65,624 |
SCHEDULE OF ACCRUED EXPENSES AN
SCHEDULE OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Customer deposits | $ 3,076,764 | $ 6,999,980 |
Payroll and related benefits | 161,262 | |
Professional fees | 152,000 | |
Placement agent fees | 1,520,000 | |
Other | 21,674 | 7,551 |
Total accrued expenses and other current liabilities | $ 4,931,700 | $ 7,007,531 |
DUE TO AND FROM FORMER PARENT (
DUE TO AND FROM FORMER PARENT (Details Narrative) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Due To And From Former Parent | ||
Due to affiliate | $ 7,226,700 | $ 4,198,546 |
SCHEDULE OF LINE OF CREDIT AND
SCHEDULE OF LINE OF CREDIT AND NOTE PAYABLE (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Note payable | $ 27,644 | |
Less: note payable, current portion | (15,530) | |
Note payable, net of current portion | $ 12,114 |
SCHEDULE OF CONVERTIBLE NOTE PA
SCHEDULE OF CONVERTIBLE NOTE PAYABLE (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Convertible Note Payable | ||
Note payable | $ 33,333,333 | |
Less: debt discount | (7,798,881) | |
Note payable, net | $ 25,534,452 |
SCHEDULE OF FAIR VALUE OF OPTIO
SCHEDULE OF FAIR VALUE OF OPTION WITH ASSUMPTIONS (Details) | Jun. 30, 2022 |
Measurement Input, Expected Dividend Rate [Member] | Hudson Bay Warrant [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants measurement input | 0 |
Measurement Input, Expected Dividend Rate [Member] | Palladium Capital Warrant [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants measurement input | 0 |
Measurement Input, Option Volatility [Member] | Hudson Bay Warrant [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants measurement input | 140.29 |
Measurement Input, Option Volatility [Member] | Palladium Capital Warrant [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants measurement input | 140.29 |
Measurement Input, Risk Free Interest Rate [Member] | Hudson Bay Warrant [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants measurement input | 2.92 |
Measurement Input, Risk Free Interest Rate [Member] | Palladium Capital Warrant [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants measurement input | 2.92 |
Measurement Input, Expected Term [Member] | Hudson Bay Warrant [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Expected life | 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 |
CONVERTIBLE NOTE PAYABLE (Detai
CONVERTIBLE NOTE PAYABLE (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | ||||||
Feb. 25, 2022 | Jan. 26, 2022 | Feb. 25, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | May 18, 2022 | Jan. 02, 2022 | Dec. 31, 2021 | |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 10,220,193 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.001 | |||||||
Operating Lease, Right-of-Use Asset | $ 90,262 | |||||||
Lessee, Operating Lease, Discount Rate | 4.50% | |||||||
Payments for rent | $ 63,700 | $ 53,400 | ||||||
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 100,000 restricted Cryptyde 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 Cryptyde 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 100,000 restricted Cryptyde 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 100,000 restricted Cryptyde 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 Cryptyde 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 | |||||||
Vinco Venture Inc [Member] | ||||||||
Operating Lease, Right-of-Use Asset | $ 98,736 | |||||||
Note Securities Purchase Agreement [Member] | ||||||||
Debt discount value | $ 3,333,333 | |||||||
Long term debt | 7,798,881 | |||||||
Number of warrant issuance | 3,905,548 | |||||||
Placement agent fees | 560,000 | |||||||
Note Securities Purchase Agreement [Member] | Accredited Investor [Member] | ||||||||
Debt Instrument, Face Amount | $ 33,333,333 | |||||||
Debt Instrument, Convertible, Conversion Price | $ 10 | |||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | |||||||
Debt instrument purchase amount | $ 30,000,000 | |||||||
Debt discount value | $ 3,333,333 | |||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 3,333,333 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 10 | |||||||
Warrants maturity date | May 16, 2027 | |||||||
Warrants fair value | $ 3,905,548 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 18% | |||||||
Note Securities Purchase Agreement [Member] | Accredited Investor [Member] | Common Stock [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 533,333 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 10 | |||||||
Termination and release agreement [Member] | Common Stock [Member] | ||||||||
Number of shares issued | 300,000 | |||||||
Share based compensation | $ 609,000 |