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<!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 100%"><div style="border-top: Black 4pt solid; border-bottom: Black 1pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>U.S.
SECURITIES AND EXCHANGE COMMISSION<br />
Washington, D.C. 20549</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>FORM
<span id="xdx_90E_edei--DocumentType_c20210101__20210630_zbstJUnO1K43"><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" name="dei:DocumentType">10-Q</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Wingdings"><b><span id="xdx_90F_edei--DocumentQuarterlyReport_c20210101__20210630_zTMwuOIBsaSj"><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" format="ixt:booleantrue" name="dei:DocumentQuarterlyReport">x</ix:nonNumeric></span>
</b></span><b><span style="font: 10pt Times New Roman, Times, Serif">QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><b>For the quarterly period ended
<span id="xdx_900_edei--DocumentPeriodEndDate_c20210101__20210630_zNruqCXpFh22"><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" format="ixt:datemonthdayyearen" name="dei:DocumentPeriodEndDate">June 30, 2021</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font: 10pt Wingdings"><b><span id="xdx_901_edei--DocumentTransitionReport_c20210101__20210630_zvQElojtjbIh"><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" format="ixt:booleanfalse" name="dei:DocumentTransitionReport">o</ix:nonNumeric></span>
</b></span><b><span style="font: 10pt Times New Roman, Times, Serif">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>For
the transition period from _______ to _________</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Commission
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span style="text-decoration: underline"><span id="xdx_904_edei--EntityRegistrantName_c20210101__20210630_zRymcyFSIW82"><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" name="dei:EntityRegistrantName">SPLASH BEVERAGE GROUP, INC.</ix:nonNumeric></span><br />
</span></b>(Exact name of registrant as specified in its charter)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">(State
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    incorporation or formation)</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">(I.R.S.
    employer<br />
    identification number)</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.5pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">(Address
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span style="text-decoration: underline">(<span id="xdx_90D_edei--CityAreaCode_c20210101__20210630_zKwLfXC8wcvd"><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" name="dei:CityAreaCode">954</ix:nonNumeric></span>)
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Not
Applicable<br />
</b>(Former name, former address and former fiscal year, if changed since last report)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Securities
registered pursuant to Section 12(b) of the Act:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
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    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; width: 30%">Trading Symbol</td>
    <td style="text-align: center; font-size: 12pt; width: 3%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; width: 32%">Name of each exchange on which registered</td></tr>
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    <td style="font-size: 10pt; font-weight: bold; text-align: center"><span id="xdx_90E_edei--SecurityExchangeName_c20210101__20210630__us-gaap--StatementClassOfStockAxis__custom--WarrantsToPurchaseOneWholeShareOfCommonStockAtAnExercisePriceMember_zqRAoQOSGWyi"><ix:nonNumeric contextRef="From2021-01-012021-06-30_custom_WarrantsToPurchaseOneWholeShareOfCommonStockAtAnExercisePriceMember" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">NYSE</ix:nonNumeric></span> American LLC</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify">Indicate by check mark whether
the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><span style="font-family: Wingdings; font-size: 10pt">x</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_90F_edei--EntityCurrentReportingStatus_c20210101__20210630_z2AZ2cfn0fA1"><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span><span style="font-family: Wingdings; font-size: 10pt">o</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;No</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><span style="font: 10pt Wingdings">x</span><span style="font: 10pt Times New Roman, Times, Serif">&#160;<span id="xdx_906_edei--EntityInteractiveDataCurrent_c20210101__20210630_zI1BhkBPRwlb"><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span><span style="font: 10pt Wingdings">o</span><span style="font: 10pt Times New Roman, Times, Serif">&#160;No</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer,&#148;
&#147;smaller reporting company&#148; and &#147;emerging growth company&#148; in Rule 12b-2 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 54%; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Large accelerated filer </span><span style="font: 10pt Wingdings">o</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Accelerated filer </span><span style="font: 10pt Wingdings">o</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_902_edei--EntityFilerCategory_c20210101__20210630_zrEG7MoNcPcc"><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Non-accelerated Filer</ix:nonNumeric></span> </span><span style="font: 10pt Wingdings">x</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Smaller reporting company </span><span style="font: 10pt Wingdings"><span id="xdx_901_edei--EntitySmallBusiness_c20210101__20210630_zVsgDhm9iX7f"><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" format="ixt:booleantrue" name="dei:EntitySmallBusiness">x</ix:nonNumeric></span></span><span style="font: 10pt Times New Roman, Times, Serif"><br /> Emerging growth company&#160;<span id="xdx_909_edei--EntityEmergingGrowthCompany_c20210101__20210630_zVRnGzIGCVF1"><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#9744;</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.</span>&#160;&#9744;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). </span><span style="font-family: Wingdings; font-size: 10pt">o</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;Yes&#160;&#160;&#160;&#160;&#160;</span><span style="font-family: Wingdings; font-size: 10pt">x</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_904_edei--EntityShellCompany_c20210101__20210630_zqVPF2lcioFh"><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" format="ixt:booleanfalse" name="dei:EntityShellCompany">No</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Check
whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Exchange Act after
the distribution of securities under a plan confirmed by a court. </span><span style="font: 10pt Wingdings">o</span><span style="font: 10pt Times New Roman, Times, Serif">&#160;Yes&#160;&#160;&#160;&#160;</span><span style="font: 10pt Wingdings">o</span><span style="font: 10pt Times New Roman, Times, Serif">&#160;No</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify">As of August 16, 2021, there were <span id="xdx_90F_edei--EntityCommonStockSharesOutstanding_iI_c20210816_zyzIQsD8LrL8"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2021-08-16" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">30,481,916</ix:nonFraction></span> shares of Common Stock issued
and outstanding.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>




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    <!-- Field: /Page -->

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>SPLASH BEVERAGE GROUP, INC.</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>FORM
    10-Q</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>March
    31, 2020</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>TABLE
OF CONTENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-bottom: 1pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Page</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif"><b><a href="#a001_v1">PART I: FINANCIAL INFORMATION</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 10%"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a002_v1">ITEM 1:</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 84%"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a002_v1">FINANCIAL STATEMENTS</a> </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 6%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a003_v1">Condensed Consolidated Balance Sheets</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a004_v1">Condensed Consolidated Statements of Operations</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a005_v1">Condensed
    Consolidated Statement of Deficiency in Shareholders&#146; Equity</a> </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a006_v1">Condensed Consolidated Statements of Cash Flows</a> </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">7</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a007_v1">Notes to the Condensed Consolidated Financial Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">9</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a008_v1">ITEM 2:</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 10pt; text-indent: -10pt"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a008_v1">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">30</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a009_v1">ITEM 3:</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a009_v1">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">33</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a010_v1">ITEM 4:</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a010_v1">CONTROLS AND PROCEDURES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">33</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif"><b><a href="#a011_v1">PART II: OTHER INFORMATION</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a012_v1">ITEM 1</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a012_v1">LEGAL PROCEEDINGS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">35</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a013_v1">ITEM 1A:</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a013_v1">RISK FACTORS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">35</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a014_v1">ITEM 2:</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a014_v1">UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">37</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a015_v1">ITEM 3:</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a015_v1">DEFAULTS UPON SENIOR SECURITIES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">37</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a016_v1">ITEM 4:</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a016_v1">MINE SAFETY DISCLOSURES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">37</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a017_v1">ITEM 5:</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a017_v1">OTHER INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">37</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a018_v1">ITEM 6:</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a018_v1">EXHIBITS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">38</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif"><a href="#a019_v1">SIGNATURES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">39</span></td></tr>
  </table>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a001_v1"></span>PART
I &#8211; FINANCIAL INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a002_v1"></span>ITEM
1. FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Splash
Beverage Group, Inc.&#160;<br />
Condensed Consolidated Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><b>June 30, 2021</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>



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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="margin: 0">&#160;<span style="font: 10pt Times New Roman, Times, Serif">&#160;</span>&#160;</p>

<p style="margin: 0"></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr id="xdx_40F_eus-gaap--LiabilitiesNoncurrentAbstract_i01B_zj97l0zjyQ9f" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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<p style="margin: 0">&#160;&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of these condensed consolidated financial statements.</span></p>

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  <tr id="xdx_40E_eus-gaap--OtherSellingGeneralAndAdministrativeExpense_i01_maCzmBZ_zn6idFWcfaLd" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40D_eus-gaap--SellingAndMarketingExpense_i01_maCzmBZ_ziZCIFoFtFll" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_405_eus-gaap--OperatingExpenses_i01T_mtCzmBZ_msCzYIX_zZdtB4NZU9u5" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--OtherIncomeAndExpensesAbstract_i01B_z579qidIwLu1" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--InvestmentIncomeInterest_i02_maCzAD7_zu3Fxu1aF9ql" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40B_eus-gaap--InterestIncomeExpenseNet_i02_maCzAD7_zDnGiyvF66sb" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Interest expense</td><td>&#160;</td>
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  <tr id="xdx_40E_eus-gaap--GainsLossesOnExtinguishmentOfDebt_i02_maCzAD7_z0lv4aZLv7i4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--IncomeTaxExpenseBenefit_i01_msCz9zW_zmYpWDatOmae" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Provision for income taxes</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0274">&#151;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0275">&#151;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0276">&#151;</span></td><td style="text-align: left">&#160;</td></tr>
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    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--IncomeLossFromContinuingOperations_i01T_mtCz9zW_maCzRjA_zPecxTp9HYr7" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_406_eus-gaap--IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare_zhr3EzJQpHB5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif"></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of these condensed consolidated financial statements.</span></p>



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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Splash Beverage Group, Inc.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b><span id="a005_v1"></span>Consolidated Statement of
Changes in Deficiency in Stockholders&#8217; Equity (Deficit)</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0429">&#8212;</span></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0430">&#8212;</span></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0431">&#8212;</span></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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<p style="margin: 0">&#160;<span style="font: 10pt Times New Roman, Times, Serif">&#160;</span>&#160;</p>

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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0486">&#8212;</span></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0487">&#8212;</span></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of these condensed consolidated financial statements.</span></p>



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  <tr id="xdx_408_eus-gaap--AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_iB_zCej2totfwPl" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--DepreciationAndAmortization_i01_maCzZ75_zb7IcRhzvZU" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 30pt; text-align: left; text-indent: -10pt">Depreciation and amortization</td><td>&#160;</td>
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  <tr id="xdx_402_ecustom--AmortizationOfRightofuseAsset_i01N_di_msCzZ75_zfXkVwo8EJsh" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 30pt; text-align: left; text-indent: -10pt">ROU asset, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0546">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="sbev:AmortizationOfRightofuseAsset" contextRef="From2020-01-012020-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">39,684</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--ExtinguishmentOfDebtGainLossNetOfTax_i01N_di_msCzZ75_zvydhVrQ7c97" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40E_eus-gaap--InterestExpenseDebt_i01_maCzZ75_z3No0R0m4eTd" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 30pt; text-align: left; text-indent: -10pt">Interest on notes payable converted to common stock</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0552">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40F_eus-gaap--InterestExpenseOther_i01_maCzZ75_z7GShD0NJqj6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 30pt; text-align: left; text-indent: -10pt">Interest expense due to the issuance of warrants</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:InterestExpenseOther" contextRef="From2020-01-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,657,805</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_ecustom--SharebasedCompensationWarrants_i01N_di_maCzZ75_ztSCY3Tj0EAl" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 30pt; text-align: left; text-indent: -10pt">Share-based compensation - warrants</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0559">&#8212;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--ShareBasedCompensation_i01_maCzZ75_zMkl2LVcdGih" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 30pt; text-align: left; text-indent: -10pt">Share-based compensation</td><td>&#160;</td>
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  <tr id="xdx_40B_eus-gaap--OtherNoncashIncomeExpense_i01N_di_msCzZ75_zKi9gTAd0aud" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 30pt; text-align: left; text-indent: -10pt">Other noncash changes</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:OtherNoncashIncomeExpense" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">283,139</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:OtherNoncashIncomeExpense" contextRef="From2020-01-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">257,502</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_407_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_i01B_zWHM73kz5pv3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Changes in working capital items:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--IncreaseDecreaseInAccountsReceivable_i02N_di_msCzZ75_z8ZXTjifvBb6" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 30pt; text-align: left; text-indent: -10pt">Accounts receivable, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">732,998</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2020-01-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">36,641</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_403_eus-gaap--IncreaseDecreaseInInventories_i02N_di_msCzZ75_znIMgVDgGMJj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 30pt; text-align: left; text-indent: -10pt">Inventory, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInInventories" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">437,827</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInInventories" contextRef="From2020-01-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">153,804</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40E_eus-gaap--IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_i02N_di_msCzZ75_z7QyvSMr3zs9" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 30pt; text-align: left; text-indent: -10pt">Prepaid expenses and other current assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">195,084</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" contextRef="From2020-01-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">16,077</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_409_eus-gaap--IncreaseDecreaseInDeposits_i02_maCzZ75_zJW5huzanP71" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 30pt; text-indent: -10pt">Deposits</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0579">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInDeposits" contextRef="From2020-01-012020-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">39,451</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40F_eus-gaap--IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_i02_maCzZ75_zFQrHKjXUjai" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 30pt; text-align: left; text-indent: -10pt">Accounts payable and accrued expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">268,930</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" contextRef="From2020-01-012020-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">56,268</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_407_eus-gaap--IncreaseDecreaseInRoyaltiesPayable_i02_maCzZ75_zWqiYzW1eyj4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 30pt; text-align: left; text-indent: -10pt">Royalty payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0585">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInRoyaltiesPayable" contextRef="From2020-01-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">51,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--IncreaseDecreaseInInterestPayableNet_i02_maCzZ75_zY0TWLYQk5J1" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 30pt; text-align: left; text-indent: -10pt">Accrued Interest payable</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInInterestPayableNet" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">130,329</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInInterestPayableNet" contextRef="From2020-01-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">40,601</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--NetCashProvidedByUsedInOperatingActivities_i02T_mtCzZ75_maCCERCzJmQ_zogJ15G48CSb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt; text-align: left; text-indent: 0pt">Net cash used in operating activities - continuing operations</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">7,664,506</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2020-01-012020-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,811,823</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations_i02_maCCERCzJmQ_zgjw25D2nXT3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Net cash from operating activities - discontinued operations</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">240,486</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" contextRef="From2020-01-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">28,816</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_zLEUO7hIP1c8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Cash Flows from Investing Activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--PaymentsToAcquireProductiveAssets_i01N_di_msCzE69_zZasflauBHA1" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Capital Expenditures</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0600">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquireProductiveAssets" contextRef="From2020-01-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,439</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40A_ecustom--ProceedsFromSaleOfFixedAssets_i01_maCzE69_zo6HcpnT8qQb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Proceeds from the sale of fixed assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0603">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="sbev:ProceedsFromSaleOfFixedAssets" contextRef="From2020-01-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,098</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--PaymentsToAcquireInvestments_i01N_di_msCzE69_zFytrD4S4Bs2" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Investment in Salt Tequila USA, LLC</td><td style="padding-bottom: 1pt">&#160;</td>
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  <tr id="xdx_408_eus-gaap--NetCashProvidedByUsedInInvestingActivities_i01T_mtCzE69_maCCERCzJmQ_z8CNA6TAx6ab" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations_i01_maCCERCzJmQ_zxu7TEiyI9Ka" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--AdditionalCashFlowElementsFinancingActivitiesAbstract_iB_z6BVakv6jeo1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_406_eus-gaap--ProceedsFromIssuanceOfCommonStock_i01_maCzAaS_zm1y30qmPot6" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_403_eus-gaap--ProceedsFromRepaymentsOfRelatedPartyDebt_i01_maCzAaS_zjzljjDTLMO1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40F_eus-gaap--RepaymentsOfRelatedPartyDebt_i01N_di_msCzAaS_zymIzAKKdN9c" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40F_eus-gaap--ProceedsFromIssuanceOfDebt_i01_maCzAaS_zyHhtjBW2EC3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_407_eus-gaap--ProceedsFromRepaymentsOfDebt_i01_maCzAaS_zGrx2modP9S7" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Principal repayment of debt</td><td>&#160;</td>
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  <tr id="xdx_403_ecustom--ReductionOfRouLiability_i01N_di_msCzAaS_zZaLHMxGFymh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">ROU liability, net</td><td style="padding-bottom: 1pt">&#160;</td>
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  <tr id="xdx_405_eus-gaap--NetCashProvidedByUsedInFinancingActivities_i01T_mtCzAaS_maCCERCzJmQ_zX8JrwMf3Sjl" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Net cash provided by financing activities - continuing operations</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">19,468,746</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations_i01_maCCERCzJmQ_ziD0i8edXzg7" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0639">&#8212;</span></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0640">&#8212;</span></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
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<p style="margin: 0"></p>

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<p style="margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr id="xdx_40E_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_i01T_mtCCERCzJmQ_zNdzrQQ1mr6c" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left; width: 1%">&#160;</td><td style="text-align: right; width: 12%"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,563,753</ix:nonFraction></td><td style="text-align: left; width: 1%">&#160;</td><td style="width: 8%">&#160;</td>
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    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--Cash_i01S_zp9cWZOXKWEj" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Cash and Cash Equivalents, beginning of year</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:Cash" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">380,000</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:Cash" contextRef="AsOf2019-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">42,639</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--CashAndCashEquivalentsAtCarryingValue_i01E_zj2TT7mFDG84" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="padding: 0pt 0pt 0pt 10pt; text-decoration: underline; font-weight: bold; text-align: left; text-indent: -10pt">Supplemental Disclosure of Cash Flow Information:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Cash paid for Interest</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:InterestPaid" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">173,363</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:InterestPaid" contextRef="From2020-01-012020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,424</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_iB_zC2Qa8cGXUX" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-decoration: underline; font-weight: bold; text-align: left; text-indent: -10pt">Supplemental Disclosure of Non-Cash Investing and Financing Activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_ecustom--NotesPayableAndAccruedInterestConvertedToCommonStock12605283Shares_i01_zHnEmT0x1gkl" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Notes payable and accrued interest converted to common
stock</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0660">&#8212;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="margin: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span>&#160;&#160;<span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center">The accompanying notes are an integral
part of these condensed consolidated financial statements.&#160;</p>



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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Splash
Beverage Group, Inc.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a007_v1"></span>Notes
to the Condensed Consolidated Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p id="xdx_809_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zCxW7QJ4vvwf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif"><b><span style="text-decoration: underline">Note
1 &#8211; <span id="xdx_822_zx5rw439pBEd">Business Organization and Nature of Operations</span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><span style="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Splash
Beverage Group (&#147;SBG&#148;), f/k/a Canfield Medical Supply, Inc. (the &#147;CMS&#148;), was incorporated in the State
of Ohio on September 3, 1992, and changed domicile to Colorado on April 18, 2012. CMS was in the business of home health services,
primarily the selling of durable medical equipment and medical supplies to the public, nursing homes, hospitals and other end
users.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">On
December 31, 2019, CMS entered into an Agreement and Plan of Merger (the &#147;Merger Agreement&#148;) with SBG Acquisition
Inc. (&#147;Merger Sub&#148;), a Nevada Corporation wholly-owned by CMS, and Splash Beverage Group, Inc. a Nevada corporation
(&#147;Splash&#148;) pursuant to which Merger Sub merged with and into Splash (the &#147;Merger&#148;) with Splash as the
surviving company and a wholly-owned subsidiary of CMS. The Merger was consummated on March 31, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">As
the owners and management of Splash have voting and operating control of CMS following the Merger, the Merger transaction was
accounted for as a reverse acquisition (that is with Splash as the acquiring entity), followed by a recapitalization.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">As
part of the recapitalization, previously issued shares of SBG preferred stock have been reflected as shares of common stock that
were received in the Merger. These common shares have been retrospectively presented as outstanding for all periods.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Splash
specializes in the manufacturing, distribution, and sales &amp; marketing of various beverages across multiple channels. Splash
operates in both the non-alcoholic and alcoholic beverage segments. Additionally, Splash operates its own vertically integrated
B-to-B and B-to-C E-commerce distribution platform called Qplash, further expanding its distribution abilities and visibility.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><span style="border: red 1pt solid">In July 2020 the Company filed a Certificate
of Amendment of Articles of Incorporation of Canfield Medical Supply, Inc. with the Secretary of State of the State of Colorado, pursuant
to which the Company changed its name from Canfield Medical Supply, Inc. to Splash Beverage Group, Inc.. On July 31, 2020, we received
approval from FINRA to change the Company&#8217;s name from Canfield Medical Supply, Inc. to Splash Beverage Group, Inc. Our new ticker
symbol is SBEV.</span>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 24, 2020, SBG consummated an Asset Purchase
Agreement (the &#8220;Copa APA&#8221;) with Copa di Vino Corporation (&#8220;CdV&#8221;), to purchase certain assets and assume certain
liabilities that comprise the Copa di Vino business for a total purchase price of $<span id="xdx_90F_eus-gaap--BusinessAcquisitionsPurchasePriceAllocationYearOfAcquisitionNetEffectOnIncome_c20201201__20201224__us-gaap--BusinessAcquisitionAxis__custom--CopaDiVinoCorporationMember__us-gaap--TypeOfArrangementAxis__custom--AssetPurchaseAgreementMember_pp0p0" title="Total purchase price"><ix:nonFraction name="us-gaap:BusinessAcquisitionsPurchasePriceAllocationYearOfAcquisitionNetEffectOnIncome" contextRef="From2020-12-012020-12-24_custom_CopaDiVinoCorporationMember_custom_AssetPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,980,000</ix:nonFraction></span>, payable in the combination of $<span id="xdx_90D_eus-gaap--BusinessCombinationConsiderationTransferredOther1_c20201201__20201224__us-gaap--BusinessAcquisitionAxis__custom--CopaDiVinoCorporationMember__us-gaap--TypeOfArrangementAxis__custom--AssetPurchaseAgreementMember_pp0p0" title="Cash Consideration"><ix:nonFraction name="us-gaap:BusinessCombinationConsiderationTransferredOther1" contextRef="From2020-12-012020-12-24_custom_CopaDiVinoCorporationMember_custom_AssetPurchaseAgreementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,000,000</ix:nonFraction></span>
in cash (&#8220;Cash Consideration&#8221;), $<span id="xdx_90C_eus-gaap--ConvertibleDebt_c20201224__us-gaap--BusinessAcquisitionAxis__custom--CopaDiVinoCorporationMember_pp0p0" title="Convertible Note"><ix:nonFraction name="us-gaap:ConvertibleDebt" contextRef="AsOf2020-12-24_custom_CopaDiVinoCorporationMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,000,000</ix:nonFraction></span> convertible promissory note (the &#8220;Convertible Note&#8221;) to Seller and
a variable number of shares of the Company&#8217;s common stock based on a attainment of revenue hurdles. CdV is one of the leading producers
of premium wine by the glass in the United States with its primary offices and facilities in The Dalles, Oregon.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="border: red 1pt solid">On February 2021, Management initiated
a plan to divest its CMS business. As a result, the assets and operations of CMS have been retrospectively reflected as discontinued operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="border: red 1pt solid">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="border: red 1pt solid">In coordination with uplisting to
the NYSE&#160;on June 11, 2021 the Company consummated a 1.0 for 3.0 reverse stock split. All common stock shares stated herein have
been adjusted to reflect the split.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;<span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<ix:exclude><p id="xdx_230_zlZCrT14kTP6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b></b></span></p></ix:exclude>

<ix:exclude><!-- Field: Page; Sequence: 12; Value: 1 -->
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    <div id="xdx_237_z9Q3HopDNKh" style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<ix:exclude><p id="xdx_238_zgjScRhkyB9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_231_zC5wY0YHrHli" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Splash
Beverage Group, Inc.</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23D_z4T60OsEwgM8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Notes
to the Condensed Consolidated Financial Statements</b></span></p></ix:exclude>


<ix:exclude><p id="xdx_230_zOBae2r3kT59" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_802_eus-gaap--SignificantAccountingPoliciesTextBlock_zkutKBPQ0shb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><span style="font: 10pt Times New Roman, Times, Serif"><b><span style="text-decoration: underline">Note
2 &#8211; <span id="xdx_82E_zmltPI2rdBw2">Summary of Significant Accounting Policies</span> </span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:ConsolidationPolicyTextBlock"><p id="xdx_846_eus-gaap--ConsolidationPolicyTextBlock_zCbYFhlC5kKg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><i><span style="text-decoration: underline"><span id="xdx_865_zFpM7drrhaQa">Basis
of Presentation and Consolidation</span></span></i></b></span></p>

<p style="margin: 0; text-align: justify; font-family: Times New Roman, Times, Serif"><span style="font-size: 10pt">These condensed consolidated
financial statements include the accounts of Splash Beverage Group and its wholly owned subsidiaries, Holdings and Splash Mex, CMS
(as discontinued operations), and Copa. All intercompany balances have been eliminated in consolidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our investment in Salt Tequila USA, LLC is accounted
for at cost, as the company does not have the ability to exercise significant influence.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our accounting and reporting policies conform to accounting
principles generally accepted in the United States of America (GAAP).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying condensed consolidated financial
statements have been prepared by us without audit. In the opinion of management, all adjustments (which include only normal recurring
adjustments) necessary to present fairly the financial position, results of operations and cash flows for the three and six months ended
June 30, 2021 and 2020 have been made.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain information and footnote disclosures normally included in consolidated
financial statements prepared in GAAP have been condensed or omitted. The results of operations for the period ended June 30, 2021 are
not necessarily indicative of the operating results for the full year.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:UseOfEstimates"><p id="xdx_847_eus-gaap--UseOfEstimates_zcY3cy0QANYj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span style="text-decoration: underline"><span id="xdx_861_zGqYmuf3fnJl">Use of Estimates</span></span></i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of condensed consolidated
financial statements in conformity with GAAP requires our management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those
estimates.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p id="xdx_848_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zEzqY4EEmhg2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><i><span style="text-decoration: underline"><span id="xdx_860_zYsCGfV7wBC">Cash
Equivalents and Concentration of Cash Balance</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We consider all highly liquid securities with an original
maturity of three months or less to be cash equivalents. We had <span id="xdx_903_eus-gaap--CashEquivalentsAtCarryingValue_iI_pp0p0_do_c20210630_zdpMvxneswX9" title="Cash equivalents"><span id="xdx_90B_eus-gaap--CashEquivalentsAtCarryingValue_iI_pp0p0_do_c20201231_zxtWhIYnj2n6" title="Cash equivalents"><ix:nonFraction name="us-gaap:CashEquivalentsAtCarryingValue" contextRef="AsOf2021-06-30" format="ixt-sec:numwordsen" decimals="0" scale="0" unitRef="USD"><ix:nonFraction name="us-gaap:CashEquivalentsAtCarryingValue" contextRef="AsOf2020-12-31" format="ixt-sec:numwordsen" decimals="0" scale="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></span></span> cash equivalents at June 30, 2021 or December 31, 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our cash in bank deposit accounts, at times, may
exceed federally insured limits of $250,000. At June 30, 2021 we had $<span id="xdx_903_eus-gaap--CashFDICInsuredAmount_iI_pp0p0_c20210630_zKm8yVbvGZVb"><ix:nonFraction name="us-gaap:CashFDICInsuredAmount" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">11,115,182</ix:nonFraction>
</span>over the federally insured limits.</p>





<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<ix:exclude><p id="xdx_237_zNiIzC200t8c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif; text-decoration: underline"><b>Note
2 &#8211; Summary of Significant Accounting Policies, continued</b></span></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:ReceivablesPolicyTextBlock"><p id="xdx_847_eus-gaap--ReceivablesPolicyTextBlock_zu1YOBqvQpFf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span style="text-decoration: underline"><span id="xdx_86F_zIhxxAVhWAYe">Accounts Receivable and Allowance for Doubtful
Accounts</span></span></i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Accounts receivable are carried at their estimated
collectible amounts and are periodically evaluated for collectability based on past credit history with clients and other factors. We
establish provisions for losses on accounts receivable on the basis of loss experience, known and inherent risk in the account balance,
and current economic conditions.&#160; At June 30, 2021 and December 31, 2020, our accounts receivable amounts are reflected net of allowances
of $<span id="xdx_909_eus-gaap--AccountsReceivableNet_iI_pp0p0_c20210630_zcHUpKnp5kif"><ix:nonFraction name="us-gaap:AccountsReceivableNet" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">775,274</ix:nonFraction>
</span>and $<span id="xdx_90F_eus-gaap--AccountsReceivableNet_iI_pp0p0_c20201231_zW0f2CI1xPN6"><ix:nonFraction name="us-gaap:AccountsReceivableNet" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">484,858</ix:nonFraction></span>, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<ix:exclude><p id="xdx_23D_zqWXZqioga7b" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p></ix:exclude>

<ix:exclude><!-- Field: Page; Sequence: 13; Value: 1 -->
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<ix:exclude><p id="xdx_23D_zeQDuhGtkmdc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p></ix:exclude>

<ix:exclude><p id="xdx_23F_zNBSuNvXMM9c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Splash
Beverage Group, Inc.</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23F_zYul7R1ITyo1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Notes
to the Condensed Consolidated Financial Statements</b></span></p></ix:exclude>


<ix:exclude><p id="xdx_234_z4fulnbNfpPl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:InventoryPolicyTextBlock"><p id="xdx_843_eus-gaap--InventoryPolicyTextBlock_zM8v2bifzD9e" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span style="text-decoration: underline"><span id="xdx_86F_zZjmIGTl5wt">Inventory</span></span></i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Inventory is stated at the lower of cost or net realizable
value, accounted for using the weighted average cost method. The inventory balances at June 30, 2021 and December 31, 2020 consisted of
raw materials, work-in-process, and finished goods held for distribution. The cost elements of inventory consist of purchase of products,
transportation, and warehousing. We establish provisions for excess or inventory near expiration are based on management&#8217;s estimates
of forecast turnover of inventories on hand and under contract. A significant change in the timing or level of demand for certain products
as compared to forecast amounts may result in recording additional provisions for excess or expired inventory in the future. Provisions
for excess inventory are included in cost of goods sold and have historically been adequate to provide for losses on inventory.&#160;We
manage inventory levels and purchase commitments in an effort to maximize utilization of inventory on hand and under commitments. The
amount of our reserve was $<span id="xdx_908_eus-gaap--InventoryValuationReserves_c20210630_pp0p0" title="Inventory reserves"><ix:nonFraction name="us-gaap:InventoryValuationReserves" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">319,622</ix:nonFraction></span> and $<span id="xdx_90F_eus-gaap--InventoryValuationReserves_c20201231_pp0p0" title="Inventory reserves"><ix:nonFraction name="us-gaap:InventoryValuationReserves" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">366,109</ix:nonFraction></span> at June 30, 2021 and December 31, 2020, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p id="xdx_84F_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zPAFlpC7FQU5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span style="text-decoration: underline"><span id="xdx_860_zxsSoi5GEDj7">Property and Equipment</span></span></i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We record property and equipment at cost when purchased.
Depreciation is recorded for property, equipment, and software using the straight-line method over the estimated economic useful lives
of assets, which range from <span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210101__20210630__srt--RangeAxis__srt--MinimumMember_zXV0nsea9Oce" title="Property and Equipment useful life"><ix:nonNumeric contextRef="From2021-01-012021-06-30_srt_MinimumMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">3</ix:nonNumeric></span>-<span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210101__20210630__srt--RangeAxis__srt--MaximumMember_zD87bvkIulN6" title="Property and Equipment useful life"><ix:nonNumeric contextRef="From2021-01-012021-06-30_srt_MaximumMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">39</ix:nonNumeric></span> years. Company management reviews the recoverability of all long-lived assets, including the related
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A1_zGIYRKgbJAq8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="sbev:ExciseTaxesPolicyTextBlock"><p id="xdx_843_ecustom--ExciseTaxesPolicyTextBlock_z8r42tQjCMq2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span style="text-decoration: underline"><span id="xdx_862_z94cCBcRSdLe">Excise taxes</span></span></i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company pays alcohol excise taxes based on product
sales to both the Oregon Liquor Control Commission and to the U.S. Department of the Treasury, Alcohol and Tobacco Tax and Trade Bureau
(TTB). The Company is liable for the taxes upon the removal of product from the Company&#8217;s warehouse on a per gallon basis. The federal
tax rate is affected by a small winery tax credit provision which decreases based upon the number of gallons of wine production in a year
rather than the quantity sold.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="sbev:PaycheckProtectionProgramPolicyTextBlock"><p id="xdx_84A_ecustom--PaycheckProtectionProgramPolicyTextBlock_zkmfirdsiQjb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span style="text-decoration: underline"><span id="xdx_863_z2P9QyyqLZs7">Paycheck Protection Program</span></span></i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company records Paycheck Protection Program (&#8220;PPP&#8221;) loan
proceeds in accordance with Accounting Standards Codification (&#8220;ASC&#8221;) 470, Debt. Debt is extinguished when either the debtor
pays the creditor or the debtor is legally released from being the primary obligor, either judicially or by the creditor. See note 11.</p>

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<ix:exclude><p id="xdx_23F_zc1ghJYpJe4b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Splash
Beverage Group, Inc.</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_235_zWOO3wpHJcVh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Notes
to the Condensed Consolidated Financial Statements</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23C_z0AnanE7Ycki" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_23D_z4fcf6hqBh3j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><span style="text-decoration: underline">Note
2 &#8211; Summary of Significant Accounting Policies, continued</span></b></span></p></ix:exclude>

<ix:exclude><p id="xdx_231_zeOV9zPVyzCi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:FinancialInstrumentsDisclosureTextBlock"><p id="xdx_84E_eus-gaap--FinancialInstrumentsDisclosureTextBlock_zfOk5XgNQjCk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><i><span style="text-decoration: underline"><span id="xdx_86D_zC3c6vLhsYkf">Fair
Value of Financial Instruments</span> </span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Financial
Accounting Standards (&#147;FASB&#148;) guidance specifies a hierarchy of valuation techniques based on whether the inputs to
those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources,
while unobservable inputs reflect market assumptions. The hierarchy gives the highest priority to unadjusted quoted prices in
active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level
3 measurement). The three levels of the fair value hierarchy are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 7%"><span style="font: 10pt Times New Roman, Times, Serif">Level
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 88%; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Unadjusted
    quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at
    the measurement date. Level 1 primarily consists of financial instruments whose value is based on quoted market prices such
    as exchange-traded instruments and listed equities.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 7%"><span style="font: 10pt Times New Roman, Times, Serif">Level
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 88%; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Inputs
    other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly
    (e.g., quoted prices of similar assets or liabilities in active markets, or quoted prices for identical or similar assets
    or liabilities in markets that are not active).</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 7%"><span style="font: 10pt Times New Roman, Times, Serif">Level
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 88%; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Unobservable
    inputs for the asset or liability. Financial instruments are considered Level 3 when their fair values are determined using
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
liabilities and indebtedness presented on the consolidated financial statements approximate fair values at June 30, 2021 and
December 31, 2020, consistent with recent negotiations of notes payable and due to the short duration of maturities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>


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<ix:exclude><p id="xdx_236_zyi4zdckxdu8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Splash
Beverage Group, Inc.</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_237_zbY9hkwGKWF5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Notes
to the Condensed Consolidated Financial Statements</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23D_zK9mcgYlXod4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_232_zAbDFSTHa5zj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><span style="font: 10pt Times New Roman, Times, Serif"><b><span style="text-decoration: underline">Note
2 &#8211; Summary of Significant Accounting Policies, continued</span></b></span></p></ix:exclude>

<ix:exclude><p id="xdx_239_zDR7QMHk7If2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:RevenueRecognitionAllowances"><p id="xdx_848_eus-gaap--RevenueRecognitionAllowances_zLU8i59bzCM1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><i><span style="text-decoration: underline"><span id="xdx_86B_zgqEfekBO5I2">Revenue
Recognition</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We
recognize revenue under ASC 606, Revenue from Contracts with Customers (Topic 606). This guidance sets forth a five-step model
which depicts the recognition of revenue in an amount that reflects what we expect to receive in exchange for the transfer of
goods or services to customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We
recognize revenue when our performance obligations under the terms of a contract with the customer are satisfied. Product sales
occur once control of our products is transferred upon delivery to the customer. Revenue is measured as the amount of consideration
that we expect to receive in exchange for transferring goods and is presented net of provisions for customer returns and allowances.
The amount of consideration we receive and revenue we recognize varies with changes in customer incentives we offer to our customers
and their customers. Sales taxes and other similar taxes are excluded from revenue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Distribution
expenses to transport our products, where applicable, and warehousing expense after manufacture are accounted for within operating
expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:CostOfSalesPolicyTextBlock"><p id="xdx_84F_eus-gaap--CostOfSalesPolicyTextBlock_zMuYVBmOi1r5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><i><span style="text-decoration: underline"><span id="xdx_865_zwaYUeDDHbX">Cost
of Goods Sold</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Cost
of goods sold include the costs of products, packaging, transportation, warehousing, and costs associated with valuation allowances
for expired, damaged or impaired inventory.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We measure stock-based awards at the grant-date
fair value for employees, directors and consultants and recognizes compensation expense on a straight-line basis over the vesting
period of the award. Determining the appropriate fair value of stock-based awards requires the input of subjective assumptions,
including the fair value of our common stock, and for stock options and warrants, the expected life of the option and warrant, and
expected stock price volatility and exercise price. We used the Black-Scholes option pricing model to value its stock-based awards.
The assumptions used in calculating the fair value of stock-based awards represent management&#8217;s best estimates and involve
inherent uncertainties and the application of management&#8217;s judgment. As a result, if factors change and management uses
different assumptions, stock-based compensation expense could be materially different for future awards. The expected life of stock
options/warrants were estimated using the &#8220;simplified method,&#8221; which calculates the expected term as the midpoint
between the weighted average time to vesting and the contractual maturity, we have limited historical information to develop
reasonable expectations about future exercise patterns. The simplified method is based on the average of the vesting tranches and
the contractual life of each grant. For stock price volatility, we use comparable public companies as a basis for its expected
volatility to calculate the fair value of award. The risk-free interest rate is based on U.S. Treasury notes with a term
approximating the expected life of the award. The estimation of the number of awards that will ultimately vest requires judgment,
and to the extent actual results or updated estimates differ from the Company&#8217;s current estimates, such amounts are recognized
as an adjustment in the period in which estimates are revised.&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:CompensationRelatedCostsPolicyTextBlock"><p id="xdx_842_eus-gaap--CompensationRelatedCostsPolicyTextBlock_zI0MPKXFOjte" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><i><span style="text-decoration: underline"><span id="xdx_862_zZJjU4AWq68d">Stock-Based
Compensation</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We
account for stock-based compensation in accordance with ASC 718,&#160;&#147;<i>Compensation - Stock Compensation&#148;</i>.&#160;&#160;Under
the fair value recognition provisions, cost is measured at the grant date based on the fair value of the award and is recognized
as expense ratably over the requisite service period, which is generally the option vesting period.&#160;&#160;We use the Black-Scholes
option pricing model to determine the fair value of stock options.&#160;&#160;We early adopted ASU 2018-07, &#147;Improvements
to Nonemployee Share-Based Payment Accounting&#148;, which aligns accounting treatment for such awards to non-employees with
the existing guidance on employee share-based compensation in ASC 718.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_848_eus-gaap--IncomeTaxPolicyTextBlock_zbhPls6uiSdd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><i><span style="text-decoration: underline"><span id="xdx_869_zIN2lsxAbrRi">Income
Taxes</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We
use the liability method of accounting for income taxes as set forth in ASC 740,&#160;&#147;<i>Income Taxes&#148;</i>.&#160;&#160;Under
the liability method, deferred taxes are determined based on the temporary differences between the financial statement and tax
basis of assets and liabilities using tax rates expected to be in effect during the years in which the basis differences reverse.&#160;&#160;We
record a valuation allowance when it is not more likely than not that the deferred tax assets will be realized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Company
management assesses its income tax positions and records tax benefits for all years subject to examination based upon its evaluation
of the facts, circumstances and information available at the reporting date.&#160;&#160;In accordance with ASC 740-10, for those
tax positions where there is a greater than 50% likelihood that a tax benefit will be sustained, our policy is to record the largest
amount of tax benefit that is more likely than not to be realized upon ultimate settlement with a taxing authority that has full
knowledge of all relevant information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">For
those income tax positions where there is less than 50% likelihood that a tax benefit will be sustained, no tax benefit will be
recognized in the financial statements. Company management has determined that there are <span id="xdx_901_eus-gaap--LiabilityForUncertainTaxPositionsCurrent_iI_pp0p0_do_c20210630_zXmzUbh3cs73" title="Uncertain tax positions"><span id="xdx_90B_eus-gaap--LiabilityForUncertainTaxPositionsCurrent_iI_pp0p0_do_c20201231_z8KtA2FsmeVa" title="Uncertain tax positions"><ix:nonFraction name="us-gaap:LiabilityForUncertainTaxPositionsCurrent" contextRef="AsOf2021-06-30" format="ixt-sec:numwordsen" decimals="0" scale="0" unitRef="USD"><ix:nonFraction name="us-gaap:LiabilityForUncertainTaxPositionsCurrent" contextRef="AsOf2020-12-31" format="ixt-sec:numwordsen" decimals="0" scale="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></span></span> material uncertain tax positions at
June 30, 2021 and December 31, 2020.</span></p>


<ix:exclude><!-- Field: Page; Sequence: 16; Value: 1 -->
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    <div id="xdx_23E_zaKfiqt9ir7g" style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>



<ix:exclude><p id="xdx_23A_z7nCHtXBNSzg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Splash
Beverage Group, Inc.</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_231_zHEo0BY5Y1Wa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Notes
to the Condensed Consolidated Financial Statements</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23A_zEHx2r37EvN5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_232_zuazGfetCi8d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><span style="text-decoration: underline">Note
2 &#8211; Summary of Significant Accounting Policies, continued</span></b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23F_zxGyejeoVGQ6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_84C_eus-gaap--EarningsPerSharePolicyTextBlock_zVXJIaRpndc3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><i><span style="text-decoration: underline"><span id="xdx_867_z0iVHGTl7fFe">Net income (loss) per share</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The net income (loss) per share is computed by
dividing the net income (loss) by the weighted average number of shares of common outstanding. Warrants, stock options, and common stock
issuable upon the conversion of the Company&#8217;s convertible debt or preferred stock (if any), are not included in the computation
if the effect would be anti-dilutive.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; font-weight: bold; text-indent: -10pt">Denominator</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 30pt; text-indent: -10pt">Basic</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 30pt; text-indent: -10pt">Dilutive</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 30pt; text-indent: -10pt">Dilutive</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 30pt; text-indent: -10pt">Basic</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare_c20210101__20210630_pdd" title="Basic" style="text-align: right"><ix:nonFraction name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 30pt; text-indent: -10pt">Dilutive</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eus-gaap--IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare_c20210101__20210630_pdd" title="Dilutive" style="text-align: right"><ix:nonFraction name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

</ix:nonNumeric><p id="xdx_8AB_zrylD92uLGh5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Weighted
average number of shares outstanding excludes anti-dilutive common stock equivalents, including warrants to purchase <span id="xdx_90C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pin3_dm_c20200101__20200630_zYBuNQcf8hI8" title="Potentially dilutive shares"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2020-01-012020-06-30" format="ixt:numdotdecimal" decimals="INF" scale="6" unitRef="Shares">3</ix:nonFraction></span> million
shares of common stock for nominal consideration. <span style="border: red 1pt solid">The weighted average number of common
shares calculation excludes 10,068,836 warrants which have been granted by our Board but have not been exercised.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:AdvertisingCostsPolicyTextBlock"><p id="xdx_84B_eus-gaap--AdvertisingCostsPolicyTextBlock_zpaJilun9jth" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><i><span style="text-decoration: underline"><span id="xdx_86B_zx5PuY4VPGhb">Advertising</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We conduct advertising for the promotion of our products. In accordance
with ASC 720-35, advertising costs are charged to operations when incurred. We recorded advertising expense of $<span id="xdx_907_eus-gaap--AdvertisingExpense_pp0p0_c20210401__20210630_zdN3TkQGonU4" title="Advertising expense"><ix:nonFraction name="us-gaap:AdvertisingExpense" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">150,753</ix:nonFraction></span> and $<span id="xdx_907_eus-gaap--AdvertisingExpense_pp0p0_c20200401__20200630_zzqVVRl1peXk" title="Advertising expense"><ix:nonFraction name="us-gaap:AdvertisingExpense" contextRef="From2020-04-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">23,962</ix:nonFraction></span>.11
for the three-months ended June 30, 2021 and 2020, respectively. We recorded advertising expense of $<span id="xdx_901_eus-gaap--AdvertisingExpense_c20210101__20210630_pp0p0" title="Advertising expense"><ix:nonFraction name="us-gaap:AdvertisingExpense" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">198,538</ix:nonFraction></span> and $<span id="xdx_903_eus-gaap--AdvertisingExpense_c20200101__20200630_pp0p0" title="Advertising expense"><ix:nonFraction name="us-gaap:AdvertisingExpense" contextRef="From2020-01-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">46,768</ix:nonFraction></span>.45 for the six-months
ended June 30, 2021 and 2020, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:GoodwillAndIntangibleAssetsGoodwillPolicy"><p id="xdx_84F_eus-gaap--GoodwillAndIntangibleAssetsGoodwillPolicy_zCBkiuLSCAai" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><i><span style="text-decoration: underline"><span id="xdx_867_zGW9aTDxkod">Goodwill</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Goodwill represents the excess of acquisition
cost over the fair value of the net assets acquired and is not subject to amortization. The Company reviews goodwill annually in the
fourth quarter for impairment or when circumstances indicate carrying value may exceed the fair value. This evaluation is performed at
the reporting unit level. If a qualitative assessment indicates that it is more likely than not that the fair value is less than carrying
value, a quantitative analysis is completed using either the income or market approach, or a combination of both. The income approach
estimates fair value based on expected discounted future cash flows, while the market approach uses comparable public companies and transactions
to develop metrics to be applied to historical and expected future operating results. At December 31, 2020, our management determined
that an impairment charge of approximately $9.5 million, was necessary to reduce the goodwill relating to our Medical Device Segment.
The impairment charge was primarily related to the net cash flow projection of that business unit.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<ix:exclude><p id="xdx_234_z6mKa5Cx3yPh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p></ix:exclude>

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<ix:exclude><p id="xdx_230_zr3XVXhKIf8b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><ix:exclude><p id="xdx_23B_zW37Q6nO3pA" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Splash
Beverage Group, Inc.</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23C_z7Ypbuw4d0d1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Notes
to the Condensed Consolidated Financial Statements</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23C_zAHrz3WXXhMe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock"><p id="xdx_849_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zy3tDFe8YhKe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><i><span style="text-decoration: underline"><span id="xdx_860_z7acyOhc1kK8">Long-lived
assets</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
Company evaluates long-lived assets for impairment on an annual basis, when relocating or closing a facility, or when events or
changes in circumstances may indicate the carrying amount of the asset group, generally an individual warehouse, may not be fully
recoverable. For asset groups held and used, including warehouses to be relocated, the carrying value of the asset group is considered
recoverable when the estimated future undiscounted cash flows generated from the use and eventual disposition of the asset group
exceed the respective carrying value. In the event that the carrying value is not considered recoverable, an impairment loss is
recognized for the asset group to be held and used equal to the excess of the carrying value above the estimated fair value of
the asset group. For asset groups classified as held-for-sale (disposal group), the carrying value is compared to the disposal
group&#146;s fair value less costs to sell. The Company estimates fair value by obtaining market appraisals from third party
brokers or using other valuation techniques.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_849_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_z8nJCWtYJwP1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><i><span style="text-decoration: underline"><span id="xdx_86D_zL2I7XKUGVXd">Recent
Accounting Pronouncements</span></span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">In
June 2016, that FASB issued ASU 2016-13, &#147;<i>Financial Instruments &#8211; Credit Losses</i>&#148; (Topic 326). This ASU
provides financial statement users with more decision-useful information about the expected credit losses on financial instruments
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Management
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Management
does not believe that any other recently issued, but not yet effective, accounting standards could have a material effect on the
accompanying financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under
the circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:SubstantialDoubtAboutGoingConcernTextBlock"><p id="xdx_80D_eus-gaap--SubstantialDoubtAboutGoingConcernTextBlock_zPZTBNEBJoqa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><span style="text-decoration: underline">Note
3 &#8211; <span id="xdx_823_zuWZNHaZ8JB">Liquidity, Capital Resources and Going Concern Considerations</span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At December 31, 2020, the Company had liabilities
in excess of assets in the amount of approximately $9.4 million. During the six month period of 2021, the Company received approximately
$19.6 million from the proceeds from the issuance common stock. These events served to mitigate the conditions that historically raised
substantial doubt about the Company&#8217;s ability to continue as a going concern.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Based on this analysis the Company concluded it has
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>


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<ix:exclude><p id="xdx_234_zggLtnRov5xi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Splash
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<ix:exclude><p id="xdx_23B_zK5Hxxjo3ep7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Notes
to the Condensed Consolidated Financial Statements</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_231_zoVZw2pOn9R5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:DebtDisclosureTextBlock"><p id="xdx_808_eus-gaap--DebtDisclosureTextBlock_zdltYNFjQ9l4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><span style="text-decoration: underline">Note
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Notes
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
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    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">In May 2020, we entered into a two year loan with the
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--NotesPayable_c20201231__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayables4Member_pp0p0" title="Total notes payable" style="text-align: right"><ix:nonFraction name="us-gaap:NotesPayable" contextRef="AsOf2020-12-31_custom_NotesPayables4Member" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">100,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="padding-bottom: 1pt; text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">In August 2020, we entered into a nine-month loan with a company in the amount of $<span id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_c20210630__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayables5Member_pp0p0" title="Principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-06-30_custom_NotesPayables5Member" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">112,000</ix:nonFraction></span>. The loan requires 9 amortized payments of principal and interest in the amount of $<span id="xdx_908_eus-gaap--DebtInstrumentPeriodicPayment_c20210101__20210630__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayables5Member_pp0p0" title="Periodic payment`"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPayment" contextRef="From2021-01-012021-06-30_custom_NotesPayables5Member" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">12,246</ix:nonFraction></span> with the final payment due September 2020.</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="padding-bottom: 1pt; text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Notes payable for license agreements due in 36 monthly payments of $<span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_c20210630__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayables6Member_pp0p0" title="Principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-06-30_custom_NotesPayables6Member" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">10,000</ix:nonFraction></span>, interest imputed at 10%, maturing in July 2021.</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="padding-bottom: 1pt; text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">In December 2020, we entered into a 56 month loan with a company in the amount of $<span id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20210630__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayables7Member_zP6TssgrSw9h" title="Principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-06-30_custom_NotesPayables7Member" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,578,237</ix:nonFraction></span>. The loan requires payments of 3.75% of the previous months revenue.</td><td style="padding-bottom: 1pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="padding-bottom: 1pt; text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">In April 2021, we entered into a six-month loan with an individual in the amount of $<span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_pp0p0_c20210630__us-gaap--ShortTermDebtTypeAxis__custom--NotesPayables8Member_zZ3twB7ayzO1" title="Principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2021-06-30_custom_NotesPayables8Member" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">84,000</ix:nonFraction></span>. The loan matures in October 2021 with principal and interest due at maturity.</td><td style="padding-bottom: 1pt">&#160;</td>
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    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="padding-bottom: 1pt; text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="padding-bottom: 1pt; text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="padding-bottom: 1pt; text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 10pt; text-indent: -10pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--LongTermNotesPayable_iI_pp0p0_c20201231_zCqqUycyP4A4" title="Long-term notes payable" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:LongTermNotesPayable" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,240,044</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

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<p id="xdx_8A0_zFDfwvnJjEu4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<ix:exclude><p id="xdx_235_zrIVFxRpiCfc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Splash
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<ix:exclude><p id="xdx_23A_zPF52Y9Yu1f2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

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<ix:exclude><p id="xdx_237_zuXTIVNKnmH7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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    <td>&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

</ix:nonNumeric><p id="xdx_8A5_zXyqyj0FL1ya" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span>&#160;<span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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<ix:exclude><!-- Field: Page; Sequence: 21; Value: 1 -->
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<ix:exclude><p id="xdx_238_zFUZYpU2x3bl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Splash
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<ix:exclude><p id="xdx_23A_zkDGEO8Px129" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Notes
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<ix:exclude><p id="xdx_23A_zpqqnSgj16ya" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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    <td style="padding-left: 5.4pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8AF_zMNtXrBnMbPc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>






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<ix:exclude><p id="xdx_23D_zk1OVOTdpez3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Splash
Beverage Group, Inc.</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23F_zmknzNaAloO6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Notes
to the Condensed Consolidated Financial Statements</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23D_zMVIYMkMi0m5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_234_z4oPGKHRJEG7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><span style="text-decoration: underline">Note
4 &#8211; Notes Payable, Related Party Notes Payable, Convertible Bridge Loans Payable, Revenue Financing Arrangements and Bridge
Loan Payable, continued</span></b></span></p></ix:exclude>

<ix:exclude><p id="xdx_237_zAdq0vZHT2Sk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Interest expense on the convertible bridge loans payable
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payable was $<span id="xdx_909_eus-gaap--InterestExpenseDebt_pp0p0_c20210101__20210630__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleBridgeLoansPayableMember_z2yU58AHEIng" title="Interest expense"><ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2021-01-012021-06-30_custom_ConvertibleBridgeLoansPayableMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">16,000</ix:nonFraction></span> and $<span id="xdx_906_eus-gaap--InterestExpenseDebt_c20200101__20200630__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleBridgeLoansPayableMember_pp0p0" title="Interest expense"><ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2020-01-012020-06-30_custom_ConvertibleBridgeLoansPayableMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">101,785</ix:nonFraction></span> for the three months ended June 30, 2021 and 2020, respectively.
Accrued interest was $<span id="xdx_90C_eus-gaap--InterestPayableCurrent_c20210630__us-gaap--ShortTermDebtTypeAxis__custom--ConvertibleBridgeLoansPayableMember_pp0p0" title="Accrued interest"><ix:nonFraction name="us-gaap:InterestPayableCurrent" contextRef="AsOf2021-06-30_custom_ConvertibleBridgeLoansPayableMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">187,215</ix:nonFraction></span> at June 30, 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 24, 2017, a note holder filed a complaint
against the Company for a promissory note in default. The note holder is requesting summary judgment in the amount of $<span>287,215</span>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 23; Value: 1 -->
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<ix:exclude><p id="xdx_230_zESMouQJTcRg" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>Splash
Beverage Group, Inc.</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_232_zuSmSleAHHq7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Notes
to the Condensed Consolidated Financial Statements</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_236_zsXfD7lfNfGl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="sbev:LicensingAgreementAndRoyaltyPayableTextBlock"><p id="xdx_803_ecustom--LicensingAgreementAndRoyaltyPayableTextBlock_z62xUMolf6rg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span style="text-decoration: underline">Note 5 &#8211; <span id="xdx_825_zy291NVewDX9">Licensing Agreement and Royalty
Payable</span></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have a licensing agreement with ABG TapouT, LLC
(&#8220;TapouT&#8221;), providing us with licensing rights to the brand &#8220;TapouT&#8221; on energy drinks, energy shots, water, teas
and sports drinks for beverages sold in the United States of America, its territories, possessions, U.S. military bases and Mexico. Under
the terms of the agreement, we are required to pay a 6% royalty on net sales, as defined. In 2021 and 2020, we are required to make monthly
payments of $<span id="xdx_907_eus-gaap--PaymentsForFees_c20210101__20210630_pp0p0" title="Payment for Licensing"><ix:nonFraction name="us-gaap:PaymentsForFees" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">49,500</ix:nonFraction></span> and $<span id="xdx_901_eus-gaap--PaymentsForFees_c20200101__20200630_pp0p0" title="Payment for Licensing"><ix:nonFraction name="us-gaap:PaymentsForFees" contextRef="From2020-01-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">45,000</ix:nonFraction></span>, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There were no unpaid royalties at June 30, 2021.
We paid the guaranteed minimum royalty payments of $<span id="xdx_909_eus-gaap--PaymentsForRoyalties_c20210101__20210630_pp0p0" title="Minimum royalty payments"><ix:nonFraction name="us-gaap:PaymentsForRoyalties" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">297,000</ix:nonFraction></span> and $<span id="xdx_90B_eus-gaap--PaymentsForRoyalties_c20200101__20200630_pp0p0" title="Minimum royalty payments"><ix:nonFraction name="us-gaap:PaymentsForRoyalties" contextRef="From2020-01-012020-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">270,000</ix:nonFraction></span> for the six-months ended June 30, 2021 and 2020, which is included
in general and administrative expenses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In connection with the Copa APA, we acquired the license
to certain patents from 1/4 Vin SARL (&#8220;1/4 Vin&#8221;) On February 16, 2018, the Copa di Vino entered into three separate license
agreements with 1/4 Vin SARL, (1/4 Vin). 1/4 Vin has the right to license certain patents and patent applications relating to inventions,
systems, and methods used in the Company&#8217;s manufacturing process. In exchange for notes payable, 1/4 Vin granted the Company a nonexclusive,
royalty-bearing, non-assignable, nontransferable, terminable license which would continue until the subject equipment is no longer in
service or the patents expire. Amortization is approximately $31,000 annually until the license agreement is fully amortized. The
asset is being amortized over a <span id="xdx_900_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20210101__20210630_zTcKA3pV7Mt7" title="Amortization useful life"><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" format="ixt-sec:duryear" name="us-gaap:AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife">10</ix:nonNumeric></span>-year useful life.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_80A_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zsGp3muVeOS9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span style="text-decoration: underline">Note 6 &#8211; <span id="xdx_82A_zOvJx8ZMOj0l">Stockholders&#8217;
Equity (Deficiency)</span></span></b> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span style="text-decoration: underline">Common Stock</span></i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At March 31, 2020, we issued <span id="xdx_90C_ecustom--StockIssuedInExchangeForServicesShares_c20200101__20200331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zUAl0wb0JmU9" title="Stock issued in exchange for services, shares"><ix:nonFraction name="sbev:StockIssuedInExchangeForServicesShares" contextRef="From2020-01-012020-03-31_us-gaap_CommonStockMember124344421" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">272,584</ix:nonFraction></span>
shares of common stock in exchange for services provided to us. The shares were valued at $<span id="xdx_905_eus-gaap--SharePrice_iI_c20200331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zUZ4TBmDOvV7" title="Share Price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2020-03-31_us-gaap_CommonStockMember124344421" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.19</ix:nonFraction></span>
per share. We recognized share-based compensation expense of $<span id="xdx_908_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20200101__20200331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zWtiflVjIugd" title="Share-based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2020-01-012020-03-31_us-gaap_CommonStockMember124344421" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">600,000</ix:nonFraction></span>,
which is classified within the other general and administrative line on the Statement of Operations. At March 31, 2021, we issued <span id="xdx_905_ecustom--StockIssuedInExchangeForServicesShares_c20210101__20210331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zsVNDSvbtarb" title="Stock issued in exchange for services, shares"><ix:nonFraction name="sbev:StockIssuedInExchangeForServicesShares" contextRef="From2021-01-012021-03-31_us-gaap_CommonStockMember124344437" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">168,333</ix:nonFraction></span>
shares of common stock in exchange for services provided to us. The shares were valued at a fair market value stock price based on
the agreement date. We recognized share-based compensation expense of $<span id="xdx_903_ecustom--StockIssuedInExchangeForServicesValue_pp0p0_c20210101__20210331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zH73ymMAdbRe" title="Stock issued in exchange for services, value"><ix:nonFraction name="sbev:StockIssuedInExchangeForServicesValue" contextRef="From2021-01-012021-03-31_us-gaap_CommonStockMember124344437" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">2,100,953</ix:nonFraction></span>,
which is classified within the other general and administrative line on the Statement of Operations.</p>

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<ix:exclude><p id="xdx_232_zrehlLizQ8cg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Splash
Beverage Group, Inc.</b></span></p>

<ix:exclude><p id="xdx_23E_zGUwWu4BHlk5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Notes
to the Condensed Consolidated Financial Statements</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23F_z0jop80oeogc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

<ix:exclude><p id="xdx_239_zsMepJUUHr94" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><span style="text-decoration: underline">Note
6 &#8211; Deficiency in Stockholders&#146; Equity, continued</span></b></span></p></ix:exclude>

<ix:exclude><p id="xdx_239_zDNgERYUa1l6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><i><span style="text-decoration: underline">Private
Placement Memorandum (PPM)</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="border: red 1pt solid">In July 2020, the Board of Directors
has determined that it is in the best interests of the Corporation and its stockholders to obtain working capital by conducting a private
placement offering of <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20200701__20200731__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zySkEVwyl8J1"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-07-012020-07-31_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">930,303</ix:nonFraction></span> shares of the common stock and 650,000 warrants to purchase common stock of the Company, $0.001 par value
per share at a purchase price of $3.30 per share for aggregate gross proceeds of $<span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pp0p0_c20200701__20200731__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zljMAaCXjqEe"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="From2020-07-012020-07-31_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,070,000</ix:nonFraction></span>. </span>&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="border: red 1pt solid; font-size: 10pt">In
January 2021, the Board of Directors approved</span> <span style="font-size: 10pt">a private placement offering of <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210101__20210630__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pdd"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-01-012021-06-30_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,212,121</ix:nonFraction> </span></span><span style="font-size: 10pt">shares
of the common stock of the Company, $<span id="xdx_903_eus-gaap--CommonStockParOrStatedValuePerShare_c20210630__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pdd"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2021-06-30_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.001</ix:nonFraction> </span></span><span style="font-size: 8pt"></span><span style="font-size: 10pt">value
per share at a purchase price of $<span id="xdx_900_eus-gaap--SharePrice_c20210630__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pdd"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-06-30_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">3.30</ix:nonFraction> </span></span><span style="font-size: 10pt">per
share for aggregate gross proceeds of $<span id="xdx_90E_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20210101__20210630__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pp0p0"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" contextRef="From2021-01-012021-06-30_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,000,000</ix:nonFraction></span></span><span style="font-size: 10pt">
(&#8220;PPM&#8221;). As part of the PPM, each purchaser&#160;received a warrant to purchase one share for every two shares
purchased. In February 2021, we completed our PPM by issuing a total of <span id="xdx_90D_ecustom--SaleOfStockInPrivatePlacement_c20210101__20210630__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zCWWMlQePZf" title="Sale of stock in private placement"><ix:nonFraction name="sbev:SaleOfStockInPrivatePlacement" contextRef="From2021-01-012021-06-30_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,212,355</ix:nonFraction> </span></span><span style="font-size: 10pt">of
shares and 606,179 warrants receiving gross proceeds of $<span id="xdx_90C_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_c20210101__20210630__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pp0p0"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" contextRef="From2021-01-012021-06-30_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,000,771</ix:nonFraction></span></span><span style="font-size: 10pt">.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="text-decoration: underline"><b><i>Stock
Plans</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">2012 Plan</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">On May 2012, the Board adopted
the 2012 Stock Incentive Plan (the &#8220;2012 Plan&#8221;), which provided for the grant of Incentive Stock Options, Non-Qualified Stock
Options, Restricted Stock Awards, Restricted Stock Units and Stock Appreciation Rights to eligible recipients. The total number of shares
that may be issued under the 2012 plan was <span id="xdx_907_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_c20210630__us-gaap--PlanNameAxis__custom--N2012PlanMember_zWXAxhKWVWe4"><ix:nonFraction name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" contextRef="AsOf2021-06-30_custom_N2012PlanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,362,920</ix:nonFraction></span>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The Board previously granted
options to purchase <span id="xdx_909_ecustom--NumberOfOptionsGranted_c20210101__20210630__us-gaap--PlanNameAxis__custom--N2012PlanMember_z3S0g7CMu2W6" title="Number of options Granted"><ix:nonFraction name="sbev:NumberOfOptionsGranted" contextRef="From2021-01-012021-06-30_custom_N2012PlanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">885,897</ix:nonFraction></span> shares of common stock, which were exercised prior to 2019. In December, 2019, the Board granted options to
purchase <span id="xdx_902_ecustom--NumberOfOptionsGranted_c20201201__20201231__srt--CounterpartyNameAxis__custom--EmployeeMember__us-gaap--PlanNameAxis__custom--N2012PlanMember_zubnGfX89cvg"><ix:nonFraction name="sbev:NumberOfOptionsGranted" contextRef="From2020-12-012020-12-31_custom_EmployeeMember_custom_N2012PlanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">374,804</ix:nonFraction></span> shares to certain employees and consultants at an exercise price of $2.20.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Concurrently with the consummation
of the Merger, the outstanding options to purchase <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_c20210101__20210630__us-gaap--PlanNameAxis__custom--N2012PlanMember_zl8uix8LFuX2" title="Number of options cancelled"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" contextRef="From2021-01-012021-06-30_custom_N2012PlanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">374,803</ix:nonFraction></span> shares were cancelled and replaced with warrants to purchase <span id="xdx_900_ecustom--NumberOfWarrantsPurchased_c20210101__20210630__us-gaap--PlanNameAxis__custom--N2012PlanMember_z15XTBBYl1mb" title="Number of warrants Purchased"><ix:nonFraction name="sbev:NumberOfWarrantsPurchased" contextRef="From2021-01-012021-06-30_custom_N2012PlanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">374,804</ix:nonFraction></span> shares
at an exercise price of $<span id="xdx_90C_ecustom--WarrantExercisePrice_c20210101__20210630__us-gaap--PlanNameAxis__custom--N2012PlanMember_zZrbVlCmGoce" title="Warrant exercise price"><ix:nonFraction name="sbev:WarrantExercisePrice" contextRef="From2021-01-012021-06-30_custom_N2012PlanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.20</ix:nonFraction></span>, and the 2012 Plan was retired.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">2020 Plan</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">On August 2020, the Board adopted
the 2020 Stock Incentive Plan (the &#8220;2020 Plan&#8221;), which provides for the grant of Options, Restricted Stock Awards, Stock Appreciation
Rights, Performance Units and Performance Bonuses to consultants and eligible recipients. The total number of shares that may be issued
under the 2020 plan was<span id="xdx_903_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_c20210630__us-gaap--PlanNameAxis__custom--N2020PlanMember_zMbxCPluHyXc"> <ix:nonFraction name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" contextRef="AsOf2021-06-30_custom_N2020PlanMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,313,133</ix:nonFraction></span>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">No awards have been granted under the 2020 Plan.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="text-decoration: underline; font-size: 10pt"><b><i>Warrants</i></b></span><span style="font-size: 8pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The total amount of outstanding warrants are summarized
below:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock"><table cellspacing="0" cellpadding="0" id="xdx_88A_eus-gaap--ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock_zZtdOwADDsG3" summary="xdx: Disclosure - Stockholders&apos;Equity (Deficiency) (Details)" style="font: 12pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto; width: 50%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="border: black 1pt solid; text-align: center"><span id="xdx_8B8_zJLmQVnbrMv6" style="display: none">Schedule of Warrants Activity</span></td>
    <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="border: black 1pt solid; width: 37%; text-align: center"><span style="font-size: 10pt">[A]</span></td>
    <td id="xdx_986_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20210630__us-gaap--AwardTypeAxis__custom--WarrantsAMember_zp9yG0969H12" title="Warrants Outstanding" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 63%; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2021-06-30_custom_WarrantsAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">454,064</ix:nonFraction></span></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-size: 10pt">[B]</span></td>
    <td id="xdx_988_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20210630__us-gaap--AwardTypeAxis__custom--WarrantsBMember_zNgn4JiH8da4" style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2021-06-30_custom_WarrantsBMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">124,162</ix:nonFraction></span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-size: 10pt">[C]</span></td>
    <td id="xdx_981_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20210630__us-gaap--AwardTypeAxis__custom--WarrantsCMember_zgsMpa3d7e6e" style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2021-06-30_custom_WarrantsCMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">908,129</ix:nonFraction></span></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-size: 10pt">[D]</span></td>
    <td id="xdx_98D_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20210630__us-gaap--AwardTypeAxis__custom--WarrantsDMember_zdgl5A2C7ATh" style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2021-06-30_custom_WarrantsDMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">650,000</ix:nonFraction></span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-size: 10pt">[E]</span></td>
    <td id="xdx_987_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20210630__us-gaap--AwardTypeAxis__custom--WarrantsEMember_zIkpOVyM4poi" style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2021-06-30_custom_WarrantsEMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">606,179</ix:nonFraction></span></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-size: 10pt">[F]</span></td>
    <td id="xdx_983_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20210630__us-gaap--AwardTypeAxis__custom--WarrantsFMember_zEOw9WThxkU2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2021-06-30_custom_WarrantsFMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">374,803</ix:nonFraction></span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-size: 10pt">[G]</span></td>
    <td id="xdx_980_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20210630__us-gaap--AwardTypeAxis__custom--WarrantsGMember_zsBxFHPoVnjd" style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2021-06-30_custom_WarrantsGMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,884,833</ix:nonFraction></span></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-size: 10pt">[H]</span></td>
    <td id="xdx_98D_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20210630__us-gaap--AwardTypeAxis__custom--WarrantsHMember_zrYBfun3NKdi" style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2021-06-30_custom_WarrantsHMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">833,333</ix:nonFraction></span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-size: 10pt">[I]</span></td>
    <td id="xdx_980_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20210630__us-gaap--AwardTypeAxis__custom--WarrantsIMember_zgXRIZM3Qesb" style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2021-06-30_custom_WarrantsIMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">333,333</ix:nonFraction></span></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-size: 10pt">[J]</span></td>
    <td id="xdx_98B_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20210630__us-gaap--AwardTypeAxis__custom--WarrantsJMember_z2oakfULmuI7" style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2021-06-30_custom_WarrantsJMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,900,000</ix:nonFraction></span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-size: 10pt">Total</span></td>
    <td id="xdx_982_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20210630_zK2zE6KOxnn8" style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,068,836</ix:nonFraction></span></td></tr>
  </table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;<b><i>&#160;</i></b></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span style="text-decoration: underline">[A]
Warrant Issuance-Series A Convertible Preferred Stock</span></i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As an incentive to convert their Series A preferred
stock, in March 2020, we issued <span id="xdx_906_ecustom--WarrantIssued_c20210101__20210630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SBGMember_zzkHs6NCN7s8" title="Warrant issued"><ix:nonFraction name="sbev:WarrantIssued" contextRef="From2021-01-012021-06-30_us-gaap_SeriesAPreferredStockMember_custom_SBGMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">333,333</ix:nonFraction>
</span>new warrants to the holders of our Series A preferred stock to purchase shares of SBG common stock. Concurrently with the consummation
of the Merger, these warrants were exchanged for warrants to purchase <span id="xdx_90E_ecustom--WarrantsExchanged_c20210101__20210630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SBGMember_zeCvzDI8wqv8" title="Warrants Exchanged"><ix:nonFraction name="sbev:WarrantsExchanged" contextRef="From2021-01-012021-06-30_us-gaap_SeriesAPreferredStockMember_custom_SBGMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">454,064</ix:nonFraction>
</span>of Splash Beverage Group, Inc. shares all of which were outstanding as of June 30, 2021. These warrants have a <span id="xdx_901_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20210630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SBGMember_zIWzLWCnizS6"><ix:nonNumeric contextRef="AsOf2021-06-30_us-gaap_SeriesAPreferredStockMember_custom_SBGMember" format="ixt-sec:duryear" name="us-gaap:WarrantsAndRightsOutstandingTerm">3</ix:nonNumeric></span>-year
term and expire March 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span style="text-decoration: underline">[B]
Warrant Issuance-Series B Convertible Preferred Stock</span></i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of the sale and issuance of <span id="xdx_903_ecustom--WarrantIssued_c20210101__20210630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_pdd"><ix:nonFraction name="sbev:WarrantIssued" contextRef="From2021-01-012021-06-30_us-gaap_SeriesBPreferredStockMember_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,777,892</ix:nonFraction>
</span>shares of our Series B Convertible Preferred Stock, we issued 888,946 warrants to purchase shares our common stock. The warrants
have a <span id="xdx_905_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20210630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zvti46cLD671"><ix:nonNumeric contextRef="AsOf2021-06-30_us-gaap_SeriesBPreferredStockMember_us-gaap_WarrantMember" format="ixt-sec:duryear" name="us-gaap:WarrantsAndRightsOutstandingTerm">5</ix:nonNumeric></span>-year
term and at June 30, 2021, there are <span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightOutstanding_c20210630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_pdd"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2021-06-30_us-gaap_SeriesBPreferredStockMember_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">124,162</ix:nonFraction></span>&#160;warrants
outstanding.</p>



<ix:exclude><!-- Field: Page; Sequence: 25; Value: 1 -->
    <div id="xdx_236_zYh9rrabWgql" style="border-bottom: Black 2pt solid; margin-top: 6pt; margin-bottom: 6pt"><p id="xdx_235_zhDMqpdeD53b" style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence -->&#160;</p></div>
    <div id="xdx_238_zwruetHUmEHh" style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>


<ix:exclude><p id="xdx_233_zNhvvzU1i2dc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Splash
Beverage Group, Inc.</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_239_z2ZFYep3Mf2i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Notes
to the Condensed Consolidated Financial Statements</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23F_zcDTDbjPqNz8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif; text-decoration: underline"><b><i>[C]
Warrant Issuance-GMA <span style="border: red 1pt solid">Bridge Holdings, LLC </span></i></b></span><b><i><span style="font: 10pt Times New Roman, Times, Serif; text-decoration: underline">Consulting
Services</span></i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">We issued <span id="xdx_905_ecustom--WarrantIssuedForConsultingServices_c20210101__20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--GMAMember_pdd" title="Warrant Issued for consulting Services"><ix:nonFraction name="sbev:WarrantIssuedForConsultingServices" contextRef="From2021-01-012021-06-30_custom_GMAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">454,307</ix:nonFraction></span>
warrants to purchase shares of our common stock as part of our consulting agreement with GMA <span style="border: red 1pt solid">Bridge
Holdings, LLC (&#8220;GMA)</span>, at December 31, 2019. These warrants subsequently were exchanged for 908,615 warrants in March
2020 as an incentive for GMA to convert indebtedness and accrued interest into shares of our common stock. At June 30, 2021 all <span id="xdx_901_ecustom--ClassOfWarrantOrRightOutstandings_iI_c20210630_z6xCLKLZ69Qb" title="Warrants Outstanding"><ix:nonFraction name="sbev:ClassOfWarrantOrRightOutstandings" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">908,615</ix:nonFraction></span>
warrants remain outstanding.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">[D] We issued <span style="border: red 1pt solid">650,000
warrants to purchase common stock of the Company </span>in connection with the <span style="border: red 1pt solid">July 2020 private placement
offering of 930,303 shares of common stock </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="border: red 1pt solid">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="border: red 1pt solid">[E] We issued
</span>606,179 warrants to purchase common stock of the Company in connection with the <span style="border: red 1pt solid">January 2021</span>
private placement offering of 1,212,121 shares of common stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">[F] We issued 374,803 warrants to purchase common stock, as a replacement
of cancelled outstanding options concurrent with the March 2020 Merger</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>



<ix:exclude><!-- Field: Page; Sequence: 26; Value: 1 -->
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    <div id="xdx_23A_zzcH1aRaCQS3" style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<ix:exclude><p id="xdx_232_zkfugoND9HE1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Splash
Beverage Group, Inc.</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_23F_zyNNrJiSxCUb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Notes
to the Condensed Consolidated Financial Statements</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_233_zMdDiokI9Mai" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span>&#160;</p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">[G] In December 2020 we granted 1,884,833 warrants
to purchase common stock of the Company to employees, consultants and directors. These warrants vest over three years</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">[H] In December 2020 we granted 833,333 warrants to
purchase common stock of the Company to our board of directors. These warrants vest over two - three years</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">[I] In May 2021 we granted 333,333 warrants to purchase
common stock of the Company to a director. These warrants vest, equally, over three years</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">[J] We issued 3,750,000 warrants to purchase common stock of the Company
in connection with the June 2021 underwritten public offering of 3,750,000 shares of common stock, in addition to 150,000 warrants to
purchase common stock of the Company to the representative underwriter.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><span style="text-decoration: underline"><b>Shareholder
Advances and Liability to Issue Stock and Warrants</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">During the first quarter of
2021, we entered into a marketing agreement with a consultant, to be paid by issuance of <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesOther_c20210401__20210630_zVhqIyOGz87b" title="Common Stock issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesOther" contextRef="From2021-04-012021-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">150,000</ix:nonFraction></span> shares of common stock of the company.
The liability was measured at $<span id="xdx_905_eus-gaap--OtherLiabilities_iI_c20210331_z80nylrXxZzi" title="Liabilities"><ix:nonFraction name="us-gaap:OtherLiabilities" contextRef="AsOf2021-03-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">214,500</ix:nonFraction></span>, the value of the Company&#8217;s common stock at the date of the agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">During the first quarter of
2021, the Company received $<span id="xdx_900_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20210101__20210331__us-gaap--TransactionTypeAxis__custom--SubscriptionAgreementsMember_zMvyvRkJpowf" title="Proceed from issuance of common stock"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" contextRef="From2021-01-012021-03-31_custom_SubscriptionAgreementsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">245,000</ix:nonFraction></span> pursuant to subscription agreements for the issuance of <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesOther_c20210101__20210331__us-gaap--TransactionTypeAxis__custom--SubscriptionAgreementsMember_zWxuDrVbYV0f" title="Number of common Stock issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesOther" contextRef="From2021-01-012021-03-31_custom_SubscriptionAgreementsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">81,667</ix:nonFraction></span> shares of common stock and warrants
to purchase <span id="xdx_906_ecustom--WarrantsPurchased_c20210101__20210331__us-gaap--TransactionTypeAxis__custom--SubscriptionAgreementsMember_zEM012lacOsd" title="Warrants Purchased"><ix:nonFraction name="sbev:WarrantsPurchased" contextRef="From2021-01-012021-03-31_custom_SubscriptionAgreementsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">40,833</ix:nonFraction></span> shares of common stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have an agreement with a consultant, to be paid by the issuance of 3,333
shares of common stock of the company. The liability was measured at $<span id="xdx_902_eus-gaap--OtherLiabilities_iI_c20210630__srt--CounterpartyNameAxis__custom--ConsultantMember_zmhYjEwVesak"><ix:nonFraction name="us-gaap:OtherLiabilities" contextRef="AsOf2021-06-30_custom_ConsultantMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,000</ix:nonFraction></span>, the value of the company&#8217;s common stock at the date
we became obligated to issue the shares.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_80F_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zGfC9BHCzExd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span style="text-decoration: underline">Note 7 &#8211; <span id="xdx_826_zsfAh78PZB91">Related Parties</span></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the normal course of business, we incurred
expenses related to services provided by our CEO or Company expenses paid by our CEO, resulting in related party payables, net of $<span id="xdx_90F_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_c20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--ChiefExecutiveOfficerMember_pp0p0" title="Related Parties Notes Payable"><ix:nonFraction name="us-gaap:NotesPayableRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2021-06-30_srt_ChiefExecutiveOfficerMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">0</ix:nonFraction></span> at
June 30, 2021. The related party payable to the CEO bears no interest payable and is due on demand. We also assumed a $50,000 note for
the President of WesBev, who is the majority shareholder of SBG.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There are related party notes payable of $<span><span id="xdx_904_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0n3_dm_c20210630_zkdSZPt7ZO9c" title="Related Parties Notes Payable"><ix:nonFraction name="us-gaap:NotesPayableRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="6" unitRef="USD">1.3</ix:nonFraction></span></span>
million outstanding as of June 30, 2021 as discussed in Note 4.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:InvestmentTextBlock"><p id="xdx_801_eus-gaap--InvestmentTextBlock_zLZXoagMVJ58" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><span style="text-decoration: underline">Note
8 &#8211; <span id="xdx_824_zgcW7O0wMs82">Investment in Salt Tequila USA, LLC</span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">The Company has a marketing
and distribution agreement with SALT in Mexico for the manufacturing of our Tequila product line.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has a<span id="xdx_90E_ecustom--InvestmentPercentage_dp_c20200101__20201231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SALTMember_zhuQDbEyTzIe" title="Investment Percentage"> <ix:nonFraction name="sbev:InvestmentPercentage" contextRef="From2020-01-012020-12-31_custom_SALTMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">22.5</ix:nonFraction></span>% percentage interest in SALT
Tequila USA, LLC (&#8220;SALT&#8221;), and has the right to increase its ownership to <span id="xdx_90C_eus-gaap--SaleOfStockPercentageOfOwnershipAfterTransaction_dp_c20210101__20210630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SALTMember_zfOdSmgaLGN3"><ix:nonFraction name="us-gaap:SaleOfStockPercentageOfOwnershipAfterTransaction" contextRef="From2021-01-012021-06-30_custom_SALTMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">37.5</ix:nonFraction></span>%.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<ix:exclude><!-- Field: Page; Sequence: 27; Value: 1 -->
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    <div id="xdx_23E_zGOqmiy5i958" style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<ix:exclude><p id="xdx_239_zYK5LS4RkWr1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Splash
Beverage Group, Inc.</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_235_zB8AzrjG2mgd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Notes
to the Condensed Consolidated Financial Statements</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_232_zp99zLNEUGbl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:LesseeOperatingLeasesTextBlock"><p id="xdx_804_eus-gaap--LesseeOperatingLeasesTextBlock_z3qRO6SnOPV4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><span style="text-decoration: underline">Note
9 &#8211; <span id="xdx_829_z1I4s7A6ZU3b">Operating Lease Obligations</span></span></b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective July 2018, we entered into a lease agreement
for the right to use and occupy office space. The lease term commenced <span id="xdx_90A_ecustom--LeaseCommencementDate_dd_c20210101__20210630__us-gaap--PropertySubjectToOrAvailableForOperatingLeaseAxis__custom--FirstLeaseMember_zzikedCu6tQh" title="Lease commencement date"><ix:nonNumeric contextRef="From2021-01-012021-06-30_custom_FirstLeaseMember" format="ixt:datemonthdayyearen" name="sbev:LeaseCommencementDate">July 1, 2018</ix:nonNumeric></span> and is scheduled to expire after <span id="xdx_901_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtM_c20210630__us-gaap--PropertySubjectToOrAvailableForOperatingLeaseAxis__custom--FirstLeaseMember_zC5yPC8UluG7" title="Operating lease term"><ix:nonNumeric contextRef="AsOf2021-06-30_custom_FirstLeaseMember" format="ixt-sec:durmonth" name="us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1">36</ix:nonNumeric></span> months, on <span id="xdx_90D_eus-gaap--LeaseExpirationDate1_dd_c20210101__20210630__us-gaap--PropertySubjectToOrAvailableForOperatingLeaseAxis__custom--FirstLeaseMember_zyPOwPFM6we5" title="Lease expiration date"><ix:nonNumeric contextRef="From2021-01-012021-06-30_custom_FirstLeaseMember" format="ixt:datemonthdayyearen" name="us-gaap:LeaseExpirationDate1">June
30, 2021</ix:nonNumeric></span>. We renewed the lease under the same terms.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective November 2019, we entered into a lease
with Interport Logistics, LLC. The lease term commenced on <span id="xdx_90B_ecustom--LeaseCommencementDate_dd_c20210101__20210630__us-gaap--PropertySubjectToOrAvailableForOperatingLeaseAxis__custom--SecondLeaseMember_zwWp5REAZBP" title="Lease commencement date"><ix:nonNumeric contextRef="From2021-01-012021-06-30_custom_SecondLeaseMember" format="ixt:datemonthdayyearen" name="sbev:LeaseCommencementDate">November 11, 2019</ix:nonNumeric></span> and is scheduled to expire on <span id="xdx_907_eus-gaap--LeaseExpirationDate1_dd_c20210101__20210630__us-gaap--PropertySubjectToOrAvailableForOperatingLeaseAxis__custom--SecondLeaseMember_zQLRoQ4A9nX" title="Lease expiration date"><ix:nonNumeric contextRef="From2021-01-012021-06-30_custom_SecondLeaseMember" format="ixt:datemonthdayyearen" name="us-gaap:LeaseExpirationDate1">November 11, 2022</ix:nonNumeric></span>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective May 2019, we entered into a lease in
Mexico. The lease commenced <span id="xdx_906_ecustom--LeaseCommencementDate_dd_c20210101__20210630__us-gaap--PropertySubjectToOrAvailableForOperatingLeaseAxis__custom--ThirdLeaseMember_zqlZS4DPGdJ1" title="Lease commencement date"><ix:nonNumeric contextRef="From2021-01-012021-06-30_custom_ThirdLeaseMember" format="ixt:datemonthdayyearen" name="sbev:LeaseCommencementDate">May 1, 2019</ix:nonNumeric></span> and is scheduled to expire after <span id="xdx_902_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtM_c20210630__us-gaap--PropertySubjectToOrAvailableForOperatingLeaseAxis__custom--ThirdLeaseMember_zQlZXNjuhMo1" title="Operating lease term"><ix:nonNumeric contextRef="AsOf2021-06-30_custom_ThirdLeaseMember" format="ixt-sec:durmonth" name="us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1">24</ix:nonNumeric></span> months, on <span id="xdx_909_eus-gaap--LeaseExpirationDate1_dd_c20210101__20210630__us-gaap--PropertySubjectToOrAvailableForOperatingLeaseAxis__custom--ThirdLeaseMember_zOPYkFuF3ZG7" title="Lease expiration date"><ix:nonNumeric contextRef="From2021-01-012021-06-30_custom_ThirdLeaseMember" format="ixt:datemonthdayyearen" name="us-gaap:LeaseExpirationDate1">April 1, 2021</ix:nonNumeric></span>. We have negotiated a one year lease
term for our Mexican warehouse.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective January 2021, we entered into a lease
agreement for the right to use and occupy office space <span style="border: red 1pt solid">in Sarasota Florida</span>. The lease term commenced <span id="xdx_907_ecustom--LeaseCommencementDate_dd_c20210101__20210630__us-gaap--PropertySubjectToOrAvailableForOperatingLeaseAxis__custom--FourthLeaseMember_zTB3TfubLMDh" title="Lease commencement date"><ix:nonNumeric contextRef="From2021-01-012021-06-30_custom_FourthLeaseMember" format="ixt:datemonthdayyearen" name="sbev:LeaseCommencementDate">January
18, 2021</ix:nonNumeric></span> and is scheduled to expire after <span id="xdx_901_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtM_c20210630__us-gaap--PropertySubjectToOrAvailableForOperatingLeaseAxis__custom--FourthLeaseMember_z9ybRGXKvZFd" title="Operating lease term"><ix:nonNumeric contextRef="AsOf2021-06-30_custom_FourthLeaseMember" format="ixt-sec:durmonth" name="us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1">18</ix:nonNumeric></span>
months, on <span id="xdx_90F_eus-gaap--LeaseExpirationDate1_dd_c20210101__20210630__us-gaap--PropertySubjectToOrAvailableForOperatingLeaseAxis__custom--FourthLeaseMember_zIibmdkS0MUk" title="Lease expiration date"><ix:nonNumeric contextRef="From2021-01-012021-06-30_custom_FourthLeaseMember" format="ixt:datemonthdayyearen" name="us-gaap:LeaseExpirationDate1">July
31, 2022</ix:nonNumeric></span>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective January 2021, we entered into a lease
agreement for the right to use and occupy office and manufacturing space <span style="border: red 1pt solid">located in Miami Florida</span>. The lease term commenced <span id="xdx_902_ecustom--LeaseCommencementDate_dd_c20210101__20210630__us-gaap--PropertySubjectToOrAvailableForOperatingLeaseAxis__custom--FifthLeaseMember_zVxFUIfzwnVe" title="Lease commencement date"><ix:nonNumeric contextRef="From2021-01-012021-06-30_custom_FifthLeaseMember" format="ixt:datemonthdayyearen" name="sbev:LeaseCommencementDate">January
1, 2021</ix:nonNumeric></span> and is scheduled to expire after <span id="xdx_906_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtM_c20210630__us-gaap--PropertySubjectToOrAvailableForOperatingLeaseAxis__custom--FifthLeaseMember_z9tJBhnlBQG1" title="Operating lease term"><ix:nonNumeric contextRef="AsOf2021-06-30_custom_FifthLeaseMember" format="ixt-sec:durmonth" name="us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1">60</ix:nonNumeric></span>
months, on<span id="xdx_901_eus-gaap--LeaseExpirationDate1_dd_c20210101__20210630__us-gaap--PropertySubjectToOrAvailableForOperatingLeaseAxis__custom--FifthLeaseMember_zqr08WhNRZH" title="Lease expiration date"> <ix:nonNumeric contextRef="From2021-01-012021-06-30_custom_FifthLeaseMember" format="ixt:datemonthdayyearen" name="us-gaap:LeaseExpirationDate1">December
31, 2025</ix:nonNumeric></span>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table presents the discounted present value of minimum lease
payments for our office and warehouses to the amounts reported as&#160;<span style="border: red 1pt solid">operating</span> lease liabilities on the consolidated balance sheet at June
30, 2021:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock"><table cellspacing="0" cellpadding="0" id="xdx_89B_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zBmeOOcWXiDg" summary="xdx: Disclosure - Operating Lease Obligations (Details)" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="display: none; vertical-align: bottom">
    <td style="display: none; padding-top: 0pt; font-weight: bold; text-align: left; padding-right: 0pt; padding-left: 10pt; text-indent: -10pt"><span id="xdx_8B0_zaURpKurHa5d" style="display: none">Maturities of lease liabilities</span></td>
    <td style="display: none; padding-bottom: 1pt; font-weight: bold; text-align: center">&#160;</td><td style="display: none; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="3" id="xdx_494_20210630_z7nCuS2KNREl" style="display: none; font-weight: bold; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; padding-top: 0pt; font-weight: bold; text-align: left; padding-right: 0pt; padding-left: 10pt; text-indent: -10pt">Undiscounted Future Minimum Lease Payments</td>
    <td style="padding-bottom: 1pt; font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Operating Lease</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 10pt; text-indent: -10pt">&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40C_eus-gaap--OperatingLeasesFutureMinimumPaymentsDueInTwoYears_iI_pp0p0_maOLFMPzMX5_zPQIJIayWhq" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40D_eus-gaap--OperatingLeasesFutureMinimumPaymentsDueInFourYears_iI_pp0p0_maOLFMPzMX5_zpInFxhyjFNc" style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; text-align: left; padding-right: 0pt; padding-left: 10pt; text-indent: -10pt">2024</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_407_eus-gaap--OperatingLeasesFutureMinimumPaymentsDue_iTI_pp0p0_mtOLFMPzMX5_maOLLzt3z_zqxs89U8YaLh" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40A_ecustom--AmountRepresentingImputedInterest_iNI_pp0p0_di_zx1AjrXmU1ra" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_409_eus-gaap--OperatingLeaseLiability_iI_pp0p0_zJugaQEQK50a" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_404_ecustom--CurrentPortionOfOperatingLeaseLiability_iI_pp0p0_zOz6pCUdLnIg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_402_ecustom--OperatingLeaseLiabilitiesNoncurrent_iI_pp0p0_zQPj9aLYQ2xf" style="vertical-align: bottom; background-color: White">
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  </table>

</ix:nonNumeric><p id="xdx_8A5_zozpUnWNgZue" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span>&#160;&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
table below presents information for lease costs related to our operating leases at June 30, 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</span></p>

<ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:LeaseCostTableTextBlock"><table cellpadding="0" cellspacing="0" id="xdx_898_eus-gaap--LeaseCostTableTextBlock_zxGdop0Tbst8" summary="xdx: Disclosure - Operating Lease Obligations (Details 1)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 20pt; display: none; text-align: left; text-indent: -10pt"><span id="xdx_8B6_zSp13EJKqduc" style="display: none">Lease costs</span></td><td style="display: none">&#160;</td>
    <td style="display: none; text-align: left">&#160;</td><td id="xdx_494_20210101__20210630_zGT8s63rsQhd" style="display: none; text-align: right">&#160;</td><td style="display: none; text-align: left">&#160;</td></tr>
<tr id="xdx_408_eus-gaap--LeaseCostAbstract_iB_zfOMLN2D91mk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: -10pt">Operating lease cost:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--AmortizationOfLeasedAsset_i01_pp0p0_maOLCzZw9_ztnfaiTOQxfl" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 20pt; width: 70%; text-align: left; text-indent: -10pt">Amortization of leased assets</td><td style="width: 10%">&#160;</td>
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  <tr id="xdx_407_eus-gaap--FinanceLeaseInterestExpense_i01_pp0p0_maOLCzZw9_znaQlkpajMGj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -10pt">Interest of lease liabilities</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:FinanceLeaseInterestExpense" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">32,568</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--OperatingLeaseCost_i01T_pp0p0_mtOLCzZw9_zh7mdJMwmvjk" style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt 0pt 0pt 30pt; text-align: left; text-indent: -10pt">Total operating lease cost</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseCost" contextRef="From2021-01-01to2021-06-30" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">190,492</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>


</ix:nonNumeric><p id="xdx_8A0_zk1z7ezAHe3d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;<span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
table below presents lease-related terms and discount rates at June 30, 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="sbev:SummaryOfLeaserelatedTermsAndDiscountRatesTableTextBlock"><table cellspacing="0" cellpadding="0" id="xdx_89D_ecustom--SummaryOfLeaserelatedTermsAndDiscountRatesTableTextBlock_zCslxvyWx4yl" summary="xdx: Disclosure - Operating Lease Obligations (Details 2)" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="display: none; background-color: White">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding: 0pt; display: none; white-space: nowrap; text-indent: 0pt"><span id="xdx_8B8_zbEnRVPqYwH1" style="display: none">Summary of lease-related terms and discount rates</span></td>
    <td style="display: none; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; display: none; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td></tr>
<tr style="background-color: rgb(204,238,255)">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding: 0pt; white-space: nowrap; width: 82%; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">Remaining
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    <td style="white-space: nowrap; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_907_eus-gaap--LesseeOperatingLeaseRemainingLeaseTerm_iI_dtY_c20210630__srt--RangeAxis__srt--MinimumMember_zewfe9dppqB8" title="Remaining term on leases"><ix:nonNumeric contextRef="AsOf2021-06-30_srt_MinimumMember" format="ixt-sec:duryear" name="us-gaap:LesseeOperatingLeaseRemainingLeaseTerm">13</ix:nonNumeric></span>
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  <tr style="background-color: White">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding: 0pt; white-space: nowrap; text-indent: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">Incremented
    borrowing rate</span></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td id="xdx_986_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_dp_c20210630_zILmiCFFlGJh" title="Incremented borrowing rate" style="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5.0</ix:nonFraction>%</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A3_zCkp1EBIRwUf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 28; Value: 1 -->
    <div id="xdx_238_z6ODIKN6WAJe" style="border-bottom: Black 2pt solid; margin-top: 6pt; margin-bottom: 6pt"><p id="xdx_23D_zP3Dc6qPJ5Q2" style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence -->&#160;</p></div>
    <div id="xdx_23C_zCR3RMf07D5f" style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>


<ix:exclude><p id="xdx_23F_zCwIRcIkra5i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Splash
Beverage Group, Inc.</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_238_zx0LIkf97Iv4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Notes
to the Condensed Consolidated Financial Statements</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_238_zIJDtKvEj2yg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:DebtAndCapitalLeasesDisclosuresTextBlock"><p id="xdx_80E_eus-gaap--DebtAndCapitalLeasesDisclosuresTextBlock_zrfZHjD1YVQe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><span style="text-decoration: underline">Note
10 &#8211; <span id="xdx_82C_zoQHwW78YKGg">Line of Credit</span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">At
December 31, 2020 SBG owed $<span id="xdx_900_eus-gaap--LineOfCredit_c20201231_pp0p0" title="Line of credit"><ix:nonFraction name="us-gaap:LineOfCredit" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">68,000</ix:nonFraction></span> to a financial institution under a revolving line of credit. The line of credit is secured
by the assets of SBG is due on demand, and bears interest at variable rates approximately <span id="xdx_90E_eus-gaap--DebtInstrumentInterestRateIncreaseDecrease_dp_c20200101__20201231_z7obYU4WKD89" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateIncreaseDecrease" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6.1</ix:nonFraction></span>% at December 31, 2020. As part of
the acquisition of Copa di Vino the LOC was paid off.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="sbev:PppLoanTextBlock"><p id="xdx_80A_ecustom--PppLoanTextBlock_zAdFGhbJHEM2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><span style="text-decoration: underline">Note
11 &#8211; <span id="xdx_82E_ztyJCcOStuDa">PPP Loan</span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">On
January 30, 2020, the World Health Organization (&#147;WHO&#148;) announced a global health emergency because of a new strain
of coronavirus originating in Wuhan, China (the &#147;COVID-19 outbreak&#148;) and the risks to the international community
as the virus spreads globally beyond the point of origin. On March 20, 2020, the WHO classified the COVID-19 outbreak as a pandemic,
based on the rapid increase in exposure globally.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">In
response to the COVID-19 outbreak in the United States, the CARES Act (the &#147;Act&#148;) was passed by Congress and signed
into law on March 27, 2020. In connection with the CARES Act, the Company and its subsidiary applied for and received loans with
an original aggregate principal balance of approximately $<span id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_c20200327__us-gaap--LongtermDebtTypeAxis__custom--PPPLoanMember_pp0p0" title="Principal balance"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2020-03-27_custom_PPPLoanMember" format="ixt:numunitdecimalin" decimals="0" scale="0" unitRef="USD">158,00</ix:nonFraction></span>0. These loans and interest will be forgiven as long as the funds
are used for qualifying expenditures as outlined in the Act. The loans bear interest at <span id="xdx_905_eus-gaap--DebtInstrumentInterestRateDuringPeriod_dp_c20200301__20200327__us-gaap--LongtermDebtTypeAxis__custom--PPPLoanMember_zoBnozc3taUf" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateDuringPeriod" contextRef="From2020-03-012020-03-27_custom_PPPLoanMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1</ix:nonFraction></span>%, with an <span id="xdx_905_eus-gaap--DebtInstrumentTerm_dtM_c20200301__20200327__us-gaap--LongtermDebtTypeAxis__custom--PPPLoanMember_zaDHuK8nBsfe" title="Term"><ix:nonNumeric contextRef="From2020-03-012020-03-27_custom_PPPLoanMember" format="ixt-sec:durmonth" name="us-gaap:DebtInstrumentTerm">18</ix:nonNumeric></span> month term, and has a 6-month
initial payment deferral. See Note 4.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">In April 2021, we received notification of forgiveness
for the entire outstanding balance.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

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<ix:exclude><p id="xdx_232_z5kOZD24upC5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Notes
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<ix:exclude><p id="xdx_233_zvffce92PCIf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"></span></p></ix:exclude>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
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each reporting period, including evaluating the reporting package reviewed by&#160;the Chief Executive Officer and Chief Financial
Officer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Note:
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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<p id="xdx_8AD_zYPwX0qLlYz8" style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;<span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 30; Value: 1 -->
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<ix:exclude><p id="xdx_231_zSkI3ocoS5Jh" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><ix:exclude><p id="xdx_236_zKoEmGSWs626" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Splash
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<ix:exclude><p id="xdx_23B_zdMPmuVjoiZb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Notes
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<ix:exclude><p id="xdx_233_z0VuSpIHiFkh" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_802_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zw6QQ3I6b3L7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><span style="text-decoration: underline">Note
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We
are a party to asserted claims and are subject to regulatory actions in the ordinary course of business. The results of such proceedings
cannot be predicted with certainty, but we do not anticipate that the outcome, if any, arising out of any such matter will have
a material adverse effect on its business, financial condition or results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><i><span style="text-decoration: underline">Capital
Raise</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90A_ecustom--CapitalRaiseDescription_c20210101__20210630" title="Capital Raise Description"><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" name="sbev:CapitalRaiseDescription">In
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">In
February 2021, we successfully raised the $9 million required.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><i><span style="text-decoration: underline">Stock
Price Guarantee</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We
have a commitment to issue additional shares associated with specific stock price guarantee granted to an investor. The stock price guarantee expired March 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

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<ix:exclude><p id="xdx_230_zgi0UJBP4k1k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p><ix:exclude><p id="xdx_230_zDSPHcmULQcb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Splash
Beverage Group, Inc.</b></span></p></ix:exclude>

<ix:exclude><p id="xdx_233_z4oPM6zaKnvb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Notes
to the Condensed Consolidated Financial Statements</b></span></p></ix:exclude>


<ix:exclude><p id="xdx_234_znUkZ335JH06" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2021-01-01to2021-06-30" escape="true" name="us-gaap:RegistrationPaymentArrangementTextBlock"><p id="xdx_804_eus-gaap--RegistrationPaymentArrangementTextBlock_zsj1SV2SR23j" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span style="text-decoration: underline">Note 14 &#8211; <span id="xdx_82C_zoPmyyCPBpDh">Registration Statement</span></span></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Underwriting Agreement</i></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="border: red 1pt solid">On June 10, 2021,
the Company entered into an underwriting agreement ( &#8220;Underwriting Agreement&#8221;) relating to an underwritten public offering
(the &#8220;Offering&#8221;) of common stock, no par value per share (the &#8220;Common Stock&#8221;) and warrants to purchase one share
of Common Stock (the &#8220;Warrants&#8221;). Pursuant to the Offering, the Company sold 3,750,000 shares of Common Stock and 4,312,500
Warrants, which include 562,500 Warrants sold upon the partial exercise of the Underwriters&#8217; over-allotment, for total gross proceeds
of approximately $15 million. After deducting the underwriting commissions, discounts, and offering expenses payable by the Company,
the Company received net proceeds of approximately $13.2 million.</span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Representative&#8217;s Warrants</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 15, 2021, pursuant to the Underwriting Agreement,
the Company issued the Representative&#8217;s Warrants to purchase up to an aggregate of <span id="xdx_90F_ecustom--NumberOfWarrantsPurchased_c20210601__20210610_znxycwrme29k" title="Number of warrants purchased"><ix:nonFraction name="sbev:NumberOfWarrantsPurchased" contextRef="From2021-06-012021-06-10" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">150,000</ix:nonFraction>
</span>shares of Common Stock. The Representative&#8217;s Warrants may be exercised beginning on December 10, 2021 until June 10, 2026.
The initial exercise price of each Representative Warrant is $<span id="xdx_909_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20210615_zGMajYZXRch3"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2021-06-15" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">4.60</ix:nonFraction>
</span>per share, which represents 115% of the Offering Price.&#160;</p>

</ix:nonNumeric><p id="xdx_81F_zmKsmGFrqkO9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif; text-decoration: none"><b>&#160;&#160;&#160;</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a008_v1"></span>ITEM
2. MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><b><i>Cautionary
Statement Regarding Forward-Looking Statements</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><i>The
information in this discussion may contain forward-looking statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve
risks and uncertainties, including statements regarding our capital needs, business strategy and expectations. Any statements
that are not of historical fact may be deemed to be forward-looking statements. These forward-looking statements involve substantial
risks and uncertainties. In some cases you can identify forward-looking statements by terminology such as &#147;may,&#148; &#147;will,&#148;
&#147;should,&#148; &#147;expect,&#148; &#147;plan,&#148; &#147;intend,&#148; &#147;anticipate,&#148; &#147;believe,&#148;
&#147;estimate,&#148; &#147;predict,&#148; &#147;potential,&#148; or &#147;continue&#148;, the negative of the terms or
other comparable terminology. Actual events or results may differ materially from the anticipated results or other expectations
expressed in the forward-looking statements. In evaluating these statements, you should consider various factors, including the
risks included from time to time in other reports or registration statements filed with the United States Securities and Exchange
Commission. These factors may cause our actual results to differ materially from any forward-looking statements. We disclaim any
obligation to publicly update these statements or disclose any difference between actual results and those reflected in these
statements.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><i>Unless the context
otherwise requires, references in this Form 10-Q to &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; or the &#8220;Company&#8221;
refer to Splash Beverage Group and its subsidiaries.</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The following discussion and analysis should be
read in conjunction with the Condensed Consolidated Financial Statements (unaudited) and Related Notes herewith.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Business
Overview</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Splash Beverage Group (&#8220;SBG&#8221;), f/k/a
Canfield Medical Supply, Inc. (the &#8220;CMS&#8221;), was incorporated in the State of Ohio on September 3, 1992, and changed domicile
to Colorado on April 18, 2012.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">On
December 31, 2019, CMS entered into an Agreement and Plan of Merger (the &#147;Merger Agreement&#148;) with SBG Acquisition
Inc. (&#147;Merger Sub&#148;), a Nevada Corporation wholly-owned by CMS, and Splash Beverage Group, Inc. a Nevada corporation
(&#147;Splash&#148;) pursuant to which Merger Sub merged with and into Splash (the &#147;Merger&#148;) with Splash as the
surviving company and a wholly-owned subsidiary of CMS. The Merger was consummated on March 31, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Prior to the Merger, CMS was in the business of home health services, primarily
the selling of durable medical equipment and medical supplies to the public, nursing homes, hospitals and other end users and the Company
continues to operate the home health supply business as a separate division.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">As
the owners and management of Splash have voting and operating control of CMS following the Merger, the Merger transaction was
accounted for as a reverse acquisition (that is with Splash as the acquiring entity), followed by a recapitalization.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">As
part of the recapitalization, previously issued shares of SBG preferred stock have been reflected as shares of common stock that
were received in the Merger. These common shares have been retrospectively presented as outstanding for all periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Splash
specializes in the manufacturing, distribution, and sales &amp; marketing of various beverages across multiple channels. Splash
operates in both the non-alcoholic and alcoholic beverage segments. Additionally, Splash operates its own vertically integrated
B-to-B and B-to-C E-commerce distribution platform called Qplash, further expanding its distribution abilities and visibility.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">In July, 2020, the Company changes its name from
Canfield Medical Supply, Inc. to Splash Beverage Group, Inc. Our new ticker symbol is SBEV.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">On
December 24, 2020, SBG consummated an Asset Purchase Agreement(the &#147;APA&#148;) with Copa di Vino Corporation (&#147;CdV&#148;),
to purchase certain assets and assume certain liabilities that comprise the Copa di Vino business for a total purchase price of
$5,980,000, payable in the combination of $2,000,000 in cash (&#147;Cash Consideration&#148;), $2,000,000 convertible promissory
note (the &#147;Convertible Note&#148;) to Seller and a variable number of shares of the Company&#146;s common stock based
on a attainment of revenue hurdles. CdV is one of the leading producers of premium wine by the glass in the United States with
its primary offices and facilities in The Dalles, Oregon.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b>Results of Operations
for the Three Months Ended June 30, 2021 compared to Three Months Ended June 30,
2020.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Revenue</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenues for the three months ended June 30, 2021
were $3,287,760 compared to revenues of $412,729 for the three months ended June 30, 2020. The $2,875,031 increase in sales is due to
an increase within our vertically integrated B2B and B2C e-commerce distribution platform called Qplash ($1,430,558). This platform sells
goods on both Amazon and Shopify. In addition, we had increased sales from Copa di Vino Wine Group, Inc., our single-serve wine and Pulpoloco
Sangria businesses ($1,462,000). Cost of goods sold for the three months ended June 30, 2021 were $2,382,707 compared to cost of goods
sold for the three months ended June 30, 2020 of $218,751. The $2,163,956 increase in cost of goods sold for the three-month period ended
June 30, 2021 is primarily due to our increased sales, and as our sales increased, our cost of sales for those sales correspondingly increased.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operating Expenses</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;Operating expenses for the three months ended
June 30, 2021 were $7,612,759 compared to $609,457 for the three months ended June 30, 2020. The $7,003,302 increase in our operating
expenses was primarily a result of recording the warrants issued pursuant to certain private placements conducted by the Company, increased
headcount from the Copa acquisition and the addition of new sales reps, professional fees ($1,446,946) and shipping costs ($557,815).
The net loss for the three months ended June 30, 2021 was $6,761,004 as compared to a net loss of $402,166 for the three months ended
June 30, 2020. The increase in net loss is due to our increase in operating expenses offset by our increase in revenues.&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Interest Expense</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Interest expenses for the three months ended June 30, 2021 were $149,376
compared to $21,854 for the three months ended June 30, 2020. The $127,522 increase in our interest expenses was primarily a result of
additional debt taken on in Q2 2021.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-size: 10pt"><b>Results
of Operations for the Six Months Ended June 30, 2021 compared to Six Months Ended June 30, 2020.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Revenue</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenues for the six months ended June 30, 2021 were
$5,426,684 compared to revenues of $524,732 for the six months ended June 30, 2020. The $4,901,952 increase in sales is due to an increase
within our vertically integrated B2B and B2C e-commerce distribution platform called Qplash ($2,631,737). This platform sells goods on
both Amazon and Shopify. In addition, we had increased sales from Copa di Vino Wine Group, Inc., our single-serve wine and Pulpoloco Sangria
businesses ($2,212,300). Cost of goods sold for the six months ended June 30, 2021 were $4,000,211 compared to cost of goods sold for
the six months ended June 30, 2020 of $325,965. The $3,674,246 increase in cost of goods sold for the six-month period ended June 30,
2021 is primarily due to our increased sales, and as our sales increased, our cost of sales for those sales correspondingly increased.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operating Expenses</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Operating expenses for the six months ended June 30, 2021 were $12,279,421
compared to $2,165,539 for the six months ended June 30, 2020. The $10,113,882 increase in our operating expenses was primarily a result
of recording the warrants issued pursuant to certain private placements conducted by the Company, increased headcount from the Copa acquisition
and the addition of new sales reps, professional fees ($6,666,141) and shipping costs ($882,795). The net loss for the six months ended
June 30, 2021 was $11,241,510 as compared to a net loss of $3,850,945 for the six months ended June 30, 2020. The decrease in net loss
is due to our increase in operating expenses offset by our increase in revenues.&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Interest Expense</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Interest expenses for the six months ended June 30, 2021 were $241,587
compared to $1,935,491 for the six months ended June 30, 2020. The $1,693,904 decrease in our interest expenses was primarily a result
of recording a finance charge of $1,821,426 associated with warrants issued to one of our note holders in Q1 2020 offset by interest expense
recorded in the period.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"><b>LIQUIDITY AND CAPITAL
RESOURCES</b></span><span style="font-size: 8pt">&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Liquidity is the ability of a company to generate
funds to support its current and future operations, satisfy its obligations, and otherwise operate on an ongoing basis. Significant factors
in the management of liquidity are funds generated by operations, levels of accounts receivable and accounts payable and capital expenditures.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of June 30, 2021, we had total cash and cash equivalents of $11,943,753,
as compared with $380,000 at December 31, 2020. The increase is primarily due to cash received from private placements conducted by us
and our S1/A registration statement where we raised $15,000,000.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net cash used for operating activities during the
six months ended June 30, 2021 was $7,664,506 as compared to the net cash used by operating activities for the six months ended June 30,
2020 of $1,783,007. The primary reasons for the change in net cash used is due to losses sustained and increases in inventory, offset
by non-cash expenses relating to warrant expense ($2,010,615) and share-based compensation ($2,100,953).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net cash used for investing activities during the
six months ended June 30, 2021 was $0 as compared to the net cash used by operating activities for the six months ended June 30, 2020
of $154,341. The net cash used in the first quarter of 2020 was primarily due to the $150,000 payment made to SALT Tequila USA.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net cash provided by financing activities during the six months ended June
30, 2021 was $19,468,746 compared to $1,941,018 provided from financing activities for the six months ended June 30, 2020. During the
six months ended June 30, 2021, we received $21,028,065 from investors, which was offset by repayments to shareholders and debt holders
of $1,159,319.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>CONTRACTUAL
OBLIGATIONS</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Minimum
Royalty Payments:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">We have a licensing agreement with ABG TapouT,
LLC (&#8220;TapouT&#8221;). Under the licensing agreement, we have minimum royalty payments to TapouT for the next two years.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.3in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.3in"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">2021&#160;&#160;&#160;&#160;&#160;$594,000</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.3in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.3in"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">2022&#160;&#160;&#160;&#160;&#160;$653,400</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><span style="text-decoration: underline">Inventory
Purchase Commitments</span>:</b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Off-Balance
Sheet Arrangements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We
do not have any off-balance sheet arrangements (as that term is defined in Item 303 of Regulation S-K) that are reasonably likely
to have a current or future material effect on our financial condition, revenue or expenses, results of operations, liquidity,
capital expenditures or capital resources.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a009_v1"></span>ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">Not
required for Smaller Reporting Companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a010_v1"></span>ITEM
4. CONTROLS AND PROCEDURES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.3in; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">(a)</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">Evaluation
of Disclosure Controls and Procedures</span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We
maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our Securities
and Exchange Commission Act of 1934 reports is recorded, processed, summarized, and reported within the time periods specified
in the Securities and Exchange Commission&#146;s rules and forms and that such information is accumulated and communicated to
our management, including our chief executive officer and chief financial officer, as appropriate, to allow for timely decisions
regarding required disclosure. In designing and evaluating the disclosure controls and procedures, we recognize that any controls
and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control
objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls
and procedures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">As further discussed below, we carried out an evaluation,
under the supervision and with the participation of our management, including our chief executive officer and chief financial officer,
of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e)
of the Exchange Act. Based on that evaluation, our chief executive officer and chief financial officer concluded that, because of certain
material weaknesses in our internal control over financial reporting our disclosure controls and procedures as defined in Rule 13a-15(e)
and 15d-15(e) under the Exchange Act were not effective as of March 31, 2021. The material weaknesses relate to the absence of in-house
accounting personnel with the ability to properly account for complex transactions and a lack of separation of duties between accounting
and other functions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We
hired a consulting firm to advise us on technical issues related to U.S. generally accepted accounting principles as related to the
maintenance of our accounting books and records and the preparation of our consolidated financial statements. Although we are
aware of the risks associated with not having dedicated accounting personnel, we are also at an early stage in the development
of our business. We anticipate expanding our accounting functions with dedicated staff and improving our internal accounting procedures
and separation of duties when we can absorb the costs of such expansion and improvement with additional capital resources. In
the meantime, management will continue to observe and assess our internal accounting function and make necessary improvements
whenever they may be required. If our remedial measures are insufficient to address the material weakness, or if additional material
weaknesses or significant deficiencies in our internal control over financial reporting are discovered or occur in the future,
our consolidated financial statements may contain material misstatements, and we could be required to restate our financial results.
In addition, if we are unable to successfully remediate this material weakness and if we are unable to produce accurate and timely
financial statements, our stock price may be adversely affected and we may be unable to maintain compliance with applicable stock
exchange listing requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.3in; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">(b)</span></td><td><span style="font: 10pt Times New Roman, Times, Serif">Changes
in Internal Controls over Financial Reporting</span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">There
has been no change in our internal control over financial reporting identified in connection with the evaluation required by paragraph
(d) of Rules 13a-15 or 15d-15 under the Securities Exchange Act of 1934 that occurred during our most recent fiscal quarter that
has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a011_v1"></span>PART
II &#8211; OTHER INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a012_v1"></span>ITEM
1. LEGAL PROCEEDINGS.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a013_v1"></span>ITEM
1A. RISK FACTORS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b><i>The
COVID-19 pandemic has had, and we expect will continue to have, certain negative impacts on our business and operations, and such
impacts may have a material adverse effect on our business and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
current COVID-19 pandemic has presented a substantial public health and economic challenge around the world and is affecting our
employees, communities and business operations, as well as the global economy and financial markets. The human and economic consequences
of the COVID-19 pandemic as well as the measures being taken by governments, businesses (including the Company and our suppliers,
bottlers/distributors, co-packers and other service providers) and the public at large to limit the COVID-19 pandemic, have and
will, directly and indirectly impact our business and results of operations, including, without limitation, the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0.75pt; width: 0.3in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.3in"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Deteriorating
    economic conditions and financial uncertainties in many of our major markets due to the COVID-19 pandemic, such as increased
    and prolonged unemployment, decreases in per capita income and the level of disposable income, declines in consumer confidence,
    or economic slowdowns or recessions, could affect consumer purchasing power and consumers&#146; ability to purchase our products,
    thereby reducing demand for our products. In addition, public concern among consumers regarding the risk of contracting COVID-19
    may also reduce demand for our products.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0.75pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
    closure of on-premise retailers and other establishments that sell our products as a result of the COVID-19 pandemic may also
    adversely impact our sales and results of operations.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0.75pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Our
    advertising, marketing, promotional, sponsorship and endorsement activities have been, and will continue to be, disrupted
    by reduced opportunities for such activities due to measures taken to limit the spread of the COVID-19 pandemic and the cancellations
    of sporting events, concerts and other events may result in decreased demand for our products. Our product sampling programs,
    which are part of our strategy to develop brand awareness, have been, and will continue to be, disrupted by the COVID-19 pandemic.
    If we are unable to successfully adapt to the changing landscape of advertising, marketing, promotional, sponsorship and endorsement
    opportunities created by the COVID-19 pandemic, our sales, volume growth and overall financial results could be negatively
    affected.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0.75pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Our
    innovation activities, including our ability to introduce new products in certain markets, have been delayed and/or adversely
    impacted by the COVID-19 pandemic. If such innovation activities are disrupted and we continue to delay the launch of new
    products and/or we are unable to secure sufficient distribution levels for such new products, our business and results of
    operations could be adversely affected.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0.75pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Some
    of our suppliers, bottlers/distributors and co-packers may experience plant closures, production slowdowns and disruptions
    in operations as a result of the impact of the COVID-19 pandemic. This could result in a disruption to our operations.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0.75pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We
    may experience delays in the sourcing of certain raw materials as a result of shipping delays due to, among other things,
    additional safety requirements imposed by port authorities, closures of or congestion at ports, reduced availability of commercial
    transportation, border restrictions and capacity constraints.</span></td></tr>
</table>

<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

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<p style="margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0.75pt; width: 0.3in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.3in"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">As
    a result of the COVID-19 pandemic, including related governmental measures, restrictions, directives and guidance, we have
    required most of our office-based employees to work remotely. We may experience reductions in productivity and disruptions
    to our business routines while our remote work policy remains in place. If our employees working remotely do not maintain
    appropriate measures to mitigate potential risks to our technology and operations from information technology-related disruptions,
    we may face cybersecurity threats. Employees of our third-party service providers who are working remotely, with whom we may
    share data, are subject to similar cybersecurity risks.&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0.75pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Governmental
    authorities at the U.S. federal, state and/or municipal level and in certain foreign jurisdictions may increase or impose
    new income taxes, indirect taxes or other taxes or revise interpretations of existing tax rules and regulations as a means
    of financing the costs of stimulus or may take other measures to protect populations and economies from the impact of the
    COVID-19 pandemic. Increases in direct and indirect tax rates could affect our net income, and increases in consumer taxes
    could affect our products&#146; affordability and reduce our sales.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0.75pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">We
    may be required to record significant impairment charges with respect to goodwill or intangible assets whose fair values may
    be negatively affected by the effects of the COVID-19 pandemic.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0.75pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
    financial impact of the COVID-19 pandemic may cause one or more of the financial institutions we do business with to fail
    or default in their obligations to us or to become insolvent or file for bankruptcy, which could cause us to incur significant
    losses and negatively impact our results of operations and financial condition.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0.75pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Actions
    we have taken or may take, or decisions we have made or may make, as a consequence of the COVID-19 pandemic may result in
    negative publicity and the Company becoming a party to litigation claims and/or legal proceedings, which could consume significant
    financial and managerial resources, result in decreased demand for our products and injury to our reputation.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0.75pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font: 10pt Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The
    resumption of normal business operations after the disruptions caused by the COVID-19 pandemic may be delayed or constrained
    by its lingering effects on our suppliers, bottlers/distributors, co-packers, contractors, business partners and other service
    providers.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><b><i>Any
of the negative impacts of the COVID-19 pandemic, including those described above, alone or in combination with others, may have
a material adverse effect on our business, reputation, operating results and/or financial condition. The full extent to which
the COVID-19 pandemic will negatively affect our business, reputation, operating results and/or financial condition will depend
on future developments that are highly uncertain and cannot be predicted, including the scope and duration of the COVID-19 pandemic
and actions taken by governmental authorities and other third parties in response to the COVID-19 pandemic.</i></b></span></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a014_v1"></span>ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a015_v1"></span>ITEM
3. DEFAULTS UPON SENIOR SECURITIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a016_v1"></span>ITEM
4. MINE SAFETY DISCLOSURES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">No
disclosure required.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a017_v1"></span>ITEM
5. OTHER INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">None.</span></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a018_v1"></span>ITEM
6. EXHIBITS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif">(a)
Exhibits required by Item 601 of Regulation S-K.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%"><span style="font: 10pt Times New Roman, Times, Serif"><b>Exhibits</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 3%"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 87%"><span style="font: 10pt Times New Roman, Times, Serif"><b>Description</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">31.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><a href="e2957_ex31-1.htm">Certification of CEO and Principal Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) - Filed herewith electronically</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">31.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><a href="e2957_ex31-2.htm">Certification of CFO and Principal Financial and Accounting Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) - Filed herewith electronically</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">32.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><a href="e2957_ex32-1.htm">Certification of CEO and Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - Filed herewith electronically</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">32.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><a href="e2957_ex32-2.htm">Certification of CFO and Principal Financial and Accounting Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - Filed herewith electronically</a></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">101</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">XBRL
    Exhibits </span></td></tr>
</table>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="a019_v1"></span>SIGNATURES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><b>SPLASH BEVERAGE GROUP, INC.</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 4%"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 46%"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Date:
    August 16, 2021 </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">By:</span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><i>/s/
    Robert Nistico</i></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Robert
    Nistico, Chairman and CEO</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Date:
    August 16, 2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">By:</span></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif"><i>/s/
    Dean Huge</i></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Dean
    Huge, CFO</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">39</p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 2pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>
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{"company-data": {"conformed-name": "SPLASH BEVERAGE GROUP, INC.", "cik": "0001553788", "assigned-sic": "2080", "irs-number": "341720075", "state-of-incorporation": "CO", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "10-Q", "act": "34", "file-number": "001-40471", "film-number": "211178353"}, "business-address": {"street1": "1314 E LAS OLAS BLVD, SUITE 221", "city": "FORT LAUDERDALE", "state": "FL", "zip": "33301", "phone": "954.745.5815"}, "mail-address": {"street1": "1314 E LAS OLAS BLVD, SUITE 221", "city": "FORT LAUDERDALE", "state": "FL", "zip": "33301"}, "former-company": {"former-conformed-name": "Canfield Medical Supply, Inc.", "date-changed": "20120709"}}
U.S.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
10-Q
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
June 30, 2021
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from _______ to _________
Commission
File No.
000-55114
SPLASH BEVERAGE GROUP, INC.
(Exact name of registrant as specified in its charter)
Colorado
34-1720075
(State
    or other jurisdiction of
incorporation or formation)
(I.R.S.
    employer
identification number)
1314 E Las Olas Blvd.
Suite 221
Fort Lauderdale
,
FL
33301
(Address
    of principal executive offices) (Zip code)
(
954
)
745-5815
(
Registrant's telephone number, including area code)
Not
Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities
registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, No par value per share
SBEV
NYSE
American LLC
Warrants to purchase one whole share of common stock at an exercise price of $4.60
SBEV- WT
NYSE
American LLC
Indicate by check mark whether
the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days.
x
Yes
o
No
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
x
Yes
o
No
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer,"
"smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
o
Accelerated filer
o
Non-accelerated Filer
x
Smaller reporting company
x
Emerging growth company
☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
o
Yes
x
No
Check
whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Exchange Act after
the distribution of securities under a plan confirmed by a court.
o
Yes
o
No
As of August 16, 2021, there were
30,481,916
shares of Common Stock issued
and outstanding.
SPLASH BEVERAGE GROUP, INC.
FORM
    10-Q
March
    31, 2020
TABLE
OF CONTENTS
Page
PART I: FINANCIAL INFORMATION
ITEM 1:
FINANCIAL STATEMENTS
1
Condensed Consolidated Balance Sheets
2
Condensed Consolidated Statements of Operations
4
Condensed
    Consolidated Statement of Deficiency in Shareholders' Equity
5
Condensed Consolidated Statements of Cash Flows
7
Notes to the Condensed Consolidated Financial Statements
9
ITEM 2:
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
30
ITEM 3:
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
33
ITEM 4:
CONTROLS AND PROCEDURES
33
PART II: OTHER INFORMATION
ITEM 1
LEGAL PROCEEDINGS
35
ITEM 1A:
RISK FACTORS
35
ITEM 2:
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
37
ITEM 3:
DEFAULTS UPON SENIOR SECURITIES
37
ITEM 4:
MINE SAFETY DISCLOSURES
37
ITEM 5:
OTHER INFORMATION
37
ITEM 6:
EXHIBITS
38
SIGNATURES
39
i
PART
I – FINANCIAL INFORMATION
ITEM
1. FINANCIAL STATEMENTS
Splash
Beverage Group, Inc.
Condensed Consolidated Financial Statements
June 30, 2021
1
Splash
    Beverage Group, Inc.
Condensed
    Consolidated Balance Sheets
June
    30, 2021 and December 31, 2020
(Unaudited)
June 30, 2021
December 31, 2020
Assets
Current assets:
Cash
$
11,943,753
$
380,000
Accounts Receivable, net
775,274
484,858
Prepaid Expenses
37,147
173,414
Inventory, net
1,194,085
798,273
Other receivables
32,102
90,919
Assets from discontinued operations
551,809
316,572
Total current assets
14,534,170
2,244,036
Non-current assets:
Deposits
$
385,874
$
77,686
Goodwill
5,672,823
5,672,823
Investment in Salt Tequila USA, LLC
250,000
250,000
Right of use asset, net
1,190,296
80,479
Quart Vin License, net
204,012
219,512
Property and equipment, net
601,304
681,352
Total non-current assets
8,304,309
6,981,852
Total assets
$
22,838,479
$
9,225,888
Liabilities and
    Stockholders' Equity (Deficiency)
Liabilities:
Current liabilities
Accounts payable and accrued expenses
$
1,238,938
$
1,521,818
Right of use liability – current portion
320,662
57,478
Due to related parties
3,000
368,904
Sales tax payable
8,119
—
Related party notes payable – current portion
1,329,175
1,333,333
Convertible Loan Payable
100,000
100,000
Notes payable, current portion
1,438,000
999,736
Shareholder advances
469,500
—
Accrued interest payable
312,419
442,748
Liabilities from discontinued operations
551,809
591,642
Total current liabilities
5,771,622
5,415,659
2
Long-term Liabilities:
Related party notes payable - noncurrent
—
666,667
Notes payable - noncurrent
1,215,807
1,240,044
Liability to issue shares in APA
1,980,000
1,980,000
Right of use liability - noncurrent
871,161
25,521
Total long-term liabilities
4,066,968
3,912,232
Total liabilities
9,838,590
9,327,891
Common stock, (mezzanine shares)
4,201,761
shares, contingently convertible to notes payable at December 31, 2020
—
9,248,720
Stockholders' equity (deficiency):
Common Stock, $
0.001
par,
150,000,000
shares authorized,
30,481,916
and
21,157,043
shares issued
30,481,916
and
21,157,043
outstanding, at June 30, 2021 and December 31, 2020, respectively
30,482
21,157
Additional paid in capital
85,561,961
52,217,855
Accumulated deficit
(
72,592,554
)
(
61,589,735
)
Total stockholders' equity (deficiency)
12,999,887
(
9,350,724
)
Total liabilities, mezzanine shares and
    stockholders' equity (deficiency)
$
22,838,479
$
9,225,888
The
accompanying notes are an integral part of these condensed consolidated financial statements.
3
Splash Beverage Group, Inc
Condensed
    Consolidated Statements of Operations
For the Three and Six Months Ended June 30, 2021 and June 30, 2020
(Unaudited)
Three months ended June 30,
Six months ended June 30,
2021
2020
2021
2020
Net revenues
$
3,287,760
$
412,729
$
5,426,684
$
524,732
Cost of goods sold
(
2,382,707
)
(
218,751
)
(
4,004,211
)
(
325,965
)
Gross margin
905,053
193,978
1,422,473
198,767
Operating expenses:
Contracted services
190,606
167,894
467,117
405,875
Salary and wages
2,073,530
303,060
4,019,756
544,736
Other general and administrative
5,173,896
115,491
7,575,943
1,167,686
Sales and marketing
174,727
23,012
216,605
47,242
Total operating expenses
7,612,759
609,457
12,279,421
2,165,539
Loss from continuing operations
(
6,707,706
)
(
415,479
)
(
10,856,948
)
(
1,966,772
)
Other income/(expense):
Interest income
1
205
115
16,356
Interest expense
(
149,376
)
(
21,854
)
(
241,587
)
(
1,935,491
)
Gain from debt extinguishment
96,077
34,962
97,396
34,962
Total other income/(expense)
(
53,298
)
13,313
(
144,076
)
(
1,884,173
)
Provision for income taxes
—
—
—
—
Net loss from continuing operations, net of tax
(
6,761,004
)
(
402,166
)
(
11,001,024
)
(
3,850,945
)
Net income from discontinued operations, net of tax
200,404
28,816
240,486
28,816
Net loss
$
(
6,560,600
)
$
(
373,350
)
$
(
10,760,538
)
$
(
3,822,129
)
Loss per share - continuing operations
Basic
(
0.25
)
(
0.02
)
(
0.42
)
(
0.23
)
Dilutive
(
0.25
)
(
0.02
)
(
0.42
)
(
0.23
)
Weighted average number of common shares outstanding - continuing operations
Basic
27,356,918
18,969,568
26,003,605
16,809,392
Dilutive
27,356,918
18,969,568
26,003,605
16,809,392
Earnings per share - discontinued operations
Basic
0.01
0.00
0.01
0.00
Dilutive
0.01
0.00
0.01
0.00
Weighted average number of common shares outstanding - discontinued operations
Basic
27,356,918
18,969,568
26,003,605
16,809,392
Dilutive
30,482,999
19,682,460
29,061,257
17,472,461
The
accompanying notes are an integral part of these condensed consolidated financial statements.
4
Splash Beverage Group, Inc.
Consolidated Statement of
Changes in Deficiency in Stockholders' Equity (Deficit)
For the three and Six months ended June 30, 2021 and 2020
Common Stock
Treasury Stock
Additional
Accumulated
Total Stockholders'
Shares
Amount
Shares
Amount
Paid-In Capital
Deficit
Equity (Deficit)
Balances at December 31, 2019
14,673,796
14,674
45,431
$
(
50,000
)
$
22,124,750
$
(
31,845,506
)
$
(
9,756,083
)
Issuance of common stock for convertible debt
—
—
—
—
145,579
—
145,579
Incremental beneficial conversion for preferred A
—
—
—
—
240,770
(
240,770
)
—
Issuance of warrants on convertible instruments
—
—
—
—
2,486,706
(
828,903
)
1,657,803
Issuance of common stock for services
272,584
273
(
45,431
)
50,000
549,727
—
600,000
Issuance of common stock for acquisition
3,971,067
3,971
—
—
9,169,193
—
9,173,164
Net loss
—
—
—
—
—
(
3,446,630
)
(
3,446,630
)
Balances at March 31, 2020
18,917,447
18,917
0
—
34,716,725
(
36,361,809
)
(
1,626,168
)
Issuance of warrants on convertible instruments
—
—
—
—
77,434
—
77,434
Issuance of common stock for cash
83,304
83
—
—
142,483
—
142,566
Net loss
—
—
—
—
—
(
373,350
)
(
373,350
)
Balances at June 30, 2020
19,000,751
19,001
0
$
—
$
34,936,642
$
(
36,735,159
)
$
(
1,779,518
)
5
Balances at December 31, 2020
21,157,043
21,157
0
$
—
$
52,217,855
$
(
61,589,735
)
$
(
9,350,724
)
Issuance of warrants for services
—
—
—
—
1,186,596
—
1,186,596
Issuance of common stock for services
168,333
168
—
—
730,867
—
731,035
Issuance of common stock and warrants or cash
1,174,476
1,174
—
—
4,529,450
—
4,530,624
Mezzanine shares
4,201,761
4,202
—
—
9,244,519
—
9,248,720
Net loss
—
—
—
—
—
(
4,442,219
)
(
4,442,219
)
Balance at March 31, 2021
26,701,613
26,702
0
$
—
$
67,909,286
$
(
66,031,954
)
$
1,904,003
Issuance of warrants for services
—
—
—
—
1,186,596
—
1,186,596
Issuance of common stock for services
—
—
—
—
1,369,918
—
1,369,918
Issuance of common stock and warrants or cash
3,780,303
3,780
—
—
15,096,160
—
15,099,940
Net loss
—
—
—
—
—
(
6,560,600
)
(
6,560,600
)
Balance at June 30, 2021
30,481,916
30,482
0
$
—
$
85,561,961
$
(
72,592,554
)
$
12,999,887
The
accompanying notes are an integral part of these condensed consolidated financial statements.
6
Splash
    Beverage Group, Inc.
Condensed
    Consolidated Statement Cash Flows
For the Six Months Ended June 30, 2021 and 2020
(Unaudited)
Six months ended
Six months ended
June 30, 2021
June 30, 2020
Net loss
$
(
11,001,024
)
$
(
3,850,945
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
80,048
13,045
ROU asset, net
—
39,684
Gain from debt extinguishment
(
97,396
)
(
34,962
)
Interest on notes payable converted to common stock
—
231,692
Interest expense due to the issuance of warrants
—
1,657,805
Share-based compensation - warrants
2,373,192
—
Share-based compensation
2,100,953
600,000
Other noncash changes
(
283,139
)
(
257,502
)
Changes in working capital items:
Accounts receivable, net
(
732,998
)
(
36,641
)
Inventory, net
(
437,827
)
(
153,804
)
Prepaid expenses and other current assets
195,084
(
16,077
)
Deposits
—
(
39,451
)
Accounts payable and accrued expenses
268,930
(
56,268
)
Royalty payable
—
51,000
Accrued Interest payable
(
130,329
)
40,601
Net cash used in operating activities - continuing operations
(
7,664,506
)
(
1,811,823
)
Net cash from operating activities - discontinued operations
(
240,486
)
28,816
Cash Flows from Investing Activities:
Capital Expenditures
—
(
5,439
)
Proceeds from the sale of fixed assets
—
1,098
Investment in Salt Tequila USA, LLC
—
(
150,000
)
Net cash used in investing activities - continuing operations
—
(
154,341
)
Net cash from investing activities - discontinued operations
—
72,442
Cash Flows from Financing Activities:
Proceeds from issuance of Common stock
19,630,565
1,610,000
Cash advance from shareholder
469,500
288,000
Repayment of cash advance
(
360,870
)
(
120,106
)
Proceeds from issuance of debt
928,000
264,249
Principal repayment of debt
(
1,189,832
)
(
61,248
)
ROU liability, net
(
8,618
)
(
39,877
)
Net cash provided by financing activities - continuing operations
19,468,746
1,941,018
Net cash from financing activities - discontinued operations
—
—
7
Net Change in Cash and Cash Equivalents
11,563,753
76,112
Cash and Cash Equivalents, beginning of year
380,000
42,639
Cash and Cash Equivalents, end of year
$
11,943,753
$
118,751
Supplemental Disclosure of Cash Flow Information:
Cash paid for Interest
$
173,363
$
3,424
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Notes payable and accrued interest converted to common
stock
—
9,248,720
The accompanying notes are an integral
part of these condensed consolidated financial statements.
8
Splash
Beverage Group, Inc.
Notes
to the Condensed Consolidated Financial Statements
Note
1 –
Business Organization and Nature of Operations
Splash
Beverage Group ("SBG"), f/k/a Canfield Medical Supply, Inc. (the "CMS"), was incorporated in the State
of Ohio on September 3, 1992, and changed domicile to Colorado on April 18, 2012. CMS was in the business of home health services,
primarily the selling of durable medical equipment and medical supplies to the public, nursing homes, hospitals and other end
users.
On
December 31, 2019, CMS entered into an Agreement and Plan of Merger (the "Merger Agreement") with SBG Acquisition
Inc. ("Merger Sub"), a Nevada Corporation wholly-owned by CMS, and Splash Beverage Group, Inc. a Nevada corporation
("Splash") pursuant to which Merger Sub merged with and into Splash (the "Merger") with Splash as the
surviving company and a wholly-owned subsidiary of CMS. The Merger was consummated on March 31, 2020.
As
the owners and management of Splash have voting and operating control of CMS following the Merger, the Merger transaction was
accounted for as a reverse acquisition (that is with Splash as the acquiring entity), followed by a recapitalization.
As
part of the recapitalization, previously issued shares of SBG preferred stock have been reflected as shares of common stock that
were received in the Merger. These common shares have been retrospectively presented as outstanding for all periods.
Splash
specializes in the manufacturing, distribution, and sales & marketing of various beverages across multiple channels. Splash
operates in both the non-alcoholic and alcoholic beverage segments. Additionally, Splash operates its own vertically integrated
B-to-B and B-to-C E-commerce distribution platform called Qplash, further expanding its distribution abilities and visibility.
In July 2020 the Company filed a Certificate
of Amendment of Articles of Incorporation of Canfield Medical Supply, Inc. with the Secretary of State of the State of Colorado, pursuant
to which the Company changed its name from Canfield Medical Supply, Inc. to Splash Beverage Group, Inc.. On July 31, 2020, we received
approval from FINRA to change the Company's name from Canfield Medical Supply, Inc. to Splash Beverage Group, Inc. Our new ticker
symbol is SBEV.
On December 24, 2020, SBG consummated an Asset Purchase
Agreement (the "Copa APA") with Copa di Vino Corporation ("CdV"), to purchase certain assets and assume certain
liabilities that comprise the Copa di Vino business for a total purchase price of $
5,980,000
, payable in the combination of $
2,000,000
in cash ("Cash Consideration"), $
2,000,000
convertible promissory note (the "Convertible Note") to Seller and
a variable number of shares of the Company's common stock based on a attainment of revenue hurdles. CdV is one of the leading producers
of premium wine by the glass in the United States with its primary offices and facilities in The Dalles, Oregon.
On February 2021, Management initiated
a plan to divest its CMS business. As a result, the assets and operations of CMS have been retrospectively reflected as discontinued operations.
In coordination with uplisting to
the NYSE on June 11, 2021 the Company consummated a 1.0 for 3.0 reverse stock split. All common stock shares stated herein have
been adjusted to reflect the split.
9
Splash
Beverage Group, Inc.
Notes
to the Condensed Consolidated Financial Statements
Note
2 –
Summary of Significant Accounting Policies
Basis
of Presentation and Consolidation
These condensed consolidated
financial statements include the accounts of Splash Beverage Group and its wholly owned subsidiaries, Holdings and Splash Mex, CMS
(as discontinued operations), and Copa. All intercompany balances have been eliminated in consolidation.
Our investment in Salt Tequila USA, LLC is accounted
for at cost, as the company does not have the ability to exercise significant influence.
Our accounting and reporting policies conform to accounting
principles generally accepted in the United States of America (GAAP).
The accompanying condensed consolidated financial
statements have been prepared by us without audit. In the opinion of management, all adjustments (which include only normal recurring
adjustments) necessary to present fairly the financial position, results of operations and cash flows for the three and six months ended
June 30, 2021 and 2020 have been made.
Certain information and footnote disclosures normally included in consolidated
financial statements prepared in GAAP have been condensed or omitted. The results of operations for the period ended June 30, 2021 are
not necessarily indicative of the operating results for the full year.
Use of Estimates
The preparation of condensed consolidated
financial statements in conformity with GAAP requires our management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those
estimates.
Cash
Equivalents and Concentration of Cash Balance
We consider all highly liquid securities with an original
maturity of three months or less to be cash equivalents. We had
no
cash equivalents at June 30, 2021 or December 31, 2020.
Our cash in bank deposit accounts, at times, may
exceed federally insured limits of $250,000. At June 30, 2021 we had $
11,115,182
over the federally insured limits.
Note
2 – Summary of Significant Accounting Policies, continued
Accounts Receivable and Allowance for Doubtful
Accounts
Accounts receivable are carried at their estimated
collectible amounts and are periodically evaluated for collectability based on past credit history with clients and other factors. We
establish provisions for losses on accounts receivable on the basis of loss experience, known and inherent risk in the account balance,
and current economic conditions.  At June 30, 2021 and December 31, 2020, our accounts receivable amounts are reflected net of allowances
of $
775,274
and $
484,858
, respectively.
10
Splash
Beverage Group, Inc.
Notes
to the Condensed Consolidated Financial Statements
Inventory
Inventory is stated at the lower of cost or net realizable
value, accounted for using the weighted average cost method. The inventory balances at June 30, 2021 and December 31, 2020 consisted of
raw materials, work-in-process, and finished goods held for distribution. The cost elements of inventory consist of purchase of products,
transportation, and warehousing. We establish provisions for excess or inventory near expiration are based on management's estimates
of forecast turnover of inventories on hand and under contract. A significant change in the timing or level of demand for certain products
as compared to forecast amounts may result in recording additional provisions for excess or expired inventory in the future. Provisions
for excess inventory are included in cost of goods sold and have historically been adequate to provide for losses on inventory. We
manage inventory levels and purchase commitments in an effort to maximize utilization of inventory on hand and under commitments. The
amount of our reserve was $
319,622
and $
366,109
at June 30, 2021 and December 31, 2020, respectively.
Property and Equipment
We record property and equipment at cost when purchased.
Depreciation is recorded for property, equipment, and software using the straight-line method over the estimated economic useful lives
of assets, which range from
3
-
39
years. Company management reviews the recoverability of all long-lived assets, including the related
useful lives, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset might not be recoverable.
Depreciation expense totaled $
44,465
and $
10,750
for the three months ended
June 30, 2021 and June 30, 2020, respectively. Depreciation expense totaled $
80,048
and $
13,045
for the six months ended June 30, 2021
and June 30, 2020, respectively. Property and equipment as of June 30, 2021 and December 31, 2020 consisted of the following:
June 30, 2021
December 31, 2020
Property and equipment, at cost
2,170,899
843,097
Accumulated depreciation
(
1,569,585
)
(
161,745
)
Property and equipment, net
601,304
681,352
Excise taxes
The Company pays alcohol excise taxes based on product
sales to both the Oregon Liquor Control Commission and to the U.S. Department of the Treasury, Alcohol and Tobacco Tax and Trade Bureau
(TTB). The Company is liable for the taxes upon the removal of product from the Company's warehouse on a per gallon basis. The federal
tax rate is affected by a small winery tax credit provision which decreases based upon the number of gallons of wine production in a year
rather than the quantity sold.
Paycheck Protection Program
The Company records Paycheck Protection Program ("PPP") loan
proceeds in accordance with Accounting Standards Codification ("ASC") 470, Debt. Debt is extinguished when either the debtor
pays the creditor or the debtor is legally released from being the primary obligor, either judicially or by the creditor. See note 11.
11
Splash
Beverage Group, Inc.
Notes
to the Condensed Consolidated Financial Statements
Note
2 – Summary of Significant Accounting Policies, continued
Fair
Value of Financial Instruments
Financial
Accounting Standards ("FASB") guidance specifies a hierarchy of valuation techniques based on whether the inputs to
those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources,
while unobservable inputs reflect market assumptions. The hierarchy gives the highest priority to unadjusted quoted prices in
active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level
3 measurement). The three levels of the fair value hierarchy are as follows:
Level
    1 -
Unadjusted
    quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at
    the measurement date. Level 1 primarily consists of financial instruments whose value is based on quoted market prices such
    as exchange-traded instruments and listed equities.
Level
    2 -
Inputs
    other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly
    (e.g., quoted prices of similar assets or liabilities in active markets, or quoted prices for identical or similar assets
    or liabilities in markets that are not active).
Level
    3 -
Unobservable
    inputs for the asset or liability. Financial instruments are considered Level 3 when their fair values are determined using
    pricing models, discounted cash flows or similar techniques and at least one significant model assumption or input is unobservable.
The
liabilities and indebtedness presented on the consolidated financial statements approximate fair values at June 30, 2021 and
December 31, 2020, consistent with recent negotiations of notes payable and due to the short duration of maturities.
12
Splash
Beverage Group, Inc.
Notes
to the Condensed Consolidated Financial Statements
Note
2 – Summary of Significant Accounting Policies, continued
Revenue
Recognition
We
recognize revenue under ASC 606, Revenue from Contracts with Customers (Topic 606). This guidance sets forth a five-step model
which depicts the recognition of revenue in an amount that reflects what we expect to receive in exchange for the transfer of
goods or services to customers.
We
recognize revenue when our performance obligations under the terms of a contract with the customer are satisfied. Product sales
occur once control of our products is transferred upon delivery to the customer. Revenue is measured as the amount of consideration
that we expect to receive in exchange for transferring goods and is presented net of provisions for customer returns and allowances.
The amount of consideration we receive and revenue we recognize varies with changes in customer incentives we offer to our customers
and their customers. Sales taxes and other similar taxes are excluded from revenue.
Distribution
expenses to transport our products, where applicable, and warehousing expense after manufacture are accounted for within operating
expenses.
Cost
of Goods Sold
Cost
of goods sold include the costs of products, packaging, transportation, warehousing, and costs associated with valuation allowances
for expired, damaged or impaired inventory.
We measure stock-based awards at the grant-date
fair value for employees, directors and consultants and recognizes compensation expense on a straight-line basis over the vesting
period of the award. Determining the appropriate fair value of stock-based awards requires the input of subjective assumptions,
including the fair value of our common stock, and for stock options and warrants, the expected life of the option and warrant, and
expected stock price volatility and exercise price. We used the Black-Scholes option pricing model to value its stock-based awards.
The assumptions used in calculating the fair value of stock-based awards represent management's best estimates and involve
inherent uncertainties and the application of management's judgment. As a result, if factors change and management uses
different assumptions, stock-based compensation expense could be materially different for future awards. The expected life of stock
options/warrants were estimated using the "simplified method," which calculates the expected term as the midpoint
between the weighted average time to vesting and the contractual maturity, we have limited historical information to develop
reasonable expectations about future exercise patterns. The simplified method is based on the average of the vesting tranches and
the contractual life of each grant. For stock price volatility, we use comparable public companies as a basis for its expected
volatility to calculate the fair value of award. The risk-free interest rate is based on U.S. Treasury notes with a term
approximating the expected life of the award. The estimation of the number of awards that will ultimately vest requires judgment,
and to the extent actual results or updated estimates differ from the Company's current estimates, such amounts are recognized
as an adjustment in the period in which estimates are revised.
Stock-Based
Compensation
We
account for stock-based compensation in accordance with ASC 718, "
Compensation - Stock Compensation"
.  Under
the fair value recognition provisions, cost is measured at the grant date based on the fair value of the award and is recognized
as expense ratably over the requisite service period, which is generally the option vesting period.  We use the Black-Scholes
option pricing model to determine the fair value of stock options.  We early adopted ASU 2018-07, "Improvements
to Nonemployee Share-Based Payment Accounting", which aligns accounting treatment for such awards to non-employees with
the existing guidance on employee share-based compensation in ASC 718.
Income
Taxes
We
use the liability method of accounting for income taxes as set forth in ASC 740, "
Income Taxes"
.  Under
the liability method, deferred taxes are determined based on the temporary differences between the financial statement and tax
basis of assets and liabilities using tax rates expected to be in effect during the years in which the basis differences reverse.  We
record a valuation allowance when it is not more likely than not that the deferred tax assets will be realized.
Company
management assesses its income tax positions and records tax benefits for all years subject to examination based upon its evaluation
of the facts, circumstances and information available at the reporting date.  In accordance with ASC 740-10, for those
tax positions where there is a greater than 50% likelihood that a tax benefit will be sustained, our policy is to record the largest
amount of tax benefit that is more likely than not to be realized upon ultimate settlement with a taxing authority that has full
knowledge of all relevant information.
For
those income tax positions where there is less than 50% likelihood that a tax benefit will be sustained, no tax benefit will be
recognized in the financial statements. Company management has determined that there are
no
material uncertain tax positions at
June 30, 2021 and December 31, 2020.
13
Splash
Beverage Group, Inc.
Notes
to the Condensed Consolidated Financial Statements
Note
2 – Summary of Significant Accounting Policies, continued
Net income (loss) per share
The net income (loss) per share is computed by
dividing the net income (loss) by the weighted average number of shares of common outstanding. Warrants, stock options, and common stock
issuable upon the conversion of the Company's convertible debt or preferred stock (if any), are not included in the computation
if the effect would be anti-dilutive.
Numerator
2021
2020
Net loss from continuing applicable to common shareholders
$
(
11,001,024
)
$
(
402,166
)
Net loss from discontinued applicable to common shareholders
$
240,486
$
28,816
Denominator
Weighted average number of common shares outstanding
Basic
26,003,605
16,809,392
Dilutive
26,003,605
16,809,392
Net loss per share from continuing operations
Basic
(
0.42
)
(
0.23
)
Dilutive
(
0.42
)
(
0.23
)
Net income per share from discontinued operations
Basic
0.01
0.00
Dilutive
0.01
0.00
Weighted
average number of shares outstanding excludes anti-dilutive common stock equivalents, including warrants to purchase
3
million
shares of common stock for nominal consideration.
The weighted average number of common
shares calculation excludes 10,068,836 warrants which have been granted by our Board but have not been exercised.
Advertising
We conduct advertising for the promotion of our products. In accordance
with ASC 720-35, advertising costs are charged to operations when incurred. We recorded advertising expense of $
150,753
and $
23,962
.11
for the three-months ended June 30, 2021 and 2020, respectively. We recorded advertising expense of $
198,538
and $
46,768
.45 for the six-months
ended June 30, 2021 and 2020, respectively.
Goodwill
Goodwill represents the excess of acquisition
cost over the fair value of the net assets acquired and is not subject to amortization. The Company reviews goodwill annually in the
fourth quarter for impairment or when circumstances indicate carrying value may exceed the fair value. This evaluation is performed at
the reporting unit level. If a qualitative assessment indicates that it is more likely than not that the fair value is less than carrying
value, a quantitative analysis is completed using either the income or market approach, or a combination of both. The income approach
estimates fair value based on expected discounted future cash flows, while the market approach uses comparable public companies and transactions
to develop metrics to be applied to historical and expected future operating results. At December 31, 2020, our management determined
that an impairment charge of approximately $9.5 million, was necessary to reduce the goodwill relating to our Medical Device Segment.
The impairment charge was primarily related to the net cash flow projection of that business unit.
14
Splash
Beverage Group, Inc.
Notes
to the Condensed Consolidated Financial Statements
Long-lived
assets
The
Company evaluates long-lived assets for impairment on an annual basis, when relocating or closing a facility, or when events or
changes in circumstances may indicate the carrying amount of the asset group, generally an individual warehouse, may not be fully
recoverable. For asset groups held and used, including warehouses to be relocated, the carrying value of the asset group is considered
recoverable when the estimated future undiscounted cash flows generated from the use and eventual disposition of the asset group
exceed the respective carrying value. In the event that the carrying value is not considered recoverable, an impairment loss is
recognized for the asset group to be held and used equal to the excess of the carrying value above the estimated fair value of
the asset group. For asset groups classified as held-for-sale (disposal group), the carrying value is compared to the disposal
group's fair value less costs to sell. The Company estimates fair value by obtaining market appraisals from third party
brokers or using other valuation techniques.
Recent
Accounting Pronouncements
In
June 2016, that FASB issued ASU 2016-13, "
Financial Instruments – Credit Losses
" (Topic 326). This ASU
provides financial statement users with more decision-useful information about the expected credit losses on financial instruments
and other commitments to extend credit held by a reporting entity at each reporting date.
Management
is currently assessing the new standard but does not believe that it would have a material effect.
Management
does not believe that any other recently issued, but not yet effective, accounting standards could have a material effect on the
accompanying financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under
the circumstances.
Note
3 –
Liquidity, Capital Resources and Going Concern Considerations
At December 31, 2020, the Company had liabilities
in excess of assets in the amount of approximately $9.4 million. During the six month period of 2021, the Company received approximately
$19.6 million from the proceeds from the issuance common stock. These events served to mitigate the conditions that historically raised
substantial doubt about the Company's ability to continue as a going concern.
Based on this analysis the Company concluded it has
the ability to continue as a going concern for at least the next 12 months.
15
Splash
Beverage Group, Inc.
Notes
to the Condensed Consolidated Financial Statements
Note
4 –
Notes Payable, Related Party Notes Payable, Convertible Bridge Loans Payable, Revenue Financing Arrangements and Bridge Loan Payable
Notes
payable are generally nonrecourse and secured by all Company owned assets.
Interest Rate
June 30, 2021
December 31, 2020
Notes Payable
In February 2014, we entered into a 12-month term loan agreement with an individual in the amount of $
200,000
. The note included warrants for
22,049
shares of common stock at $
2.19
per share. The warrants expired on
February 28, 2017
and none were exercised at that date. The note was paid all in Q2 2021.
15
%
—
150,000
In March 2014, we entered into a short-term loan agreement with an entity in the amount of $
200,000
. The note included warrants for
90,161
shares of common stock at $
2.82
per share. The warrants expired on
February 28, 2017
and none were exercised at that date. The loan matured and remains in default.
8
%
200,000
200,000
In May 2020, we entered into a two year loan with the
    SBA under the Paycheck Protection Program established by the CARES Act in the amount of $
94,833
.
    The note requires monthly payments of principal and interest starting in December 2020 and maturing in May 2021. We received 100%
    forgiveness in Q2 2021. See note 13.
1
%
—
89,612
In June 2020, we entered into a six-month loan with an individual in the amount of $
100,000
. The loan matures in December 2020 with principal and interest due at maturity.
12
%
—
100,000
In August 2020, we entered into a nine-month loan with a company in the amount of $
112,000
. The loan requires 9 amortized payments of principal and interest in the amount of $
12,246
with the final payment due September 2020.
4.8
%
—
62,719
Notes payable for license agreements due in 36 monthly payments of $
10,000
, interest imputed at 10%, maturing in July 2021.
10.0
%
10,000
59,212
In December 2020, we entered into a 56 month loan with a company in the amount of $
1,578,237
. The loan requires payments of 3.75% of the previous months revenue.
Various
1,515,807
1,578,237
In April 2021, we entered into a six-month loan with an individual in the amount of $
84,000
. The loan matures in October 2021 with principal and interest due at maturity.
7
%
84,000
—
16
In April 2021, we entered into a six-month loan with a individual in the amount of $
84,000
. The loan matures in October 2021 with principal and interest due at maturity.
7
%
84,000
—
In May 2021, we entered into a six-month loan with a individual in the amount of $
50,000
. The loan matures in October 2021 with principal and interest due at maturity.
7
%
50,000
—
In May 2021, we entered into a six-month loan with a individual in the amount of $
500,000
. The loan matures in October 2021 with principal and interest due at maturity.
7
%
500,000
—
In May 2021, we entered into a six-month loan with a individual in the amount of $
10,000
. The loan matures in October 2021 with principal and interest due at maturity.
7
%
10,000
—
In May 2021, we entered into a six-month loan with a individual in the amount of $
200,000
. The loan matures in October 2021 with principal and interest due at maturity.
7
%
200,000
—
Total notes payable
$
2,653,807
$
2,239,780
Less current portion
(
1,438,000
)
(
999,736
)
Long-term notes payable
$
1,215,807
$
1,240,044
Interest expense on notes payable was $
133,702
and $
10,429
for the three months ended June 30, 2021 and 2020, respectively.
Interest expense on notes payable was $
203,236
and $
59,859
for the six months ended June 30, 2021 and 2020, respectively. Accrued interest was $
125,205
at June 30, 2021
17
Splash
Beverage Group, Inc.
Notes
to the Condensed Consolidated Financial Statements
Note
4 – Notes Payable, Related Party Notes Payable, Convertible Bridge Loans Payable, Revenue Financing Arrangements and Bridge
Loan Payable, continued
Interest Rate
June 30, 2021
December 31, 2020
Related Parties Notes Payable
In December 2020, we entered into a 18 month loan with an individual in the amount of $
2,000,000
. The loan requires 18 monthly amortized payments of principal and interest in the amount of $
114,444
with the final payment due June 2022.
2.0
%
1,329,175
2,000,000
Less current portion
(
1,329,175
)
(
1,333,333
)
Long-term notes payable
$
(
0
)
$
666,667
Interest expense on related party notes payable
was $
7,804
and $
0
for the three months ended June 30, 2021 and 2020, respectively. Interest expense on related party notes payable was $
15,839
and $
0
for the six months ended June 30, 2021 and 2020, respectively. Accrued interest was $
0
as of June 30, 2021.
18
Splash
Beverage Group, Inc.
Notes
to the Condensed Consolidated Financial Statements
Note
4 – Notes Payable, Related Party Notes Payable, Convertible Bridge Loans Payable, Revenue Financing Arrangements and Bridge
Loan Payable, continued
Interest Rate
June 30, 2021
December 31, 2020
Convertible Bridge Loans Payable
In May 2015, we entered into a 3-month term loan agreement with an individual in the amount of $
100,000
. The annual interest rate for this bridge loan was 32% for the first 90 days, and
4
% thereafter, compounded monthly.
See left
$
100,000
$
100,000
19
Splash
Beverage Group, Inc.
Notes
to the Condensed Consolidated Financial Statements
Note
4 – Notes Payable, Related Party Notes Payable, Convertible Bridge Loans Payable, Revenue Financing Arrangements and Bridge
Loan Payable, continued
Interest expense on the convertible bridge loans payable
was $
8,000
and $
8,000
for the three months ended June 30, 2021 and 2020, respectively. Interest expense on the convertible bridge loans
payable was $
16,000
and $
101,785
for the three months ended June 30, 2021 and 2020, respectively.
Accrued interest was $
187,215
at June 30, 2021.
On April 24, 2017, a note holder filed a complaint
against the Company for a promissory note in default. The note holder is requesting summary judgment in the amount of $
287,215
.
20
Splash
Beverage Group, Inc.
Notes
to the Condensed Consolidated Financial Statements
Note 5 –
Licensing Agreement and Royalty
Payable
We have a licensing agreement with ABG TapouT, LLC
("TapouT"), providing us with licensing rights to the brand "TapouT" on energy drinks, energy shots, water, teas
and sports drinks for beverages sold in the United States of America, its territories, possessions, U.S. military bases and Mexico. Under
the terms of the agreement, we are required to pay a 6% royalty on net sales, as defined. In 2021 and 2020, we are required to make monthly
payments of $
49,500
and $
45,000
, respectively.
There were no unpaid royalties at June 30, 2021.
We paid the guaranteed minimum royalty payments of $
297,000
and $
270,000
for the six-months ended June 30, 2021 and 2020, which is included
in general and administrative expenses.
In connection with the Copa APA, we acquired the license
to certain patents from 1/4 Vin SARL ("1/4 Vin") On February 16, 2018, the Copa di Vino entered into three separate license
agreements with 1/4 Vin SARL, (1/4 Vin). 1/4 Vin has the right to license certain patents and patent applications relating to inventions,
systems, and methods used in the Company's manufacturing process. In exchange for notes payable, 1/4 Vin granted the Company a nonexclusive,
royalty-bearing, non-assignable, nontransferable, terminable license which would continue until the subject equipment is no longer in
service or the patents expire. Amortization is approximately $31,000 annually until the license agreement is fully amortized. The
asset is being amortized over a
10
-year useful life.
Note 6 –
Stockholders'
Equity (Deficiency)
Common Stock
At March 31, 2020, we issued
272,584
shares of common stock in exchange for services provided to us. The shares were valued at $
2.19
per share. We recognized share-based compensation expense of $
600,000
,
which is classified within the other general and administrative line on the Statement of Operations. At March 31, 2021, we issued
168,333
shares of common stock in exchange for services provided to us. The shares were valued at a fair market value stock price based on
the agreement date. We recognized share-based compensation expense of $
2,100,953
,
which is classified within the other general and administrative line on the Statement of Operations.
21
Splash
Beverage Group, Inc.
Notes
to the Condensed Consolidated Financial Statements
Note
6 – Deficiency in Stockholders' Equity, continued
Private
Placement Memorandum (PPM)
In July 2020, the Board of Directors
has determined that it is in the best interests of the Corporation and its stockholders to obtain working capital by conducting a private
placement offering of
930,303
shares of the common stock and 650,000 warrants to purchase common stock of the Company, $0.001 par value
per share at a purchase price of $3.30 per share for aggregate gross proceeds of $
3,070,000
.
In
January 2021, the Board of Directors approved
a private placement offering of
1,212,121
shares
of the common stock of the Company, $
0.001
value
per share at a purchase price of $
3.30
per
share for aggregate gross proceeds of $
4,000,000
("PPM"). As part of the PPM, each purchaser received a warrant to purchase one share for every two shares
purchased. In February 2021, we completed our PPM by issuing a total of
1,212,355
of
shares and 606,179 warrants receiving gross proceeds of $
4,000,771
.
Stock
Plans
2012 Plan
On May 2012, the Board adopted
the 2012 Stock Incentive Plan (the "2012 Plan"), which provided for the grant of Incentive Stock Options, Non-Qualified Stock
Options, Restricted Stock Awards, Restricted Stock Units and Stock Appreciation Rights to eligible recipients. The total number of shares
that may be issued under the 2012 plan was
1,362,920
.
The Board previously granted
options to purchase
885,897
shares of common stock, which were exercised prior to 2019. In December, 2019, the Board granted options to
purchase
374,804
shares to certain employees and consultants at an exercise price of $2.20.
Concurrently with the consummation
of the Merger, the outstanding options to purchase
374,803
shares were cancelled and replaced with warrants to purchase
374,804
shares
at an exercise price of $
2.20
, and the 2012 Plan was retired.
2020 Plan
On August 2020, the Board adopted
the 2020 Stock Incentive Plan (the "2020 Plan"), which provides for the grant of Options, Restricted Stock Awards, Stock Appreciation
Rights, Performance Units and Performance Bonuses to consultants and eligible recipients. The total number of shares that may be issued
under the 2020 plan was
2,313,133
.
No awards have been granted under the 2020 Plan.
Warrants
The total amount of outstanding warrants are summarized
below:
[A]
454,064
[B]
124,162
[C]
908,129
[D]
650,000
[E]
606,179
[F]
374,803
[G]
1,884,833
[H]
833,333
[I]
333,333
[J]
3,900,000
Total
10,068,836
[A]
Warrant Issuance-Series A Convertible Preferred Stock
As an incentive to convert their Series A preferred
stock, in March 2020, we issued
333,333
new warrants to the holders of our Series A preferred stock to purchase shares of SBG common stock. Concurrently with the consummation
of the Merger, these warrants were exchanged for warrants to purchase
454,064
of Splash Beverage Group, Inc. shares all of which were outstanding as of June 30, 2021. These warrants have a
3
-year
term and expire March 2023.
[B]
Warrant Issuance-Series B Convertible Preferred Stock
As part of the sale and issuance of
1,777,892
shares of our Series B Convertible Preferred Stock, we issued 888,946 warrants to purchase shares our common stock. The warrants
have a
5
-year
term and at June 30, 2021, there are
124,162
warrants
outstanding.
22
Splash
Beverage Group, Inc.
Notes
to the Condensed Consolidated Financial Statements
[C]
Warrant Issuance-GMA
Bridge Holdings, LLC
Consulting
Services
We issued
454,307
warrants to purchase shares of our common stock as part of our consulting agreement with GMA
Bridge
Holdings, LLC ("GMA)
, at December 31, 2019. These warrants subsequently were exchanged for 908,615 warrants in March
2020 as an incentive for GMA to convert indebtedness and accrued interest into shares of our common stock. At June 30, 2021 all
908,615
warrants remain outstanding.
[D] We issued
650,000
warrants to purchase common stock of the Company
in connection with the
July 2020 private placement
offering of 930,303 shares of common stock
[E] We issued
606,179 warrants to purchase common stock of the Company in connection with the
January 2021
private placement offering of 1,212,121 shares of common stock.
[F] We issued 374,803 warrants to purchase common stock, as a replacement
of cancelled outstanding options concurrent with the March 2020 Merger
23
Splash
Beverage Group, Inc.
Notes
to the Condensed Consolidated Financial Statements
[G] In December 2020 we granted 1,884,833 warrants
to purchase common stock of the Company to employees, consultants and directors. These warrants vest over three years
[H] In December 2020 we granted 833,333 warrants to
purchase common stock of the Company to our board of directors. These warrants vest over two - three years
[I] In May 2021 we granted 333,333 warrants to purchase
common stock of the Company to a director. These warrants vest, equally, over three years
[J] We issued 3,750,000 warrants to purchase common stock of the Company
in connection with the June 2021 underwritten public offering of 3,750,000 shares of common stock, in addition to 150,000 warrants to
purchase common stock of the Company to the representative underwriter.
Shareholder
Advances and Liability to Issue Stock and Warrants
During the first quarter of
2021, we entered into a marketing agreement with a consultant, to be paid by issuance of
150,000
shares of common stock of the company.
The liability was measured at $
214,500
, the value of the Company's common stock at the date of the agreement.
During the first quarter of
2021, the Company received $
245,000
pursuant to subscription agreements for the issuance of
81,667
shares of common stock and warrants
to purchase
40,833
shares of common stock.
We have an agreement with a consultant, to be paid by the issuance of 3,333
shares of common stock of the company. The liability was measured at $
10,000
, the value of the company's common stock at the date
we became obligated to issue the shares.
Note 7 –
Related Parties
During the normal course of business, we incurred
expenses related to services provided by our CEO or Company expenses paid by our CEO, resulting in related party payables, net of $
0
at
June 30, 2021. The related party payable to the CEO bears no interest payable and is due on demand. We also assumed a $50,000 note for
the President of WesBev, who is the majority shareholder of SBG.
There are related party notes payable of $
1.3
million outstanding as of June 30, 2021 as discussed in Note 4.
Note
8 –
Investment in Salt Tequila USA, LLC
The Company has a marketing
and distribution agreement with SALT in Mexico for the manufacturing of our Tequila product line.
The Company has a
22.5
% percentage interest in SALT
Tequila USA, LLC ("SALT"), and has the right to increase its ownership to
37.5
%.
24
Splash
Beverage Group, Inc.
Notes
to the Condensed Consolidated Financial Statements
Note
9 –
Operating Lease Obligations
Effective July 2018, we entered into a lease agreement
for the right to use and occupy office space. The lease term commenced
July 1, 2018
and is scheduled to expire after
36
months, on
June
30, 2021
. We renewed the lease under the same terms.
Effective November 2019, we entered into a lease
with Interport Logistics, LLC. The lease term commenced on
November 11, 2019
and is scheduled to expire on
November 11, 2022
.
Effective May 2019, we entered into a lease in
Mexico. The lease commenced
May 1, 2019
and is scheduled to expire after
24
months, on
April 1, 2021
. We have negotiated a one year lease
term for our Mexican warehouse.
Effective January 2021, we entered into a lease
agreement for the right to use and occupy office space
in Sarasota Florida
. The lease term commenced
January
18, 2021
and is scheduled to expire after
18
months, on
July
31, 2022
.
Effective January 2021, we entered into a lease
agreement for the right to use and occupy office and manufacturing space
located in Miami Florida
. The lease term commenced
January
1, 2021
and is scheduled to expire after
60
months, on
December
31, 2025
.
The following table presents the discounted present value of minimum lease
payments for our office and warehouses to the amounts reported as
operating
lease liabilities on the consolidated balance sheet at June
30, 2021:
Undiscounted Future Minimum Lease Payments
Operating Lease
2021 (six months)
$
178,592
2022
342,273
2023
276,318
2024
265,493
2025
252,000
Total
1,314,676
Amount representing imputed interest
(
122,853
)
Total operating lease liability
1,191,823
Current portion of operating lease liability
320,662
Operating lease liability, non-current
$
871,161
The
table below presents information for lease costs related to our operating leases at June 30, 2021:
Operating lease cost:
Amortization of leased assets
$
157,923
Interest of lease liabilities
32,568
Total operating lease cost
$
190,492
The
table below presents lease-related terms and discount rates at June 30, 2021:
Remaining
    term on leases
13
to months
54
Incremented
    borrowing rate
5.0
%
25
Splash
Beverage Group, Inc.
Notes
to the Condensed Consolidated Financial Statements
Note
10 –
Line of Credit
At
December 31, 2020 SBG owed $
68,000
to a financial institution under a revolving line of credit. The line of credit is secured
by the assets of SBG is due on demand, and bears interest at variable rates approximately
6.1
% at December 31, 2020. As part of
the acquisition of Copa di Vino the LOC was paid off.
Note
11 –
PPP Loan
On
January 30, 2020, the World Health Organization ("WHO") announced a global health emergency because of a new strain
of coronavirus originating in Wuhan, China (the "COVID-19 outbreak") and the risks to the international community
as the virus spreads globally beyond the point of origin. On March 20, 2020, the WHO classified the COVID-19 outbreak as a pandemic,
based on the rapid increase in exposure globally.
In
response to the COVID-19 outbreak in the United States, the CARES Act (the "Act") was passed by Congress and signed
into law on March 27, 2020. In connection with the CARES Act, the Company and its subsidiary applied for and received loans with
an original aggregate principal balance of approximately $
158,00
0. These loans and interest will be forgiven as long as the funds
are used for qualifying expenditures as outlined in the Act. The loans bear interest at
1
%, with an
18
month term, and has a 6-month
initial payment deferral. See Note 4.
In April 2021, we received notification of forgiveness
for the entire outstanding balance.
26
Splash
Beverage Group, Inc.
Notes
to the Condensed Consolidated Financial Statements
Note
12 –
Segment Reporting
The
Company evaluates segment reporting in accordance with the FASB Accounting Standards Codification Topic 280, Segment Reporting,
each reporting period, including evaluating the reporting package reviewed by the Chief Executive Officer and Chief Financial
Officer.
Note:
The Copa di Vino business is included in our Splash Beverage Group segment.
Three-Months Ended
Six-Months Ended
Revenue
Q2 2021
Q2 2020
Q2 2021
Q2 2020
Splash Beverage Group
1,565,865
121,392
2,391,608
121,392
E-Commerce
1,721,895
291,337
3,035,077
403,340
Total Revenues continuing operations
3,287,760
412,729
5,426,684
524,732
Total Revenues discontinued operations
369,442
199,579
648,219
199,579
Total assets
2021
2020
Splash Beverage Group
21,547,558
8,403,670
E-Commerce
739,112
505,646
Medical Devices - Discontinued
551,809
316,572
Total Assets
22,838,479
9,225,888
27
Splash
Beverage Group, Inc.
Notes
to the Condensed Consolidated Financial Statements
Note
13 –
Commitment and Contingencies
We
are a party to asserted claims and are subject to regulatory actions in the ordinary course of business. The results of such proceedings
cannot be predicted with certainty, but we do not anticipate that the outcome, if any, arising out of any such matter will have
a material adverse effect on its business, financial condition or results of operations.
Capital
Raise
In
connection with the CMS merger we were committed to our previous preferred stock and debt holders to raise $9 million in a secondary
IPO or debt, as defined in the agreements.
In
February 2021, we successfully raised the $9 million required.
Stock
Price Guarantee
We
have a commitment to issue additional shares associated with specific stock price guarantee granted to an investor. The stock price guarantee expired March 2021.
28
Splash
Beverage Group, Inc.
Notes
to the Condensed Consolidated Financial Statements
Note 14 –
Registration Statement
Underwriting Agreement
On June 10, 2021,
the Company entered into an underwriting agreement ( "Underwriting Agreement") relating to an underwritten public offering
(the "Offering") of common stock, no par value per share (the "Common Stock") and warrants to purchase one share
of Common Stock (the "Warrants"). Pursuant to the Offering, the Company sold 3,750,000 shares of Common Stock and 4,312,500
Warrants, which include 562,500 Warrants sold upon the partial exercise of the Underwriters' over-allotment, for total gross proceeds
of approximately $15 million. After deducting the underwriting commissions, discounts, and offering expenses payable by the Company,
the Company received net proceeds of approximately $13.2 million.
Representative's Warrants
On June 15, 2021, pursuant to the Underwriting Agreement,
the Company issued the Representative's Warrants to purchase up to an aggregate of
150,000
shares of Common Stock. The Representative's Warrants may be exercised beginning on December 10, 2021 until June 10, 2026.
The initial exercise price of each Representative Warrant is $
4.60
per share, which represents 115% of the Offering Price.
29
ITEM
2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Cautionary
Statement Regarding Forward-Looking Statements
The
information in this discussion may contain forward-looking statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve
risks and uncertainties, including statements regarding our capital needs, business strategy and expectations. Any statements
that are not of historical fact may be deemed to be forward-looking statements. These forward-looking statements involve substantial
risks and uncertainties. In some cases you can identify forward-looking statements by terminology such as "may," "will,"
"should," "expect," "plan," "intend," "anticipate," "believe,"
"estimate," "predict," "potential," or "continue", the negative of the terms or
other comparable terminology. Actual events or results may differ materially from the anticipated results or other expectations
expressed in the forward-looking statements. In evaluating these statements, you should consider various factors, including the
risks included from time to time in other reports or registration statements filed with the United States Securities and Exchange
Commission. These factors may cause our actual results to differ materially from any forward-looking statements. We disclaim any
obligation to publicly update these statements or disclose any difference between actual results and those reflected in these
statements.
Unless the context
otherwise requires, references in this Form 10-Q to "we," "us," "our," or the "Company"
refer to Splash Beverage Group and its subsidiaries.
The following discussion and analysis should be
read in conjunction with the Condensed Consolidated Financial Statements (unaudited) and Related Notes herewith.
Business
Overview
Splash Beverage Group ("SBG"), f/k/a
Canfield Medical Supply, Inc. (the "CMS"), was incorporated in the State of Ohio on September 3, 1992, and changed domicile
to Colorado on April 18, 2012.
On
December 31, 2019, CMS entered into an Agreement and Plan of Merger (the "Merger Agreement") with SBG Acquisition
Inc. ("Merger Sub"), a Nevada Corporation wholly-owned by CMS, and Splash Beverage Group, Inc. a Nevada corporation
("Splash") pursuant to which Merger Sub merged with and into Splash (the "Merger") with Splash as the
surviving company and a wholly-owned subsidiary of CMS. The Merger was consummated on March 31, 2020.
Prior to the Merger, CMS was in the business of home health services, primarily
the selling of durable medical equipment and medical supplies to the public, nursing homes, hospitals and other end users and the Company
continues to operate the home health supply business as a separate division.
As
the owners and management of Splash have voting and operating control of CMS following the Merger, the Merger transaction was
accounted for as a reverse acquisition (that is with Splash as the acquiring entity), followed by a recapitalization.
30
As
part of the recapitalization, previously issued shares of SBG preferred stock have been reflected as shares of common stock that
were received in the Merger. These common shares have been retrospectively presented as outstanding for all periods.
Splash
specializes in the manufacturing, distribution, and sales & marketing of various beverages across multiple channels. Splash
operates in both the non-alcoholic and alcoholic beverage segments. Additionally, Splash operates its own vertically integrated
B-to-B and B-to-C E-commerce distribution platform called Qplash, further expanding its distribution abilities and visibility.
In July, 2020, the Company changes its name from
Canfield Medical Supply, Inc. to Splash Beverage Group, Inc. Our new ticker symbol is SBEV.
On
December 24, 2020, SBG consummated an Asset Purchase Agreement(the "APA") with Copa di Vino Corporation ("CdV"),
to purchase certain assets and assume certain liabilities that comprise the Copa di Vino business for a total purchase price of
$5,980,000, payable in the combination of $2,000,000 in cash ("Cash Consideration"), $2,000,000 convertible promissory
note (the "Convertible Note") to Seller and a variable number of shares of the Company's common stock based
on a attainment of revenue hurdles. CdV is one of the leading producers of premium wine by the glass in the United States with
its primary offices and facilities in The Dalles, Oregon.
Results of Operations
for the Three Months Ended June 30, 2021 compared to Three Months Ended June 30,
2020.
Revenue
Revenues for the three months ended June 30, 2021
were $3,287,760 compared to revenues of $412,729 for the three months ended June 30, 2020. The $2,875,031 increase in sales is due to
an increase within our vertically integrated B2B and B2C e-commerce distribution platform called Qplash ($1,430,558). This platform sells
goods on both Amazon and Shopify. In addition, we had increased sales from Copa di Vino Wine Group, Inc., our single-serve wine and Pulpoloco
Sangria businesses ($1,462,000). Cost of goods sold for the three months ended June 30, 2021 were $2,382,707 compared to cost of goods
sold for the three months ended June 30, 2020 of $218,751. The $2,163,956 increase in cost of goods sold for the three-month period ended
June 30, 2021 is primarily due to our increased sales, and as our sales increased, our cost of sales for those sales correspondingly increased.
Operating Expenses
Operating expenses for the three months ended
June 30, 2021 were $7,612,759 compared to $609,457 for the three months ended June 30, 2020. The $7,003,302 increase in our operating
expenses was primarily a result of recording the warrants issued pursuant to certain private placements conducted by the Company, increased
headcount from the Copa acquisition and the addition of new sales reps, professional fees ($1,446,946) and shipping costs ($557,815).
The net loss for the three months ended June 30, 2021 was $6,761,004 as compared to a net loss of $402,166 for the three months ended
June 30, 2020. The increase in net loss is due to our increase in operating expenses offset by our increase in revenues.
Interest Expense
Interest expenses for the three months ended June 30, 2021 were $149,376
compared to $21,854 for the three months ended June 30, 2020. The $127,522 increase in our interest expenses was primarily a result of
additional debt taken on in Q2 2021.
31
Results
of Operations for the Six Months Ended June 30, 2021 compared to Six Months Ended June 30, 2020.
Revenue
Revenues for the six months ended June 30, 2021 were
$5,426,684 compared to revenues of $524,732 for the six months ended June 30, 2020. The $4,901,952 increase in sales is due to an increase
within our vertically integrated B2B and B2C e-commerce distribution platform called Qplash ($2,631,737). This platform sells goods on
both Amazon and Shopify. In addition, we had increased sales from Copa di Vino Wine Group, Inc., our single-serve wine and Pulpoloco Sangria
businesses ($2,212,300). Cost of goods sold for the six months ended June 30, 2021 were $4,000,211 compared to cost of goods sold for
the six months ended June 30, 2020 of $325,965. The $3,674,246 increase in cost of goods sold for the six-month period ended June 30,
2021 is primarily due to our increased sales, and as our sales increased, our cost of sales for those sales correspondingly increased.
Operating Expenses
Operating expenses for the six months ended June 30, 2021 were $12,279,421
compared to $2,165,539 for the six months ended June 30, 2020. The $10,113,882 increase in our operating expenses was primarily a result
of recording the warrants issued pursuant to certain private placements conducted by the Company, increased headcount from the Copa acquisition
and the addition of new sales reps, professional fees ($6,666,141) and shipping costs ($882,795). The net loss for the six months ended
June 30, 2021 was $11,241,510 as compared to a net loss of $3,850,945 for the six months ended June 30, 2020. The decrease in net loss
is due to our increase in operating expenses offset by our increase in revenues.
Interest Expense
Interest expenses for the six months ended June 30, 2021 were $241,587
compared to $1,935,491 for the six months ended June 30, 2020. The $1,693,904 decrease in our interest expenses was primarily a result
of recording a finance charge of $1,821,426 associated with warrants issued to one of our note holders in Q1 2020 offset by interest expense
recorded in the period.
LIQUIDITY AND CAPITAL
RESOURCES
Liquidity is the ability of a company to generate
funds to support its current and future operations, satisfy its obligations, and otherwise operate on an ongoing basis. Significant factors
in the management of liquidity are funds generated by operations, levels of accounts receivable and accounts payable and capital expenditures.
As of June 30, 2021, we had total cash and cash equivalents of $11,943,753,
as compared with $380,000 at December 31, 2020. The increase is primarily due to cash received from private placements conducted by us
and our S1/A registration statement where we raised $15,000,000.
Net cash used for operating activities during the
six months ended June 30, 2021 was $7,664,506 as compared to the net cash used by operating activities for the six months ended June 30,
2020 of $1,783,007. The primary reasons for the change in net cash used is due to losses sustained and increases in inventory, offset
by non-cash expenses relating to warrant expense ($2,010,615) and share-based compensation ($2,100,953).
Net cash used for investing activities during the
six months ended June 30, 2021 was $0 as compared to the net cash used by operating activities for the six months ended June 30, 2020
of $154,341. The net cash used in the first quarter of 2020 was primarily due to the $150,000 payment made to SALT Tequila USA.
Net cash provided by financing activities during the six months ended June
30, 2021 was $19,468,746 compared to $1,941,018 provided from financing activities for the six months ended June 30, 2020. During the
six months ended June 30, 2021, we received $21,028,065 from investors, which was offset by repayments to shareholders and debt holders
of $1,159,319.
32
CONTRACTUAL
OBLIGATIONS
Minimum
Royalty Payments:
We have a licensing agreement with ABG TapouT,
LLC ("TapouT"). Under the licensing agreement, we have minimum royalty payments to TapouT for the next two years.
●
2021     $594,000
●
2022     $653,400
Inventory
Purchase Commitments
:
None.
Off-Balance
Sheet Arrangements
We
do not have any off-balance sheet arrangements (as that term is defined in Item 303 of Regulation S-K) that are reasonably likely
to have a current or future material effect on our financial condition, revenue or expenses, results of operations, liquidity,
capital expenditures or capital resources.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not
required for Smaller Reporting Companies.
ITEM
4. CONTROLS AND PROCEDURES
(a)
Evaluation
of Disclosure Controls and Procedures
We
maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our Securities
and Exchange Commission Act of 1934 reports is recorded, processed, summarized, and reported within the time periods specified
in the Securities and Exchange Commission's rules and forms and that such information is accumulated and communicated to
our management, including our chief executive officer and chief financial officer, as appropriate, to allow for timely decisions
regarding required disclosure. In designing and evaluating the disclosure controls and procedures, we recognize that any controls
and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control
objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls
and procedures.
As further discussed below, we carried out an evaluation,
under the supervision and with the participation of our management, including our chief executive officer and chief financial officer,
of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e)
of the Exchange Act. Based on that evaluation, our chief executive officer and chief financial officer concluded that, because of certain
material weaknesses in our internal control over financial reporting our disclosure controls and procedures as defined in Rule 13a-15(e)
and 15d-15(e) under the Exchange Act were not effective as of March 31, 2021. The material weaknesses relate to the absence of in-house
accounting personnel with the ability to properly account for complex transactions and a lack of separation of duties between accounting
and other functions.
33
We
hired a consulting firm to advise us on technical issues related to U.S. generally accepted accounting principles as related to the
maintenance of our accounting books and records and the preparation of our consolidated financial statements. Although we are
aware of the risks associated with not having dedicated accounting personnel, we are also at an early stage in the development
of our business. We anticipate expanding our accounting functions with dedicated staff and improving our internal accounting procedures
and separation of duties when we can absorb the costs of such expansion and improvement with additional capital resources. In
the meantime, management will continue to observe and assess our internal accounting function and make necessary improvements
whenever they may be required. If our remedial measures are insufficient to address the material weakness, or if additional material
weaknesses or significant deficiencies in our internal control over financial reporting are discovered or occur in the future,
our consolidated financial statements may contain material misstatements, and we could be required to restate our financial results.
In addition, if we are unable to successfully remediate this material weakness and if we are unable to produce accurate and timely
financial statements, our stock price may be adversely affected and we may be unable to maintain compliance with applicable stock
exchange listing requirements.
(b)
Changes
in Internal Controls over Financial Reporting
There
has been no change in our internal control over financial reporting identified in connection with the evaluation required by paragraph
(d) of Rules 13a-15 or 15d-15 under the Securities Exchange Act of 1934 that occurred during our most recent fiscal quarter that
has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
34
PART
II – OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS.
None.
ITEM
1A. RISK FACTORS
The
COVID-19 pandemic has had, and we expect will continue to have, certain negative impacts on our business and operations, and such
impacts may have a material adverse effect on our business and results of operations.
The
current COVID-19 pandemic has presented a substantial public health and economic challenge around the world and is affecting our
employees, communities and business operations, as well as the global economy and financial markets. The human and economic consequences
of the COVID-19 pandemic as well as the measures being taken by governments, businesses (including the Company and our suppliers,
bottlers/distributors, co-packers and other service providers) and the public at large to limit the COVID-19 pandemic, have and
will, directly and indirectly impact our business and results of operations, including, without limitation, the following:
●
Deteriorating
    economic conditions and financial uncertainties in many of our major markets due to the COVID-19 pandemic, such as increased
    and prolonged unemployment, decreases in per capita income and the level of disposable income, declines in consumer confidence,
    or economic slowdowns or recessions, could affect consumer purchasing power and consumers' ability to purchase our products,
    thereby reducing demand for our products. In addition, public concern among consumers regarding the risk of contracting COVID-19
    may also reduce demand for our products.
●
The
    closure of on-premise retailers and other establishments that sell our products as a result of the COVID-19 pandemic may also
    adversely impact our sales and results of operations.
●
Our
    advertising, marketing, promotional, sponsorship and endorsement activities have been, and will continue to be, disrupted
    by reduced opportunities for such activities due to measures taken to limit the spread of the COVID-19 pandemic and the cancellations
    of sporting events, concerts and other events may result in decreased demand for our products. Our product sampling programs,
    which are part of our strategy to develop brand awareness, have been, and will continue to be, disrupted by the COVID-19 pandemic.
    If we are unable to successfully adapt to the changing landscape of advertising, marketing, promotional, sponsorship and endorsement
    opportunities created by the COVID-19 pandemic, our sales, volume growth and overall financial results could be negatively
    affected.
●
Our
    innovation activities, including our ability to introduce new products in certain markets, have been delayed and/or adversely
    impacted by the COVID-19 pandemic. If such innovation activities are disrupted and we continue to delay the launch of new
    products and/or we are unable to secure sufficient distribution levels for such new products, our business and results of
    operations could be adversely affected.
●
Some
    of our suppliers, bottlers/distributors and co-packers may experience plant closures, production slowdowns and disruptions
    in operations as a result of the impact of the COVID-19 pandemic. This could result in a disruption to our operations.
●
We
    may experience delays in the sourcing of certain raw materials as a result of shipping delays due to, among other things,
    additional safety requirements imposed by port authorities, closures of or congestion at ports, reduced availability of commercial
    transportation, border restrictions and capacity constraints.
35
●
As
    a result of the COVID-19 pandemic, including related governmental measures, restrictions, directives and guidance, we have
    required most of our office-based employees to work remotely. We may experience reductions in productivity and disruptions
    to our business routines while our remote work policy remains in place. If our employees working remotely do not maintain
    appropriate measures to mitigate potential risks to our technology and operations from information technology-related disruptions,
    we may face cybersecurity threats. Employees of our third-party service providers who are working remotely, with whom we may
    share data, are subject to similar cybersecurity risks.
●
Governmental
    authorities at the U.S. federal, state and/or municipal level and in certain foreign jurisdictions may increase or impose
    new income taxes, indirect taxes or other taxes or revise interpretations of existing tax rules and regulations as a means
    of financing the costs of stimulus or may take other measures to protect populations and economies from the impact of the
    COVID-19 pandemic. Increases in direct and indirect tax rates could affect our net income, and increases in consumer taxes
    could affect our products' affordability and reduce our sales.
●
We
    may be required to record significant impairment charges with respect to goodwill or intangible assets whose fair values may
    be negatively affected by the effects of the COVID-19 pandemic.
●
The
    financial impact of the COVID-19 pandemic may cause one or more of the financial institutions we do business with to fail
    or default in their obligations to us or to become insolvent or file for bankruptcy, which could cause us to incur significant
    losses and negatively impact our results of operations and financial condition.
●
Actions
    we have taken or may take, or decisions we have made or may make, as a consequence of the COVID-19 pandemic may result in
    negative publicity and the Company becoming a party to litigation claims and/or legal proceedings, which could consume significant
    financial and managerial resources, result in decreased demand for our products and injury to our reputation.
●
The
    resumption of normal business operations after the disruptions caused by the COVID-19 pandemic may be delayed or constrained
    by its lingering effects on our suppliers, bottlers/distributors, co-packers, contractors, business partners and other service
    providers.
Any
of the negative impacts of the COVID-19 pandemic, including those described above, alone or in combination with others, may have
a material adverse effect on our business, reputation, operating results and/or financial condition. The full extent to which
the COVID-19 pandemic will negatively affect our business, reputation, operating results and/or financial condition will depend
on future developments that are highly uncertain and cannot be predicted, including the scope and duration of the COVID-19 pandemic
and actions taken by governmental authorities and other third parties in response to the COVID-19 pandemic.
36
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM
4. MINE SAFETY DISCLOSURES
No
disclosure required.
ITEM
5. OTHER INFORMATION
None.
37
ITEM
6. EXHIBITS
(a)
Exhibits required by Item 601 of Regulation S-K.
Exhibits
Description
31.1
Certification of CEO and Principal Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) - Filed herewith electronically
31.2
Certification of CFO and Principal Financial and Accounting Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) - Filed herewith electronically
32.1
Certification of CEO and Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - Filed herewith electronically
32.2
Certification of CFO and Principal Financial and Accounting Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - Filed herewith electronically
101
XBRL
    Exhibits
38
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
SPLASH BEVERAGE GROUP, INC.
Date:
    August 16, 2021
By:
/s/
    Robert Nistico
Robert
    Nistico, Chairman and CEO
Date:
    August 16, 2021
By:
/s/
    Dean Huge
Dean
    Huge, CFO
39