SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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3 Months Ended |
Mar. 31, 2023 |
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| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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| Schedule of financial assets and liabilities measured at fair value on recurring basis |
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Fair Value Measurements |
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as of March 31, 2023 Using: |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
Liabilities: |
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Contingent consideration |
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$ |
— |
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$ |
— |
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$ |
12,098,475 |
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$ |
12,098,475 |
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|
$ |
— |
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$ |
— |
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$ |
12,098,475 |
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$ |
12,098,475 |
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Fair Value Measurements |
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as of December 31, 2022 Using: |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
Liabilities: |
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Contingent consideration |
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$ |
— |
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$ |
— |
|
$ |
12,098,475 |
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$ |
12,098,475 |
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|
$ |
— |
|
$ |
— |
|
$ |
12,098,475 |
|
$ |
12,098,475 |
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| Summary of contingent consideration |
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March 31, |
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December 31, |
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2023 |
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2022 |
Bailey |
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$ |
10,698,475 |
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$ |
10,698,475 |
Harper & Jones |
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1,400,000 |
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1,400,000 |
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|
$ |
12,098,475 |
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$ |
12,098,475 |
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| Schedule of inventory |
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March 31, |
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December 31, |
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2023 |
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2022 |
Raw materials |
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$ |
1,512,651 |
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$ |
1,611,134 |
Work in process |
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|
653,412 |
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|
888,643 |
Finished goods |
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2,760,031 |
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2,725,505 |
Inventory |
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$ |
4,926,094 |
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$ |
5,225,282 |
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| Schedule of potentially dilutive items outstanding |
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March 31, |
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2023 |
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2022 |
Convertible notes |
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— |
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51,648 |
Series A convertible preferred stock |
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108 |
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— |
Common stock warrants |
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5,943,626 |
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9,145 |
Stock options |
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38,951 |
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38,951 |
Total potentially dilutive shares |
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5,982,685 |
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99,744 |
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| Schedule of business acquisition pro forma information |
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Three Months Ended |
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March 31, |
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2022 |
Net revenues |
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$ |
8,606,548 |
Net loss |
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$ |
(8,292,427) |
Net loss per common share |
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$ |
(62.65) |
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