LIABILITIES AND DEBT (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
|---|
| LIABILITIES AND DEBT |
|
| Schedule of accrued expenses and other liabilities |
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
2023 |
|
2022 |
Accrued expenses |
|
$ |
602,053 |
|
$ |
705,135 |
Reserve for returns |
|
|
294,147 |
|
|
307,725 |
Payroll related liabilities |
|
|
3,586,356 |
|
|
2,974,362 |
Sales tax liability |
|
|
267,419 |
|
|
339,843 |
Other liabilities |
|
|
171,995 |
|
|
130,050 |
|
|
$ |
4,921,970 |
|
$ |
4,457,115 |
|
| Summary of the convertible notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unamortized |
|
Convertible Note |
|
|
Principal |
|
Debt Discount |
|
Payable, Net |
Balance, December 31, 2022 |
|
$ |
4,100,000 |
|
$ |
(1,378,200) |
|
$ |
2,721,800 |
Repayments of notes |
|
|
(4,000,000) |
|
|
— |
|
|
(4,000,000) |
Amortization of debt discount |
|
|
— |
|
|
689,100 |
|
|
689,100 |
Loss on extinguishment of debt |
|
|
— |
|
|
689,100 |
|
|
689,100 |
Balance, March 31, 2023 |
|
$ |
100,000 |
|
$ |
— |
|
$ |
100,000 |
|
| summary of promissory notes payable, net |
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
2023 |
|
2022 |
Bailey Note |
|
$ |
3,500,000 |
|
$ |
3,500,000 |
Sundry Note |
|
|
5,500,000 |
|
|
5,500,000 |
March 2023 Notes - principal |
|
|
2,458,750 |
|
|
— |
March 2023 Notes - unamortized debt discount |
|
|
(543,919) |
|
|
— |
Promissory note payable, net |
|
$ |
10,914,831 |
|
$ |
9,000,000 |
|