SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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9 Months Ended |
Sep. 30, 2021 |
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 September 30, 2021 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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Warrant liability |
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$ |
— |
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$ |
28,195 |
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$ |
— |
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$ |
28,195 |
Contingent consideration |
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— |
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— |
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10,527,910 |
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10,527,910 |
Derivative liability |
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— |
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— |
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2,486,843 |
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2,486,843 |
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$ |
— |
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$ |
28,195 |
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$ |
13,014,753 |
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$ |
13,042,948 |
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Fair Value Measurements |
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as of December 31, 2020 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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Warrant liability |
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$ |
— |
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$ |
— |
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$ |
6,265 |
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$ |
6,265 |
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$ |
— |
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$ |
— |
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$ |
6,265 |
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$ |
6,265 |
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Schedule of changes in common stock warrant liability |
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Warrant |
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Liability |
Outstanding as of December 31, 2020 |
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$ |
6,265 |
Change in fair value |
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21,930 |
Outstanding as of September 30, 2021 |
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$ |
28,195 |
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Schedule of changes in contingent consideration |
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Contingent |
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Consideration |
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Liability |
Balance as of December 31, 2020 |
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$ |
— |
Initial recognition in connection with acquisition of Harper & Jones |
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3,421,516 |
Stock price guarantee per consulting agreement |
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67,000 |
Change in fair value |
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7,039,394 |
Outstanding as of September 30, 2021 |
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$ |
10,527,910 |
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Summary of changed in derivative liability |
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Derivative |
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Liability |
Outstanding as of December 31, 2020 |
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$ |
— |
Initial fair value on issuance of convertible note |
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1,858,887 |
Change in fair value |
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627,956 |
Outstanding as of September 30, 2021 |
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$ |
2,486,843 |
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Schedule of estimated useful lives of amortizable intangible assets |
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Customer relationships |
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3 years |
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Schedule of potentially dilutive items outstanding |
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September 30, |
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2021 |
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2020 |
Convertible notes |
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2,240,426 |
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— |
Series Seed Preferred Stock (convertible to common stock) |
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— |
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20,714,518 |
Series A Preferred Stock (convertible to common stock) |
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— |
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5,654,072 |
Series A-2 Preferred Stock (convertible to common stock) |
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— |
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5,932,742 |
Series CF Preferred Stock (convertible to common stock) |
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— |
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836,331 |
Series A-3 Preferred Stock (convertible to common stock) |
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— |
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9,032,330 |
Series B Preferred Stock (convertible to common stock) |
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— |
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20,754,717 |
Common stock warrants |
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3,591,348 |
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794,569 |
Preferred stock warrants |
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— |
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806,903 |
Stock options |
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3,875,103 |
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1,129,503 |
Total potentially dilutive shares |
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9,706,877 |
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65,655,685 |
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