SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Jun. 30, 2021 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
|
Schedule of financial assets and liabilities measured at fair value on recurring basis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements |
|
|
as of June 30, 2021 Using: |
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Warrant liability |
|
$ |
— |
|
$ |
78,710 |
|
$ |
— |
|
$ |
78,710 |
Contingent consideration |
|
|
— |
|
|
— |
|
|
6,539,417 |
|
|
6,539,417 |
|
|
$ |
— |
|
$ |
78,710 |
|
$ |
6,539,417 |
|
$ |
6,618,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements |
|
|
as of December 31, 2020 Using: |
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Warrant liability |
|
$ |
— |
|
$ |
— |
|
$ |
6,265 |
|
$ |
6,265 |
|
|
$ |
— |
|
$ |
— |
|
$ |
6,265 |
|
$ |
6,265 |
|
Schedule of changes in common stock warrant liability |
|
|
|
|
|
|
Warrant |
|
|
Liability |
Outstanding as of December 31, 2020 |
|
$ |
6,265 |
Change in fair value |
|
|
72,445 |
Outstanding as of June 30, 2021 |
|
$ |
78,710 |
|
Schedule of changes in contingent consideration |
|
|
|
|
|
|
Contingent |
|
|
Consideration |
|
|
Liability |
Balance as of December 31, 2020 |
|
$ |
— |
Initial recognition in connection with acquisition of Harper & Jones |
|
|
3,421,516 |
Stock price guarantee per consulting agreement |
|
|
67,000 |
Change in fair value |
|
|
3,050,901 |
Balance as of June 30, 2021 |
|
$ |
6,539,417 |
|
Schedule of property, equipment, and software |
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
2021 |
|
2020 |
Computer equipment |
|
$ |
6,339 |
|
$ |
57,810 |
Furniture and fixtures |
|
|
184,701 |
|
|
207,140 |
Leasehold improvements and showrooms |
|
|
444,951 |
|
|
69,274 |
|
|
|
635,991 |
|
|
334,224 |
Accumulated depreciation |
|
|
(574,362) |
|
|
(334,224) |
Property and equipment, net |
|
$ |
61,629 |
|
$ |
— |
Software |
|
$ |
233,737 |
|
$ |
278,405 |
Accumulated amortization |
|
|
(175,549) |
|
|
(216,092) |
Software, net |
|
$ |
58,188 |
|
$ |
62,313 |
|
Schedule of estimated useful lives of amortizable intangible assets |
|
|
|
Customer relationships |
|
3 years |
|
Schedule of potentially dilutive items outstanding |
|
|
|
|
|
|
|
June 30, |
|
|
2021 |
|
2020 |
Series Seed Preferred Stock (convertible to common stock) |
|
— |
|
20,714,518 |
Series A Preferred Stock (convertible to common stock) |
|
— |
|
5,654,072 |
Series A-2 Preferred Stock (convertible to common stock) |
|
— |
|
5,932,742 |
Series CF Preferred Stock (convertible to common stock) |
|
— |
|
836,331 |
Series A-3 Preferred Stock (convertible to common stock) |
|
— |
|
9,032,330 |
Series B Preferred Stock (convertible to common stock) |
|
— |
|
20,754,717 |
Common stock warrants |
|
3,946,348 |
|
572,845 |
Preferred stock warrants |
|
— |
|
806,903 |
Stock options |
|
3,875,103 |
|
1,084,215 |
Total potentially dilutive shares |
|
7,821,451 |
|
65,388,673 |
|