Digital Brands Group, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

LIABILITIES AND DEBT (Tables)

LIABILITIES AND DEBT (Tables)

12 Months Ended

Dec. 31, 2021

LIABILITIES AND DEBT

Schedule of accrued expenses and other liabilities


		December 31,
		2021			2020
Accrued expenses		$	213,740		$	92,074
Reserve for returns			33,933			5,229
Payroll related liabilities			1,204,665			843,704
Sales tax liability			268,723			196,410
Due to seller			396,320			—
Other liabilities			119,764			108,230
		$	2,237,145		$	1,245,646

Schedule of the Oasis and First Fire Notes

The following is a summary of the Oasis and FirstFire Notes for the year ended December 31, 2021:


					Unamorized			Convertible Note
		Principal			Debt Discount			Payable, Net
Balance, December 31, 2020		$	—		$	—		$	—
Issuance of Oasis note, net of issuance costs			5,265,000			(715,000)			4,550,000
Issuance of FirstFire First note, net of issuance costs			1,575,000			(315,000)			1,260,000
Issuance of Second FirstFire note, net of issuance costs			2,625,000			(530,000)			2,095,000
Derivative liability in connection with notes			—			(3,204,924)			(3,204,924)
Amortization of debt discount			—			801,538			801,538
Balance, December 31, 2021		$	9,465,000		$	(3,963,386)		$	5,501,614