BUSINESS COMBINATIONS (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| BUSINESS COMBINATIONS |
|
| Schedule of components of purchase price consideration |
|
|
|
|
Cash |
|
$ |
7,500,000 |
Promissory notes payable |
|
|
5,500,000 |
Common stock |
|
|
1,000,000 |
Purchase price consideration |
|
$ |
14,000,000 |
|
| Schedule of assets and liabilities acquired in business combination |
|
|
|
|
|
|
Purchase Price |
|
|
Allocation |
Cash and cash equivalents |
|
$ |
252,697 |
Accounts receivable, net |
|
|
63,956 |
Due from factor, net |
|
|
387,884 |
Inventory |
|
|
2,941,755 |
Prepaid expenses and other current assets |
|
|
32,629 |
Property, equipment and software, net |
|
|
48,985 |
Goodwill |
|
|
3,711,322 |
Intangible assets |
|
|
7,403,800 |
Accounts payable |
|
|
(615,706) |
Accrued expenses and other liabilities |
|
|
(227,321) |
Purchase price consideration |
|
$ |
14,000,000 |
|
| Schedule of fair value of purchase price consideration |
|
|
|
|
Cash |
|
$ |
500,000 |
Common stock |
|
|
8,025,542 |
Contingent consideration |
|
|
3,421,516 |
Purchase price consideration |
|
$ |
11,947,058 |
|
| Schedule of allocation of purchase price in regard to acquisition |
|
|
|
|
|
|
Purchase Price |
|
|
Allocation |
Cash and cash equivalents |
|
$ |
24,335 |
Accounts receivable, net |
|
|
49,472 |
Due from factor, net |
|
|
— |
Inventory |
|
|
77,159 |
Prepaid expenses and other current assets |
|
|
69,715 |
Property, equipment and software, net |
|
|
83,986 |
Goodwill |
|
|
9,681,548 |
Intangible assets |
|
|
3,936,030 |
Accounts payable |
|
|
(51,927) |
Accrued expenses and other liabilities |
|
|
(107,957) |
Purchase price consideration |
|
$ |
11,947,058 |
|
| Schedule of business acquisition pro forma information |
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
December 31, |
|
|
2022 |
|
2021 |
Net revenues |
|
$ |
28,519,261 |
|
$ |
34,635,426 |
Net loss |
|
$ |
(42,001,415) |
|
$ |
(33,171,473) |
Net loss per common share |
|
$ |
(54.46) |
|
$ |
(434.81) |
|
| Stateside |
|
| BUSINESS COMBINATIONS |
|
| Schedule of fair value of purchase price consideration |
|
|
|
|
Cash |
|
$ |
5,000,000 |
Common stock |
|
|
3,403,196 |
Purchase price consideration |
|
$ |
8,403,196 |
|
| Schedule of allocation of purchase price in regard to acquisition |
|
|
|
|
|
|
Purchase Price |
|
|
Allocation |
Cash and cash equivalents |
|
|
32,700 |
Accounts receivable, net |
|
|
154,678 |
Due from factor, net |
|
|
371,247 |
Inventory |
|
|
603,625 |
Prepaid expenses and other current assets |
|
|
7,970 |
Deposits |
|
|
9,595 |
Property, equipment and software, net |
|
|
— |
Goodwill |
|
|
2,104,056 |
Intangible assets |
|
|
5,939,140 |
Accounts payable |
|
|
(374,443) |
Accrued expenses and other liabilities |
|
|
(445,372) |
|
|
$ |
8,403,196 |
|