v3.21.2

Subsequent Events | 9 Months Ended
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Oct. 30, 2021
Subsequent Events [Abstract] |
Subsequent Events | NOTE 18. Subsequent Events On November 5, 2021, the Company issued a $500,000, six-month, 9% unsecured convertible note and warrant to SOL Global. The principal and unpaid accrued interest is convertible at the option of the holder at any time into shares of common stock of the Company at the Conversion Price and the warrant is exercisable for 200,000 shares of common stock of the Company at the Exercise Price. The warrant is exercisable beginning six months after issuance and expires 42 months from the date of issuance. On November 23, 2021, the Company entered into a $6,000,000 Loan and Security Agreement (the “Agreement”) with Line Financial Corp. (“Line”). Under the Agreement, the Company can borrow up to $6,000,000 in increments of no less than $500,000 to purchase inventory for the upcoming holiday season. No advances can be made after January 31, 2022. The Agreement calls for weekly payments of 75% of the sales of inventory purchased with loan proceeds. The principal balance bears interest at the prime rate plus 6.75% per annum with the prime rate having a floor of 3.25%. Interest is accrued daily and payable monthly. In addition, the Company paid Line a loan fee of $120,000, which amount was added to principal upon execution of the Agreement. The Agreement, which is secured by substantially all of the assets of the Company, matures on November 23, 2022, and contains other customary terms and conditions for agreements of its type.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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