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Segments | 9 Months Ended
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Sep. 30, 2023
Segments [Abstract] |
Segments | Note 14 - Segments The Company routinely evaluates whether its operating and reportable segments continue to reflect the way the CODM evaluates the business. The determination is based on: (1) how the Company’s CODM evaluates the performance of the business, including resource allocation decisions, and (2) whether discrete financial information for each operating segment is available. The Company considers the chief executive officer to be its CODM. As of September 30, 2023, the Company’s operating and reportable segments include:
| ● | Marketplace: PSQ has created a marketplace platform to access consumers that are drawn to patriotic values. The Company generates revenue from advertising revenues.
| ● | Brands: The first wholly-owned brand is EveryLife, Inc., which generates revenue from online sales of diapers and wipes.
The CODM measures and evaluates the Company’s performance based on gross revenue and Segment Earnings Before Interest, Taxes, depreciation, and amortization (“EBITDA”). Adjusted EBITDA is defined as earnings (loss) from operations less depreciation and amortization, share based compensation and transaction costs. Earnings (loss) from operations excludes interest, interest expense, (gain) loss on sale of equipment, change in fair value of financial instruments and other expenses. The Company believes that Adjusted EBITDA is an appropriate measure for evaluating the operating performance of the Company’s business segments because it is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of and allocate resources to the Company’s businesses. Segment performance, as defined by the Company, is not necessarily comparable to other similarly titled captions of other companies. The following tables set forth the Company’s revenues, net and adjusted EBITDA for the three and nine months ended September 30, 2023 and 2022:
|  | For the three months ended September 30, |  |  | For the nine months ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Revenues, net: |  |  |  |  |  |  |  |  |  |  |  |
Marketplace |  |  |  |  |  |  |  |  |  |  |  |
Advertising sales |  | $ | 875,546 |  |  | $ | 124,634 |  |  | $ | 1,783,287 |  |  | $ | 197,575 |
Brands |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Product sales |  |  | 1,387,951 |  |  |  | - |  |  |  | 1,387,951 |  |  |  | - |
Returns and discounts |  |  | (232,597 | ) |  |  | - |  |  |  | (232,597 | ) |  |  | - |
Total Brand revenues, net |  |  | 1,155,354 |  |  |  | - |  |  |  | 1,155,354 |  |  |  | - |
Total revenues, net |  | $ | 2,030,900 |  |  | $ | 124,634 |  |  | $ | 2,938,641 |  |  | $ | 197,575 |
|  | For the three months ended September 30, |  |  | For the nine months ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Adjusted EBITDA: |  |  |  |  |  |  |  |  |  |  |  |
Marketplace EBITDA |  | $ | (6,339,765 | ) |  | $ | (1,922,347 | ) |  | $ | (14,082,492 | ) |  | $ | (4,290,320 | )
Brands EBITDA |  |  | (1,384,997 | ) |  |  | - |  |  |  | (1,384,997 | ) |  |  | - |
Total adjusted EBITDA |  |  | (7,724,762 | ) |  |  | (1,922,347 | ) |  |  | (15,467,489 | ) |  |  | (4,290,320 | )
Transaction costs incurred in connection with the Business Combination |  |  | (3,309,597 | ) |  |  | - |  |  |  | (7,048,177 | ) |  |  | - |
Share-based compensation (exclusive of what is included in transaction costs above) |  |  | (1,185,089 | ) |  |  | - |  |  |  | (1,185,089 | ) |  |  | - |
Depreciation and amortization |  |  | (759,745 | ) |  |  | (203,489 | ) |  |  | (2,004,319 | ) |  |  | (477,405 | )
Other income, net |  |  | 119,957 |  |  |  | 328 |  |  |  | 173,644 |  |  |  | 8,174 |
Change in fair value of warrant liabilities |  |  | (7,783,000 | ) |  |  | - |  |  |  | (7,783,000 | ) |  |  | - |
Change in fair value of earn-out liabilities |  |  | 450,000 |  |  |  | - |  |  |  | 450,000 |  |  |  | - |
Change in fair value of convertible notes |  |  | - |  |  |  | - |  |  |  | (14,571,109 | ) |  |  | - |
Income tax benefit (expense) |  |  | 262 |  |  |  | 4,208 |  |  |  | (1,527 | ) |  |  | 3,495 |
Interest expense, net |  |  | (46,690 | ) |  |  | - |  |  |  | (210,545 | ) |  |  | - |
Net loss |  | $ | (20,238,664 | ) |  | $ | (2,121,300 | ) |  | $ | (47,647,611 | ) |  | $ | (4,756,056 | )
No asset information has been disclosed as the CODM does not regularly review asset information by reportable segment.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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