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Segments (Tables) | 6 Months Ended
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Jun. 30, 2024
Segments [Abstract] |
Schedule of Revenues, Net | The following tables set forth the Company’s revenues, net and direct contribution for the three and six months ended June 30, 2024 and 2023:
|  | For the three months ended June 30, |  |  | For the six months ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Revenues, net: |  |  |  |  |  |  |  |  |  |  |  |
Marketplace |  |  |  |  |  |  |  |  |  |  |  |
Advertising and e-commerce sales |  | $ | 726,638 |  |  | $ | 529,707 |  |  | $ | 1,672,109 |  |  | $ | 907,741 |
Brands |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Product sales |  |  | 2,478,455 |  |  |  | - |  |  |  | 4,828,965 |  |  |  | - |
Other sales |  |  | 18,738 |  |  |  | - |  |  |  | 18,738 |  |  |  | - |
Returns and discounts |  |  | (206,619 | ) |  |  | - |  |  |  | (413,720 | ) |  |  | - |
Total Brand revenues, net |  |  | 2,290,574 |  |  |  | - |  |  |  | 4,433,983 |  |  |  | - |
Financial Technology |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct revenue |  |  | 967,260 |  |  |  | - |  |  |  | 1,121,867 |  |  |  | - |
Interest income on loans |  |  | 961,518 |  |  |  | - |  |  |  | 1,100,916 |  |  |  | - |
Loan and lease contracts sold, net |  |  | 1,039,238 |  |  |  | - |  |  |  | 1,122,242 |  |  |  | - |
Total Financial Technology revenues, net |  |  | 2,968,016 |  |  |  | - |  |  |  | 3,345,025 |  |  |  | - |
Total revenues, net |  | $ | 5,985,228 |  |  | $ | 529,707 |  |  | $ | 9,451,117 |  |  | $ | 907,741 |
Schedule of Segment 's Adjusted EBITDA |
|  | For the three months ended June 30, 2024 |
|  | Marketplace |  |  | Brands |  |  | Financial Technology |  |  | Total |
Revenues, net |  | $ | 726,638 |  |  | $ | 2,290,574 |  |  | $ | 2,968,016 |  |  | $ | 5,985,228 |
Segment cost of revenues |  |  | (517,304 | ) |  |  | - |  |  |  | (13,794 | ) |  |  | (531,098 | )
Segment cost of goods sold |  |  | - |  |  |  | (1,438,843 | ) |  |  | - |  |  |  | (1,438,843 | )
Segment gross profit |  |  | 209,334 |  |  |  | 851,731 |  |  |  | 2,954,222 |  |  |  | 4,015,287 |
Segment operating costs |  |  | (7,274,357 | ) |  |  | (1,507,427 | ) |  |  | (3,160,466 | ) |  |  | (11,942,250 | )
Adjusted EBITDA |  |  | (7,065,023 | ) |  |  | (655,696 | ) |  |  | (206,244 | ) |  |  | (7,926,963 | )
Transaction costs incurred in connection with acquisitions |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,908 | )
Share-based compensation (exclusive of what is included in transaction costs above) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (5,171,760 | )
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (930,874 | )
Other income, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 52,599 |
Change in fair value of convertible notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |
Change in fair value of earnout liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 220,000 |
Change in fair value of warrant liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,091,000 |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (553,303 | )
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (14,037 | )
Net loss |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (11,235,246 | )
|  | For the three months ended June 30, 2023 |
|  | Marketplace |  |  | Brands |  |  | Financial Technology |  |  | Total |
Revenues, net |  | $ | 529,707 |  |  | $ | - |  |  | $ | - |  |  | $ | 529,707 |
Segment cost of revenues |  |  | (432,934 | ) |  |  | - |  |  |  | - |  |  |  | (432,934 | )
Segment cost of goods sold |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Segment gross profit |  |  | 96,773 |  |  |  | - |  |  |  | - |  |  |  | 96,773 |
Segment operating costs |  |  | (6,586,734 | ) |  |  | - |  |  |  | - |  |  |  | (6,586,734 | )
Adjusted EBITDA |  |  | (6,489,961 | ) |  |  | - |  |  |  | - |  |  |  | (6,489,961 | )
Transaction costs incurred in connection with acquisitions |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |
Share-based compensation (exclusive of what is included in transaction costs above) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (699,237 | )
Other income, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 48,549 |
Change in fair value of convertible notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (13,423,204 | )
Change in fair value of earnout liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |
Change in fair value of warrant liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (155,854 | )
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,600 | )
Net loss |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (20,721,307 | )
|  | For the six months ended June 30, 2024 |
|  | Marketplace |  |  | Brands |  |  | Financial Technology |  |  | Total |
Revenues, net |  | $ | 1,672,109 |  |  | $ | 4,433,983 |  |  | $ | 3,345,025 |  |  | $ | 9,451,117 |
Segment cost of revenues |  |  | (1,052,623 | ) |  |  | - |  |  |  | (76,836 | ) |  |  | (1,129,459 | )
Segment cost of goods sold |  |  | - |  |  |  | (2,830,251 | ) |  |  | - |  |  |  | (2,830,251 | )
Segment gross profit |  |  | 619,486 |  |  |  | 1,603,732 |  |  |  | 3,268,189 |  |  |  | 5,491,407 |
Segment operating costs |  |  | (14,539,615 | ) |  |  | (2,622,041 | ) |  |  | (3,575,460 | ) |  |  | (20,737,116 | )
Adjusted EBITDA |  |  | (13,920,129 | ) |  |  | (1,018,309 | ) |  |  | (307,271 | ) |  |  | (15,245,709 | )
Transaction costs incurred in connection with acquisitions |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,295,502 | )
Share-based compensation (exclusive of what is included in transaction costs above) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (10,170,774 | )
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,227,471 | )
Other income, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 155,978 |
Change in fair value of convertible notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |
Change in fair value of earnout liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 340,000 |
Change in fair value of warrant liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,322,500 |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (677,481 | )
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (13,618 | )
Net loss |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (23,812,077 | )
|  | For the six months ended June 30, 2023 |
|  | Marketplace |  |  | Brands |  |  | Financial Technology |  |  | Total |
Revenues, net |  | $ | 907,741 |  |  | $ | - |  |  | $ | - |  |  | $ | 907,741 |
Segment cost of revenues |  |  | (795,907 | ) |  |  | - |  |  |  | - |  |  |  | (795,907 | )
Segment cost of goods sold |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Segment gross profit |  |  | 111,834 |  |  |  | - |  |  |  | - |  |  |  | 111,834 |
Segment operating costs |  |  | (11,593,141 | ) |  |  | - |  |  |  | - |  |  |  | (11,593,141 | )
Adjusted EBITDA |  |  | (11,481,307 | ) |  |  | - |  |  |  | - |  |  |  | (11,481,307 | )
Transaction costs incurred in connection with acquisitions |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |
Share-based compensation (exclusive of what is included in transaction costs above) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,244,574 | )
Other income, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 53,687 |
Change in fair value of convertible notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (14,571,109 | )
Change in fair value of earnout liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |
Change in fair value of warrant liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (163,855 | )
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,789 | )
Net loss |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (27,408,947 | )

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