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Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2024
Acquisitions [Abstract] |
Schedule of Purchase Price Allocation as of the Acquisition Date | The purchase price allocation as of the acquisition date is presented as follows:
|  | March 13, 2024 |
Purchase consideration: |  |  |
Common Stock, at fair value |  | $ | 14,137,606 |
Assumption of notes payable |  |  | 8,449,500 |
Cash paid |  |  | 1,587,184 |
Total purchase consideration |  | $ | 24,174,290 |
Purchase price allocation: |  |  |  |
Cash |  | $ | 1,728,400 |
Loans held for investment |  |  | 7,027,678 |
Fixed assets |  |  | 243,879 |
Intangible assets |  |  | 11,720,000 |
Prepaid expenses |  |  | 1,269,933 |
Goodwill |  |  | 10,930,978 |
Operating lease right of use asset |  |  | 341,121 |
Accounts payable and other current liabilities |  |  | (3,430,171 | )
Lease liability |  |  | (341,121 | )
Revolving line of credit |  |  | (5,316,407 | )
Fair value of net assets acquired |  | $ | 24,174,290 |
Schedule of Intangible Assets Acquired Estimated Useful Lives Date of Acquisition | The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in years):
|  | Fair value |  |  | Useful life
Trademarks and Tradenames |  | $ | 1,700,000 |  |  | 5
Internally developed software |  |  | 3,600,000 |  |  | 3
Merchant relationships |  |  | 5,900,000 |  |  | 5
State operating licenses |  |  | 520,000 |  |  | Indefinite
Total intangible assets |  | $ | 11,720,000 |  |  |
Schedule of Pro Forma Financial Information | In addition, the unaudited pro forma financial information does not give effect to any anticipated cost savings, operating efficiencies or other synergies that may be associated with the merger, or any estimated costs that have been or will be incurred by the Company to integrate the assets and operations of Credova.
|  | Three months ended June 30, 2024 |  |  | Six months ended June 30, 2024 |
Revenue |  | $ | 5,985,228 |  |  | $ | 12,364,682 |
Net loss |  | $ | (11,156,867 | ) |  | $ | (22,420,823 | )
|  | Three months ended June 30, 2023 |  |  | Six months ended June 30, 2023 |
Revenue |  | $ | 4,277,206 |  |  | $ | 8,294,162 |
Net loss |  | $ | (20,423,401 | ) |  | $ | (31,121,753 | )
Schedule of Acquisition Date Fair Value of Asset Acquired | The following table presents the acquisition date fair value of the asset acquired:
Assets acquired: |  |  |
Balance - January 1, 2023 |  | $ | - |
Issuance of common stock at fair value |  |  | 1,334,850 |
Legal costs capitalized |  |  | 42,611 |
Balance - December 31, 2023 |  | $ | 1,377,461 |

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