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Liquidity | 9 Months Ended
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Sep. 30, 2024
Liquidity [Abstract] |
Liquidity | Liquidity Historically, the Company’s primary sources of liquidity have been funds from financing activities. The Company reported net losses of $36.9 million and $47.6 million for the nine months ended September 30, 2024 and 2023, respectively, and had negative cash flows from operations of $27.1 million and $18.4 million for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024 and December 31, 2023, the Company had aggregate unrestricted cash and cash equivalents, of $4.7 million and $16.4 million and net working capital of $7.5 million and $17.2 million, respectively. On October 24, 2024, the Company closed a private investment in public equity transaction (“PIPE”) pursuant to a Securities Purchase Agreement (“PIPE Purchase Agreement”) dated October 22, 2024, for the purchase of $5.35 million of Class A common stock at $2.70 per share with three investors: (i) an affiliate of a PSQH board member, (ii), a party related to a PSQH board member and executive officer, and (ii) an unaffiliated accredited investor (the “Purchasers”) (see Note 17 for additional information). The Company’s Board of Directors and executive team have outlined a plan to improve the Company’s cash position which involves a variety of cash management initiatives. These initiatives include reduction and reallocation of resources to more profitable segments of the business and reducing corporate operating expenses. The reduction of resources, which included a staff reduction of 35% along with terminating or reducing contractor and consulting agreements was performed in October 2024 and is expected to result in annualized cash savings of approximately $11.0 million. Additionally, the plan considers further options such as completing a capital raise, entering into a revolving line of credit agreement, and refining inventory purchase timing which will reduce excess stock levels. The Company believes that, as a result of these initiatives, along with its existing cash and cash equivalents and the cash flow from the Brands and Financial Technology segments, the Company will be able to fund operations and capital needs for the next year from the date these condensed consolidated financial statements were available to be issued. The Company’s future capital requirements will depend on many factors including the Company’s revenue growth rate, the timing and extent of spending to support further sales and marketing and research and development efforts. In order to finance these opportunities, the Company may need to raise additional financing. While there can be no assurances, the Company may need to pursue issuances of additional equity raises and debt rounds of financing. If additional financing is required from outside sources, the Company may not be able to raise it on terms acceptable to the Company or at all. If the Company is unable to raise additional capital when desired, the Company’s business, results of operations and financial condition would be materially and adversely affected.

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- Definition Liquidity [Abstract] + References No definition available. + Details
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- Definition The entire disclosure for the liquidation basis of accounting. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-30/tableOfContent + Details
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