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Share Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Activity with Respect to, and Status of, RSUs | A summary of the activity with respect to, and status of, RSUs during the three and nine-month period ended September 30, 2024 is presented below:
| Number of RSUs |  | Weighted Average Grant Date Value
Unvested as of January 1, 2024 | 1,655,542 |  | $ | 9.61 |
Granted | 2,276,710 |  | 8.10 |
Forfeited | (108,000) |  | 10.12 |
Vested | (638,629) |  | 6.91 |
Unvested as of March 31, 2024 | 3,185,623 |  | $ | 8.93 |
Granted | 490,140 |  | 3.48 |
Forfeited | (5,000) |  | 10.12 |
Vested | (642,204) |  | 6.44 |
Unvested as of June 30, 2024 | 3,028,559 |  | $ | 6.65 |
Granted | 150,000 |  | 2.71 |
Forfeited | (133,981) |  | 7.01 |
Vested | (609,336) |  | 6.02 |
Unvested as of September 30, 2024 | 2,435,242 |  | $ | 6.64 |
Schedule of Common Stock and Current Interest Rates | The fair value of the earn-out shares was estimated using a Monte Carlo simulation utilizing assumptions related to the contractual term of the instruments, estimated volatility of the price of the Common Stock and current interest rates. Below are the key assumptions used in valuing the earn-out shares:
| As of 7/19/2023
PSQH Stock Price | $ | 9.08 |
Volatility | 40.0 | %
Risk free rate of return | 4.6 | %
Expected term (in years) | 4.8 years
Schedule of Share-Based Compensation Expense | During the three and nine months ended September 30, 2024, the Company recorded the following share-based compensation expense, related to RSUs, earn-out shares and Credova Merger:
| For the three months ended September 30, 2024 |  | For the nine months ended September 30, 2024
Cost of sales | $ | 28,407 |  |  | $ | 108,392 |
General and administrative expenses | 4,092,365 |  |  | 9,948,361 |
Research and development | 411,470 |  |  | 1,149,456 |
Sales and marketing | 1,264,581 |  |  | 4,761,388 |
Transaction costs incurred in connection with Credova Merger | — |  |  | 887,409 |
| $ | 5,796,823 |  |  | $ | 16,855,006 |
During the three and nine months ended September 30, 2023, the Company recorded the following share-based compensation expense, related to RSUs and earn-out shares:
| For the three and nine months ended September 30, 2023
Cost of sales | $ | 2,239 |
General and administrative expenses | 587,717 |
Research and development | 201,810 |
Sales and marketing | 393,323 |
Transaction incurred in connection with the Business Combination | 910,800 |
| $ | 2,095,889 |

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