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Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [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 | The following unaudited supplemental pro forma combined financial information presents the Company’s combined results of operations for the three and nine months ended September 30, 2024 and 2023 as if the Credova Merger had occurred on January 1, 2023. The pro forma financial information is presented for comparative purposes only and is not necessarily indicative of the Company’s operating results that may have occurred had the Credova Merger been completed on January 1, 2023. 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 September 30, 2024 |  | Nine months ended September 30, 2024
Revenue | $ | 6,540,112 |  |  | $ | 18,904,794 |
Net loss | $ | (13,137,549) |  |  | $ | (35,558,372) |
| Three months ended September 30, 2023 |  | Nine months ended September 30, 2023
Revenue | $ | 5,600,958 |  |  | $ | 13,895,120 |
Net loss | $ | (20,987,828) |  |  | $ | (52,109,581) |
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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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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