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v3.24.3

Segments (Tables) | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Schedule of Segment 's Adjusted EBITDA | The following tables set forth the Company’s revenues, net and direct contribution for the three and nine months ended September 30, 2024 and 2023:
| For the three months ended September 30, |  | For the nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenues, net: |  |  |  |  |  |  |
Marketplace |  |  |  |  |  |  |
Advertising and e-commerce sales | $ | 717,692 |  |  | $ | 875,546 |  |  | $ | 2,389,801 |  |  | $ | 1,783,287 |
Brands |  |  |  |  |  |  |
Product sales | 2,824,540 |  |  | 1,387,951 |  |  | 7,653,505 |  |  | 1,387,951 |
Other sales | 18,789 |  |  | — |  |  | 37,527 |  |  | — |
Returns and discounts | (228,317) |  |  | (232,597) |  |  | (642,037) |  |  | (232,597) |
Total Brand revenues, net | 2,615,012 |  |  | 1,155,354 |  |  | 7,048,995 |  |  | 1,155,354 |
Financial Technology |  |  |  |  |  |  |
Direct revenue | 1,150,951 |  |  | — |  |  | 2,272,818 |  |  | — |
Interest income on loans | 749,199 |  |  | — |  |  | 1,850,115 |  |  | — |
Loan and lease contracts sold, net | 1,307,258 |  |  | — |  |  | 2,429,500 |  |  | — |
Total Financial Technology revenues, net | 3,207,408 |  |  | — |  |  | 6,552,433 |  |  | — |
Total revenues, net | $ | 6,540,112 |  |  | $ | 2,030,900 |  |  | $ | 15,991,229 |  |  | $ | 2,938,641 |
| For the three months ended September 30, 2024
| Marketplace |  | Brands |  | Financial Technology |  | Total
Revenues, net | $ | 717,692 |  |  | $ | 2,615,012 |  |  | $ | 3,207,408 |  |  | $ | 6,540,112 |
Segment cost of revenues | (582,614) |  |  | (4,358) |  |  | (22,298) |  |  | (609,270) |
Segment cost of goods sold | — |  |  | (1,771,109) |  |  | — |  |  | (1,771,109) |
Segment gross profit | 135,078 |  |  | 839,545 |  |  | 3,185,110 |  |  | 4,159,733 |
Segment operating costs | (3,701,865) |  |  | (1,457,446) |  |  | (3,417,409) |  |  | (8,576,720) |
Adjusted EBITDA | (3,566,787) |  |  | (617,901) |  |  | (232,299) |  |  | (4,416,987) |
Corporate operating expenses |  |  |  |  |  |  | (3,503,643) |
Transaction costs incurred in connection with acquisitions |  |  |  |  |  |  | — |
Share-based compensation (exclusive of what is included in transaction costs above) |  |  |  |  |  |  | (5,796,823) |
Depreciation and amortization |  |  |  |  |  |  | (975,090) |
Other expense, net |  |  |  |  |  |  | (45,683) |
Change in fair value of convertible notes |  |  |  |  |  |  | — |
Change in fair value of earn-out liabilities |  |  |  |  |  |  | 170,000 |
Change in fair value of warrant liabilities |  |  |  |  |  |  | 2,175,000 |
Interest expense, net |  |  |  |  |  |  | (756,760) |
Income tax benefit |  |  |  |  |  |  | 12,437 |
Net loss |  |  |  |  |  |  | $ | (13,137,549) |
| For the three months ended September 30, 2023
| Marketplace |  | Brands |  | Financial Technology |  | Total
Revenues, net | $ | 875,546 |  |  | $ | 1,155,354 |  |  | $ | — |  |  | $ | 2,030,900 |
Segment cost of revenues | (569,493) |  |  | (9) |  |  | — |  |  | (569,502) |
Segment cost of goods sold | — |  |  | (903,672) |  |  | — |  |  | (903,672) |
Segment gross profit | 306,053 |  |  | 251,673 |  |  | — |  |  | 557,726 |
Segment operating costs | (2,871,552) |  |  | (1,636,670) |  |  | — |  |  | (4,508,222) |
Adjusted EBITDA | (2,565,499) |  |  | (1,384,997) |  |  | — |  |  | (3,950,496) |
Corporate operating expenses |  |  |  |  |  |  | (3,774,266) |
Transaction costs incurred in connection with the Business Combination |  |  |  |  |  |  | (3,309,597) |
Share-based compensation (exclusive of what is included in transaction costs above) |  |  |  |  |  |  | (1,185,089) |
Depreciation and amortization |  |  |  |  |  |  | (759,745) |
Other income, net |  |  |  |  |  |  | 119,957 |
Change in fair value of convertible notes |  |  |  |  |  |  | — |
Change in fair value of earn-out liabilities |  |  |  |  |  |  | 450,000 |
Change in fair value of warrant liabilities |  |  |  |  |  |  | (7,783,000) |
Interest expense, net |  |  |  |  |  |  | (46,690) |
Income tax benefit |  |  |  |  |  |  | 262 |
Net loss |  |  |  |  |  |  | $ | (20,238,664) |
| For the nine months ended September 30, 2024
| Marketplace |  | Brands |  | Financial Technology |  | Total
Revenues, net | $ | 2,389,801 |  |  | $ | 7,048,995 |  |  | $ | 6,552,433 |  |  | $ | 15,991,229 |
Segment cost of revenues | (1,635,237) |  |  | (4,358) |  |  | (99,134) |  |  | (1,738,729) |
Segment cost of goods sold | — |  |  | (4,601,360) |  |  | — |  |  | (4,601,360) |
Segment gross profit | 754,564 |  |  | 2,443,277 |  |  | 6,453,299 |  |  | 9,651,140 |
Segment operating costs | (9,807,606) |  |  | (4,079,486) |  |  | (6,992,869) |  |  | (20,879,961) |
Adjusted EBITDA | (9,053,042) |  |  | (1,636,209) |  |  | (539,570) |  |  | (11,228,821) |
Corporate operating expenses |  |  |  |  |  |  | (11,937,517) |
Transaction costs incurred in connection with acquisitions |  |  |  |  |  |  | (2,295,502) |
Share-based compensation (exclusive of what is included in transaction costs above) |  |  |  |  |  |  | (15,967,598) |
Depreciation and amortization |  |  |  |  |  |  | (2,202,561) |
Other income, net |  |  |  |  |  |  | 110,295 |
Change in fair value of convertible notes |  |  |  |  |  |  | — |
Change in fair value of earn-out liabilities |  |  |  |  |  |  | 510,000 |
Change in fair value of warrant liabilities |  |  |  |  |  |  | 7,497,500 |
Interest expense, net |  |  |  |  |  |  | (1,434,241) |
Income tax expense |  |  |  |  |  |  | (1,181) |
Net loss |  |  |  |  |  |  | $ | (36,949,626) |
| For the nine months ended September 30, 2023
| Marketplace |  | Brands |  | Financial Technology |  | Total
Revenues, net | $ | 1,783,287 |  |  | $ | 1,155,354 |  |  | $ | — |  |  | $ | 2,938,641 |
Segment cost of revenues | (1,189,431) |  |  | (9) |  |  | — |  |  | (1,189,440) |
Segment cost of goods sold | — |  |  | (903,672) |  |  | — |  |  | (903,672) |
Segment gross profit | 593,856 |  |  | 251,673 |  |  | — |  |  | 845,529 |
Segment operating costs | (6,445,931) |  |  | (1,636,670) |  |  | — |  |  | (8,082,601) |
Adjusted EBITDA | (5,852,075) |  |  | (1,384,997) |  |  | — |  |  | (7,237,072) |
Corporate operating expenses |  |  |  |  |  |  | (8,230,417) |
Transaction costs incurred in connection with the Business Combination |  |  |  |  |  |  | (7,048,177) |
Share-based compensation (exclusive of what is included in transaction costs above) |  |  |  |  |  |  | (1,185,089) |
Depreciation and amortization |  |  |  |  |  |  | (2,004,319) |
Other income, net |  |  |  |  |  |  | 173,644 |
Change in fair value of convertible notes |  |  |  |  |  |  | (14,571,109) |
Change in fair value of earn-out liabilities |  |  |  |  |  |  | 450,000 |
Change in fair value of warrant liabilities |  |  |  |  |  |  | (7,783,000) |
Interest expense, net |  |  |  |  |  |  | (210,545) |
Income tax expense |  |  |  |  |  |  | (1,527) |
Net loss |  |  |  |  |  |  | $ | (47,647,611) |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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