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FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended
Sep. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Schedule of Fair Value Assumptions Used to Value Liabilities
                       
    January 3rd Note       March 4th Note       March 25th Note  
Beginning fair value balance reported on the consolidated balance sheet at December 31, 2020   $ 436,155     $ 511,136     $ 580,000  
(Gain) loss in fair value reported in the condensed consolidated statements of operations     103,845       742,553       (20,000
Exercised during the nine months ended September 30, 2021     (540,000 )           (560,000 )
Ending fair value balance reported on the condensed consolidated balance sheet at September 30, 2021   $     $ 1,253,689     $  

 

Schedule of estimated fair value
                                   
    The Door   Be Social   B/HI (1)
Inputs  

As of

September 30,
2021

    As of
December 31,
2020
    As of
September 30,
2021
    As of
December 31,
2020
    As of
September 30,
2021
    As of
December 31,
2020
 
Risk Free Discount Rate (based on US government treasury obligation with a term similar to that of the contingent consideration)   0.04 %   0.16 %   0.14% – 0.34 %   0.13% - 0.17 %   0.04% - 0.14 %   n/a %
Annual Asset Volatility Estimate   72.5 %   60.0 %   90 %   73.5 %   85 %   n/a %

 

(1)In connection with the Company’s acquisition of B/HI, the seller of B/HI has the potential to earn up to $1,200,000 of contingent consideration, of which 50% is payable in cash, and 50% in shares of Common Stock, upon achievement of adjusted net income targets based on the operations of B/HI over the fiscal years ending December 31, 2021 and 2022. The fair value of this contingent consideration at the acquisition date was determined to be zero as the Company did not believe it was likely the adjusted net income targets would be met. The increase in the three and nine months ended September 30, 2021 related to a change in the likelihood of achieving the established targets in the B/HI acquisition.
Schedule of fair value categorized within Level 3
  The Door   Be Social   B/HI  
Beginning fair value balance reported on the consolidated balance sheet at December 31, 2020   $ 370,000   $ 160,000  $  
(Gain) Loss in fair value reported in the condensed consolidated statements of operations    

(100,000)

    270,000    1,140,000  
Ending fair value balance reported in the condensed consolidated balance sheet at September 30, 2021   $ 270,000   $ 430,000    $1,140,000  
Schedule of estimated fair value
          
Fair Value Assumptions - March 4th Note  September 30,
2021
   December 31,
2020
 
Face value principal payable  $500,000   $500,000 
Original conversion price  $3.91   $3.91 
Value of Common Stock  $12.16   $3.40 
Expected term (years)   8.43    9.18 
Volatility   100%   100%
Risk free rate   1.42%   0.93%
Convertible Debt Warrants I [Member]  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Schedule of estimated fair value
          
Fair Value:  Series E, F, G and H   Series I 
Beginning fair value balance reported on the consolidated balance sheet at December 31, 2020  $400,000   $50,000 
Loss in fair value reported in the condensed consolidated statements of operations   2,397,877    155,000 
Exercise of warrants during the nine months ended September 30, 2021   (2,797,877)    
Ending fair value balance reported on the condensed consolidated balance sheet at September 30, 2021  $   $205,000 

 

The estimated fair value of the Series “I” Warrants was computed using a Black-Scholes valuation model, using the following assumptions:

 

          
Fair Value Assumption - Series “I” Warrants  September 30,
2020
   December 31,
2020
 
Aggregate Fair Value  $205,000   $50,000 
Exercise Price per share  $3.91   $3.91 
Value of Common Stock  $12.16   $3.40 
Expected term (years)   3.92    4.67 
Volatility   100%   100%
Dividend yield   0%   0%
Risk free rate   0.74%   0.31%
Schedule of estimated fair value
          
Fair Value Assumption - Series “I” Warrants  September 30,
2020
   December 31,
2020
 
Aggregate Fair Value  $205,000   $50,000 
Exercise Price per share  $3.91   $3.91 
Value of Common Stock  $12.16   $3.40 
Expected term (years)   3.92    4.67 
Volatility   100%   100%
Dividend yield   0%   0%
Risk free rate   0.74%   0.31%
Put Option [Member]  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Schedule of Fair Value Assumptions Used to Value Liabilities
       
Beginning fair value balance reported on the consolidated balance sheet at December 31, 2020   $ 1,544,029  
Put rights paid in 2021     (1,015,135 )
Loss in fair value reported in condensed consolidated the statements of operations     71,106  
Put rights converted into common stock     (600,000 )
Ending fair value of put rights reported in the condensed consolidated balance sheet at September 30, 2021   $