PARTS iD (ID) 10-Q 10 May 21 2021 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 07, 2021
Document Information Line Items
Entity Registrant Name	PARTS iD, INC.
Trading Symbol	ID
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		33,173,456
Amendment Flag	false
Entity Central Index Key	0001698113
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-38296
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3674868
Entity Address, Address Line One	1 Corporate Drive
Entity Address, Address Line Two	Suite C
Entity Address, City or Town	Cranbury
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08512
City Area Code	609
Local Phone Number	642-4700
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Security Exchange Name	NYSE
Entity Interactive Data Current	Yes

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Current assets
Cash	$ 37,443,238	$ 22,202,706
Accounts receivable	4,048,173	2,236,127
Inventory	8,255,723	4,856,265
Prepaid expenses and other current assets	4,093,768	5,811,332
Total current assets	53,840,902	35,106,430
Property and equipment, net	11,468,861	11,470,360
Intangible assets	237,752	237,752
Deferred tax assets	1,099,800	1,099,800
Other assets	267,707	267,707
Total assets	66,915,022	48,182,049
Current liabilities
Accounts payable	41,273,776	35,631,913
Customer deposits	27,266,342	16,185,648
Accrued expenses	6,767,547	5,468,570
Other current liabilities	4,925,366	3,592,782
Notes payable, current portion	14,550	19,706
Total liabilities	80,247,581	60,898,619
COMMITMENTS AND CONTINGENCIES (Note 6)
SHAREHOLDERS’ DEFICIT
Preferred stock, $0.0001 par value per share; 1,000,000 shares authorized and 0 issued and outstanding
Additional paid in capital	28,824
Accumulated deficit	(13,364,670)	(12,719,857)
Total shareholders’ deficit	(13,332,559)	(12,716,570)
Total Liabilities and Shareholder’s Deficit	66,915,022	48,182,049
Class F Common Stock
SHAREHOLDERS’ DEFICIT
Common stock value
Total shareholders’ deficit
Class A Common Stock
SHAREHOLDERS’ DEFICIT
Common stock value	3,287	3,287
Total shareholders’ deficit	$ 3,287	$ 3,287

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Preferred stock par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class F Common Stock
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0
Class A common stock
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	32,873,457	32,873,457
Common stock, shares outstanding	32,873,457	32,873,457

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Financial Position [Abstract]
Net revenue	$ 109,073,628	$ 70,725,965
Cost of goods sold	86,240,019	55,557,165
Gross profit	22,833,609	15,168,800
Operating expenses:
Advertising	10,499,386	6,094,150
Selling, general and administrative	11,358,707	8,671,254
Depreciation	1,773,773	1,524,683
Total operating expenses	23,631,866	16,290,087
Loss from operations	(798,257)	(1,121,287)
Interest expense	6,490	5,783
Loss before income taxes	(804,747)	(1,127,070)
Income taxes (benefits)	(159,934)	(282,500)
Net loss	(644,813)	(844,570)
Net loss	(644,813)	(844,570)
Less: Preferred stocks dividends		125,000
Loss available to common shareholders	$ (644,813)	$ (969,570)
Loss per common share
Basic loss per share (in Dollars per share)	$ (0.02)	$ (0.04)
Weighted average number of shares (basic) (in Shares)	32,873,457	24,950,958
Diluted loss per share (in Dollars per share)	$ (0.02)	$ (0.04)
Weighted average number of shares (diluted) (in Shares)	32,923,451	24,950,958

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Shareholders' Deficit (Unaudited) - USD ($)	Class A Common Stock	Class F Common Stock	Preferred Stock	Additional Paid In Capital	Accumulated Deficit Amount	Total
Balance at Dec. 31, 2019	$ 2,495			$ 4,998,505	$ (14,008,170)	$ (9,007,170)
Balance (in Shares) at Dec. 31, 2019	24,950,958
Preferred stock dividend					(125,000)	(125,000)
Net loss					(844,570)	(844,570)
Balance at Mar. 31, 2020	$ 2,495			4,998,505	(14,977,740)	(9,976,740)
Balance (in Shares) at Mar. 31, 2020	24,950,958
Balance at Dec. 31, 2020	$ 3,287				(12,719,857)	(12,716,570)
Balance (in Shares) at Dec. 31, 2020	32,873,457
Share based compensation				28,824		28,824
Net loss					(644,813)	(644,813)
Balance at Mar. 31, 2021	$ 3,287			$ 28,824	$ (13,364,670)	$ (13,332,559)
Balance (in Shares) at Mar. 31, 2021	32,873,457

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flows from Operating Activities:
Net loss	$ (644,813)	$ (844,570)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	1,773,773	1,524,683
Deferred income tax		(282,500)
Share based compensation	28,824
Changes in operating assets and liabilities:
Accounts receivable	(1,812,046)	(144,194)
Inventory	(3,399,458)	(416,105)
Prepaid expenses and other current assets	1,717,564	576,523
Accounts payable	5,641,863	2,593,480
Customer deposits	11,080,694	1,247,161
Accrued expenses	1,298,977	(163,547)
Other current liabilities	1,332,584	158,083
Net cash provided by operating activities	17,017,962	4,249,014
Cash Flows on Investing Activities:
Purchase of property and equipment	(13,099)	(6,053)
Website and software development costs	(1,759,175)	(1,792,353)
Net cash used in investing activities	(1,772,274)	(1,798,406)
Cash Flows from Financing Activities:
Principal paid on notes payable	(5,156)	(5,456)
Payments of preferred stock dividends		(125,000)
Net cash used in financing activities	(5,156)	(130,456)
Net change in Cash	15,240,532	2,320,152
Cash, beginning of year	22,202,706	13,618,835
Cash, end of year	37,443,238	15,938,987
Supplemental disclosure of cash flows information:
Cash paid for interest	6,490	$ 5,783
Cash paid for income taxes	$ 4,000

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Organization and Description of Business	Note 1 – Organization and Description of Business Description of Business PARTS iD, Inc., a Delaware corporation (the “Company,” “PARTS iD,” “we” or “us”), is a technology-driven, digital commerce company focused on creating custom infrastructure and unique user experiences within niche markets. PARTS iD has a product portfolio comprising more than 17 million SKUs, an end-to-end digital commerce platform for both digital commerce and fulfillment, and a virtual shipping network comprising over 2,500 locations, nearly 5,000 active brands, and machine-learning algorithms for complex fitment industries such as vehicle parts and accessories. Management believes that the Company is a market leader and proven brand-builder, fueled by its commitment to delivering an engaging shopping experience; comprehensive, accurate and varied product offerings; and continued digital commerce innovation. Merger between Legacy Acquisition Corp. and Onyx Enterprises Int’l, Corp. On November 20, 2020, Legacy Acquisition Corp., a special purpose acquisition company and publicly traded “shell company” (as defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended) (“Legacy”), and Onyx Enterprises Int’l, Corp., a New Jersey corporation (“Onyx”), consummated a business combination (the “Business Combination”) pursuant to that Business Combination Agreement, dated as of September 18, 2020 (the “Business Combination Agreement”), by and among Legacy, Excel Merger Sub I, Inc., a Delaware corporation and an indirect wholly owned subsidiary of Legacy and directly owned subsidiary of Merger Sub 2 as defined below (“Merger Sub 1”), Excel Merger Sub II, LLC, a Delaware limited liability company and direct wholly owned subsidiary of Legacy (“Merger Sub 2”), Onyx, and Shareholder Representative Services LLC, a Colorado limited liability company, solely in its capacity as the stockholder representative, pursuant to which: (a) Merger Sub 1 merged with and into Onyx, with Onyx surviving as a direct wholly-owned subsidiary of Merger Sub 2, (b) Onyx merged with and into Merger Sub 2, with Merger Sub 2 surviving as direct wholly-owned subsidiary of Legacy, and (c) Legacy changed its name from Legacy Acquisition Corp. to PARTS iD, Inc. and Merger Sub 2 changed its name to PARTS iD, LLC. At the effective time of the Business Combination, Legacy issued 24,950,958 shares of Class A common stock to Onyx shareholders and all outstanding shares of Legacy Class F common stock and warrants for Legacy Class A common stock were settled through a combination of cash, redemptions, cancellation and conversions into Class A common stock of the Company. In addition, all outstanding Onyx preferred shares were redeemed and settled through a combination of cash and issuance of Class A common stock of the Company. The Business Combination was treated as a recapitalization and reverse acquisition for financial reporting purposes. Onyx is considered the acquirer for accounting purposes, and Legacy’s historical financial statements before the Business Combination have been replaced with the historical financial statements of Onyx in this and future filings with the SEC. Accordingly, the operations of the Company are primarily comprised of the historical operations of Onyx and the financial position and result of operations of Legacy have been incorporated into the Company’s consolidated financial statements beginning on November 20, 2020, the effective date of the Business Combination. Similarly, the outstanding number of common shares of Onyx, its par value and Additional paid in capital (APIC) as of December 31, 2019 were adjusted to reflect the exchange of shares and its par value of the legal acquirer, Legacy.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The consolidated financial statements are presented in U.S. dollars and have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and as amended by Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods presented. The December 31, 2020 condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Results for interim periods should not be considered indicative of results for any other interim period or for the full year. The consolidated financial statements include the accounts of PARTS iD, Inc. and its wholly-owned subsidiary PARTS iD LLC. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Critical accounting estimates are estimates for which (a) the nature of the estimate is material due to the level of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change and (b) the impact of the estimate on financial condition or operating performance is material. The Company’s critical accounting estimates and assumptions affecting the financial statements include revenue recognition, return allowances, allowance for doubtful accounts, depreciation, inventory valuation, valuation of deferred income tax assets and the capitalization and recoverability of software development costs. Significant Accounting Policies There have been no significant changes from the significant accounting policies disclosed in Note 2 of the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2020 (our “2020 Form 10-K”).

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	Note 3 – Property and Equipment Property and equipment consisted of the following as of: March 31, December 31, Website and software development $ 35,653,382 $ 33,894,207 Furniture and fixtures 848,283 843,575 Computers and electronics 705,075 696,684 Vehicles 430,162 430,162 Leasehold improvements 219,757 219,757 Video and equipment 176,903 176,903 Total - Gross 38,033,562 36,261,288 Less: accumulated depreciation (26,564,701 ) (24,790,928 ) Total - Net $ 11,468,861 $ 11,470,360 Property and equipment included the following amounts for assets recorded under capital leases. March 31, December 31, Gross value at cost $ 303,230 $ 303,230 Less: accumulated depreciation (272,195 ) (269,382 ) Net $ 31,035 $ 33,848 Depreciation of property and equipment for the three months ended March 31, 2021 and 2020 amounted to $1,773,773 and $1,524,683, respectively.

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2021
Disclosure of Borrowings [Abstract]
Borrowings	Note 4 – Borrowings Equipment Leases As of March 31, 2021 and December 31, 2020, the Company’s borrowings consisted of equipment leases at an interest rate of 12.35% per annum. The principal and interest payments extend through November 30, 2021. Future minimum lease payments under non-cancelable capital leases during the year ended March 31 are as follows: 2022 $ 15,232 Less: Interest expenses 682 Total $ 14,550

Shareholders_ Deficit

Shareholders’ Deficit	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Shareholders’ Deficit	Note 5 – Shareholders’ Deficit Preferred Stock As of March 31, 2021, the Company had authorized for issuance a total of 1,000,000 shares of preferred stock, par value of $0.0001 per share (“Preferred Stock”), and as of that date, no shares of Preferred Stock were issued or outstanding. Common Stock As of March 31, 2021, the Company had 32,873,457 shares of Class A common stock outstanding and had reserved 7,998,178 shares of Class A common stock for issuance as follows: a) Adjustment reserve: Upon finalizing the Business Combination consideration, subject to the adjustments, if any, the Company will issue up to 300,000 Common shares to former Onyx shareholders. b) Indemnification reserve: Upon the expiration of the indemnification period of two years from the closing of the Business Combination as described in the Business Combination Agreement, subject to the payments of indemnity claims, if any, the Company will issue up to 750,000 Common shares to former Onyx shareholders. c) Equity Plans reserve: 4,904,596 shares reserved for future issuance under the PARTS iD, Inc. 2020 Equity Incentive Plan and 2,043,582 shares reserved for future issuance under the PARTS iD, Inc. 2020 Employee Stock Purchase Plan. Further, pursuant to the Business Combination Agreement, the Sponsor has a right to 1,502,129 shares of Class A common stock should its price exceed $15.00 per share for any thirty-day trading period during the 730 calendar days after the closing of the Business Combination.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 6 – Commitments and Contingencies As of March 31, 2021, there were no material changes to the Company’s legal matters and other contingencies disclosed in the Note 6 of the Notes to Consolidated Financial Statements included in our 2020 Form 10-K.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 7 — Stock-Based Compensation Equity Incentive Plan In October 2020, in connection with the Business Combination, the Company’s stockholders approved the PARTS iD, Inc. 2020 Equity Incentive Plan (the “2020 EIP”). There are 4,904,596 shares of Class A common stock available for issuance under the 2020 EIP. The 2020 EIP became effective immediately upon the closing of the Business Combination. As of March 31, 2021, no awards had been made under the 2020 EIP except an aggregate of 49,994 restricted stock units (“RSUs”) awarded equally to all seven non-employee Directors of the Company. These RSUs will vest on November 20, 2021. As of March 31, 2021, total unrecognized compensation expense related to unvested RSUs was $321,176 and is expected to be recognized over the rest of year spread on time basis. Employee Stock Purchase Plan In October 2020, in connection with the Business Combination, the Company’s stockholders approved the PARTS iD, Inc. 2020 Employee Stock Purchase Plan (the “2020 ESPP”). There are 2,043,582 shares of Class A common stock available for issuance under the 2020 ESPP. The 2020 ESPP became effective immediately upon the closing of the Business Combination. As of March 31, 2021, no shares had been issued under the 2020 ESPP. Share-Based Compensation Expense Share-based compensation expense amounting to $28,824 is included within selling, general and administrative expenses in the condensed consolidated statements of operations for the three months ended March 31, 2021.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 8 – Income Taxes For the three months ended March 31, 2021 and 2020, the effective income tax rate of 19.87% and 25.06%, respectively, differs from the federal statutory rate of 21% primarily due to the effect of state income taxes, share-based compensation and expenses not deductible for income tax purposes. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in the United Sates. The CARES Act contains several tax provisions, including modifications to the NOL and business interest limitations as well as a technical correction to the recovery period for qualified improvement property. The Company has evaluated these provisions in the CARES Act and does not expect a material impact to its tax provision, except for the 80% of taxable income limitation in the future on the utilization of the Company’s NOLs. The Company does not currently anticipate any significant increase or decrease of the total amount of unrecognized tax benefits within the next twelve months. None of the Company’s U.S. federal or state income tax returns are currently under examination by the Internal Revenue Service (the “IRS”) or state authorities. However, fiscal years 2017 and later remain subject to examination by the IRS and respective states.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 9 – Subsequent Events Upon finalization of the Business Combination consideration in April 2021, the Company released 299,999 shares of Common Stock and $10 in cash for fractional shares to former Onyx shareholders as stipulated in the Business Combination Agreement.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The consolidated financial statements are presented in U.S. dollars and have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and as amended by Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods presented. The December 31, 2020 condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Results for interim periods should not be considered indicative of results for any other interim period or for the full year. The consolidated financial statements include the accounts of PARTS iD, Inc. and its wholly-owned subsidiary PARTS iD LLC. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Critical accounting estimates are estimates for which (a) the nature of the estimate is material due to the level of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change and (b) the impact of the estimate on financial condition or operating performance is material. The Company’s critical accounting estimates and assumptions affecting the financial statements include revenue recognition, return allowances, allowance for doubtful accounts, depreciation, inventory valuation, valuation of deferred income tax assets and the capitalization and recoverability of software development costs.
Significant Accounting Policies	Significant Accounting Policies There have been no significant changes from the significant accounting policies disclosed in Note 2 of the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2020 (our “2020 Form 10-K”).

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	March 31, December 31, Website and software development $ 35,653,382 $ 33,894,207 Furniture and fixtures 848,283 843,575 Computers and electronics 705,075 696,684 Vehicles 430,162 430,162 Leasehold improvements 219,757 219,757 Video and equipment 176,903 176,903 Total - Gross 38,033,562 36,261,288 Less: accumulated depreciation (26,564,701 ) (24,790,928 ) Total - Net $ 11,468,861 $ 11,470,360
Schedule of property and equipment including amounts for assets recorded under capital leases	March 31, December 31, Gross value at cost $ 303,230 $ 303,230 Less: accumulated depreciation (272,195 ) (269,382 ) Net $ 31,035 $ 33,848

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of future minimum lease payments under non-cancelable capital leases	2022 $ 15,232 Less: Interest expenses 682 Total $ 14,550

Organization and Description _2

Organization and Description of Business (Details)	3 Months Ended
	Mar. 31, 2021shares
Organization and Description of Business (Details) [Line Items]
Description of business	PARTS iD has a product portfolio comprising more than 17 million SKUs, an end-to-end digital commerce platform for both digital commerce and fulfillment, and a virtual shipping network comprising over 2,500 locations, nearly 5,000 active brands, and machine-learning algorithms for complex fitment industries such as vehicle parts and accessories.
Class A Common Stock [Member]
Organization and Description of Business (Details) [Line Items]
Shareholder redemptions	24,950,958

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation	$ 1,773,773	$ 1,524,683

Property and Equipment (Detai_2

Property and Equipment (Details) - Schedule of property and equipment - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Property and Equipment (Details) - Schedule of property and equipment [Line Items]
Total - Gross	$ 38,033,562	$ 36,261,288
Less: accumulated depreciation	(26,564,701)	(24,790,928)
Total - Net	11,468,861	11,470,360
Website and software development [Member]
Property and Equipment (Details) - Schedule of property and equipment [Line Items]
Total - Gross	35,653,382	33,894,207
Furniture and fixtures [Member]
Property and Equipment (Details) - Schedule of property and equipment [Line Items]
Total - Gross	848,283	843,575
Computers and electronics [Member]
Property and Equipment (Details) - Schedule of property and equipment [Line Items]
Total - Gross	705,075	696,684
Vehicles [Member]
Property and Equipment (Details) - Schedule of property and equipment [Line Items]
Total - Gross	430,162	430,162
Leasehold improvements [Member]
Property and Equipment (Details) - Schedule of property and equipment [Line Items]
Total - Gross	219,757	219,757
Video and equipment [Member]
Property and Equipment (Details) - Schedule of property and equipment [Line Items]
Total - Gross	$ 176,903	$ 176,903

Property and Equipment (Detai_3

Property and Equipment (Details) - Schedule of property and equipment including amounts for assets recorded under capital leases - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Schedule of property and equipment including amounts for assets recorded under capital leases [Abstract]
Gross value at cost	$ 303,230	$ 303,230
Less: accumulated depreciation	(272,195)	(269,382)
Net	$ 31,035	$ 33,848

Borrowings (Details)

Borrowings (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Lease interest rate percentage	12.35%	12.35%

Borrowings (Details) - Schedule

Borrowings (Details) - Schedule of future minimum lease payments under non-cancelable capital leases	3 Months Ended
	Mar. 31, 2021USD ($)
Schedule of future minimum lease payments under non-cancelable capital leases [Abstract]
2022	$ 15,232
Less: Interest expenses	682
Total	$ 14,550

Shareholders_ Deficit (Details)

Shareholders’ Deficit (Details) - $ / shares	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Shareholders’ Deficit (Details) [Line Items]
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Business combination indemnification, description	b)Indemnification reserve: Upon the expiration of the indemnification period of two years from the closing of the Business Combination as described in the Business Combination Agreement, subject to the payments of indemnity claims, if any, the Company will issue up to 750,000 Common shares to former Onyx shareholders.
Business combination, description	Further, pursuant to the Business Combination Agreement, the Sponsor has a right to 1,502,129 shares of Class A common stock should its price exceed $15.00 per share for any thirty-day trading period during the 730 calendar days after the closing of the Business Combination.
Onyx Shareholders {Member]
Shareholders’ Deficit (Details) [Line Items]
Shares of common stock Issued	300,000
2020 Equity Incentive Plan [Member]
Shareholders’ Deficit (Details) [Line Items]
Shares of common stock Issued	4,904,596
2020 Employee Stock Purchase Plan [Member]
Shareholders’ Deficit (Details) [Line Items]
Shares of common stock Issued	2,043,582
Class A Common Stock [Member]
Shareholders’ Deficit (Details) [Line Items]
Shares of common stock outstanding	32,873,457
Shares of common stock Issued	7,998,178

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Oct. 31, 2020
Stock-Based Compensation (Details) [Line Items]
Aggregate of restricted stock units	49,994
Unrecognized compensation expense, total (in Dollars)	$ 321,176
Share-based compensation expense (in Dollars)	$ 28,824
Class A Common Stock [Member]
Stock-Based Compensation (Details) [Line Items]
Shares of common stock		2,043,582
2020 Equity Incentive Plan [Member] | Class A Common Stock [Member]
Stock-Based Compensation (Details) [Line Items]
Shares of common stock		4,904,596

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	19.87%	25.06%
Federal statutory rate	21.00%	80.00%

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member]	1 Months Ended
	Apr. 30, 2021USD ($)shares
Subsequent Events (Details) [Line Items]
Released shares of common stok | shares	299,999
Cash for fractional shares | $	$ 10