PARTS iD (ID) 10-Q 9 Aug 21 2021 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 03, 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	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
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 ($)	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash	$ 27,347,919	$ 22,202,706
Accounts receivable	2,737,658	2,236,127
Inventory	6,296,871	4,856,265
Prepaid expenses and other current assets	4,558,380	5,811,332
Total current assets	40,940,828	35,106,430
Property and equipment, net	12,189,425	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	54,735,512	48,182,049
Current liabilities
Accounts payable	35,599,711	35,631,913
Customer deposits	19,536,703	16,185,648
Accrued expenses	6,493,160	5,468,570
Other current liabilities	4,093,366	3,592,782
Notes payable, current portion	9,233	19,706
Total liabilities	65,732,173	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	1,738,580
Accumulated deficit	(12,738,558)	(12,719,857)
Total shareholders’ deficit	(10,996,661)	(12,716,570)
Total Liabilities and Shareholder’s Deficit	54,735,512	48,182,049
Class F Common Stock
SHAREHOLDERS’ DEFICIT
Common stock value
Total shareholders’ deficit
Class A Common Stock
SHAREHOLDERS’ DEFICIT
Common stock value	3,317	3,287
Total shareholders’ deficit	$ 3,317	$ 3,287

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Preferred stock, per 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	33,173,456	32,873,457
Common stock, shares outstanding	33,173,456	32,873,457

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Financial Position [Abstract]
Net revenue	$ 130,409,332	$ 113,853,524	$ 239,482,960	$ 184,579,489
Cost of goods sold	104,270,051	89,655,601	190,510,070	145,212,766
Gross profit	26,139,281	24,197,923	48,972,890	39,366,723
Operating expenses:
Advertising	10,907,319	9,296,637	21,406,705	15,390,787
Selling, general and administrative	12,603,017	10,076,998	23,961,724	18,748,252
Depreciation	1,819,581	1,783,415	3,593,354	3,308,098
Total operating expenses	25,329,917	21,157,050	48,961,783	37,447,137
Income from operations	809,364	3,040,873	11,107	1,919,586
Interest expense	395	1,038	6,885	6,821
Income before income taxes	808,969	3,039,835	4,222	1,912,765
Income tax expense	182,857	766,120	22,923	483,620
Net income (loss)	626,112	2,273,715	(18,701)	1,429,145
Net income (loss)	626,112	2,273,715	(18,701)	1,429,145
Less: Preferred stocks dividends		125,000		250,000
Income (Loss) available to common shareholders	$ 626,112	$ 2,148,715	$ (18,701)	$ 1,179,145
Income (Loss) per common share
Basic income (loss) per share (in Dollars per share)	$ 0.02	$ 0.09	$ 0	$ 0.05
Weighted average number of shares (basic) (in Shares)	33,173,456	24,950,958	33,173,456	24,950,958
Diluted income (loss) per share (in Dollars per share)	$ 0.02	$ 0.09	$ 0	$ 0.05
Weighted average number of shares (diluted) (in Shares)	33,130,599	24,950,958	33,002,738	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 income (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
Preferred stock dividend					(125,000)	(125,000)
Net income (loss)					2,273,715	2,273,715
Balance at Jun. 30, 2020	$ 2,495			4,998,505	(12,829,025)	(7,828,025)
Balance (in Shares) at Jun. 30, 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 income (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
Issue of shares on release of working capital reserve	$ 30			(30)
Issue of shares on release of working capital reserve (in Shares)	299,999
Share based compensation				1,709,786		1,709,786
Net income (loss)					626,112	626,112
Balance at Jun. 30, 2021	$ 3,317			$ 1,738,580	$ (12,738,558)	$ (10,996,661)
Balance (in Shares) at Jun. 30, 2021	33,173,456

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows from Operating Activities:
Net (loss) income	$ (18,701)	$ 1,429,145
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation	3,593,354	3,308,098
Deferred income tax		451,098
Share based compensation	1,321,428
Changes in operating assets and liabilities:
Accounts receivable	(501,531)	(953,484)
Inventory	(1,440,606)	(1,969,866)
Prepaid expenses and other current assets	1,252,952	366,582
Accounts payable	(32,202)	19,455,978
Customer deposits	3,351,055	12,217,133
Accrued expenses	1,024,590	246,925
Other current liabilities	500,584	1,239,846
Net cash provided by operating activities	9,050,923	35,791,455
Cash Flows from Investing Activities:
Purchase of property and equipment	(283,786)	(9,344)
Website and software development costs	(3,611,451)	(3,443,447)
Net cash used in investing activities	(3,895,237)	(3,452,791)
Cash Flows from Financing Activities:
Principal paid on notes payable	(10,473)	(11,043)
Payments of preferred stock dividends		(250,000)
Net cash used in financing activities	(10,473)	(261,043)
Net change in cash	5,145,213	32,077,621
Cash, beginning of period	22,202,706	13,618,835
Cash, end of period	27,347,919	45,696,456
Supplemental disclosure of cash flows information:
Cash paid for interest	6,885	$ 35,225
Cash paid for income taxes	$ 4,000

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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. Stock Compensation Policy Compensation expense related to stock option awards and restricted stock units granted to certain employees, directors and consultants is based on the fair value of the awards on the grant date. If the service inception date precedes the grant date, accrual of compensation cost for periods before the grant date is based on the fair value of the award at the reporting date. In the period in which the grant date occurs, cumulative compensation cost is adjusted to reflect the cumulative effect of measuring compensation cost based on fair value at the grant date rather than the fair value previously used at the service inception date or any subsequent reporting date. Forfeitures are recorded as they occur. The Company recognizes compensation cost related to time-vested options and restricted stock units with graded vesting features on a straight-line basis over the requisite service period. Compensation cost related to a performance-vesting options and performance-based units, where a performance condition or a market condition that affects vesting exists, is recognized over the shortest of the explicit, implicit, or defined service periods. Compensation cost is adjusted depending on whether or not the performance condition is achieved. If the achievement of the performance condition is probable or becomes probable, the full fair value of the award is recognized. If the achievement of the performance condition is not probable or ceases to be probable, then no compensation cost is recognized. 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	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Property and equipment	Note 3 – Property and equipment Property and equipment consisted of the following as of: June 30, December 31, Website and software development $ 37,922,840 $ 33,894,207 Furniture and fixtures 850,511 843,575 Computers and electronics 956,101 696,684 Vehicles 430,162 430,162 Leasehold improvements 237,190 219,757 Video and equipment 176,903 176,903 Total - Gross 40,573,707 36,261,288 Less: accumulated depreciation (28,384,282 ) (24,790,928 ) Total - Net $ 12,189,425 $ 11,470,360 Property and equipment included the following amounts for assets recorded under capital leases. June 30, December 31, Gross value at cost $ 303,230 $ 303,230 Less: accumulated depreciation (280,790 ) (269,382 ) Net $ 22,440 $ 33,848 Depreciation of property and equipment for the three months ended June 30, 2021 and 2020 amounted to $1,819,581 and $1,783,415, respectively and for the six months ended June 30, 2021 and 2020 amounted to $3,593,354 and $3,308,098, respectively.

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2021
Disclosure of Borrowings [Abstract]
Borrowings	Note 4 – Borrowings Equipment Leases As of June 30, 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 June 30, are as follows: 2022 $ 9,520 Less: Interest expenses 287 Total $ 9,233

Shareholders_ Deficit

Shareholders’ Deficit	6 Months Ended
	Jun. 30, 2021
Stockholders' Equity Note [Abstract]
Shareholders’ Deficit	Note 5 – Shareholders’ Deficit Preferred Stock As of June 30, 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 Upon finalizing the calculation of the aggregate purchase price with respect to the Business Combination in April 2021, the Company released 299,999 shares of Class A common stock and $10 in cash in lieu of fractional shares to former Onyx shareholders pursuant to the Business Combination Agreement. As of June 30, 2021, the Company had 33,173,456 shares of Class A common stock outstanding and had reserved 7,698,178 shares of Class A common stock for issuance as follows: a) 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 shares of Class A common stock to former Onyx shareholders. b) Equity Plans reserve: 4,904,596 shares of Class A common stock reserved for future issuance under the PARTS iD, Inc. 2020 Equity Incentive Plan, of which 2,968,881 shares of Class A Common Stock were subject to outstanding awards, and 2,043,582 shares of Class A common stock 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	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 6 – Commitments and Contingencies As of June 30, 2021, there were no material changes to the Company’s legal matters and other contingencies disclosed in our 2020 Form 10-K, except for the following. Seoul Semiconductor Co. LTD et. al. v. Onyx Enterprises Int’l Corp On May 15, 2020, the Company was sued for patent infringement by Seoul Semiconductor Company (“Seoul Semiconductors”), a designer of LED component packages and the manufacturing processes necessary to produce LED packages. The Civil Action is captioned as Seoul Semiconductor Co., LTD. and Seoul Viosys Co., LTD v. Onyx Enterprises Int’l Corp, Civil Action Number 2:20-cv-05955 and was heard in the United States District Court for the District of New Jersey. The Company did not have knowledge of these patents, nor does it manufacturer LEDs. Rather, the Company sources lighting products for sale on its platforms through third party manufacturers. Seoul Semiconductors sought a royalty for past sales and an agreement to source future LED components from one of its approved component manufacturers. On April 29, 2021, the Company and Seoul Semiconductors entered into a Settlement and Patent License Agreement, pursuant to which the Company paid a cash settlement to Seoul Semiconductors, and which contained a mutual release of certain claims each party may have had against the other as well as certain licensing terms. The final disposition of this matter did not have a material adverse effect on the Company’s balance sheets or results of operations. Stockholder Litigation and Business Combination Litigation With respect to the Stockholder Litigation (as defined and described in Note 6 of the “Notes to Consolidated Financial Statements” included in our 2020 Form 10-K, on March 4, 2021, the Founder Stockholders (as defined in such Note 6) filed a motion to preserve various causes of action related to the Business Combination and the claims for indemnification. That motion was denied without prejudice on June 22, 2021. On June 18, 2021, the Founder Stockholders filed a “Supplemental Complaint” in the Stockholder Litigation related to the indemnification claims. The clerk of the court dismissed their Supplemental Complaint because the court did not grant leave to file a supplemental complaint. The Founder Stockholders filed a motion objecting to the order denying their motion to preserve claims for future litigation and have asked the Special Master to opine on the Supplemental Complaint and to preserve those claims.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 7 — Stock-Based Compensation During the three and six months ended June 30, 2021, selling, general and administrative expenses included $1,292,604 and $1,321,428 of stock-based compensation expense, respectively. During the three and six months ended June 30, 2021, the Company capitalized $417,182 of stock-based compensation expense, associated with awards issued to consultants who are directly associated with and who devote time to our internal-use software. 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. The 2020 EIP provides for the grant of stock options, including incentive stock options, non-qualified stock options, restricted stock, dividend equivalents, stock payments, restricted stock units, performance shares, other incentive awards, stock appreciation rights, and cash awards (collectively “awards”). The awards may be granted to employees and consultants of the Company’s affiliates and subsidiaries. Beginning in January 2021, the Company has granted both restricted stock units (“RSUs”) and restricted performance-based stock units (“PSUs”) as described below. Restricted Stock Units The following table summarizes the activity related to RSUs during the six months ended June 30, 2021: Weighted Restricted Average Stock Grant Date Units Fair Value Balance at January 1, 2021 - $ - Granted 2,346,381 $ 6.54 Balance at June 30, 2021 2,346,381 $ 6.54 The Company has granted RSUs that vest over a specified period, generally up to three years from the date of grant. Of the 2,346,381 RSUs granted during the six months ended June 30, 2021, 106,806 RSUs were granted to directors, of which 49,994 will vest on November 20, 2021 and the balance of 56,812 will vest on the earlier of June 8, 2022 or the date of the 2022 annual meeting of stockholders Performance Based Restricted Stock Units The following table summarizes the activity related to PSUs during the six months ended June 30, 2021: PSU Type Balance of PSUs at January 01, 2021 Units Weighted Average grant date fair value Balance of PSUs at June 30, PSUs subject to Net Revenue - 498,000 $ 8.02 498,000 PSUs subject to Cash Flow - 124,500 $ 6.04 124,500 Total - 622,500 622,500 During the six months ended June 30, 2021, the Company granted 622,500 PSUs to several employees and consultants that contain both service and performance-based vesting conditions. The PSUs will vest in March 2024 based upon the level of achievement of several Company-specific operational performance milestones for the three years ended December 31, 2023, as determined by the Compensation Committee of the Company. Of the 622,500 PSUs granted, 80%, or 498,000 PSUs, include net revenue performance-based vesting conditions that were established at the grant date. The remaining 20%, or 124,500 PSUs, granted are subject to cash flow performance-based vesting conditions, of which certain thresholds had not been established as of June 30, 2021. As a result, the service inception date of these remaining PSUs precedes the grant date associated with these PSUs and the recognition of compensation expense is based upon the fair value of these PSUs at June 30, 2021. See “Stock Compensation Policy” in Note 2 for more information. During the three and six months ended June 30, 2021, the Company recognized stock-based compensation expense associated with PSUs of $271,442 and $271,442, respectively. As of June 30, 2021, approximately $4.5 million of unamortized stock-based compensation expense was associated with outstanding PSUs, which is expected to be recognized over a weighted average period of 2.5 years.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 8 – Income Taxes For the three months ended June 30, 2021 and 2020, the effective income tax rates were 22.60% and 25.20%, respectively; and for the six months ended June 30, 2021 and 2020, the effective income tax rates were 542.94% and 25.28%, respectively. The effective income tax rates differ 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.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	6 Months Ended
	Jun. 30, 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.
Stock Compensation Policy	Stock Compensation Policy Compensation expense related to stock option awards and restricted stock units granted to certain employees, directors and consultants is based on the fair value of the awards on the grant date. If the service inception date precedes the grant date, accrual of compensation cost for periods before the grant date is based on the fair value of the award at the reporting date. In the period in which the grant date occurs, cumulative compensation cost is adjusted to reflect the cumulative effect of measuring compensation cost based on fair value at the grant date rather than the fair value previously used at the service inception date or any subsequent reporting date. Forfeitures are recorded as they occur. The Company recognizes compensation cost related to time-vested options and restricted stock units with graded vesting features on a straight-line basis over the requisite service period. Compensation cost related to a performance-vesting options and performance-based units, where a performance condition or a market condition that affects vesting exists, is recognized over the shortest of the explicit, implicit, or defined service periods. Compensation cost is adjusted depending on whether or not the performance condition is achieved. If the achievement of the performance condition is probable or becomes probable, the full fair value of the award is recognized. If the achievement of the performance condition is not probable or ceases to be probable, then no compensation cost is recognized.
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)	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	June 30, December 31, Website and software development $ 37,922,840 $ 33,894,207 Furniture and fixtures 850,511 843,575 Computers and electronics 956,101 696,684 Vehicles 430,162 430,162 Leasehold improvements 237,190 219,757 Video and equipment 176,903 176,903 Total - Gross 40,573,707 36,261,288 Less: accumulated depreciation (28,384,282 ) (24,790,928 ) Total - Net $ 12,189,425 $ 11,470,360
Schedule of property and equipment including amounts for assets recorded under capital leases	June 30, December 31, Gross value at cost $ 303,230 $ 303,230 Less: accumulated depreciation (280,790 ) (269,382 ) Net $ 22,440 $ 33,848

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of future minimum lease payments under non-cancelable capital leases	2022 $ 9,520 Less: Interest expenses 287 Total $ 9,233

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of summarizes the activity related to RSU	Weighted Restricted Average Stock Grant Date Units Fair Value Balance at January 1, 2021 - $ - Granted 2,346,381 $ 6.54 Balance at June 30, 2021 2,346,381 $ 6.54
Schedule of summarizes the activity related to RSU	PSU Type Balance of PSUs at January 01, 2021 Units Weighted Average grant date fair value Balance of PSUs at June 30, PSUs subject to Net Revenue - 498,000 $ 8.02 498,000 PSUs subject to Cash Flow - 124,500 $ 6.04 124,500 Total - 622,500 622,500

Organization and Description _2

Organization and Description of Business (Details)	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Depreciation	$ 1,819,581	$ 1,783,415	$ 3,593,354	$ 3,308,098

Property and Equipment (Detai_2

Property and Equipment (Details) - Schedule of property and equipment - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Property and Equipment (Details) - Schedule of property and equipment [Line Items]
Total - Gross	$ 40,573,707	$ 36,261,288
Less: accumulated depreciation	(28,384,282)	(24,790,928)
Total - Net	12,189,425	11,470,360
Website and software development [Member]
Property and Equipment (Details) - Schedule of property and equipment [Line Items]
Total - Gross	37,922,840	33,894,207
Furniture and fixtures [Member]
Property and Equipment (Details) - Schedule of property and equipment [Line Items]
Total - Gross	850,511	843,575
Computers and electronics [Member]
Property and Equipment (Details) - Schedule of property and equipment [Line Items]
Total - Gross	956,101	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	237,190	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 ($)	Jun. 30, 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	(280,790)	(269,382)
Net	$ 22,440	$ 33,848

Borrowings (Details)

Borrowings (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 2021USD ($)
Schedule of future minimum lease payments under non-cancelable capital leases [Abstract]
2022	$ 9,520
Less: Interest expenses	287
Total	$ 9,233

Shareholders_ Deficit (Details)

Shareholders’ Deficit (Details) - $ / shares	6 Months Ended
	Jun. 30, 2021	Apr. 30, 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
Series of Individually Immaterial Business Acquisitions [Member]
Shareholders’ Deficit (Details) [Line Items]
Business combination indemnification, description	a)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 shares of Class A common stock 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.
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]
Released shares		299,999
Common stock shares in cash (in Dollars per share)		$ 10
Shares of common stock outstanding	33,173,456
Shares of common stock Issued	7,698,178
Common stock shares outstanding	2,968,881

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($)	Jun. 08, 2022	Nov. 20, 2021	Jun. 30, 2021	Jun. 30, 2021	Apr. 30, 2021	Oct. 31, 2020
Stock-Based Compensation (Details) [Line Items]
Selling, general and administrative expenses			$ 1,292,604	$ 1,321,428
Share-based compensation expense			417,182	$ 417,182
Shares granted (in Shares)				2,346,381
Stock based compensation expense associated			$ 1,438,344	$ 1,467,168
Unrecognized compensation expense, total				$ 13,900,000
Weighted average period				2 years 6 months
Grant, percentage				80.00%
Remaining performance, percentage			20.00%	20.00%
PSUs, granted subject to cash flow (in Shares)				124,500
Recognized stock-based compensation expense			$ 271,442	$ 271,442
Unamortized stock based compensation expense				4,500,000
Employees and Consultants [Member]
Stock-Based Compensation (Details) [Line Items]
Share-based compensation expense				$ 622,500
Aggregate of restricted stock units (in Shares)				622,500
Restricted Stock Units (RSUs) [Member]
Stock-Based Compensation (Details) [Line Items]
Shares granted (in Shares)			2,346,381	106,806
Weighted average period				2 years 3 months 18 days
Restricted Stock Units (RSUs) [Member] | Employees and Consultants [Member]
Stock-Based Compensation (Details) [Line Items]
Shares granted (in Shares)				2,239,575
Forecast [Member] | Restricted Stock Units (RSUs) [Member]
Stock-Based Compensation (Details) [Line Items]
Granted shares veted (in Shares)		49,994
Granted shares (in Shares)	56,812
Class A Common Stock [Member]
Stock-Based Compensation (Details) [Line Items]
Shares of common stock (in Shares)					299,999
Class A Common Stock [Member] | 2020 Equity Incentive Plan [Member]
Stock-Based Compensation (Details) [Line Items]
Shares of common stock (in Shares)						4,904,596

Stock-Based Compensation (Det_2

Stock-Based Compensation (Details) - Schedule of summarizes the activity related to RSU	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Schedule of summarizes the activity related to RSU [Abstract]
Restricted Stock Units Beginning | shares
Weighted Average Grant Date Fair Value Beginning | $ / shares
Restricted Stock Units Granted | shares	2,346,381
Weighted Average Grant Date Fair Value Granted | $ / shares	$ 6.54
Restricted Stock Units Ending | shares	2,346,381
Weighted Average Grant Date Fair Value Beginning | $ / shares	$ 6.54

Stock-Based Compensation (Det_3

Stock-Based Compensation (Details) - Schedule of summarizes the activity related to PSU	6 Months Ended
	Jun. 30, 2021USD ($)$ / sharesshares
Condensed Financial Statements, Captions [Line Items]
Balance of PSUs Beginning
Units Granted (in Shares) | shares	622,500
Balance of PSUs Ending	$ 622,500
PSUs Net Revenue [Member]
Condensed Financial Statements, Captions [Line Items]
Balance of PSUs Beginning
Units Granted (in Shares) | shares	498,000
Weighted Average grant date fair value (in Dollars per share) | $ / shares	$ 8.02
Balance of PSUs Ending	$ 498,000
PSUs Cash Flow [Member]
Condensed Financial Statements, Captions [Line Items]
Balance of PSUs Beginning
Units Granted (in Shares) | shares	124,500
Weighted Average grant date fair value (in Dollars per share) | $ / shares	$ 6.04
Balance of PSUs Ending	$ 124,500

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	22.60%	25.20%	542.94%	25.28%
Federal statutory rate			21.00%
Percentage of taxable income			80.00%