PARTS iD (ID) 10-K 14 Mar 22 2021 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 10, 2022	Jun. 30, 2021
Document Information Line Items
Entity Registrant Name	PARTS iD, INC.
Trading Symbol	ID
Document Type	10-K
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		33,965,804
Entity Public Float			$ 38,679,465
Amendment Flag	false
Entity Central Index Key	0001698113
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Dec. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Annual 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
Auditor Name	WithumSmith+Brown, PC
Auditor Location	Princeton NJ
Auditor Firm ID	100

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash	$ 23,203,230	$ 22,202,706
Accounts receivable	2,157,108	2,236,127
Inventory	5,754,748	4,856,265
Prepaid expenses and other current assets	4,874,704	5,811,332
Total current assets	35,989,790	35,106,430
Property and equipment, net	13,700,876	11,470,360
Intangible assets	262,966	237,752
Deferred tax assets	2,314,907	1,099,800
Other assets	267,707	267,707
Total assets	52,536,246	48,182,049
Current liabilities
Accounts payable	40,591,938	35,631,913
Customer deposits	15,497,857	16,185,648
Accrued expenses	6,221,330	5,468,570
Other current liabilities	3,930,841	3,592,782
Notes payable, current portion		19,706
Total liabilities	66,241,966	60,898,619
COMMITMENTS AND CONTINGENCIES (Note 5)
SHAREHOLDERS' DEFICIT
Preferred stock, $0.0001 par value per share;1,000,000 shares authorized and 0 issued and outstanding
Common stock, $0.0001 par value per share; 10,000,000 Class F shares authorized and 0 issued and outstanding
100,000,000 Class A shares authorized and 33,965,804 and 32,873,457 issued and outstanding, as of December 31, 2021 and 2020, respectively	3,396	3,287
Additional paid in capital	6,973,541
Accumulated deficit	(20,682,657)	(12,719,857)
Total shareholders' deficit	(13,705,720)	(12,716,570)
Total liabilities and shareholders' deficit	$ 52,536,246	$ 48,182,049

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 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 per share (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, shares authorized	100,000,000	100,000,000
Common stock, shares issued	33,965,804	32,873,457
Common stock, shares outstanding	33,965,804	32,873,457

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Net revenue	$ 448,668,928	$ 400,832,371
Cost of goods sold	358,439,239	315,027,012
Gross profit	90,229,689	85,805,359
Operating expenses:
Advertising	42,346,886	33,359,299
Selling, general and administrative	49,554,126	44,266,151
Depreciation	7,465,095	6,859,237
Total operating expenses	99,366,107	84,484,687
(Loss) income from operations	(9,136,418)	1,320,672
Interest expense	7,172	8,395
(Loss) income before income taxes	(9,143,590)	1,312,277
Income tax (benefit)	(1,180,790)	(801,552)
Net (loss) income	(7,962,800)	2,113,829
Net (loss) income	(7,962,800)	2,113,829
Less: Preferred stocks dividends		15,442,697
Loss available to common shareholders	$ (7,962,800)	$ (13,328,868)
Loss per common share
Loss per share (basic and diluted) (in Dollars per share)	$ (0.24)	$ (0.52)
Weighted average number of shares (basic and diluted) (in Shares)	33,179,973	25,860,097

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Deficit - USD ($)	Class ACommon 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			(442,697)	(442,697)
Acquisition of Legacy Acquisition Corp.	$ 536	238,951		239,487
Acquisition of Legacy Acquisition Corp. (in Shares)	5,362,152
Redemption of warrants in connection with acquisition of Legacy Acquisition Corp.	$ 256	(5,237,456)	(382,819)	(5,620,019)
Redemption of warrants in connection with acquisition of Legacy Acquisition Corp. (in Shares)	2,560,347
Net income (loss)			2,113,829	2,113,829
Balance at Dec. 31, 2020	$ 3,287		(12,719,857)	(12,716,570)
Balance (in Shares) at Dec. 31, 2020	32,873,457
Shares issued on release of working capital reserve	$ 30	(30)
Shares issued on release of working capital reserve (in Shares)	299,999
Share based compensation	$ 79	6,973,571		6,973,650
Share based compensation (in Shares)	792,348
Net income (loss)			(7,962,800)	(7,962,800)
Balance at Dec. 31, 2021	$ 3,396	$ 6,973,541	$ (20,682,657)	$ (13,705,720)
Balance (in Shares) at Dec. 31, 2021	33,965,804

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash Flows from Operating Activities:
Net (loss) income	$ (7,962,800)	$ 2,113,829
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation	7,465,095	6,859,237
Deferred income (benefits) taxes	(1,215,107)	(836,500)
Share based compensation expense	4,852,985
Gain sale of fixed assets		(3,228)
Changes in operating assets and liabilities:
Accounts receivable	79,019	(1,067,867)
Inventory	(898,483)	(1,456,889)
Prepaid expenses and other current assets	936,628	(2,777,595)
Accounts payable	4,960,025	10,418,256
Customer deposits	(687,791)	7,585,734
Accrued expenses	752,760	458,002
Other current liabilities	338,059	695,613
Net cash provided by operating activities	8,620,390	21,988,592
Cash Flows from Investing Activities:
Proceeds from sale of fixed assets		36,000
Purchase of property and equipment	(324,025)	(58,544)
Purchase of intangible assets	(25,214)	(15,269)
Website and software development costs	(7,250,921)	(7,283,044)
Net cash used in investing activities	(7,600,160)	(7,320,857)
Cash Flows from Financing Activities:
Principal paid on notes payable	(19,706)	(20,892)
Payments of preferred stock dividends		(442,697)
Cash payments for cancellation of Legacy warrants		(5,620,275)
Net cash used in financing activities	(19,706)	(6,083,864)
Net change in cash	1,000,524	8,583,871
Cash, beginning of period	22,202,706	13,618,835
Cash, end of period	23,203,230	22,202,706
Supplemental disclosure of cash flows information:
Cash paid for interest	7,172	7,684
Cash paid for income taxes	$ 4,209

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 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 experience within niche markets. PARTS iD has a product portfolio comprising approximately 18 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, over 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 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”). 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 revenues 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, valuation of deferred income tax assets, stock-based compensation, and the capitalization and recoverability of software development costs. Stock Compensation 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 or amounts previously recognized are reversed. Cash The Company considers all immediately available cash and any investments with original maturities of three months or less, when acquired, to be cash equivalents. Concentration of Credit Risk Financial instruments that expose the Company to a concentration of credit risk principally include cash and accounts receivable balances. The Company maintains all of its cash in high credit quality financial institutions located in the United States. Amounts on deposit may at times exceed the Federal Deposit Insurance Corporation (FDIC) insurance limit. The Company has not experienced any losses in such accounts. Accordingly, management believes that its credit risk relating to cash is minimal. The Company manages accounts receivable credit risk through its policy of limiting extensions of credit to customers. Substantially all customer orders are paid by credit card at the point of sale. Certain Significant Risks and Uncertainties In February 2022, the Russian Federation launched a full-scale invasion against Ukraine, and sustained conflict and disruption in the region is ongoing. The Company’s ability to maintain adequate liquidity for its operations is dependent upon a number of factors, including its revenue and earnings, the impacts of COVID-19 on macroeconomic conditions, and its ability to take further cost savings and cash conservation measures if necessary. The conflict could have a material adverse effect upon the Company. Refer to Note 9— Subsequent Events for additional information. Accounts Receivable Accounts receivable balances include amounts due from customers. The Company periodically reviews its accounts receivable balances to determine whether an allowance for doubtful accounts is necessary based on an analysis of past due accounts, historical occurrences of credit losses, existing economic conditions, and other circumstances that may indicate that the realization of an account is in doubt. As of December 31, 2021 and 2020, the Company determined that an allowance for doubtful accounts was not necessary. Inventory Inventories consist of purchased goods that are immediately available-for-sale and are stated at the lower of cost or net realizable value, determined using the first-in first-out method. Merchandise-in-transit directly from suppliers to customers is recorded in inventory until the product is delivered to the customer. As of December 31, 2021 and 2020, merchandise-in-transit amounted to $4,053,610 and $4,208,514, respectively. Risk of loss is transferred from the supplier to the Company at the shipping point. Other Current Assets Other current assets include advances to vendors amounting to $3,185,681 and $3,708,759, as of December 31, 2021 and 2020, respectively which is included in prepaid expenses and other current assets on the consolidated balance sheets. Website and Software Development The Company capitalizes certain costs associated with website and software developed for internal use in accordance with ASC 350-50, Intangibles – Goodwill and Other – Website Development Costs Intangibles – Goodwill and Other – Internal Use Software Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation of property and equipment is calculated on a straight-line basis over the estimated useful lives of the assets as follows: Asset Class Estimated useful lives Video and studio equipment 5 years Website and internally developed software 3 years Computer and electronics 5 years Vehicles 5 years Furniture and fixtures 5 years Leasehold improvements Lesser of useful life or lease term Intangible Assets Intangible assets consist of indefinite-lived domain names and are stated at cost less impairment losses, if any. The Company reviews its intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the intangible asset may not be recoverable. When such events occur, the Company compares the carrying amount of the asset to the undiscounted expected future cash flows related to the asset. If the comparison indicates that an impairment exists, the amount of the impairment is calculated as the difference between the excess of the carrying amount over the fair value of the asset. The Company has determined that there were no triggering events in the years ended December 31, 2021 and 2020, and no impairment charges were necessary. Revenue Recognition In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreements, the Company performs the following steps: (i) identifies contracts with customers; (ii) identifies performance obligation(s); (iii) determines the transaction price; (iv) allocates the transaction price to the performance obligation(s); and (v) recognizes revenue when (or as) the Company satisfies each performance obligation. The Company recognizes revenue on product sales through its website as the principal in the transaction as the Company has concluded it controls the product before it is transferred to the customer. The Company controls products when it is the entity responsible for fulfilling the promise to the customer and takes responsibility for the acceptability of the goods, assumes inventory risk from shipment through the delivery date, has discretion in establishing prices, and selects the suppliers of products sold. Sales discounts earned by customers at the time of purchase and taxes collected from customers, which are remitted to governmental authorities, are deducted from gross revenue in determining net revenue. Allowances for sales returns are estimated and recorded based on historical experience and reduce product revenue, inclusive of shipping fees, by expected product returns. Allowances for sales returns at December 31, 2021 and 2020, were $738,465 and $1,062,077, respectively. The Company also earns advertising revenues through sales of media space on its e-commerce site. Advertising revenue is recognized during the period in which the advertisements are displayed on the Company’s e-commerce site. Advertising revenue amounted to $353,985 and $392,262 for the years ended December 31, 2021 and 2020, respectively. The Company has two types of contractual liabilities: (i) amount received from customers prior to the delivery of products are recorded as customer deposits in the accompanying balance sheets and are recognized as revenue when the products are delivered, amounting to $15,497,857 and $16,185,648 at December 31, 2021 and 2020, respectively and (ii) site credits, (which are initially recorded in accrued expenses and are recognized as revenue in the period they are redeemed), amounting to $2,855,998 and $2,422,051 at December 31, 2021 and 2020, respectively. Cost of Goods Sold Cost of goods sold consists of the cost of product sold to customers, plus shipping and handling costs and shipping supplies, net of vendor rebates. Income Taxes The Company is a C-corporation for U.S. federal income tax purposes. Accordingly, the Company accounts for income taxes in accordance with the provisions of ASC 740 Income Taxes ASC 740 also provides guidance on the accounting for uncertain tax positions recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Based on the Company’s evaluation, management concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements. The Company files U.S. federal and State of New Jersey tax returns and had no unrecognized tax benefits at December 31, 2021 and 2020. The Company’s policy for recording interest and penalties associated with audits is to record such expense as a component of income tax expense. There were no amounts accrued for penalties or interest as of or during the years ended December 31, 2021 and 2020. Management is currently unaware of any issues under review that could result in significant payments, accruals or material deviations from its filing positions. Earnings (Loss) Per share Prior to January 1, 2021, the Company used the two-class method to compute earnings per common share because the Company had issued preferred securities that entitled the holder to participate in dividends and earnings of the Company. Under this method, net income (loss) was reduced by any dividends earned during the period. The remaining earnings (undistributed earnings) were allocated to Class A common stock and each series of preferred stock to the extent that each preferred security may share in earnings as if all of the earnings for the period had been distributed. The total earnings allocated to common stock was then divided by the number of outstanding shares to which the earnings were allocated to determine the earnings per share. The two-class method is not applicable during periods with a net loss, as the holders of the preferred stock have no obligation to fund losses. For the years ended December 31, 2021 and 2020, basic net loss per common share was determined by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. For purposes of calculating diluted net loss per common share, the denominator includes both the weighted average common shares outstanding and the number of common stock equivalents if the inclusion of such common stock equivalents would be dilutive. Dilutive common stock equivalents potentially include performance-based stock units and unvested restricted stock units using the treasury stock method. For all periods presented, there is no difference in the number of shares used to compute basic and diluted net loss per common share due to the Company’s net loss. The following average number of potentially dilutive securities were excluded from the computation of diluted weighted-average shares outstanding for the years ended December 31, 2021 and 2020, as they would be antidilutive: Year ended December 31, 2021 2020 Performance-based units 619,000 - Unvested restricted stock units 1,551,033 - Total 2,170,033 - New Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842)

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	Note 3 – Property and Equipment Property and equipment consisted of the following as of: December 31, 2021 2020 Website and software development $ 43,265,793 $ 33,894,207 Furniture and fixtures 851,926 843,575 Computers and electronics 994,925 696,684 Vehicles 430,162 430,162 Leasehold improvements 237,190 219,757 Video and equipment 176,903 176,903 Total - Gross 45,956,899 36,261,288 Less: accumulated depreciation (32,256,023 ) (24,790,928 ) Total - Net $ 13,700,876 $ 11,470,360 Website and software development included capitalized stock-based compensation of $2,120,665 and $0 for the year ended December 31, 2021 and 2020 respectively. Depreciation of property and equipment for the years ended December 31, 2021 and 2020 amounted to $7,465,095 and $6,859,237, respectively.

Shareholders_ Deficit

Shareholders’ Deficit	12 Months Ended
	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Shareholders’ Deficit	Note 4 – Shareholders’ Deficit Preferred Stock In connection with the merger in November 2020 (Note 1), Legacy purchased all outstanding shares of preferred stock of Onyx for payments of $9.0 million in cash and $11.0 million in stock, assumed by Legacy Acquisition Sponsor I LLC, a Delaware limited liability company (the “Sponsor”), through the transfer of 1,100,000 of the Sponsor’s shares of Legacy Class A common stock at $10.00 per share. This redemption of preferred stock was accounted for as an extinguishment and the Company recognized a deemed dividend of $15.4 million. The deemed dividend was calculated as the excess fair value of the $9.0 million cash and $11.0 million of PARTS iD, Inc common stock over the $5.0 million carrying value of the preferred stock at the time of redemption. The deemed dividend is recognized as a component of net loss attributable to Class A common stockholders for purposes of computing basic and diluted earnings per share. Because the Company has an accumulated deficit, the deemed dividend and the redemption of preferred stock is recorded within additional paid in capital. As of December 31, 2021 and 2020, 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”). As of December 31, 2021 and 2020, no shares of Preferred Stock were issued or were outstanding. The Certificate of Incorporation of the Company authorizes the Board to fix the voting rights, if any, designations, powers, preferences and relative, participating, optional, special, and other rights at the time of issue of any Preferred Stock. Common Stock As of December 31, 2021 and 2020, the Company had 33,965,804 and 32,873,457, respectively, shares of Class A common stock outstanding. As of December 31, 2021 and 2020, the Company had reserved 6,905,830 and 7,698,178, respectively, shares of Class A common stock for issuance as follows: Nature of Reserve As of December 31, 2021 As of December 31, 2020 a. Indemnification reserve: Upon the expiration of the indemnification period of two years as described in the Business Combination Agreement, subject the payments of indemnity claims, if any, the Company will issue up to 750,000 Common shares to former Onyx shareholders 750,000 750,000 b. Adjustment reserve: Upon finalizing the Merger consideration, in 2021, the Company issued 299,999 Common shares to former Onyx shareholders - 300,000 c. EIP reserve: Shares reserved for future issuance under the stockholder approved Parts iD, Inc. 2020 Equity Incentive Plan 4,112,248 4,904,596 d ESPP reserve: Shares reserved for future issuance under the stockholder approved Parts iD, Inc. 2020 Employee Stock Purchase Plan 2,043,582 2,043,582 Total shares reserved for future issuance 6,905,830 7,998,178 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 effective date of the Business Combination. Voting, Dividends, and Other Distributions: Subject to the rights of Preferred stock, if any, the holders of Class A and Class F Common stock are entitled to a) one vote for each share on all matters that require stockholder approval, b) receive dividends and distributions as and when declared by the Board out of any assets or funds legally available therefor, equally on a per share basis, and c) share the distribution of all remaining or surplus assets, if any, in the event of liquidation, dissolution or winding up of the Company, ratably in proportion to the number of shares of Common stock held by them. Rights and Options: The Company has the authority to create and issue rights, warrants and options entitling the holders thereof to acquire from the Corporation any shares of its capital stock of any class or classes, with such rights, warrants and options to be evidenced by or in instrument(s) approved by the Board. The Board is empowered to set the exercise price, duration, times for exercise and other terms and conditions of such rights, warrants or options; provided, however, that the consideration to be received for any shares of capital stock issuable upon exercise thereof may not be less than the par value thereof. The Common stockholders does not carry any preemptive rights enabling them to subscribe for, or receive shares of, common stock or any other securities convertible into shares of common stock.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 5 – Commitments and Contingencies Operating Leases The Company has several non-cancelable operating leases for facilities and vehicles that expire over the next four years. Rental expense for operating leases was $1,207,969 and $1,220,408 for the years ended December 31, 2021 and 2020, respectively. Future minimum lease payments under non-cancelable operating leases as of December 31, 2021 are as follows: Year ending December 31, 2022 $ 947,275 2023 548,993 2024 46,092 $ 1,542,360 Legal Matters Closed matters: 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. 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. Lexidine LLC v. Onyx Enterprises Int’l Corp On January 20, 2021, Lexidine, LLC filed a patent infringement suit against the Company in the United States District Court for the District of New Jersey. The case is based upon United States Patent No. 7,609,961 and is directed toward certain OEM Fit 3rd Brake Light Cameras offered for sale by third party brands on the Company’s eCommerce platform. It is captioned as Lexidine LLC v. Onyx Enterprises Int’l Corp, d/b/a www.carid.com, Case No. 3:21-cv-00946. This matter was administratively terminated by the United States District Court for the District of New Jersey on July 27, 2021. Business Combination Litigation On October 3, 2020, counsel to Stanislav Royzenshteyn and Roman Gerashenko (together, the “Founder Stockholders”) and Onyx Enterprises Canada Inc. and its principals (collectively, the “Investor Stockholder and Principals”) received a letter from counsel to the Founder Stockholders objecting to the Investor Stockholder’s use of the “drag-along right” under Section 4.5 of the Stockholders Agreement, dated July 17, 2015 (the “Stockholders Agreement”), and the proxy granted pursuant to Section 5.1 of the Stockholders Agreement to execute (i) the stockholder written consent, dated September 18, 2020, approving the Business Combination Agreement and (ii) the Stockholder Support Agreements, in each case on behalf of the Founder Stockholders. The letter also describes the Business Combination as unlawful and threatens further unspecified actions by the Founder Stockholders. On October 15, 2020, the Founder Stockholders filed an order to show cause to preliminarily enjoin the Business Combination pending final adjudication of the Shareholder Litigation. On October 23, 2020, the Superior Court of New Jersey, Chancery Division, Monmouth County refused to grant a preliminary injunction and set the hearing date on the order to show cause for December 4, 2020. On October 26, 2020, the Founder Stockholders filed an application for permission to file emergent motion to request a temporary restraining order preventing the closing of the Business Combination prior to the hearing on December 4, 2020 with the Superior Court of New Jersey, Appellate Division, which such court denied. On October 27, 2020, the Founder Stockholders appealed the Appellate Division’s ruling to the Supreme Court of New Jersey. On October 28, 2020, the Supreme Court of New Jersey denied such appeal. On November 20, 2020, the Founder Stockholders requested another emergent motion before the Superior Court of New Jersey, Chancery Division, Monmouth County for a temporary restraining order preventing the closing of the Business Combination. The Superior Court of New Jersey, Chancery Division, Monmouth County denied that request by order dated November 20, 2020. The Founder Stockholders withdrew their order to show cause after the November 20, 2020 order was entered. Since then, the Founding Stockholders advised the court that they will no longer seek to unwind the Business Combination. Rather, they are seeking damages from the defendants in the Shareholder Litigation (as defined below). Open Matters: Environmental Protection Agency (“EPA”) v. Onyx Enterprises Int’l, Corp. d/b/a CARiD On October 22, 2018, the U.S. Environmental Protection Agency (the “EPA”), submitted a formal information request asserting that the Company sold improper and illegal defeat devices in violation of the Clean Air Act (the “CAA”). The Company responded in December 2018. On July 16, 2020, the EPA presented the Company with a proposed notice of violation directed to a subset of sales performance parts that the EPA alleges were sold by the Company in violation of the CAA. The EPA did not propose an aggregate fine but identified 267 transactions as being in violation of the CAA. The products in question were sold by the Company in 2018 and have since been removed from its platform. On November 22 2020, the Company provided a response to the EPA with analysis directed at the reasons the 267 transactions did not violate the CAA. EPA subsequently proposed a fine to the Company and the parties are negotiating a final disposition of this matter that the Company believes will not have a material adverse effect on the Company’s financial condition or results of operations. Onyx Enterprises Int’l, Corp. v. IDParts, LLC On June 30, 2020, the Company initiated a trademark infringement action against IDParts, LLC (“IDParts”) for the unlawful use of “ID” to sell automotive products through its eCommerce platform found at www.idparts.com. The Company first used “iD” to sell automotive products in March of 2009 on its ecommerce platform found at www.carid.com. The Civil Action is captioned as Onyx Enterprises Int’l, Corp. v. IDParts, LLC, Civil Action Number 1:20-cv-11253-RMZ Onyx Enterprises Int’l Corp v. Volkswagen Group of America, Inc. On August 4, 2020, Onyx initiated a trademark infringement action against Volkswagen Group of America, Inc. (“Volkswagen”) for the unlawful use of “ID” to brand its new line of electric vehicles due to be imported into the United States in 2021 and manufactured in Tennessee in 2022. The United States Patent and Trademark Office rejected Volkswagen’s application to register “ID” multiple times due to the Company’s priority over the mark in the automotive space. In 2019, Volkswagen approached the Company for a license to use ID for a royalty. When Volkswagen announced in July of 2020 that it would proceed with the launch using this branding, the Company filed suit. The Civil Action is captioned as Onyx Enterprises Int’l, Corp v. Volkswagen Group of America, Inc., Civil Action Number 3:20-cv-09976-BRM-ZNQ Volkswagen has obtained a stay of this matter pending the outcome in the ID Parts matter. The Company is seeking monetary damages for use of its trademark as well as an order precluding Volkswagen from continuing to use ID as part of its branding. As discovery has not commenced, the case value and exposure are undetermined at this time. Shareholder Litigation Royzenshteyn, et. al. v. Pathak, et al. v. Onyx Enterprises Int’l Corp, Superior Court of New Jersey, Monmouth County, Chancery Division, Docket No. MON-C-45. This is a pending litigation matter that involves a shareholder dispute that arises from a stock purchase and warrant purchase agreement between Onyx Enterprises Int’l Corp. (“Onyx”) and Onyx Enterprises Canada, Inc. (“OEC”) (the “Transaction”). The litigation was instituted by the plaintiffs, Stanislav Royzenshteyn and Roman Gerashenko (the “Plaintiffs”), who were the founding stockholders of Onyx, in the Superior Court of New Jersey, Chancery Division, Monmouth County on February 12, 2018 (the “Shareholder Litigation”). Onyx was named by the Plaintiffs as a nominal defendant based upon the plaintiffs’ shareholder derivative claims. The Defendants Carey Curtin and Prashant Pathak asserted third party claims against Onyx seeking indemnification from the Onyx to the extent that the claims were asserted by the Plaintiffs against the Defendants in their capacity as Directors of Onyx. On August 31, 2021, the Judge issued a decision on the Defendants’ Motion for Summary Judgement, in which he granted the motion in part and denied it in part. The fraud related claims asserted by the Plaintiffs against OEC, and the other defendants were not dismissed as well as certain other claims, including claims under the New Jersey Oppressed Minority Shareholder statute. The shareholder derivative claims were dismissed leaving the Third-Party Complaint for indemnification as the only remaining claim that involves the Company. The Company has not received a specific demand for any monetary damages from the Defendants regarding their indemnification claims, nor does the Company have any concrete information regarding the scope of any such potential damages. Given the amount of time that the Defendants attorneys have devoted to defending the claims against their clients in the Shareholder Litigation, the potential damages arising from the indemnification claims could be significant. If the Defendants prevail on their indemnification claims, the Company will assert that that any damages sought should be allocated based on the time and effort spent in defending against the breach of fiduciary claims, as opposed to defending against the Plaintiffs’ fraud claims, which are the predominant claims in the litigation. Given that the breach of fiduciary claims against the Defendants have been dismissed, any claim for indemnification will only include fees and costs incurred prior to the decision on the Summary Judgment Motion. Potential Claim by Former CEO On August 12, 2020, the former CEO of the Company, Mr. Royzenshteyn, a plaintiff in the Shareholder Litigation, filed a motion to amend the complaint in the Shareholder Litigation matter first listed above, to assert claims arising from the Board’s acceptance of his resignation as CEO. Mr. Royzenshteyn has asserted that he did not resign but was terminated by the Board in breach of his employment agreement. His proposed complaint seeks payment of his severance and damages from the Company associated with his alleged termination. Mr. Royzenshteyn’s motion to amend the complaint has been denied by the Special Discovery Master, but his proposed claims are preserved for any potential future action brought by him against the Company. Management believes that Mr. Royzenshteyn’s claims are without merit, but at this stage without any litigation actually having been commenced, it is not possible to determine the likelihood of success of any such claims and the potential amount of liability, if any, of any award that may be made against the Company. Any amount awarded as a result will be recorded in the period it occurs. Potential Indemnification Claims by Former Directors of Onyx On October 29, 2020, former Onyx Directors Royzenshteyn and Gerashenko ( the “Plaintiff Directors”) tendered a demand for indemnification from the Company pursuant to their Director Indemnification agreements with Onyx. The Company’s Board denied the request for indemnification. On March 04, 2021, the Plaintiff Directors filed a motion in the Shareholder Litigation to reserve their indemnification claims for future litigation. That motion was heard by the Special Discovery Master, who denied the motion on the grounds that the Plaintiff Directors had not filed a proposed amended pleading asserting these alleged claims with their motion. Subsequently, the Plaintiff Directors attempted to file an amended pleading with respect to the indemnification claims, which pleading was rejected by the court because it was not accompanied by an order. Thereafter, the Plaintiff Directors submitted the proposed pleading to the Special Master, which pleading was opposed by the Company and the Defendants on the grounds that it was time barred based on the statute of limitations contained in the indemnification agreements. On January 04, 2022, the Special Master issued a report and recommendation in which he held that the Plaintiff Directors’ indemnification claims are not time-barred and are preserved for a future litigation. The Company has filed an objection to that Report and Recommendation. The court has not yet ruled on the objection. Misappropriation Action The Company commenced an action on November 24, 2020 against Stanislav Royzenshteyn, the Company’s former CEO, captioned Parts iD, LLC v. Stanislav Royzenshteyn Other Matters The Company is subject to certain legal proceedings and claims which are common to, and arise in the ordinary course of, its business. Historically, the Company has been involved in legal proceedings or has received a variety of communications alleging that certain products marketed through its e-commerce distribution platform violate a) third-party intellectual property rights, including but not limited to copyrights, designs, marks, patents and trade names, b) governmental regulation, including emission control regulations or c) defective products or employee disputes. With regard to intellectual property rights, brand and content owners and others have actively asserted their alleged intellectual property rights against many online companies, including the Company. With regard to governmental regulation, the Company receives inquiries from governmental agencies that regulate the automobile industry to monitor compliance with emissions and other standards. With regard to defective products, the Company is covered by the vendor or manufacturer’s warranty. The Company has not incurred any material losses to date with respect to these types of matters nor does management believe that the final disposition of any such pending matters will have a material adverse effect on the Company’s financial position or results of operations. The Company accrued $620,000 and $375,000 as of December 31, 2021 and 2020, respectively, in aggregate for the above open matters.

Employee Retirement Plan

Employee Retirement Plan	12 Months Ended
	Dec. 31, 2021
Retirement Benefits [Abstract]
Employee Retirement Plan	Note 6 – Employee Retirement Plan The Company maintains a 401(k)-defined contribution plan covering all full-time employees who have completed twelve months of service. The Company may, at its sole discretion, match up to a percentage of each participating employee’s salary. The Company’s contributions vest in annual installments over five years. The Company did not make any discretionary contributions during the years ended December 31, 2021 and 2020.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 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”). The 2020 EIP became effective immediately upon the closing of the Business Combination. As of December 31, 2021, of the 4,904,596 shares of Class A common stock reserved for issuance under the 2020 EIP in the aggregate, 4,112,248 shares remained available for issuance. The 2020 EIP provides for the grant of stock options, restricted stock, restricted stock units, performance shares, performance units, stock appreciation rights, other stock-based awards and cash awards (collectively “awards”). The awards may be granted to employees, directors and consultants of the Company. 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 year ended December 31, 2021: Year ended December 31, 2021 Weighted Restricted Average Grant Stock Date Fair Value Unvested balance at beginning of the period - $ - Granted 2,358,381 $ 6.54 Vested (792,348 ) $ 6.56 Forfeited (15,000 ) $ 8.02 Unvested balance at December 31, 2021 1,551,033 $ 6.52 The Company has granted RSUs that vest over a specified period, generally up to three years from the date of grant. RSUs granted in 2021 included (a) 106,806 RSUs granted to directors, of which 49,994 vested 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, and (b) 2,251,575 RSUs granted to various employees, contractors and consultants, of which (i) 742,354 vested on November 20, 2021, (ii) 15,000 were forfeited, and (iii) 1,494,221 will vest, subject to the participants’ continued service to the Company, as provided in the applicable award agreement. The Company recognized $6,011,550 of stock-based compensation expense associated with RSUs for the year ended December 31, 2021. As of December 31, 2021, approximately $9.32 million of unamortized stock-based compensation expense was associated with outstanding RSUs, which is expected to be recognized over a remaining weighted average period of 1.8 years. Performance Based Restricted Stock Units The following tables summarize the activity related to PSUs during the year ended December 31, 2021: PSU Type Balance at January 1, Granted Forfeited Balance at December 31, Net revenue based - 503,200 8,000 495,200 Weighted average grant date fair value $ - $ 8.00 $ 8.02 $ 8.00 Cash flow based - 125,800 2,000 123,800 Weighted average grant date fair value $ - $ 2.44 $ 2.44 $ 2.44 Total - 629,000 10,000 619,000 During the year ended December 31, 2021, the Company granted 629,000 PSUs to several employees, contractors and consultants that contain both service and performance-based vesting conditions, of which 10,000 PSUs were forfeited and the remaining were outstanding as of December 31, 2021. The PSUs will vest in March 2024 based upon the level of achievement of several Company-specific cumulative operational performance milestones for the three years ended December 31, 2023, as determined by the Compensation Committee of the Company. Of the PSUs granted in 2021, 80% are based on net revenue performance-based vesting conditions that were established at the grant date and 20% are subject to cash flow performance-based vesting conditions, of which certain thresholds had not been established as of December 31, 2021. As a result, the service inception date of the cash-flow based PSUs precedes the grant date associated with these PSUs and the recognition of compensation expense is based upon the fair value of these PSUs as of December 31, 2021. See “Stock Compensation” in Note 2 for more information. During the year ended December 31, 2021, the Company recognized stock-based compensation expense associated with PSUs of $962,100. As of December 31, 2021, approximately $3.3 million of unamortized stock-based compensation expense was associated with outstanding PSUs, which is expected to be recognized over a weighted average period of 2.0 years. 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, but it has not yet been implemented. As of December 31, 2021 and 2020, no shares had been issued under the 2020 ESPP.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 8 – Income Taxes Income tax expense consisted of the following: December 31, 2021 2020 Current Federal $ - $ - State 34,317 34,951 Sub-total 34,317 34,951 Deferred Federal (1,208,287 ) (813,189 ) State (6,820 ) (23,314 ) Sub-total (1,215,107 ) (836,503 ) Total income tax $ (1,180,790 ) $ (801,552 ) For the years ended December 31, 2021 and 2020, the effective income tax rate of 12.91% and (61.08%), respectively, differs from the federal statutory rate of 21% primarily due to the effect of state income taxes, expenses not deductible for income tax purposes and recognition of benefits accruing due to start-up costs of the Company incurred for the period prior to the Business Combination. The Company’s effective income tax rate reconciliation is as follows. December 31, 2021 2020 Federal statutory rate 21.00 % 21.00 % Permanent items (5.27 )% 48.70 % State and local taxes, net of federal taxes (0.16 )% 1.91 % Deferred rate changes 0.00 % 0.08 % Other (2.66 )% (132.77 )% 12.91 % (61.08 )% The components of the Company’s net deferred tax (liabilities)/assets consisted of the following at: December 31, 2021 2020 Inventory capitalization $ 1,400 $ 2,100 Allowance for doubtful accounts 108,000 107,400 Accrued expenses 181,500 110,400 Stock compensation 225,600 - Net operating loss carryforward 1,717,400 613,700 Accumulated depreciation (2,362,800 ) (2,428,200 ) Deferred revenue 867,900 1,027,200 Start-up costs 1,575,907 1,667,200 Deferred tax assets, net $ 2,314,907 $ 1,099,800 As of December 31, 2021, the Company had $8,173,388 in federal net operating losses (“NOL”), all remaining from 2019 and onwards and accordingly available to offset future taxable income indefinitely, however they are subject to an 80% of taxable income limitation for all periods after January 1, 2021. It is possible that Internal Revenue Code (IRC) Section 382 may apply to these losses and limit their ability to be used in future periods. The analysis thereof has not yet been performed. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in the United States. 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 on the future utilization of the Company’s NOLs. The Business Combination consummated on November 20, 2020 was treated as a double-merger for tax reporting purposes. For tax purposes, Onyx filed a short period final return for the year ended November 20, 2020 and the Company filed a full calendar year return for the year ended December 31, 2020. For purposes of Section 382 of the Internal Revenue Code, the Company expects that all tax attributes will continue to be available as more than 50% of its equity continued to be held by the original shareholders of Onyx. 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	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 9 – Subsequent Events In February 2022, the Russian Federation launched a full-scale invasion against Ukraine, and sustained conflict and disruption in the region is ongoing. The conflict could have a material adverse effect upon the Company. As of January 31, 2022, the Company had approximately 670 contractors, consisting of its outsourced engineering and product data development team as well as its outsourced marketing, back office and part of its customer service teams, located in Ukraine. The Company’s outsourced teams in Ukraine are located in the southern part of the country, which has been invaded. The actual hardware, including all servers, involved in operating the Company’s business have been located outside Ukraine for several years. Since the onset of the active conflict in February, most the Company’s contractors have been able to continue their work, although at a reduced capacity and/or schedule. The Company’s websites and call centers have continued to function, but could be more negatively impacted in the future. Some of the Company’s contractors have moved outside of Ukraine to neighboring countries where they continue to work remotely. Some of the Company’s contractors who have remained in Ukraine have moved to areas in western Ukraine, but their ability to continue work is subject to significant uncertainty and potential disruptions. The situation is highly complex and continues to evolve. Although the Company is working to provide IT support by existing personnel in other countries and planning for temporary work locations in surrounding countries, the Company cannot provide any assurance that its outsourced teams in Ukraine will be able to provide efficient and uninterrupted services, which could have an adverse effect on the Company’s operations and business. In addition, the Company’s ability to maintain adequate liquidity for our operations is dependent on a number of factors, including our revenue and earnings, which could be significantly impacted by the conflict in Ukraine. Further, any major breakdown or closure of utility services in Ukraine or in the neighboring countries of Moldova, Romania, Poland or Hungary or adverse displacement of our teams or disruption of international banking could materially impact the Company’s operations and liquidity.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	12 Months Ended
	Dec. 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”). 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 revenues 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, valuation of deferred income tax assets, stock-based compensation, and the capitalization and recoverability of software development costs.
Stock Compensation	Stock Compensation 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 or amounts previously recognized are reversed.
Cash	Cash The Company considers all immediately available cash and any investments with original maturities of three months or less, when acquired, to be cash equivalents.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that expose the Company to a concentration of credit risk principally include cash and accounts receivable balances. The Company maintains all of its cash in high credit quality financial institutions located in the United States. Amounts on deposit may at times exceed the Federal Deposit Insurance Corporation (FDIC) insurance limit. The Company has not experienced any losses in such accounts. Accordingly, management believes that its credit risk relating to cash is minimal. The Company manages accounts receivable credit risk through its policy of limiting extensions of credit to customers. Substantially all customer orders are paid by credit card at the point of sale.
Certain Significant Risks and Uncertainties	Certain Significant Risks and Uncertainties In February 2022, the Russian Federation launched a full-scale invasion against Ukraine, and sustained conflict and disruption in the region is ongoing. The Company’s ability to maintain adequate liquidity for its operations is dependent upon a number of factors, including its revenue and earnings, the impacts of COVID-19 on macroeconomic conditions, and its ability to take further cost savings and cash conservation measures if necessary. The conflict could have a material adverse effect upon the Company. Refer to Note 9— Subsequent Events for additional information.
Accounts Receivable	Accounts Receivable Accounts receivable balances include amounts due from customers. The Company periodically reviews its accounts receivable balances to determine whether an allowance for doubtful accounts is necessary based on an analysis of past due accounts, historical occurrences of credit losses, existing economic conditions, and other circumstances that may indicate that the realization of an account is in doubt. As of December 31, 2021 and 2020, the Company determined that an allowance for doubtful accounts was not necessary.
Inventory	Inventory Inventories consist of purchased goods that are immediately available-for-sale and are stated at the lower of cost or net realizable value, determined using the first-in first-out method. Merchandise-in-transit directly from suppliers to customers is recorded in inventory until the product is delivered to the customer. As of December 31, 2021 and 2020, merchandise-in-transit amounted to $4,053,610 and $4,208,514, respectively. Risk of loss is transferred from the supplier to the Company at the shipping point.
Other Current Assets	Other Current Assets Other current assets include advances to vendors amounting to $3,185,681 and $3,708,759, as of December 31, 2021 and 2020, respectively which is included in prepaid expenses and other current assets on the consolidated balance sheets.
Website and Software Development	Website and Software Development The Company capitalizes certain costs associated with website and software developed for internal use in accordance with ASC 350-50, Intangibles – Goodwill and Other – Website Development Costs Intangibles – Goodwill and Other – Internal Use Software
Property and Equipment	Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation of property and equipment is calculated on a straight-line basis over the estimated useful lives of the assets as follows:
Intangible Assets	Intangible Assets Intangible assets consist of indefinite-lived domain names and are stated at cost less impairment losses, if any. The Company reviews its intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the intangible asset may not be recoverable. When such events occur, the Company compares the carrying amount of the asset to the undiscounted expected future cash flows related to the asset. If the comparison indicates that an impairment exists, the amount of the impairment is calculated as the difference between the excess of the carrying amount over the fair value of the asset. The Company has determined that there were no triggering events in the years ended December 31, 2021 and 2020, and no impairment charges were necessary.
Revenue Recognition	Revenue Recognition In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreements, the Company performs the following steps: (i) identifies contracts with customers; (ii) identifies performance obligation(s); (iii) determines the transaction price; (iv) allocates the transaction price to the performance obligation(s); and (v) recognizes revenue when (or as) the Company satisfies each performance obligation. The Company recognizes revenue on product sales through its website as the principal in the transaction as the Company has concluded it controls the product before it is transferred to the customer. The Company controls products when it is the entity responsible for fulfilling the promise to the customer and takes responsibility for the acceptability of the goods, assumes inventory risk from shipment through the delivery date, has discretion in establishing prices, and selects the suppliers of products sold. Sales discounts earned by customers at the time of purchase and taxes collected from customers, which are remitted to governmental authorities, are deducted from gross revenue in determining net revenue. Allowances for sales returns are estimated and recorded based on historical experience and reduce product revenue, inclusive of shipping fees, by expected product returns. Allowances for sales returns at December 31, 2021 and 2020, were $738,465 and $1,062,077, respectively. The Company also earns advertising revenues through sales of media space on its e-commerce site. Advertising revenue is recognized during the period in which the advertisements are displayed on the Company’s e-commerce site. Advertising revenue amounted to $353,985 and $392,262 for the years ended December 31, 2021 and 2020, respectively. The Company has two types of contractual liabilities: (i) amount received from customers prior to the delivery of products are recorded as customer deposits in the accompanying balance sheets and are recognized as revenue when the products are delivered, amounting to $15,497,857 and $16,185,648 at December 31, 2021 and 2020, respectively and (ii) site credits, (which are initially recorded in accrued expenses and are recognized as revenue in the period they are redeemed), amounting to $2,855,998 and $2,422,051 at December 31, 2021 and 2020, respectively.
Cost of Goods Sold	Cost of Goods Sold Cost of goods sold consists of the cost of product sold to customers, plus shipping and handling costs and shipping supplies, net of vendor rebates.
Income Taxes	Income Taxes The Company is a C-corporation for U.S. federal income tax purposes. Accordingly, the Company accounts for income taxes in accordance with the provisions of ASC 740 Income Taxes ASC 740 also provides guidance on the accounting for uncertain tax positions recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Based on the Company’s evaluation, management concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements. The Company files U.S. federal and State of New Jersey tax returns and had no unrecognized tax benefits at December 31, 2021 and 2020. The Company’s policy for recording interest and penalties associated with audits is to record such expense as a component of income tax expense. There were no amounts accrued for penalties or interest as of or during the years ended December 31, 2021 and 2020. Management is currently unaware of any issues under review that could result in significant payments, accruals or material deviations from its filing positions.
Earnings (Loss) Per share	Earnings (Loss) Per share Prior to January 1, 2021, the Company used the two-class method to compute earnings per common share because the Company had issued preferred securities that entitled the holder to participate in dividends and earnings of the Company. Under this method, net income (loss) was reduced by any dividends earned during the period. The remaining earnings (undistributed earnings) were allocated to Class A common stock and each series of preferred stock to the extent that each preferred security may share in earnings as if all of the earnings for the period had been distributed. The total earnings allocated to common stock was then divided by the number of outstanding shares to which the earnings were allocated to determine the earnings per share. The two-class method is not applicable during periods with a net loss, as the holders of the preferred stock have no obligation to fund losses. For the years ended December 31, 2021 and 2020, basic net loss per common share was determined by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. For purposes of calculating diluted net loss per common share, the denominator includes both the weighted average common shares outstanding and the number of common stock equivalents if the inclusion of such common stock equivalents would be dilutive. Dilutive common stock equivalents potentially include performance-based stock units and unvested restricted stock units using the treasury stock method. For all periods presented, there is no difference in the number of shares used to compute basic and diluted net loss per common share due to the Company’s net loss. The following average number of potentially dilutive securities were excluded from the computation of diluted weighted-average shares outstanding for the years ended December 31, 2021 and 2020, as they would be antidilutive: Year ended December 31, 2021 2020 Performance-based units 619,000 - Unvested restricted stock units 1,551,033 - Total 2,170,033 -
New Accounting Standards	New Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842)

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule of property and equipment are stated at cost less accumulated depreciation	Asset Class Estimated useful lives Video and studio equipment 5 years Website and internally developed software 3 years Computer and electronics 5 years Vehicles 5 years Furniture and fixtures 5 years Leasehold improvements Lesser of useful life or lease term
Schedule of computation of diluted weighted-average shares outstanding	Year ended December 31, 2021 2020 Performance-based units 619,000 - Unvested restricted stock units 1,551,033 - Total 2,170,033 -

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	December 31, 2021 2020 Website and software development $ 43,265,793 $ 33,894,207 Furniture and fixtures 851,926 843,575 Computers and electronics 994,925 696,684 Vehicles 430,162 430,162 Leasehold improvements 237,190 219,757 Video and equipment 176,903 176,903 Total - Gross 45,956,899 36,261,288 Less: accumulated depreciation (32,256,023 ) (24,790,928 ) Total - Net $ 13,700,876 $ 11,470,360

Shareholders_ Deficit (Tables)

Shareholders’ Deficit (Tables)	12 Months Ended
	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Schedule of shares of Class A common stock for issuance	Nature of Reserve As of December 31, 2021 As of December 31, 2020 a. Indemnification reserve: Upon the expiration of the indemnification period of two years as described in the Business Combination Agreement, subject the payments of indemnity claims, if any, the Company will issue up to 750,000 Common shares to former Onyx shareholders 750,000 750,000 b. Adjustment reserve: Upon finalizing the Merger consideration, in 2021, the Company issued 299,999 Common shares to former Onyx shareholders - 300,000 c. EIP reserve: Shares reserved for future issuance under the stockholder approved Parts iD, Inc. 2020 Equity Incentive Plan 4,112,248 4,904,596 d ESPP reserve: Shares reserved for future issuance under the stockholder approved Parts iD, Inc. 2020 Employee Stock Purchase Plan 2,043,582 2,043,582 Total shares reserved for future issuance 6,905,830 7,998,178

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum lease payments under non-cancelable operating leases	Year ending December 31, 2022 $ 947,275 2023 548,993 2024 46,092 $ 1,542,360

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of summarizes the activity related to RSU	Year ended December 31, 2021 Weighted Restricted Average Grant Stock Date Fair Value Unvested balance at beginning of the period - $ - Granted 2,358,381 $ 6.54 Vested (792,348 ) $ 6.56 Forfeited (15,000 ) $ 8.02 Unvested balance at December 31, 2021 1,551,033 $ 6.52
Schedule of summarizes the activity related to PSU	PSU Type Balance at January 1, Granted Forfeited Balance at December 31, Net revenue based - 503,200 8,000 495,200 Weighted average grant date fair value $ - $ 8.00 $ 8.02 $ 8.00 Cash flow based - 125,800 2,000 123,800 Weighted average grant date fair value $ - $ 2.44 $ 2.44 $ 2.44 Total - 629,000 10,000 619,000

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of income tax expense	December 31, 2021 2020 Current Federal $ - $ - State 34,317 34,951 Sub-total 34,317 34,951 Deferred Federal (1,208,287 ) (813,189 ) State (6,820 ) (23,314 ) Sub-total (1,215,107 ) (836,503 ) Total income tax $ (1,180,790 ) $ (801,552 )
Schedule of effective income tax rate reconciliation	December 31, 2021 2020 Federal statutory rate 21.00 % 21.00 % Permanent items (5.27 )% 48.70 % State and local taxes, net of federal taxes (0.16 )% 1.91 % Deferred rate changes 0.00 % 0.08 % Other (2.66 )% (132.77 )% 12.91 % (61.08 )%
Schedule of net deferred tax (liabilities)/assets	December 31, 2021 2020 Inventory capitalization $ 1,400 $ 2,100 Allowance for doubtful accounts 108,000 107,400 Accrued expenses 181,500 110,400 Stock compensation 225,600 - Net operating loss carryforward 1,717,400 613,700 Accumulated depreciation (2,362,800 ) (2,428,200 ) Deferred revenue 867,900 1,027,200 Start-up costs 1,575,907 1,667,200 Deferred tax assets, net $ 2,314,907 $ 1,099,800

Organization and Description _2

Organization and Description of Business (Details)	12 Months Ended
	Dec. 31, 2021shares
Organization and Description of Business (Details) [Line Items]
Description of business	PARTS iD has a product portfolio comprising approximately 18 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, over 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

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Merchandise-in-transit amounted	$ 4,053,610	$ 4,208,514
Other current assets	3,185,681	3,708,759
Allowances for sales returns	738,465	1,062,077
Advertising revenue	353,985	392,262
Customer deposits	15,497,857	16,185,648
Accrued expenses	$ 2,855,998	$ 2,422,051

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - Schedule of property and equipment are stated at cost less accumulated depreciation	12 Months Ended
	Dec. 31, 2021
Video and studio equipment [Member]
Public Utility, Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Website and internally developed software [Member]
Public Utility, Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Computer and electronics [Member]
Public Utility, Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Vehicles [Member]
Public Utility, Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Furniture and Fixtures [Member]
Public Utility, Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Leasehold Improvements [Member]
Public Utility, Property, Plant and Equipment [Line Items]
Leasehold improvements	Lesser of useful life or lease term

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details) - Schedule of computation of diluted weighted-average shares outstanding - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule of computation of diluted weighted-average shares outstanding [Abstract]
Performance-based units	619,000
Unvested restricted stock units	1,551,033
Total	2,170,033

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Stock-based compensation	$ 2,120,665	$ 0
Depreciation	$ 7,465,095	$ 6,859,237

Property and Equipment (Detai_2

Property and Equipment (Details) - Schedule of property and equipment - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Property and Equipment (Details) - Schedule of property and equipment [Line Items]
Property and Equipment	$ 45,956,899	$ 36,261,288
Less: accumulated depreciation	(32,256,023)	(24,790,928)
Total - Net	13,700,876	11,470,360
Website and software development [Member]
Property and Equipment (Details) - Schedule of property and equipment [Line Items]
Property and Equipment	43,265,793	33,894,207
Furniture and fixtures [Member]
Property and Equipment (Details) - Schedule of property and equipment [Line Items]
Property and Equipment	851,926	843,575
Computers and electronics [Member]
Property and Equipment (Details) - Schedule of property and equipment [Line Items]
Property and Equipment	994,925	696,684
Vehicles [Member]
Property and Equipment (Details) - Schedule of property and equipment [Line Items]
Property and Equipment	430,162	430,162
Leasehold improvements [Member]
Property and Equipment (Details) - Schedule of property and equipment [Line Items]
Property and Equipment	237,190	219,757
Video and equipment [Member]
Property and Equipment (Details) - Schedule of property and equipment [Line Items]
Property and Equipment	$ 176,903	$ 176,903

Shareholders_ Deficit (Details)

Shareholders’ Deficit (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Shareholders’ Deficit (Details) [Line Items]
Preferred stock redemption, description	the Company recognized a deemed dividend of $15.4 million. The deemed dividend was calculated as the excess fair value of the $9.0 million cash and $11.0 million of PARTS iD, Inc common stock over the $5.0 million carrying value of the preferred stock at the time of redemption.
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Business Combination [Member]
Shareholders’ Deficit (Details) [Line Items]
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 effective date of the Business Combination.
Onyx Shareholders [Member]
Shareholders’ Deficit (Details) [Line Items]
Payments of preferred stock value In cash (in Dollars)	$ 9
Payment of common stock value (in Dollars)	$ 11
Class A Common Stock [Member]
Shareholders’ Deficit (Details) [Line Items]
Transfer of sponsor’s shares	1,100,000
Common stock price per share (in Dollars per share)	$ 10
Shares of common stock outstanding	33,965,804	32,873,457
Shares of common stock Issued	6,905,830	7,698,178

Shareholders_ Deficit (Detail_2

Shareholders’ Deficit (Details) - Schedule of shares of Class A common stock for issuance - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule of shares of Class A common stock for issuance [Abstract]
Indemnification reserve: Upon the expiration of the indemnification period of two years as described in the Business Combination Agreement, subject the payments of indemnity claims, if any, the Company will issue up to 750,000 Common shares to former Onyx shareholders	750,000	750,000
Adjustment reserve: Upon finalizing the Merger consideration, in 2021, the Company issued 299,999 Common shares to former Onyx shareholders		300,000
EIP reserve: Shares reserved for future issuance under the stockholder approved Parts iD, Inc. 2020 Equity Incentive Plan	4,112,248	4,904,596
ESPP reserve: Shares reserved for future issuance under the stockholder approved Parts iD, Inc. 2020 Employee Stock Purchase Plan	2,043,582	2,043,582
Total shares reserved for future issuance	6,905,830	7,998,178

Shareholders_ Deficit (Detail_3

Shareholders’ Deficit (Details) - Schedule of shares of Class A common stock for issuance (Parentheticals)	Dec. 31, 2021shares
Indemnification Reserve [Member]
Shareholders’ Deficit (Details) - Schedule of shares of Class A common stock for issuance (Parentheticals) [Line Items]
Common shares to former Onyx shareholders	750,000
Adjustment Reserve [Member]
Shareholders’ Deficit (Details) - Schedule of shares of Class A common stock for issuance (Parentheticals) [Line Items]
Common shares to former Onyx shareholders	299,999

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Rental expense for operating leases	$ 1,207,969	$ 1,220,408
Accrued Liabilities	$ 620,000	$ 375,000

Commitments and Contingencies_3

Commitments and Contingencies (Details) - Schedule of future minimum lease payments under non-cancelable operating leases	Dec. 31, 2021USD ($)
Schedule of future minimum lease payments under non-cancelable operating leases [Abstract]
2022	$ 947,275
2023	548,993
2024	46,092
Operating leases	$ 1,542,360

Employee Retirement Plan (Detai

Employee Retirement Plan (Details)	12 Months Ended
	Dec. 31, 2021
Retirement Benefits [Abstract]
Contributions vest in annual installments	5 years

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($)	1 Months Ended	12 Months Ended
	Oct. 31, 2020	Dec. 31, 2021
Stock-Based Compensation (Details) [Line Items]
Shares remained available for issuance		4,112,248
Stock based compensation expense associated (in Dollars)		$ 6,011,550
Unrecognized compensation expense, total (in Dollars)		$ 9,320,000
Weighted average period		2 years
Granted shares		629,000
Forfeited shares		10,000
PSUs, granted subject to cash flow		0.80
Remaining performance, percentage		20.00%
Unamortized stock based compensation expense (in Dollars)		$ 3,300,000
Restricted Stock Units (RSUs) [Member]
Stock-Based Compensation (Details) [Line Items]
Share-based compensation, description		RSUs granted in 2021 included (a) 106,806 RSUs granted to directors, of which 49,994 vested 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, and (b) 2,251,575 RSUs granted to various employees, contractors and consultants, of which (i) 742,354 vested on November 20, 2021, (ii) 15,000 were forfeited, and (iii) 1,494,221 will vest, subject to the participants’ continued service to the Company, as provided in the applicable award agreement.
Weighted average period		1 year 9 months 18 days
Common Class A [Member]
Stock-Based Compensation (Details) [Line Items]
Common stock reserved for issuance		4,904,596
Common stock available for issuance (in Dollars)	$ 2,043,582

Stock-Based Compensation (Det_2

Stock-Based Compensation (Details) - Schedule of summarizes the activity related to RSU	12 Months Ended
	Dec. 31, 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	2,358,381
Weighted Average Grant Date Fair Value Granted | $ / shares	$ 6.54
Restricted Stock Units Vested | shares	(792,348)
Weighted Average Grant Date Fair Value Vested | $ / shares	$ 6.56
Restricted Stock Units Forfeited | shares	(15,000)
Weighted Average Grant Date Fair Value Forfeited | $ / shares	$ 8.02
Restricted Stock Units Ending | shares	1,551,033
Weighted Average Grant Date Fair Value Ending | $ / shares	$ 6.52

Stock-Based Compensation (Det_3

Stock-Based Compensation (Details) - Schedule of summarizes the activity related to PSU	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Stock-Based Compensation (Details) - Schedule of summarizes the activity related to PSU [Line Items]
Balance Beginning
Granted	629,000
Forfeited	10,000
Balance Ending	619,000
Net revenue based [Member]
Stock-Based Compensation (Details) - Schedule of summarizes the activity related to PSU [Line Items]
Balance Beginning
Granted	503,200
Forfeited	8,000
Balance Ending	495,200
Weighted average grant date fair value [Member]
Stock-Based Compensation (Details) - Schedule of summarizes the activity related to PSU [Line Items]
Balance Beginning (in Dollars per share) | $ / shares
Granted (in Dollars per share) | $ / shares	8
Forfeited (in Dollars per share) | $ / shares	8.02
Balance Ending (in Dollars per share) | $ / shares	$ 8
Cash flow based [Member]
Stock-Based Compensation (Details) - Schedule of summarizes the activity related to PSU [Line Items]
Balance Beginning
Granted	125,800
Forfeited	2,000
Balance Ending	123,800
Weighted average grant date fair value [Member]
Stock-Based Compensation (Details) - Schedule of summarizes the activity related to PSU [Line Items]
Balance Beginning (in Dollars per share) | $ / shares
Granted (in Dollars per share) | $ / shares	2.44
Forfeited (in Dollars per share) | $ / shares	2.44
Balance Ending (in Dollars per share) | $ / shares	$ 2.44

Income Taxes (Details)

Income Taxes (Details) - USD ($)	1 Months Ended		12 Months Ended
	Nov. 20, 2020	Mar. 27, 2020	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate			12.91%	61.08%
Federal statutory rate			21.00%
Federal net operating losses (in Dollars)			$ 8,173,388
Taxable income limitation percentage			80.00%
Percentage of taxable income		80.00%
Tax attributes, percentage	50.00%

Income Taxes (Details) - Schedu

Income Taxes (Details) - Schedule of income tax expense - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Current
Federal
State	34,317	34,951
Sub-total	34,317	34,951
Deferred
Federal	(1,208,287)	(813,189)
State	(6,820)	(23,314)
Sub-total	(1,215,107)	(836,503)
Total income tax	$ (1,180,790)	$ (801,552)

Income Taxes (Details) - Sche_2

Income Taxes (Details) - Schedule of effective income tax rate reconciliation	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule of effective income tax rate reconciliation [Abstract]
Federal statutory rate	21.00%	21.00%
Permanent items	(5.27%)	48.70%
State and local taxes, net of federal taxes	(0.16%)	1.91%
Deferred rate changes	0.00%	0.08%
Other	(2.66%)	(132.77%)
Income tax rate	12.91%	(61.08%)

Income Taxes (Details) - Sche_3

Income Taxes (Details) - Schedule of net deferred tax (liabilities)/assets - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Schedule of net deferred tax (liabilities)/assets [Abstract]
Inventory capitalization	$ 1,400	$ 2,100
Allowance for doubtful accounts	108,000	107,400
Accrued expenses	181,500	110,400
Stock compensation	225,600
Net operating loss carryforward	1,717,400	613,700
Accumulated depreciation	(2,362,800)	(2,428,200)
Deferred revenue	867,900	1,027,200
Start-up costs	1,575,907	1,667,200
Deferred tax assets, net	$ 2,314,907	$ 1,099,800