Annual report pursuant to Section 13 and 15(d)

Subsequent Events

v3.22.1
Subsequent Events
 12 Months Ended
Dec. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events SUBSEQUENT EVENTS
On March 10, 2022, we announced certain corporate plans to reduce our cost structure and increase liquidity. We completed a reduction in force, which we expect will result in approximately $8.0 million in annualized cash compensation cost savings. The reduction in force encompassed a broad spectrum of divisions both domestically and abroad. Additional strategic measures that we announced we are pursuing or intend to pursue in order to capitalize the business in a non-dilutive manner, include:

•Conducting a sale leaseback of our headquarter building;
•Disposing of non-core assets;
•Discontinuing sales of lower-margin 3rd-party brands and selling existing inventory;
•Raising prices on select products; and,
•Securing an asset based loan that will support working capital needs.
Subsequent to December 31, 2021 and through March 28, 2022, we issued approximately 15,269,897 additional shares of Class A common stock, including 9,284,715 shares of Class A common stock sold under our ATM program, 1,599,774 shares of Class A common stock related to restricted stock awards, 559,581 shares of Class A common stock related to redemptions of Common Units of the Operating Company, and 3,825,827 shares of Class A common stock related to our contingent consideration arrangements for the Eyce and DaVinci business acquisitions (see Note 3 - Business Acquisitions for additional details).