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NATURE OF OPERATIONS (Tables) | 6 Months Ended
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Jun. 30, 2020
NATURE OF OPERATIONS |
Schedule of restatement of previously issued condensed consolidated financial statements | The effects of the restatement on the line items within the Company’s condensed consolidated balance sheet as of June 30, 2020 are as follows:
|  | June 30, 2020
|  | As |  |  |  |
|  | Originally |  |  |  | As
|  | Reported |  | Adjustments |  | Restated
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 4,476 |  | $ | (1,869) |  | $ | 2,607
Accrued liabilities |  |  | 14,794 |  |  | 425 |  |  | 15,219
Stockholders' equity: |  |  |  |  |  |  |  |  |
Retained earnings |  | $ | 67,978 |  | $ | 1,444 |  | $ | 69,422
The effects of the restatement on the line items within the Company’s condensed consolidated statement of operations for the three months ended June 30, 2020 are as follows:
|  | Three Months Ended June 30, 2020
|  | As |  |  |  |  |
|  | Originally |  |  |  | As
|  | Reported |  | Adjustments |  | Restated
Operating expenses: |  |  |  |  |  |  |  |  |
Cost of product sales |  | $ | 30,557 |  | $ | (1,869) |  | $ | 28,688
Income from operations |  | $ | 11,199 |  | $ | 1,869 |  | $ | 13,068
Income before income tax expense |  | $ | 11,186 |  | $ | 1,869 |  | $ | 13,055
Income tax expense |  | $ | (2,590) |  | $ | (425) |  | $ | (3,015)
Net income |  | $ | 8,596 |  | $ | 1,444 |  | $ | 10,040
Net income per share: |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.36 |  | $ | 0.05 |  | $ | 0.41
Diluted |  | $ | 0.36 |  | $ | 0.05 |  | $ | 0.41
The effects of the restatement on the line items within the Company’s condensed consolidated statement of operations for the six months ended June 30, 2020 are as follows:
|  | Six Months Ended June 30, 2020 |
|  | As |  |  |  |  |
|  | Originally |  |  |  | As
|  | Reported |  | Adjustments |  | Restated |
Operating expenses: |  |  |  |  |  |  |  |  |  |
Cost of product sales |  | $ | 52,416 |  | $ | (1,869) |  | $ | 50,547 |
Income from operations |  | $ | 21,808 |  | $ | 1,869 |  | $ | 23,677 |
Income before income tax expense |  | $ | 22,805 |  | $ | 1,869 |  | $ | 24,674 |
Income tax expense |  | $ | (5,186) |  | $ | (425) |  | $ | (5,611) |
Net income |  | $ | 17,619 |  | $ | 1,444 |  | $ | 19,063 |
Net income per share: |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.73 |  | $ | 0.06 |  | $ | 0.79 |
Diluted |  | $ | 0.73 |  | $ | 0.06 |  | $ | 0.79 |
Although there was with no impact to net cash used in operating activities, net cash used in investing activities or net cash provided by financing activities, the effects of the restatement on the line items within the condensed consolidated statement of cash flows for the six months ended June 30, 2020 are as follows:
|  | Six months ended June 30, 2020
|  | As Originally |  |  |  | As
|  | Reported |  | Adjustments |  | Restated
Operating activities: |  |  |  |  |  |  |  |  |
Net income |  | $ | 17,619 |  | $ | 1,444 |  | $ | 19,063
Accounts payable |  |  | (691) |  |  | (1,869) |  |  | (2,560)
Accrued liabilities |  |  | 5,987 |  |  | 425 |  |  | 6,412
Net cash used in operating activities |  | $ | (5,266) |  | $ | — |  | $ | (5,266)
Schedule of disaggregation of revenue |
|  | Three months ended |  | Six months ended
|  | June 30, |  | June 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Product sales: |  |  |  |  |  |  |  |  |  |  |  |
Direct sales |  | $ | 3,850 |  | $ | 5,553 |  | $ | 6,076 |  | $ | 10,000
Commercial sales |  |  | 21,059 |  |  | 17,604 |  |  | 36,851 |  |  | 30,107
Consignment sales |  |  | 9,114 |  |  | 10,625 |  |  | 17,924 |  |  | 20,662
Retail store sales |  |  | 4,325 |  |  | 4,928 |  |  | 7,536 |  |  | 8,269
Other (1) |  |  | 831 |  |  | 1,056 |  |  | 1,988 |  |  | 2,278
Total product sales |  |  | 39,179 |  |  | 39,766 |  |  | 70,375 |  |  | 71,316
Consumer and MHP loans interest: |  |  |  |  |  |  |  |  |  |  |  |
Interest - consumer installment notes |  |  | 3,820 |  |  | 3,697 |  |  | 7,969 |  |  | 7,828
Interest - MHP notes |  |  | 2,247 |  |  | 1,415 |  |  | 4,522 |  |  | 2,814
Total consumer and MHP loans interest |  |  | 6,067 |  |  | 5,112 |  |  | 12,491 |  |  | 10,642
Other |  |  | 760 |  |  | 883 |  |  | 1,414 |  |  | 1,757
Total net revenue |  | $ | 46,006 |  | $ | 45,761 |  | $ | 84,280 |  | $ | 83,715
| (1) |  | Other product sales revenue from ancillary products and services including parts, freight and other services

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