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NATURE OF OPERATIONS (Tables)

6 Months Ended

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

X

- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

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