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NATURE OF OPERATIONS (Tables)

3 Months Ended

Mar. 31, 2022

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 statement of operations for the three months ended March 31, 2021 were as follows:

​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended March 31, 2021
​	​	As		​	​	​	​	​
​	​	Originally		​	​		​	As
​		Reported			Adjustments			Restated
Operating expenses:	​	​	​	​	​	​	​	​	​
Cost of product sale	​	$	24,024	​	$	(2,023)	​	$	22,001
Income from operations	​	$	10,660	​	$	2,023	​	$	12,683
Income before income tax expense	​	$	10,886	​	$	2,023	​	$	12,909
Income tax expense	​	$	(1,862)	​	$	(346)	​	$	(2,208)
Net income	​	$	9,024	​	$	1,677	​	$	10,701
Net income per share:	​	​	​	​	​	​	​	​	​
Basic	​	$	0.37	​	$	0.07	​	$	0.44
Diluted	​	$	0.37	​	$	0.07	​	$	0.44

​

The effects of the restatement on the line items within the Company’s condensed statement of cash flows for the three months ended March 31, 2021 were as follows:

​	​	​	​	​	​	​	​	​	​
​		Three months March 31, 2021
​	​	As Originally		​	​		​	As
​	​	Reported		​	Adjustments		​	Restated
Operating activities:	​	​	​	​	​	​	​	​	​
Net income	​	$	9,024	​	$	1,677	​	$	10,701
Inventories	​	$	(3,502)	​	$	—	​	$	(3,502)
Prepaid expenses and other current assets	​	$	(433)	​	$	553	​	$	120
Other assets	​	$	(5)	​	$	(332)	​	$	(337)
Accounts payable	​	$	(775)	​	$	(2,023)	​	$	(2,798)
Accrued liabilities	​	$	(1,183)	​	$	346	​	$	(837)
Net cash provided by (used in) operating activities	​	$	(1,692)	​	$	221	​	$	(1,471)
Investing activities:	​	​	​	​	​	​	​	​	​
Purchases of property, plant and equipment	​	$	(1,717)	​	$	—	​	$	(1,717)
Net cash used in investing activities	​	$	(6,127)	​	$	—	​	$	(6,127)
Financing activities:	​	​	​	​	​	​	​	​	​
Payments on lines of credit	​	$	(13,208)	​	$	(221)	​	$	(13,429)
Net cash provided by (used in) financing activities	​	$	9,459	​	$	(221)	​	$	9,238

​

Schedule of disaggregation of revenue

​

​	​	​	​	​	​	​
​	​	Three months ended
​	​	March 31,
​	​	2022			2021
Product sales:	​	​	​	​	​	​
Direct sales	​	$	10,863	​	$	3,422
Commercial sales	​		14,059	​		12,318
Consignment sales	​	​	20,040	​	​	10,599
Retail store sales	​	​	4,160	​	​	3,321
Other (1)	​		2,665	​		2,614
Total product sales	​		51,787	​		32,274
Consumer and MHP loans interest:	​			​
Interest - consumer installment notes	​		4,457	​		4,143
Interest - MHP notes	​		2,308	​		2,495
Total consumer and MHP loans interest	​		6,765	​		6,638
Other	​		1,376	​		1,028
Total net revenue	​	$	59,928	​	$	39,940

(1) Other product sales revenue from ancillary products and services including parts, freight and other services

Schedule of future minimum lease income

​

​	​	​	​
2022		$	1,563
2023	​		2,091
2024	​		2,091
2025	​		2,091
2026	​		2,091
Thereafter	​		4,685
Total	​	$	14,612

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