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NATURE OF OPERATIONS (Tables) | 6 Months Ended
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Jun. 30, 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 income for the three months ended June 30, 2021 were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, 2021
​ | ​ | As | ​ | ​ | ​ | ​ | ​
​ | ​ | Originally | ​ | ​ | ​ | As
​ |  | Reported |  | Adjustments |  | Restated
Operating expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of product sale | ​ | $ | 28,608 | ​ | $ | (265) | ​ | $ | 28,343
Income from operations | ​ | $ | 14,702 | ​ | $ | 265 | ​ | $ | 14,967
Income before income tax expense | ​ | $ | 14,882 | ​ | $ | 265 | ​ | $ | 15,147
Income tax expense | ​ | $ | (2,454) | ​ | $ | (44) | ​ | $ | (2,498)
Net income | ​ | $ | 12,428 | ​ | $ | 221 | ​ | $ | 12,649
Net income per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic | ​ | $ | 0.51 | ​ | $ | 0.01 | ​ | $ | 0.52
Diluted | ​ | $ | 0.51 | ​ | $ | 0.01 | ​ | $ | 0.52
​ The effects of the restatement on the line items within the Company’s condensed statement of income for the six months ended June 30, 2021 were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended June 30, 2021
​ | ​ | As | ​ | ​ | ​ | ​ | ​
​ | ​ | Originally | ​ | ​ | ​ | As
​ |  | Reported |  | Adjustments |  | Restated
Operating expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of product sale | ​ | $ | 52,632 | ​ | $ | (2,288) | ​ | $ | 50,344
Income from operations | ​ | $ | 25,362 | ​ | $ | 2,288 | ​ | $ | 27,650
Income before income tax expense | ​ | $ | 25,768 | ​ | $ | 2,288 | ​ | $ | 28,056
Income tax expense | ​ | $ | (4,317) | ​ | $ | (390) | ​ | $ | (4,707)
Net income | ​ | $ | 21,451 | ​ | $ | 1,898 | ​ | $ | 23,349
Net income per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic | ​ | $ | 0.89 | ​ | $ | 0.07 | ​ | $ | 0.96
Diluted | ​ | $ | 0.89 | ​ | $ | 0.07 | ​ | $ | 0.96
​ ​ The effects of the restatement on the line items within the Company’s condensed statement of cash flows for the six months ended June 30, 2021 were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Six months June 30, 2021
​ | ​ | As Originally | ​ | ​ | ​ | As
​ | ​ | Reported | ​ | Adjustments | ​ | Restated
Operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 21,451 | ​ | $ | 1,898 | ​ | $ | 23,349
Inventories | ​ | $ | (8,864) | ​ | $ | — | ​ | $ | (8,864)
Prepaid expenses and other current assets | ​ | $ | (893) | ​ | $ | 535 | ​ | $ | (358)
Other assets | ​ | $ | (876) | ​ | $ | (332) | ​ | $ | (1,208)
Accounts payable | ​ | $ | (2,004) | ​ | $ | (2,288) | ​ | $ | (4,292)
Accrued liabilities | ​ | $ | (792) | ​ | $ | 390 | ​ | $ | (402)
Net cash used in operating activities | ​ | $ | (4,978) | ​ | $ | 203 | ​ | $ | (4,775)
Investing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Purchases of property, plant and equipment | ​ | $ | (2,330) | ​ | $ | — | ​ | $ | (2,330)
Net cash used in investing activities | ​ | $ | (8,482) | ​ | $ | — | ​ | $ | (8,482)
Financing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Payments on lines of credit | ​ | $ | (32,608) | ​ | $ | (203) | ​ | $ | (32,811)
Net cash provided by financing activities | ​ | $ | 13,501 | ​ | $ | (203) | ​ | $ | 13,298
Schedule of disaggregation of revenue | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Six months ended
​ | ​ | June 30, | ​ | June 30,
​ | ​ | 2022 |  | 2021 | ​ | 2022 |  | 2021
Product sales: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Direct sales | ​ | $ | 11,745 | ​ | $ | 5,493 | ​ | $ | 22,608 | ​ | $ | 8,915
Commercial sales | ​ |  | 14,305 | ​ |  | 13,050 | ​ |  | 28,364 | ​ |  | 25,368
Consignment sales | ​ | ​ | 20,247 | ​ | ​ | 13,889 | ​ | ​ | 40,287 | ​ | ​ | 24,488
Retail store sales | ​ | ​ | 5,657 | ​ | ​ | 6,183 | ​ | ​ | 9,816 | ​ | ​ | 9,504
Other (1) | ​ |  | 3,144 | ​ |  | 2,500 | ​ |  | 5,810 | ​ |  | 5,114
Total product sales | ​ |  | 55,098 | ​ |  | 41,115 | ​ |  | 106,885 | ​ |  | 73,389
Consumer and MHP loans interest: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Interest - consumer installment notes | ​ |  | 4,701 | ​ |  | 4,046 | ​ |  | 9,158 | ​ |  | 8,189
Interest - MHP notes | ​ |  | 2,796 | ​ |  | 2,688 | ​ |  | 5,104 | ​ |  | 5,183
Total consumer and MHP loans interest | ​ |  | 7,497 | ​ |  | 6,734 | ​ |  | 14,262 | ​ |  | 13,372
Other | ​ |  | 1,616 | ​ |  | 740 | ​ |  | 2,992 | ​ |  | 1,767
Total net revenue | ​ | $ | 64,211 | ​ | $ | 48,589 | ​ | $ | 124,139 | ​ | $ | 88,528
| (1) | Other product sales revenue from ancillary products and services including parts, freight and other services
Schedule of future minimum lease income | ​
​ | ​ | ​ | ​
2022 |  | $ | 1,082
2023 | ​ |  | 2,163
2024 | ​ |  | 2,163
2025 | ​ |  | 2,163
2026 | ​ |  | 2,163
Thereafter | ​ |  | 4,929
Total | ​ | $ | 14,663

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