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NATURE OF OPERATIONS (Tables)

6 Months Ended

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

​

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

X

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