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NATURE OF OPERATIONS (Tables) | 9 Months Ended
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Sep. 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 September 30, 2021 were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, 2021 |
​ | ​ | As | ​ | ​ | ​ | ​ | ​ |
​ | ​ | Originally | ​ | ​ | ​ | As |
​ |  | Reported |  | Adjustments |  | Restated | ​
Operating expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of product sale | ​ | $ | 33,392 | ​ | $ | 2,284 | ​ | $ | 35,676 | ​
Income from operations | ​ | $ | 17,612 | ​ | $ | (2,284) | ​ | $ | 15,328 | ​
Income before income tax expense | ​ | $ | 17,998 | ​ | $ | (2,284) | ​ | $ | 15,714 | ​
Income tax expense | ​ | $ | (3,265) | ​ | $ | 544 | ​ | $ | (2,721) | ​
Net income | ​ | $ | 14,733 | ​ | $ | (1,740) | ​ | $ | 12,993 | ​
Net income per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic | ​ | $ | 0.61 | ​ | $ | (0.07) | ​ | $ | 0.54 | ​
Diluted | ​ | $ | 0.61 | ​ | $ | (0.07) | ​ | $ | 0.54 | ​
​ The effects of the restatement on the line items within the Company’s condensed statement of income for the nine months ended September 30, 2021 were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30, 2021 |
​ | ​ | As | ​ | ​ | ​ | ​ | ​ |
​ | ​ | Originally | ​ | ​ | ​ | As |
​ |  | Reported |  | Adjustments |  | Restated | ​
Operating expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of product sale | ​ | $ | 86,024 | ​ | $ | (4) | ​ | $ | 86,020 | ​
Income from operations | ​ | $ | 42,972 | ​ | $ | 4 | ​ | $ | 42,976 | ​
Income before income tax expense | ​ | $ | 43,764 | ​ | $ | 4 | ​ | $ | 43,768 | ​
Income tax expense | ​ | $ | (7,581) | ​ | $ | 154 | ​ | $ | (7,427) | ​
Net income | ​ | $ | 36,183 | ​ | $ | 158 | ​ | $ | 36,341 | ​
Net income per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic | ​ | $ | 1.50 | ​ | $ | — | ​ | $ | 1.50 | ​
Diluted | ​ | $ | 1.49 | ​ | $ | 0.01 | ​ | $ | 1.50 | ​
​ ​ The effects of the restatement on the line items within the Company’s condensed statement of cash flows for the nine months ended September 30, 2021 were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Nine months September 30, 2021
​ | ​ | As Originally | ​ | ​ | ​ | As
​ | ​ | Reported | ​ | Adjustments | ​ | Restated
Operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 36,183 | ​ | $ | 158 | ​ | $ | 36,341
Inventories | ​ | $ | (4,595) | ​ | $ | 257 | ​ | $ | (4,338)
Prepaid expenses and other current assets | ​ | $ | (2,571) | ​ | $ | 2,286 | ​ | $ | (285)
Other assets | ​ | $ | (2,352) | ​ | $ | (332) | ​ | $ | (2,684)
Accounts payable | ​ | $ | (4,027) | ​ | $ | (1,983) | ​ | $ | (6,010)
Accrued liabilities | ​ | $ | 1,583 | ​ | $ | (154) | ​ | $ | 1,429
Net cash used in operating activities | ​ | $ | 50,226 | ​ | $ | 232 | ​ | $ | 50,458
Investing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Purchases of property, plant and equipment | ​ | $ | (4,596) | ​ | $ | (47) | ​ | $ | (4,643)
Net cash used in investing activities | ​ | $ | (22,348) | ​ | $ | (47) | ​ | $ | (22,395)
Financing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Payments on lines of credit | ​ | $ | (103,165) | ​ | $ | (185) | ​ | $ | (103,350)
Net cash provided by financing activities | ​ | $ | (27,793) | ​ | $ | (185) | ​ | $ | (27,978)
Schedule of disaggregation of revenue | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Nine months ended
​ | ​ | September 30, | ​ | September 30,
​ | ​ | 2022 |  | 2021 | ​ | 2022 |  | 2021
Product sales: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Direct sales | ​ | $ | 12,325 | ​ | $ | 8,434 | ​ | $ | 34,933 | ​ | $ | 17,093
Commercial sales | ​ |  | 13,784 | ​ |  | 12,198 | ​ |  | 42,147 | ​ |  | 37,840
Consignment sales | ​ | ​ | 14,210 | ​ | ​ | 18,641 | ​ | ​ | 54,497 | ​ | ​ | 43,381
Retail store sales | ​ | ​ | 5,572 | ​ | ​ | 5,929 | ​ | ​ | 15,388 | ​ | ​ | 15,435
Other (1) | ​ |  | 2,787 | ​ |  | 3,098 | ​ |  | 8,598 | ​ |  | 7,940
Total product sales | ​ |  | 48,678 | ​ |  | 48,300 | ​ |  | 155,563 | ​ |  | 121,689
Consumer and MHP loans interest: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Interest - consumer installment notes | ​ |  | 4,559 | ​ |  | 4,019 | ​ |  | 13,717 | ​ |  | 12,208
Interest - MHP notes | ​ |  | 2,443 | ​ |  | 3,240 | ​ |  | 7,547 | ​ |  | 8,423
Total consumer and MHP loans interest | ​ |  | 7,002 | ​ |  | 7,259 | ​ |  | 21,264 | ​ |  | 20,631
Other | ​ |  | 1,645 | ​ |  | 911 | ​ |  | 4,637 | ​ |  | 2,679
Total net revenue | ​ | $ | 57,325 | ​ | $ | 56,470 | ​ | $ | 181,464 | ​ | $ | 144,999
| (1) | Other product sales revenue from ancillary products and services including parts, freight and other services
Schedule of future minimum lease income | ​
​ | ​ | ​ | ​
2022 (3 months) |  | $ | 538
2023 | ​ |  | 2,152
2024 | ​ |  | 2,152
2025 | ​ |  | 2,152
2026 | ​ |  | 2,152
Thereafter | ​ |  | 4,890
Total | ​ | $ | 14,036

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