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NATURE OF OPERATIONS (Tables)

9 Months Ended

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

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​

​

​

​

​

​

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​

​

​

​

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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