Organization and Line of Business |
12 Months Ended |
|---|---|
Dec. 31, 2019 | |
| Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
| Organization and Line of Business |
NOTE 1—ORGANIZATION AND LINE OF BUSINESS Cool Holdings, Inc. (“Cool Holdings,” “we,” “us,” “our,” or the “Company”) was incorporated in February 1994 in the state of California under the name InfoSonics Corporation (“InfoSonics”) and reincorporated in September 2003 in the state of Maryland. InfoSonics was in the business of sourcing and selling Android-based cell phones and tablets under its verykool® proprietary brand name to big-box retailers and distributors throughout Latin America. In March 2018, InfoSonics merged with Cooltech Holding Corp. (“Cooltech”) (the “Merger” or “Cooltech Merger”). As discussed in Note 14, because of the change of control that resulted from the Merger, it was treated as a reverse merger with Cooltech deemed to be acquiring InfoSonics for accounting purposes. Therefore, the Company’s historical financial statements prior to the Merger reflect those of Cooltech. In June 2018, InfoSonics changed its name to Cool Holdings. Subsequent to the Merger, the Company adopted the strategy of Cooltech and worked to wind down the legacy verykool business, which it discontinued by December 31, 2018. The operating results of the verykool business have been classified as a discontinued operation in the financial statements. On September 25, 2019, the Company acquired Simply Mac, Inc. (“Simply Mac”), the largest Apple® Premier Partner in the United States. Simply Mac operates on a 52-53 week fiscal year ending on the Saturday closest to January 31st. Simply Mac’s fiscal December ended on January 4, 2020 and its results for the period from September 25, 2019 through January 4, 2020 are included in the Company’s consolidated financial statements. Subsequent to December 31, 2019, we sold both of our international subsidiaries located in Argentina and the Dominican Republic in separate transactions. The sale of the Argentina subsidiary closed on January 31, 2020, and the sale of the Dominican Republic subsidiary closed on April 6, 2020. Both entities have been classified as discontinued operations in our consolidated financial statements. Currently, our business is comprised of two reportable segments: (1) our chain of 44 retail consumer electronics stores authorized under the Apple Premier Partner program, and (2) Cooltech Distribution, an authorized distributor to our retail stores and other resellers of Apple products and other consumer electronic brands. Geographically, all our retail stores are located in the United States. |