Organization and Line of Business |
12 Months Ended |
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Jan. 30, 2021 | |
| Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
| Organization and Line of Business |
NOTE 1—ORGANIZATION AND LINE OF BUSINESS Simply, Inc. (“Simply,” “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. On June 8, 2018, we changed our name to Cool Holdings, Inc., and on October 14, 2020, changed our name to Simply, Inc. On September 25, 2019, we acquired Simply Mac, Inc. (“Simply Mac”), the largest Apple® Premier Partner in the United States. Consequently, the results of Simply Mac are included in the Company’s consolidated financial statements for periods subsequent to the acquisition. Prior to its acquisition, Simply Mac operated on a 52-53 fiscal year ending on the Saturday closest to January 31st. We subsequently decided to change the fiscal year of Simply, Inc. from a calendar year to mirror the Simply Mac fiscal year effective beginning with the fiscal year ending January 30, 2021 (“Fiscal 2021”) in order to align our financial reporting periods to the operational periods of the Simply Mac stores and be more consistent with peer retail companies. We made the fiscal year change on a prospective basis and did not adjust operating results for prior periods. This Form 10-K includes audited consolidated financial statements for the calendar year ended December 31, 2019, the one-month transition period for the month of January 2020, and the fiscal year ended January 30, 2021. As permitted under the rules of the Securities and Exchange Commission (“SEC”), prior period financial statements have not been recast, as management believes (i) the calendar year ended December 31, 2019 is comparable to the fiscal year ended January 30, 2021, and (ii) recasting prior period results was not practicable nor cost justified. 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. During the reporting periods, our business was comprised of two reportable segments: (1) our chain of Simply Mac 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, that we shut down on August 1, 2020. Geographically, all our Simply Mac retail stores are located in the United States. Effective October 14, 2020, we effected a one-for-ten reverse split of our issued and outstanding common stock. All share and per share numbers in this report have been retroactively restated to account for the reverse split.
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