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Basis of Presentation | 9 Months Ended
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Oct. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract] |
Basis of Presentation | NOTE 1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements and these condensed notes have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The preparation of financial statements requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual results are likely to differ from those estimates, but management does not believe such differences will materially affect the financial position or results of operations of Simply, Inc. (the “Company”), although they may. These unaudited consolidated financial statements and condensed notes should be read in conjunction with the financial statements and notes as of and for the 52 weeks ended January 30, 2021 included in the Company’s Annual Report on Form 10‑K for such year. In early 2020, the Company sold both of its international subsidiaries in Latin America (see Note 17). On January 31, 2020, the Company sold all of its ownership interest in OneClick Argentino S.R.L., the Company’s subsidiary that operated 6 retail electronics stores in Argentina. On April 6, 2020, the Company sold all of its ownership interest in Verablue Caribbean Group, S.R.L. (“Verablue”), the Company’s subsidiary that operated 7 retail electronics stores in in the Dominican Republic. Both entities have been classified as discontinued operations in the Company’s consolidated financial statements for all periods pre sented. During March 2020, the Company restructured substantially all of its then outstanding debt of $16.4 million. After the restructuring, the Company’s outstanding debt was reduced by $14.6 million through a combination of debt forgiveness and conversion into common stock, leaving $1.8 million outstanding with extended maturity dates. Effective October 14, 2020, the Company changed its legal name from “Cool Holdings, Inc.” to “Simply, Inc.” and effected a one-for-ten reverse split of its issued and outstanding common stock. All share and per share numbers in this report have been retroactively restated to account for the reverse split. The Company has determined that, under its current business structure, its management makes operating decisions and assesses performance of its business as a single segment. The Company previously operated its Cooltech Distribution unit during the 26 weeks ended August 1, 2020, but it was completely phased out by August 1, 2020 and its operating results during the period were immaterial. The Company’s fiscal year is composed of the 52 or 53 weeks ending on the Saturday closest to the last day of January. The Company’s consolidated financial statements include assets, liabilities and operating results of its wholly-owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, considered necessary to fairly present the Company’s financial condition as of October 30, 2021, and the results of operations, financial position and cash flows for all periods presented. The results reported in these condensed consolidated financial statements for the 39 weeks ended October 30, 2021 are not necessarily indicative of the operating results, financial condition or cash flows that may be expected for the full year of Fiscal 2022 or for any future period.

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