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BASIS OF PRESENTATION AND CERTAIN SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended
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Jun. 30, 2019
BASIS OF PRESENTATION AND CERTAIN SIGNIFICANT ACCOUNTING POLICIES [Abstract] |
Net Sales for Geographic Areas | In the following table, revenue for the three and six months ended June 30, 2019 and 2018 is disaggregated by geographic areas as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
|  |  |  |  | Restated |  |  |  |  |  | Restated |
United States |  | $ | 15,056,236 |  |  | $ | 16,674,013 |  |  | $ | 33,379,988 |  |  | $ | 34,463,443 |
Canada |  |  | 1,395,257 |  |  |  | 1,612,327 |  |  |  | 3,127,722 |  |  |  | 3,351,817 |
All other countries |  |  | 745,322 |  |  |  | 900,882 |  |  |  | 1,630,427 |  |  |  | 1,872,540 |
Net sales |  | $ | 17,196,815 |  |  | $ | 19,187,222 |  |  | $ | 38,138,137 |  |  | $ | 39,687,800 |
Inventory | Inventory is physically counted twice annually in the Texas distribution center. At the store level, inventory is physically counted each quarter. Inventory is then adjusted in our accounting system to reflect actual count results.
|  | June 30, 2019 |  |  | December 31, 2018 |
|  |  |  |  | Restated |
On hand: |  |  |  |  |  |
Finished goods held for sale |  | $ | 25,001,014 |  |  | $ | 31,263,806 |
Raw materials and work in process |  |  | 688,776 |  |  |  | 919,202 |
Inventory in transit |  |  | 499,265 |  |  |  | 1,119,541 |
TOTAL |  | $ | 26,189,055 |  |  | $ | 33,302,549 |
Other Intangibles | Our intangible assets, excluding goodwill, and related accumulated amortization consisted of the following:
|  | June 30, 2019 |
|  | Gross |  |  | Accumulated Amortization |  |  | Net |
Trademarks/copyrights |  | $ | 554,369 |  |  | $ | 547,035 |  |  | $ | 7,334 |
Non-compete agreements |  |  | 153,000 |  |  |  | 145,167 |  |  |  | 7,833 |
TOTAL |  | $ | 707,369 |  |  | $ | 692,202 |  |  | $ | 15,167 |
|  | December 31, 2018 Restated |
|  | Gross |  |  | Accumulated Amortization |  |  | Net |
Trademarks/copyrights |  | $ | 554,369 |  |  | $ | 546,702 |  |  | $ | 7,667 |
Non-compete agreements |  |  | 153,000 |  |  |  | 144,167 |  |  |  | 8,833 |
TOTAL |  | $ | 707,369 |  |  | $ | 690,869 |  |  | $ | 16,500 |

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227 + Details
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