XML 18 R2.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2021
Dec. 31, 2020
CURRENT ASSETS:    
Cash $ 5,094,642 $ 8,541,232
Accounts receivable, net 29,898,991 10,032,714
Prepaid expenses 957,527 869,081
Lease merchandise, net 40,942,112 42,822,340
Total current assets 76,893,272 62,265,367
PROPERTY AND EQUIPMENT, net 7,841,206 5,911,696
OTHER ASSETS, net 77,578 72,316
Total assets 84,812,056 68,249,379
CURRENT LIABILITIES:    
Accounts payable 7,982,180 7,907,619
Accrued payroll and related taxes 391,078 352,102
Promissory notes to related parties, net of $1,274 at 2021 and net of $8,276 at 2020 of unamortized issuance costs, including accrued interest 1,053,088 4,815,546
Current portion of promissory note – Paycheck Protection Program, including accrued interest 1,184,952
Accrued expenses 2,987,646 2,646,800
Lease liability - current portion 172,732 160,726
Total current liabilities 12,586,724 17,067,745
Loan payable under credit agreement to beneficial shareholder, net of $413,076 at 2021 and $61,617 at 2020 of unamortized issuance costs and current portion 50,061,924 37,134,009
Promissory notes to related parties, net of current portion 3,750,000  
Promissory note – Paycheck Protection Program, net of current portion   741,787
Accrued payroll and related taxes net of current portion   204,437
Deferred income tax liability 495,166
Lease liabilities net of current portion 1,774,623 1,947,355
Total liabilities 68,668,437 57,095,333
STOCKHOLDERS’ EQUITY    
Series 1 Convertible Preferred Stock, $0.001 par value - authorized 250,000 shares, issued and outstanding 170,332 shares at $5.00 stated value 851,660 851,660
Series 2 Convertible Preferred Stock, $0.001 par value - authorized 25,000 shares, issued and outstanding 21,952 shares at $1,000 stated value 21,952,000 21,952,000
Common stock, $0.0001 par value- authorized 40,000,000 shares, issued and outstanding 21,442,278 shares at 2021 and 21,359,945 shares at 2020 2,144 2,136
Additional paid in capital 38,560,117 36,843,326
Accumulated deficit (45,222,302) (48,495,076)
Total stockholders’ equity 16,143,619 11,154,046
Total liabilities and stockholders' equity $ 84,812,056 $ 68,249,379