Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition

v3.21.1
Revenue Recognition
3 Months Ended
Mar. 31, 2021
Revenue Recognition Disclosures [Abstract]  
REVENUE RECOGNITION
4. REVENUE RECOGNITION

Disaggregation of Revenues


The following table disaggregates revenue by source:


    Three Months
Ended
March 31,
2021
    Three Months
Ended
March 31,
2020
 
Sales at company owned stores   $ 82,790     $ 31,037  
Distribution     2,835       -  
E-commerce sales     4,397       1,945  
Total Revenues   $ 90,022     $ 32,982  

The opening and closing balances of the Company’s customer trade receivables and customer deposit liability are as follows:


    Receivables     Customer Deposit Liability  
Opening balance, 1/1/2021   $ 7,713     $ 5,155  
Closing balance, 3/31/2021     7,562       9,939  
Increase (decrease)   $ (151 )   $ 4,784  
                 
Opening balance, 1/1/2020   $ 4,455     $ 2,504  
Closing balance, 3/31/2020     4,575       3,555  
Increase (decrease)   $ 120     $ 1,051  

Of the total amount of customer deposit liability as of January 1, 2021, $5,155, $2,083 was reported as revenue during the three months ended March 31, 2021. Of the total amount of customer deposit liability as of January 1, 2020, $2,504, $1,599 was reported as revenue during the three months ended March 31, 2020.


The Company also has customer trade receivables under longer term financing arrangements at interest rates ranging from 9% to 12% with repayment terms ranging for 12 to 18 months. Long term trade receivables as of March 31, 2021 and December 31, 2020 are as follows:


    March 31,
2021
    December 31,
2020
 
Note receivable   $ 3,286     $ 4,104  
Allowance for losses     -       (292 )
Notes receivable, net   $ 3,286       3,812  

The following table summarizes changes in notes receivable balances that have been deemed impaired.


    March 31,
2021
    December 31,
2020
 
Note receivable   $                 -     $ 1,166  
Allowance for losses     -       (292 )
Notes receivable, net   $ -       874