Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition

v3.20.1
Revenue Recognition
3 Months Ended
Mar. 31, 2020
Revenue Recognition [Abstract]  
REVENUE RECOGNITION
4. REVENUE RECOGNITION

 

Disaggregation of Revenues

 

The following table disaggregates revenue by source:

 

    Three Months
Ended
March 31,
2020
    Three Months
Ended
March 31,
2019
 
Sales at company owned stores   $ 31,036,819     $ 12,405,923  
                 
E-commerce sales     1,944,687       681,299  
Total Revenues   $ 32,981,506     $ 13,087,222  

 

Contract Balances

 

Depending on when the timing of when a customer takes possession of product and when a customer make payments for such product, the Company recognizes a customer trade receivable (asset) or a customer deposit (liability). The difference between the opening and closing balances of the Company's customer trade receivables and the customer deposit liability results from timing differences between the Company's performance and the customer's payment.

 

Contract Balances

 

Depending on the timing of when a customer takes possession of product and when a customer make payments for such product, the Company recognizes a customer trade receivable (asset) or a customer deposit (liability). The difference between the opening and closing balances of the Company's customer trade receivables and the customer deposit liability results from timing differences between the Company's performance and the customer's payment.

 

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, 1/1/2020   $ 4,455,209     $ 2,503,785  
Closing balance, 3/31/2020     4,575,300       3,554,469  
Increase (decrease)   $ 120,091     $ 1,050,684  
                 
Opening balance, 1/1/2019   $ 862,397     $ 516,038  
Closing balance, 3/31/2019     1,077,706       697,582  
Increase (decrease)   $ 215,309     $ 181,544