Correction of Error in Previously Reported Consolidated Financial Statements (Tables)

v3.21.1

Correction of Error in Previously Reported Consolidated Financial Statements (Tables)	12 Months Ended
	Dec. 31, 2020
Correction of Error in Previously Reported Consolidated Financial Statements [Abstract]
Schedule of revised consolidated financial statements	December 31, 2019       As Previously Reported     Adjustment     Revised   ASSETS                   Current assets:                   Cash and cash equivalents   $ 12,979,444             $ 12,979,444   Accounts receivable, net     2,953,921               2,953,921   Notes receivable, net     1,037,541               1,037,541   Inventory     22,659,357       (1,082,748 )     21,576,609   Prepaids and other current assets     2,549,559               2,549,559   Total current assets     42,171,822               41,097,074                             Property and equipment, net     3,340,616               3,340,616   Operating leases right-of-use assets, net     7,628,591               7,628,591   Notes receivable     463,747               463,747   Intangible assets, net     233,280               233,280   Goodwill     17,798,932               17,798,932   Other assets     377,364               377,364   TOTAL ASSETS   $ 72,022,352             $ 70,939,604                             LIABILITIES & STOCKHOLDERS' EQUITY                         Current liabilities:                         Accounts payable   $ 6,024,750               6,024,750   Payroll and payroll tax liabilities     1,072,142               1,072,142   Customer deposits     2,503,785               2,503,785   Sales tax payable     533,656               533,656   Current maturities of right-of-use assets     1,836,700               1,836,700   Current portion of long-term debt     110,231               110,231   Total current liabilities     12,081,264               12,081,264                             Operating leases right-of-use assets, net of current maturities     5,807,266               5,807,266   Long-term debt, net of current portion     242,079               242,079   Total liabilities     18,130,609               18,130,609                             Stockholders' Equity:                         Common stock; $.001 par value; 100,000,000 shares 36,876,305 shares issued and outstanding as of December 31, 2019     36,876               36,876   Additional paid-in capital     60,742,055               60,742,055   Accumulated deficit     (6,887,188 )     (1,082,748 )     (7,969,936 ) Total stockholders' equity     53,891,743               52,808,995   TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 72,022,352             $ 70,939,604         Year Ended December 31, 2019       As Previously Reported     Adjustment     Revised   Sales   $ 79,733,568             $ 79,733,568   Cost of sales     57,171,721       556,962       57,728,683   Gross profit     22,561,847               22,004,885                             Operating expenses:                         Store operations     10,095,422               10,095,422   General and administrative     3,172,019               3,172,019   Share based compensation     2,490,535               2,490,535   Depreciation and amortization     1,044,553               1,044,553   Salaries and related expenses     3,619,197               3,619,197   Total operating expenses     20,421,726               20,421,726                             Net income from operations     2,140,121               1,583,159                             Other income (expense):                         Miscellaneous income (expense)     (4,545 )             (4,545 ) Interest income     144,725               144,725   Interest expense     (401,497 )             (401,497 ) Total non-operating income (expense), net     (261,317 )             (261,317 )                           Net income before taxes     1,878,804               1,321,842                             Provision for income taxes     0               0                             Net income   $ 1,878,804               1,321,842                             Net income per share, basic   $ 0.06             $ 0.04   Net income per share, diluted   $ 0.06             $ 0.04                             Weighted average shares outstanding, basic     32,833,594               32,833,594   Weighted average shares outstanding, diluted     33,910,154               33,910,154         For The Year Ended December 31, 2019   Cash Flows from Operating Activities:   As Previously Reported     Adjustment     Revised   Net income   $ 1,878,804       (556,962 )   $ 1,321,842   Adjustments to reconcile net income to net cash used in operating Activities:                     -   Depreciation and amortization     1,044,553               1,044,553   Provision for doubtful accounts receivable     172,135               172,135   Inventory valuation reserve     429,126               429,126   Amortization of debt discount     356,306               356,306   Stock based compensation     2,490,535               2,490,535   Other     (66,536 )             (66,536 ) Changes in operating assets and liabilities:                     -   (Increase) decrease in:                     -   Accounts receivable     (3,764,947 )             (3,764,947 ) Inventory     (10,482,014 )     556,962       (9,925,052 ) Prepaid expenses and other assets     (2,061,701 )             (2,061,701 ) Increase (decrease) in:                     -   Accounts payable and accrued liabilities     4,165,188               4,165,188   Operating leases     15,375               15,375   Customer deposits     1,987,747               1,987,747   Income taxes     -               -   Payroll and payroll tax liabilities     154,471               154,471   Sales taxes payable     341,698               341,698   Net Cash and Cash Equivalents (Used In) Operating Activities     (3,339,260 )             (3,339,260 ) Cash Flows from Investing Activities:                         Assets acquired in business combinations     (9,458,743 )             (9,458,743 ) Purchase of property and equipment     (2,232,812 )             (2,232,812 ) Purchase of goodwill and other intangibles     (119,125 )             (119,125 ) Net Cash and Cash Equivalents (Used In) Investing Activities     (11,810,680 )             (11,810,680 ) Cash Flows from Financing Activities:                         Principal payments on long term debt     (460,129 )             (460,129 ) Stock redemptions     -               -   Proceeds from the sales of common stock and exercise of warrants and options, net of expenses     13,949,532               13,949,532   Net Cash and Cash Equivalents Provided by Financing Activities     13,489,403               13,489,403                             Net Increase(decrease) in Cash and Cash Equivalents     (1,660,537 )             (1,660,537 ) Cash and Cash Equivalents at Beginning of year     14,639,981               14,639,981   Cash and Cash Equivalents at End of year   $ 12,979,444             $ 12,979,444