Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition

v3.20.2
Revenue Recognition
 6 Months Ended
Jun. 30, 2020
Revenue Recognition [Abstract]  
REVENUE RECOGNITION

4. REVENUE RECOGNITION

 

Disaggregation of Revenues

 

The following table disaggregates revenue by source:

 

    Three Months
Ended
June 30,
2020		     Three Months
Ended
June 30,
2019		  
Sales at company owned stores   $ 40,875,647     $ 18,447,050  
                 
E-commerce sales     2,576,193       1,036,333  
Total Revenues   $ 43,451,840     $ 19,483,383  

 

    Six Months
Ended
June 30,
2020		     Six Months
Ended
June 30,
2019		  
Sales at company owned stores   $ 71,912,313     $ 30,852,773  
                 
E-commerce sales     4,521,032       1,717,632  
Total Revenues   $ 76,433,345     $ 32,570,405  

 

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, 6/30/2020     3,608,966       2,334,861  
Increase (decrease)   $ (846,243 )     (168,924 )
                 
Opening balance, 1/1/2019   $ 862,397     $ 516,038  
Closing balance, 6/30/2019     1,420,233       436,315  
Increase (decrease)   $ 557,836       (79,723 )