Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.21.2
Commitments and Contingencies (Tables)
9 Months Ended
Jun. 30, 2021
Schedule of Balance Sheet Detail Information

 

 

 

June 30, 2021

 

 

September 30, 2020

 

Trade receivables, current, net:

 

 

 

 

 

 

Accounts receivable, current

 

$

19,644

 

 

$

20,197

 

Less: Reserve for doubtful accounts

 

 

(268

)

 

 

(76

)

 

$

19,376

 

 

$

20,121

 

Trade receivables , long term, net:

 

 

 

 

 

 

Accounts receivable, long term

 

$

 

 

$

196

 

Less: Reserve for doubtful accounts

 

 

 

 

 

(196

)

 

$

 

 

$

 

Total trade receivables, net:

 

 

 

 

 

 

Gross trade receivables

 

$

19,644

 

 

$

20,393

 

Less: Reserve for doubtful accounts

 

 

(268

)

 

 

(272

)

 

$

19,376

 

 

$

20,121

 

Inventory, net

 

 

 

 

 

 

Raw materials

 

$

15,156

 

 

$

13,175

 

Work in progress

 

 

12,483

 

 

 

11,747

 

Finished goods

 

 

19,048

 

 

 

25,009

 

Merchandise

 

 

16,637

 

 

 

17,729

 

 

 

63,324

 

 

 

67,660

 

Less: Inventory reserves

 

 

(1,898

)

 

 

(3,135

)

 

$

61,426

 

 

$

64,525

 

Property and equipment, net:

 

 

 

 

 

 

Building and improvements

 

$

11,643

 

 

$

9,908

 

Transportation equipment

 

 

121

 

 

 

480

 

Machinery and equipment

 

 

34,078

 

 

 

27,217

 

Furnishings and fixtures

 

 

3,820

 

 

 

2,908

 

Office, computer equipment and other

 

 

2,727

 

 

 

3,445

 

 

 

52,391

 

 

 

43,958

 

Less: Accumulated depreciation

 

 

(19,447

)

 

 

(13,582

)

 

$

32,942

 

 

$

30,376

 

Intangible assets, net:

 

 

 

 

 

 

Domain name and marketing related intangibles

 

$

90

 

 

$

90

 

Customer relationship intangibles

 

 

2,689

 

 

 

2,689

 

Purchased software

 

 

120

 

 

 

121

 

 

 

2,899

 

 

 

2,900

 

Less: Accumulated amortization

 

 

(2,155

)

 

 

(1,837

)

 

$

744

 

 

$

1,063

 

Accrued liabilities:

 

 

 

 

 

 

Compensation and benefits

 

$

4,498

 

 

$

4,178

 

Accrued sales and use taxes

 

 

1,245

 

 

 

1,251

 

Accrued property taxes

 

 

1,993

 

 

 

270

 

Accrued gift card and escheatment liability

 

 

1,579

 

 

 

1,534

 

Accrued interest payable

 

 

221

 

 

 

280

 

Accrued accounts payable and bank overdrafts

 

 

903

 

 

 

3,818

 

Accrued professional fees

 

 

1,450

 

 

 

2,191

 

Customer deposits

 

 

206

 

 

 

169

 

Accrued expenses - other

 

 

1,249

 

 

 

1,131

 

 

$

13,344

 

 

$

14,822

 

Summary of Warranty Reserve Activity

During 2019, the Company became the principal for certain extended warranties, as a result, warranty reserves are included in accrued liabilities in our consolidated balance sheet.  The following table summarizes the warranty reserve activity for the nine months ended June 30, 2021:

 

Beginning balance, September 30, 2020

 

$

206

 

Warranties issued/accrued

 

 

 

Warranty settlements

 

 

(61

)

Ending balance, June 30, 2021

 

$

145

 

ApplianceSmart Inc  
Schedule of Balance Sheet Detail Information

ApplianceSmart’s balance sheet as of June 30, 2021 is below. The debtor in possession assets and liabilities are primarily related to assets and liabilities incurred pre-petition and are subject to compromise.

 

 

 

June 30, 2021

 

 

 

(Unaudited)

 

Assets

 

 

 

Cash

 

$

6

 

Inventories, net

 

 

156

 

Total debtor in possession assets

 

 

162

 

Right of use asset - operating leases

 

 

640

 

Other

 

 

10

 

Total assets

 

$

812

 

Liabilities and Stockholders' Equity

 

 

 

Liabilities:

 

 

 

Accounts payable

 

$

5,419

 

Accrued liabilities

 

 

2,963

 

        Notes payable related parties, including current portion

 

 

2,826

 

Total debtor in possession liabilities

 

 

11,208

 

Accounts payable

 

77

 

Accrued liabilities

 

 

635

 

        Lease obligation - operating leases

 

 

666

 

      Taxes payable

 

 

859

 

Total liabilities

 

 

13,445

 

Stockholders' equity:

 

 

 

Intercompany

 

 

2,434

 

Accumulated deficit

 

 

(15,067

)

Total stockholders' equity

 

 

(12,633

)

Total liabilities and stockholders' equity

 

$

812

 

Summary of Statement of Operations

ApplianceSmart’s statement of operations for the period of October 1, 2020 through June 30, 2021 is below:

 

 

 

Nine months ended June 30, 2021 (unaudited)

 

Revenues

 

$

876

 

Cost of revenues

 

 

484

 

Gross profit

 

 

392

 

 

 

 

Operating expenses:

 

 

 

General and administrative expenses

 

 

641

 

Total operating expenses

 

 

641

 

Operating income

 

 

(249

)

Other (expense) income:

 

 

 

Interest expense, net

 

 

(97

)

Accounts payable settlement

 

 

694

 

Other income (expense)

 

 

280

 

Total other (expense) income, net

 

 

877

 

Income before provision for income taxes

 

$

628