Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 12, 2021 | |
Document Information Line Items | ||
Entity Registrant Name | GrowGeneration Corp. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 58,830,773 | |
Amendment Flag | false | |
Entity Central Index Key | 0001604868 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Shell Company | false | |
Entity Ex Transition Period | false | |
Entity File Number | 333-207889 | |
Entity Incorporation, State or Country Code | CO | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 92,042 | $ 177,912 |
Marketable securities | 41,077 | |
Accounts receivable, net | 4,276 | 3,901 |
Notes receivable, current | 3,905 | 2,612 |
Inventory, net | 77,862 | 54,024 |
Income taxes receivable | 655 | |
Prepaids and other current assets | 20,338 | 11,125 |
Total current assets | 239,500 | 250,229 |
Property and equipment, net | 8,338 | 6,475 |
Operating leases right-of-use assets, net | 14,389 | 12,088 |
Notes receivables, net of current portion | 881 | 1,200 |
Intangible assets, net | 42,771 | 21,490 |
Goodwill | 101,043 | 62,951 |
Other assets | 591 | 301 |
TOTAL ASSETS | 407,513 | 354,734 |
Current liabilities: | ||
Accounts payable | 24,965 | 14,623 |
Accrued liabilities | 1,083 | 672 |
Payroll and payroll tax liabilities | 2,916 | 2,655 |
Customer deposits | 9,939 | 5,155 |
Sales tax payable | 2,374 | 1,161 |
Income taxes payable | 455 | |
Current maturities of lease liability | 3,870 | 3,001 |
Current portion of long-term debt | 83 | 83 |
Total current liabilities | 45,685 | 27,350 |
Deferred tax liability | 1,134 | 750 |
Operating lease liability, net of current maturities | 10,824 | 9,479 |
Long-term debt, net of current portion | 131 | 158 |
Total liabilities | 57,774 | 37,737 |
Stockholders’ Equity: | ||
Common stock | 58 | 57 |
Additional paid-in capital | 346,176 | 319,582 |
Retained earnings (deficit) | 3,505 | (2,642) |
Total stockholders’ equity | 349,739 | 316,997 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 407,513 | $ 354,734 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Sales | $ 90,022 | $ 32,982 |
Cost of sales | 64,645 | 24,036 |
Gross profit | 25,377 | 8,946 |
Operating expenses: | ||
Store operations | 8,182 | 3,639 |
Selling, general, and administrative | 7,405 | 7,065 |
Depreciation and amortization | 2,054 | 359 |
Total operating expenses | 17,641 | 11,063 |
Net income (loss) from operations | 7,736 | (2,117) |
Other income (expense): | ||
Miscellaneous (expense) income | (38) | 5 |
Interest income | 4 | 25 |
Interest expense | (2) | (7) |
Total non-operating (expense) income, net | (36) | 23 |
Net income (loss) before taxes | 7,700 | (2,094) |
Provision for income taxes | (1,553) | |
Net income (loss) | $ 6,147 | $ (2,094) |
Net income per share, basic (in Dollars per share) | $ 0.11 | $ (0.06) |
Net income per share, diluted (in Dollars per share) | $ 0.10 | $ (0.06) |
Weighted average shares outstanding, basic (in Shares) | 58,394 | 37,823 |
Weighted average shares outstanding, diluted (in Shares) | 60,317 | 37,823 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Accumulated Retained Earnings (Deficit) | Total |
Balances at Dec. 31, 2019 | $ 37 | $ 60,742 | $ (7,970) | $ 52,809 |
Balances (in Shares) at Dec. 31, 2019 | 36,876 | |||
Common stock issued upon warrant exercise | 510 | 510 | ||
Common stock issued upon warrant exercise (in Shares) | 191 | |||
Common stock issued upon cashless warrant exercise | ||||
Common stock issued upon cashless warrant exercise (in Shares) | 19 | |||
Common stock issued upon cashless exercise of options | ||||
Common stock issued upon cashless exercise of options (in Shares) | 280 | |||
Common stock issued in connection with business combinations | 1,102 | 1,102 | ||
Common stock issued in connection with business combinations (in Shares) | 250 | |||
Common stock issued for assets | 101 | 101 | ||
Common stock issued for assets (in Shares) | 24 | |||
Common stock issued for services | ||||
Common stock issued for services (in Shares) | 50 | |||
Common stock issued for share based compensation | $ 1 | 1,760 | 1,761 | |
Common stock issued for share based compensation (in Shares) | 519 | |||
Share based compensation | 2,209 | 2,209 | ||
Net income/loss | (2,094) | (2,094) | ||
Balances at Mar. 31, 2020 | $ 38 | 66,424 | (10,064) | 56,398 |
Balances (in Shares) at Mar. 31, 2020 | 38,209 | |||
Balances at Dec. 31, 2020 | $ 57 | 319,582 | (2,642) | 316,997 |
Balances (in Shares) at Dec. 31, 2020 | 57,151 | |||
Common stock issued upon warrant exercise | 111 | 111 | ||
Common stock issued upon warrant exercise (in Shares) | 40 | |||
Common stock issued upon cashless warrant exercise | $ 1 | (1) | ||
Common stock issued upon cashless warrant exercise (in Shares) | 535 | |||
Common stock issued upon exercise of options | 2 | $ 2 | ||
Common stock issued upon exercise of options (in Shares) | 1 | 6 | ||
Common stock issued upon cashless exercise of options | ||||
Common stock issued upon cashless exercise of options (in Shares) | 5 | |||
Common stock issued in connection with business combinations | 29,249 | 29,249 | ||
Common stock issued in connection with business combinations (in Shares) | 548 | |||
Common stock issued for share based compensation (in Shares) | 300 | |||
Common stock redeemed in litigation settlement | ||||
Common stock redeemed in litigation settlement (in Shares) | (90) | |||
Common stock redemption | (3,954) | (3,954) | ||
Common stock redemption (in Shares) | (96) | |||
Share based compensation | 1,187 | 1,187 | ||
Share based compensation (in Shares) | ||||
Net income/loss | 6,147 | 6,147 | ||
Balances at Mar. 31, 2021 | $ 58 | $ 346,176 | $ 3,505 | $ 349,739 |
Balances (in Shares) at Mar. 31, 2021 | 58,394 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 6,147 | $ (2,094) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 2,054 | 359 |
Stock-based compensation expense | 1,327 | 4,115 |
Bad debt expense, net of recoveries | (184) | 21 |
Deferred taxes | 384 | |
(Increase) decrease in: | ||
Accounts and notes receivable | (1,165) | (141) |
Inventory | (16,716) | (4,960) |
Prepaid expenses and other assets | (8,175) | (1,824) |
Increase (decrease) in: | ||
Accounts payable and accrued liabilities | 10,613 | 3,174 |
Operating leases | (87) | 122 |
Payroll and payroll tax liabilities | 261 | 707 |
Income taxes payable | 455 | |
Customer deposits | 4,615 | 1,051 |
Sales tax payable | 1,213 | 222 |
Net cash provided by operating activities | 742 | 752 |
Cash flows from investing activities: | ||
Assets acquired in business combinations | (39,307) | (1,750) |
Purchase of marketable securities | (41,077) | |
Purchase of furniture and equipment | (1,679) | (652) |
Purchase of intangibles | (681) | (359) |
Net cash used in investing activities | (82,774) | (2,761) |
Cash flows from financing activities: | ||
Principal payments on long term debt | (27) | (39) |
Common stock redeemed | (3,954) | |
Proceeds from the sale of common stock and exercise of warrants, net of expenses | 113 | 510 |
Net cash provided by (used in) financing activities | (3,868) | 471 |
Net decrease in cash | (85,870) | (1,538) |
Cash at the beginning of period | 177,912 | 12,979 |
Cash at the end of period | 92,042 | 11,441 |
Supplemental disclosures of non-cash activities: | ||
Cash paid for interest | 2 | 7 |
Common stock issued for business combination | 29,249 | 1,203 |
Right to use assets acquired under new operating leases | $ 3,220 | $ 192 |
General
General | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
GENERAL | 1. GENERAL GrowGeneration Corp (the “Company”) was incorporated on March 6, 2014 in Colorado under the name of Easylife Corp and changed its name to GrowGeneration Corp. It maintains its principal office in Denver, Colorado. GrowGeneration is the largest chain of hydroponic garden centers in North America and is a leading marketer and distributor of nutrients, growing media, advanced indoor and greenhouse lighting, ventilation systems and accessories for hydroponic gardening. Currently, the Company owns and operates a chain of fifty-three (53) retail hydroponic/gardening stores across 12 states, an online e-commerce platform, and proprietary businesses that market grow solutions through our platforms and other wholesale customers. The Company’s plan is to continue to acquire, open and operate hydroponic/gardening stores and related businesses throughout the United States and Canada. Basis of Presentation The accompanying interim unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These statements should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The results of operations for our interim periods are not necessarily indicative of results for the full fiscal year. All amounts included in the accompanying footnotes to the consolidated financial statements, except per share data, is in thousands (000). New Accounting Policies Adopted During the Quarter Ended March 31, 2021 Securities The Company classifies its commercial paper and debt securities as marketable securities. . Marketable securities with available fair market values are stated at fair market values. Unrealized gains and unrealized losses on these marketable securities are reported, net of applicable income taxes, in other comprehensive income. Realized gains or losses on sale of marketable securities are computed using primarily the moving average cost and reported in net income. For the three months ended March 31, 2021, there were no significant gains or losses recorded. Risk and Uncertainties The COVID-19 pandemic has created significant public health concerns as well as economic disruption, uncertainty, and volatility which may negatively affect our business operations. As a result, if the pandemic persists or worsens, our accounting estimates and assumptions could be impacted in subsequent interim reports and upon final determination at year-end, and it is reasonably possible such changes could be significant (although the potential effects cannot be estimated at this time). The Company has experienced very minimal business interruption as a result of the COVID-19 pandemic. We have been deemed an “essential” business by state and local authorities in the areas in which we operate and as such have not been subject to business closures. The COVID-19 pandemic to date has resulted in only temporary supply chain delays of our inventory. As events surrounding the COVID 19 pandemic can change rapidly we cannot predict how in may disrupt our operations or the full extent of the disruption. |
Fair Value Measures
Fair Value Measures | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measures | 2. Fair Value Measures Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: ● Level 1—Quoted prices in active markets for identical assets or liabilities. ● Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. ● Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The carrying amounts of cash and cash equivalents, accounts receivable, available for sales securities, accounts payable and all other current liabilities approximate fair values due to their short-term nature. The fair value of notes receivable approximates the outstanding balance and are reviewed for impairment at least annually. The fair value of impaired notes receivable is determined based on estimated future payments discounted back to present value using the notes effective interest rate. Level March 31, December 31, Cash equivalents 2 $ 110,414 $ 163,418 Marketable securities 2 $ 41,077 $ - Notes receivable 2 $ 4,786 $ 2,937 Notes receivable impaired 3 $ $ 875 Accounts receivable 2 $ 4,276 $ 3,901 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | 3. RECENT ACCOUNTING PRONOUNCEMENTS New Accounting Pronouncements From time to time, the Financial Accounting Standards Board (“FASB”) or other standard setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification are communicated through issuance of an Accounting Standards Update (“ASU”). We have implemented all new accounting pronouncements that are in effect and that may impact our financial statements. We have evaluated recently issued accounting pronouncements and determined that there is no material impact on our financial position or results of operations. As an emerging growth company, the Company is permitted to delay the adoption of new or revised accounting standards until such time as those standards apply to private companies. The Company has chosen to take advantage of the extended transition period for complying with new or revised accounting standards. Refer to Note 3 to the Consolidated Financial Statements reported in Form 10-K for the year ended December 31, 2020 for recently issued accounting pronouncements that are pending adoption. Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, to simplify the accounting for income taxes by removing certain exceptions to the general principles and also simplification of areas such as franchise taxes, step-up in tax basis goodwill, separate entity financial statements and interim recognition of enactment of tax laws or rate changes. The standard was effective for annual reporting periods beginning after December 15, 2020, including interim reporting periods within those periods. There was no material impact on our consolidated financial statements and related disclosures as a result of adopting this standard. |
Revenue Recognition
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 Three Months 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, December 31, 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, December 31, Note receivable $ - $ 1,166 Allowance for losses - (292 ) Notes receivable, net $ - 874 |
Investments
Investments | 3 Months Ended |
Mar. 31, 2021 | |
Investments [Abstract] | |
INVESTMENTS | 5. INVESTMENTS Marketable securities have maturities of less than one year as of March 31, 2021. There were no significant realized or unrealized gains or losses for the three months ended March 31, 2021. The components of investments, available for sales securities, as of March 31, 2021 were as follows: Fair Value Level Adjusted Cost Basis Unrealized Gain (Loss) Recorded Basis Commercial paper Level 2 $ 15,000 $ - $ 15,000 Corporate notes and bonds Level 2 26,077 - 26,077 Marketable securities $ 41,077 $ - $ 41,077 |
Notes Receivable
Notes Receivable | 3 Months Ended |
Mar. 31, 2021 | |
Notes Receivable [Abstract] | |
NOTES RECEIVABLE | 6. NOTES RECEIVABLE Notes receivable include customer trade receivables under long terms financing arrangements and other note receivable not associated with customer transactions. March 31, December 31, Trade receivables under longer term financing arrangements $ 3,286 $ 3,812 Note receivable, non-customer related 1,500 - Subtotal 4,786 3,812 Less, current portion (3,905 ) (2,612 ) Notes receivable, noncurrent $ 881 1,200 |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | 7. PROPERTY AND EQUIPMENT March 31, December 31, Vehicle $ 1,495 $ 1,342 Building 477 477 Leasehold improvements 2,810 1,988 Furniture, fixtures and equipment 7,286 5,739 Total property and equipment, gross 12,068 9,546 Accumulated depreciation and amortization (3,730 ) (3,071 ) Property and equipment, net $ 8,338 $ 6,475 Depreciation expense for the three months ended March 31, 2021 and 2020 was $659 and $331, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | 8. GOODWILL AND INTANGIBLE ASSETS The changes in goodwill are as follows: March 31, 2021 December 31, Balance, beginning of period $ 62,951 $ 17,799 Goodwill additions 38,092 45,152 Balance, end of period $ 101,043 $ 62,951 Intangible assets on the Company’s consolidated balance sheets consist of the following: March 31, 2021 December 31, 2020 Gross Accumulated Gross Accumulated Tradenames $ 25,348 $ (1,260 ) $ 13,923 $ (398 ) Patents, trademarks 100 (16 ) 100 (9 ) Customer relationships 16,466 (492 ) 6,297 (138 ) Non-competes 1,198 (67 ) 796 (22 ) Capitalized software 1,843 (349 ) 1,163 (222 ) $ 44,955 $ (2,184 ) $ 22,279 $ (789 ) Amortization expense for the three months ended March 31, 2021 and 2020 was $1,395 and $28, respectively. Future amortization expense is as follows: 2021, remainder $ 6,465 2022 8,295 2023 8,295 2024 8,295 2025 7,706 Thereafter 3,715 Total $ 42,771 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | 9. LONG-TERM DEBT March 31, December 31, 2021 2020 Long term debt is as follows: Wells Fargo Equipment Finance, interest at 3.5% per annum, payable in monthly installments of $518.96 beginning April 2016 through March 2021, secured by warehouse equipment with a book value of $25,437 $ - $ 1 Notes payable issued in connection with seller financing of assets acquired, interest at 8.125%, payable in 60 installments of $8,440, due August 2023 214 240 $ 214 $ 241 Less Current Maturities (83 ) (83 ) Total Long-Term Debt $ 131 $ 158 Interest expense for the three months ended March 31, 2021 and 2020 was $2 and $7, respectively. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
LEASES | 10. LEASES We determine if a contract contains a lease at inception. Our material operating leases consist of retail and warehouse locations as well as office space. Our leases generally have remaining terms of 1-5 years, most of which include options to extend the leases for additional 3 to 5-year periods. Generally, the lease term is the minimum of the noncancelable period of the lease or the lease term inclusive of reasonably certain renewal periods. March 31, December 31, Right to use assets, operating lease assets $ 14,389 $ 12,088 Current lease liability $ 3,870 $ 3,001 Non-current lease liability 10,824 9,479 $ 14,694 $ 12,480 March 31, March 31, Weighted average remaining lease term 3.34 years 3.24 years Weighted average discount rate 6.0 % 7.6 % Three Months Ended 2021 2020 Operating lease costs $ 1,541 $ 925 Short-term lease costs 141 16 Total operating lease costs $ 1,682 $ 941 The following table presents the maturity of the Company’s operating lease liabilities as of March 31, 2021: 2021 (remainder of the year) $ 4,005 2022 4,564 2023 3,850 2024 2,713 2025 2,256 Thereafter 3,106 Total lease payments 20,494 Less: Imputed interest (5,800 ) Lease Liability at March 31, 2021 $ 14,694 |
Share Based Payments and Stock
Share Based Payments and Stock Options | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
SHARE BASED PAYMENTS AND STOCK OPTIONS | 11. SHARE BASED PAYMENTS AND STOCK OPTIONS The Company maintains long-term incentive plans for employee, non-employee members of our Board of Directors and consultants. The plans allows us to grant equity-based compensation awards, including stock options, stock appreciation rights, performance share units, restricted stock units, restricted stock awards, or a combination of awards (collectively, share-based awards). The Company accounts for share-based payments through the measurement and recognition of compensation expense for share-based payment awards made to employees and directors of the Company, including stock options and restricted shares. The Company also issues share based payments in the form of common stock warrants to non-employees. The following table presents share-based payment expense for the three months ended March 31, 2021 and 2020. March 31, 2021 2020 Restricted stock $ 645 $ 2,619 Stock options 308 1,496 Warrants 374 - Total $ 1,327 $ 4,115 As of March 31, 2021, the Company had approximately $2.6 million of unamortized share-based compensation for option awards and restricted stock awards, which is expected to be recognized over a weighted average period of approximately 1.75 years. As of March 31, 2021, the Company also had approximately $3.6 million of unamortized share-based compensation for common stock warrants issued to consultants, which is expected to be recognized over a weighted average period of 2.75 years. Restricted Stock The Company issues shares of restricted stock to eligible employees, which are subject to forfeiture until the end of an applicable vesting period. The awards generally vest on the second or third anniversary of the date of grant, subject to the employee’s continuing employment as of that date. Restricted stock activity for the three months ended March 31, 2021 is presented in the following table: Shares Weighted Average Grant Date Fair Value Nonvested, December 31, 2020 630 $ 4.51 Granted - $ - Vested (291 ) $ 4.39 Forfeited (9 ) $ 18.54 Nonvested, March 31, 2021 330 $ 4.24 The table below summarizes all option activity under all plans during the three months ended March 31, 2021: Options Shares Weight - Weighted - Weighted - Outstanding at December 31, 2020 1,803 $ 3.92 3.47 $ 2.38 Granted - - - Exercised (6 ) 4.63 2.75 Forfeited or expired - - - Outstanding at March 31, 2021 1,797 $ 3.92 2.47 $ 2.19 Options vested at March 31, 2021 1,361 $ 3.61 2.28 $ 2.02 A summary of the status of the Company’s outstanding stock purchase warrants for the three months ended March 31, 2021 is as follows: Warrants Weighted Average Outstanding at December 31, 2020 1,393 $ 7.49 Issued - Exercised (617 ) $ 3.45 Forfeited - Outstanding at March 31, 2021 776 $ 10.71 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 12. EARNINGS PER SHARE The following table sets forth the composition of the weighted average shares (denominator) used in the basic and dilutive earnings per share computation for the three months ended March 31, 2021 and 2020. Three months ended March 31, March 31, Net income (loss) $ 6,147 $ (2,094 ) Weighted average shares outstanding, basic 58,394 37,823 Effect of dilutive outstanding warrants and stock options 1,923 - Adjusted weighted average shares outstanding, dilutive 60,317 37,823 Basic income per shares $ .11 $ (.06 ) Dilutive income per share $ .10 $ (.06 ) |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
ACQUISITIONS | 13. ACQUISITIONS Our acquisition strategy is to acquire (i) well established profitable hydroponic garden centers in markets where the Company does not have a market presence or in markets where it is increasing its market presence; and (ii) proprietary brands and private label brands. The Company accounts for acquisitions in accordance with ASC 805 “Business Combinations.” Assets acquired and liabilities assumed are recorded in the accompanying consolidated balance sheets at their estimated fair values, as of the acquisition date. For all acquisitions, the preliminary allocation of the purchase price was based upon a preliminary valuation, and the Company’s estimates and assumptions are subject to change within the measurement period as valuations are finalized. The Company has made any adjustments to the preliminary valuations on four of the eight acquisition based on valuation analysis prepared by independent third-party valuation consultants. The acquisitions for which an independent third-party valuation analysis has been competed includes Agron, LLC, Charcoir, Grow Warehouse and San Diego Hydro. The remaining four valuations, Aquarius, 55 Hydro, Grow Depot Maine and Indoor Garden, are expected to be completed by June 30, 2021. Any changes to these estimates may have a material impact on the Company’s operating results or financial position. All acquisition costs are expensed as incurred and recorded in general and administrative expenses in the consolidated statements of operations. Acquisitions during the three months ended March 31, 2021. On January 25, 2021, the Company purchased the assets of Indoor Garden & Lighting, Inc, a two-store chain of hydroponic and equipment and indoor gardening supply stores serving the Seattle and Tacoma, Washington area. On February 1, 2021, the Company purchased the assets of J.A.R.B., Inc d/b/a Grow Depot Maine, a two-store chain in Auburn and Augusta, Maine. On February 15, 2021, the Company purchased the assets of Grow Warehouse LLC, a four-store chain of hydroponic and organic garden stores in Colorado (3) and Oklahoma (1). On February 22, 2021, the Company purchased the assets of San Diego Hydroponics & Organics, a four-store chain of hydroponic and organic garden stores in San Diego, CA. On March 12, 2021, the Company purchased the assets of Charcoir Corporation, who sells an RHP-certified growing medium made from the highest-grade coconut fiber. On March 15, 2021, the Company purchased the assets of 55 Hydroponics, a hydroponic and organic superstore located in Santa Ana, CA. On March 15, 2021, the Company purchased the assets of Aquarius, a hydroponic and organic garden store in Springfield, MA. On March 19, 2021, the Company purchased the assets of Agron, LLC, an online seller of growing equipment. The total consideration for the purchase of Agron was approximately $11.3 million, including $6 million in cash and common stock valued at approximately $5.3 million. Acquired goodwill of approximately $8.3 million represents the value expected to rise from organic growth and an opportunity to expand into a well-established e-commerce market for the Company targeting the commercial customer. The table below represents the allocation of the purchase price to the acquired net assets during the three months ended March 31, 2021. Agron Aquarius 55 Hydro Charcoir San Diego Hydro Grow Warehouse Grow Depot Maine Indoor Garden Total Inventory $ - $ 957 $ 780 $ 839 $ 1,400 $ 2,448 $ 326 $ 372 $ 7,122 Prepaids and other current assets 29 12 29 534 36 30 3 - 673 Furniture and equipment 46 63 50 - 315 250 25 94 843 Liabilities - - - - - (169 ) - - (169 ) Operating lease right to use asset 87 - 853 970 94 91 129 2,224 Operating lease liability (87 ) - (853 ) (970 ) (94 ) (91 ) (129 ) (2,224 ) Customer relationships 858 356 453 6,454 533 1,136 215 163 10,168 Trade name 1,824 498 1,296 1,466 1,412 4,393 301 235 11,425 Non-compete 160 36 65 - 5 94 21 21 402 Goodwill 8,332 1,636 3,806 7,075 5,581 9,597 1,258 807 38,092 Total $ 11,249 $ 3,558 $ 6,479 $ 16,368 $ 9,282 $ 17,779 $ 2,149 $ 1,692 $ 68,556 The table below represents the consideration paid for the net assets acquired in business combinations. Agron Aquarius 55 Hydro Charcoir San Diego Hydro Grow Warehouse Grow Indoor Garden Total Cash $ 5,973 $ 2,331 $ 5,347 $ 9,902 $ 4,751 $ 8,100 $ 1,738 $ 1,165 $ 39,307 Common stock 5,276 1,227 1,132 6,466 4,531 9,679 411 527 29,249 Total $ 11,249 $ 3,558 $ 6,479 $ 16,368 $ 9,282 $ 17,779 $ 2,149 $ 1,692 $ 68,556 The following table discloses the date of the acquisitions noted above and the revenue and earnings included in the consolidated income statement from the date of acquisition to the period ended March 31, 2021. Agron Aquarius 55 Hydro Charcoir San Diego Hydro Grow Warehouse Grow Depot Maine Indoor Garden Total Acquisition date 3/19/2021 3/15/2021 3/15/2021 3/12/2021 2/22/2021 2/15/2021 2/1/2021 1/25/2021 Revenue $ 230 $ 185 $ 328 $ 276 $ 1,001 $ 2,168 $ 993 $ 805 $ 5,986 Net Income $ 22 $ 16 $ 32 $ 101 $ 117 $ 294 $ 205 $ 118 $ 905 The following represents the pro forma consolidated income statement as if the acquisitions had been included in the consolidated results of the Company for the entire period for the quarter ended March 31, 2021 and 2020. March 31, 2021 March 31, 2020 Revenue $ 99,095 $ 49,625 Net income $ 7,403 $ 503 Acquisitions during the three months ended March 31, 2020. On February 26, 2020 we acquired certain assets of Health & Harvest LLC in a transaction valued at approximately $2.85 million. Acquired goodwill of approximately $1.1 million represented the value expected to rise from organic growth and an opportunity to expand into a well-established market for the Company. Cash consideration was funded from the Company’s existing working capital. The table below represents the allocation of the purchase price to the acquired net assets during the three months ended March 31, 2020. Health & Harvest LLC Inventory $ 1,054 Furniture and equipment 51 Right to use asset 192 Lease liability (192 ) Customer relationships 246 Trade name 431 Non-compete 6 Goodwill 1,065 Total $ 2,853 The table below represents the consideration paid for the net assets acquired in business combinations. Health & Harvest LLC Cash $ 1,750 Common stock 1,103 Total $ 2,853 The following table discloses the date of the acquisitions noted above and the revenue and earnings included in the consolidated income statement from the date of acquisition to the period ended March 31, 2020. Health & Harvest LLC Acquisition date 2/26/2020 Revenue $ 559 Earnings $ 112 The following represents the pro forma consolidated income statement as if the acquisitions had been included in the consolidated results of the Company for the entire period for the three months ended March 31, 2020 and 2019. Pro forma consolidated income statement: March 31, 2020 March 31, Revenue $ 34,076 $ 14,579 Earnings $ (1,873 ) $ 688 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 14. SUBSEQUENT EVENTS The Company has evaluated events and transaction occurring subsequent to March 31, 2021 up to the date of this filing of these consolidated financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. For all acquisitions subsequent to the end of the quarter, the Company’s initial accounting for the business combination has not been completed because the valuations have not yet been received from the Company’s independent valuation firm. On April 19, 2021 the Company purchased the assets of Grow Depot LLC (“Down River Hydro”), a hydroponic and indoor gardening supply store in Brownstown, MI. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying interim unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These statements should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The results of operations for our interim periods are not necessarily indicative of results for the full fiscal year. All amounts included in the accompanying footnotes to the consolidated financial statements, except per share data, is in thousands (000). New Accounting Policies Adopted During the Quarter Ended March 31, 2021 |
Securities | Securities The Company classifies its commercial paper and debt securities as marketable securities. . Marketable securities with available fair market values are stated at fair market values. Unrealized gains and unrealized losses on these marketable securities are reported, net of applicable income taxes, in other comprehensive income. Realized gains or losses on sale of marketable securities are computed using primarily the moving average cost and reported in net income. For the three months ended March 31, 2021, there were no significant gains or losses recorded. |
Risk and Uncertainties | Risk and Uncertainties The COVID-19 pandemic has created significant public health concerns as well as economic disruption, uncertainty, and volatility which may negatively affect our business operations. As a result, if the pandemic persists or worsens, our accounting estimates and assumptions could be impacted in subsequent interim reports and upon final determination at year-end, and it is reasonably possible such changes could be significant (although the potential effects cannot be estimated at this time). The Company has experienced very minimal business interruption as a result of the COVID-19 pandemic. We have been deemed an “essential” business by state and local authorities in the areas in which we operate and as such have not been subject to business closures. The COVID-19 pandemic to date has resulted in only temporary supply chain delays of our inventory. As events surrounding the COVID 19 pandemic can change rapidly we cannot predict how in may disrupt our operations or the full extent of the disruption. |
Fair Value Measures (Tables)
Fair Value Measures (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value of impaired notes receivable | Level March 31, December 31, Cash equivalents 2 $ 110,414 $ 163,418 Marketable securities 2 $ 41,077 $ - Notes receivable 2 $ 4,786 $ 2,937 Notes receivable impaired 3 $ $ 875 Accounts receivable 2 $ 4,276 $ 3,901 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue Recognition Disclosures [Abstract] | |
Schedule of disaggregation of revenues | Three Months Three Months 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 |
Schedule of customer trade receivables and customer deposit liability | 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 |
Schedule of long term trade receivables | March 31, December 31, Note receivable $ 3,286 $ 4,104 Allowance for losses - (292 ) Notes receivable, net $ 3,286 3,812 |
Schedule of notes receivable balances | March 31, December 31, Note receivable $ - $ 1,166 Allowance for losses - (292 ) Notes receivable, net $ - 874 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments [Abstract] | |
Schedule of investments, available for sales securities | Fair Value Level Adjusted Cost Basis Unrealized Gain (Loss) Recorded Basis Commercial paper Level 2 $ 15,000 $ - $ 15,000 Corporate notes and bonds Level 2 26,077 - 26,077 Marketable securities $ 41,077 $ - $ 41,077 |
Notes Receivable (Tables)
Notes Receivable (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Receivable [Abstract] | |
Schedule of receivable include customer trade receivables under long terms financing arrangements | March 31, December 31, Trade receivables under longer term financing arrangements $ 3,286 $ 3,812 Note receivable, non-customer related 1,500 - Subtotal 4,786 3,812 Less, current portion (3,905 ) (2,612 ) Notes receivable, noncurrent $ 881 1,200 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | March 31, December 31, Vehicle $ 1,495 $ 1,342 Building 477 477 Leasehold improvements 2,810 1,988 Furniture, fixtures and equipment 7,286 5,739 Total property and equipment, gross 12,068 9,546 Accumulated depreciation and amortization (3,730 ) (3,071 ) Property and equipment, net $ 8,338 $ 6,475 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | March 31, 2021 December 31, Balance, beginning of period $ 62,951 $ 17,799 Goodwill additions 38,092 45,152 Balance, end of period $ 101,043 $ 62,951 |
Schedule of intangible assets | March 31, 2021 December 31, 2020 Gross Accumulated Gross Accumulated Tradenames $ 25,348 $ (1,260 ) $ 13,923 $ (398 ) Patents, trademarks 100 (16 ) 100 (9 ) Customer relationships 16,466 (492 ) 6,297 (138 ) Non-competes 1,198 (67 ) 796 (22 ) Capitalized software 1,843 (349 ) 1,163 (222 ) $ 44,955 $ (2,184 ) $ 22,279 $ (789 ) |
Schedule of future amortization expense | Future amortization expense is as follows: 2021, remainder $ 6,465 2022 8,295 2023 8,295 2024 8,295 2025 7,706 Thereafter 3,715 Total $ 42,771 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | March 31, December 31, 2021 2020 Long term debt is as follows: Wells Fargo Equipment Finance, interest at 3.5% per annum, payable in monthly installments of $518.96 beginning April 2016 through March 2021, secured by warehouse equipment with a book value of $25,437 $ - $ 1 Notes payable issued in connection with seller financing of assets acquired, interest at 8.125%, payable in 60 installments of $8,440, due August 2023 214 240 $ 214 $ 241 Less Current Maturities (83 ) (83 ) Total Long-Term Debt $ 131 $ 158 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Schedule of lease balances within our condensed consolidated balance sheet | March 31, December 31, Right to use assets, operating lease assets $ 14,389 $ 12,088 Current lease liability $ 3,870 $ 3,001 Non-current lease liability 10,824 9,479 $ 14,694 $ 12,480 |
Schedule of other information related to leases | March 31, March 31, Weighted average remaining lease term 3.34 years 3.24 years Weighted average discount rate 6.0 % 7.6 % |
Schedule of operating lease assets | Three Months Ended 2021 2020 Operating lease costs $ 1,541 $ 925 Short-term lease costs 141 16 Total operating lease costs $ 1,682 $ 941 |
Schedule of future minimum rental payments | 2021 (remainder of the year) $ 4,005 2022 4,564 2023 3,850 2024 2,713 2025 2,256 Thereafter 3,106 Total lease payments 20,494 Less: Imputed interest (5,800 ) Lease Liability at March 31, 2021 $ 14,694 |
Share Based Payments and Stoc_2
Share Based Payments and Stock Options (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of share-based payment expense | March 31, 2021 2020 Restricted stock $ 645 $ 2,619 Stock options 308 1,496 Warrants 374 - Total $ 1,327 $ 4,115 |
Schedule of company’s outstanding stock purchase warrants | Shares Weighted Average Grant Date Fair Value Nonvested, December 31, 2020 630 $ 4.51 Granted - $ - Vested (291 ) $ 4.39 Forfeited (9 ) $ 18.54 Nonvested, March 31, 2021 330 $ 4.24 |
Schedule of company’s outstanding stock purchase warrants | Options Shares Weight - Weighted - Weighted - Outstanding at December 31, 2020 1,803 $ 3.92 3.47 $ 2.38 Granted - - - Exercised (6 ) 4.63 2.75 Forfeited or expired - - - Outstanding at March 31, 2021 1,797 $ 3.92 2.47 $ 2.19 Options vested at March 31, 2021 1,361 $ 3.61 2.28 $ 2.02 |
Schedule of company’s outstanding stock purchase warrants | Warrants Weighted Average Outstanding at December 31, 2020 1,393 $ 7.49 Issued - Exercised (617 ) $ 3.45 Forfeited - Outstanding at March 31, 2021 776 $ 10.71 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of weighted average shares (denominator) used in the basic and dilutive earnings per share | Three months ended March 31, March 31, Net income (loss) $ 6,147 $ (2,094 ) Weighted average shares outstanding, basic 58,394 37,823 Effect of dilutive outstanding warrants and stock options 1,923 - Adjusted weighted average shares outstanding, dilutive 60,317 37,823 Basic income per shares $ .11 $ (.06 ) Dilutive income per share $ .10 $ (.06 ) |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Schedule of purchase price | Agron Aquarius 55 Hydro Charcoir San Diego Hydro Grow Warehouse Grow Depot Maine Indoor Garden Total Inventory $ - $ 957 $ 780 $ 839 $ 1,400 $ 2,448 $ 326 $ 372 $ 7,122 Prepaids and other current assets 29 12 29 534 36 30 3 - 673 Furniture and equipment 46 63 50 - 315 250 25 94 843 Liabilities - - - - - (169 ) - - (169 ) Operating lease right to use asset 87 - 853 970 94 91 129 2,224 Operating lease liability (87 ) - (853 ) (970 ) (94 ) (91 ) (129 ) (2,224 ) Customer relationships 858 356 453 6,454 533 1,136 215 163 10,168 Trade name 1,824 498 1,296 1,466 1,412 4,393 301 235 11,425 Non-compete 160 36 65 - 5 94 21 21 402 Goodwill 8,332 1,636 3,806 7,075 5,581 9,597 1,258 807 38,092 Total $ 11,249 $ 3,558 $ 6,479 $ 16,368 $ 9,282 $ 17,779 $ 2,149 $ 1,692 $ 68,556 Agron Aquarius 55 Hydro Charcoir San Diego Hydro Grow Warehouse Grow Indoor Garden Total Cash $ 5,973 $ 2,331 $ 5,347 $ 9,902 $ 4,751 $ 8,100 $ 1,738 $ 1,165 $ 39,307 Common stock 5,276 1,227 1,132 6,466 4,531 9,679 411 527 29,249 Total $ 11,249 $ 3,558 $ 6,479 $ 16,368 $ 9,282 $ 17,779 $ 2,149 $ 1,692 $ 68,556 Health & Harvest LLC Inventory $ 1,054 Furniture and equipment 51 Right to use asset 192 Lease liability (192 ) Customer relationships 246 Trade name 431 Non-compete 6 Goodwill 1,065 Total $ 2,853 Health & Harvest LLC Cash $ 1,750 Common stock 1,103 Total $ 2,853 |
Schedule of revenue and earnings included in consolidated income statement | Agron Aquarius 55 Hydro Charcoir San Diego Hydro Grow Warehouse Grow Depot Maine Indoor Garden Total Acquisition date 3/19/2021 3/15/2021 3/15/2021 3/12/2021 2/22/2021 2/15/2021 2/1/2021 1/25/2021 Revenue $ 230 $ 185 $ 328 $ 276 $ 1,001 $ 2,168 $ 993 $ 805 $ 5,986 Net Income $ 22 $ 16 $ 32 $ 101 $ 117 $ 294 $ 205 $ 118 $ 905 Health & Harvest LLC Acquisition date 2/26/2020 Revenue $ 559 Earnings $ 112 |
Schedule of proforma consolidated income statement | March 31, 2021 March 31, 2020 Revenue $ 99,095 $ 49,625 Net income $ 7,403 $ 503 March 31, 2020 March 31, Revenue $ 34,076 $ 14,579 Earnings $ (1,873 ) $ 688 |
Fair Value Measures (Details) -
Fair Value Measures (Details) - Schedule of fair value of impaired notes receivable - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of fair value of impaired notes receivable [Abstract] | ||
Cash equivalents | $ 110,414 | $ 163,418 |
Marketable securities | 41,077 | |
Notes receivable | 4,786 | 2,937 |
Notes receivable impaired | 875 | |
Accounts receivable | $ 4,276 | $ 3,901 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Jan. 01, 2021 | |
Revenue Recognition Disclosures [Abstract] | |||
Deposit liability | $ 2,504 | $ 5,155 | |
Revenue | $ 90,022 | $ 32,982 | |
Long term, description | 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. |
Revenue Recognition (Details) -
Revenue Recognition (Details) - Schedule of disaggregation of revenues - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Total Revenues | $ 90,022 | $ 32,982 |
Sales at Company Owned Stores [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 82,790 | 31,037 |
Distribution [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 2,835 | |
E-Commerce Sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | $ 4,397 | $ 1,945 |
Revenue Recognition (Details)_2
Revenue Recognition (Details) - Schedule of customer trade receivables and customer deposit liability - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Receivables [Member] | ||
Revenue Recognition (Details) - Schedule of customer trade receivables and customer deposit liability [Line Items] | ||
Opening balance | $ 7,713 | $ 4,455 |
Closing balance | 7,562 | 4,575 |
Increase (decrease) | (151) | 120 |
Customer Deposit Liability [Member] | ||
Revenue Recognition (Details) - Schedule of customer trade receivables and customer deposit liability [Line Items] | ||
Opening balance | 5,155 | 2,504 |
Closing balance | 9,939 | 3,555 |
Increase (decrease) | $ 4,784 | $ 1,051 |
Revenue Recognition (Details)_3
Revenue Recognition (Details) - Schedule of long term trade receivables - Trade Accounts Receivable [Member] - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Revenue Recognition (Details) - Schedule of long term trade receivables [Line Items] | ||
Note receivable | $ 3,286 | $ 4,104 |
Allowance for losses | (292) | |
Notes receivable, net | $ 3,286 | $ 3,812 |
Revenue Recognition (Details)_4
Revenue Recognition (Details) - Schedule of notes receivable balances - Notes Receivable [Member] - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Revenue Recognition (Details) - Schedule of notes receivable balances [Line Items] | ||
Note receivable | $ 1,166 | |
Allowance for losses | (292) | |
Notes receivable, net | $ 874 |
Investments (Details) - Schedul
Investments (Details) - Schedule of investments, available for sales securities $ in Thousands | Mar. 31, 2021USD ($) |
Adjusted Cost Basis [Member] | |
Marketable Securities [Line Items] | |
Marketable securities | $ 41,077 |
Unrealized Gain (Loss) [Member] | |
Marketable Securities [Line Items] | |
Marketable securities | |
Recorded Basis [Member] | |
Marketable Securities [Line Items] | |
Marketable securities | 41,077 |
Level 2 [Member] | Adjusted Cost Basis [Member] | |
Marketable Securities [Line Items] | |
Commercial paper | 15,000 |
Corporate notes and bonds | 26,077 |
Level 2 [Member] | Unrealized Gain (Loss) [Member] | |
Marketable Securities [Line Items] | |
Commercial paper | |
Corporate notes and bonds | |
Level 2 [Member] | Recorded Basis [Member] | |
Marketable Securities [Line Items] | |
Commercial paper | 15,000 |
Corporate notes and bonds | $ 26,077 |
Notes Receivable (Details) - Sc
Notes Receivable (Details) - Schedule of receivable include customer trade receivables under long terms financing arrangements - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of receivable include customer trade receivables under long terms financing arrangements [Abstract] | ||
Trade receivables under longer term financing arrangements | $ 3,286 | $ 3,812 |
Note receivable, non-customer related | 1,500 | |
Subtotal | 4,786 | 3,812 |
Less, current portion | (3,905) | (2,612) |
Notes receivable, noncurrent | $ 881 | $ 1,200 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 659 | $ 331 |
Property and Equipment (Detai_2
Property and Equipment (Details) - Schedule of property and equipment - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 12,068 | $ 9,546 |
Accumulated depreciation and amortization | (3,730) | (3,071) |
Property and equipment, net | 8,338 | 6,475 |
Vehicle [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 1,495 | 1,342 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 477 | 477 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 2,810 | 1,988 |
Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 7,286 | $ 5,739 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 1,395 | $ 28 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Details) - Schedule of goodwill - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Schedule of goodwill [Abstract] | ||
Balance, beginning of period | $ 62,951 | $ 17,799 |
Goodwill additions | 38,092 | 45,152 |
Balance, end of period | $ 101,043 | $ 62,951 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Details) - Schedule of intangible assets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 44,955 | $ 22,279 |
Accumulated Amortization | (2,184) | (789) |
Tradenames [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 25,348 | 13,923 |
Accumulated Amortization | (1,260) | (398) |
Patents, trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 100 | 100 |
Accumulated Amortization | (16) | (9) |
Customer relationship [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 16,466 | 6,297 |
Accumulated Amortization | (492) | (138) |
Non-competes [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,198 | 796 |
Accumulated Amortization | (67) | (22) |
Capitalized software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,843 | 1,163 |
Accumulated Amortization | $ (349) | $ (222) |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets (Details) - Schedule of future amortization expense $ in Thousands | Mar. 31, 2021USD ($) |
Schedule of future amortization expense [Abstract] | |
2021, remainder | $ 6,465 |
2022 | 8,295 |
2023 | 8,295 |
2024 | 8,295 |
2025 | 7,706 |
Thereafter | 3,715 |
Total | $ 42,771 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Debt Disclosure [Abstract] | ||
Interest expense | $ 2 | $ 7 |
Long-Term Debt (Details) - Sche
Long-Term Debt (Details) - Schedule of long-term debt - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Long-Term Debt (Details) - Schedule of long-term debt [Line Items] | ||
Long-Term Debt | $ 214 | $ 241 |
Less Current Maturities | (83) | (83) |
Total Long-Term Debt | 131 | 158 |
Wells Fargo Equipment Finance [Member] | ||
Long-Term Debt (Details) - Schedule of long-term debt [Line Items] | ||
Long-Term Debt | 1 | |
Notes payable issued in connection with seller financing [Member] | ||
Long-Term Debt (Details) - Schedule of long-term debt [Line Items] | ||
Long-Term Debt | $ 214 | $ 240 |
Long-Term Debt (Details) - Sc_2
Long-Term Debt (Details) - Schedule of long-term debt (Parentheticals) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Long-Term Debt (Details) - Schedule of long-term debt (Parentheticals) [Line Items] | |
Book value | $ 25,437 |
Wells Fargo Equipment Finance [Member] | |
Long-Term Debt (Details) - Schedule of long-term debt (Parentheticals) [Line Items] | |
Interest rate per annum | 3.50% |
Long term debt, monthly payment | $ 51,896 |
Long term debt maturity date, description | Beginning April 2016 through March 2021 |
Notes payable issued in connection with seller financing [Member] | |
Long-Term Debt (Details) - Schedule of long-term debt (Parentheticals) [Line Items] | |
Interest rate per annum | 8.125% |
Long term debt, monthly payment | $ 8,440 |
Long term debt maturity date, description | Due August 2023 |
Number of installments | 60 |
Leases (Details)
Leases (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Minimum [Member] | |
Leases (Details) [Line Items] | |
Remaining leases terms | 1 year |
Extend the leases for additional terms | 3 years |
Maximum [Member] | |
Leases (Details) [Line Items] | |
Remaining leases terms | 5 years |
Extend the leases for additional terms | 5 years |
Leases (Details) - Schedule of
Leases (Details) - Schedule of lease balances within our condensed consolidated balance sheet - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of lease balances within our condensed consolidated balance sheet [Abstract] | ||
Right to use assets, operating lease assets | $ 14,389 | $ 12,088 |
Current lease liability | 3,870 | 3,001 |
Non-current lease liability | 10,824 | 9,479 |
Total | $ 14,694 | $ 12,480 |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of other information related to leases | Mar. 31, 2021 | Mar. 31, 2020 |
Schedule of other information related to leases [Abstract] | ||
Weighted average remaining lease term | 3 years 124 days | 3 years 87 days |
Weighted average discount rate | 6.00% | 7.60% |
Leases (Details) - Schedule o_3
Leases (Details) - Schedule of operating lease assets - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of operating lease assets [Abstract] | ||
Operating lease costs | $ 1,541 | $ 925 |
Short-term lease costs | 141 | 16 |
Total operating lease costs | $ 1,682 | $ 941 |
Leases (Details) - Schedule o_4
Leases (Details) - Schedule of future minimum rental payments $ in Thousands | Mar. 31, 2021USD ($) |
Schedule of future minimum rental payments [Abstract] | |
2021 (remainder of the year) | $ 4,005 |
2022 | 4,564 |
2023 | 3,850 |
2024 | 2,713 |
2025 | 2,256 |
Thereafter | 3,106 |
Total lease payments | 20,494 |
Less: Imputed interest | (5,800) |
Lease Liability at March 31, 2021 | $ 14,694 |
Share Based Payments and Stoc_3
Share Based Payments and Stock Options (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Option [Member] | |
Share Based Payments and Stock Options (Details) [Line Items] | |
Unamortized share-based compensation | $ 2.6 |
Weighted average period | 1 year 9 months |
Common Stock Warrants [Member] | |
Share Based Payments and Stock Options (Details) [Line Items] | |
Unamortized share-based compensation | $ 3.6 |
Weighted average period | 2 years 9 months |
Share Based Payments and Stoc_4
Share Based Payments and Stock Options (Details) - Schedule of share-based payment expense - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share Based Payments and Stock Options (Details) - Schedule of share-based payment expense [Line Items] | ||
Total | $ 1,327 | $ 4,115 |
Warrants [Member] | ||
Share Based Payments and Stock Options (Details) - Schedule of share-based payment expense [Line Items] | ||
Total | 374 | |
Restricted Stock [Member] | ||
Share Based Payments and Stock Options (Details) - Schedule of share-based payment expense [Line Items] | ||
Total | 645 | 2,619 |
Stock Options [Member] | ||
Share Based Payments and Stock Options (Details) - Schedule of share-based payment expense [Line Items] | ||
Total | $ 308 | $ 1,496 |
Share Based Payments and Stoc_5
Share Based Payments and Stock Options (Details) - Schedule of restricted stock activity - Restricted Stock [Member] shares in Thousands | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Share Based Payments and Stock Options (Details) - Schedule of restricted stock activity [Line Items] | |
Nonvested Shares, Beginning balance | shares | 630 |
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares | $ 4.51 |
Nonvested Shares, Granted | shares | |
Weighted Average Grant Date Fair Value, Granted | $ / shares | |
Nonvested Shares, Vested | shares | (291) |
Weighted Average Grant Date Fair Value, Vested | $ / shares | $ 4.39 |
Nonvested Shares, Forfeited | shares | (9) |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | $ 18.54 |
Nonvested Shares, Ending balance | shares | 330 |
Weighted Average Grant Date Fair Value, Ending balance | $ / shares | $ 4.24 |
Share Based Payments and Stoc_6
Share Based Payments and Stock Options (Details) - Schedule of stock options | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Schedule of stock options [Abstract] | |
Outstanding, Shares (in Shares) | shares | 1,803 |
Weighted - Average Exercise Price, Outstanding beginning balance | $ 3.92 |
Weighted - Average Remaining Contractual Term, Outstanding | 3 years 171 days |
Weighted - Average Grant Date Fair Value, Outstanding beginning balance | $ 2.38 |
Outstanding, Shares (in Shares) | shares | 1,797 |
Weighted - Average Exercise Price, Outstanding ending balance | $ 3.92 |
Weighted - Average Remaining Contractual Term, Outstanding Ending | 2 years 171 days |
Weighted - Average Grant Date Fair Value Outstanding ending balance | $ 2.19 |
Options Vested and exercisable , Shares (in Shares) | shares | 1,361 |
Weighted - Average Exercise Price, Vested and exercisable | $ 3.61 |
Weighted - Average Remaining Contractual Term, Vested and exercisable | 2 years 102 days |
Weighted - Average Grant Date Fair Value, Options Vested | $ 2.02 |
Granted, Shares (in Shares) | shares | |
Weighted - Average Exercise Price, Granted | |
Weighted - Average Grant Date Fair Value, Granted | |
Exercised, Shares (in Shares) | shares | (6) |
Weighted - Average Exercise Price, Exercised | $ 4.63 |
Weighted - Average Grant Date Fair Value, Exercised | $ 2.75 |
Forfeited or expired, Shares (in Shares) | shares | |
Weighted - Average Exercise Price, Forfeited or expired | |
Weighted - Average Grant Date Fair Value, Forfeited or expired |
Share Based Payments and Stoc_7
Share Based Payments and Stock Options (Details) - Schedule of company’s outstanding stock purchase warrants | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Schedule of company’s outstanding stock purchase warrants [Abstract] | |
Warrants Outstanding, beginning | 1,393 |
Weighted Average Exercise Price Outstanding, beginning (in Dollars per share) | $ / shares | $ 7.49 |
Warrants, Issued | |
Warrants, Exercised | (617) |
Weighted Average Exercise Price, Exercised (in Dollars per share) | $ / shares | $ 3.45 |
Warrants, Forfeited | |
Warrants Outstanding, ending | 776 |
Weighted Average Exercise Price Outstanding, ending (in Dollars per share) | $ / shares | $ 10.71 |
Earnings Per Share (Details) -
Earnings Per Share (Details) - Schedule of weighted average shares (denominator) used in the basic and dilutive earnings per share - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of weighted average shares (denominator) used in the basic and dilutive earnings per share [Abstract] | ||
Net income (loss) (in Dollars) | $ 6,147 | $ (2,094) |
Weighted average shares outstanding, basic | 58,394 | 37,823 |
Effect of dilutive outstanding warrants and stock options | 1,923 | |
Adjusted weighted average shares outstanding, dilutive | 60,317 | 37,823 |
Basic income per shares (in Dollars per share) | $ 0.11 | $ (0.06) |
Dilutive income per share (in Dollars per share) | $ 0.10 | $ (0.06) |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | Mar. 15, 2021 | Mar. 12, 2021 | Mar. 19, 2021 | Feb. 22, 2021 | Feb. 15, 2021 | Feb. 01, 2021 | Jan. 25, 2021 | Feb. 26, 2021 |
Indoor Garden & Lighting, Inc, [Member] | ||||||||
Acquisitions (Details) [Line Items] | ||||||||
Consideration for purchase | $ 1,700 | |||||||
Cash | 1,200 | |||||||
Common stock value | 500 | |||||||
Acquired goodwill | $ 800 | |||||||
Grow Depot Maine [Member] | ||||||||
Acquisitions (Details) [Line Items] | ||||||||
Consideration for purchase | $ 2,100 | |||||||
Cash | 1,700 | |||||||
Common stock value | 400 | |||||||
Acquired goodwill | $ 1,300 | |||||||
Grow Warehouse LLC [Member] | ||||||||
Acquisitions (Details) [Line Items] | ||||||||
Consideration for purchase | $ 17,800 | |||||||
Cash | 8,100 | |||||||
Common stock value | 9,700 | |||||||
Acquired goodwill | $ 9,600 | |||||||
San Diego Hydroponics & Organics [Member] | ||||||||
Acquisitions (Details) [Line Items] | ||||||||
Consideration for purchase | $ 9,300 | |||||||
Cash | 4,800 | |||||||
Common stock value | 4,500 | |||||||
Acquired goodwill | $ 5,600 | |||||||
Charcoir Corporation [Member] | ||||||||
Acquisitions (Details) [Line Items] | ||||||||
Consideration for purchase | $ 16,400 | |||||||
Cash | 9,900 | |||||||
Common stock value | 6,500 | |||||||
Acquired goodwill | $ 7,100 | |||||||
55 Hydroponics [Member] | ||||||||
Acquisitions (Details) [Line Items] | ||||||||
Consideration for purchase | $ 6,500 | |||||||
Cash | 5,400 | |||||||
Common stock value | 1,100 | |||||||
Acquired goodwill | $ 3,800 | |||||||
Aquarius [Member] | ||||||||
Acquisitions (Details) [Line Items] | ||||||||
Consideration for purchase | $ 3,600 | |||||||
Cash | 2,400 | |||||||
Common stock value | 1,200 | |||||||
Acquired goodwill | 1,600 | |||||||
Agron, LLC [Member] | ||||||||
Acquisitions (Details) [Line Items] | ||||||||
Consideration for purchase | 11,300 | |||||||
Cash | 6,000 | |||||||
Common stock value | 5,300 | |||||||
Acquired goodwill | $ 8,300 | |||||||
Health & Harvest LLC [Member] | ||||||||
Acquisitions (Details) [Line Items] | ||||||||
Acquired goodwill | $ 1,100 | |||||||
Transaction cost | $ 2,850 |
Acquisitions (Details) - Schedu
Acquisitions (Details) - Schedule of purchase price - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Business Acquisition, Contingent Consideration [Line Items] | ||
Inventory | $ 7,122 | |
Prepaids and other current assets | 673 | |
Furniture and equipment | 843 | |
Liabilities | (169) | |
Operating lease right to use asset | 2,224 | |
Operating lease liability | (2,224) | |
Customer relationships | 10,168 | |
Trade name | 11,425 | |
Non-compete | 402 | |
Goodwill | 38,092 | |
Total | 68,556 | |
Cash | 39,307 | |
Common stock | 29,249 | |
Total | 68,556 | |
Aquarius [Member] | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Inventory | 957 | |
Prepaids and other current assets | 12 | |
Furniture and equipment | 63 | |
Customer relationships | 356 | |
Trade name | 498 | |
Non-compete | 36 | |
Goodwill | 1,636 | |
Total | 3,558 | |
Cash | 2,331 | |
Common stock | 1,227 | |
Total | 3,558 | |
55 Hydro [Member] | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Inventory | 780 | |
Prepaids and other current assets | 29 | |
Furniture and equipment | 50 | |
Operating lease right to use asset | 853 | |
Operating lease liability | (853) | |
Customer relationships | 453 | |
Trade name | 1,296 | |
Non-compete | 65 | |
Goodwill | 3,806 | |
Total | 6,479 | |
Cash | 5,347 | |
Common stock | 1,132 | |
Total | 6,479 | |
Charcoir [Member] | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Inventory | 839 | |
Prepaids and other current assets | 534 | |
Customer relationships | 6,454 | |
Trade name | 1,466 | |
Goodwill | 7,075 | |
Total | 16,368 | |
Cash | 9,902 | |
Common stock | 6,466 | |
Total | 16,368 | |
San Diego Hydro [Member] | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Inventory | 1,400 | |
Prepaids and other current assets | 36 | |
Furniture and equipment | 315 | |
Operating lease right to use asset | 970 | |
Operating lease liability | (970) | |
Customer relationships | 533 | |
Trade name | 1,412 | |
Non-compete | 5 | |
Goodwill | 5,581 | |
Total | 9,282 | |
Cash | 4,751 | |
Common stock | 4,531 | |
Total | 9,282 | |
Grow Warehouse [Member] | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Inventory | 2,448 | |
Prepaids and other current assets | 30 | |
Furniture and equipment | 250 | |
Liabilities | (169) | |
Operating lease right to use asset | 94 | |
Operating lease liability | (94) | |
Customer relationships | 1,136 | |
Trade name | 4,393 | |
Non-compete | 94 | |
Goodwill | 9,597 | |
Total | 17,779 | |
Cash | 8,100 | |
Common stock | 9,679 | |
Total | 17,779 | |
Grow Depot Maine [Member] | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Inventory | 326 | |
Prepaids and other current assets | 3 | |
Furniture and equipment | 25 | |
Operating lease right to use asset | 91 | |
Operating lease liability | (91) | |
Customer relationships | 215 | |
Trade name | 301 | |
Non-compete | 21 | |
Goodwill | 1,258 | |
Total | 2,149 | |
Cash | 1,738 | |
Common stock | 411 | |
Total | 2,149 | |
Indoor Garden [Member] | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Inventory | 372 | |
Furniture and equipment | 94 | |
Operating lease right to use asset | 129 | |
Operating lease liability | (129) | |
Customer relationships | 163 | |
Trade name | 235 | |
Non-compete | 21 | |
Goodwill | 807 | |
Total | 1,692 | |
Cash | 1,165 | |
Common stock | 527 | |
Total | 1,692 | |
Agron [Member] | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Prepaids and other current assets | 29 | |
Furniture and equipment | 46 | |
Operating lease right to use asset | 87 | |
Operating lease liability | (87) | |
Customer relationships | 858 | |
Trade name | 1,824 | |
Non-compete | 160 | |
Goodwill | 8,332 | |
Total | 11,249 | |
Cash | 5,973 | |
Common stock | 5,276 | |
Total | $ 11,249 | |
Health & Harvest LLC [Member] | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Inventory | $ 1,054 | |
Furniture and equipment | 51 | |
Right to use asset | 192 | |
Lease liability | (192) | |
Customer relationships | 246 | |
Trade name | 431 | |
Non-compete | 6 | |
Goodwill | 1,065 | |
Total | 2,853 | |
Cash | 1,750 | |
Common stock | 1,103 | |
Total | $ 2,853 |
Acquisitions (Details) - Sche_2
Acquisitions (Details) - Schedule of revenue and earnings included in consolidated income statement - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Acquisitions (Details) - Schedule of revenue and earnings included in consolidated income statement [Line Items] | ||
Revenue | $ 5,986 | |
Net Income | $ 905 | |
Agron [Member] | ||
Acquisitions (Details) - Schedule of revenue and earnings included in consolidated income statement [Line Items] | ||
Acquisition date | Mar. 19, 2021 | |
Revenue | $ 230 | |
Net Income | $ 22 | |
Aquarius [Member] | ||
Acquisitions (Details) - Schedule of revenue and earnings included in consolidated income statement [Line Items] | ||
Acquisition date | Mar. 15, 2021 | |
Revenue | $ 185 | |
Net Income | $ 16 | |
55 Hydro [Member] | ||
Acquisitions (Details) - Schedule of revenue and earnings included in consolidated income statement [Line Items] | ||
Acquisition date | Mar. 15, 2021 | |
Revenue | $ 328 | |
Net Income | $ 32 | |
Charcoir [Member] | ||
Acquisitions (Details) - Schedule of revenue and earnings included in consolidated income statement [Line Items] | ||
Acquisition date | Mar. 12, 2021 | |
Revenue | $ 276 | |
Net Income | $ 101 | |
San Diego Hydro [Member] | ||
Acquisitions (Details) - Schedule of revenue and earnings included in consolidated income statement [Line Items] | ||
Acquisition date | Feb. 22, 2021 | |
Revenue | $ 1,001 | |
Net Income | $ 117 | |
Grow Warehouse [Member] | ||
Acquisitions (Details) - Schedule of revenue and earnings included in consolidated income statement [Line Items] | ||
Acquisition date | Feb. 15, 2021 | |
Revenue | $ 2,168 | |
Net Income | $ 294 | |
Grow Depot Maine [Member] | ||
Acquisitions (Details) - Schedule of revenue and earnings included in consolidated income statement [Line Items] | ||
Acquisition date | Feb. 1, 2021 | |
Revenue | $ 993 | |
Net Income | $ 205 | |
Indoor Garden [Member] | ||
Acquisitions (Details) - Schedule of revenue and earnings included in consolidated income statement [Line Items] | ||
Acquisition date | Jan. 25, 2021 | |
Revenue | $ 805 | |
Net Income | $ 118 | |
Health & Harvest LLC [Member] | ||
Acquisitions (Details) - Schedule of revenue and earnings included in consolidated income statement [Line Items] | ||
Acquisition date | Feb. 26, 2020 | |
Revenue | $ 559 | |
Earnings (in Dollars per share) | $ 112 |
Acquisitions (Details) - Sche_3
Acquisitions (Details) - Schedule of proforma consolidated income statement - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Acquisitions (Details) - Schedule of proforma consolidated income statement [Line Items] | ||
Revenue | $ 99,095 | $ 49,625 |
Net income | 7,403 | 503 |
Consolidated [Member] | ||
Acquisitions (Details) - Schedule of proforma consolidated income statement [Line Items] | ||
Revenue | $ 34,076 | $ 14,579 |
Earnings (in Dollars per share) | $ (1,873) | $ 688 |
Subsequent Events (Details)
Subsequent Events (Details) | 1 Months Ended |
Apr. 19, 2021 | |
Subsequent Event [Member] | |
Subsequent Events (Details) [Line Items] | |
Subsequent events, description | the Company purchased the assets of Grow Depot LLC (“Down River Hydro”), a hydroponic and indoor gardening supply store in Brownstown, MI. The total consideration for the purchase of Down River Hydro was approximately $4.4 million, including approximately $3.2 million in cash and 25,895 shares of common stock valued at approximately $1.2 million. |