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Lovesac (LOVE)

Document And Entity Information

Document And Entity Information - shares3 Months Ended
May 02, 2021Jun. 07, 2021
Document Information Line Items
Entity Registrant NameLovesac Co
Trading SymbolLOVE
Document Type10-Q
Current Fiscal Year End Date--01-31
Entity Common Stock, Shares Outstanding15,095,160
Amendment Flagfalse
Entity Central Index Key0001701758
Entity Current Reporting StatusYes
Entity Filer CategoryAccelerated Filer
Document Period End DateMay 2,
2021
Document Fiscal Year Focus2022
Document Fiscal Period FocusQ1
Entity Small Businessfalse
Entity Emerging Growth Companytrue
Entity Shell Companyfalse
Entity Ex Transition Periodfalse
Document Quarterly Reporttrue
Document Transition Reportfalse
Entity File Number001-38555
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number32-0514958
Entity Address, Address Line OneTwo
Landmark Square
Entity Address, Address Line TwoSuite 300
Entity Address, City or TownStamford
Entity Address, State or ProvinceCT
Entity Address, Postal Zip Code06901
City Area Code888
Local Phone Number636-1223
Title of 12(b) SecurityCommon Stock, $0.00001 par value per share
Security Exchange NameNASDAQ
Entity Interactive Data CurrentYes

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)May 02, 2021Jan. 31, 2021
Current Assets
Cash and cash equivalents $ 65,740,400 $ 78,341,101
Trade accounts receivable6,895,679 4,513,460
Merchandise inventories55,956,132 50,416,712
Prepaid expenses and other current assets11,609,793 10,128,353
Total Current Assets140,202,004 143,399,626
Property and equipment, net26,830,716 25,867,980
Operating lease right-of-use assets90,745,429
Other Assets
Goodwill143,562 143,562
Intangible assets, net1,192,568 1,517,032
Deferred financing costs, net68,003 90,671
Total Other Assets1,404,133 1,751,265
Total Assets259,182,282 171,018,871
Current Liabilities
Accounts payable17,745,185 24,310,972
Accrued expenses13,931,405 17,187,694
Payroll payable8,134,045 6,361,677
Customer deposits7,843,326 5,992,633
Current operating lease liabilities14,287,019
Sales taxes payable1,785,519 2,470,593
Total Current Liabilities63,726,499 56,323,569
Deferred Rent6,748,747
Operating Lease Liability, long-term84,732,550
Line of Credit41,673
Total Liabilities148,500,722 63,072,316
Stockholders’ Equity
Preferred Stock $0.00001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of May 2, 2021 and January 31, 2021.
Common Stock $.00001 par value, 40,000,000 shares authorized, 15,018,530 shares issued and outstanding as of May 2, 2021 and 15,011,556 shares issued and outstanding as of January 31, 2021.150 150
Additional paid-in capital172,056,558 171,382,086
Accumulated deficit(61,375,148)(63,435,681)
Stockholders’ Equity110,681,560 107,946,555
Total Liabilities and Stockholders’ Equity $ 259,182,282 $ 171,018,871

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - $ / sharesMay 02, 2021Jan. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in Dollars per share) $ 0.00001 $ 0.00001
Preferred stock, shares authorized10,000,000 10,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value (in Dollars per share) $ 0.00001 $ 0.00001
Common stock, shares authorized40,000,000 40,000,000
Common stock, shares issued15,018,530 15,011,556
Common stock, shares outstanding15,018,530 15,011,556

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)3 Months Ended
May 02, 2021May 03, 2020
Income Statement [Abstract]
Net sales $ 82,915,419 $ 54,372,407
Cost of merchandise sold36,839,311 27,088,838
Gross profit46,076,108 27,283,569
Operating expenses
Selling, general and administration expenses30,718,182 25,831,402
Advertising and marketing10,680,365 8,195,585
Depreciation and amortization2,419,704 1,635,660
Total operating expenses43,818,251 35,662,647
Operating income (loss)2,257,857 (8,379,078)
Interest (expense) income, net(44,138)56,356
Net income (loss) before taxes2,213,719 (8,322,722)
Provision for income taxes(153,186)(25,029)
Net income (loss) $ 2,060,533 $ (8,347,751)
Net income (loss) per common share:
Basic (in Dollars per share) $ 0.14 $ (0.58)
Diluted (in Dollars per share) $ 0.13 $ (0.58)
Weighted average number of common shares outstanding:
Basic (in Shares)15,034,954 14,480,081
Diluted (in Shares)16,073,021 14,480,081

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)Common SharesAdditional Paid-in CapitalAccumulated DeficitTotal
Balance at Feb. 02, 2020 $ 145 $ 168,317,210 $ (78,162,828) $ 90,154,527
Balance (in Shares) at Feb. 02, 202014,472,611
Net income (loss) (8,347,751)(8,347,751)
Equity based compensation 898,077 898,077
Vested restricted stock units
Vested restricted stock units (in Shares)35,776
Taxes paid for net share settlement of equity awards (149,512) (149,512)
Balance at May. 03, 2020 $ 145 169,065,775 (86,510,579)82,555,341
Balance (in Shares) at May. 03, 202014,508,387
Balance at Jan. 31, 2021 $ 150 171,382,086 (63,435,681)107,946,555
Balance (in Shares) at Jan. 31, 202115,011,556
Net income (loss) 2,060,533 2,060,533
Equity based compensation 654,472 654,472
Vested restricted stock units
Vested restricted stock units (in Shares)4,868
Exercise of Warrants 20,000 20,000
Exercise of Warrants (in Shares)2,106
Balance at May. 02, 2021 $ 150 $ 172,056,558 $ (61,375,148) $ 110,681,560
Balance (in Shares) at May. 02, 202115,018,530

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)3 Months Ended
May 02, 2021May 03, 2020
Cash Flows from Operating Activities
Net income (loss) $ 2,060,533 $ (8,347,751)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization of property and equipment1,956,383 1,557,289
Amortization of other intangible assets463,321 78,371
Amortization of deferred financing fees22,668 19,726
Equity based compensation654,472 898,077
Deferred rent 140,298
Non-cash operating lease cost3,546,304
Changes in operating assets and liabilities:
Accounts receivable(2,382,219)112,335
Merchandise inventories(5,539,420)2,980,697
Prepaid expenses and other current assets(546,671)2,166,595
Accounts payable and accrued expenses(8,290,368)(3,204,128)
Operating Lease Liabilities(3,400,094)
Customer deposits1,850,693 3,085,377
Net Cash Used in Operating Activities(9,604,398)(513,114)
Cash Flows from Investing Activities
Purchase of property and equipment(2,919,119)(2,142,086)
Payments for patents and trademarks(138,857)(205,556)
Net Cash Used in Investing Activities(3,057,976)(2,347,642)
Cash Flows from Financing Activities
Taxes paid for net share settlement of equity awards (149,512)
Proceeds from the exercise of warrants20,000
Proceeds from the line of credit41,673
Payment of deferred financing costs (50,000)
Net Cash Provided by (Used in) Financing Activities61,673 (199,512)
Net Change in Cash and Cash Equivalents(12,600,701)(3,060,268)
Cash and Cash Equivalents - Beginning78,341,101 48,538,827
Cash and Cash Equivalents - Ending65,740,400 45,478,559
Supplemental Cash Flow Disclosures
Cash paid for taxes61,000 25,029
Cash paid for interest $ 8,071 $ 16,816

Basis of Presentation

Basis of Presentation3 Months Ended
May 02, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATIONNOTE
1 - BASIS OF PRESENTATION The
condensed consolidated balance sheet of The Lovesac Company (the “Company”, “we”, “us” or “our”)
as of January 31, 2021, which has been derived from our audited financial statements as of and for the 52-week year ended January 31,
2021, and the accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with the rules
and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting. Certain information
and note disclosures normally included in annual financial statements, prepared in accordance with accounting principles generally accepted
in the United States of America (“US GAAP”), have been condensed or omitted pursuant to those rules and regulations. The
financial information presented herein, which is not necessarily indicative of results to be expected for the full current fiscal year,
reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of the interim unaudited condensed
consolidated financial statements. Such adjustments are of a normal, recurring nature. These condensed consolidated financial statements
should be read in conjunction with the Company’s consolidated financial statements filed in its Annual Report on Form 10-K for
the fiscal year ended January 31, 2021. Due
to the seasonality of the Company’s business, with the majority of our activity occurring in the fourth quarter of each fiscal
year, the results of operations for the thirteen weeks ended May 2, 2021 and May 3, 2020 are not necessarily indicative of results to
be expected for the full fiscal year. Nature
of Operations The
Company is a technology driven company that designs, manufactures and sells unique, high quality furniture derived through its proprietary
“Designed for Life” approach which results in products that are built to last a lifetime and designed to evolve as our customers’
lives do. The Company markets and sells its products through modern and efficient showrooms and, increasingly, through online sales directly
at www.lovesac.com, supported by direct-to-consumer touch-feel points in the form of our own showrooms as well as through shop-in-shops
and pop-up-shops with third party retailers. The Company was formed as a Delaware corporation on January 3, 2017, in connection with
a corporate reorganization with SAC Acquisition LLC, a Delaware limited liability company (“SAC LLC”), the predecessor entity
to the Company. COVID-19 In
March 2020, the World Health Organization declared the outbreak of COVID-19 as a global pandemic and, in the following weeks, the U.S.
federal, state and local governments issued lockdown orders and related safety measures impacting the operations of our showrooms and
consumer demand. Although there has been a general improvement in conditions, there continues to be significant uncertainties around
the scope and severity of the pandemic, its impact on the global economy, including supply chains, and other business disruptions that
may impact our operating results and financial condition. We continue to follow the guidance issued by federal, state and local governments
and health organizations and have taken measures to protect the safety of our associates and customers. Operations
and Liquidity The
Company has incurred significant operating losses and used cash in its operating activities since inception. Operating losses have resulted
from inadequate sales levels for the cost structure and expenses as a result of expanding into new markets, opening new showrooms, and
investments into advertising, marketing and infrastructure to support increases in revenues. The Company plans to continue to open new
retail showrooms in larger markets and increase its shop-in-shop relationships to increase sales levels and invest in advertising and
marketing initiatives to increase brand awareness. There can be no assurance that anticipated sales levels will be achieved. The Company
believes that based on its current sales and expense levels, projections for the next twelve months, current cash on hand and the credit
facility with Wells Fargo Bank, National Association, see Note 7, the Company will have sufficient working capital to cover operating
cash needs through the twelve month period from the financial statement issuance date.

Recent Accounting Pronouncement

Recent Accounting Pronouncements3 Months Ended
May 02, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTSNOTE
2 - RECENT ACCOUNTING PRONOUNCEMENTS Except
as described below, the Company has considered all other recently issued accounting pronouncements and does not believe the adoption
of such pronouncements will have a material impact on its financial statements. The Company, as an emerging growth company, has elected
to use the extended transition period for complying with new or revised financial accounting standards. The
following new accounting pronouncements were adopted in fiscal 2022: In
February 2016, FASB issued ASU No. 2016-02, Leases (Topic 842) amending lease guidance to increase transparency and comparability among
organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements.
ASU No. 2020-05 extended the effective date to fiscal years beginning after December 15, 2021, and interim periods within fiscal years
beginning after December 15, 2021, with early adoption permitted. The Company adopted the guidance in fiscal 2022 and there was not a
material effect on the Company’s consolidated results of operations. Adoption of this standard resulted in the recognition
of operating lease right-to-use (“ROU”) assets and corresponding lease liabilities of approximately $90 million and $97 million,
respectively, and reclassification of deferred rent of $6.7 million as a reduction of the right-of-use assets on the consolidated balance
sheet as of February 1, 2021. The new standard also provides practical expedients for an entity’s ongoing accounting. We elected
the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, we will not recognize
ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those
assets in transition. We also elected the practical expedient to not separate lease and non-lease components for all of our leases.

Intangible Assets, Net

Intangible Assets, Net3 Months Ended
May 02, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS, NETNOTE
3 - INTANGIBLE ASSETS, NET A
summary of intangible assets is as follows:
May
2, 2021
Estimated Gross
Carrying Amount Accumulated
Amortization Net
carrying
Patents 10 Years $ 2,495,408 $ (1,483,452 ) $ 1,011,956
Trademarks 3 Years 1,270,111 (1,089,499 ) 180,612
Other
intangibles 5 Years 839,737 (839,737 ) -
Total $ 4,605,256 $ (3,412,688 ) $ 1,192,56 8
January
31, 2021
Estimated Gross
Carrying Amount Accumulated
Amortization Net
carrying
Patents 10 Years $ 2,387,328 $ (1,128,997 ) $ 1,258,331
Trademarks 3 Years 1,239,334 (980,633 ) 258,701
Other
intangibles 5 Years 839,737 (839,737 ) -
Total $ 4,466,399 $ (2,949,367 ) $ 1,517, 032 Amortization
expense associated with intangible assets subject to amortization is included in depreciation and amortization expense on the accompanying
condensed consolidated statements of operations. Amortization expense on other intangible assets was $463,321 and $78,371 for the thirteen
weeks ended May 2, 2021 and May 3, 2020 respectively. As
of May 2, 2021, estimated future amortization expense associated with intangible assets subject to amortization is as follows:
Remainder
of Fiscal 2022 $ 206,758
2023 165,401
2024 147,995
2025 121,669
2026 119,449
2027 117,796
Thereafter 313,500
$ 1,192, 568

Income Taxes

Income Taxes3 Months Ended
May 02, 2021
Income Tax Disclosure [Abstract]
INCOME TAXESNOTE
4 - INCOME TAXES The
Company continues to provide a full valuation allowance against its net deferred tax assets due to the uncertainty as to when business
conditions will improve sufficiently to enable it to utilize its deferred tax assets. As a result, the Company did not record a federal
or state tax provision or benefit on its operating income or losses for the thirteen weeks ended May 2, 2021 and May 3, 2020. The
Company does not anticipate any material adjustments relating to unrecognized tax benefits within the next twelve months; however, the
ultimate outcome of tax matters is uncertain and unforeseen results can occur. The Company had no material interest or penalties during
the thirteen weeks ended May 2, 2021 and May 3, 2020, respectively, and the Company does not anticipate any such items during the next
twelve months. Our policy is to record interest and penalties directly related to uncertain tax positions as income tax expense in the
condensed consolidated statements of operations.

Basic and Diluted Net Income (L

Basic and Diluted Net Income (Loss) Per Common Share3 Months Ended
May 02, 2021
Earnings Per Share [Abstract]
BASIC AND DILUTED NET INCOME (LOSS) PER COMMON SHARENOTE
5 - BASIC AND DILUTED NET INCOME (LOSS) PER COMMON SHARE Basic
net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding
during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number
of common shares outstanding and common stock equivalents outstanding during the period. Diluted net income (loss) per common share includes,
in periods in which they are dilutive, the effect of those potentially dilutive securities where the average market price of the common
stock exceeds the exercise prices for the respective periods. In the thirteen weeks ended May 2, 2021, the effects of 652,052 unvested
restricted stock units, 495,366 stock options and 291,598 common stock warrants were included in the diluted share calculation. In
the thirteen weeks ended May 3, 2020, there were 1,760,245 of potentially dilutive shares which may be issued in the future, including
225,759 unvested restricted stock units, 495,366 stock options and 1,039,120 common stock warrants. These shares were excluded in
the diluted net loss per common share calculation as the effects of including theses potentially dilutive shares was antidilutive.

Commitments, Contingencies and

Commitments, Contingencies and Related Parties3 Months Ended
May 02, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS, CONTINGENCIES AND RELATED PARTIESNOTE
6 - COMMITMENTS, CONTINGENCY AND RELATED PARTIES Leases
The
Company leases its office, warehouse facilities and retail showrooms under operating lease agreements which expire at various dates through
June 2031. The Company determines if a contract contains a lease at inception based on our right to control the use of an identified
asset and our right to obtain substantially all of the economic benefits from the use of that identified asset. Certain operating leases
have renewal options and rent escalation clauses. We assess these options to determine if we are reasonably certain of exercising these
options based on all relevant economic and financial factors. Any options that meet these criteria are included in the lease term at
lease commencement. Lease
right-of-use assets represent the right to use an underlying asset pursuant to the lease for the lease term, and lease liabilities represent
the obligation to make lease payments arising from the lease. Lease right-of-use assets and lease liabilities are recognized at the commencement
of an arrangement where it is determined at inception that a lease exists. These assets and liabilities are initially recognized based
on the present value of lease payments over the lease term calculated using our incremental borrowing rate generally applicable to the
location of the lease right-of-use asset, unless an implicit rate is readily determinable. We combine lease and certain non-lease components
for our showroom real estate leases in determining the lease payments subject to the initial present value calculation. Lease right-of-use
assets include upfront lease payments and exclude lease incentives, where applicable. Lease terms include options to extend or terminate
the lease when it is reasonably certain that those options will be exercised. Lease
expense for operating leases consists of both fixed and variable components. Expense related to fixed lease payments are recognized on
a straight-line basis over the lease term. Variable lease payments are generally expensed as incurred, where applicable, and include
certain index-based changes in rent, certain non-lease components, such as maintenance and other services provided by the lessor, and
other charges included in the lease. Leases with an initial term of twelve months or less are not recorded on the balance sheet. In addition,
certain of our equipment lease agreements include variable lease payments, which are based on the usage of the underlying asset. The
variable portion of payments are not included in the initial measurement of the asset or lease liability due to uncertainty of the payment
amount and are recorded as lease expense in the period incurred. ASC
842 requires companies to use the rate implicit in the lease whenever that rate is readily determinable and if the interest rate is not
readily determinable, then a lessee may use its incremental borrowing rate. Most of our leases do not have an interest rate implicit
in the lease. As a result, for purposes of measuring our ROU asset and lease liability, we determined our incremental borrowing rate
by computing the rate of interest that we would have to pay to (i) borrow on a collateralized basis (ii) over a similar term (iii) at
an amount equal to the total lease payments and (iv) in a similar economic environment. We used the incremental borrowing rates we determined
as of February 1, 2021 for operating leases that commenced prior to that date. In the case an interest rate is implicit in a lease we
will use that rate as the discount rate for that lease. The lease term for all of our lease arrangements include the noncancelable period
of the lease plus, if applicable, any additional periods covered by an option to extend the lease that is reasonably certain to be exercised
by the Company. Our leases generally do not include termination options for either party to the lease or restrictive financial or other
covenants. Some of our leases contain variable lease payments based on a Consumer Price Index or percentage of sales, which are excluded
from the measurement of the lease liability. The
Company’s lease terms and rates are as follows:
May 2,
Weighted average remaining lease term (in years)
Operating Leases 7.1
Weighted average discount rate
Operating Leases 3.70 % The following table discloses the amount of our
lease expense within our condensed consolidated statement of operations (in thousands):
Thirteen weeks ended
Operating Lease Cost $ 3,546
Short term lease cost 167
Additional lease cost (1) 2,087
Total Lease Expense $ 5,800
(1) Additional lease payments include index-based changes in rent, maintenance, real estate taxes, insurance and other charges included in the lease The following table discloses the location and
amount of our operating lease costs within our condensed consolidated balance sheets:
Balance sheet location May 2,
Assets
Operating leases Operating lease right-of-use assets (non-current) $ 90,745,429
Liabilities
Current:
Operating leases Current operating lease liabilities 14,287,019
Noncurrent:
Operating leases Operating lease liability, long term 84,732,550
Total lease liabilities $ 99,019,569 The
table below reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under noncancelable leases
with terms of more than one year to the total lease liabilities recognized on the condensed consolidated balance sheet as of May 2, 2021:
Remainder 2022 $ 11,395,157
2023 17,121,688
2024 16,836,144
2025 15,654,092
2026 13,969,500
Thereafter 38,086,783
Total undiscounted future minimum lease payments 113,063,364
Less: imputed interest (14,043,795 )
Total present value of lease obligations 99,019,569
Less: current operating lease liability (14,287,019 )
Operating lease liability- long term $ 84,732,550 Monthly
payments related to these leases range from $2,500 to $45,600. Supplemental
Cash Flow information and non-cash activity related to our operating leases is as follows (in thousands):
For the thirteen
Operating cash flow information:
Amounts paid on operating lease liabilities $ 4,070
Non-cash activities
Right-of-use assets obtained in exchange for lease obligations $ 4,743 Severance
Contingency The
Company has various employment agreements with its senior level executives. A number of these agreements have severance provisions, ranging
from 12 to 18 months of salary, in the event those associates are terminated without cause. The total amount of exposure to the Company
under these agreements was $4,493,468 at May 2, 2021 if all executives with employment agreements were terminated without cause and the
full amount of severance was payable. Legal
Contingency The
Company is involved in various legal proceedings in the ordinary course of business. Management cannot presently predict the outcome
of these matters, although management believes, based in part on the advice of counsel, that the ultimate resolution of these matters
will not have a materially adverse effect on the Company’s condensed consolidated financial position, results of operations or
cash flows. Related
Parties Our
equity sponsor Mistral Capital Management, LLC (“Mistral”) performed management services for the Company under a contractual
agreement that ended on January 31, 2021. Certain of our directors are members and principals of Mistral. Management fees totaled approximately
$100,000 for the thirteen weeks ended May 3, 2020, and are included in selling, general and administrative expenses. There was $15,213
in amounts payable to Mistral as of May 2, 2021 and January 31, 2021 and is included in accrued liabilities in the accompanying condensed
consolidated balance sheets. Our
equity sponsor Satori Capital, LLC (“Satori”) performed management services for the Company under a contractual agreement
that ended on January 31, 2021. One of our directors is a partner at Satori. Management fees totaled approximately $25,000 for the thirteen
weeks ended May 3, 2020, and are included in selling, general and administrative expenses. There were no amounts payable to Satori as
of May 2, 2021. Amounts payable to Satori as of January 31, 2021 were $8,333 consisting of management fees which were included in accounts
payable and accrued liabilities in the accompanying condensed consolidated balance sheets. In addition, the Company reimbursed Satori
for expenses incurred in the amount of $36,401 for out-of-pocket expenses for the thirteen weeks ended May 3, 2020. The
Company engaged Blueport Commerce (“Blueport”), a company owned in part by investment vehicles affiliated with Mistral, as
an ecommerce platform in February 2018. One of our directors is also a director of Blueport. There were $482,848 of fees incurred with
Blueport sales transacted through the Blueport platform during the thirteen weeks ended May 3, 2020. There were no amounts payable to
Blueport as of May 2, 2021 and January 31, 2021, respectively. The Company terminated the Blueport contract in fiscal 2021 in order to
launch a new enhanced ecommerce platform.

Financing Arrangements

Financing Arrangements3 Months Ended
May 02, 2021
Financing Arrangements [Abstract]
FINANCING ARRANGEMENTSNOTE
7 - FINANCING ARRANGEMENTS The
Company has a line of credit with Wells Fargo Bank, National Association (“Wells”). The line of credit with Wells allows
the Company to borrow up to $25.0 million and will mature in February 2023. Borrowings are limited to 90% of eligible credit card receivables
plus 85% of eligible wholesale receivables plus 85% of the net recovery percentage for the eligible inventory multiplied by the value
of such eligible inventory of the Company for the period from December 16 of each year until October 14 of the immediately following
year, with a seasonal increase to 90% of the net recovery percentage for the period from October 15 of each year until December 15 of
such year, seasonal advance rate, minus applicable reserves established by Wells. As of May 2, 2021, and January 31, 2021, the Company’s
borrowing availability under the line of credit with Wells was $18.1 and $15.9 million, respectively. As of May 2, 2021, we had borrowings
of $41,673 relating to fees associated with the line of credit. As of January 31, 2021, there were no borrowings outstanding on this
line of credit. Under
the line of credit with Wells, the Company may elect that revolving loans bear interest at a rate per annum equal to the base rate plus
the applicable margin or the LIBOR rate plus the applicable margin. The applicable margin is based on tier’s relating to the quarterly
average excess availability. The tiers range from 2.00% to 2.25%. The loan agreement calls for certain covenants including a timing of
the financial statement’s threshold and a minimum excess availability threshold.

Stockholders' Equity

Stockholders' Equity3 Months Ended
May 02, 2021
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITYNOTE
8 - STOCKHOLDERS’ EQUITY Common
Stock Warrants The
following represents warrant activity during the thirteen weeks ended May 2, 2021 and May 3, 2020:
Average exercise price Number of warrants Weighted average remaining contractual life (in years)
Warrants Outstanding at February 2, 2020 $ 16.83 1,039,120 1.93
Warrants issued - - -
Expired and canceled - - -
Exercised - - -
Outstanding at May 3, 2020 $ 16.83 1,039,120 1.68
Warrants Outstanding at January 31, 2021 $ 19.07 293,973 2.57
Warrants issued - - -
Expired and canceled - - -
Exercised 16.00 (2,375 ) 0.16
Outstanding at May 2, 2021 $ 19.11 291,598 2.09 In
the thirteen weeks ended May 2, 2021, a total of 1,125 warrants were exercised on a cashless basis, whereby the holders received
fewer shares of common stock in lieu of a cash payment to the Company. Warrants exercised in the thirteen weeks ended May 2, 2021 resulted
in the issuance of 2,106 common shares. Equity
Incentive Plans The
Company adopted the 2017 Equity Incentive Plan (the “2017 Equity Plan”) which provides for awards in the form of stock options,
stock appreciation rights, restricted stock awards, restricted stock units, performance shares, performance units, cash-based awards
and other stock-based Awards. All awards shall be granted within 10 years from the effective date of the 2017 Equity Plan. The number
of shares of common stock reserved for issuance under the 2017 Equity Plan was 2,104,889 at March 31, 2021. Stock
options In
June 2019, the Company granted 495,366 non-statutory stock options to certain officers of the Company with an option price of $38.10
per share. 100% of the stock options are subject to vesting on the first trading day after the date on which the average closing price
of the Company’s common stock has been at least $75 for 40 consecutive trading days so long as this goal has been attained by June
5, 2024 or the options will terminate. These options were valued using a Monte Carlo simulation model to account for the path dependent
market conditions that stipulate when and whether or not the options shall vest. The 495,366 stock options were modified in fiscal 2021
to extend the term of the options through June 5, 2024. This resulted in additional compensation of approximately $874,000, of which,
$315,000 was recorded upon modification and the remaining expense was recognized over the remaining expected term. A
summary of the status of our stock options as of May 2, 2021 and May 3, 2020, and the changes during the thirteen weeks ended May 2,
2021 and May 3, 2020 are presented below:
Number of options Weighted average exercise price Weighted average remaining contractual life (in years) Average intrinsic value
Outstanding at February 2, 2020 495,366 $ 38.10 2.34 -
Exercised -
Expired and canceled -
Vested -
Outstanding at May 3, 2020 495,366 $ 38.10 2.09 -
Exercisable at the end of the period - - - -
Number of options Weighted average exercise price Weighted average remaining contractual life (in years) Average intrinsic value
Outstanding at January 31, 2021 495,366 $ 38.10 3.35 -
Exercised -
Expired and canceled -
Vested -
Outstanding at May 2, 2021 495,366 $ 38.10 3.10 22.87
Exercisable at the end of the period - - - - Restricted
stock units A
summary of the status of our unvested restricted stock units as of May 2, 2021 and May 3, 2020, and changes during the thirteen weeks
then ended, is presented below:
Number of shares Weighted average grant date fair value
Unvested at February 2, 2020 183,053 $ 21.34
Granted 93,290 6.77
Forfeited (265 ) 14.83
Vested (50,319 ) 6.47
Unvested at May 3, 2020 225,759 $ 18.65
Number of shares Weighted average grant date fair value
Unvested at January 31, 2021 655,558 $ 18.86
Granted 6,000 53.82
Forfeited (4,638 ) 16.64
Vested (4,868 ) 8.86
Unvested at May 2, 2021 652,052 $ 19.27 Equity
based compensation expense was approximately $0.7 and $0.9 million for the thirteen weeks ended May 2, 2021 and May 3, 2020, respectively. The
total unrecognized equity-based compensation cost related to unvested stock option and restricted stock awards was $4,512,543 as of May
2, 2021 and will be recognized in operations over a weighted average period of 2.25 years.

Employee Benefit Plan

Employee Benefit Plan3 Months Ended
May 02, 2021
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANNOTE
9 - EMPLOYEE BENEFIT PLAN In
February 2017, the Company established the TLC 401(k) Plan (the “401(k) Plan”) with Elective Deferrals beginning May 1, 2017.
The 401(k) Plan calls for Elective Deferral Contributions, Safe Harbor Matching Contributions and Profit-Sharing Contributions. All associates
of the Company will be eligible to participate in the 401(k) Plan as of the day of the month which is coincident with or next follows
the date on which they attain age 21 and complete one month of service. Participants will be able to contribute up to 100% of their eligible
compensation to the 401(k) Plan subject to limitations with the IRS. The employer contributions to the 401(k) Plan were $155,682 and
$117,280 for the thirteen weeks ended May 2, 2021 and May 3, 2020 respectively.

Segment Information

Segment Information3 Months Ended
May 02, 2021
Segment Reporting [Abstract]
SEGMENT INFORMATIONNOTE
10 - SEGMENT INFORMATION The
Company operates within a single reporting segment. The chief operating decision makers of the Company are the Chief Executive Officer
and the President and Chief Operating Officer. The Company’s operating segments are aggregated for financial reporting purposes
because they are similar in each of the following areas including economic characteristics, class of consumer, nature of products and
distribution method and products are a singular group of products which make up over 95% of net sales.
Thirteen weeks ended
May 2, May 3,
Sactionals $ 74,010,529 $ 43,807,567
Sacs 7,140,873 9,657,072
Other 1,764,017 907,768
$ 82,915,419 $ 54,372,407

Barter Arrangements

Barter Arrangements3 Months Ended
May 02, 2021
Barter Arrangements [Abstract]
BARTER ARRANGEMENTSNOTE
11 - BARTER ARRANGEMENTS The
Company has a bartering arrangement with Icon International, Inc. (“Icon”), a vendor, whereby the Company will provide inventory
in exchange for media credits During fiscal 2021, the Company exchanged $3,169,825 of inventory plus the cost of freight for certain
media credits. To account for the exchange, the Company recorded the transfer of the inventory asset as a reduction of inventory and
an increase to a prepaid media asset account of $2,937,035 which is included in “Prepaid and other current assets” on the
accompanying condensed consolidated balance sheet. During the first quarter of fiscal 2022, the Company used $544,323 in media credits.
There were no additional barter arrangements entered into in the thirteen weeks ended May 2, 2021. The Company had $1,976,948 and $2,521,271
of unused media credits remaining as of May 2, 2021 and January 31, 2021, respectively. The
Company accounts for barter transactions under ASC Topic No. 845 “Nonmonetary Transactions.” Barter transactions with commercial
substance are recorded at the estimated fair value of the products exchanged, unless the products received have a more readily determinable
estimated fair value. Revenue associated with barter transactions is recorded at the time of the exchange of the related assets.

Revenue Recognition

Revenue Recognition3 Months Ended
May 02, 2021
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITIONNOTE
12 - REVENUE RECOGNITION The
Company’s revenue consists substantially of product sales. The Company reports product sales net of discounts and recognizes them
at the point in time when control transfers to the customer, which occurs upon shipment is confirmed. Estimated
refunds for returns and allowances are recorded using our historical return patterns, adjusting for any changes in returns policies.
The Company records estimated refunds for net sales returns on a monthly basis as a reduction of net sales and cost of sales on the condensed
consolidated statement of operations and an increase in inventory and customers returns liability on the condensed consolidated balance
sheets. As of May 2, 2021, and January 31, 2021 there was a returns allowance recorded on the condensed consolidated balance sheet in
the amount $1,109,023 and $2,226,723 respectively, which was included in accrued expenses and $219,405 and $334,896, respectively, associated
with sales returns included in merchandise inventories. In
some cases, deposits are received before the Company transfers control, resulting in contract liabilities. These contract liabilities
are reported as deposits on the Company’s condensed consolidated balance sheet. As of May 2, 2021, and January 31, 2021, the Company
recorded under customer deposit liabilities the amount of $7,843,326 and $5,992,633 respectively. During the thirteen weeks ended May
2, 2021 and May 3, 2020, the Company recognized approximately $5,992,633 and $1,653,597, respectively, related to our customer deposits. Under
ASC 606, the Company has elected the following accounting policies and practical expedients: The
Company recognizes shipping and handling expense as fulfillment activities (rather than as a promised good or service) when the activities
are performed even if those activities are performed after the control of the good has been transferred. Accordingly, the Company records
the expenses for shipping and handling activities at the same time the Company recognizes revenue. The
Company excludes from the measurement of the transaction price all taxes imposed on and concurrent with a specific revenue-producing
transaction and collected by the entity from a customer, including sales, use, excise, value-added, and franchise taxes (collectively
referred to as sales taxes). The
Company does not adjust revenue for the effects of any financing components if the contract has a duration of one year or less, as the
Company receives payment from the customer within one year from when it transferred control of the related goods. The
Company offers its products through an inventory lean omni-channel platform that provides a seamless and meaningful experience to its
customers in showrooms and through the internet. The other channel predominantly represents sales through the use of pop-up-shops that
typically average ten days at a time and are staffed with associates trained to demonstrate and sell our product. The following represents
sales disaggregated by channel:
Thirteen weeks ended
May 2, May 3,
Showrooms $ 48,985,875 $ 18,118,141
Internet 25,175,029 30,064,037
Other 8,754,515 6,190,229
$ 82,915,419 $ 54,372,407 The
Company has no foreign operations and its sales to foreign countries was less than .01% of total net sales in both fiscal 2022 and 2021. The
Company had no customers in fiscal 2022 or 2021 that comprise more than 10% of total net sales. See
Note 10 for sales disaggregated by product .

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)3 Months Ended
May 02, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assetsMay
2, 2021
Estimated Gross
Carrying Amount Accumulated
Amortization Net
carrying
Patents 10 Years $ 2,495,408 $ (1,483,452 ) $ 1,011,956
Trademarks 3 Years 1,270,111 (1,089,499 ) 180,612
Other
intangibles 5 Years 839,737 (839,737 ) -
Total $ 4,605,256 $ (3,412,688 ) $ 1,192,56 8
January
31, 2021
Estimated Gross
Carrying Amount Accumulated
Amortization Net
carrying
Patents 10 Years $ 2,387,328 $ (1,128,997 ) $ 1,258,331
Trademarks 3 Years 1,239,334 (980,633 ) 258,701
Other
intangibles 5 Years 839,737 (839,737 ) -
Total $ 4,466,399 $ (2,949,367 ) $ 1,517, 032
Schedule of estimated future amortization expense associated with intangible assetsRemainder
of Fiscal 2022 $ 206,758
2023 165,401
2024 147,995
2025 121,669
2026 119,449
2027 117,796
Thereafter 313,500
$ 1,192, 568

Commitments, Contingencies an_2

Commitments, Contingencies and Related Parties (Tables)3 Months Ended
May 02, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of lease terms and ratesMay 2,
Weighted average remaining lease term (in years)
Operating Leases 7.1
Weighted average discount rate
Operating Leases 3.70 %
Schedule of amount of expense within condensed consolidated statements of operationsThirteen weeks ended
Operating Lease Cost $ 3,546
Short term lease cost 167
Additional lease cost (1) 2,087
Total Lease Expense $ 5,800
(1) Additional lease payments include index-based changes in rent, maintenance, real estate taxes, insurance and other charges included in the lease
Schedule of location and amount of operating lease costs within condensed consolidated balance sheetsBalance sheet location May 2,
Assets
Operating leases Operating lease right-of-use assets (non-current) $ 90,745,429
Liabilities
Current:
Operating leases Current operating lease liabilities 14,287,019
Noncurrent:
Operating leases Operating lease liability, long term 84,732,550
Total lease liabilities $ 99,019,569
Schedule of reconciles undiscounted future minimum lease paymentsRemainder 2022 $ 11,395,157
2023 17,121,688
2024 16,836,144
2025 15,654,092
2026 13,969,500
Thereafter 38,086,783
Total undiscounted future minimum lease payments 113,063,364
Less: imputed interest (14,043,795 )
Total present value of lease obligations 99,019,569
Less: current operating lease liability (14,287,019 )
Operating lease liability- long term $ 84,732,550
Schedule of supplemental cash flow information and non-cash activity related to operating leasesFor the thirteen
Operating cash flow information:
Amounts paid on operating lease liabilities $ 4,070
Non-cash activities
Right-of-use assets obtained in exchange for lease obligations $ 4,743

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)3 Months Ended
May 02, 2021
Stockholders' Equity Note [Abstract]
Schedule of warrant activityAverage exercise price Number of warrants Weighted average remaining contractual life (in years)
Warrants Outstanding at February 2, 2020 $ 16.83 1,039,120 1.93
Warrants issued - - -
Expired and canceled - - -
Exercised - - -
Outstanding at May 3, 2020 $ 16.83 1,039,120 1.68
Warrants Outstanding at January 31, 2021 $ 19.07 293,973 2.57
Warrants issued - - -
Expired and canceled - - -
Exercised 16.00 (2,375 ) 0.16
Outstanding at May 2, 2021 $ 19.11 291,598 2.09
Schedule of stock option activityNumber of options Weighted average exercise price Weighted average remaining contractual life (in years) Average intrinsic value
Outstanding at February 2, 2020 495,366 $ 38.10 2.34 -
Exercised -
Expired and canceled -
Vested -
Outstanding at May 3, 2020 495,366 $ 38.10 2.09 -
Exercisable at the end of the period - - - -
Number of options Weighted average exercise price Weighted average remaining contractual life (in years) Average intrinsic value
Outstanding at January 31, 2021 495,366 $ 38.10 3.35 -
Exercised -
Expired and canceled -
Vested -
Outstanding at May 2, 2021 495,366 $ 38.10 3.10 22.87
Exercisable at the end of the period - - - -
Schedule of unvested restricted stockNumber of shares Weighted average grant date fair value
Unvested at February 2, 2020 183,053 $ 21.34
Granted 93,290 6.77
Forfeited (265 ) 14.83
Vested (50,319 ) 6.47
Unvested at May 3, 2020 225,759 $ 18.65
Number of shares Weighted average grant date fair value
Unvested at January 31, 2021 655,558 $ 18.86
Granted 6,000 53.82
Forfeited (4,638 ) 16.64
Vested (4,868 ) 8.86
Unvested at May 2, 2021 652,052 $ 19.27

Segment Information (Tables)

Segment Information (Tables)3 Months Ended
May 02, 2021
Segment Reporting [Abstract]
Schedule of operating segmentsThirteen weeks ended
May 2, May 3,
Sactionals $ 74,010,529 $ 43,807,567
Sacs 7,140,873 9,657,072
Other 1,764,017 907,768
$ 82,915,419 $ 54,372,407

Revenue Recognition (Tables)

Revenue Recognition (Tables)3 Months Ended
May 02, 2021
Revenue from Contract with Customer [Abstract]
Schedule of sales disaggregated by channelThirteen weeks ended
May 2, May 3,
Showrooms $ 48,985,875 $ 18,118,141
Internet 25,175,029 30,064,037
Other 8,754,515 6,190,229
$ 82,915,419 $ 54,372,407

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Details) $ in MillionsFeb. 01, 2021USD ($)
Accounting Standards Update and Change in Accounting Principle [Abstract]
Operating lease rights-to-use assets $ 90
Operating lease liabilities97
Deferred rent $ 6.7

Intangible Assets, Net (Details

Intangible Assets, Net (Details) - USD ($)3 Months Ended
May 02, 2021May 03, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense on other intangible assets $ 463,321 $ 78,371

Intangible Assets, Net (Detai_2

Intangible Assets, Net (Details) - Schedule of intangible assets - USD ($)12 Months Ended
Jan. 31, 2021May 02, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount $ 4,466,399 $ 4,605,256
Accumulated Amortization(2,949,367)(3,412,688)
Net carrying amount $ 1,517,032 1,192,568
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Life10 years
Gross Carrying Amount $ 2,387,328 2,495,408
Accumulated Amortization(1,128,997)(1,483,452)
Net carrying amount $ 1,258,331 1,011,956
Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Life3 years
Gross Carrying Amount $ 1,239,334 1,270,111
Accumulated Amortization(980,633)(1,089,499)
Net carrying amount $ 258,701 180,612
Other intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Life5 years
Gross Carrying Amount $ 839,737 839,737
Accumulated Amortization(839,737)(839,737)
Net carrying amount

Intangible Assets, Net (Detai_3

Intangible Assets, Net (Details) - Schedule of estimated future amortization expense associated with intangible assetsMay 31, 2021USD ($)
Schedule of estimated future amortization expense associated with intangible assets [Abstract]
Remainder of Fiscal 2022 $ 206,758
2023165,401
2024147,995
2025121,669
2026119,449
2027117,796
Thereafter313,500
Total $ 1,192,568

Basic and Diluted Net Income _2

Basic and Diluted Net Income (Loss) Per Common Share (Details) - shares3 Months Ended
May 02, 2021May 03, 2020
Basic and Diluted Net Income (Loss) Per Common Share (Details) [Line Items]
Potentially dilutive shares1,760,245
Restricted stock units [Member]
Basic and Diluted Net Income (Loss) Per Common Share (Details) [Line Items]
Potentially dilutive shares652,052 225,759
Stock options [Member]
Basic and Diluted Net Income (Loss) Per Common Share (Details) [Line Items]
Potentially dilutive shares495,366 495,366
Warrants [Member]
Basic and Diluted Net Income (Loss) Per Common Share (Details) [Line Items]
Potentially dilutive shares291,598 1,039,120

Commitments, Contingencies an_3

Commitments, Contingencies and Related Parties (Details) - USD ($)3 Months Ended
May 02, 2021May 03, 2020Jan. 31, 2021
Commitments, Contingencies and Related Parties (Details) [Line Items]
Monthly payments $ 4,070
Severance contingency, descriptionA number of these agreements have severance provisions, ranging
from 12 to 18 months of salary, in the event those associates are terminated without cause. The total amount of exposure to the Company
under these agreements was $4,493,468 at May 2, 2021 if all executives with employment agreements were terminated without cause and the
full amount of severance was payable.
Accrued liabilities $ 15,213 $ 15,213
Out of pocket expenses $ 36,401
Minimum [Member]
Commitments, Contingencies and Related Parties (Details) [Line Items]
Monthly payments2,500
Maximum [Member]
Commitments, Contingencies and Related Parties (Details) [Line Items]
Monthly payments $ 45,600
Satori Capital, LLC [Member]
Commitments, Contingencies and Related Parties (Details) [Line Items]
Management fees25,000
Blueport Commerce [Member]
Commitments, Contingencies and Related Parties (Details) [Line Items]
Expenses incurred amount482,848
Mistral Capital Management, LLC [Member]
Commitments, Contingencies and Related Parties (Details) [Line Items]
Management fees $ 100,000
Satori Capital, LLC [Member]
Commitments, Contingencies and Related Parties (Details) [Line Items]
Amounts payable to related parties $ 8,333

Commitments, Contingencies an_4

Commitments, Contingencies and Related Parties (Details) - Schedule of lease terms and ratesMay 02, 2021
Weighted average remaining lease term (in years)
Operating Leases, Weighted average remaining lease term (in years)7 years 1 month 6 days
Weighted average discount rate
Operating Leases, Weighted average discount rate3.70%

Commitments, Contingencies an_5

Commitments, Contingencies and Related Parties (Details) - Schedule of amount of expense within condensed consolidated statements of operations3 Months Ended
May 02, 2021USD ($)
Schedule of amount of expense within condensed consolidated statements of operations [Abstract]
Operating Lease Cost $ 3,546
Short term lease cost167
Additional lease cost2,087 [1]
Total Lease Expense $ 5,800
[1]Additional lease payments include index-based changes in rent, maintenance, real estate taxes, insurance and other charges included in the lease

Commitments, Contingencies an_6

Commitments, Contingencies and Related Parties (Details) - Schedule of location and amount of operating lease costs within condensed consolidated balance sheets - USD ($)May 02, 2021Jan. 31, 2021
Assets
Operating leases, Operating lease right-of-use assets (non-current) $ 90,745,429
Current:
Operating leases, Current operating lease liabilities14,287,019
Noncurrent:
Operating leases, Operating lease liability, long term84,732,550
Total lease liabilities $ 99,019,569

Commitments, Contingencies an_7

Commitments, Contingencies and Related Parties (Details) - Schedule of reconciles undiscounted future minimum lease paymentsMay 02, 2021USD ($)
Schedule of reconciles undiscounted future minimum lease payments [Abstract]
Remainder 2022 $ 11,395,157
202317,121,688
202416,836,144
202515,654,092
202613,969,500
Thereafter38,086,783
Total undiscounted future minimum lease payments113,063,364
Less: imputed interest(14,043,795)
Total present value of lease obligations99,019,569
Less: current operating lease liability(14,287,019)
Operating lease liability- long term $ 84,732,550

Commitments, Contingencies an_8

Commitments, Contingencies and Related Parties (Details) - Schedule of supplemental cash flow information and non-cash activity related to operating leases3 Months Ended
May 02, 2021USD ($)
Operating cash flow information:
Amounts paid on operating lease liabilities $ 4,070
Non-cash activities
Right-of-use assets obtained in exchange for lease obligations $ 4,743

Financing Arrangements (Details

Financing Arrangements (Details) - USD ($)3 Months Ended
May 02, 2021Jan. 31, 2021
Financing Arrangements (Details) [Line Items]
Borrowings (in Dollars) $ 41,673
Mature date2023-02
Eligible credit card receivables percentage90.00%
Eligible wholesale receivables percentage85.00%
Net recovery percentage85.00%
Increase in the net recovery percentage90.00%
Borrowing availability under the line of credit (in Dollars) $ 18,100,000 $ 15,900,000
Minimum [Member]
Financing Arrangements (Details) [Line Items]
Tiers range percentage2.00%
Maximum [Member]
Financing Arrangements (Details) [Line Items]
Tiers range percentage2.25%
Wells [Member]
Financing Arrangements (Details) [Line Items]
Borrowings (in Dollars) $ 25,000,000

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)1 Months Ended3 Months Ended
Jun. 30, 2019May 02, 2021May 03, 2020Mar. 31, 2021
Stockholders' Equity (Details) [Line Items]
Cashless warrant exercised (in Shares)1,125
Stock options are subject to vesting percentage100.00%
Stock price $ 75
Stock option modified (in Shares)495,366
Additional compensation $ 874,000
Modification and remaining expense was recognized $ 315,000
2017 Equity Incentive Plan [Member]
Stockholders' Equity (Details) [Line Items]
Granted term10 years
Common stock reserved issuance (in Shares)2,104,889
Non statutory stock options granted (in Shares)495,366
Stock option price exercise (in Dollars per share) $ 38.10
Equity based compensation expense $ 700,000 $ 900,000
Total unrecognized equity based compensation cost related to unvested stock option and restricted unit awards $ 4,512,543
Weighted average period2 years 3 months
Warrant [Member]
Stockholders' Equity (Details) [Line Items]
Issuance of common shares (in Shares)2,106

Stockholders' Equity (Details)

Stockholders' Equity (Details) - Schedule of warrant activity - Warrants Activity [Member] - $ / shares3 Months Ended
May 02, 2021May 03, 2020
Class of Warrant or Right [Line Items]
Average exercise price, Warrants Outstanding, Beginning balance (in Dollars per share) $ 19.07 $ 16.83
Number of warrants, Warrants Outstanding, Beginning balance293,973 1,039,120
Weighted average remaining contractual life (in years), Warrants Outstanding, Beginning balance2 years 6 months 25 days1 year 11 months 4 days
Average exercise price, Warrants issued (in Dollars per share)
Number of warrants, Warrants issued
Weighted average remaining contractual life (in years), Warrants issued
Average exercise price, Expired and canceled (in Dollars per share)
Number of warrants, Expired and canceled
Weighted average remaining contractual life (in years), Expired and canceled
Average exercise price, Exercised16
Number of warrants, Exercised(2,375)
Weighted average remaining contractual life (in years), Exercised1 month 28 days
Average exercise price, Warrants Outstanding, Ending balance (in Dollars per share) $ 19.11 $ 16.83
Number of warrants, Warrants Outstanding, Ending balance291,598 1,039,120
Weighted average remaining contractual life (in years), Warrants Outstanding, Ending balance2 years 1 month 2 days1 year 8 months 4 days

Stockholders' Equity (Details_2

Stockholders' Equity (Details) - Schedule of stock option activity - Stock Options [Member] - USD ($)3 Months Ended
May 02, 2021May 03, 2020
Stockholders' Equity (Details) - Schedule of stock option activity [Line Items]
Number of options, Outstanding, Beginning balance495,366 495,366
Weighted average exercise price, Outstanding, Beginning balance (in Dollars per share) $ 38.10 $ 38.10
Weighted average remaining contractual life (in years), Outstanding, Beginning balance3 years 4 months 6 days2 years 4 months 2 days
Number of options, Exercised
Weighted average exercise price, Exercised (in Dollars per share)
Number of options, Expired and canceled
Weighted average exercise price, Expired and canceled (in Dollars per share)
Number of options, Vested
Weighted average exercise price, Vested (in Dollars per share)
Number of options, Outstanding, Ending balance495,366 495,366
Weighted average exercise price, Outstanding, Ending balance (in Dollars per share) $ 38.10 $ 38.10
Weighted average remaining contractual life (in years), Outstanding, Ending balance3 years 1 month 6 days2 years 1 month 2 days
Average intrinsic value, Outstanding, Ending balance (in Dollars) $ 22.87
Number of options, Exercisable at the end of the period
Weighted average exercise price, Exercisable at the end of the period
Weighted average remaining contractual life (in years), Exercisable at the end of the period
Average intrinsic value, Exercisable at the end of the period

Stockholders' Equity (Details_3

Stockholders' Equity (Details) - Schedule of unvested restricted stock - Restricted stock [Member] - $ / shares3 Months Ended
May 02, 2021May 03, 2020
Stockholders' Equity (Details) - Schedule of unvested restricted stock [Line Items]
Number of shares, Unvested, Beginning balance655,558 183,053
Weighted average grant date fair value, Unvested, Beginning balance $ 18.86 $ 21.34
Number of shares, Granted6,000 93,290
Weighted average grant date fair value, Granted $ 53.82 $ 6.77
Number of shares, Forfeited(4,638)(265)
Weighted average grant date fair value, Forfeited $ 16.64 $ 14.83
Number of shares, Vested(4,868)(50,319)
Weighted average grant date fair value, Vested $ 8.86 $ 6.47
Number of shares, Unvested, Ending balance652,052 225,759
Weighted average grant date fair value, Unvested, Ending balance $ 19.27 $ 18.65

Employee Benefit Plan (Details)

Employee Benefit Plan (Details) - USD ($)3 Months Ended
May 02, 2021May 03, 2020
Retirement Benefits [Abstract]
Contributions plan, percentage100.00%
Employer contribution plan, cost $ 155,682 $ 117,280

Segment Information (Details)

Segment Information (Details)3 Months Ended
May 02, 2021
Segment Reporting [Abstract]
Operating segments, descriptionThe Company’s operating segments are aggregated for financial reporting purposes
because they are similar in each of the following areas including economic characteristics, class of consumer, nature of products and
distribution method and products are a singular group of products which make up over 95% of net sales.

Segment Information (Details) -

Segment Information (Details) - Schedule of operating segments - USD ($)3 Months Ended
May 02, 2021May 03, 2020
Segment Reporting Information [Line Items]
Net sales $ 82,915,419 $ 54,372,407
Sactionals [Member]
Segment Reporting Information [Line Items]
Net sales74,010,529 43,807,567
Sacs [Member]
Segment Reporting Information [Line Items]
Net sales7,140,873 9,657,072
Other [Member]
Segment Reporting Information [Line Items]
Net sales $ 1,764,017 $ 907,768

Barter Arrangements (Details)

Barter Arrangements (Details) - USD ($)May 02, 2021Jan. 31, 2021
Barter Arrangements [Abstract]
Inventory $ 544,323 $ 3,169,825
Prepaid media asset2,937,035
Unused media credits $ 1,976,948 $ 2,521,271

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($)3 Months Ended
May 02, 2021May 03, 2020Jan. 31, 2021
Revenue from Contract with Customer [Abstract]
Returns allowance $ 1,109,023 $ 2,226,723
Accrued expenses219,405 $ 334,896
Customer deposit liabilities7,843,326 $ 5,992,633
Recognized related to customer deposits $ 5,992,633 $ 1,653,597
Contract duration, descriptionThe
Company does not adjust revenue for the effects of any financing components if the contract has a duration of one year or less, as the
Company receives payment from the customer within one year from when it transferred control of the related goods. 
Foreign operations, descriptionThe
Company has no foreign operations and its sales to foreign countries was less than .01% of total net sales in both fiscal 2022 and 2021. 
net sales, descriptionThe
Company had no customers in fiscal 2022 or 2021 that comprise more than 10% of total net sales. 

Revenue Recognition (Details) -

Revenue Recognition (Details) - Schedule of sales disaggregated by channel - USD ($)3 Months Ended
May 02, 2021May 03, 2020
Disaggregation of Revenue [Line Items]
Sales $ 82,915,419 $ 54,372,407
Showrooms [Member]
Disaggregation of Revenue [Line Items]
Sales48,985,875 18,118,141
Internet [Member]
Disaggregation of Revenue [Line Items]
Sales25,175,029 30,064,037
Other [Member]
Disaggregation of Revenue [Line Items]
Sales $ 8,754,515 $ 6,190,229