Summary of Significant Accounting Policies (Tables)
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3 Months Ended |
Mar. 31, 2022 |
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| Accounting Policies [Abstract] |
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| Schedule of Disaggregation of Revenue by Sales Channel |
The following table disaggregates revenue by sales channel:
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Three Months Ended March 31, |
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2022 |
|
2021 |
| Direct to Consumer ("DTC") |
$ |
38,332 |
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|
$ |
38,323 |
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| Wholesale |
21,955 |
|
9,351 |
| Outpost |
5,549 |
|
1,116 |
| Total net sales |
$ |
65,836 |
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|
$ |
48,790 |
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| Schedule of Deferred Revenue, Gift Cards, and Loyalty Program, Including Significant Changes in Deferred Revenue |
The following table provides information about deferred revenue, gift cards, and Loyalty Program, including significant changes in deferred revenue balances during the three months ended March 31, 2022 and 2021:
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Three Months Ended March 31, |
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2022 |
|
2021 |
| Balance at beginning of year |
$ |
7,334 |
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|
$ |
4,615 |
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| Sales of gift cards |
190 |
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|
118 |
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| Redemption of gift cards |
(193) |
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|
(150) |
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| Increase from deferral of revenue |
3,662 |
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|
3,259 |
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| Decrease from revenue recognition |
(3,638) |
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|
(3,382) |
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| Loyalty Program points earned |
620 |
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|
709 |
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| Loyalty Program points redeemed/expired |
(207) |
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(89) |
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| Ending balance as of three months period |
$ |
7,768 |
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|
$ |
5,080 |
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| Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash |
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated balance sheets to the total amounts reported in the statements of cash flows.
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March 31, 2022 |
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December 31, 2021 |
| Cash |
$ |
109,119 |
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|
$ |
17,329 |
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| Proceeds from credit card transactions in transit-holding cash accounts |
983 |
|
1,005 |
| Restricted cash |
8,265 |
|
— |
| Total cash and cash equivalents and restricted cash |
$ |
118,367 |
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|
$ |
18,334 |
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| Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash |
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated balance sheets to the total amounts reported in the statements of cash flows.
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March 31, 2022 |
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December 31, 2021 |
| Cash |
$ |
109,119 |
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|
$ |
17,329 |
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| Proceeds from credit card transactions in transit-holding cash accounts |
983 |
|
1,005 |
| Restricted cash |
8,265 |
|
— |
| Total cash and cash equivalents and restricted cash |
$ |
118,367 |
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|
$ |
18,334 |
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| Schedule of Estimated Useful Lives |
Estimated useful lives are as follows:
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Estimated Useful Lives |
| Land |
— |
| Building and Leasehold improvements |
5 |
— |
|
39 years |
| Computer equipment and software |
3 years |
| Machinery and equipment |
5 |
— |
|
15 years |
| Vehicles |
5 years |
Property, plant and equipment, net consists of the following:
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March 31, |
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December 31, |
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2022 |
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2021 |
| Land |
$ |
2,196 |
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|
$ |
2,196 |
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| Building and leasehold improvements |
13,138 |
|
11,273 |
| Computer equipment and software |
3,706 |
|
3,474 |
| Machinery and equipment |
9,237 |
|
8,323 |
| Vehicles |
1,057 |
|
1,057 |
| Furniture and fixtures |
1,371 |
|
961 |
| Construction in progress |
10,011 |
|
9,236 |
|
40,716 |
|
36,520 |
| Less: accumulated depreciation and amortization |
(6,375) |
|
(5,406) |
| Property, plant and equipment, net |
$ |
34,341 |
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$ |
31,114 |
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The portion of depreciation expense related to production and distribution facilities is included in cost of goods sold including occupancy costs on the unaudited consolidated statements of operations. Depreciation expense recorded in cost of goods sold and general and administrative expenses was as follows:
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Three Months Ended March 31, |
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2022 |
|
2021 |
| Cost of goods sold |
$ |
206 |
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$ |
150 |
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| General and administrative |
774 |
|
343 |
| Total depreciation expense |
$ |
980 |
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$ |
493 |
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