arcee-ai/sec-data-full · Datasets at Hugging Face

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adoption of this ASU resulted in no change to our results of operations or balance sheet. Retail
and Appliances Segment We
collect 100% of the payment for special-order models including tax and 50% of the payment for non-special orders from the customer at
the time the order is placed. We do not incur incremental costs obtaining purchase orders from customers, however, if we did, because
all contracts are less than a year in duration, any contract costs incurred would be expensed rather than capitalized. Performance
Obligations – The revenue that we recognize arises from orders we receive from customers. Our performance obligations under the
customer orders correspond to each sale of merchandise that we make to customers under the purchase orders; as a result, each purchase
order generally contains only one performance obligation based on the merchandise sale to be completed. Control of the delivery transfers
to customers when the customer can direct the use of, and obtain substantially all the benefits from, our products, which generally occurs
when the customer assumes the risk of loss. The transfer of control generally occurs at the point of pickup, shipment, or installation.
Once this occurs, we have satisfied our performance obligation and we recognize revenue. Transaction
Price ‒ We agree with customers on the selling price of each transaction. This transaction price is generally based on the agreed
upon sales price. In our contracts with customers, we allocate the entire transaction price to the sales price, which is the basis for
the determination of the relative standalone selling price allocated to each performance obligation. Any sales tax that we collect concurrently
with revenue-producing activities are excluded from revenue. Cost
of revenue includes the cost of purchased merchandise plus freight and any applicable delivery charges from the vendor to us. Substantially
all sales are to individual retail consumers (homeowners), builders and designers. The large majority of customers are homeowners and
their contractors, with the homeowner being key in the final decisions. We have a diverse customer base with no one client accounting
for more than 5% of total revenue. 90 Customer
deposits ‒ We record customer deposits when payments are received in advance of the delivery of the merchandise. We expect that
substantially all of the customer deposits will be recognized within six months as the performance obligations are satisfied. Construction
Segment Our
construction segment revenues are derived primarily through contracts with customers whereby we specialize in all aspects of products
and services relating to finished carpentry, custom cabinetry, and countertops. We recognize revenue when control of the promised goods
or services is transferred to customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those
goods or services. We account for a contract when we have approval and commitment from both parties, the rights of the parties are identified,
payment terms are identified, the contract has commercial substance, and collectability of consideration is probable. A
contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance
obligation is satisfied. Since most contracts are bundled to include both material and installation services, we combine these items
into one performance obligation as the overall promise to transfer the individual goods or services is not separately identifiable from
other promises in the contract and, therefore, is not distinct. We do offer assurance-type warranties on certain of its installed products
and services that do not represent a separate performance obligation and, as such, do not impact the timing or extent of revenue recognition. For
any contracts that are not complete at the reporting date, we recognize revenue over time, because of the continuous transfer of control
to the customer as work is performed at the customer’s site and, therefore, the customer controls the asset as it is being installed.
We utilize the cost-to-cost measure of progress method as we believe this best depicts the transfer of control of assets to the customer,
which occurs as costs are incurred. When this method is used, we estimate the costs to complete individual contracts and record as revenue
that portion of the total contract price that is considered complete based on the relationship of costs incurred to date to total anticipated
costs. Unforeseen events and circumstances can alter the estimate of the costs associated with a particular contract. Total estimated
costs at completion can be impacted by changes in productivity, scheduling, cost of labor, and materials. Additionally, external factors
such as weather, and customer delays may affect the progress of a project’s completion, and thus the timing and amount of revenue
recognition, cash flow, and profitability from a particular contract may be adversely affected. An
insignificant portion of sales, primarily retail sales, is accounted for on a point-in-time basis when the sale occurs. Sales taxes,
when incurred, are recorded as a liability and excluded from revenue on a net basis. Contracts
can be subject to modification to account for changes in contract specifications and requirements. We consider contract modifications
to exist when the modification either creates new, or changes the existing, enforceable rights and obligations. Most contract modifications
are for goods or services that are not distinct from the existing contract due to the significant integration service provided in the
context of the contract and are accounted for as if they were part of that existing contract. The effect of a contract modification on
the transaction price and our measure of progress for the performance obligation to which it relates, is recognized as an adjustment
to revenue on a cumulative catch-up basis. All
contracts are billed either contractually or as work is performed. Billing on long-term contracts occurs primarily on a monthly basis
throughout the contract period whereby we submit progress invoices for customer payment based on actual or estimated costs incurred during
the billing period. On some contracts, the customer may withhold payment on an invoice equal to a percentage of the invoice amount, which
will be subsequently paid after satisfactory completion of each project. This amount is referred to as retainage and is common practice
in the construction industry, as it allows for customers to ensure the quality of the service performed prior to full payment. The retention
provisions are not considered a significant financing component. Cost
of revenues earned include all direct material and labor costs and those indirect costs related to contract performance. The cost of
significant uninstalled materials, re-work, or scrap is generally excluded from the cost-to-cost measure of progress as it is not proportionate
to the entity’s progress in satisfying the performance obligation. Contract
Assets and Contract Liabilities We
record a contract asset when we have satisfied our performance obligation prior to billing and a contract liability when a customer payment
is received prior to the satisfaction of our performance obligation. The difference between the beginning and ending balances of contract
assets and liabilities primarily results from the timing of our performance and the customer’s payment. At times, we have a right
to payment from previous performance that is conditional on something other than passage of time, such as retainage, which is included
in contract assets or contract liabilities, as determined on a contract-by-contract basis. 91 Automotive
Supplies Segment Our
automotive supplies segment designs and sells horn and safety products (electric, air, truck, marine, motorcycle and industrial equipment),
and offers vehicle emergency and safety warning lights for cars, trucks, industrial equipment and emergency vehicles. Focused on the
automotive and industrial after-market, we sell our products to big-box national retail chains, through specialty and industrial distributors,
as well as online/mail order retailers and original equipment manufacturers. We
collect 100% of the payment for internet and phone orders, including tax, from the customer at the time the order is shipped. Customers
placing orders with a purchase order through the EDI (Electronic Data Interface) are allowed to purchase on credit and make payment after
receipt of product on the agreed upon terms. Performance
Obligations – The revenue that we recognize arises from orders we receive from contracts with customers. Our performance obligations
under the customer orders correspond to each sale of merchandise that we make to customers and each order generally contains only one
performance obligation based on the merchandise sale to be completed. Control of the delivery transfers to customers when the customer
can direct the use of, and obtain substantially all the benefits from, our products, which generally occurs when the customer assumes
the risk of loss. The transfer of control generally occurs at the point of shipment of the order. Once this occurs, we have satisfied
our performance obligation and we recognize revenue. Transaction
Price ‒ We agree with customers on the selling price of each transaction. This transaction price is generally based on the agreed
upon sales price. In our contracts with customers, we allocate the entire transaction price to the sales price, which is the basis for
the determination of the relative standalone selling price allocated to each performance obligation. Any sales tax that we collect concurrently
with revenue-producing activities are excluded from revenue. Cost
of sales includes the cost of purchased merchandise plus freight, warehouse salaries, tariffs, and any applicable delivery charges from
the vendor to us. Warranties
vary and are typically 90 days to consumers and manufacturing defect warranty to are available to resellers. At times, depending on the
product, we can also offer a warranty up to 12 months. Receivables Receivables
consist of trade accounts receivable from customer, credit card transactions in the process of settlement, and vendor rebates receivable.
Vendor rebates receivable represent amounts due from manufactures from whom we purchase products. Rebates receivables are stated at the
amount that management expects to collect from manufacturers, net of accounts payable amounts due the vendor. Rebates are calculated
on product and model sales programs from specific vendors. The rebates are paid at intermittent periods either in cash or through issuance
of vendor credit memos, which can be applied against vendor accounts payable. Based on our assessment of the credit history with manufacturers,
we have concluded that there should be no allowance for uncollectible accounts. We historically collect substantially all of our outstanding
rebates receivable. Retainage receivables represent the amount retained by customers to ensure the quality of the installation and is
received after satisfactory completion of each installation project. Management regularly reviews aging of retainage receivables and
changes in payment trends and records an allowance when collection of amounts due are considered at risk. The allowance for doubtful
accounts amounted to $359,000 and $0 for the years ended December 31, 2021 and 2020, respectively. Uncollectible balances are expensed
in the periods they are determined to be uncollectible. Inventory For
Asien’s, inventory mainly consists of appliances that are acquired for resale and is valued at the average cost determined on a
specific item basis. Inventory also consists of parts that are used in service and repairs and may or may not be charged to the customer
depending on warranty and contractual relationship. Kyle’s typically orders inventory on a job-by-job basis and those jobs are

adoption of this ASU resulted in no change to our results of operations or balance sheet. Retail

and Appliances Segment We

collect 100% of the payment for special-order models including tax and 50% of the payment for non-special orders from the customer at

the time the order is placed. We do not incur incremental costs obtaining purchase orders from customers, however, if we did, because

all contracts are less than a year in duration, any contract costs incurred would be expensed rather than capitalized. Performance

Obligations – The revenue that we recognize arises from orders we receive from customers. Our performance obligations under the

customer orders correspond to each sale of merchandise that we make to customers under the purchase orders; as a result, each purchase

order generally contains only one performance obligation based on the merchandise sale to be completed. Control of the delivery transfers

to customers when the customer can direct the use of, and obtain substantially all the benefits from, our products, which generally occurs

when the customer assumes the risk of loss. The transfer of control generally occurs at the point of pickup, shipment, or installation.

Once this occurs, we have satisfied our performance obligation and we recognize revenue. Transaction

Price ‒ We agree with customers on the selling price of each transaction. This transaction price is generally based on the agreed

upon sales price. In our contracts with customers, we allocate the entire transaction price to the sales price, which is the basis for

the determination of the relative standalone selling price allocated to each performance obligation. Any sales tax that we collect concurrently

with revenue-producing activities are excluded from revenue. Cost

of revenue includes the cost of purchased merchandise plus freight and any applicable delivery charges from the vendor to us. Substantially

all sales are to individual retail consumers (homeowners), builders and designers. The large majority of customers are homeowners and

their contractors, with the homeowner being key in the final decisions. We have a diverse customer base with no one client accounting

for more than 5% of total revenue. 90 Customer

deposits ‒ We record customer deposits when payments are received in advance of the delivery of the merchandise. We expect that

substantially all of the customer deposits will be recognized within six months as the performance obligations are satisfied. Construction

Segment Our

construction segment revenues are derived primarily through contracts with customers whereby we specialize in all aspects of products

and services relating to finished carpentry, custom cabinetry, and countertops. We recognize revenue when control of the promised goods

or services is transferred to customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those

goods or services. We account for a contract when we have approval and commitment from both parties, the rights of the parties are identified,

payment terms are identified, the contract has commercial substance, and collectability of consideration is probable. A

contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance

obligation is satisfied. Since most contracts are bundled to include both material and installation services, we combine these items

into one performance obligation as the overall promise to transfer the individual goods or services is not separately identifiable from

other promises in the contract and, therefore, is not distinct. We do offer assurance-type warranties on certain of its installed products

and services that do not represent a separate performance obligation and, as such, do not impact the timing or extent of revenue recognition. For

any contracts that are not complete at the reporting date, we recognize revenue over time, because of the continuous transfer of control

to the customer as work is performed at the customer’s site and, therefore, the customer controls the asset as it is being installed.

We utilize the cost-to-cost measure of progress method as we believe this best depicts the transfer of control of assets to the customer,

which occurs as costs are incurred. When this method is used, we estimate the costs to complete individual contracts and record as revenue

that portion of the total contract price that is considered complete based on the relationship of costs incurred to date to total anticipated

costs. Unforeseen events and circumstances can alter the estimate of the costs associated with a particular contract. Total estimated

costs at completion can be impacted by changes in productivity, scheduling, cost of labor, and materials. Additionally, external factors

such as weather, and customer delays may affect the progress of a project’s completion, and thus the timing and amount of revenue

recognition, cash flow, and profitability from a particular contract may be adversely affected. An

insignificant portion of sales, primarily retail sales, is accounted for on a point-in-time basis when the sale occurs. Sales taxes,

when incurred, are recorded as a liability and excluded from revenue on a net basis. Contracts

can be subject to modification to account for changes in contract specifications and requirements. We consider contract modifications

to exist when the modification either creates new, or changes the existing, enforceable rights and obligations. Most contract modifications

are for goods or services that are not distinct from the existing contract due to the significant integration service provided in the

context of the contract and are accounted for as if they were part of that existing contract. The effect of a contract modification on

the transaction price and our measure of progress for the performance obligation to which it relates, is recognized as an adjustment

to revenue on a cumulative catch-up basis. All

contracts are billed either contractually or as work is performed. Billing on long-term contracts occurs primarily on a monthly basis

throughout the contract period whereby we submit progress invoices for customer payment based on actual or estimated costs incurred during

the billing period. On some contracts, the customer may withhold payment on an invoice equal to a percentage of the invoice amount, which

will be subsequently paid after satisfactory completion of each project. This amount is referred to as retainage and is common practice

in the construction industry, as it allows for customers to ensure the quality of the service performed prior to full payment. The retention

provisions are not considered a significant financing component. Cost

of revenues earned include all direct material and labor costs and those indirect costs related to contract performance. The cost of

significant uninstalled materials, re-work, or scrap is generally excluded from the cost-to-cost measure of progress as it is not proportionate

to the entity’s progress in satisfying the performance obligation. Contract

Assets and Contract Liabilities We

record a contract asset when we have satisfied our performance obligation prior to billing and a contract liability when a customer payment

is received prior to the satisfaction of our performance obligation. The difference between the beginning and ending balances of contract

assets and liabilities primarily results from the timing of our performance and the customer’s payment. At times, we have a right

to payment from previous performance that is conditional on something other than passage of time, such as retainage, which is included

in contract assets or contract liabilities, as determined on a contract-by-contract basis. 91 Automotive

Supplies Segment Our

automotive supplies segment designs and sells horn and safety products (electric, air, truck, marine, motorcycle and industrial equipment),

and offers vehicle emergency and safety warning lights for cars, trucks, industrial equipment and emergency vehicles. Focused on the

automotive and industrial after-market, we sell our products to big-box national retail chains, through specialty and industrial distributors,

as well as online/mail order retailers and original equipment manufacturers. We

collect 100% of the payment for internet and phone orders, including tax, from the customer at the time the order is shipped. Customers

placing orders with a purchase order through the EDI (Electronic Data Interface) are allowed to purchase on credit and make payment after

receipt of product on the agreed upon terms. Performance

Obligations – The revenue that we recognize arises from orders we receive from contracts with customers. Our performance obligations

under the customer orders correspond to each sale of merchandise that we make to customers and each order generally contains only one

performance obligation based on the merchandise sale to be completed. Control of the delivery transfers to customers when the customer

can direct the use of, and obtain substantially all the benefits from, our products, which generally occurs when the customer assumes

the risk of loss. The transfer of control generally occurs at the point of shipment of the order. Once this occurs, we have satisfied

our performance obligation and we recognize revenue. Transaction

Price ‒ We agree with customers on the selling price of each transaction. This transaction price is generally based on the agreed

upon sales price. In our contracts with customers, we allocate the entire transaction price to the sales price, which is the basis for

the determination of the relative standalone selling price allocated to each performance obligation. Any sales tax that we collect concurrently

with revenue-producing activities are excluded from revenue. Cost

of sales includes the cost of purchased merchandise plus freight, warehouse salaries, tariffs, and any applicable delivery charges from

the vendor to us. Warranties

vary and are typically 90 days to consumers and manufacturing defect warranty to are available to resellers. At times, depending on the

product, we can also offer a warranty up to 12 months. Receivables Receivables

consist of trade accounts receivable from customer, credit card transactions in the process of settlement, and vendor rebates receivable.

Vendor rebates receivable represent amounts due from manufactures from whom we purchase products. Rebates receivables are stated at the

amount that management expects to collect from manufacturers, net of accounts payable amounts due the vendor. Rebates are calculated

on product and model sales programs from specific vendors. The rebates are paid at intermittent periods either in cash or through issuance

of vendor credit memos, which can be applied against vendor accounts payable. Based on our assessment of the credit history with manufacturers,

we have concluded that there should be no allowance for uncollectible accounts. We historically collect substantially all of our outstanding

rebates receivable. Retainage receivables represent the amount retained by customers to ensure the quality of the installation and is

received after satisfactory completion of each installation project. Management regularly reviews aging of retainage receivables and

changes in payment trends and records an allowance when collection of amounts due are considered at risk. The allowance for doubtful

accounts amounted to $359,000 and $0 for the years ended December 31, 2021 and 2020, respectively. Uncollectible balances are expensed

in the periods they are determined to be uncollectible. Inventory For

Asien’s, inventory mainly consists of appliances that are acquired for resale and is valued at the average cost determined on a

specific item basis. Inventory also consists of parts that are used in service and repairs and may or may not be charged to the customer

depending on warranty and contractual relationship. Kyle’s typically orders inventory on a job-by-job basis and those jobs are