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SUBSEQUENT EVENTS (Tables)
 12 Months Ended
Dec. 31, 2021
Subsequent Events [Abstract]  
Schedule of quarterly financial information

The effects of the adjustments to the Company's previously reported unaudited 2021 quarterly consolidated statements of operations and comprehensive income (loss) on a standalone quarter basis are as follows:

 

 

As Reported

 

 

Adjustments

 

 

As Restated

 

 

Second Quarter

 

 

Third Quarter

 

 

Second Quarter

 

 

Third Quarter

 

 

Second Quarter

 

 

Third Quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

65,073,323

 

 

$

94,909,100

 

 

$

—

 

 

$

—

 

 

$

65,073,323

 

 

$

94,909,100

 

Gross Profit

 

28,249,369

 

 

 

37,693,372

 

 

 

—

 

 

 

—

 

 

 

28,249,369

 

 

 

37,693,372

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses1

 

9,119,532

 

 

 

11,140,030

 

 

 

3,180,353

 

 

 

12,116,438

 

 

 

12,299,885

 

 

 

23,256,468

 

Total operating expense

 

24,650,520

 

 

 

33,761,092

 

 

 

3,180,353

 

 

 

12,116,438

 

 

 

27,830,873

 

 

 

45,877,530

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

3,598,849

 

 

 

3,932,280

 

 

 

(3,180,353

)

 

 

(12,116,438

)

 

 

418,496

 

 

 

(8,184,158

)

Net income (loss) before income taxes

 

3,960,344

 

 

 

3,579,610

 

 

 

(3,180,353

)

 

 

(12,116,438

)

 

 

779,991

 

 

 

(8,536,828

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

3,960,344

 

 

$

2,745,791

 

 

$

(3,180,353

)

 

$

(12,116,438

)

 

$

779,991

 

 

$

(9,370,647

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Basic

$

0.05

 

 

$

0.04

 

 

$

(0.04

)

 

$

(0.17

)

 

$

0.01

 

 

$

(0.13

)

   Diluted

$

0.05

 

 

$

0.03

 

 

$

(0.04

)

 

$

(0.15

)

 

$

0.01

 

 

$

(0.12

)

 

1 In order to correct previously reported share-based compensation for three-months ended June 30, 2021 and September 30, 2021, the Company is recognizing additional share-based compensation expense of $3,180,353 and $12,116,438, respectively.

 

The effects of the adjustments to the Company's previously reported unaudited 2021 quarterly consolidated statements of operations and comprehensive income (loss) on a year-to-date basis are as follows:

 

 

As Reported

 

 

Adjustments

 

 

As Restated

 

 

Second Quarter

 

 

Third Quarter

 

 

Second Quarter

 

 

Third Quarter

 

 

Second Quarter

 

 

Third Quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

115,108,202

 

 

$

210,217,302

 

 

$

—

 

 

$

—

 

 

$

115,108,202

 

 

$

210,217,302

 

Gross Profit

 

48,828,464

 

 

 

123,495,466

 

 

 

—

 

 

 

—

 

 

 

48,828,464

 

 

 

123,495,466

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses1

$

16,926,198

 

 

$

28,066,228

 

 

$

3,180,353

 

 

$

15,296,791

 

 

$

20,106,551

 

 

$

43,363,019

 

Total operating expense

 

44,416,239

 

 

 

78,177,331

 

 

 

3,180,353

 

 

 

15,296,791

 

 

 

47,596,592

 

 

 

93,474,122

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

4,412,225

 

 

 

8,344,505

 

 

 

(3,180,353

)

 

 

(15,296,791

)

 

 

1,231,872

 

 

 

(6,952,286

)

Net income (loss) before income taxes

 

4,545,768

 

 

 

8,215,378

 

 

 

(3,180,353

)

 

 

(15,296,791

)

 

 

1,365,415

 

 

 

(7,171,413

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

4,545,768

 

 

$

7,251,559

 

 

$

(3,180,353

)

 

$

(15,296,791

)

 

$

1,365,415

 

 

$

(8,005,232

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Basic

$

0.06

 

 

$

0.10

 

 

$

(0.04

)

 

$

(0.21

)

 

$

0.02

 

 

$

(0.11

)

   Diluted

$

0.06

 

 

$

0.09

 

 

$

(0.04

)

 

$

(0.19

)

 

$

0.02

 

 

$

(0.10

)

 

1 In order to correct previously reported share-based compensation for six- and nine- months ended June 30, 2021 and September 30, 2021, the Company is recognizing additional share-based compensation expense of $3,180,353 and $15,296,791, respectively.

 

The effects of the adjustments to the Company's previously reported unaudited 2021 quarterly consolidated balance sheets are as follows:

 

 

As Reported

 

 

Adjustments

 

 

As Restated

 

 

Second Quarter

 

 

Third Quarter

 

 

Second Quarter

 

 

Third Quarter

 

 

Second Quarter

 

 

Third Quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets

$

205,305,787

 

 

$

252,561,960

 

 

$

—

 

 

$

—

 

 

$

205,305,787

 

 

$

252,561,960

 

Total assets

 

241,548,125

 

 

 

294,978,175

 

 

 

—

 

 

 

—

 

 

 

241,548,125

 

 

 

294,978,175

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

$

54,256,877

 

 

$

93,421,330

 

 

$

—

 

 

$

—

 

 

$

54,256,877

 

 

$

93,421,330

 

Total liabilities

 

54,708,765

 

 

 

97,579,964

 

 

 

—

 

 

 

—

 

 

 

54,708,765

 

 

 

97,579,964

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional paid-in capital

$

237,763,609

 

 

$

244,293,710

 

 

$

3,180,353

 

 

$

15,296,791

 

 

$

240,943,962

 

 

$

259,590,501

 

Accumulated deficit

 

(50,881,064

)

 

 

(48,135,273

)

 

 

(3,180,353

)

 

 

(15,296,791

)

 

 

(54,061,417

)

 

 

(63,432,064

)

Total Stockholder's Equity

$

186,839,360

 

 

$

197,398,211

 

 

$

—

 

 

$

—

 

 

$

186,839,360

 

 

$

197,398,211