CONTRACT LIABILITIES |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CONTRACT LIABILITIES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CONTRACT LIABILITIES |
Note 10. CONTRACT LIABILITIES
The Company’s contract liabilities consist of gift cards and loyalty rewards, for which the Company has a performance obligation to deliver products when
customers redeem balances or terms expire through breakage. Our breakage policy is twenty four months for gift cards, twelve months for Grocery loyalty rewards, and six months
for Vapor loyalty rewards. As such, all contract liabilities are expected to be recognized within a twenty four month period. Revenue is
recognized when gift card and loyalty points are redeemed.
A summary of the net changes in contract liabilities activity at September 30, 2022 and December 31, 2021 is presented below:
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